~~U.S.~~2U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended September 30, ~~2021~~2022

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

For the transition period from ______________ to ______________

Commission File Number: 000-55299

NASCENT BIOTECH INC

(Exact Name of Registrant as Specified in Its Charter)

Nevada		46-5001940
(State of Incorporation)		(IRS Employer Identification No.)

623 17th Street Suite 4 Vero Beach, FL		32960
(Address of Principal Executive Offices)		(Zip Code)

(612) 961-5656

(Registrant’s Telephone Number)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

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

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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated file, non-accelerated filer, or a smaller reporting company.

Large accelerated filer	☐	Accelerated filed	☐
Non-accelerated ~~filer~~Filer	☒☐	Smaller reporting company	☒
		Emerging Growth Company	☒☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November ~~4, 2021~~10, 2022 the Registrant had, ~~107,728,175~~119,561,610 shares of common stock and no shares of Series A convertible preferred issued and outstanding.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION

Item 1.	Financial Statement (Unaudited)	3

	Unaudited Consolidated Balance Sheets as of September 30, ~~2021,~~2022, and audited March 31, ~~2021~~2022	3	3

	Unaudited Consolidated Statements of Operations for the Three and Six Months Ended September 30, ~~2021~~2022 and ~~2020~~2021	4	4

	Unaudited Consolidated Statements of Stockholders’ Deficit for the Three and Six Months Ended September 30, ~~2021~~2022 and ~~2020~~2021	5	5

	Unaudited Consolidated Statements of Cash Flows for the Six Months Ended September 30, ~~2021~~2022 and ~~2020~~2021	6	6

	Notes to Unaudited Consolidated Financial Statements	7	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15	16

Item 3.	Quantitative and Qualitative Disclosures About Market Risks	17	18

Item 4.	Controls and Procedures	17	18

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	18	19

Item 1A.	Risk Factors	18	19

Item 2.	Unregistered Sales of Equity and Use of Proceeds	18	19

Item 3.	Default upon Senior Securities	18	19

Item 4.	Mine Safety Information	18	19

Item 5.	Other Information	18	19

Item 6.	Exhibits	19	20

	SIGNATURES		20	21

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PART I – FINANCIAL INFORMATION

ITEM: 1 FINANCIAL STATEMENT

NASCENT BIOTECH, INC.

CONSOLIDATED BALANCE SHEETS

		September 30, 2021			March 31, 2021				September 30, 2022			March 31, 2022
		(Unaudited)			(Audited)				(Unaudited)			(Audited)
ASSETS	ASSETS							ASSETS
Current assets:
Cash		$	102,386		$	1,435			$	1,181,912		$	94,414
Accounts receivable			0			750,000
Prepaid			3,038			0				19,083			11,000
Total current assets			105,424			751,435				1,200,995			105,414

Total assets		$	105,424		$	751,435			$	1,200,995		$	105,414

LIABILITIES AND STOCKHOLDERS’ DEFICIT	LIABILITIES AND STOCKHOLDERS’ DEFICIT							LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable and accrued liabilities		$	596,675		$	636,831			$	764,839		$	776,891
Convertible note- net of discount			79,121			161,736				293,140			-
Derivative liability			152,941			302,156				1,330,956			-
Due to related parties			72,000			123,217
Deferred revenue			250,000			0
Total current liabilities			1,150,737			1,223,940				2,388,935			776,891

Total liabilities			1,150,737			1,223,940				2,388,935			776,891

Commitments and contingencies			0			0				-			-

Stockholders’ deficit:
Preferred stock, $0.001 par value, 50,000,000 authorized, none and 54,130 issued and outstanding, respectively			0			54
Common stock, $0.001 par value; 500,000,000 authorized, 107,728,175 and 104,834,083 issued and outstanding, respectively			107,728			104,834
Preferred stock, $0.001 par value, 50,000,000 authorized, none issued and outstanding. respectively										-			-
Common stock, $0.001 par value; 500,000,000 authorized, 118,195,084 and 111,313,175 issued and outstanding, respectively										118,195			111,313
Additional paid-in capital			17,859,481			17,774,023				18,961,261			18,039,016
Accumulated deficit			(19,012,522	)		(18,351,416	)			(20,267,396	)		(18,821,806	)
Total stockholders’ deficit			(1,045,313	)		(472,505	)			(1,187,940	)		(671,476	)
Total liabilities and stockholder’ deficit		$	105,424		$	751,435
Total liabilities and stockholders’ deficit									$	1,200,995		$	105,414

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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NASCENT BIOTECH, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended September 30,						Six Months Ended September 30,						Three Months Ended September 30,						Six Months Ended September 30,
	2021			2020			2021			2020			2022			2021			2022			2021
Operating expenses:
Consulting	$	118,000		$	360,920		$	280,813		$	720,735		$	213,915		$	118,000		$	637,065		$	280,813
General and administrative expense		27,461			110,390			239,323			168,171			81,986			27,461			191,689			239,323
Clinical trials														149,592			-			179,528			-
Research and development		84,777			89,693			152,911			223,445			75,738			84,777			132,628			152,911
Loss from operations		(230,238	)		(561,003	)		(673,047	)		(1,112,351	)		(521,231	)		(230,238	)		(1,140,910	)		(673,047	)

Other income (expense):
Interest income		4			0			10			3			8			4			11			10
Change in fair value		151,300			201,464			315,882			640,030
Gain on debt settlement		0			0			5,000			0
Change in fair value of derivative														903,240			151,300			375,656			315,882
Financing costs		(35,000	)		0			(101,150	)		(3,000	)		(5,124	)		(35,000	)		(5,124	)		(101,150	)
Original interest discount		(94,466	)		0			(201,665	)		0
Loss on original issuance discount														(246,724	)		(94,466	)		(329,390	)		(201,665	)
Interest expense		(2,630	)		(58,755	)		(6,136	)		(146,946	)		(275,883	)		(2,630	)		(345,834	)		(6,136	)
Total other income (expense)		19,208			142,709			11,941			490,087			375,517			19,308			(304,680	)		11,941

Net loss	$	(211,030	)	$	(418,294	)	$	(661,106	)	$	(622,265	)	$	(145,714	)	$	(211,030	)	$	(1,445,590	)	$	(661,106	)

Net loss per share, basic and diluted	$	(0.00	)	$	(0.01	)	$	(0.01	)	$	(0.01	)	$	(0.00	)	$	(0.00	)	$	(0.01	)	$	(0.01	)

Weighted average number of shares outstanding, basic and diluted		107,728,175			64,342,645			107,342,417			57,531,414			117,167,533			107,728,175			115,094,648			107,342,417

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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NASCENT BIOTECH, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

THREE AND SIX MONTHS ENDED SEPTEMBER 30, ~~2021~~2022 AND ~~2020~~2021

(Unaudited)

											Additional						Total			Preferred Shares						Common Stock				Additional Paid-In			Accumulated			Total Stockholders’
	Preferred Shares						Common Stock				Paid-In			Accumulated			Stockholders’			Shares			Amount			Shares		Amount		Capital			Deficit			(Deficit)
	Shares			Amount			Shares		Amount		Capital			Deficit			(Deficit)

Balance at March 31, 2020		60,000		$	60			44,890,262	$	44,890	$	13,916,995		$	(16,837,649	)	$	(2,875,704	)
Common stock issued for related parties for service		-			0			2,007,000		2,007		188,908			0			190,915
Common stock issued for AP- related parties		-			0			13,831,101		13,831		1,374,041			0			1,387,872
Common stock issued for AP settlement		-			0			35,715		36	4964				-			5,000
Common stock issued for service	-				-			677,000		677		84,763			-			85,440
Common stock issued for preferred shares		(60,000	)		(60	)		1,352,529		1,354		11,717			0			13,011

Net loss		-			0			-		0		0			(203,971	)		(203,971	)
Balance at June 30, 2020		-			0			62,793,607		62,795		15,581,388			(17,041,620	)		(1,397,437	)
Preferred shares issued for cash		640,000			640			-		0		639,360			0			640,000
Preferred shares issued for debt		100,000			100			-		0		99,900			0			100,000
Common stock issued for service		-			0			728,572		728		43,423			0			44,151
Common stock issued for service-related parties		-			0			918,115		918		63,350			0			64,268
Common stock issued for convertible debt		-			0			2,677,397		1,677		147,323			0			150,000
Common stock issued for accounts payable		-			0			63,000		63		6,237			0			6,300

