Cover
Cover - shares | 9 Months Ended | |
Dec. 31, 2021 | Feb. 18, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Dec. 31, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 000-50390 | |
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 | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 13,287,621 |
Condensed Statement of Assets a
Condensed Statement of Assets and Liabilities - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
ASSETS | ||
Investments at fair value (cost of $8,926,469 and $5,686,545, respectively) | $ 12,156,511 | $ 6,821,407 |
Cash | 608,223 | 1,437,868 |
Other assets | 293,564 | 169,891 |
Total Assets | 13,058,298 | 8,429,166 |
Liabilities | ||
Accounts payable and accrued liabilities | 63,675 | 193,141 |
Accrued liabilities - related parties | 83,000 | 51,420 |
Common stock subscription liability | 1,191,442 | |
Total Liabilities | 146,675 | 1,436,003 |
Commitments and Contingencies (Note 3) | ||
Net Assets | ||
Preferred stock, value | ||
Common stock, $0.01 par value, 40,000,000 shares authorized, 13,287,621 and 9,983,082 issued and outstanding as of December 31, 2021 and March 31 2021, respectively | 132,876 | 99,831 |
Additional paid-in capital | 44,630,564 | 39,772,228 |
Accumulated deficit | (31,974,695) | (32,957,186) |
Total Net Assets | 12,911,623 | 6,993,163 |
Total Liabilities and Net Assets | 13,058,298 | 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 | $ 80,877 | $ 36,289 |
Condensed Statement of Assets_2
Condensed Statement of Assets and Liabilities (Parenthetical) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Investments at cost | $ 8,926,469 | $ 5,686,545 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | |
Preferred Stock, Shares Authorized | 16,800,000 | |
Preferred Stock, Shares Outstanding | 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 | 13,287,621 | 9,983,082 |
Common Stock, Shares, Outstanding | 13,287,621 | 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 Outstanding | 4,200,000 | 4,200,000 |
Preferred Stock, Shares Issued | 4,200,000 | 4,200,000 |
Preferred Stock, Liquidation Preference, Value | $ 6,720,000 | $ 6,720,000 |
Series B Preferred Stock [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | |
Preferred Stock, Shares Authorized | 9,000,000 | |
Preferred Stock, Shares Outstanding | 8,087,656 | 3,628,906 |
Preferred Stock, Liquidation Preference, Value | $ 6,951,945 | $ 2,903,125 |
Condensed Statement of Operatio
Condensed Statement of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
INVESTMENT INCOME | ||||
Interest and other income | $ 5 | $ 505 | ||
Total investment income | 5 | 505 | ||
EXPENSES | ||||
Professional fees | 98,241 | 91,669 | 371,600 | 168,212 |
Other operating expenses | 273,473 | 241,047 | 741,089 | 363,983 |
Total expenses | 371,714 | 332,716 | 1,112,689 | 532,195 |
Net investment loss | (371,714) | (332,711) | (1,112,689) | (531,690) |
Net change in unrealized gain on investments | 691,864 | 328,694 | 2,095,180 | 806,942 |
Net increase (decrease) in net assets resulting from operations | 320,150 | (4,017) | 982,491 | 275,252 |
Less: dividends attributable to Class B-1, B-2 and B-3 Preferred Stock (see Note 2 (I)) | (131,999) | (482,693) | ||
Net increase (decrease) in net assets resulting from operations attributable to Common Shareholders | $ 188,151 | $ (4,017) | $ 499,798 | $ 275,252 |
Basic earnings per Common Share, | ||||
Net increase in net assets resulting from operations per common share | $ 0.01 | $ 0.04 | $ 0.04 | |
Weighted average common shares outstanding | 13,287,621 | 8,528,007 | 13,273,038 | 6,737,152 |
Fully-diluted earnings per Common Share, | ||||
Net increase in net assets resulting from operations per common share | $ 0.01 | $ 0.02 | $ 0.02 | |
Weighted average common shares outstanding | 23,516,038 | 19,272,128 | 22,400,260 | 17,142,683 |
Condensed Statements of Changes
Condensed Statements of Changes in Net Assets (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | |
Balance, March 31, 2020 | $ 10,817,894 | $ 4,230,731 | $ 6,993,163 | $ 6,993,163 | $ 2,667,611 | $ 2,667,611 |
Net increase (decrease) in net assets resulting from operations | 320,150 | (4,017) | 982,491 | 275,252 | ||
Sale of Class B, B-1 and B-3 Preferred stock | 1,741,000 | 603,125 | 3,567,001 | 1,873,125 | ||
Sale of Common stock at $0.40 per share | 1,314,317 | |||||
Exercise of stock options | $ 0 | $ 618 | ||||
Exercise of stock options, shares | 0 | 18,750 | ||||
Common stock issued for warrants and options exercise | 1,566,230 | 1,566,229 | ||||
Compensation expense from stock options | $ 32,579 | 3,474 | $ 54,033 | 17,326 | ||
Balance, December 31, 2020 | 12,911,623 | 6,399,543 | 10,817,894 | 12,911,623 | 6,399,543 | 6,993,163 |
Preferred Stock [Member] | Preferred A Stock Class A One A Two [Member] | ||||||
Balance, March 31, 2020 | $ 42,001 | $ 42,001 | $ 42,001 | |||
Balance, shares | 4,200,000 | 4,200,000 | 4,200,000 | |||
Net increase (decrease) in net assets resulting from operations | ||||||
Sale of Class B, B-1 and B-3 Preferred stock | ||||||
Sale of Common stock at $0.40 per share | ||||||
Exercise of stock options | ||||||
Compensation expense from stock options | ||||||
Balance, December 31, 2020 | $ 42,001 | $ 42,001 | $ 42,001 | $ 42,001 | ||
Balance, shares | 4,200,000 | 4,200,000 | 4,200,000 | 4,200,000 | ||
Preferred Stock [Member] | Preferred B Stock B Class B One B Two B Three [Member] | ||||||
Balance, March 31, 2020 | $ 59,114 | $ 36,289 | $ 36,289 | |||
Balance, shares | 5,911,406 | 3,628,906 | 3,628,906 | |||
Net increase (decrease) in net assets resulting from operations | ||||||
Sale of Class B, B-1 and B-3 Preferred stock | $ 21,763 | $ 44,588 | ||||
Sale of Class B, B-1 and B-3 preferred stock, shares | 2,176,250 | 4,458,750 | ||||
Sale of Common stock at $0.40 per share | ||||||
Exercise of stock options | ||||||
Compensation expense from stock options | ||||||
Balance, December 31, 2020 | $ 80,877 | $ 59,114 | $ 80,877 | $ 36,289 | ||
Balance, shares | 8,087,656 | 5,911,406 | 8,087,656 | 3,628,906 | ||
Preferred Stock [Member] | Series A Preferred Stock [Member] | ||||||
Balance, March 31, 2020 | $ 42,001 | $ 42,001 | $ 42,001 | |||
Balance, shares | 4,200,000 | 4,200,000 | 4,200,000 | |||
Net increase (decrease) in net assets resulting from operations | ||||||
Sale of Class B, B-1 and B-3 Preferred stock | ||||||
Common stock issued for warrants and options exercise | ||||||
Compensation expense from stock options | ||||||
Balance, December 31, 2020 | $ 42,001 | $ 42,001 | ||||
Balance, shares | 4,200,000 | 4,200,000 | ||||
Preferred Stock [Member] | Series B Preferred Stock [Member] | ||||||
Balance, March 31, 2020 | $ 23,375 | $ 8,125 | $ 8,125 | |||
Balance, shares | 2,337,500 | 812,500 | 812,500 | |||
Net increase (decrease) in net assets resulting from operations | ||||||
Sale of Class B, B-1 and B-3 Preferred stock | $ 7,539 | $ 22,789 | ||||
Sale of Class B, B-1 and B-3 preferred stock, shares | 753,906 | 2,278,906 | ||||
Common stock issued for warrants and options exercise | ||||||
Compensation expense from stock options | ||||||
Balance, December 31, 2020 | $ 30,914 | $ 30,914 | ||||
Balance, shares | 3,091,406 | 3,091,406 | ||||
Common Stock [Member] | ||||||
Balance, March 31, 2020 | $ 132,876 | $ 58,368 | $ 99,831 | $ 99,831 | $ 58,368 | $ 58,368 |
Balance, shares | 13,287,621 | 5,836,832 | 9,983,082 | 9,983,082 | 5,836,832 | 5,836,832 |
Net increase (decrease) in net assets resulting from operations | ||||||
Sale of Class B, B-1 and B-3 Preferred stock | ||||||
Sale of Common stock at $0.40 per share | $ 32,858 | |||||
