XML 62 R37.htm IDEA: XBRL DOCUMENT v3.25.1
RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS (Tables)
 12 Months Ended
Mar. 31, 2024
Prior Period Adjustment [Abstract]  
SCHEDULE OF RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS

The following table summarizes the impact to the consolidated statement of operations of the change in stock-based compensation expense by fiscal year:

Year ended March 31, 2021 (unaudited)

 

$

 

4,192,414

 

 

Year ended March 31, 2022

 

 

 

1,422,138

 

 

Year ended March 31, 2023

 

 

 

4,141,364

 

 

Year Ended March 31, 2024

 

 

 

996,181

 

 

The following table summarizes the impact to the consolidated statement of operations for the change in accounting for equity issuance costs:

Year ended March 31, 2021 (unaudited)

 

$

 

981,620

 

 

Year ended March 31, 2022

 

 

 

6,438,872

 

 

Summary of the Cumulative Effect of Restatement Adjustments to Previously Reported Beginning Retained Earnings

 

 

April 1,2021

 

Retained earnings, as previously reported

 

$

 

(41,819,539

)

Restatement adjustments:

 

 

 

 

Share-based compensation

 

 

 

(6,614,904

)

Warrants

 

 

 

(606,237

)

Convertible notes

 

 

 

(6,024,240

)

Other(1)

 

 

 

(6,478,136

)

Income taxes

 

 

 

—

 

Cumulative impact of restatement adjustments

 

 

 

(19,723,517

)

Retained earnings at March 31, 2021, as restated

 

$

 

(61,543,056

)

(1) Includes adjustments for licenses, patents, business acquisitions and equity issuance costs

The following tables set forth the restatement of the Company’s consolidated balance sheets as of March 31, 2024, 2023, and 2022, and its consolidated statements of operations for the fiscal years ended March 31, 2024, 2023, and 2022:

Consolidated Balance Sheets

 

 

As of March 31, 2024

 

 

 

 

 

 

 

Adjustments

 

 

 

 

 

 

 

As Previously
Reported

 

 

Stock Based
Payments

 

 

Equity Issuance
Costs

 

 

Convertible Notes

 

 

Warrants

 

 

Acquisition

 

 

Other

 

 

As Restated

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 

55,586,441

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

 

55,586,441

 

 

Accounts receivable, net

 

 

 

28,221,321

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

28,221,321

 

 

Inventories

 

 

 

45,563,334

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

45,563,334

 

 

Prepaid expenses

 

 

 

2,154,170

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

2,154,170

 

 

Current portion of restricted cash

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

Total current assets

 

 

 

131,525,266

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

131,525,266

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equipment, net

 

 

 

58,082,040

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

58,082,040

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

349,278

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

349,278

 

 

Patents, net

 

 

 

4,539,290

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

 

216,716

 

 

 

 

4,756,006

 

 

Other intangible assets, net

 

 

 

111,049,067

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

111,049,067

 

 

Goodwill

 

 

 

90,870,094

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

90,870,094

 

 

Right of use assets - operating leases

 

 

 

2,000,093

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

2,000,093

 

 

Deferred income tax asset

 

 

 

1,487,088

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

 

2,920,403

 

 

 

 

4,407,491

 

 

TOTAL ASSETS

 

$

 

399,902,216

 

 

$

0

 

 

$

0

 

 

$

0

 

 

$

0

 

 

$

0

 

 

$

3137119

 

 

$

 

403,039,335

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

 

23,156,495

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

 

23,156,495

 

 

Accrued liabilities

 

 

 

7,030,667

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

34,777

 

 

 

 

7,065,444

 

 

Current portion of operating lease liability

 

 

 

479,651

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

479,651

 

 

Note payable related party

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

Current portion of construction note payable

 

 

 

273,459

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

273,459

 

 

Insurance premium note payable

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

Total current liabilities

 

 

 

30,940,272

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

34,777.00

 

 

 

 

30,975,049

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration payable

 

 

 

59,838

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

59,838

 

 

Income tax payable

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

1,609,520

 

 

 

 

1,609,520

 

 

Construction note payable, net of unamortized issuance costs

 

 

 

10,735,241

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

10,735,241

 

 

Operating lease liability, net of current portion

 

 

 

1,609,836

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

1,609,836

 

 

Deferred income tax liability

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

Total liabilities

 

 

 

43,345,187

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

1,644,297

 

 

 

 

44,989,484

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series A cumulative perpetual preferred Stock

 

 

 

1,400

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

1,400

 

 

Common stock

 

 

 

119,181

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

119,181

 

 

Additional paid-in capital

 

 

 

396,730,170

 

 

 

 

13,174,586

 

 

 

 

7,420,492

 

 

 

 

6,024,240

 

 

 

 

1,298,336

 

 

 

 

5,225,000

 

 

 

 

653,000

 

 

 

 

430,525,824

 

 

Accumulated deficit

 

 

 