Net loss		-			0			-		0		0			(418,294	)		(418,294	)

Balance at September 30,2020		740,000			740			67,180,691		67,181		16,580,981			(17,495,914	)		(811,012	)

Balance at March 31, 2021		54,130		$	54			104,834,083	$	104,834	$	17,774,023		$	(18,351,416	)	$	(472,505	)		54,130		$	54			104,834,083	$	104,834	$	17,774,023		$	(18,351,416	)	$	(472,505	)
Common stock issued to related parties		-			0			568,719		569		59,147			0			59,716			-			-			568,719		569		59,147			-			59,716
Common stock issued for service		-			0			50,000		50		5,200			0			5,250			-			-			50,000		50		5,200			-			5,250
Common stock issued for AP – related parties		-			0			307,010		307		23,025			0			23,332			-			-			307,010		307		23,025			-			23,332
Common stock issued for preferred shares		(54,130	)		(54	)		1,968,363		1,968		(1914	)		0			0			(54,130	)		(54	)		1,968,363		1,968		(1914	)		-			-

Net loss		-			0			-		0		0			(450,076	)		(450,076	)		-			-			-		-		-			(450,076	)		(450,076	)

Balance at June 30, 2021		-			0			107,728,175		107,728		17,859,481			(18,801,492	)		(834,283	)		-			-			107,728,175		107,728		17,859,481			(18,801,492	)		(834,283	)

Net loss		-			0			-		0		0			(211,030	)		(211,030	)		-						-		-		-			(211,030	)		(211,030	)

Balance at September 30, 2021		-		$	0			107,728,175	$	107,728	$	17,859,481		$	(19,012,522	)	$	(1,045,313	)		-		$	-			107,728,175	$	107,728	$	17,859,481			(19,012,522	)	$	(1,045,313	)

Balance at March 31, 2022																					-		$	-			111,313,175	$	111,313	$	18,039,016		$	(18,821,806	)	$	(671,476	)
Common stock issued to related parties																					-			-			1,052,500		1,052		304,172			-			305,224
Common stock issued for warrant exercise																					-			-			3,700,000		3,700		144,300			-			148,000
Common stock issued for service																					-			-			1,000,000		1,000		59,000			-			60,000
Warrants issued with convertible notes																					-			-			-		-		21,336			-			21,336
Net loss																					-			-			-		-		-			(1,299,876	)		(1,299,876	)

Balance at June 30, 2022																					-			-			117,065,675		117,065		18,567,825			(20,121,682	)		(1,436,792	)
Common stock issued to related parties																											212,629		213		65,703			-			65,916
Common stock issued for warrant exercise																											500,000		500		59,500			-			60,000
Common stock issued for convertible debt																											379,080		379		101,594			-			101,973
Common stock issued for AP																											37,700		38		9,237			-			9,275
Warrants issued with convertible notes																											-		-		157,402			-			157,402

Net loss																											-		-		-			(145,714	)		(145,714	)

Balance at September 30, 2022																					-		$	-			118,195,084	$	118,195	$	19,961,261		$	(20,267,396	)	$	(1,187,940	)

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

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NASCENT BIOTECH, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Six Months Ended September 30,						Six Months Ended September 30,
	2021			2020			2022			2021

Cash flows from operating activities:
Net loss	$	(661,106	)	$	(622,265	)	$	(1,445,590	)	$	(661,106	)
Adjustments to reconcile net loss to net cash used in operating activities:
Adjustments to reconcile net loss to net cash
used in operating activities:
Stock based compensation – related parties		59,716			354,309			371,140			59,716
Stock-based compensation		5,250			0			60,000			5,250
(Gain) loss in fair value of derivative liability		(315,883	)		(640,030	)		(375,656	)		(315,883	)
Debt discount expense		201,665			122,435
Debt discount amortization								335,226			201,665
Loss on notes								286,265			-
Changes in operating assets and liabilities:
Accounts receivable		750,000			0			-			750,000
Accounts payable and accrued expenses		(37,267	)		(112,375	)		(804	)		(37,267	)
Deferred revenue		250,000			0			-			250,000
Prepaid		(3,038	)		0			(8,083	)		(3,038	)
Due to related parties		(27,885	)		274,265			-			(27,885	)
Net cash provided by (used in) operating activities	$	221,452			(594,020	)		(777,502	)		221,452

Cash flows from financing activities:
Proceeds from the sale of preferred shares for cash		0			640,000
Repayment of convertible notes								(275,000	)		(320,000	)
Proceeds from warrant exercise								208,000			-
Proceeds from convertible notes		200,000			0			1,932,000			200,000
Repayment of convertible notes		(320,500	)		0
Proceeds from notes payable		0			50,000
Net cash provided (used) by financing activities		(120,500	)		690,000			1,865,000			(120,500	)

Net increase (decrease) in cash		100,952			95,960			1,087,498			100,952
Cash -beginning of year		1,435			3,218			94,414			1,435
Cash -end of period	$	102,386		$	99,198		$	1,181,912		$	102,386

SUPPLEMENT DISCLOSURES:
Interest paid	$	20,055		$	0		$	11,135		$	20,055
Income taxes paid	$	0		$	0		$	-		$	-

Non Cash Transactions
Common stock issued for conversion of preferred shares	$	1,968		$	13,011		$	-		$	1,968
Common stock issued for convertible debt							$	101,972		$	-
Common stock issued for accrued expenses- related party	$	23,332		$	1,387,872		$	-		$	23,332
Common stock issued for accounts payable	$	0		$	11,300
Common stock issued for convertible debt	$	0		$	150,000
Common stock issued for notes payable	$	0		$	100,000
Initial discount from derivatives							$	178,739		$	-
Common stock issued for AP							$	9,275		$	-

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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NASCENT BIOTECH, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 1 – ORGANIZATION AND NATURE OF OPERATIONS

Nascent Biotech, Inc. (“Nascent” or the “Company”) was incorporated on March 3, 2014 under the laws of the State of Nevada. The Company is actively developing Pritumumab for the treatment of brain cancer and pancreatic cancer. Nascent is also actively researching other cancers that have a high probability of benefiting from the therapeutic effects of Pritumumab because they share a common target. Pritumumab has shown to be very effective at low doses in previous clinical studies in Japan. Nascent is a ~~Phase~~phase 1 clinical ~~stage~~trial biopharmaceutical company that focuses on biologic drug candidates that are ~~being~~preparing for initial clinical ~~tested~~testing for the treatment of brain and pancreatic cancer.

On March 31, 2017, the Company filed its IND submission with the United States Food and Drug Administration (FDA) for clearance to begin Phase I clinical trials. On December 7, 2018, the Company received a letter from the FDA allowing it to use a specific lot of drug substance to begin phase 1 clinical ~~trial.~~trials. On March 15, 2021, the Company opened phase1 clinical trials. ~~The trial is a dose escalation trial to determine toxicity levels~~As of October 16, 2022 the Company had completed cohort 4 of the ~~drug with patients. As~~phase 1 clinical trials and is enrolling patients in cohort 5. Upon conclusion of ~~September 30, 2021,~~cohort 5 the ~~trials are on~~company will file the ~~second cohort of patients~~data with the ~~dose escalation of 4.8mg/kg.~~FDA for approval to commence phase 2 clinical trials.

NOTE ~~2 –~~2- BASIS OF PRESENTATION

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles. The Company has elected a fiscal year ending on March 31.

The accompanying unaudited interim consolidated financial statements of the Company for the three and six months ended September 30, ~~2020~~2022 and 2021 have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information in accordance with Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the year ended March 31, ~~2021.~~2022. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position and the results of operations for the interim periods presented herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for any subsequent quarters or for an entire year.

