Nordicus Partners (NORDD) 10-K 28 Jun 22 2022 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Mar. 31, 2022	Jun. 28, 2022	Sep. 30, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Period Focus	FY
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	3651 Lindell Road
Entity Address, Address Line Two	Suite D565
Entity Address, City or Town	Las Vegas
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89103
City Area Code	(424)
Local Phone Number	256-8560
Title of 12(g) Security	Common Stock, $.001 par value per share
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	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Entity Public Float			$ 1,056,000
Entity Common Stock, Shares Outstanding		5,681,248
Auditor Firm ID	287
Auditor Name	Liggett & Webb, P.A
Auditor Location	Boynton Beach, Florida

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Current assets:
Cash	$ 246	$ 128
Prepaid expenses and other current assets	4
Total current assets	250	128
Total assets	250	128
Current liabilities:
Accounts payable and accrued expenses	43	29
Related party payable	12	17
Total current liabilities	55	46
Total liabilities	55	46
Commitments and contingencies (See Note 7)
Stockholders’ equity:
Preferred stock; $.001 par value; 5,000,000 shares authorized; no shares issued and outstanding as of March 31, 2022 and 2021
Common stock; $.001 par value; 50,000,000 shares authorized; 5,682,782 shares and 568,307 shares issued; and 5,681,248 shares and 566,773 shares outstanding as of March 31, 2022 and 2021, respectively	6	1
Additional paid-in capital	33,944	33,549
Accumulated deficit	(33,725)	(33,438)
Treasury stock, 1,534 shares at cost as of March 31, 2022 and 2021	(30)	(30)
Total stockholders’ equity	195	82
Total liabilities and stockholders’ equity	$ 250	$ 128

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	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	5,682,782	568,307
Common stock, shares outstanding	5,681,248	566,773
Treasury stock, shares	1,534	1,534

Statements of Operations

Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Operating expenses	$ 309	$ 326
Loss from operations	(309)	(326)
Other income – transaction fee	22
Loss from operations before provision for income taxes	(287)	(326)
Provision for income taxes
Net loss	$ (287)	$ (326)
Net loss per common share – basic and diluted	$ (0.30)	$ (0.58)
Shares used in computing net loss per common share – basic and diluted	944,651	566,773

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Beginning Balance at Mar. 31, 2020	$ 1	$ 38,636	$ (33,112)	$ (30)	$ 5,495
Beginning Balance, shares at Mar. 31, 2020	566,773
Cash distribution to stockholders		(5,087)			(5,087)
Net loss			(326)		(326)
Ending Balance at Mar. 31, 2021	$ 1	33,549	(33,438)	(30)	82
Ending Balance, shares at Mar. 31, 2021	566,773
Net loss			(287)		(287)
Common stock issued to investor	$ 5	395			400
Common stock issued to investor, shares	5,114,475
Ending Balance at Mar. 31, 2022	$ 6	$ 33,944	$ (33,725)	$ (30)	$ 195
Ending Balance, shares at Mar. 31, 2022	5,681,248

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (287)	$ (326)
Changes in assets and liabilities
Accounts receivable		63
Prepaid expenses and other current assets	(4)	8
Accounts payable and accrued expense	14	1
Related party payable	(5)
Customer advance		(69)
Net cash flows (used in) operating activities	(282)	(323)
Cash flows from financing activities:
Cash distribution to stockholders		(5,087)
Issuance of common stock to investor	400
Net cash flows provided by (used in) financing activities	400	(5,087)
Net change in cash	118	(5,410)
Cash at beginning of year	128	5,538
Cash at end of year	246	128
Supplemental disclosure of cash flow information:
Income taxes paid		15
Interest paid

