Cover
Cover - shares | 9 Months Ended | |
Dec. 31, 2021 | Feb. 15, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Dec. 31, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 000-53723 | |
Entity Registrant Name | TAURIGA SCIENCES, INC. | |
Entity Central Index Key | 0001142790 | |
Entity Tax Identification Number | 30-0791746 | |
Entity Incorporation, State or Country Code | FL | |
Entity Address, Address Line One | 4 Nancy Court | |
Entity Address, Address Line Two | Suite 4 | |
Entity Address, City or Town | Wappingers Falls | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 12590 | |
City Area Code | (917) | |
Local Phone Number | 796-9926 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | TAUG | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 299,908,214 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Current assets: | ||
Cash | $ 6,799 | $ 49,826 |
Accounts receivable, net allowance for doubtful accounts | 7,509 | 32,227 |
Investment - trading securities | 792,723 | 1,334,425 |
Investment - other | 224,106 | 224,106 |
Inventory asset | 351,657 | 201,372 |
Prepaid inventory | 62,645 | 423,200 |
Prepaid expenses and other current assets | 92,412 | 131,411 |
Total current assets | 1,537,851 | 2,396,567 |
Lease right of use asset | 52,927 | 64,301 |
Assets held for resale | 11,084 | 11,084 |
Property and equipment, net | 11,049 | 12,063 |
Leasehold improvements, net of amortization | 3,750 | 4,688 |
Total assets | 1,616,661 | 2,488,703 |
Current liabilities: | ||
Notes payable, net of discounts | 1,459,228 | 504,819 |
Accounts payable | 241,320 | 390,947 |
Accrued interest | 86,502 | 14,722 |
Accrued expenses | 60,765 | 68,442 |
Liability for common stock to be issued | 383,100 | 174,000 |
Lease liability - current portion | 15,409 | 14,426 |
Deferred revenue | 2,653 | |
Total current liabilities | 2,248,977 | 1,167,356 |
Lease liability - net of current portion | 38,418 | 50,100 |
Contingent liability | 75,000 | |
Total liabilities | 2,362,395 | 1,217,456 |
Stockholders’ equity (deficit): | ||
Common stock, par value $0.00001; 400,000,000 shares authorized, 299,908,214 and 275,858,714 outstanding at December 31, 2021 and March 31, 2021, respectively | 2,997 | 2,760 |
Additional paid-in capital | 65,515,337 | 63,417,565 |
Accumulated deficit | (66,264,068) | (62,149,078) |
Total stockholders’ equity (deficit) | (745,734) | 1,271,247 |
Total liabilities and stockholders’ equity (deficit) | $ 1,616,661 | $ 2,488,703 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Mar. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares outstanding | 299,908,214 | 275,858,714 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||||
Gross revenue | $ 116,409 | $ 95,049 | $ 284,476 | $ 266,713 |
Sales Discounts | (12,543) | (18,831) | (37,505) | (49,238) |
Sales returns | (1,286) | (1,269) | (3,678) | (2,362) |
Net Revenue | 102,580 | 74,949 | 243,293 | 215,113 |
Cost of goods sold | 46,499 | 34,348 | 124,999 | 133,391 |
Gross profit | 56,081 | 40,601 | 118,294 | 81,722 |
Operating expenses | ||||
Marketing and advertising | 134,713 | 105,899 | 541,449 | 180,801 |
Research and development | 8,781 | 7,173 | 116,844 | 34,478 |
Fulfilment services | 23,988 | 25,200 | 84,505 | 64,200 |
General and administrative | 1,226,496 | 436,097 | 2,887,114 | 1,328,786 |
Depreciation and amortization expense | 1,326 | 218 | 3,897 | 653 |
Total operating expenses | 1,395,304 | 574,587 | 3,633,809 | 1,608,918 |
Loss from operations | (1,339,223) | (533,986) | (3,515,515) | (1,527,196) |
Other income (expense) | ||||
Interest expense | (67,129) | (289,503) | (921,922) | (901,913) |
Unrealized gain (loss) on trading securities | 6,963 | 939,590 | (911,078) | 998,700 |
Gain (Loss) on conversion of debt | (45,770) | |||
Gain on lease termination | 836 | 836 | ||
Loss on impairment of investment | (139,106) | (139,106) | ||
Gain (loss) on sale of trading securities | (142,884) | 1,233,525 | ||
Total other income (expense) | (203,050) | 511,817 | (599,475) | (87,253) |
LOSS FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAXES | (1,542,273) | (22,169) | (4,114,990) | (1,614,449) |
PROVISION FOR INCOME TAXES | ||||
Net loss | (1,542,273) | (22,169) | (4,114,990) | (1,614,449) |
Net loss attributable to common shareholders | $ (1,542,273) | $ (22,169) | $ (4,114,990) | $ (1,614,449) |
Loss per share - basic and diluted - Continuing operations | $ (0.005) | $ 0 | $ (0.014) | $ (0.008) |
Weighted average number of shares outstanding - basic and fully diluted | 297,002,160 | 162,575,227 | 287,468,112 | 193,622,141 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Stockholders' Equity (Deficit) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Subscription receivable [Member] | Total |
Beginning balance, value at Mar. 31, 2020 | $ 1,070 | $ 58,213,365 | $ (58,522,632) | $ (308,197) | ||
Beginning balance, shares at Mar. 31, 2020 | 107,039,107 | |||||
Issuance of shares to CEO for cash | $ 7 | 34,993 | 35,000 | |||
Issuance of shares to CEO for cash, shares | 700,000 | |||||
Issuance of shares via private placement | $ 158 | 455,156 | 455,314 | |||
Issuance of shares via private placement, shares | 15,674,998 | |||||
Issuance of commitment shares - debt financing | $ 31 | 92,086 | 92,117 | |||
Issuance of commitment shares - debt financing, shares | 2,990,000 | |||||
Shares issued for note conversion | $ 758 | 1,321,317 | 1,322,075 | |||
Shares issued for note conversion, shares | 75,915,248 | |||||
Stock-based compensation vesting | 348,470 | 348,470 | ||||
Stock issued for services | $ 110 | (110) | ||||
Stock issued for services, shares | 11,062,500 | |||||
Issuance of unrestricted shares - Tangiers Investment agreement | $ 140 | 400,374 | 400,514 | |||
Issuance of unrestricted shares - Tangiers Investment agreement at, shares | 13,910,000 | |||||
Recognition of beneficial conversion feature of convertible notes | 208,806 | 208,806 | ||||
Net loss | (1,614,449) | (1,614,449) | ||||
Ending balance, value at Dec. 31, 2020 | $ 2,274 | 61,074,457 | (60,137,081) | 939,650 | ||
Ending balance, shares at Dec. 31, 2020 | 227,291,853 | |||||
Beginning balance, value at Mar. 31, 2020 | $ 1,070 | 58,213,365 | (58,522,632) | (308,197) | ||
Beginning balance, shares at Mar. 31, 2020 | 107,039,107 | |||||
Ending balance, value at Mar. 31, 2021 | $ 2,760 | 63,417,565 | (62,149,078) | 1,271,247 | ||
Ending balance, shares at Mar. 31, 2021 | 275,858,714 | |||||
Beginning balance, value at Sep. 30, 2020 | $ 1,796 | 60,252,600 | (60,114,912) | (60,000) | 79,484 | |
Beginning balance, shares at Sep. 30, 2020 | 179,586,479 | |||||
Issuance of shares to CEO for cash | ||||||
Issuance of shares to CEO for cash, shares | ||||||
Issuance of shares via private placement | $ 19 | 49,920 | 60,000 | 109,939 | ||
Issuance of shares via private placement, shares | 1,824,998 | |||||
Issuance of commitment shares - debt financing | $ 23 | 67,977 | 68,000 | |||
Issuance of commitment shares - debt financing, shares | 2,250,000 | |||||
Shares issued for note conversion | $ 374 | 574,992 | 575,366 | |||
Shares issued for note conversion, shares | 37,407,876 | |||||
Stock-based compensation vesting | 71,398 | 71,398 | ||||
Stock issued for services | $ 50 | (50) | ||||
Stock issued for services, shares | 5,062,500 | |||||
Issuance of unrestricted shares - Tangiers Investment agreement | $ 12 | 31,020 | 31,032 | |||
Issuance of unrestricted shares - Tangiers Investment agreement at, shares | 1,160,000 | |||||
Recognition of beneficial conversion feature of convertible notes | 26,600 | 26,600 | ||||
Cumulative effect of adoption of Lease standard ASC 842 | ||||||
Net loss | (22,169) | (22,169) | ||||
Ending balance, value at Dec. 31, 2020 | $ 2,274 | 61,074,457 | (60,137,081) | 939,650 | ||
Ending balance, shares at Dec. 31, 2020 | 227,291,853 | |||||
Beginning balance, value at Mar. 31, 2021 | $ 2,760 | 63,417,565 | (62,149,078) | 1,271,247 | ||
Beginning balance, shares at Mar. 31, 2021 | 275,858,714 | |||||
Issuance of shares via private placement | $ 40 | 241,960 | 242,000 | |||
Issuance of shares via private placement, shares | 4,000,000 | |||||
Issuance to director | $ 25 | (25) | ||||
Issuance to director, shares | 2,500,000 | |||||
Issuance of commitment shares - debt financing | $ 48 | 339,432 | 339,480 | |||
Issuance of commitment shares - debt financing, shares | 4,837,000 | |||||
Stock-based compensation vesting | 1,066,006 | 1,066,006 | ||||
Stock issued for services | $ 124 | (124) | ||||
Stock issued for services, shares | 12,712,500 | |||||
Issuance of unrestricted shares - Tangiers Investment agreement | 450,523 | 450,523 | ||||
Recognition of beneficial conversion feature of convertible notes | 450,523 | 450,523 | ||||
Net loss | (4,114,990) | (4,114,990) | ||||
Ending balance, value at Dec. 31, 2021 | $ 2,997 | 65,515,337 | (66,264,068) | (745,734) | ||
Ending balance, shares at Dec. 31, 2021 | 299,908,214 | |||||
Beginning balance, value at Sep. 30, 2021 | $ 2,905 | 64,687,499 | (64,721,795) | (31,391) | ||
Beginning balance, shares at Sep. 30, 2021 | 290,421,214 | |||||
Issuance to director | $ 25 | (25) | ||||
Issuance to director, shares | 2,500,000 | |||||
Issuance of commitment shares - debt financing | $ 17 | 82,462 | 82,479 | |||
Issuance of commitment shares - debt financing, shares | 1,787,000 | |||||
Stock-based compensation vesting | 707,928 | 707,928 | ||||
Stock issued for services | $ 50 | (50) | ||||
Stock issued for services, shares | 5,200,000 | |||||
Recognition of beneficial conversion feature of convertible notes | 37,523 | 37,523 | ||||
Net loss | (1,542,273) | (1,542,273) | ||||
Ending balance, value at Dec. 31, 2021 | $ 2,997 | $ 65,515,337 | $ (66,264,068) | $ (745,734) | ||
Ending balance, shares at Dec. 31, 2021 | 299,908,214 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Stockholders' Equity (Deficit) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Equity issuance price for unrestricted shares | $ 0.02675 | |||
Minimum [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Equity issuance price to services | $ 0.0393 | 0.0306 | $ 0.0393 | $ 0.0306 |
Equity issuance price to private placement | 0.027 | 0.04 | 0.025 | |
Equity issuance of commitment shares for debt financing | 0.04 | 0.027808 | 0.04 | 0.028 |
Equity issuance price of note conversion | 0.01242 | 0.01242 | ||
Equity issuance price for unrestricted shares | 0.02614 | |||
Maximum [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Equity issuance price to services | 0.0956 | 0.05 | 0.129 | 0.05 |
Equity issuance price to private placement | 0.0275 | 0.08 | 0.035 | |
Equity issuance of commitment shares for debt financing | 0.051 | 0.0355 | 0.129 | 0.0355 |
Equity issuance price of note conversion | 0.019602 | 0.02128 | ||
Equity issuance price for unrestricted shares | 0.03344 | |||
Chief Executive Officer [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Equity issuance price to services | $ 0.05 | $ 0.05 | ||
Director [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Equity issuance price to services | $ 0.0412 | $ 0.0412 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | |
Cash flows from operating activities | |||||
Net loss attributable to controlling interest | $ (1,542,273) | $ (22,169) | $ (4,114,990) | $ (1,614,449) | |
Adjustments to reconcile net loss to cash used in operating activities: | |||||
Bad debt expense | 5,851 | 29,404 | |||
Amortization of original issue discount | 60,791 | 84,377 | |||
Non-cash lease operating lease expense | 675 | 102 | |||
Depreciation and amortization | 1,326 | 218 | 3,897 | 653 | |
Non-cash interest | 339,480 | 92,119 | |||
Amortization of debt discount | 392,640 | 616,121 | |||
Gain on lease termination | (836) | (836) | |||
Common stock issued and issuable for services (including stock-based compensation) | 1,066,007 | 348,469 | |||
Gain on disposal of discontinued operation | 139,106 | ||||
Legal fees deducted from proceeds of notes payable | 6,700 | ||||
Gain on the sale of trading securities | 142,884 | (1,233,525) | |||
Unrealized loss (gain) on trading securities | (6,963) | (939,590) | 911,078 | (998,700) | |
(Increase) decrease in assets | |||||
Prepaid expenses | 38,999 | (20,637) | |||
Inventory (including inventory not received) | 210,270 | (102,207) | |||
Investments in trading securities | (1,579,536) | ||||
Proceeds from sale of trading securities | 2,443,684 | ||||
Accounts receivable | 18,867 | (20,841) | |||
Increase (decrease) in liabilities | |||||
Accounts payable | (149,627) | 1,800 | |||
Deferred revenue | 2,653 | 1,926 | |||
Accrued expenses | 67,324 | 51,125 | |||
Accrued interest | 71,780 | 60,551 | |||
Cash used in operating activities | (1,443,682) | (1,325,217) | |||
Cash flows from investing activities | |||||
Exercise of unregistered warrants for common stock | (240,000) | ||||
Investment - other | (278,212) | ||||
Purchase of property and equipment | (1,945) | (4,138) | |||
Cash used in investing activities | (1,945) | (522,350) | |||
Cash flows from financing activities | |||||
Repayment of principal on notes payable to individuals and companies | (245,000) | (100,000) | |||
Proceeds from the sale of common stock (including to be issued) | 451,100 | 801,563 | |||
Proceeds from notes payable to individuals and companies | 1,196,500 | 220,000 | |||
Proceeds from sale of registered shares - Tangiers Investment Agreement | 400,515 | ||||
Proceeds from convertible notes | 692,800 | ||||
Cash provided by financing activities | 1,402,600 | 2,014,878 | |||
Net increase (decrease) in cash | (43,027) | 167,311 | |||
Cash, beginning of year | 49,826 | 5,348 | $ 5,348 | ||
Cash, end of the period | $ 6,799 | $ 172,659 | 6,799 | 172,659 | $ 49,826 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||||
Interest Paid | 16,721 | 50,000 | |||
Taxes Paid | |||||
NON-CASH ITEMS | |||||
Conversion of notes payable and accrued interest for common stock | 1,322,075 | ||||
Original issue discount on notes payable and debentures | 82,000 | 63,333 | |||
Recognition of debt discount | $ 450,522 | $ 208,806 |
BASIS OF OPERATIONS AND GOING C
BASIS OF OPERATIONS AND GOING CONCERN | 9 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF OPERATIONS AND GOING CONCERN | NOTE 1 – BASIS OF OPERATIONS AND GOING CONCERN NATURE OF BUSINESS The unaudited condensed consolidated financial statements included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed consolidated financial statements and notes are presented as permitted on Form 10-Q and do not contain certain information included in the Company’s annual statements and notes. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these condensed consolidated financial statements be read in conjunction with the March 31, 2021 Form 10-K filed with the SEC, including the audited consolidated financial statements and the accompanying notes thereto. While management believes the procedures followed in preparing these condensed consolidated financial statements are reasonable, the accuracy of the amounts is in some respects dependent upon the facts that will exist, and procedures that will be accomplished by the Company later in the year. These condensed consolidated financial statements reflect all adjustments, including normal recurring adjustments which, in the opinion of management, are necessary to present fairly the operations and cash flows for the periods presented. Tauriga Sciences, Inc. (the “Company”) is a Florida corporation, with its principal place of business located at 4 Nancy Court, Suite 4, Wappingers Falls, NY 12590. The Company has, over time, moved into a diversified life sciences technology and consumer products company, with its mission to operate a revenue generating business, while continuing to evaluate potential acquisition candidates operating in the life sciences technology and consumer products spaces. Tauriga Pharma Corp On January 4, 2018, the Company announced the formation of a wholly owned subsidiary in Delaware, now known as Tauriga Pharma Corp. This subsidiary’s focus is on the development of a pharmaceutical product line that is synergistic with the Company’s primary CBD product line. Currently, the plan is to initially create a pharmaceutical line of products to address nausea symptoms related to chemotherapy treatment in patients, which we will submit for clinical trials and to regulatory agencies for approval. On March 18, 2020, the Company filed a Provisional U.S. Patent Application covering its pharmaceutical grade version of Tauri-Gum™. This patent application, filed with the United States Patent & Trademark Office (“U.S.P.T.O.”), titled: “MEDICATED CBD COMPOSITIONS, METHODS OF MANUFACTURING, AND METHODS OF TREATMENT.” The Company’s proposed pharmaceutical grade version of Tauri-Gum™ is being developed for nausea regulation, intended specifically to target patients subjected to ongoing chemotherapy treatment(s) (the “Indication”). The delivery system for this pharmaceutical product is an improved version of the existing “Tauri-Gum™” chewing gum formulation based on continued research and development. The Company converted this provisional patent application into a U.S. Non-Provisional Patent Application March 17, 2021. On March 17, 2021, the Company converted its U.S. Provisional Patent Application (filed on March 17, 2020) to a U.S. Non-Provisional Patent Application. This non-provisional patent application relates to the Company’s proposed pharmaceutical cannabinoid chewing gum delivery system for treatment of nausea derived from active chemotherapy treatment. Also on March 17, 2021, the Company filed an additional U.S. Provisional Patent Application relating to alternative pharmaceutical cannabinoid delivery systems. On March 17, 2021, the Company filed an International Patent Application under the Patent Cooperation Treaty (“PCT”), a cooperative agreement entered into by more than 130 countries with the purpose of bringing international conformity to the filing and preliminary evaluation of patent applications. This application relates to the Company’s proposed pharmaceutical cannabinoid chewing gum delivery system being developed to treat nausea derived from active chemotherapy treatment. The PCT application is published by the International Bureau at the World Intellectual Property Organization (“WIPO”), based in Geneva, Switzerland, in one of the ten “languages of publication”: Arabic, Chinese, English, French, German, Japanese, Korean, Portuguese, Russian, and Spanish. TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 1 – BASIS OF OPERATIONS AND GOING CONCERN (CONTINUED) NATURE OF BUSINESS (CONTINUED) Tauriga Pharma Corp. (Continued) Currently, the pharmaceutical grade version of Tauri-Gum TM formulation development; ● non-clinical in vivo and in vitro studies to inform the effective clinical dose and safety margin; ● regulatory strategy and regulatory documentation preparation; ● confirmation of the active pharmaceutical ingredient (API); and ● Identifying pharma-grade API suppliers. Chief Medical Officer On July 15, 2020, the Company appointed Dr. Keith Aqua (“Dr. Aqua”) as an independent contractor to the position of Chief Medical Officer (“CMO”) and entered into a consulting agreement with Dr. Aqua carrying a term of 12 months from inception, expiring on July 15, 2021. In his CMO capacity, Dr. Aqua assisted the Company in the development of the Company’s proposed pharmaceutical grade version of Tauri-Gum™. In addition, Dr. Aqua helped to establish a distribution network for the Company to market its Tauri-Gum™ brand to a variety of physicians and medical practices in southern Florida. In consideration of the services provided by Dr. Aqua, and pursuant to the terms of the Agreement, the Company issued Dr. Aqua (i) upon entry into the Agreement 750,000 750,000 62,500 4,000 1,500,000 59,250 0.0395 NFTauriga Corp. Effective April 14, 2021, the Company formed NFTauriga Corp. in the State of Delaware, as a wholly owned subsidiary. The Company is the sole holder of total authorized 100 0.00001 TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 1 – BASIS OF OPERATIONS AND GOING CONCERN (CONTINUED) Master Services Agreement On December 16, 2020, the Company entered into a Master Services Agreement with North Carolina based Clinical Strategies & Tactics, Inc. (“CSTI”) to resume the clinical development of its proposed anti-nausea pharmaceutical grade version of Tauri-Gum™. CSTI will primarily focus its efforts on (i) Pharmaceutical Development Strategy, (ii) Commercialization Strategy, and (iii) Funding Strategy. The Company will with work with CSTI’s founder and chief executive officer, JoAnn C. Giannone. Ms. Giannone has over 25 years’ experience effectively leading companies through the drug and medical device development process. On December 23, 2020, the Company funded the initial consulting fees associated with this Agreement, in the amount of $ 67,500 85,000 COMPANY PRODUCTS Tauri-Gum TM In late December 2018, the Company entered into a “Manufacturing Agreement” with Maryland based chewing gum manufacturer, Per Os Biosciences LLC (“Per Os Bio”) to launch a white label line of CBD infused chewing gum under the brand name Tauri-Gum TM The Manufacturing Agreement with Per Os Bio to produce Tauri-Gum TM In October 2019, we also filed trademark applications for the above-referenced marks in each of the European Union and Canada. The Company received notice of allowance from the European Union Intellectual Property Office granting the Company its trademark registration for Tauri-Gum™ (E.U. Trademark # 018138334) on February 18, 2020. During fiscal year 2020, the Company commenced development of a cannabigerol “CBG” isolate infused version of Tauri-Gum™ introducing Peach-Lemon flavor (containing 10mg CBG per piece) and Black Currant Flavor (containing 15mg of CBG per piece). During fiscal year 2021, the Company developed an Immune Booster version of Tauri-Gum™ chewing gum. This product contains 60mg of Vitamin C and 10mg of Elemental Zinc per piece. This product does not contain any phytocannabinoids (i.e., CBD or CBG). During late fiscal year 2021, the Company enhanced its original Tauri-Gum™ formulation by increasing the infusion concentrations of both its Cannabidiol (“CBD”) and Cannabigerol (“CBG”) Tauri-Gum™ products to 25mg per piece of chewing gum (previous concentration was 10mg for the Pomegranate, Blood Orange, Mint, and Peach-Lemon flavors and 15mg for the Black Currant flavor). Additionally, the Company increased its Tauri-Gum™ product offerings to 9 SKUs. The new offerings being introduced are Cherry-Lime Rickey flavored Caffeine infused chewing gum, an 8-piece blister pack of containing 50mg of caffeine per piece and Golden Raspberry flavored Vitamin D3 infused chewing gum, containing 2,000 IU (50 micrograms) of Vitamin D3 per piece. Through its October 2020 partnership with Think Big LLC (the Company founded by the son of late iconic U.S. rap artist, NOTORIOUS BIG aka “Frank White”), the Company is also offering 2 limited edition Licensed Tauri-Gum™/Frank White products: Honey-Lemon flavored chewing gum (containing: 15mg CBD, 15mg CBG, 5mg Vitamin C, 10mg Zinc per piece) and Mint flavor (25mg CBD per piece). TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 1 – BASIS OF OPERATIONS AND GOING CONCERN (CONTINUED) COMPANY PRODUCTS (CONTINUED) Delta 8 Version of Tauri-Gum™ During March 2021, the Company developed a Delta-8-Tetrahydrocannabinol (“Delta-8-THC” or “Delta-8”) infused version of Tauri-Gum™. The Company is focused on expanding both its product offerings and revenue opportunities, in a manner that is ethical, innovative, and fully compliant with Federal laws & regulations. Due to strong indications of demand, the Company has completed a double production run of its Evergreen Mint flavor, Delta 8 THC infused (10mg per piece of chewing gum), Version of Tauri-Gum™. All of the CBD/CBG Tauri-Gum TM Tauri-Gummies On November 25, 2019, the Company announced that it has finalized the formulation for its Vegan 25 mg CBD (Isolate) Infused Gummies product to be branded Tauri-Gummies™ for which a trademark was filed in Switzerland and the European Union. The company has received a Notice of Allowance from the European Union Intellectual Property Office (“E.U.I.P.O.”) granting the Company its trademark Registration for: Tauri-Gummies™ (E.U. Trademark # 018138348), effective June 24, 2020. This Notice of Allowance extends our protective period for this mark until October 2029 and may be extended thereafter for ten-year intervals. This gelatin free, plant-based, Vegan and Kosher certified formulation contains 24 gummies per jar, 6 of each flavor (cherry, orange, lemon and lime). Each gummy contains 25mg of CBD isolate (600 mg of CBD isolate per jar). These gum drops have been manufactured in the “Nostalgic” 1950s confectionary style. The Company commenced sales of