Modular Medical (MODD) S-1/A 6 Jul 22 IPO registration (amended) Financial data

Cover

Cover	12 Months Ended
	Mar. 31, 2022
Cover [Abstract]
Document Type	S-1/A
Amendment Flag	true
Amendment Description	The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.
Entity Registrant Name	MODULAR MEDICAL, INC.
Entity Central Index Key	0001074871
Entity Primary SIC Number	3841
Entity Tax Identification Number	87-0620495
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	16772 W. Bernardo Drive
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92127
City Area Code	(858)
Local Phone Number	800-3500
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2022	Mar. 31, 2021
CURRENT ASSETS
Cash and cash equivalents	$ 9,076,372	$ 1,468,465
Prepaid expenses	312,464	178,158
Other current assets	958	2,466
TOTAL CURRENT ASSETS	9,389,794	1,649,089
Property and equipment, net	235,959	298,958
Right of use asset, net	120,693	200,124
Security deposit	100,000	100,000
TOTAL NON-CURRENT ASSETS	456,652	599,082
TOTAL ASSETS	9,846,446	2,248,171
CURRENT LIABILITIES
Accounts payable	299,951	169,284
Accrued expenses	524,891	499,948
Short-term lease liability	144,857	125,500
PPP note payable		368,780
Convertible notes payable		2,133,453
TOTAL CURRENT LIABILITIES	969,699	3,296,965
Long-term lease liability	39,957	184,355
Bonus payable		42,000
TOTAL  LIABILITIES	1,009,656	3,523,320
STOCKHOLDERS’ EQUITY (DEFICIT)
Preferred Stock, $0.001 par value, 5,000,000 shares authorized, none issued and outstanding
Common Stock, $0.001 par value, 50,000,000 shares authorized, 10,461,898 shares and 6,302,050 shares issued and outstanding as of March 31, 2022 and 2021, respectively	10,462	6,302
Additional paid-in capital	43,406,099	14,665,559
Accumulated deficit	(34,579,771)	(15,947,010)
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)	8,836,790	(1,275,149)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)	$ 9,846,446	$ 2,248,171

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Mar. 31, 2021
Statement of Financial Position [Abstract]
Preferred Stock, Par or Stated Value Per Share	$ 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 or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Shares, Issued	10,461,898	6,302,050
Common Stock, Shares, Outstanding	10,461,898	6,302,050

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating expenses
Research and development	$ 7,729,240	$ 4,083,303
General and administrative	7,197,162	3,253,412
Total operating expenses	14,926,402	7,336,715
Loss from operations	(14,926,402)	(7,336,715)
Other income	368,920	130
Interest expense	(2,752,229)	(39,791)
Loss on debt extinguishment	(1,321,450)
Loss before income taxes	(18,631,161)	(7,376,376)
Provision for income taxes	1,600	1,600
Net loss	$ (18,632,761)	$ (7,377,976)
Net loss per share
Basic and diluted	$ (2.74)	$ (1.20)
Shares used in computing net loss per share
Basic and diluted	6,807,710	6,211,562

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Deficit) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Common Stock Issuable	Retained Earnings [Member]	Total
Balance as of March 31, 2020 at Mar. 31, 2020	$ 5,957	$ 10,517,505	$ 923,994	$ (8,569,034)	$ 2,878,422
Beginning balance, Shares at Mar. 31, 2020	5,956,754
Placement of common stock	$ 321	2,709,555	(923,994)		1,785,882
Placement of common stock, Shares	320,796
Shares issued for services	$ 24	210,921			210,945
Shares issued for services, Shares	24,500
Stock-based compensation		1,227,578			1,227,578
Net loss				(7,377,976)	(7,377,976)
Warrants issued with convertible notes
Ending balance, value at Mar. 31, 2021	$ 6,302	14,665,559		(15,947,010)	(1,275,149)
Ending balance, Shares at Mar. 31, 2021	6,302,050
Placement of common stock	$ 31	249,969			$ 250,000
Placement of common stock, Shares	30,864				30,864
Shares issued for services	$ 90	594,310			$ 594,400
Shares issued for services, Shares	90,000				90,000
Stock-based compensation		3,859,785			$ 3,859,785
Net loss				(18,632,761)	(18,632,761)
Issuance of common stock upon public offering, net of issuance costs	$ 2,500	13,657,500			13,660,000
Issuance of common stock upon public offering, net of issuance costs, Shares	2,500,000
Issuance of common stock in settlement of convertible notes and accrued interest	$ 1,511	6,506,254			6,507,765
Issuance of common stock in settlement of convertible notes and accrued interest, Shares	1,511,276
Warrants issued with convertible notes		3,700,632			3,700,632
Shares issued for reverse stock split	$ 1	(1)
Shares issued for reverse stock split, Shares	1,211
Issuance of common stock under equity incentive plan	$ 27	172,091			172,118
Issuance of common stock under equity incentive plan, Shares	26,497
Ending balance, value at Mar. 31, 2022	$ 10,462	$ 43,406,099		$ (34,579,771)	$ 8,836,790
Ending balance, Shares at Mar. 31, 2022	10,461,898

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows from operating activities
Net loss	$ (18,632,761)	$ (7,377,976)
Adjustments to reconcile net loss to net cash used in operating activities:
Gain on PPP note forgiveness	(368,780)
Loss on debt extinguishment	1,321,450
Stock-based compensation expense	4,031,902	1,227,578
Depreciation and amortization	117,490	111,015
Accrued interest	666,338
Shares issued for services	395,950	68,880
Amortization of lease right-of-use asset	79,431	70,826
Change in lease liability	(125,040)	38,905
Amortization of debt issuance costs	1,833,618	12,253
Other	274	1,004
Changes in assets and liabilities:
Other assets and prepaid expenses	65,652	25,600
Accounts payable and accrued expenses	354,948	(86,747)
Net cash used in operating activities	(10,259,528)	(5,908,662)
Cash flows from investing activities
Purchases of property and equipment	(54,764)	(109,669)
Net cash used in investing activities	(54,764)	(109,669)
Cash flows from financing activities
Proceeds from private placements, net of issuance costs	250,000	1,785,882
Proceeds from issuance of convertible notes, net of placement fees	4,137,199	2,210,000
Proceeds from issuance of promissory note	2,100,000
Repayment of promissory note	(2,100,000)
Proceeds from issuance of PPP note payable		368,780
Proceeds from issuance of common stock upon public offering, net of issuance costs	13,535,000
Net cash provided by financing activities	17,922,199	4,364,662
Net increase (decrease) in cash and cash equivalents	7,607,907	(1,653,669)
Cash and cash equivalents, at beginning of year	1,468,465	3,122,134
Cash and cash equivalents, at end of year	9,076,372	1,468,465
Noncash investing and financing activities:
Fair value of detachable warrants issued with convertible notes	3,700,632
Conversion of convertible notes and accrued interest into common stock	7,253,876
Cash paid for:
Income taxes	1,600	1,600
Interest paid	$ 252,000

