Nordicus Partners (NORDD) 10-K 22 Sep 21 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Sep. 22, 2021	Sep. 30, 2020
Cover [Abstract]
Entity Registrant Name	EKIMAS Corp
Entity Central Index Key	0001011060
Document Type	10-K
Document Period End Date	Mar. 31, 2021
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Entity Public Float			$ 425
Entity Common Stock, Shares Outstanding		28,262,371
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Current assets:
Cash	$ 128	$ 5,538
Accounts receivable		63
Prepaid expenses and other current assets		8
Total current assets	128	5,609
Total assets	128	5,609
Current liabilities:
Accounts payable and accrued expenses	46	45
Customer advance		69
Total current liabilities	46	114
Total liabilities	46	114
Commitments and contingencies (See Note 8)
Stockholders' equity:
Preferred stock; $.001 par value; 5,000,000 shares authorized; no shares issued and outstanding as of March 31, 2021 and 2020
Common stock; $.001 par value; 50,000,000 shares authorized; 28,339,063 shares issued; and 28,262,371 shares outstanding as of March 31, 2021 and 2020	28	28
Additional paid-in capital	33,522	38,609
Accumulated deficit	(33,438)	(33,112)
Treasury stock, 76,692 shares at cost as of March 31, 2021 and 2020	(30)	(30)
Total stockholders' equity	82	5,495
Total liabilities and stockholders' equity	$ 128	$ 5,609

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Mar. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	28,339,063	28,339,063
Common stock, shares outstanding	28,262,371	28,262,371
Treasury stock shares	76,692	76,692

Statements of Operations

Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Operating expenses	$ 326	$ 246
Loss from continuing operations before provision for income taxes	(326)	(246)
Provision for income taxes
Loss from continuing operations	(326)	(246)
Discontinued operations:
Loss from discontinued operation before gain on sale of assets		(10)
Gain on sale of assets		5,708
Income from discontinued operations		5,698
Net income (loss)	$ (326)	$ 5,452
Income (loss) per common share - basic:
Continuing operations	$ (0.01)	$ (0.01)
Discontinued operations	0	0.24
Net income (loss) per share - basic	(0.01)	0.23
Income (loss) per common share - diluted:
Continuing operations	(0.01)	(0.01)
Discontinued operations	0	0.24
Net income (loss) per share - diluted	$ (0.01)	$ 0.23
Shares used in computing net income (loss) per common share:
Basic	28,262,000	23,679,000
Diluted	28,262,000	23,679,000

Statements of Stockholders' Equ

Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Common Stock Outstanding [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Treasury Stock [Member]	Total
Balance at Mar. 31, 2019	$ 21	$ 38,427	$ (38,564)	$ (30)	$ (146)
Balance, shares at Mar. 31, 2019	21,491
Common stock issued on exercise of stock options	$ 6	159			165
Common stock issued on exercise of stock options, shares	5,941
Common stock on exercise of warrants	$ 1	23			24
Common stock on exercise of warrants, shares	830
Net income (loss)			5,452		5,452
Balance at Mar. 31, 2020	$ 28	38,609	(33,112)	(30)	5,495
Balance, shares at Mar. 31, 2020	28,262
Cash distribution to stockholders		(5,087)			(5,087)
Net income (loss)			(326)		(326)
Balance at Mar. 31, 2021	$ 28	$ 33,522	$ (33,438)	$ (30)	$ 82
Balance, shares at Mar. 31, 2021	28,262

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Loss from continuing operations	$ (326)	$ (246)
Income from discontinued operations		5,698
Changes in assets and liabilities:
Accounts receivable	63	605
Prepaid expenses and other current assets	8	(5)
Accounts payable and accrued expenses	1	(764)
Customer advance	(69)	45
Net cash flows provided by (used in) operating activities	(323)	5,333
Cash flows from investing activities:
Sale of assets		2,091
Sale-leaseback financing obligation		(2,154)
Decrease in other assets		47
Net cash flows (used in) provided by investing activities		(16)
Cash flows from financing activities:
Cash distribution to stockholders	(5,087)
Issuance of common stock		189
Repayment of related party notes payable		(140)
Net cash flows provided by (used in) financing activities	(5,087)	49
Net change in cash	(5,410)	5,366
Cash at beginning of year	5,538	172
Cash at end of year	128	5,538
Supplemental disclosure of cash flow information:
Income taxes paid	15
Interest paid		$ 393

Business Description

Business Description	12 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Business Description	1. Business Description On January 31, 2020 (the “Closing Date”), we completed the sale of substantially all of our assets (the “Asset Sale”) for a total purchase price of $7,250,000 pursuant to an Asset Purchase Agreement entered into between us and Mitsubishi Chemical Performance Polymers, Inc., a Delaware corporation (“MCPP”). Prior to the Closing Date, we developed and manufactured advanced polymer materials which provide critical characteristics in the design and development of medical devices. Our biomaterials were marketed and sold to medical device manufacturers who used our advanced polymers in devices designed for treating a broad range of anatomical sites and disease states. As a result of the Asset Sale, we ceased operating as a developer, manufacturer, marketer and seller of advanced polymers. Subsequent to the Closing Date, we became engaged in efforts to identify an operating company to acquire or merge with through an equity-based exchange transaction that would likely result in a change in control. As our efforts in engaging with an operating company subsequent to the Closing Date has not yet been successful, our activities are subject to significant risks and uncertainties, including the need to raise additional capital if we are unable to identify an operating company desiring to acquire or merge with us and consummate a merger transaction. Prior to the Closing Date, our corporate, development and manufacturing operations were located in a leased facility in Wilmington, Massachusetts. As of March 31, 2021 we did not own or lease any property and maintain a corporate address at 95 Washington Street, Canton Massachusetts. Fiscal Year Our fiscal year ends on March 31. References herein to fiscal 2021 and/or fiscal 2020 refer to the fiscal years ended March 31, 2021 and/or 2020, respectively.