Tauri-Gummies™ in January 2020. Other Products The Company, from time to time, will offer various formats of CBD product through its e-commerce website. As of this report date the Company is currently offering a 70% dark chocolate 30mg CBD non-GMO dietary supplement and 100mg CBD scented bath bombs (Mint, Pomegranate, Blood Orange, Black Currant). The Company also offers 100mg CDG infused Peach/Lemon bath bombs as well as a D3 infused Golden Raspberry and Cherry Lime Rickey caffeine infused bath bombs. The Company’s current offering includes a line of skin care products sold on its ecommerce website under the product line name of Uncle Bud’s. The skin care products include three different 4.2mg CBD facemasks (collagen, detoxifying and tightening masks), 100mg CBD daily moisturizer, 30mg CBD anti-wrinkle dream, hand and foot cream with hemp seed oil, 120mg CBD massage and body oil, 240mg CBD body revive roll-on, 35mg CBD transdermal patch and 120mg CBD body spray. The Company also offers Tauri-Pet dog food in three flavors (peanut butter, butternut squash and crispy apple. On July 12, 2021, the Company announced two new topical products; CBD infused Sunscreen Spray and Acai Fragrance Moisturizing Lip Balm. These two products will be manufactured, under Tauri-Sun™ brand name. Tauri-Sun™ Sunscreen Spray has a 30 SPF (sun protection factor) and is infused 200mg of CBD isolate per 3-ounce container. The easy to use “Spray On” delivery system is hypoallergenic and environmentally responsible (Reef Friendly). The Tauri-Sun™ Acai Fragrance Moisturizing Lip Balm has a 30 Sun Protection Factor (“SPF”) is dermatologist tested and CBD infused. On January 3, 2022, we filed Trademark applications in the United States and the European Union for marks for each of TAURI-PET and TAURI-SUN. A notice of Allowance was granted by the European Union Intellectual Property Office for the use of TAURI-SUN on January 25, 2022, registration Serial No. 018567792. We await a further Notice of Allowance or comment upon TAURI-PET and TAURI-SUN from each of the United States Patent and Trademark Office and the European Union Intellectual Property Office (other than the granted EU registration for TAURI-SUN noted above). For a full list of our currently available products please visit our e-Commerce website at https://taurigum.com/. See our “Risk Factors” contained in our Annual Report dated March 31, 2021 filed with the Securities and Exchange Commission on June 29, 2021, as amended August 16, 2021, including with respect, but not limited, to Federal laws and regulations that govern CBD and cannabis, which Risk Factors are updated by our periodic reports. DISTRIBUTION OF THE COMPANY’S PRODUCTS Think BIG, LLC License Agreement On September 24, 2020, we entered into (i) a License Agreement (“License”) with Think BIG, LLC, a Los Angeles based company (“Think BIG”), (ii) a Professional Services Agreement (the “PSA”) with Willie C. Mack, Jr., CEO of Think BIG and (iii) a Professional Services Agreement (“PSA 2”) with Christopher J. Wallace, a co-founder of Think BIG (each of Willie C. Mack, Jr. and Christopher J. Wallace referred to herein as a “Brand Ambassador”), with the collective intent to enhance sales and marketing of the Company’s product lines, including its proprietary Rainbow Deluxe Sampler Pack (“Rainbow Pack”), and any co-branded products created by the parties to the License and each of the PSAs (the “Co-Branded Products”). TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 1 – BASIS OF OPERATIONS AND GOING CONCERN (CONTINUED) DISTRIBUTION OF THE COMPANY’S PRODUCTS (CONTINUED) Think BIG, LLC License Agreement (Continued) The term of this license is for a period of two years from September 24, 2020 (the “Effective Date”), unless earlier terminated by either party pursuant to the terms thereunder. The term of each of the PSA and the PSA 2 shall commence on the Effective Date and end on the earlier of (i) the two-year anniversary thereof; (ii) the termination for any reason of the License; or (iii) the earlier termination of the PSA Agreement pursuant to the terms thereunder. The licensing arrangement permits for cross licensing, brand building, e-commerce customer acquisition efforts, retail customer acquisition efforts, enhanced social media presence, public relations & visibility strategies, as well as potential outreach to celebrities, and various other types of in-kind services in order to increase both Company revenue and customer acquisition efforts. The License will also allow for future joint development projects that will leverage the iconic “Frank White” brand and likeness/intellectual property (to which Think Big has the intellectual property rights). The Companies further agreed to a 50/50 gross profit split on sales of specially branded product, payable on or before the 15th day of each calendar month for the immediately preceding calendar month. In addition, the Company originally agreed to pay Think BIG, via a quarterly marketing fee for a period of twelve months in the amount $15,000 per quarter (for an aggregate total of $60,000), the first payment of which was paid by the Company within 10 days of the entry into the License. Subsequently, the parties agreed that the remaining payments would no longer be paid to Think BIG in exchange for the Company funding specially branded inventory printing and product as well as other marketing initiatives Under each of the PSA and the PSA 2, each Brand Ambassador shall provide promotional and marketing services (“Services”) to the Company during the term of the respective PSAs, subject to the terms and conditions set forth therein, in connection with the Co-Branded Products and any co-developed products; and perform their individual marketing and promotional services set forth under the PSA and the PSA 2, respectively, and each of the exhibits annexed thereto. As consideration for each Brand Ambassador’s Services set forth under their respective PSAs, the Company agreed to issue each Brand Ambassador 1,500,000 restricted shares of the Company’s common stock, upon execution of the PSA and PSA 2. These shares were issued on December 17,2020. Under the PSA’s, the Company had initially agreed, following the one-year anniversary of the Effective Date, an additional 1,500,000 restricted shares of Company’s common stock could be issued to each Brand Ambassador, subject to the satisfaction of the terms of such additional services and/or criteria to be mutually agreed upon by the parties to the PSA and/or the PSA 2. The Company has determined that these additional shares will not be paid. The value of all shares issued and to be issued had a value of $ 183,600 that will be recognized over the term of the contract. This agreement is still in effect as the Company is still selling this co-branded product. Through December 31, 2021, the Company has recognized approximately $ 1,122 Stock Up Express Agreement Effective February 1, 2021, the Company entered into a distribution agreement with Connecticut based Stock Up Express, a division of Bozzuto’s Inc., a distributor that generates more than $3 Billion in annual sales. The agreement shall remain in effect for a period of two (2) years, with automatic renewal for additional successive one (1) year terms. Under terms of this distribution agreement, Stock Up Express will market and resell the Company’s flagship brand, Tauri-Gum ™ The Company has entered into multiple other arrangements that are more fully described and annexed thereto in our annual report, and such other subsequent periodic and current reports that we have filed with the Securities and Exchange Commission, which agreements are filed to such reports and incorporated by reference hereto and thereto. TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) REGULATORY MATTERS Food and Drug Administration (“FDA”) On May 31, 2019, the U. S. Food and Drug Administration (“FDA”) held public hearings to obtain scientific data and information about the safety, manufacturing, product quality, marketing, labeling, and sale of products containing cannabis or cannabis-derived compounds, including CBD. The hearing came approximately five months after the Agricultural Improvement Act of 2018 (more commonly known as the Farm Bill), went into effect and removed industrial hemp from the Schedule I prohibition under the Controlled Substances Act (CSA) (industrial hemp means cannabis plants and derivatives that contain no more than 0.3 percent tetrahydrocannabinol, or THC, on a dry weight basis). Though the Farm Bill removed industrial hemp from the Schedule I list, the Farm Bill preserved the regulatory authority of the FDA over cannabis and cannabis-derived compounds used in food and pharmaceutical products under the Federal Food, Drug, and Cosmetic Act (FD&C Act) and section 351 of the Public Health Service Act. The FDA has been clear that it intends to use this authority to regulate cannabis and cannabis-derived products, including CBD, in the same manner as any other food or drug ingredient. In addition to holding the hearing, the agency had requested comments by July 2, 2019 regarding any health and safety risks of CBD use, and how products containing CBD are currently produced and marketed, which comment period was concluded on July 16, 2019. As of the date hereof, the FDA has taken the position that it is unlawful to put into interstate commerce food products containing hemp derived CBD, or to market CBD as, or in, a dietary supplement. Furthermore, since the closure of the FDA hearings on this issue, some state and local agencies have issued a ban on the sale of any food or beverages containing CBD. There have been legislative efforts at the federal level, which seek to provide clear guidance to industry stakeholders regarding how to comply with applicable FDA law with respect to CBD and other hemp derived cannabinoids. However, such legislative efforts have been limited and as of this date, these legislative efforts require extensive further approvals, including approval from both houses of Congress and the President of the United States, before being enacted into law, if at all. FDA Clinical Trial Process – United States Drug Development Furthermore, with respect to Company’s developing CBG and additional cannabinoid product lines, the FDA has provided no guidance as to how cannabinoids other than CBD (such as CBG) shall be regulated under the FD&C Act, and it is unclear at this time how such potential regulation could affect the results of the operations or prospects of the Company or this product line. In the United States, the FDA regulates drugs, medical devices and combinations of drugs and devices, or combination products, under the FDCA and its implementing regulations. Drugs are also subject to other federal, state and local statutes and regulations. The process of obtaining regulatory approvals and the subsequent compliance with appropriate federal, state, local and foreign statutes and regulations requires the expenditure of substantial time and financial resources. Failure to comply with the applicable U.S. requirements at any time during the product development process, approval process or after approval, may subject an applicant to administrative or judicial sanctions. These sanctions could include, among other actions, the FDA’s refusal to approve pending applications, withdrawal of an approval, a clinical hold, untitled or warning letters, requests for voluntary product recalls or withdrawals from the market, product seizures, total or partial suspension of production or distribution injunctions, fines, refusals of government contracts, restitution, disgorgement, or civil or criminal penalties. Any agency or judicial enforcement action could have a material adverse effect on us. The process required by the FDA before a drug may be marketed in the United States generally involves the following: ● completion of extensive pre-clinical in vitro ● submission to the FDA of an Investigational New Drug (IND) application, which must become effective before human clinical trials may begin; ● performance of adequate and well-controlled human clinical trials in accordance with an applicable IND and other clinical study related regulations, sometimes referred to as Current Good Clinical Practice (cGCPs), to establish the safety and efficacy of the proposed drug for its proposed indication, and API and drug product scale-up for registration batch production and stability; ● submission to the FDA of a New Drug Application (NDA); TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 1 – BASIS OF OPERATIONS AND GOING CONCERN (CONTINUED) REGULATORY MATTERS (CONTINUED) FDA Clinical Trial Process – United States Drug Development (Continued) ● satisfactory completion of an FDA pre-approval inspection of the manufacturing facility or facilities at which the product, or components thereof, are produced to assess compliance with the FDA’s cGMP requirements; ● potential FDA audit of the clinical trial sites that generated the data in support of the NDA; and ● FDA review and approval of the NDA prior to any commercial marketing or sale. Once a pharmaceutical product candidate is identified for development, it enters the pre-clinical testing stage. Pre-clinical tests include laboratory evaluations of product characterization, drug product formulation development and stability, as well as pharmacology and toxicology animal studies. An IND Sponsor must submit the results of the pre-clinical tests, together with manufacturing information, analytical data and any available clinical data or literature, to the FDA as part of the IND. The sponsor must also include a protocol detailing, among other things, the objectives of the initial clinical trial, the parameters to be used in monitoring safety and the effectiveness criteria to be evaluated if the initial clinical trial lends itself to an efficacy evaluation. Some pre-clinical testing may continue even after the IND is submitted. The IND automatically becomes effective 30 days after receipt by the FDA, unless the FDA raises concerns or questions related to a proposed clinical trial and places the trial on a clinical hold within that 30-day period. In such a case, the IND sponsor and the FDA must resolve any outstanding concerns before the clinical trial can begin. Clinical holds also may be imposed by the FDA at any time before or during clinical trials due to safety concerns or non-compliance and may be imposed on all drug products within a certain class of drugs. The FDA also can impose partial clinical holds, for example, prohibiting the initiation of clinical trials of a certain duration or for a certain dose. All clinical trials must be conducted under the supervision of one or more qualified investigators in accordance with GCP regulations. These regulations include the requirement that all research subjects provide informed consent in writing before their participation in any clinical trial. Further, an IRB must review and approve the plan for any clinical trial before it commences at any institution, and the IRB must conduct continuing review and reapprove the study at least annually. An IRB considers, among other things, whether the risks to individuals participating in the clinical trial are minimized and are reasonable in relation to anticipated benefits. The IRB also approves the information regarding the clinical trial and the consent form that must be provided to each clinical trial subject or his or her legal Representative and must monitor the clinical trial until completed. Each new clinical protocol and any amendments to the protocol must be submitted for FDA review, and to the IRBs for approval. Protocols detail, among other things, the objectives of the clinical trial, dosing procedures, subject selection and exclusion criteria, and the parameters to be used to monitor subject safety. Human clinical trials are typically conducted in three sequential phases that may overlap or be combined. The phases are described below. For the TAUG Pharma product, however, the safety profile of the API is known, and a Phase 1 program is not expected. Therefore, it is anticipated that that the first-time-in-human (FTIH) study will be a Phase 2 study. ● Phase 1. The product is initially introduced into a small number of healthy human subjects or patients and tested for safety, dosage tolerance, absorption, metabolism, distribution and excretion and, if possible, to gain early evidence on effectiveness. In the case of some products for severe or life-threatening diseases, especially when the product is suspected or known to be unavoidably toxic, the initial human testing may be conducted in patients. ● Phase 2. Involves clinical trials in a limited patient population to identify possible adverse effects and safety risks, to preliminarily evaluate the efficacy of the product for specific targeted diseases and to determine dosage tolerance and optimal dosage and schedule. ● Phase 3. Clinical trials are undertaken to further evaluate dosage, clinical efficacy and safety in an expanded patient population at geographically dispersed clinical trial sites. These clinical trials are intended to establish the overall risk/benefit relationship of the product and provide an adequate basis for product labeling. TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 1 – BASIS OF OPERATIONS AND GOING CONCERN (CONTINUED) REGULATORY MATTERS (CONTINUED) Post-approval trials, sometimes referred to as Phase 4 clinical trials, may be conducted after initial marketing approval. These studies are used to gain additional experience from the treatment of patients in the intended therapeutic indication. In certain instances, the FDA may mandate the performance of Phase 4 trials. Companies that conduct certain clinical trials also are required to register them and post the results of completed clinical trials on a government-sponsored database, such as ClinicalTrials.gov in the United States, within certain timeframes. Failure to do so can result in fines, adverse publicity and civil and criminal sanctions. Progress reports detailing the results of the clinical trials, among other information, must be submitted at least annually to the FDA, and written IND safety reports must be submitted to the FDA and the investigators for serious and unexpected adverse events, findings from other studies that suggest a significant risk to humans exposed to the product, findings from animal or in vitro testing that suggest a significant risk to human subjects, and any clinically important increase in the rate of a serious suspected adverse reaction over that listed in the protocol or Investigator Brochure. Phase 1, Phase 2 and Phase 3 clinical trials may not be completed successfully within any specified period, if at all. The FDA or the clinical trial Sponsor may suspend or terminate a clinical trial at any time on various grounds, including a finding that the research subjects or patients are being exposed to an unacceptable health risk. Similarly, an IRB can suspend or terminate approval of a clinical trial at its institution if the clinical trial is not being conducted in accordance with the IRB’s requirements or if the product has been associated with unexpected serious harm to patients. Additionally, some clinical trials are overseen by an independent group of qualified experts organized by the clinical trial sponsor, known as a data safety monitoring board or committee. This group provides authorization for whether a trial may move forward at designated check points based on access to certain data from the study. The clinical trial Sponsor may also suspend or terminate a clinical trial based on evolving business objectives and/or competitive climate. The manufacturing process must be capable of consistently producing quality batches of the product candidate and among other things, the manufacturer must develop methods for testing the identity, strength, quality and purity of the final product. Additionally, appropriate packaging must be selected and tested. Stability studies must be conducted to demonstrate that the product candidate does not undergo unacceptable deterioration over its shelf life. NDA and FDA Review Process The results of product development, pre-clinical studies and clinical trials, along with descriptions of the manufacturing process, analytical tests conducted on the drug, proposed labeling and other relevant information, are submitted to the FDA as part of an NDA for a new drug, requesting approval to market the product. The submission of an NDA is subject to the payment of a substantial user fee, and the sponso |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONDENSED CONSOLIDATED FINANCIAL STATEMENTS These condensed consolidated financial statements include the accounts and activities of Tauriga Sciences, Inc., its wholly-owned Canadian subsidiary, its wholly-owned subsidiary Tauriga Pharma Corp. (f/k/a Tauriga Biz Dev Corp – or “Tauriga BDC” and referenced herein as Tauriga BDC for contextual purposes only in describing the Blink contractual arrangement), NFTauriga Corp. and Tauriga Sciences Limited. All intercompany transactions have been eliminated in consolidation. As of December 31, 2021, there is no activity in any of the Company’s subsidiaries other than Tauriga Pharma Corp. SEGMENT INFORMATION The Company has adopted provisions of ASC 280-10 Segment Reporting TM TM Results for the three and nine months ended December 31, SCHEDULE OF SEGMENT INFORMATION 2021 2020 2021 2020 Three months ended December 31, Nine months ended December 31, 2021 2020 2021 2020 Revenue, net: Tauri-gum $ 102,580 $ 74,949 $ 243,293 $ 215,113 Pharma - - - - Adjustments, eliminations and unallocated items - - - - Total revenue, net $ 102,580 $ 74,949 $ 243,293 $ 215,113 Cost of Sales - Tauri-gum (46,499 ) (34,348 ) (124,999 ) (133,391 ) Pharma - - - - Adjustments, eliminations and unallocated items - - - - Total cost of sales $ (46,499 ) $ (34,348 ) $ (124,999 ) $ (133,391 ) General and Administrative expense Tauri-gum $ 107,114 $ - $ 684,084 $ 106,600 Pharma 6,992 10,000 19,832 10,000 Adjustments, eliminations and unallocated items 1,112,390 426,097 2,183,198 1,212,186 Total General and Administrative expense $ 1,226,496 $ 436,097 $ 2,887,114 $ 1,328,786 - - Research and development Tauri-gum $ 8,046 $ 7,173 $ 36,082 $ 34,478 Pharma 735 - 80,762 - Adjustments, eliminations and unallocated items - - - - Total Research and Development $ 8,781 $ 7,173 $ 116,844 $ 34,478 - Marketing and fulfillment expense Tauri-gum $ 158,701 $ 131,099 $ 625,954 $ 245,001 Pharma - - - - Adjustments, eliminations and unallocated items - - - - Total Marketing and fulfillment expense $ 158,701 $ 131,099 $ 625,954 $ 245,001 Depreciation expense Tauri-gum $ 1,326 $ 218 $ 3,897 $ 653 Pharma - - - - Adjustments, eliminations and unallocated items - - - - Total depreciation expense $ 1,326 $ 218 $ 3,897 $ 653 Operating Loss Tauri-gum $ (223,179 ) $ (109,919 ) $ (1,231,723 ) $ (305,010 ) Pharma (7,727 ) (10,000 ) (100,594 ) (10,000 ) Adjustments, eliminations and unallocated items (1,112,390 ) (414,067 ) (2,183,198 ) (1,212,186 ) Total operating loss $ (1,339,223 ) $ (533,986 ) $ (3,515,515 ) $ (1,527,196 ) December 31, 2021 March 31, 2021 Total Assets Tauri-gum $ 491,380 $ 736,044 Pharma 152,726 200,440 Unallocated 972,555 1,552,219 Total Assets $ 1,616,661 $ 2,488,703 Total Liabilities Tauri-gum $ 184,415 $ 186,568 Pharma 18,735 188,210 Unallocated 2,159,245 842,678 Total liabilities $ 2,362,395 $ 1,217,456 TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) REVENUE RECOGNITION In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). This standard provides a single set of guidelines for revenue recognition to be used across all industries and requires additional disclosures. The updated guidance introduces a five-step model to achieve its core principle of the entity recognizing revenue to depict the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted the updated guidance effective October 1, 2017, using the full retrospective method. The new standard did not have a material impact on its financial position and results of operations, as it did not change the manner or timing of recognizing revenue. Under ASC 606, in order to recognize revenue, the Company is required to identify an approved contract with commitments to preform respective obligations, identify rights of each party in the transaction regarding goods to be transferred, identify the payment terms for the goods transferred, verify that the contract has commercial substance and verify that collection of substantially all consideration is probable. The adoption of ASC 606 did not have an impact on the Company’s operations or cash flows. On March 29, 2018 the Company, through Tauriga BDC, entered into an independent sales representative