0001079973-20-000111.txt : 20200213 0001079973-20-000111.hdr.sgml : 20200213 20200213133448 ACCESSION NUMBER: 0001079973-20-000111 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 44 CONFORMED PERIOD OF REPORT: 20191231 FILED AS OF DATE: 20200213 DATE AS OF CHANGE: 20200213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENCISION INC CENTRAL INDEX KEY: 0000930775 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 841162056 STATE OF INCORPORATION: CO FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-11789 FILM NUMBER: 20608819 BUSINESS ADDRESS: STREET 1: 6797 WINCHESTER CIRCLE CITY: BOULDER STATE: CO ZIP: 80301 BUSINESS PHONE: 3034442600 MAIL ADDRESS: STREET 1: 6797 WINCHESTER CIRCLE CITY: BOULDER STATE: CO ZIP: 80301 FORMER COMPANY: FORMER CONFORMED NAME: ELECTROSCOPE INC DATE OF NAME CHANGE: 19960502 10-Q 1 encision_10q-013120.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2019

[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to________

Commission file number: 001-11789

ENCISION INC.

(Exact name of registrant as specified in its charter)

Colorado		84-1162056
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

6797 Winchester Circle

Boulder, Colorado 80301

(Address of principal executive offices)

(303) 444-2600

(Registrant’s telephone number)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer [_]	Accelerated filer [_]
Non-accelerated filer [_]	Smaller reporting company [X]
(Do not check if a smaller reporting company)	Emerging growth company [_]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [_]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No x

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, no par value	ECIA	OTC Bulletin Board

Securities registered under Section 12(g) of the Act: None

Indicate the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date:

Common Stock, no par value	11,582,641 Shares
(Class)	(outstanding at January 31, 2020)

ENCISION INC.

FORM 10-Q

For the Three and Nine Months Ended December 31, 2019

INDEX

	Page Number
PART I. FINANCIAL INFORMATION
ITEM 1 - Condensed Interim Financial Statements:
- Condensed Balance Sheets as of December 31, 2019 and March 31, 2019	3
- Condensed Statements of Operations for the Three and Nine Months Ended December 31, 2019 and 2018	4
- Condensed Statements of Cash Flows for the Nine Months Ended December 31, 2019 and 2018	5
- Notes to Condensed Interim Financial Statements	6

ITEM 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations	11
ITEM 4 - Controls and Procedures	17
PART II. OTHER INFORMATION	19
ITEM 6 - Exhibits	19
SIGNATURE	20

PART I FINANCIAL INFORMATION

ITEM 1 - Condensed Interim Financial Statements

Encision Inc.

Condensed Balance Sheets

(Unaudited)

	December 31, 2019			March 31, 2019
ASSETS
Current assets:
Cash and cash equivalents	$	195,357		$	273,348
Restricted cash		—			25,000
Accounts receivable, net of allowance for doubtful accounts of $35,500 at December 31, 2019 and $26,000 at March 31, 2019		1,058,692			1,009,106
Inventories, net of reserve for obsolescence of $41,000 at December 31, 2019 and $50,000 at March 31, 2019		1,360,962			1,472,543
Prepaid expenses		118,531			130,016
Total current assets		2,733,542			2,910,013
Equipment, at cost:
Furniture, fixtures and equipment		3,114,125			3,061,329
Accumulated depreciation		(2,903,407	)		(2,811,761	)
Equipment, net		210,718			249,568
Right of use asset (Note 7)		1,382,760			—
Patents, net of accumulated amortization of $285,225 at December 31, 2019 and $266,028 at March 31, 2019		233,737			248,579
Other assets		19,548			19,548
TOTAL ASSETS	$	4,580,305		$	3,427,708
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	509,602		$	578,956
Accrued compensation		190,070			295,875
Other accrued liabilities		101,150			126,434
Accrued lease liability (Note 7)		271,226			—
Total current liabilities		1,072,048			1,001,265
Long-term liability:
Accrued lease liability (Note 7)		1,216,525			—
Deferred rent		—			74,821
Total liabilities		2,288,573			1,076,086
Commitments and contingencies (Note 4)
Shareholders’ equity:
Preferred stock, no par value: 10,000,000 shares authorized; none issued and outstanding		—			—
Common stock and additional paid-in capital, no par value: 100,000,000 shares authorized; 11,582,641 shares issued and outstanding at December 31, 2019 and March 31, 2019		24,223,784			24,201,769
Accumulated (deficit)		(21,932,052	)		(21,850,147	)
Total shareholders’ equity		2,291,732			2,351,622
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	4,580,305		$	3,427,708

The accompanying notes to financial statements are an integral part of these condensed statements.

Encision Inc.

Condensed Statements of Operations

(Unaudited)

	Three Months Ended						Nine Months Ended
	December 31, 2019			December 31, 2018			December 31, 2019			December 31, 2018
NET REVENUE	$	2,038,925		$	2,117,454		$	5,891,934		$	6,718,257
COST OF REVENUE		955,520			1,054,980			2,826,563			3,149,620
GROSS PROFIT		1,083,405			1,062,474			3,065,371			3,568,637
OPERATING EXPENSES:
Sales and marketing		544,495			645,301			1,611,996			2,077,522
General and administrative		293,806			312,001			943,600			953,968
Research and development		158,942			189,353			567,754			542,602
Total operating expenses		997,243			1,146,655			3,123,350			3,574,092
OPERATING INCOME (LOSS)		86,162			(84,181	)		(57,979	)		(5,455	)
Interest expense, net		(16,172	)		(1,837	)		(25,167	)		(48,476	)
Other income (expense), net		113			1,616			1,241			425
Interest expense and other income (expense), net		(16,059	)		(221	)		(23,926	)		(48,051	)
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES		70,103			(84,402	)		(81,905	)		(53,506	)
Provision for income taxes		—			—			—			—
NET INCOME (LOSS)	$	70,103		$	(84,402	)	$	(81,905	)	$	(53,506	)
Net income (loss) per share—basic and diluted	$	0.01		$	(0.01	)	$	(0.01	)	$	0.00
Weighted average shares—basic		11,578,371			10,798,740			11,565,027			10,721,817
Weighted average shares—diluted		11,631,172			10,798,740			11,565,027			10,721,817

The accompanying notes to financial statements are an integral part of these condensed statements.

Encision Inc.

Condensed Statements of Cash Flows

(Unaudited)

	Nine Months Ended
	December 31, 2019			December 31, 2018
Operating activities:
Net (loss)	$	(81,905	)	$	(53,506	)
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization		111,623			140,843
Share-based compensation expense		22,015			36,634
Provision for (recovery from) doubtful accounts, net		9,500			(500	)
(Recovery from) provision for inventory obsolescence, net		(9,000	)		24,000
Changes in operating assets and liabilities:
Right of use asset, net		30,170			—
Accounts receivable		(59,086	)		(61,034	)
Inventories		120,581			22,052
Prepaid expenses and other assets		11,485			(54,879	)
Accounts payable		(69,354	)		224,039
Accrued compensation and other accrued liabilities		(131,089	)		(150,340	)
Net cash generated by (used in) operating activities		(45,060	)		127,309
Investing activities:
Acquisition of property and equipment		(52,796	)		(9,982	)
Patent costs		(5,135	)		(4,865	)
Net cash (used in) investing activities		(57,931	)		(14,847	)
Financing activities:
Proceeds from the issuance of common stock		—			350,000
Net cash generated by financing activities		—			350,000
Net increase (decrease) in cash, cash equivalents, and restricted cash		(102,991	)		462,462
Cash, cash equivalents, and restricted cash beginning of period		298,348			139,538
Cash, cash equivalents, and restricted cash end of period	$	195,357		$	602,000
Supplemental disclosure:
Right of use asset	$	1,555,150			—
Accrued lease liability	$	1,619,842			—
Interest paid:	$	18,502			—

The accompanying notes to financial statements are an integral part of these condensed statements.

ENCISION INC.

NOTES TO CONDENSED INTERIM FINANCIAL STATEMENTS

DECEMBER 31, 2019

(Unaudited)

Note 1. ORGANIZATION AND NATURE OF BUSINESS

Encision Inc. is a medical device company that designs, develops, manufactures and markets patented surgical instruments that provide greater safety to, and saves lives of, patients undergoing minimally-invasive surgery. We believe that our patented AEM^® (Active Electrode Monitoring) surgical instrument technology is changing the marketplace for electrosurgical devices and instruments by providing a solution to a patient safety risk in laparoscopic surgery. Our sales to date have been made principally in the United States.

We have an accumulated deficit of $21,932,052 at December 31, 2019. A significant portion of our operating funds have been provided by issuances of our common stock and warrants, a line of credit, and the exercise of stock options to purchase our common stock. Shareholders’ equity decreased by $59,890 as a result of our loss of $81,905, and increased as a result of share-based compensation of $22,015. Should our liquidity be diminished in the future because of operating losses, we may be required to seek additional capital.

Our strategic marketing and sales plan is designed to expand the use of our products in surgically active hospitals and surgery centers in the United States.

Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation. The condensed interim financial statements included herein have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles accepted in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures made are adequate to make the information presented not misleading. The condensed interim financial statements and notes thereto should be read in conjunction with the financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2019, filed on June 14, 2019.

The accompanying condensed interim financial statements have been prepared, in all material respects, in conformity with the standards of accounting measurements and reflect, in the opinion of management, all adjustments necessary to summarize fairly the financial position and results of operations for such periods in accordance with GAAP. All adjustments are of a normal recurring nature. The results of operations for the most recent interim period are not necessarily indicative of the results to be expected for the full year.

We had net income of $70,103 for the fiscal quarter, and net loss of $81,905 for the nine months ended December 31, 2019. At December 31, 2019, we had cash of $195,357, no borrowings and $716,349 available under our line of credit. Working capital was $1,661,494, a decrease of $247,254 from March 31, 2019. We used $102,991 of cash in the fiscal nine months ended December 31, 2019, primarily as a result of our loss and reduction of accrued compensation and other accrued liabilities. The principal reason for our loss for the nine months ended December 31, 2019 was higher material costs as a result of the U.S. governmental tariffs. These facts and circumstances were initial indicators that created uncertainty about our ability to continue as a going concern. To address this uncertainty, management developed plans to ensure that we have the working capital necessary to fund operations. In July 2019, we reduced personnel and departmental costs. We expect that the cost reductions will return us to profitability and is evidenced by our net income of $70,103 for the quarter ended December 31, 2019. We have a new line of credit (see Note 4), for up to $1 million, restricted by eligible receivables. Management concludes that it is probable that our cash resources and line of credit will be sufficient to meet our cash requirements for twelve months from the issuance of the condensed financial statements. We are increasing our pricing on products to mitigate somewhat our higher material costs. Therefore, the accompanying condensed financial statements have been prepared assuming that we will continue as a going concern.

Use of Estimates in the Preparation of Financial Statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities as well as disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and expense during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents. For purposes of reporting cash flows, we consider all cash and highly liquid investments with an original maturity of three months or less to be cash equivalents. Restricted cash is cash that was deposited to obtain a letter of credit for our importing and exporting activities.

Fair Value of Financial Instruments. Our financial instruments consist of cash, cash equivalents, restricted cash, short-term trade receivables, payables and a line of credit. The carrying values of cash, cash equivalents, restricted cash short-term trade receivables, payables and line of credit approximate their fair value due to their short maturities.

Concentration of Credit Risk. Financial instruments, which potentially subject us to concentrations of credit risk, consist of cash and cash equivalents, accounts receivable and a line of credit. From time to time, the amount of cash on deposit with financial institutions may exceed the $250,000 federally insured limit at December 31, 2019. We believe that cash on deposit that exceeds $250,000 with financial institutions is financially sound and the risk of loss is minimal.

We have no significant off-balance sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements. We maintain the majority of our cash balances with one financial institution in the form of demand deposits.

Accounts receivable are typically unsecured and are derived from transactions with and from entities in the healthcare industry primarily located in the United States. Accordingly, we may be exposed to credit risk generally associated with the healthcare industry. We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The net accounts receivable balance at December 31, 2019 of $1,058,692 and at March 31, 2019 of $1,009,106 included no more than 8% from any one customer.

Inventories. Inventories are stated at the lower of cost (first-in, first-out basis) or net realizable value. We reduce inventory for estimated obsolete or unmarketable inventory equal to the difference between the cost of inventory and the net realizable value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory write-downs may be required. At December 31, 2019 and March 31, 2019, inventory consisted of the following:

	December 31, 2019			March 31, 2019
Raw materials	$	1,108,386		$	1,063,780
Finished goods		293,576			458,763
Total gross inventories		1,401,962			1,522,543
Less reserve for obsolescence		(41,000	)		(50,000	)
Total net inventories	$	1,360,962		$	1,472,543

Property and Equipment. Property and equipment are stated at cost, with depreciation computed over the estimated useful lives of the assets, generally five to seven years. Depreciation expense for the nine months ended December 31, 2019 was $91,646. We use the straight-line method of depreciation for property and equipment. Leasehold improvements are depreciated over the shorter of the remaining lease term or the estimated useful life of the asset. Maintenance and repairs are expensed as incurred and major additions, replacements and improvements are capitalized.

Long-Lived Assets. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. A long-lived asset is considered impaired when estimated future cash flows related to the asset, undiscounted and without interest, are insufficient to recover the carrying amount of the asset. If deemed impaired, the long-lived asset is reduced to its estimated fair value. Long-lived assets to be disposed of are reported at the lower of their carrying amount or estimated fair value less cost to sell.

Patents. The costs of applying for patents are capitalized and amortized on a straight-line basis over the lesser of the patent’s economic or legal life (20 years from the date of application in the United States). Capitalized costs are expensed if patents are not issued. We review the carrying value of our patents periodically to determine whether the patents have continuing value and such reviews could result in the conclusion that the recorded amounts have been impaired.

Income Taxes. We account for income taxes under the provisions of FASB Accounting Standards Codification (“ASC”) Topic 740, “Accounting for Income Taxes” (“ASC 740”). ASC 740 requires recognition of deferred income tax assets and liabilities for the expected future income tax consequences, based on enacted tax laws, of temporary differences between the financial reporting and tax bases of assets and liabilities. ASC 740 also requires recognition of deferred tax assets for the expected future tax effects of all deductible temporary differences, loss carryforwards and tax credit carryforwards. Deferred tax assets are then reduced, if deemed necessary, by a valuation allowance for the amount of any tax benefits, which, more likely than not based on current circumstances, are not expected to be realized. As a result, no provision for income tax is reflected in the accompanying statements of operations. Should we achieve sufficient, sustained income in the future, we may conclude that some or all of the valuation allowance should be reversed. We are required to make many subjective assumptions and judgments regarding our income tax exposures. At December 31, 2019, we had no unrecognized tax benefits, which would affect the effective tax rate if recognized and had no accrued interest, or penalties related to uncertain tax positions.

