Cover
Cover - shares | 3 Months Ended | |
Jun. 30, 2021 | Sep. 28, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q/A | |
Amendment Flag | true | |
Amendment Description | Amendment No. 1 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 000-50390 | |
Entity Registrant Name | KYTO TECHNOLOGY AND LIFE SCIENCE, INC. | |
Entity Central Index Key | 0001164888 | |
Entity Tax Identification Number | 65-1086538 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 13050 Paloma Road | |
Entity Address, City or Town | Los Altos Hills | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94022 | |
City Area Code | (650) | |
Local Phone Number | 204 7896 | |
Title of 12(b) Security | Common stock | |
Trading Symbol | KBPH | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,287,621 |
Condensed Statements of Assets
Condensed Statements of Assets and Liabilities - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
ASSETS | ||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | $ 8,140,007 | $ 6,821,407 |
Cash | 481,506 | 1,437,868 |
Deferred offering costs | 170,889 | 169,891 |
Total Assets | 8,792,402 | 8,429,166 |
Liabilities | ||
Accounts payable and accrued liabilities | 182,951 | 193,141 |
Accrued liabilities - related parties | 72,205 | 51,420 |
Common stock subscription liability | 1,191,442 | |
Total Liabilities | 255,156 | 1,436,003 |
Commitments and Contingencies (Note 3) | ||
Net Assets | ||
Preferred stock, value | ||
Common stock, $.01 par value, 40,000,000 shares authorized, 13,268,871 and 9,983,082 issued and outstanding as of June 30, 2021 and March 31 2021, respectively | 132,689 | 99,831 |
Additional paid-in capital | 41,610,332 | 39,772,228 |
Accumulated deficit | (33,290,978) | (32,957,186) |
Total Net Assets | 8,537,246 | 6,993,163 |
Total Liabilities and Net Assets | 8,792,402 | 8,429,166 |
Series A Preferred Stock [Member] | ||
Net Assets | ||
Preferred stock, value | 42,001 | 42,001 |
Series B Preferred Stock [Member] | ||
Net Assets | ||
Preferred stock, value | $ 43,202 | $ 36,289 |
Condensed Statements of Asset_2
Condensed Statements of Assets and Liabilities (Parenthetical) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Investments at fair value | $ 6,952,145 | $ 5,686,545 |
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 |
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 | 13,268,871 | 9,983,082 |
Common Stock, Shares, Outstanding | 13,268,871 | 9,983,082 |
Series A Preferred Stock [Member] | ||
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 | 4,200,000 |
Preferred Stock, Shares Outstanding | 4,200,000 | 4,200,000 |
Series B Preferred Stock [Member] | ||
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 | 4,320,156 | 3,628,906 |
Preferred Stock, Shares Outstanding | 4,320,156 | 3,628,906 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
INVESTMENT INCOME | ||
Interest and other income | ||
Total investment income | ||
EXPENSES | ||
Professional fees | 166,954 | 12,938 |
Other operating expenses | 219,838 | 25,930 |
Total expenses | 386,792 | 38,868 |
Net investment loss | (386,792) | (38,868) |
Net change in unrealized gain from investments | 53,000 | |
Net decrease in net assets resulting from operations | $ (333,792) | $ (38,868) |
Loss per Common Share, Basic and Fully diluted | ||
Net decrease in net assets resulting from operations per common share | $ (0.03) | $ (0.01) |
Weighted average common shares outstanding | 13,268,871 | 5,836,832 |
Condensed Statements of Changes
Condensed Statements of Changes in Net Assets (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | |
Balance | $ 6,993,163 | $ 2,667,611 | $ 2,667,611 |
Net decrease in net assets resulting from operations | (333,792) | (38,868) | |
Sale of Series B Preferred stock at $0.80 per share | 553,002 | 375,000 | |
Sale of common stock at $0.40 per share | 1,314,316 | ||
Compensation expense from stock options | 10,557 | 1,048 | |
Balance | 8,537,246 | 3,004,791 | 6,993,163 |
Preferred Stock [Member] | |||
Balance | $ 42,001 | $ 42,001 | $ 42,001 |
Balance, shares | 4,200,000 | 4,200,000 | 4,200,000 |
Sale of Series B Preferred stock at $0.80 per share | |||
Balance | $ 42,001 | $ 42,001 | $ 42,001 |
Balance, shares | 4,200,000 | 4,200,000 | 4,200,000 |
Preferred B Stock [Member] | |||
Balance | $ 36,289 | $ 8,125 | $ 8,125 |
Balance, shares | 3,628,906 | 812,500 | 812,500 |
Sale of Series B Preferred stock at $0.80 per share | $ 6,913 | $ 4,063 | |
Sale of Series B Preferred stock at $0.80 per share, shares | 691,250 | 468,750 | |
Balance | $ 43,202 | $ 12,188 | $ 36,289 |
Balance, shares | 4,320,156 | 1,281,250 | 3,628,906 |
Common Stock [Member] | |||
Balance | $ 99,831 | $ 58,368 | $ 58,368 |
Balance, shares | 9,983,082 | 5,836,832 | 5,836,832 |
Sale of Series B Preferred stock at $0.80 per share | |||
Sale of common stock at $0.40 per share | $ 32,858 | ||
Sale of common stock $0.40 per share, shares | 3,285,789 | ||
Balance | $ 132,689 | $ 58,368 | $ 99,831 |
Balance, shares | 13,268,871 | 5,836,832 | 9,983,082 |
Additional Paid-in Capital [Member] | |||
Balance | $ 39,772,228 | $ 35,943,369 | $ 35,943,369 |
Sale of Series B Preferred stock at $0.80 per share | 546,089 | 370,937 | |
Sale of common stock at $0.40 per share | 1,281,458 | ||
Compensation expense from stock options | 10,557 | 1,048 | |
Balance | 41,610,332 | 36,315,354 | 39,772,228 |
Retained Earnings [Member] | |||
Balance | (32,957,186) | (33,384,252) | (33,384,252) |
Net decrease in net assets resulting from operations | (333,792) | (38,868) | |
Balance | $ (33,290,978) | $ (33,423,120) | $ (32,957,186) |
Condensed Statements of Chang_2
Condensed Statements of Changes in Net Assets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2021 | Jun. 30, 2020 |
Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Sales of stock price per share | $ 0.40 | |
Series B Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Sales of stock price per share | $ 0.80 | $ 0.80 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities: | ||
Net decrease in net assets resulting from operations | $ (333,792) | $ (38,868) |
Adjustments to reconcile net decrease in net assets resulting from operations to net cash used in operating activities | ||
Net change in unrealized gain on investments | (53,000) | |
Stock option compensation expenses | 10,557 | 1,048 |
Change in operating assets and liabilities | ||
Other current assets | 500 | |
Deferred fundraising expenses | (998) | |
Accounts payable and accrued liabilities | (10,190) | 2,643 |
Accrued liabilities to related parties | 20,785 | 2,250 |
Purchase of investments | (1,265,600) | (250,000) |
Net cash used in operating activities | (1,632,238) | (282,427) |
Cash flows from financing activities: | ||
Sale of Common Stock | 122,874 | |
Sale of Series B Preferred stock | 553,002 | 375,000 |
Net cash provided by financing activities | 675,876 | 375,000 |
Net increase/(decrease) in cash | (956,362) | 92,573 |
Cash, beginning of period | 1,437,868 | 33,756 |
Cash, end of period | 481,506 | 126,329 |
Supplemental cash flow information | ||
Interest paid | ||
Taxes paid | 800 | 800 |
Supplemental schedule of noncash financing activities: | ||
Conversion of common stock subscription liability to common stock | $ 1,191,442 |
Condensed Schedule of Investmen
Condensed Schedule of Investments (Unaudited) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 6,952,145 | $ 5,686,545 |
Investment owned, at fair value | $ 8,140,007 | $ 6,821,407 |
Investment owned, percent of net assets | 95.30% | 97.50% |
UNITED STATES | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 5,382,145 | $ 4,516,545 |
Investment owned, at fair value | $ 6,380,078 | $ 5,486,010 |
Investment owned, percent of net assets | 74.70% | 78.40% |
CANADA | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 970,000 | $ 770,000 |
Investment owned, at fair value | $ 1,125,419 | $ 907,560 |
Investment owned, percent of net assets | 13.20% | 13.00% |
Rest of World [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 600,000 | $ 400,000 |
Investment owned, at fair value | $ 634,510 | $ 427,836 |
Investment owned, percent of net assets | 7.40% | 6.10% |
Convertible Debt Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 2,866,048 | $ 2,216,048 |
Investment owned, at fair value | $ 3,252,175 | $ 2,553,954 |
Investment owned, percent of net assets | 38.10% | 36.50% |
Convertible Debt Securities [Member] | UNITED STATES | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 2,046,048 | $ 1,596,048 |
Investment owned, at fair value | $ 2,342,246 | $ 1,868,557 |
Investment owned, percent of net assets | 27.40% | 26.70% |
Convertible Debt Securities [Member] | CANADA | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 470,000 | $ 370,000 |
Investment owned, at fair value | $ 525,419 | $ 407,561 |
Investment owned, percent of net assets | 6.20% | 5.80% |
Convertible Debt Securities [Member] | Rest of World [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 350,000 | $ 250,000 |
Investment owned, at fair value | $ 384,510 | $ 277,836 |
Investment owned, percent of net assets | 4.50% | 4.00% |
Preferred Investments [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 2,700,997 | $ 2,450,997 |
Investment owned, at fair value | $ 3,384,237 | $ 3,129,458 |
Investment owned, percent of net assets | 39.60% | 44.80% |
Preferred Investments [Member] | UNITED STATES | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 2,450,997 | $ 2,300,997 |
Investment owned, at fair value | $ 3,134,237 | $ 2,979,458 |
Investment owned, percent of net assets | 36.70% | 42.60% |
Preferred Investments [Member] | CANADA | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 200,000 | $ 100,000 |
Investment owned, at fair value | $ 200,000 | $ 100,000 |
Investment owned, percent of net assets | 2.30% | 1.40% |
Preferred Investments [Member] | Rest of World [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 50,000 | $ 50,000 |
Investment owned, percent of net assets | 0.60% | 0.70% |
Common Stock Investments [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 439,100 | $ 273,500 |
Investment owned, at fair value | $ 557,595 | $ 391,995 |
Investment owned, percent of net assets | 6.50% | 5.60% |
Common Stock Investments [Member] | UNITED STATES | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 239,100 | $ 73,500 |
Investment owned, at fair value | $ 257,595 | $ 91,995 |
Investment owned, percent of net assets | 3.00% | 1.30% |
Common Stock Investments [Member] | CANADA | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 200,000 | $ 200,000 |
Investment owned, at fair value | $ 300,000 | $ 300,000 |
Investment owned, percent of net assets | 3.50% | 4.30% |
Common Stock Investments [Member] | Rest of World [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | ||
Investment owned, at fair value | ||
Investment owned, percent of net assets | 0.00% | 0.00% |
SAFE Investments [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 425,000 | $ 325,000 |
Investment owned, at fair value | $ 425,000 | $ 325,000 |
Investment owned, percent of net assets | 5.00% | 4.60% |
SAFE Investments [Member] | UNITED STATES | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 125,000 | $ 125,000 |
Investment owned, at fair value | $ 125,000 | $ 125,000 |
Investment owned, percent of net assets | 1.50% | 1.80% |
SAFE Investments [Member] | CANADA | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 100,000 | $ 100,000 |
Investment owned, at fair value | $ 100,000 | $ 100,000 |
Investment owned, percent of net assets | 1.20% | 1.40% |
SAFE Investments [Member] | Rest of World [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 200,000 | $ 100,000 |
Investment owned, at fair value | $ 200,000 | $ 100,000 |
Investment owned, percent of net assets | 2.30% | 1.40% |
Other Investments [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 521,000 | $ 421,000 |
Investment owned, at fair value | $ 521,000 | $ 421,000 |
Investment owned, percent of net assets | 6.10% | 6.00% |
Other Investments [Member] | UNITED STATES | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 521,000 | $ 421,000 |
Investment owned, at fair value | $ 521,000 | $ 421,000 |
Investment owned, percent of net assets | 6.10% | 6.00% |
Other Investments [Member] | CANADA | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | ||
Investment owned, at fair value | ||
Investment owned, percent of net assets | 0.00% | 0.00% |
Other Investments [Member] | Rest of World [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | ||
Investment owned, at fair value | ||
Investment owned, percent of net assets | 0.00% | 0.00% |
Life Science [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at fair value | $ 6,232,518 | $ 5,301,059 |
Technology [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at fair value | 1,781,459 | 1,394,318 |
Fintech [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at fair value | 126,030 | 126,030 |
Abfero Pharmaceuticals Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due Decemeber 2022 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | 100,000 | |
Investment owned, at fair value | $ 101,118 | |
Investment owned, percent of net assets | 1.20% | |
Achelios Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due Decemeber 2021 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 100,000 | 100,000 |
Investment owned, at fair value | $ 123,167 | $ 121,173 |
Investment owned, percent of net assets | 1.40% | 1.70% |
Achelios Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due Decemeber 2021 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 25,000 | $ 25,000 |
Investment owned, at fair value | $ 29,532 | $ 29,033 |
Investment owned, percent of net assets | 0.30% | 0.40% |
Achelios Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Notes 8% Due Decemeber 2021 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 55,578 | $ 54,581 |
Investment owned, percent of net assets | 0.70% | 0.80% |
Achelios Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note Sidecar 25% Discount No Interest [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | |
Investment owned, at fair value | $ 50,000 | |
Investment owned, percent of net assets | 0.60% | |
AOA DX Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 4% Due May 2024 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 100,000 | |
Investment owned, at fair value | $ 100,559 | |
Investment owned, percent of net assets | 1.20% | |
Avisi Technologies Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due July 2022 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 53,671 | $ 52,674 |
Investment owned, percent of net assets | 0.60% | 0.80% |