(37,620,566

)

 

 

 

(13,174,586

)

 

 

 

(7,420,492

)

 

 

 

(6,024,240

)

 

 

 

(1,298,336

)

 

 

 

(5,225,000

)

 

 

 

839,822

 

 

 

 

(69,923,398

)

 

Treasury stock

 

 

 

(2,673,156

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

(2,673,156

)

 

Total shareholders’ equity

 

 

 

356,557,029

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

1,492,822

 

 

 

 

358,049,851

 

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$

 

399,902,216

 

 

$

 

-

 

 

$

 

-

 

 

$

 

-

 

 

$

 

-

 

 

$

 

-

 

 

$

 

3,137,119

 

 

$

 

403,039,335

 

 

 

 

 

 

As of March 31, 2023

 

 

 

 

 

 

 

Adjustments

 

 

 

 

 

 

 

As Previously
Reported

 

 

Stock Based Payments

 

 

Equity
Issuance
Costs

 

 

Convertible Notes

 

 

Warrants

 

 

Acquisitions

 

 

Other

 

 

As Restated

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 

39,134,027

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

 

39,134,027

 

 

Accounts receivable, net

 

 

 

29,346,380

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

29,346,380

 

 

Inventories

 

 

 

54,344,819

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

54,344,819

 

 

Prepaid expenses

 

 

 

5,126,667

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

5,126,667

 

 

Current portion of restricted cash

 

 

 

500,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

500,000

 

 

Total current assets

 

 

 

128,451,893

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

128,451,893

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equipment, net

 

 

 

55,963,255

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

55,963,255

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

7,028,947

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

7,028,947

 

 

Patents, net

 

 

 

5,032,754

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

264,000

 

 

 

 

5,296,754

 

 

Other intangible assets, net

 

 

 

123,726,810

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

123,726,810

 

 

Goodwill

 

 

 

90,870,094

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

90,870,094

 

 

Right of use assets - operating leases

 

 

 

1,261,634

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

1,261,634

 

 

Deferred income tax asset

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

 

 

595,756

 

 

 

 

595,756

 

 

TOTAL ASSETS

 

$

 

412,335,387

 

 

$

 

-

 

 

$

 

-

 

 

$

 

-

 

 

$

 

-

 

 

$

 

-

 

 

$

 

859,756

 

 

$

 

413,195,143

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

 

18,079,397

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

 

18,079,397

 

 

Accrued liabilities

 

 

 

4,353,354

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

34,778

 

 

 

 

4,388,132

 

 

Current portion of operating lease liability

 

 

 

470,734

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

470,734

 

 

Note payable related party

 

 

 

180,850

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

180,850

 

 

Current portion of construction note payable

 

 

 

260,429

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

260,429

 

 

Insurance premium note payable

 

 

 

2,118,635

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

2,118,635

 

 

Total current liabilities

 

 

 

25,463,399

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

34,778

 

 

 

 

25,498,177

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration payable

 

 

 

140,378

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

140,378

 

 

Income tax payable

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

1,609,520

 

 

 

 

1,609,520

 

 

Construction note payable, net of unamortized issuance costs

 

 

 

10,922,443

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

10,922,443

 

 

Operating lease liability, net of current portion

 

 

 

903,490

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

903,490

 

 

Deferred income tax liability

 

 

 

2,309,592

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

(2,309,592

)

 

 

 

-

 

 

Total liabilities

 

 

 

39,739,302

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

(665,294

)

 

 

 

39,074,008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series A cumulative perpetual preferred Stock

 

 

 

1,400

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

1,400

 

 

Common stock

 

 

 

118,294

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

118,294

 

 

Additional paid-in capital

 

 

 

391,940,374

 

 

 

 

12,178,405

 

 

 

 

7,420,492

 

 

 

 

6,024,240

 

 

 

 

1,298,336

 

 

 

 

5,225,000

 

 

 

 

653,000

 

 

 

 

424,739,847

 

 

Accumulated deficit

 

 

 

(18,941,825

)

 

 

 

(12,178,405

)

 

 

 

(7,420,492

)

 

 

 

(6,024,240

)

 

 

 

(1,298,336

)

 

 

 

(5,225,000

)

 

 

 

872,050

 

 

 

 

(50,216,248

)

 

Treasury stock

 

 

 

(522,158

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

(522,158

)

 

Total shareholders’ equity

 

 

 

372,596,085

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

1,525,050

 

 

 

 

374,121,135

 

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$

 

412,335,387

 

 

$

 

-

 

 

$

 

-

 

 

$

 

-

 

 

$

 

-

 

 

$

 

-

 

 

$

 

859,756

 

 

$

 

413,195,143

 

 

 

 

 

 

As of March 31, 2022

 

 

 

 

 

 

 

Adjustments

 

 

 

 

 

 

 

As Previously
Reported

 

 

Stock Based
Payments

 

 

Equity Issuance
Costs

 

 

Convertible Notes

 