THE COMPANY AND SUMMARY OF SIGN

THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Note 1 – THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Modular Medical, Inc. (the Company) was incorporated in Nevada in October 1998 under the name Bear Lake Recreation, Inc. The Company had no material business operations from 2002 until approximately 2017 when it acquired all of the issued and outstanding shares of Quasuras, Inc., a Delaware corporation (Quasuras). As the major shareholder of Quasuras retained control of both the Company and Quasuras, the share exchange was accounted for as a reverse merger. As such, the Company recognized the assets and liabilities of Quasuras, acquired in the merger, at their historical carrying amounts. Prior to the acquisition of Quasuras and, since at least 2002, the Company was a shell company, as defined in Rule 12b-2 promulgated under the Securities Exchange Act of 1934 (the Exchange Act). In June 2017, the Company changed its name from Bear Lake Recreation, Inc. to Modular Medical, Inc. The Company is a development-stage medical device company focused on the design, development and eventual commercialization of an innovative insulin pump to address shortcomings and problems represented by the relatively limited adoption of currently available pumps for insulin-dependent people with diabetes. The Company has developed a hardware technology allowing people with insulin-dependent diabetes to receive their daily insulin in two ways, through a continuous “basal” delivery allowing a small amount of insulin to be in the blood at all times and a “bolus” delivery to address meal time glucose input and to address when the blood glucose level becomes excessively high. By addressing the time and effort required to effectively treat their condition, the Company believes it can address the less technically savvy, less motivated part of the market. As discussed in Note 7, in February 2022, the Company completed a public offering of its equity securities, and its common stock was approved to list on the Nasdaq Capital Market under the symbol “MODD” and began trading there on February 10, 2022. Going Concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent on, among other things, the Company’s ability to operate profitably, to generate cash flows from operations, and to pursue financing arrangements to support its working capital requirements. At issuance of the Company’s financial statements for the year ended March 31, 2021, management had determined that there was significant doubt as to the ability of the Company to meet its obligations and continue as a going concern. As a result of the Offering (see Note 7), which was completed in February 2022, and the Registered Offering (see Note 13), which was completed in May 2022, and resulting improved financial position, the Company believes it has sufficient liquidity to meet its obligations as they come due and conduct its business for a period of at least 12 months from the date of issuance of these financial statements. The Company’s operating needs include the planned costs to operate its business, including amounts required to fund working capital and capital expenditures. The Company’s future capital requirements and the adequacy of its available funds will depend on many factors, including the Company’s ability to successfully commercialize its product, competing technological and market developments, and the need to enter into collaborations with other companies or acquire other companies or technologies to enhance or complement its product offering. If the Company is unable to secure additional capital, it may be required to curtail its research and development initiatives and take additional measures to reduce costs in order to conserve its cash. Basis of Presentation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America. The Company’s fiscal year ends on March 31 of each calendar year. Reverse Stock Split On November 24, 2021, the Company filed a certificate of amendment to its amended and restated certificate of incorporation with the Secretary of State of the State of Nevada to effect a 1-for-3 reverse stock split of the Company’s shares of common stock. Such amendment and ratio were previously approved by a majority of the Company’s stockholders and the board of directors. As a result of the reverse stock split, which was effective November 29, 2021, every three shares of the Company’s pre-reverse split outstanding common stock were combined and reclassified into one share of common stock. Proportionate voting rights and other rights of common stock holders were not affected by the reverse stock split. Any fractional shares of common stock resulting from the Reverse Split were rounded up to the nearest whole share. All stock options outstanding and common stock reserved for issuance under the Company’s equity incentive plans and warrants outstanding immediately prior to the reverse stock split were adjusted by dividing the number of affected shares of common stock by three and, as applicable, multiplying the exercise price by three, as a result of the reverse stock split. All share numbers, share prices, exercise prices and per share amounts have been adjusted, on a retroactive basis to reflect this 1-for-3 reverse stock split. Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with U.S. generally accepted accounting principles (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 consolidated financial statements and the reported amount of revenues and expenses during the reporting period. Estimates may include those pertaining to accruals, stock-based compensation and income taxes. Actual results could differ from those estimates. Reportable Segment The Company operates in one business segment and uses one measurement of profitability for its business. Research and Development The Company expenses research and development expenditures as incurred. General and Administrative General and administrative expenses consist primarily of payroll and benefit costs, rent, stock-based compensation, legal and accounting fees, and office and other administrative expenses. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash. The Company maintains its cash at high quality financial institutions within the United States, which are insured by the Federal Deposit Insurance Corporation (FDIC) up to limits of approximately $250,000. No reserve has been made in the financial statements for any possible loss due to financial institution failure. Risks and Uncertainties The Company is subject to risks from, among other things, competition associated with the industry in general, other risks associated with financing, liquidity requirements, rapidly changing customer requirements, limited operating history and the volatility of public markets. COVID-19 The global outbreak of the coronavirus disease 2019 (COVID-19) was declared a pandemic by the World Health Organization and a national emergency by the U.S. government in March 2020. This has negatively affected the U.S. and global economy, disrupted global supply chains, significantly restricted travel and transportation, resulted in mandated closures and orders to “shelter-in-place” and created significant disruption of the financial markets. The full extent of the COVID-19 impact on the Company’s operational and financial performance will depend on future developments, including the duration and spread of the pandemic and related actions taken by U.S. and foreign government agencies to prevent disease spread, all of which are uncertain, out of the Company’s control, and cannot be predicted. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and cash in demand deposits, certificates of deposit and all highly liquid debt instruments with original maturities of three months or less. Property and Equipment Property and equipment are originally recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally three to five years. Depreciation is recorded in operating expenses in the consolidated statements of operations. Leasehold improvements and assets acquired through capital leases are amortized over the shorter of their estimated useful life or the lease term, and amortization is recorded in operating expenses in the consolidated statements of operations. Fair Value of Financial Instruments The Company measures the fair value of financial instruments using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: · Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. · Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. · Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. Due to their short-term nature, the carrying values of cash equivalents, accounts payable and accrued expenses, approximate fair value. Debt Modifications and Extinguishments When the Company modifies or extinguishes debt, it does so in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 470-50, Debt— Modifications and Extinguishments, Leases Effective April 1, 2019, the Company adopted ASC No. 842, Leases Stock-Based Compensation The Company recognizes stock-based compensation for stock options granted to employees and non-employees on a straight-line basis over the requisite service period, usually the vesting period, based on the grant-date fair value. The Company estimates the value of stock options on the date of grant using the Black-Scholes pricing model. The determination of fair value of share-based payment awards on the date of grant using an option-pricing model is affected by the option price, as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the expected stock price volatility over the term of the awards, and projected stock option exercise behaviors. Per-Share Amounts Basic net loss per share is computed by dividing loss for the period by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share gives effect to all potentially dilutive common shares outstanding during the period. Potentially dilutive common shares consist of incremental shares of common stock issuable upon the exercise of stock options and exercise of warrants. The following table sets forth securities outstanding which were excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive: March 31, 2022 2021 Options to purchase common stock 1,650,705 1,197,252 Warrants 4,779,072 — Total 6,429,777 1,197,252 Reclassification Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations or cash flows. Income Taxes The Company determines deferred tax assets and liabilities based upon the differences between the financial statement and tax bases of the Company’s assets and liabilities using tax rates in effect for the year in which the Company expects the differences to affect taxable income. A valuation allowance is established for any deferred tax assets for which it is more likely than not that all or a portion of the deferred tax assets will not be realized. Based on the available information and other factors, management believes it is more likely than not that its federal and state net deferred tax assets will not be fully realized, and the Company has recorded a full valuation allowance. The Company accounts for uncertain tax positions in accordance with FASB ASC Topic 740, Income Taxes The Company files U.S. federal and state income tax returns in jurisdictions with varying statutes of limitations. All tax returns from 2016 to 2021 may be subject to examination by the U.S. federal and state tax authorities. As of March 31, 2022 and 2021, the Company had not recorded any liability for unrecognized tax benefits related to uncertain tax positions. Comprehensive Loss Comprehensive loss represents the changes in equity of an enterprise, other than those resulting from stockholder transactions. Accordingly, comprehensive loss may include certain changes in equity that are excluded from net loss. For the years ended March 31, 2022 and 2021, the Company’s comprehensive loss was the same as its net loss. Recently Issued Accounting Pronouncement In June 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments—Credit Losses

