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Encision Inc – ‘10-Q’ for 9/30/19 – ‘EX-101.INS’

On:  Wednesday, 11/13/19, at 4:27pm ET   ·   For:  9/30/19   ·   Accession #:  1079973-19-585   ·   File #:  1-11789

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

11/13/19  Encision Inc                      10-Q        9/30/19   39:1.5M                                   Edgar Tech & Bus… Inc/FA

Quarterly Report   —   Form 10-Q   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    143K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     19K 
 3: EX-31.2     Certification -- §302 - SOA'02                      HTML     19K 
 4: EX-32.1     Certification -- §906 - SOA'02                      HTML     16K 
22: R1          Document and Entity Information                     HTML     46K 
38: R2          Condensed Balance Sheets (Unaudited)                HTML    103K 
32: R3          Condensed Balance Sheets (Unaudited)                HTML     42K 
                (Parenthetical)                                                  
12: R4          Condensed Statements of Operations (Unaudited)      HTML     62K 
21: R5          Condensed Statements of Cash Flows (Unaudited)      HTML     75K 
37: R6          Organization and Nature of Business                 HTML     18K 
31: R7          Summary of Significant Accounting Policies          HTML     42K 
11: R8          Basic and Diluted Income and Loss Per Common Share  HTML     36K 
23: R9          Commitments and Contingencies                       HTML     28K 
28: R10         Share-Based Compensation                            HTML     30K 
35: R11         Related Party Transaction                           HTML     16K 
24: R12         Subsequent Events                                   HTML     16K 
13: R13         Summary of Significant Accounting Policies          HTML     87K 
                (Policies)                                                       
29: R14         Summary of Significant Accounting Policies          HTML     24K 
                (Tables)                                                         
36: R15         Basic and Diluted Income and Loss Per Common Share  HTML     34K 
                (Tables)                                                         
25: R16         Commitments and Contingencies (Tables)              HTML     23K 
14: R17         Share-Based Compensation (Tables)                   HTML     29K 
30: R18         Organization and Nature of Business (Details        HTML     27K 
                Narrative)                                                       
34: R19         Summary of Significant Accounting Policies          HTML     27K 
                (Details)                                                        
18: R20         Summary of Significant Accounting Policies          HTML     60K 
                (Details Narrative)                                              
15: R21         Basic and Diluted Income and Loss Per Common Share  HTML     39K 
                (Details)                                                        
26: R22         Commitments and Contingencies (Details)             HTML     32K 
39: R23         Commitments and Contingencies (Details Narrative)   HTML     22K 
19: R24         Share-Based Compensation (Details)                  HTML     28K 
16: R25         Share-Based Compensation (Details Narrative)        HTML     20K 
27: R26         Related Party Transaction (Details Narrative)       HTML     18K 
20: XML         IDEA XML File -- Filing Summary                      XML     64K 
33: EXCEL       IDEA Workbook of Financial Reports                  XLSX     32K 
 5: EX-101.INS  XBRL Instance -- ecia-20190930                       XML    363K 
 7: EX-101.CAL  XBRL Calculations -- ecia-20190930_cal               XML    110K 
 8: EX-101.DEF  XBRL Definitions -- ecia-20190930_def                XML     74K 
 9: EX-101.LAB  XBRL Labels -- ecia-20190930_lab                     XML    370K 
10: EX-101.PRE  XBRL Presentations -- ecia-20190930_pre              XML    263K 
 6: EX-101.SCH  XBRL Schema -- ecia-20190930                         XSD     57K 
17: ZIP         XBRL Zipped Folder -- 0001079973-19-000585-xbrl      Zip     51K

‘EX-101.INS’   —   XBRL Instance — ecia-20190930

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<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Note 2. <u>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</u></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Basis of Presentation.</u> 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 September 14, 2019.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">We had a net income of $29,886 for the fiscal quarter, and a net loss of $152,009 for the six months ended September 30, 2019. At September 30, 2019, we had cash of $141,877, borrowings of $93,045 and $433,730 available under our line of credit. Working capital was $1,617,303, a decrease of $291,445 from March 31, 2019. We used $156,471 of cash in the fiscal six months ended September 30, 2019, primarily as a result of our loss and reduction of accounts payable. The principal reason for our loss for the six months ended September 30, 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 by more than $1 million annualized. We expect that the $1 million annualized cost reductions will return us to profitability and is evidenced by our net income of $29,886 for the quarter ended September 30, 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. In the event that the governmental tariffs are reduced or eliminated then we expect that the higher material costs that we experienced will be reduced. 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.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Use of Estimates in the Preparation of Financial Statements.</u> 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.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Cash and Cash Equivalents.</u> 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.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Fair Value of Financial Instruments.</u> 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.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Concentration of Credit Risk.</u> 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 September 30, 2019. We believe that cash on deposit that exceeds $250,000 with financial institutions is financially sound and the risk of loss is minimal.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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 September 30, 2019 of $968,021 and at March 31, 2019 of $1,009,106 included no more than 8% from any one customer.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Inventories</u>. 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 September 30, 2019 and March 31, 2019, inventory consisted of the following:</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif; text-underline-style: double"> </font></p> <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="font-size: 12pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">September 30, 2019</font></td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">March 31, 2019</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Raw materials</font></td><td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,094,827</font></td><td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,063,780</font></td><td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Finished goods</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">286,134</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">458,763</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Total gross inventories</font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,380,961</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,522,543</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Less reserve for obsolescence</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(38,000</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(50,000</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></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"><font style="font: 10pt Times New Roman, Times, Serif">Total net inventories</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,342,961</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,472,543</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Property and Equipment</u>. 