Revenue Recognition. We record revenue at a single point in time, when control is transferred to the customer, which is consistent with past practice. We will continue to apply our current business processes, policies, systems and controls to support recognition and disclosure. Our shipping policy is FOB Shipping Point. We recognize revenue from sales to stocking distributors when there is no right of return, other than for normal warranty claims. We have no ongoing obligations related to product sales, except for normal warranty obligations. We evaluated the requirement to disaggregate revenue, and concluded that substantially all of our revenue comes from multiple products within a line of medical devices.

Research and Development Expenses. We expense research and development costs for products and processes as incurred.

Stock-Based Compensation. Stock-based compensation is presented in accordance with the guidance of ASC Topic 718, “Compensation – Stock Compensation” (“ASC 718”). Under the provisions of ASC 718, companies are required to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in our statements of operations.

Stock-based compensation expense recognized under ASC 718 for the three and nine months ended December 31, 2019 was $6,650 and $22,015, respectively, and for the three and nine months ended December 31, 2018 was $10,890 and $36,634, respectively, which consisted of stock-based compensation expense related to grants of employee stock options and restricted stock units (“RSUs”).

Segment Reporting. We have concluded that we have one operating segment.

Recent Accounting Pronouncements. We have reviewed all recently issued accounting pronouncements.

ASU No. 2014-09 (ASC 606), Revenue from Contracts with Customers became effective for us beginning April 1, 2018, and adopted the new accounting standard using the modified retrospective transition approach. We record revenue under ASC 606 at a single point in time, when control is transferred to the customer, which is consistent with past practice. We will continue to apply our current business processes, policies, systems and controls to support recognition and disclosure under the new standard. Based on the results of the evaluation, we have determined that the adoption of the new standard presents no material impact on our financial statements.

Note 3. Basic and Diluted Income and Loss per Common Share

We report both basic and diluted net income (loss) per share. Basic net income or loss per common share is computed by dividing net income or loss for the period by the weighted average number of common shares outstanding for the period. Diluted net income or loss per common share is computed by dividing the net income or loss for the period by the weighted average number of common and potential common shares outstanding during the period if the effect of the potential common shares is dilutive. The shares used in the calculation of dilutive potential common shares exclude options and RSUs to purchase shares where the exercise price was greater than the average market price of common shares for the period.

The following table presents the calculation of basic and diluted net loss per share:

	Three Months Ended					Nine Months Ended
	December 31, 2019			December 31, 2018			December 31, 2019		December 31, 2018
Net income (loss)	$	70,103	$	(84,402	)	$	(81,905	)	$	(53,506	)
Weighted-average shares — basic		11,578,371		10,798,740			11,565,027			10,721,817
Effect of dilutive potential common shares		52,801		—			—			—
Weighted-average shares — diluted		11,631,172		10,798,740			11,565,027			10,721,817
Net income (loss) per share — basic	$	0.01	$	(0.01	)	$	(0.01	)	$	0.00
Net income (loss) per share — diluted	$	0.01	$	(0.01	)	$	(0.01	)	$	0.00
Antidilutive employee stock options and RSUs		910,199		900,286			963,000			900,286

Note 4. COMMITMENTS AND CONTINGENCIES

Effective November 9, 2018, we extended our noncancelable lease agreement through July 31, 2024 for our facilities at 6797 Winchester Circle, Boulder, Colorado. The lease includes base rent abatement for the first two months, or $55,583, and $145,000 of leasehold improvements granted by the landlord.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02"), which modified lease accounting for both lessees and lessors to increase transparency and comparability by recognizing lease assets and lease liabilities by lessees for those leases classified as either finance or operating leases under previous accounting standards and disclosing key information about leasing arrangements. We adopted Topic 842 on April 1, 2019, using the alternative modified transition method, which requires a cumulative effect adjustment, if any, to the opening balance of retained earnings to be recognized on the date of adoption with prior periods not restated. There was no cumulative effect adjustment recorded on April 1, 2019. The primary impact for us was the balance sheet recognition of right-of-use (“ROU”) assets and lease liabilities for operating leases as a lessee.

We determine if an arrangement contains a lease at inception. We currently do not have any finance leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less lease incentives received. We use our incremental borrowing rate based on the information available at the commencement date in determining the lease liabilities as our leases do not provide an implicit rate. Lease expense is recognized on a straight-line basis over the lease term.

The minimum future lease payment, by fiscal year, as of December 31, 2019 is as follows:

Fiscal Year		Amount
	2020 (3 months remaining)	$	66,638
	2021		343,167
	2022		357,667
	2023		372,167
	2024		386,667
	2025		130,500
	Total	$	1,656,806

On August 9, 2019, we entered into a loan and security agreement with Crestmark Bank. The loan is due on demand, has no financial covenants and is secured by all of our assets. Under the agreement, we were provided with a line of credit that is not to exceed the lesser of $1,000,000 or 85% of eligible accounts receivable. The interest rate is prime rate (4.75% at December 31, 2019) plus 1.5%, with a floor of 6.75%, plus a monthly maintenance fee of 0.4%, based on the average monthly loan balance. Interest is charged on a minimum loan balance of $500,000, a loan fee of 1% annually, and an exit fee of 3%, 2% and 1% during years one, two and three, respectively.

Aside from the operating lease, we do not have any material contractual commitments requiring settlement in the future.

We are subject to regulation by the United States Food and Drug Administration (“FDA”). The FDA provides regulations governing the manufacture and sale of our products and regularly inspects us and other manufacturers to determine compliance with these regulations. We believe that we were in substantial compliance with all known regulations at December 31, 2019. FDA inspections are conducted periodically at the discretion of the FDA. Our latest inspection by the FDA occurred in October 2019.

Note 5. SHARE-BASED COMPENSATION

The provisions of ASC 718-10-55 requires the measurement and recognition of compensation expense for all share-based payment awards made to our employees and directors, including employee stock options and RSUs, based on estimated fair values. The following table summarizes stock-based compensation expense related to employee stock options, RSUs and employee stock purchases for the three and nine months ended December 31, 2019 and 2018, which was allocated as follows:

	Three Months Ended				Nine Months Ended
	December 31, 2019		December 31, 2018		December 31, 2019		December 31, 2018
Cost of sales	$	703	$	658	$	2,108	$	1,973
Sales and marketing		796		1,296		2,389		3,890
General and administrative		5,064		8,275		16,128		28,789
Research and development		87		661		1,390		1,982
Stock-based compensation expense	$	6,650	$	10,890	$	22,015	$	36,634

Share-based compensation cost for stock options is measured at the grant date, based on the fair value as calculated by the Black-Scholes-Merton ("BSM") option-pricing model. The BSM option-pricing model requires the use of actual employee exercise behavior data and the application of a number of assumptions, including expected volatility, risk-free interest rate and expected dividends. There were 25,000 stock options granted and 5,000 stock options and 24,286 RSUs were forfeited during the three months ended December 31, 2019, and 110,000 stock options granted and 88,000 stock options and 24,286 RSUs forfeited during the nine months ended December 31, 2019. Share-based compensation cost for RSUs is measured based on the closing fair market value of our common stock on the date of grant.

As of December 31, 2019, approximately $133,000 of total unrecognized compensation costs related to nonvested stock options is expected to be recognized over a period of five years.

Note 6. RELATED PARTY TRANSACTION

We paid consulting fees of $16,813 and $53,407 to an entity owned by one of our directors during the three and nine months ended December 31, 2019, respectively, and $17,681 and $52,726 to an entity owned by one of our directors during the three and nine months ended December 31, 2018, respectively.

Note 7. IMMATERIAL ERROR CORRECTION

This Quarterly Report on Form 10-Q for us for the nine months ended December 31, 2019, includes the restatement of our previously filed condensed balance sheets for the three months ended June 30 and September 30, 2019.

We have concluded that in the Assets section of the Balance Sheet, Right of use asset, and under Liabilities the Accrued lease liability, were misstated and that for comparative purposes in filings these figures should be re-stated but that the adjustments are not material modifications. The misstatement was a result of an incorrect entry to the model that we used. Accordingly, we have determined that prior financial statements should be corrected, even though such revisions are immaterial with respect to the prior year financial statements. Furthermore, we have determined that correcting prior period’s financial statements for immaterial changes would not require previously filed reports to be amended. The effect of these restatements on our Balance Sheet as reported on the Form 10-Q reports, are as follows:

			Three Months Ended
	April 1, 2019		June 30, 2019		September 30, 2019
Correct right of use asset	$	1,555,150	$	1,512,343	$	1,447,657
Right of use asset reported		1,234,620		1,181,590		1,131,125
Difference	$	320,530	$	330,753	$	316,532

			Three Months Ended
	April 1, 2019		June 30, 2019		September 30, 2019
Correct accrued lease liability	$	1,619,842	$	1,557,751	$	1,551,993
Accrued lease liability reported		1,234,620		1,230,623		1,226,074
Difference	$	385,222	$	327,128	$	325,919

Note 8. SUBSEQUENT EVENTS

We evaluated all of our activity as of the date the condensed interim financial statements were issued and concluded that no subsequent events have occurred that would require recognition in our financial statements or disclosed in the notes to our condensed interim financial statements.

ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Certain statements contained in this section on Management’s Discussion and Analysis are not historical facts, including statements about our strategies and expectations with respect to new and existing products, market demand, acceptance of new and existing products, marketing efforts, technologies and opportunities, market and industry segment growth, and return on investments in products and markets. These statements are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and involve substantial risks and uncertainties that may cause actual results to differ materially from those indicated by the forward looking statements. All forward looking statements in this section on Management’s Discussion and Analysis are based on information available to us on the date of this document, and we assume no obligation to update such forward looking statements. Readers of this Form 10-Q are strongly encouraged to review the section entitled “Risk Factors” in our Form 10-K for the fiscal year ended March 31, 2019.

General

Encision Inc., a medical device company based in Boulder, Colorado, has developed and markets innovative technology that provides unprecedented outcomes and patient safety in minimally-invasive surgery. We believe that our patented Active Electrode Monitoring (“AEM®”) AEM EndoShield™ Burn Protection System is changing the marketplace for electrosurgical devices and laparoscopic instruments by providing a solution to a well-documented hazard unique to laparoscopic surgery. The Center for Medicare and Medicaid Services has published its Hospital-Acquired Condition Reduction Program. The program has begun to levy as much as a 1% penalty on Medicare reimbursements to hospitals in the lower quadrant of performance for selected quality indicators, including accidental puncture and laceration (“APL”). Examples of APL include the use of a cautery device (electrosurgery) or scissors to dissect a tissue plane that errantly causes an injury to underlying bowels. A Safety Communication was released by the FDA on May 29, 2018. It is on the FDA's website at: https://www.fda.gov/MedicalDevices/Safety/AlertsandNotices/ucm608637.htm. The Safety Communication states that, "In addition to serving as an ignition source, monopolar energy use can directly result in unintended patient burns from capacitive coupling and intra-operative insulation failure. If a monopolar electrosurgical unit (“ESU”) is used: Do not activate when near or in contact with other instruments.”

We address market opportunities created by the increase in minimally-invasive surgery (“MIS”) and surgeons’ use of electrosurgery devices in these procedures. The product opportunity exists in that monopolar electrosurgery instruments used in laparoscopic procedures provide excellent clinical results, but are also susceptible to causing inadvertent collateral tissue damage outside the surgeon’s field of view due to insulation failure and capacitive coupling. The risk of unintended electrosurgical burn injury to the patient in laparoscopic surgery has been well documented. This risk poses a threat to patient safety, including the risk of death, and creates liability exposure for surgeons and hospitals, as well as increased and preventable readmissions.

Our patented AEM technology provides surgeons with the desired tissue effects, while capturing stray electrosurgical energy that can cause unintended and unseen tissue injury that may result in death. AEM Surgical Instruments are equivalent to conventional instruments in size, shape, ergonomics, functionality and competitive pricing, but they incorporate “Active Electrode Monitoring” technology to dynamically and continuously monitor the flow of electrosurgical current, thereby helping to prevent patient injury. With our “shielded and monitored” instruments, surgeons are able to perform electrosurgical procedures more safely, effectively and economically than is possible using conventional instruments or alternative energy sources.

AEM technology has been recommended and endorsed by many groups involved in MIS. Surgeons, nurses, biomedical engineers, the medicolegal community, malpractice insurance carriers and electrosurgical device manufacturers advocate the use of AEM technology. We have focused our marketing strategies to date on expanding the market awareness of the AEM technology and our broad independent endorsements and have continued efforts to improve and expand the AEM technology penetration.

When a hospital or surgery center changes to AEM technology, we receive recurring revenue from sales of replacement instruments. We believe that there is no directly competing technology to supplant AEM products. The replacement market of reusable and disposable AEM products in hospitals and surgery centers that use our AEM technology represented over 90% of our product revenue during the three and nine months ended December 31, 2019. This revenue stream is expected to grow as the base of accounts using AEM technology expands. In addition, we intend to further develop disposable versions of more of our AEM products in order to meet market demands and expand our sales opportunities.

We have an accumulated deficit of $21,932,052 at December 31, 2019. A significant portion of our operating funds have been provided by issuances of our common stock and warrants, a line of credit, and the exercise of stock options to purchase our common stock. Should our liquidity be diminished in the future because of operating losses, we may be required to seek additional capital.

During the nine months ended December 31, 2019, we used $45,060 of cash in our operating activities and used $52,796 for investments in property and equipment. As of December 31, 2019, we had $195,357 in cash, cash equivalents and restricted cash available to fund future operations, a decrease of $102,991 from March 31, 2019. Our working capital was $1,661,494 at December 31, 2019 compared to $1,908,748 at March 31, 2019.

Historical Perspective

We were organized in 1991 and spent several years developing the AEM monitoring system and protective sheaths to adapt to conventional electrosurgical instruments. We have invested heavily in an effort to protect our valuable technology, and, as a result of this effort, we have been issued 16 unexpired relevant patents that together form a significant intellectual property position. Our patents relate to the basic shielding and monitoring technologies that we incorporate into our AEM products.

