Cover
Cover | 3 Months Ended |
Jun. 30, 2023 | |
Entity Addresses [Line Items] | |
Document Type | S-1/A |
Amendment Flag | true |
Amendment Description | Amendment No. 1 |
Entity Registrant Name | NORDICUS PARTNERS 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 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
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 |
Contact Personnel Name | Henrik Rouf |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Current assets: | |||
Cash | $ 32,040 | $ 7,149 | $ 245,945 |
Receivable | 44,481 | ||
Prepaids and other current assets | 775 | 770 | 3,500 |
Total current assets | 32,815 | 52,400 | 249,445 |
Website | 2,639 | 2,625 | |
Investment in Myson, Inc. | 1,750,000 | ||
Total Assets | 1,785,454 | 55,025 | 249,445 |
Current liabilities: | |||
Accounts payable and accrued expenses | 2,094 | 1,354 | 43,422 |
Total current liabilities | 23,153 | 27,367 | 54,934 |
Total Liabilities | 23,153 | 27,367 | 54,934 |
Commitments and contingencies | |||
Stockholders’ equity: | |||
Preferred stock; $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding | |||
Common stock; $0.001 par value; 50,000,000 shares authorized; 10,796,248 and 8,296,248 shares issued; respectively | 10,796 | 8,296 | 5,681 |
Treasury stock, 1,534 shares at cost | (30,328) | (30,328) | (30,328) |
Common stock to be issued | 25,000 | ||
Additional paid-in capital | 43,994,188 | 42,246,688 | 33,944,605 |
Accumulated other comprehensive income | 604 | 665 | |
Accumulated deficit | (42,237,959) | (42,197,663) | (33,725,447) |
Total stockholders’ equity | 1,762,301 | 27,658 | 194,511 |
Total liabilities and stockholders’ equity | 1,785,454 | 55,025 | 249,445 |
Related Party [Member] | |||
Current liabilities: | |||
Accounts payable – related party | 7,173 | 12,127 | 11,512 |
Related party payable | $ 13,886 | $ 13,886 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 |
Common stock, shares issued | 10,796,248 | 8,296,248 | 5,681,248 |
Treasury stock, shares | 1,534 | 1,534 | 1,534 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Operating expenses: | ||||
Officer compensation | $ 27,000 | |||
Stock based compensation– related party | 5,009,771 | $ 8,141,501 | ||
Professional fees | 19,925 | 9,004 | 102,286 | 119,863 |
Consulting expense | 39,602 | 105,565 | ||
General and administrative | 4,664 | 16,359 | 196,500 | 83,743 |
Total operating expenses | 51,589 | 5,035,134 | 8,479,889 | 309,171 |
Loss from operations | (51,589) | (5,035,134) | (8,479,889) | (309,171) |
Other income: | ||||
Interest expense | (382) | |||
Interest income | 1,913 | |||
Other income | 9,380 | 8,055 | 22,000 | |
Total other income | 11,293 | 7,673 | 22,000 | |
Loss from operations before provision for income taxes | (40,296) | (5,035,134) | (8,472,216) | (287,171) |
Provision for income taxes | ||||
Net loss | (40,296) | (5,035,134) | (8,472,216) | (287,171) |
Other comprehensive income: | ||||
Foreign currency translation adjustment | (61) | 665 | ||
Comprehensive Loss | $ (40,357) | $ (5,035,134) | $ (8,471,551) | $ (287,171) |
Net loss per common share - basic | $ 0 | $ (0.89) | $ (1.43) | $ (0.30) |
Net loss per common share - diluted | $ 0 | $ (0.89) | $ (1.43) | $ (0.30) |
Weighted average shared - basic | 8,570,973 | 5,681,248 | 5,938,851 | 944,651 |
Weighted average shared - diluted | 8,570,973 | 5,681,248 | 5,938,851 | 944,651 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Deficit - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] | Common Stock To Be Issued [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Mar. 31, 2021 | $ 567 | $ 33,549,719 | $ (33,438,276) | $ (30,328) | $ 81,682 | ||
Beginning balance, shares at Mar. 31, 2021 | 566,773 | ||||||
Common stock issued to an investor | $ 5,114 | 394,886 | 400,000 | ||||
Common stock issued to an investor, shares | 5,114,475 | ||||||
Net loss | (287,171) | (287,171) | |||||
Ending balance, value at Mar. 31, 2022 | $ 5,681 | 33,944,605 | (33,725,447) | (30,328) | 194,511 | ||
Ending balance, shares at Mar. 31, 2022 | 5,681,248 | ||||||
Net loss | (5,035,134) | (5,035,134) | |||||
Stock-based compensation - fair value of warrants– related party | 5,009,771 | 5,009,771 | |||||
Ending balance, value at Jun. 30, 2022 | $ 5,681 | 38,954,376 | (38,760,581) | (30,328) | 169,148 | ||
Ending balance, shares at Jun. 30, 2022 | 5,681,248 | ||||||
Beginning balance, value at Mar. 31, 2022 | $ 5,681 | 33,944,605 | (33,725,447) | (30,328) | 194,511 | ||
Beginning balance, shares at Mar. 31, 2022 | 5,681,248 | ||||||
Net loss | (8,472,216) | 665 | (8,471,551) | ||||
Stock-based compensation - fair value of warrants– related party | 8,141,501 | 8,141,501 | |||||
Shares issued for acquisition | $ 2,500 | 45,697 | 48,197 | ||||
Shares issued for acquisition, shares | 2,500,000 | ||||||
Exercise of warrants | $ 115 | 114,885 | 115,000 | ||||
Exercise of warrants, shares | 115,000 | ||||||
Ending balance, value at Mar. 31, 2023 | $ 8,296 | 42,246,688 | (42,197,663) | (30,328) | 665 | 27,658 | |
Ending balance, shares at Mar. 31, 2023 | 8,296,248 | ||||||
Net loss | (40,296) | (61) | (40,357) | ||||
Exercise of warrants | 25,000 | 25,000 | |||||
Shares issued for stock investment | $ 2,500 | 1,747,500 | 1,750,000 | ||||
Shares issued for stock investment, shares | 2,500,000 | ||||||
Ending balance, value at Jun. 30, 2023 | $ 10,796 | $ 43,994,188 | $ (42,237,959) | $ (30,328) | $ 25,000 | $ 604 | $ 1,762,301 |
Ending balance, shares at Jun. 30, 2023 | 10,796,248 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||||
Net loss | $ (40,296) | $ (5,035,134) | $ (8,472,216) | $ (287,171) |
Adjustments to reconcile net loss to net cash flows used in operating activities | ||||
Stock-based compensation – related party | 5,009,771 | 8,141,501 | ||
Changes in assets and liabilities: | ||||
Prepaid expenses | (19) | 1,750 | 3,500 | (3,500) |
Receivables | 44,481 | |||
Accounts payable – related party | (4,954) | |||
Accounts payable and accrued expenses | 740 | (36,363) | (41,132) | 8,290 |
Net cash used in operating activities | (48) | (59,976) | (368,347) | (282,381) |
Cash flows from financing activities: | ||||
Proceeds from note payable | 40,000 | |||