agreement with Blink to be a non-exclusive independent sales representative. Under the agreement with Blink, the Company may solicit orders from potential customers for EV charging station placement. On June 29, 2018, the Company purchased four Blink Level 2 - 40” pedestal chargers for permanent placement in a retail location or locations whereby the Company will pay a variable annual fee based on 7% of total revenue per charging unit. The remainder of the proceeds will be split 80/20 between the Company and the host location owner or its assignee. The host location owner will pay for the cost of providing power to these unit as well as installation costs. As of December 31, 2021, we have not installed any of these machines in any locations, and no revenue has been generated through the Blink contract. The Company has decided to abandon this business line, and therefore, we have reclassified these assets as held for sale. The Company recognizes revenue upon the satisfaction of the performance obligation. The Company considers the performance obligation met upon shipment of the product or delivery of the product. For ecommerce orders, the Company’s products are shipped by a fulfillment company and payment is made in advance of shipment either through credit card or PayPal. The Company also delivers the product to its customers that they market to in the metropolitan New York Tri-State area that are not covered under any existing distribution agreements. The Company generally collects payment within 30 to 60 days of completion of its performance obligation, and the Company has no agency relationships. The Company recognized net revenue from operations in the amount of $ 243,293 285,319 TM 6,900 ALLOWANCE FOR DOUBTFUL ACCOUNTS The Company maintains an allowance for doubtful accounts, which includes sales returns, sales allowances and bad debts. The allowance adjusts the carrying value of trade receivables for the estimate of accounts that will ultimately not be collected. An allowance for doubtful accounts is generally established as trade receivables age beyond their due dates, whether as bad debts or as sales returns and allowances. As past due balances age, higher valuation allowances are established, thereby lowering the net carrying value of receivables. The amount of valuation allowance established for each past-due period reflects the Company’s historical collections experience, including that related to sales returns and allowances, as well as current economic conditions and trends. The Company also qualitatively establishes valuation allowances for specific problem accounts and bankruptcies, and other accounts that the Company deems relevant for specifically identified allowances. The amounts ultimately collected on past-due trade receivables are subject to numerous factors including general economic conditions, the financial condition of individual customers and the terms of reorganization for accounts exiting bankruptcy. Changes in these conditions impact the Company’s collection experience and may result in the recognition of higher or lower valuation allowances. At December 31, 2021, the Company has established an allowance for doubtful accounts in the amount of $ 99,401 TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) SALES REFUNDS The Company’s refund policy allows customers to return product for any reason except where the customer does not like the taste of the product. The customer has 30 days from the date of purchase to initiate the process. Returns are limited to one return or exchange per customer. Only purchases up to $ 100 TM USE OF ESTIMATES The preparation of these condensed consolidated 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 reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. CASH EQUIVALENTS For purposes of reporting cash flows, cash equivalents include investment instruments purchased with an original maturity of three months or less. At December 31, 2021, the Company’s cash on deposit with financial institutions did not exceed the total FDIC insurance limit of $ 250,000 6,799 49,826 250,000 no INVESTMENT IN TRADING SECURITIES Investment in trading securities consist of investments in shares of common stock of companies traded on public markets as well as publicly traded warrants of these companies should there be a market for them. These securities are carried on the Company’s balance sheet at fair value based on the closing price of the shares owned on the last trading day before the balance sheet date of this report. Fluctuations in the underlying bid price of the stocks result in unrealized gains or losses. The Company recognizes these fluctuations in value as other income or loss. For investments sold, the Company recognizes the gains and losses attributable to these investments as realized gains or losses in other income or loss. INVESTMENT – COST METHOD Investment in other companies that are not currently trading, are valued based on the cost method as the Company holds less than 20 24,406 INVENTORY Inventory consists of finished goods in salable condition stated at the lower of cost or market determined by the first-in, first-out method. The inventory consists of packaged and labeled salable inventory. Shipping of product to finished good inventory fulfilment center is also included in the total inventory cost. Shipping of product upon sale for e-commerce sales is paid by the customer upon ordering for orders of single packs of Tauri-Gum TM 351,657 compared to $ 201,372 at March 31, 2021. As of December 31, 2021, the Company wrote down all CBD infused chewing gum to a value of zero. During the nine months ended December 31, 2021, the Company recorded a one-time charge of $ 123,826 as a write down of 10mg CBD infused chewing gum inventory. The Company does not intend or expect to sell this inventory and will use as marketing samples and other promotions. TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) SHIPPING AND HANDLING COSTS The Company’s fulfillment handling costs are provided by independent contractors through fixed fee arrangements which may also include incentives. These fees also contain a large degree of consultative, administrative and warehousing services as part of the fixed fee. Management believes that due to these factors it is more representative to include these amounts as general and administrative costs instead of cost of goods sold. For the three and nine months ended December 31, 2021 the Company incurred fulfillment costs in the amount of $ 23,988 84,505 25,200 64,200 Shipping cost for the Company consists of product movement to and from trade shows, between office locations, mailing of samples and product shipments. The cost of shipping is typically not charged to the customer when they order more than one product from on the website. Customer shipping of large customers wholesale orders are done on a reimbursement basis therefore any shipping revenue and shipping expense are largely recorded as offsetting gross revenues and cost of goods sold. The Company had net shipping expense: SCHEDULE OF SHIPPING EXPENSES Three Months Ended December 31, Nine months ended December 31, 2021 2020 2021 2020 Shipping revenue $ 2,558 $ 2,622 $ 5,296 $ 4,453 Shipping expense (10,003 ) (5,732 ) (21,786 ) (17,762 ) Net shipping expense $ (7,445 ) $ (4,429 ) $ (16,490 ) $ (13,309 ) Property and equipment are stated at cost and is depreciated using the straight-line method over the estimated useful lives of the respective assets. Routine maintenance, repairs and replacement costs are expensed as incurred and improvements that extend the useful life of the assets are capitalized. When property and equipment is sold or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts and any resulting gain or loss is recognized in operations. NET LOSS PER COMMON SHARE The Company computes per share amounts in accordance with FASB ASC Topic 260 “ Earnings per Share STOCK-BASED COMPENSATION The Company accounts for Stock-Based Compensation under ASC 718 “ Compensation-Stock Compensation The Company accounts for stock-based compensation awards to non-employees in accordance with ASC 505-50, “E quity-Based Payments to Non-Employees TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) The Company issues stock to consultants for various services. The costs for these transactions are measured at the fair value on the grant date of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The Company recognized consulting expense and a corresponding increase to additional paid-in-capital related to stock issued for services over the term of the related services. IMPAIRMENT OF LONG-LIVED ASSETS Long-lived assets, primarily fixed assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. The Company will perform a periodic assessment of assets for impairment in the absence of such information or indicators. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or a significant adverse change that would indicate that the carrying amount of an asset or group of assets is not recoverable. For long-lived assets to be held and used, the Company would recognize an impairment loss only if its carrying amount is not recoverable through its undiscounted cash flows and measures the impairment loss based on the difference between the carrying amount and estimated fair value. RESEARCH AND DEVELOPMENT The Company expenses research and development costs as incurred. Research and development costs were $ 8,781 116,844 7,173 34,478 FAIR VALUE MEASUREMENTS ASC 820 “ Fair Value Measurements The following provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which fair value is observable: Level 1- fair value measurements are those derived from quoted prices (unadjusted in active markets for identical assets or liabilities); Level 2- fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and Level 3- fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). Financial instruments classified as Level 1 – quoted prices in active markets include cash. These condensed consolidated financial instruments are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment to estimation. Valuations based on unobservable inputs are highly subjective and require significant judgments. Changes in such judgments could have a material impact on fair value estimates. In addition, since estimates are as of a specific point in time, they are susceptible to material near-term changes. Changes in economic conditions may also dramatically affect the estimated fair values. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management for the respective periods. The respective carrying value of certain financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include cash, investments, short-term notes payable, accounts payable and accrued expenses. TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) RECLASSIFICATIONS Certain prior year amounts have been reclassified to conform to the current period presentation. The reclassifications had no effect on the net loss or cash flows of the Company. SHARE SETTLED DEBT The general measurement guidance in ASC 480 requires obligations that can be settled in shares with a fixed monetary value at settlement to be carried at fair value unless other accounting guidance specifies another measurement attribute. The Company has determined that ASC 835-30 is the appropriate accounting guidance for the share-settled debt, which is what was done by setting up the debt discount which is to be amortized to interest expense over the term of the instrument. Amortization of discounts are to be amortized using the effective interest method over the term of the note. ASC 480-10-25-14 requires liability accounting for (1) any financial instrument that embodies and unconditional obligation to transfer a variable number of shares or (2) a financial instrument other than an outstanding share that embodies a conditional obligation to transfer a variable number of shares, provided that the monetary value of the obligation is based solely or predominantly on any of the following: 1. A fixed monetary amount known at inception (e.g. stock settled debt); 2. Variations in something other than the fair value of the issuer’s equity shares (e.g. a preferred share that will be settled in a variable number of common shares with tits monetary value tied to a commodity price); and 3. Variations in the fair value of the issuer’s equity shares, but the monetary value to the counterparty moves inversely to the value of the issuer’s shares (e.g. net share settled written put options, net share settled forward purchase contracts). Notwithstanding the fact that the above instruments can be settled in shares, FASB concluded that equity classification is not appropriate because instruments with those characteristics do not expose the counterparty to risks and rewards similar to those of an owner and therefore do not create a shareholder relationship. The issuer is instead using its shares as the currency to settle its obligation. INCOME TAXES Income taxes are accounted for under the liability method of accounting for income taxes. Under the liability method, future tax liabilities and assets are recognized for the estimated future tax consequences attributable to differences between the amounts reported in the financial statement carrying amounts of assets and liabilities and their respective tax bases. Future tax assets and liabilities are measured using enacted or substantially enacted income tax rates expected to apply when the asset is realized, or the liability settled. The effect of a change in income tax rates on future income tax liabilities and assets is recognized in income in the period that the change occurs. Future income tax assets are recognized to the extent that they are considered more likely than not to be realized. ASC 740 “ Income Taxes As a result of the implementation of this standard, the Company performed a review of its material tax positions in accordance with recognition and measurement standards established by ASC 740 and concluded that the tax position of the Company does not meet the more-likely-than-not threshold as of December 31, 2021. TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) RECENT ACCOUNTING PRONOUNCEMENTS In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contract’s in an Entity’s Own Equity. The ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU simplifies the diluted net income per share calculation in certain areas. The ASU is effective for annual and interim periods beginning after December 31, 2021, and early adoption is permitted for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company is currently evaluating the impact that this new guidance will have on its condensed consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, “Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting” In February 2016, FASB issued ASU 2016-02, “ Leases (Topic 842) In January 2016, the FASB issued ASU 2016-01, “Financial Instruments–Overall (Subtopic 825-10) Recognition and Measurement of Financial There are several other new accounting pronouncements issued or proposed by the FASB. Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe any of these accounting pronouncements has had or will have a material impact on the Company’s condensed consolidated financial position or operating results. SUBSEQUENT EVENTS In accordance with ASC 855 “ Subsequent Events TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) |
REVENUE
REVENUE | 9 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | NOTE 3 - REVENUE The Company accounts for revenue in accordance with ASC Topic 606, Revenue from Contracts with Custo The following table disaggregates the Company’s net revenue by sales channel for the three and nine months ended December 31: SCHEDULE OF DISAGGREGATION 2021 2020 2021 2020 For the three months ended December 31, For the nine months ended December 31, 2021 2020 2021 2020 Revenue: Distributor $ - $ - $ - $ - E-Commerce 98,356 72,939 196,818 169,428 Wholesale 4,224 2,010 46,475 45,685 Net revenue $ 102,580 $ 74,949 $ 243,293 $ 215,113 Revenues from the Company’s e-commerce channel represented 95.9 80.9 97.3 78.8 99,401 |
INVENTORY
INVENTORY | 9 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORY | NOTE 4– INVENTORY The following chart is the inventory value by product as of: SCHEDULE OF INVENTORY December 31, 2021 March 31, 2020 CBD/CBG Tauri-Gum TM $ 287,017 $ 173,207 Tauri-Gummies TM 17,216 13,973 Other (1) 47,424 14,192 Total Inventory $ 351,657 $ 201,372 (1) Other inventory consists of holiday pouches sold as a bundled of Tauri-Gum TM At December 31, 2021, there were $62,645 of prepayments on deposit with manufactures of Company products. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 9 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 5– PROPERTY AND EQUIPMENT The Company’s property and equipment is as follows: SCHEDULE OF PROPERTY AND EQUIPMENT December 31, 2021 March 31, 2021 Estimated Life December 31, 2021 March 31, 2021 Estimated Life Computers, office furniture and other equipment $ 15,651 $ 13,705 3 5 Less: accumulated depreciation (4,602 ) (1,642 ) Net $ 11,049 $ 12,063 During the year ended March 31, 2021, the Company purchased office furniture in the amount of $ 8,722 60 During the nine months ended December 31, 2021, the Company purchased computer equipment in the amount of $ 1,945 36 TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 5– PROPERTY AND EQUIPMENT (CONTINUED) On June 29, 2018, the Company purchased four Blink Level 2 – 40” pedestal chargers for permanent placement in one or more retail locations whereby the Company would share revenue from these electric car vehicles charging units with such location owner. No depreciation expense has been recorded for the charging units as of December 31, 2021 due to the fact that they have not been placed in service. As of April 1, 2020, these charging units were reclassified as assets held for resale. Depreciation expense for the nine months ended December 31, 2021 was $ 1,013 2,959 218 653 |
LEASEHOLD IMPROVEMENTS
LEASEHOLD IMPROVEMENTS | 9 Months Ended |
Dec. 31, 2021 | |
Leasehold Improvements | |
LEASEHOLD IMPROVEMENTS | NOTE 6 – LEASEHOLD IMPROVEMENTS Associated with the Company’s January 6, 2021, relocation of its headquarters to Wappingers Falls the Company implemented certain leasehold improvements including signage and a sales display buildout at a total cost of $ 5,000 48 SCHEDULE OF LEASEHOLD IMPROVEMENTS December 31, 2021 March 31, 2021 Expected Usage Wappingers Falls office signage and sales display $ 5,000 $ 5,000 48 Less: amortization (1,250 ) (313 ) Net $ 3,750 4,687 |
OPERATING LEASE
OPERATING LEASE | 9 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
OPERATING LEASE | NOTE 7 – OPERATING LEASE The Company has adopted ASU No. 2016-02, Leases (Topic 842) 67,938 8.32 Wappingers Falls, New York – Corporate headquarters Effective January 6, 2021, the Company moved its corporate headquarters to 4 Nancy Court, Suite 4, Wappingers Falls, New York 12590. The Company’s telephone number remains the same, phone: 917-796-9926. The Company entered into a two -year lease, expiring January 31, 2023 . The Company will pay $ 19,200 annually ($ 1,600 per month) during the term of the lease. The Company paid $ 1,600 as a security deposit as part of this lease. The Company has the option to one two-year extension . The Company expects it will exercise this option. Tenant will pay $ 21,000 annually ($ 1,750 per month) during the option term, should we exercise this option. For the three and nine months ended December 31, 2021 and 2020, the Company recorded lease expense of $ 5,025 15,075 1,261 8,998 52,927 53,827 The following chart shows the Company’s operating lease cost for the three and nine months ended December 31, 2021 and 2020: SCHEDULE OF OPERATING LEASE COST 2021 2020 2021 2020 For the three months ended December 31, For the nine months ended December 31, 2021 2020 2021 2020 Amortization of right of lease asset $ 3,870 $ 1,151 $ 11,374 $ 8,062 Lease interest cost 1,155 109 3,701 936 Total Lease cost $ 5,025 $ 1,261 $ 15,075 $ 8,998 TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 7 – OPERATING LEASE (CONTINUED) Maturity of Operating Lease Liability for fiscal year ended March 31, SCHEDULE OF MATURITY OF OPERATING LEASE LIABILITY 2022 $ 3,726 2023 16,201 2024 18,990 2025 14,909 Total lease payments $ 53,827 SCHEDULE OF RIGHT OF USE ASSET AND OPERATING LEASE LIABILITY December 31, 2021 March 31, 2021 Right of Use (ROU) asset $ 52,927 $ 64,301 December 31, 2021 March 31, 2021 Operating lease liability: Current $ 15,409 $ 14,426 Non-Current 38,418 50,100 Total $ 53,827 $ 64,526 |
NOTES PAYABLE AND CONVERTIBLE N
NOTES PAYABLE AND CONVERTIBLE NOTES | 9 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE AND CONVERTIBLE NOTES | NOTE 8 – NOTES PAYABLE AND CONVERTIBLE NOTES SCHEDULE OF NOTES PAYABLE AND CONVERTIBLE NOTES December 31, 2021 March 31, 2021 Jefferson Street Capital LLC (Oct-20) (a) $ - $ 135,000 SE Holdings, LLC (Nov-20) (b) - 110,000 GS Capital Holdings, LLC (Mar-21) (c) 273,000 273,000 GS Capital Holdings, LLC (Apr-21) (d) 313,000 - SE Holdings, LLC (Aug-21) (e) 115,500 - Jefferson Street Capital LLC (Sep-21) (f) 135,000 - GS Capital Holdings, LLC (Aug-21) (g) 105,000 - Tangiers Global, LLC (Apr-21) (h) 525,000 - MBS GLOEQ CORP (Oct-21) (i) 85,000 - Total notes payable and convertible notes $ 1,551,500 $ 518,000 Less note discounts (92,272 ) (13,181 ) Less current portion of these notes (1,459,228 ) (504,819 ) Total notes payable and convertible, net discounts $ - $ - TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 8 – NOTES PAYABLE AND CONVERTIBLE NOTES (CONTINUED) Notes Payable (a) On October 5, 2020, the Company entered into (i) an Inventory Financing Promissory Note in the aggregate principal amount of $ 135,000 with Jefferson Street Capital LLC, and (ii) a Securities Purchase Agreement. The note has a maturity date of October 5, 2021 , carries $ 10,000 original issue discount (and a $ 3,000 due diligence fee paid to Moody Capital Solutions, Inc., the placement agent on behalf of Jefferson Street), and carries interest on the unpaid principal balance hereof at the rate of ten percent ( 10 %) per annum beginning on the issuance date of October 5, 2020. Any amount of principal or interest on the note which is not paid when due shall bear interest at the rate of eighteen percent (18%) per annum from the due date thereof until the same is paid or converted in accordance with the terms of the note . The repayment of this note shall be in seven equal cash monthly installments beginning on April 5, 2021 and ending on October 5, 2021, for an aggregate amount of $ 148,500 (assuming no defaults). This note may not be converted by noteholder into shares of our Common Stock unless we default in our monthly repayment obligation pursuant to the cash repayment schedule noted above. In the event of a default of the note, noteholder shall have the right to convert all or any part of the outstanding and unpaid amounts into fully paid and non-assessable shares of Common Stock; provided, however, that in no event shall the holder be entitled to convert any portion of the note in excess of that portion of the note upon the conversion of which would result in beneficial ownership by noteholder and its affiliates of more than 4.99% of the outstanding shares of Common Stock (as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulations 13D-G thereunder. The beneficial ownership limitations noted above may not be waived by noteholder. The conversion price shall equal (subject to customary adjustments for stock splits, stock dividends or rights offerings, recapitalization, reclassifications, extraordinary distributions and similar events) 75% multiplied by the market price, which is defined to mean the lowest one-day volume weighted average price of our Common Stock during the ten (10) trading day period ending on the latest complete trading day prior to the conversion date . The note contains a number of default or penalty provisions, including, but not limited to, the following: (a) at any time after October 5, 2020, if in the case that the Company’s Common Stock is not deliverable by DWAC for any reason, an additional 10% discount will apply for all future conversions under all notes. If in the case that the Company’s Common Stock is “chilled” for deposit into the DTC system and only eligible for clearing deposit, an additional 15% discount shall apply for all future conversions under the Note while the “chill” is in effect; (ii) if both the events noted in (i) above were to occur, an additional cumulative 25% discount shall apply; (iii) if the Company ceases to be a reporting company pursuant to the 1934 Act or if the Note cannot be converted into free trading shares