Our AEM Surgical Instruments have been engineered to provide a seamless transition for surgeons switching from conventional laparoscopic instruments. AEM technology has been integrated into instruments that have the same look, feel and functionality as conventional instruments that surgeons have been using for years. The AEM product line encompasses the full range of instrument sizes, types and styles favored by surgeons. Additionally, we continue to improve quality and add to the product line. These additions include more disposable versions, the introduction of hand-activated instruments, our enhanced scissors, our e∙Edge™ scissors, our EM3 AEM Monitor and our AEM EndoShield Burn Protection System. Hospitals can make a complete and smooth conversion to our product line, thereby advancing patient safety in MIS with optimal convenience.

Outlook

Installed Base of AEM Monitoring Equipment: We believe that sales of our installed base of AEM products will increase as the inherent risks associated with monopolar laparoscopic electrosurgery become more widely acknowledged and as we focus on increasing our sales efficiency and continue to enhance our product line. We expect that the replacement sales of electrosurgical instruments and accessories will also increase as additional facilities adopt AEM technology. We anticipate that the efforts to improve the productivity of sales representatives carrying the AEM product line, along with the introduction of next generation products, may provide the basis for increased sales and profitable operations. However, these measures, or any others that we may adopt, may not result in either increased sales or profitable operations.

We believe that the unique performance of the AEM technology and our breadth of independent endorsements provide an opportunity for continued market share growth. In our view, market awareness and awareness of the clinical credibility of the AEM technology, as well as awareness of our endorsements, are improving, and we expect this awareness to benefit our sales efforts for the remainder of fiscal year 2020. Our objectives for the remainder of fiscal year 2020 are to optimize sales execution, to expand market awareness of the AEM technology and to maximize the number of additional hospital and surgery center accounts switching to AEM instruments while retaining existing customers. In addition, acceptance of AEM products depends on surgeons’ preference for our instruments, which depends on factors such as ergonomics, quality and ease of use in addition to the technological and safety advantages of AEM products. If surgeons prefer other instruments to our instruments, our business results will suffer.

Possibility of Operating Losses: We have an accumulated deficit of $21,932,052 at December 31, 2019. A significant portion of our operating funds have been provided by issuances of our common stock and warrants, a line of credit, and the exercise of stock options to purchase our common stock. Should our liquidity be diminished in the future because of operating losses, we may be required to seek additional capital. We have made strides toward improving our operating results but due to the ongoing need to develop, optimize and train our direct sales managers and the independent sales representative network, the need to support the development of refinements to our product line, and the need to increase sustained sales to a level adequate to cover fixed and variable operating costs, we may operate at a net loss. Sustained losses, or our inability to generate sufficient cash flow from operations to fund our obligations, may result in a need to raise additional capital.

Revenue Growth: We expect to generate increased product revenue in the U.S. from sales to new customers and from expanded sales to existing customers as the medical device industry stabilizes and our network of direct and independent sales representatives becomes more efficient. We believe that the visibility and credibility of the independent clinical endorsements for AEM technology will contribute to new accounts and increased product revenue in fiscal year 2020. We also expect to increase market share through promotional programs of placing our AEM monitors at no charge into hospitals that commit to standardize with AEM instruments. However, all of these efforts to increase market share and grow product revenue will depend in part on our ability to expand the efficiency and effective coverage range of our direct and independent sales representatives, as well as maintain and in some cases, improve the quality of our product offerings. Service revenue represents design, development and product supply revenue from our agreements with strategic partners.

We also have longer-term initiatives in place to improve our prospects. We expect that development of next generation versions of our AEM products will better position our products in the marketplace and improve our retention rate at hospitals and surgery centers that have changed to AEM technology, enabling us to grow our sales. We are exploring overseas markets to assess opportunities for sales growth internationally. Finally, we intend to explore opportunities to capitalize on our proven AEM technology via licensing arrangements and strategic alliances. These efforts to generate additional sales and further the market penetration of our products are longer term in nature and may not materialize. Even if we are able to successfully develop next generation products or identify potential international markets or strategic partners, we may not be able to capitalize on these opportunities.

Gross Profit and Gross Margins: Gross profit and gross margins can be expected to fluctuate from quarter to quarter as a result of product sales mix, sales volume and service revenue. Gross margins on products manufactured or assembled by us are expected to improve at higher levels of production and sales.

Sales and Marketing Expenses: We continue to refine our domestic and international distribution capability, and we believe that sales and marketing expenses will decrease as a percentage of net sales with increasing sales volume.

Research and Development Expenses: Research and development expenses are expected to increase to support quality improvement efforts and development of refinements to our AEM product line and new products, which will further expand options for surgeons and hospitals.

Results of Operations

For the quarter ended December 31, 2019 compared to the quarter ended December 31, 2018.

Net revenue. Net revenue for the quarter ended December 31, 2019 was $2,038,925 compared to $2,117,454 for the quarter ended December 31, 2018, a decrease of 4%. The decrease of AEM product net revenue is attributable to business lost from hospitals that used AEM technology during the quarter.

Gross profit. Gross profit for the quarter ended December 31, 2019 of $1,083,405 represented an increase of 2% from gross profit of $1,062,474 for the quarter ended December 31, 2018. Gross profit as a percentage of sales (gross margins) was 53% for the quarter ended December 31, 2019 and 50% for the quarter ended December 31, 2018. Gross margin on net revenue was higher in this year’s third quarter than last year’s third quarter principally as a result of lower labor costs, per unit of inventory.

Sales and marketing expenses. Sales and marketing expenses of $544,495 for the quarter ended December 31, 2019 represented a decrease of 16% from sales and marketing expenses of $645,301 for the quarter ended December 31, 2018. The decrease was the result of lower compensation on a decrease to the direct salesforce, reduced sales samples, reduced advertising and outside services, reduced trade show costs and reduced travel. The reduction was partially offset by higher commissions to general purchasing organizations.

General and administrative expenses. General and administrative expenses of $293,806 for the quarter ended December 31, 2019 represented a decrease of 6% from general and administrative expenses of $312,001 for the quarter ended December 31, 2018. The decrease was the result of a decrease to compensation and bank service charges. The reduction was partially offset by higher bad debt accrual cost.

Research and development expenses. Research and development expenses of $158,942 for the quarter ended December 31, 2019 represented a decrease of 16% compared to $189,353 for the quarter ended December 31, 2018. The decrease was the result of decreased compensation.

Net income. Net income was $70,103 for the quarter ended December 31, 2019 compared to net loss of $84,402 for the quarter ended December 31, 2018. The net income increase was principally a result of higher gross profit and lower total operating expenses, as explained above.

For the nine months ended December 31, 2019 compared to the nine months ended December 31, 2018.

Net revenue. Net revenue for the nine months ended December 31, 2019 was $5,891,934 compared to $6,718,257 for the nine months ended December 31, 2018, a decrease of 12%. The decrease of AEM product net revenue is attributable to business lost from hospitals that used AEM technology during the nine months.

Gross profit. Gross profit for the nine months ended December 31, 2019 of $3,065,371 represented a decrease of 14% from gross profit of $3,568,637 for the nine months ended December 31, 2018. Gross profit as a percentage of sales (gross margins) decreased from 53% for the nine months ended December 31, 2018 to 52% for the nine months ended December 31, 2019. Gross margins were lower in the nine months ended December 31, 2019 compared to last year’s nine months primarily as a result of higher material costs as a result of the U.S. tariffs and higher labor and overhead costs, per unit of inventory, as a result of lower revenue.

Sales and marketing expenses. Sales and marketing expenses of $1,611,996 for the nine months ended December 31, 2019 represented a decrease of 22% from sales and marketing expenses of $2,077,522 for the nine months ended December 31, 2018. The decrease was the result of lower compensation on a decrease to the direct salesforce, lower commissions on reduced revenue, reduced sales samples’ cost, reduced advertising and outside services and reduced travel. The reduction was partially offset by higher commissions to general purchasing organizations.

General and administrative expenses. General and administrative expenses of $943,600 for the nine months ended December 31, 2019 represented a decrease of 1% from general and administrative expenses of $953,968 for the nine months ended December 31, 2018. The decrease was the result of lower compensation and bank service charges. The reduction was partially offset by an increase to outside accountants’ fee accrual, higher bad debt accrual cost, outside services and regulatory fees.

Research and development expenses. Research and development expenses of $567,754 for the nine months ended December 31, 2019 represented an increase of 5% compared to $542,602 for the nine months ended December 31, 2018. The increase was the result of increased compensation. The increase was partially offset by lower outside services.

Net loss. Net loss was $81,905 for the nine months ended December 31, 2019 compared to net loss of $53,506 for the nine months ended December 31, 2018. The net loss increase was principally a result of lower net revenue and lower gross profit that was partially offset by lower total operating expenses, as explained above.

The results of operations for the three and nine months ended December 31, 2019 are not necessarily indicative of the results of operations for all or any part of the balance of the fiscal year.

Liquidity and Capital Resources

To date, a significant portion of our operating funds have been provided by issuances of our common stock and warrants, a line of credit, and the exercise of stock options to purchase our common stock. Common stock and additional paid in capital totaled $24,223,784 from inception through December 31, 2019.

On August 9, 2019, we entered into a loan and security agreement with Crestmark Bank. The loan is due on demand, has no financial covenants and is secured by all of our assets. Under the agreement, we were provided with a line of credit that is not to exceed the lesser of $1,000,000 or 85% of eligible accounts receivable. The interest rate is prime rate plus 1.5%, with a floor of 6.75%, plus a monthly maintenance fee of 0.4%, based on the average monthly loan balance. Interest is charged on a minimum loan balance of $500,000, a loan fee of 1% annually, and an exit fee of 3%, 2% and 1% during years one, two and three, respectively. At December 31, 2019, we had cash of $195,357, no borrowings and $716,349 available under our line of credit.

Our operations used $45,060 of cash during the nine months ended December 31, 2019 on net revenue of $5,891,934. Cash was principally used by the net loss, accounts payable, accrued compensation and other accrued liabilities and increased by inventories. The amounts of cash used by operations for the nine months ended December 31, 2019 are not necessarily indicative of the expected amounts of cash to be generated from or used in operations in fiscal year 2020. To reduce our costs and cash usage, we have implemented a reduction of personnel and departmental spending. At December 31, 2019, we had $195,357 in cash, cash equivalents and restricted cash available to fund future operations. Our working capital was $1,661,494 at December 31, 2019 compared to $1,908,748 at March 31, 2019. The decrease of working capital at December 31, 2019 was the result of our loss and a decrease to inventories. The decrease was partially offset by a decrease to accounts payable. Current liabilities were $1,072,048 at December 31, 2019 compared to $1,001,265 at March 31, 2019.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which modified lease accounting for both lessees and lessors to increase transparency and comparability by recognizing lease assets and lease liabilities by lessees for those leases classified as operating leases under previous accounting standards and disclosing key information about leasing arrangements. The primary impact for us was the balance sheet recognition of right-of-use (“ROU”) assets and lease liabilities for operating leases as a lessee.

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less lease incentives received. We use our incremental borrowing rate based on the information available at the commencement date in determining the lease liabilities as our leases do not provide an implicit rate. Lease expense is recognized on a straight-line basis over the lease term.

The minimum future lease payment, by fiscal year, as of December 31, 2019 is as follows:

Fiscal Year		Amount
	2020 (3 months remaining)	$	66,638
	2021		343,167
	2022		357,667
	2023		372,167
	2024		386,667
	2025		130,500
	Total	$	1,656,806

Aside from the operating lease, we do not have any material contractual commitments requiring settlement in the future.

As of December 31, 2019, the following table shows our contractual obligations for the periods presented:

Payment due by period

Contractual obligations

Totals

Less than

1 year

1-3 years

3-5 years

More than

5 years

Operating lease obligations

1,656,806

324,013

722,584

577,584

32,625

Our fiscal year 2020 operating plan is focused on increasing new accounts, retaining existing customers, growing revenue, increasing gross profits and conserving cash. We are investing in research and development efforts to develop next generation versions of the AEM product line. We have invested in manufacturing property and equipment to manufacture disposable scissors inserts internally and to reduce our cost of product revenue. We cannot predict with certainty the expected revenue, gross profit, net income or loss and usage of cash, cash equivalents or restricted cash for fiscal year 2020. If we are unable to manage our business operations in line with budget expectations, it could have a material adverse effect on our business viability, financial position, results of operations and cash flows.

Income Taxes

As of March 31, 2019, net operating loss carryforwards totaling approximately $10 million are available to reduce taxable income in the future. The net operating loss carryforwards expire, if not previously utilized, at various dates beginning in the fiscal year ending March 31, 2020. We have not paid income taxes since our inception. The Tax Reform Act of 1986 and other income tax regulations contain provisions which may limit the net operating loss carryforwards available to be used in any given year if certain events occur, including changes in ownership interests. We have established a valuation allowance for the entire amount of our deferred tax asset since inception due to our history of losses. Should we achieve sufficient, sustained income in the future, we may conclude that some or all of the valuation allowance should be reversed. If some or all of the valuation allowance were reversed, then, to the extent of the reversal, a tax benefit would be recognized which would result in an increase to net income.

Critical Accounting Policies and Estimates

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, sales and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including those related to bad debts, inventories, sales returns, contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. We believe the following critical accounting policies affect the more significant judgments and estimates used in the preparation of our financial statements.

We record revenue at a single point in time, when control is transferred to the customer, which is consistent with past practice. We will continue to apply our current business processes, policies, systems and controls to support recognition and disclosure. Our shipping policy is FOB Shipping Point. We recognize revenue from sales to stocking distributors when there is no right of return, other than for normal warranty claims. We have no ongoing obligations related to product sales, except for normal warranty obligations. We evaluated the requirement to disaggregate revenue, and concluded that substantially all of its revenue comes from multiple products within a line of medical devices.

We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. If the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances would be required, which would increase our expenses during the periods in which any such allowances were made. The amount recorded as a provision for bad debts in each period is based upon our assessment of the likelihood that we will be paid on our outstanding receivables, based on customer-specific as well as general considerations. To the extent that our estimates prove to be too high, and we ultimately collect a receivable previously determined to be impaired, we may record a reversal of the provision in the period of such determination.

We provide for the estimated cost of product warranties at the time sales are recognized. While we engage in extensive product quality programs and processes, including actively monitoring and evaluating the quality of our component suppliers, we have experienced some costs related to warranties. The warranty accrual is based on historical experience and is adjusted based on current experience. Should actual warranty experience differ from our estimates, revisions to the estimated warranty liability would be required.