Repayment of note payable | (40,000) | |||
Proceeds from exercise of warrants | 25,000 | 115,000 | ||
Cash advance - related party | 13,886 | |||
Issuance of common stock to an investor | 400,000 | |||
Net cash provided by financing activities | 25,000 | 128,886 | 400,000 | |
Net change in cash | 24,952 | (59,976) | (239,461) | 117,619 |
Effect of exchange rate on cash | (61) | 665 | ||
Cash at beginning of period | 7,149 | 245,945 | 245,945 | 128,326 |
Cash at end of period | 32,040 | 185,969 | 7,149 | 245,945 |
Supplemental disclosure of cash flow information: | ||||
Income taxes paid | ||||
Interest paid | ||||
Supplemental disclosure of non-cash activity: | ||||
Common stock issued for shares of Myson, Inc. | $ 1,750,000 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 3 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Mar. 31, 2023 | |
Accounting Policies [Abstract] | ||
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS Nordicus Partners Corporation (the “Company” “Nordicus”) was founded in 1993 as a subsidiary of PolyMedica Corporation. On January 31, 2020, 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 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 90 400,000 On March 3, 2020, we filed a Certificate of Amendment to the Company’s Certificate of Incorporation, which amendment was unanimously approved by our Board of Directors, to change our name AdvanSource Biomaterials Corporation to EKIMAS Corporation. Pursuant to the SPA, the Company effectuated a 1-for 50 reverse stock split 422,725 4,691,750 5,114,475 90 On February 23, 2023, the Company and Nordicus Partners A/S, a Danish stock corporation, consummated the transactions contemplated by that certain Contribution Agreement (the “Contribution Agreement”) by and among the Company, Nordicus, GK Partners, Henrik Rouf and Life Science Power House ApS (“LSPH”). GK Partners, Rouf and LSPH are collectively referred to herein as the “Sellers”, and each individually as a “Seller”). Pursuant to the Contribution Agreement the Sellers contributed, transferred, assigned and conveyed to the Company all right, title and interest in and to one hundred percent ( 100 2,500,000 0.001 100 On May 17, 2023, the Company changed its name to Nordicus Partners Corporation and its ticker symbol to NORD. On June 9, 2023, Tom Glaesner Larsen resigned from the Company’s board of directors, and the remaining board members appointed Henrik Keller as his replacement. | NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS Nordicus Partners Corporation (the “Company”) was founded in 1993 as a subsidiary of PolyMedica Corporation. On January 31, 2020, 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 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 90 400,000 On March 3, 2020, we filed a Certificate of Amendment to the Company’s Certificate of Incorporation, which amendment was unanimously approved by our Board of Directors, to change our name AdvanSource Biomaterials Corporation to EKIMAS Corporation. Pursuant to the SPA, the Company effectuated a 1-for 50 reverse stock split 422,725 4,691,750 5,114,475 90 On February 23, 2023, we and Nordicus Partners A/S, a Danish stock corporation, consummated the transactions contemplated by that certain Contribution Agreement (the “Contribution Agreement”) by and among us, Nordicus, GK Partners, Henrik Rouf and Life Science Power House ApS (“LSPH”). GK Partners, Rouf and LSPH are collectively referred to herein as the “Sellers”, and each individually as a “Seller”). Pursuant to the Contribution Agreement the Sellers contributed, transferred, assigned and conveyed to us all right, title and interest in and to one hundred percent ( 100 %) of our issued and outstanding capital stock for an aggregate of 2,500,000 shares of our common stock, par value $ 0.001 per share. As a result of the Business Combination, Nordicus Partners A/S became our 100 % wholly owned subsidiary. On May 17, 2023, we changed our name to Nordicus Partners Corporation and our ticker symbol to NORD. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Mar. 31, 2023 | |
Accounting Policies [Abstract] | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company’s unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company as of and for the three month period ending June 30, 2023, and not necessarily indicative of the results to be expected for the full year ending March 31, 2024. These unaudited financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2023. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s accounting estimates include the collectability of receivables, useful lives of long-lived assets and recoverability of those assets, impairment in fair value of goodwill. Concentration of Credit Risk We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant credit risk on cash. Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no Principles of Consolidation The accompanying consolidated financial statements, includes the accounts of the Company and its wholly owned subsidiary, Nordicus Partners A/S. All significant intercompany transactions have been eliminated in consolidation. Translation Adjustment The accounts of the Company’s subsidiary are maintained in Danish krone. According to the Codification, all assets and liabilities were translated at the current exchange rate at respective balance sheets dates, members’ capital are translated at the historical rates and income statement items are translated at the average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income in accordance with the Comprehensive Income Topic of the Codification (ASC 220), as a component of Stockholders’ equity. Transaction gains and losses are reflected in the income statement. Comprehensive Income The Company uses SFAS 130 “Reporting Comprehensive Income” (ASC Topic 220). Comprehensive income is comprised of net income and all changes to the statements of Stockholders’ equity, except changes in paid-in capital and distributions to shareholders. Comprehensive income is included in net loss and foreign currency translation adjustments. Stock-based Compensation In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. Net Income (Loss) Per Common Share Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period. The weighted average number of common shares outstanding and potentially outstanding common shares assumes that the Company incorporated as of the beginning of the first period presented. As of June 30, 2023 and 2022, there were 6,610,000 5,860,000 Recently Issued Accounting Pronouncements The Company has implemented all new applicable accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s accounting estimates include the collectability of receivables, useful lives of long-lived assets and recoverability of those assets, impairment in fair value of goodwill. Concentration of Credit Risk We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant credit risk on cash. Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no Principles of Consolidation The accompanying consolidated financial statements for the year ended March 31, 2023, includes the accounts of the Company and its wholly owned subsidiary, Nordicus Partners A/S. All significant intercompany transactions have been eliminated in consolidation. Translation Adjustment The accounts of the Company’s subsidiary are maintained in Danish krone. According to the Codification, all assets and liabilities were translated at the current exchange rate at respective balance sheets dates, members’ capital are translated at the historical rates and income statement items are translated at the average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income in accordance with the Comprehensive Income Topic of the Codification (ASC 220), as a component of Stockholders’ equity. Transaction gains and losses are reflected in the income statement. Comprehensive Income The Company uses SFAS 130 “Reporting Comprehensive Income” (ASC Topic 220). Comprehensive income is comprised of net income and all changes to the statements of Stockholders’ equity, except changes in paid-in capital and distributions to shareholders. Comprehensive income is included in net loss and foreign currency translation adjustments. Stock-based Compensation In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. Fair Value of Financial Instruments The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP) and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3: Pricing inputs that are generally unobservable inputs and not corroborated by market data. The carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses and accrued expenses approximate their fair value because of the short maturity of those instruments. The Company’s notes payable approximate the fair value of such instruments based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements on March 31, 2023 and 2022. Net Income (Loss) Per Common Share Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period. The weighted average number of common shares outstanding and potentially outstanding common shares assumes that the Company incorporated as of the beginning of the first period presented. As of March 31, 2023, there are 6,635,000 no Income Taxes Income taxes are provided for the tax effects of the transactions reported in the financial statements and consist of taxes currently due plus deferred taxes related primarily to tax net operating loss carryforwards. The deferred tax assets and liabilities represent the future tax return consequences of these differences, which will either be taxable or deductible when assets and liabilities are recovered or settled, as well as operating loss carryforwards. 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 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 against deferred tax assets when in the judgment of management, it is more likely than not that such deferred tax assets will not become available. Because the judgment about the level of future taxable income is dependent to a great extent on matters that may, at least in part, be beyond the Company’s control, it is at least reasonably possible that management’s judgment about the need for a valuation allowance for deferred taxes could change in the near term. Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of March 31, 2023, and 2022, no liability for unrecognized tax benefits was required to be reported. Recently Issued Accounting Pronouncements The Company has implemented all new applicable accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
GOING CONCERN
GOING CONCERN | 3 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
GOING CONCERN | NOTE 3 - GOING CONCERN The Company’s financial statements have been prepared on a going concern basis, which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has not yet generated any revenue and has incurred losses since inception resulting in an accumulated deficit of $ 42,237,959 The ability to continue as a going concern is dependent upon the Company’s recent acquisition, its generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand, loans from third parties and/or private placement of common stock. The financial statements of the Company do not include any adjustments that may result from the outcome of these uncertainties. | NOTE 3 - GOING CONCERN The Company’s financial statements have been prepared on a going concern basis, which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has not yet generated any revenue and has incurred losses since inception resulting in an accumulated deficit of $ 42,197,663 The ability to continue as a going concern is dependent upon the Company’s recent acquisition, its generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand, loans from third parties and/or private placement of common stock. The financial statements of the Company do not include any adjustments that may result from the outcome of these uncertainties. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Mar. 31, 2023 | |
Related Party Transactions [Abstract] | ||
