Document and Entity Information
Document and Entity Information - USD ($) | Apr. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 |
Details | |||
Registrant Name | Kyto Technology & Life Science, Inc. | ||
Registrant CIK | 0001164888 | ||
Fiscal Year End | --03-31 | ||
Document Type | 10-K/A | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 31, 2020 | ||
Document Transition Report | false | ||
Entity Incorporation, State or Country Code | DE | ||
Entity File Number | 000-50390 | ||
Entity Tax Identification Number | 65-1086538 | ||
Entity Address, Address Line One | 13050 La Paloma Road | ||
Entity Address, City or Town | Los Altos Hills | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94022 | ||
Entity Address, Address Description | Address of Principal Executive Office | ||
City Area Code | 408 | ||
Local Phone Number | 313 5830 | ||
Phone Fax Number Description | Registrant’s telephone number, including area code | ||
Entity Listing, Description | COMMON STOCK, $0.01 PAR VALUE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 973,856 | ||
Entity Common Stock, Shares Outstanding | 5,836,832 | ||
Entity Listing, Par Value Per Share | $ 0.01 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Current Assets | ||
Cash | $ 33,756 | $ 93,634 |
Receivables | 500 | 1,000 |
Investments | 2,665,499 | 1,498,048 |
Total Assets | 2,699,755 | 1,592,682 |
Current Liabilities | ||
Accounts payable & accrued liabilities | 26,394 | 21,700 |
Accrued liabilities & loans - related party | 5,750 | 7,250 |
Total Current Liabilities | 32,144 | 28,950 |
Commitments and Contingencies | 0 | 0 |
Stockholders' Equity | ||
Common Stock, Value, Issued | 58,368 | 58,368 |
Additional paid-in capital | 35,943,369 | 34,090,092 |
Accumulated deficit | (33,384,252) | (32,610,853) |
Total Stockholders' Equity | 2,667,611 | 1,563,732 |
Total Liabilities and Stockholders' Equity | 2,699,755 | 1,592,682 |
Authorized but not designated | ||
Stockholders' Equity | ||
Preferred Stock, Value, Issued | 0 | 0 |
Preferred Stock, Value, Issued | 0 | 0 |
Series A Preferred Stock | ||
Stockholders' Equity | ||
Preferred Stock, Value, Issued | 42,001 | 26,125 |
Preferred Stock, Value, Issued | 42,001 | 26,125 |
Series B Preferred Stock | ||
Stockholders' Equity | ||
Preferred Stock, Value, Issued | 8,125 | 0 |
Preferred Stock, Value, Issued | $ 8,125 | $ 0 |
Balance Sheets - Parenthetical
Balance Sheets - Parenthetical - $ / shares | Mar. 31, 2020 | Mar. 31, 2019 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 40,000,000 | 40,000,000 |
Common Stock, Shares, Issued | 5,836,832 | 5,836,832 |
Common Stock, Shares, Outstanding | 5,836,832 | 5,836,832 |
Authorized but not designated | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 19,800,000 | 19,800,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Series A Preferred Stock | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 4,200,000 | 4,200,000 |
Preferred Stock, Shares Issued | 4,200,000 | 2,612,500 |
Preferred Stock, Shares Outstanding | 4,200,000 | 2,612,500 |
Series B Preferred Stock | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 6,000,000 | 6,000,000 |
Preferred Stock, Shares Issued | 812,500 | 0 |
Preferred Stock, Shares Outstanding | 812,500 | 0 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Details | ||
Revenue from sale of services | $ 14,150 | $ 9,000 |
Operating Expenses | ||
General and administrative | 726,503 | 239,082 |
Write-down of investments to market value | 61,046 | 0 |
Total Operating Expenses | 787,549 | 239,082 |
Loss from Operations | (773,399) | (230,082) |
Interest expense, net | 0 | (25) |
Net Loss before taxes | (773,399) | (230,107) |
Net income (tax) benefit | 0 | 0 |
Net Loss | $ (773,399) | $ (230,107) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 5,836,832 | 4,769,369 |
Net loss per share - basic and diluted | $ (0.13) | $ (0.05) |
Statements of Shareholders' Equ
Statements of Shareholders' Equity (Deficit) - USD ($) | Preferred Class A | Preferred Class B | Common Stock | Additional Paid-in Capital | Retained Earnings | Total |
Equity Balance, Starting at Mar. 31, 2016 | $ 0 | $ 0 | $ 314 | $ 32,063,476 | $ (32,195,990) | $ (132,200) |
Shares Outstanding, Starting at Mar. 31, 2016 | 0 | 0 | 3,139,747 | |||
Net Income (Loss) | $ 0 | $ 0 | $ 0 | 0 | (93,929) | (93,929) |
Shares Outstanding, Ending at Mar. 31, 2017 | 0 | 0 | 3,139,747 | |||
Equity Balance, Ending at Mar. 31, 2017 | $ 0 | $ 0 | $ 314 | 32,063,476 | (32,289,919) | (226,129) |
Net Income (Loss) | $ 0 | $ 0 | $ 0 | (31,086) | (90,827) | (121,913) |
Shares Outstanding, Ending at Mar. 31, 2018 | 0 | 0 | 3,139,747 | |||
Equity Balance, Ending at Mar. 31, 2018 | $ 0 | $ 0 | $ 31,400 | 32,032,390 | (32,380,746) | (316,956) |
Stock Issued During Period, Value, New Issues | $ 22,125 | $ 0 | $ 0 | 1,747,875 | 0 | 1,770,000 |
Stock Issued During Period, Shares, New Issues | 2,212,500 | 0 | 0 | |||
Stock Issued During Period, Value, Conversion of Convertible Securities, Net of Adjustments | $ 4,000 | $ 0 | $ 0 | 316,000 | 0 | 320,000 |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 400,000 | 0 | 0 | |||
Stock Issued During Period, Value, Stock Options Exercised | $ 0 | $ 0 | $ 26,968 | (10,786) | 0 | 16,182 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | 2,697,085 | |||
Compensation expense on stock options | $ 0 | $ 0 | $ 0 | 4,613 | 0 | 4,613 |
Net Income (Loss) | $ 0 | $ 0 | $ 0 | 0 | (230,107) | (230,107) |
Shares Outstanding, Ending at Mar. 31, 2019 | 2,612,500 | 0 | 5,836,832 | |||
Equity Balance, Ending at Mar. 31, 2019 | $ 26,125 | $ 0 | $ 58,368 | 34,090,092 | (32,610,853) | 1,563,732 |
Stock Issued During Period, Value, New Issues | $ 15,876 | $ 0 | $ 0 | 1,254,125 | 0 | 1,270,001 |
Stock Issued During Period, Shares, New Issues | 1,587,500 | 0 | 0 | |||
Stock Issued During Period, Value, Conversion of Convertible Securities, Net of Adjustments | $ 0 | $ 8,125 | $ 0 | 591,875 | 0 | 600,000 |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 0 | 812,500 | 0 | |||
Compensation expense on stock options | $ 0 | $ 0 | $ 0 | 7,277 | 0 | 7,277 |
Net Income (Loss) | $ 0 | $ 0 | $ 0 | 0 | (773,399) | (773,399) |
Shares Outstanding, Ending at Mar. 31, 2020 | 4,200,000 | 812,500 | 5,836,832 | |||
Equity Balance, Ending at Mar. 31, 2020 | $ 42,001 | $ 8,125 | $ 58,368 | $ 35,943,369 | $ (33,384,252) | $ 2,667,611 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOW FROM OPERATING ACTIVITIES | ||
Net loss | $ (773,399) | $ (230,107) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Loss on conversion of related party debt | 0 | 5,099 |
Option compensation expense | 7,277 | 4,613 |
Write-down of investments to market value | 61,046 | 0 |
Increase / (decrease) in operating assets and liabilities | ||
Receivables | 500 | (1,000) |
Prepaid & other current assets | 0 | 7,500 |
Accounts payable and accrued liabilities | 4,694 | 8,670 |
Total cash (used in) operating activities | (699,882) | (205,225) |
CASH FLOW FROM INVESTING ACTIVITIES | ||
Purchase of equity investments | (1,228,497) | (1,498,048) |
Total cash used in investing activities | (1,228,497) | (1,498,048) |
CASH FLOW FROM FINANCING ACTIVITIES | ||
Proceeds from sales of Series A Preferred stock | 1,270,001 | 1,770,000 |
Proceeds from sales of Series B Preferred stock | 600,000 | |
Proceeds from exercise of options for common stock | 0 | 16,182 |
Advances from related party | (1,500) | 10,721 |
Total cash provided by financing activities | 1,868,501 | 1,796,903 |
Net increase in cash | (59,878) | 93,630 |
Cash, Beginning Balance | 93,634 | 4 |
Cash, Ending Balance | 33,756 | 93,634 |
Supplemental Cash Flow Information: | ||
Interest Paid | 0 | 25 |
Taxes Paid | 800 | 800 |
Non Cash Financing and Investing Activities | ||
Preferred shares issued for conversion of related party debt | $ 0 | $ 320,000 |
NOTE 1 - NATURE OF BUSINESS AND
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2020 | |
Notes | |