Liquidity and Going Concern

Liquidity and Going Concern	12 Months Ended
	Mar. 31, 2021
Liquidity And Going Concern
Liquidity and Going Concern	2. Liquidity and Going Concern Our financial statements have been presented on the basis that we are a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. As of January 31, 2020, we recorded our normal business operations as discontinued operations as a result of the previously described Asset Sale. Our Board of Directors declared a cash distribution of approximately $5,087,000 of the net proceeds from the Asset Sale to our shareholders, after making adjustments for (i) collection of accounts receivable retained as of January 31, 2020, (ii) payment of accounts payable assumed as of January 31, 2020; and (iii) retention of a reasonable amount of cash for anticipated future obligations and ongoing operations to maintain our status as a public registrant and identification and consummation of any possible merger or business combination as further described herein. For the year ended March 31, 2021, we reported net loss of approximately $326,000. For the fiscal year ended March 31, 2021, our cash flows used in operation was approximately $323,000. Management is seeking to identify an operating company for the purpose of effecting a merger or business combination, or to acquire assets or shares of an entity actively engaged in a business that generates sustained revenues. We do not intend to restrict our consideration to any particular business or industry segment. Because we have limited resources, the scope and number of suitable candidates to merge with is relatively limited. Because we may participate in a business opportunity with a newly formed firm, a firm that is in the development stage, or a firm that is entering a new phase of growth, we may incur further risk due to the inability of the target’s management to have proven its abilities or effectiveness, or the lack of an established market for the target’s products or services, or the inability to reach profitability in the next few years. Any business combination or transaction will likely result in a significant issuance of shares and substantial dilution to our present stockholders. It is expected that if a transaction is consummated, although no such transaction is assured, then the closing of such a transaction will result in a change in control and such transaction would be expected to be accounted for as a reverse merger, with the operating company being considered the legal acquiree and accounting acquirer, and we would be considered the legal acquirer and the accounting acquiree. As a result, at and subsequent to closing of any such transaction, the financial statements of the operating company would become our financial statements for all periods presented. Although we have investigated certain opportunities to determine whether they would have the potential to add value to us for the benefit of our stockholders, we have not yet entered into any binding arrangements and there can be no assurance that we will ever identify an opportunity that could result in the consummation of merger or other business combination. As a result of the limited retained funds and uncertainty in consummating a possible merger or business combination, we expect our funds will not be sufficient to meet our needs for more than twelve months from the date of issuance of these financial statements. Accordingly, management believes there is substantial doubt about our ability to continue as a going concern.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	3. Summary of Significant Accounting Policies Accounting Principles The financial statements and accompanying notes are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Use of Accounting Estimates The preparation of financial statements in conformity with U.S. GAAP (“GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash Cash includes cash on hand, is deposited at one area bank and may exceed federally insured limits at times. Loss Per Share Basic loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted loss per common share are based upon the weighted-average common shares outstanding during the period plus additional weighted-average common equivalent shares outstanding during the period. Common equivalent shares result from the assumed exercise of outstanding stock options and warrants, the proceeds of which are then assumed to have been used to repurchase outstanding common stock using the treasury stock method. In addition, the numerator is adjusted for any changes in loss that would result from the assumed conversion of potential shares. There were no potentially dilutive shares for the fiscal years ended March 31, 2021 and 2020. Accounts Receivable We perform various analyses to evaluate accounts receivable balances and record an allowance for bad debts based on the estimated collectability of the accounts such that the amounts reflect estimated net realizable value. Account balances are charged off against the allowance after significant collection efforts have been made and potential for recovery is not considered probable. As of March 31, 2021 and 2020 we did not require an allowance for doubtful accounts. Income Taxes The provision for income taxes includes federal, state, local and foreign taxes. Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences of temporary differences between the financial statement carrying amounts and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which the temporary differences are expected to be recovered or settled. We evaluate the realizability of our deferred tax assets and establish a valuation allowance when it is more likely than not that all or a portion of deferred tax assets will not be realized. We account for uncertain tax positions using a “more-likely-than-not” threshold for recognizing and resolving uncertain tax positions. The evaluation of uncertain tax positions is based on factors including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. We evaluate this tax position on a quarterly basis. We also accrue for potential interest and penalties, if applicable, related to unrecognized tax benefits in income tax expense. (See Note 6). Stock-Based Compensation Stock-based compensation is measured at the grant date based on the estimated fair value of the award and is recognized as an expense over the requisite service period. The valuation of employee stock options is an inherently subjective process, since market values are generally not available for long-term, non-transferable employee stock options. Accordingly, the Black-Scholes option pricing model is utilized to derive an estimated fair value. The Black-Scholes pricing model requires the consideration of the following six variables for purposes of estimating fair value: ● the stock option exercise price; ● the expected term of the option; ● the grant date price of our common stock, which is issuable upon exercise of the option; ● the expected volatility of our common stock; ● the expected dividends on our common stock (we do not anticipate paying dividends in the foreseeable future); and ● the risk free interest rate for the expected option term. Expected Dividends. Expected Volatility. Risk-Free Interest Rate. Expected Term. Stock Option Exercise Price and Grant Date Price of Common Stock. We are required to estimate the level of award forfeitures expected to occur and record compensation expense only for those awards that are ultimately expected to vest. This requirement applies to all awards that are not yet vested. Due to the limited number of unvested options outstanding, the majority of which are held by executives and members of our Board of Directors, we have estimated a zero forfeiture rate. We will revisit this assumption periodically and as changes in the composition of the option pool dictate. Fair Value of Financial Instruments We follow Accounting Standards Codification 820-10 (“ASC 820-10”), “Fair Value Measurements and Disclosures,” The hierarchy established under ASC 820-10 gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820-10 are described below: Level 1 - Pricing inputs are quoted prices available in active markets for identical investments as of the reporting date. As required by ASC 820-10, we do not adjust the quoted price for these investments, even in situations where we hold a large position and a sale could reasonably impact the quoted price. Level 2 - Pricing inputs are quoted prices for similar investments, or inputs that are observable, either directly or indirectly, for substantially the full term through corroboration with observable market data. Level 2 includes investments valued at quoted prices adjusted for legal or contractual restrictions specific to these investments. Level 3 - Pricing inputs are unobservable for the investment, that is, inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Level 3 includes investments that are supported by little or no market activity. Recent Accounting Pronouncements We have evaluated all issued but not yet effective accounting pronouncements and determined that they are either immaterial or not relevant to us.

Asset Sale and Discontinued Ope

Asset Sale and Discontinued Operations	12 Months Ended
	Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Asset Sale and Discontinued Operations	4. Asset Sale and Discontinued Operations Asset Sale On November 25, 2019, we entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Mitsubishi Chemical Performance Polymers, Inc., a Delaware corporation (“MCPP”), pursuant to which we agreed to sell substantially all of our assets to MCPP on the terms and subject to the conditions set forth in the Purchase Agreement (the “Asset Sale”). As consideration for the Asset Sale, MCPP agreed to pay us $7,250,000. The Purchase Agreement and the consummation of the transactions contemplated thereby required us to receive the requisite approval from our stockholders. On January 21, 2020, we held a special meeting of stockholders at which time the stockholders authorized and approved the Purchase Agreement. On January 31, 2020 (the “Closing Date”), we completed the Asset Sale. In connection with the closing of the Asset Sale, MCPP paid us a cash payment of $7,250,000 of which approximately $1,150,000 was immediately disbursed to satisfy approximately $567,000 of transaction and legal costs; approximately $483,000 of facility related obligations; and $100,000 for agreed upon contingent facility maintenance costs. We received approximately $6,100,000 in net proceeds which were used to pay additional transaction costs, trade accounts payable and other obligations not assumed by MCPP, and working capital for the ongoing maintenance of the public shell that survived the Asset Sale. Total transaction costs incurred in connection with the Asset Sale are as follows: (in thousands) For the Year Ended March 31, 2020 Building maintenance fees $ 100 Legal and professional fees 697 Proxy solicitation fees 42 Employee bonus and change of control compensation 795 $ 1,634 Pursuant to the Purchase Agreement, we sold all of our inventory; property, plant and equipment; and intangible assets, including but not limited to all intellectual property, business know-how, customer lists and related contracts, and all other assets necessary to operate our advanced polymer business. Total assets sold in connection with the Asset Sale are as follows: (in thousands) March 31, 2020 Inventories, net $ 271 Property, plant and equipment, net 1,749 $ 2,020 The net inventories sold were composed of the following approximate amounts: (in thousands) March 31, 2020 Raw materials $ 129 Work in progress 35 Finished goods 107 Total inventories, net $ 271 The net property, plant and equipment sold were composed of the following approximate amounts: (in thousands) March 31, 2020 Land $ 500 Building 2,705 Machinery, equipment and tooling 1,248 Furniture, fixtures and office equipment 285 Office equipment under capital lease 13 4,751 Less: accumulated depreciation (3,002 ) $ 1,749 Assignment of Facility Lease On December 22, 2011, we entered into an agreement (the “Facility Lease”) with an independent third-party under which we sold and leased back our land and building generating gross proceeds of $2,000,000. For accounting purposes, this sale-leaseback transaction was accounted for under the financing method, rather than as a completed sale. Under the financing method, we included the sales proceeds received as a financing obligation. In connection with the Asset Sale, we assigned the Facility Lease to Mitsubishi Chemical Performance Polymers, Inc. (“MCPP”) and the financing obligation and accrued interest on financing obligation of $1,986,000 and $155,000 as of January 31, 2020, the Asset Sale closing date, was eliminated. Subsequent to the January 31, 2020, we had no further obligations with respect to the lease agreement. Discontinued Operations As a result of the Asset Sale, we discontinued operating as a developer, manufacturer, marketer and seller of advanced polymers on the Closing Date. Subsequent to the Closing Date, we became engaged in efforts to identify an operating company to acquire or merge with through an equity-based exchange transaction that would likely result in a change in control. Accordingly, the results of our operations are reported as discontinued operations for all periods are presented below. Results of Discontinued Operations For the Year Ended March 31, 2020 (in thousands) Revenues: Product sales $ 1,839 License and royalty fees 859 Total revenues 2,698 Cost of sales 719 Gross profit 1,979 Operating expenses: Research, development and regulatory 314 Selling, general and administrative 1,277 Total operating expenses 1,591 Income from discontinued operations 388 Other expense from discontinued operations, net: Interest expense (398 ) Other expense from discontinued operations, net (398 ) Loss from discontinued operations before gain on sale of assets (10 ) Gain on sale of assets 5,708 Income from discontinued operations before provision for income taxes 5.698 Provision for income taxes - Net income from discontinued operations $ 5,698 Net income from discontinued operations per common share: Basic $ 0.24 Diluted $ 0.24 Shares used in computing net income from discontinued operations per common share: Basic 23,679 Diluted 23,679