RELATED PARTY TRANSACTIONS | NOTE 4 - RELATED PARTY TRANSACTIONS Mr. Tom Glasner Larsen is an affiliate of GK Partners and was a member of our board of directors from February 23, 2023, until his voluntary retirement on June 9, 2023. He was also a beneficial owner of a controlling interest in Nordicus Partners A/S until its acquisition by us on February 23, 2023. On April 11, 2022, effective April 1, 2022, we issued to GK Partners, for financial services, a warrant to immediately purchase up to 6,000,000 1.00 115,000 1.00 115,000 25,000 25,000 25,000 25,000 30,000 30,000 On February 23, 2023, pursuant to the Contribution Agreement by and among the Company, Nordicus Partners A/S, GK Partners ApS (“GK Partners”), Henrik Rouf and Life Science Power House ApS (“LSPH”), we issued 2,500,000 On June 20, 2023, the Company and GK Partners ApS (the “Seller”) entered into a Stock Purchase and Sale Agreement (the “Agreement”), under which the Seller sold to the Company 5,000,000 2,500,000 Mr. Bennett Yankowitz, our chief financial officer and a director, was affiliated with legal counsel who provided us with general legal services (the “Affiliate”). We recorded legal fees to the Affiliate of $ 10,924 11,557 7,713 2,217 As of March 31, 2023, the Company had a receivable of $ 44,481 On April 17, 2023, our Board of Directors approved an employment agreement for our chief executive officer, Henrik Rouf, and a consulting agreement for our chief financial officer, Bennett J. Yankowitz. Mr. Rouf’s employment agreement provides for a base salary of $ 72,000 one year Mr. Yankowitz’s consulting agreement provides for a base salary of $ 36,000 one year | NOTE 4 - RELATED PARTY TRANSACTIONS Mr. Michael Adams, our former chief executive officer, was a non-employee consultant and holder of less than 1.0 0 12,000 0 2,000 Mr. Tom Glasner Larsen is an affiliate of GK Partners and was a member of our board of directors from February 23, 2023, until his voluntary retirement on June 9, 2023. He was also a beneficial owner of a controlling interest in Nordicus Partners A/S until its acquisition by us on February 23, 2023. On April 11, 2022, effective April 1, 2022, we issued to GK Partners, for financial services, a warrant to immediately purchase up to 6,000,000 1.00 115,000 1.00 115,000 On February 23, 2023, pursuant to the Contribution Agreement by and among the Company, Nordicus Partners A/S, GK Partners ApS (“GK Partners”), Henrik Rouf and Life Science Power House ApS (“LSPH”), we issued 2,500,000 shares of the common stock (Note 1). On June 20, 2023, the Company and GK Partners ApS (the “Seller”) entered into a Stock Purchase and Sale Agreement (the “Agreement”), under which the Seller sold to the Company 5,000,000 2,500,000 Mr. Bennett Yankowitz, our chief financial officer and a director, was affiliated with legal counsel who provided us with general legal services (the “Affiliate”). We recorded legal fees paid to the Affiliate of $ 35,415 11,453 12,217 11,512 On November 28, 2022, we issued Mr. Yankowitz a warrant to purchase 250,000 1.00 As of March 31, 2023, the Company has a receivable of $44,481 |
NOTE PAYABLE
NOTE PAYABLE | 12 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
NOTE PAYABLE | NOTE 5 – NOTE PAYABLE On October 14, 2022, the Company issued a Demand Promissory Note (“Note”) to GK Partners ApS for which it received $ 40,000 3 June 30, 2023 40,000 382 |
PREFERRED STOCK
PREFERRED STOCK | 3 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Mar. 31, 2023 | |
Equity [Abstract] | ||
PREFERRED STOCK | NOTE 5 - PREFERRED STOCK Preferred Stock We have authorized 5,000,000 0.001 500,000 500,000 | NOTE 6 - PREFERRED STOCK Preferred Stock We have authorized 5,000,000 0.001 500,000 |
COMMON STOCK TRANSACTIONS
COMMON STOCK TRANSACTIONS | 3 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Mar. 31, 2023 | |
Common Stock Transactions | ||
COMMON STOCK TRANSACTIONS | NOTE 7 - COMMON STOCK TRANSACTIONS 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 422,725 4,691,750 5,114,475 90 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 Our Board of Directors declared a cash distribution to stockholders pursuant to the terms and conditions of the SPA. The cash distribution of approximately $ 141,000 0.25 On February 14, 2023, GK Partners exercised a portion of its warrant for 115,000 1.00 115,000 On February 23, 2023, pursuant to the Contribution Agreement by and among the Company, Nordicus, GK Partners, Henrik Rouf and Life Science Power House ApS (“LSPH”), the Company issued 2,500,000 shares of the common stock (Note 1). | |
COMMON STOCK TRANSACTIONS | NOTE 6 - COMMON STOCK TRANSACTIONS On June 26, 2023, GK Partners exercised a portion of its warrant for 25,000 1.00 25,000 25,000 25,000 30,000 30,000 On June 20, 2023, the Company and GK Partners ApS entered into a Stock Purchase and Sale Agreement (the “Agreement”), under which the Seller sold to the Company 5,000,000 2,500,000 1,750,000 0.70 1.00 |
WARRANTS
WARRANTS | 3 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Mar. 31, 2023 | |
Warrants | ||
WARRANTS | NOTE 7 - WARRANTS On April 11, 2022, effective April 1, 2022, we issued to GK Partners ApS, for financial services, a warrant to immediately purchase up to 6,000,000 1.00 December 31, 2023 1.00 1.22 1.75 699.79 0.0 2.44 7,316,971 On November 28, 2022, we issued 1) to David Volpe a warrant to purchase 500,000 250,000 1.00 December 31, 2027 1.00 1.12 5 206 0.0 3.88 825,000 SCHEDULE OF WARRANT ACTIVITIES Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Contract Term Intrinsic Value Outstanding, March 31, 2023 6,635,000 $ 1.00 1.21 $ — Issued — $ — — Cancelled — $ — — Exercised (25,000 ) $ — — Outstanding, June 30, 2023 6,610,000 $ 1.00 0.96 $ — | NOTE 8 - WARRANTS On April 11, 2022, effective April 1, 2022, we issued to GK Partners ApS, for financial services, a warrant to immediately purchase up to 6,000,000 1.00 December 31, 2023 1.00 1.22 1.75 699.79 0.0 2.44 7,316,971 On November 28, 2022, we issued 1) to David Volpe a warrant to purchase 500,000 250,000 1.00 December 31, 2027 1.00 1.12 5 206 0.0 3.88 825,000 SCHEDULE OF WARRANT ACTIVITIES Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Contract Term Intrinsic Value Outstanding, March 31, 2022 — — — - Issued 6,750,000 $ 1.00 2.13 Cancelled — $ — — Exercised (115,000 ) $ — — Outstanding, March 31, 2023 6,635,000 $ 1.00 1.21 $ — |
INCOME TAX