~~Recent Accounting Pronouncements~~

In February 2016, the FASB issued ASU No. 2016-02, Leases. The main provisions of ASU No. 2016-02 require management to recognize lease assets and lease liabilities for all leases. ASU 2016-02 retains a distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous release’s guidance. The result of retaining a distinction between finance leases and operating leases is that under the lessee accounting model, the effect of leases in the statement of comprehensive income and the statement of cash flows is largely unchanged from previous U.S. GAAP. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements and related disclosures.

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Basis of Presentation

The Company computes net loss per share in accordance with ASC 260, Earnings per Share, which requires presentation of both basic and diluted loss per share (“EPS”) on the face of the statement of operations. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of common shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including stock options and warrants, using the treasury stock method, convertible preferred stock, and convertible debt, using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all potentially dilutive common shares if their effect is antidilutive.

We have identified the conversion features of certain of our convertible notes payable as derivatives. We estimate the fair value of the derivatives using the ~~American Option Binomial Lattice~~Black-Scholes pricing model. We estimate the fair value of the derivative liabilities at the inception of the financial instruments, at the date of conversions to equity and at each reporting date, recording a derivative liability, debt discount, and a gain or loss on change in derivative liabilities as applicable. These estimates are based on multiple inputs, including the market price of our stock, interest rates, our stock price volatility and variable conversion prices based on market prices as defined in the respective agreements. These inputs are subject to significant changes from period to period and to management's judgment; therefore, the estimated fair value of the derivative liabilities will fluctuate from period to period, and the fluctuation may be material.

~~Reclassification~~

~~Certain prior period amounts were reclassified to conform to the manner of presentation in the current period. These reclassifications had no effect on the net loss or stockholders deficit.~~

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Revenue ~~Recognition~~recognition

In April 2016, the FASB issued ASU 2016–10 Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. The amendments in this Update do not change the core principle of the guidance in Topic 606. Rather, the amendments in this Update clarify the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. Topic 606 includes implementation guidance on (a) contracts with customers to transfer goods and services in exchange for consideration and (b) determining whether an entity’s promise to grant a license provides a customer with either a right to use the entity’s intellectual property (which is satisfied at a point in time) or a right to access the entity’s intellectual property (which is satisfied over time). The amendments are intended to render more detailed implementation guidance with the expectation to reduce the degree of judgement necessary to comply with Topic 606.

ASC Topic 606 prescribes a new five-step model entities should follow in order to recognize revenue in accordance with the core principle. These five steps are:

	1.	Identify the contract(s) with a customer.

	2.	Identify the performance obligations in the contract.

	3.	Determine the transaction price.

	4.	Allocate the transaction price to the performance obligations in the contract.

	5.	Recognize revenue when (or as) the entity satisfied the performance obligations.

The Company implemented the transition using the modified retrospective method of transition. The funds are not earned on milestones that have not been reached per the contract. Based on the cut off treatment of the recognition of revenue per the milestones specific to the license agreements, the Company has determined that there are no adjustments in the value of the revenue recognized from these contracts.

The Company has one revenue stream, which isare the milestone payments of the license agreement with BioRay Pharmaceutical which is not earned or billed until the milestone per the agreement is met. During the six months period ended September 30, 2022, no revenue was received.

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Accounts ~~Receivable~~receivable

Accounts receivables are carried at face value less any provisions for uncollectible amounts. Accounts receivable are receivables from a license agreement. No allowance for bad debt was considered necessary for the three and six months ended September 30, 2022 and 2021, ~~and 2020,~~ respectively. As of September 30, 2022, the Company did not have any accounts receivable.

Fair Value of Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents, accounts payable and accrued expenses and shareholder loans. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.

Financial assets and liabilities recorded at fair value in our condensed consolidated balance sheets are categorized based upon a fair value hierarchy established by GAAP, which prioritizes the inputs used to measure fair value into the following levels:

Level ~~1 –~~1– Quoted market prices in active markets for identical assets or liabilities at the measurement date.

Level ~~2 –~~2– Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable and can be corroborated by observable market data.

Level ~~3 –~~3– Inputs reflecting management’s best estimates and assumptions of what market participants would use in pricing assets or liabilities at the measurement date. The inputs are unobservable in the market and significant to the valuation of the instruments.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Table of Contents

The following table summarizes the change in the fair value of the derivative liabilities during the six months ended September 30, 2022:

Level 1

Level 2

Level 3

Fair value of derivative liability as of March 31, 2022

$ -

$ -

$ -

Additions at fair value

-

-

1,706,612

Change in fair value of the derivative

-

-

(375,656 )
Balance at September 30, 2022

$ -

$ -

$ 1,330,956

NOTE 3 –- GOING CONCERN

The Company’s consolidated financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has a working capital deficit and has incurred losses from operations. The Company has ~~received limited~~no revenue ~~through the sale of a license agreement~~ to cover its operating costs and the Company will incur additional expenses in the future developing their product. These factors raise substantial doubt about the company’s ability to continue as a going concern. The Company engages in research and development activities that must be satisfied in cash secured through outside funding. The Company may offer noncash consideration and seek equity lines as a means of financing its operations. If the Company is unable to obtain revenue producing contracts or financing or if the revenue or financing it does obtain is insufficient to cover any operating losses it may incur, it may substantially curtail or terminate its operations or seek other business opportunities through strategic alliances, acquisitions or other arrangements that may dilute the interests of existing stockholders. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

NOTE 4 – RELATED PARTY TRANSACTIONS

On September 1, 2015, the Company entered five-year employment contracts with three of its officers and directors. One of the officers and director resigned as of September 30, 2020. Under the terms of the agreements the Company issued shares of common stock to the officers and directors equaling 11% of the outstanding shares of the Company as of the date of the contracts. As additional future shares are issued, the officers and directors are entitled to additional shares, so their aggregate ownership percentage ~~remains~~initially remained at 11% (undated to 18% as noted below) of the outstanding shares of the Company. The agreements were amended on September 1, 2020, as noted below, and the table reflects the amendment to these agreements. The following table sets forth the shares earned under these contracts for the two active officers as of September 30, ~~2021:~~2022:

9
~~Table of Contents~~
Officer and Director

Initial Share
Awards Under
the Contracts

Additional Shares Earned to
Maintain
Ownership Percentage

Total Shares
Earned

President

1,028,910

7,177,269

8,206,179

Chief Financial Officer

617,346

3,821,223

4,438,569

Total

1,646,256

10,998,492

12,644,748

~~As of September 30, 2021, the Company had $72,000due to officers and directors.~~
Officer and Director

Initial Share
Awards Under
the Contracts

Additional Shares Earned to
Maintain
Ownership Percentage

Total Shares
Earned

President

1,028,910

8,428,269

9,457,179

Chief Financial Officer

617,346

4,446,723

5,064,069

Total

1,646,256

12,874,992

14,521,248

On September 1, 2020, the Company entered five-year compensation agreements with two of its officers and directors. Under the terms of the agreements the Company issued shares of common stock to the two senior officers ~~and directors~~ equaling 18% of the outstanding shares of the Company as additional future shares are issued. The officers ~~and directors~~ are entitled to additional future shares, so their aggregate ownership percentage remains at 18% of the future outstanding shares of the Company.

Officer and Director

Fiscal Year Annualized Compensation
Being Paid

Fiscal Year Annualized Compensation Being Paid

President

$ 250,000

$ 250,000

Chief Financial Officer

$ 180,000

$ 180,000

Total

$ 430,000

$ 430,000

During the six months ended September 30, ~~2020, four~~2022, two officers and ~~directors~~a director were issued ~~2,925,115~~1,265,129 shares of common stock with a value of ~~$247,655~~$371,140 for service.

9
Table of Contents
~~During the six months period ended September 30, 2020, three officers~~
NOTE 5 – EQUITY
Preferred
On April 1, 2021, 54,130 shares of ~~the Company~~preferred stock were converted ~~$1,387,872 of accrued compensation~~ into ~~13,831,101~~1,968,363 shares of common ~~stock of the Company.~~stock. The conversion eliminated all outstanding convertible preferred shares.