Sale of common stock $0.40 per share, shares | 3,285,789 | |||||
Exercise of stock options | $ 187 | |||||
Exercise of stock options, shares | 18,750 | |||||
Common stock issued for warrants and options exercise | $ 39,650 | $ 39,650 | ||||
Common stock issued for warrants and options exercised, shares | 3,965,000 | 3,965,000 | ||||
Compensation expense from stock options | ||||||
Balance, December 31, 2020 | $ 132,876 | $ 98,018 | $ 132,876 | $ 132,876 | $ 98,018 | $ 99,831 |
Balance, shares | 13,287,621 | 9,801,832 | 13,287,621 | 13,287,621 | 9,801,832 | 9,983,082 |
Additional Paid-in Capital [Member] | ||||||
Balance, March 31, 2020 | $ 42,878,748 | $ 37,211,970 | $ 39,772,228 | $ 39,772,228 | $ 35,943,369 | $ 35,943,369 |
Net increase (decrease) in net assets resulting from operations | ||||||
Sale of Class B, B-1 and B-3 Preferred stock | 1,719,237 | 595,586 | 3,522,413 | 1,850,336 | ||
Sale of Common stock at $0.40 per share | 1,281,459 | |||||
Exercise of stock options | 431 | |||||
Common stock issued for warrants and options exercise | 1,526,580 | 1,526,579 | ||||
Compensation expense from stock options | 32,579 | 3,474 | 54,033 | 17,326 | ||
Balance, December 31, 2020 | 44,630,564 | 39,337,610 | 42,878,748 | 44,630,564 | 39,337,610 | 39,772,228 |
Retained Earnings [Member] | ||||||
Balance, March 31, 2020 | (32,294,845) | (33,104,983) | (32,957,186) | (32,957,186) | (33,384,252) | (33,384,252) |
Net increase (decrease) in net assets resulting from operations | 320,150 | (4,017) | 982,491 | 275,252 | ||
Sale of Class B, B-1 and B-3 Preferred stock | ||||||
Sale of Common stock at $0.40 per share | ||||||
Exercise of stock options | ||||||
Common stock issued for warrants and options exercise | ||||||
Compensation expense from stock options | ||||||
Balance, December 31, 2020 | $ (31,974,695) | $ (33,109,000) | $ (32,294,845) | $ (31,974,695) | $ (33,109,000) | $ (32,957,186) |
Condensed Statements of Chang_2
Condensed Statements of Changes in Net Assets (Unaudited) (Parenthetical) | Dec. 31, 2021$ / shares |
Common Stock [Member] | |
Class of Stock [Line Items] | |
Sales of stock price per share | $ 0.40 |
Preferred B Stock B Class B One B Two B Three [Member] | |
Class of Stock [Line Items] | |
Sales of stock price per share | 0.80 |
Preferred B Stock Class B One B Three [Member] | |
Class of Stock [Line Items] | |
Sales of stock price per share | 0.80 |
Series B Preferred Stock [Member] | |
Class of Stock [Line Items] | |
Sales of stock price per share | $ 0.80 |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities: | ||
Net increase in net assets resulting from operations | $ 982,491 | $ 275,252 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities | ||
Net change in unrealized gain on investments | (2,095,180) | (806,942) |
Stock option compensation expense | 54,033 | 17,326 |
Change in operating assets and liabilities | ||
Other assets | (123,673) | 500 |
Accounts payable and accrued liabilities | (129,466) | 47,708 |
Accrued liabilities to related parties | 31,580 | |
Purchases of investments | (3,328,478) | (2,410,000) |
Proceeds from sale of investments | 88,554 | |
Net cash used in operating activities | (4,520,139) | (2,876,156) |
Cash flows from financing activities: | ||
Sale of Common stock in connection with preference rights (see Note 6) | 122,875 | |
Sale of Common stock from exercise of warrants and stock options | 618 | 1,566,229 |
Sale of Class B-1 Preferred stock | 1,626,000 | 1,873,125 |
Sale of Class B-3 Preferred stock | 1,941,001 | |
Deferred fundraising expenses | (36,409) | |
Receipt of SBA loan | 1,000 | |
Advances from related party | 2,250 | |
Net cash provided by financing activities | 3,690,494 | 3,406,195 |
Net increase/(decrease) in cash | (829,645) | 530,039 |
Cash, beginning of period | 1,437,868 | 33,756 |
Cash, end of period | 608,223 | 563,795 |
Supplemental cash flow information | ||
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 ($) | Dec. 31, 2021 | Mar. 31, 2021 | |||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 8,926,469 | $ 5,686,545 | |||
Investments at fair value | $ 12,156,511 | $ 6,821,407 | |||
Investment owned, percent of net assets | 94.20% | 97.50% | |||
UNITED STATES | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 7,031,469 | $ 4,516,545 | |||
Investments at fair value | $ 9,884,551 | $ 5,486,010 | |||
Investment owned, percent of net assets | 76.60% | 78.40% | |||
CANADA | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 995,000 | $ 770,000 | |||
Investments at fair value | $ 1,250,091 | $ 907,561 | |||
Investment owned, percent of net assets | 9.70% | 13.00% | |||
Rest of World [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 900,000 | $ 400,000 | |||
Investments at fair value | $ 1,021,869 | $ 427,836 | |||
Investment owned, percent of net assets | 7.90% | 6.10% | |||
Convertible Debt Securities [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 3,879,986 | $ 2,216,048 | |||
Investments at fair value | $ 4,679,776 | $ 2,553,954 | |||
Investment owned, percent of net assets | 36.20% | 36.50% | |||
Convertible Debt Securities [Member] | UNITED STATES | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 3,034,986 | $ 1,596,048 | |||
Investments at fair value | $ 3,563,423 | $ 1,868,557 | |||
Investment owned, percent of net assets | 27.60% | 26.70% | |||
Convertible Debt Securities [Member] | CANADA | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 495,000 | $ 370,000 | |||
Investments at fair value | $ 650,091 | $ 407,561 | |||
Investment owned, percent of net assets | 5.00% | 5.80% | |||
Convertible Debt Securities [Member] | Rest of World [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 350,000 | $ 250,000 | |||
Investments at fair value | $ 466,262 | $ 277,836 | |||
Investment owned, percent of net assets | 3.60% | 4.00% | |||
Preferred Investments [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 3,286,383 | $ 2,450,997 | |||
Investments at fair value | $ 5,225,498 | $ 3,129,458 | |||
Investment owned, percent of net assets | 40.50% | 44.80% | |||
Preferred Investments [Member] | UNITED STATES | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 3,036,383 | $ 2,300,997 | |||
Investments at fair value | $ 4,919,891 | $ 2,979,458 | |||
Investment owned, percent of net assets | 38.20% | 42.60% | |||
Preferred Investments [Member] | CANADA | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 200,000 | $ 100,000 | |||
Investments at fair value | $ 200,000 | $ 100,000 | |||
Investment owned, percent of net assets | 1.50% | 1.40% | |||
Preferred Investments [Member] | Rest of World [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 50,000 | $ 50,000 | |||
Investments at fair value | $ 105,607 | $ 50,000 | |||
Investment owned, percent of net assets | 0.80% | 0.70% | |||
Common Stock Investments [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 225,000 | $ 273,500 | |||
Investments at fair value | $ 325,000 | $ 391,995 | |||
Investment owned, percent of net assets | 2.50% | 5.60% | |||
Common Stock Investments [Member] | UNITED STATES | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 25,000 | $ 73,500 | |||
Investments at fair value | $ 25,000 | $ 91,995 | |||
Investment owned, percent of net assets | 0.20% | 1.30% | |||
Common Stock Investments [Member] | CANADA | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 200,000 | $ 200,000 | |||
Investments at fair value | $ 300,000 | $ 300,000 | |||
Investment owned, percent of net assets | 2.30% | 4.30% | |||
Common Stock Investments [Member] | Rest of World [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | |||||
Investments at fair value | |||||