 

Warrants

 

 

Acquisition

 

 

Other

 

 

As Restated

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 

23,281,475

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

 

23,281,475

 

 

Accounts receivable, net

 

 

 

43,955,084

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

43,955,084

 

 

Due from related parties

 

 

 

15,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,000

 

 

Inventories

 

 

 

59,016,152

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

59,016,152

 

 

Prepaid expenses

 

 

 

3,423,925

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

3,423,925

 

 

Current portion of restricted cash

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

Total current assets

 

 

 

129,691,636

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

129,691,636

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equipment, net

 

 

 

37,637,806

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

37,637,806

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

 

Other assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

 

Deposits

 

 

 

11,360,322

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

11,360,322

 

 

Patents, net

 

 

 

5,526,218

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

311,284

 

 

 

 

5,837,502

 

 

Other intangible assets, net

 

 

 

136,300,387

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

136,300,387

 

 

Goodwill

 

 

 

90,870,094

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

90,870,094

 

 

Right of use assets - operating leases

 

 

 

2,791,850

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

2,791,850

 

 

Deferred income tax asset

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

1,350,868

 

 

 

 

1,350,868

 

 

TOTAL ASSETS

 

$

 

414,178,313

 

 

$

 

-

 

 

$

 

-

 

 

$

 

-

 

 

$

 

-

 

 

$

 

-

 

 

$

 

1,662,152

 

 

$

 

415,840,465

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

 

26,817,083

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

 

26,817,083

 

 

Factoring liability

 

 

 

485,671

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

485,671

 

 

Accrued liabilities

 

 

 

6,178,814

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

34,778

 

 

 

 

6,213,592

 

 

Inventory credit facility

 

 

 

825,675

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

825,675

 

 

Current portion of operating lease liability

 

 

 

831,429

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

831,429

 

 

Current portion of note payable related party

 

 

 

684,639

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

684,639

 

 

Total current liabilities

 

 

 

35,823,311

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

34,778

 

 

 

 

35,858,089

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-term liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration payable

 

 

 

204,142

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

204,142

 

 

Income tax payable

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

1,609,520

 

 

 

 

1,609,520

 

 

Notes payable related party, net of current portion

 

 

 

181,132

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

181,132

 

 

Construction note payable, net of unamortized issuance costs

 

 

 

38,330

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

38,330

 

 

Operating lease liability, net of current portion

 

 

 

2,091,351

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

2,091,351

 

 

Deferred income tax liability

 

 

 

1,536,481

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

(1,536,481

)

 

 

 

-

 

 

Total liabilities

 

 

 

39,874,747

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

107,817

 

 

 

 

39,982,564

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series A cumulative perpetual preferred Stock

 

 

 

1,400

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

1,400

 

 

Common stock

 

 

 

116,487

 

 

 

0

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

116,487

 

 

Additional paid-in capital

 

 

 

385,426,431

 

 

 

 

8,037,042

 

 

 

 

7,420,492

 

 

 

 

6,024,240

 

 

 

 

1,298,336

 

 

 

 

5,225,000

 

 

 

 

653,000

 

 

 

 

414,084,541

 

 

Accumulated deficit

 

 

 

(11,240,752

)

 

 

 

(8,037,042

)

 

 

 

(7,420,492

)

 

 

 

(6,024,240

)

 

 

 

(1,298,336

)

 

 

 

(5,225,000

)

 

 

 

901,335

 

 

 

 

(38,344,527

)

 

Treasury stock

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

-

 

 

Total shareholders’ equity

 

 

 

374,303,566

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

1,554,335

 

 

 

 

375,857,901

 

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$

 

414,178,313

 

 

$

 

-

 

 

 $

 

-

 

 

 $

 

-

 

 

 $

 

-

 

 

 $

 

-

 

 

$

 

1,662,152

 

 

$

 

415,840,465

 

 

 

Consolidated Statements of Operations

 

 

Fiscal Year Ended March 31, 2024

 

 

 

 

 

 

 

Adjustments

 

 

 

 

 

 

 

As Previously
Reported

 

 

Stock Based
Payments

 

 

Other

 

 

As Restated

 

 

Net revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ammunition sales

 

$

 

69,390,801

 

 

 $

 

-

 

 

$

 

-

 

 

$

 

69,390,801

 

 

Marketplace revenue

 

 

 

53,942,076

 

 

 

 

-

 

 

 

 

-

 

 

 

 

53,942,076

 

 

Casing sales

 

 

 

21,721,695

 

 

 

 

-

 

 

 

 

-

 

 

 

 

21,721,695

 

 

Total revenues

 

 

 

145,054,572

 

 

 

 

-

 

 

 

 

-

 

 

 

 

145,054,572

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

 

 

102,431,803

 

 

 

 

-

 

 

 

 

47,284

 

 

 

 

102,479,087

 

 

Gross profit

 

 

 

42,622,769

 

 

 

 