Related Party Transactions

Related Party Transactions	12 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	5. Related Party Transactions On April 26, 2016, we issued a Promissory Note to Khristine Carroll, our Executive VP of Commercial Operations in the principal amount of $25,000 (the “Carroll Note”) (See Note 7). The Carroll Note was initially due on May 25, 2016 and, per mutually agreement by the parties, extended for consecutive monthly periods subsequent to the initial term of May 25, 2016. The Carroll Note bears interest at the rate of 10% per annum and all principal and accrued interest, if any, were due on demand. During the fiscal year ended March 31, 2020 we repaid $15,000 of the principal on the Carroll Note. As of March 31, 2020, the principal balance outstanding was $0. On April 26, 2016, we issued a Promissory Note to an affiliate of Mr. Michael Adams, our Chief Executive Officer (the “Affiliate”) in the principal amount of $25,000 (the “First Affiliate Note”) (See Note 7). The First Affiliate Note was initially due on May 25, 2016 and, per mutually agreement by the parties, extended for consecutive monthly periods subsequent to the initial term of May 25, 2016. The First Affiliate Note bears interest at the rate of 10% per annum and all principal and accrued interest, if any, were due on demand. The First Affiliate Note was repaid in full on December 5, 2019 as discussed in more detail below. As of March 31, 2020, the principal balance outstanding was $0. On December 5, 2016, we issued a second additional Promissory Note to the Affiliate in the principal amount of $100,000 (the “Second Affiliate Note”) (See Note 7). The Second Affiliate Note was initially due on June 5, 2017 and, per mutually agreement by the parties, extended for consecutive monthly periods subsequent to the initial term of June 5, 2017. The Second Affiliate Note bears interest at the rate of 12% per annum, and provided for a $3,000 commitment fee, which fee was paid in February 2017. The Second Affiliate Note was repaid in full on December 5, 2019 as discussed in more detail below. As of March 31, 2020, the principal balance outstanding was $0. As discussed above, the First Affiliate Note and Second Affiliate Note (collectively, the “Affiliate Notes”) were repaid on December 5, 2019. In lieu of repayment in cash, the Affiliate authorized that the principal balance due, in the aggregate amount of $125,000, be used for purposes of exercising stock options granted to Mr. Adams pursuant to our 2017 Non-Qualified Equity Incentive Plan (the “2017 Option Plan”). As a result, Mr. Adams was issued 2,083,333 shares of our common stock granted pursuant to the 2017 Option Plan. The aggregate purchase price upon exercise of these stock options was $125,000. During the fiscal year ended March 31, 2020, we recorded interest expense of approximately $1,000 on the Carroll Note. During the fiscal year ended March 31, 2020, we recorded interest expense of approximately $10,000 on the Affiliate Notes. Effective February 1, 2020, Mr. Adams, served as our chief executive officer as a non-employee consultant and he is also holder of approximately 11.5% of our outstanding common stock. During the fiscal year ended March 31, 2021, Mr. Adams earned approximately $76,000 in consulting fees and was reimbursed approximately $29,000 for office expenses and car allowance. As of March 31, 2021, there was approximately $17,000 payable to Mr. Adams in consideration of his consulting services and reimbursable expenses and allowances.

Income Taxes

Income Taxes	12 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	6. Income Taxes As of March 31, 2021 and 2020, we had no material unrecognized tax benefits and no adjustments to liabilities or operations were required. We recorded state income tax expense of approximately $15,000 for the fiscal year ended March 31, 2020. There was no federal income tax expense for the fiscal year ended March 31, 2020. We had no federal or state income tax expense for the fiscal year ended March 31, 2021. Tax years 2016 through 2021 are subject to examination by the federal and state taxing authorities. There are no income tax examinations currently in process. Reconciliation between our effective tax rate and the United States statutory rate is as follows: For the Year Ended March 31, 2021 For the Year Ended March 31, 2020 Expected federal tax rate 21.0 % 21.0 % State income taxes, net of federal tax benefit 6.3 % 5.5 % Non-deductible expenses 0.0 % 1.0 % Effect of net operating loss true-up 0.0 % (2.5 )% Utilization of net operating losses (27.3 )% (25.0 )% Effective tax rate 0.0 % 0.0 % Significant components of our deferred tax assets and deferred tax liabilities consist of the following: (in thousands) March 31, 2021 March 31, 2020 Deferred Tax Assets: Net operating loss carryforwards $ 2,896 $ 2,683 Tax credit carryforward - 124 Deferred tax assets 2,896 2,807 Deferred Tax Liabilities - - Net deferred tax assets 2,896 2,807 Valuation allowance (2,896 ) (2,807 ) Net deferred tax assets $ - $ - Deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the tax basis of the assets and liabilities using the enacted tax rate in effect in the years in which the differences are expected to reverse. A 100% valuation allowance has been recorded against the deferred tax asset as it is more likely than not, based upon our analysis of all available evidence, that the tax benefit of the deferred tax asset will not be realized. The decrease in the valuation allowance resulted from the utilization of net operating losses during 2021. As of March 31, 2021, we have the following unused net operating loss and tax credit carryforwards available to offset future federal and state taxable income, both of which expire at various times as noted below: (in thousands) Net Operating Losses Investment & Research Credits Expiration Dates Federal $ 32,457 $ - 2022 to 2039 State $ - $ - Of the approximate $32,457,000 of federal net operating losses, approximately $5,621,000 do not expire, however, its use is limited each year by 50% of any income.

Promissory Notes

Promissory Notes	12 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Promissory Notes	7. Promissory Notes On April 26, 2016, we issued a Promissory Note to Khristine Carroll, our Executive VP of Commercial Operations in the principal amount of $25,000 (the “Carroll Note”) (See Note 5). The Carroll Note was initially due on May 25, 2016 and, per mutually agreement by the parties, extended for consecutive monthly periods subsequent to the initial term of May 25, 2016. The Carroll Note bears interest at the rate of 10% per annum and all principal and accrued interest, if any, were due on demand. During the fiscal year ended March 31, 2020 we repaid $15,000 of the principal on the Carroll Note. As of March 31, 2020, the principal balance outstanding was $0. On April 26, 2016, we issued a Promissory Note to an affiliate of Michael Adams, our Chief Executive Officer (the “Affiliate”) in the principal amount of $25,000 (the “First Affiliate Note”) (See Note 5). The First Affiliate Note was initially due on May 25, 2016 and, per mutually agreement by the parties, extended for consecutive monthly periods subsequent to the initial term of May 25, 2016. The First Affiliate Note bears interest at the rate of 10% per annum and all principal and accrued interest, if any, were due on demand. The First Affiliate Note was repaid in full on December 5, 2019 as discussed in more detail below. As of March 31, 2020, the principal balance outstanding was $0. On December 5, 2016, we issued a second additional Promissory Note to the Affiliate in the principal amount of $100,000 (the “Second Affiliate Note”) (See Note 5). The Second Affiliate Note was initially due on June 5, 2017 and, per mutually agreement by the parties, extended for consecutive monthly periods subsequent to the initial term of June 5, 2017. The Second Affiliate Note bears interest at the rate of 12% per annum, and provided for a $3,000 commitment fee, which fee was paid in February 2017. The Second Affiliate Note was repaid in full on December 5, 2019 as discussed in more detail below. As of March 31, 2020, the principal balance outstanding was $0. As discussed above, the First Affiliate Note and Second Affiliate Note (collectively, the “Affiliate Notes”) were repaid on December 5, 2019. In lieu of repayment in cash, the Affiliate authorized that the principal balance due, in the aggregate amount of $125,000, be used for purposes of exercising stock options granted to Mr. Adams pursuant to our 2017 Non-Qualified Equity Incentive Plan (the “2017 Option Plan”). As a result, Mr. Adams was issued 2,083,333 shares of our common stock granted pursuant to the 2017 Option Plan. The aggregate purchase price upon exercise of these stock options was $125,000. During the fiscal year ended March 31, 2020, we recorded interest expense of approximately $1,000 on the Carroll Note. During the fiscal year ended March 31, 2020, we recorded interest expense of approximately $10,000 on the Affiliate Notes.