Investment owned, percent of net assets | 0.00% | 0.00% | |||
Common Stock Investment [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 225,000 | ||||
Investments at fair value | $ 325,000 | ||||
Investment owned, percent of net assets | 2.50% | ||||
Public Common Stock Investments [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 239,100 | ||||
Investments at fair value | $ 630,237 | ||||
Investment owned, percent of net assets | 4.90% | ||||
Public Common Stock Investments [Member] | UNITED STATES | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 239,100 | ||||
Investments at fair value | $ 630,237 | ||||
Investment owned, percent of net assets | 4.90% | ||||
Public Common Stock Investments [Member] | CANADA | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | |||||
Investments at fair value | |||||
Investment owned, percent of net assets | 0.00% | ||||
Public Common Stock Investments [Member] | Rest of World [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | |||||
Investments at fair value | |||||
Investment owned, percent of net assets | 0.00% | ||||
Public Common Stock Investment [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 239,100 | ||||
Investments at fair value | $ 630,237 | ||||
Investment owned, percent of net assets | 4.90% | ||||
Safe Investments [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 725,000 | $ 325,000 | |||
Investments at fair value | $ 725,000 | $ 325,000 | |||
Investment owned, percent of net assets | 5.60% | 4.60% | |||
Safe Investments [Member] | UNITED STATES | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 175,000 | $ 125,000 | |||
Investments at fair value | $ 175,000 | $ 125,000 | |||
Investment owned, percent of net assets | 1.30% | 1.80% | |||
Safe Investments [Member] | CANADA | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 100,000 | $ 100,000 | |||
Investments at fair value | $ 100,000 | $ 100,000 | |||
Investment owned, percent of net assets | 0.80% | 1.40% | |||
Safe Investments [Member] | Rest of World [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 450,000 | $ 100,000 | |||
Investments at fair value | $ 450,000 | $ 100,000 | |||
Investment owned, percent of net assets | 3.50% | 1.40% | |||
Other Investment [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 571,000 | $ 421,000 | |||
Investments at fair value | $ 571,000 | $ 421,000 | |||
Investment owned, percent of net assets | 4.40% | 6.00% | |||
Other Investment [Member] | UNITED STATES | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 521,000 | $ 421,000 | |||
Investments at fair value | $ 571,000 | $ 421,000 | |||
Investment owned, percent of net assets | 4.40% | 6.00% | |||
Other Investment [Member] | CANADA | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | |||||
Investments at fair value | |||||
Investment owned, percent of net assets | 0.00% | 0.00% | |||
Other Investment [Member] | Rest of World [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 50,000 | ||||
Investments at fair value | |||||
Investment owned, percent of net assets | 0.00% | 0.00% | |||
Life Science [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investments at fair value | $ 9,759,384 | $ 5,301,059 | |||
Technology [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investments at fair value | 2,271,097 | 1,394,318 | |||
Fintech [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investments 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 | 11,447 | ||||
Investments at fair value | $ 15,589 | ||||
Investment owned, percent of net assets | 0.10% | ||||
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 | [1] | $ 100,000 | 100,000 | ||
Investments at fair value | [1] | $ 127,200 | $ 121,173 | ||
Investment owned, percent of net assets | [1] | 1.00% | 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 | [1] | $ 25,000 | $ 25,000 | ||
Investments at fair value | [1] | $ 30,540 | $ 29,033 | ||
Investment owned, percent of net assets | [1] | 0.20% | 0.40% | ||
Achelios Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due Decemeber 2021 One[Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | [1] | $ 50,000 | $ 50,000 | ||
Investments at fair value | [1] | $ 57,595 | $ 54,581 | ||
Investment owned, percent of net assets | [1] | 0.40% | 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 | [1] | $ 50,000 | |||
Investments at fair value | [1] | $ 50,000 | |||
Investment owned, percent of net assets | [1] | 0.40% | |||
AOADX 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 | ||||
Investments at fair value | $ 102,575 | ||||
Investment owned, percent of net assets | 0.80% | ||||
AOADX Inc [Member] | Life Science [Member] | Safe Investments [Member] | SAFE [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 50,000 | ||||
Investments at fair value | $ 50,000 | ||||
Investment owned, percent of net assets | 0.40% | ||||
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 | |||
Investments at fair value | $ 55,688 | $ 52,674 | |||
Investment owned, percent of net assets | 0.40% | 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 | |||
Investments at fair value | $ 244,980 | $ 162,319 | |||
Investment owned, percent of net assets | 1.90% | 2.30% | |||
Basepaws Inc One [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due October 2023 [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 150,000 | ||||
Investments at fair value | $ 150,000 | ||||
Investment owned, percent of net assets | 1.20% | ||||
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 | [1],[2] | $ 150,000 | $ 150,000 | ||
Investments at fair value | [1],[2] | $ 180,082 | $ 171,041 | ||
Investment owned, percent of net assets | [1],[2] | 1.40% | 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 | [1],[2] | $ 50,000 | $ 50,000 | ||
Investments at fair value | [1],[2] | $ 57,299 | $ 54,285 | ||
Investment owned, percent of net assets | [1],[2] | 0.40% | 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 | [1],[2] | $ 100,000 | |||
Investments at fair value | [1],[2] | $ 105,721 | |||
Investment owned, percent of net assets | [1],[2] | 0.80% | |||
Colabs Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due February 2023 [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 50,000 | ||||
Investments at fair value | $ 51,060 | ||||
Investment owned, percent of net assets | 0.40% | ||||
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 | |||
Investments at fair value | $ 50,000 | $ 50,000 | |||
Investment owned, percent of net assets | 0.40% | 0.70% | |||
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 | |||
Investments at fair value | $ 106,723 | $ 102,318 | |||
Investment owned, percent of net assets | 0.80% | 1.50% | |||
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 | $ 50,000 | ||||
Investments at fair value | $ 50,921 | ||||
Investment owned, percent of net assets | 0.40% | ||||
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 | [2] | $ 30,000 | $ 30,000 | ||
Investments at fair value | [2] | $ 71,733 | $ 33,768 | ||
Investment owned, percent of net assets | [2] | 0.60% | 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 | [2] | $ 35,000 | $ 35,000 | ||
Investments at fair value | [2] | $ 83,689 | $ 38,053 | ||
Investment owned, percent of net assets | [2] | 0.60% | 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 | [2] | $ 35,000 | $ 35,000 | ||
Investments at fair value | [2] | $ 35,000 | $ 36,296 | ||
Investment owned, percent of net assets | [2] | 0.30% | 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 | |||
Investments at fair value | $ 53,107 | $ 50,863 | |||
Investment owned, percent of net assets | 0.40% | 0.70% | |||