-

 

 

 

 

(47,284

)

 

 

 

42,575,485

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing

 

 

 

1,370,079

 

 

 

 

-

 

 

 

 

-

 

 

 

 

1,370,079

 

 

Corporate general and administrative

 

 

 

29,583,274

 

 

 

 

-

 

 

 

 

-

 

 

 

 

29,583,274

 

 

Employee salaries and related expenses

 

 

 

16,703,822

 

 

 

 

996,180

 

 

 

 

-

 

 

 

 

17,700,002

 

 

Depreciation and amortization expense

 

 

 

13,542,791

 

 

 

 

-

 

 

 

 

-

 

 

 

 

13,542,791

 

 

Total operating expenses

 

 

 

61,199,966

 

 

 

 

996,180

 

 

 

 

-

 

 

 

 

62,196,146

 

 

Loss from operations

 

 

 

(18,577,197

)

 

 

 

(996,180

)

 

 

 

(47,284

)

 

 

 

(19,620,661

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

 

 

(332,593

)

 

 

 

-

 

 

 

 

-

 

 

 

 

(332,593

)

 

Interest expense

 

 

 

(446,473

)

 

 

 

-

 

 

 

 

-

 

 

 

 

(446,473

)

 

Total other expense

 

 

 

(779,066

)

 

 

 

-

 

 

 

 

-

 

 

 

 

(779,066

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

 

 

(19,356,263

)

 

 

 

(996,180

)

 

 

 

(47,284

)

 

 

 

(20,399,727

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

 

(3,791,063

)

 

 

 

-

 

 

 

 

(15,055

)

 

 

 

(3,806,118

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

(15,565,200

)

 

 

 

(996,180

)

 

 

 

(32,229

)

 

 

 

(16,593,609

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividend

 

 

 

(3,122,049

)

 

 

 

-

 

 

 

 

-

 

 

 

 

(3,122,049

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to common stock shareholders

 

$

 

(18,687,249

)

 

$

 

(996,180

)

 

$

 

(32,229

)

 

$

 

(19,715,658

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 

(0.16

)

 

 

 

 

 

 

 

 

 

 $

 

(0.17

)

 

Diluted

 

$

 

(0.16

)

 

 

 

 

 

 

 

 

 

 $

 

(0.17

)

 

 

 

 

 

Fiscal Year Ended March 31, 2023

 

 

 

 

 

 

 

Adjustments

 

 

 

 

 

 

 

As Previously
Reported

 

 

Stock Based
Payments

 

 

Other

 

 

As Restated

 

 

Net revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ammunition sales

 

$

 

114,116,044

 

 

$

 

-

 

 

$

 

-

 

 

$

 

114,116,044

 

 

Marketplace revenue

 

 

 

63,149,673

 

 

 

 

-

 

 

 

 

-

 

 

 

 

63,149,673

 

 

Casing sales

 

 

 

14,174,084

 

 

 

 

-

 

 

 

 

-

 

 

 

 

14,174,084

 

 

Total revenues

 

 

 

191,439,801

 

 

 

 

-

 

 

 

 

-

 

 

 

 

191,439,801

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

 

 

136,031,204

 

 

 

 

-

 

 

 

 

47,284

 

 

 

 

136,078,488

 

 

Gross profit

 

 

 

55,408,597

 

 

 

 

-

 

 

 

 

(47,284

)

 

 

 

55,361,313

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing

 

 

 

4,729,540

 

 

 

 

-

 

 

 

 

-

 

 

 

 

4,729,540

 

 

Corporate general and administrative

 

 

 

24,980,079

 

 

 

 

-

 

 

 

 

-

 

 

 

 

24,980,079

 

 

Employee salaries and related expenses

 

 

 

15,679,135

 

 

 

 

4,141,363

 

 

 

 

-

 

 

 

 

19,820,498

 

 

Depreciation and amortization expense

 

 

 

13,278,762

 

 

 

 

-

 

 

 

 

-

 

 

 

 

13,278,762

 

 

Total operating expenses

 

 

 

58,667,516

 

 

 

 

4,141,363

 

 

 

 

-

 

 

 

 

62,808,879

 

 

Loss from operations

 

 

 

(3,258,919

)

 

 

 

(4,141,363

)

 

 

 

(47,284

)

 

 

 

(7,447,566

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

 

 

25,181

 

 

 

 

-

 

 

 

 

-

 

 

 

 

25,181

 

 

Interest expense

 

 

 

(632,062

)

 

 

 

-

 

 

 

 

-

 

 

 

 

(632,062

)

 

Total other expense

 

 

 

(606,881

)

 

 

 

-

 

 

 

 

-

 

 

 

 

(606,881

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

 

 

(3,865,800

)

 

 

 

(4,141,363

)

 

 

 

(47,284

)

 

 

 

(8,054,447

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

 

730,238

 

 

 

 

-

 

 

 

 

(17,999

)

 

 

 

