Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Sep. 30, 2019 |
Sep. 30, 2018 |
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
| Net income |
$ 1,580,279
|
$ 125,437
|
| Adjustments to reconcile net income to net cash provided by (used) in operating activities |
|
|
| Depreciation |
97,724
|
38,530
|
| Income tax expense |
620,993
|
|
| Operating lease payments |
(57,397)
|
|
| Amortization of right of use assets |
58,043
|
|
| Changes in Assets and Liabilities |
|
|
| Accounts receivable |
(498,368)
|
36,093
|
| Inventory |
(155,586)
|
(22,768)
|
| Other current assets |
(14,571)
|
(185,400)
|
| Accounts payable |
(226,123)
|
(729,632)
|
| Accrued compensation |
(176,802)
|
(83,658)
|
| Accrued interest on notes payable |
|
(24,618)
|
| Customer deposits |
(411,389)
|
(172,160)
|
| Accrued liabilities |
2,582,572
|
58,776
|
| Contract liabilities |
255,546
|
650,614
|
| Net cash provided by (used in) operating activities |
3,654,921
|
(308,786)
|
| CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
| Purchase of property and equipment |
(800,374)
|
(52,812)
|
| Purchase of S7 Supercars asset |
(1,482,304)
|
|
| Net cash (used in) provided by investing activities |
(2,282,678)
|
(52,812)
|
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
| Proceeds from sale of Series B Preferred Stock and warrants in private placement to related party |
|
400,000
|
| Due to related parties, net |
(457,692)
|
(103,956)
|
| Repayment of notes payable and advances to related party |
|
(200,000)
|
| Repayment of notes payable |
(136,980)
|
(49,000)
|
| Net cash (used in) provided by financing activities |
(594,672)
|
47,044
|
| Net change in cash |
777,571
|
(314,554)
|
| Cash at beginning of the period |
3,374,234
|
523,120
|
| Cash at end of the period |
4,151,805
|
208,566
|
| Supplemental Disclosure of Cash Flow Information |
|
|
| Cash paid during the period for interest |
|
42,497
|
| Fair value of beneficial conversion feature of Series B Preferred Stock |
|
$ 92,000
|