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (A) NATURE OF BUSINESS Kyto Technology and Life Science, Inc. was formed as a Florida corporation on March 5, 1999 under the name of B Twelve Inc. In August, 2002, the Company changed its name from B Twelve, Inc. to Kyto BioPharma Inc. and in May 2018, the name was changed again to Kyto Technology and Life Science, Inc. In July 2019, the Company was re-incorporated as a Delaware company. The Company was originally formed to acquire and develop innovative minimally toxic and non-immunosuppressive proprietary drugs for the treatment of cancer, arthritis, and other autoimmune diseases and had been looking at a number of strategies to become active. In April, 2018, the Board adopted a new business plan focused on the development of early stage technology and life science businesses through early stage investment funding. The Company has recruited a number of experienced investment consultants from a network that includes angel investors, corporate managers, and successful entrepreneurs across a number of technology and life science products and markets and relies on input from these advisors in conducting due diligence and making investment decisions. In order to offset the risk in early stage investing, the Company works with angel investment groups and participates only after these groups have completed due diligence and committed to invest, and does not typically invest more than $250,000 in any single investment. Generally, the Companys investments represent less than 5% ownership interests, and the Company therefore has no effective control or influence over the management or commercial decisions of the Companies in which it invests. The Company plans to generate revenue from realised gains from the sale of the businesses in which it has invested. Generally, it is expected that investments will be realised from an exit within a period of four years following investment. Such sales are outside its control and depend on M&A transactions which may result in cash or equity proceeds. Accordingly, it is difficult to forecast revenue, net income, and cash flow. In 2018, the Company developed a business plan to make investments in early stage private companies. At March 31, 2020, management determined that the Company was an investment company for purposes of ASC 946 disclosure, and committed to follow the specialized accounting and reporting guidance of contained therein. Other then making its initial investments in its portfolio companies, the Company does not provide any financial support to any of its investees. The Company currently has approximately $30,000 in the bank and is now actively marketing the first $3 million tranche of a Series B round with a target close date of September 2020. As at June 12, it has raised $300,000 from the sale of Series B stock. Since general and admin expenses, other than investor relations and executive bonus are quite low, averaging $17,000 per month through the year ended March 31, 2020 and payments for investor fundraising, executive bonuses, and commitments to new investment opportunities are discretionary, the Company believes it will be able to manage its cash flow to match available cash on a case by case basis. However, there is no assurance that the Company will be able to continue as a going concern, and stay at home orders, and general economic uncertainties arising out of the current Covid-19 epidemic create additional l delay and uncertainty. (B) LIQUIDITY The Company was originally formed to acquire and develop innovative minimally toxic and non-immunosuppressive proprietary drugs for the treatment of cancer, arthritis, and other autoimmune diseases and had been looking at a number of strategies to become active. In April, 2018, the Board adopted a new business plan focused on the development of early stage technology and life science businesses through early stage investment funding. The Company has recruited a number of experienced investment consultants from a network that includes angel investors, corporate managers, and successful entrepreneurs across a number of technology and life science products and markets and relies on input from these advisors in conducting due diligence and making investment decisions. In order to offset the risk in early stage investing, the Company works with angel investment groups and participates only after these groups have completed due diligence and committed to invest, and does not typically invest more than $250,000 in any single investment. The Company plans to generate revenue from realised gains from the sale of the businesses in which it has invested. Generally, it is expected that investments will be realised from an exit within a period of four years following investment. Between April 2018 and September 2019 the Company raised $3,360,000 from sales of Series A preferred stock and between October 2019 and March 2020 raised $600,000 from sales of Series B Preferred stock. These funds were used for investments, operating expenses, and fundraising activities. However, in spite of this, there can be no assurance that the Company will be able to continue as a going concern, and stay at home orders, and general economic uncertainties arising out of the current Covid-19 epidemic have created additional delay and uncertainty. (C) BASIS OF PRESENTATION The companys financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires the use of estimates, assumptions and the exercise of subjective judgment as to future uncertainties. Actual results could differ from those estimates, assumptions, and judgments. Significant items subject to such estimates will include determining the fair value of investments, revenue recognition, income tax uncertainties, and other contingencies. The companys financial statements are prepared using the specialized accounting principles of Accounting Standards Codification Topic 946, Financial ServicesInvestment Companies (ASC Topic 946). In accordance with this specialized accounting guidance, the company recognizes and carries all of its investments at fair value with changes in fair value recognized in earnings. Additionally, the company will not apply consolidation or equity method of accounting to its investments. The company carries its liabilities at amounts payable, net of unamortized premiums or discounts. The company does not currently plan to elect to carry its liabilities at fair value. Net assets are calculated as the carrying amounts of assets, including the fair value of investments, less the carrying amounts of its liabilities. The financial information associated with the March 31, 2020 and 2019 of management, contains all adjustments and eliminations, consisting of only normal recurring adjustments, necessary for a fair presentation in accordance with GAAP. (D) REVENUE RECOGNITION The Company derives revenue from the sale of investments and occasional fees earned from the provision of financial advisory services to portfolio investment companies. As a minority, early-stage investor, the Company does not have the ability to manage the timing or acceptance of liquidity events that will realize its investments, nor the ability to predict when they may happen, although as a guideline, it would expect such events to occur around four years after its investments are made. The Company will book the revenue from investment activities upon completion of sale and receipt of net proceeds, after deducting related transaction expenses. The Company does not recognize any revenue from unrealized gains. The Company is in regular contact with the management of its portfolio investment companies to provide the basis for impairment reviews, and forecasting future revenue and fund raising needs. (E) INCOME TAXES The Company accounts for income taxes under the Financial Accounting Standards Accounting Standard Codification Topic 740 "Accounting for Income Taxes" ("Topic 740"). Under Topic 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under Topic 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period, which includes the enactment date. (F) USE OF ESTIMATES In preparing financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the period presented. Actual results may differ from these estimates. Significant estimates during the fiscal year ended March 31, 2020 and 2019 include the valuation of investment valuation, stock options and warrants. (G) CASH AND CASH EQUIVALENTS The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. There were no cash equivalents at March 31, 2020 and 2019, respectively. (H) CONCENTRATIONS The Company maintains its cash in bank checking and deposit accounts, which, at times, may exceed federally insured limits. As of March 31, 2020 and 2019, the Company did not have any deposits in excess of federally insured limits. The Company has not experienced any losses in such accounts through March 31, 2020 and 2019, respectively. (I) STOCK-BASED COMPENSATION Financial Accounting Standards Board Accounting Standards Codification Topic 718, Stock Compensation requires generally that all equity awards granted to employees and consultants be accounted for at fair value. This fair value is measured at grant date for stock settled awards, and at subsequent exercise or settlement for cash-settled awards. Under this method, the Company records an expense equal to the fair value of the options or warrants issued. The fair value is computed using the Black Scholes options pricing model. The Company granted 1,370,000 options to consultants and advisors during the year ended March 31, 2020 (2019 - None). (J) NET LOSS PER COMMON SHARE In accordance with Statement of Financial Accounting Standards Accounting Standard Codification Topic 260, "Earnings per Share", basic earnings per share is computed by dividing the net income less preferred dividends for the period by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net income less preferred dividends by the weighted average number of common shares outstanding including the effect of common stock equivalents. Common stock equivalents, consisting of preferred stock, stock options and warrants, have not been included in the calculation, as their effect is anti-dilutive for the periods presented. Number of shares used in calculation of diluted EPS Common shares 5,836,832 Preferred A shares 3,805,449 Preferred B shares 95.753 Options 435,635 Warrants 3,805,449 Total 13,979,118 (K) INVESTMENT AND VALUATION OF INVESTMENT AT FAIR VALUE The Company reviews the performance of the underlying