Nordicus Partners (NORDD) 10-Q 23 Sep 21 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jun. 30, 2021	Sep. 23, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--03-31
Entity File Number	0-28034
Entity Registrant Name	EKIMAS CORPORATION
Entity Central Index Key	0001011060
Entity Tax Identification Number	04-3186647
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	95 Washington Street
Entity Address, Address Line Two	#154
Entity Address, City or Town	Canton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02021
City Area Code	978
Local Phone Number	344-2124
Title of 12(g) Security	Common Stock, $0.001 par value per share
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		28,262,371

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Mar. 31, 2021
Current assets:
Cash	$ 49	$ 128
Total current assets	49	128
Total assets	49	128
Current liabilities:
Accounts payable and accrued expenses	14	46
Total current liabilities	14	46
Total liabilities	14	46
Commitments and contingencies
Stockholders’ equity:
Preferred stock; $.001 par value; 5,000,000 shares authorized; no shares issued and outstanding as of June 30, 2021 and March 31, 2021
Common stock; $.001 par value; 50,000,000 shares authorized; 28,339,063 shares issued and 28,262,371 shares outstanding as of June 30, 2021 and March 31, 2021	28	28
Additional paid-in capital	33,522	33,522
Accumulated deficit	(33,485)	(33,438)
Treasury stock, 76,692 shares at cost as of June 30, 2021 and March 31, 2021	(30)	(30)
Total stockholders’ equity	35	82
Total liabilities and stockholders’ equity	$ 49	$ 128

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Mar. 31, 2021
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	0	0
Preferred stock, shares outstanding	0	0
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	28,262,371
Common stock, shares outstanding	28,339,063	28,262,371
Treasury stock shares	76,692	76,692

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($) shares in Thousands	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Operating expenses	$ 69,000	$ 103,000
Loss from operations	(69,000)	(103,000)
Other income:
Transaction fee	22,000
Other income	22,000
Loss from operations before provision for income taxess	(47,000)	(103,000)
Provision for income taxes
Net loss	$ (47,000)	$ (103,000)
Net loss per share - basic	$ 0	$ 0
Net loss per share - diluted	$ 0	$ 0
Basic	28,262	28,262
Diluted	28,262	28,262

Statements of Stockholders' Equ

Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Beginning balance, value at Mar. 31, 2020	$ 28,000	$ 38,609,000	$ (33,112,000)	$ (30,000)	$ 5,495,000
Beginning balance, shares at Mar. 31, 2020	28,262
Cash distribution to stockholders		(5,087,000)			(5,087,000)
Net loss			(103,000)		(103,000)
Ending balance, value at Jun. 30, 2020	$ 28,000	33,522,000	(33,215,000)	(30,000)	305,000
Ending balance, shares at Jun. 30, 2020	28,262
Beginning balance, value at Mar. 31, 2021	$ 28,000	33,522,000	(33,438,000)	(30,000)	82,000
Beginning balance, shares at Mar. 31, 2021	28,262
Net loss			(47,000)		(47,000)
Ending balance, value at Jun. 30, 2021	$ 28,000	$ 33,522,000	$ (33,485,000)	$ (30,000)	$ 35,000
Ending balance, shares at Jun. 30, 2021	28,262

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (47,000)	$ (103,000)
Changes in assets and liabilities
Accounts receivable		44,000
Prepaid expenses and other current assets		(4,000)
Accounts payable and accrued expense	(32,000)	10,000
Customer advance		2,000
Net cash flows (used in) operating activities	(79,000)	(51,000)
Cash flows from financing activities:
Cash distribution to stockholders		(5,087,000)
Net cash flows (used in) financing activities		(5,087,000)
Net change in cash	(79,000)	(5,138,000)
Cash at beginning of year	128,000	5,538,000
Cash at end of year	49,000	400,000
Supplemental disclosure of cash flow information:
Income taxes paid
Interest paid

Business Description

Business Description	3 Months Ended
	Jun. 30, 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 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 commenced, 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. We do not own or lease any property and maintain a corporate address at 95 Washington Street, Canton Massachusetts.

Liquidity and Going Concern

Liquidity and Going Concern	3 Months Ended
	Jun. 30, 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. During the three months ended June 30, 2021, we reported a net loss of approximately $ 47,000 . Cash flows of approximately $ 79 ,000 were used in operations for the three months ended June 30, 2021. 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. EKIMAS CORPORATION NOTES TO FINANCIAL STATEMENTS JUNE 30, 2021 (UNAUDITED)

Interim Financial Statements an

Interim Financial Statements and Basis of Presentation	3 Months Ended
	Jun. 30, 2021
Interim Financial Statements And Basis Of Presentation
Interim Financial Statements and Basis of Presentation	3. Interim Financial Statements and Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, these unaudited financial statements do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying unaudited financial statements include all adjustments (consisting only of normal recurring adjustments), which we consider necessary, for a fair presentation of those financial statements. The results of operations and cash flows for the three months ended June 30, 2021 may not necessarily be indicative of results that may be expected for any succeeding quarter or for the entire fiscal year. The information contained in this quarterly report on Form 10-Q should be read in conjunction with our audited financial statements included in our annual report on Form 10-K, as of and for the fiscal year ended March 31, 2021 as filed with the Securities and Exchange Commission (the “SEC”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments, which are evaluated on an ongoing basis, and that affect the amounts reported in our unaudited financial statements and accompanying notes. Management bases its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the amounts of expenses that are not readily apparent from other sources. Actual results could differ from those estimates and judgments. Our significant accounting policies are described in Note 3 to the audited financial statements as of March 31, 2021 which are included in our Annual Report on Form 10-K as filed with the SEC on September 22, 2021.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Jun. 30, 2021
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	4. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on our accounting and reporting. We believe that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future either will not have an impact on our accounting or reporting or that such impact will not be material to our financial position, results of operations and cash flows when implemented.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	5. Related Party Transactions Mr. Michael Adams, our chief executive officer, is a non-employee consultant and holder of approximately 11.5 % of our outstanding common stock. During the three months ended June 30, 2021 and 2020, Mr. Adams earned approximately $ 25,000 and $ 16,000 in consulting fees and was reimbursed approximately $ 6,000 5,000 2,000 and $ 17,000 payable to Mr. Adams in consideration of his consulting services and reimbursable expenses and allowances.