~~During the six months ended September 30, 2020, the Company issued 1,352,529 shares of common stock for the conversion of 60,000 shares of preferred stock.~~Common

During the six months ended September 30, 2021, three officers and directors were issued 568,719 shares of common stock with a value of $59,716 for service.

During the six months period ended September 30, 2021, a director of the Company converted $23,332 of accrued compensation into 307,010 shares of common stock of the Company.

During the six months period ended September 30, 2021, the Company issued 50,000 shares of common stock with a value of $5,250 for service.

During the six months period ended September 30, 2021, 54,130 shares of preferred stock were converted into 1,968,363 shares of common stock. The conversion eliminated all outstanding convertible preferred shares.

During the six months ended September 30, 2022, two officers and a director were issued 1,265,129 shares of common stock with a value of $371,140 for service.
During the six months ended September 30, 2022, four entities were issued 3,700,000 shares of common stock with a value of $148,000 for the exercise of 3,700,000 warrants.
During the six months ended September 30, 2022, the Company issued 37,700 shares of common stock with a value of $9,275 for accounts payable.
During the six months ended September 30, 2022, the medical director was issued 1,000,000 shares of common stock with a value of $60,000 for service.
During the six months ended September 30, 2022, the Company issued 500,000 shares of common stock with a value of $60,000 for the exercise of 500,000 warrants.
During the six months period ended September 30, 2022, the Company issued 379,080 shares of common stock with a value of $101,973 for the conversion of $100,000 of convertible notes and $1,973 in interest.
NOTE 6– OPTIONS
As of September 30, 2022, there was no option expenses recognized by the Company as the balance of unrecognized option expense was zero.
The following sets forth the options granted and outstanding during the six months ended September 30, 2022:

Options

Weighted
Average
Exercise
Price

Weighted
Average
Remaining
Contract
Life

Number of
Options
Exercisable

Intrinsic
Value

Outstanding at March 31, 2022

930,000

$ 0.34

3.80

930,000

$ -

Granted

-

-

-

-

Exercised

-

-

-

-

-

Outstanding at September 30, 2022

930,000

$ 0.34

3.30

930,000

$ -

The weighted average remaining life and intrinsic value of the options as of September 30, 2022, was 3.30 years and zero, respectively.

10
Table of Contents

NOTE ~~5 – EQUITY~~
~~Preferred~~
On July 25, 2019, the Company issued 110,000 shares of series A convertible preferred to one entity with a value of $110,000 for cash. Each share of series A preferred is convertible after 180 days to four shares of common stock or at the lowest of: (i) the fixed conversion price; (ii) the equitant of 70% of the lowest closing price for the 20 days prior to the conversion of the preferred shares plus 7% per annum interest.
During the six months period ended September 30, 2020, the Company issued 740,000 shares of Series A preferred stock and 3,700,000 warrants: 640,000 for $640,000 in cash and $100,000 for debt. The stock is convertible into common stock at 10 cents per share or 50% of the lowest trading price, whichever is lower 5 days prior to conversion. The Company has the right to convert the shares nine months after the issuance. The warrants are convertible at $0.15 per share within two years of issuance. In addition, the Company agreed to filing an S-1 for the common stock to be converted and the underlying common shares for the warrants.
~~During the six months ended September 30, 2020, the Company issued 1,352,529 shares of common stock for the conversion of 60,000 shares of preferred stock.~~
~~On April 1, 2021, 54,130 shares of preferred stock were converted into 1,968,363 shares of common stock. The conversion eliminated all outstanding convertible preferred shares.~~
~~Common~~
~~During the six months ended September 30, 2020, the Company issued 98,715 shares of common stock with a value of $10,875 for settlement of accounts payable.~~
~~During the Six months ended September 30, 2020, the Company issued 1,405,572 shares of common stock with a value of $136,245 for service.~~
~~During the six months ended September 30, 2020, the Company issued 1,352,529 shares of common stock for the conversion of 60,000 shares of preferred stock.~~
~~During the six months ended September 30, 2020, three officers and a director were issued 2,925,115 shares of common stock with a value of $247,655 for service.~~
~~During the six months ended September 30, 2020, the Company issued 2,677,397 shares of common stock for the conversion of $150,000 of convertible debt.~~
~~During the six months period ended September 30, 2020, three officers of the Company converted $1,387,872 of accrued compensation into 13,831,101 shares of common stock of the Company.~~
~~During the six0months ended September 30, 2021, three officers and directors were issued 568,719 shares of common stock with a value of $59,716 for service.~~
~~During the six months period ended September 30, 2021, a director of the Company converted $23,332 of accrued compensation into 307,010 shares of common stock of the Company.~~
~~During the six months ended September 30, 2021, the Company issued 50,000 shares of common stock with a value of $5,250 for service.~~
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~~Table of Contents~~
~~NOTE 6 – OPTIONS~~
As of September 30, 2021, there was no option expenses recognized by the Company and the balance of unrecognized option expense was zero. In addition 475,000 options expired for the resignation of an officer and director plus the termination of consultants holding options that were not converted in the required time period after termination.
~~The following sets forth the options granted and outstanding during the six months ended September 30, 2021:~~

Weighted
Average

Weighted
Average
Remaining

Number of

Options

Exercise
Price

Contract
Life

Options
Exercisable

Intrinsic
Value

Outstanding at March 31, 2021

1,405,000

$ 0.34

4.80

1,405,000

$ 0

Granted

-

--

0

-

0

Exercised

Expired

(475,000 )

--

0

(475,000 )

0

Outstanding at September 30, 2021

930,000

$ 0.379

4.30

930,000

$ 0

~~The weighted average remaining life and intrinsic value of the options as of September 30, 2021, was 4.30 years and zero, respectively.~~
~~NOTE~~ 7 – WARRANTS

During the year ended March 31, 2021 the Company ~~granted~~issued 3,700,000 warrants ~~to four entities as part of the issuance of 740,000 Series A convertible preferred shares. The warrants expire in two years from grant date~~ and are convertible into common stock at $0.15 per share. The warrants contain an anti-dilution clause which become effective if any instrument is issued after the warrant issuance is converted into common stock at a price lower than the warrant conversion price.
~~The Company~~ used the Black Scholes Pricing model to estimate the fair value of the warrants as of grant date, using the following key inputs: market prices of the Company’s common stock at dates of grant between $0.08-0.11 per share, conversion price of $0.15, volatility of 312.5%-314.49% and discount rate of 0.14-0.16%. Based on the fair value of the common stock of $437,000 and value of the warrants of $349,605 the fair value of the warrants was calculated to be 41% of the total value or $303,000. During the year ended March 31, 2021 the valuation resulted in a deemed dividend from the down round calculation of $555,000. As of September 30, 2022 3,700,000 warrants were converted into 3,700,000 shares of common stock for cash at a value for $148,000.
On April 7, 2022,the Company issued 500,000 warrants as part of a convertible note issued the same date. The Company used the Black Scholes Pricing model to estimate the fair value of the warrants as of grant date using the following key inputs; market prices of the Company’s stock at date of grant of $0.08 per share, conversion price of $0.12 per share, volatility of 132% and discount of 1.78%. The fair value of the warrants were calculated to be $ 26,000 and was used to allocate the proceeds to the two elements based on the relative fair value of the debt instruments without the warrants and of the warrants at the time of issuance. The portion of the proceeds so allocated to the warrants of $21,336 is accounted for as paid in capital. As of September 30, 2022 the 500,000 warrants were converted into 500,000 shares of common stock.
On August 31, 2022 the Company issued 750,000 warrants as part of a convertible note issued the same date. The Company used the Black Scholes Pricing model to estimate the fair value of the warrants as of grant date using the following key inputs; market prices of the Company’s stock at date of grant of $0.41 per share, conversion price of $0.60 per share, volatility of 137% and discount of 3.50%. The fair value of the warrants were calculated to be $ 188,760 and was used to allocate the proceeds to the two elements based on the relative fair value of the debt instruments without the warrants and of the warrants at the time of issuance. The portion of the proceeds so allocated to the warrants of $9,902 is accounted for as paid in capital.
On September 2, 2022 the Company issued 250,000 warrants as part of a convertible note issued the same date. The Company used the Black Scholes Pricing model to estimate the fair value of the warrants as of grant date using the following key inputs; market prices of the Company’s stock at date of grant of $0.345 per share, conversion price of $0.60 per share, volatility of 137% and discount of 3.47%. The fair value of the warrants were calculated to be $50,273 and was used to allocate the proceeds to the two elements based on the relative fair value of the debt instruments without the warrants and of the warrants at the time of issuance. The portion of the proceeds so allocated to the warrants of $2,484 is accounted for as paid in capital.