Basepaws Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 1% Due April 2020 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 162,444 | $ 162,319 |
Investment owned, percent of net assets | 1.90% | 2.30% |
Beam Semi Conductor Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due April 2022 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 150,000 | $ 150,000 |
Investment owned, at fair value | $ 174,033 | $ 171,041 |
Investment owned, percent of net assets | 2.00% | 2.40% |
Beam Semi Conductor Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due March 2021 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 55,282 | $ 54,285 |
Investment owned, percent of net assets | 0.60% | 0.80% |
Beam Semi Conductor Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due March 2022 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 100,000 | |
Investment owned, at fair value | $ 101,688 | |
Investment owned, percent of net assets | 1.20% | |
Corinnova Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due December 2024 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 100,000 | $ 100,000 |
Investment owned, at fair value | $ 103,699 | $ 102,318 |
Investment owned, percent of net assets | 1.20% | 1.50% |
Cyberdontics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due September 2022 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 30,000 | $ 30,000 |
Investment owned, at fair value | $ 34,366 | $ 33,768 |
Investment owned, percent of net assets | 0.40% | 0.50% |
Cyberdontics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due February 2023 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 35,000 | $ 35,000 |
Investment owned, at fair value | $ 38,751 | $ 38,053 |
Investment owned, percent of net assets | 0.50% | 0.50% |
Cyberdontics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 0% On Due Date [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 35,000 | $ 35,000 |
Investment owned, at fair value | $ 36,995 | $ 36,296 |
Investment owned, percent of net assets | 0.40% | 0.50% |
Deep Blue Medical Advances Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due June 2022 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 51,595 | $ 50,863 |
Investment owned, percent of net assets | 0.60% | 0.70% |
Deep Blue Medical Advances Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stock [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 49,996 | $ 49,997 |
Investment owned, at fair value | $ 49,996 | $ 49,997 |
Investment owned, percent of net assets | 0.60% | 0.70% |
Every Key Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 5% Due December 2023 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 100,000 | $ 100,000 |
Investment owned, at fair value | $ 107,767 | $ 106,521 |
Investment owned, percent of net assets | 1.30% | 1.50% |
Identical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 2% Due May 2022 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 100,000 | $ 100,000 |
Investment owned, at fair value | $ 101,271 | $ 100,844 |
Investment owned, percent of net assets | 1.20% | 1.40% |
INBay Technonlogy Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 12% Due October 2020 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 66,077 | $ 59,721 |
Investment owned, percent of net assets | 0.80% | 0.90% |
INBay Technonlogy Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 12% Due July 2021 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 30,000 | $ 30,000 |
Investment owned, at fair value | $ 37,121 | $ 34,149 |
Investment owned, percent of net assets | 0.40% | 0.50% |
INBay Technonlogy Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 12% Due February 2022 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 58,137 | $ 56,641 |
Investment owned, percent of net assets | 0.70% | 0.80% |
INBay Technonlogy Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 12% Due December 2022 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 40,000 | $ 40,000 |
Investment owned, at fair value | $ 42,748 | $ 41,552 |
Investment owned, percent of net assets | 0.50% | 0.60% |
INBay Technonlogy Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 12% Due December 2023 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | |
Investment owned, at fair value | $ 51,414 | |
Investment owned, percent of net assets | 0.60% | |
Iris R&D Group Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due May 2023 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | |
Investment owned, at fair value | $ 50,438 | |
Investment owned, percent of net assets | 0.60% | |
Kiana Analytics [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 3% Due December 2022 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 100,000 | $ 100,000 |
Investment owned, at fair value | $ 101,570 | $ 100,847 |
Investment owned, percent of net assets | 1.20% | 1.40% |
Kiotech Medical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due December 2020 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 100,000 | $ 100,000 |
Investment owned, at fair value | $ 244,629 | $ 243,133 |
Investment owned, percent of net assets | 2.90% | 3.50% |
Kiotech Medical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due November 2022 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 75,000 | $ 75,000 |
Investment owned, at fair value | $ 84,761 | $ 83,738 |
Investment owned, percent of net assets | 1.00% | 1.20% |
Lifewave Biomedical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due December 2020 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 30,000 | $ 30,000 |
Investment owned, at fair value | $ 33,279 | $ 32,831 |
Investment owned, percent of net assets | 0.40% | 0.50% |
Lifewave Biomedical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due December 2020 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 70,000 | $ 70,000 |
Investment owned, at fair value | $ 75,857 | $ 74,810 |
Investment owned, percent of net assets | 0.90% | 1.10% |
Lifewave Biomedical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due December 2021 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | |
Investment owned, at fair value | $ 50,403 | |
Investment owned, percent of net assets | 0.60% | |
mmTron Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 4% Due April 2023 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 100,000 | |
Investment owned, at fair value | $ 100,022 | |
Investment owned, percent of net assets | 1.20% | |
Navaux Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due December 2023 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 60,000 | $ 60,000 |
Investment owned, at fair value | $ 61,933 | $ 61,036 |
Investment owned, percent of net assets | 0.70% | 0.90% |
Neuro 42 Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due December 2023 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 51,556 | $ 50,559 |
Investment owned, percent of net assets | 0.60% | 0.70% |
Octagon Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 5% Due June 2021 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 51,719 | $ 51,110 |
Investment owned, percent of net assets | 0.60% | 0.70% |
Octagon Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 5% Due June 2021 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 51,589 | $ 50,966 |
Investment owned, percent of net assets | 0.60% | 0.70% |
Perikinetics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due May 2022 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 100,000 | $ 100,000 |
Investment owned, at fair value | $ 103,814 | $ 102,318 |
Investment owned, percent of net assets | 1.20% | 1.50% |
Preview Medical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 7% Due January 2023 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 100,000 | $ 100,000 |
Investment owned, at fair value | $ 103,184 | $ 101,918 |
Investment owned, percent of net assets | 1.20% | 1.50% |
Sage Medic Corp [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due April 2021 Plus Warrants [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 58,877 | $ 57,879 |
Investment owned, percent of net assets | 0.70% | 0.80% |
Sage Medic Corp [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due December 2022 Plus Warrants [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 75,000 | $ 75,000 |
Investment owned, at fair value | $ 78,436 | $ 77,088 |
Investment owned, percent of net assets | 0.90% | 1.10% |
Sensing Electromagnetic Plus Corp [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note Fully Reserved [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 1 | $ 1 |
Investment owned, percent of net assets | 0.00% | 0.00% |
Sensing Electromagnetic Plus Corp [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note Fully Reserved [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 11,048 | $ 11,048 |
Investment owned, at fair value | $ 1 | $ 1 |
Investment owned, percent of net assets | 0.00% | 0.00% |
Single Pass Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% April 2024 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | |
Investment owned, at fair value | $ 50,214 | |
Investment owned, percent of net assets | 0.60% | |
Valfix Medical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% December 2021 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 53,507 | $ 52,510 |
Investment owned, percent of net assets | 0.60% | 0.80% |
Valfix Medical Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 50,000 | $ 50,000 |
Investment owned, percent of net assets | 0.60% | 0.70% |
Xpan Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due June 2022 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 25,000 | $ 25,000 |
Investment owned, at fair value | $ 27,044 | $ 26,545 |
Investment owned, percent of net assets | 0.30% | 0.40% |
Xpan Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due June 2022 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 25,000 | $ 25,000 |
Investment owned, at fair value | $ 27,035 | $ 26,540 |
Investment owned, percent of net assets | 0.30% | 0.40% |
Xpan Inc [Member] | Life Science [Member] | Corporate Note Securities [Member] | Convertible Note 8% Due March 2022 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 55,293 | $ 54,296 |
Investment owned, percent of net assets | 0.60% | 0.80% |
Altis Biosystems [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 50,000 | $ 50,000 |
Investment owned, percent of net assets | 0.60% | 0.70% |
Astrocyte Pharmaceuticals Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stock [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 100,000 | $ 100,000 |
Investment owned, at fair value | $ 104,778 | $ 100,000 |
Investment owned, percent of net assets | 1.20% | 1.40% |
Cnote Group, Inc [Member] | Fintech [Member] | Preferred Investments [Member] | Series Seed-2 Preferred [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 51,500 | $ 51,500 |
Investment owned, at fair value | $ 59,783 | $ 59,783 |
Investment owned, percent of net assets | 0.70% | 0.90% |
Cnote Group, Inc [Member] | Fintech [Member] | Preferred Investments [Member] | Series Seed-3 Preferred [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 66,247 | $ 66,247 |
Investment owned, percent of net assets | 0.80% | 0.90% |
Colabs Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A-1 Preferred [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 50,000 | $ 50,000 |
Investment owned, percent of net assets | 0.60% | 0.70% |
Connectus Services Ltd [Member] | Technology [Member] | Preferred Investments [Member] | Series Seed Preferred [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 100,000 | $ 100,000 |
Investment owned, at fair value | $ 100,000 | $ 100,000 |
Investment owned, percent of net assets | 1.20% | 1.40% |
Eumentis Thereapeutics Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stock [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 100,000 | $ 100,000 |
Investment owned, at fair value | $ 100,000 | $ 100,000 |
Investment owned, percent of net assets | 1.20% | 1.40% |
FemtoDX Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stock [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 100,000 | $ 100,000 |
Investment owned, at fair value | $ 159,835 | $ 159,835 |
Investment owned, percent of net assets | 1.90% | 2.30% |
Healionics Corporation [Member] | Life Science [Member] | Preferred Investments [Member] | Series A-1 Preferred [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 100,000 | |
Investment owned, at fair value | $ 100,000 | |
Investment owned, percent of net assets | 1.20% | |
i-Lumen Scientific Inc. [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Plus Warrants [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 50,000 | $ 50,000 |
Investment owned, percent of net assets | 0.60% | 0.70% |
i-Lumen Scientific Inc. [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Plus Warrants [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 50,000 | $ 50,000 |
Investment owned, percent of net assets | 0.60% | 0.70% |
Inhalon Biopharma Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 99,997 | $ 99,997 |
Investment owned, at fair value | $ 99,997 | $ 99,997 |
Investment owned, percent of net assets | 1.20% | 1.40% |
Light Line Medical Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 25,000 | $ 25,000 |
Investment owned, at fair value | $ 25,000 | $ 25,000 |
Investment owned, percent of net assets | 0.30% | 0.40% |
Light Line Medical Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Plus Warrants [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 50,000 | $ 50,000 |
Investment owned, percent of net assets | 0.60% | 0.70% |
Light Line Medical Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred (Converted Note) [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 30,000 | $ 30,000 |
Investment owned, at fair value | $ 38,031 | $ 38,031 |
Investment owned, percent of net assets | 0.40% | 0.50% |
Light Line Medical Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred (Converted Note) [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 70,000 | $ 70,000 |
Investment owned, at fair value | $ 106,049 | $ 106,049 |
Investment owned, percent of net assets | 1.20% | 1.50% |
Lowell Therapeutics Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stock [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 50,000 | $ 50,000 |
Investment owned, percent of net assets | 0.60% | 0.70% |
Lowell Therapeutics Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stocks [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 50,000 | $ 50,000 |
Investment owned, percent of net assets | 0.60% | 0.70% |
Makani Science Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | |
Investment owned, at fair value | $ 50,000 | |
Investment owned, percent of net assets | 0.60% | |
Micronic Technologies Inc [Member] | Technology [Member] | Preferred Investments [Member] | Series Seed-1 Preferred Plus Warrants [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 100,000 | $ 100,000 |
Investment owned, at fair value | $ 100,000 | $ 100,000 |
Investment owned, percent of net assets | 1.20% | 1.40% |
Neuroflow Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed-2 Preferred [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 150,000 | $ 150,000 |
Investment owned, at fair value | $ 224,998 | $ 224,998 |
Investment owned, percent of net assets | 2.60% | 3.20% |
Neuroflow Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series B Preferred Stock [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 100,000 | $ 100,000 |
Investment owned, at fair value | $ 212,497 | $ 212,497 |
Investment owned, percent of net assets | 2.50% | 3.00% |
New View Surgical, Inc. [Member] | Life Science [Member] | Preferred Investments [Member] | Series A-1 Preferred [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 75,000 | $ 75,000 |
Investment owned, at fair value | $ 75,000 | $ 75,000 |
Investment owned, percent of net assets | 0.90% | 1.10% |
Orion Biotechnology Inc. [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stock [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 100,000 | |
Investment owned, at fair value | $ 100,000 | |
Investment owned, percent of net assets | 1.20% | |
Orion Biotechnology Inc. [Member] | Life Science [Member] | SAFE Investments [Member] | SAFE [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 100,000 | $ 100,000 |
Investment owned, at fair value | $ 100,000 | $ 100,000 |
Investment owned, percent of net assets | 1.20% | 1.40% |
Otomagnetics Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A-1 Preferred Plus Warrants [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 100,000 | $ 100,000 |
Investment owned, at fair value | $ 100,000 | $ 100,000 |
Investment owned, percent of net assets | 1.20% | 1.40% |
Promaxo [Member] | Life Science [Member] | Preferred Investments [Member] | Series B-1 Preferred, (Converted Note) [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 250,000 | $ 250,000 |
Investment owned, at fair value | $ 531,738 | $ 531,738 |
Investment owned, percent of net assets | 6.20% | 7.60% |
Seal Rock Therapeutics, Inc. [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred (Converted Note) [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 78,000 | $ 78,000 |
Investment owned, at fair value | $ 80,329 | $ 80,329 |
Investment owned, percent of net assets | 0.90% | 1.10% |
Shyft (FKA Crater Group Inc) [Member] | Technology [Member] | Preferred Investments [Member] | Series A-1 Preferred [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 51,500 | $ 51,500 |
Investment owned, at fair value | $ 97,940 | $ 97,940 |
Investment owned, percent of net assets | 1.10% | 1.40% |
Shyft (FKA Crater Group Inc) [Member] | Technology [Member] | Preferred Investments [Member] | Series A Preferred (Converted Note) [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 64,626 | $ 64,626 |
Investment owned, percent of net assets | 0.80% | 0.90% |
Shyft (FKA Crater Group Inc) [Member] | Technology [Member] | Preferred Investments [Member] | Series A-1 Preferred (Converted Note) [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 50,000 | $ 50,000 |
Investment owned, percent of net assets | 0.60% | 0.70% |
Trellis Bioscience LLC [Member] | Life Science [Member] | Preferred Investments [Member] | Series B Preferred Plus Warrants [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 50,000 | $ 50,000 |
Investment owned, percent of net assets | 0.60% | 0.70% |
Trellis Bioscience LLC [Member] | Life Science [Member] | Preferred Investments [Member] | Series B Preferred Plus Warrants [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 50,000 | $ 50,000 |
Investment owned, percent of net assets | 0.60% | 0.70% |
Trellis Bioscience LLC [Member] | Life Science [Member] | Preferred Investments [Member] | Series B Preferred Plus Warrant [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 100,000 | $ 100,000 |
Investment owned, at fair value | $ 100,000 | $ 100,000 |
Investment owned, percent of net assets | 1.20% | 1.40% |
Visgenx Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred (Converted Note) [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 25,000 | $ 25,000 |
Investment owned, at fair value | $ 25,648 | $ 25,648 |
Investment owned, percent of net assets | 0.30% | 0.40% |
Visgenx Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred (Converted Note) [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 15,003 | $ 15,003 |
Investment owned, at fair value | $ 15,393 | $ 15,392 |
Investment owned, percent of net assets | 0.20% | 0.20% |
Visgenx Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed-1 Preferred (Converted Note) [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 30,000 | $ 30,000 |
Investment owned, at fair value | $ 46,352 | $ 46,352 |
Investment owned, percent of net assets | 0.50% | 0.70% |
BendaRX Corp [Member] | Life Science [Member] | Common Stock Investments [Member] | Common Stock [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 100,000 | $ 100,000 |
Investment owned, at fair value | $ 150,000 | $ 150,000 |
Investment owned, percent of net assets | 1.80% | 2.10% |
BendaRX Corp [Member] | Life Science [Member] | Common Stock Investments [Member] | Common Stock [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 100,000 | $ 100,000 |
Investment owned, at fair value | $ 150,000 | $ 150,000 |
Investment owned, percent of net assets | 1.80% | 2.10% |
Boardwalk Tech [Member] | Life Science [Member] | Common Stock Investments [Member] | Common Stock [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 65,600 | $ 73,500 |
Investment owned, at fair value | $ 65,600 | $ 91,995 |
Investment owned, percent of net assets | 0.80% | 1.30% |
Boardwalk Tech [Member] | Life Science [Member] | Common Stock Investments [Member] | Common Stock [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 73,500 | |
Investment owned, at fair value | $ 91,995 | |
Investment owned, percent of net assets | 1.10% | |
Sanaby Health Sponsor LLC [Member] | Life Science [Member] | Common Stock Investments [Member] | Common Stock [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 100,000 | |
Investment owned, at fair value | $ 100,000 | |
Investment owned, percent of net assets | 1.20% | |
Infinidome Ltd [Member] | Technology [Member] | SAFE Investments [Member] | SAFE [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 50,000 | $ 50,000 |
Investment owned, percent of net assets | 0.60% | 0.70% |
Infinidome Ltd [Member] | Technology [Member] | SAFE Investments [Member] | SAFE [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 50,000 | $ 50,000 |
Investment owned, percent of net assets | 0.60% | 0.70% |
Madorra Inc [Member] | Life Science [Member] | SAFE Investments [Member] | SAFE [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 100,000 | |
Investment owned, at fair value | $ 100,000 | |
Investment owned, percent of net assets | 1.20% | |
Mitre Medical Corp [Member] | Life Science [Member] | SAFE Investments [Member] | SAFE [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 75,000 | $ 75,000 |
Investment owned, at fair value | $ 75,000 | $ 75,000 |
Investment owned, percent of net assets | 0.90% | 1.10% |
Mitre Medical Corp [Member] | Life Science [Member] | SAFE Investments [Member] | SAFE [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 50,000 | $ 50,000 |
Investment owned, percent of net assets | 0.60% | 0.70% |
Enduralock LLC [Member] | Technology [Member] | Other Investments [Member] | Series A-1 Ownership Units [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 30,000 | $ 30,000 |
Investment owned, at fair value | $ 30,000 | $ 30,000 |
Investment owned, percent of net assets | 0.40% | 0.40% |
Enduralock LLC [Member] | Technology [Member] | Other Investments [Member] | Series A-1 Ownership Units [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 35,000 | $ 35,000 |
Investment owned, at fair value | $ 35,000 | $ 35,000 |
Investment owned, percent of net assets | 0.40% | 0.50% |
Exodos Life Sciences LP [Member] | Life Science [Member] | Other Investments [Member] | Class A-1 Preferred Ownership Units [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 206,000 | $ 206,000 |
Investment owned, at fair value | $ 206,000 | $ 206,000 |
Investment owned, percent of net assets | 2.40% | 2.90% |
Green Sun Medical LLC [Member] | Life Science [Member] | Other Investments [Member] | Class A-1 Preferred Ownership Units [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 50,000 | $ 50,000 |
Investment owned, percent of net assets | 0.60% | 0.70% |
Green Sun Medical LLC [Member] | Life Science [Member] | Other Investments [Member] | Class A-1 Preferred Ownership Units [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 25,000 | $ 25,000 |
Investment owned, at fair value | $ 25,000 | $ 25,000 |
Investment owned, percent of net assets | 0.30% | 0.40% |
Green Sun Medical LLC [Member] | Life Science [Member] | Other Investments [Member] | Class A1 Preferred Ownership Units [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 25,000 | $ 25,000 |
Investment owned, at fair value | $ 25,000 | $ 25,000 |
Investment owned, percent of net assets | 0.30% | 0.40% |
Green Sun Medical LLC [Member] | Life Science [Member] | Other Investments [Member] | Class A1 Preferred Ownership Units [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 100,000 | |
Investment owned, at fair value | $ 100,000 | |
Investment owned, percent of net assets | 1.20% | |
Riso Capital Fund I, LP [Member] | Technology [Member] | Other Investments [Member] | Ownership Units [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment owned, at cost | $ 50,000 | $ 50,000 |
Investment owned, at fair value | $ 50,000 | $ 50,000 |
Investment owned, percent of net assets | 0.60% | 0.70% |
Condensed Schedule of Investm_2
Condensed Schedule of Investments (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
Short-term Debt [Line Items] | ||
Total Net Assets | $ 8,537,246 | $ 6,993,163 |
Common Stock [Member] | ||
Short-term Debt [Line Items] | ||
Total Net Assets | $ 132,689 | $ 99,831 |
Abfero Pharmaceuticals Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due Decemeber 2022 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 6.00% | |
Maturity date | 2022-12 | |
Achelios Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due Decemeber 2021 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 8.00% | 8.00% |
Maturity date | 2021-12 | |
Achelios Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due Decemeber 2021 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 8.00% | 8.00% |
Maturity date | 2021-12 | 2021-12 |
Achelios Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Notes 8% Due Decemeber 2021 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 8.00% | 8.00% |
Maturity date | 2021-12 | 2021-12 |
Achelios Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note Sidecar 25% Discount No Interest [Member] | ||
Short-term Debt [Line Items] | ||
Debt discount percentage | 25.00% | |
AOA DX Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 4% Due May 2024 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 4.00% | |
Maturity date | 2024-05 | |
Avisi Technologies Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due July 2022 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 8.00% | 8.00% |
Maturity date | 2022-07 | 2022-07 |
Basepaws Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 1% Due April 2020 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 1.00% | 1.00% |
Maturity date | 2020-04 | 2020-04 |
Beam Semi Conductor Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due April 2022 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 8.00% | 8.00% |
Maturity date | 2022-04 | 2022-04 |
Beam Semi Conductor Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due March 2021 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 8.00% | 8.00% |
Maturity date | 2021-03 | 2021-03 |
Beam Semi Conductor Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due March 2022 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 8.00% | |
Maturity date | 2022-03 | |
Corinnova Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due December 2024 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 6.00% | 6.00% |
Maturity date | 2024-12 | 2024-12 |
Cyberdontics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due September 2022 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 8.00% | 8.00% |
Maturity date | 2022-09 | 2022-09 |
Cyberdontics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due February 2023 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 8.00% | 8.00% |
Maturity date | 2023-02 | 2023-02 |
Cyberdontics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 0% On Due Date [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 0.00% | 0.00% |
Deep Blue Medical Advances Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due June 2022 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 6.00% | 6.00% |
Maturity date | 2022-06 | 2022-06 |
Deep Blue Medical Advances Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stock [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 10,474 | 10,474 |
Every Key Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 5% Due December 2023 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 5.00% | 5.00% |
Maturity date | 2023-12 | 2023-12 |
Identical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 2% Due May 2022 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 2.00% | 2.00% |
Maturity date | 2022-05 | 2022-05 |
INBay Technonlogy Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 12% Due October 2020 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 12.00% | 12.00% |
Maturity date | 2020-10 | 2020-10 |
INBay Technonlogy Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 12% Due July 2021 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 12.00% | 12.00% |
Maturity date | 2021-07 | 2021-07 |
INBay Technonlogy Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 12% Due February 2022 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 12.00% | 12.00% |
Maturity date | 2022-02 | 2022-02 |
INBay Technonlogy Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 12% Due December 2022 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 12.00% | 12.00% |
Maturity date | 2022-12 | 2022-12 |