INCOME TAX | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | NOTE 9 – INCOME TAX Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company has evaluated Staff Accounting Bulletin No. 118 regarding the impact of the decreased tax rates of the Tax Cuts & Jobs Act. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The U.S. federal income tax rate of 21 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, 2023 For the Year Ended March 31, 2022 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, 2023 March 31, 2022 Deferred Tax Assets: Net operating loss carryforwards $ 2,313,000 $ 3,183 Valuation allowance (2,313,000 ) (3,183 ) Net deferred tax assets $ — $ — At March 31, 2023, the Company had net operating loss carry forwards of approximately $ 35,057,000 No Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards for Federal Income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years before 2016. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Mar. 31, 2023 | |
Subsequent Events [Abstract] | ||
SUBSEQUENT EVENTS | NOTE 8 - SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements except as follows: On July 26, 2023, GK Partners exercised a portion of its warrant for an additional 25,000 1.00 25,000 | NOTE 10 - SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements. On June 9, 2023, Tom Glaesner Larsen resigned from the Company’s board of directors, and the remaining board members appointed Henrik Keller as his replacement. On June 20, 2023, the Company and GK Partners ApS entered into a Stock Purchase and Sale Agreement (the “Agreement”), under which the Seller sold to the Company 5,000,000 2,500,000 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Mar. 31, 2023 | |
Accounting Policies [Abstract] | ||
Basis of Presentation | Basis of Presentation The Company’s unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company as of and for the three month period ending June 30, 2023, and not necessarily indicative of the results to be expected for the full year ending March 31, 2024. These unaudited financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2023. | Basis of Presentation The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s accounting estimates include the collectability of receivables, useful lives of long-lived assets and recoverability of those assets, impairment in fair value of goodwill. | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s accounting estimates include the collectability of receivables, useful lives of long-lived assets and recoverability of those assets, impairment in fair value of goodwill. |
Concentration of Credit Risk | Concentration of Credit Risk We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant credit risk on cash. | Concentration of Credit Risk We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant credit risk on cash. |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no | Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements, includes the accounts of the Company and its wholly owned subsidiary, Nordicus Partners A/S. All significant intercompany transactions have been eliminated in consolidation. | Principles of Consolidation The accompanying consolidated financial statements for the year ended March 31, 2023, includes the accounts of the Company and its wholly owned subsidiary, Nordicus Partners A/S. All significant intercompany transactions have been eliminated in consolidation. |
Translation Adjustment | Translation Adjustment The accounts of the Company’s subsidiary are maintained in Danish krone. According to the Codification, all assets and liabilities were translated at the current exchange rate at respective balance sheets dates, members’ capital are translated at the historical rates and income statement items are translated at the average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income in accordance with the Comprehensive Income Topic of the Codification (ASC 220), as a component of Stockholders’ equity. Transaction gains and losses are reflected in the income statement. | Translation Adjustment The accounts of the Company’s subsidiary are maintained in Danish krone. According to the Codification, all assets and liabilities were translated at the current exchange rate at respective balance sheets dates, members’ capital are translated at the historical rates and income statement items are translated at the average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income in accordance with the Comprehensive Income Topic of the Codification (ASC 220), as a component of Stockholders’ equity. Transaction gains and losses are reflected in the income statement. |
Comprehensive Income | Comprehensive Income The Company uses SFAS 130 “Reporting Comprehensive Income” (ASC Topic 220). Comprehensive income is comprised of net income and all changes to the statements of Stockholders’ equity, except changes in paid-in capital and distributions to shareholders. Comprehensive income is included in net loss and foreign currency translation adjustments. | Comprehensive Income The Company uses SFAS 130 “Reporting Comprehensive Income” (ASC Topic 220). Comprehensive income is comprised of net income and all changes to the statements of Stockholders’ equity, except changes in paid-in capital and distributions to shareholders. Comprehensive income is included in net loss and foreign currency translation adjustments. |
Stock-based Compensation | Stock-based Compensation In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. | Stock-based Compensation In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP) and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3: Pricing inputs that are generally unobservable inputs and not corroborated by market data. The carrying amount of the Company’s financial assets and liabilities, such as cash, prepaid expenses and accrued expenses approximate their fair value because of the short maturity of those instruments. The Company’s notes payable approximate the fair value of such instruments based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements on March 31, 2023 and 2022. | |