The weighted average remaining life and intrinsic value of the warrants as of September 30, ~~2021,~~2022 was:

Warrants

Weighted
Average
Exercise
Price

Weighted
Average
Remaining
Contract Life

Intrinsic
Value

Warrants

Weighted
Average
Exercise
Price

Weighted
Average
Remaining
Contract Life

Intrinsic
Value

Outstanding at March 31, 2020

-

$ 0.00

0.00

$ 0

Granted

3,700,000

0.15

2.00

Exercised

-

0

--

0

Expired

-

0

--

0

Outstanding at March 31, 2021

3,700,000

$ 0.04

1.35

$ 0

3,700,000

$ 0.15

2.00

$ -

Granted

-

0

--

0

-

-

-

-

Exercised

-

0

--

0

-

-

-

-

Expired

-

0

--

0

-

-

-

-

Outstanding as of September 30, 2021

3,700,000

$ 0.04

0.85

$ 0

Outstanding at March 31, 2022

3,700,000

$ 0.15

1.35

$ -

Granted

1,500,000

0.44

1.85

-

Exercised

(4,200,000 )

-

-

-

Expired

-

-

-

-

Outstanding as of September 30, 2022

1,000,000

$ 0.60

1.96

$ -

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Table of Contents

NOTE 8 –- CONVERTIBLE DEBT
On May 7, 2020, the Company issued an 8% $50,000 one year convertible note. The note is convertible into common stock at the lesser of $0.20 per share or 80% of the lowest closing bid five days prior to conversion.
~~On July 7, 2020, $50,000 of the one-year convertible note payable was converted into 50,000 shares of series A preferred shares.~~

On October 28, 2020, the Company issued a ~~$138,000convertible~~$138,000 convertible note with an OID of $10,000. The note ~~matures~~matured on October 28,2021 ~~and bears~~with interest at 10% per annum. After 180 days the note ~~may be converted~~was convertible into common stock of the Company at $0.04 per share or a 30% discount to the VWAP during the 20 days prior to conversion. The initial derivative was calculated using risk free interest of .18%, volatility of 212% and expected life of .50 years. On April 20, 2021 note was paid with the principal of $138,000, accrued interest of $6,805 and financing costs of $41,400.

On November 11, 2020, the Company issued a $82,500 convertible note with an OID of $7,500. The note ~~matures~~matured on October ~~28,2021~~28, 2021 with a fixed interest of 10%. After 180 days the note ~~may be converted~~was convertible into common stock of the Company at a 35% discount to the lowest trading price during the 20 days prior to conversion. On April 22, 2021, the note was paid consisting of principal of $82,500, accrued interest of $8,250 and finance costs of $24,750.

On February 16, 2021, the Company issued a $100,000 convertible note with an OID of $5,000. The note ~~matures~~matured on February 16, 2022, ~~and bears~~with fixed interest of 10%. After 180 days the note ~~may be converted~~was convertible into common stock of the Company at a 30% discount to the lowest trading price during the 15 days prior to conversion. The initial derivative was calculated using risk free interest of .18%, volatility of 213% and expected life of 1.00 years. On August 16, 2021, the note was paid consisting of principal of $100,000, accrued interest of $5,000 and financing costs ~~off~~of $35,000.

On August 10, 2021, the Company issued a $200,000 convertible note. The note ~~matures~~matured on February 10, 2022, ~~and bears~~with fixed interest of 10%. Within 180 days of issuance the note may be repaid at an escalating premium up to 125% of the face value of the note. After 180 days the note ~~may be converted~~was convertible into common stock of the Company at $0.06 per share or a 25% discount to the lowest trading price during the 10 days prior to conversion. The initial derivative was calculated using risk free interest of .05%, volatility of 132% and expected life of 0.50 years. AsOn March 28, 2022, the Note was paid consisting of ~~September 30, 2021~~$200,000 in principal, accrued interest of $9,973 and financing costs of $50,000.
On April 7, 2022, the Company issued a $275,000 convertible note with an OID of $25,000. The note matures on March 29, 2023, bears fixed interest of 8% plus contains a most favored nations statement. Within 180 days of issuance, the note may be repaid at a premium of 115% of the face value of the note and 150% of the unconverted balance of the note after 180 days and prior to maturity. After 180 days the note may be converted into common stock of the Company at $0.075 per share or a 20% discount to the lowest VWAP (Volume- Weighted Average Pricing) price during the 10 days prior to conversion. The initial derivative was calculated using risk free interest of ~~0.05%~~.05%, volatility of ~~111%~~132% and expected life of ~~.35.~~0.50 years. On September 9, 2022 the note was paid with the note principal of $275,000, interest of $9,162 and premium of $42,624 for a total of $326,786.
On August 31, 2022 the Company entered into an agreement with an unrelated third party for convertible debentures totaling $1,500,000. The ~~outstanding balance due~~first $500,000 was paid at closing with the second $500,000 paid on September 20, 2022, upon filing of an S-1 Registration, and the third $500,000 paid on September 27, 2022, upon the S-1 becoming effective. Each debenture matures one year from date of issuance. The interest rate for each debenture is six percent (6%) per annum and the Debenture may be converted at the lesser of $0.30 per share or eighty percent (80%) of the lowest VWAP of the Company’s common stock for ten consecutive trading days immediately prior to the conversion date and carried an original discount of 3% of the debenture face value. The Company also issued a warrant to purchase 750,000 shares of the Company’s common stock for a period of two years, expiring on August 30, 2024, at an exercise price of $0.60 per share. As part of the agreement the Company filed an S-1 registration statement registering the underlying common shares for the debenture conversion and the warrants. During the six months period ended September 30, 2022, the Company issued 379,080 shares of common stock with a value of $101,973 for the conversion of $100,000 of convertible note and $1,973 in interest.
12
Table of Contents
The initial derivatives were calculated for each debenture as follows:
1.
Debenture 1- risk free interest of 3.50%, volatility of 137% and expected life of 1.00 years
2.
Debenture 2- risk free interest of 4.03%, volatility of 140% and expected life of 1.00 years
3.
Debenture 3- risk free interest of 3.98%, volatility of 141% and expected life of 1.00 years
On September 2, 2022 the Company entered into an agreement with an unrelated third party for convertible debentures totaling $500,000. The first $250,000 was paid at closing with the second $250,000 to be paid upon the S-1 becoming effective. Each debenture matures one year from date of issuance. The interest rate for each debenture is six percent (6%) per annum and the Debenture may be converted at the lesser of $0.30 per share or eighty percent (80%) of the lowest VWAP of the Company’s common stock for ten consecutive trading days immediately prior to the conversion date and carried an original discount of 3% of the debenture face value. The Company also issued a warrant to purchase 250,000 shares of the Company’s common stock for a period of two years, expiring on August 30, 2024, at an exercise price of $0.60 per share. As part of the agreement the Company filed an S-1 registration statement registering the underlying common shares for the debenture conversion and the warrants. The initial derivative was calculated using risk free interest of 3.47%, volatility of 137% and expected life of 1 year. As of September 30, ~~2021 was $200,000 principal~~2022 the funds for the second debenture had not been received.
During the six months period ended September 30, 2022, the Company issued 379,080 shares of common stock with a value of $101,973 for the conversion of $100,000 of convertible notes and ~~interest accrued of $2,630.~~$1,973 in interest.

NOTE 9 –- FAIR VALUE MEASUREMENTS AND DERIVATIVE LIABILITIES

As defined in (Financial Accounting Standards Board ASC 820), fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilized the market data of similar entities in its industry or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. FASB ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).

13
~~Table of Contents~~
The three levels of the fair value hierarchy are as follows:

Level – 1
–
Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities, and listed equities.