INBay Technonlogy Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 12% Due December 2023 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 12.00% | |
Maturity date | 2023-12 | |
Iris R&D Group Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due May 2023 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 8.00% | |
Maturity date | 2023-05 | |
Kiana Analytics [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 3% Due December 2022 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 3.00% | 3.00% |
Maturity date | 2022-12 | 2022-12 |
Kiotech Medical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due December 2020 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 6.00% | 6.00% |
Maturity date | 2020-12 | 2020-12 |
Kiotech Medical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due November 2022 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 6.00% | 6.00% |
Maturity date | 2022-11 | 2022-11 |
Lifewave Biomedical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due December 2020 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 6.00% | 6.00% |
Maturity date | 2020-12 | 2020-12 |
Lifewave Biomedical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due December 2020 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 6.00% | 6.00% |
Maturity date | 2020-12 | 2020-12 |
Lifewave Biomedical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due December 2021 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 6.00% | |
Maturity date | 2021-12 | |
mmTron Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 4% Due April 2023 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 4.00% | |
Maturity date | 2023-04 | |
Navaux Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due December 2023 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 6.00% | 6.00% |
Maturity date | 2023-12 | 2023-12 |
Neuro 42 Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due December 2023 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 8.00% | 8.00% |
Maturity date | 2023-12 | 2023-12 |
Octagon Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 5% Due June 2021 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 5.00% | 5.00% |
Maturity date | 2021-06 | 2021-06 |
Octagon Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 5% Due June 2021 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 5.00% | 5.00% |
Maturity date | 2021-06 | 2021-06 |
Perikinetics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due May 2022 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 6.00% | 6.00% |
Maturity date | 2022-05 | 2022-05 |
Preview Medical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 7% Due January 2023 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 7.00% | 7.00% |
Maturity date | 2023-01 | 2023-01 |
Sage Medic Corp [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due April 2021 Plus Warrants [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 8.00% | 8.00% |
Maturity date | 2021-04 | 2021-04 |
Sage Medic Corp [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due December 2022 Plus Warrants [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 8.00% | 8.00% |
Maturity date | 2022-12 | 2022-12 |
Single Pass Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% April 2024 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 6.00% | |
Maturity date | 2024-04 | |
Valfix Medical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% December 2021 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 8.00% | 8.00% |
Maturity date | 2021-12 | 2021-12 |
Valfix Medical Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 27,217 | 27,217 |
Xpan Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due June 2022 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 8.00% | 8.00% |
Maturity date | 2022-06 | 2022-06 |
Xpan Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due June 2022 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 8.00% | 8.00% |
Maturity date | 2022-06 | 2022-06 |
Xpan Inc [Member] | Life Science [Member] | Corporate Note Securities [Member] | Convertible Note 8% Due March 2022 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 8.00% | 8.00% |
Maturity date | 2022-03 | 2022-03 |
Altis Biosystems [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 22,028 | 22,028 |
Astrocyte Pharmaceuticals Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stock [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 260,756 | 260,756 |
Cnote Group, Inc [Member] | Fintech [Member] | Preferred Investments [Member] | Series Seed-2 Preferred [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 84,655 | 84,655 |
Cnote Group, Inc [Member] | Fintech [Member] | Preferred Investments [Member] | Series Seed-3 Preferred [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 93,807 | 93,807 |
Colabs Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A-1 Preferred [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 147,058 | 147,058 |
Connectus Services Ltd [Member] | Technology [Member] | Preferred Investments [Member] | Series Seed Preferred [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 31,348 | 31,348 |
Eumentis Thereapeutics Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stock [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 85,009 | 85,009 |
FemtoDX Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stock [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 42,436 | 42,436 |
Healionics Corporation [Member] | Life Science [Member] | Preferred Investments [Member] | Series A-1 Preferred [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 35,075 | |
i-Lumen Scientific Inc. [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Plus Warrants [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 50,000 | 50,000 |
i-Lumen Scientific Inc. [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Plus Warrants [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 50,000 | 50,000 |
Inhalon Biopharma Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 18,843 | 18,843 |
Light Line Medical Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 40,323 | 40,323 |
Light Line Medical Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Plus Warrants [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 72,464 | 72,464 |
Light Line Medical Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred (Converted Note) [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 62,849 | 62,849 |
Light Line Medical Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred (Converted Note) [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 141,871 | 141,871 |
Lowell Therapeutics Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stock [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 20,000 | 20,000 |
Lowell Therapeutics Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stocks [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 20,000 | 20,000 |
Makani Science Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 172,413 | |
Micronic Technologies Inc [Member] | Technology [Member] | Preferred Investments [Member] | Series Seed-1 Preferred Plus Warrants [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 51,929 | 51,929 |
Neuroflow Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed-2 Preferred [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 98,684 | 98,684 |
Neuroflow Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series B Preferred Stock [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 20,429 | 20,429 |
New View Surgical, Inc. [Member] | Life Science [Member] | Preferred Investments [Member] | Series A-1 Preferred [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 53,825 | 53,825 |
Orion Biotechnology Inc. [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stock [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 5,824 | |
Otomagnetics Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A-1 Preferred Plus Warrants [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 16,538 | 16,538 |
Promaxo [Member] | Life Science [Member] | Preferred Investments [Member] | Series B-1 Preferred, (Converted Note) [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 104,248 | 104,248 |
Seal Rock Therapeutics, Inc. [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred (Converted Note) [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 68,075 | 68,075 |
Shyft (FKA Crater Group Inc) [Member] | Technology [Member] | Preferred Investments [Member] | Series A-1 Preferred [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 42,657 | 42,657 |
Shyft (FKA Crater Group Inc) [Member] | Technology [Member] | Preferred Investments [Member] | Series A Preferred (Converted Note) [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 28,147 | 28,147 |
Shyft (FKA Crater Group Inc) [Member] | Technology [Member] | Preferred Investments [Member] | Series A-1 Preferred (Converted Note) [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 21,774 | 21,774 |
Trellis Bioscience LLC [Member] | Life Science [Member] | Preferred Investments [Member] | Series B Preferred Plus Warrants [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 50,000 | 50,000 |
Trellis Bioscience LLC [Member] | Life Science [Member] | Preferred Investments [Member] | Series B Preferred Plus Warrants [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 50,000 | 50,000 |
Trellis Bioscience LLC [Member] | Life Science [Member] | Preferred Investments [Member] | Series B Preferred Plus Warrant [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 100,000 | 100,000 |
Visgenx Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred (Converted Note) [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 4,132 | 4,132 |
Visgenx Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred (Converted Note) [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 2,480 | 2,480 |
Visgenx Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed-1 Preferred (Converted Note) [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 7,833 | 7,833 |
BendaRX Corp [Member] | Life Science [Member] | Common Stock Investments [Member] | Common Stock [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 12,500 | 12,500 |
BendaRX Corp [Member] | Life Science [Member] | Common Stock Investments [Member] | Common Stock [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 12,500 | 12,500 |
Boardwalk Tech [Member] | Life Science [Member] | Common Stock Investments [Member] | Common Stock [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 75,000 | 150,000 |
Boardwalk Tech [Member] | Life Science [Member] | Common Stock Investments [Member] | Common Stock [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 150,000 | |
Sanaby Health Sponsor LLC [Member] | Life Science [Member] | Common Stock Investments [Member] | Common Stock [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 50,000 | |
Enduralock LLC [Member] | Technology [Member] | Other Investments [Member] | Series A-1 Ownership Units [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 34.1 | 34.1 |
Enduralock LLC [Member] | Technology [Member] | Other Investments [Member] | Series A-1 Ownership Units [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 39.7 | 39.7 |
Green Sun Medical LLC [Member] | Life Science [Member] | Other Investments [Member] | Class A-1 Preferred Ownership Units [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 2,193 | 2,193 |
Green Sun Medical LLC [Member] | Life Science [Member] | Other Investments [Member] | Class A-1 Preferred Ownership Units [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 1,096 | 1,096 |
Green Sun Medical LLC [Member] | Life Science [Member] | Other Investments [Member] | Class A1 Preferred Ownership Units [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 1,096 | 1,096 |
Green Sun Medical LLC [Member] | Life Science [Member] | Other Investments [Member] | Class A1 Preferred Ownership Units [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 4,386 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 3 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | NOTE 1 – DESCRIPTION OF BUSINESS Kyto Technology and Life Science, Inc. (the “Company”) 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 operates virtually, from public locations or the homes of its officers, and does not currently lease any office space. The Company was originally formed to acquire and develop proprietary drugs for the treatment of cancer, arthritis, and other autoimmune diseases and had been evaluating a number of strategies. As of March 31, 2018, the Company had accumulated a deficit of $ 32,380,746 250,000 5% The Company has one regular employee – the CEO, Mr, Paul Russo. Prior to December 31, 2020, was acting as a consultant to the Company and did not receive contractual compensation for his services in the form of cash. As of January 1, 2021, Mr. Russo was engaged as an employee of the Company at a salary of $ 400,000 60% 80,000 no no no no The Company has created a portfolio of minority investments in early-stage start-up companies and derives its revenue opportunity from the sale of those investments. Such sales are outside the Company’s control and depend on M&A transactions or IPOs which may result in cash or equity proceeds. Accordingly, it is difficult to forecast revenue, net income, and cash flow. As of the date of this filing, the Company had approximately $ 500,000 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 contained therein. Accordingly, a new company, Kyto Investments, Inc. (“KI”) was incorporated in Delaware in December 2020 in preparation for a restructuring and an N-2 Registration Statement filed in March 2021 for review by the SEC. KI is an internally managed, closed-end investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). Immediately upon effectiveness of this N-2 Registration Statement, the Company will merge with KI and the Company will be the surviving entity. As of the completion of the merger, the Company will constitute a “successor issuer” for the purposes of Rule 414 under the Securities Act and may continue the current offering by filing post-effective amendments to the Registration Statements. Prior to the merger, the Company had fewer than 100 non affiliated investors and filed under the 1934 Act relying on exemption Rule 3( c )(1). As a BDC, the Company will be required to comply with certain regulatory requirements. The Company also intends to elect to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Company is required to comply with additional regulatory requirements. The Company has prepared and submitted sequentially two N-2 Registration Statements to the SEC for review but has not yet received final approval of its registration as at the filing date of this report. |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (A) BASIS OF PRESENTATION The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, these unaudited condensed financial statements do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments (consisting only of normal recurring adjustments), which the Company considers necessary, for a fair presentation of those financial statements. The results of operations and cash flows for the three months ended June 30, 2021 may not necessarily be indicative of results that may be expected for any succeeding quarter or for the entire fiscal year. The information contained in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements of the Company for the year ended March 31, 2021, included in the Annual Report on Form 10-K as filed with the Securities and Exchange Commission (the “SEC”) on August 10, 2021. The Company’s condensed interim 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, stock-based compensation, and other contingencies. The Company’s financial statements are prepared using the specialized accounting principles of Accounting Standards Codification Topic 946, Financial Services—Investment 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. (B) INVESTMENT TRANSACTIONS AND NET REALIZED AND UNREALIZED GAIN OR LOSS ON INVESTMENTS The Company generates increases or decreases in its net assets from the sale of complete or partial investments following a merger or acquisition (“M&A”) transaction or restructuring or from the revaluation of portfolio company investments to recognize changes in their value, either upwards or downwards. 