investments including, management reports, press releases, web site announcements and progress reports, Carta equity updates, management interviews and, where accessible, financial reports, to determine their current and future potential value and liquidity. In the event that Management considers the value of an investment to be impaired, the carrying value of the investment will be written down by an impairment charge to reflect Managements estimated valuation. The Company recognized impairment of one of its investments which was written down by $61,046 in September, 2019. The Company has not experienced any impairment write-downs in any prior or subsequent periods. The Company adopted Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures, for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing US GAAP that require the use of fair value measurements which establishes a framework for measuring fair value and expands disclosure about such fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is an exchange price notion under which fair value is the price in an orderly transaction between market participants to sell an asset or transfer a liability in the market in which the reporting entity would transact for the asset or liability. The Company has established procedures to estimate the fair value of its investments which the companys board of directors has reviewed and approved. The company will use observable market data to estimate the fair value of investments to the extent that market data is available. In the absence of quoted market prices in active markets, or quoted market prices for similar assets or in markets that are not active, the company will use the valuation methodologies described below with unobservable data based on the best available information in the circumstances, which incorporates the companys assumptions about the factors that a market participant would use to value the asset. For investments for which quoted market prices are not available, which will comprise most of our investment portfolio, fair value will be estimated by using the income or market approach. The income approach is based on the assumption that value is created by the expectation of future benefits discounted to a current value and the fair value estimate is the amount an investor would be willing to pay to receive those future benefits. The market approach compares recent comparable transactions to the investment. Adjustments are made for any dissimilarity between the comparable transactions and the investments. These valuation methodologies involve a significant degree of judgment on the part of our management and board. In determining the appropriate fair value of an investment using these approaches, the most significant information and assumption may include, as applicable: available current market data, including relevant and applicable comparable market transactions, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the investments ability to make payments, its earnings and discounted cash flows, the markets in which the project does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparable, the principal market and enterprise values, environmental factors, among other factors. The estimated fair values will not necessarily represent the amounts that may be ultimately realized due to the occurrence or nonoccurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of the valuation of the investments, the estimate of fair values may differ significantly from the value that would have been used had a broader market for the investments existed. The authoritative accounting guidance prioritizes the use of market-based inputs over entity-specific inputs and establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation. The three levels of valuation hierarchy are defined as follows: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entitys own assumptions. (L) SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS In March 2020, the Company adopted Accounting Standards Codification Topic 946, Financial ServicesInvestment Companies (ASC Topic 946). In accordance with this specialized accounting guidance, the company recognizes and carries all of its investments at fair value with changes in fair value recognized in earnings. Additionally, the company will not apply consolidation or equity method of accounting to its investments. Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements. (M) DEFERRED FUNDRAISING EXPENSES In 2019, the Company commenced a plan to raise a Series B Preferred round of equity to fund its ongoing investment program and cost of operations. Typically, it expects that this plan, from start to finish may take from six to nine months and in order to match the cost and benefits of this process, the Company adopted a policy of capitalizing direct expenses incurred in the course of fund raising with the intention of netting accumulated expenses against proceeds from sale of equity, and reporting the net funds raised at the close. Direct expenses include legal fees, investor relations fees, investor roadshows and meeting expenses, and related filing and printing fees. At December 31, 2019, the Company has deferred $256,174 of such expenses. Because of the impact of the Covid-19 virus which caused potential investors to slow down their investment decision making, it became difficult to anticipate the rate of funding and, accordingly, the Company decided to write off all deferred fundraising expenses as at March 31, 2020, and to expense such expenses in future periods. (N) VOLUNTARY CHANGE IN ACCOUNTING PRINCIPLE During the fourth quarter of fiscal 2020, the Company made a voluntary change in accounting principle by preparing the companys financial statements using the specialized accounting principles of Accounting Standards Codification Topic 946, Financial ServicesInvestment Companies (ASC Topic 946). The Company made this voluntary change in principle because it believes that the Company now met the characteristics and requirement of being an investment company under ASC 946, and the presentation under ASC 946 better reflects the business purpose and enhances the comparability of its financial statements with many of its industry peers. In accordance with U.S. GAAP, the change has been reflected in the financial statements through retrospective application as follows: March 31, 2020 March 31, 2019 Prior to Effect of Prior to Effect of Change Change Adjusted Change Change Adjusted Cash $ 33,756 $ - $ 33,756 $ 93,634 $ - $ 93,364 Receivable 500 - 500 1,000 - 1,000 Investment - 2,665,499 2,665,499 - 1,498,048 1,498,048 Current assets 34,256 2,665,499 - 94,634 1,498,048 - Investment 2,665,499 (2,665,499) - 1,498,048 (1,498,048) - Total assets $ 2,699,755 $ - $ 2,699,755 $ 1,592,682 $ - $ 1,592,682 |
NOTE 2 - COMMITMENTS AND CONTIN
NOTE 2 - COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Mar. 31, 2020 | |
Notes | |
NOTE 2 - COMMITMENTS AND CONTINGENCIES | NOTE 2 COMMITMENTS AND CONTINGENCIES The Company has no commitments or contingencies. |
NOTE 3 - RELATED PARTY TRANSACT
NOTE 3 - RELATED PARTY TRANSACTIONS | 12 Months Ended |
Mar. 31, 2020 | |
Notes | |
NOTE 3 - RELATED PARTY TRANSACTIONS | NOTE 3 RELATED PARTY TRANSACTIONS At March 31, 2020 there was an accrued liability for $5,750 in respect of consulting fees, and telephone and travel expenses due to officers of the Company. |
NOTE 4 EARNINGS PER SHARE
NOTE 4 EARNINGS PER SHARE | 12 Months Ended |
Mar. 31, 2020 | |
Notes | |
NOTE 4 EARNINGS PER SHARE | NOTE EARNINGS PER SHARE Basic earnings per share are computed by dividing earnings available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect per share amounts that would have resulted if dilutive potential common stock had been converted to common stock. Diluted net loss per share is not reported where the diluted earnings per share would be anti-dilutive. The following reconciles amounts reported in the financial statements for the years ended: 2020 2019 Net loss available to common shareholders $ (773,399) $ (230,107) Weighted average common shares outstanding 5,836,832 4,769,369 Basic and diluted net loss per share $ (0.13) $ (0.05) |
NOTE 5 INVESTMENTS
NOTE 5 INVESTMENTS | 12 Months Ended |
Mar. 31, 2020 | |
Notes | |