after one hundred eighty-one (181) days from the issuance date, an additional 15% discount will be attributed to the conversion price; if the Company ceases to be a reporting company under the 1934 Act, (iv) if, at any time the Borrower does not maintain the Share Reserve (defined below); (v) the Company fails to pay the principal or interest under the Note when due under the terms thereof (including the five (5) calendar day cure period); (vi) a cross-default by the Company of another of its outstanding notes; or (vii) the completion of a reverse stock split while this Note is outstanding (and without consent). Subject to certain exempt issuances by the Company, during the period where any portion of the Note remains outstanding to Jefferson Street, if the Company engages in any future financing transactions with a third party investor, the Company will provide Jefferson Street with written notice thereof promptly but in no event less than 10 days prior to closing any financing transactions, and if applicable, the Company shall adjust the terms of the note to such more favorable terms of a subsequent financing, if any. In connection with the note, the Company issued irrevocable transfer agent instructions reserving 21,000,000 shares of the Company’s Common Stock (“Share Reserve”) for the amount then outstanding. On October 22, 2020, the Company issued to Jefferson Street 1,250,000 shares of its restricted common stock as debt commitment shares valued at $ 40,000 ($ 0.032 per share). Upon full conversion or repayment of this note, all shares remaining in the share reserve where cancelled and placed back into the treasury of the Company and available for issuance at a future date. As of December 31, 2021, all scheduled payments have been made under this note and this was fully repaid, and any shares remaining in the Share Reserve were restored to the treasury account of the Company. TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 8 – NOTES PAYABLE AND CONVERTIBLE NOTES (CONTINUED) Notes Payable (Continued) (b) On November 18, 2020, we consummated an inventory financing transaction and entered into (i) a Promissory Note in the aggregate principal amount of $ 110,000 with SE Holdings, LLC, a Nevada limited liability company (“SE”), and (ii) a Securities Purchase Agreement (“SPA”). The note has a maturity date of September 11, 2021 , and carried $ 10,000 original issue discount, and guaranteed interest of 12 %. Any amount of principal or interest on the note which is not paid when due shall bear interest at the rate of twenty four percent per annum from the due date thereof until the same is paid or converted in accordance with the terms of the note . Principal payments shall be made in five (5) installments, each in the amount of US$ 22,500 commencing one the fifth monthly anniversary following the issue date and continuing thereafter each thirty (30) days for five (5) months (assuming no defaults or partial or complete conversions of our Common Stock as a form of repayment). This note may not be converted by SE into shares of our Common Stock unless we default in our monthly repayment obligation pursuant to the cash repayment schedule noted above. In the event of a default of the note, SE shall have the right to convert all or any part of the outstanding and unpaid amount of the note into fully paid and non-assessable shares of Common Stock at the lowest market price for the preceding five trading days; provided, however, that in no event shall SE be entitled to convert any portion of the note in excess of that portion of the note upon the conversion of which would result In beneficial ownership by SE and its affiliates of more than 4.99% of the outstanding shares of Common Stock (as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934 , as amended, and Regulations 13D-G thereunder. The note contains a number of additional covenants and other provisions, including default or penalty clauses, cross-default, right to proceeds from other financings, reservation of share requirements and other such provisions, each as set forth in more detail in the note and SPA. At December 31, 2021 the Company has made all scheduled payments under this note and this note was fully repaid and retired. (c) On March 5, 2021, the Company entered into a Securities Purchase Agreement and a non-convertible redeemable note with GS Partners Capital, LLC. The $ 273,000 aggregate principal note has a maturity date of December 5, 2021 and carries $ 5,000 original issue discount with an interest rate of 6 %. This note may be prepaid without penalty, provided that an event of default has not occurred. Upon an event of default, interest shall accrue at a default interest rate of 24% per annum or, if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law . This note contains a number of additional covenants and other provisions, including default or penalty clauses, cross-default and other such provisions, each as set forth in more detail in this Note and SPA. At December 31, 2021, this note had accrued interest of $ 13,508 with the full principal balance due. (d) On April 30, 2021, the Company entered into a Securities Purchase Agreement and a non-convertible redeemable note with GS Capital Partners, LLC. The $ 313,000 aggregate principal note has a maturity date of June 1, 2022 and carries $ 23,000 Original Issue Discount with an interest rate of 8 %. This note may be prepaid without penalty, provided that an event of default has not occurred. Upon an event of default, interest shall accrue at a default interest rate of 24% per annum or, if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law . This note contains a number of additional covenants and other provisions, including default or penalty clauses, cross-default and other such provisions, each as set forth in more detail in the note and SPA. At December 31, 2021, this note had accrued interest of $ 16,808 with the full principal balance due. (e) On August 6, 2021, the Company entered into a Security Purchase Agreement and Promissory Note with SE Holdings, LLC, a Nevada limited liability company, in the amount of $ 115,500 . This note bears a 12 % interest rate with a maturity date of June 6, 2022 . A lump-sum interest payment for ten (10) months shall be immediately due on the issue date and shall be added to the principal balance and payable on the maturity date or upon acceleration or by prepayment or otherwise, notwithstanding the number of days which the principal is outstanding. This note shall contain an original issue discount of $ 10,500 resulting in a purchase price of $ 105,000 . Principal payments shall be made in five (5) installments each in the amount of $ 25,872 commencing one the fifth monthly anniversary following the issue date and continuing thereafter each thirty (30) days for five (5) months. The holder shall have the right from time to time, and at any time following an event of default, and ending on the date of payment of the default amount shall equal 100% multiplied by the lowest closing price for the common stock during the five-trading day period ending on the latest complete trading day prior to the conversion date. The Borrower is required at all times to have authorized and reserved four (4) times the number of shares that is actually issuable upon full conversion of the Note (based on the Conversion Price of the Notes in effect from time to time). The Company has set up an initial reserve of 9,625,000 shares . The Company will also issue 1,000,000 commitment shares as additional consideration for the purchase of this note. These shares will be valued at $ 51,000 ($ 0.051 per share) based on the closing price of the Company’s stock on the day this note was entered into. The note contains a number of additional covenants and other provisions, including default or penalty clauses, cross-default, right to proceeds from other financings, reservation of share requirements and other such provisions, each as set forth in more detail in the note and SPA. As of December 31, 2021, this note had accrued interest of $ 5,582 with the full principal due; however, as of the filing date of this periodic report, the Company has made its first installment payment due under this note. TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 8 – NOTES PAYABLE AND CONVERTIBLE NOTES (CONTINUED) Notes Payable (Continued) (f) On September 20, 2021, the Company entered into (i) an Inventory Financing Promissory Note in the aggregate principal amount of $ 135,000 September 20, 2022 10,000 3,000 10 Any amount of principal or interest on the note which is not paid when due shall bear interest at the rate of eighteen percent (18%) per annum from the due date thereof until the same is paid or converted in accordance with the terms of the note The repayment of this note shall be in seven equal cash monthly installments beginning on February 19, 2022 and ending on August 19, 2022, for an aggregate amount of $ 148,500 In the event of a default of the note, noteholder shall have the right to convert all or any part of the outstanding and unpaid amounts into fully paid and non-assessable shares of Common Stock; provided, however, that in no event shall the holder be entitled to convert any portion of the note in excess of that portion of the note upon the conversion of which would result in beneficial ownership by noteholder and its affiliates of more than 4.99% of the outstanding shares of Common Stock (as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulations 13D-G thereunder. The beneficial ownership limitations noted above may not be waived by noteholder. The conversion price shall equal (subject to customary adjustments for stock splits, stock dividends or rights offerings, recapitalization, reclassifications, extraordinary distributions and similar events) 75% multiplied by the market price, which is defined to mean the lowest one-day volume weighted average price of our Common Stock during the ten (10) trading day period ending on the latest complete trading day prior to the conversion date. at any time after September 20, 2021, if in the case that the Company’s Common Stock is not deliverable by DWAC for any reason, an additional 10% discount will apply for all future conversions under all notes. If in the case that the Company’s Common Stock is “chilled” for deposit into the DTC system and only eligible for clearing deposit, an additional 15% discount shall apply for all future conversions under the Note while the “chill” is in effect; (ii) if both the events noted in (i) above were to occur, an additional cumulative 25% discount shall apply; (iii) if the Company ceases to be a reporting company pursuant to the 1934 Act or if the Note cannot be converted into free trading shares after one hundred eighty-one (181) days from the issuance date, an additional 15% discount will be attributed to the conversion price; if the Company ceases to be a reporting company under the 1934 Act 21,000,000 1,250,000 56,000 0.0448 135,000 3,772 TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 8 – NOTES PAYABLE AND CONVERTIBLE NOTES (CONTINUED) Convertible Notes (g) On August 25, 2021, the Company entered into a Securities Purchase Agreement and a convertible redeemable note with GS Capital Partners, LLC. The $ 105,000 aggregate principal note has a maturity date of August 25, 2022 and carries $ 5,000 Original Issue Discount with an interest rate of 8 %. During the first six months this Note is in effect, the Company may redeem this Note by paying to the Holder an amount as follows: (i) if the redemption is within the first 90 days this Note is in effect, then for an amount equal to 120% of the unpaid principal amount of this Note along with any interest that has accrued during that period, (ii) if the redemption is after the 91st day this Note is in effect, but less than the 180th day this Note is in effect, then for an amount equal to 133% of the unpaid principal amount of this Note along with any accrued interest. This Note may not be redeemed after 180 days. Upon an event of default, interest shall accrue at a default interest rate of 24% per annum or, if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law . This note contains a number of additional covenants and other provisions, including default or penalty clauses, cross-default and other such provisions, each as set forth in more detail in the note and SPA. The Holder of this Note is entitled, at its option, at any time after cash payment, to convert all or any amount of the principal face amount of this Note then outstanding into shares of the Company’s common stock at a price (“Conversion Price”) for each share of Common Stock equal to 65% of the lowest daily VWAP of the Common Stock as reported on the National Quotations Bureau OTC Markets exchange which the Company’s shares are traded or any exchange upon which the Common Stock may be traded in the future (“Exchange”), for the twenty prior trading days including the day upon which a Notice of Conversion is received by the Company or its transfer agent. The Company recognized a beneficial conversion feature on this note in the amount of $ 35,000 which was recorded as debt discount and will be amortized over the life of the note using the effective interest method. At December 31, 2021, this note had accrued interest of $ 2,946 with the full principal balance outstanding. (h) On April 5, 2021, the Company effectuated a $ 525,000 25,000 October 5, 2021 8 0.075 378,000 The Company may redeem the note by paying to Tangiers an amount as follows: (i) if within the first 90 days of the issuance date, then for an amount equal to 110% of the unpaid principal amount so paid of this Note along with any interest that has accrued during that period, and (ii) if after the 91st day, but by the 180th day of the issuance date, then for an amount equal to 120%. After 180 days from the effective date, the Company may not pay this note in cash, in whole or in part without prior written consent by Holder Commencing 5 days after the occurrence of any Event of Default that results in the eventual acceleration of this Note, this Note shall accrue additional interest, at a rate equal to the lesser of 18% per annum or the maximum rate permitted under applicable law 1,000,000 129,000 .129 42,000, and remains outstanding TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 8 – NOTES PAYABLE AND CONVERTIBLE NOTES (CONTINUED) Convertible Notes (i) On October 11, 2021, the Company entered into a SPA and a one-year inventory financing promissory note with MBS GLOEQ CORP. in the amount of $ 85,000 . The note has a maturity date of October 11, 2022 and an interest rate of 10 % per annum. Any amount of principal or interest on this note which is not paid when due shall bear an interest at the rate of eighteen percent (18%) per annum from the due date thereof until the same is paid or converted . The holder shall have the right upon any Event of Default, to convert all or any part of the outstanding and unpaid amount of this note into fully paid and non-assessable shares of common stock, as such common stock exists on the issue date. The variable conversion price shall mean seventy-five percent (75%) multiplied by the lowest one-day VWAP (representing a discount rate of twenty-five percent (25%)) during the ten (10) Trading Day period ending on the latest complete trading day prior to the conversion date. The borrower covenants that during the period the conversion right exists, the borrower will reserve from its authorized and unissued Common Stock a sufficient number of shares, free from preemptive rights, to provide for the issuance of common stock upon the full conversion of this note. The Company has established an initial reserve of 13,500,000 shares of our common stock . The Company shall make six payments in the amount of $ 15,583 , commencing on March 11, 2022 and ending on August 11, 2022 . This note contains a number of additional covenants and other provisions, including default or penalty clauses, cross-default, right to proceeds from other financings, reservation of share requirements and other such provisions, each as set forth in more detail in the note and SPA. As of December 31, 2021, this note had accrued interest of $ 1,886 with the full outstanding balance. The Company did not issue any shares to noteholders to convert outstanding notes during the nine months ended December 31, 2021. During the year ended March 31, 2021, the Company issued 93,197,109 1,588,926 111,749 0.01825 Interest expense for the three and nine months ended December 31, 2021 was $ 93,258 and $ 921,922 , respectively, compared to $ 289,503 and $ 901,913 during the prior year. Accrued interest at December 31, 2021 and March 31, 2021 was $ 86,502 and $ 14,722 , respectively. |
STOCKHOLDERS_ EQUITY (DEFICIT)
STOCKHOLDERS’ EQUITY (DEFICIT) | 9 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY (DEFICIT) | NOTE 9 – STOCKHOLDERS’ EQUITY (DEFICIT) COMMON STOCK As of December 31, 2021, the Company was authorized to issue up to 400,000,000 shares of its common stock. As of December 31, 2021 and February 14, 2022 there were 290,421,214 and 299,908,214 shares, respectively, of common stock issued and outstanding. On September 19, 2021, the Company’s Board of Directors (“BOD”) approved an amendment to the Company’s Articles of Incorporation to increase the Company’s authorized common stock from 400,000,000 to 750,000,000 shares, which was subject to shareholder approval under applicable laws of the Florida Business Corporations Act and the relevant proxy rules under the Securities Exchange Act of 1934, as amended. To obtain this shareholder approval, the Company filed with the Securities and Exchange Commission a Preliminary Proxy Statement on Schedule 14A on September 30, 2021, followed by its Definitive Proxy Statement on October 12, 2021, calling for a special meeting of the stockholders, which was held on November 22, 2021. As previously disclosed on a Current Report on Form 8-K to report the results of such special meeting, a quorum was present. The matters voted on and results of the special meeting were as follows: Proposal 1. The shareholders approved an amendment to our Articles of Incorporation to: (i) allow for consideration of the change of the name of our Company to Sublingual Technologies Inc.; (ii) to allow, including under the Florida Business Corporations Act Section 607.1002, action by our Board of Directors to affect a change in the name of our Company without further shareholder approval; and (iii) to increase the total number of authorized shares of common stock, par value $ .00001 400,000,000 750,000,000 TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) Fiscal Year 2021 During the year ended March 31, 2021, the Company issued 13,910,000 shares pursuant to put notices issued to Tangiers under the equity line of credit facility that it had previously established with Tangiers Global LLC, with the Company receiving proceeds in the amount of $ 369,482 ($ 0.02614 to $ 0.03344 per share). On January 6, 2021, however, the Company determined to terminate its equity line of credit agreement, and there has been no reportable activity related thereto since. During the year ended March 31, 2021, the Company issued 93,197,109 1,588,926 111,749 0.01825 During the year ended March 31, 2021, the Company issued 7,687,500 0.0306 0.050 During the year ended March 31, 2021, the Company issued 5,740,000 253,869 0.028 0.092 During the year ended March 31, 2021, the Company recognized $ 208,806 During the year ended March 31, 2021, the Company issued 40,084,998 1,587,214 0.024 0.09 During the year ended March 31, 2021, the Company issued 2,500,000 0.092 On July 10, 2020, the Company’s Chief Executive Officer purchased 700,000 35,000 0.05 Pursuant to the April 3, 2020, collaboration agreement the Company entered into with Aegea Biotechnologies Inc. (“Aegea”) the Company issued to Aegea 5,000,000 155,000 0.031 Fiscal Year 2022 During the nine months ended December 31, 2021, the Company issued 4,000,000 242,000 0.04 0.08 During the nine months ended December 31, 2021, the Company issued 12,712,500 0.039 0.129 During the nine months ended December 31, 2021, the Company issued 4,837,000 339,500 0.04 0.129 During the nine months ended December 31, 2021, the Company received $ 383,100 In connection with some of the consulting agreements and board advisory agreements the Company has entered into, as the following clauses are part of the compensation arrangements: (a) the consultant will be reimbursed for all reasonable out of pocket expenses and (b) the Company, in its sole discretion, may make additional cash payments and/or issue additional shares of common stock to the consultant based upon the consultant’s performance. The Company recognized $ 707,928 348,470 TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 9 – STOCKHOLDERS’ EQUITY (DEFICIT) (CONTINUED) STOCK OPTIONS On February 1, 2012, the Company awarded to each of two executives’, one current and one former, options to purchase 66,667 133,334 The following table summarizes option activity for the nine months ended December 31, 2021 and the year ended March 31, 2021: SCHEDULE OF STOCK OPTIONS ACTIVITY Weighted Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term Value Outstanding at March 31, 2020 133,334 $ 7.50 1.85 $ — Granted — — Expired — — Exercised — — Outstanding at March 31, 2021 133,334 $ 7.50 0.85 $ — Granted — — Expired — — Exercised — — Outstanding and exercisable December 31, 2021 133,334 $ 7.50 0.15 $ — |
PROVISION FOR INCOME TAXES
PROVISION FOR INCOME TAXES | 9 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
PROVISION FOR INCOME TAXES | NOTE 10 – PROVISION FOR INCOME TAXES Deferred income taxes are determined using the liability method for the temporary differences between the financial reporting basis and income tax basis of the Company’s assets and liabilities. Deferred income taxes are measured based on the tax rates expected to be in effect when the temporary differences are included in the Company’s tax return. Deferred tax assets and liabilities are recognized based on anticipated future tax consequences attributable to differences between financial statement carrying amounts of assets and liabilities and their respective tax bases. The following table summarizes the significant differences between the U.S. Federal statutory tax rate and the Company’s effective tax rate for financial statement purposes for year and three months ended December 31, 2021 and March 31, 2021: SCHEDULE OF EFFECTIVE INCOME TAX RATE December 31, 2021 March 31,2021 Federal income taxes at statutory rate 21.00 % 21.00 % State income taxes at statutory rate 0.00 % 0.00 % Temporary differences (0.799 )% 11.83 % Permanent differences 0.00 % 0.03 % Impact of Tax Reform Act 0.00 % 0.00 % Change in valuation allowance (20.201 )% (32.86 )% Totals 0.00 % 0.00 % Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carry-forwards are expected to be available to reduce taxable income. As the achievement of required future taxable income is uncertain, the Company recorded a valuation allowance. TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 10 – PROVISION FOR INCOME TAXES (CONTINUED) SCHEDULE OF DEFERRED TAX ASSETS As of As of December 31, 2021 March 31, 2021 Deferred tax assets: Net operating losses before non-deductible items $ 5,409,510 $ 4,599,765 Stock-based compensation 767,237 543,375 Unrealized gains (losses) on investments (26,660 ) 164,666 Total deferred tax assets 6,150,087 5,307,806 Less: Valuation allowance (6,150,087 ) (5,307,806 ) Net deferred tax assets $ - $ - At December 31, 2021, the Company had a U.S. net operating loss carry-forward in the approximate amount of $ 26 2038 842,281 690,392 |
INVESTMENTS