712,239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

(4,596,038

)

 

 

 

(4,141,363

)

 

 

 

(29,285

)

 

 

 

(8,766,686

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividend

 

 

 

(3,105,034

)

 

 

 

-

 

 

 

 

-

 

 

 

 

(3,105,034

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to common stock shareholders

 

$

 

(7,701,072

)

 

$

 

(4,141,363

)

 

$

 

(29,285

)

 

$

 

(11,871,720

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 

(0.07

)

 

 

 

 

 

 

 

 

 

$

 

(0.10

)

 

Diluted

 

$

 

(0.07

)

 

 

 

 

 

 

 

 

 

$

 

(0.10

)

 

 

 

 

Fiscal Year Ended March 31, 2022

 

 

 

 

 

 

 

Adjustments

 

 

 

 

 

 

 

As Previously
Reported

 

 

Stock Based
Payments

 

 

Equity Issuance
Costs

 

 

Warrants

 

 

Other

 

 

As Restated

 

 

Net revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ammunition sales

 

$

 

161,459,025

 

 

 $

 

-

 

 

$

 

-

 

 

$

 

-

 

 

$

 

-

 

 

$

 

161,459,025

 

 

Marketplace revenue

 

 

 

64,608,516

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

64,608,516

 

 

Casing sales

 

 

 

14,201,625

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

14,201,625

 

 

Total revenues

 

 

 

240,269,166

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

240,269,166

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

 

 

151,505,657

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

47,284

 

 

 

 

151,552,941

 

 

Gross profit

 

 

 

88,763,509

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

(47,284

)

 

 

 

88,716,225

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing

 

 

 

7,310,216

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

7,310,216

 

 

Corporate general and administrative

 

 

 

16,986,344

 

 

 

 

3,168

 

 

 

 

6,438,872

 

 

 

 

692,099

 

 

 

 

-

 

 

 

 

24,120,483

 

 

Employee salaries and related expenses

 

 

 

13,615,439

 

 

 

 

1,418,969

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

15,034,408

 

 

Depreciation and amortization expense

 

 

 

13,702,148

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

22,917

 

 

 

 

13,725,065

 

 

Total operating expenses

 

 

 

51,614,147

 

 

 

 

1,422,137

 

 

 

 

6,438,872

 

 

 

 

692,099

 

 

 

 

22,917

 

 

 

 

60,190,172

 

 

Income/(loss) from operations

 

 

 

37,149,362

 

 

 

 

(1,422,137

)

 

 

 

(6,438,872

)

 

 

 

(692,099

)

 

 

 

(70,201

)

 

 

 

28,526,053

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

 

 

21,840

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

21,840

 

 

Interest expense

 

 

 

(637,797

)

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

(637,797

)

 

Total other expense

 

 

 

(615,957

)

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

(615,957

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income/(loss) before income taxes

 

 

 

36,533,405

 

 

 

 

(1,422,137

)

 

 

 

(6,438,872

)

 

 

 

(692,099

)

 

 

 

(70,201

)

 

 

 

27,910,096

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

 

 

3,285,969

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

(1,243,051

)

 

 

 

2,042,918

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

 

 

33,247,436

 

 

 

 

(1,422,137

)

 

 

 

(6,438,872

)

 

 

 

(692,099

)

 

 

 

1,172,850

 

 

 

 

25,867,178

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividend

 

 

 

(2,668,649

)

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

(2,668,649

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss) attributable to common stock shareholders

 

$

 

30,578,787

 

 

$

 

(1,422,137

)

 

$

 

(6,438,872

)

 

$

 

(692,099

)

 

$

 

1,172,850

 

 

$

 

23,198,529

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss) per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 $

 

0.27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 $

 

0.21

 

 

Diluted

 

 $

 

0.27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 $

 

0.20

 

 

 

Consolidated Statements of Stockholders' Equity

The following tables present the Additional Paid-In Capital ("APIC") as previously reported, restatement adjustments and the APIC as restated for the years ended March 31, 2024, 2023 and 2022.

 

 

 

 

 

 

As Previously
Reported

 

 

Reclassification

 

 

Current Period Adjustment

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee stock awards

 

$

4,080,170

 

 

$

203,000

 

 

$

996,181

 

 

$

5,279,351

 

Stock grants

 

 

203,000

 

 

 

(203,000

)

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

As Previously
Reported

 

 

Reclassification

 

 

Current Period Adjustment

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

 

Employee stock awards

 

$

5,806,003

 

 

$

179,094

 

 

$

4,141,363

 

 

$

10,126,460

 

Stock grants

 

 

179,094

 

 

 

(179,094

)

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

As Previously
Reported

 

 

Reclassification

 

 

Current Period Adjustment

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition stock issuances

 

$

142,691,282

 

 

$

-

 

 

$

666,372

 

 

$

143,357,654

 

Common stock issued for services and equipment

 

 

1,631,701

 

 