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.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Long-Lived Assets.</u> 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.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Patents. </u>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.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Income Taxes. </u>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 September 30, 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.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Revenue Recognition. </u>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.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Research and Development Expenses</u>. We expense research and development costs for products and processes as incurred.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Stock-Based Compensation</u>. 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.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Stock-based compensation expense recognized under ASC 718 for the three and six months ended September 30, 2019 was $7,663 and $15,365, respectively, and for the three and six months ended September 30, 2018 was $13,651 and $25,744, respectively, which consisted of stock-based compensation expense related to grants of employee stock options and restricted stock units (“RSUs”).</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Segment Reporting. </u>We have concluded that we have one operating segment.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Recent Accounting Pronouncements.</u> We have reviewed all recently issued accounting pronouncements.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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 corresponding liabilities in other long-term assets of $1,214,983.</font></p>
</us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock>
<us-gaap:EarningsPerShareTextBlock contextRef="From2019-04-01to2019-09-30">
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Note 3.<font style="text-transform: uppercase"> <u>Basic and Diluted Income and Loss per Common Share</u></font></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The following table presents the calculation of basic and diluted net loss per share:</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <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="font-size: 12pt; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td><td style="font-size: 12pt; padding-bottom: 1pt; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td> <td colspan="7" style="font-size: 12pt; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b>Three Months Ended</b></font></td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b>Six Months Ended</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td><td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b>September 30, 2019</b></font></td><td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b>September 30, 2018</b></font></td><td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b>September 30, 2019</b></font></td><td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b>September 30, 2018</b></font></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"><font style="font: 10pt Times New Roman, Times, Serif">Net income (loss)</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">29,886</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12,312</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(152,009</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">30,895</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Weighted-average shares — basic</font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,558,355</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,683,355</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,558,355</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,683,355</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></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"><font style="font: 10pt Times New Roman, Times, Serif">Effect of dilutive potential common shares</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">33,719</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">34,192</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—  </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">28,086</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Weighted-average shares — diluted</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,592,074</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,717,547</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,711,441</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></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"><font style="font: 10pt Times New Roman, Times, Serif">Net income (loss) per share — basic</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.01</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Net income (loss) per share — diluted</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.01</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></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"><font style="font: 10pt Times New Roman, Times, Serif">Antidilutive employee stock options and RSUs</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">958,567</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">975,344</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-size: 12pt; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">992,286</font></td><td style="padding-bottom: 1pt; font-size: 12pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-size: 12pt; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">981,450</font></td><td style="padding-bottom: 1pt; font-size: 12pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 12pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-size: 12pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="font-size: 12pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-size: 12pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-size: 12pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-size: 12pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="font-size: 12pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-size: 12pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-size: 12pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-size: 12pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="font-size: 12pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-size: 12pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-size: 12pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-size: 12pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="font-size: 12pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-size: 12pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-size: 12pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr></table>
