Consolidated Statements of Cash Flows - USD ($)
|
12 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
| Cash Flows from Operating Activities: |
|
|
| Net loss |
$ (14,143,735)
|
$ (13,886,805)
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Depreciation and amortization |
444,177
|
229,810
|
| Accretion of debt discount |
1,871,593
|
6,666,630
|
| Monitoring fee interest expense added to notes payable |
2,240,339
|
0
|
| Fees for note amendments expense added to note payable |
2,304,539
|
0
|
| Inventory write-down |
1,478,108
|
0
|
| Impairment of intangible assets |
980,039
|
0
|
| Change in fair value of foreign exchange contract derivative liability |
291,534
|
440,196
|
| Change in fair value of warrant liability |
(1,864,000)
|
0
|
| Stock-based compensation |
0
|
220,917
|
| Changes in operating assets and liabilities: |
|
|
| Inventory |
(1,745,189)
|
(637,149)
|
| Prepaid expenses and VAT receivable |
(17,415)
|
519,346
|
| Deposit on foreign exchange contract |
(909,666)
|
0
|
| Accounts payable |
190,331
|
(117,384)
|
| Accrued expenses and other liabilities |
(427,748)
|
310,490
|
| Receivable/payable to related parties |
1,022,077
|
(250,092)
|
| Deferred revenue |
(166,765)
|
0
|
| Net cash used in operating activities |
(8,451,781)
|
(6,504,041)
|
| Cash Flows from Investing Activities: |
|
|
| Purchase of property and equipment |
(376,170)
|
(481,718)
|
| Capitalized patent costs |
(135,168)
|
(83,691)
|
| Capitalized software development costs |
(27,879)
|
(391,073)
|
| Net cash used in investing activities |
(539,217)
|
(956,482)
|
| Cash Flows from Financing Activities: |
|
|
| Proceeds from issuance of common shares |
8,394,056
|
3,118,792
|
| Costs incurred in relation to equity financing |
(737,658)
|
(50,765)
|
| Proceeds from warrant exercise |
0
|
2,963,658
|
| Proceeds from issuance of long term debt, net of discount |
4,700,000
|
0
|
| Repayments of notes payable |
(10,274,281)
|
(12,400,000)
|
| Net cash (used in) provided by financing activities |
2,082,117
|
(6,368,315)
|
| Net decrease in cash |
(6,908,881)
|
(13,828,838)
|
| Effect of exchange rate changes on cash |
(735,217)
|
(287,300)
|
| Cash at beginning of year |
17,749,233
|
31,865,371
|
| Cash at end of year |
10,105,135
|
17,749,233
|
| Supplemental cash flow information: |
|
|
| Interest paid |
0
|
0
|
| Taxes paid |
0
|
0
|
| Supplemental disclosure of non-cash financing activities: |
|
|
| Fair value of warrant liability recognized in connection with issuance of common shares |
4,956,000
|
0
|
| Monitoring fees added to notes payable |
$ 2,240,339
|
$ 2,764,775
|