Net Income (Loss) Per Common Share | Net Income (Loss) Per Common Share Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period. The weighted average number of common shares outstanding and potentially outstanding common shares assumes that the Company incorporated as of the beginning of the first period presented. As of June 30, 2023 and 2022, there were 6,610,000 5,860,000 | Net Income (Loss) Per Common Share Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period. The weighted average number of common shares outstanding and potentially outstanding common shares assumes that the Company incorporated as of the beginning of the first period presented. As of March 31, 2023, there are 6,635,000 no |
Income Taxes | Income Taxes Income taxes are provided for the tax effects of the transactions reported in the financial statements and consist of taxes currently due plus deferred taxes related primarily to tax net operating loss carryforwards. The deferred tax assets and liabilities represent the future tax return consequences of these differences, which will either be taxable or deductible when assets and liabilities are recovered or settled, as well as operating loss carryforwards. 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 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 against deferred tax assets when in the judgment of management, it is more likely than not that such deferred tax assets will not become available. Because the judgment about the level of future taxable income is dependent to a great extent on matters that may, at least in part, be beyond the Company’s control, it is at least reasonably possible that management’s judgment about the need for a valuation allowance for deferred taxes could change in the near term. Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of March 31, 2023, and 2022, no liability for unrecognized tax benefits was required to be reported. | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements The Company has implemented all new applicable accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. | Recently Issued Accounting Pronouncements The Company has implemented all new applicable accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
WARRANTS (Tables)
WARRANTS (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Mar. 31, 2023 | |
Warrants | ||
SCHEDULE OF WARRANT ACTIVITIES | SCHEDULE OF WARRANT ACTIVITIES Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Contract Term Intrinsic Value Outstanding, March 31, 2023 6,635,000 $ 1.00 1.21 $ — Issued — $ — — Cancelled — $ — — Exercised (25,000 ) $ — — Outstanding, June 30, 2023 6,610,000 $ 1.00 0.96 $ — | SCHEDULE OF WARRANT ACTIVITIES Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Contract Term Intrinsic Value Outstanding, March 31, 2022 — — — - Issued 6,750,000 $ 1.00 2.13 Cancelled — $ — — Exercised (115,000 ) $ — — Outstanding, March 31, 2023 6,635,000 $ 1.00 1.21 $ — |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
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, 2023 For the Year Ended March 31, 2022 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, 2023 March 31, 2022 Deferred Tax Assets: Net operating loss carryforwards $ 2,313,000 $ 3,183 Valuation allowance (2,313,000 ) (3,183 ) Net deferred tax assets $ — $ — |
ORGANIZATION AND DESCRIPTION _2
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) - USD ($) | 3 Months Ended | |||||||
Feb. 23, 2023 | Mar. 15, 2022 | Mar. 11, 2022 | Oct. 12, 2021 | Jan. 31, 2020 | Jun. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Total cash consideration | $ 1,750,000 | |||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Contribution Agreement [Member] | ||||||||
Stock issued during period, shares, new issues | 2,500,000 | |||||||
Percentage of outstanding common stock | 100% | |||||||
Common stock, par value | $ 0.001 | |||||||
Contribution Agreement [Member] | Nordicus Partners A/S [Member] | ||||||||
Subsidiary, ownership percentage | 100% | |||||||
Reddington Partners LLC [Member] | Stock Purchase Agreement [Member] | ||||||||
Stock issued during period, shares, new issues | 5,114,475 | |||||||
Percentage of outstanding common stock | 90% | |||||||
Total cash consideration | $ 400,000 | |||||||
Reverse stock split | 1-for 50 reverse stock split | |||||||
Reddington Partners LLC [Member] | Stock Purchase Agreement [Member] | First Closing [Member] | ||||||||
Stock issued during period, shares, new issues | 422,725 | |||||||
Reddington Partners LLC [Member] | Stock Purchase Agreement [Member] | Second Closing [Member] | ||||||||
Stock issued during period, shares, new issues | 4,691,750 | |||||||
Asset Purchase Agreement [Member] | ||||||||
Purchase price of asset | $ 7,250,000 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Accounting Policies [Abstract] | ||||
Cash equivalents | $ 0 | $ 0 | $ 0 | |
Antidilutive securities | 6,610,000 | 5,860,000 | 6,635,000 | 0 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Accumulated deficit | $ 42,237,959 | $ 42,197,663 | $ 33,725,447 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||
Aug. 24, 2023 | Jul. 26, 2023 | Jun. 26, 2023 | Jun. 20, 2023 | Apr. 17, 2023 | Feb. 23, 2023 | Feb. 14, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Nov. 28, 2022 | Apr. 11, 2022 | |
Related Party Transaction [Line Items] | |||||||||||||
Consulting fees | $ 19,925 | $ 9,004 | $ 102,286 | $ 119,863 | |||||||||
Total proceeds | 1,750,000 | ||||||||||||
Receivable | 44,481 | ||||||||||||
GK Partners [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Total proceeds | $ 25,000 | $ 1,750,000 | $ 115,000 | ||||||||||
Stock Issued During Period, Shares, New Issues | 2,500,000 | ||||||||||||
GK Partners [Member] | Restricted Stock [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Shares issued | 2,500,000 | ||||||||||||
GK Partners [Member] | Subsequent Event [Member] | Restricted Stock [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Shares issued | 2,500,000 | ||||||||||||
Myson Inc [Member] | Restricted Stock [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Shares issued | 5,000,000 | ||||||||||||
Myson Inc [Member] | Subsequent Event [Member] | Restricted Stock [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Shares issued | 5,000,000 | ||||||||||||