</us-gaap:EarningsPerShareTextBlock>
<us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="From2019-04-01to2019-09-30">
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Note 4. <u>COMMITMENTS AND CONTINGENCIES</u></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The minimum future lease payment, by fiscal year, as of September 30, 2019 is as follows:</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellpadding="0" cellspacing="0" align="center" 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"><font style="font: 10pt Times New Roman, Times, Serif">Fiscal Year</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td colspan="3" style="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">Amount</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="width: 43%; text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">2020 (6 months remaining)</font></td><td style="width: 1%; text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="width: 10%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 43%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">133,275</font></td><td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">2021</font></td><td style="text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">343,167</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">2022</font></td><td style="text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">357,667</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">2023</font></td><td style="text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">372,167</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">2024</font></td><td style="text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">386,667</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">2025</font></td><td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">130,500</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td><td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,723,443</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">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. We have borrowed $93,045 under the line of credit and have $433,730 available to borrow.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Aside from the operating lease, we do not have any material contractual commitments requiring settlement in the future.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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 September 30, 2019. FDA inspections are conducted periodically at the discretion of the FDA. Our latest inspection by the FDA occurred in October 2019.</font></p>
</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
<us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="From2019-04-01to2019-09-30">
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Note 5. <u>SHARE-BASED COMPENSATION</u></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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 six months ended September 30, 2019 and 2018, which was allocated as follows:</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <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="font-size: 12pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">Three Months Ended</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">Six Months Ended</font></td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">September 30, 2019</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">September 30, 2018</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">September 30, 2019</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">September 30, 2018</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: justify; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Cost of sales</font></td><td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">724</font></td><td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">714</font></td><td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,405</font></td><td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,315</font></td><td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Sales and marketing</font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">803</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,298</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,593</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,594</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">General and administrative</font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,442</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,922</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,064</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20,514</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Research and development</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">694</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">717</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,303</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,321</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></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"><font style="font: 10pt Times New Roman, Times, Serif">Stock-based compensation expense</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,663</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13,651</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,365</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">25,744</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> </table> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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 45,000 stock options granted and 33,000 stock options forfeited during the three months ended September 30, 2019, and 85,000 stock options granted and 83,000 stock options forfeited during the six months ended September 30, 2019. Share-based compensation cost for RSUs is measured based on the closing fair market value of the Company's common stock on the date of grant.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As of September 30, 2019, $141,000 of total unrecognized compensation costs related to nonvested stock options is expected to be recognized over a period of five years.</font></p>
</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
<us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="From2019-04-01to2019-09-30">
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Note 6. <u>RELATED PARTY TRANSACTION</u></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">We paid consulting fees of $16,500 and $36,594 to an entity owned by one of our directors during the three and six months ended September 30, 2019, respectively, and $14,976 and $35,045 to an entity owned by one of our directors during the three and six months ended September 30, 2018, respectively.</font></p>
</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
<us-gaap:SubsequentEventsTextBlock contextRef="From2019-04-01to2019-09-30">
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Note 7. <u>SUBSEQUENT EVENTS</u></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p>
</us-gaap:SubsequentEventsTextBlock>
<us-gaap:BasisOfAccountingPolicyPolicyTextBlock contextRef="From2019-04-01to2019-09-30">