We reduce inventory for estimated obsolete or unmarketable inventory equal to the difference between the cost of inventory and the estimated realizable value based on assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory write-downs may be required. Any write-downs of inventory would reduce our reported net income during the period in which such write-downs were applied. To the extent that our estimates prove to be too high, and we ultimately utilize or sell inventory previously determined to be impaired, we may record a reversal of the provision in the period of such determination.

We recognize deferred income tax assets and liabilities for the expected future income tax consequences, based on enacted tax laws, of temporary differences between the financial reporting and tax bases of assets and liabilities. Deferred tax assets are then reduced, if deemed necessary, by a valuation allowance for the amount of any tax benefits, which, more likely than not based on current circumstances, are not expected to be realized. Should we maintain sufficient, sustained income in the future, we may conclude that all or some of the valuation allowance should be reversed.

Property and equipment are stated at cost, with depreciation computed over the estimated useful lives of the assets, generally five to seven years. We use the straight-line method of depreciation for property and equipment. Leasehold improvements are depreciated over the shorter of the remaining lease term or the estimated useful life of the asset. Maintenance and repairs are expensed as incurred and major additions, replacements and improvements are capitalized.

We amortize our patent costs over their estimated useful lives, which is typically the remaining statutory life. From time to time, we may be required to adjust these useful lives of our patents based on advances in technology, competitor actions, and the like. We review the recorded amounts of patents at each period end to determine if their carrying amount is still recoverable based on our expectations regarding sales of related products. Such an assessment, in the future, may result in a conclusion that the assets are impaired, with a corresponding charge against earnings.

We currently estimate forfeitures for stock-based compensation expense related to employee stock options and RSUs at 40% and evaluate the forfeiture rate quarterly. Other assumptions that are used in calculating stock-based compensation expense include risk-free interest rate, expected life, expected volatility and expected dividend.

ITEM 4 - CONTROLS AND PROCEDURES

Management’s Evaluation of Disclosures Controls and Procedures

Our management, comprised of our Chief Executive Officer (CEO) and Principal Financial and Accounting Officer (PFAO) evaluated the effectiveness of our disclosure controls and procedures as of December 31, 2019. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Based on that evaluation, and taking the matters described below into account, our CEO and PFAO have concluded that our disclosure controls and procedures over financial reporting were not effective during reporting period ended December 31, 2019.

Management’s Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over our financial reporting. “Internal control over financial reporting” is defined in Rule 13a-15(f) or 15d-15(f) under the Exchange Act as a process designed by, or under the supervision of, a company’s principal executive and principal financial officers and effected by a company’s board of directors, management and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with U.S. generally accepted accounting principles and includes those policies and procedures that:

● pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of a company;

● provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles and that receipts and expenditures of a company are being made only in accordance with authorizations of management and directors of a company; and

● provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a company’s assets that could have a material effect on the financial statements.

A material weakness is a control deficiency, or combination of control deficiencies, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis.

Our internal control system was designed to provide reasonable assurance to our management and board of directors regarding the preparation and fair presentation of published financial statements. All internal control systems, no matter how well designed, have inherent limitations, which may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Material Weakness

Based upon our evaluation of internal controls, our management determined that our controls over financial reporting were not adequate to ensure certain complex accounting calculations were performed correctly. As such, our CEO and PFAO have concluded that our internal control over financial reporting as of December 31, 2019 was not effective due to the material weaknesses described below:

Accounting for our asset and liability related to our lease obligations for the June 30 and September 30, 2019 quarters. Miscalculations in these areas could impact our current assets, revenues, operating results, and cash flow, although our has concluded that the impact of this issue was not material to the financial statements for those periods.

Because of the material weakness identified, a reasonable possibility exists that a material misstatement in our consolidated financial statements will not be prevented or detected on a timely basis. While our internal controls are established and followed, it is clear by the identified weaknesses that they were not operating as they should be. Management believes that this was the case due to our limited staff along with time constraints. However, our Chief Executive Officer and our Principal Financial and Accounting Officer, believe that the financial statements included in this quarterly report on Form 10-Q present, in all material respects, our financial position, results of operations and cash flows for the periods presented, in conformity with U.S. GAAP.

Plan for Remediation of Material Weaknesses

The remediation effort outlined below is intended to address the identified material weaknesses in internal control over financial reporting.

We will continue to monitor the effectiveness of our internal control over financial reporting in the areas affected by the facts described above and employ any additional tools and resources deemed necessary to ensure that our financial statements are fairly stated in all material respects.

This Quarterly Report on Form 10-Q does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting due to an exemption provided by the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the Dodd-Frank Act, enacted into law in July 2010. The Dodd-Frank Act provides smaller public companies and debt-only issuers with a permanent exemption from the requirement to obtain an external audit on the effectiveness of internal financial reporting controls provided in Section 404(b) of the Sarbanes- Oxley Act. We are a smaller reporting company and are eligible for this exemption under the Dodd-Frank Act.

Changes in Internal Control Over Financial Reporting

Except for the identification and mitigation of the material weakness noted above, there were no other changes in internal control over financial reporting during the quarter ended December 31, 2019 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Plan for Remediation of Material Weaknesses

The remediation effort outlined below is intended to address the identified material weaknesses in internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 6 Exhibits

The following exhibits are filed with this report on Form 10-Q or are incorporated by reference:

31.1

Certification of President and CEO under Rule 13a-14(a) of the Exchange Act (filed herewith).

31.2

Certification of Principal Financial and Accounting Officer under Rule 13a-14(a) of the Exchange Act (filed herewith).

32.1

Certifications of President and CEO and Principal Financial and Accounting Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).

101

The following materials from Encision Inc.’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2019, formatted in XBRL (Extensible Business Reporting Language): (i) the unaudited Condensed Balance Sheets, (ii) the unaudited Condensed Statements of Income, (iii) the unaudited Condensed Statements of Cash Flows, and (iv) Notes to Condensed Financial Statements, tagged at Level I.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	ENCISION INC.
Dated: February 13, 2020
	By:	/s/ Mala Ray
		Mala Ray Controller Principal Accounting Officer & Principal Financial Officer

EX-31.1 2 ex31x1.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATIONS

I, Gregory Trudel, certify that:

I have reviewed this quarterly report on Form 10-Q of Encision Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and,

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: February 13, 2020

/s/ Gregory Trudel

Gregory Trudel

President and CEO

EX-31.2 3 ex31x2.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATIONS

I, Mala Ray, certify that:

I have reviewed this quarterly report on Form 10-Q of Encision Inc.;

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: February 13, 2020

/s/ Mala Ray

Mala Ray

Controller, Principal Accounting Officer and

Principal Financial Officer

EX-32 4 ex32x1.htm EXHIBIT 32.1

Exhibit 32.1

CERTIFICATIONS OF PERIODIC REPORT

I, Gregory Trudel, President and CEO of Encision Inc. (the “Company”), hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

•

the Quarterly Report on Form 10-Q of our for the three and nine months ended December 31, 2019 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

•

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of our for the period covered by the Report.

Dated: February 13, 2020

/s/ Gregory Trudel

Gregory Trudel

President and CEO

I, Mala Ray, Controller and Principal Accounting Officer of Encision Inc. (the “Company”), hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

•

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of our for the period covered by the Report.

Dated: February 13, 2020

/s/ Mala Ray

Mala Ray

Controller, Principal Accounting Officer and

Principal Financial Officer

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Note 1.	ORGANIZATION AND NATURE OF BUSINESS   Encision Inc. is a medical device company that designs, develops, manufactures and markets patented surgical instruments that provide greater safety to, and saves lives of, patients undergoing minimally-invasive surgery. We believe that our patented AEM® (Active Electrode Monitoring) surgical instrument technology is changing the marketplace for electrosurgical devices and instruments by providing a solution to a patient safety risk in laparoscopic surgery. Our sales to date have been made principally in the United States.   We have an accumulated deficit of $21,932,052 at December 31, 2019. A significant portion of our operating funds have been provided by issuances of our common stock and warrants, a line of credit, and the exercise of stock options to purchase our common stock. Shareholders’ equity decreased by $59,890 as a result of our loss of $81,905, and increased as a result of share-based compensation of $22,015. Should our liquidity be diminished in the future because of operating losses, we may be required to seek additional capital.   Our strategic marketing and sales plan is designed to expand the use of our products in surgically active hospitals and surgery centers in the United States.

Note 2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   Basis of Presentation. The condensed interim financial statements included herein have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles accepted in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures made are adequate to make the information presented not misleading. The condensed interim financial statements and notes thereto should be read in conjunction with the financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2019, filed on June 14, 2019.   The accompanying condensed interim financial statements have been prepared, in all material respects, in conformity with the standards of accounting measurements and reflect, in the opinion of management, all adjustments necessary to summarize fairly the financial position and results of operations for such periods in accordance with GAAP. All adjustments are of a normal recurring nature. The results of operations for the most recent interim period are not necessarily indicative of the results to be expected for the full year.   We had net income of $70,103 for the fiscal quarter, and net loss of $81,905 for the nine months ended December 31, 2019. At December 31, 2019, we had cash of $195,357, no borrowings and $716,349 available under our line of credit. Working capital was $1,661,494, a decrease of $247,254 from March 31, 2019. We used $102,991 of cash in the fiscal nine months ended December 31, 2019, primarily as a result of our loss and reduction of accrued compensation and other accrued liabilities. The principal reason for our loss for the nine months ended December 31, 2019 was higher material costs as a result of the U.S. governmental tariffs. These facts and circumstances were initial indicators that created uncertainty about our ability to continue as a going concern. To address this uncertainty, management developed plans to ensure that we have the working capital necessary to fund operations. In July 2019, we reduced personnel and departmental costs. We expect that the cost reductions will return us to profitability and is evidenced by our net income of $70,103 for the quarter ended December 31, 2019. We have a new line of credit (see Note 4), for up to $1 million, restricted by eligible receivables. Management concludes that it is probable that our cash resources and line of credit will be sufficient to meet our cash requirements for twelve months from the issuance of the condensed financial statements. We are increasing our pricing on products to mitigate somewhat our higher material costs. Therefore, the accompanying condensed financial statements have been prepared assuming that we will continue as a going concern.   Use of Estimates in the Preparation of Financial Statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities as well as disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and expense during the reporting period. Actual results could differ from those estimates.   Cash and Cash Equivalents. For purposes of reporting cash flows, we consider all cash and highly liquid investments with an original maturity of three months or less to be cash equivalents. Restricted cash is cash that was deposited to obtain a letter of credit for our importing and exporting activities.    Fair Value of Financial Instruments. Our financial instruments consist of cash, cash equivalents, restricted cash, short-term trade receivables, payables and a line of credit. The carrying values of cash, cash equivalents, restricted cash short-term trade receivables, payables and line of credit approximate their fair value due to their short maturities.   Concentration of Credit Risk. Financial instruments, which potentially subject us to concentrations of credit risk, consist of cash and cash equivalents, accounts receivable and a line of credit. From time to time, the amount of cash on deposit with financial institutions may exceed the $250,000 federally insured limit at December 31, 2019. We believe that cash on deposit that exceeds $250,000 with financial institutions is financially sound and the risk of loss is minimal.   We have no significant off-balance sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements. We maintain the majority of our cash balances with one financial institution in the form of demand deposits.   Accounts receivable are typically unsecured and are derived from transactions with and from entities in the healthcare industry primarily located in the United States. Accordingly, we may be exposed to credit risk generally associated with the healthcare industry. We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The net accounts receivable balance at December 31, 2019 of $1,058,692 and at March 31, 2019 of $1,009,106 included no more than 8% from any one customer.   Inventories. Inventories are stated at the lower of cost (first-in, first-out basis) or net realizable value. We reduce inventory for estimated obsolete or unmarketable inventory equal to the difference between the cost of inventory and the net realizable value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory write-downs may be required. At December 31, 2019 and March 31, 2019, inventory consisted of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2019</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; padding-left: 5.4pt">Raw materials</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,108,386</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,063,780</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Finished goods</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">293,576</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">458,763</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Total gross inventories</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,401,962</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,522,543</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Less reserve for obsolescence</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(41,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(50,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Total net inventories</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,360,962</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,472,543</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>   Property and Equipment. Property and equipment are stated at cost, with depreciation computed over the estimated useful lives of the assets, generally five to seven years. Depreciation expense for the nine months ended December 31, 2019 was $91,646. We use the straight-line method of depreciation for property and equipment. Leasehold improvements are depreciated over the shorter of the remaining lease term or the estimated useful life of the asset. Maintenance and repairs are expensed as incurred and major additions, replacements and improvements are capitalized.   Long-Lived Assets. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. A long-lived asset is considered impaired when estimated future cash flows related to the asset, undiscounted and without interest, are insufficient to recover the carrying amount of the asset. If deemed impaired, the long-lived asset is reduced to its estimated fair value. Long-lived assets to be disposed of are reported at the lower of their carrying amount or estimated fair value less cost to sell.   Patents. The costs of applying for patents are capitalized and amortized on a straight-line basis over the lesser of the patent’s economic or legal life (20 years from the date of application in the United States). Capitalized costs are expensed if patents are not issued. We review the carrying value of our patents periodically to determine whether the patents have continuing value and such reviews could result in the conclusion that the recorded amounts have been impaired.   Income Taxes. We account for income taxes under the provisions of FASB Accounting Standards Codification (“ASC”) Topic 740, “Accounting for Income Taxes” (“ASC 740”). ASC 740 requires recognition of deferred income tax assets and liabilities for the expected future income tax consequences, based on enacted tax laws, of temporary differences between the financial reporting and tax bases of assets and liabilities. ASC 740 also requires recognition of deferred tax assets for the expected future tax effects of all deductible temporary differences, loss carryforwards and tax credit carryforwards. Deferred tax assets are then reduced, if deemed necessary, by a valuation allowance for the amount of any tax benefits, which, more likely than not based on current circumstances, are not expected to be realized. As a result, no provision for income tax is reflected in the accompanying statements of operations. Should we achieve sufficient, sustained income in the future, we may conclude that some or all of the valuation allowance should be reversed. We are required to make many subjective assumptions and judgments regarding our income tax exposures. At December 31, 2019, we had no unrecognized tax benefits, which would affect the effective tax rate if recognized and had no accrued interest, or penalties related to uncertain tax positions.    Revenue Recognition. We record revenue at a single point in time, when control is transferred to the customer, which is consistent with past practice. We will continue to apply our current business processes, policies, systems and controls to support recognition and disclosure. Our shipping policy is FOB Shipping Point. We recognize revenue from sales to stocking distributors when there is no right of return, other than for normal warranty claims. We have no ongoing obligations related to product sales, except for normal warranty obligations. We evaluated the requirement to disaggregate revenue, and concluded that substantially all of our revenue comes from multiple products within a line of medical devices.   Research and Development Expenses. We expense research and development costs for products and processes as incurred.   Stock-Based Compensation. Stock-based compensation is presented in accordance with the guidance of ASC Topic 718, “Compensation – Stock Compensation” (“ASC 718”). Under the provisions of ASC 718, companies are required to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in our statements of operations.   Stock-based compensation expense recognized under ASC 718 for the three and nine months ended December 31, 2019 was $6,650 and $22,015, respectively, and for the three and nine months ended December 31, 2018 was $10,890 and $36,634, respectively, which consisted of stock-based compensation expense related to grants of employee stock options and restricted stock units (“RSUs”).   Segment Reporting. We have concluded that we have one operating segment.   Recent Accounting Pronouncements. We have reviewed all recently issued accounting pronouncements.   ASU No. 2014-09 (ASC 606), Revenue from Contracts with Customers became effective for us beginning April 1, 2018, and adopted the new accounting standard using the modified retrospective transition approach. We record revenue under ASC 606 at a single point in time, when control is transferred to the customer, which is consistent with past practice. We will continue to apply our current business processes, policies, systems and controls to support recognition and disclosure under the new standard. Based on the results of the evaluation, we have determined that the adoption of the new standard presents no material impact on our financial statements.   In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02"), which modified lease accounting for both lessees and lessors to increase transparency and comparability by recognizing lease assets and lease liabilities by lessees for those leases classified as operating leases under previous accounting standards and disclosing key information about leasing arrangements. Within the opening balances for the fiscal year beginning April 1, 2019, we recognized leased assets and leased liabilities in other long-term assets of $1,555,150 and long-term liabilities of $1,619,842 (see Notes 4 and 7).