Deep Blue Medical Advances Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due June 2022 One [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 50,000 | ||||
Investments at fair value | $ 50,181 | ||||
Investment owned, percent of net assets | 0.40% | ||||
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 | |||
Investments at fair value | $ 49,997 | $ 49,997 | |||
Investment owned, percent of net assets | 0.40% | 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 | |||
Investments at fair value | $ 110,288 | $ 106,521 | |||
Investment owned, percent of net assets | 0.90% | 1.50% | |||
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 | |||
Investments at fair value | $ 290,046 | $ 159,835 | |||
Investment owned, percent of net assets | 2.20% | 2.30% | |||
FemtoDX 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 | $ 100,000 | ||||
Investments at fair value | $ 100,526 | ||||
Investment owned, percent of net assets | 0.80% | ||||
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 | |||
Investments at fair value | $ 102,279 | $ 100,844 | |||
Investment owned, percent of net assets | 0.80% | 1.40% | |||
INBay Technology 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 | [1] | $ 40,000 | [2] | |
Investments at fair value | $ 45,168 | [1] | $ 41,552 | [2] | |
Investment owned, percent of net assets | 0.30% | [1] | 0.60% | [2] | |
INBay Technology 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 | [1] | $ 50,000 | [2] | |
Investments at fair value | $ 69,101 | [1] | $ 59,721 | [2] | |
Investment owned, percent of net assets | 0.50% | [1] | 0.90% | [2] | |
INBay Technology Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note Twelve Percentage Due July 2021 [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 30,000 | [1] | $ 30,000 | [2] | |
Investments at fair value | $ 38,936 | [1] | $ 34,149 | [2] | |
Investment owned, percent of net assets | 0.30% | [1] | 0.50% | [2] | |
INBay Technology 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 | [1] | $ 50,000 | [2] | |
Investments at fair value | $ 61,162 | [1] | $ 56,640 | [2] | |
Investment owned, percent of net assets | 0.50% | [1] | 0.80% | [2] | |
INBay Technology 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 | [1] | $ 50,000 | |||
Investments at fair value | [1] | $ 54,437 | |||
Investment owned, percent of net assets | [1] | 0.40% | |||
INBay Technology Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 12% Due December 2023 One [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | [1] | $ 25,000 | |||
Investments at fair value | [1] | $ 25,001 | |||
Investment owned, percent of net assets | [1] | 0.20% | |||
Iris R And D Group Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due December 2023 [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | [2] | $ 50,000 | |||
Investments at fair value | [2] | $ 52,455 | |||
Investment owned, percent of net assets | [2] | 0.40% | |||
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 | |||
Investments at fair value | $ 103,082 | $ 100,847 | |||
Investment owned, percent of net assets | 0.80% | 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 | |||
Investments at fair value | $ 247,654 | $ 243,133 | |||
Investment owned, percent of net assets | 1.90% | 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 | |||
Investments at fair value | $ 87,030 | $ 83,738 | |||
Investment owned, percent of net assets | 0.70% | 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 | |||
Investments at fair value | $ 34,187 | $ 32,830 | |||
Investment owned, percent of net assets | 0.30% | 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 | |||
Investments at fair value | $ 77,974 | $ 74,810 | |||
Investment owned, percent of net assets | 0.60% | 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 | ||||
Investments at fair value | $ 51,915 | ||||
Investment owned, percent of net assets | 0.40% | ||||
Lowell Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% No Due Date [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 27,491 | ||||
Investments at fair value | $ 28,509 | ||||
Investment owned, percent of net assets | 0.20% | ||||
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 | |||
Investments at fair value | $ 50,000 | $ 50,000 | |||
Investment owned, percent of net assets | 0.40% | 0.70% | |||
Lowell Therapeutics Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stock One [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 50,000 | $ 50,000 | |||
Investments at fair value | $ 50,000 | $ 50,000 | |||
Investment owned, percent of net assets | 0.40% | 0.70% | |||
Lowell Therapeutics 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 | ||||
Investments at fair value | $ 100,001 | ||||
Investment owned, percent of net assets | 0.80% | ||||
MM Tron 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 | ||||
Investments at fair value | $ 102,038 | ||||
Investment owned, percent of net assets | 0.80% | ||||
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 | |||
Investments at fair value | $ 63,748 | $ 61,036 | |||
Investment owned, percent of net assets | 0.50% | 0.90% | |||
Neuro42 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 | |||
Investments at fair value | $ 53,573 | $ 50,559 | |||
Investment owned, percent of net assets | 0.40% | 0.70% | |||
Neuro42 Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due November 2023 [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 150,000 | ||||
Investments at fair value | $ 150,801 | ||||
Investment owned, percent of net assets | 1.20% | ||||
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 | |||
Investments at fair value | $ 52,979 | $ 51,110 | |||
Investment owned, percent of net assets | 0.40% | 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 | |||
Investments at fair value | $ 52,849 | $ 50,966 | |||
Investment owned, percent of net assets | 0.40% | 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 | |||
Investments at fair value | $ 106,838 | $ 102,318 | |||
Investment owned, percent of net assets | 0.80% | 1.50% | |||
Preview Medical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 7% Due May 2022 [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 50,000 | ||||
Investments at fair value | $ 50,278 | ||||
Investment owned, percent of net assets | 0.40% | ||||
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 | ||||
Investments at fair value | $ 106,712 | ||||
Investment owned, percent of net assets | 0.80% | ||||
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 | ||||
Investments at fair value | $ 101,918 | ||||
Investment owned, percent of net assets | 1.50% | ||||
Promaxo Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 5% Due July 2022 [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 100,000 | ||||
Investments at fair value | $ 185,136 | ||||
Investment owned, percent of net assets | 1.40% | ||||
Promaxo Inc [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 | |||
Investments at fair value | $ 1,034,684 | $ 531,738 | |||
Investment owned, percent of net assets | 8.00% | 7.60% | |||
Rheos Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due August 2026 [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 100,000 | ||||
Investments at fair value | $ 103,090 | ||||
Investment owned, percent of net assets | 0.80% | ||||
Saccharo Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 7% Due September 2022 [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 50,000 | ||||
Investments at fair value | $ 51,697 | ||||
Investment owned, percent of net assets | 0.40% | ||||
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 | |||