CONSOLIDATED BALANCE SHEET DETA

CONSOLIDATED BALANCE SHEET DETAIL	12 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONSOLIDATED BALANCE SHEET DETAIL	NOTE 2 – CONSOLIDATED BALANCE SHEET DETAIL March 31, Property and equipment, net: 2022 2021 Leasehold improvements $ 139,197 $ 139,197 Office equipment 63,298 56,476 Computer equipment and software 52,114 52,383 Machinery and equipment 230,947 202,993 Property and equipment, gross 485,556 451,049 Less: accumulated depreciation and amortization (249,597 ) (152,091 ) Property and equipment, net $ 235,959 $ 298,958 March 31, Accrued expenses: 2022 2021 Accrued wages and bonus $ 457,891 $ 372,563 Accrued placement fees — 88,800 Accrued interest — 27,538 Other 67,000 11,047 Accrued expenses $ 524,891 $ 499,948

LEASES

LEASES	12 Months Ended
	Mar. 31, 2022
Leases [Abstract]
LEASES	NOTE 3 – LEASES The Company accounts for the lease for its corporate facility in San Diego, California in accordance with ASC 842. The 39-month The Company obtained a right-of-use asset of $ 270,950 139,000 Future minimum payments under the facility operating lease, as of March 31, 2022, are listed in the table below. Annual Fiscal Years Operating 2023 158,028 2024 40,692 Less: Imputed interest (13,906 ) Present value of lease liabilities $ 184,814 Cash paid for amounts included in the measurement of lease liabilities was $ 153,432 107,820 107,540

PPP NOTE

PPP NOTE	12 Months Ended
	Mar. 31, 2022
Ppp Note
PPP NOTE	NOTE 4 – PPP NOTE In April 2020, the Company received a $ 368,780 In May 2021, the Lender and the U.S. Small Business Administration notified the Company that the outstanding principal and accrued interest for the PPP Note was forgiven in full. The Company accounted for the forgiveness of the PPP Note in accordance with ASC Topic 470: Debt

CONVERTIBLE PROMISSORY NOTES

CONVERTIBLE PROMISSORY NOTES	12 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
CONVERTIBLE PROMISSORY NOTES	NOTE 5 – CONVERTIBLE PROMISSORY NOTES From February through April 2021, the Company sold $2,310,000 of convertible promissory notes (each an Original Note and, collectively, the Original Notes), at par in a private placement transaction effected pursuant to an exemption from the registration requirements under the Securities Act of 1933, as amended. Effective April 30, 2021, pursuant to a revocation and replacement agreement between each holder of an Original Note and the Company (the Revocation Agreement), the $2,310,000 of Original Notes and accrued interest thereon as of April 30, 2021 were replaced with $2,360,550 aggregate principal amount of new Notes (as defined below). The Company accounted for the replacement of the Original Notes in accordance with ASC 470 and recorded a loss on extinguishment of $ 1,321,450 70,647 In April and May 2021, pursuant to a securities purchase agreement by and between the Company and each investor (the SPA), the Company sold to investors $ 4,250,000 th Notes outstanding after the Trigger Date may be converted into shares of the Company’s common stock at an initial conversion price of $8.61 per share; provided that a Note holder may not convert any portion of its Note that would cause it to beneficially own in excess of 4.99% of the Company’s outstanding common stock. The conversion price and number of shares of Company common stock issuable upon conversion of the Notes are subject to adjustment from time to time for subdivisions and consolidations of shares and other standard dilutive and corporate events, as provided in the Notes. Subject to certain Exempt Issuances (as defined in the Notes), if while a Note is outstanding, the Company sells, issues or grants any shares of its common stock or other securities to acquire shares of common stock at a price per share less than the then conversion price, such conversion price shall be reduced to such lesser price, and the number of conversion shares issuable upon conversion of the Notes shall be increased, as provided in the Notes. If the Company completes an offering of its common stock or other securities in excess of $12,000,000 of gross proceeds (a Qualified Capital Raise, as defined in the Notes), each Note holder will be required to convert its Adjusted Note Amount (as defined below) into the securities of such Qualified Capital Raise. Adjusted Note Amount equals the product of (i) the sum of all outstanding principal plus accrued interest on a Note, multiplied by (ii) 1.25. The Notes contained a number of Company events of default (Events of Default) including, without limitation (i) failure to pay any principal or interest thereon when due, (ii) failure to timely deliver shares upon conversions, (iii) failure to comply with SEC reporting requirements under the Exchange Act, (iv) certain breaches of the SPA, the Notes, the Warrants, and the Registration Rights Agreement, (v) material restatements of the Company’s consolidated financial statements filed with the SEC, (vi) a holder’s inability to rely on Rule 144 for sales of shares underlying the Notes, (vii) the Company’s common stock is suspended or halted from trading and/or fails to be quoted or listed (as applicable) on the OTCQB, OTCQX, any tier of the NASDAQ Stock Market, the New York Stock Exchange, or the NYSE American within 10 days thereafter, (viii) failure to file with the SEC a registration statement covering the resale of shares of common stock underlying the Notes and Warrants within 60 calendar days following the Issue Date, (ix) failure to cause such registration statement to become effective within 120 calendar days following the Issue Date, or (x) certain mergers consolidations, business combinations and sales of all or substantially all of the Company’s assets in the event the Company is not the survivor of such transaction. Upon an Event of Default, a Note holder may declare all amounts under its Note(s) due and payable, in which event the Company will be required to pay such Note holder the sum of (i) the product of (a) all then outstanding principal amount and accrued interest thereon, multiplied by (b) 125%; and (ii) all collection costs including legal fees and expenses in connection therewith. At the option of a Note holder, in the event the Company receives cash proceeds as a result of certain events, including, but not limited to, payments from customers, issuances of debt or equity securities, exercise of warrants or asset sales, the Company will be required to use such proceeds to repay all or any lesser outstanding amounts due under such holder’s Note. The Notes include covenants, representations, warranties, other payment obligations and agreements by the Company including, without limitation, most-favored nation rights, rights of participation and first refusal and exchange rights. In connection with the issuance of the Notes, the Company issued Warrants to purchase in the aggregate 767,796 shares of its common stock at an initial exercise price of $24.00 per share. The Warrants may be exercised for a period of five years from the Trigger Date, provided that, if prior to the Trigger Date, the Company (i) completes a Qualified Capital Raise, the outstanding Warrants shall be cancelled or (ii) prepays a holder’s Note(s) in whole or in part, such holder’s pro-rata number of Warrants shall be cancelled. The fair value of the Warrants was $3,700,632, of which $2,379,182 was recorded as a debt discount, which is being amortized to interest expense over the term of the Warrants, and $1,321,450 was recorded as a loss on debt extinguishment. The Company calculated the fair value of the Warrants utilizing the Black-Scholes valuation model with the following assumptions: volatility of 88.98% 0.86% 5.75 years zero In connection with the April and May 2021 sales of the $4,250,000 aggregate principal amount of the Notes, the Company incurred debt issuance costs of $116,000, which were recorded as a debt discount and were amortized to interest expense over the term of the Notes using the effective interest rate method. The interest expense attributable to the debt discount, comprising the debt issuance costs and Warrants, during the year ended March 31, 2022 was $1,833,618. Upon the closing of the Offering (see Note 7), which was a Qualified Capital Raise, in accordance with their terms, the Notes converted into 1,511,276 shares of common stock and the holders of the Notes received 1,511,276 Offering Warrants (as defined in Note 7). As a result of the Offering, the exercise price of the 767,796 outstanding Warrants was reduced to $6.00 per share.