Contingencies

Contingencies	12 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingencies	8. Contingencies We are not a party to any legal proceedings, other than ordinary routine litigation incidental to our business, which we believe will not have a material effect on our financial position or results of operations.

Concentration of Credit Risk an

Concentration of Credit Risk and Major Customers	12 Months Ended
	Mar. 31, 2021
Risks and Uncertainties [Abstract]
Concentration of Credit Risk and Major Customers	9. Concentration of Credit Risk and Major Customers For the fiscal year ended March 31, 2021 and 2020, we had no revenues from continuing operations. As of March 31, 2020, we had accounts receivable-trade from continuing operations of approximately $44,000, or 70%, due from four customers. For the fiscal year ended March 31, 2020, three customers represented approximately 22%, 16% and 12%, respectively, of our revenues from discontinued operations. We maintain cash that at times exceeds federally insured limits. We believe we are not exposed to any significant credit risk on our cash balances and have not experienced any losses in such accounts

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Stockholders' Equity	10. Stockholders’ Equity Preferred Stock We have authorized 5,000,000 shares, $0.001 par value, Preferred Stock (the Preferred Stock”) of which 500,000 shares have been issued and redeemed, therefore are not considered outstanding. In addition, 500,000 shares of Preferred Stock have been designated as Series A Junior Participating Preferred Stock (the “Junior Preferred Stock”) with the designations and the powers, preferences and rights, and the qualifications, limitations and restrictions specified in the Certificate of Designation of the Junior Preferred Stock filed with the Delaware Department of State on January 28, 2008. Such number of shares may be increased or decreased by resolution of the Board of Directors; provided, that no decrease shall reduce the number of shares of Junior Preferred Stock to a number less than the number of shares then outstanding plus the number of shares reserved for issuance upon the exercise of outstanding options, rights or warrants or upon the conversion of any outstanding securities issued by us that is convertible into Junior Preferred Stock. As of March 31, 2021, there was no Junior Preferred Stock issued or outstanding. Warrants On July 22, 2015, we engaged the services of a financial and strategic advisor (the “Advisor”) whose services include, but are not limited to, financial advice, strategic advice and investment banking services. In connection with this engagement, we agreed to compensate the investment bankers approximately $4,000 per quarter for a one-year period and we issued them a warrant to purchase 830,500 shares of our common stock at an exercise price of $0.301 per share, the approximate fair value of our common stock on the date of the engagement. The warrant is exercisable at any time until July 21, 2025. The warrant was valued at approximately $28,000 using the Black-Scholes model and treated as permanent equity. The Advisor exercised the warrant in November 2019 and was issued 830,500 shares of our common stock in consideration of cash proceeds of approximately $25,000. Treasury Stock and Other Transactions In June 2001, the Board of Directors adopted a share repurchase program authorizing the repurchase of up to 250,000 of our shares of common stock. In June 2004, the Board of Directors authorized the purchase of an additional 500,000 shares of common stock. Since June 2001, we have repurchased a total of 251,379 shares under the share repurchase program, leaving 498,621 shares remaining to purchase under the share repurchase program. No repurchases were made during the years ended March 31, 2021 and 2020. The share repurchase program authorizes repurchases from time to time in open market transactions, through privately negotiated transactions, block transactions or otherwise, at times and prices deemed appropriate by management, and is not subject to an expiration date. Stockholder Rights Plan Our Board of Directors approved the adoption of a stockholder rights plan (the “Rights Plan”) under which all stockholders of record as of February 8, 2008 will receive rights to purchase shares of the Junior Preferred Stock (the “Rights”). The Rights will be distributed as a dividend. Initially, the Rights will attach to, and trade with, our common stock. Subject to the terms, conditions and limitations of the Rights Plan, the Rights will become exercisable if (among other things) a person or group acquires 15% or more of our common stock. Upon such an event, and payment of the purchase price, each Right (except those held by the acquiring person or group) will entitle the holder to acquire shares of our common stock (or the economic equivalent thereof) having a value equal to twice the purchase price. Our Board of Directors may redeem the Rights prior to the time they are triggered. In the event of an unsolicited attempt to acquire us, the Rights Plan is intended to facilitate the full realization of our stockholder value and the fair and equal treatment of all of our stockholders. The Rights Plan does not prevent a takeover attempt. Cash Distribution to Stockholders Our Board of Directors declared a cash distribution of approximately $5,087,000, or $0.18 per share, of the net proceeds from the Asset Sale to our stockholders, after making adjustments for (i) collection of accounts receivable retained as of January 31, 2020, (ii) payment of accounts payable assumed as of January 31, 2020; and (iii) retention of a reasonable amount of cash for anticipated future obligations and ongoing operations to maintain our status as a public registrant and identification and consummation of any possible merger or business combination as further described herein. The cash distribution of approximately $5,087,000 was paid on April 23, 2020 to stockholders of record as of April 16, 2020.