Note 3.	Basic and Diluted Income and Loss per Common Share   We report both basic and diluted net income (loss) per share. Basic net income or loss per common share is computed by dividing net income or loss for the period by the weighted average number of common shares outstanding for the period. Diluted net income or loss per common share is computed by dividing the net income or loss for the period by the weighted average number of common and potential common shares outstanding during the period if the effect of the potential common shares is dilutive. The shares used in the calculation of dilutive potential common shares exclude options and RSUs to purchase shares where the exercise price was greater than the average market price of common shares for the period.   The following table presents the calculation of basic and diluted net loss per share:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; vertical-align: bottom; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">December 31, 2019</td> <td style="text-align: center; vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="text-align: center; vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="text-align: center; vertical-align: bottom; padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">December 31, 2018</td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: bottom"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom">December 31, 2019</td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center; vertical-align: bottom"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center; vertical-align: bottom"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom">December 31, 2018</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Net income (loss)</td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">70,103</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">(84,402</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">(81,905</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">(53,506</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt">Weighted-average shares — basic</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,578,371</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,798,740</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,565,027</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,721,817</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Effect of dilutive potential common shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">52,801</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 5.4pt">Weighted-average shares — diluted</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11,631,172</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,798,740</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11,565,027</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,721,817</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Net income (loss) per share — basic</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">0.01</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.01</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.01</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">0.00</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Net income (loss) per share — diluted</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">0.01</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.01</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.01</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">0.00</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Antidilutive employee stock options and 	RSUs</td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">910,199</td><td style="padding-bottom: 1pt; font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">900,286</td><td style="padding-bottom: 1pt; font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">963,000</td><td style="padding-bottom: 1pt; font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">900,286</td><td style="padding-bottom: 1pt; font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table>

Note 4.	COMMITMENTS AND CONTINGENCIES   Effective November 9, 2018, we extended our noncancelable lease agreement through July 31, 2024 for our facilities at 6797 Winchester Circle, Boulder, Colorado. The lease includes base rent abatement for the first two months, or $55,583, and $145,000 of leasehold improvements granted by the landlord.   In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02"), which modified lease accounting for both lessees and lessors to increase transparency and comparability by recognizing lease assets and lease liabilities by lessees for those leases classified as either finance or operating leases under previous accounting standards and disclosing key information about leasing arrangements. We adopted Topic 842 on April 1, 2019, using the alternative modified transition method, which requires a cumulative effect adjustment, if any, to the opening balance of retained earnings to be recognized on the date of adoption with prior periods not restated. There was no cumulative effect adjustment recorded on April 1, 2019. The primary impact for us was the balance sheet recognition of right-of-use (“ROU”) assets and lease liabilities for operating leases as a lessee.   We determine if an arrangement contains a lease at inception. We currently do not have any finance leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less lease incentives received. We use our incremental borrowing rate based on the information available at the commencement date in determining the lease liabilities as our leases do not provide an implicit rate. Lease expense is recognized on a straight-line basis over the lease term.   The minimum future lease payment, by fiscal year, as of December 31, 2019 is as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 11pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="3" style="font-weight: bold; border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">Fiscal Year</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Amount</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left; vertical-align: bottom"> </td><td style="width: 43%; text-align: left; vertical-align: bottom">2020 (3 months remaining)</td><td style="width: 1%; text-align: left; vertical-align: bottom"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 30%; text-align: right">66,638</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: bottom"> </td><td style="text-align: left; vertical-align: bottom">2021</td><td style="text-align: left; vertical-align: bottom"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">343,167</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: bottom"> </td><td style="text-align: left; vertical-align: bottom">2022</td><td style="text-align: left; vertical-align: bottom"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">357,667</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: bottom"> </td><td style="text-align: left; vertical-align: bottom">2023</td><td style="text-align: left; vertical-align: bottom"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">372,167</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: bottom"> </td><td style="text-align: left; vertical-align: bottom">2024</td><td style="text-align: left; vertical-align: bottom"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">386,667</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom"> </td><td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom">2025</td><td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">130,500</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom"> </td><td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom">Total</td><td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,656,806</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>   On August 9, 2019, we entered into a loan and security agreement with Crestmark Bank. The loan is due on demand, has no financial covenants and is secured by all of our assets. Under the agreement, we were provided with a line of credit that is not to exceed the lesser of $1,000,000 or 85% of eligible accounts receivable. The interest rate is prime rate (4.75% at December 31, 2019) plus 1.5%, with a floor of 6.75%, plus a monthly maintenance fee of 0.4%, based on the average monthly loan balance. Interest is charged on a minimum loan balance of $500,000, a loan fee of 1% annually, and an exit fee of 3%, 2% and 1% during years one, two and three, respectively. Aside from the operating lease, we do not have any material contractual commitments requiring settlement in the future.   We are subject to regulation by the United States Food and Drug Administration (“FDA”). The FDA provides regulations governing the manufacture and sale of our products and regularly inspects us and other manufacturers to determine compliance with these regulations. We believe that we were in substantial compliance with all known regulations at December 31, 2019. FDA inspections are conducted periodically at the discretion of the FDA. Our latest inspection by the FDA occurred in October 2019.

Note 5.	SHARE-BASED COMPENSATION   The provisions of ASC 718-10-55 requires the measurement and recognition of compensation expense for all share-based payment awards made to our employees and directors, including employee stock options and RSUs, based on estimated fair values. The following table summarizes stock-based compensation expense related to employee stock options, RSUs and employee stock purchases for the three and nine months ended December 31, 2019 and 2018, which was allocated as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: justify; padding-left: 5.4pt">Cost of sales</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">703</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">658</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,108</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,973</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 5.4pt">Sales and marketing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">796</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,296</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,389</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,890</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 5.4pt">General and administrative</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,064</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,275</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,128</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,789</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Research and development</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">87</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">661</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,390</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,982</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Stock-based compensation 	expense</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">6,650</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">10,890</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">22,015</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">36,634</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>   Share-based compensation cost for stock options is measured at the grant date, based on the fair value as calculated by the Black-Scholes-Merton ("BSM") option-pricing model. The BSM option-pricing model requires the use of actual employee exercise behavior data and the application of a number of assumptions, including expected volatility, risk-free interest rate and expected dividends. There were 25,000 stock options granted and 5,000 stock options and 24,286 RSUs were forfeited during the three months ended December 31, 2019, and 110,000 stock options granted and 88,000 stock options and 24,286 RSUs forfeited during the nine months ended December 31, 2019. Share-based compensation cost for RSUs is measured based on the closing fair market value of our common stock on the date of grant.    As of December 31, 2019, approximately $133,000 of total unrecognized compensation costs related to nonvested stock options is expected to be recognized over a period of five years.

Note 6.	RELATED PARTY TRANSACTION   We paid consulting fees of $16,813 and $53,407 to an entity owned by one of our directors during the three and nine months ended December 31, 2019, respectively, and $17,681 and $52,726 to an entity owned by one of our directors during the three and nine months ended December 31, 2018, respectively.

Note 7. IMMATERIAL ERROR CORRECTION This Quarterly Report on Form 10-Q for us for the nine months ended December 31, 2019, includes the restatement of our previously filed condensed balance sheets for the three months ended June 30 and September 30, 2019. We have concluded that in the Assets section of the Balance Sheet, Right of use asset, and under Liabilities the Accrued lease liability, were misstated and that for comparative purposes in filings these figures should be re-stated but that the adjustments are not material modifications. The misstatement was a result of an incorrect entry to the model that we used. Accordingly, we have determined that prior financial statements should be corrected, even though such revisions are immaterial with respect to the prior year financial statements. Furthermore, we have determined that correcting prior period’s financial statements for immaterial changes would not require previously filed reports to be amended. The effect of these restatements on our Balance Sheet as reported on the Form 10-Q reports, are as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">April 1, 2019</td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">June 30, 2019</td><td style="text-align: center; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">September 30, 2019</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: justify; padding-left: 5.4pt">Correct right of use asset</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,555,150</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,512,343</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,447,657</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Right of use asset reported</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,234,620</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,181,590</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,131,125</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Difference</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">320,530</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">330,753</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">316,532</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; border-bottom: Black 1pt solid; text-align: center">Three Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">April 1, 2019</td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">June 30, 2019</td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">September 30, 2019</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: justify; padding-left: 5.4pt">Correct accrued lease liability</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,619,842</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,557,751</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,551,993</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Accrued lease liability reported</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,234,620</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,230,623</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,226,074</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Difference</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">385,222</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">327,128</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">325,919</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table>

Note 8.	SUBSEQUENT EVENTS   We evaluated all of our activity as of the date the condensed interim financial statements were issued and concluded that no subsequent events have occurred that would require recognition in our financial statements or disclosed in the notes to our condensed interim financial statements.

Basis of Presentation. The condensed interim financial statements included herein have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles accepted in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures made are adequate to make the information presented not misleading. The condensed interim financial statements and notes thereto should be read in conjunction with the financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2019, filed on June 14, 2019.   The accompanying condensed interim financial statements have been prepared, in all material respects, in conformity with the standards of accounting measurements and reflect, in the opinion of management, all adjustments necessary to summarize fairly the financial position and results of operations for such periods in accordance with GAAP. All adjustments are of a normal recurring nature. The results of operations for the most recent interim period are not necessarily indicative of the results to be expected for the full year.   We had net income of $70,103 for the fiscal quarter, and net loss of $81,905 for the nine months ended December 31, 2019. At December 31, 2019, we had cash of $195,357, no borrowings and $716,349 available under our line of credit. Working capital was $1,661,494, a decrease of $247,254 from March 31, 2019. We used $102,991 of cash in the fiscal nine months ended December 31, 2019, primarily as a result of our loss and reduction of accrued compensation and other accrued liabilities. The principal reason for our loss for the nine months ended December 31, 2019 was higher material costs as a result of the U.S. governmental tariffs. These facts and circumstances were initial indicators that created uncertainty about our ability to continue as a going concern. To address this uncertainty, management developed plans to ensure that we have the working capital necessary to fund operations. In July 2019, we reduced personnel and departmental costs. We expect that the cost reductions will return us to profitability and is evidenced by our net income of $70,103 for the quarter ended December 31, 2019. We have a new line of credit (see Note 4), for up to $1 million, restricted by eligible receivables. Management concludes that it is probable that our cash resources and line of credit will be sufficient to meet our cash requirements for twelve months from the issuance of the condensed financial statements. We are increasing our pricing on products to mitigate somewhat our higher material costs. Therefore, the accompanying condensed financial statements have been prepared assuming that we will continue as a going concern.

Use of Estimates in the Preparation of Financial Statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities as well as disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and expense during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents. For purposes of reporting cash flows, we consider all cash and highly liquid investments with an original maturity of three months or less to be cash equivalents. Restricted cash is cash that was deposited to obtain a letter of credit for our importing and exporting activities.

Fair Value of Financial Instruments. Our financial instruments consist of cash, cash equivalents, restricted cash, short-term trade receivables, payables and a line of credit. The carrying values of cash, cash equivalents, restricted cash short-term trade receivables, payables and line of credit approximate their fair value due to their short maturities.

Concentration of Credit Risk. Financial instruments, which potentially subject us to concentrations of credit risk, consist of cash and cash equivalents, accounts receivable and a line of credit. From time to time, the amount of cash on deposit with financial institutions may exceed the $250,000 federally insured limit at December 31, 2019. We believe that cash on deposit that exceeds $250,000 with financial institutions is financially sound and the risk of loss is minimal.   We have no significant off-balance sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements. We maintain the majority of our cash balances with one financial institution in the form of demand deposits.   Accounts receivable are typically unsecured and are derived from transactions with and from entities in the healthcare industry primarily located in the United States. Accordingly, we may be exposed to credit risk generally associated with the healthcare industry. We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The net accounts receivable balance at December 31, 2019 of $1,058,692 and at March 31, 2019 of $1,009,106 included no more than 8% from any one customer.