Business Description

Business Description	12 Months Ended
	Mar. 31, 2022
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 provided 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 either an (i) operating company to acquire or merge with through an equity-based exchange transaction or (ii) investor interested in purchasing a majority interest in our common stock, whereby either transaction would likely result in a change in control. On October 12, 2021, we entered into a Stock Purchase Agreement (the “SPA”) with Reddington Partners LLC, a California limited liability company (“Reddington”) providing for the purchase of a total of 5,114,475 of our common stock, on a post-split basis, or approximately 90 % of our total shares of common stock outstanding for total cash consideration of $ 400,000 . Reddington purchased in two tranches on October 12, 2021 and March 15, 2022. Pursuant to the SPA, the Company effectuated a 1-for 50 422,725 4,691,750 5,114,475 90 Management continues to seek to identify an operating company for the purposes of engaging in a merger or business combination of some kind, or acquire assets or shares of an entity actively engaged in a business that generates sustained revenues. 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. As of March 31, 2022 we did not own or lease any property and maintain a corporate address at 3651 Lindell Road, Las Vegas, Nevada. Fiscal Year Our fiscal year ends on March 31. References herein to fiscal 2022 and/or fiscal 2021 refer to the fiscal years ended March 31, 2022 and/or 2021, respectively.

Liquidity and Going Concern

Liquidity and Going Concern	12 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 fiscal years ended March 31, 2022 and 2021, we reported a net loss of approximately $ 287,000 and $ 326,000 , respectively. Cash flows of approximately $ 282,000 and $ 323,000 were used in operations for the fiscal years ended March 31, 2022 and 2021, respectively. As a result, 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. Our Board of Directors declared a cash distribution of approximately $ 5,087,000 On October 12, 2021, we entered into a Stock Purchase Agreement (the “SPA”) with Reddington Partners LLC, a California limited liability company (“Reddington”) providing for the purchase of a total of 5,114,475 of our common stock, on a post-split basis, or approximately 90 % of our total shares of common stock outstanding for total cash consideration of $ 400,000 . Reddington purchased in two tranches on October 12, 2021 and March 15, 2022. EKIMAS CORPORATION NOTES TO FINANCIAL STATEMENTS MARCH 31, 2022 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, 2022
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 two banks and may exceed federally insured limits at times. We believe we are not exposed to any significant credit risk on our cash balances and have not experienced any losses in such accounts 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 EKIMAS CORPORATION NOTES TO FINANCIAL STATEMENTS MARCH 31, 2022 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. EKIMAS CORPORATION NOTES TO FINANCIAL STATEMENTS MARCH 31, 2022 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. 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.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	4. Related Party Transactions Mr. Michael Adams, our former chief executive officer, was a non-employee consultant and holder of less than 1.0 % of our outstanding common stock as of March 31, 2022. During the fiscal years ended March 31, 2022 and 2021, Mr. Adams earned approximately $ 12,000 and $ 76,000 , respectively, in consulting fees and was reimbursed $ 2,000 and approximately $ 29,000 , respectively, for office expenses and car allowance. As of March 31, 2022 and 2021, there was $ 0 and approximately $ 17,000 , respectively, payable to Mr. Adams in consideration of his consulting services and reimbursable expenses and allowances. In connection with the First Closing of the Stock Purchase Agreement which we entered into with Reddington Partners LLC on October 12, Mr. Adams resigned as our chief executive officer and sole director, and Mr. Bennett J. Yankowitz was appointed as our chief executive officer and sole director. During the fiscal year ended March 31, 2022, Mr. Yankowitz, our chief executive officer and sole director, was affiliated with legal counsel who provided us with general legal services (the “Affiliate”). We recorded legal fees paid to the Affiliate of approximately $ 12,000 12,000

Transaction Fee

Transaction Fee	12 Months Ended
	Mar. 31, 2022
Transaction Fee
Transaction Fee	5. Transaction Fee On May 20, 2021, we received a $ 22,000