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Basis of Presentation.</u> 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 September 14, 2019.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">We had a net income of $29,886 for the fiscal quarter, and a net loss of $152,009 for the six months ended September 30, 2019. At September 30, 2019, we had cash of $141,877, borrowings of $93,045 and $433,730 available under our line of credit. Working capital was $1,617,303, a decrease of $291,445 from March 31, 2019. We used $156,471 of cash in the fiscal six months ended September 30, 2019, primarily as a result of our loss and reduction of accounts payable. The principal reason for our loss for the six months ended September 30, 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 by more than $1 million annualized. We expect that the $1 million annualized cost reductions will return us to profitability and is evidenced by our net income of $29,886 for the quarter ended September 30, 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. In the event that the governmental tariffs are reduced or eliminated then we expect that the higher material costs that we experienced will be reduced. 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.</font></p>
</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
<us-gaap:UseOfEstimates contextRef="From2019-04-01to2019-09-30">
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Use of Estimates in the Preparation of Financial Statements.</u> 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.</font></p>
</us-gaap:UseOfEstimates>
<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="From2019-04-01to2019-09-30">
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Cash and Cash Equivalents.</u> 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.</font></p>
</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
<us-gaap:FairValueOfFinancialInstrumentsPolicy contextRef="From2019-04-01to2019-09-30">
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Fair Value of Financial Instruments.</u> 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.</font></p>
</us-gaap:FairValueOfFinancialInstrumentsPolicy>
<us-gaap:ConcentrationRiskCreditRisk contextRef="From2019-04-01to2019-09-30">
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Concentration of Credit Risk.</u> 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 September 30, 2019. We believe that cash on deposit that exceeds $250,000 with financial institutions is financially sound and the risk of loss is minimal.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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 September 30, 2019 of $968,021 and at March 31, 2019 of $1,009,106 included no more than 8% from any one customer.</font></p>
</us-gaap:ConcentrationRiskCreditRisk>
<us-gaap:InventoryPolicyTextBlock contextRef="From2019-04-01to2019-09-30">
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Inventories</u>. 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 September 30, 2019 and March 31, 2019, inventory consisted of the following:</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif; text-underline-style: double"> </font></p> <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="font-size: 12pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">September 30, 2019</font></td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">March 31, 2019</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Raw materials</font></td><td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,094,827</font></td><td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,063,780</font></td><td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Finished goods</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">286,134</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">458,763</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Total gross inventories</font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,380,961</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,522,543</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Less reserve for obsolescence</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(38,000</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(50,000</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></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"><font style="font: 10pt Times New Roman, Times, Serif">Total net inventories</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,342,961</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,472,543</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr></table>
</us-gaap:InventoryPolicyTextBlock>
<us-gaap:PropertyPlantAndEquipmentPolicyTextBlock contextRef="From2019-04-01to2019-09-30">
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Property and Equipment</u>. 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.</font></p>
</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
<us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock contextRef="From2019-04-01to2019-09-30">
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Long-Lived Assets.</u> 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.</font></p>
</us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock>
<us-gaap:IntangibleAssetsFiniteLivedPolicy contextRef="From2019-04-01to2019-09-30">
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Patents. </u>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.</font></p>
</us-gaap:IntangibleAssetsFiniteLivedPolicy>
<us-gaap:IncomeTaxPolicyTextBlock contextRef="From2019-04-01to2019-09-30">
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Income Taxes. </u>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 September 30, 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.</font></p>
</us-gaap:IncomeTaxPolicyTextBlock>
<us-gaap:RevenueRecognitionPolicyTextBlock contextRef="From2019-04-01to2019-09-30">
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Revenue Recognition. </u>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.</font></p>
</us-gaap:RevenueRecognitionPolicyTextBlock>
<us-gaap:ResearchAndDevelopmentExpensePolicy contextRef="From2019-04-01to2019-09-30">
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Research and Development Expenses</u>. We expense research and development costs for products and processes as incurred.</font></p>
</us-gaap:ResearchAndDevelopmentExpensePolicy>
<us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy contextRef="From2019-04-01to2019-09-30">
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Stock-Based Compensation</u>. 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.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Stock-based compensation expense recognized under ASC 718 for the three and six months ended September 30, 2019 was $7,663 and $15,365, respectively, and for the three and six months ended September 30, 2018 was $13,651 and $25,744, respectively, which consisted of stock-based compensation expense related to grants of employee stock options and restricted stock units (“RSUs”).</font></p>
</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>
<us-gaap:SegmentReportingPolicyPolicyTextBlock contextRef="From2019-04-01to2019-09-30">
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Segment Reporting. </u>We have concluded that we have one operating segment.</font></p>
</us-gaap:SegmentReportingPolicyPolicyTextBlock>
<us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="From2019-04-01to2019-09-30">
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><u>Recent Accounting Pronouncements.</u> We have reviewed all recently issued accounting pronouncements.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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 corresponding liabilities in other long-term assets of $1,214,983.</font></p>
</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