Stock Based Compensation

Stock Based Compensation	12 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock Based Compensation	11. Stock Based Compensation In October 2003, our shareholders approved the AdvanSource 2003 Stock Option Plan (the “2003 Plan”), which authorizes the issuance of 3,000,000 shares of common stock. Under the terms of the Plan, the exercise price of Incentive Stock Options issued under the Plan must be equal to the fair market value of the common stock at the date of grant. In the event that Non-Qualified Options are granted under the Plan, the exercise price may be less than the fair market value of the common stock at the time of the grant (but not less than par value). Total shares of common stock registered under the 2003 Plan are 7,000,000 shares. Normally, options granted expire ten years from the grant date. Activity under the 2003 Plan for the fiscal year ended March 31, 2020 and 2021 are as follows: Options Outstanding Weighted- Average Exercise Price per Share Weighted- Average Remaining Contractual Term in Years Aggregate Intrinsic Value (in thousands) Options outstanding as of April 1, 2019 1,788,750 $ 0.20 2.03 $ 20 Granted - - Exercised (656,250 ) 0.06 Cancelled or forfeited (972,500 ) $ 0.29 Options outstanding as of March 31, 2020 160,000 $ 0.25 .08 $ 1 Options exercisable as of March 31, 2020 160,000 $ 0.25 .08 $ 1 Options vested or expected to vest as of March 31, 2020 - $ - - $ - Options outstanding as of April 1, 2020 160,000 $ 0.20 2.03 20 Granted - - Exercised - - Cancelled or forfeited (160,000 ) $ 0.20 Options outstanding as of March 31,2021 - Options exercisable as of March 31, 2021 - Options vested or expected to vest as of March 31, 2021 - As a result of the termination of employees in connection with the Asset Sale, effective January 31, 2020, the outstanding options for 160,000 shares of our common stock were forfeited effective April 30, 2020. As of March 31, 2021, there were no options outstanding or available for grant pursuant to the 2003 Plan. The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the closing price of the common stock on March 31, 2020 of $0.145 and the exercise price of each in-the-money option) that would have been received by the option holders had all option holders exercised their options on March 31, 2020. During December 2019 of our fiscal year ended March 31, 2020, our directors and certain employees exercised options to purchase 656,250 shares of our common stock pursuant to grants made under the 2003 Plan. In consideration for the exercise of these options we received approximately $40,000 in cash. There were no stock options outstanding pursuant to the 2003 Plan during the fiscal years ended March 31, 2021 and 2020, accordingly there were no options available for exercises under the 2003 Plan. For the fiscal years ended March 31, 2021 and 2020, we recorded no stock-based compensation expense for options pursuant to the 2003 Plan. As of March 31, 2021 and 2020, we had no unrecognized compensation cost related to stock options. On August 14, 2017, our board of directors approved and adopted the 2017 Non-Qualified Equity Incentive Plan (the “2017 Plan”), which authorized the grant of non-qualified stock options exercisable into a maximum of 7,000,000 shares of our common stock. Under the terms of the 2017 Plan, the exercise price of stock options issued under the 2017 Plan must be equal to the fair market value of the common stock at the date of grant. Options granted expire ten years from the grant date. From August 17, 2017 through December 13, 2018, the board of directors approved the grant of stock options to certain directors, employees and a consultant which were immediately vested and exercisable into a total of 6,550,000 shares of our common stock. There were no additional stock options granted pursuant to the 2017 Plan for the period subsequent to December 31, 2018. In determining the fair value of the options granted pursuant to the 2017 Plan, we utilized the Black-Scholes pricing model utilizing the following assumptions: August 17, 2017 Option Grants August 16, 2018 Option Grants December 13, 2018 Option Grants Total shares granted 5,600,000 750,000 200,000 Option exercise price per share $ 0.06 $ 0.040 $ 0.060 Grant date fair market value per share $ 0.06 $ 0.046 $ 0.059 Expected term of option in years 10.0 2.00 1.00 Expected volatility 100 % 100 % 100 % Expected dividend rate 0.00 % 0.00 % 0.00 % Risk free interest rate 1.00 % 0.00 % 2.69 % On August 17, 2017, Michael Adams, our chief executive officer, was granted an option to purchase 2,500,000 shares of our common stock (the “Adams Option”) at an exercise price of $0.06 per share pursuant to the 2017 Plan. On December 5, 2019, Mr. Adams effected a partial exercise of the Adams Option and purchased 2,083,333 shares of our common stock. As consideration for the exercise of a portion of the Adams Option, an affiliate of Mr. Adams authorized that the principal balance due on the Affiliate Notes, previously described in Notes 5 and 7, in the aggregate amount of $125,000, be used for purposes of exercising this portion of the Adams Option. Additionally, on December 5, 2019, Mr. Adams exercised the remaining 416,667 shares exercisable pursuant to the Adams Option, by means of a cashless exercise. As a result of the cashless exercise, Mr. Adams was issued 291,667 shares of our common stock. We received no cash proceeds in connection with this cashless exercise. On various dates from August 17, 2017 through December 13, 2018, our directors, certain employees and one consultant (the “Grantees”) were granted options to purchase 4,050,000 shares of our common stock at exercise prices ranging from $0.04 per share to $0.06 per share pursuant to the 2017 Plan. On December 5, 2019, the Grantees exercised their options to purchase 4,050,000 shares of our common stock, by means of a cashless exercise. As a result of the cashless exercise, the Grantees were issued 2,910,000 shares of our common stock. We received no cash proceeds in connection with this cashless exercise. As of March 31, 2021, there were 450,000 shares available to grant pursuant to the 2017 Plan and no options outstanding or exercisable.

Benefit Plans and Employment Ag

Benefit Plans and Employment Agreements of Executive Officers	12 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
Benefit Plans and Employment Agreements of Executive Officers	12. Benefit Plans and Employment Agreements of Executive Officers On August 7, 2006, we appointed Michael F. Adams as our Chief Executive Officer and President. Mr. Adams has been one of our directors since May 1999 and became our Vice President of Regulatory Affairs and Business Development on April 1, 2006. We entered into an employment agreement with Mr. Adams (the “Adams Agreement”) on September 13, 2006. Under the terms of the Adams Agreement, we agreed to employ Mr. Adams for two years at an annual base salary of $290,000, as amended, which is subject to annual review by our Board of Directors. During the Employment Period, as defined in the Adams Agreement, Mr. Adams may receive an annual bonus to be determined at the sole discretion of the Compensation Committee of the Board of Directors. We did not renew the Adams Agreement at the end of the initial term, however, the Adams agreement provides that lacking any express agreement between the parties at the end of the Employment Period, the Adams Agreement shall be deemed to continue on a month-to-month basis. As a result, the Adams Agreement currently continues on a month-to-month basis and is subject to all of the terms and conditions of the Adams Agreement. Either party has the right to terminate the Adams Agreement upon 30 days written notice. Mr. Adams is eligible for participation in all executive benefit programs, including health insurance, life insurance, and stock-based compensation. If Mr. Adams’ employment is terminated without cause, we are obligated to (i) pay Mr. Adams an amount equal to two times his annual base salary upon such termination, (ii) provide Mr. Adams with health insurance benefits for a period of 18 months after such termination, of which the premiums for the first six months after such termination shall be paid by us, and (iii) provide Mr. Adams life insurance benefits for one year after such termination at our expense. During the fiscal year ended March 31, 2010, the Compensation Committee of the Board of Directors approved an increase in Mr. Adams’ annual base salary to $320,000. In August 2019, the Compensation Committee of the Board of Directors approved an increase in Mr. Adams’ annual base salary to $325,000. During the fiscal year ended March 31, 2020, Mr. Adams received a performance-based bonus of approximately $151,000 as approved by our Board of Directors. In connection with the change of control provision of the Adams Agreement, Mr. Adams also received $650,000 in February 2020. The Adams Agreement terminated effective January 31, 2020 as a result of the Asset Sale and Mr. Adams was engaged as our chief executive officer on a consultative basis at the rate of $5,000 per month, plus reasonable expense reimbursements and allowances, as recommended by our Board of Directors.

Subsequent Events

Subsequent Events	12 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events We evaluated all events or transactions that occurred after the balance sheet date through the date when we filed these financial statements and we determined that we did not have any other material recognizable subsequent events.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Accounting Principles	Accounting Principles The financial statements and accompanying notes are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”).
Use of Accounting Estimates	Use of Accounting Estimates The preparation of financial statements in conformity with U.S. GAAP (“GAAP”) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Cash	Cash Cash includes cash on hand, is deposited at one area bank and may exceed federally insured limits at times.
Loss Per Share	Loss Per Share Basic loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted loss per common share are based upon the weighted-average common shares outstanding during the period plus additional weighted-average common equivalent shares outstanding during the period. Common equivalent shares result from the assumed exercise of outstanding stock options and warrants, the proceeds of which are then assumed to have been used to repurchase outstanding common stock using the treasury stock method. In addition, the numerator is adjusted for any changes in loss that would result from the assumed conversion of potential shares. There were no potentially dilutive shares for the fiscal years ended March 31, 2021 and 2020.
Accounts Receivable	Accounts Receivable We perform various analyses to evaluate accounts receivable balances and record an allowance for bad debts based on the estimated collectability of the accounts such that the amounts reflect estimated net realizable value. Account balances are charged off against the allowance after significant collection efforts have been made and potential for recovery is not considered probable. As of March 31, 2021 and 2020 we did not require an allowance for doubtful accounts.
Income Taxes	Income Taxes The provision for income taxes includes federal, state, local and foreign taxes. Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences of temporary differences between the financial statement carrying amounts and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which the temporary differences are expected to be recovered or settled. We evaluate the realizability of our deferred tax assets and establish a valuation allowance when it is more likely than not that all or a portion of deferred tax assets will not be realized. We account for uncertain tax positions using a “more-likely-than-not” threshold for recognizing and resolving uncertain tax positions. The evaluation of uncertain tax positions is based on factors including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, new audit activity and changes in facts or circumstances related to a tax position. We evaluate this tax position on a quarterly basis. We also accrue for potential interest and penalties, if applicable, related to unrecognized tax benefits in income tax expense. (See Note 6).
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation is measured at the grant date based on the estimated fair value of the award and is recognized as an expense over the requisite service period. The valuation of employee stock options is an inherently subjective process, since market values are generally not available for long-term, non-transferable employee stock options. Accordingly, the Black-Scholes option pricing model is utilized to derive an estimated fair value. The Black-Scholes pricing model requires the consideration of the following six variables for purposes of estimating fair value: ● the stock option exercise price; ● the expected term of the option; ● the grant date price of our common stock, which is issuable upon exercise of the option; ● the expected volatility of our common stock; ● the expected dividends on our common stock (we do not anticipate paying dividends in the foreseeable future); and ● the risk free interest rate for the expected option term. Expected Dividends. Expected Volatility. Risk-Free Interest Rate. Expected Term. Stock Option Exercise Price and Grant Date Price of Common Stock. We are required to estimate the level of award forfeitures expected to occur and record compensation expense only for those awards that are ultimately expected to vest. This requirement applies to all awards that are not yet vested. Due to the limited number of unvested options outstanding, the majority of which are held by executives and members of our Board of Directors, we have estimated a zero forfeiture rate. We will revisit this assumption periodically and as changes in the composition of the option pool dictate.
Fair Value of Financial Instruments	Fair Value of Financial Instruments We follow Accounting Standards Codification 820-10 (“ASC 820-10”), “Fair Value Measurements and Disclosures,” The hierarchy established under ASC 820-10 gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820-10 are described below: Level 1 - Pricing inputs are quoted prices available in active markets for identical investments as of the reporting date. As required by ASC 820-10, we do not adjust the quoted price for these investments, even in situations where we hold a large position and a sale could reasonably impact the quoted price. Level 2 - Pricing inputs are quoted prices for similar investments, or inputs that are observable, either directly or indirectly, for substantially the full term through corroboration with observable market data. Level 2 includes investments valued at quoted prices adjusted for legal or contractual restrictions specific to these investments. Level 3 - Pricing inputs are unobservable for the investment, that is, inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Level 3 includes investments that are supported by little or no market activity.
Recent Accounting Pronouncements	Recent Accounting Pronouncements We have evaluated all issued but not yet effective accounting pronouncements and determined that they are either immaterial or not relevant to us.