Income Taxes

Income Taxes	12 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	6. Income Taxes As of March 31, 2022 and 2021, we had no material unrecognized tax benefits and no adjustments to liabilities or operations were required. We had no Tax years 2017 through 2022 are subject to examination by the federal and state taxing authorities. There are no income tax examinations currently in process. EKIMAS CORPORATION NOTES TO FINANCIAL STATEMENTS MARCH 31, 2022 Reconciliation between our effective tax rate and the United States statutory rate is as follows: Schedule of Reconciliation of Effective Tax Rate For the Year Ended March 31, 2022 For the Year Ended March 31, 2021 Expected federal tax rate 21.0 % 21.0 % State income taxes, net of federal tax benefit 6.3 % 6.3 % Non-deductible expenses 0.0 % 0.0 % Effect of net operating loss true-up 0.0 % 0.0 % Utilization of net operating losses (27.3 )% (27.3 )% Effective tax rate 0.0 % 0.0 % Significant components of our deferred tax assets and deferred tax liabilities consist of the following: Schedule of Significant Components of Deferred Tax Assets and Deferred Tax Liabilities (in thousands) March 31, 2022 March 31, 2021 Deferred Tax Assets: Net operating loss carryforwards $ 3,183 $ 2,896 Tax credit carryforward - - Deferred tax assets 3,183 2,896 Deferred Tax Liabilities - - Net deferred tax assets 3,183 2,896 Valuation allowance (3,183 ) (2,896 ) 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 As of March 31, 2022, 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: Schedule of Unused Net Operating Loss and Tax Credit Carryforwards (in thousands) Net Operating Losses Investment & Research Credits Expiration Dates Federal $ 32,744 $ - 2023 to 2040 State $ - $ - Of the approximate $ 32,744,000 of federal net operating losses, approximately $ 5,621,000 do not expire, however, its use is limited each year by 50% of any income .

Contingencies

Contingencies	12 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies	7. 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.

Stockholders_ Equity

Stockholders’ Equity	12 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholders’ Equity	8. Stockholders’ Equity Preferred Stock We have authorized 5,000,000 0.001 500,000 500,000 no Common Stock On October 12, 2021, we entered into a Stock Purchase Agreement (the “SPA”) with Reddington Partners LLC, a California limited liability company (“Reddington”) providing for the purchase of a total of 5,114,475 400,000 The sale of the first tranche of 21,136,250 4,434,240 25,570,490 51.8 Pursuant to the SPA, the Company effectuated a 1-for 50 reverse stock split on March 11, 2022 (the “Reverse Split”). Accordingly, on a post-split basis, the shares purchased in connection with the First Closing resulted in Reddington owning 422,725 shares of our common stock. As set forth in the SPA, Reddington then purchased from us on March 15, 2022 an additional 4,691,750 shares of our common stock, on a post-split basis (the “Second Closing”). After the issuance thereof Reddington owned 5,114,475 shares of our common stock, or approximately 90 % of our total shares of common stock outstanding. As of the Second Closing, the Voting Agreements terminated. The cumulative purchase price for both tranches of shares of our common stock was $ 400,000 200,000 100,000 100,000 200,000 100,000 200,000 The shares of common stock sold to Reddington were and will be sold in reliance upon the exemption from securities registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506(b) of Regulation D under the Securities Act, based in part on the representations of Reddington. There were no sales commissions paid pursuant to this transaction. Treasury Stock and Other Transactions In June 2001, the Board of Directors adopted a share repurchase program authorizing the repurchase of up to 250,000 500,000 251,379 498,621 No EKIMAS CORPORATION NOTES TO FINANCIAL STATEMENTS MARCH 31, 2022 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 0.18 April 23, 2020 April 16, 2020

Stock Based Compensation

Stock Based Compensation	12 Months Ended
	Mar. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock Based Compensation	9. Stock Based Compensation 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 6,550,000 no 9,000

Subsequent Events

Subsequent Events	12 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	10. 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, other than as set foth below, we did not have any other material recognizable subsequent events. On April 11, 2022, effective April 1, 2022, we issued to GK Partners ApS, a private investor located in Denmark, for financial services, a warrant to purchase 6,000,000 shares of our common stock at an exercise price of $ 1.00 per share which expires on December 31, 2023 .