Inventories. Inventories are stated at the lower of cost (first-in, first-out basis) or net realizable value. We reduce inventory for estimated obsolete or unmarketable inventory equal to the difference between the cost of inventory and the net realizable value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory write-downs may be required. At December 31, 2019 and March 31, 2019, inventory consisted of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2019</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; padding-left: 5.4pt">Raw materials</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,108,386</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,063,780</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Finished goods</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">293,576</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">458,763</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Total gross inventories</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,401,962</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,522,543</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Less reserve for obsolescence</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(41,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(50,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Total net inventories</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,360,962</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,472,543</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>

Recent Accounting Pronouncements. We have reviewed all recently issued accounting pronouncements.   ASU No. 2014-09 (ASC 606), Revenue from Contracts with Customers became effective for us beginning April 1, 2018, and adopted the new accounting standard using the modified retrospective transition approach. We record revenue under ASC 606 at a single point in time, when control is transferred to the customer, which is consistent with past practice. We will continue to apply our current business processes, policies, systems and controls to support recognition and disclosure under the new standard. Based on the results of the evaluation, we have determined that the adoption of the new standard presents no material impact on our financial statements.   In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02"), which modified lease accounting for both lessees and lessors to increase transparency and comparability by recognizing lease assets and lease liabilities by lessees for those leases classified as operating leases under previous accounting standards and disclosing key information about leasing arrangements. Within the opening balances for the fiscal year beginning April 1, 2019, we recognized leased assets and leased liabilities in other long-term assets of $1,555,150 and long-term liabilities of $1,619,842 (see Notes 4 and 7).

At December 31, 2019 and March 31, 2019, inventory consisted of the following:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2019</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; padding-left: 5.4pt">Raw materials</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,108,386</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,063,780</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Finished goods</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">293,576</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">458,763</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt">Total gross inventories</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,401,962</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,522,543</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Less reserve for obsolescence</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(41,000</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(50,000</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Total net inventories</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,360,962</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,472,543</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>

The following table presents the calculation of basic and diluted net loss per share:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; vertical-align: bottom; padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">December 31, 2019</td> <td style="text-align: center; vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="text-align: center; vertical-align: bottom; padding-bottom: 1pt"> </td> <td style="text-align: center; vertical-align: bottom; padding-bottom: 1pt"> </td> <td colspan="2" style="text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid">December 31, 2018</td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: bottom"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center; vertical-align: bottom"> </td> <td style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom">December 31, 2019</td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center; vertical-align: bottom"> </td> <td style="padding-bottom: 1pt; font-weight: bold; text-align: center; vertical-align: bottom"> </td> <td colspan="3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom">December 31, 2018</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Net income (loss)</td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">70,103</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">(84,402</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">(81,905</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td><td style="width: 3%; padding-bottom: 1pt"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</td><td style="width: 10%; border-bottom: Black 1pt solid; text-align: right">(53,506</td><td style="width: 1%; padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt">Weighted-average shares — basic</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,578,371</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,798,740</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">11,565,027</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,721,817</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Effect of dilutive potential common shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">52,801</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—  </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 5.4pt">Weighted-average shares — diluted</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11,631,172</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,798,740</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">11,565,027</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10,721,817</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Net income (loss) per share — basic</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">0.01</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.01</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.01</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">0.00</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Net income (loss) per share — diluted</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">0.01</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.01</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(0.01</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">0.00</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Antidilutive employee stock options and 	RSUs</td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">910,199</td><td style="padding-bottom: 1pt; font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">900,286</td><td style="padding-bottom: 1pt; font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">963,000</td><td style="padding-bottom: 1pt; font-size: 12pt; text-align: left"> </td><td style="font-size: 12pt; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right">900,286</td><td style="padding-bottom: 1pt; font-size: 12pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table>

The minimum future lease payment, by fiscal year, as of December 31, 2019 is as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 11pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="3" style="font-weight: bold; border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">Fiscal Year</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom">Amount</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left; vertical-align: bottom"> </td><td style="width: 43%; text-align: left; vertical-align: bottom">2020 (3 months remaining)</td><td style="width: 1%; text-align: left; vertical-align: bottom"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 30%; text-align: right">66,638</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: bottom"> </td><td style="text-align: left; vertical-align: bottom">2021</td><td style="text-align: left; vertical-align: bottom"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">343,167</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: bottom"> </td><td style="text-align: left; vertical-align: bottom">2022</td><td style="text-align: left; vertical-align: bottom"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">357,667</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: bottom"> </td><td style="text-align: left; vertical-align: bottom">2023</td><td style="text-align: left; vertical-align: bottom"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">372,167</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: bottom"> </td><td style="text-align: left; vertical-align: bottom">2024</td><td style="text-align: left; vertical-align: bottom"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">386,667</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom"> </td><td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom">2025</td><td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">130,500</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom"> </td><td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom">Total</td><td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,656,806</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>

The following table summarizes stock-based compensation expense related to employee stock options, RSUs and employee stock purchases for the three and nine months ended December 31, 2019 and 2018, which was allocated as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nine Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: justify; padding-left: 5.4pt">Cost of sales</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">703</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">658</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,108</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,973</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 5.4pt">Sales and marketing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">796</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,296</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,389</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,890</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 5.4pt">General and administrative</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,064</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,275</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">16,128</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,789</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Research and development</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">87</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">661</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,390</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,982</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Stock-based compensation 	expense</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">6,650</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">10,890</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">22,015</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">36,634</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>

The effect of these restatements on our Balance Sheet as reported on the Form 10-Q reports, are as follows:   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">April 1, 2019</td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">June 30, 2019</td><td style="text-align: center; border-bottom: Black 1pt solid"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">September 30, 2019</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: justify; padding-left: 5.4pt">Correct right of use asset</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,555,150</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,512,343</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,447,657</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Right of use asset reported</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,234,620</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,181,590</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,131,125</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Difference</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">320,530</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">330,753</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">316,532</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="3" style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="7" style="font-weight: bold; border-bottom: Black 1pt solid; text-align: center">Three Months Ended</td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">April 1, 2019</td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">June 30, 2019</td><td style="padding-bottom: 1pt; text-align: center"> </td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid">September 30, 2019</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 46%; text-align: justify; padding-left: 5.4pt">Correct accrued lease liability</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,619,842</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,557,751</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,551,993</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Accrued lease liability reported</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,234,620</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,230,623</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,226,074</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt">Difference</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">385,222</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">327,128</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">325,919</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table>

4580305

3427708

2291732

2351622

-21932052

-21850147

24223784

24201769

2288573

1076086

74821

1216525

1619842

1557751

1551993

1072048

1001265

271226

101150

126434

190070

295875

509602

578956

4580305

3427708

19548

233737

248579

1382760

1555150

1512343

1447657

210718

249568

2903407

2811761

3114125 3061329

2733542

2910013

118531

130016

1360962

1472543

1058692

1009106

25000

195357

273348

11565027

10721817

10798740

11631172

11565027

10721817

10798740

11578371

-0.01

0.01

-81905

-53506

-84402

70103

-81905

-53506

-84402

70103

-23926

-48051

-221

-16059

1241

425

1616

113

-25167

-48476

-1837

-16172

-57979

-5455

-84181

86162

3123350

3574092

1146655

997243

567754

542602

189353

158942

943600

953968

312001

293806

1611996

2077522

645301

544495

3065371

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Revenue Recognition. We record revenue at a single point in time, when control is transferred to the customer, which is consistent with past practice. We will continue to apply our current business processes, policies, systems and controls to support recognition and disclosure. Our shipping policy is FOB Shipping Point. We recognize revenue from sales to stocking distributors when there is no right of return, other than for normal warranty claims. We have no ongoing obligations related to product sales, except for normal warranty obligations. We evaluated the requirement to disaggregate revenue, and concluded that substantially all of our revenue comes from multiple products within a line of medical devices.

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We entered into a loan and security agreement with Crestmark Bank. The loan is due on demand, has no financial covenants and is secured by all of our assets. Under the agreement, we were provided with a line of credit that is not to exceed the lesser of $1,000,000 or 85% of eligible accounts receivable. The interest rate is prime rate (4.75% at December 31, 2019) plus 1.5%, with a floor of 6.75%, plus a monthly maintenance fee of 0.4%, based on the average monthly loan balance. Interest is charged on a minimum loan balance of $500,000, a loan fee of 1% annually, and an exit fee of 3%, 2% and 1% during years one, two and three, respectively.

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BASIC AND DILUTED INCOME AND LOSS PER COMMON SHARE

9 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

BASIC AND DILUTED INCOME AND LOSS PER COMMON SHARE

Note 3. Basic and Diluted Income and Loss per Common Share

The following table presents the calculation of basic and diluted net loss per share:

	Three Months Ended					Nine Months Ended
	December 31, 2019			December 31, 2018			December 31, 2019		December 31, 2018
Net income (loss)	$	70,103	$	(84,402	)	$	(81,905	)	$	(53,506	)
Weighted-average shares — basic		11,578,371		10,798,740			11,565,027			10,721,817
Effect of dilutive potential common shares		52,801		—			—			—
Weighted-average shares — diluted		11,631,172		10,798,740			11,565,027			10,721,817
Net income (loss) per share — basic	$	0.01	$	(0.01	)	$	(0.01	)	$	0.00
Net income (loss) per share — diluted	$	0.01	$	(0.01	)	$	(0.01	)	$	0.00
Antidilutive employee stock options and RSUs		910,199		900,286			963,000			900,286

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Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
NET REVENUE	$ 2,038,925	$ 2,117,454	$ 5,891,934	$ 6,718,257
COST OF REVENUE	955,520	1,054,980	2,826,563	3,149,620
GROSS PROFIT	1,083,405	1,062,474	3,065,371	3,568,637
OPERATING EXPENSES:
Sales and marketing	544,495	645,301	1,611,996	2,077,522
General and administrative	293,806	312,001	943,600	953,968
Research and development	158,942	189,353	567,754	542,602
Total operating expenses	997,243	1,146,655	3,123,350	3,574,092
OPERATING INCOME (LOSS)	86,162	(84,181)	(57,979)	(5,455)
Interest expense, net	(16,172)	(1,837)	(25,167)	(48,476)
Other income (expense), net	113	1,616	1,241	425
Interest expense and other income (expense), net	(16,059)	(221)	(23,926)	(48,051)
INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES	70,103	(84,402)	(81,905)	(53,506)
Provision for income taxes	0	0	0	0
NET INCOME (LOSS)	$ 70,103	$ (84,402)	$ (81,905)	$ (53,506)
Net income (loss) per share - basic and Diluted	$ 0.01	$ (0.01)	$ (0.01)	$ 0
Weighted average shares - basic	11,578,371	10,798,740	11,565,027	10,721,817
Weighted average shares - diluted	11,631,172	10,798,740	11,565,027	10,721,817

XML 13 R24.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES (Details)	Dec. 31, 2019 USD ($)
Minimum future lease payments, by fiscal year
2020 (3 months remaining)	$ 66,638
2021	343,167
2022	357,667
2023	372,167
2024	386,667
2025	130,500
Total	$ 1,656,806

XML 14 R20.htm IDEA: XBRL DOCUMENT

ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (21,932,052)		$ (21,932,052)		$ (21,850,147)
Net loss	$ 70,103	$ (84,402)	(81,905)	$ (53,506)
Decrease in shareholders' equity			59,890
Share-based compensation			$ 22,015

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

XML 15 R28.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTION (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
RELATED PARTY TRANSACTION (Details Narrative) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Consulting fees paid		$ 17,681
Director [Member]
Related Party Transaction [Line Items]
Consulting fees paid	$ 16,813		$ 53,407	$ 52,726

XML 16 R16.htm IDEA: XBRL DOCUMENT

BASIC AND DILUTED INCOME AND LOSS PER COMMON SHARE (Tables)

9 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Schedule of calculation of basic and diluted net loss per share

The following table presents the calculation of basic and diluted net loss per share:

	Three Months Ended					Nine Months Ended
	December 31, 2019			December 31, 2018			December 31, 2019		December 31, 2018
Net income (loss)	$	70,103	$	(84,402	)	$	(81,905	)	$	(53,506	)
Weighted-average shares — basic		11,578,371		10,798,740			11,565,027			10,721,817
Effect of dilutive potential common shares		52,801		—			—			—
Weighted-average shares — diluted		11,631,172		10,798,740			11,565,027			10,721,817
Net income (loss) per share — basic	$	0.01	$	(0.01	)	$	(0.01	)	$	0.00
Net income (loss) per share — diluted	$	0.01	$	(0.01	)	$	(0.01	)	$	0.00
Antidilutive employee stock options and RSUs		910,199		900,286			963,000			900,286

XML 17 R12.htm IDEA: XBRL DOCUMENT

IMMATERIAL ERROR CORRECTION

9 Months Ended

Dec. 31, 2019

Accounting Changes and Error Corrections [Abstract]

IMMATERIAL ERROR CORRECTION

Note 7. IMMATERIAL ERROR CORRECTION

			Three Months Ended
	April 1, 2019		June 30, 2019		September 30, 2019
Correct right of use asset	$	1,555,150	$	1,512,343	$	1,447,657
Right of use asset reported		1,234,620		1,181,590		1,131,125
Difference	$	320,530	$	330,753	$	316,532

			Three Months Ended
	April 1, 2019		June 30, 2019		September 30, 2019
Correct accrued lease liability	$	1,619,842	$	1,557,751	$	1,551,993
Accrued lease liability reported		1,234,620		1,230,623		1,226,074
Difference	$	385,222	$	327,128	$	325,919

XML 18 R17.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

Schedule of minimum future lease payments, by fiscal year

The minimum future lease payment, by fiscal year, as of December 31, 2019 is as follows:

Fiscal Year		Amount
	2020 (3 months remaining)	$	66,638
	2021		343,167
	2022		357,667
	2023		372,167
	2024		386,667
	2025		130,500
	Total	$	1,656,806

XML 19 R13.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS

9 Months Ended

Dec. 31, 2019

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

Note 8. SUBSEQUENT EVENTS

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Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Operating activities:
Net (loss)	$ (81,905)	$ (53,506)
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	111,623	140,843
Share-based compensation expense	22,015	36,634
Provision for (recovery from) doubtful accounts, net	9,500	(500)
(Recovery from) provision for inventory obsolescence, net	(9,000)	24,000
Changes in operating assets and liabilities:
Right of use asset, net	30,170	0
Accounts receivable	(59,086)	(61,034)
Inventories	120,581	22,052
Prepaid expenses and other assets	11,485	(54,879)
Accounts payable	(69,354)	224,039
Accrued compensation and other accrued liabilities	(131,089)	(150,340)
Net cash generated by (used in) operating activities	(45,060)	127,309
Investing activities:
Acquisition of property and equipment	(52,796)	(9,982)
Patent costs	(5,135)	(4,865)
Net cash (used in) investing activities	(57,931)	(14,847)
Financing activities:
Proceeds from the issuance of common stock	0	350,000
Net cash generated by financing activities	0	350,000
Net increase (decrease) in cash, cash equivalents, and restricted cash	(102,991)	462,462
Cash, cash equivalents, and restricted cash beginning of period	298,348	139,538
Cash, cash equivalents, and restricted cash end of period	195,357	602,000
Supplemental disclosure:
Right of use asset	1,555,150	0
Accrued lease liability	1,619,842	0
Interest paid	$ 18,502	$ 0

XML 23 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Dec. 31, 2019	Jan. 31, 2020
Document and Entity Information
Entity Registrant Name	ENCISION INC
Entity Central Index Key	0000930775
Document Type	10-Q
Document Period End Date	Dec. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity's Reporting Status Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell company	false
Entity File Number	001-11789
Entity Incorporation, State Country Code	CO
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		11,582,641
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3

XML 24 R9.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Note 4. COMMITMENTS AND CONTINGENCIES

The minimum future lease payment, by fiscal year, as of December 31, 2019 is as follows:

Fiscal Year		Amount
	2020 (3 months remaining)	$	66,638
	2021		343,167
	2022		357,667
	2023		372,167
	2024		386,667
	2025		130,500
	Total	$	1,656,806

Aside from the operating lease, we do not have any material contractual commitments requiring settlement in the future.