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 general guideline, it would expect such events to occur approximately four to five years after its investments are made. The Company will record the changes in value from investment activities upon completion of sale and receipt of net proceeds, after deducting related transaction expenses as realized gains or losses. Realized gains or losses on the sale of investments, or upon the determination that an investment balance, or portion thereof, is not recoverable, are calculated using the specific identification method. The Company measures realized gains or losses by calculating the difference between the net proceeds from the repayment or sale and the cost basis of the investment. Net change in unrealized appreciation or depreciation reflects the change in the fair values of the Company’s portfolio investments during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. The Company is in regular contact with the management of its portfolio investment companies to provide a basis for valuation changes or impairment reviews. The Company does not expect to receive interest and principal repayments on its convertible notes and generally expects these notes to convert into equity securities upon completion of qualified subsequent financings. Accrued interest is then recorded as an adjustment to fair value. (C) 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. (D) 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 three months ended June 30, 2021 and June 30, 2020 include the valuation of the investment portfolio, deferred tax assets, tax valuation allowance, stock options and warrants. (E) 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 (F) CONCENTRATIONS The Company maintains its cash in bank checking and deposit accounts, which, at times, may exceed federally insured limits. As of June 30, 2021 and March 31, 2021, the Company’s bank balance exceeded the federally insured limit by approximately $ 230,000 1.2 (G) 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 250,000 120,000 (H) 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. The following table sets out the number of shares used in calculating fully- diluted EPS using the if-converted method. SCHEDULE OF EARNINGS PER SHARE Class of shares Three months ended June 30, 2021 Common Stock 13,268,871 Common stock subscribed not issued - Series A preferred stock 4,200,000 * Series B preferred stock 4,320,156 * Options 2,759,250 * Warrants 1,596,667 * Total shares used in calculating fully-diluted EPS 13,268,871 * These shares excluded from the calculation of fully-diluted EPS as the result would be anti-dilutive. (I ) INVESTMENT AND VALUATION OF INVESTMENT AT FAIR VALUE The Company reviews the performance of its investments based on available information, including management reports, press releases, web site announcements and progress reports, third party 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 Management’s estimated valuation. The Company recognized impairment of one of its investments which was written down by $ 61,046 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 Company’s 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 Company’s 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, market, or back-solve 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. The back solve method involves comparing available data over a period of time and inferring a new valuation based on changes from a known starting point, for example the cost of an 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 assumptions 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 investment’s ability to make payments, its earnings and discounted cash flows, the markets in which the company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, the principal market and enterprise values, environmental factors, subsequent financings by the portfolio investment, 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 entity’s own assumptions. Most of the Company’s investments are Level 3. Critical accounting policies and practices are the policies that are both most important to the portrayal of our financial condition and results, and require management’s most difficult, subjective, or complex judgments, often as a result of the need to make estimates about matters that are inherently uncertain. These include estimates of the fair value of our Level 3 investments and other estimates that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements and the reported amounts of certain revenues and expenses during the reporting period. It is likely that changes in these estimates will occur in the near term. Our estimates are inherently subjective in nature and actual results could differ materially from such estimates. See “Note 1 – Significant Accounting Policies” to our financial statements as of March 31, 2021 as filed with the SEC on August 10, 2021, for further detail regarding our critical accounting policies and recently issued or adopted accounting pronouncements. (J) RECENT ACCOUNTING PRONOUNCEMENTS 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. (K) DEFERRED OFFERING COSTS Since April 2019, the Company has conducted a series of sales of common and preferred stock to fund its ongoing investment program and cost of operations. Typically, it expects that this series, 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 June 31, 2021, the Company had deferred $ 170,889 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 3 – COMMITMENTS AND CONTINGENCIES The Company has no commitments or contingencies as of the date of this filing. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4 - RELATED PARTY TRANSACTIONS At June 30, 2021 and March 31, 2021, the Company had accrued and owed $ 72,205 51,420 At June 30, 2021, officers or directors of the Company held board positions at three portfolio companies: InBay Technology Inc., Exodos Life Sciences LP, and Achelios Therapeutics Inc. |
INVESTMENTS
INVESTMENTS | 3 Months Ended |
Jun. 30, 2021 | |
Investments, All Other Investments [Abstract] | |
INVESTMENTS | NOTE 5 – INVESTMENTS The following table summarizes the Company’s investment portfolio at June 30, 2021 and March 31, 2021. SUMMARY OF INVESTMENT PORTFOLIO June 30, 2021 March 31, 2021 Number of portfolio companies 60 51 Fair value $ 8,140,007 $ 6,821,407 Cost 6,952,145 5,686,545 % of portfolio at fair value Convertible notes 3,252,175 40 % 2,553,954 37 % Preferrred stock 3,384,237 42 % 3,129,458 46 % Common stock 557,595 7 % 391,995 6 % SAFE 425,000 5 % 325,000 5 % Other ownership units 521,000 6 % 421,000 6 % Total $ 8,140,007 100 % $ 6,821,407 100 % Our investment portfolio represents approximately 95 98% SCHEDULE OF INVESTMENTS As of June 30, 2021 Fair Value Valuation Approach/ Technique Unobservable Inputs Range/ Weighted Average Convertible notes $ 3,252,175 Market approach Precedent and follow-on transactions N/A Preferred stock in private companies 3,384,237 Market approach Precedent and follow-on transactions N/A Common stock in private companies 400,000 Market approach Precedent and follow-on transactions N/A SAFE 425,000 Market approach Precedent and follow-on transactions N/A Other investments 521,000 Market approach Precedent and follow-on transactions N/A Total Investments $ 7,982,412 As of March 31, 2021 Fair Value Valuation Approach/ Technique Unobservable Inputs Range/ Weighted Average Convertible notes $ 2,553,954 Market approach Precedent and follow-on transactions N/A Preferred stock in private companies 3,129,458 Market approach Precedent and follow-on transactions N/A Common stock in private companies 300,000 Market approach Precedent and follow-on transactions N/A SAFE 325,000 Market approach Precedent and follow-on transactions N/A Other investments 421,000 Market approach Precedent and follow-on transactions N/A Total Investments $ 6,729,412 The following table presents fair value measurements of investments, by major class, as of June 30, 2021 and March 31, 2021, according to the fair value hierarchy: SCHEDULE OF INVESTMENTS AT FAIR VALUE MEASUREMENTS OF INVESTMENTS As of June 30, 2021 Quoted prices in active markets for identical securities Significant other observable inputs Significant other inputs Description (Level 1) (Level 2) (Level 3) Total Investments at Fair Value Private Portfolio Companies Convertible notes $ - $ - $ 3,252,175 $ 3,252,175 Preferred stock - - 3,384,237 3,384,237 Common stock - - 400,000 400,000 SAFEs - - 425,000 425,000 Other ownership interests - - 521,000 521,000 - - 7,982,412 7,982,412 Public Portfolio Companies Common stock 157,595 - - 157,595 Total Investments at Fair value $ 157,595 $ - $ 7,982,412 $ 8,140,007 As of March 31, 2021 Description Level 1 Level 2 Level 3 Total March 31, 2021 Investments at Fair Value Private Portfolio Companies Convertible notes $ - $ - $ 2,553,954 $ 2,553,954 Preferred stock - - 3,129,458 3,129,458 Common stock - - 300,000 300,000 SAFEs - - 325,000 325,000 Other ownership interests - - 421,000 421,000 - - 6,729,412 6,729,412 Public Portfolio Companies Common stock 91,995 - - 91,995 Total Investments at Fair value $ 91,995 $ - $ 6,729,412 $ 6,821,407 As of June 30, 2021 and March 31, 2021, all our investments were treated as Level 3 with the exception of one which was invested in common stock of a public company and treated as Level 1. Significant Unobservable Inputs for Level 3 Assets and Liabilities In accordance with FASB ASC 820, Fair Value Management We focus on making our investments in the United States, Canada, and Israel. All investments are made and reported in US dollars. Assets that are denominated in foreign currencies are translated into U.S. dollars at closing rates of exchange on the date of valuation. Transactions during the year are translated at the rate of exchange prevailing on the date of the transaction. The Company does not isolate that portion of results of operations resulting from the changes in foreign exchange rates on securities from fluctuations resulting from changes in market prices of such securities. Such foreign currency translation gains and losses are included in the net realized gains or losses from investments and net changes in unrealized gain or losses from investments on the statement of operations. SCHEDULE OF INVESTMENTS IN UNREALIZED GAIN OR LOSSES FOREIGN EXCHANGE RATES ON SECURITIES America Canada Rest of World Total Fair value March 31, 2021 $ 5,486,011 $ 907,560 $ 427,836 $ 6,821,407 New investments 865,600 200,000 200,000 1,265,600 Proceeds from sale of investments - - - - Realized gains - - - - Change in value of investments 28,467 17,859 6,674 53,000 Fair value June 30, 2021 $ 6,380,078 $ 1,125,419 $ 634,510 $ 8,140,007 America Canada Rest of World Total Fair value beginning of year March 31, 2020 $ 2,170,499 $ 245,000 $ 250,000 $ 2,665,499 New investments 200,000 50,000 - 250,000 Proceeds from sale of investments - - - - Realized gains - - - - Change in value of investments - - - - Fair value June 30, 2020 $ 2,370,499 $ 295,000 $ 250,000 $ 2,915,499 Working on the experience of our technical advisors, we limit our investments to fintech, technology, and life sciences. Fintech Technology Life science Total Fair value March 31, 2021 $ 126,030 $ 1,394,318 $ 5,301,059 $ 6,821,407 New investments - 365,600 900,000 1,265,600 Proceeds from sale of investments - - - - Realized gains - - - - Change in value of investments - 21,541 31,459 53,000 Fair value June 30, 2021 $ 126,030 $ 1,781,459 $ 6,232,518 $ 8,140,007 Fintech Technology Life science Total Fair value March 31, 2020 $ 101,500 $ 685,002 $ 1,878,997 $ 2,665,499 New investments - - 250,000 250,000 Proceeds from sale of investments - - - - Realized gains - - - - Change in value of investments - - - - Fair value June 30, 2020 $ 101,500 $ 685,002 $ 2,128,997 $ 2,915,499 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. Typically notes carry a two year term, and are then rolled over for additional periods if no other maturity triggers have been achieved. If a convertible note investment were, in our judgment, to become impaired, we would reverse the accrued interest and adjust the valuation to reflect management’s assessment of fair value. If a convertible note investment exceeds its maturity date we usually would request the portfolio company to document an extension, as well as consider whether the overdue note, along with all other available performance data and management reviews lead us to consider whether there should be an adjustment in fair value to reflect impairment of the investment. SCHEDULE OF ADJUSTMENT IN FAIR VALUE TO REFLECT IMPAIRMENT OF INVESTMENT Convertible notes Preferred stock Common stock SAFEs Other ownership interests Total Fair value March 31, 2021 $ 2,553,954 $ 3,129,458 $ 391,995 $ 325,000 $ 421,000 $ 6,821,407 Conversions into preferred stock - - - - - - New investments 650,000 250,000 165,600 100,000 100,000 1,265,600 Proceeds from sale of investments - - - - - - Realized gains - - - - - - Change in value of investments 48,221 4,779 - - - 53,000 Fair value June 30, 2021 $ 3,252,175 $ 3,384,237 $ 557,595 $ 425,000 $ 521,000 $ 8,140,007 Convertible notes Preferred stock Common stock SAFEs Other ownership interests Total Fair value March 31, 2020 $ 1,528,002 $ 701,497 $ 126,500 $ 73,500 $ 236,000 $ 2,665,499 Conversions into preferred stock 50,000 100,000 - - 100,000 250,000 New investments - - - - - - Proceeds from sale of investments - - - - - - Realized gains - - - - - - Change in value of investments - - - - - - Fair value June 30, 2020 $ 1,578,002 $ 801,497 $ 126,500 $ 73,500 $ 336,000 $ 2,915,499 |