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2022
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 two banks and may exceed federally insured limits at times. We believe we are not exposed to any significant credit risk on our cash balances and have not experienced any losses in such accounts
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
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. EKIMAS CORPORATION NOTES TO FINANCIAL STATEMENTS MARCH 31, 2022 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.
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.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2022
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: Schedule of Reconciliation of Effective Tax Rate For the Year Ended March 31, 2022 For the Year Ended March 31, 2021 Expected federal tax rate 21.0 % 21.0 % State income taxes, net of federal tax benefit 6.3 % 6.3 % Non-deductible expenses 0.0 % 0.0 % Effect of net operating loss true-up 0.0 % 0.0 % Utilization of net operating losses (27.3 )% (27.3 )% Effective tax rate 0.0 % 0.0 %
Schedule of Significant Components of Deferred Tax Assets and Deferred Tax Liabilities	Significant components of our deferred tax assets and deferred tax liabilities consist of the following: Schedule of Significant Components of Deferred Tax Assets and Deferred Tax Liabilities (in thousands) March 31, 2022 March 31, 2021 Deferred Tax Assets: Net operating loss carryforwards $ 3,183 $ 2,896 Tax credit carryforward - - Deferred tax assets 3,183 2,896 Deferred Tax Liabilities - - Net deferred tax assets 3,183 2,896 Valuation allowance (3,183 ) (2,896 ) Net deferred tax assets $ - $ -
Schedule of Unused Net Operating Loss and Tax Credit Carryforwards	As of March 31, 2022, 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: Schedule of Unused Net Operating Loss and Tax Credit Carryforwards (in thousands) Net Operating Losses Investment & Research Credits Expiration Dates Federal $ 32,744 $ - 2023 to 2040 State $ - $ -

Business Description (Details N

Business Description (Details Narrative) - USD ($)	Mar. 15, 2022	Mar. 11, 2022	Oct. 12, 2021	Jan. 31, 2020
Reddington Partners LLC [Member]
Reverse stock split		1-for 50 reverse stock split
Asset Purchase Agreement [Member]
Purchase price of asset				$ 7,250,000
Stock Purchase Agreement [Member] | Reddington Partners LLC [Member]
Number of shares of common stock			5,114,475
Total cash consideration			$ 400,000
Stock Purchase Agreement [Member] | Common Stock [Member] | Reddington Partners LLC [Member]
Number of shares of common stock			5,114,475
Percentage of outstanding common stock	90%		90%
Total cash consideration			$ 400,000
Security Purchase Agreement [Member]
Number of shares of common stock	5,114,475	422,725
Reverse stock split		1-for 50
Common stock outstanding percentage	90%
Security Purchase Agreement [Member] | Second Closing [Member]
Number of shares of common stock	4,691,750

Liquidity and Going Concern (De

Liquidity and Going Concern (Details Narrative) - USD ($)			12 Months Ended
	Mar. 15, 2022	Oct. 12, 2021	Mar. 31, 2022	Mar. 31, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net loss			$ 287,000	$ 326,000
Cash flow from operating activities			282,000	323,000
Proceeds from asset sale to our shareholders			5,087,000
Reddington Partners LLC [Member] | Stock Purchase Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued		5,114,475
Total cash consideration		$ 400,000
Common Stock [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net loss
Common Stock [Member] | Reddington Partners LLC [Member] | Stock Purchase Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued		5,114,475
Percentage of outstanding common stock	90%	90%
Total cash consideration		$ 400,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative) - shares	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounting Policies [Abstract]
Antidilutive securities	0	0

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Michael Adams [Member]
Related Party Transaction [Line Items]
Consulting fees	$ 12,000	$ 76,000
Operating Costs and Expenses	2,000	29,000
Payable to related party	$ 0	$ 17,000
Michael Adams [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Percentage of outstanding common stock	1%
Mr. Yankowitz [Member]
Related Party Transaction [Line Items]
Consulting fees	$ 12,000
Payable to related party	$ 12,000

Transaction Fee (Details Narrat

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

Schedule of Reconciliation of E

Schedule of Reconciliation of Effective Tax Rate (Details)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Expected federal tax rate	21%	21%
State income taxes, net of federal tax benefit	6.30%	6.30%
Non-deductible expenses	0%	0%
Effect of net operating loss true-up	0%	0%
Utilization of net operating losses	(27.30%)	(27.30%)
Effective tax rate	0%	0%

Schedule of Significant Compone

Schedule of Significant Components of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Deferred Tax Assets:
Net operating loss carryforwards	$ 3,183	$ 2,896
Tax credit carryforward
Deferred tax assets	3,183	2,896
Deferred Tax Liabilities
Net deferred tax assets	3,183	2,896
Valuation allowance	(3,183)	(2,896)
Net deferred tax assets

