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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Mar. 31, 2013
Cash flows from operating activities:      
Net loss $ (7,709,158) $ (5,353,090) $ (3,305,146)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 278,953 353,238 1,152,929
Gain (loss) on disposal of equipment 38,613 (2,872) 7,617
Amortization of premium on marketable securities 311 8,341 47,559
Share-based consulting expense 0 0 1,623
Share-based compensation expense 1,389,169 1,436,270 810,016
Long term incentive plans 152,592 0 0
Tax expense (benefit) (83,402) 6,498 (29,053)
Deferred rent 23,962 (37,055) (36,902)
Changes in operating assets and liabilities, net of merger:      
Accounts receivable, net (337,842) (257,794) 108,495
Inventories 140,610 207,046 (25,370)
Other current assets 121,688 76,092 (205,778)
Accounts payable 231,663 281,104 30,925
Accrued compensation 635,892 436,765 (25,301)
Accrued liabilities, other 674,283 (5,721) 164,176
Accrued pension liability, net 78,043 (51,000) 79,598
Net cash used in operating activities (4,364,623) (2,902,178) (1,224,612)
Cash flows from investing activities:      
Proceeds from maturity of available-for-sale marketable investments 3,450,000 7,930,000 4,200,000
Proceeds from maturity of held-to-maturity marketable investments 0 0 6,920,000
Purchases of available-for-sale marketable investments 0 0 (8,425,034)
Purchases of held-to-maturity marketable investments 0 0 (2,500,000)
Cash acquired from merger with Vision-Sciences 2,019,610    
Purchases of property, plant and equipment (420,726) (248,105) (190)
Proceeds from sale of property, plant and equipment 4,103 6,773 5,591
Payments for intangible assets 0 (49,940) (17,455)
Net cash provided by (used in) investing activities 5,052,987 7,638,728 (6,827)
Cash flows from financing activities:      
Proceeds from exercise of stock options 67,850 359,510 150,000
Net cash provided by financing activities 67,850 359,510 150,000
Effect of exchange rates on cash and cash equivalents (175,921) 51,686 (37,923)
Net increase (decrease) in cash and cash equivalents 580,293 5,147,746 (1,119,362)
Cash and cash equivalents at beginning of year 8,681,610 3,533,864 4,653,226
Cash and cash equivalents at end of year 9,261,903 8,681,610 3,533,864
Supplemental disclosure of cash flow information:      
Cash paid during the year for interest 0 0 707
Cash paid during the year for income tax $ 65,504 $ 71,899 $ 57,288