NOTE 5 INVESTMENTS | NOTE 5 INVESTMENTS The following table summarizes the Companys investment portfolio at March 31, 2020 and 2019. As of March 31 2020 2019 Number of portfolio companies 28 18 Fair value $ 2,665,499 $ 1,498,048 Cost $ 2,726,545 $ 1,498,048 % of portfolio at cost Convertible notes 1,578,002 58% $ 814,048 54% Preferred stock 651,497 24% 351,500 23% Common stock 73,500 3% - 0% SAFE 126,500 5% 126,500 8% Other ownership units 236,000 9% 206,000 14% Total $ 2,665,499 98% $ 1,498,048 100% Our investment portfolio represents approximately 99.9% of our net assets at March 31, 2020 and 95.8% at March 31, 2019. Investments in early stage start up private operating entities, are valued based on available metrics, such as relevant market multiples and comparable company valuations, company specific-financial data including actual and projected results and independent third party valuation estimates. These investments are designated as Level 3 assets. We focus on making our investments are made in the United States, Canada and Israel. As of March 31, 2019 America Canada Israel Total Fair value beginning of year $ 1,448,048 $ 50,000 $ - $ 1,498,048 New investments 783,497 195,000 250,000 1,228,497 Proceeds from sale of investments - - - - Realized gains - - - - Write down of investment (61,046) - - (61,046) Fair value March 31, 2020 $ 2,170,499 $ 245,000 $ 250,000 $ 2,665,499 As of March 31, 2018 America Canada Israel Total Fair value beginning of year $ - $ - $ - $ - New investments 1,448,048 50,000 - 1,498,048 Proceeds from sale of investments - - - - Realized gains - - - - Write down of investment - - - - Fair value March 31, 2019 $ 1,448,048 $ 50,000 $ - $ 1,498,048 Working on the experience of our technical advisors, we limit our investments to fintech, technology, and life sciences. As of March 31, 2019 Fintech Technology Life science Total Fair value beginning of year $ 101,500 $ 262,548 $ 1,134,000 $ 1,498,048 New investments - 483,500 744,997 1,228,497 Proceeds from sale of investments - - - - Realized gains - - - - Write down of investment - (61,046) - (61,046) Fair value March 31, 2020 $ 101,500 $ 685,002 $ 1,878,997 $ 2,665,499 As of March 31, 2018 Fintech Technology Life science Total Fair value beginning of year $ - $ - $ - $ - New investments 101,500 262,548 1,134,000 1,498,048 Proceeds from sale of investments - - - - Realized gains - - - - Write down of investment - - - - Fair value March 31, 2019 $ 101,500 $ 262,548 $ 1,134,000 $ 1,498,048 We invest in early stage private companies developing products or solutions in the fields of fintech, technology and life sciences. Typically we are investing in interest bearing notes that may be convertible into equity securities upon the completion of qualified subsequent financings, preferred stock, SAFEs or other forms of ownership. Convertible notes Preferred stock Common stock SAFEs Other ownership interests Total As of March 31, 2019 Fair value beginning of year $ 764,048 $ 401,500 $ 126,500 $ - $ 206,000 $ 1,498,048 New investments 825,000 299,997 - 73,500 30,000 1,228,497 Proceeds from sale of investments - - - - - - Realized gains - - - - - - Write down of investment (61,046) - - - - (61,046) Fair value March 31, 2020 $ 1,528,002 $ 701,497 $ 126,500 $ 73,500 $ 236,000 $ 2,665,499 Convertible notes Preferred stock Common stock SAFEs Other ownership interests Total As of March 31, 2018 $ -- $ - $ - $ - $ - $ - Fair value beginning of year - - - - - - New investments 764,048 401,500 126,500 - 206,000 1,498,048 Proceeds from sale of investments - - - - - - Realized gains - - - - - - Write down of investment - - - - - - Fair value March 31, 2019 $ 764,048 $ 401,500 $ 126,500 $ - $ 206,000 $ 1,498,048 |
NOTE 6 - INCOME TAXES
NOTE 6 - INCOME TAXES | 12 Months Ended |
Mar. 31, 2020 | |
Notes | |
NOTE 6 - INCOME TAXES | NOTE 6 INCOME TAXES On December 22, 2017, the Tax Cuts and Jobs Act (the TCJA), which significantly modified U.S. corporate income tax law, was signed into law by President Trump. The TCJA contains significant changes to corporate income taxation, including but not limited to the reduction of the corporate income tax rate from a top marginal rate of 35% to a flat rate of 21%, limitation of the tax deduction for interest expense to 30% of earnings (except for certain small businesses), limitation of the deduction for net operating losses to 80% of current year taxable income and generally eliminating net operating loss carrybacks, allowing net operating losses to carryforward without expiration, one-time taxation of offshore earnings at reduced rates regardless of whether they are repatriated, elimination of U.S. tax on foreign earnings (subject to certain important exceptions), immediate deductions for certain new investments instead of deductions for depreciation expense over time, and modifying or repealing many business deductions and credits (including changes to the orphan drug tax credit and changes to the deductibility of research and experimental expenditures that will be effective in the future). The Company had no income tax provision for the years ended March 31, 2020 and 2019 because the Company had net operating losses for both federal and state tax purposes. The net operating loss carryovers may be subject to annual limitations under Internal Revenue Code Section 382/383, and similar state provisions, should there be a greater than 50% ownership change as determined under the applicable income tax regulations. The amount of the limitation would be determined based on the value of the company immediately prior to the ownership change and subsequent ownership changes could further impact the amount of the annual limitation or eliminate them entirely. An ownership change pursuant to Section 382/383 may have occurred in the past or could happen in the future, such that the NOLs available for utilization could be significantly limited or eliminate them entirely. A reconciliation of the statutory federal income tax rate to the Companys effective tax rate is as follows: For the years ended March 31 2020 2019 Tax benefit at federal statutory rate (21.0) % (21.0) % State income taxes, net of federal benefit (8.0) % (5.5) % Permanent differences - % - % Change in valuation allowance 29.0 % 26.5 % Effective income tax rate - % - % The Company has determined that a valuation allowance for the entire net deferred tax asset is required. A valuation allowance is required if, based on the weight of evidence, it is more likely than not that some or the entire portion of the deferred tax asset will not be realized. After consideration of all the evidence, management has determined that a full valuation allowance is necessary to reduce the deferred tax asset to zero. The tax effects of temporary differences that give rise to deferred tax assets and liabilities are presented below: For the years ended March 31 2020 2019 Net operating loss carryforwards $ 5,051,328 $ 6,304,297 Current year losses 773,399 230,107 Permanent differences - - Gross deferred tax assets $ 5,824,727 $ 6,534,404 Valuation allowance (5,824,727) (6,534,404) Deferred tax asset, net of valuation allowance $ - $ - At March 31, 2020 and 2019, the Company had net operating loss carry forwards for federal and state income tax purposes of approximately $5.8 million and $6.5 million, respectively. These loss carryforwards expire within fifteen to twenty years of the respective tax years and may be used to offset future taxable income through 2039. The TCJA, also introduces a limitation on the amount of NOLs that a corporation may deduct in a single tax year under section 172(a) equal to the lesser of the available NOL carryover or 80 percent of a taxpayers pre-NOL deduction taxable income (the 80-percent limitation). This limitation applies only to losses arising in tax years that begin after Dec. 31, 2017 based upon section 172(e)(1) of the amended statute. The CARES Act repeals the 80% income limitation for NOL carryovers that can be deducted in tax years beginning before January 1, 2021. It also provides that for any taxable year beginning after December 31, 2020, the 80% limitation on taxable income equals 80% of the excess of taxable income over the amount of pre-TCJA NOLs carried to such year, clarifying an interpretive issue that had arisen under the TCJA text. The utilization of the net operating loss carry forwards is dependent upon the ability to generate sufficient taxable income during the carry forward period. In addition, utilization of these carry forwards may be limited due to ownership changes rules, as defined in the Internal Revenue Code 382/383. The Company has not determined if an ownership change has occurred that would limit the use of the net operating losses or eliminate them entirely. The Companys tax returns are subject to examination by tax authorities beginning with the year ended March 31, 2015 (or the tax year ended March 31, 2013 if the Company were to utilize its NOLs). |
NOTE 7 - EQUITY
NOTE 7 - EQUITY | 12 Months Ended |
Mar. 31, 2020 | |
Notes | |