Asset Sale and Discontinued O_2

Asset Sale and Discontinued Operations (Tables)	12 Months Ended
	Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Transaction Costs Incurred	Total transaction costs incurred in connection with the Asset Sale are as follows: (in thousands) For the Year Ended March 31, 2020 Building maintenance fees $ 100 Legal and professional fees 697 Proxy solicitation fees 42 Employee bonus and change of control compensation 795 $ 1,634
Schedule of Components of Assets Held-for-Sale	Pursuant to the Purchase Agreement, we sold all of our inventory; property, plant and equipment; and intangible assets, including but not limited to all intellectual property, business know-how, customer lists and related contracts, and all other assets necessary to operate our advanced polymer business. Total assets sold in connection with the Asset Sale are as follows: (in thousands) March 31, 2020 Inventories, net $ 271 Property, plant and equipment, net 1,749 $ 2,020 The net inventories sold were composed of the following approximate amounts: (in thousands) March 31, 2020 Raw materials $ 129 Work in progress 35 Finished goods 107 Total inventories, net $ 271 The net property, plant and equipment sold were composed of the following approximate amounts: (in thousands) March 31, 2020 Land $ 500 Building 2,705 Machinery, equipment and tooling 1,248 Furniture, fixtures and office equipment 285 Office equipment under capital lease 13 4,751 Less: accumulated depreciation (3,002 ) $ 1,749
Schedule of Discontinued Operations	As a result of the Asset Sale, we discontinued operating as a developer, manufacturer, marketer and seller of advanced polymers on the Closing Date. Subsequent to the Closing Date, we became engaged in efforts to identify an operating company to acquire or merge with through an equity-based exchange transaction that would likely result in a change in control. Accordingly, the results of our operations are reported as discontinued operations for all periods are presented below. Results of Discontinued Operations For the Year Ended March 31, 2020 (in thousands) Revenues: Product sales $ 1,839 License and royalty fees 859 Total revenues 2,698 Cost of sales 719 Gross profit 1,979 Operating expenses: Research, development and regulatory 314 Selling, general and administrative 1,277 Total operating expenses 1,591 Income from discontinued operations 388 Other expense from discontinued operations, net: Interest expense (398 ) Other expense from discontinued operations, net (398 ) Loss from discontinued operations before gain on sale of assets (10 ) Gain on sale of assets 5,708 Income from discontinued operations before provision for income taxes 5.698 Provision for income taxes - Net income from discontinued operations $ 5,698 Net income from discontinued operations per common share: Basic $ 0.24 Diluted $ 0.24 Shares used in computing net income from discontinued operations per common share: Basic 23,679 Diluted 23,679

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Reconciliation of Effective Tax Rate	Reconciliation between our effective tax rate and the United States statutory rate is as follows: For the Year Ended March 31, 2021 For the Year Ended March 31, 2020 Expected federal tax rate 21.0 % 21.0 % State income taxes, net of federal tax benefit 6.3 % 5.5 % Non-deductible expenses 0.0 % 1.0 % Effect of net operating loss true-up 0.0 % (2.5 )% Utilization of net operating losses (27.3 )% (25.0 )% Effective tax rate 0.0 % 0.0 %
Schedule of Significant Components of Deferred Tax Assets	Significant components of our deferred tax assets and deferred tax liabilities consist of the following: (in thousands) March 31, 2021 March 31, 2020 Deferred Tax Assets: Net operating loss carryforwards $ 2,896 $ 2,683 Tax credit carryforward - 124 Deferred tax assets 2,896 2,807 Deferred Tax Liabilities - - Net deferred tax assets 2,896 2,807 Valuation allowance (2,896 ) (2,807 ) Net deferred tax assets $ - $ -
Schedule of Unused Net Operating Loss and Tax Credit Carryforwards	As of March 31, 2021, we have the following unused net operating loss and tax credit carryforwards available to offset future federal and state taxable income, both of which expire at various times as noted below: (in thousands) Net Operating Losses Investment & Research Credits Expiration Dates Federal $ 32,457 $ - 2022 to 2039 State $ - $ -

Stock Based Compensation (Table

Stock Based Compensation (Tables)	12 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	Activity under the 2003 Plan for the fiscal year ended March 31, 2020 and 2021 are as follows: Options Outstanding Weighted- Average Exercise Price per Share Weighted- Average Remaining Contractual Term in Years Aggregate Intrinsic Value (in thousands) Options outstanding as of April 1, 2019 1,788,750 $ 0.20 2.03 $ 20 Granted - - Exercised (656,250 ) 0.06 Cancelled or forfeited (972,500 ) $ 0.29 Options outstanding as of March 31, 2020 160,000 $ 0.25 .08 $ 1 Options exercisable as of March 31, 2020 160,000 $ 0.25 .08 $ 1 Options vested or expected to vest as of March 31, 2020 - $ - - $ - Options outstanding as of April 1, 2020 160,000 $ 0.20 2.03 20 Granted - - Exercised - - Cancelled or forfeited (160,000 ) $ 0.20 Options outstanding as of March 31,2021 - Options exercisable as of March 31, 2021 - Options vested or expected to vest as of March 31, 2021 -
Schedule of Black-Scholes Pricing Model Assumptions	In determining the fair value of the options granted pursuant to the 2017 Plan, we utilized the Black-Scholes pricing model utilizing the following assumptions: August 17, 2017 Option Grants August 16, 2018 Option Grants December 13, 2018 Option Grants Total shares granted 5,600,000 750,000 200,000 Option exercise price per share $ 0.06 $ 0.040 $ 0.060 Grant date fair market value per share $ 0.06 $ 0.046 $ 0.059 Expected term of option in years 10.0 2.00 1.00 Expected volatility 100 % 100 % 100 % Expected dividend rate 0.00 % 0.00 % 0.00 % Risk free interest rate 1.00 % 0.00 % 2.69 %

Business Description (Details N

Business Description (Details Narrative) $ in Thousands	Jan. 31, 2020USD ($)
Asset Purchase Agreement [Member]
Purchase price of asset	$ 7,250