<us-gaap:ScheduleOfInventoryCurrentTableTextBlock contextRef="From2019-04-01to2019-09-30">
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">At September 30, 2019 and March 31, 2019, inventory consisted of the following:</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif; text-underline-style: double"> </font></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">September 30, 2019</font></td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">March 31, 2019</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Raw materials</font></td><td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,094,827</font></td><td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 14%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,063,780</font></td><td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Finished goods</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">286,134</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">458,763</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Total gross inventories</font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,380,961</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,522,543</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Less reserve for obsolescence</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(38,000</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(50,000</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></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"><font style="font: 10pt Times New Roman, Times, Serif">Total net inventories</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,342,961</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,472,543</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr></table>
</us-gaap:ScheduleOfInventoryCurrentTableTextBlock>
<ecia:ScheduleOfEarningsPerShareBasicAndDilutedAndAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTableTextBlock contextRef="From2019-04-01to2019-09-30">
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The following table presents the calculation of basic and diluted net loss per share:</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <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="font-size: 12pt; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td><td style="font-size: 12pt; padding-bottom: 1pt; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td> <td colspan="7" style="font-size: 12pt; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b>Three Months Ended</b></font></td><td style="font-weight: bold; padding-bottom: 1pt; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b>Six Months Ended</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td><td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b>September 30, 2019</b></font></td><td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b>September 30, 2018</b></font></td><td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b>September 30, 2019</b></font></td><td style="padding-bottom: 1pt; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b>September 30, 2018</b></font></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"><font style="font: 10pt Times New Roman, Times, Serif">Net income (loss)</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">29,886</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12,312</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(152,009</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td><td style="width: 2%; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">30,895</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Weighted-average shares — basic</font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,558,355</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,683,355</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,558,355</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,683,355</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></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"><font style="font: 10pt Times New Roman, Times, Serif">Effect of dilutive potential common shares</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">33,719</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">34,192</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">—  </font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">28,086</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Weighted-average shares — diluted</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,592,074</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,717,547</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,711,441</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></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"><font style="font: 10pt Times New Roman, Times, Serif">Net income (loss) per share — basic</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.01</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Net income (loss) per share — diluted</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(0.01</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.00</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></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"><font style="font: 10pt Times New Roman, Times, Serif">Antidilutive employee stock options and RSUs</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">958,567</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">975,344</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-size: 12pt; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">992,286</font></td><td style="padding-bottom: 1pt; font-size: 12pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-size: 12pt; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; font-size: 12pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">981,450</font></td><td style="padding-bottom: 1pt; font-size: 12pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 12pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-size: 12pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="font-size: 12pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-size: 12pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-size: 12pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-size: 12pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="font-size: 12pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-size: 12pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-size: 12pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-size: 12pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="font-size: 12pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-size: 12pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-size: 12pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-size: 12pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="font-size: 12pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-size: 12pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-size: 12pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr></table>
</ecia:ScheduleOfEarningsPerShareBasicAndDilutedAndAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTableTextBlock>
<us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock contextRef="From2019-04-01to2019-09-30">