NOTE 7 - EQUITY | NOTE 7 EQUITY PREFERRED STOCK (A) SERIES A PREFERRED As of March 31, 2020, there are 4,200,000 shares of Series A preferred stock (Series A) designated at a par value of $0.01 per share. The Company has outstanding 4,200,000 shares of Series A Preferred stock Units. During the years ended March 31, 2020 and 2019, the Company sold 1,587,500 and 2,212,500 Units, respectively for cash and in the year ended March 31, 2019 issued 400,000 Units for the conversion of $320,000 of related party debt. The Units consist of one Series A share and one warrant per Unit and sold for $0.80 per unit in a private placement to accredited investors The Series A can either be converted into Common Shares upon listing of the Company on Nasdaq or elect to receive $1.60 per share. In the event of any liquidation or winding up of the Company, the holders of the Series A shall be entitled to receive in preference to the holders of Common Shares a per share amount equal to two times (2 X) their original purchase price plus any declared but unpaid dividends (the Liquidation Preference). All share issuances and obligations are recognized on the books and stock register. (B) SERIES B PREFERRED There are also 6,000,000 shares of Series B preferred stock (Series B) designated at a par value of $0.01 per share. During the year ended March 31, 2020, the Company sold 812,500 shares to accredited investors for $600,000 in a private placement that commenced in September 2019. The Series B can either be converted into Common Shares upon listing of the Company on Nasdaq or elect to receive $1.60 per share. In the event of any liquidation or winding up of the Company, the holders of the Series B shall be entitled to receive in preference to the holders of Common Shares and Series A, a per share amount equal to two times (2 X) their original purchase price plus any declared but unpaid dividends (the Liquidation Preference). (C) COMMON STOCK The Company has authorized 40,000,000 shares of common stock at a par value of $0.01 per share. As of March 31, 2020, and March 31, 2019 a total of 5,836,832 shares of the Companys common stock were issued and outstanding, respectively. (D) STOCK OPTIONS In April 2018, the Company approved the introduction of the Kyto Technology and Life Science, Inc. Incentive Stock Option Plan for the benefit of employees, consultants and directors, with the objective of securing the benefit of services for stock options rather than cash salaries. In the year ended March 31, 2018, the Company granted a total of 2,697,085 options at an exercise price of $0.006 per share. During the year ended March 31, 2019, 2,697,085 options vested upon the closing of the private placement and were exercised for $16,182. In July 2019, the majority of the shareholders of the Company approved the introduction of the Kyto Technology and Life Science 2019 Stock Option and Incentive Plan (Plan), and reserved 2 million shares for issuance to directors, officers, consultants and advisors. During the year ended March 31, 2020, the Company issued a total of 1,370,000 non-qualified stock options to consultants and advisors vesting over terms from one to four years. Number of options Weighted average exercise price Weighted average remaining life in years Outstanding March 31, 2018 - - Granted 2,697,085 $ 0.00 1.00 Exercised (2,697,085) $ 0.00 1.00 Cancelled - $ 0.00 - Outstanding March 31, 2019 - $ 0.00 - Exercisable March 31, 2019 - $ - - In connection with the grant of stock options the Company recognises the value of the related option expense using the Black Scholes model, with appropriate assumptions for option life, stock value, risk free interest rate, volatility, and cancellations. The assumptions used for options granted in the years ended March 31, 2020 and 2019 were as follows: March 31, 2020 March 31, 2019 Stock Price at grant date $ 0.033 0.006 Exercise Price $ 0.033 0.006 Term in Years 2.32 1.00 Volatility assumed 71% 73% Annual dividend rate 0.0% 0% Risk free discount rate 2.00% 1.79% The compensation expense calculated at time of grant is amortised over the vesting period for the options granted. During the year ended March 31, 2020 and March 31, 2019, the Company amortised $7,277 and $4,613, respectively, as option expense. (E) WARRANTS In conjunction with the sale of Series A Preferred stock Units, the Company issued 4,200,000 warrants to purchase common stock at a price of $1.20 per share for a period of three years. The Company values the warrants Number of warrants Weighted average exercise price Weighted average remaining life in years Outstanding March 31, 2018 - $ - - Granted 2,612,500 $ 1.20 3.00 Exercised - $ 0.00 - Cancelled - $ 0.00 - Outstanding March 31, 2019 2,612,500 $ 1.20 2.41 Exercisable March 31, 2019 2,612,500 $ - 2.41 At March 31, 2020, the value of the warrants was $0 as the Company did not bifurcate the value of Series A Preferred and warrants within the Units sold. |
NOTE 8 FINANCIAL HIGHLIGHTS
NOTE 8 FINANCIAL HIGHLIGHTS | 12 Months Ended |
Mar. 31, 2020 | |
Notes | |
NOTE 8 FINANCIAL HIGHLIGHTS | NOTE 8 FINANCIAL HIGHLIGHTS Per share data (a) March 31, 2020 March 31, 2019 Net asset value $ 0.46 $ 0.27 Net loss $ 0.13 $ 0.04 Net realized and unrealized gain (loss) on investments $ (0.01) $ - Ratios and Supplemental Data Net assets, end of period $ 2,667,611 $ 1,563,732 Common shares outstanding, end of period 5,836,832 5,836,832 Total operating expenses/net assets 29.5 % 15.3% Net loss/net assets 29.0% 14.7% Interest expense and bank fees -% -% (a) Per Share Data is based on weighted average number of common shares outstanding for the period. |
NOTE 9 - SUBSEQUENT EVENTS
NOTE 9 - SUBSEQUENT EVENTS | 12 Months Ended |
Mar. 31, 2020 | |
Notes | |
NOTE 9 - SUBSEQUENT EVENTS | NOTE 9 SUBSEQUENT EVENTS Since March 31, 2020, the Company has raised $325,000 from the sale of 406,250 Series B Preferred stock units through private placements. Since March 31, 2020, the Company has invested $150,000 in three additional investment opportunities. |
NOTE 1 - NATURE OF BUSINESS A_2
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (A) NATURE OF BUSINESS (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Policies | |
(A) NATURE OF BUSINESS | (A) NATURE OF BUSINESS Kyto Technology and Life Science, Inc. was formed as a Florida corporation on March 5, 1999 under the name of B Twelve Inc. In August, 2002, the Company changed its name from B Twelve, Inc. to Kyto BioPharma Inc. and in May 2018, the name was changed again to Kyto Technology and Life Science, Inc. In July 2019, the Company was re-incorporated as a Delaware company. The Company was originally formed to acquire and develop innovative minimally toxic and non-immunosuppressive proprietary drugs for the treatment of cancer, arthritis, and other autoimmune diseases and had been looking at a number of strategies to become active. In April, 2018, the Board adopted a new business plan focused on the development of early stage technology and life science businesses through early stage investment funding. The Company has recruited a number of experienced investment consultants from a network that includes angel investors, corporate managers, and successful entrepreneurs across a number of technology and life science products and markets and relies on input from these advisors in conducting due diligence and making investment decisions. In order to offset the risk in early stage investing, the Company works with angel investment groups and participates only after these groups have completed due diligence and committed to invest, and does not typically invest more than $250,000 in any single investment. Generally, the Companys investments represent less than 5% ownership interests, and the Company therefore has no effective control or influence over the management or commercial decisions of the Companies in which it invests. The Company plans to generate revenue from realised gains from the sale of the businesses in which it has invested. Generally, it is expected that investments will be realised from an exit within a period of four years following investment. Such sales are outside its control and depend on M&A transactions which may result in cash or equity proceeds. Accordingly, it is difficult to forecast revenue, net income, and cash flow. In 2018, the Company developed a business plan to make investments in early stage private companies. At March 31, 2020, management determined that the Company was an investment company for purposes of ASC 946 disclosure, and committed to follow the specialized accounting and reporting guidance of contained therein. Other then making its initial investments in its portfolio companies, the Company does not provide any financial support to any of its investees. The Company currently has approximately $30,000 in the bank and is now actively marketing the first $3 million tranche of a Series B round with a target close date of September 2020. As at June 12, it has raised $300,000 from the sale of Series B stock. Since general and admin expenses, other than investor relations and executive bonus are quite low, averaging $17,000 per month through the year ended March 31, 2020 and payments for investor fundraising, executive bonuses, and commitments to new investment opportunities are discretionary, the Company believes it will be able to manage its cash flow to match available cash on a case by case basis. However, there is no assurance that the Company will be able to continue as a going concern, and stay at home orders, and general economic uncertainties arising out of the current Covid-19 epidemic create additional l delay and uncertainty. |
NOTE 1 - NATURE OF BUSINESS A_3
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (B) LIQUIDITY (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Policies | |