Liquidity and Going Concern (De

Liquidity and Going Concern (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Loss from continuing operations	$ (326)	$ (246)
Cash flows from operations	(323)	$ 5,333
Share Holder [Member]
Cash distribution	$ 5,087

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accounting Policies [Abstract]
Potentially dilutive shares, excluded from diluted loss per share	0	0
Allowance for doubtful accounts receivable

Asset Sale and Discontinued O_3

Asset Sale and Discontinued Operations (Details Narrative) - USD ($) $ in Thousands	Jan. 31, 2020	Nov. 25, 2019	Dec. 22, 2011	Mar. 31, 2021	Mar. 31, 2020
Transaction and legal costs					$ 1,634
Proceeds from assets sale					$ 2,091
Financing obligation	$ 1,986
Accrued interest on financing obligation	155
Asset Purchase Agreement [Member]
Purchase price of asset	7,250
Asset Purchase Agreement [Member] | Independent Third-Party [Member]
Proceeds from land and building			$ 2,000
Asset Purchase Agreement [Member] | Mitsubishi Chemical Performance Polymers, Inc [Member]
Purchase price of asset	1,150	$ 7,250
Transaction and legal costs	567
Facility related obligations	483
Contingent facility maintenance costs	100
Proceeds from assets sale	$ 6,100

Asset Sale and Discontinued O_4

Asset Sale and Discontinued Operations - Schedule of Transaction Costs Incurred (Details) $ in Thousands	Mar. 31, 2020USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Building maintenance fees	$ 100
Legal and professional fees	697
Proxy solicitation fees	42
Employee bonus and change of control compensation	795
Total transaction costs	$ 1,634

Asset Sale and Discontinued O_5

Asset Sale and Discontinued Operations - Schedule of Components of Assets Held-for-Sale (Details) $ in Thousands	Mar. 31, 2020USD ($)
Inventories, net	$ 271
Property, plant and equipment, net	1,749
Total assets sold	2,020
Property, plant and equipment, gross	4,751
Less: accumulated depreciation	(3,002)
Land [Member]
Property, plant and equipment, gross	500
Building [Member]
Property, plant and equipment, gross	2,705
Machinery, Equipment and Tooling [Member]
Property, plant and equipment, gross	1,248
Furniture, Fixtures and Office Equipment [Member]
Property, plant and equipment, gross	285
Office Equipment Under Capital Lease [Member]
Property, plant and equipment, gross	13
Raw Materials [Member]
Inventories, net	129
Work in Progress [Member]
Inventories, net	35
Finished Goods [Member]
Inventories, net	$ 107

Asset Sale and Discontinued O_6

Asset Sale and Discontinued Operations - Schedule of Discontinued Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Total revenues		$ 2,698
Cost of sales		719
Gross profit		1,979
Research, development and regulatory		314
Selling, general and administrative		1,277
Total operating expenses		1,591
Income from discontinued operations		388
Interest expense		(398)
Other expense from discontinued operations, net		(398)
Loss from discontinued operations before gain on sale of assets		(10)
Gain on sale of assets		5,708
Income from discontinued operations before provision for income taxes		5,698
Provision for income taxes
Net income from discontinued operations		$ 5,698
Net income from discontinued operations per common share: Basic		$ 0.24
Net income from discontinued operations per common share: Diluted		$ 0.24
Shares used in computing net income from discontinued operations per common share: Basic		23,679,000
Shares used in computing net income from discontinued operations per common share: Diluted		23,679,000
Product Sales [Member]
Total revenues		$ 1,839
License and Royalty Fees [Member]
Total revenues		$ 859

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($) $ in Thousands	Dec. 05, 2019	Dec. 13, 2018	Aug. 16, 2018	Aug. 17, 2017	Dec. 05, 2016	Apr. 26, 2016	Mar. 31, 2021	Mar. 31, 2020	Feb. 01, 2020
Number of stock options shares granted		200,000	750,000	5,600,000
Purchase price upon exercise of stock options								$ 165
Carroll Note [Member]
Interest expense								1
Affiliate Notes [Member]
Interest expense								10
Affiliate Notes [Member] | 2017 Non-Qualified Equity Incentive Plan [Member]
Issuance of promissory note	$ 125
Number of stock options shares granted	2,083,333
Purchase price upon exercise of stock options	$ 125
Khristine Carroll [Member] | Carroll Note [Member]
Issuance of promissory note						$ 25
Note due date description						The Carroll Note was initially due on May 25, 2016 and, per mutually agreement by the parties, extended for consecutive monthly periods subsequent to the initial term of May 25, 2016.
Note interest rate						10.00%
Repayments of promissory note								15
Note principal balance outstanding								0
Michael Adams [Member] | First Affiliate Note [Member]
Issuance of promissory note						$ 25
Note due date description						The First Affiliate Note was initially due on May 25, 2016 and, per mutually agreement by the parties, extended for consecutive monthly periods subsequent to the initial term of May 25, 2016.
Note interest rate						10.00%
Note principal balance outstanding								0
Michael Adams [Member] | Second Affiliate Note [Member]
Issuance of promissory note					$ 100
Note due date description					The Second Affiliate Note was initially due on June 5, 2017 and, per mutually agreement by the parties, extended for consecutive monthly periods subsequent to the initial term of June 5, 2017.
Note interest rate					12.00%
Note principal balance outstanding								$ 0
Commitment fee					$ 3
Mr. Adams [Member]
Note interest rate									11.50%
Repayments of promissory note							$ 17
Consulting fees							76
Reimbursement of office expenses							$ 29

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income tax expense		$ 15
Federal income tax expense
Federal [Member]
Net operating losses	32,457
Unexpire net operating losses	$ 5,621

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of Effective Tax Rate (Details)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Expected federal tax rate	21.00%	21.00%
State income taxes, net of federal tax benefit	6.30%	5.50%
Non-deductible expenses	0.00%	1.00%
Effect of net operating loss true-up	0.00%	(2.50%)
Utilization of net operating losses	(27.30%)	(25.00%)
Effective tax rate	0.00%	0.00%

Income Taxes - Schedule of Sign

Income Taxes - Schedule of Significant Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Deferred Tax Assets: Net operating loss carryforwards	$ 2,896	$ 2,683
Deferred Tax Assets: Tax credit carryforward		124
Deferred tax assets	2,896	2,807
Deferred tax liabilities
Net deferred tax assets	2,896	2,807
Valuation allowance	(2,896)	(2,807)
Net deferred tax assets

Income Taxes - Schedule of Unus

Income Taxes - Schedule of Unused Net Operating Loss and Tax Credit Carryforwards (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2021USD ($)
Federal [Member]
Net Operating Losses	$ 32,457
Investment & Research Credits
Expiration Dates	2022 to 2039
State [Member]
Net Operating Losses
Investment & Research Credits

Promissory Notes (Details Narra

Promissory Notes (Details Narrative) - USD ($) $ in Thousands	Dec. 05, 2019	Dec. 13, 2018	Aug. 16, 2018	Aug. 17, 2017	Dec. 05, 2016	Apr. 26, 2016	Mar. 31, 2020
Number of stock options shares granted		200,000	750,000	5,600,000
Purchase price upon exercise of stock options							$ 165
Carroll Note [Member]
Interest expense							1
Affiliate Notes [Member]
Interest expense							10
Affiliate Notes [Member] | 2017 Non-Qualified Equity Incentive Plan [Member]
Issuance of promissory note	$ 125
Number of stock options shares granted	2,083,333
Purchase price upon exercise of stock options	$ 125
Khristine Carroll [Member] | Carroll Note [Member]
Issuance of promissory note						$ 25
Note due date description						The Carroll Note was initially due on May 25, 2016 and, per mutually agreement by the parties, extended for consecutive monthly periods subsequent to the initial term of May 25, 2016.
Note interest rate						10.00%
Repayments of promissory note							15
Note principal balance outstanding							0
Michael Adams [Member] | First Affiliate Note [Member]
Issuance of promissory note						$ 25
Note due date description						The First Affiliate Note was initially due on May 25, 2016 and, per mutually agreement by the parties, extended for consecutive monthly periods subsequent to the initial term of May 25, 2016.
Note interest rate						10.00%
Note principal balance outstanding							0
Michael Adams [Member] | Second Affiliate Note [Member]
Issuance of promissory note					$ 100
Note due date description					The Second Affiliate Note was initially due on June 5, 2017 and, per mutually agreement by the parties, extended for consecutive monthly periods subsequent to the initial term of June 5, 2017.
Note interest rate					12.00%
Note principal balance outstanding							$ 0
Commitment fee					$ 3