PROMISSORY NOTE

PROMISSORY NOTE	12 Months Ended
	Mar. 31, 2022
Promissory Note
PROMISSORY NOTE	NOTE 6 – PROMISSORY NOTE In October 2021, the Company issued a secured promissory note (the Bridge Note) to Manchester Explorer, L.P. (Manchester) that provided the Company with a $ 3,000,000 March 15, 2022 12% The principal amount of the Bridge Note and interest due thereon is payable to Manchester no later than the earlier of: (i) the Maturity Date and (ii) the date on which the Company has received proceeds in excess of $12,000,000 from a transaction or series of related transactions occurring prior to the Maturity Date, which such transactions constitute equity financings or other issuances of the Company’s equity securities. Provided that no Event of Default (as such term is defined in the Bridge Note) has occurred, on any date prior to the Maturity Date, upon no less than three days written notice by the Company specifying the draw amount, Manchester will advance the draw amount to the Company. No draw amount can be in an amount less than $100,000 or exceed an amount equal to $3,000,000 minus the aggregate principal amount outstanding under the Bridge Note at the time of such draw request. If an Event of Default occurs and is continuing, Manchester may declare all of the Bridge Note, including any interest and other amounts due, to be due and payable immediately. In connection with the issuance of the Note, on October 28, 2021, the Company entered into a security agreement with Manchester (the Security Agreement) under which the Company granted Manchester a continuing and unconditional first priority security interest in and to any and all of the Company’s property of any kind or description, tangible or intangible, wheresoever located and whether now existing or hereafter arising or acquired. During fiscal 2022, the Company made draws on the Bridge Note of $ 2,100,000 252,000

STOCKHOLDERS_ EQUITY (DEFICIT)

STOCKHOLDERS’ EQUITY (DEFICIT)	12 Months Ended
	Mar. 31, 2022
Equity [Abstract]
STOCKHOLDERS’ EQUITY (DEFICIT)	NOTE 7 – STOCKHOLDERS’ EQUITY (DEFICIT) Public Offering On February 9, 2022, the Company entered into an underwriting agreement (the Underwriting Agreement) with Oppenheimer & Co. Inc., who acted as the representative of the several underwriters (the Underwriters), in a firm commitment underwritten public offering (the Offering) pursuant to which, on February 14, 2022, the Company sold to the Underwriters an aggregate of 2,500,000 shares of the Company’s common stock and 2,500,000 warrants (the Offering Warrants and, collectively with the shares of common stock, the Units), each to purchase one share of common stock. The price to the public in the Offering was $6.00 per Unit, before underwriting discounts and commissions. The common stock and the Offering Warrants comprising the Units were immediately separable upon issuance and were issued separately. The Offering Warrants were exercisable immediately, have an exercise price of $6.60 per share and expire on February 14, 2027. The gross proceeds from the Offering were $ 15,000,000 Placements of Common Stock Between March and December 2020, the Company completed a private placement of shares of its common stock (the 2020 Placement). The Company sold 962,387 shares of common stock, at a purchase price of $2.87 per share, for gross proceeds of $2,762,054. The Company paid placement agent fees on the 2020 Placement of $52,256 during fiscal 2021. In October 2021, the Company sold 30,864 250,000 . During the year ended March 31, 2022, the Company issued to service providers 90,000 594,400 .