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IMMATERIAL ERROR CORRECTION (Details) - USD ($)	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Apr. 02, 2019	Mar. 31, 2019
Accounting Changes and Error Corrections [Abstract]
Correct right of use asset	$ 1,382,760	$ 1,447,657	$ 1,512,343	$ 1,555,150	$ 0
Right of use asset reported		1,131,125	1,181,590	1,234,620
Difference		316,532	330,753	320,530
Correct accrued lease liability	$ 1,216,525	1,551,993	1,557,751	1,619,842	$ 0
Accrued lease liability reported		1,226,074	1,230,623	1,234,620
Difference		$ 325,919	$ 327,128	$ 385,222

XML 27 R25.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES (Details Narrative)

Aug. 09, 2019

Commitments And Contingencies Details Narrative

Loan description

XML 28 R21.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	Dec. 31, 2019	Mar. 31, 2019
Inventories
Raw materials	$ 1,108,386	$ 1,063,780
Finished goods	293,576	458,763
Total gross inventories	1,401,962	1,522,543
Less reserve for obsolescence	(41,000)	(50,000)
Total net inventories	$ 1,360,962	$ 1,472,543

XML 29 R15.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Schedule of inventory

At December 31, 2019 and March 31, 2019, inventory consisted of the following:

	December 31, 2019			March 31, 2019
Raw materials	$	1,108,386		$	1,063,780
Finished goods		293,576			458,763
Total gross inventories		1,401,962			1,522,543
Less reserve for obsolescence		(41,000	)		(50,000	)
Total net inventories	$	1,360,962		$	1,472,543

XML 30 R11.htm IDEA: XBRL DOCUMENT

RELATED PARTY TRANSACTION

9 Months Ended

Dec. 31, 2019

RELATED PARTY TRANSACTION

Note 6. RELATED PARTY TRANSACTION

XML 31 R19.htm IDEA: XBRL DOCUMENT

IMMATERIAL ERROR CORRECTION (Tables)

9 Months Ended

Dec. 31, 2019

Accounting Changes and Error Corrections [Abstract]

Effect of error correction

The effect of these restatements on our Balance Sheet as reported on the Form 10-Q reports, are as follows:

			Three Months Ended
	April 1, 2019		June 30, 2019		September 30, 2019
Correct right of use asset	$	1,555,150	$	1,512,343	$	1,447,657
Right of use asset reported		1,234,620		1,181,590		1,131,125
Difference	$	320,530	$	330,753	$	316,532

			Three Months Ended
	April 1, 2019		June 30, 2019		September 30, 2019
Correct accrued lease liability	$	1,619,842	$	1,557,751	$	1,551,993
Accrued lease liability reported		1,234,620		1,230,623		1,226,074
Difference	$	385,222	$	327,128	$	325,919

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Note 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation. The condensed interim financial statements included herein have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles accepted in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures made are adequate to make the information presented not misleading. The condensed interim financial statements and notes thereto should be read in conjunction with the financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2019, filed on June 14, 2019.

The accompanying condensed interim financial statements have been prepared, in all material respects, in conformity with the standards of accounting measurements and reflect, in the opinion of management, all adjustments necessary to summarize fairly the financial position and results of operations for such periods in accordance with GAAP. All adjustments are of a normal recurring nature. The results of operations for the most recent interim period are not necessarily indicative of the results to be expected for the full year.

We had net income of $70,103 for the fiscal quarter, and net loss of $81,905 for the nine months ended December 31, 2019. At December 31, 2019, we had cash of $195,357, no borrowings and $716,349 available under our line of credit. Working capital was $1,661,494, a decrease of $247,254 from March 31, 2019. We used $102,991 of cash in the fiscal nine months ended December 31, 2019, primarily as a result of our loss and reduction of accrued compensation and other accrued liabilities. The principal reason for our loss for the nine months ended December 31, 2019 was higher material costs as a result of the U.S. governmental tariffs. These facts and circumstances were initial indicators that created uncertainty about our ability to continue as a going concern. To address this uncertainty, management developed plans to ensure that we have the working capital necessary to fund operations. In July 2019, we reduced personnel and departmental costs. We expect that the cost reductions will return us to profitability and is evidenced by our net income of $70,103 for the quarter ended December 31, 2019. We have a new line of credit (see Note 4), for up to $1 million, restricted by eligible receivables. Management concludes that it is probable that our cash resources and line of credit will be sufficient to meet our cash requirements for twelve months from the issuance of the condensed financial statements. We are increasing our pricing on products to mitigate somewhat our higher material costs. Therefore, the accompanying condensed financial statements have been prepared assuming that we will continue as a going concern.

Use of Estimates in the Preparation of Financial Statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities as well as disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and expense during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents. For purposes of reporting cash flows, we consider all cash and highly liquid investments with an original maturity of three months or less to be cash equivalents. Restricted cash is cash that was deposited to obtain a letter of credit for our importing and exporting activities.

Fair Value of Financial Instruments. Our financial instruments consist of cash, cash equivalents, restricted cash, short-term trade receivables, payables and a line of credit. The carrying values of cash, cash equivalents, restricted cash short-term trade receivables, payables and line of credit approximate their fair value due to their short maturities.

Concentration of Credit Risk. Financial instruments, which potentially subject us to concentrations of credit risk, consist of cash and cash equivalents, accounts receivable and a line of credit. From time to time, the amount of cash on deposit with financial institutions may exceed the $250,000 federally insured limit at December 31, 2019. We believe that cash on deposit that exceeds $250,000 with financial institutions is financially sound and the risk of loss is minimal.

We have no significant off-balance sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements. We maintain the majority of our cash balances with one financial institution in the form of demand deposits.

Accounts receivable are typically unsecured and are derived from transactions with and from entities in the healthcare industry primarily located in the United States. Accordingly, we may be exposed to credit risk generally associated with the healthcare industry. We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The net accounts receivable balance at December 31, 2019 of $1,058,692 and at March 31, 2019 of $1,009,106 included no more than 8% from any one customer.

Inventories. Inventories are stated at the lower of cost (first-in, first-out basis) or net realizable value. We reduce inventory for estimated obsolete or unmarketable inventory equal to the difference between the cost of inventory and the net realizable value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory write-downs may be required. At December 31, 2019 and March 31, 2019, inventory consisted of the following:

December 31, 2019
March 31, 2019

Raw materials $ 1,108,386 $ 1,063,780

Finished goods 293,576 458,763

Total gross inventories 1,401,962 1,522,543

Less reserve for obsolescence (41,000 ) (50,000 )

Total net inventories $ 1,360,962 $ 1,472,543

Property and Equipment. Property and equipment are stated at cost, with depreciation computed over the estimated useful lives of the assets, generally five to seven years. Depreciation expense for the nine months ended December 31, 2019 was $91,646. We use the straight-line method of depreciation for property and equipment. Leasehold improvements are depreciated over the shorter of the remaining lease term or the estimated useful life of the asset. Maintenance and repairs are expensed as incurred and major additions, replacements and improvements are capitalized.

Long-Lived Assets. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. A long-lived asset is considered impaired when estimated future cash flows related to the asset, undiscounted and without interest, are insufficient to recover the carrying amount of the asset. If deemed impaired, the long-lived asset is reduced to its estimated fair value. Long-lived assets to be disposed of are reported at the lower of their carrying amount or estimated fair value less cost to sell.

Patents. The costs of applying for patents are capitalized and amortized on a straight-line basis over the lesser of the patent’s economic or legal life (20 years from the date of application in the United States). Capitalized costs are expensed if patents are not issued. We review the carrying value of our patents periodically to determine whether the patents have continuing value and such reviews could result in the conclusion that the recorded amounts have been impaired.

Income Taxes. We account for income taxes under the provisions of FASB Accounting Standards Codification (“ASC”) Topic 740, “Accounting for Income Taxes” (“ASC 740”). ASC 740 requires recognition of deferred income tax assets and liabilities for the expected future income tax consequences, based on enacted tax laws, of temporary differences between the financial reporting and tax bases of assets and liabilities. ASC 740 also requires recognition of deferred tax assets for the expected future tax effects of all deductible temporary differences, loss carryforwards and tax credit carryforwards. Deferred tax assets are then reduced, if deemed necessary, by a valuation allowance for the amount of any tax benefits, which, more likely than not based on current circumstances, are not expected to be realized. As a result, no provision for income tax is reflected in the accompanying statements of operations. Should we achieve sufficient, sustained income in the future, we may conclude that some or all of the valuation allowance should be reversed. We are required to make many subjective assumptions and judgments regarding our income tax exposures. At December 31, 2019, we had no unrecognized tax benefits, which would affect the effective tax rate if recognized and had no accrued interest, or penalties related to uncertain tax positions.

Revenue Recognition. We record revenue at a single point in time, when control is transferred to the customer, which is consistent with past practice. We will continue to apply our current business processes, policies, systems and controls to support recognition and disclosure. Our shipping policy is FOB Shipping Point. We recognize revenue from sales to stocking distributors when there is no right of return, other than for normal warranty claims. We have no ongoing obligations related to product sales, except for normal warranty obligations. We evaluated the requirement to disaggregate revenue, and concluded that substantially all of our revenue comes from multiple products within a line of medical devices.

Research and Development Expenses. We expense research and development costs for products and processes as incurred.

Stock-Based Compensation. Stock-based compensation is presented in accordance with the guidance of ASC Topic 718, “Compensation – Stock Compensation” (“ASC 718”). Under the provisions of ASC 718, companies are required to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in our statements of operations.

Stock-based compensation expense recognized under ASC 718 for the three and nine months ended December 31, 2019 was $6,650 and $22,015, respectively, and for the three and nine months ended December 31, 2018 was $10,890 and $36,634, respectively, which consisted of stock-based compensation expense related to grants of employee stock options and restricted stock units (“RSUs”).

Segment Reporting. We have concluded that we have one operating segment.

Recent Accounting Pronouncements. We have reviewed all recently issued accounting pronouncements.

ASU No. 2014-09 (ASC 606), Revenue from Contracts with Customers became effective for us beginning April 1, 2018, and adopted the new accounting standard using the modified retrospective transition approach. We record revenue under ASC 606 at a single point in time, when control is transferred to the customer, which is consistent with past practice. We will continue to apply our current business processes, policies, systems and controls to support recognition and disclosure under the new standard. Based on the results of the evaluation, we have determined that the adoption of the new standard presents no material impact on our financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02"), which modified lease accounting for both lessees and lessors to increase transparency and comparability by recognizing lease assets and lease liabilities by lessees for those leases classified as operating leases under previous accounting standards and disclosing key information about leasing arrangements. Within the opening balances for the fiscal year beginning April 1, 2019, we recognized leased assets and leased liabilities in other long-term assets of $1,555,150 and long-term liabilities of $1,619,842 (see Notes 4 and 7).

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ORGANIZATION AND NATURE OF BUSINESS
9 Months Ended

Dec. 31, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND NATURE OF BUSINESS
Note 1. ORGANIZATION AND NATURE OF BUSINESS

Encision Inc. is a medical device company that designs, develops, manufactures and markets patented surgical instruments that provide greater safety to, and saves lives of, patients undergoing minimally-invasive surgery. We believe that our patented AEM^® (Active Electrode Monitoring) surgical instrument technology is changing the marketplace for electrosurgical devices and instruments by providing a solution to a patient safety risk in laparoscopic surgery. Our sales to date have been made principally in the United States.

We have an accumulated deficit of $21,932,052 at December 31, 2019. A significant portion of our operating funds have been provided by issuances of our common stock and warrants, a line of credit, and the exercise of stock options to purchase our common stock. Shareholders’ equity decreased by $59,890 as a result of our loss of $81,905, and increased as a result of share-based compensation of $22,015. Should our liquidity be diminished in the future because of operating losses, we may be required to seek additional capital.

Our strategic marketing and sales plan is designed to expand the use of our products in surgically active hospitals and surgery centers in the United States.

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Condensed Balance Sheets (Unaudited) - USD ($)

Dec. 31, 2019

Mar. 31, 2019

Current assets:

Cash and cash equivalents $ 195,357 $ 273,348

Restricted cash 0 25,000

Accounts receivable, net of allowance for doubtful accounts of $35,500 at December 31, 2019 and $26,000 at March 31, 2019 1,058,692 1,009,106

Inventories, net of reserve for obsolescence of $41,000 at December 31, 2019 and $50,000 at March 31, 2019 1,360,962 1,472,543

Prepaid expenses 118,531 130,016

Total current assets 2,733,542 2,910,013

Equipment, at cost:

Furniture, fixtures and equipment 3,114,125 3,061,329

Accumulated depreciation (2,903,407) (2,811,761)

Equipment, net 210,718 249,568

Right of use asset (Note 7) 1,382,760 0

Patents, net of accumulated amortization of $285,225 at December 31, 2019 and $266,028 at March 31, 2019 233,737 248,579

Other assets 19,548 19,548

TOTAL ASSETS 4,580,305 3,427,708

Current liabilities:

Accounts payable 509,602 578,956

Accrued compensation 190,070 295,875

Other accrued liabilities 101,150 126,434

Accrued lease liability (Note 7) 271,226 0

Total current liabilities 1,072,048 1,001,265

Long-term liability:

Accrued lease liability (Note 7) 1,216,525 0

Deferred rent 0 74,821

Total liabilities 2,288,573 1,076,086

Shareholders' equity:

Preferred stock, no par value: 10,000,000 shares authorized; none issued and outstanding 0 0

Common stock and additional paid-in capital, no par value: 100,000,000 shares authorized; 11,582,641 shares issued and outstanding at December 31, 2019 and March 31, 2019 24,223,784 24,201,769

Accumulated (deficit) (21,932,052) (21,850,147)

Total shareholders' equity 2,291,732 2,351,622

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 4,580,305 $ 3,427,708

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SHARE-BASED COMPENSATION (Tables)
9 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule of stock-based compensation expense related to employee stock options
The following table summarizes stock-based compensation expense related to employee stock options, RSUs and employee stock purchases for the three and nine months ended December 31, 2019 and 2018, which was allocated as follows:

Three Months Ended Nine Months Ended

December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018

Cost of sales $ 703 $ 658 $ 2,108 $ 1,973

Sales and marketing 796 1,296 2,389 3,890

General and administrative 5,064 8,275 16,128 28,789

Research and development 87 661 1,390 1,982

Stock-based compensation expense $ 6,650 $ 10,890 $ 22,015 $ 36,634

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Basis of Presentation
Basis of Presentation. The condensed interim financial statements included herein have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles accepted in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures made are adequate to make the information presented not misleading. The condensed interim financial statements and notes thereto should be read in conjunction with the financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended March 31, 2019, filed on June 14, 2019.