EQUITY
EQUITY | 3 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
EQUITY | NOTE 6– EQUITY (A) PREFERRED STOCK Series A The Company has sold 4,200,000 0.80 On March 2, 2021, in preparation for an intended IPO, the Company made an offer to all its preferred shareholders to protect them against the possibility that the IPO price might be less than their preferred stock price. Accordingly, Series A-1 and Series A-2 Preferred Stock were created, and the holders of Series A Preferred Stock were granted an opportunity to purchase shares of Common Stock at $ 0.40 6,000 10% 1,437,500 2,212,500 550,000 0.01 Series B There are also 6,000,000 0.01 10% 4,320,156 3,456,124 On March 2, 2021, in preparation for an intended future IPO, the Company made an offer to all its preferred shareholders to protect them against the possibility that the IPO price might be less than their preferred stock price. Accordingly, Series B-1 and Series B-2 Preferred Stock (“Series B-1” and “Series B-2”, respectively) were created, and the holders of the Series B were granted an opportunity to purchase shares of Common Stock at $ 0.40 6,000 10% 1,857,656 2,176,250 286,250 The Company sold 691,250 COMMON STOCK The Company has authorized 40,000,000 0.01 13,268,871 9,983,082 307,178 122,876 2,978,611 1,191,442 D) STOCK OPTIONS In April 2018, the Board approved the introduction of the Kyto Technology and Life Science, Inc. Incentive Stock Option Plan (“the 2018 Plan”) reserving 2,697,085 In July 2019, the Board approved the introduction of the Kyto Technology and Life Science 2019 Stock Option and Incentive Plan (“2019 Plan”), and reserved 2 May 21, 2029 In December 2020, the Board approved the introduction of the Kyto Technology and Life Science 2020 Non Qualified Stock Option Plan (“2020 Plan”), and reserved 2 During the three months ended June 30, 2021, and June 30, 2020, the Company issued a total of 250,000 120,000 two SCHEDULE OF OPTIONS VESTED Number of options granted Weighted average exercise price Weighted average remaining life years Outstanding March 31, 2021 2,634,250 $ 0.05 8.13 Granted 250,000 0.07 9.82 Exercised - - - Cancelled - - - Outstanding June 30, 2021 2,884,250 $ 0.05 8.53 Exercisable June 30, 2021 1,782,610 $ 0.04 8.05 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. SCHEDULE OF FAIR VALUE ASSUMPTIONS - STOCK OPTIONS June 30, 2021 March 31, 2021 Stock Price at grant date $ 0.070 $ 0.033 0.078 Exercise Price $ 0.070 $ 0.033 0.078 Term in Years 0 2.00 0 2.00 Volatility assumed 196 % 71 196 Annual dividend rate 0.0 % 0.0 % Risk free discount rate 0.12 % 0.12 2.0 The compensation expense calculated at time of grant is amortised over the vesting period for the options granted. During the three months ended June 30, 2021 and 2020, the Company amortized $ 10,557 1,048 63,274 45,011 1.39 E) WARRANTS In conjunction with the sale of stock Units, the Company issued 4,200,000 1.20 three SCHEDULE OF WARRANTS Number of Weighted average Weighted average remaining life in years Outstanding March 31, 2021 1 ,596,667 $ 1 .20 1.4 Granted - Exercised - - Cancelled - - Outstanding June 30, 2021 1,596,667 $ 1 .20 1.1 Exercisable June 30, 2021 1,596,667 $ 1 .20 1.1 The intrinsic value of outstanding warrants at June 30, 2021 was zero |
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS | 3 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
FINANCIAL HIGHLIGHTS | NOTE 7 – FINANCIAL HIGHLIGHTS SCHEDULE OF FINANCIAL HIGHLIGHTS Per share data ( a) June 30, 2021 March 31, 2021 Net asset value $ 0.64 $ 1.03 Net increase (decrease) in net assets $ (0.03 ) $ 0.06 Net unrealized gain (loss) on investments $ 0.00 $ 0.18 Ratios and Supplemental Data Net assets, end of period $ 8,537,246 $ 6,993,163 Weighted average common shares outstanding, end of period 13,268,871 5,836,832 Total operating expenses/net assets 4.5 % 11.0 % Net increase (decrease) in net assets (3.9) % 6.1 % Total return (0.9) % 1.2 % (a) Per share data is based on the weighted average number of common shares outstanding at the end of the period. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 - SUBSEQUENT EVENTS Subsequent to June 30, 2021 the Company has sold $ 1,274,000 18,750 952,000 |
BASIS OF PRESENTATION AND SIG_2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
(A) BASIS OF PRESENTATION | (A) BASIS OF PRESENTATION The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, these unaudited condensed financial statements do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments (consisting only of normal recurring adjustments), which the Company considers necessary, for a fair presentation of those financial statements. The results of operations and cash flows for the three months ended June 30, 2021 may not necessarily be indicative of results that may be expected for any succeeding quarter or for the entire fiscal year. The information contained in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements of the Company for the year ended March 31, 2021, included in the Annual Report on Form 10-K as filed with the Securities and Exchange Commission (the “SEC”) on August 10, 2021. The Company’s condensed interim 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, stock-based compensation, and other contingencies. The Company’s financial statements are prepared using the specialized accounting principles of Accounting Standards Codification Topic 946, Financial Services—Investment 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. |
(B) INVESTMENT TRANSACTIONS AND NET REALIZED AND UNREALIZED GAIN OR LOSS ON INVESTMENTS | (B) INVESTMENT TRANSACTIONS AND NET REALIZED AND UNREALIZED GAIN OR LOSS ON INVESTMENTS The Company generates increases or decreases in its net assets from the sale of complete or partial investments following a merger or acquisition (“M&A”) transaction or restructuring or from the revaluation of portfolio company investments to recognize changes in their value, either upwards or downwards. 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 general guideline, it would expect such events to occur approximately four to five years after its investments are made. The Company will record the changes in value from investment activities upon completion of sale and receipt of net proceeds, after deducting related transaction expenses as realized gains or losses. Realized gains or losses on the sale of investments, or upon the determination that an investment balance, or portion thereof, is not recoverable, are calculated using the specific identification method. The Company measures realized gains or losses by calculating the difference between the net proceeds from the repayment or sale and the cost basis of the investment. Net change in unrealized appreciation or depreciation reflects the change in the fair values of the Company’s portfolio investments during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. The Company is in regular contact with the management of its portfolio investment companies to provide a basis for valuation changes or impairment reviews. The Company does not expect to receive interest and principal repayments on its convertible notes and generally expects these notes to convert into equity securities upon completion of qualified subsequent financings. Accrued interest is then recorded as an adjustment to fair value. |
(C) INCOME TAXES | (C) 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. |
(D) USE OF ESTIMATES | (D) 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 three months ended June 30, 2021 and June 30, 2020 include the valuation of the investment portfolio, deferred tax assets, tax valuation allowance, stock options and warrants. |
(E) CASH AND CASH EQUIVALENTS | (E) 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 |
(F) CONCENTRATIONS | (F) CONCENTRATIONS The Company maintains its cash in bank checking and deposit accounts, which, at times, may exceed federally insured limits. As of June 30, 2021 and March 31, 2021, the Company’s bank balance exceeded the federally insured limit by approximately $ 230,000 1.2 |
(G) STOCK-BASED COMPENSATION | (G) 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 250,000 120,000 |
(H) NET LOSS PER COMMON SHARE | (H) 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. The following table sets out the number of shares used in calculating fully- diluted EPS using the if-converted method. SCHEDULE OF EARNINGS PER SHARE Class of shares Three months ended June 30, 2021 Common Stock 13,268,871 Common stock subscribed not issued - Series A preferred stock 4,200,000 * Series B preferred stock 4,320,156 * Options 2,759,250 * Warrants 1,596,667 * Total shares used in calculating fully-diluted EPS 13,268,871 * These shares excluded from the calculation of fully-diluted EPS as the result would be anti-dilutive. |
(I ) INVESTMENT AND VALUATION OF INVESTMENT AT FAIR VALUE | (I ) INVESTMENT AND VALUATION OF INVESTMENT AT FAIR VALUE The Company reviews the performance of its investments based on available information, including management reports, press releases, web site announcements and progress reports, third party 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 Management’s estimated valuation. The Company recognized impairment of one of its investments which was written down by $ 61,046 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 Company’s 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 Company’s 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, market, or back-solve 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. The back solve method involves comparing available data over a period of time and inferring a new valuation based on changes from a known starting point, for example the cost of an 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 assumptions 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 investment’s ability to make payments, its earnings and discounted cash flows, the markets in which the company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, the principal market and enterprise values, environmental factors, subsequent financings by the portfolio investment, 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 entity’s own assumptions. Most of the Company’s investments are Level 3. Critical accounting policies and practices are the policies that are both most important to the portrayal of our financial condition and results, and require management’s most difficult, subjective, or complex judgments, often as a result of the need to make estimates about matters that are inherently uncertain. These include estimates of the fair value of our Level 3 investments and other estimates that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements and the reported amounts of certain revenues and expenses during the reporting period. It is likely that changes in these estimates will occur in the near term. Our estimates are inherently subjective in nature and actual results could differ materially from such estimates. See “Note 1 – Significant Accounting Policies” to our financial statements as of March 31, 2021 as filed with the SEC on August 10, 2021, for further detail regarding our critical accounting policies and recently issued or adopted accounting pronouncements. |
(J) RECENT ACCOUNTING PRONOUNCEMENTS | (J) RECENT ACCOUNTING PRONOUNCEMENTS 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. |
(K) DEFERRED OFFERING COSTS | (K) DEFERRED OFFERING COSTS Since April 2019, the Company has conducted a series of sales of common and preferred stock to fund its ongoing investment program and cost of operations. Typically, it expects that this series, 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 June 31, 2021, the Company had deferred $ 170,889 |
BASIS OF PRESENTATION AND SIG_3
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SCHEDULE OF EARNINGS PER SHARE | SCHEDULE OF EARNINGS PER SHARE Class of shares Three months ended June 30, 2021 Common Stock 13,268,871 Common stock subscribed not issued - Series A preferred stock 4,200,000 * Series B preferred stock 4,320,156 * Options 2,759,250 * Warrants 1,596,667 * Total shares used in calculating fully-diluted EPS 13,268,871 * These shares excluded from the calculation of fully-diluted EPS as the result would be anti-dilutive. |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Investments, All Other Investments [Abstract] | |
SUMMARY OF INVESTMENT PORTFOLIO | The following table summarizes the Company’s investment portfolio at June 30, 2021 and March 31, 2021. SUMMARY OF INVESTMENT PORTFOLIO June 30, 2021 March 31, 2021 Number of portfolio companies 60 51 Fair value $ 8,140,007 $ 6,821,407 Cost 6,952,145 5,686,545 % of portfolio at fair value Convertible notes 3,252,175 40 % 2,553,954 37 % Preferrred stock 3,384,237 42 % 3,129,458 46 % Common stock 557,595 7 % 391,995 6 % SAFE 425,000 5 % 325,000 5 % Other ownership units 521,000 6 % 421,000 6 % Total $ 8,140,007 100 % $ 6,821,407 100 % |
SCHEDULE OF INVESTMENTS | SCHEDULE OF INVESTMENTS As of June 30, 2021 Fair Value Valuation Approach/ Technique Unobservable Inputs Range/ Weighted Average Convertible notes $ 3,252,175 Market approach Precedent and follow-on transactions N/A Preferred stock in private companies 3,384,237 Market approach Precedent and follow-on transactions N/A Common stock in private companies 400,000 Market approach Precedent and follow-on transactions N/A SAFE 425,000 Market approach Precedent and follow-on transactions N/A Other investments 521,000 Market approach Precedent and follow-on transactions N/A Total Investments $ 7,982,412 As of March 31, 2021 Fair Value Valuation Approach/ Technique Unobservable Inputs Range/ Weighted Average Convertible notes $ 2,553,954 Market approach Precedent and follow-on transactions N/A Preferred stock in private companies 3,129,458 Market approach Precedent and follow-on transactions N/A Common stock in private companies 300,000 Market approach Precedent and follow-on transactions N/A SAFE 325,000 Market approach Precedent and follow-on transactions N/A Other investments 421,000 Market approach Precedent and follow-on transactions N/A Total Investments $ 6,729,412 |
