Drywave Technologies, Inc.

CIK:0001508381|SEC Filings

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Consolidated Statements of Operations
Revenues, net	$ 1,805,202	$ 1,273,712
Cost of revenues	815,325	320,454
Gross Profit	989,877	953,258
Operating expenses
Sales and marketing	1,981,897	1,920,749
Research and development	903,219	998,516
General and administrative	2,929,800	2,806,584
Impairment of goodwill & intangible assets	0	5,200,608
Total operating expenses	5,814,916	10,926,457
Loss from operations	(4,825,039)	(9,973,199)
Interest expense, net	107,150	825,209
Other expense (income), net	13,835	(390,414)
Total other expense	120,985	434,795
Net loss	$ (4,946,024)	$ (10,407,994)
Loss per share - basic	$ (0.72)	$ (1.78)
Loss per share - diluted	$ (0.72)	$ (1.78)
Weighted average number of shares outstanding - basic	6,903,664	5,844,006
Weighted average number of shares outstanding - diluted	6,903,664	5,844,006

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Operating activities:
Net loss	$ (4,946,024)	$ (10,407,994)
Reconciliation of net loss to net cash from operating activities:
Depreciation and amortization	63,167	102,623
Interest expense	105,794	822,568
Issuance of common shares in lieu of services	68,200	53,800
Extinguishment of debt	0	(459,912)
Impairment of goodwill & intangible assets	0	5,200,608
Write-off of demonstration equipment	0	16,248
Share based compensation expense	308,305	384,365
Changes in non-cash working capital items
Accounts receivable	(178,240)	177,062
Prepaid expenses and other current assets	263,953	553,266
Operating leases, net	1,863	0
Inventories	78,373	(543,957)
Accounts payable	262,238	(148,960)
Accrued liabilities	509,912	104,495
Deferred revenue	75,145	(1,499)
Net cash used in operating activities	(3,387,314)	(4,147,287)
Investing activities:
Acquisition	(215,000)	0
Purchases of equipment	0	(12,500)
Other non-current assets	(8,694)	0
Net cash used in investing activities	(223,694)	(12,500)
Financing activities
Proceeds from convertible loans	2,050,000	5,550,000
Net cash provided by financing activities	2,050,000	5,550,000
Foreign exchange impact	(2,986)	(7,184)
Net (decrease)/increase in cash and cash equivalents	(1,563,994)	1,383,029
Cash and cash equivalents, beginning of the period	1,991,377	608,348
Cash and cash equivalents, end of the period	427,383	1,991,377
Supplemental noncash investing & financing activities:
Subsidiary purchase of fixed assets	50,185	0
Conversion of term loans into option exercises	0	642,153
Transfer of demonstration equipment from inventory to fixed assets	0	42,768
Conversion of promissory notes into common stock	$ 0	$ 8,988,011

Consolidated Balance Sheets - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Current assets
Cash and cash equivalents	$ 427,383	$ 1,991,377
Accounts receivable	453,084	274,844
Prepaid expenses and other current assets	862,603	1,127,362
Inventories	1,034,488	1,191,020
Total current assets	2,777,558	4,584,603
Equipment	187,673	91,234
Other assets	8,694	0
Operating lease right-of-use assets, non-current	254,650	0
Tradenames and Trademarks	34,000	0
Goodwill	99,552	0
Total assets	3,362,127	4,675,837
Current liabilities
Accounts payable	557,610	305,095
Accrued liabilities	1,387,150	873,030
Operating leases, current	22,067	0
Deferred revenue, current portion	342,354	313,854
Total current liabilities	2,309,181	1,491,979
Operating leases, non-current	234,448	0
Deferred revenue, net of current portion	303,292	256,646
Convertible notes	2,155,794	0
Total liabilities	5,002,715	1,748,625
Commitments and contingencies
Stockholders' Equity
Preferred stock, $0.001 par value; Authorized 5,000,000, Issued none Special voting preferred stock, $0.001 par value; Authorize; Issued - 1	0	0
Common stock, par value $0.001; Authorized - 13,000,000; Issued 6,878,162 and 111,392 Exchangeable Shares (March 31, 2022 - 6,767,114 and 112,440 Exchangeable Shares)	6,989	6,879
Additional paid-in capital	98,670,953	98,294,558
Accumulated deficit	(100,348,345)	(95,402,321)
Accumulated other comprehensive income	29,815	28,096
Total stockholders' (deficit) equity	(1,640,588)	2,927,212
Total liabilities and stockholders' equity	$ 3,362,127	$ 4,675,837