 

-

 

 

 

3,854,895

 

 

 

5,486,596

 

Employee stock awards

 

 

5,759,000

 

 

 

252,488

 

 

 

1,417,162

 

 

 

7,428,650

 

Stock grants

 

 

252,488

 

 

 

(252,488

)

 

 

-

 

 

 

-

 

Issuance of Series A Preferred Stock, net of issuance costs

 

 

31,008,796

 

 

 

-

 

 

 

1,898,600

 

 

 

32,907,396

 

Warrants issued for services

 

 

1,090,076

 

 

 

-

 

 

 

692,099

 

 

 

1,782,175

 

 

Consolidated Statements of Cash Flow

 

 

For the Year Ended March 31, 2024

 

 

 

 

 

 

 

Adjustments

 

 

 

 

 

 

 

As Previously
Reported

Stock Based
Payments

Other

 

 

As Restated

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

(15,565,200

)

 

$

(996,180

)

 

$

(32,229

)

 

$

(16,593,609

)

 

Adjustments to reconcile net loss to cash provided by operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

18,813,897

 

 

 

-

 

 

 

47,284

 

 

 

18,861,181

 

 

Debt discount amortization

 

 

83,253

 

 

 

-

 

 

 

-

 

 

 

83,253

 

 

Employee stock awards

 

 

4,285,108

 

 

 

996,180

 

 

 

-

 

 

 

5,281,288

 

 

Common stock purchase options

 

 

430,457

 

 

 

-

 

 

 

-

 

 

 

430,457

 

 

Contingent consideration payable fair value

 

 

(80,540

)

 

 

-

 

 

 

-

 

 

 

(80,540

)

 

Allowance for doubtful accounts

 

 

419,527

 

 

 

-

 

 

 

-

 

 

 

419,527

 

 

(Gain)/loss on disposal of assets

 

 

259,540

 

 

 

-

 

 

 

-

 

 

 

259,540

 

 

Reduction in right of use asset

 

 

476,252

 

 

 

-

 

 

 

-

 

 

 

476,252

 

 

Deferred income taxes

 

 

(3,796,680

)

 

 

-

 

 

 

(15,055

)

 

 

(3,811,735

)

 

Changes in current assets and liabilities

 

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

Accounts receivable

 

 

705,532

 

 

 

-

 

 

 

-

 

 

 

705,532

 

 

Inventories

 

 

8,781,485

 

 

 

-

 

 

 

-

 

 

 

8,781,485

 

 

Prepaid expenses

 

 

4,028,696

 

 

 

-

 

 

 

-

 

 

 

4,028,696

 

 

Deposits

 

 

6,679,669

 

 

 

-

 

 

 

-

 

 

 

6,679,669

 

 

Accounts payable

 

 

5,077,098

 

 

 

-

 

 

 

-

 

 

 

5,077,098

 

 

Accrued liabilities

 

 

2,532,695

 

 

 

-

 

 

 

-

 

 

 

2,532,695

 

 

Operating lease liability

 

 

(499,448

)

 

 

-

 

 

 

-

 

 

 

(499,448

)

 

Net cash provided by operating activities

 

 

32,631,341

 

 

 

-

 

 

 

-

 

 

 

32,631,341

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of property, plant, and equipment

 

 

(8,024,765

)

 

 

-

 

 

 

-

 

 

 

(8,024,765

)

 

Proceeds from disposal of assets

 

 

3,750

 

 

 

-

 

 

 

-

 

 

 

3,750

 

 

Net cash used in investing activities

 

 

(8,021,015

)

 

 

-

 

 

 

-

 

 

 

(8,021,015

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from factoring liability

 

 

37,252,869

 

 

 

-

 

 

 

-

 

 

 

37,252,869

 

 

Payments on factoring liability

 

 

(37,252,869

)

 

 

-

 

 

 

-

 

 

 

(37,252,869

)

 

Payments on note payable - related party

 

 

(180,850

)

 

 

-

 

 

 

-

 

 

 

(180,850

)

 

Payments on insurance premium note payment

 

 

(3,174,834

)

 

 

-

 

 

 

-

 

 

 

(3,174,834

)

 

Payments on construction note payable

 

 

(257,425

)

 

 

-

 

 

 

-

 

 

 

(257,425

)

 

Common stock issued for exercised warrants

 

 

76,200

 

 

 

-

 

 

 

-

 

 

 

76,200

 

 

Preferred stock dividends paid

 

 

(2,968,923

)

 

 

-

 

 

 

-

 

 

 

(2,968,923

)

 

Common stock repurchase plan

 

 

(2,152,080

)

 

 

-

 

 

 

-

 

 

 

(2,152,080

)

 

Net cash used in financing activities

 

 

(8,657,912

)

 

 

-

 

 

 

-

 

 

 

(8,657,912

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase/(decrease) in cash

 

 

15,952,414

 

 

 

-

 

 

 

-

 

 

 