SCHEDULE OF INVESTMENTS AT FAIR VALUE MEASUREMENTS OF INVESTMENTS | The following table presents fair value measurements of investments, by major class, as of June 30, 2021 and March 31, 2021, according to the fair value hierarchy: SCHEDULE OF INVESTMENTS AT FAIR VALUE MEASUREMENTS OF INVESTMENTS As of June 30, 2021 Quoted prices in active markets for identical securities Significant other observable inputs Significant other inputs Description (Level 1) (Level 2) (Level 3) Total Investments at Fair Value Private Portfolio Companies Convertible notes $ - $ - $ 3,252,175 $ 3,252,175 Preferred stock - - 3,384,237 3,384,237 Common stock - - 400,000 400,000 SAFEs - - 425,000 425,000 Other ownership interests - - 521,000 521,000 - - 7,982,412 7,982,412 Public Portfolio Companies Common stock 157,595 - - 157,595 Total Investments at Fair value $ 157,595 $ - $ 7,982,412 $ 8,140,007 As of March 31, 2021 Description Level 1 Level 2 Level 3 Total March 31, 2021 Investments at Fair Value Private Portfolio Companies Convertible notes $ - $ - $ 2,553,954 $ 2,553,954 Preferred stock - - 3,129,458 3,129,458 Common stock - - 300,000 300,000 SAFEs - - 325,000 325,000 Other ownership interests - - 421,000 421,000 - - 6,729,412 6,729,412 Public Portfolio Companies Common stock 91,995 - - 91,995 Total Investments at Fair value $ 91,995 $ - $ 6,729,412 $ 6,821,407 |
SCHEDULE OF INVESTMENTS IN UNREALIZED GAIN OR LOSSES FOREIGN EXCHANGE RATES ON SECURITIES | SCHEDULE OF INVESTMENTS IN UNREALIZED GAIN OR LOSSES FOREIGN EXCHANGE RATES ON SECURITIES America Canada Rest of World Total Fair value March 31, 2021 $ 5,486,011 $ 907,560 $ 427,836 $ 6,821,407 New investments 865,600 200,000 200,000 1,265,600 Proceeds from sale of investments - - - - Realized gains - - - - Change in value of investments 28,467 17,859 6,674 53,000 Fair value June 30, 2021 $ 6,380,078 $ 1,125,419 $ 634,510 $ 8,140,007 America Canada Rest of World Total Fair value beginning of year March 31, 2020 $ 2,170,499 $ 245,000 $ 250,000 $ 2,665,499 New investments 200,000 50,000 - 250,000 Proceeds from sale of investments - - - - Realized gains - - - - Change in value of investments - - - - Fair value June 30, 2020 $ 2,370,499 $ 295,000 $ 250,000 $ 2,915,499 Working on the experience of our technical advisors, we limit our investments to fintech, technology, and life sciences. Fintech Technology Life science Total Fair value March 31, 2021 $ 126,030 $ 1,394,318 $ 5,301,059 $ 6,821,407 New investments - 365,600 900,000 1,265,600 Proceeds from sale of investments - - - - Realized gains - - - - Change in value of investments - 21,541 31,459 53,000 Fair value June 30, 2021 $ 126,030 $ 1,781,459 $ 6,232,518 $ 8,140,007 Fintech Technology Life science Total Fair value March 31, 2020 $ 101,500 $ 685,002 $ 1,878,997 $ 2,665,499 New investments - - 250,000 250,000 Proceeds from sale of investments - - - - Realized gains - - - - Change in value of investments - - - - Fair value June 30, 2020 $ 101,500 $ 685,002 $ 2,128,997 $ 2,915,499 |
SCHEDULE OF ADJUSTMENT IN FAIR VALUE TO REFLECT IMPAIRMENT OF INVESTMENT | SCHEDULE OF ADJUSTMENT IN FAIR VALUE TO REFLECT IMPAIRMENT OF INVESTMENT Convertible notes Preferred stock Common stock SAFEs Other ownership interests Total Fair value March 31, 2021 $ 2,553,954 $ 3,129,458 $ 391,995 $ 325,000 $ 421,000 $ 6,821,407 Conversions into preferred stock - - - - - - New investments 650,000 250,000 165,600 100,000 100,000 1,265,600 Proceeds from sale of investments - - - - - - Realized gains - - - - - - Change in value of investments 48,221 4,779 - - - 53,000 Fair value June 30, 2021 $ 3,252,175 $ 3,384,237 $ 557,595 $ 425,000 $ 521,000 $ 8,140,007 Convertible notes Preferred stock Common stock SAFEs Other ownership interests Total Fair value March 31, 2020 $ 1,528,002 $ 701,497 $ 126,500 $ 73,500 $ 236,000 $ 2,665,499 Conversions into preferred stock 50,000 100,000 - - 100,000 250,000 New investments - - - - - - Proceeds from sale of investments - - - - - - Realized gains - - - - - - Change in value of investments - - - - - - Fair value June 30, 2020 $ 1,578,002 $ 801,497 $ 126,500 $ 73,500 $ 336,000 $ 2,915,499 |
EQUITY (Tables)
EQUITY (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
SCHEDULE OF OPTIONS VESTED | SCHEDULE OF OPTIONS VESTED Number of options granted Weighted average exercise price Weighted average remaining life years Outstanding March 31, 2021 2,634,250 $ 0.05 8.13 Granted 250,000 0.07 9.82 Exercised - - - Cancelled - - - Outstanding June 30, 2021 2,884,250 $ 0.05 8.53 Exercisable June 30, 2021 1,782,610 $ 0.04 8.05 |
SCHEDULE OF FAIR VALUE ASSUMPTIONS - STOCK OPTIONS | 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. SCHEDULE OF FAIR VALUE ASSUMPTIONS - STOCK OPTIONS June 30, 2021 March 31, 2021 Stock Price at grant date $ 0.070 $ 0.033 0.078 Exercise Price $ 0.070 $ 0.033 0.078 Term in Years 0 2.00 0 2.00 Volatility assumed 196 % 71 196 Annual dividend rate 0.0 % 0.0 % Risk free discount rate 0.12 % 0.12 2.0 |
SCHEDULE OF WARRANTS | SCHEDULE OF WARRANTS Number of Weighted average Weighted average remaining life in years Outstanding March 31, 2021 1 ,596,667 $ 1 .20 1.4 Granted - Exercised - - Cancelled - - Outstanding June 30, 2021 1,596,667 $ 1 .20 1.1 Exercisable June 30, 2021 1,596,667 $ 1 .20 1.1 |
FINANCIAL HIGHLIGHTS (Tables)
FINANCIAL HIGHLIGHTS (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SCHEDULE OF FINANCIAL HIGHLIGHTS | SCHEDULE OF FINANCIAL HIGHLIGHTS Per share data ( a) June 30, 2021 March 31, 2021 Net asset value $ 0.64 $ 1.03 Net increase (decrease) in net assets $ (0.03 ) $ 0.06 Net unrealized gain (loss) on investments $ 0.00 $ 0.18 Ratios and Supplemental Data Net assets, end of period $ 8,537,246 $ 6,993,163 Weighted average common shares outstanding, end of period 13,268,871 5,836,832 Total operating expenses/net assets 4.5 % 11.0 % Net increase (decrease) in net assets (3.9) % 6.1 % Total return (0.9) % 1.2 % (a) Per share data is based on the weighted average number of common shares outstanding at the end of the period. |
DESCRIPTION OF BUSINESS (Detail
DESCRIPTION OF BUSINESS (Details Narrative) - USD ($) | Jan. 02, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Oct. 01, 2021 | Mar. 31, 2021 | Mar. 31, 2018 |
Accumulated deficit | $ (33,290,978) | $ (32,957,186) | $ 32,380,746 | |||
Ownership percentage | 5.00% | |||||
Cash | $ 481,506 | $ 1,437,868 | ||||
Subsequent Event [Member] | ||||||
Cash | $ 500,000 | |||||
Chief Executive Officer [Member] | ||||||
Employee salary | $ 400,000 | |||||
Percentage of salary | 60.00% | |||||
Payroll related expense, gross | 80,000 | $ 0 | ||||
Consulting fees | $ 0 | $ 0 | ||||
Number of options granted | 0 | 0 | ||||
Maximum [Member] | ||||||
Investment by company | $ 250,000 |
SCHEDULE OF EARNINGS PER SHARE
SCHEDULE OF EARNINGS PER SHARE (Details) | 3 Months Ended | |
Jun. 30, 2021shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total used in calculating fully-diluted EPS | 13,268,871 | |
Common Stock Issued [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total used in calculating fully-diluted EPS | 13,268,871 | |
Series A Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total used in calculating fully-diluted EPS | 4,200,000 | [1] |
Series B Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total used in calculating fully-diluted EPS | 4,320,156 | [1] |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total used in calculating fully-diluted EPS | 2,759,250 | [1] |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total used in calculating fully-diluted EPS | 1,596,667 | [1] |
[1] | These shares excluded from the calculation of fully-diluted EPS as the result would be anti-dilutive. |
BASIS OF PRESENTATION AND SIG_4
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Sep. 30, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Cash equivalents | $ 0 | $ 0 | ||
Cash balance exceeds FDIC insured amount | 230,000 | $ 1,200,000 | ||
Impairment of investment | $ 61,046 | |||
Deferred offering cost | $ 170,889 | |||
Consultants [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Number of options granted | 250,000 | 250,000 | ||
Advisors [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Number of options granted | 120,000 | 120,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Related Party Transactions [Abstract] | ||
Related party accrued and owed | $ 72,205 | $ 51,420 |
SUMMARY OF INVESTMENT PORTFOLIO
SUMMARY OF INVESTMENT PORTFOLIO (Details) | Jun. 30, 2021USD ($)Integer | Apr. 29, 2021USD ($) | Mar. 31, 2021USD ($)Integer | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) |
Net Investment Income [Line Items] | |||||
Number of portfolio companies | Integer | 60 | 51 | |||
Investment Owned, at Fair Value | $ 8,140,007 | $ 6,821,407 | $ 2,915,499 | $ 2,665,499 | |
Investment Owned, at Cost | $ 6,952,145 | $ 5,686,545 | |||
Percentage of investment portfolio | 100.00% | 100.00% | |||
Convertible Debt Securities [Member] | |||||
Net Investment Income [Line Items] | |||||
Investment Owned, at Fair Value | $ 3,252,175 | $ 2,553,954 | 1,578,002 | 1,528,002 | |
Investment Owned, at Cost | $ 2,866,048 | $ 2,216,048 | |||
Percentage of investment portfolio | 40.00% | 37.00% | |||
Preferred Stock [Member] | |||||
Net Investment Income [Line Items] | |||||
Investment Owned, at Fair Value | $ 3,384,237 | $ 3,129,458 | 801,497 | 701,497 | |
Percentage of investment portfolio | 42.00% | 46.00% | |||
Common Stock [Member] | |||||
Net Investment Income [Line Items] | |||||
Investment Owned, at Fair Value | $ 557,595 | $ 391,995 | $ 391,995 | 126,500 | 126,500 |
Percentage of investment portfolio | 7.00% | 6.00% | |||
SAFE [Member] | |||||
Net Investment Income [Line Items] | |||||
Investment Owned, at Fair Value | $ 425,000 | $ 325,000 | 73,500 | 73,500 | |
Percentage of investment portfolio | 5.00% | 5.00% | |||
Other Ownership Units [Member] | |||||
Net Investment Income [Line Items] | |||||
Investment Owned, at Fair Value | $ 521,000 | $ 421,000 | $ 336,000 | $ 236,000 | |
Percentage of investment portfolio | 6.00% | 6.00% |
SCHEDULE OF INVESTMENTS (Detail
SCHEDULE OF INVESTMENTS (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | $ 8,140,007 | $ 6,821,407 | $ 2,915,499 | $ 2,665,499 |
Convertible Debt Securities [Member] | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | 3,252,175 | 2,553,954 | 1,578,002 | 1,528,002 |
Common Stock in Private Companies [Member] | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | 400,000 | 300,000 | ||
SAFE [Member] | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | 425,000 | 325,000 | $ 73,500 | $ 73,500 |
Other Investments [Member] | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | 521,000 | 421,000 | ||
Investment Fair Value [Member] | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | 7,982,412 | 6,729,412 | ||
Investment Fair Value [Member] | Convertible Debt Securities [Member] | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | $ 3,252,175 | $ 2,553,954 | ||
Valuation Approach/ Technique | Market approach | Market approach | ||
Unobservable Inputs | Precedent and follow-on transactions | Precedent and follow-on transactions | ||
Range/ Weighted Average | N/A | N/A | ||
Investment Fair Value [Member] | Preferred Stock in Private Companies [Member] | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | $ 3,384,237 | $ 3,129,458 | ||
Valuation Approach/ Technique | Market approach | Market approach | ||
Unobservable Inputs | Precedent and follow-on transactions | Precedent and follow-on transactions | ||
Range/ Weighted Average | N/A | N/A | ||
Investment Fair Value [Member] | Common Stock in Private Companies [Member] | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | $ 400,000 | $ 300,000 | ||
Valuation Approach/ Technique | Market approach | Market approach | ||
Unobservable Inputs | Precedent and follow-on transactions | Precedent and follow-on transactions | ||
Range/ Weighted Average | N/A | N/A | ||
Investment Fair Value [Member] | SAFE [Member] | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | $ 425,000 | $ 325,000 | ||
Valuation Approach/ Technique | Market approach | Market approach | ||
Unobservable Inputs | Precedent and follow-on transactions | Precedent and follow-on transactions | ||
Range/ Weighted Average | N/A | N/A | ||
Investment Fair Value [Member] | Other Investments [Member] | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | $ 521,000 | $ 421,000 | ||
Valuation Approach/ Technique | Market approach | Market approach | ||
Unobservable Inputs | Precedent and follow-on transactions | Precedent and follow-on transactions | ||
Range/ Weighted Average | N/A | N/A |
SCHEDULE OF INVESTMENTS AT FAIR
SCHEDULE OF INVESTMENTS AT FAIR VALUE MEASUREMENTS OF INVESTMENTS (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | $ 8,140,007 | $ 6,821,407 | $ 2,915,499 | $ 2,665,499 |
Convertible Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | 3,252,175 | 2,553,954 | 1,578,002 | 1,528,002 |
Preferred Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | 3,384,237 | 3,129,458 | 801,497 | 701,497 |
Common Stock in Private Companies [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | 400,000 | 300,000 | ||
SAFE [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | 425,000 | 325,000 | $ 73,500 | $ 73,500 |
Other Investments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | 521,000 | 421,000 | ||
Private Portfolio Companies [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | 7,982,412 | 6,729,412 | ||
Common Stock in Public Companies [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | 157,595 | 91,995 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | 157,595 | 91,995 | ||
Fair Value, Inputs, Level 1 [Member] | Convertible Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | ||||
Fair Value, Inputs, Level 1 [Member] | Preferred Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | ||||
Fair Value, Inputs, Level 1 [Member] | Common Stock in Private Companies [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | ||||
Fair Value, Inputs, Level 1 [Member] | SAFE [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | ||||
Fair Value, Inputs, Level 1 [Member] | Other Investments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | ||||
Fair Value, Inputs, Level 1 [Member] | Private Portfolio Companies [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | ||||
Fair Value, Inputs, Level 1 [Member] | Common Stock in Public Companies [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | 157,595 | 91,995 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | ||||