INVESTMENTS | 9 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENTS | NOTE 11 – INVESTMENTS TRADING SECURITIES For investments in securities of other companies that are owned, the Company records them at fair value with unrealized gains and losses reflected in other operating income or loss. For investments in these securities that are sold by us, the Company recognizes the gains and losses attributable to these securities investments as realized gains or losses in other operating income or loss on a first in first out basis. Investment in Trading Securities: At March 31, 2021 SCHEDULE OF INVESTMENT IN TRADING SECURITIES Company Beginning of Period Cost Purchases Sales Proceeds End of Period Cost Fair Value Realized Gain(Loss) Unrealized Gain(Loss) VistaGenTherapeutics Inc (VTGN) (a) $ 287,500 $ 277,500 $ 302,827 $ 408,750 $ 1,246,050 $ $ 837,300 SciSparc Ltd.(SPRCY) (b) $ - $ 88,375 $ - $ 88,375 $ 88,375 $ - $ - Totals $ 287,500 $ 365,875 $ 302,827 $ 497,125 $ 1,334,425 $ - $ 837,300 TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 11 – INVESTMENTS (CONTINUED) TRADING SECURITIES (CONTINUED) Investment in Trading Securities: At December 31, 2021 Company Beginning of Period Cost Purchases Sales Proceeds End of Period Cost Fair Value Realized Gain (Loss) Unrealized Gain (Loss) VistaGen Therapeutics Inc (VTGN) (a) 408,750 480,000 1,941,707 363,000 273,000 1,415,957 (927,300 ) SciSparc Ltd. (SPRCY) (b) 88,375 - 18,140 60,597 53,397 (9,638 ) (7,200 ) Neptune Wellness Solutions (NEPT) (c) - 102,201 89,200 - - (13,002 ) - BLNK CALLS - 01/21/22 $75 (d) - 31,421 - 31,421 180 - (31,241 ) Beyond Meat (BYND) (e) - 60,530 72,749 - - 12,219 - BYND CALLS 11/19/21 $150 (f) - 67,182 - - - (67,182 ) - Jupiter Wellness (JUPW) (g) - 75,701 64,362 - - (11,339 ) - Canoo, Inc. (GOEVW) (h) - 237,752 51,945 169,442 165,486 (16,365 ) (3,956 ) MIND MEDICINE MINDMED INC. (MNMD) (i) - 123,067 110,179 - - (12,887 ) - Odyssey Semiconductor Technologies Inc.(ODII) (j) - 40,228 11,740 20,761 9,310 (7,727 ) (11,451 ) TLRY - CALL 12/17/21 $25 (k) - 71,663 - - - (71,663 ) - Axsome Therapeutics, Inc. (l) - 173,441 59,413 130,086 226,680 16,058 96,594 Biosig Technologies Inc. (m) - 116,350 24,250 91,195 64,670 (905 ) (26,525 ) Totals $ 497,125 $ 1,579,536 $ 2,443,684 $ 866,502 $ 792,723 $ 1,233,525 $ (911,078 ) *This amount represents the cumulative unrealized loss as of December 31, 2021. (a) During the year ended March 31, 2021, the Company had exercised 230,000 0.50 250,000 0.50 0.15 125,000 302,827 146,577 320,000 1.50 0.63 180,000 1.50 270,000 140,000 1.50 210,000 765,000 1,941,707 1,415,957 927,300 (b) On March 1, 2021, the Company invested $ 88,375 12,500 8,150,000 1,152,628 7.07 7.07 10.60 278,744 0.001 3,929 18,140 9,638 7,200 TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 11 – INVESTMENTS (CONTINUED) TRADING SECURITIES (CONTINUED) Investment in Trading Securities (Continued): (c) During the nine months ended December 31, 2021, the Company purchased 75,000 102,201 1.36 75,000 89,200 13,002 1.19 (d) During the nine months ended December 31, 2021, the Company purchased 180 75 January 21, 2022 31,421 174.56 31,241 (e) During the nine months ended December 31, 2021, the Company purchased 500 60,530 121.06 500 72,749 12,219 121.06 (f) During the nine months ended December 31, 2021, the Company purchased 36 150 November 19, 2021 67,182 1,866.18 67,182 (g) During the nine months ended December 31, 2021, the Company purchased 15,000 75,701 5.05 15,000 64,362 11,339 4.29 (h) During the nine months ended December 31, 2021, the Company purchased 103,333 237,790 2.30 23,000 51,945 2.26 3,956 16,365 (i) During the nine months ended December 31, 2021, the Company purchased 33,000 123,222 3.73 33,000 12,887 (j) During the nine months ended December 31, 2021, the Company purchased 9,500 40,250 4.23 4,600 11,740 7,727 11,451 (k) During the nine months ended December 31, 2021, the Company purchased 220 25 December 17, 2021 71,663 325.74 71,663 (l) During the nine months ended December 31, 2021, the Company purchased 8,000 147,431 18.43 2,000 59,413 16,058 96,594 (m) During the nine months ended December 31, 2021, the Company purchased 36,500 116,409 3.189 7,500 24,250 3.24 26,525 905 At December 31, 2021, the Company held warrants for AYTU to purchase 5,555 10.80 March 6, 2023 1 for 20 reverse stock-split 1 for 10 shares 106.65 TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 11 – INVESTMENTS (CONTINUED) At December 31, 2021, the Company also held Series A Warrants and the Series B Warrants of SciSparc Ltd. (SPRCY). With each of the 12,500 7.07 10.60 COST BASED INVESTMENTS Paz Gum LLC Effective February 5, 2021, the Company purchased five percent of the membership units in Paz Gum LLC, a Nevada limited liability company under the terms of a Membership Unit Purchase Agreement for an aggregate purchase price of $ 50,000 Aegea Biotechnologies Inc. On April 3, 2020, Tauriga Sciences, Inc. entered into a collaboration agreement (“Collaboration Agreement”) with Aegea Biotechnologies Inc. (“Aegea”), for the purpose of developing a Rapid, Multiplexed Novel Coronavirus (COVID-19) Point of Care Test with Superior Sensitivity and Selectivity (the “SARS-Col 2 Test”). On January 6, 2021, however, the Company determined to terminate its equity line of credit agreement, which was the primary source of funding for this collaboration agreement. This effectively eliminated our obligation to any additional funding to Aegea under the Collaboration Agreement. As of March 31, 2021, the Company had invested $ 278,212 69,553 1.02 139,106 On February 26, 2021, as part of a settlement agreement concluding the Collaboration Agreement, the Company acquired an additional 69,552 139,104 2.01 Serendipity On October 31, 2018, the Company invested $ 35,000 0.24 14 35 TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 12 – FAIR VALUE MEASUREMENTS The following summarizes the Company’s financial assets and liabilities that are measured at fair value on a recurring basis at December 31, 2021 and March 31, 2021: SUMMARY OF FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS December 31, 2021 Level 1 Level 2 Level 3 Total Assets Investment-trading securities $ 792,723 $ - $ - $ 792,723 Cost method investment – Serendipity Brands - - 35,000 $ 35,000 Cost method investment - Aegea Biotechnologies, Inc. - - 139,106 $ 139,106 Cost method investment - Paz Gum LLC - - 50,000 $ 50,000 March 31, 2021 Level 1 Level 2 Level 3 Total Assets Investment-trading securities $ 1,334,425 $ - $ - $ 1,334,425 Cost method investment – Serendipity Brands - - 35,000 $ 35,000 Cost method investment - Aegea Biotechnologies, Inc. - - 139,106 $ 139,106 Cost method investment - Paz Gum LLC - - 50,000 $ 50,000 |
CONCENTRATIONS
CONCENTRATIONS | 9 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATIONS | NOTE 13 – CONCENTRATIONS During the three months ended December 31, 2021, we had one supplier for our product CBD/CBG Tauri-Gum TM TM 35.6 % of net sales. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 14 – SUBSEQUENT EVENTS On September 19, 2021, the Company’s Board of Directors (“BOD”) approved an amendment to the Company’s Articles of Incorporation to increase the Company’s authorized common stock from 400,000,000 750,000,000 On January 3, 2022, we filed Trademark applications in the United States and the European Union for marks for each of TAURI-PET and TAURI-SUN. A notice of Allowance was granted by the European Union Intellectual Property Office for the use of TAURI-SUN on January 25, 2022, registration Serial No. 018567792. We await a further Notice of Allowance or comment upon TAURI-PET and TAURI-SUN from each of the United States Patent and Trademark Office and the European Union Intellectual Property Office (other than the granted EU registration for TAURI-SUN noted above). We have evaluated subsequent events from December 31, 2021 through the date of the filing of this periodic report, and other than as provided above, no additional events require disclosure under Note 14 . |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | CONDENSED CONSOLIDATED FINANCIAL STATEMENTS These condensed consolidated financial statements include the accounts and activities of Tauriga Sciences, Inc., its wholly-owned Canadian subsidiary, its wholly-owned subsidiary Tauriga Pharma Corp. (f/k/a Tauriga Biz Dev Corp – or “Tauriga BDC” and referenced herein as Tauriga BDC for contextual purposes only in describing the Blink contractual arrangement), NFTauriga Corp. and Tauriga Sciences Limited. All intercompany transactions have been eliminated in consolidation. As of December 31, 2021, there is no activity in any of the Company’s subsidiaries other than Tauriga Pharma Corp. |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company has adopted provisions of ASC 280-10 Segment Reporting TM TM Results for the three and nine months ended December 31, SCHEDULE OF SEGMENT INFORMATION 2021 2020 2021 2020 Three months ended December 31, Nine months ended December 31, 2021 2020 2021 2020 Revenue, net: Tauri-gum $ 102,580 $ 74,949 $ 243,293 $ 215,113 Pharma - - - - Adjustments, eliminations and unallocated items - - - - Total revenue, net $ 102,580 $ 74,949 $ 243,293 $ 215,113 Cost of Sales - Tauri-gum (46,499 ) (34,348 ) (124,999 ) (133,391 ) Pharma - - - - Adjustments, eliminations and unallocated items - - - - Total cost of sales $ (46,499 ) $ (34,348 ) $ (124,999 ) $ (133,391 ) General and Administrative expense Tauri-gum $ 107,114 $ - $ 684,084 $ 106,600 Pharma 6,992 10,000 19,832 10,000 Adjustments, eliminations and unallocated items 1,112,390 426,097 2,183,198 1,212,186 Total General and Administrative expense $ 1,226,496 $ 436,097 $ 2,887,114 $ 1,328,786 - - Research and development Tauri-gum $ 8,046 $ 7,173 $ 36,082 $ 34,478 Pharma 735 - 80,762 - Adjustments, eliminations and unallocated items - - - - Total Research and Development $ 8,781 $ 7,173 $ 116,844 $ 34,478 - Marketing and fulfillment expense Tauri-gum $ 158,701 $ 131,099 $ 625,954 $ 245,001 Pharma - - - - Adjustments, eliminations and unallocated items - - - - Total Marketing and fulfillment expense $ 158,701 $ 131,099 $ 625,954 $ 245,001 Depreciation expense Tauri-gum $ 1,326 $ 218 $ 3,897 $ 653 Pharma - - - - Adjustments, eliminations and unallocated items - - - - Total depreciation expense $ 1,326 $ 218 $ 3,897 $ 653 Operating Loss Tauri-gum $ (223,179 ) $ (109,919 ) $ (1,231,723 ) $ (305,010 ) Pharma (7,727 ) (10,000 ) (100,594 ) (10,000 ) Adjustments, eliminations and unallocated items (1,112,390 ) (414,067 ) (2,183,198 ) (1,212,186 ) Total operating loss $ (1,339,223 ) $ (533,986 ) $ (3,515,515 ) $ (1,527,196 ) December 31, 2021 March 31, 2021 Total Assets Tauri-gum $ 491,380 $ 736,044 Pharma 152,726 200,440 Unallocated 972,555 1,552,219 Total Assets $ 1,616,661 $ 2,488,703 Total Liabilities Tauri-gum $ 184,415 $ 186,568 Pharma 18,735 188,210 Unallocated 2,159,245 842,678 Total liabilities $ 2,362,395 $ 1,217,456 TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
REVENUE RECOGNITION | REVENUE RECOGNITION In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). This standard provides a single set of guidelines for revenue recognition to be used across all industries and requires additional disclosures. The updated guidance introduces a five-step model to achieve its core principle of the entity recognizing revenue to depict the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted the updated guidance effective October 1, 2017, using the full retrospective method. The new standard did not have a material impact on its financial position and results of operations, as it did not change the manner or timing of recognizing revenue. Under ASC 606, in order to recognize revenue, the Company is required to identify an approved contract with commitments to preform respective obligations, identify rights of each party in the transaction regarding goods to be transferred, identify the payment terms for the goods transferred, verify that the contract has commercial substance and verify that collection of substantially all consideration is probable. The adoption of ASC 606 did not have an impact on the Company’s operations or cash flows. On March 29, 2018 the Company, through Tauriga BDC, entered into an independent sales representative agreement with Blink to be a non-exclusive independent sales representative. Under the agreement with Blink, the Company may solicit orders from potential customers for EV charging station placement. On June 29, 2018, the Company purchased four Blink Level 2 - 40” pedestal chargers for permanent placement in a retail location or locations whereby the Company will pay a variable annual fee based on 7% of total revenue per charging unit. The remainder of the proceeds will be split 80/20 between the Company and the host location owner or its assignee. The host location owner will pay for the cost of providing power to these unit as well as installation costs. As of December 31, 2021, we have not installed any of these machines in any locations, and no revenue has been generated through the Blink contract. The Company has decided to abandon this business line, and therefore, we have reclassified these assets as held for sale. The Company recognizes revenue upon the satisfaction of the performance obligation. The Company considers the performance obligation met upon shipment of the product or delivery of the product. For ecommerce orders, the Company’s products are shipped by a fulfillment company and payment is made in advance of shipment either through credit card or PayPal. The Company also delivers the product to its customers that they market to in the metropolitan New York Tri-State area that are not covered under any existing distribution agreements. The Company generally collects payment within 30 to 60 days of completion of its performance obligation, and the Company has no agency relationships. The Company recognized net revenue from operations in the amount of $ 243,293 285,319 TM 6,900 |
ALLOWANCE FOR DOUBTFUL ACCOUNTS | ALLOWANCE FOR DOUBTFUL ACCOUNTS The Company maintains an allowance for doubtful accounts, which includes sales returns, sales allowances and bad debts. The allowance adjusts the carrying value of trade receivables for the estimate of accounts that will ultimately not be collected. An allowance for doubtful accounts is generally established as trade receivables age beyond their due dates, whether as bad debts or as sales returns and allowances. As past due balances age, higher valuation allowances are established, thereby lowering the net carrying value of receivables. The amount of valuation allowance established for each past-due period reflects the Company’s historical collections experience, including that related to sales returns and allowances, as well as current economic conditions and trends. The Company also qualitatively establishes valuation allowances for specific problem accounts and bankruptcies, and other accounts that the Company deems relevant for specifically identified allowances. The amounts ultimately collected on past-due trade receivables are subject to numerous factors including general economic conditions, the financial condition of individual customers and the terms of reorganization for accounts exiting bankruptcy. Changes in these conditions impact the Company’s collection experience and may result in the recognition of higher or lower valuation allowances. At December 31, 2021, the Company has established an allowance for doubtful accounts in the amount of $ 99,401 TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
SALES REFUNDS | SALES REFUNDS The Company’s refund policy allows customers to return product for any reason except where the customer does not like the taste of the product. The customer has 30 days from the date of purchase to initiate the process. Returns are limited to one return or exchange per customer. Only purchases up to $ 100 TM |
USE OF ESTIMATES | USE OF ESTIMATES The preparation of these condensed consolidated 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 reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
CASH EQUIVALENTS | CASH EQUIVALENTS For purposes of reporting cash flows, cash equivalents include investment instruments purchased with an original maturity of three months or less. At December 31, 2021, the Company’s cash on deposit with financial institutions did not exceed the total FDIC insurance limit of $ 250,000 6,799 49,826 250,000 no |
INVESTMENT IN TRADING SECURITIES | INVESTMENT IN TRADING SECURITIES Investment in trading securities consist of investments in shares of common stock of companies traded on public markets as well as publicly traded warrants of these companies should there be a market for them. These securities are carried on the Company’s balance sheet at fair value based on the closing price of the shares owned on the last trading day before the balance sheet date of this report. Fluctuations in the underlying bid price of the stocks result in unrealized gains or losses. The Company recognizes these fluctuations in value as other income or loss. For investments sold, the Company recognizes the gains and losses attributable to these investments as realized gains or losses in other income or loss. |
INVESTMENT – COST METHOD | INVESTMENT – COST METHOD Investment in other companies that are not currently trading, are valued based on the cost method as the Company holds less than 20 24,406 |
INVENTORY | INVENTORY Inventory consists of finished goods in salable condition stated at the lower of cost or market determined by the first-in, first-out method. The inventory consists of packaged and labeled salable inventory. Shipping of product to finished good inventory fulfilment center is also included in the total inventory cost. Shipping of product upon sale for e-commerce sales is paid by the customer upon ordering for orders of single packs of Tauri-Gum TM 351,657 compared to $ 201,372 at March 31, 2021. As of December 31, 2021, the Company wrote down all CBD infused chewing gum to a value of zero. During the nine months ended December 31, 2021, the Company recorded a one-time charge of $ 123,826 as a write down of 10mg CBD infused chewing gum inventory. The Company does not intend or expect to sell this inventory and will use as marketing samples and other promotions. TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
SHIPPING AND HANDLING COSTS | SHIPPING AND HANDLING COSTS The Company’s fulfillment handling costs are provided by independent contractors through fixed fee arrangements which may also include incentives. These fees also contain a large degree of consultative, administrative and warehousing services as part of the fixed fee. Management believes that due to these factors it is more representative to include these amounts as general and administrative costs instead of cost of goods sold. For the three and nine months ended December 31, 2021 the Company incurred fulfillment costs in the amount of $ 23,988 84,505 25,200 64,200 Shipping cost for the Company consists of product movement to and from trade shows, between office locations, mailing of samples and product shipments. The cost of shipping is typically not charged to the customer when they order more than one product from on the website. Customer shipping of large customers wholesale orders are done on a reimbursement basis therefore any shipping revenue and shipping expense are largely recorded as offsetting gross revenues and cost of goods sold. The Company had net shipping expense: SCHEDULE OF SHIPPING EXPENSES Three Months Ended December 31, Nine months ended December 31, 2021 2020 2021 2020 Shipping revenue $ 2,558 $ 2,622 $ 5,296 $ 4,453 Shipping expense (10,003 ) (5,732 ) (21,786 ) (17,762 ) Net shipping expense $ (7,445 ) $ (4,429 ) $ (16,490 ) $ (13,309 ) Property and equipment are stated at cost and is depreciated using the straight-line method over the estimated useful lives of the respective assets. Routine maintenance, repairs and replacement costs are expensed as incurred and improvements that extend the useful life of the assets are capitalized. When property and equipment is sold or otherwise disposed of, the cost and related accumulated depreciation are eliminated from the accounts and any resulting gain or loss is recognized in operations. |
NET LOSS PER COMMON SHARE | NET LOSS PER COMMON SHARE The Company computes per share amounts in accordance with FASB ASC Topic 260 “ Earnings per Share |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION The Company accounts for Stock-Based Compensation under ASC 718 “ Compensation-Stock Compensation The Company accounts for stock-based compensation awards to non-employees in accordance with ASC 505-50, “E quity-Based Payments to Non-Employees TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) The Company issues stock to consultants for various services. The costs for these transactions are measured at the fair value on the grant date of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The Company recognized consulting expense and a corresponding increase to additional paid-in-capital related to stock issued for services over the term of the related services. |
IMPAIRMENT OF LONG-LIVED ASSETS | IMPAIRMENT OF LONG-LIVED ASSETS Long-lived assets, primarily fixed assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. The Company will perform a periodic assessment of assets for impairment in the absence of such information or indicators. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or a significant adverse change that would indicate that the carrying amount of an asset or group of assets is not recoverable. For long-lived assets to be held and used, the Company would recognize an impairment loss only if its carrying amount is not recoverable through its undiscounted cash flows and measures the impairment loss based on the difference between the carrying amount and estimated fair value. |
RESEARCH AND DEVELOPMENT | RESEARCH AND DEVELOPMENT The Company expenses research and development costs as incurred. Research and development costs were $ 8,781 116,844 7,173 34,478 |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS ASC 820 “ Fair Value Measurements The following provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which fair value is observable: Level 1- fair value measurements are those derived from quoted prices (unadjusted in active markets for identical assets or liabilities); Level 2- fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and Level 3- fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). Financial instruments classified as Level 1 – quoted prices in active markets include cash. These condensed consolidated financial instruments are measured using management’s best estimate of fair value, where the inputs into the determination of fair value require significant management judgment to estimation. Valuations based on unobservable inputs are highly subjective and require significant judgments. Changes in such judgments could have a material impact on fair value estimates. In addition, since estimates are as of a specific point in time, they are susceptible to material near-term changes. Changes in economic conditions may also dramatically affect the estimated fair values. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management for the respective periods. The respective carrying value of certain financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include cash, investments, short-term notes payable, accounts payable and accrued expenses. TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
RECLASSIFICATIONS | RECLASSIFICATIONS Certain prior year amounts have been reclassified to conform to the current period presentation. The reclassifications had no effect on the net loss or cash flows of the Company. |
SHARE SETTLED DEBT | SHARE SETTLED DEBT The general measurement guidance in ASC 480 requires obligations that can be settled in shares with a fixed monetary value at settlement to be carried at fair value unless other accounting guidance specifies another measurement attribute. The Company has determined that ASC 835-30 is the appropriate accounting guidance for the share-settled debt, which is what was done by setting up the debt discount which is to be amortized to interest expense over the term of the instrument. Amortization of discounts are to be amortized using the effective interest method over the term of the note. ASC 480-10-25-14 requires liability accounting for (1) any financial instrument that embodies and unconditional obligation to transfer a variable number of shares or (2) a financial instrument other than an outstanding share that embodies a conditional obligation to transfer a variable number of shares, provided that the monetary value of the obligation is based solely or predominantly on any of the following: 1. A fixed monetary amount known at inception (e.g. stock settled debt); 2. Variations in something other than the fair value of the issuer’s equity shares (e.g. a preferred share that will be settled in a variable number of common shares with tits monetary value tied to a commodity price); and 3. Variations in the fair value of the issuer’s equity shares, but the monetary value to the counterparty moves inversely to the value of the issuer’s shares (e.g. net share settled written put options, net share settled forward purchase contracts). Notwithstanding the fact that the above instruments can be settled in shares, FASB concluded that equity classification is not appropriate because instruments with those characteristics do not expose the counterparty to risks and rewards similar to those of an owner and therefore do not create a shareholder relationship. The issuer is instead using its shares as the currency to settle its obligation. |