Investments at fair value | $ 60,893 | $ 57,879 | |||
Investment owned, percent of net assets | 0.50% | 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 | |||
Investments at fair value | $ 81,460 | $ 77,086 | |||
Investment owned, percent of net assets | 0.60% | 1.10% | |||
Sage Medic Corp [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 10,389 | ||||
Investments at fair value | $ 10,389 | ||||
Investment owned, percent of net assets | 0.10% | ||||
Seal Rock Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due June 2023 [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 100,000 | ||||
Investments at fair value | $ 100,000 | ||||
Investment owned, percent of net assets | 0.80% | ||||
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 | |||
Investments at fair value | $ 199,375 | $ 80,329 | |||
Investment owned, percent of net assets | 1.50% | 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 | |||
Investments 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 One [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 11,048 | $ 11,048 | |||
Investments at fair value | $ 1 | $ 1 | |||
Investment owned, percent of net assets | 0.00% | 0.00% | |||
Shyft [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% April 2023 [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 100,000 | ||||
Investments at fair value | $ 100,000 | ||||
Investment owned, percent of net assets | 0.80% | ||||
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 | ||||
Investments at fair value | $ 51,726 | ||||
Investment owned, percent of net assets | 0.40% | ||||
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 | [2] | $ 50,000 | $ 50,000 | ||
Investments at fair value | [2] | $ 123,160 | $ 52,510 | ||
Investment owned, percent of net assets | [2] | 1.00% | 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 | [2] | $ 50,000 | $ 50,000 | ||
Investments at fair value | [2] | $ 105,607 | $ 50,000 | ||
Investment owned, percent of net assets | [2] | 0.80% | 0.70% | ||
Xpan Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% March 2022 [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | [2] | $ 50,000 | |||
Investments at fair value | [2] | $ 57,310 | |||
Investment owned, percent of net assets | [2] | 0.40% | |||
Xpan Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% June 2022 [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | [2] | $ 25,000 | $ 25,000 | ||
Investments at fair value | [2] | $ 28,052 | $ 26,545 | ||
Investment owned, percent of net assets | [2] | 0.20% | 0.40% | ||
Xpan Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% June 2022 [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | [2] | $ 25,000 | $ 25,000 | ||
Investments at fair value | [2] | $ 28,047 | $ 26,540 | ||
Investment owned, percent of net assets | [2] | 0.20% | 0.40% | ||
Xpan Inc [Member] | Life Science [Member] | Corporate Note Securities [Member] | Convertible Note 8% March 2022 [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | [2] | $ 50,000 | |||
Investments at fair value | [2] | $ 54,296 | |||
Investment owned, percent of net assets | [2] | 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 | |||
Investments at fair value | $ 50,000 | $ 50,000 | |||
Investment owned, percent of net assets | 0.40% | 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 | |||
Investments at fair value | $ 100,000 | $ 100,000 | |||
Investment owned, percent of net assets | 0.80% | 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 | |||
Investments at fair value | $ 59,783 | $ 59,783 | |||
Investment owned, percent of net assets | 0.50% | 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 | |||
Investments at fair value | $ 66,247 | $ 66,247 | |||
Investment owned, percent of net assets | 0.50% | 0.90% | |||
Connectus Services Ltd [Member] | Technology [Member] | Preferred Investments [Member] | Series Seed Preferred [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | [2] | $ 100,000 | $ 100,000 | ||
Investments at fair value | [2] | $ 100,000 | $ 100,000 | ||
Investment owned, percent of net assets | [2] | 0.80% | 1.40% | ||
Distasense Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series C Preferred Stock [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 50,000 | ||||
Investments at fair value | $ 50,000 | ||||
Investment owned, percent of net assets | 0.40% | ||||
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 | |||
Investments at fair value | $ 100,000 | $ 100,000 | |||
Investment owned, percent of net assets | 0.80% | 1.40% | |||
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 | ||||
Investments at fair value | $ 100,000 | ||||
Investment owned, percent of net assets | 0.80% | ||||
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 | |||
Investments at fair value | $ 50,000 | $ 50,000 | |||
Investment owned, percent of net assets | 0.40% | 0.70% | |||
i-Lumen Scientific Inc. [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Plus Warrants One[Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 50,000 | $ 50,000 | |||
Investments at fair value | $ 50,000 | $ 50,000 | |||
Investment owned, percent of net assets | 0.40% | 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 | |||
Investments at fair value | $ 256,198 | $ 99,997 | |||
Investment owned, percent of net assets | 2.00% | 1.40% | |||
Kitotech Medical Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series B Preferred [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 74,998 | ||||
Investments at fair value | $ 74,998 | ||||
Investment owned, percent of net assets | 0.60% | ||||
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 | |||
Investments at fair value | $ 25,000 | $ 25,000 | |||
Investment owned, percent of net assets | 0.20% | 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 | |||
Investments at fair value | $ 50,000 | $ 50,000 | |||
Investment owned, percent of net assets | 0.40% | 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 | |||
Investments at fair value | $ 38,031 | $ 38,031 | |||
Investment owned, percent of net assets | 0.30% | 0.50% | |||
Light Line Medical Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred Converted Note One [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 70,000 | $ 70,000 | |||
Investments at fair value | $ 106,049 | $ 106,049 | |||
Investment owned, percent of net assets | 0.80% | 1.50% | |||
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 | ||||
Investments at fair value | $ 50,000 | ||||
Investment owned, percent of net assets | 0.40% | ||||
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 | |||
Investments at fair value | $ 100,000 | $ 100,000 | |||
Investment owned, percent of net assets | 0.80% | 1.40% | |||
Nanochon Inc [Member] | Technology [Member] | Preferred Investments [Member] | Series Seed Preferred Plus Warrants [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 50,000 | ||||
Investments at fair value | $ 50,000 | ||||
Investment owned, percent of net assets | 0.40% | ||||
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 | |||
Investments at fair value | $ 540,053 | $ 224,998 | |||
Investment owned, percent of net assets | 4.20% | 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 | |||
Investments at fair value | $ 136,829 | $ 212,497 | |||
Investment owned, percent of net assets | 1.10% | 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 | |||
Investments at fair value | $ 75,000 | $ 75,000 | |||
Investment owned, percent of net assets | 0.60% | 1.10% | |||
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 | $ 100,000 | ||||
Investments at fair value | $ 100,000 | ||||
Investment owned, percent of net assets | 0.80% | ||||