(B) LIQUIDITY | (B) LIQUIDITY The Company was originally formed to acquire and develop innovative minimally toxic and non-immunosuppressive proprietary drugs for the treatment of cancer, arthritis, and other autoimmune diseases and had been looking at a number of strategies to become active. In April, 2018, the Board adopted a new business plan focused on the development of early stage technology and life science businesses through early stage investment funding. The Company has recruited a number of experienced investment consultants from a network that includes angel investors, corporate managers, and successful entrepreneurs across a number of technology and life science products and markets and relies on input from these advisors in conducting due diligence and making investment decisions. In order to offset the risk in early stage investing, the Company works with angel investment groups and participates only after these groups have completed due diligence and committed to invest, and does not typically invest more than $250,000 in any single investment. The Company plans to generate revenue from realised gains from the sale of the businesses in which it has invested. Generally, it is expected that investments will be realised from an exit within a period of four years following investment. Between April 2018 and September 2019 the Company raised $3,360,000 from sales of Series A preferred stock and between October 2019 and March 2020 raised $600,000 from sales of Series B Preferred stock. These funds were used for investments, operating expenses, and fundraising activities. However, in spite of this, there can be no assurance that the Company will be able to continue as a going concern, and stay at home orders, and general economic uncertainties arising out of the current Covid-19 epidemic have created additional delay and uncertainty. |
NOTE 1 - NATURE OF BUSINESS A_4
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (C) BASIS OF PRESENTATION (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Policies | |
(C) BASIS OF PRESENTATION | (C) BASIS OF PRESENTATION The companys financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires the use of estimates, assumptions and the exercise of subjective judgment as to future uncertainties. Actual results could differ from those estimates, assumptions, and judgments. Significant items subject to such estimates will include determining the fair value of investments, revenue recognition, income tax uncertainties, and other contingencies. The companys financial statements are prepared using the specialized accounting principles of Accounting Standards Codification Topic 946, Financial ServicesInvestment Companies (ASC Topic 946). In accordance with this specialized accounting guidance, the company recognizes and carries all of its investments at fair value with changes in fair value recognized in earnings. Additionally, the company will not apply consolidation or equity method of accounting to its investments. The company carries its liabilities at amounts payable, net of unamortized premiums or discounts. The company does not currently plan to elect to carry its liabilities at fair value. Net assets are calculated as the carrying amounts of assets, including the fair value of investments, less the carrying amounts of its liabilities. The financial information associated with the March 31, 2020 and 2019 of management, contains all adjustments and eliminations, consisting of only normal recurring adjustments, necessary for a fair presentation in accordance with GAAP. |
NOTE 1 - NATURE OF BUSINESS A_5
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (D) REVENUE RECOGNITION (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Policies | |
(D) REVENUE RECOGNITION | (D) REVENUE RECOGNITION The Company derives revenue from the sale of investments and occasional fees earned from the provision of financial advisory services to portfolio investment companies. As a minority, early-stage investor, the Company does not have the ability to manage the timing or acceptance of liquidity events that will realize its investments, nor the ability to predict when they may happen, although as a guideline, it would expect such events to occur around four years after its investments are made. The Company will book the revenue from investment activities upon completion of sale and receipt of net proceeds, after deducting related transaction expenses. The Company does not recognize any revenue from unrealized gains. The Company is in regular contact with the management of its portfolio investment companies to provide the basis for impairment reviews, and forecasting future revenue and fund raising needs. |
NOTE 1 - NATURE OF BUSINESS A_6
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (E) INCOME TAXES (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Policies | |
(E) INCOME TAXES | (E) INCOME TAXES The Company accounts for income taxes under the Financial Accounting Standards Accounting Standard Codification Topic 740 "Accounting for Income Taxes" ("Topic 740"). Under Topic 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under Topic 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period, which includes the enactment date. |
NOTE 1 - NATURE OF BUSINESS A_7
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (F) USE OF ESTIMATES (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Policies | |
(F) USE OF ESTIMATES | (F) USE OF ESTIMATES In preparing financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the period presented. Actual results may differ from these estimates. Significant estimates during the fiscal year ended March 31, 2020 and 2019 include the valuation of investment valuation, stock options and warrants. |
NOTE 1 - NATURE OF BUSINESS A_8
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (G) CASH AND CASH EQUIVALENTS (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Policies | |
(G) CASH AND CASH EQUIVALENTS | (G) CASH AND CASH EQUIVALENTS The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. There were no cash equivalents at March 31, 2020 and 2019, respectively. |
NOTE 1 - NATURE OF BUSINESS A_9
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (H) CONCENTRATIONS (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Policies | |
(H) CONCENTRATIONS | (H) CONCENTRATIONS The Company maintains its cash in bank checking and deposit accounts, which, at times, may exceed federally insured limits. As of March 31, 2020 and 2019, the Company did not have any deposits in excess of federally insured limits. The Company has not experienced any losses in such accounts through March 31, 2020 and 2019, respectively. |
NOTE 1 - NATURE OF BUSINESS _10
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (I) STOCK-BASED COMPENSATION (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Policies | |
(I) STOCK-BASED COMPENSATION | (I) STOCK-BASED COMPENSATION Financial Accounting Standards Board Accounting Standards Codification Topic 718, Stock Compensation requires generally that all equity awards granted to employees and consultants be accounted for at fair value. This fair value is measured at grant date for stock settled awards, and at subsequent exercise or settlement for cash-settled awards. Under this method, the Company records an expense equal to the fair value of the options or warrants issued. The fair value is computed using the Black Scholes options pricing model. The Company granted 1,370,000 options to consultants and advisors during the year ended March 31, 2020 (2019 - None). |
NOTE 1 - NATURE OF BUSINESS _11
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (J) NET LOSS PER COMMON SHARE (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Policies | |
(J) NET LOSS PER COMMON SHARE | (J) NET LOSS PER COMMON SHARE In accordance with Statement of Financial Accounting Standards Accounting Standard Codification Topic 260, "Earnings per Share", basic earnings per share is computed by dividing the net income less preferred dividends for the period by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net income less preferred dividends by the weighted average number of common shares outstanding including the effect of common stock equivalents. Common stock equivalents, consisting of preferred stock, stock options and warrants, have not been included in the calculation, as their effect is anti-dilutive for the periods presented. Number of shares used in calculation of diluted EPS Common shares 5,836,832 Preferred A shares 3,805,449 Preferred B shares 95.753 Options 435,635 Warrants 3,805,449 Total 13,979,118 |
NOTE 1 - NATURE OF BUSINESS _12
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (K) INVESTMENT AND VALUATION OF INVESTMENT AT FAIR VALUE (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Policies | |