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Mar. 31, 2022
Equity [Abstract]
STOCK-BASED COMPENSATION	NOTE 8 – STOCK-BASED COMPENSATION Amended 2017 Equity Incentive Plan In October 2017, the Company’s Board approved the 2017 Equity Incentive Plan (the Plan) with 1,000,000 333,334 1,333,334 Stock-Based Compensation Expense The expense relating to stock options is recognized on a straight-line basis over the requisite service period, usually the vesting period, based on the grant date fair value. The unamortized compensation cost, as of March 31, 2022 was $ 3,286,370 two years During the year ended March 31, 2022, the Company granted options to purchase 827,427 137,292 8,507,311 2,739,490 The following assumptions were used in the fair-value method calculations: Schedule of Fair Value Assumptions Year Ended 2022 2021 Risk-free interest rates 0.8% 2.42%   0.28% 0.71%   Volatility 89% 370%   87% 127%   Expected life (years) 5.0 6.2 5.0 6.0 Dividend yield — — The fair values of options at the grant date were estimated utilizing the Black-Scholes valuation model, which includes simplified methods to establish the fair term of options as well as average volatility of three comparable organizations. The risk-free interest rate was derived from the Daily Treasury Yield Curve Rates, as published by the U.S. Department of the Treasury as of the grant date for terms equal to the expected terms of the options. A dividend yield of zero was applied because the Company has never paid dividends and has no intention to pay dividends in the foreseeable future. In accordance with ASU No. 2016-09, the Company accounts for forfeitures as they occur. A summary of stock option activity under the 2017 Plan is presented below: Schedule of Stock Option activity Shares Options Outstanding Available Number of Weighted Average for Grant Shares Exercise Price Balance at March 31, 2020 274,019 1,059,315 $ 4.74 Options granted (163,492 ) 163,492 8.64 Options cancelled and returned to the Plan 25,555 (25,555 ) 6.75 Balance at March 31, 2021 136,082 1,197,252 5.25 Additional shares authorized under the Plan 1,333,334 — — Options granted (827,427 ) 827,427 10.39 Share awards (26,497 ) — — Options cancelled and returned to the Plan 373,974 (373,974 ) 10.73 Balance at March 31, 2022 989,466 1,650,705 $ 6.58 There were no stock options exercised during the years ended March 31, 2022 and 2021. The Company issued 26,497 shares to its non-employee directors under the Company’s outside director compensation plan and approximately $172,100 was recorded as stock-based compensation expense for these share awards during the year ended March 31, 2022. The following table summarizes the range of outstanding and exercisable options as of March 31, 2022: Schedule of Outstanding and Exercisable Option, Range Options Outstanding Options Exercisable Range of Exercise Price Number Weighted Weighted Number Weighted Aggregate $ 1.98 17.70 1,650,705 8.01 $ 6.58 1,193,680 $ 5.69 $ 1,090,966 The intrinsic value per share is calculated as the excess of the closing price of the common stock on the Company’s principal trading market over the exercise price of the option at March 31, 2022. The Company is required to present the tax benefits resulting from tax deductions in excess of the compensation cost recognized from the exercise of stock options as financing cash flows in the consolidated statements of cash flows. For the years ended March 31, 2022 and 2021, there were no such tax benefits associated with the exercise of stock options.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 9 – INCOME TAXES The income tax provision consisted of the following: Schedule of Income tax provision Year Ended March 31, 2022 2021 Current portion: Federal $ — $ — State 1,600 1,600 Current 1,600 1,600 Deferred portion: Federal (4,109,000 ) (1,931,390 ) State (1,300,000 ) (576,868 ) Deferred ( 5,409,000 ) (2,508,258 ) Change in valuation allowance 5,409,000 2,508,258 Provision for income taxes $ 1,600 $ 1,600 At March 31, 2022, the Company had net operating loss carryforwards (NOLs) of approximately $ 27,600,000 27,800,000 The Company also had federal research and development tax credit carryforwards of approximately $ 800,000 200,000 A reconciliation of income taxes provided at the federal statutory rate (21% for each of fiscal 2022 and 2021) to the actual income tax provision is as follows: Schedule of Income Tax Provisions Year Ended March 31, 2022 2021 Federal statutory rate (21 )% (21 )% State tax rate, net of federal benefit (7 )% (7 )% Permanent differences — % — % Research and development tax credits (2 )% (6 )% Section 179 assets — % — % Change in valuation allowance 30 % 34 % Effective income tax rate — % — % The losses before income tax provision for the years ended March 31, 2022 and 2021 were solely attributable to US operations. Significant components of the Company’s deferred tax assets and liabilities were: Schedule of Deferred Tax Assets March 31, 2022 2021 Net operating loss carryforwards $ 7,731,000 $ 3,909,434 Stock-based compensation expense 1,824,000 554,892 Property and equipment 80,000 (18,039 ) Reserves, accruals & other (104,000 ) (79,878 ) Research and development tax credits 988,000 646,296 Total deferred tax assets 10,519,000 5,012,705 Section 179 assets (97,000 ) — Total deferred tax liabilities (97,000 ) — Less: valuation allowance (10,422,000 ) (5,012,705 ) Deferred tax assets, net $ — $ — Based on the available information and other factors, management believes it is more likely than not that the net deferred tax assets at March 31, 2022 and 2021, will not be fully realizable. Accordingly, management has recorded a full valuation allowance against its net deferred tax assets at March 31, 2022 and 2021. Management has evaluated and concluded that there were no material uncertain tax positions requiring recognition in the Company’s consolidated financial statements at March 31, 2022 and 2021. The Company does not expect any significant changes in its unrecognized tax benefits within twelve months of the reporting date.

ROYALTY AGREEMENT

ROYALTY AGREEMENT	12 Months Ended
	Mar. 31, 2022
Royalty Agreement
ROYALTY AGREEMENT	NOTE 10 – ROYALTY AGREEMENT In July 2017, the Company entered into a royalty agreement with its founder, then-chief executive officer, president and major shareholder (the Founder). Pursuant to the agreement, the Founder assigned and transferred all of his rights in the intellectual property of Quasuras in return for future royalty payments on the Company’s product. The Company is obligated to make royalty payments under the agreement to the Founder on any sales of the royalty product sold or otherwise commercialized by the Company equal to (a) $0.75 on each sale of a royalty product or (b) 5% of the gross sale price of the royalty product, whichever is less. The royalty payments will cease, and the agreement will terminate, at such time as the total sum of royalty payments actually paid to the Founder, pursuant to the agreement, reaches $10,000,000. The Company has the option to terminate the agreement at any time upon payment, to the Founder, of the difference between total royalty payments actually made to him to date and the sum of $10,000,000. All payments of the royalties, if due, for the preceding quarter, will be made by the Company to the Founder within thirty days after the end of each calendar quarter.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 11 – COMMITMENTS AND CONTINGENCIES Litigations, Claims and Assessments In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. The Company records legal costs associated with loss contingencies as incurred and accrues for all probable and estimable settlements. Indemnification In the ordinary course of business, the Company enters into contractual arrangements under which it may agree to indemnify the counterparties from any losses incurred relating to breach of representations and warranties, failure to perform certain covenants, or claims and losses arising from certain events as outlined within the particular contract, which may include, for example, losses arising from litigation or claims relating to past performance. Such indemnification clauses may not be subject to maximum loss clauses. The Company has also entered into indemnification agreements with its officers and directors. No amounts were reflected in the Company’s consolidated financial statements for the years ended March 31, 2022 and 2021 related to these indemnifications. The Company has not estimated the maximum potential amount of indemnification liability under these agreements due to the limited history of prior claims and the unique facts and circumstances applicable to each particular agreement. To date, the Company has not made any payments related to these indemnification agreements.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 12 – RELATED PARTY TRANSACTIONS In February 2021, the Company’s chairman of the Board and president and Manchester, which is represented by a member of the Company’s board of directors, purchased $100,000 and $1,000,000, aggregate principal amount of the Original Notes, respectively. Effective April 30, 2021, the related party holders entered into revocation agreements with the Company pursuant to which their aggregate principal amount of Original Notes and accrued interest were replaced with Notes. On February 14, 2022, Manchester and the executive officer held Notes in an aggregate principal amount of $ 1,026,630 and $ 102,663 97,881 9,788 234,274 23,429 234,274 23,429 In May 2021, a member of the Board purchased $ 200,000 18,805 45,586 45,586 . The daughter of the Company’s president, chief financial officer, treasurer and chairman of the Board is an employee of the Company. During fiscal 2022, the Company paid her $ 169,589

SUBSEQUENT EVENT

SUBSEQUENT EVENT	12 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENT	NOTE 13 – SUBSEQUENT EVENT On May 2, 2022, the Company entered into a securities purchase agreement (the Purchase Agreement) with an institutional investor (the Investor) pursuant to which the Company sold, in a registered direct offering (the Registered Offering), for gross proceeds of $8,000,000 an aggregate of 449,438 shares (the Shares) of the Company’s common stock, at a purchase price per Share of $4.45 and pre-funded warrants (the Pre-Funded Warrants) to purchase an aggregate of 1,348,314 shares of common stock at a purchase price per Pre-Funded Warrant of $4.44. The Pre-Funded Warrants were exercisable immediately on the date of issuance at an exercise price of $0.01 per share and may be exercised at any time until all of the Pre-Funded Warrants are exercised in full. In a concurrent private placement under the Purchase Agreement, the Company issued warrants (the Private Placement Warrants) to the Investor to purchase an aggregate of 1,438,202 shares of common stock at an exercise price of $6.60 per share. The Private Placement Warrants will be exercisable commencing November 5, 2022 and have a five-year term.