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The minimum future lease payment, by fiscal year, as of September 30, 2019 is as follows:</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <table cellpadding="0" cellspacing="0" align="center" 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"><font style="font: 10pt Times New Roman, Times, Serif">Fiscal Year</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td colspan="3" style="font-weight: bold; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">Amount</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 1%; text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="width: 43%; text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">2020 (6 months remaining)</font></td><td style="width: 1%; text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="width: 10%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 43%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">133,275</font></td><td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">2021</font></td><td style="text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">343,167</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">2022</font></td><td style="text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">357,667</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">2023</font></td><td style="text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">372,167</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">2024</font></td><td style="text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">386,667</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">2025</font></td><td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">130,500</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td><td style="padding-bottom: 1pt; text-align: left; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,723,443</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr></table>
</us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock>
<us-gaap:ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock contextRef="From2019-04-01to2019-09-30">
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The following table summarizes stock-based compensation expense related to employee stock options, RSUs and employee stock purchases for the three and six months ended September 30, 2019 and 2018, which was allocated as follows:</font></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></p> <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="font-size: 12pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">Three Months Ended</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td colspan="7" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">Six Months Ended</font></td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 12pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">September 30, 2019</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">September 30, 2018</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">September 30, 2019</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif">September 30, 2018</font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: justify; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Cost of sales</font></td><td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">724</font></td><td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">714</font></td><td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,405</font></td><td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="width: 12%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,315</font></td><td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Sales and marketing</font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">803</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,298</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,593</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,594</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">General and administrative</font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,442</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">10,922</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,064</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20,514</font></td><td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; padding-left: 5.4pt"><font style="font: 10pt Times New Roman, Times, Serif">Research and development</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">694</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">717</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,303</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,321</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></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"><font style="font: 10pt Times New Roman, Times, Serif">Stock-based compensation expense</font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,663</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13,651</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15,365</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td> <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">25,744</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr></table>
</us-gaap:ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock>
<us-gaap:AssetsCurrent contextRef="AsOf2019-09-30" unitRef="Unit12" decimals="0"> 2532795 </us-gaap:AssetsCurrent>
<us-gaap:AssetsCurrent contextRef="AsOf2019-03-31" unitRef="Unit12" decimals="0"> 2910013 </us-gaap:AssetsCurrent>
<us-gaap:PrepaidExpenseCurrent contextRef="AsOf2019-09-30" unitRef="Unit12" decimals="0"> 79936 </us-gaap:PrepaidExpenseCurrent>
<us-gaap:PrepaidExpenseCurrent contextRef="AsOf2019-03-31" unitRef="Unit12" decimals="0"> 130016 </us-gaap:PrepaidExpenseCurrent>
<us-gaap:InventoryNet contextRef="AsOf2019-09-30" unitRef="Unit12" decimals="0"> 1342961 </us-gaap:InventoryNet>
<us-gaap:InventoryNet contextRef="AsOf2019-03-31" unitRef="Unit12" decimals="0"> 1472543 </us-gaap:InventoryNet>
<us-gaap:AccountsReceivableNetCurrent contextRef="AsOf2019-09-30" unitRef="Unit12" decimals="0"> 968021 </us-gaap:AccountsReceivableNetCurrent>
<us-gaap:AccountsReceivableNetCurrent contextRef="AsOf2019-03-31" unitRef="Unit12" decimals="0"> 1009106 </us-gaap:AccountsReceivableNetCurrent>
<us-gaap:RestrictedCashAndCashEquivalents contextRef="AsOf2019-09-30" unitRef="Unit12" decimals="0"> 0 </us-gaap:RestrictedCashAndCashEquivalents>
<us-gaap:RestrictedCashAndCashEquivalents contextRef="AsOf2019-03-31" unitRef="Unit12" decimals="0"> 25000 </us-gaap:RestrictedCashAndCashEquivalents>
<us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="AsOf2019-09-30" unitRef="Unit12" decimals="0"> 141877 </us-gaap:CashAndCashEquivalentsAtCarryingValue>
<us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="AsOf2019-03-31" unitRef="Unit12" decimals="0"> 273348 </us-gaap:CashAndCashEquivalentsAtCarryingValue>
<us-gaap:Assets contextRef="AsOf2019-09-30" unitRef="Unit12" decimals="0"> 4147772 </us-gaap:Assets>
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<us-gaap:ProceedsFromRepaymentsOfLinesOfCredit contextRef="From2019-04-01to2019-09-30" unitRef="Unit12" decimals="0"> 93045 </us-gaap:ProceedsFromRepaymentsOfLinesOfCredit>
<us-gaap:ProceedsFromRepaymentsOfLinesOfCredit contextRef="From2018-04-01to2018-09-30" unitRef="Unit12" decimals="0"> 0 </us-gaap:ProceedsFromRepaymentsOfLinesOfCredit>
<ecia:AccruedLeaseLiability contextRef="From2019-04-01to2019-09-30" unitRef="Unit12" decimals="0"> 1279675 </ecia:AccruedLeaseLiability>
<ecia:AccruedLeaseLiability contextRef="From2018-04-01to2018-09-30" unitRef="Unit12" decimals="0"> 0 </ecia:AccruedLeaseLiability>
<ecia:RightOfUseAsset contextRef="From2019-04-01to2019-09-30" unitRef="Unit12" decimals="0"> 1214983 </ecia:RightOfUseAsset>
<ecia:RightOfUseAsset contextRef="From2018-04-01to2018-09-30" unitRef="Unit12" decimals="0"> 0 </ecia:RightOfUseAsset>
</xbrli:xbrl>

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