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 | [2] | $ 100,000 | |||
Investments at fair value | [2] | $ 100,000 | |||
Investment owned, percent of net assets | [2] | 0.80% | |||
Orion Biotechnology Inc [Member] | Life Science [Member] | Safe Investments [Member] | SAFE [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | [2] | $ 100,000 | $ 100,000 | ||
Investments at fair value | [2] | $ 100,000 | $ 100,000 | ||
Investment owned, percent of net assets | [2] | 0.80% | 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 | |||
Investments at fair value | $ 100,000 | $ 100,000 | |||
Investment owned, percent of net assets | 0.80% | 1.40% | |||
Partheous 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 | ||||
Investments at fair value | $ 50,000 | ||||
Investment owned, percent of net assets | 0.40% | ||||
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 | |||
Investments at fair value | $ 107,059 | $ 97,940 | |||
Investment owned, percent of net assets | 0.80% | 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 | |||
Investments at fair value | $ 91,771 | $ 64,626 | |||
Investment owned, percent of net assets | 0.70% | 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 | |||
Investments at fair value | $ 70,990 | $ 50,000 | |||
Investment owned, percent of net assets | 0.50% | 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 | [1] | $ 50,000 | $ 50,000 | ||
Investments at fair value | [1] | $ 50,000 | $ 50,000 | ||
Investment owned, percent of net assets | [1] | 0.40% | 0.70% | ||
Trellis Bioscience LLC [Member] | Life Science [Member] | Preferred Investments [Member] | SeriesB Preferred Plus Warrants One [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | [1] | $ 50,000 | $ 50,000 | ||
Investments at fair value | [1] | $ 50,000 | $ 50,000 | ||
Investment owned, percent of net assets | [1] | 0.40% | 0.70% | ||
Trellis Bioscience LLC [Member] | Life Science [Member] | Preferred Investments [Member] | Series B Preferred Plus Warrants Two [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | [1] | $ 100,000 | $ 100,000 | ||
Investments at fair value | [1] | $ 100,000 | $ 100,000 | ||
Investment owned, percent of net assets | [1] | 0.80% | 1.40% | ||
Trio Labs Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 50,000 | ||||
Investments at fair value | $ 50,000 | ||||
Investment owned, percent of net assets | 0.40% | ||||
Vesteck 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 | ||||
Investments at fair value | $ 100,000 | ||||
Investment owned, percent of net assets | 0.80% | ||||
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 | |||
Investments at fair value | $ 25,648 | $ 25,648 | |||
Investment owned, percent of net assets | 0.20% | 0.40% | |||
Visgenx Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred Converted Note One [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 15,003 | $ 15,003 | |||
Investments at fair value | $ 15,391 | $ 15,391 | |||
Investment owned, percent of net assets | 0.10% | 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 | |||
Investments at fair value | $ 46,352 | $ 46,352 | |||
Investment owned, percent of net assets | 0.40% | 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 | [2] | $ 100,000 | $ 100,000 | ||
Investments at fair value | [2] | $ 150,000 | $ 150,000 | ||
Investment owned, percent of net assets | [2] | 1.20% | 2.10% | ||
BendaRX Corp [Member] | Life Science [Member] | Common Stock Investments [Member] | Common Stock One [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | [2] | $ 100,000 | $ 100,000 | ||
Investments at fair value | [2] | $ 150,000 | $ 150,000 | ||
Investment owned, percent of net assets | [2] | 1.20% | 2.10% | ||
Kuantsol Inc [Member] | Technology [Member] | Common Stock Investments [Member] | Common Stock [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 25,000 | ||||
Investments at fair value | $ 25,000 | ||||
Investment owned, percent of net assets | 0.20% | ||||
Boardwalk Tech [Member] | Technology [Member] | Common Stock Investments [Member] | Common Stock [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 73,500 | ||||
Investments at fair value | $ 91,995 | ||||
Investment owned, percent of net assets | 1.30% | ||||
Boardwalk Tech [Member] | Technology [Member] | Public Common Stock Investments [Member] | Common Stock [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 65,600 | ||||
Investments at fair value | $ 70,000 | ||||
Investment owned, percent of net assets | 0.50% | ||||
Boardwalk Tech [Member] | Technology [Member] | Public Common Stock Investments [Member] | Common Stock One [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 73,500 | ||||
Investments at fair value | $ 86,505 | ||||
Investment owned, percent of net assets | 0.70% | ||||
Sanaby Health Acquisition Corp 1 [Member] | Life Science [Member] | Public Common Stock Investments [Member] | Common Stock [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 100,000 | ||||
Investments at fair value | $ 473,732 | ||||
Investment owned, percent of net assets | 3.70% | ||||
Infinidome Ltd [Member] | Technology [Member] | Safe Investments [Member] | SAFE [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | [2] | $ 50,000 | $ 50,000 | ||
Investments at fair value | [2] | $ 50,000 | $ 50,000 | ||
Investment owned, percent of net assets | [2] | 0.40% | 0.70% | ||
Infinidome Ltd [Member] | Technology [Member] | Safe Investments [Member] | Safe One [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | [2] | $ 50,000 | $ 50,000 | ||
Investments at fair value | [2] | $ 50,000 | $ 50,000 | ||
Investment owned, percent of net assets | [2] | 0.40% | 0.70% | ||
Infinidome Ltd [Member] | Technology [Member] | Safe Investments [Member] | Safe Two [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | [2] | $ 100,000 | |||
Investments at fair value | [2] | $ 100,000 | |||
Investment owned, percent of net assets | [2] | 0.80% | |||
Madorra Inc [Member] | Life Science [Member] | Safe Investments [Member] | SAFE [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | [2] | $ 100,000 | |||
Investments at fair value | [2] | $ 100,000 | |||
Investment owned, percent of net assets | [2] | 0.80% | |||
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 | |||
Investments at fair value | $ 75,000 | $ 75,000 | |||
Investment owned, percent of net assets | 0.60% | 1.10% | |||
Mitre Medical Corp [Member] | Life Science [Member] | Safe Investments [Member] | Safe One [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 50,000 | $ 50,000 | |||
Investments at fair value | $ 50,000 | $ 50,000 | |||
Investment owned, percent of net assets | 0.40% | 0.70% | |||
Polymertal Inc [Member] | Technology [Member] | Safe Investments [Member] | SAFE [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | [2] | $ 150,000 | |||
Investments at fair value | [2] | $ 150,000 | |||
Investment owned, percent of net assets | [2] | 1.20% | |||
Enduralock LLC [Member] | Technology [Member] | Other Investment [Member] | Series A-1 Ownership Units [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 30,000 | $ 30,000 | |||
Investments at fair value | $ 30,000 | $ 30,000 | |||
Investment owned, percent of net assets | 0.20% | 0.40% | |||
Enduralock LLC [Member] | Technology [Member] | Other Investment [Member] | Series A-1 Ownership Units 1 [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 35,000 | $ 35,000 | |||
Investments at fair value | $ 35,000 | $ 35,000 | |||
Investment owned, percent of net assets | 0.30% | 0.50% | |||