Schedule of Unused Net Operatin

Schedule of Unused Net Operating Loss and Tax Credit Carryforwards (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2022 USD ($)
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Net Operating Losses	$ 32,744
Investment & Research Credits
Expiration Dates	2023 to 2040
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Net Operating Losses
Investment & Research Credits

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Loss Carryforwards [Line Items]
Income tax expense
Valuation allowance percentage	100%
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Income tax expense
Operating Loss Carryforwards	32,744,000
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration	$ 5,621,000
Operating Loss Carryforwards, Limitations on Use	limited each year by 50% of any income
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Income tax expense
Operating Loss Carryforwards

Stockholders_ Equity (Details N

Stockholders’ Equity (Details Narrative) - USD ($)					12 Months Ended
	Mar. 15, 2022	Mar. 12, 2022	Mar. 11, 2022	Oct. 12, 2021	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2004	Jun. 30, 2001
Class of Stock [Line Items]
Preferred stock shares authorized					5,000,000	5,000,000
Preferred stock, par value					$ 0.001	$ 0.001
Preferred stock, shares issued and redeemed					500,000
Preferred stock, shares issued					0	0
Preferred stock, shares outstanding					0	0
Proceeds from issuance of stock					$ 400,000
Cash distribution					$ 5,087,000
Cash distribution amount per share					$ 0.18
Cash distribution payment date					Apr. 23, 2020
Cash distribution record date					Apr. 16, 2020
Stock Repurchase Program [Member]
Class of Stock [Line Items]
Number of shares authorized for repurchase					251,379		500,000	250,000
Number of shares remaining to be repurchase					498,621
Stock Repurchased During Period, Shares					0	0
Reddington Partners LLC [Member]
Class of Stock [Line Items]
Stockholders' Equity, Reverse Stock Split			1-for 50 reverse stock split
Purchase price of common shares	$ 400,000
Proceeds from issuance of stock		$ 200,000
Working capital		100,000
Escrow deposit		200,000
Reddington Partners LLC [Member] | First Closing Date [Member]
Class of Stock [Line Items]
Accrued and unpaid liabilities		$ 100,000
Reddington Partners LLC [Member] | Second Closing Date [Member]
Class of Stock [Line Items]
Accrued and unpaid liabilities	100,000
Proceeds from related party	$ 200,000
Reddington Partners LLC [Member] | Share-Based Payment Arrangement, Tranche One [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues				21,136,250
Investment Owned, Balance, Shares			422,725
Reddington Partners LLC [Member] | Share-Based Payment Arrangement, Tranche Two [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues	4,691,750
Investment Owned, Balance, Shares	5,114,475
Reddington Partners LLC [Member] | Stock Purchase Agreement [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues				5,114,475
Cash consideration				$ 400,000
Reddington Partners LLC [Member] | Stock Purchase Agreement [Member] | Common Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues				5,114,475
Cash consideration				$ 400,000
Percentage of outstanding common stock	90%			90%
Reddington Partners LLC [Member] | Voting Agreement [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues				4,434,240
Investment Owned, Balance, Shares				25,570,490
Percentage of outstanding common stock				51.80%
Series A Junior Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock shares authorized					500,000
Preferred stock, shares issued					0
Preferred stock, shares outstanding					0

Stock Based Compensation (Detai

Stock Based Compensation (Details Narrative) - 2017 Non-Qualified Equity Incentive Plan [Member] - shares		16 Months Ended
	Aug. 14, 2017	Dec. 13, 2018	Mar. 31, 2022	Mar. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options outstanding			0	0
Number of shares available to grant			9,000	9,000
Directors, Certain Employees and a Consultant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of stock options vested and exercisable		6,550,000
Board Of Directors [Member] | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares exercised options to purchase	7,000,000

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - Subsequent Event [Member] - GK Partners ApS [Member]	Apr. 11, 2022 $ / shares shares
Subsequent Event [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares	6,000,000
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 1
Warrants and Rights Outstanding, Maturity Date	Dec. 31, 2023