Level – 2
–
Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date and includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category generally include non-exchange-traded derivatives such as commodity swaps, interest rate swaps, options, and collars.

Level – 3
–
Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value

As September 30, ~~2021,~~2022, the Company believes the amounts reported for cash, payables, accrued liabilities and amounts due to related parties approximate their fair values, due to the nature or duration of these instruments.

13
Table of Contents
The following table represents the change in the fair value of the derivative liabilities during the ~~six months~~quarter ended September 30, ~~2021:~~2022:

Level 1

Level 2

Level 3

Level 1

Level 2

Level 3

Fair value of derivative liability as of March 31, 2021

$ 0

$ 0

$ 302,156

Fair value of derivative liability as of March 31, 2022

$ -

$ -

$ -

Additions at fair value

166,667

-

-

1,706,612

Change in fair value of the derivative

0

0

(315,882 )

-

-

(375,656 )

--

--

Balance at September 30, 2021

$ 0

$ 0

$ 152,941

Balance at September 30, 2022

$ -

$ -

$ 1,330,956

The estimated fair value of the derivative liabilities at September 30, ~~2021~~2022 was calculated using the American Binomial Lattice pricing model with the following assumptions:

Risk-free interest rate

~~.05~~4.05 %
Expected life in years

~~0.35~~
.92-.99

Dividend yield

0 %
Expected volatility

128.00-130.00
~~111.00~~
%
14
~~Table of Contents~~

NOTE 10 ~~– COMMITMENTS~~–COMMITMENTS AND CONTINGENCIES

On September 30, 2016, the Company entered a cell line sales agreement with the product manufacturer. Under the terms of the agreement the Company is obligated to make future payments based on the milestones of its achievements. These future payments may be as ~~followed:~~followed;

1.
$100,000 upon the initiation (first dose/first patient) of the first Phase I clinical trial (or equivalent) of a ~~Product.~~Product;

2.
$225,000 upon the initiation (first dose/first patient) of the first Phase III clinical trial (or equivalent) of a ~~Product.~~Product

3.
$~~225,000payable~~225,000 payable upon the first Biologics License Application approval (or equivalent) of a ~~Product.~~product.

4.
Annual maintenance fee upon completion of phase I manufacturing or the transfer of the cell line from Catalent’s control of ~~$50,000.~~$50,000;

5.
A contingent sales fee upon first commercial sale of a product of 1% of sales or $150,000 whichever is greater payable quarterly.

~~On June 29, 2021, the Company paid $25,000 of the outstanding balance.~~ As of September 30, ~~2021, $299,960~~2022, $349,960 was due for the annual maintenance fee and first patient dosage of phase ~~1 plus interest.~~1.

On March 9, 2020, the Board of Directors of the Company ~~adopted~~adapted an expense bonus program. Under the program, if an acquisition, merger or change in control is affected, 10% of the value of the transaction will be allocated to pay the expenses of the transaction including but not limited to legal, accounting, transfer fees and other miscellaneous expense. The balance of the fund after expenses will be allocated 20% to directors and 80% to officers and employees of the Company as allocated by the Chief Executive Officer and approved by the Board of Directors.

NOTE ~~11 –~~11- LICENSE AGREEMENT

On March 31, 2021, the Company issued a license agreement for US $5,000,000 to BioRay Pharmaceutical Co, LTD, licensing Pritumumab internationally with the exclusion of North and Central America and the Caribbean Islands. Under the terms of the agreement the Company receives $250,000 upon signing of the agreement plus $750,000 with the start of the phase 1 clinical trials, which started in March 2021. In addition, the Company ~~will receive~~received $750,000 upon the enrollment of the 12th patient or the dosage level of 8.0 mg/kg, whichever iswas achieved first. Further payment of $2,500,000 will be received when the FDA approves the phase 2 clinical trials and $750,000 when the phase 2 clinical trials begin. Upon commercialization by the Licensee, the Company will receive a 9% royalty on net sales for 20 years. As of September 30, 2022 the Company has received the three initial payments totaling $1,750,000.

NOTE ~~12 –~~12- SUBSEQUENT EVENTS

On ~~October 29, 2021~~November 4, 2022 the Company ~~filed patent application PCT/US2021/057313 Kits~~issued 439,934 shares of common stock to Platinum Point Capital for the conversion of $75,000 of convertible notes.
On November 7, 2022 the Company issued 322,281 shares of common stock to YA II PN, Ltd for the conversion of $50,000 of convertible debt and ~~containers~~$3,369.73 in accrued interest.
On November 8, 2022 the Company issued 604,311 shares of common stock YA II PN, Ltd for ~~treating Vimentin~~the conversion of $100,000 of convertible debt and ~~Expressing Tumors. The application was filed under the PCT international rules as placeholder for applications~~$73.90 in ~~various countries~~accrued interest.

The Company has evaluated subsequent events to determine events occurring after September 30, ~~2021,~~2022 through ~~November 4, 2021~~the date of this filing that would have a material impact on the Company’s financial results or require disclosure and have determined none exist other than those noted above in this footnote.

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ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERTIONS

This report contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. The Company’s actual results could differ materially from those set forth on the forward-looking statements because of the risks set forth in our filings with the Securities and Exchange Commission, general economic conditions, and changes in the assumptions used in making such forward looking statements.

Nascent Biotech, Inc (“Nascent” or the “Company”) was incorporated on March 3, 2014 under the laws of the State of Nevada. The Company is actively developing Pritumumab for the treatment of brain cancer and pancreatic cancer. Nascent is also actively researching other cancers that have a high probability of benefiting from the therapeutic effects of Pritumumab because they share a common target. ~~Pritumumab has shown to be very effective at low doses in previous clinical studies in Japan.~~

Nascent is a phase 1 clinical stage biopharmaceutical company that develops monoclonal antibodies for the treatment of various forms of cancer. The Company focuses on biologic drug candidates that are undergoing or have already completed initial clinical testing for the treatment of cancer and then seek to further develop those drug candidates for commercial use. Nascent currently is developing for the treatment of brain cancer and pancreatic cancer both of which we hold orphan drug status granted by the FDA. Nascent completed Cohort 4 and open cohort 5 on September 16, 2022 of the phase 1 clinical trials. .One patient has been enrolled into Cohort 5 as of this filing. Once completed, the Company will submit to the FDA for approval to begin phase 2 clinical trials.

In addition, Nascent has begun, in collaboration with academic and corporate partners, to assess the potential for pritumumab to be involved as both a treatment and a vaccine for the SARS-CoV-2 ~~virus (responsible for COVID-19).~~virus.

Overview

The Company is focused on developing pritumumab for the treatment of patients with brain cancer malignancies such as gliomas and astrocytomas. Current therapeutic strategies for brain cancer include the use of the chemotherapy, surgical intervention or radiation therapy. Because these treatments have marginal outcomes there exists a need to develop safer, more effective drugs. Temodar-the most commonly used Chemotherapeutic drug used to treat brain cancer, is attributed to only median rates of survival and many brain tumors are eligible for surgery. Moreover, even when removed, most brain tumors come back within ~~one-year~~one year post-operation. Today, with current standards of care, less than 60% of all brain cancer patients will live past the first year after diagnosis, and less than 35% of patients will live to five years. Glioblastoma, a particularly aggressive form of brain cancer that constitutes 42% of ALL brain and other nervous system cancers, has survival rates of 36.5% at 1 year and 5% at 5 years. (SEER Registry Data, September 15^th, 2016 (Central Brain Tumor Registry of the United States).