Exodos Life Sciences LP [Member] | Life Science [Member] | Other Investment [Member] | Series A-1 Ownership Units [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 206,000 | $ 206,000 | [1] | ||
Investments at fair value | $ 206,000 | $ 206,000 | [1] | ||
Investment owned, percent of net assets | 1.60% | 2.90% | [1] | ||
Green Sun Medical LLC [Member] | Life Science [Member] | Other Investment [Member] | Class A-1 Ownership Units [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 50,000 | $ 50,000 | |||
Investments at fair value | $ 50,000 | $ 50,000 | |||
Investment owned, percent of net assets | 0.40% | 0.70% | |||
Green Sun Medical LLC [Member] | Life Science [Member] | Other Investment [Member] | Class A-1 Ownership Units 1 [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 25,000 | $ 25,000 | |||
Investments at fair value | $ 25,000 | $ 25,000 | |||
Investment owned, percent of net assets | 0.20% | 0.40% | |||
Green Sun Medical LLC [Member] | Life Science [Member] | Other Investment [Member] | Class A-1 Ownership Units 2 [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 25,000 | $ 25,000 | |||
Investments at fair value | $ 25,000 | $ 25,000 | |||
Investment owned, percent of net assets | 0.20% | 0.40% | |||
Green Sun Medical LLC [Member] | Life Science [Member] | Other Investment [Member] | Class A-1 Preferred Ownership Units 3 [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 100,000 | ||||
Investments at fair value | $ 100,000 | ||||
Investment owned, percent of net assets | 0.80% | ||||
Riso Capital Fund ILP [Member] | Technology [Member] | Other Investment [Member] | Ownership Units [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 50,000 | $ 50,000 | |||
Investments at fair value | $ 50,000 | $ 50,000 | |||
Investment owned, percent of net assets | 0.40% | 0.70% | |||
Riso Capital Fund ILP [Member] | Technology [Member] | Other Investment [Member] | Ownership Units One [Member] | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment owned, at cost | $ 50,000 | ||||
Investments at fair value | $ 50,000 | ||||
Investment owned, percent of net assets | 0.40% | ||||
[1] | Kyto management sit on the Board of these companies. | ||||
[2] | These companies are headquartered outside of the US. |
Condensed Schedule of Investm_2
Condensed Schedule of Investments (Unaudited) (Parenthetical) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Mar. 31, 2021 | |
Short-term Debt [Line Items] | ||
Stockholders' equity | $ 12,911,623 | $ 6,993,163 |
Common Stock [Member] | ||
Short-term Debt [Line Items] | ||
Stockholders' equity | $ 132,876 | $ 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 | 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 Note 8% Due Decemeber 2021 One[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% | |
AOADX 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 |
Basepaws Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due October 2023 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 6.00% | |
Maturity date | 2023-10 | |
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 | |
Colabs Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due February 2023 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 6.00% | |
Maturity date | 2023-02 | |
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 |
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 |
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% | |
Maturity date | 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] | Convertible Debt Securities [Member] | Convertible Note 6% Due June 2022 One [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 6.00% | |
Maturity date | 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 |
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 |
FemtoDX Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 12% Due December 2022 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 12.00% | |
Maturity date | 2022-12 | |
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 Technology 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 Technology 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 Technology Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note Twelve Percentage Due July 2021 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 12.00% | 12.00% |
Maturity date | 2021-07 | 2021-07 |
INBay Technology 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 Technology 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 | |
INBay Technology Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 12% Due December 2023 One [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 12.00% | |
Maturity date | 2023-12 | |
Iris R And D Group Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due December 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 | |
Lowell Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% No Due Date [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 8.00% | |
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 Stock One [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 20,000 | 20,000 |
Lowell Therapeutics Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series B Preferred Stock [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 25,000 | |
MM Tron 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 |
Neuro42 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 |
Neuro42 Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due November 2023 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 5.00% | |
Maturity date | 2023-11 | |
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 May 2022 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 7.00% | |
Maturity date | 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 |
Promaxo Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 5% Due July 2022 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 5.00% | |
Maturity date | 2022-07 | |
Promaxo Inc [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 |
Rheos Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due August 2026 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 8.00% | |
Maturity date | 2026-08 | |
Saccharo Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 7% Due September 2022 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 7.00% | |
Maturity date | 2022-09 | |
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 |
Sage Medic Corp [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred Converted Note [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 12,717 | |
Seal Rock Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due June 2023 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 6.00% | |
Maturity date | 2023-06 | |
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 [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% April 2023 [Member] | ||
Short-term Debt [Line Items] | ||
Interest percentage | 6.00% | |
Maturity date | 2023-04 | |
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% 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% 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% 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 |
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 |
Distasense Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stock [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 117,813 | |
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 |
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 One[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 |
Kitotech Medical Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series B Preferred [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 49,027 | |