THE COMPANY AND SUMMARY OF SI_2

THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	Going Concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent on, among other things, the Company’s ability to operate profitably, to generate cash flows from operations, and to pursue financing arrangements to support its working capital requirements. At issuance of the Company’s financial statements for the year ended March 31, 2021, management had determined that there was significant doubt as to the ability of the Company to meet its obligations and continue as a going concern. As a result of the Offering (see Note 7), which was completed in February 2022, and the Registered Offering (see Note 13), which was completed in May 2022, and resulting improved financial position, the Company believes it has sufficient liquidity to meet its obligations as they come due and conduct its business for a period of at least 12 months from the date of issuance of these financial statements. The Company’s operating needs include the planned costs to operate its business, including amounts required to fund working capital and capital expenditures. The Company’s future capital requirements and the adequacy of its available funds will depend on many factors, including the Company’s ability to successfully commercialize its product, competing technological and market developments, and the need to enter into collaborations with other companies or acquire other companies or technologies to enhance or complement its product offering. If the Company is unable to secure additional capital, it may be required to curtail its research and development initiatives and take additional measures to reduce costs in order to conserve its cash.
Basis of Presentation	Basis of Presentation The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America. The Company’s fiscal year ends on March 31 of each calendar year.
Reverse Stock Split	Reverse Stock Split On November 24, 2021, the Company filed a certificate of amendment to its amended and restated certificate of incorporation with the Secretary of State of the State of Nevada to effect a 1-for-3 reverse stock split of the Company’s shares of common stock. Such amendment and ratio were previously approved by a majority of the Company’s stockholders and the board of directors. As a result of the reverse stock split, which was effective November 29, 2021, every three shares of the Company’s pre-reverse split outstanding common stock were combined and reclassified into one share of common stock. Proportionate voting rights and other rights of common stock holders were not affected by the reverse stock split. Any fractional shares of common stock resulting from the Reverse Split were rounded up to the nearest whole share. All stock options outstanding and common stock reserved for issuance under the Company’s equity incentive plans and warrants outstanding immediately prior to the reverse stock split were adjusted by dividing the number of affected shares of common stock by three and, as applicable, multiplying the exercise price by three, as a result of the reverse stock split. All share numbers, share prices, exercise prices and per share amounts have been adjusted, on a retroactive basis to reflect this 1-for-3 reverse stock split.
Use of Estimates	Use of Estimates The preparation of the accompanying consolidated financial statements in conformity with U.S. generally accepted accounting principles (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 consolidated financial statements and the reported amount of revenues and expenses during the reporting period. Estimates may include those pertaining to accruals, stock-based compensation and income taxes. Actual results could differ from those estimates.
Reportable Segment	Reportable Segment The Company operates in one business segment and uses one measurement of profitability for its business.
Research and Development	Research and Development The Company expenses research and development expenditures as incurred.
General and Administrative	General and Administrative General and administrative expenses consist primarily of payroll and benefit costs, rent, stock-based compensation, legal and accounting fees, and office and other administrative expenses.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash. The Company maintains its cash at high quality financial institutions within the United States, which are insured by the Federal Deposit Insurance Corporation (FDIC) up to limits of approximately $250,000. No reserve has been made in the financial statements for any possible loss due to financial institution failure.
Risks and Uncertainties	Risks and Uncertainties The Company is subject to risks from, among other things, competition associated with the industry in general, other risks associated with financing, liquidity requirements, rapidly changing customer requirements, limited operating history and the volatility of public markets. COVID-19 The global outbreak of the coronavirus disease 2019 (COVID-19) was declared a pandemic by the World Health Organization and a national emergency by the U.S. government in March 2020. This has negatively affected the U.S. and global economy, disrupted global supply chains, significantly restricted travel and transportation, resulted in mandated closures and orders to “shelter-in-place” and created significant disruption of the financial markets. The full extent of the COVID-19 impact on the Company’s operational and financial performance will depend on future developments, including the duration and spread of the pandemic and related actions taken by U.S. and foreign government agencies to prevent disease spread, all of which are uncertain, out of the Company’s control, and cannot be predicted.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand and cash in demand deposits, certificates of deposit and all highly liquid debt instruments with original maturities of three months or less.
Property and Equipment	Property and Equipment Property and equipment are originally recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally three to five years. Depreciation is recorded in operating expenses in the consolidated statements of operations. Leasehold improvements and assets acquired through capital leases are amortized over the shorter of their estimated useful life or the lease term, and amortization is recorded in operating expenses in the consolidated statements of operations.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company measures the fair value of financial instruments using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: · Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. · Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. · Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. Due to their short-term nature, the carrying values of cash equivalents, accounts payable and accrued expenses, approximate fair value.
Debt Modifications and Extinguishments	Debt Modifications and Extinguishments When the Company modifies or extinguishes debt, it does so in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 470-50, Debt— Modifications and Extinguishments,
Leases	Leases Effective April 1, 2019, the Company adopted ASC No. 842, Leases
Stock-Based Compensation	Stock-Based Compensation The Company recognizes stock-based compensation for stock options granted to employees and non-employees on a straight-line basis over the requisite service period, usually the vesting period, based on the grant-date fair value. The Company estimates the value of stock options on the date of grant using the Black-Scholes pricing model. The determination of fair value of share-based payment awards on the date of grant using an option-pricing model is affected by the option price, as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the expected stock price volatility over the term of the awards, and projected stock option exercise behaviors.
Per-Share Amounts	Per-Share Amounts Basic net loss per share is computed by dividing loss for the period by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share gives effect to all potentially dilutive common shares outstanding during the period. Potentially dilutive common shares consist of incremental shares of common stock issuable upon the exercise of stock options and exercise of warrants. The following table sets forth securities outstanding which were excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive: March 31, 2022 2021 Options to purchase common stock 1,650,705 1,197,252 Warrants 4,779,072 — Total 6,429,777 1,197,252
Reclassification	Reclassification Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations or cash flows.
Income Taxes	Income Taxes The Company determines deferred tax assets and liabilities based upon the differences between the financial statement and tax bases of the Company’s assets and liabilities using tax rates in effect for the year in which the Company expects the differences to affect taxable income. A valuation allowance is established for any deferred tax assets for which it is more likely than not that all or a portion of the deferred tax assets will not be realized. Based on the available information and other factors, management believes it is more likely than not that its federal and state net deferred tax assets will not be fully realized, and the Company has recorded a full valuation allowance. The Company accounts for uncertain tax positions in accordance with FASB ASC Topic 740, Income Taxes The Company files U.S. federal and state income tax returns in jurisdictions with varying statutes of limitations. All tax returns from 2016 to 2021 may be subject to examination by the U.S. federal and state tax authorities. As of March 31, 2022 and 2021, the Company had not recorded any liability for unrecognized tax benefits related to uncertain tax positions.
Comprehensive Loss	Comprehensive Loss Comprehensive loss represents the changes in equity of an enterprise, other than those resulting from stockholder transactions. Accordingly, comprehensive loss may include certain changes in equity that are excluded from net loss. For the years ended March 31, 2022 and 2021, the Company’s comprehensive loss was the same as its net loss.
Recently Issued Accounting Pronouncement	Recently Issued Accounting Pronouncement In June 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments—Credit Losses