INCOME TAXES | INCOME TAXES Income taxes are accounted for under the liability method of accounting for income taxes. Under the liability method, future tax liabilities and assets are recognized for the estimated future tax consequences attributable to differences between the amounts reported in the financial statement carrying amounts of assets and liabilities and their respective tax bases. Future tax assets and liabilities are measured using enacted or substantially enacted income tax rates expected to apply when the asset is realized, or the liability settled. The effect of a change in income tax rates on future income tax liabilities and assets is recognized in income in the period that the change occurs. Future income tax assets are recognized to the extent that they are considered more likely than not to be realized. ASC 740 “ Income Taxes As a result of the implementation of this standard, the Company performed a review of its material tax positions in accordance with recognition and measurement standards established by ASC 740 and concluded that the tax position of the Company does not meet the more-likely-than-not threshold as of December 31, 2021. TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40), Accounting for Convertible Instruments and Contract’s in an Entity’s Own Equity. The ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU simplifies the diluted net income per share calculation in certain areas. The ASU is effective for annual and interim periods beginning after December 31, 2021, and early adoption is permitted for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company is currently evaluating the impact that this new guidance will have on its condensed consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, “Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting” In February 2016, FASB issued ASU 2016-02, “ Leases (Topic 842) In January 2016, the FASB issued ASU 2016-01, “Financial Instruments–Overall (Subtopic 825-10) Recognition and Measurement of Financial There are several other new accounting pronouncements issued or proposed by the FASB. Each of these pronouncements, as applicable, has been or will be adopted by the Company. Management does not believe any of these accounting pronouncements has had or will have a material impact on the Company’s condensed consolidated financial position or operating results. |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS In accordance with ASC 855 “ Subsequent Events |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
SCHEDULE OF SEGMENT INFORMATION | Results for the three and nine months ended December 31, SCHEDULE OF SEGMENT INFORMATION 2021 2020 2021 2020 Three months ended December 31, Nine months ended December 31, 2021 2020 2021 2020 Revenue, net: Tauri-gum $ 102,580 $ 74,949 $ 243,293 $ 215,113 Pharma - - - - Adjustments, eliminations and unallocated items - - - - Total revenue, net $ 102,580 $ 74,949 $ 243,293 $ 215,113 Cost of Sales - Tauri-gum (46,499 ) (34,348 ) (124,999 ) (133,391 ) Pharma - - - - Adjustments, eliminations and unallocated items - - - - Total cost of sales $ (46,499 ) $ (34,348 ) $ (124,999 ) $ (133,391 ) General and Administrative expense Tauri-gum $ 107,114 $ - $ 684,084 $ 106,600 Pharma 6,992 10,000 19,832 10,000 Adjustments, eliminations and unallocated items 1,112,390 426,097 2,183,198 1,212,186 Total General and Administrative expense $ 1,226,496 $ 436,097 $ 2,887,114 $ 1,328,786 - - Research and development Tauri-gum $ 8,046 $ 7,173 $ 36,082 $ 34,478 Pharma 735 - 80,762 - Adjustments, eliminations and unallocated items - - - - Total Research and Development $ 8,781 $ 7,173 $ 116,844 $ 34,478 - Marketing and fulfillment expense Tauri-gum $ 158,701 $ 131,099 $ 625,954 $ 245,001 Pharma - - - - Adjustments, eliminations and unallocated items - - - - Total Marketing and fulfillment expense $ 158,701 $ 131,099 $ 625,954 $ 245,001 Depreciation expense Tauri-gum $ 1,326 $ 218 $ 3,897 $ 653 Pharma - - - - Adjustments, eliminations and unallocated items - - - - Total depreciation expense $ 1,326 $ 218 $ 3,897 $ 653 Operating Loss Tauri-gum $ (223,179 ) $ (109,919 ) $ (1,231,723 ) $ (305,010 ) Pharma (7,727 ) (10,000 ) (100,594 ) (10,000 ) Adjustments, eliminations and unallocated items (1,112,390 ) (414,067 ) (2,183,198 ) (1,212,186 ) Total operating loss $ (1,339,223 ) $ (533,986 ) $ (3,515,515 ) $ (1,527,196 ) December 31, 2021 March 31, 2021 Total Assets Tauri-gum $ 491,380 $ 736,044 Pharma 152,726 200,440 Unallocated 972,555 1,552,219 Total Assets $ 1,616,661 $ 2,488,703 Total Liabilities Tauri-gum $ 184,415 $ 186,568 Pharma 18,735 188,210 Unallocated 2,159,245 842,678 Total liabilities $ 2,362,395 $ 1,217,456 |
SCHEDULE OF SHIPPING EXPENSES | The Company had net shipping expense: SCHEDULE OF SHIPPING EXPENSES Three Months Ended December 31, Nine months ended December 31, 2021 2020 2021 2020 Shipping revenue $ 2,558 $ 2,622 $ 5,296 $ 4,453 Shipping expense (10,003 ) (5,732 ) (21,786 ) (17,762 ) Net shipping expense $ (7,445 ) $ (4,429 ) $ (16,490 ) $ (13,309 ) |
REVENUE (Tables)
REVENUE (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
SCHEDULE OF DISAGGREGATION | The following table disaggregates the Company’s net revenue by sales channel for the three and nine months ended December 31: SCHEDULE OF DISAGGREGATION 2021 2020 2021 2020 For the three months ended December 31, For the nine months ended December 31, 2021 2020 2021 2020 Revenue: Distributor $ - $ - $ - $ - E-Commerce 98,356 72,939 196,818 169,428 Wholesale 4,224 2,010 46,475 45,685 Net revenue $ 102,580 $ 74,949 $ 243,293 $ 215,113 |
INVENTORY (Tables)
INVENTORY (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORY | The following chart is the inventory value by product as of: SCHEDULE OF INVENTORY December 31, 2021 March 31, 2020 CBD/CBG Tauri-Gum TM $ 287,017 $ 173,207 Tauri-Gummies TM 17,216 13,973 Other (1) 47,424 14,192 Total Inventory $ 351,657 $ 201,372 (1) Other inventory consists of holiday pouches sold as a bundled of Tauri-Gum TM |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT | The Company’s property and equipment is as follows: SCHEDULE OF PROPERTY AND EQUIPMENT December 31, 2021 March 31, 2021 Estimated Life December 31, 2021 March 31, 2021 Estimated Life Computers, office furniture and other equipment $ 15,651 $ 13,705 3 5 Less: accumulated depreciation (4,602 ) (1,642 ) Net $ 11,049 $ 12,063 |
LEASEHOLD IMPROVEMENTS (Tables)
LEASEHOLD IMPROVEMENTS (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Leasehold Improvements | |
SCHEDULE OF LEASEHOLD IMPROVEMENTS | SCHEDULE OF LEASEHOLD IMPROVEMENTS December 31, 2021 March 31, 2021 Expected Usage Wappingers Falls office signage and sales display $ 5,000 $ 5,000 48 Less: amortization (1,250 ) (313 ) Net $ 3,750 4,687 |
OPERATING LEASE (Tables)
OPERATING LEASE (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
SCHEDULE OF OPERATING LEASE COST | The following chart shows the Company’s operating lease cost for the three and nine months ended December 31, 2021 and 2020: SCHEDULE OF OPERATING LEASE COST 2021 2020 2021 2020 For the three months ended December 31, For the nine months ended December 31, 2021 2020 2021 2020 Amortization of right of lease asset $ 3,870 $ 1,151 $ 11,374 $ 8,062 Lease interest cost 1,155 109 3,701 936 Total Lease cost $ 5,025 $ 1,261 $ 15,075 $ 8,998 |
SCHEDULE OF MATURITY OF OPERATING LEASE LIABILITY | Maturity of Operating Lease Liability for fiscal year ended March 31, SCHEDULE OF MATURITY OF OPERATING LEASE LIABILITY 2022 $ 3,726 2023 16,201 2024 18,990 2025 14,909 Total lease payments $ 53,827 |
SCHEDULE OF RIGHT OF USE ASSET AND OPERATING LEASE LIABILITY | SCHEDULE OF RIGHT OF USE ASSET AND OPERATING LEASE LIABILITY December 31, 2021 March 31, 2021 Right of Use (ROU) asset $ 52,927 $ 64,301 December 31, 2021 March 31, 2021 Operating lease liability: Current $ 15,409 $ 14,426 Non-Current 38,418 50,100 Total $ 53,827 $ 64,526 |
NOTES PAYABLE AND CONVERTIBLE_2
NOTES PAYABLE AND CONVERTIBLE NOTES (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF NOTES PAYABLE AND CONVERTIBLE NOTES | SCHEDULE OF NOTES PAYABLE AND CONVERTIBLE NOTES December 31, 2021 March 31, 2021 Jefferson Street Capital LLC (Oct-20) (a) $ - $ 135,000 SE Holdings, LLC (Nov-20) (b) - 110,000 GS Capital Holdings, LLC (Mar-21) (c) 273,000 273,000 GS Capital Holdings, LLC (Apr-21) (d) 313,000 - SE Holdings, LLC (Aug-21) (e) 115,500 - Jefferson Street Capital LLC (Sep-21) (f) 135,000 - GS Capital Holdings, LLC (Aug-21) (g) 105,000 - Tangiers Global, LLC (Apr-21) (h) 525,000 - MBS GLOEQ CORP (Oct-21) (i) 85,000 - Total notes payable and convertible notes $ 1,551,500 $ 518,000 Less note discounts (92,272 ) (13,181 ) Less current portion of these notes (1,459,228 ) (504,819 ) Total notes payable and convertible, net discounts $ - $ - |
STOCKHOLDERS_ EQUITY (DEFICIT)
STOCKHOLDERS’ EQUITY (DEFICIT) (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
SCHEDULE OF STOCK OPTIONS ACTIVITY | The following table summarizes option activity for the nine months ended December 31, 2021 and the year ended March 31, 2021: SCHEDULE OF STOCK OPTIONS ACTIVITY Weighted Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Term Value Outstanding at March 31, 2020 133,334 $ 7.50 1.85 $ — Granted — — Expired — — Exercised — — Outstanding at March 31, 2021 133,334 $ 7.50 0.85 $ — Granted — — Expired — — Exercised — — Outstanding and exercisable December 31, 2021 133,334 $ 7.50 0.15 $ — |
PROVISION FOR INCOME TAXES (Tab
PROVISION FOR INCOME TAXES (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF EFFECTIVE INCOME TAX RATE | The following table summarizes the significant differences between the U.S. Federal statutory tax rate and the Company’s effective tax rate for financial statement purposes for year and three months ended December 31, 2021 and March 31, 2021: SCHEDULE OF EFFECTIVE INCOME TAX RATE December 31, 2021 March 31,2021 Federal income taxes at statutory rate 21.00 % 21.00 % State income taxes at statutory rate 0.00 % 0.00 % Temporary differences (0.799 )% 11.83 % Permanent differences 0.00 % 0.03 % Impact of Tax Reform Act 0.00 % 0.00 % Change in valuation allowance (20.201 )% (32.86 )% Totals 0.00 % 0.00 % |
SCHEDULE OF DEFERRED TAX ASSETS | SCHEDULE OF DEFERRED TAX ASSETS As of As of December 31, 2021 March 31, 2021 Deferred tax assets: Net operating losses before non-deductible items $ 5,409,510 $ 4,599,765 Stock-based compensation 767,237 543,375 Unrealized gains (losses) on investments (26,660 ) 164,666 Total deferred tax assets 6,150,087 5,307,806 Less: Valuation allowance (6,150,087 ) (5,307,806 ) Net deferred tax assets $ - $ - |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
SCHEDULE OF INVESTMENT IN TRADING SECURITIES | Investment in Trading Securities: At March 31, 2021 SCHEDULE OF INVESTMENT IN TRADING SECURITIES Company Beginning of Period Cost Purchases Sales Proceeds End of Period Cost Fair Value Realized Gain(Loss) Unrealized Gain(Loss) VistaGenTherapeutics Inc (VTGN) (a) $ 287,500 $ 277,500 $ 302,827 $ 408,750 $ 1,246,050 $ $ 837,300 SciSparc Ltd.(SPRCY) (b) $ - $ 88,375 $ - $ 88,375 $ 88,375 $ - $ - Totals $ 287,500 $ 365,875 $ 302,827 $ 497,125 $ 1,334,425 $ - $ 837,300 TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 11 – INVESTMENTS (CONTINUED) TRADING SECURITIES (CONTINUED) Investment in Trading Securities: At December 31, 2021 Company Beginning of Period Cost Purchases Sales Proceeds End of Period Cost Fair Value Realized Gain (Loss) Unrealized Gain (Loss) VistaGen Therapeutics Inc (VTGN) (a) 408,750 480,000 1,941,707 363,000 273,000 1,415,957 (927,300 ) SciSparc Ltd. (SPRCY) (b) 88,375 - 18,140 60,597 53,397 (9,638 ) (7,200 ) Neptune Wellness Solutions (NEPT) (c) - 102,201 89,200 - - (13,002 ) - BLNK CALLS - 01/21/22 $75 (d) - 31,421 - 31,421 180 - (31,241 ) Beyond Meat (BYND) (e) - 60,530 72,749 - - 12,219 - BYND CALLS 11/19/21 $150 (f) - 67,182 - - - (67,182 ) - Jupiter Wellness (JUPW) (g) - 75,701 64,362 - - (11,339 ) - Canoo, Inc. (GOEVW) (h) - 237,752 51,945 169,442 165,486 (16,365 ) (3,956 ) MIND MEDICINE MINDMED INC. (MNMD) (i) - 123,067 110,179 - - (12,887 ) - Odyssey Semiconductor Technologies Inc.(ODII) (j) - 40,228 11,740 20,761 9,310 (7,727 ) (11,451 ) TLRY - CALL 12/17/21 $25 (k) - 71,663 - - - (71,663 ) - Axsome Therapeutics, Inc. (l) - 173,441 59,413 130,086 226,680 16,058 96,594 Biosig Technologies Inc. (m) - 116,350 24,250 91,195 64,670 (905 ) (26,525 ) Totals $ 497,125 $ 1,579,536 $ 2,443,684 $ 866,502 $ 792,723 $ 1,233,525 $ (911,078 ) *This amount represents the cumulative unrealized loss as of December 31, 2021. (a) During the year ended March 31, 2021, the Company had exercised 230,000 0.50 250,000 0.50 0.15 125,000 302,827 146,577 320,000 1.50 0.63 180,000 1.50 270,000 140,000 1.50 210,000 765,000 1,941,707 1,415,957 927,300 (b) On March 1, 2021, the Company invested $ 88,375 12,500 8,150,000 1,152,628 7.07 7.07 10.60 278,744 0.001 3,929 18,140 9,638 7,200 TAURIGA SCIENCES, INC. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31, 2021 AND 2020 (US$) (UNAUDITED) NOTE 11 – INVESTMENTS (CONTINUED) TRADING SECURITIES (CONTINUED) Investment in Trading Securities (Continued): (c) During the nine months ended December 31, 2021, the Company purchased 75,000 102,201 1.36 75,000 89,200 13,002 1.19 (d) During the nine months ended December 31, 2021, the Company purchased 180 75 January 21, 2022 31,421 174.56 31,241 (e) During the nine months ended December 31, 2021, the Company purchased 500 60,530 121.06 500 72,749 12,219 121.06 (f) During the nine months ended December 31, 2021, the Company purchased 36 150 November 19, 2021 67,182 1,866.18 67,182 (g) During the nine months ended December 31, 2021, the Company purchased 15,000 75,701 5.05 15,000 64,362 11,339 4.29 (h) During the nine months ended December 31, 2021, the Company purchased 103,333 237,790 2.30 23,000 51,945 2.26 3,956 16,365 (i) During the nine months ended December 31, 2021, the Company purchased 33,000 123,222 3.73 33,000 12,887 (j) During the nine months ended December 31, 2021, the Company purchased 9,500 40,250 4.23 4,600 11,740 7,727 11,451 (k) During the nine months ended December 31, 2021, the Company purchased 220 25 December 17, 2021 71,663 325.74 71,663 (l) During the nine months ended December 31, 2021, the Company purchased 8,000 147,431 18.43 2,000 59,413 16,058 96,594 (m) During the nine months ended December 31, 2021, the Company purchased 36,500 116,409 3.189 7,500 24,250 3.24 26,525 905 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
SUMMARY OF FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS | The following summarizes the Company’s financial assets and liabilities that are measured at fair value on a recurring basis at December 31, 2021 and March 31, 2021: SUMMARY OF FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS December 31, 2021 Level 1 Level 2 Level 3 Total Assets Investment-trading securities $ 792,723 $ - $ - $ 792,723 Cost method investment – Serendipity Brands - - 35,000 $ 35,000 Cost method investment - Aegea Biotechnologies, Inc. - - 139,106 $ 139,106 Cost method investment - Paz Gum LLC - - 50,000 $ 50,000 March 31, 2021 Level 1 Level 2 Level 3 Total Assets Investment-trading securities $ 1,334,425 $ - $ - $ 1,334,425 Cost method investment – Serendipity Brands - - 35,000 $ 35,000 Cost method investment - Aegea Biotechnologies, Inc. - - 139,106 $ 139,106 Cost method investment - Paz Gum LLC - - 50,000 $ 50,000 |
BASIS OF OPERATIONS AND GOING_2
BASIS OF OPERATIONS AND GOING CONCERN (Details Narrative) - USD ($) | Jun. 14, 2021 | Feb. 01, 2021 | Dec. 23, 2020 | Dec. 16, 2020 | Sep. 24, 2020 | Jul. 15, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | Apr. 14, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Stock issued during period, value, restricted stock award, gross | $ 35,000 | |||||||||||
Common stock, shares authorized | 400,000,000 | 400,000,000 | 400,000,000 | |||||||||
Common stock, par value | $ 0.00001 | $ 0.00001 | $ 0.00001 | |||||||||
Revenue from product sales | $ 102,580 | 74,949 | $ 243,293 | 215,113 | $ 285,319 | |||||||
Acquisitions and divestitures | 30,000,000,000 | |||||||||||
Gross Profit | 56,081 | $ 40,601 | 118,294 | $ 81,722 | 122,692 | |||||||
[custom:WorkingCapitalDefict-0] | 711,126 | 711,126 | $ 1,229,211 | |||||||||
Marketable securities | $ 1,035,511 | 1,035,511 | ||||||||||
Product [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Revenue from product sales | $ 1,122 | |||||||||||
Mayer and Associates [Member] | Restricted Common Stock [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Stock issued during period, shares, restricted stock | 2,200,000 | |||||||||||
Stock issued during period remaining shares, restricted stock | 1,300,000 | |||||||||||
NFTauriga Corp [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Common stock, shares authorized | 100 | |||||||||||
Common stock, par value | $ 0.00001 | |||||||||||
Master Services Agreement [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Consulting fees | $ 67,500 | |||||||||||
Additional consulting fees | $ 85,000 | |||||||||||
Think BIG, LLC License Agreement [Member] | Think BIG, LLC [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Terms of license agreement | The licensing arrangement permits for cross licensing, brand building, e-commerce customer acquisition efforts, retail customer acquisition efforts, enhanced social media presence, public relations & visibility strategies, as well as potential outreach to celebrities, and various other types of in-kind services in order to increase both Company revenue and customer acquisition efforts. The License will also allow for future joint development projects that will leverage the iconic “Frank White” brand and likeness/intellectual property (to which Think Big has the intellectual property rights). The Companies further agreed to a 50/50 gross profit split on sales of specially branded product, payable on or before the 15th day of each calendar month for the immediately preceding calendar month. In addition, the Company originally agreed to pay Think BIG, via a quarterly marketing fee for a period of twelve months in the amount $15,000 per quarter (for an aggregate total of $60,000), the first payment of which was paid by the Company within 10 days of the entry into the License. Subsequently, the parties agreed that the remaining payments would no longer be paid to Think BIG in exchange for the Company funding specially branded inventory printing and product as well as other marketing initiatives | |||||||||||
Stock Up Express Agreement [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Agreement description | Effective February 1, 2021, the Company entered into a distribution agreement with Connecticut based Stock Up Express, a division of Bozzuto’s Inc., a distributor that generates more than $3 Billion in annual sales. The agreement shall remain in effect for a period of two (2) years, with automatic renewal for additional successive one (1) year terms. Under terms of this distribution agreement, Stock Up Express will market and resell the Company’s flagship brand, Tauri-Gum™, to its customer base of wholesale and retail customers in the mainland United States. The two companies will jointly market Tauri-Gum™ to Stock Up Express’ customer base. The Agreement allows for modification of product offerings, and the Company expects to offer additional product items over the course of calendar year 2021. Either party may terminate this Agreement for convenience by giving a sixty (60) day written notice to the other party or either party has the right to terminate this agreement if the other party breaches or is in default of any obligation hereunder, including the failure to make any payment when due, which default is incapable of cure or which, being capable of cure, has not been cured within thirty (30) days after receipt of written notice from the non-defaulting party or within such additional cure period as the non-defaulting party may authorize in writing. As of December 31, 2021, the Company has recognized no sales under this agreement. | |||||||||||
Strategic Marketing and Consulting Agreement [Member] | Mayer and Associates [Member] | Restricted Common Stock [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Stock issued during period, shares, restricted stock | 3,500,000 | |||||||||||
Agreement description | Under this agreement the Company paid $150,000 as well as the issuance of 3,500,000 shares of restricted common shares of Company stock. Half of the cash payment ($75,000) was paid upon execution of this agreement and the other half was paid approximately 90 days thereafter. Upon execution, the Company issued 2,200,000 of the above-mentioned shares. The remaining 1,300,000 above-mentioned shares were issued approximately 90 days after this contract was executed. Mayer and Associates will provide the Company with opportunities relating to the world of professional sports, with respect to its products and product lines. This includes, but is not limited to, introductions to professional sports leagues, celebrity (professional athletes) influencers/brand ambassadors/brand liaison(s), research and development opportunities, hosting of small periodic events for the Company and a diversified group of high-profile contacts and relationships, use social media exposure, podcasts backing of various elements from professional sports as well as assist the Company in advising of potential merger partners and developing corporate partnering relationships. The Company, at the sole discretion of its board, may pay an additional payment of $75,000 as permitted under this agreement based on performance. | |||||||||||
Payment of stock issuance costs | $ 150,000 | |||||||||||
Cash payment | 75,000 | |||||||||||
Additional cash payment | $ 75,000 | |||||||||||
Dr Keith Aqua [Member] | Agreement [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Stock issued during period, shares, restricted stock | 750,000 | 1,500,000 | ||||||||||
Restricted stock monthly installment | 62,500 | |||||||||||
Cash | $ 4,000 | |||||||||||
Stock issued during period, value, restricted stock award, gross | $ 59,250 | |||||||||||
Shares issued, price per share | $ 0.0395 | $ 0.0395 | ||||||||||
Each Brand Ambassadors [Member] | Professional Services Agreement [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Agreement description | As consideration for each Brand Ambassador’s Services set forth under their respective PSAs, the Company agreed to issue each Brand Ambassador | |||||||||||
Each Brand Ambassadors [Member] | Professional Services Agreement [Member] | ||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||||
Stock issued during period, shares, restricted stock | 1,500,000 | |||||||||||
Stock issued during period, value, restricted stock award, gross | $ 183,600 |
SCHEDULE OF SEGMENT INFORMATION
SCHEDULE OF SEGMENT INFORMATION (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | |
Total revenue, net | $ 102,580 | $ 74,949 | $ 243,293 | $ 215,113 | $ 285,319 |
Total cost of sales | (46,499) | (34,348) | (124,999) | (133,391) | |
Total General and Administrative expense | 1,226,496 | 436,097 | 2,887,114 | 1,328,786 | |
Total Research and Development | 8,781 | 7,173 | 116,844 | 34,478 | |
Total Marketing and fulfillment expense | 158,701 | 131,099 | 625,954 | 245,001 | |
Total depreciation expense | 1,326 | 218 | 3,897 | 653 | |
Total operating loss | (1,339,223) | (533,986) | (3,515,515) | (1,527,196) | |
Total Assets | 1,616,661 | 1,616,661 | 2,488,703 | ||
Total liabilities | 2,362,395 | 2,362,395 | 1,217,456 | ||
Taurigum [Member] | |||||
Total revenue, net | 102,580 | 74,949 | 243,293 | 215,113 | |
Total cost of sales | (46,499) | (34,348) | (124,999) | (133,391) | |
Total General and Administrative expense | 107,114 | 684,084 | 106,600 | ||
Total Research and Development | 8,046 | 7,173 | 36,082 | 34,478 | |
Total Marketing and fulfillment expense | 158,701 | 131,099 | 625,954 | 245,001 | |
Total depreciation expense | 1,326 | 218 | 3,897 | 653 | |
Total operating loss | (223,179) | (109,919) | (1,231,723) | (305,010) | |
Total Assets | 491,380 | 491,380 | 736,044 | ||
Total liabilities | 184,415 | 184,415 | 186,568 | ||
Pharma [Member] | |||||
Total revenue, net | |||||
Total cost of sales | |||||
Total General and Administrative expense | 6,992 | 10,000 | 19,832 | 10,000 | |
Total Research and Development | 735 | 80,762 | |||
Total Marketing and fulfillment expense | |||||
Total depreciation expense | |||||
Total operating loss | (7,727) | (10,000) | (100,594) | (10,000) | |
Total Assets | 152,726 | 152,726 | 200,440 | ||
Total liabilities | 18,735 | 18,735 | 188,210 | ||
Adjustments Eliminations And Unallocated Items [Member] | |||||
Total revenue, net | |||||
Total cost of sales | |||||
Total General and Administrative expense | 1,112,390 | 426,097 | 2,183,198 | 1,212,186 | |
Total Research and Development | |||||
