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Condensed Consolidated Statements of Cash Flows ( Unaudited) - USD ($)
9 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities    
Net Income $ 1,999,655 $ 3,368,365
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation 190,087 204,353
Amortization of deferred financing costs 35,672 43,268
Change in inventory reserve 297,661 482,926
Change in allowance for bad debts 168,395 (55,960)
Loss from disposal of property and equipment 4,394
Stock based compensation 38,376 17,605
Change in net deferred tax assets 248,773 872,386
Gain from Paycheck Protection Plan loan forgiveness (448,242)
Gain - related party (11,236) (187,988)
Gain from extinguishment of accounts payable (236,472) (390,000)
Changes in operating assets and liabilities:    
Accounts receivable (10,123,571) (7,055,589)
Due from banks 4,557,120 (1,172,374)
Accounts receivable - related parties (159,125) 100,000
Insurance receivable 1,268,463
Inventories (5,933,704) 1,781,439
Prepaid expenses and other current assets (63,135) 111,305
Other non-current assets 10,288 52,712
Accounts payable 3,769,157 (689,770)
Accrued expenses 762,252 579,732
Due to related parties (184,312)
Customer deposits (129,544)
Refunds due to customers (55,333) (704,744)
Reserve for sales returns 1,962,457 1,742,434
Operating lease liabilities, net of operating leases - right of use assets 2,741 (18,755)
Net cash (used in) provided by operating activities (3,113,334) 165,496
Cash flows from investing activities    
Purchase of property and equipment (77,599) (88,843)
Net cash used in investing activities (77,599) (88,843)
Cash flows from financing activities    
Proceeds from Issuance of stock - net of transaction expenses 9,000,580
Payment of redemption and retirement of treasury stock (7,162,452)
Net proceeds from revolving lines of credit 8,561,925 64,915
Proceeds from note payable - Paycheck Protection Program 443,900
Payment of deferred financing charges (37,501) (73,726)
Payments on installment notes (50,709) (48,802)
Proceeds from exercise of stock options 14,000 26,400
Payment on subordinated debt - related party (150,000)
Payments on finance leases (6,184) (11,167)
Net cash provided by financing activities 10,169,659 401,520
Net change in cash 6,978,726 478,173
Cash at beginning of year 396,579 345,200
Cash at end of period 7,375,305 823,373
Supplemental disclosures of cash flow information:    
Cash paid for interest 378,076 429,264
Equipment purchased under capital lease 23,651
Issuance of common stock and warrants for stock issuance expenses 547,838
Operating leases - right of use assets and lease liabilities at inception of lease $ 16,364 $ 2,184,105