The accompanying condensed interim financial statements have been prepared, in all material respects, in conformity with the standards of accounting measurements and reflect, in the opinion of management, all adjustments necessary to summarize fairly the financial position and results of operations for such periods in accordance with GAAP. All adjustments are of a normal recurring nature. The results of operations for the most recent interim period are not necessarily indicative of the results to be expected for the full year.

We had net income of $70,103 for the fiscal quarter, and net loss of $81,905 for the nine months ended December 31, 2019. At December 31, 2019, we had cash of $195,357, no borrowings and $716,349 available under our line of credit. Working capital was $1,661,494, a decrease of $247,254 from March 31, 2019. We used $102,991 of cash in the fiscal nine months ended December 31, 2019, primarily as a result of our loss and reduction of accrued compensation and other accrued liabilities. The principal reason for our loss for the nine months ended December 31, 2019 was higher material costs as a result of the U.S. governmental tariffs. These facts and circumstances were initial indicators that created uncertainty about our ability to continue as a going concern. To address this uncertainty, management developed plans to ensure that we have the working capital necessary to fund operations. In July 2019, we reduced personnel and departmental costs. We expect that the cost reductions will return us to profitability and is evidenced by our net income of $70,103 for the quarter ended December 31, 2019. We have a new line of credit (see Note 4), for up to $1 million, restricted by eligible receivables. Management concludes that it is probable that our cash resources and line of credit will be sufficient to meet our cash requirements for twelve months from the issuance of the condensed financial statements. We are increasing our pricing on products to mitigate somewhat our higher material costs. Therefore, the accompanying condensed financial statements have been prepared assuming that we will continue as a going concern.

Use of Estimates in the Preparation of Financial Statements
Use of Estimates in the Preparation of Financial Statements. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities as well as disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of sales and expense during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents
Cash and Cash Equivalents. For purposes of reporting cash flows, we consider all cash and highly liquid investments with an original maturity of three months or less to be cash equivalents. Restricted cash is cash that was deposited to obtain a letter of credit for our importing and exporting activities.

Fair Value of Financial Instruments

Fair Value of Financial Instruments. Our financial instruments consist of cash, cash equivalents, restricted cash, short-term trade receivables, payables and a line of credit. The carrying values of cash, cash equivalents, restricted cash short-term trade receivables, payables and line of credit approximate their fair value due to their short maturities.

Concentration of Credit Risk

Concentration of Credit Risk. Financial instruments, which potentially subject us to concentrations of credit risk, consist of cash and cash equivalents, accounts receivable and a line of credit. From time to time, the amount of cash on deposit with financial institutions may exceed the $250,000 federally insured limit at December 31, 2019. We believe that cash on deposit that exceeds $250,000 with financial institutions is financially sound and the risk of loss is minimal.

We have no significant off-balance sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements. We maintain the majority of our cash balances with one financial institution in the form of demand deposits.

Accounts receivable are typically unsecured and are derived from transactions with and from entities in the healthcare industry primarily located in the United States. Accordingly, we may be exposed to credit risk generally associated with the healthcare industry. We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. The net accounts receivable balance at December 31, 2019 of $1,058,692 and at March 31, 2019 of $1,009,106 included no more than 8% from any one customer.

Inventories
Inventories. Inventories are stated at the lower of cost (first-in, first-out basis) or net realizable value. We reduce inventory for estimated obsolete or unmarketable inventory equal to the difference between the cost of inventory and the net realizable value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory write-downs may be required. At December 31, 2019 and March 31, 2019, inventory consisted of the following:

December 31, 2019
March 31, 2019

Raw materials $ 1,108,386 $ 1,063,780

Finished goods 293,576 458,763

Total gross inventories 1,401,962 1,522,543

Less reserve for obsolescence (41,000 ) (50,000 )

Total net inventories $ 1,360,962 $ 1,472,543

Property and Equipment

Property and Equipment. Property and equipment are stated at cost, with depreciation computed over the estimated useful lives of the assets, generally five to seven years. Depreciation expense for the nine months ended December 31, 2019 was $91,646. We use the straight-line method of depreciation for property and equipment. Leasehold improvements are depreciated over the shorter of the remaining lease term or the estimated useful life of the asset. Maintenance and repairs are expensed as incurred and major additions, replacements and improvements are capitalized.

Long-Lived Assets

Long-Lived Assets. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. A long-lived asset is considered impaired when estimated future cash flows related to the asset, undiscounted and without interest, are insufficient to recover the carrying amount of the asset. If deemed impaired, the long-lived asset is reduced to its estimated fair value. Long-lived assets to be disposed of are reported at the lower of their carrying amount or estimated fair value less cost to sell.

Patents

Patents. The costs of applying for patents are capitalized and amortized on a straight-line basis over the lesser of the patent’s economic or legal life (20 years from the date of application in the United States). Capitalized costs are expensed if patents are not issued. We review the carrying value of our patents periodically to determine whether the patents have continuing value and such reviews could result in the conclusion that the recorded amounts have been impaired.

Income Taxes

Income Taxes. We account for income taxes under the provisions of FASB Accounting Standards Codification (“ASC”) Topic 740, “Accounting for Income Taxes” (“ASC 740”). ASC 740 requires recognition of deferred income tax assets and liabilities for the expected future income tax consequences, based on enacted tax laws, of temporary differences between the financial reporting and tax bases of assets and liabilities. ASC 740 also requires recognition of deferred tax assets for the expected future tax effects of all deductible temporary differences, loss carryforwards and tax credit carryforwards. Deferred tax assets are then reduced, if deemed necessary, by a valuation allowance for the amount of any tax benefits, which, more likely than not based on current circumstances, are not expected to be realized. As a result, no provision for income tax is reflected in the accompanying statements of operations. Should we achieve sufficient, sustained income in the future, we may conclude that some or all of the valuation allowance should be reversed. We are required to make many subjective assumptions and judgments regarding our income tax exposures. At December 31, 2019, we had no unrecognized tax benefits, which would affect the effective tax rate if recognized and had no accrued interest, or penalties related to uncertain tax positions.

Revenue Recognition
Revenue Recognition. We record revenue at a single point in time, when control is transferred to the customer, which is consistent with past practice. We will continue to apply our current business processes, policies, systems and controls to support recognition and disclosure. Our shipping policy is FOB Shipping Point. We recognize revenue from sales to stocking distributors when there is no right of return, other than for normal warranty claims. We have no ongoing obligations related to product sales, except for normal warranty obligations. We evaluated the requirement to disaggregate revenue, and concluded that substantially all of our revenue comes from multiple products within a line of medical devices.

Research and Development Expenses

Research and Development Expenses. We expense research and development costs for products and processes as incurred.

Stock-Based Compensation

Stock-Based Compensation. Stock-based compensation is presented in accordance with the guidance of ASC Topic 718, “Compensation – Stock Compensation” (“ASC 718”). Under the provisions of ASC 718, companies are required to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in our statements of operations.

Stock-based compensation expense recognized under ASC 718 for the three and nine months ended December 31, 2019 was $6,650 and $22,015, respectively, and for the three and nine months ended December 31, 2018 was $10,890 and $36,634, respectively, which consisted of stock-based compensation expense related to grants of employee stock options and restricted stock units (“RSUs”).

Segment Reporting

Segment Reporting. We have concluded that we have one operating segment.

Recent Accounting Pronouncements

Recent Accounting Pronouncements. We have reviewed all recently issued accounting pronouncements.

ASU No. 2014-09 (ASC 606), Revenue from Contracts with Customers became effective for us beginning April 1, 2018, and adopted the new accounting standard using the modified retrospective transition approach. We record revenue under ASC 606 at a single point in time, when control is transferred to the customer, which is consistent with past practice. We will continue to apply our current business processes, policies, systems and controls to support recognition and disclosure under the new standard. Based on the results of the evaluation, we have determined that the adoption of the new standard presents no material impact on our financial statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU 2016-02"), which modified lease accounting for both lessees and lessors to increase transparency and comparability by recognizing lease assets and lease liabilities by lessees for those leases classified as operating leases under previous accounting standards and disclosing key information about leasing arrangements. Within the opening balances for the fiscal year beginning April 1, 2019, we recognized leased assets and leased liabilities in other long-term assets of $1,555,150 and long-term liabilities of $1,619,842 (see Notes 4 and 7).

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SHARE-BASED COMPENSATION
9 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION
Note 5. SHARE-BASED COMPENSATION

The provisions of ASC 718-10-55 requires the measurement and recognition of compensation expense for all share-based payment awards made to our employees and directors, including employee stock options and RSUs, based on estimated fair values. The following table summarizes stock-based compensation expense related to employee stock options, RSUs and employee stock purchases for the three and nine months ended December 31, 2019 and 2018, which was allocated as follows:

Three Months Ended Nine Months Ended

December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018

Cost of sales $ 703 $ 658 $ 2,108 $ 1,973

Sales and marketing 796 1,296 2,389 3,890

General and administrative 5,064 8,275 16,128 28,789

Research and development 87 661 1,390 1,982

Stock-based compensation expense $ 6,650 $ 10,890 $ 22,015 $ 36,634

Share-based compensation cost for stock options is measured at the grant date, based on the fair value as calculated by the Black-Scholes-Merton ("BSM") option-pricing model. The BSM option-pricing model requires the use of actual employee exercise behavior data and the application of a number of assumptions, including expected volatility, risk-free interest rate and expected dividends. There were 25,000 stock options granted and 5,000 stock options and 24,286 RSUs were forfeited during the three months ended December 31, 2019, and 110,000 stock options granted and 88,000 stock options and 24,286 RSUs forfeited during the nine months ended December 31, 2019. Share-based compensation cost for RSUs is measured based on the closing fair market value of our common stock on the date of grant.

As of December 31, 2019, approximately $133,000 of total unrecognized compensation costs related to nonvested stock options is expected to be recognized over a period of five years.

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Condensed Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Dec. 31, 2019	Mar. 31, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 35,500	$ 26,000
Inventories, reserve for obsolescence (in dollars)	41,000	50,000
Accumulated amortization	$ 285,225	$ 266,028
Preferred stock, par value	$ 0	$ 0
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock and additional paid-in capital, par value	$ 0	$ 0
Common stock and additional paid-in capital, shares authorized	100,000,000	100,000,000
Common stock and additional paid-in capital, shares issued	11,582,641	11,582,641
Common stock and additional paid-in capital, shares outstanding	11,582,641	11,582,641

SHARE-BASED COMPENSATION (Details Narrative)	3 Months Ended	9 Months Ended
SHARE-BASED COMPENSATION (Details Narrative)	Dec. 31, 2019 USD ($) shares	Dec. 31, 2019 USD ($) shares
Share-based Compensation Details Narrative
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants	25,000	110,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited	5,000	88,000
RSUs forfeited	24,286	24,286
Unrecognized compensation costs related to nonvested stock options \| $	$ 133,000	$ 133,000

Condensed Balance Sheets (Unaudited) - USD ($)	Dec. 31, 2019	Mar. 31, 2019
Current assets:
Cash and cash equivalents	$ 195,357	$ 273,348
Restricted cash	0	25,000
Accounts receivable, net of allowance for doubtful accounts of $35,500 at December 31, 2019 and $26,000 at March 31, 2019	1,058,692	1,009,106
Inventories, net of reserve for obsolescence of $41,000 at December 31, 2019 and $50,000 at March 31, 2019	1,360,962	1,472,543
Prepaid expenses	118,531	130,016
Total current assets	2,733,542	2,910,013
Equipment, at cost:
Furniture, fixtures and equipment	3,114,125	3,061,329
Accumulated depreciation	(2,903,407)	(2,811,761)
Equipment, net	210,718	249,568
Right of use asset (Note 7)	1,382,760	0
Patents, net of accumulated amortization of $285,225 at December 31, 2019 and $266,028 at March 31, 2019	233,737	248,579
Other assets	19,548	19,548
TOTAL ASSETS	4,580,305	3,427,708
Current liabilities:
Accounts payable	509,602	578,956
Accrued compensation	190,070	295,875
Other accrued liabilities	101,150	126,434
Accrued lease liability (Note 7)	271,226	0
Total current liabilities	1,072,048	1,001,265
Long-term liability:
Accrued lease liability (Note 7)	1,216,525	0
Deferred rent	0	74,821
Total liabilities	2,288,573	1,076,086
Shareholders' equity:
Preferred stock, no par value: 10,000,000 shares authorized; none issued and outstanding	0	0
Common stock and additional paid-in capital, no par value: 100,000,000 shares authorized; 11,582,641 shares issued and outstanding at December 31, 2019 and March 31, 2019	24,223,784	24,201,769
Accumulated (deficit)	(21,932,052)	(21,850,147)
Total shareholders' equity	2,291,732	2,351,622
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 4,580,305	$ 3,427,708

SHARE-BASED COMPENSATION (Details) - USD ($)	3 Months Ended		9 Months Ended
SHARE-BASED COMPENSATION (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 6,650	$ 10,890	$ 22,015	$ 36,634
Cost Of Sales [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	703	658	2,108	1,973
Selling And Marketing Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	796	1,296	2,389	3,890
General And Administrative Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	5,064	8,275	16,128	28,789
Research And Development Expense [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 87	$ 661	$ 1,390	$ 1,982