Total Marketing and fulfillment expense | |||||
Total depreciation expense | |||||
Total operating loss | (1,112,390) | $ (414,067) | (2,183,198) | $ (1,212,186) | |
Unallocated [Member] | |||||
Total Assets | 972,555 | 972,555 | 1,552,219 | ||
Total liabilities | $ 2,159,245 | $ 2,159,245 | $ 842,678 |
SCHEDULE OF SHIPPING EXPENSES (
SCHEDULE OF SHIPPING EXPENSES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||||
Shipping revenue | $ 2,558 | $ 2,622 | $ 5,296 | $ 4,453 |
Shipping expense | (10,003) | (5,732) | (21,786) | (17,762) |
Net shipping expense | $ (7,445) | $ (4,429) | $ (16,490) | $ (13,309) |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||||||
Net revenue | $ 102,580 | $ 74,949 | $ 243,293 | $ 215,113 | $ 285,319 | |
Accounts receivable, net allowance for doubtful accounts | 6,900 | 6,900 | ||||
Allowance for doubtful accounts | 99,401 | 99,401 | ||||
Refund to customers | 100 | 100 | ||||
Cash, FDIC insured amount | 250,000 | 250,000 | ||||
Cash balance | 6,799 | 6,799 | 49,826 | |||
Cash equivalents | 0 | 0 | 0 | |||
Loss on the impairment on investments | 24,406 | |||||
Inventory, Net | 351,657 | 351,657 | $ 201,372 | $ 201,372 | ||
Inventory Write-down | 123,826 | |||||
Fulfilment services | 23,988 | 25,200 | 84,505 | 64,200 | ||
Research and development costs | $ 8,781 | $ 7,173 | $ 116,844 | $ 34,478 | ||
Maximum [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Ownership interest percentage | 20.00% | 20.00% |
SCHEDULE OF DISAGGREGATION (Det
SCHEDULE OF DISAGGREGATION (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||||
Net revenue | $ 102,580 | $ 74,949 | $ 243,293 | $ 215,113 | $ 285,319 |
Distributor [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Net revenue | |||||
ECommerce [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Net revenue | 98,356 | 72,939 | 196,818 | 169,428 | |
Wholesale [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Net revenue | $ 4,224 | $ 2,010 | $ 46,475 | $ 45,685 |
REVENUE (Details Narrative)
REVENUE (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Allowance for doubtful account | $ 99,401 | $ 99,401 | ||
Ecommerce Channel [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration risk percentage | 95.90% | 97.30% | 80.90% | 78.80% |
SCHEDULE OF INVENTORY (Details)
SCHEDULE OF INVENTORY (Details) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||||
Total Inventory | $ 351,657 | $ 201,372 | $ 201,372 | |
CBD/CBG Tauri-GumTM [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Total Inventory | 287,017 | 173,207 | ||
Tauri-GummiesTM [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Total Inventory | 17,216 | 13,973 | ||
Other [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Total Inventory | [1] | $ 47,424 | $ 14,192 | |
[1] | Other inventory consists of holiday pouches sold as a bundled of Tauri-Gum TM |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) | 9 Months Ended | |
Dec. 31, 2021 | Mar. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Computers, office furniture and other equipment | $ 15,651 | $ 13,705 |
Less: accumulated depreciation | (4,602) | (1,642) |
Net | $ 11,049 | $ 12,063 |
Minimum [Member] | Computers Office Furniture and Other Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment estimated life | 3 years | |
Maximum [Member] | Computers Office Furniture and Other Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment estimated life | 5 years |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||||
Payment to acquire property plant and equipment | $ 1,945 | $ 4,138 | |||
Depreciation expense | $ 1,013 | $ 218 | 2,959 | $ 653 | |
Office Furniture [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Payment to acquire property plant and equipment | $ 8,722 | ||||
Property and equipment, useful life | 60 months | ||||
Computer Equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Payment to acquire property plant and equipment | $ 1,945 | ||||
Property and equipment, useful life | 36 months |
SCHEDULE OF LEASEHOLD IMPROVEME
SCHEDULE OF LEASEHOLD IMPROVEMENTS (Details) - USD ($) | 9 Months Ended | |
Dec. 31, 2021 | Mar. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Less: amortization | $ (4,602) | $ (1,642) |
Net | 11,049 | 12,063 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Wappingers Falls office signage and sales display | $ 5,000 | 5,000 |
Property and equipment estimated life | 48 months | |
Less: amortization | $ (1,250) | (313) |
Net | $ 3,750 | $ 4,687 |
LEASEHOLD IMPROVEMENTS (Details
LEASEHOLD IMPROVEMENTS (Details Narrative) - Leasehold Improvements [Member] - USD ($) | 9 Months Ended | |
Dec. 31, 2021 | Mar. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Leasehold improvements | $ 5,000 | $ 5,000 |
Property and equipment estimated life | 48 months |
SCHEDULE OF OPERATING LEASE COS
SCHEDULE OF OPERATING LEASE COST (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||||
Amortization of right of lease asset | $ 3,870 | $ 1,151 | $ 11,374 | $ 8,062 |
Lease interest cost | 1,155 | 109 | 3,701 | 936 |
Total Lease cost | $ 5,025 | $ 1,261 | $ 15,075 | $ 8,998 |
SCHEDULE OF MATURITY OF OPERATI
SCHEDULE OF MATURITY OF OPERATING LEASE LIABILITY (Details) | Mar. 31, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 3,726 |
2023 | 16,201 |
2024 | 18,990 |
2025 | 14,909 |
Total lease payments | $ 53,827 |
SCHEDULE OF RIGHT OF USE ASSET
SCHEDULE OF RIGHT OF USE ASSET AND OPERATING LEASE LIABILITY (Details) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Leases [Abstract] | ||
Right of Use (ROU) asset | $ 52,927 | $ 64,301 |
Current | 15,409 | 14,426 |
Non-Current | 38,418 | 50,100 |
Total | $ 53,827 | $ 64,526 |
OPERATING LEASE (Details Narrat
OPERATING LEASE (Details Narrative) - USD ($) | Jan. 06, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | Apr. 02, 2019 |
Right of use asset | $ 52,927 | $ 52,927 | $ 64,301 | ||||
Lease liability | 53,827 | 53,827 | $ 64,526 | ||||
Lease expense | $ 5,025 | $ 1,261 | $ 15,075 | $ 8,998 | |||
Option Term [Member] | |||||||
Lease Income | $ 21,000 | ||||||
Lease income per month | $ 1,750 | ||||||
Lessee, Operating Lease, Option to Extend | The Company has the option to one two-year extension | ||||||
Lease Agreements [Member] | |||||||
Lessee, Operating Lease, Term of Contract | 2 years | ||||||
Lease Expiration Date | Jan. 31, 2023 | ||||||
Lease Income | $ 19,200 | ||||||
Lease income per month | 1,600 | ||||||
Security Deposit | 1,600 | ||||||
Accounting Standards Update 2016-02 [Member] | |||||||
Right of use asset | 67,938 | ||||||
Lease liability | $ 67,938 | ||||||
Debt discount rate | 8.32% |
SCHEDULE OF NOTES PAYABLE AND C
SCHEDULE OF NOTES PAYABLE AND CONVERTIBLE NOTES (Details) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Short-term Debt [Line Items] | ||
Total notes payable and convertible notes | $ 1,551,500 | $ 518,000 |
Less note discounts | (92,272) | (13,181) |
Less current portion of these notes | (1,459,228) | (504,819) |
Total notes payable and convertible, net discounts | ||
Jefferson Street Capital LLC October Two Thousand And Twenty [Member] | ||
Short-term Debt [Line Items] | ||
Total notes payable and convertible notes | 135,000 | |
SE Holdings LLC November Two Thousand and Twenty [Member] | ||
Short-term Debt [Line Items] | ||
Total notes payable and convertible notes | 110,000 | |
GS Capital Holdings LLC March Two Thousand and Twenty One [Member] | ||
Short-term Debt [Line Items] | ||
Total notes payable and convertible notes | 273,000 | 273,000 |
GS Capital Holdings LLC April Two Thousand and Twenty One [Member] | ||
Short-term Debt [Line Items] | ||
Total notes payable and convertible notes | 313,000 | |
SE Holdings LLC August Two Thousand And Twenty One [Member] | ||
Short-term Debt [Line Items] | ||
Total notes payable and convertible notes | 115,500 | |
Jefferson Street Capital LLC September Two Thousand and Twenty One [Member] | ||
Short-term Debt [Line Items] | ||
Total notes payable and convertible notes | 135,000 | |
GS Capital Holdings LLC August Two Thousand and Twenty One [Member] | ||
Short-term Debt [Line Items] | ||
Total notes payable and convertible notes | 105,000 | |
Tangiers Global LLC April Two Thousand and Twenty One [Member] | ||
Short-term Debt [Line Items] | ||
Total notes payable and convertible notes | 525,000 | |
MBS GLOEQ CORP [Member]. | ||
Short-term Debt [Line Items] | ||
Total notes payable and convertible notes | $ 85,000 |
NOTES PAYABLE AND CONVERTIBLE_3
NOTES PAYABLE AND CONVERTIBLE NOTES (Details Narrative) - USD ($) | Oct. 11, 2021 | Sep. 25, 2021 | Sep. 20, 2021 | Aug. 25, 2021 | Aug. 06, 2021 | Apr. 05, 2021 | Apr. 05, 2021 | Mar. 05, 2021 | Nov. 18, 2020 | Oct. 22, 2020 | Oct. 05, 2020 | Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 |
Short-term Debt [Line Items] | |||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 35,000 | ||||||||||||||||
Interest Payable | $ 86,502 | $ 86,502 | $ 14,722 | ||||||||||||||
Unpaid principle amount | 1,551,500 | 1,551,500 | 518,000 | ||||||||||||||
Debt conversion, converted instrument, amount | 82,479 | 68,000 | 339,480 | 92,117 | |||||||||||||
Interest Expense, Debt | 93,258 | $ 289,503 | 921,922 | $ 901,913 | |||||||||||||
Convertible Notes [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Interest Payable | $ 111,749 | ||||||||||||||||
Conversion price per share | $ 0.01825 | ||||||||||||||||
Stock issued during period, shares conversion | 93,197,109 | ||||||||||||||||
Debt conversion, converted instrument, amount | $ 1,588,926 | ||||||||||||||||
Security Purchase Agreement [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Debt Instrument, Payment Terms | Principal payments shall be made in five (5) installments | ||||||||||||||||
Security Purchase Agreement [Member] | Promissory Notes [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | $ 105,000 | ||||||||||||||||
Debt Instrument, Maturity Date | Jun. 6, 2022 | ||||||||||||||||
Debt Instrument, Unamortized Discount | $ 10,500 | ||||||||||||||||
Debt Instrument, Interest Rate During Period | 12.00% | ||||||||||||||||
Debt Instrument, Periodic Payment | $ 25,872 | ||||||||||||||||
Debt Conversion, Description | Borrower is required at all times to have authorized and reserved four (4) times the number of shares that is actually issuable upon full conversion of the Note (based on the Conversion Price of the Notes in effect from time to time). The Company has set up an initial reserve of | ||||||||||||||||
Shares reverse stock | 9,625,000 | ||||||||||||||||
Unpaid principle amount | $ 115,500 | ||||||||||||||||
Commitment shares to be issued | 1,000,000 | ||||||||||||||||
Debt conversion converted instrument commitment value | $ 51,000 | ||||||||||||||||
Conversion price per share | $ 0.051 | ||||||||||||||||
Jefferson Street Capital, LLC [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 1,250,000 | 1,250,000 | |||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 56,000 | $ 40,000 | |||||||||||||||
Debt commitment per shares value | $ 0.0448 | $ 0.032 | |||||||||||||||
Interest Payable | 3,772 | 3,772 | |||||||||||||||
Unpaid principle amount | 135,000 | 135,000 | |||||||||||||||
Jefferson Street Capital, LLC [Member] | Inventory Financing Promissory Note [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | $ 135,000 | $ 135,000 | |||||||||||||||
Debt Instrument, Unamortized Discount | $ 10,000 | $ 10,000 | |||||||||||||||
Moody Capital Solutions, Inc [Member] | Securities Purchase Agreement [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Debt Instrument, Maturity Date | Sep. 20, 2022 | Oct. 5, 2021 | |||||||||||||||
Due diligence fee | $ 3,000 | $ 3,000 | |||||||||||||||
Debt Instrument, Interest Rate During Period | 10.00% | 10.00% | |||||||||||||||
Debt Instrument, Interest Rate, Basis for Effective Rate | Any amount of principal or interest on the note which is not paid when due shall bear interest at the rate of eighteen percent (18%) per annum from the due date thereof until the same is paid or converted in accordance with the terms of the note | Any amount of principal or interest on the note which is not paid when due shall bear interest at the rate of eighteen percent (18%) per annum from the due date thereof until the same is paid or converted in accordance with the terms of the note | |||||||||||||||
Debt Instrument, Frequency of Periodic Payment | The repayment of this note shall be in seven equal cash monthly installments beginning on February 19, 2022 and ending on August 19, 2022, for an aggregate amount of $148,500 | The repayment of this note shall be in seven equal cash monthly installments beginning on April 5, 2021 and ending on October 5, 2021, for an aggregate amount of $ | |||||||||||||||
Debt Instrument, Periodic Payment | $ 148,500 | ||||||||||||||||
Debt Conversion, Description | In the event of a default of the note, noteholder shall have the right to convert all or any part of the outstanding and unpaid amounts into fully paid and non-assessable shares of Common Stock; provided, however, that in no event shall the holder be entitled to convert any portion of the note in excess of that portion of the note upon the conversion of which would result in beneficial ownership by noteholder and its affiliates of more than 4.99% of the outstanding shares of Common Stock (as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulations 13D-G thereunder. The beneficial ownership limitations noted above may not be waived by noteholder. The conversion price shall equal (subject to customary adjustments for stock splits, stock dividends or rights offerings, recapitalization, reclassifications, extraordinary distributions and similar events) 75% multiplied by the market price, which is defined to mean the lowest one-day volume weighted average price of our Common Stock during the ten (10) trading day period ending on the latest complete trading day prior to the conversion date. | In the event of a default of the note, noteholder shall have the right to convert all or any part of the outstanding and unpaid amounts into fully paid and non-assessable shares of Common Stock; provided, however, that in no event shall the holder be entitled to convert any portion of the note in excess of that portion of the note upon the conversion of which would result in beneficial ownership by noteholder and its affiliates of more than 4.99% of the outstanding shares of Common Stock (as determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulations 13D-G thereunder. The beneficial ownership limitations noted above may not be waived by noteholder. The conversion price shall equal (subject to customary adjustments for stock splits, stock dividends or rights offerings, recapitalization, reclassifications, extraordinary distributions and similar events) 75% multiplied by the market price, which is defined to mean the lowest one-day volume weighted average price of our Common Stock during the ten (10) trading day period ending on the latest complete trading day prior to the conversion date | |||||||||||||||
Debt instrument redemption description | at any time after September 20, 2021, if in the case that the Company’s Common Stock is not deliverable by DWAC for any reason, an additional 10% discount will apply for all future conversions under all notes. If in the case that the Company’s Common Stock is “chilled” for deposit into the DTC system and only eligible for clearing deposit, an additional 15% discount shall apply for all future conversions under the Note while the “chill” is in effect; (ii) if both the events noted in (i) above were to occur, an additional cumulative 25% discount shall apply; (iii) if the Company ceases to be a reporting company pursuant to the 1934 Act or if the Note cannot be converted into free trading shares after one hundred eighty-one (181) days from the issuance date, an additional 15% discount will be attributed to the conversion price; if the Company ceases to be a reporting company under the 1934 Act | at any time after October 5, 2020, if in the case that the Company’s Common Stock is not deliverable by DWAC for any reason, an additional 10% discount will apply for all future conversions under all notes. If in the case that the Company’s Common Stock is “chilled” for deposit into the DTC system and only eligible for clearing deposit, an additional 15% discount shall apply for all future conversions under the Note while the “chill” is in effect; (ii) if both the events noted in (i) above were to occur, an additional cumulative 25% discount shall apply; (iii) if the Company ceases to be a reporting company pursuant to the 1934 Act | |||||||||||||||
Shares reverse stock | 21,000,000 | ||||||||||||||||
SE Holdings, LLC [Member] | Promissory Note [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | $ 110,000 | ||||||||||||||||
Debt Instrument, Maturity Date | Sep. 11, 2021 | ||||||||||||||||
Debt Instrument, Unamortized Discount | $ 10,000 | ||||||||||||||||
Debt Instrument, Interest Rate During Period | 12.00% | ||||||||||||||||
Debt Instrument, Interest Rate, Basis for Effective Rate | Any amount of principal or interest on the note which is not paid when due shall bear interest at the rate of twenty four percent per annum from the due date thereof until the same is paid or converted in accordance with the terms of the note | ||||||||||||||||
Debt Instrument, Periodic Payment | $ 22,500 | ||||||||||||||||
Debt Conversion, Description | Principal payments shall be made in five (5) installments, each in the amount of US$ | ||||||||||||||||
GS Partners Capital, LLC [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Interest Payable | 5,582 | 5,582 | |||||||||||||||
GS Partners Capital, LLC [Member] | Non Convertible Redeemable Note [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | $ 273,000 | ||||||||||||||||
Debt Instrument, Maturity Date | Dec. 5, 2021 | ||||||||||||||||
Debt Instrument, Unamortized Discount | $ 5,000 | ||||||||||||||||
Debt Instrument, Interest Rate During Period | 6.00% | ||||||||||||||||
Debt Instrument, Interest Rate, Basis for Effective Rate | This note may be prepaid without penalty, provided that an event of default has not occurred. Upon an event of default, interest shall accrue at a default interest rate of 24% per annum or, if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law | ||||||||||||||||
Interest Payable | 13,508 | 13,508 | |||||||||||||||
GS Partners Capital, LLC [Member] | Non Convertible Redeemable Note Two [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | $ 313,000 | ||||||||||||||||
Debt Instrument, Maturity Date | Aug. 25, 2022 | Jun. 1, 2022 | |||||||||||||||
Debt Instrument, Unamortized Discount | $ 23,000 | ||||||||||||||||
Debt Instrument, Interest Rate During Period | 8.00% | 8.00% | |||||||||||||||
Debt Instrument, Interest Rate, Basis for Effective Rate | This note may be prepaid without penalty, provided that an event of default has not occurred. Upon an event of default, interest shall accrue at a default interest rate of 24% per annum or, if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law | ||||||||||||||||
Interest Payable | 16,808 | 16,808 | |||||||||||||||
GS Partners Capital, LLC [Member] | Convertible Redeemable Note Two [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | $ 105,000 | ||||||||||||||||
Debt Instrument, Unamortized Discount | 5,000 | ||||||||||||||||
Interest Payable | 2,946 | 2,946 | |||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 35,000 | ||||||||||||||||
Tangier's Global, LLC [Member] | Convertible Promissory Note [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | $ 525,000 | $ 525,000 | |||||||||||||||
Debt Instrument, Maturity Date | Oct. 5, 2021 | ||||||||||||||||
Debt Instrument, Unamortized Discount | $ 25,000 | $ 25,000 | |||||||||||||||
Debt Instrument, Interest Rate During Period | 8.00% | ||||||||||||||||
Debt Instrument, Interest Rate, Basis for Effective Rate | Commencing 5 days after the occurrence of any Event of Default that results in the eventual acceleration of this Note, this Note shall accrue additional interest, at a rate equal to the lesser of 18% per annum or the maximum rate permitted under applicable law | ||||||||||||||||
Debt Conversion, Description | the Company may redeem this Note by paying to the Holder an amount as follows: (i) if the redemption is within the first 90 days this Note is in effect, then for an amount equal to 120% of the unpaid principal amount of this Note along with any interest that has accrued during that period, (ii) if the redemption is after the 91st day this Note is in effect, but less than the 180th day this Note is in effect, then for an amount equal to 133% of the unpaid principal amount of this Note along with any accrued interest. This Note may not be redeemed after 180 days. Upon an event of default, interest shall accrue at a default interest rate of 24% per annum or, if such rate is usurious or not permitted by current law, then at the highest rate of interest permitted by law | The Company may redeem the note by paying to Tangiers an amount as follows: (i) if within the first 90 days of the issuance date, then for an amount equal to 110% of the unpaid principal amount so paid of this Note along with any interest that has accrued during that period, and (ii) if after the 91st day, but by the 180th day of the issuance date, then for an amount equal to 120%. After 180 days from the effective date, the Company may not pay this note in cash, in whole or in part without prior written consent by Holder | |||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 1,000,000 | ||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 129,000 | ||||||||||||||||
Debt commitment per shares value | $ 0.129 | $ 0.129 | |||||||||||||||
Interest Payable | $ 42,000 | $ 42,000 | |||||||||||||||
Conversion price per share | $ 0.075 | $ 0.075 | |||||||||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ 378,000 | ||||||||||||||||
MBS GLOEQ CORP [Member]. | Securities Purchase Agreement [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Basis for Effective Rate | Any amount of principal or interest on this note which is not paid when due shall bear an interest at the rate of eighteen percent (18%) per annum from the due date thereof until the same is paid or converted | ||||||||||||||||
Debt Conversion, Description | The holder shall have the right upon any Event of Default, to convert all or any part of the outstanding and unpaid amount of this note into fully paid and non-assessable shares of common stock, as such common stock exists on the issue date. The variable conversion price shall mean seventy-five percent (75%) multiplied by the lowest one-day VWAP (representing a discount rate of twenty-five percent (25%)) during the ten (10) Trading Day period ending on the latest complete trading day prior to the conversion date. | ||||||||||||||||
MBS GLOEQ CORP [Member]. | Convertible Redeemable Note Two [Member] | |||||||||||||||||
Short-term Debt [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | $ 85,000 | ||||||||||||||||
Debt Instrument, Maturity Date | Oct. 11, 2022 | ||||||||||||||||
Debt Instrument, Interest Rate During Period | 10.00% | ||||||||||||||||
Debt Instrument, Frequency of Periodic Payment | commencing on March 11, 2022 and ending on August 11, 2022 | ||||||||||||||||
Debt Instrument, Periodic Payment | $ 15,583 | ||||||||||||||||
Shares reverse stock | 13,500,000 | ||||||||||||||||
Interest Payable | $ 1,886 |
SCHEDULE OF STOCK OPTIONS ACTIV
SCHEDULE OF STOCK OPTIONS ACTIVITY (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Mar. 31, 2021 | |
Equity [Abstract] | ||
Shares, Outstanding, Beginning Balance | 133,334 | 133,334 |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ 7.50 | $ 7.50 |
Weighted Average Remaining Contractual Term Outstanding, Beginning | 10 months 6 days | 1 year 10 months 6 days |
Aggregate Intrinsic Value Outstanding, Beginning | ||
Shares, Expired | ||
Weighted Average Exercise Price, Granted | ||
Shares, Expired | ||
Weighted Average Exercise Price, Expired | ||
Shares, Exercised | ||
Weighted Average Exercise Price, Exercised | ||
Shares, Outstanding and Exercisable, Ending balance | 133,334 | 133,334 |
Weighted Average Exercise Price, Outstanding, Ending Balance | $ 7.50 | $ 7.50 |
Weighted Average Remaining Contractual Term Outstanding and Exercisable, Ending | 1 month 24 days | |
Aggregate Intrinsic Value Outstanding and Exercisable, Ending |
STOCKHOLDERS_ EQUITY (DEFICIT_2
STOCKHOLDERS’ EQUITY (DEFICIT) (Details Narrative) - USD ($) | Jul. 10, 2020 | Apr. 03, 2020 | Feb. 01, 2012 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | Feb. 14, 2022 | Sep. 19, 2021 | Sep. 18, 2021 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Common Stock, Shares Authorized | 400,000,000 | 400,000,000 | 400,000,000 | ||||||||
