Transition Period Comparative Data

9 Months Ended

Dec. 31, 2021

Transition Period Comparative Data [Abstract]

Transition Period Comparative Data

Note 13 – Transition Period Comparative Data

As discussed in Note 1, this Transition Report on Form 10-KT includes financial information for the nine months ended December 31, 2021, and fiscal year ended March 31, 2021. The Statements of Operations and Cash Flows for the nine months ended December 31, 2021 and 2020, are summarized below. All data for the nine months ended December 31, 2020, are derived from the Company’s unaudited condensed financial statements.

The Statements of Operations for the nine months ended December 31, 2021 and 2020 is as follows:

	Nine months ended December 31,
	2021			2020
				(Unaudited)
Operating expenses:
Research and development	$	2,496		$	2,635
Selling, general and administrative		14,367			11,455
Total operating expenses		16,863			14,090
Loss from operations		(16,863	)		(14,090	)
Other income (expense):
Other income		-			-
Other expense		(55	)		(55	)
Interest expense		(7	)		(2,665	)
Loss on exchange of notes payable for common stock and warrants		-			(1,521	)
Gain (loss) on extinguishment of debt		7			(453	)
Gain on forgiveness of PPP loan		431			-
Change in fair value of warrant liability		-			(1,337	)
Change in fair value of derivative  liability		-			39
Total other income (expense)		376			(5,992	)
Net loss	$	(16,487	)	$	(20,082	)
Net loss per share, basic and diluted:	$	(1.13	)	$	(2.70	)
Weighted average shares outstanding, basic and diluted:		14,596,019			7,430,701

The Statements of Cash Flows for the nine months ended December 31, 2021 and 2020 is as follows:

	Nine months ended December 31,
	2021			2020
				(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(16,487	)	$	(20,082	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation		8,458			10,663
Issuance of common stock to consultants		244			302
Depreciation and amortization		225			57
(Gain) loss on extinguishment of debt		(7	)		453
Gain on forgiveness of PPP loan		(431	)		-
Loss on exchange of notes payable for common stock and warrants		-			1,521
Amortization of debt discount		-			2,256
Non-cash expenses for placement agent		-			55
Change in fair value of warrant liability		-			1,337
Change in fair value of derivative liability		-			(39	)
Changes in operating assets and liabilities:
Prepaid and other assets		(500	)		(189	)
Account payable		(126	)		120
Accrued expenses		87			(408	)
Accrued interest		-			349
Net cash used in operating activities		(8,537	)		(3,605	)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equipment		(552	)		(82	)
Purchase of patents/R&D license		(264	)		(25	)
Net cash used in investing activities		(816	)		(107	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of common stock, net of fees		-			1,599
Proceeds from the exercise of stock options		186			-
Proceeds from related parties non-interest bearing advance		-			25
Repayment of senior secured promissory note		-			(200	)
Proceeds from PPP loan		-			205
Repayment of related party non interest bearing advance		-			(50	)
Repayment of notes payable		-			(53	)
Proceeds from issuance of senior secured convertible notes and common stock warrants		-			2,676
Common stock repurchased and subsequently canceled		-			(450	)
Payment of financing costs		-			(52	)
Net cash provided by financing activities		186			3,700
Net decrease in cash		(9,167	)		(12	)
Cash — beginning of year		15,297			48
Cash — end of year	$	6,130		$	36
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Unpaid research and development license included in accounts payable	$	-		$	75
Beneficial conversion feature in connection with notes payable	$	-		$	619
Issuance of common stock in connection with conversion of notes	$	-		$	4,494
Issuance of common stock in connection of notes payable	$	-		$	1,134
Issuance of common stock in satisfaction of accounts payable	$	-		$	122
Reclassification of warrant liabilities	$	-		$	2,061
Issuance of common stock warrants	$	-		$	263
Unpaid equipment included in accounts payable	$	206		$	-
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest	$	6		$	60
Cash paid income taxes	$	-		$	-