15,952,414

 

 

Cash, beginning of period

 

 

39,134,027

 

 

 

-

 

 

 

-

 

 

 

39,134,027

 

 

Restricted cash, beginning of period

 

 

500,000

 

 

 

-

 

 

 

-

 

 

 

500,000

 

 

Cash and restricted cash, end of period

 

$

55,586,441

 

 

$

-

 

 

$

-

 

 

$

55,586,441

 

 

Restricted cash, end of period

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

Cash, end of period

 

$

55,586,441

 

 

$

-

 

 

$

-

 

 

$

55,586,441

 

 

 

 

 

For the Year Ended March 31, 2023

 

 

 

 

 

 

 

Adjustments

 

 

 

 

 

 

 

As Previously
Reported

Stock Based
Payments

Other

 

 

As Restated

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

(4,596,038

)

 

$

(4,141,363

)

 

$

(29,285

)

 

$

(8,766,686

)

 

Adjustments to reconcile net loss to cash provided by operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

17,519,949

 

 

 

-

 

 

 

47,284

 

 

 

17,567,233

 

 

Debt discount amortization

 

 

83,253

 

 

 

-

 

 

 

-

 

 

 

83,253

 

 

Employee stock awards

 

 

5,986,873

 

 

 

4,141,363

 

 

 

-

 

 

 

10,128,236

 

 

Contingent consideration payable fair value

 

 

(63,764

)

 

 

-

 

 

 

-

 

 

 

(63,764

)

 

Allowance for doubtful accounts

 

 

191,299

 

 

 

-

 

 

 

-

 

 

 

191,299

 

 

Reduction in right of use asset

 

 

629,140

 

 

 

-

 

 

 

-

 

 

 

629,140

 

 

Warrants issued for services

 

 

213,819

 

 

 

-

 

 

 

-

 

 

 

213,819

 

 

Deferred income taxes

 

 

730,238

 

 

 

-

 

 

 

(17,999

)

 

 

712,239

 

 

Changes in current assets and liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

14,417,405

 

 

 

-

 

 

 

-

 

 

 

14,417,405

 

 

Due to related parties

 

 

15,000

 

 

 

-

 

 

 

-

 

 

 

15,000

 

 

Inventories

 

 

4,671,333

 

 

 

-

 

 

 

-

 

 

 

4,671,333

 

 

Prepaid expenses

 

 

2,763,855

 

 

 

-

 

 

 

-

 

 

 

2,763,855

 

 

Deposits

 

 

4,306,375

 

 

 

-

 

 

 

-

 

 

 

4,306,375

 

 

Accounts payable

 

 

(8,694,813

)

 

 

-

 

 

 

-

 

 

 

(8,694,813

)

 

Accrued liabilities

 

 

(1,970,078

)

 

 

-

 

 

 

-

 

 

 

(1,970,078

)

 

Operating lease liability

 

 

(647,480

)

 

 

-

 

 

 

-

 

 

 

(647,480

)

 

Net cash provided by operating activities

 

 

35,556,366

 

 

 

-

 

 

 

-

 

 

 

35,556,366

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of property, plant, and equipment

 

 

(12,541,325

)

 

 

-

 

 

 

-

 

 

 

(12,541,325

)

 

Net cash used in investing activities

 

 

(12,541,325

)

 

 

-

 

 

 

-

 

 

 

(12,541,325

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments on inventory facility, net

 

 

(825,675

)

 

 

-

 

 

 

-

 

 

 

(825,675

)

 

Proceeds from factoring liability

 

 

71,348,761

 

 

 

-

 

 

 

-

 

 

 

71,348,761

 

 

Payments on factoring liability

 

 

(71,834,432

)

 

 

-

 

 

 

-

 

 

 

(71,834,432

)

 

Payments on note payable - related party

 

 

(684,921

)

 

 

-

 

 

 

-

 

 

 

(684,921

)

 

Payments on insurance premium note payment

 

 

(2,134,143

)

 

 

-

 

 

 

-

 

 

 

(2,134,143

)

 

Proceeds from construction note payable

 

 

1,000,000

 

 

 

-

 

 

 

-

 

 

 

1,000,000

 

 

Payments on construction note payable

 

 

(150,743

)

 

 

-

 

 

 

-

 

 

 

(150,743

)

 

Common stock issued for exercised warrants

 

 

101,506

 

 

 

-

 

 

 

-

 

 

 

101,506

 

 

Preferred stock dividends paid

 

 

(2,960,416

)

 

 

-

 

 

 

-

 

 

 

(2,960,416

)

 

Common stock repurchase plan

 

 

(522,426

)

 

 

-

 

 

 

-

 

 

 

(522,426

)

 

Net cash used in financing activities

 

 

(6,662,489

)

 

 

-

 

 

 

-

 

 

 

(6,662,489

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase/(decrease) in cash

 

 

16,352,552

 

 

 

-

 

 

 

-

 

 