Fair Value, Inputs, Level 2 [Member] | Convertible Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | ||||
Fair Value, Inputs, Level 2 [Member] | Preferred Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | ||||
Fair Value, Inputs, Level 2 [Member] | Common Stock in Private Companies [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | ||||
Fair Value, Inputs, Level 2 [Member] | SAFE [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | ||||
Fair Value, Inputs, Level 2 [Member] | Other Investments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | ||||
Fair Value, Inputs, Level 2 [Member] | Private Portfolio Companies [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | ||||
Fair Value, Inputs, Level 2 [Member] | Common Stock in Public Companies [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | ||||
Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | 7,982,412 | 6,729,412 | ||
Fair Value, Inputs, Level 3 [Member] | Convertible Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | 3,252,175 | 2,553,954 | ||
Fair Value, Inputs, Level 3 [Member] | Preferred Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | 3,384,237 | 3,129,458 | ||
Fair Value, Inputs, Level 3 [Member] | Common Stock in Private Companies [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | 400,000 | 300,000 | ||
Fair Value, Inputs, Level 3 [Member] | SAFE [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | 425,000 | 325,000 | ||
Fair Value, Inputs, Level 3 [Member] | Other Investments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | 521,000 | 421,000 | ||
Fair Value, Inputs, Level 3 [Member] | Private Portfolio Companies [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | 7,982,412 | 6,729,412 | ||
Fair Value, Inputs, Level 3 [Member] | Common Stock in Public Companies [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) |
SCHEDULE OF INVESTMENTS IN UNRE
SCHEDULE OF INVESTMENTS IN UNREALIZED GAIN OR LOSSES FOREIGN EXCHANGE RATES ON SECURITIES (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Fair value, beginning | $ 6,821,407 | $ 2,665,499 |
New investments | 1,265,600 | 250,000 |
Proceeds from sale of investments | ||
Realized gains | ||
Change in value of investments | 53,000 | |
Fair value, ending | 8,140,007 | 2,915,499 |
Fintech [Member] | ||
Fair value, beginning | 126,030 | 101,500 |
New investments | ||
Proceeds from sale of investments | ||
Realized gains | ||
Change in value of investments | ||
Fair value, ending | 126,030 | 101,500 |
Technology [Member] | ||
Fair value, beginning | 1,394,318 | 685,002 |
New investments | 365,600 | |
Proceeds from sale of investments | ||
Realized gains | ||
Change in value of investments | 21,541 | |
Fair value, ending | 1,781,459 | 685,002 |
Life Science [Member] | ||
Fair value, beginning | 5,301,059 | 1,878,997 |
New investments | 900,000 | 250,000 |
Proceeds from sale of investments | ||
Realized gains | ||
Change in value of investments | 31,459 | |
Fair value, ending | 6,232,518 | 2,128,997 |
America [Member] | ||
Fair value, beginning | 5,486,011 | 2,170,499 |
New investments | 865,600 | 200,000 |
Proceeds from sale of investments | ||
Realized gains | ||
Change in value of investments | 28,467 | |
Fair value, ending | 6,380,078 | 2,370,499 |
CANADA | ||
Fair value, beginning | 907,560 | 245,000 |
New investments | 200,000 | 50,000 |
Proceeds from sale of investments | ||
Realized gains | ||
Change in value of investments | 17,859 | |
Fair value, ending | 1,125,419 | 295,000 |
Rest of World [Member] | ||
Fair value, beginning | 427,836 | 250,000 |
New investments | 200,000 | |
Proceeds from sale of investments | ||
Realized gains | ||
Change in value of investments | 6,674 | |
Fair value, ending | $ 634,510 | $ 250,000 |
SCHEDULE OF ADJUSTMENT IN FAIR
SCHEDULE OF ADJUSTMENT IN FAIR VALUE TO REFLECT IMPAIRMENT OF INVESTMENT (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Net Investment Income [Line Items] | ||
Fair value, beginning | $ 6,821,407 | $ 2,665,499 |
Conversions into preferred stock | 250,000 | |
New investments | 1,265,600 | 250,000 |
Proceeds from sale of investments | ||
Realized gains | ||
Change in value of investments | 53,000 | |
Fair value, ending | 8,140,007 | 2,915,499 |
Convertible Debt Securities [Member] | ||
Net Investment Income [Line Items] | ||
Fair value, beginning | 2,553,954 | 1,528,002 |
Conversions into preferred stock | 50,000 | |
New investments | 650,000 | |
Proceeds from sale of investments | ||
Realized gains | ||
Change in value of investments | 48,221 | |
Fair value, ending | 3,252,175 | 1,578,002 |
Preferred Stock [Member] | ||
Net Investment Income [Line Items] | ||
Fair value, beginning | 3,129,458 | 701,497 |
Conversions into preferred stock | 100,000 | |
New investments | 250,000 | |
Proceeds from sale of investments | ||
Realized gains | ||
Change in value of investments | 4,779 | |
Fair value, ending | 3,384,237 | 801,497 |
Common Stock [Member] | ||
Net Investment Income [Line Items] | ||
Fair value, beginning | 391,995 | 126,500 |
Conversions into preferred stock | ||
New investments | 165,600 | |
Proceeds from sale of investments | ||
Realized gains | ||
Change in value of investments | ||
Fair value, ending | 557,595 | 126,500 |
SAFE [Member] | ||
Net Investment Income [Line Items] | ||
Fair value, beginning | 325,000 | 73,500 |
Conversions into preferred stock | ||
New investments | 100,000 | |
Proceeds from sale of investments | ||
Realized gains | ||
Change in value of investments | ||
Fair value, ending | 425,000 | 73,500 |
Other Ownership Units [Member] | ||
Net Investment Income [Line Items] | ||
Fair value, beginning | 421,000 | 236,000 |
Conversions into preferred stock | 100,000 | |
New investments | 100,000 | |
Proceeds from sale of investments | ||
Realized gains | ||
Change in value of investments | ||
Fair value, ending | $ 521,000 | $ 336,000 |
INVESTMENTS (Details Narrative)
INVESTMENTS (Details Narrative) | Jun. 30, 2021 | Mar. 31, 2021 |
Investments, All Other Investments [Abstract] | ||
Investment owned, percent of net assets approximate value | 95.00% | |
Percentage of net asset | 98.00% |
SCHEDULE OF OPTIONS VESTED (Det
SCHEDULE OF OPTIONS VESTED (Details) | 3 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Equity [Abstract] | |
Number of options granted outstanding, Beginning balance | shares | 2,634,250 |
Weighted average exercise price outstanding, Beginning balance | $ / shares | $ 0.05 |
Weighted average remaining life years, Beginning years | 8 years 1 month 17 days |
Number of options granted | shares | 250,000 |
Weighted average exercise price granted | $ / shares | $ 0.07 |
Weighted average remaining life years granted | 9 years 9 months 25 days |
Number of options Exercised | shares | |
Weighted average exercise price Exercised | $ / shares | |
Number of options Cancelled | shares | |
Weighted average exercise price Cancelled | $ / shares | |
Number of options granted outstanding, Ending balance | shares | 2,884,250 |
Weighted average exercise price outstanding, Ending balance | $ / shares | $ 0.05 |
Weighted average remaining life years, Ending years | 8 years 6 months 10 days |
Number of options granted Exercisable | shares | 1,782,610 |
Weighted average exercise price Exercisable | $ / shares | $ 0.04 |
Weighted average remaining life years Exercisable | 8 years 18 days |
SCHEDULE OF FAIR VALUE ASSUMPTI
SCHEDULE OF FAIR VALUE ASSUMPTIONS - STOCK OPTIONS (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Mar. 30, 2021 | Mar. 31, 2021 | |
Stock Price at grant date | $ 0.070 | ||
Exercise Price | $ 0.070 | ||
Volatility assumed | 196.00% | ||
Annual dividend rate | 0.00% | 0.00% | |
Risk free discount rate | 0.12% | ||
Minimum [Member] | |||
Stock Price at grant date | $ 0.033 | ||
Exercise Price | 0.033 | ||
Term in Years | 0 years | 0 years | |
Volatility assumed | 71.00% | ||
Risk free discount rate | 0.12% | ||
Maximum [Member] | |||
Stock Price at grant date | 0.078 | ||
Exercise Price | $ 0.078 | ||
Term in Years | 2 years | 2 years | |
Volatility assumed | 196.00% | ||
Risk free discount rate | 2.00% |
SCHEDULE OF WARRANTS (Details)
SCHEDULE OF WARRANTS (Details) - Warrant [Member] | 3 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Number of warrants outstanding, Beginning balance | 1 |
Weighted average exercise price outstanding, Beginning balance | $ / shares | $ 1 |
Weighted average remaining life years, Beginning years | 1 year 4 months 24 days |
Number of warrants granted | |
Number of warrants Exercised | |
Number of warrants Cancelled | |
Number of warrants outstanding, Beginning balance | 1,596,667 |
Weighted average exercise price outstanding, Beginning balance | $ / shares | $ 1 |
Weighted average remaining life years, Ending years | 1 year 1 month 6 days |
Number of warrants Exercisable | 1,596,667 |
Weighted average exercise price Exercisable | $ / shares | $ 1 |
Weighted average remaining life years Exercisable | 1 year 1 month 6 days |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - USD ($) | Mar. 02, 2021 | Jul. 31, 2019 | Apr. 30, 2018 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | |||||||
Common stock par value | $ 0.01 | $ 0.01 | |||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||||
Preferred Stock, Shares Authorized | 19,800,000 | 19,800,000 | |||||
Common Stock, Shares Authorized | 40,000,000 | 40,000,000 | |||||
Common Stock, Shares, Issued | 13,268,871 | 9,983,082 | |||||
Common Stock, Shares, outstanding | 13,268,871 | 9,983,082 | |||||
Share issued during period, value | $ 553,002 | $ 375,000 | |||||
Common stock subscription, shares | 2,978,611 | ||||||
Common stock subscription, value | $ 1,191,442 | ||||||
Amortized stock option expense | 10,557 | 1,048 | |||||
outstanding stock options intrinsic value | $ 63,274 | 45,011 | |||||
Remaining contractual term | 1 year 4 months 20 days | ||||||
Intrinsic value of outstanding warrants | $ 0 | ||||||
2018 Stock Option And Incentive Plan [Member] | |||||||
Class of Stock [Line Items] | |||||||
Reserving stock option issuance | 2,697,085 | ||||||
2019 Stock Option And Incentive Plan [Member] | |||||||
Class of Stock [Line Items] | |||||||
Number of stock option grant | 2,000,000 | ||||||
Expiration date | May 21, 2029 | ||||||
2020 Stock Option and Incentive Plan [Member] | |||||||
Class of Stock [Line Items] | |||||||
Number of stock option grant | 2,000,000 | ||||||
Common Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Sale of stock price per share | $ 0.40 | ||||||
Share issued during period, value | |||||||
Number of warrant issued | 4,200,000 | ||||||
Number of warrant exercise price | $ 1.20 | ||||||
Warrant terms | 3 years | ||||||
Common Stock [Member] | Amendment of Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Share issued during period stock exchanged, shares | 307,178 | ||||||
Share issued during period, value | $ 122,876 | ||||||
Non-Qualified Stock Options [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock options number of shares | 250,000 | 120,000 | |||||
Vesting terms | 2 years | 2 years | |||||
Series A Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Sale of stock, shares | 4,200,000 | ||||||
Sale of stock price per share | $ 0.80 | ||||||
Excess outstanding shares | 550,000 | ||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||||
Preferred Stock, Shares Authorized | 4,200,000 | 4,200,000 | |||||
Series A-1 Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock par value | $ 0.40 | ||||||
Share purchased value | $ 6,000 | ||||||
Share issued during period stock exchanged, shares | 1,437,500 | ||||||
Series A-1 and Series A-2 Preferred Stock [Member] | IPO [Member] | |||||||
Class of Stock [Line Items] | |||||||
Purchased share discount percentage | 10.00% | ||||||
Series A-2 Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Share issued during period stock exchanged, shares | 2,212,500 | ||||||
Series B Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Sale of stock, shares | 4,320,156 | ||||||
Sale of stock price per share | $ 0.80 | $ 0.80 | |||||
Excess outstanding shares | 286,250 | ||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||||
Preferred Stock, Shares Authorized | 6,000,000 | 6,000,000 | |||||
Dividends percentage | 10.00% | ||||||
Proceeds from issuance of sale of stock | $ 3,456,124 | ||||||
Series B Preferred Stock [Member] | Common Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock par value | $ 0.40 | ||||||
Series B-1 Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Sale of stock, shares | 691,250 | ||||||
Share purchased value | $ 6,000 | ||||||
Share issued during period stock exchanged, shares | 1,857,656 | ||||||
Series B-1 And Series B-2 [Member] | IPO [Member] | |||||||
Class of Stock [Line Items] | |||||||
Purchased share discount percentage | 10.00% | ||||||
Series B-2 Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Share issued during period stock exchanged, shares | 2,176,250 |
SCHEDULE OF FINANCIAL HIGHLIGHT
SCHEDULE OF FINANCIAL HIGHLIGHTS (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net asset value | [1] | $ 0.64 | $ 1.03 |
Net increase (decrease) in net assets | [1] | (0.03) | 0.06 |
Net unrealized gain (loss) on investments | [1] | $ 0 | $ 0.18 |
Net asset, end of period | $ 8,537,246 | $ 6,993,163 | |
Weighted average common shares outstanding, end of period | 13,268,871 | 5,836,832 | |
Total operating expenses/net assets | 4.50% | 11.00% | |
Net increase (decrease) in net assets | (3.90%) | 6.10% | |
Total return | (0.90%) | 1.20% | |
[1] | Per share data is based on the weighted average number of common shares outstanding at the end of the period. |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Sep. 28, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 |
Subsequent Event [Line Items] | |||||
Number of stock issued value | $ 553,002 | $ 375,000 | |||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | $ 8,140,007 | 2,915,499 | $ 6,821,407 | $ 2,665,499 | |
Common Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of stock issued value | |||||
Series B-1 Preferred Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Sale of Series B Preferred stock at $0.80 per share, shares | 1,857,656 | ||||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively) | $ 952,000 | ||||
Subsequent Event [Member] | Common Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Sale of Series B Preferred stock at $0.80 per share, shares | 18,750 | ||||
Subsequent Event [Member] | Series B-1 Preferred Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of stock issued value | $ 1,274,000 |