THE COMPANY AND SUMMARY OF SI_3

THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The following table sets forth securities outstanding which were excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive:	The following table sets forth securities outstanding which were excluded from the computation of diluted net loss per share as their inclusion would be anti-dilutive:
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	March 31, 2022 2021 Options to purchase common stock 1,650,705 1,197,252 Warrants 4,779,072 — Total 6,429,777 1,197,252

CONSOLIDATED BALANCE SHEET DE_2

CONSOLIDATED BALANCE SHEET DETAIL (Tables)	12 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
[custom:DisclosureOfSupplementalBalanceSheetDisclosuresTableTextBlock]
CONSOLIDATED BALANCE SHEET DETAIL	March 31, Property and equipment, net: 2022 2021 Leasehold improvements $ 139,197 $ 139,197 Office equipment 63,298 56,476 Computer equipment and software 52,114 52,383 Machinery and equipment 230,947 202,993 Property and equipment, gross 485,556 451,049 Less: accumulated depreciation and amortization (249,597 ) (152,091 ) Property and equipment, net $ 235,959 $ 298,958 March 31, Accrued expenses: 2022 2021 Accrued wages and bonus $ 457,891 $ 372,563 Accrued placement fees — 88,800 Accrued interest — 27,538 Other 67,000 11,047 Accrued expenses $ 524,891 $ 499,948

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Future minimum payments under the facility operating lease, as of March 31, 2022, are listed in the table below.	Future minimum payments under the facility operating lease, as of March 31, 2022, are listed in the table below.
Leases	Annual Fiscal Years Operating 2023 158,028 2024 40,692 Less: Imputed interest (13,906 ) Present value of lease liabilities $ 184,814

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of Fair Value Assumptions	The following assumptions were used in the fair-value method calculations: Schedule of Fair Value Assumptions
STOCK-BASED COMPENSATION	Year Ended 2022 2021 Risk-free interest rates 0.8% 2.42%   0.28% 0.71%   Volatility 89% 370%   87% 127%   Expected life (years) 5.0 6.2 5.0 6.0 Dividend yield — —
Schedule of Stock Option activity	A summary of stock option activity under the 2017 Plan is presented below: Schedule of Stock Option activity
STOCK-BASED COMPENSATION (Details 2)	Shares Options Outstanding Available Number of Weighted Average for Grant Shares Exercise Price Balance at March 31, 2020 274,019 1,059,315 $ 4.74 Options granted (163,492 ) 163,492 8.64 Options cancelled and returned to the Plan 25,555 (25,555 ) 6.75 Balance at March 31, 2021 136,082 1,197,252 5.25 Additional shares authorized under the Plan 1,333,334 — — Options granted (827,427 ) 827,427 10.39 Share awards (26,497 ) — — Options cancelled and returned to the Plan 373,974 (373,974 ) 10.73 Balance at March 31, 2022 989,466 1,650,705 $ 6.58
Schedule of Outstanding and Exercisable Option, Range	The following table summarizes the range of outstanding and exercisable options as of March 31, 2022: Schedule of Outstanding and Exercisable Option, Range
STOCK-BASED COMPENSATION (Details 3)	Options Outstanding Options Exercisable Range of Exercise Price Number Weighted Weighted Number Weighted Aggregate $ 1.98 17.70 1,650,705 8.01 $ 6.58 1,193,680 $ 5.69 $ 1,090,966

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Income tax provision	The income tax provision consisted of the following: Schedule of Income tax provision
INCOME TAXES	Year Ended March 31, 2022 2021 Current portion: Federal $ — $ — State 1,600 1,600 Current 1,600 1,600 Deferred portion: Federal (4,109,000 ) (1,931,390 ) State (1,300,000 ) (576,868 ) Deferred ( 5,409,000 ) (2,508,258 ) Change in valuation allowance 5,409,000 2,508,258 Provision for income taxes $ 1,600 $ 1,600
Schedule of Income Tax Provisions	A reconciliation of income taxes provided at the federal statutory rate (21% for each of fiscal 2022 and 2021) to the actual income tax provision is as follows: Schedule of Income Tax Provisions
INCOME TAXES (Details 2)	Year Ended March 31, 2022 2021 Federal statutory rate (21 )% (21 )% State tax rate, net of federal benefit (7 )% (7 )% Permanent differences — % — % Research and development tax credits (2 )% (6 )% Section 179 assets — % — % Change in valuation allowance 30 % 34 % Effective income tax rate — % — %
Schedule of Deferred Tax Assets	Significant components of the Company’s deferred tax assets and liabilities were: Schedule of Deferred Tax Assets
INCOME TAXES (Details 3)	March 31, 2022 2021 Net operating loss carryforwards $ 7,731,000 $ 3,909,434 Stock-based compensation expense 1,824,000 554,892 Property and equipment 80,000 (18,039 ) Reserves, accruals & other (104,000 ) (79,878 ) Research and development tax credits 988,000 646,296 Total deferred tax assets 10,519,000 5,012,705 Section 179 assets (97,000 ) — Total deferred tax liabilities (97,000 ) — Less: valuation allowance (10,422,000 ) (5,012,705 ) Deferred tax assets, net $ — $ —

THE COMPANY AND SUMMARY OF SI_4

THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Options to purchase common stock	1,650,705	1,197,252
Warrants	4,779,072
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	6,429,777	1,197,252

CONSOLIDATED BALANCE SHEET DE_3

CONSOLIDATED BALANCE SHEET DETAIL (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 485,556	$ 451,049
Less: accumulated depreciation and amortization	(249,597)	(152,091)
Property and equipment, net	235,959	298,958
Accrued wages and bonus	457,891	372,563
Accrued placement fees		88,800
Accrued interest		27,538
Other	67,000	11,047
Accrued expenses	524,891	499,948
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	139,197	139,197
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	63,298	56,476
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	52,114	52,383
Other Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 230,947	$ 202,993

Leases (Details)

Leases (Details)	Mar. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 158,028
2024	40,692
Imputed interest	(13,906)
Present value of lease liabilities	$ 184,814

LEASES (Details Narrative)

LEASES (Details Narrative) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Jun. 30, 2020	Apr. 02, 2020
Leases [Abstract]
Lessee, Operating Lease, Term of Contract				39 months
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 270,950
Lease Incentive Received			$ 139,000
Cash Paid for Lease Liabilities	153,432
Operating Leases, Rent Expense	$ 107,820	$ 107,540

PPP NOTE (Details Narrative)

PPP NOTE (Details Narrative) - USD ($)	Mar. 31, 2022	Mar. 31, 2021	Apr. 24, 2020
Ppp Note
Unsecured Debt, Current		$ 368,780	$ 368,780