(K) INVESTMENT AND VALUATION OF INVESTMENT AT FAIR VALUE | (K) INVESTMENT AND VALUATION OF INVESTMENT AT FAIR VALUE The Company reviews the performance of the underlying investments including, management reports, press releases, web site announcements and progress reports, Carta equity updates, management interviews and, where accessible, financial reports, to determine their current and future potential value and liquidity. In the event that Management considers the value of an investment to be impaired, the carrying value of the investment will be written down by an impairment charge to reflect Managements estimated valuation. The Company recognized impairment of one of its investments which was written down by $61,046 in September, 2019. The Company has not experienced any impairment write-downs in any prior or subsequent periods. The Company adopted Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures, for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing US GAAP that require the use of fair value measurements which establishes a framework for measuring fair value and expands disclosure about such fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is an exchange price notion under which fair value is the price in an orderly transaction between market participants to sell an asset or transfer a liability in the market in which the reporting entity would transact for the asset or liability. The Company has established procedures to estimate the fair value of its investments which the companys board of directors has reviewed and approved. The company will use observable market data to estimate the fair value of investments to the extent that market data is available. In the absence of quoted market prices in active markets, or quoted market prices for similar assets or in markets that are not active, the company will use the valuation methodologies described below with unobservable data based on the best available information in the circumstances, which incorporates the companys assumptions about the factors that a market participant would use to value the asset. For investments for which quoted market prices are not available, which will comprise most of our investment portfolio, fair value will be estimated by using the income or market approach. The income approach is based on the assumption that value is created by the expectation of future benefits discounted to a current value and the fair value estimate is the amount an investor would be willing to pay to receive those future benefits. The market approach compares recent comparable transactions to the investment. Adjustments are made for any dissimilarity between the comparable transactions and the investments. These valuation methodologies involve a significant degree of judgment on the part of our management and board. In determining the appropriate fair value of an investment using these approaches, the most significant information and assumption may include, as applicable: available current market data, including relevant and applicable comparable market transactions, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the investments ability to make payments, its earnings and discounted cash flows, the markets in which the project does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparable, the principal market and enterprise values, environmental factors, among other factors. The estimated fair values will not necessarily represent the amounts that may be ultimately realized due to the occurrence or nonoccurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of the valuation of the investments, the estimate of fair values may differ significantly from the value that would have been used had a broader market for the investments existed. The authoritative accounting guidance prioritizes the use of market-based inputs over entity-specific inputs and establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation. The three levels of valuation hierarchy are defined as follows: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entitys own assumptions. |
NOTE 1 - NATURE OF BUSINESS _13
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (L) SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Policies | |
(L) SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS | (L) SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS In March 2020, the Company adopted Accounting Standards Codification Topic 946, Financial ServicesInvestment Companies (ASC Topic 946). In accordance with this specialized accounting guidance, the company recognizes and carries all of its investments at fair value with changes in fair value recognized in earnings. Additionally, the company will not apply consolidation or equity method of accounting to its investments. Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements. |
NOTE 1 - NATURE OF BUSINESS _14
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (M) DEFERRED FUNDRAISING EXPENSES (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Policies | |
(M) DEFERRED FUNDRAISING EXPENSES | (M) DEFERRED FUNDRAISING EXPENSES In 2019, the Company commenced a plan to raise a Series B Preferred round of equity to fund its ongoing investment program and cost of operations. Typically, it expects that this plan, from start to finish may take from six to nine months and in order to match the cost and benefits of this process, the Company adopted a policy of capitalizing direct expenses incurred in the course of fund raising with the intention of netting accumulated expenses against proceeds from sale of equity, and reporting the net funds raised at the close. Direct expenses include legal fees, investor relations fees, investor roadshows and meeting expenses, and related filing and printing fees. At December 31, 2019, the Company has deferred $256,174 of such expenses. Because of the impact of the Covid-19 virus which caused potential investors to slow down their investment decision making, it became difficult to anticipate the rate of funding and, accordingly, the Company decided to write off all deferred fundraising expenses as at March 31, 2020, and to expense such expenses in future periods. |
NOTE 1 - NATURE OF BUSINESS _15
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (N) VOLUNTARY CHANGE IN ACCOUNTING PRINCIPLE (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Policies | |
(N) VOLUNTARY CHANGE IN ACCOUNTING PRINCIPLE | (N) VOLUNTARY CHANGE IN ACCOUNTING PRINCIPLE During the fourth quarter of fiscal 2020, the Company made a voluntary change in accounting principle by preparing the companys financial statements using the specialized accounting principles of Accounting Standards Codification Topic 946, Financial ServicesInvestment Companies (ASC Topic 946). The Company made this voluntary change in principle because it believes that the Company now met the characteristics and requirement of being an investment company under ASC 946, and the presentation under ASC 946 better reflects the business purpose and enhances the comparability of its financial statements with many of its industry peers. In accordance with U.S. GAAP, the change has been reflected in the financial statements through retrospective application as follows: March 31, 2020 March 31, 2019 Prior to Effect of Prior to Effect of Change Change Adjusted Change Change Adjusted Cash $ 33,756 $ - $ 33,756 $ 93,634 $ - $ 93,364 Receivable 500 - 500 1,000 - 1,000 Investment - 2,665,499 2,665,499 - 1,498,048 1,498,048 Current assets 34,256 2,665,499 - 94,634 1,498,048 - Investment 2,665,499 (2,665,499) - 1,498,048 (1,498,048) - Total assets $ 2,699,755 $ - $ 2,699,755 $ 1,592,682 $ - $ 1,592,682 |
NOTE 1 - NATURE OF BUSINESS _16
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (J) NET LOSS PER COMMON SHARE: Schedule of Number of shares used in calculation of diluted EPS (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Tables/Schedules | |
Schedule of Number of shares used in calculation of diluted EPS | Number of shares used in calculation of diluted EPS Common shares 5,836,832 Preferred A shares 3,805,449 Preferred B shares 95.753 Options 435,635 Warrants 3,805,449 Total 13,979,118 |
NOTE 1 - NATURE OF BUSINESS _17
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (N) VOLUNTARY CHANGE IN ACCOUNTING PRINCIPLE: Schedule of retroactive application (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Tables/Schedules | |
Schedule of retroactive application | March 31, 2020 March 31, 2019 Prior to Effect of Prior to Effect of Change Change Adjusted Change Change Adjusted Cash $ 33,756 $ - $ 33,756 $ 93,634 $ - $ 93,364 Receivable 500 - 500 1,000 - 1,000 Investment - 2,665,499 2,665,499 - 1,498,048 1,498,048 Current assets 34,256 2,665,499 - 94,634 1,498,048 - Investment 2,665,499 (2,665,499) - 1,498,048 (1,498,048) - Total assets $ 2,699,755 $ - $ 2,699,755 $ 1,592,682 $ - $ 1,592,682 |
NOTE 4 EARNINGS PER SHARE_ Sche
NOTE 4 EARNINGS PER SHARE: Schedule of Earnings per Share (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Tables/Schedules | |
Schedule of Earnings per Share | 2020 2019 Net loss available to common shareholders $ (773,399) $ (230,107) Weighted average common shares outstanding 5,836,832 4,769,369 Basic and diluted net loss per share $ (0.13) $ (0.05) |
NOTE 5 INVESTMENTS_ Investment
NOTE 5 INVESTMENTS: Investment Portfolio (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Tables/Schedules | |
Investment Portfolio | As of March 31 2020 2019 Number of portfolio companies 28 18 Fair value $ 2,665,499 $ 1,498,048 Cost $ 2,726,545 $ 1,498,048 % of portfolio at cost Convertible notes 1,578,002 58% $ 814,048 54% Preferred stock 651,497 24% 351,500 23% Common stock 73,500 3% - 0% SAFE 126,500 5% 126,500 8% Other ownership units 236,000 9% 206,000 14% Total $ 2,665,499 98% $ 1,498,048 100% |
NOTE 5 INVESTMENTS_ Investments
NOTE 5 INVESTMENTS: Investments in the United States, Canada and Israel (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Tables/Schedules | |