On March 31, 2017, the Company filed its IND submission with the United States Food and Drug Administration (FDA) for clearance to begin Phase I clinical trials. On December 7, 2018, the Company received a letter from the FDA allowing it to use a specific lot of drug substance to begin phase 1 clinical ~~trial.~~trials. The Company has commenced human clinical trials with a major oncology hospital for brain cancer, both primary and metastatic. ~~The Company has enrolled~~It is now in the ~~second~~final cohort of ~~patients in~~ the ~~dose escalation~~phase 1 clinical trial ~~for determining toxicity of~~and once completed will submit to the ~~drug.~~FDA to begin phase 2 Clinical trials.
~~As of September 30, 2021 the Company has enrolled its initial patient in the second cohort of patients in its dose escalation study.~~
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In May of 2020, Nascent announced a research collaboration to study, both in vitro and in vivo (mouse models), the ability of pritumumab to block the SARS-Cov-2 virus from infecting cells. This notion has been raised by a published article in the scientific literature (Yu et al. Journal of Biomedical Science (2016) 23:14 DOI 10.1186/s12929-016-0234-7), which specifically mentioned cell surface vimentin (the protein to which pritumumab binds selectively) as a potential target in the treatment of conditions related to coronaviruses. These preliminary studies are on-going. Further, in May of 2020, Nascent announced a joint collaboration with Manhattan BioSolutions, Inc ~~(NY, NY)~~ to employ Manhattan’s platform, based on the recombinant Mycobacterium bovis Bacillus Calmette-Guerin (BCG) vaccine, but engineered to target SARS-CoV-2. BCG is a live non-pathogenic bacterium that stimulates diverse innate and adaptive immune responses and is well-known for its long safety track record as a tuberculosis vaccine. Thus, with these collaborations, ~~Nascent is investigating the potential utility of pritumumab as both a treatment for COVID-19 and a preventive vaccine for COVID-19.~~
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Results of Operations

The Company recorded zero of revenue during the three and six month periods ended September 30, ~~2021~~2022 and ~~2020,~~2021, respectively.

~~Operating~~General and administrative expenses for the three and six month periods ended September 30, ~~2021~~2022 was ~~$230,238~~$81,986 and ~~$673,047~~$191,689 compared to ~~$561,003~~$27,461 and ~~$1,112,351 in 2020.~~$239,323 for the period ended September 30, 2021. Consulting expense for the three and six months periods ending September ~~30,2021 was $118,000~~30, 2022 were $213,915 and ~~$280,813~~$637,065 compared to ~~$360,920~~$$118,000 and ~~$720,735~~$280,813 for the same period in ~~2020.~~2021. This ~~decrease~~increase in expenses for the ~~three and~~ six months ended September 30, ~~2021~~2022 over the same period in ~~2020~~2021 was due primarily to ~~an annual license~~increased consulting fee ~~and dosing fees~~ of ~~$150,000 higher consulting costs in 2020 over 2021~~$356,252, a result of the pricing of the shares issued to management for maintaining the ~~same periods.~~percentage of ownership per their agreements.

Research and development expenses for the three and six month periods ended September 30, ~~2021~~2022 was $75,738 and $132,628 compared to $84,777 and $152,911 ~~compared to $89,693 and $223,445~~ in the same ~~periods~~period in ~~2020. This decrease in expenses~~2021. Clinical trials costs were $149,592 and $179,528 for the three and six months ended September 30, ~~2021 over~~2022 with none in the same period in ~~2020 reflected decreased testing required~~2021. Clinical had started in 2021 but no cost was incurred during the ~~filing of the IND with the FDA.~~six months period ended September 30, 2021.

Total other ~~income and~~ income/expense incurred in the three and six month periods ended September 30, ~~2021~~2022 was income of ~~$19,208~~$375,517 and ~~$11,940,~~other expense of $304,680, compared to other income of ~~$142,709~~$19,308 and ~~$490,086~~$11,941 in the same ~~period~~periods in ~~2020.~~2021. Other income/expense in ~~2021~~three and six month periods in 2022 consisted of interest expense of $275,883 and $345,834, discount interest of 246,724 and $329,390 and finance costs of $5,124 and 5,124 offset by a gain on the change of fair value of $903,240 and $375,656. Other income/expenses in the three months and six months period ended September 30, 2021 consisted of income from the change in fair value of $151,300 and $315,882, ~~offset by~~ interest expense of $$2,630 and $6,136, original note discount ~~interest~~expense of $94,466 and $201,665 and ~~finance~~financing costs of ~~$101,150 plus a gain on debt settlement of $5,000 from paying off convertible notes.~~$35,000 and $101,150.

For the three and six month periods ended September 30, ~~2021,~~2022, our net loss was ~~$211,030~~$145,714 and ~~$661,106~~$1,445,590 compared to a net loss of ~~$418,294~~$211,030 and ~~$622,265~~$661,106 for the same periods in ~~2020.~~2021. The difference between the periods relates to higher consulting costs and clinical costs experienced in 2022 plus higher other expenses, during the six months period in 2022 verses 2021. For the three months period the higher other income in 2022 over 2021 ~~compared to other income~~respectively, impacted the net loss in ~~2020 which relates primary to changes in fair value and financing cost and interest discounts.~~2022 over 2021.

Liquidity and Capital Resources

The Company’s liquidity and capital is dependent on the capital it can raise to continue the Company’s testing and clinical trials of its product. The Company projects it must raise approximately ~~$10-15~~$20-25 million to complete its Phase II clinical ~~studies.~~studies for both brain and pancreatic cancer.

There are no agreements or understandings about future loans by or with the officers, directors, principals, affiliates, or shareholders of the Company. The Company will continue to raise outside capital through loans, equity sales and possible licensing agreements. These factors raise substantial doubt about the company’s ability to continue as a going ~~concern~~concern.

At September 30, ~~2021,~~2022, the ~~Company’s~~Company had negative working capital of ~~$1,045,313.~~$1,187,940. Current assets consist of cash of ~~$102,386~~$1,181,912 and prepaid of ~~$3,038~~$19,083 with current liabilities ~~$1,150,737~~$2,388,935 consisting of accounts payable and accrued expenses of ~~$596,675,~~$764,839, convertible notes, net of discount of ~~$79,121, deferred revenue of $250,000~~$293,140, plus derivative liability of ~~$152,941 and due related parties of $72,000.~~$1,330,956.

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Net cash ~~provided by~~used in operating activities in the six months period ended September 30, ~~2021~~2022 was ~~$221,452~~$777,502 compared to net cash ~~used~~provided of ~~$594,020~~$221,452 in the same period in ~~2020.~~2021. The variance between the same periods in 2022 over 2021 ~~and 2020~~ relates mainly ~~accounts receivable collection of $750,000 for~~to a higher loss in the ~~six months~~ period ended September 30, 2022 over the same period in 2021.

Net cash ~~used in~~provided by financing activities for the six months period ended September 30, ~~2021~~2022 was ~~$120,500~~$1,865,000 compared to net cash ~~provided by~~used in financing activities of ~~$690,000~~$120,500 in the same period in ~~2020.~~2021. Cash ~~used was a function of the repayment of three convertible notes totaling $320,500~~provided in the ~~six months~~ period ended September 30, ~~2021~~2022 was due to warrant conversion of $208,000, net proceeds from convertible notes of $1,932,000, offset by ~~proceed from a~~repayment of convertible note of ~~$200,000.~~$275,000 compared to proceeds from convertible note of $200,000 offset by repayment of convertible notes of $320,000 for the same period in 2021.

As of September 30, ~~2021,~~2022, the Company had total assets of ~~$105,424~~$1,200,995 and total liabilities of ~~$1,150,737.~~$2,388,935. Stockholders’ deficit as of September 30, ~~2021~~2022 was ~~$1,045,313.~~$1,187,940. This compares to a stockholders’ deficit of ~~$472,505~~$671,476 as of March 31, ~~2021.~~2022. Liabilities ~~minimal decrease~~increased in ~~2021~~2022 mainly ~~due to~~as a function of the ~~conversion~~issuance of ~~related party accrued compensation into common stock, lower~~convertible notes net of discount of $293,140 and derivative liability ~~offset by deferred revenue~~ of ~~$250,000 and lower account payable verses March 31,~~$1,330,956 compared to zero for both in 2021.