Concentration of Credit Risk _2

Concentration of Credit Risk and Major Customers (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2020	Mar. 31, 2021
Accounts receivable-trade	$ 63
Four Customers [Member]
Accounts receivable-trade	$ 44
Four Customers [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member]
Concentrations of credit risk percentage	70.00%
Customers One [Member] | Customer Concentration Risk [Member] | Revenue [Member] | Discontinued Operations [Member]
Concentrations of credit risk percentage	22.00%
Customers Two [Member] | Customer Concentration Risk [Member] | Revenue [Member] | Discontinued Operations [Member]
Concentrations of credit risk percentage	16.00%
Customers Three [Member] | Customer Concentration Risk [Member] | Revenue [Member] | Discontinued Operations [Member]
Concentrations of credit risk percentage	12.00%

Stockholders' Equity (Details N

Stockholders' Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Apr. 23, 2020	Nov. 27, 2019	Jul. 22, 2015	Mar. 31, 2021	Mar. 31, 2020	Dec. 13, 2018	Aug. 16, 2018	Aug. 17, 2017	Jun. 02, 2004	Jun. 02, 2001
Preferred stock, par value				$ 0.001	$ 0.001
Preferred stock, shares authorized				5,000,000	5,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Cash distribution per share						$ 0.059	$ 0.046	$ 0.06
Cash Distribution [Member]
Proceeds from assets sale declared as cash distribution	$ 5,087
Cash distribution per share	$ 0.18
Cash distribution paid	$ 5,087
Stock Repurchase Program [Member]
Number of shares authorized for repurchase									500,000	250,000
Number of shares repurchased				251,379
Number of shares remaining to be repurchase				498,621
Series A Junior Participating Preferred Stock [Member]
Preferred stock, shares authorized				500,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common Stock Warrants [Member] | Advisor [Member]
Compensate amount			$ 4
Number of warrant purchase shares of common stock		830,500	830,500
Warrant exercise price			$ 0.301
Warrant, value			$ 28
Proceeds from exercise of warrants		$ 25

Stock Based Compensation (Detai

Stock Based Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Apr. 30, 2020	Dec. 05, 2019	Dec. 13, 2018	Aug. 16, 2018	Aug. 17, 2017	Aug. 14, 2017	Mar. 31, 2021	Dec. 05, 2020	Mar. 31, 2020	Dec. 13, 2018	Oct. 31, 2003
Number of shares exercised options to purchase			200,000	750,000	5,600,000
Unrecognized compensation cost
Common Stock Outstanding [Member]
Option exercise price									$ 0.145
Common Stock Options [Member]
Number of shares exercised options to purchase		4,050,000
Number of shares cashless exercise of common stock		2,910,000
Common Stock Options [Member] | Michael Adams [Member]
Number of shares exercised options to purchase								2,083,333
Principal balance due on affiliate notes		$ 125
Options remaining exercisable shares								416,667
Number of shares cashless exercise of common stock								291,667
Common Stock Options [Member] | Directors, Certain Employees and One Consultant [Member] | Maximum [Member]
Option exercise price										$ 0.06
Common Stock Options [Member] | Directors, Certain Employees and One Consultant [Member] | Minimum [Member]
Option exercise price										$ 0.04
2003 Stock Option Plan [Member]
Number of common stock, shares authorized											3,000,000
Number of shares common stock registered											7,000,000
Stock-based compensation expense
2003 Stock Option Plan [Member] | Common Stock Options [Member] | Directors and Certain Employees [Member]
Number of shares exercised options to purchase									656,250
Consideration cash									$ 40
AdvanSource 2003 Stock Option Plan [Member]
Stock option forfeiture	160,000
Number of shares exercised options to purchase
2017 Non-Qualified Equity Incentive Plan [Member]
Number of shares available to grant							450,000
2017 Non-Qualified Equity Incentive Plan [Member] | Board Of Directors [Member]
Option granted expired term						10 years
2017 Non-Qualified Equity Incentive Plan [Member] | Board Of Directors [Member] | Maximum [Member]
Number of shares exercised options to purchase						7,000,000
2017 Non-Qualified Equity Incentive Plan [Member] | Michael Adams [Member]
Option exercise price					$ 0.06
Number of shares exercised options to purchase					2,500,000
2017 Non-Qualified Equity Incentive Plan [Member] | Directors, Certain Employees and a Consultant [Member]
Number of stock options vested and exercisable										6,550,000
2017 Non-Qualified Equity Incentive Plan [Member] | Common Stock Options [Member] | Directors, Certain Employees and One Consultant [Member]
Number of shares exercised options to purchase										4,050,000

Stock Based Compensation - Sche

Stock Based Compensation - Schedule of Stock Option Activity (Details) - Equity Option [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Number of Options Outstanding Beginning Balance	160,000	1,788,750
Number of Options Granted
Number of Options Exercised		(656,250)
Number of Options Cancelled or Forfeited	(160,000)	(972,500)
Number of Options Outstanding Ending Balance		160,000
Number of Options Exercisable		160,000
Number of Options Vested or Expected to Vest
Weighted-average Exercise Price Per Share Outstanding Beginning Balance	$ 0.20	$ 0.20
Weighted-average Exercise Price Per Share Granted
Weighted-average Exercise Price Per Share Exercised		0.06
Weighted-average Exercise Price Per Share Cancelled or Forfeited	0.20	0.29
Weighted-average Exercise Price Per Share Outstanding Ending Balance		0.20
Weighted-average Exercise Price Per Share Exercisable		0.25
Weighted-average Exercise Price Per Share Vested or Expected to Vest
Weighted-average Remaining Contractual Term in Years Outstanding, Beginning	2 years 11 days	2 years 11 days
Weighted-average Remaining Contractual Term in Years Outstanding, Ending	0 years	29 days
Weighted-average Remaining Contractual Term in Years Exercisable	0 years	29 days
Weighted-average Remaining Contractual Term in Years Vested or Expected to Vest	0 years	0 years
Aggregate Intrinsic Value Outstanding Beginning	$ 20	$ 20
Aggregate Intrinsic Value Outstanding Ending		20
Aggregate Intrinsic Value Exercisable		1
Aggregate Intrinsic Value, Vested or Expected to Vest

Stock Based Compensation - Sc_2

Stock Based Compensation - Schedule of Black-Scholes Pricing Model Assumptions (Details) - $ / shares	Dec. 13, 2018	Aug. 16, 2018	Aug. 17, 2017
Share-based Payment Arrangement [Abstract]
Total shares granted	200,000	750,000	5,600,000
Option exercise price per share	$ 0.060	$ 0.040	$ 0.06
Grant date fair market value per share	$ 0.059	$ 0.046	$ 0.06
Expected term of option in years	1 year	2 years	10 years
Expected volatility	100.00%	100.00%	100.00%
Expected dividend rate	0.00%	0.00%	0.00%
Risk free interest rate	2.69%	0.00%	1.00%

Benefit Plans and Employment _2

Benefit Plans and Employment Agreements of Executive Officers (Details Narrative) - USD ($) $ in Thousands	Feb. 28, 2020	Apr. 02, 2006	Jan. 31, 2020	Aug. 31, 2019	Mar. 31, 2020	Mar. 31, 2010
Michael Adams [Member]
Annual base salary		$ 290	$ 5	$ 325		$ 320
Change of control provision	$ 650
Board Of Directors [Member] | Michael Adams [Member]
Performance based bonus					$ 151