Common Stock [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Total proceeds | $ 2,500 | ||||||||||||
Stock Issued During Period, Shares, New Issues | 2,500,000 | ||||||||||||
Common Stock [Member] | GK Partners [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Warrant to purchase shares | 6,000,000 | ||||||||||||
Exercise price per share | $ 1 | ||||||||||||
Warrant [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Warrant to purchase shares | 115,000 | ||||||||||||
Exercise price per share | $ 1 | $ 1 | |||||||||||
Warrant [Member] | GK Partners [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Warrant to purchase shares | 25,000 | 115,000 | 6,000,000 | ||||||||||
Exercise price per share | $ 1 | $ 1 | $ 1 | $ 1 | |||||||||
Warrant [Member] | GK Partners [Member] | Subsequent Event [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Warrant to purchase shares | 30,000 | 25,000 | |||||||||||
Exercise price per share | $ 1 | ||||||||||||
Total proceeds | $ 30,000 | $ 25,000 | |||||||||||
Mr.Michael Adams [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Consulting fees | 0 | 12,000 | |||||||||||
Reimburse for office expense and car allowance | $ 0 | 2,000 | |||||||||||
Mr.Michael Adams [Member] | Maximum [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Percentage of outstanding common stock | 1% | ||||||||||||
Mr Bennett Yankowitz [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Legal fees | $ 10,924 | $ 11,557 | $ 35,415 | 11,453 | |||||||||
Due to related party | 12,217 | $ 11,512 | |||||||||||
Due to related party | $ 7,713 | 2,217 | |||||||||||
Mr Yankowitz [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Salary payment | $ 36,000 | ||||||||||||
Agreement term | 1 year | ||||||||||||
Mr Yankowitz [Member] | Common Stock [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Warrant to purchase shares | 250,000 | ||||||||||||
Exercise price per share | $ 1 | ||||||||||||
GK Partners [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Receivable | $ 44,481 | ||||||||||||
Mr Rouf [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Salary payment | $ 72,000 | ||||||||||||
Agreement term | 1 year |
NOTE PAYABLE (Details Narrative
NOTE PAYABLE (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Feb. 16, 2023 | Oct. 14, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Repayments of notes | $ 40,000 | |||||
Interest paid | ||||||
GK Partners [Member] | ||||||
Notes payable | $ 40,000 | |||||
Notes interest rate | 3% | |||||
Debt maturity date | Jun. 30, 2023 | |||||
Repayments of notes | $ 40,000 | |||||
Interest paid | $ 382 |
PREFERRED STOCK (Details Narrat
PREFERRED STOCK (Details Narrative) - $ / shares | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Class of Stock [Line Items] | |||
Preferred stock shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares issued and redeemed | 500,000 | 500,000 | |
Series A Junior Participating Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred stock shares authorized | 500,000 |
COMMON STOCK TRANSACTIONS (Deta
COMMON STOCK TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Aug. 24, 2023 | Jul. 26, 2023 | Jun. 26, 2023 | Jun. 20, 2023 | Feb. 23, 2023 | Feb. 14, 2023 | Sep. 22, 2022 | Mar. 15, 2022 | Mar. 11, 2022 | Oct. 12, 2021 | Jun. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Nov. 28, 2022 | Apr. 11, 2022 | |
Shares issued for stock investment | $ 1,750,000 | ||||||||||||||
Proceeds from issuance of stock | $ 400,000 | ||||||||||||||
Proceeds from related party | $ 13,886 | ||||||||||||||
Cash distribution | $ 141,000 | ||||||||||||||
Share price per share | $ 0.25 | ||||||||||||||
Warrant [Member] | |||||||||||||||
Warrant to purchase shares | 115,000 | ||||||||||||||
Exercise price per share | $ 1 | $ 1 | |||||||||||||
Reddington Partners LLC [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||||||||||||
Shares issued for stock investment, shares | 21,136,250 | ||||||||||||||
Reddington Partners LLC [Member] | Stock Purchase Agreement [Member] | |||||||||||||||
Shares issued for stock investment, shares | 5,114,475 | ||||||||||||||
Shares issued for stock investment | $ 400,000 | ||||||||||||||
Percentage of outstanding common stock | 90% | ||||||||||||||
Reverse stock split | 1-for 50 reverse stock split | ||||||||||||||
Reddington Partners LLC [Member] | Stock Purchase Agreement [Member] | First Closing [Member] | |||||||||||||||
Shares issued for stock investment, shares | 422,725 | ||||||||||||||
Proceeds from issuance of stock | $ 200,000 | ||||||||||||||
Accrued and unpaid liabilities | 100,000 | ||||||||||||||
Working capital | 100,000 | ||||||||||||||
Escrow deposit | 200,000 | ||||||||||||||
Reddington Partners LLC [Member] | Stock Purchase Agreement [Member] | Second Closing [Member] | |||||||||||||||
Shares issued for stock investment, shares | 4,691,750 | ||||||||||||||
Accrued and unpaid liabilities | 100,000 | ||||||||||||||
Proceeds from related party | $ 200,000 | ||||||||||||||
Reddington Partners LLC [Member] | Voting Agreement [Member] | |||||||||||||||
Shares issued for stock investment, shares | 4,434,240 | ||||||||||||||
Investment Owned, Balance, Shares | 25,570,490 | ||||||||||||||
Percentage of outstanding common stock | 51.80% | ||||||||||||||
GK Partners [Member] | |||||||||||||||
Shares issued for stock investment, shares | 2,500,000 | ||||||||||||||
Shares issued for stock investment | $ 25,000 | $ 1,750,000 | $ 115,000 | ||||||||||||
Share price per share | $ 0.70 | ||||||||||||||
GK Partners [Member] | Restricted Stock [Member] | |||||||||||||||
Shares issued | 2,500,000 | ||||||||||||||
GK Partners [Member] | Subsequent Event [Member] | Restricted Stock [Member] | |||||||||||||||
Shares issued | 2,500,000 | ||||||||||||||
GK Partners [Member] | Warrant [Member] | |||||||||||||||
Warrant to purchase shares | 25,000 | 115,000 | 6,000,000 | ||||||||||||
Exercise price per share | $ 1 | $ 1 | $ 1 | $ 1 | |||||||||||
GK Partners [Member] | Warrant [Member] | Subsequent Event [Member] | |||||||||||||||
Shares issued for stock investment | $ 30,000 | $ 25,000 | |||||||||||||
Warrant to purchase shares | 30,000 | 25,000 | |||||||||||||