NEED FOR ADDITIONAL FINANCING:

The Company is engaged in research and development activities that must be satisfied in cash secured through outside funding. The Company will offer noncash consideration and seek equity lines as a means of financing its operations. If the Company is unable to obtain revenue producing contracts or financing or if the revenue or financing it does obtain is insufficient to cover any operating losses it may incur, it may substantially curtail or terminate its operations or seek other business opportunities through strategic alliances, acquisitions or other arrangements that may dilute the interests of existing stockholders.
Our current capital ~~needs are estimated to be approximately $10-15 million. This~~ will take us through Phase III clinical trials which is scheduled to ~~begin~~be completed in late 2022 ~~subject to~~and the FDA approval process for Phase 2. It is estimated Phase 2 trials will require an additional $20-25 million for completion of ~~phase 1~~the brain and ~~FDA approval to proceed to phase 2.~~pancreatic cancer trials.

Off-Balance Sheet Arrangements

We had no off-balance sheet arrangements or guarantees of third party obligations at September 30, ~~2021.~~2022

Inflation

We believe that inflation has not had a significant impact on our operations since inception.

ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

Not applicable.

ITEM 4: CONTROLS AND PROCEDURES

Under the supervision and the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation as of ~~September 30, 2021,~~September30, 2022, of the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended. Based on this evaluation, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were not effective as of September 30, ~~2021~~2022. Such conclusion reflects the identification of material weakness as follows: (1) lack of accounting proficiency of our chief executive officer who is our sole officer and our principal accounting officer which has resulted in a reliance on part-time outside consultants to perform substantially all of our accounting functions, (2) a lack of adequate segregation of duties and necessary corporate accounting resources in our financial reporting process and accounting function, and (3) lack of control procedures that include multiple levels of review. Until we can remedy these material weaknesses, we have engaged third party consultants and accounting firm to assist with financial reporting.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the six months ended September 30, ~~2021~~2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

ITEM 1: LEGAL PROCEEDINGS

~~None.~~None

ITEM 1A: RISK FACTORS

There have been no material changes to Nascent Biotech’s risk factors as previously disclosed in our most recent Form 10-K filing.

ITEM 2: UNREGISERED SALES OF EQUITY AND USE OF PROCEEDS.

During the six months ended September 30, ~~2021, three~~2022, two officers and ~~directors~~a director were issued ~~568,719~~1,265,129 shares of common stock with a value of ~~$59,716~~$371,140 for service.
During the six months ended September 30, 2022, four entities were issued 3,700,000 shares of common stock with a value of $148,000 for the exercise of 3,700,000 warrants.
During the six months ended September 30, 2022, the Company issued 37,700 shares of common stock with a value of $9,275 for accounts payable.
During the six months ended September 30, 2022, the medical director was issued 1,000,000 shares of common stock with a value of $60,000 for service.
During the six months ended September 30, 2022, the Company issued 500,000 shares of common stock with a value of $60,000 for the exercise of 500,000 warrants.

During the six months period ended September 30, ~~2021, a director of the Company converted $23,332 of accrued compensation into 307,010 shares of common stock of the Company.~~
~~During the six months period ended September 30, 2021,~~2022, the Company issued ~~50,000~~379,080 shares of common stock with a value of ~~$5,250~~$101,973 for ~~service.~~
~~During~~ the ~~six months period ended September 30, 2021, 54,130 shares~~conversion of ~~preferred stock were converted into 1,968,363 shares~~$100,000 of ~~common stock. The conversion eliminated all outstanding~~ convertible ~~preferred shares.~~notes and $1,973 in interest.

ITEM 3: DEFAULT ON SENIOR SECURITIES

~~None.~~None

ITEM 4: MINE SAFETY INFORMATION

~~None.~~None

ITEM 5: OTHER INFORMATION

None.

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ITEM 6: EXHIBITS

Exhibit No.

Description

31

Certification of Principal Executive Officer and CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32

Certification of Principal Executive Officer and CFO Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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104

Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

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SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

NASCENT BIOTECH, INC.

Dated: November ~~4, 2021~~10, 2022 By: /s/ Sean Carrick

Sean Carrick

Principal Executive Officer

2120

	Level 1		Level 2		Level 3
Fair value of derivative liability as of March 31, 2022	$	-	$	-	$	-
Additions at fair value		-		-		1,706,612
Change in fair value of the derivative		-		-		(375,656	)
Balance at September 30, 2022	$	-	$	-	$	1,330,956

Officer and Director	Initial Share Awards Under the Contracts		Additional Shares Earned to Maintain Ownership Percentage		Total Shares Earned
President		1,028,910		7,177,269		8,206,179
Chief Financial Officer		617,346		3,821,223		4,438,569
Total		1,646,256		10,998,492		12,644,748

Officer and Director	Fiscal Year Annualized Compensation Being Paid		Fiscal Year Annualized Compensation Being Paid
President	$	250,000	$	250,000
Chief Financial Officer	$	180,000	$	180,000
Total	$	430,000	$	430,000

	Options		Weighted Average Exercise Price		Weighted Average Remaining Contract Life		Number of Options Exercisable		Intrinsic Value
Outstanding at March 31, 2022		930,000	$	0.34		3.80		930,000	$	-
Granted				-		-		-		-
Exercised		-		-		-		-		-
Outstanding at September 30, 2022		930,000	$	0.34		3.30		930,000	$	-

				Weighted Average		Weighted Average Remaining		Number of
	Options			Exercise Price		Contract Life		Options Exercisable			Intrinsic Value
Outstanding at March 31, 2021		1,405,000		$	0.34		4.80		1,405,000		$	0
Granted		-			--		0		-			0
Exercised
Expired		(475,000	)		--		0		(475,000	)		0
Outstanding at September 30, 2021		930,000		$	0.379		4.30		930,000		$	0

	Warrants		Weighted Average Exercise Price		Weighted Average Remaining Contract Life		Intrinsic Value		Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contract Life		Intrinsic Value
Outstanding at March 31, 2020		-	$	0.00		0.00	$	0
Granted		3,700,000		0.15		2.00
Exercised		-		0		--		0
Expired		-		0		--		0
Outstanding at March 31, 2021		3,700,000	$	0.04		1.35	$	0		3,700,000		$	0.15		2.00	$	-
Granted		-		0		--		0		-			-		-		-
Exercised		-		0		--		0		-			-		-		-
Expired		-		0		--		0		-			-		-		-
Outstanding as of September 30, 2021		3,700,000	$	0.04		0.85	$	0
Outstanding at March 31, 2022										3,700,000		$	0.15		1.35	$	-
Granted										1,500,000			0.44		1.85		-
Exercised										(4,200,000	)		-		-		-
Expired										-			-		-		-
Outstanding as of September 30, 2022										1,000,000		$	0.60		1.96	$	-

	1.	Debenture 1- risk free interest of 3.50%, volatility of 137% and expected life of 1.00 years
	2.	Debenture 2- risk free interest of 4.03%, volatility of 140% and expected life of 1.00 years
	3.	Debenture 3- risk free interest of 3.98%, volatility of 141% and expected life of 1.00 years

Level – 1	–	Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities, and listed equities.

Level – 2	–	Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date and includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category generally include non-exchange-traded derivatives such as commodity swaps, interest rate swaps, options, and collars.

Level – 3	–	Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value

Risk-free interest rate		~~.05~~4.05	%
Expected life in years		~~0.35~~ .92-.99
Dividend yield		0	%
Expected volatility	128.00-130.00		~~111.00~~	%

	1.	$100,000 upon the initiation (first dose/first patient) of the first Phase I clinical trial (or equivalent) of a ~~Product.~~Product;
	2.	$225,000 upon the initiation (first dose/first patient) of the first Phase III clinical trial (or equivalent) of a ~~Product.~~Product
	3.	$~~225,000payable~~225,000 payable upon the first Biologics License Application approval (or equivalent) of a ~~Product.~~product.
	4.	Annual maintenance fee upon completion of phase I manufacturing or the transfer of the cell line from Catalent’s control of ~~$50,000.~~$50,000;
	5.	A contingent sales fee upon first commercial sale of a product of 1% of sales or $150,000 whichever is greater payable quarterly.

Exhibit No.		Description

31		Certification of Principal Executive Officer and CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32		Certification of Principal Executive Officer and CFO Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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104		Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

	NASCENT BIOTECH, INC.

Dated: November ~~4, 2021~~10, 2022	By:	/s/ Sean Carrick
		Sean Carrick
		Principal Executive Officer