 

16,352,552

 

 

Cash, beginning of period

 

 

23,281,475

 

 

 

-

 

 

 

-

 

 

 

23,281,475

 

 

Restricted cash, beginning of period

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

Cash and restricted cash, end of period

 

$

39,634,027

 

 

$

-

 

 

$

-

 

 

$

39,634,027

 

 

Restricted cash, end of period

 

$

500,000

 

 

$

-

 

 

$

-

 

 

$

500,000

 

 

Cash, end of period

 

$

39,134,027

 

 

$

-

 

 

$

-

 

 

$

39,134,027

 

 

 

 

 

For the Year Ended March 31, 2022

 

 

 

 

 

 

 

Adjustments

 

 

 

 

 

 

 

As Previously
Reported

Stock Based
Payments

 

 

Equity Issuance
Costs

Warrants

Other

 

 

As Restated

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

33,247,436

 

 

$

(1,422,137

)

 

$

(6,438,872

)

 

$

(692,099

)

 

$

1,172,850

 

 

$

25,867,178

 

 

Adjustments to reconcile net loss to cash provided by operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

17,339,093

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

70,201

 

 

 

17,409,294

 

 

Debt discount amortization

 

 

38,330

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

38,330

 

 

Employee stock awards

 

 

6,011,488

 

 

 

1,418,969

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

7,430,457

 

 

Stock for services

 

 

4,200

 

 

 

3,168

 

 

 

5,352,500

 

 

 

-

 

 

 

-

 

 

 

5,359,868

 

 

Contingent consideration payable fair value

 

 

(385,750

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(385,750

)

 

Allowance for doubtful accounts

 

 

2,748,250

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,748,250

 

 

(Gain)/loss on disposal of assets

 

 

(12,044

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(12,044

)

 

Reduction in right of use asset

 

 

720,491

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

720,491

 

 

Warrants issued for services

 

 

718,045

 

 

 

-

 

 

 

-

 

 

 

692,099

 

 

 

-

 

 

 

1,410,144

 

 

Deferred income taxes

 

 

1,536,481

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,243,051

)

 

 

293,430

 

 

Changes in current assets and liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(20,707,052

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(20,707,052

)

 

Due to related parties

 

 

657

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

657

 

 

Inventories

 

 

(43,149,234

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(43,149,234

)

 

Prepaid expenses

 

 

1,996,287

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,996,287

 

 

Deposits

 

 

(8,826,504

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(8,826,504

)

 

Accounts payable

 

 

9,930,191

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

9,930,191

 

 

Accrued liabilities

 

 

2,374,686

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,374,686

 

 

Operating lease liability

 

 

(732,468

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(732,468

)

 

Net cash provided by operating activities

 

 

2,852,583

 

 

 

-

 

 

 

(1,086,372

)

 

 

-

 

 

 

-

 

 

 

1,766,211

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gemini acquisition

 

 

(50,517,840

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(50,517,840

)

 

Purchase of property, plant, and equipment

 

 

(19,218,982

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(19,218,982

)

 

Proceeds from disposal of assets

 

 

59,800

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

59,800

 

 

Net cash used in investing activities

 

 

(69,677,022

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(69,677,022

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments on inventory facility, net

 

 

(265,422

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(265,422

)

 

Proceeds from factoring liability

 

 

121,488,045

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

121,488,045

 

 

Payments on factoring liability

 

 

(122,844,562

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(122,844,562

)

 

Payments on assumed debt from Gemini

 

 

(50,000,000

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(50,000,000

)

 

Payments on note payable - related party

 

 

(625,147

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(625,147

)

 

Payments on insurance premium note payment

 

 

(2,208,369

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,208,369

)

 

Payments on note payable

 

 

(4,000,000

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(4,000,000

)

 

Sale of preferred stock

 

 

35,000,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

35,000,000

 

 

Common stock issued for exercised warrants

 

 

943,907

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

943,907

 

 

Common stock issuance costs

 

 

(3,199,922

)

 

 

-

 

 

 

3,199,922

 

 

 

-

 

 

 

-

 

 

 

-

 

 

Preferred stock issuance costs

 

 

-

 

 

 

-

 

 

 

(2,113,550

)

 

 

-

 

 

 

-

 

 

 

(2,113,550

)

 

Preferred stock dividends paid

 

 

(2,524,087

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,524,087

)

 

Net cash used in financing activities

 

 

(28,235,557

)

 

 

-

 

 

 

1,086,372

 

 

 

-

 

 

 

-

 

 

 

(27,149,185

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase/(decrease) in cash

 

 

(95,059,996

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(95,059,996

)

 

Cash, beginning of period

 

 

118,341,471

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

118,341,471

 

 

Restricted cash, beginning of period

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

Cash and restricted cash, end of period

 

$

23,281,475

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

23,281,475

 

 

Restricted cash, end of period

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

Cash, end of period

 

$

23,281,475

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

23,281,475