Exercise price per share | $ 1 | ||||||||||||||
Myson Inc [Member] | Restricted Stock [Member] | |||||||||||||||
Shares issued | 5,000,000 | ||||||||||||||
Myson Inc [Member] | Subsequent Event [Member] | Restricted Stock [Member] | |||||||||||||||
Shares issued | 5,000,000 |
SCHEDULE OF WARRANT ACTIVITIES
SCHEDULE OF WARRANT ACTIVITIES (Details) - Warrant [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Mar. 31, 2023 | |
Number of Warrants, Beginning balance | 6,635,000 | |
Weighted Average Exercise Price, Beginning balance | $ 1 | |
Intrinsic Value, Beginning balance | ||
Number of Warrants, Issued | 6,750,000 | |
Weighted Average Exercise Issued | $ 1 | |
Weighted Average Remaining Contractual term,Issued | 2 years 1 month 17 days | |
Warrants Outstanding, Cancelled | ||
Number of Warrants, Exercised | (115,000) | |
Number of Warrants, Ending balance | 6,635,000 | |
Weighted Average Exercise Price, Ending balance | $ 1 | |
Weighted Average Remaining Contractual term,Outstanding | 1 year 2 months 15 days | |
Intrinsic Value, Ending balances | ||
Number of Warrants, Beginning balance | 6,635,000 | |
Weighted Average Exercise Price, Beginning balance | $ 1 | |
Weighted Average Remaining Contractual term,Outstanding | 11 months 15 days | 1 year 2 months 15 days |
Intrinsic Value, Beginning balance | ||
Number of Warrants, Issued | ||
Warrants Outstanding, Cancelled | ||
Number of Warrants, Exercised | (25,000) | |
Number of Warrants, Ending balance | 6,610,000 | 6,635,000 |
Weighted Average Exercise Price, Ending balance | $ 1 | $ 1 |
Intrinsic Value, Ending balances |
WARRANTS (Details Narrative)
WARRANTS (Details Narrative) | 3 Months Ended | 12 Months Ended | ||||||||
Nov. 28, 2022 $ / shares shares | Apr. 11, 2022 $ / shares shares | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Jun. 26, 2023 $ / shares shares | Jun. 20, 2023 $ / shares | Feb. 14, 2023 $ / shares shares | Sep. 22, 2022 $ / shares | |
Price per share | $ 0.25 | |||||||||
Stock based compensation | $ | $ 5,009,771 | $ 8,141,501 | ||||||||
Total stock based compensation | $ | 825,000 | |||||||||
Measurement Input, Exercise Price [Member] | ||||||||||
Warrant measurement input | 1 | |||||||||
Measurement Input, Share Price [Member] | ||||||||||
Price per share | $ 1.12 | |||||||||
Measurement Input, Expected Term [Member] | ||||||||||
Expected term | 5 years | |||||||||
Measurement Input, Price Volatility [Member] | ||||||||||
Warrant measurement input | 206 | |||||||||
Measurement Input, Expected Dividend Rate [Member] | ||||||||||
Warrant measurement input | 0 | |||||||||
Measurement Input, Risk Free Interest Rate [Member] | ||||||||||
Warrant measurement input | 3.88 | |||||||||
GK Partners [Member] | ||||||||||
Price per share | $ 0.70 | |||||||||
Stock based compensation | $ | $ 7,316,971 | |||||||||
GK Partners [Member] | Measurement Input, Exercise Price [Member] | ||||||||||
Warrant measurement input | 1 | |||||||||
GK Partners [Member] | Measurement Input, Share Price [Member] | ||||||||||
Price per share | $ 1.22 | |||||||||
GK Partners [Member] | Measurement Input, Expected Term [Member] | ||||||||||
Expected term | 1 year 9 months | |||||||||
GK Partners [Member] | Measurement Input, Price Volatility [Member] | ||||||||||
Warrant measurement input | 699.79 | |||||||||
GK Partners [Member] | Measurement Input, Expected Dividend Rate [Member] | ||||||||||
Warrant measurement input | 0 | |||||||||
GK Partners [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||||||
Warrant measurement input | 2.44 | |||||||||
Warrant [Member] | ||||||||||
Warrant to purchase shares | shares | 115,000 | |||||||||
Exercise price per share | $ 1 | $ 1 | ||||||||
Exercise price per share | Dec. 31, 2027 | Dec. 31, 2023 | ||||||||
Warrant [Member] | David Volpe [Member] | ||||||||||
Warrant to purchase shares | shares | 500,000 | |||||||||
Warrant [Member] | Bennett J. Yankowitz [Member] | ||||||||||
Warrant to purchase shares | shares | 250,000 | |||||||||
Warrant [Member] | GK Partners [Member] | ||||||||||
Warrant to purchase shares | shares | 6,000,000 | 25,000 | 115,000 | |||||||
Exercise price per share | $ 1 | $ 1 | $ 1 | $ 1 |
SCHEDULE OF RECONCILIATION OF E
SCHEDULE OF RECONCILIATION OF EFFECTIVE TAX RATE (Details) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
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, 2023 | Mar. 31, 2022 |
Deferred Tax Assets: | ||
Net operating loss carryforwards | $ 2,313,000 | $ 3,183 |
Valuation allowance | (2,313,000) | (3,183) |
Net deferred tax assets |
INCOME TAX (Details Narrative)
INCOME TAX (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Operating Loss Carryforwards [Line Items] | ||||
Expected federal tax rate | 21% | 21% | ||
Tax benefit | ||||
Domestic Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating Loss Carryforwards | $ 35,057 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Jul. 26, 2023 | Jun. 20, 2023 | Aug. 24, 2023 | Jun. 26, 2023 | Feb. 14, 2023 | Nov. 28, 2022 | Apr. 11, 2022 |
Warrant [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Warrant to purchase shares | 115,000 | ||||||
Exercise price per share | $ 1 | $ 1 | |||||
Myson Inc [Member] | Restricted Stock [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Shares issued | 5,000,000 | ||||||
Myson Inc [Member] | Subsequent Event [Member] | Restricted Stock [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Shares issued | 5,000,000 | ||||||
GK Partners [Member] | Warrant [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Warrant to purchase shares | 25,000 | 115,000 | 6,000,000 | ||||
Exercise price per share | $ 1 | $ 1 | $ 1 | $ 1 | |||
GK Partners [Member] | Restricted Stock [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Shares issued | 2,500,000 | ||||||
GK Partners [Member] | Subsequent Event [Member] | Warrant [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Warrant to purchase shares | 25,000 | 30,000 | |||||
Exercise price per share | $ 1 | ||||||
Proceeds from warrants | $ 25,000 | ||||||
GK Partners [Member] | Subsequent Event [Member] | Restricted Stock [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Shares issued | 2,500,000 |