CONVERTIBLE PROMISSORY NOTES (D

CONVERTIBLE PROMISSORY NOTES (Details Narrative) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	May 31, 2021
Short-Term Debt [Line Items]
Gain (Loss) on Extinguishment of Debt	$ 1,321,450
Amortization of Debt Issuance Costs	$ 70,647
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate	88.98%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	0.86%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term	5 years 9 months
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0%	0%
Convertible Notes Payable [Member]
Short-Term Debt [Line Items]
Convertible Notes Payable			$ 4,250,000

PROMISSORY NOTE (Details Narrat

PROMISSORY NOTE (Details Narrative) - Revolving Credit Facility [Member] - USD ($)		3 Months Ended
	Oct. 28, 2021	Mar. 31, 2022
Line of Credit Facility [Line Items]
Line of Credit Facility, Increase (Decrease), Net		$ 2,100,000
Line of Credit Facility, Increase, Accrued Interest		$ 252,000
Secured Promissory Notes [Member]
Line of Credit Facility [Line Items]
Long-Term Line of Credit	$ 3,000,000
Line of Credit Facility, Expiration Date	Mar. 15, 2022
Line of Credit Facility, Interest Rate During Period	12%

STOCKHOLDERS_ EQUITY (DEFICIT)

STOCKHOLDERS’ EQUITY (DEFICIT) (Details Narrative) - USD ($)		12 Months Ended
	Feb. 10, 2022	Mar. 31, 2022	Mar. 31, 2021
Subsidiary, Sale of Stock [Line Items]
Stock Issued During Period, Shares, New Issues		30,864
Stock Issued During Period, Value, New Issues		$ 250,000	$ 1,785,882
Stock Issued During Period, Shares, Issued for Services		90,000
Stock Issued During Period, Value, Issued for Services		$ 594,400	$ 210,945
IPO [Member]
Subsidiary, Sale of Stock [Line Items]
Proceeds from Issuance of Common Stock	$ 15,000,000

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	0.86%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term	5 years 9 months
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0%	0%
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	0.80%	0.28%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate	89%	87%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term	5 years	5 years
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	2.42%	0.71%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate	370%	127%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term	6 years 2 months 12 days	6 years

STOCK-BASED COMPENSATION (Det_2

STOCK-BASED COMPENSATION (Details 2) - $ / shares	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Offsetting Assets [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Beginning Balance	1,197,252
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance	1,650,705	1,197,252
Equity Option [Member]
Offsetting Assets [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant	136,082	274,019
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Beginning Balance	1,197,252	1,059,315
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance	$ 5.25	$ 4.74
Granted	(827,427)	(163,492)
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross	827,427	163,492
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 10.39	$ 8.64
Cancelled	373,974	25,555
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures and Expirations in Period	(373,974)	(25,555)
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price	$ 10.73	$ 6.75
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAdditionalSharesAuthorizedAvailableForGrant]	1,333,334
[custom:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesGrantedAwards]	(26,497)
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant	989,466	136,082
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance	1,650,705	1,197,252
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance	$ 6.58	$ 5.25

STOCK-BASED COMPENSATION (Det_3

STOCK-BASED COMPENSATION (Details 3) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Offsetting Assets [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number	1,650,705	1,197,252
Equity Option [Member]
Offsetting Assets [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number	1,650,705	1,197,252	1,059,315
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	8 years 4 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price	$ 6.58	$ 5.25	$ 4.74
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number	1,193,680
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price	$ 5.69
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value	$ 1,090,966
Equity Option [Member] | Minimum [Member]
Offsetting Assets [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price	$ 1.98
Equity Option [Member] | Maximum [Member]
Offsetting Assets [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Exercise Price	$ 17.70

STOCK-BASED COMPENSATION (Det_4

STOCK-BASED COMPENSATION (Details Narrative) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Aug. 31, 2020	Jan. 31, 2020	Oct. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance			1,333,334	333,334	1,000,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 3,286,370
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	$ 3,859,785	$ 1,227,578
Equity Option [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross	827,427	163,492
Fair Value of Options	$ 8,507,311
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	$ 2,739,490
Employee Stock [Member] | Equity Option [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross	137,292
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture
Common Stock [Member] | Employee Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross	827,427

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Current portion:
Federal
State	1,600	1,600
Current	1,600	1,600
Deferred portion:
Federal	(4,109,000)	(1,931,390)
State	(1,300,000)	(576,868)
Deferred	5,409,000	(2,508,258)
Change in valuation allowance	5,409,000	2,508,258
Provision for income taxes	$ 1,600	$ 1,600

INCOME TAXES (Details 2)

INCOME TAXES (Details 2)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Federal statutory rate	(21.00%)	(21.00%)
State tax rate, net of federal benefit	(7.00%)	(7.00%)
Permanent differences	0%	0%
Research and development tax credits	(2.00%)	(6.00%)
Section 179 assets	0%	0%
Change in valuation allowance	30%	34%
Effective income tax rate	0%	0%

INCOME TAXES (Details 3)

INCOME TAXES (Details 3) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 7,731,000	$ 3,909,434
Stock-based compensation expense	1,824,000	554,892
Property and equipment	80,000	(18,039)
Reserves, accruals & other	(104,000)	(79,878)
Research and development tax credits	988,000	646,296
Total deferred tax assets	10,519,000	5,012,705
Section 179 assets	(97,000)
Total deferred tax liabilities	(97,000)
Less: valuation allowance	(10,422,000)	(5,012,705)
Deferred tax assets, net

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative)	Mar. 31, 2022 USD ($)
Domestic Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 27,600,000
Deferred Tax Assets, in Process Research and Development	800,000
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	27,800,000
Deferred Tax Assets, in Process Research and Development	$ 200,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)		12 Months Ended
	Feb. 14, 2022	Mar. 31, 2022	May 31, 2021
Common Stock [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, Other		2,500,000
Stock Issued During Period, Shares, Conversion of Convertible Securities		1,511,276
C E O And Investor [Member] | Notes Payable Other Payables 1 [Member]
Related Party Transaction [Line Items]
Notes Payable	$ 1,026,630
Interest Payable	$ 97,881
C E O And Investor [Member] | Notes Payable Other Payables 1 [Member] | Common Stock [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, Other	234,274
C E O And Investor [Member] | Notes Payable Other Payables 1 [Member] | Warrant [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, Other	234,274
C E O And Investor [Member] | Notes Payable Other Payables 2 [Member]
Related Party Transaction [Line Items]
Notes Payable	$ 102,663
Interest Payable	$ 9,788
C E O And Investor [Member] | Notes Payable Other Payables 2 [Member] | Common Stock [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, Other	23,429
C E O And Investor [Member] | Notes Payable Other Payables 2 [Member] | Warrant [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, Other	23,429
Member Of Board [Member]
Related Party Transaction [Line Items]
Notes Payable			$ 200,000
Interest Payable	$ 18,805
Member Of Board [Member] | Common Stock [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, Conversion of Convertible Securities	45,586
Member Of Board [Member] | Warrant [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, Conversion of Convertible Securities	45,586
Daughter of President, CFO, Treasurer and Chairman of Board [Member]
Related Party Transaction [Line Items]
Salary and Wage, NonOfficer, Excluding Cost of Good and Service Sold		$ 169,589