Transaction Fee

Transaction Fee	3 Months Ended
	Jun. 30, 2021
Transaction Fee
Transaction Fee	6. Transaction Fee On May 20, 2021, we received a $ 22,000

Loss Per Share

Loss Per Share	3 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Loss Per Share	7. 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 is 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 three months ended June 30, 2021 and 2020. EKIMAS CORPORATION NOTES TO FINANCIAL STATEMENTS JUNE 30, 2021 (UNAUDITED)

Income Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	8. Income Taxes We are required to file federal and state income tax returns in the United States. The preparation of these tax returns requires us to interpret the applicable tax laws and regulations in effect in such jurisdictions, which could affect the amount of tax paid by us. In consultation with our tax advisors, we base our tax returns on interpretations that are believed to be reasonable under the circumstances. The tax returns, however, are subject to routine reviews by the various federal and state taxing authorities in the jurisdictions in which we file tax returns. As part of these reviews, a taxing authority may disagree with respect to the income tax positions taken by us (“uncertain tax positions”) and, therefore, may require us to pay additional taxes. As required under applicable accounting rules, we accrue an amount for our estimate of additional income tax liability, including interest and penalties, which we could incur as a result of the ultimate or effective resolution of the uncertain tax positions. We account for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carry-forwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established when necessary to reduce deferred tax assets to amounts expected to be realized. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. We had no 27.0%

Stockholders_ Equity

Stockholders’ Equity	3 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Stockholders’ Equity	9. 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 June 30, 2021, there was no Junior Preferred Stock issued or outstanding. Common Stock We have 50,000,000 28,339,063 28,262,371 EKIMAS CORPORATION NOTES TO FINANCIAL STATEMENTS JUNE 30, 2021 (UNAUDITED) Treasury Stock and Other Transactions In September 2001, the Board of Directors adopted a share repurchase program authorizing the repurchase of up to 250,000 500,000 251,379 498,621 No 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.

Stock Options

Stock Options	3 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock Options	10. 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. 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. During December 2019, all stock options granted pursuant to the 2017 Plan were exercised through both cash payment and cashless exercise as provided in the 2017 Plan. There were no 450,000 shares available to grant pursuant to the 2017 Plan and no options outstanding or exercisable.

Legal Proceedings

Legal Proceedings	3 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	11. Legal Proceedings We are not the subject of any pending legal proceedings; and to the knowledge of management, no proceedings are presently contemplated against us by any federal, state or local governmental agency. Further, to the knowledge of management, no director or executive officer is party to any action in which any has an interest adverse to us.

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	12. 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.

Business Description (Details N

Business Description (Details Narrative)	Jan. 31, 2020USD ($)
Asset Purchase Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Purchase price of asset	$ 7,250,000

Liquidity and Going Concern (De

Liquidity and Going Concern (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Liquidity And Going Concern
Net Income (Loss) Attributable to Parent	$ 47,000	$ 103,000
Net Cash Provided by (Used in) Operating Activities	$ 79,000	$ 51,000

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020
Related Party Transaction [Line Items]
Consulting fees	$ 6,000
Office expenses	$ 5,000
Michael Adams [Member]
Related Party Transaction [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	11.50%
Debt Instrument, Face Amount	$ 25,000		$ 16,000
Debt Instrument, Fee Amount	$ 2,000	$ 17,000

Transaction Fee (Details Narrat

Transaction Fee (Details Narrative)	May 20, 2021USD ($)
Transaction Fee
Cash deposit	$ 22,000

Loss Per Share (Details Narrati

Loss Per Share (Details Narrative) - shares	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	0

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income tax credits	$ 0	$ 0
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	27.00%	27.00%

Stockholders_ Equity (Details N

Stockholders’ Equity (Details Narrative) - $ / shares	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Sep. 02, 2004	Sep. 02, 2001
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred Stock, Shares Authorized	5,000,000		5,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.001		$ 0.001
[custom:IssuedAndRedeemedShares]	500,000
Preferred Stock, Shares Outstanding	0		0
Common stock, shares authorized	50,000,000		50,000,000
Common stock, shares issued	28,339,063		28,262,371
Common stock, shares outstanding	28,339,063		28,262,371
Number of shares repurchased	0	0
Stock Repurchase Program [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
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]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred Stock, Shares Authorized	500,000

Stock Options (Details Narrativ

Stock Options (Details Narrative) - shares	Aug. 14, 2017	Jun. 30, 2021	Mar. 31, 2021	Dec. 13, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
[custom:OptionsRemainingExercisableShares]		0	0
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option outstanding		0	0
2017 Non-Qualified Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
[custom:NumberOfSharesAvailableToGrant-0]		450,000	450,000
2017 Non-Qualified Equity Incentive Plan [Member] | Directors, Certain Employees and a Consultant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
[custom:NumberOfStockOptionsVestedAndExercisable]				6,550,000
2017 Non-Qualified Equity Incentive Plan [Member] | Board Of Directors [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	7,000,000