Common Stock, Par or Stated Value Per Share | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||||||||
Common stock shares issued, value | $ 109,939 | $ 242,000 | $ 455,314 | ||||||||
Shares issued for consideration, value | |||||||||||
Liability to issue stock | 383,100 | $ 383,100 | $ 174,000 | ||||||||
Share-based compensation expense | $ 707,928 | $ 348,470 | |||||||||
Current Executive [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Options to purchase common shares | 66,667 | ||||||||||
Two Executives [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Options to purchase common shares | 133,334 | ||||||||||
Fiscal Year 2021 [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Shares issued price per share | $ 0.01825 | ||||||||||
Number of shares issued from common stock for conversion of debt, shares | 93,197,109 | ||||||||||
Number of shares issued from common stock for conversion of debt | $ 1,588,926 | ||||||||||
Accrued interest | $ 111,749 | ||||||||||
Number of common stock shares issued for service | 7,687,500 | ||||||||||
Number of common stock issued for debt commitment, shares | 5,740,000 | ||||||||||
Number of common stock issued for debt commitment, value | $ 253,869 | ||||||||||
Beneficial conversion feature | $ 208,806 | ||||||||||
Fiscal Year 2021 [Member] | Two Directors [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Number of common stock shares issued | 2,500,000 | ||||||||||
Shares issued price per share | $ 0.092 | ||||||||||
Fiscal Year 2021 [Member] | Chief Executive Officer [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Shares issued price per share | $ 0.05 | ||||||||||
Shares purchased during period | 700,000 | ||||||||||
Shares purchased during period, value | $ 35,000 | ||||||||||
Fiscal Year 2021 [Member] | Stock Purchase Agreements [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Shares issued for consideration | 40,084,998 | ||||||||||
Shares issued for consideration, value | $ 1,587,214 | ||||||||||
Fiscal Year 2021 [Member] | Minimum [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Shares issued price per share | $ 0.0306 | ||||||||||
Equity issuance per share | 0.028 | ||||||||||
Fiscal Year 2021 [Member] | Minimum [Member] | Stock Purchase Agreements [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Shares issued price per share | 0.024 | ||||||||||
Fiscal Year 2021 [Member] | Maximum [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Shares issued price per share | 0.050 | ||||||||||
Equity issuance per share | 0.092 | ||||||||||
Fiscal Year 2021 [Member] | Maximum [Member] | Stock Purchase Agreements [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Shares issued price per share | $ 0.09 | ||||||||||
Fiscal Year 2021 [Member] | Tangier's Global, LLC [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Number of common stock shares issued | 13,910,000 | ||||||||||
Common stock shares issued, value | $ 369,482 | ||||||||||
Fiscal Year 2021 [Member] | Tangier's Global, LLC [Member] | Minimum [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Shares issued price per share | $ 0.02614 | ||||||||||
Fiscal Year 2021 [Member] | Tangier's Global, LLC [Member] | Maximum [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Shares issued price per share | $ 0.03344 | ||||||||||
Fiscal Year 2022 [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Number of common stock shares issued for service | 12,712,500 | ||||||||||
Number of common stock issued for debt commitment, shares | 4,837,000 | ||||||||||
Number of common stock issued for debt commitment, value | $ 339,500 | ||||||||||
Fiscal Year 2022 [Member] | Stock Purchase Agreements [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Shares issued for consideration | 4,000,000 | ||||||||||
Shares issued for consideration, value | $ 242,000 | ||||||||||
Fiscal Year 2022 [Member] | Minimum [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Shares issued price per share | $ 0.039 | $ 0.039 | |||||||||
Equity issuance per share | 0.04 | ||||||||||
Fiscal Year 2022 [Member] | Minimum [Member] | Stock Purchase Agreements [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Shares issued price per share | 0.04 | 0.04 | |||||||||
Fiscal Year 2022 [Member] | Maximum [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Shares issued price per share | 0.129 | 0.129 | |||||||||
Equity issuance per share | 0.129 | ||||||||||
Fiscal Year 2022 [Member] | Maximum [Member] | Stock Purchase Agreements [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Shares issued price per share | $ 0.08 | $ 0.08 | |||||||||
Common Stock [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Common Stock, Shares Authorized | 750,000,000 | 400,000,000 | |||||||||
Number of common stock shares issued | 1,824,998 | 4,000,000 | 15,674,998 | ||||||||
Common stock shares issued, value | $ 19 | $ 40 | $ 158 | ||||||||
Number of common stock shares issued for service | 5,200,000 | 5,062,500 | 12,712,500 | 11,062,500 | |||||||
Shares issued for consideration | 2,500,000 | 2,500,000 | |||||||||
Shares issued for consideration, value | $ 25 | $ 25 | |||||||||
Unregistered Common Stock [Member] | Aegea Biotechnologies Inc [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Number of common stock shares issued | 5,000,000 | ||||||||||
Common stock shares issued, value | $ 155,000 | ||||||||||
Shares issued price per share | $ 0.031 | ||||||||||
Subsequent Event [Member] | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
[custom:CommonStocksSharesIssued-0] | 290,421,214 | ||||||||||
[custom:CommonStocksSharesOutstanding-0] | 299,908,214 |
SCHEDULE OF EFFECTIVE INCOME TA
SCHEDULE OF EFFECTIVE INCOME TAX RATE (Details) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Federal income taxes at statutory rate | 21.00% | 21.00% |
State income taxes at statutory rate | 0.00% | 0.00% |
Temporary differences | (0.799%) | 11.83% |
Permanent differences | 0.00% | 0.03% |
Impact of Tax Reform Act | 0.00% | 0.00% |
Change in valuation allowance | (20.201%) | (32.86%) |
Totals | 0.00% | 0.00% |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Net operating losses before non-deductible items | $ 5,409,510 | $ 4,599,765 |
Stock-based compensation | 767,237 | 543,375 |
Unrealized gains (losses) on investments | (26,660) | 164,666 |
Total deferred tax assets | 6,150,087 | 5,307,806 |
Less: Valuation allowance | (6,150,087) | (5,307,806) |
Net deferred tax assets |
PROVISION FOR INCOME TAXES (Det
PROVISION FOR INCOME TAXES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Dec. 31, 2021 | Mar. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | |||
Valuation allowance, deferred tax asset, increase (decrease), amount | $ 842,281 | $ 690,392 | |
UNITED STATES | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | $ 26,000,000 | $ 26,000,000 | |
Net operating loss carryforward, expiration year | 2038 |
SCHEDULE OF INVESTMENT IN TRADI
SCHEDULE OF INVESTMENT IN TRADING SECURITIES (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Mar. 31, 2021 | ||
Investment of cost at beginning | $ 497,125 | $ 287,500 | |
Investment of purchases | 1,579,536 | 365,875 | |
Investment of sales proceeds | 2,443,684 | 302,827 | |
Investment of cost at end | 497,125 | ||
Investment of fair value | 792,723 | 1,334,425 | |
Investment of realized gain (loss) | 1,233,525 | ||
Investment of unrealized gain (loss) | (911,078) | 837,300 | |
Investment of cost at beginning | 497,125 | ||
Investment of cost at end | 866,502 | 497,125 | |
VistaGen Therapeutics, Inc. (VTGN) [Member] | |||
Investment of cost at beginning | [1] | 408,750 | 287,500 |
Investment of purchases | [1] | 480,000 | 277,500 |
Investment of sales proceeds | [1] | 1,941,707 | 302,827 |
Investment of cost at end | [1] | 408,750 | |
Investment of fair value | [1] | 273,000 | 1,246,050 |
Investment of realized gain (loss) | [1] | 1,415,957 | |
Investment of unrealized gain (loss) | [1] | (927,300) | 837,300 |
Investment of cost at beginning | [1] | 408,750 | |
Investment of cost at end | [1] | 363,000 | 408,750 |
SciSparc Ltd.(SPRCY) [Member] | |||
Investment of cost at beginning | [2] | 88,375 | |
Investment of purchases | [2] | 88,375 | |
Investment of sales proceeds | [2] | 18,140 | |
Investment of cost at end | [2] | 88,375 | |
Investment of fair value | [2] | 53,397 | 88,375 |
Investment of realized gain (loss) | [2] | (9,638) | |
Investment of unrealized gain (loss) | [2] | (7,200) | |
Investment of cost at beginning | [2] | 88,375 | |
Investment of cost at end | [2] | 60,597 | 88,375 |
Neptune Wellness Solutions (NEPT) [Member] | |||
Investment of purchases | [3] | 102,201 | |
Investment of sales proceeds | [3] | 89,200 | |
Investment of fair value | [3] | ||
Investment of realized gain (loss) | [3] | (13,002) | |
Investment of unrealized gain (loss) | [3] | ||
Investment of cost at beginning | [3] | ||
Investment of cost at end | [3] | ||
BLNK CALLS [Member] | |||
Investment of purchases | [4] | 31,421 | |
Investment of sales proceeds | [4] | ||
Investment of fair value | [4] | 180 | |
Investment of realized gain (loss) | [4] | ||
Investment of unrealized gain (loss) | [4] | (31,241) | |
Investment of cost at beginning | [4] | ||
Investment of cost at end | [4] | 31,421 | |
Beyond Meat (BYND) [Member] | |||
Investment of purchases | [5] | 60,530 | |
Investment of sales proceeds | [5] | 72,749 | |
Investment of fair value | [5] | ||
Investment of realized gain (loss) | [5] | 12,219 | |
Investment of unrealized gain (loss) | [5] | ||
Investment of cost at beginning | [5] | ||
Investment of cost at end | [5] | ||
BYND CALLS [Member] | |||
Investment of purchases | [6] | 67,182 | |
Investment of sales proceeds | [6] | ||
Investment of fair value | [6] | ||
Investment of realized gain (loss) | [6] | (67,182) | |
Investment of unrealized gain (loss) | [6] | ||
Investment of cost at beginning | [6] | ||
Investment of cost at end | [6] | ||
Jupiter Wellness (JUPW) [Member] | |||
Investment of purchases | [7] | 75,701 | |
Investment of sales proceeds | [7] | 64,362 | |
Investment of fair value | [7] | ||
Investment of realized gain (loss) | [7] | (11,339) | |
Investment of unrealized gain (loss) | [7] | ||
Investment of cost at beginning | [7] | ||
Investment of cost at end | [7] | ||
Canoo, Inc. (GOEVW) [Member] | |||
Investment of purchases | [8] | 237,752 | |
Investment of sales proceeds | [8] | 51,945 | |
Investment of fair value | [8] | 165,486 | |
Investment of realized gain (loss) | [8] | (16,365) | |
Investment of unrealized gain (loss) | [8] | (3,956) | |
Investment of cost at beginning | [8] | ||
Investment of cost at end | [8] | 169,442 | |
Mind Medicine MindMed Inc. (MNMD) [Member] | |||
Investment of purchases | [9] | 123,067 | |
Investment of sales proceeds | [9] | 110,179 | |
Investment of fair value | [9] | ||
Investment of realized gain (loss) | [9] | (12,887) | |
Investment of unrealized gain (loss) | [9] | ||
Investment of cost at beginning | [9] | ||
Investment of cost at end | [9] | ||
Odyssey Semiconductor Technologies Inc.(ODII) [Member] | |||
Investment of purchases | [10] | 40,228 | |
Investment of sales proceeds | [10] | 11,740 | |
Investment of fair value | [10] | 9,310 | |
Investment of realized gain (loss) | [10] | (7,727) | |
Investment of unrealized gain (loss) | [10] | (11,451) | |
Investment of cost at beginning | [10] | ||
Investment of cost at end | [10] | 20,761 | |
TLRY - CALL [Member] | |||
Investment of purchases | [11] | 71,663 | |
Investment of sales proceeds | [11] | ||
Investment of fair value | [11] | ||
Investment of realized gain (loss) | [11] | (71,663) | |
Investment of unrealized gain (loss) | [11] | ||
Investment of cost at beginning | [11] | ||
Investment of cost at end | [11] | ||
Axsome Therapeutics Inc [Member] | |||
Investment of purchases | [12] | 173,441 | |
Investment of sales proceeds | [12] | 59,413 | |
Investment of fair value | [12] | 226,680 | |
Investment of realized gain (loss) | [12] | 16,058 | |
Investment of unrealized gain (loss) | [12] | 96,594 | |
Investment of cost at beginning | [12] | ||
Investment of cost at end | [12] | 130,086 | |
BiosigTechnologiesInc [Member] | |||
Investment of purchases | [13] | 116,350 | |
Investment of sales proceeds | [13] | 24,250 | |
Investment of fair value | [13] | 64,670 | |
Investment of realized gain (loss) | [13] | (905) | |
Investment of unrealized gain (loss) | [13] | (26,525) | |
Investment of cost at beginning | [13] | ||
Investment of cost at end | [13] | $ 91,195 | |
[1] | During the year ended March 31, 2021, the Company had exercised 230,000 0.50 250,000 0.50 0.15 125,000 302,827 146,577 320,000 1.50 0.63 180,000 1.50 270,000 140,000 1.50 210,000 765,000 1,941,707 1,415,957 927,300 | ||
[2] | On March 1, 2021, the Company invested $ 88,375 12,500 8,150,000 1,152,628 7.07 7.07 10.60 278,744 0.001 3,929 18,140 9,638 7,200 | ||
[3] | During the nine months ended December 31, 2021, the Company purchased 75,000 102,201 1.36 75,000 89,200 13,002 1.19 | ||
[4] | During the nine months ended December 31, 2021, the Company purchased 180 75 January 21, 2022 31,421 174.56 31,241 | ||
[5] | During the nine months ended December 31, 2021, the Company purchased 500 60,530 121.06 500 72,749 12,219 121.06 | ||
[6] | During the nine months ended December 31, 2021, the Company purchased 36 150 November 19, 2021 67,182 1,866.18 67,182 | ||
[7] | During the nine months ended December 31, 2021, the Company purchased 15,000 75,701 5.05 15,000 64,362 11,339 4.29 | ||
[8] | During the nine months ended December 31, 2021, the Company purchased 103,333 237,790 2.30 23,000 51,945 2.26 3,956 16,365 | ||
[9] | During the nine months ended December 31, 2021, the Company purchased 33,000 123,222 3.73 33,000 12,887 | ||
[10] | During the nine months ended December 31, 2021, the Company purchased 9,500 40,250 4.23 4,600 11,740 7,727 11,451 | ||
[11] | During the nine months ended December 31, 2021, the Company purchased 220 25 December 17, 2021 71,663 325.74 71,663 | ||
[12] | During the nine months ended December 31, 2021, the Company purchased 8,000 147,431 18.43 2,000 59,413 16,058 96,594 | ||
[13] | During the nine months ended December 31, 2021, the Company purchased 36,500 116,409 3.189 7,500 24,250 3.24 26,525 905 |
SCHEDULE OF INVESTMENT IN TRA_2
SCHEDULE OF INVESTMENT IN TRADING SECURITIES (Details) (Parathetical) - USD ($) | Sep. 03, 2021 | Mar. 01, 2021 | May 18, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 |
Common stock shares issued, value | $ 109,939 | $ 242,000 | $ 455,314 | ||||
VistaGen Therapeutics, Inc. (VTGN) [Member] | |||||||
Warrant exercised | 140,000 | 180,000 | |||||
Warrants strike price | $ 1.50 | $ 1.50 | $ 1.50 | ||||
Cost price of warrants | $ 0.63 | ||||||
Number of common stock sold shares | 765,000 | 125,000 | |||||
Proceeds from sale of stock | $ 1,941,707 | $ 302,827 | |||||
Gain on sale of stock | 1,415,957 | $ 146,577 | |||||
Warrant outstanding | 320,000 | ||||||
Proceeds from warrant exercised | $ 210,000 | $ 270,000 | |||||
Unrealized loss | $ 927,300 | ||||||
VistaGen Therapeutics, Inc. (VTGN) [Member] | Warrant [Member] | |||||||
Warrant exercised | 230,000 | ||||||
Warrants strike price | $ 0.50 | ||||||
VistaGen Therapeutics, Inc. (VTGN) [Member] | Warrant [Member] | Stock Purchase Agreements [Member] | |||||||
Warrant exercised | 250,000 | ||||||
Warrants strike price | $ 0.50 | ||||||
Cost price of warrants | $ 0.15 | ||||||
SciSparc Ltd.(SPRCY) [Member] | |||||||
Number of common stock sold shares | 1,152,628 | 3,929 | |||||
Proceeds from sale of stock | $ 18,140 | ||||||
Gain on sale of stock | 9,638 | ||||||
Unrealized loss | $ 7,200 | ||||||
Investment | $ 88,375 | ||||||
Investment, shares | 12,500 | ||||||
Common stock shares issued, value | $ 8,150,000 | ||||||
Sale of stock price per share | $ 7.07 | ||||||
SciSparc Ltd.(SPRCY) [Member] | Warrant A [Member] | |||||||
Warrants strike price | 7.07 | ||||||
SciSparc Ltd.(SPRCY) [Member] | Warrant B [Member] | |||||||
Warrants strike price | 10.60 | ||||||
SciSparc Ltd.(SPRCY) [Member] | Pre-Funded Warrant [Member] | |||||||
Warrants strike price | $ 0.001 | ||||||
Warrant outstanding | 278,744 | ||||||
Neptune Wellness Solutions (NEPT) [Member] | |||||||
Number of common stock sold shares | 75,000 | ||||||
Proceeds from sale of stock | $ 89,200 | ||||||
Investment, shares | 75,000 | ||||||
Sale of stock price per share | $ 1.19 | ||||||
Investment, cost | $ 102,201 | ||||||
Investment price per share | $ 1.36 | ||||||
Gain loss on sale of stock | $ 13,002 | ||||||
BLNK CALLS [Member] | Call Options [Member] | |||||||
Warrants strike price | $ 75 | ||||||
Unrealized loss | $ 31,241 | ||||||
Investment, shares | 180 | ||||||
Investment, cost | $ 31,421 | ||||||
Investment price per share | $ 174.56 | ||||||
Options expiration date | Jan. 21, 2022 | ||||||
Beyond Meat (BYND) [Member] | |||||||
Number of common stock sold shares | 500 | ||||||
Proceeds from sale of stock | $ 72,749 | ||||||
Investment, shares | 500 | ||||||
Sale of stock price per share | $ 121.06 | ||||||
Investment, cost | $ 60,530 | ||||||
Investment price per share | $ 121.06 | ||||||
Gain loss on sale of stock | $ 12,219 | ||||||
BYND CALLS [Member] | Call Options [Member] | |||||||
Warrants strike price | $ 150 | ||||||
Gain on sale of stock | $ 67,182 | ||||||
Investment, shares | 36 | ||||||
Investment, cost | $ 67,182 | ||||||
Investment price per share | $ 1,866.18 | ||||||
Options expiration date | Nov. 19, 2021 | ||||||
Jupiter Wellness (JUPW) [Member] | |||||||
Number of common stock sold shares | 15,000 | ||||||
Proceeds from sale of stock | $ 64,362 | ||||||
Investment, shares | 15,000 | ||||||
Sale of stock price per share | $ 4.29 | ||||||
Investment, cost | $ 75,701 | ||||||
Investment price per share | $ 5.05 | ||||||
Gain loss on sale of stock | $ 11,339 | ||||||
Canoo, Inc. (GOEVW) [Member] | |||||||
Gain loss on sale of stock | 3,956 | ||||||
Realized loss | $ 16,365 | ||||||
Canoo, Inc. (GOEVW) [Member] | Warrant [Member] | |||||||
Number of common stock sold shares | 23,000 | ||||||
Investment, shares | 103,333 | ||||||
Sale of stock price per share | $ 2.26 | ||||||
Investment, cost | $ 237,790 | ||||||
Investment price per share | $ 2.30 | ||||||
Sale of stock, consideration received on transaction | $ 51,945 | ||||||
Mind Medicine MindMed Inc. (MNMD) [Member] | |||||||
Number of common stock sold shares | 33,000 | ||||||
Investment, shares | 33,000 | ||||||
Investment, cost | $ 123,222 | ||||||
Investment price per share | $ 3.73 | ||||||
Gain loss on sale of stock | $ 12,887 | ||||||
Odyssey Semiconductor Technologies Inc.(ODII) [Member] | |||||||
Number of common stock sold shares | 4,600 | ||||||
Proceeds from sale of stock | $ 11,740 | ||||||
Unrealized loss | $ 11,451 | ||||||
Investment, shares | 9,500 | ||||||
Investment, cost | $ 40,250 | ||||||
Investment price per share | $ 4.23 | ||||||
Gain loss on sale of stock | $ 7,727 | ||||||
TLRY - CALL [Member] | Call Options [Member] | |||||||
Warrants strike price | $ 25 | ||||||
Investment, shares | 220 | ||||||
Investment, cost | $ 71,663 | ||||||
Investment price per share | $ 325.74 | ||||||
Options expiration date | Dec. 17, 2021 | ||||||
Unrealized gain | $ 71,663 | ||||||
Axsome Therapeutics Inc [Member] | |||||||
Number of common stock sold shares | 2,000 | ||||||
Proceeds from sale of stock | $ 59,413 | ||||||
Unrealized loss | $ 96,594 | ||||||
Investment, shares | 8,000 | ||||||
Investment, cost | $ 147,431 | ||||||
Investment price per share | $ 18.43 | ||||||
Realized loss | $ 16,058 | ||||||
BiosigTechnologiesInc [Member] | |||||||
Number of common stock sold shares | 7,500 | ||||||
Proceeds from sale of stock | $ 24,250 | ||||||
Unrealized loss | $ 905 | ||||||
Investment, shares | 36,500 | ||||||
Sale of stock price per share | $ 3.24 | ||||||
Investment, cost | $ 116,409 | ||||||
Investment price per share | $ 3.189 | ||||||
Realized loss | $ 26,525 |
INVESTMENTS (Details Narrative)
INVESTMENTS (Details Narrative) - USD ($) | Feb. 26, 2021 | Dec. 08, 2020 | Oct. 31, 2018 | Aug. 10, 2018 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | Mar. 01, 2021 | Feb. 05, 2021 |
Paz Gum LLC [Member] | Membership Unit Purchase Agreement [Member] | ||||||||||
Investment amount | $ 50,000 | |||||||||
SciSparc Ltd.(SPRCY) [Member] | ||||||||||
Cost investments, shares | 12,500 | |||||||||
Investment amount | $ 88,375 | |||||||||
SciSparc Ltd.(SPRCY) [Member] | Series A Warrants [Member] | Private Placement [Member] | ||||||||||
Warrants strike price | $ 7.07 | |||||||||
SciSparc Ltd.(SPRCY) [Member] | Series B Warrants [Member] | Private Placement [Member] | ||||||||||
Warrants strike price | $ 10.60 | |||||||||
Aegea Biotechnologies Inc [Member] | ||||||||||
Investment amount | $ 139,104 | |||||||||
Ownership interest percentage | 2.01% | |||||||||
Description of equity method investment | On February 26, 2021, as part of a settlement agreement concluding the Collaboration Agreement, the Company acquired an additional 69,552 common shares of Aegea, increasing the Company’s total holdings to 139,104 Aegea shares (representing a 2.01% stake in Aegea as of December 31, 2021). | |||||||||
Acquired additional shares | 69,552 | |||||||||
Aegea Biotechnologies Inc [Member] | Collaboration Agreement [Member] | ||||||||||
Investment amount | $ 278,212 | |||||||||
Stock issued during period, shares | 69,553 | |||||||||
Ownership interest percentage | 1.02% | |||||||||
Asset impairment charges | $ 139,106 | |||||||||
Serendipity Brands LLC [Member] | ||||||||||
Pre- money valuation amount | $ 14,000,000 | $ 35,000,000 | ||||||||
Serendipity Brands LLC [Member] | Ownership [Member] | ||||||||||
Investment amount | $ 35,000 | |||||||||
Ownership interest percentage | 24.00% | |||||||||
Common Stock [Member] | ||||||||||
Stock issued during period, shares | 1,824,998 | 4,000,000 | 15,674,998 | |||||||
Common Stock [Member] | AYTU Bioscience [Member] | ||||||||||
Warrants purchase of common shares | 5,555 | |||||||||
Warrants strike price | $ 10.80 | |||||||||
Warrants expired date | Mar. 6, 2023 | |||||||||
Reverse stock split | 1 for 10 shares | 1 for 20 reverse stock-split | ||||||||
Warrant [Member] | AYTU Bioscience [Member] | ||||||||||
Warrants strike price | $ 106.65 |
SUMMARY OF FINANCIAL ASSETS AND
SUMMARY OF FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS (Details) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment - trading securities | $ 792,723 | $ 1,334,425 |
Serendipity Brands [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cost method investments | 35,000 | 35,000 |
Aegea Biotechnologies Inc [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cost method investments | 139,106 | 139,106 |
Paz Gum LLC [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cost method investments | 50,000 | 50,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment - trading securities | 792,723 | 1,334,425 |
Fair Value, Inputs, Level 1 [Member] | Serendipity Brands [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cost method investments | ||
Fair Value, Inputs, Level 1 [Member] | Aegea Biotechnologies Inc [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cost method investments | ||
Fair Value, Inputs, Level 1 [Member] | Paz Gum LLC [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cost method investments | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment - trading securities | ||
Fair Value, Inputs, Level 2 [Member] | Serendipity Brands [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cost method investments | ||
Fair Value, Inputs, Level 2 [Member] | Aegea Biotechnologies Inc [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cost method investments | ||
Fair Value, Inputs, Level 2 [Member] | Paz Gum LLC [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cost method investments | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment - trading securities | ||
Fair Value, Inputs, Level 3 [Member] | Serendipity Brands [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cost method investments | 35,000 | 35,000 |
Fair Value, Inputs, Level 3 [Member] | Aegea Biotechnologies Inc [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cost method investments | 139,106 | 139,106 |
Fair Value, Inputs, Level 3 [Member] | Paz Gum LLC [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cost method investments | $ 50,000 | $ 50,000 |
CONCENTRATIONS (Details Narrati
CONCENTRATIONS (Details Narrative) | 3 Months Ended |
Dec. 31, 2021 | |
One Supplier [Member] | Accounts Payable [Member] | Supplier Concentration Risk [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 35.60% |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - shares | Dec. 31, 2021 | Sep. 19, 2021 | Sep. 18, 2021 | Mar. 31, 2021 |
Common Stock, Shares Authorized | 400,000,000 | 400,000,000 | ||
Common Stock [Member] | ||||
Common Stock, Shares Authorized | 750,000,000 | 400,000,000 |