Investments in the United States, Canada and Israel | As of March 31, 2019 America Canada Israel Total Fair value beginning of year $ 1,448,048 $ 50,000 $ - $ 1,498,048 New investments 783,497 195,000 250,000 1,228,497 Proceeds from sale of investments - - - - Realized gains - - - - Write down of investment (61,046) - - (61,046) Fair value March 31, 2020 $ 2,170,499 $ 245,000 $ 250,000 $ 2,665,499 As of March 31, 2018 America Canada Israel Total Fair value beginning of year $ - $ - $ - $ - New investments 1,448,048 50,000 - 1,498,048 Proceeds from sale of investments - - - - Realized gains - - - - Write down of investment - - - - Fair value March 31, 2019 $ 1,448,048 $ 50,000 $ - $ 1,498,048 |
NOTE 5 INVESTMENTS_ Investmen_2
NOTE 5 INVESTMENTS: Investments in Fintech, technology and life sciences (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Tables/Schedules | |
Investments in Fintech, technology and life sciences | As of March 31, 2019 Fintech Technology Life science Total Fair value beginning of year $ 101,500 $ 262,548 $ 1,134,000 $ 1,498,048 New investments - 483,500 744,997 1,228,497 Proceeds from sale of investments - - - - Realized gains - - - - Write down of investment - (61,046) - (61,046) Fair value March 31, 2020 $ 101,500 $ 685,002 $ 1,878,997 $ 2,665,499 As of March 31, 2018 Fintech Technology Life science Total Fair value beginning of year $ - $ - $ - $ - New investments 101,500 262,548 1,134,000 1,498,048 Proceeds from sale of investments - - - - Realized gains - - - - Write down of investment - - - - Fair value March 31, 2019 $ 101,500 $ 262,548 $ 1,134,000 $ 1,498,048 |
NOTE 5 INVESTMENTS_ Investmen_3
NOTE 5 INVESTMENTS: Investments in interest bearing notes (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Tables/Schedules | |
Investments in interest bearing notes | Convertible notes Preferred stock Common stock SAFEs Other ownership interests Total As of March 31, 2019 Fair value beginning of year $ 764,048 $ 401,500 $ 126,500 $ - $ 206,000 $ 1,498,048 New investments 825,000 299,997 - 73,500 30,000 1,228,497 Proceeds from sale of investments - - - - - - Realized gains - - - - - - Write down of investment (61,046) - - - - (61,046) Fair value March 31, 2020 $ 1,528,002 $ 701,497 $ 126,500 $ 73,500 $ 236,000 $ 2,665,499 Convertible notes Preferred stock Common stock SAFEs Other ownership interests Total As of March 31, 2018 $ -- $ - $ - $ - $ - $ - Fair value beginning of year - - - - - - New investments 764,048 401,500 126,500 - 206,000 1,498,048 Proceeds from sale of investments - - - - - - Realized gains - - - - - - Write down of investment - - - - - - Fair value March 31, 2019 $ 764,048 $ 401,500 $ 126,500 $ - $ 206,000 $ 1,498,048 |
NOTE 6 - INCOME TAXES_ Schedule
NOTE 6 - INCOME TAXES: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Tables/Schedules | |
Schedule of Effective Income Tax Rate Reconciliation | For the years ended March 31 2020 2019 Tax benefit at federal statutory rate (21.0) % (21.0) % State income taxes, net of federal benefit (8.0) % (5.5) % Permanent differences - % - % Change in valuation allowance 29.0 % 26.5 % Effective income tax rate - % - % |
NOTE 6 - INCOME TAXES_ Schedu_2
NOTE 6 - INCOME TAXES: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | For the years ended March 31 2020 2019 Net operating loss carryforwards $ 5,051,328 $ 6,304,297 Current year losses 773,399 230,107 Permanent differences - - Gross deferred tax assets $ 5,824,727 $ 6,534,404 Valuation allowance (5,824,727) (6,534,404) Deferred tax asset, net of valuation allowance $ - $ - |
NOTE 7 - EQUITY_ Schedule of Op
NOTE 7 - EQUITY: Schedule of Options Vested (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Tables/Schedules | |
Schedule of Options Vested | Number of options Weighted average exercise price Weighted average remaining life in years Outstanding March 31, 2018 - - Granted 2,697,085 $ 0.00 1.00 Exercised (2,697,085) $ 0.00 1.00 Cancelled - $ 0.00 - Outstanding March 31, 2019 - $ 0.00 - Exercisable March 31, 2019 - $ - - |
NOTE 7 - EQUITY_ Schedule of Fa
NOTE 7 - EQUITY: Schedule of Fair Value Assumptions - Stock Options (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Tables/Schedules | |
Schedule of Fair Value Assumptions - Stock Options | March 31, 2020 March 31, 2019 Stock Price at grant date $ 0.033 0.006 Exercise Price $ 0.033 0.006 Term in Years 2.32 1.00 Volatility assumed 71% 73% Annual dividend rate 0.0% 0% Risk free discount rate 2.00% 1.79% |
NOTE 7 - EQUITY_ Schedule of Wa
NOTE 7 - EQUITY: Schedule of Warrants (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Tables/Schedules | |
Schedule of Warrants | Number of warrants Weighted average exercise price Weighted average remaining life in years Outstanding March 31, 2018 - $ - - Granted 2,612,500 $ 1.20 3.00 Exercised - $ 0.00 - Cancelled - $ 0.00 - Outstanding March 31, 2019 2,612,500 $ 1.20 2.41 Exercisable March 31, 2019 2,612,500 $ - 2.41 |
NOTE 8 FINANCIAL HIGHLIGHTS_ Sc
NOTE 8 FINANCIAL HIGHLIGHTS: Schedule of Financial Highlights (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Tables/Schedules | |
Schedule of Financial Highlights | March 31, 2020 March 31, 2019 Net asset value $ 0.46 $ 0.27 Net loss $ 0.13 $ 0.04 Net realized and unrealized gain (loss) on investments $ (0.01) $ - Ratios and Supplemental Data Net assets, end of period $ 2,667,611 $ 1,563,732 Common shares outstanding, end of period 5,836,832 5,836,832 Total operating expenses/net assets 29.5 % 15.3% Net loss/net assets 29.0% 14.7% Interest expense and bank fees -% -% |
NOTE 1 - NATURE OF BUSINESS _18
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (A) NATURE OF BUSINESS (Details) | 12 Months Ended |
Mar. 31, 2020 | |
Details | |
Entity Incorporation, Date of Incorporation | Mar. 5, 1999 |
NOTE 4 EARNINGS PER SHARE_ Sc_2
NOTE 4 EARNINGS PER SHARE: Schedule of Earnings per Share (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Details | ||
Net loss available to common shareholders | $ (773,399) | $ (230,107) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 5,836,832 | 4,769,369 |
Basic and diluted net loss per share | $ (0.13) | $ (0.05) |
NOTE 6 - INCOME TAXES_ Schedu_3
NOTE 6 - INCOME TAXES: Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Details | |||
Federal Statutory Rate | (21.00%) | (21.00%) | |
State Taxes Rate | [1] | (8.00%) | (5.50%) |
Change in valuation allowance | 29.00% | 26.50% | |
Effective Tax Rate | 0.00% | 0.00% | |
[1] | IT1 |
NOTE 6 - INCOME TAXES_ Schedu_4
NOTE 6 - INCOME TAXES: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Details | ||
Net operating loss carryforwards | $ 5,051,328 | $ 6,304,297 |
Current year losses | 773,399 | 230,107 |
Permanent differences | 0 | 0 |
Gross deferred tax assets | 5,824,727 | 6,534,404 |
Valuation allowance | (5,824,727) | (6,534,404) |
Deferred tax asset, net of valuation allowance | $ 0 | $ 0 |
NOTE 7 - EQUITY (Details)
NOTE 7 - EQUITY (Details) - $ / shares | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Common Stock, Shares Authorized | 40,000,000 | 40,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares, Issued | 5,836,832 | 5,836,832 |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used | Black Scholes model | |
Series A Preferred Stock | ||
Preferred Stock, Shares Authorized | 4,200,000 | 4,200,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Outstanding | 4,200,000 | 2,612,500 |
Series B Preferred Stock | ||
Preferred Stock, Shares Authorized | 6,000,000 | 6,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Outstanding | 812,500 | 0 |
NOTE 7 - EQUITY_ Schedule of _2
NOTE 7 - EQUITY: Schedule of Options Vested (Details) - Stock Options - $ / shares | Mar. 31, 2020 | Mar. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,697,085 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (2,697,085) | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 0 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 0 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 0 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 0 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 0 years |
NOTE 7 - EQUITY_ Schedule of _3
NOTE 7 - EQUITY: Schedule of Fair Value Assumptions - Stock Options (Details) - Stock Options - $ / shares | Mar. 31, 2020 | Mar. 31, 2019 |
Stock Price at grant date | $ 0.033 | $ 0.006 |
Exercise Price | $ 0.033 | $ 0.006 |
Term in Years | 2 years 3 months 25 days | 1 year |
Volatility assumed | 71.00% | 73.00% |
Annual dividend rate | 0.00% | 0.00% |
Risk free discount rate | 2.00% | 1.79% |
NOTE 7 - EQUITY_ Schedule of _4
NOTE 7 - EQUITY: Schedule of Warrants (Details) - Warrants - $ / shares | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 0 years | 2 years 4 months 28 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,612,500 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 1.20 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 0 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 2,612,500 | 2,612,500 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 1.20 | $ 0 | $ 1.20 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 2,612,500 | 2,612,500 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 4 months 28 days |
NOTE 9 - SUBSEQUENT EVENTS (Det
NOTE 9 - SUBSEQUENT EVENTS (Details) | 12 Months Ended |
Mar. 31, 2020 | |
Event 1 | |
Subsequent Event, Description | Company has raised $325,000 from the sale of 406,250 Series B Preferred stock units |
Event 2 | |
Subsequent Event, Description | Company has invested $150,000 |