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 One [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 141,871 | 141,871 |
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 |
Micronic Technologies Inc [Member] | Technology [Member] | Preferred Investments [Member] | Series Seed Preferred Plus Warrants [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 200,401 | |
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 |
New View Surgical Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A-1 Preferred [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 58,220 | |
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 |
Partheous Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stock [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 50,000 | |
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] | SeriesB Preferred Plus Warrants One [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 Two [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 100,000 | 100,000 |
Trio Labs Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 29,809 | |
Vesteck Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Converted Note [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 34,783 | |
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 One [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 One [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 12,500 | 12,500 |
Kuantsol Inc [Member] | Technology [Member] | Common Stock Investments [Member] | Common Stock [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 133.333 | |
Boardwalk Tech [Member] | Technology [Member] | Common Stock Investments [Member] | Common Stock [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 150,000 | |
Boardwalk Tech [Member] | Technology [Member] | Public Common Stock Investments [Member] | Common Stock [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 75,000 | |
Boardwalk Tech [Member] | Technology [Member] | Public Common Stock Investments [Member] | Common Stock One [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 150,000 | |
Sanaby Health Acquisition Corp 1 [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 Investment [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 Investment [Member] | Series A-1 Ownership Units 1 [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 39.7 | 39.7 |
Green Sun Medical LLC [Member] | Life Science [Member] | Other Investment [Member] | Class A-1 Ownership Units [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 2,193 | 2,193 |
Green Sun Medical LLC [Member] | Life Science [Member] | Other Investment [Member] | Class A-1 Ownership Units 1 [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 1,096 | 1,096 |
Green Sun Medical LLC [Member] | Life Science [Member] | Other Investment [Member] | Class A-1 Ownership Units 2 [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 1,096 | 1,096 |
Green Sun Medical LLC [Member] | Life Science [Member] | Other Investment [Member] | Class A-1 Preferred Ownership Units 3 [Member] | ||
Short-term Debt [Line Items] | ||
Number of shares | 4,386 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 9 Months Ended |
Dec. 31, 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, he 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 $ 400,000 100,000 300,000 80,000 50,000 and was granted options to purchase 215,000 shares of Common stock. 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 December 31, 2021, the Company had approximately $ 600,000 of cash to cover its operating expenses, and new investment requirements and is continuing to raise additional funding on a recurring monthly basis. If successful, it will have sufficient funding for further investments and ongoing operations. However, there is no assurance that the Company will be able to raise sufficient cash to cover its requirements on attractive terms, if at all, and whether it will be able to continue as a going concern. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying condensed interim financial statements have been prepared assuming the Company will continue to operate as a going concern and do not include any adjustments that might result from the outcome of this uncertainty. Stay at home orders and general economic uncertainties arising out of the current Covid-19 epidemic have created additional delays and uncertainty. To date there has been no disruption to the Company’s business operations, although some of its portfolio investment companies report delays in their programs. At March 31, 2020, management determined that the Company was an investment company for purposes of Accounting Standards Codification Topic 946, Financial Services—Investment Companies (ASC Topic 946) 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 | 9 Months Ended |
Dec. 31, 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 and nine months ended December 31, 2021 may not necessarily be indicative of results that may be expected for any succeeding quarter or for the entire fiscal year. The condensed balance sheet as of March 31, 2021 was derived from the audited financial statements at that date, but does not include all the information and footnotes required by U.S. GAAP. 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 SEC on August 10, 2021. The Company’s condensed interim financial statements are prepared in accordance with U.S. 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 ASC Topic 946. (B) RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS The Company’s previously issued financial statements as of and for three and six months ended September 30, 2021 and the three months ended June 30, 2021 have been restated to reflect the dividends attributable for the Class B-1, B-2 and B-3 Preferred Stock. The Class B-1, B-2 and B-3 Preferred Stock have cumulative dividends amounting to $ 98,968 and $ 350,694 for three and six months ended September 30, 2021, respectively, and $ 251,726 for the three months ended June 30, 2021. Previously, the Company did not present the cumulative dividends attributable to Class B-1, B-2 and B-3 Preferred Stock in its calculation of earnings (loss) per common share. To correct this misstatement, the Company has included dividends attributable to Class B-1, B-2 and B-3 Preferred Stock for the three and six months ended September 30, 2021 and three months ended June 30, 2021, in its calculation of earnings (loss) per common share below, resulting in a decrease of net income and increase in net loss attributable to common shareholders. There has been no change in the Company’s total assets, liabilities or operating results. The correction of the errors is as follows: SCHEDULE OF CORRECTION OF THE ERRORS For the three months ended For the six months ended September 30, June 30, September 30, Net increase (decrease) in net assets resulting from operations $ 996,133 $ (333,792 ) $ 662,341 Less: Dividends attributable to Class B-1, B-2 & B-3 stockholders (98,968 ) (251,726 ) (350,694 ) Net increase (decrease) in net assets resulting from operations attributable to Common Shareholders (as restated) $ 897,165 $ (585,518 ) $ 311,647 As restated: Weighted Average Common Shares 13,273,871 13,268,871 13,270,794 Weighted Average Fully Diluted Shares 27,500,194 13,268,871 22,228,602 Basic Earnings (Loss) per common share $ 0.07 $ (0.04 ) $ 0.02 Diluted Earnings (Loss) per common share $ 0.04 $ (0.04 ) $ 0.01 As reported: Weighted Average Common Shares 13,271,996 13,268,871 13,269,764 Weighted Average Fully Diluted Shares 27,338,695 13,268,871 26,263,218 Basic Earnings (Loss) per common share $ 0.08 $ (0.03 ) $ 0.05 Diluted Earnings (Loss) per common share $ 0.04 $ (0.03 ) $ 0.03 (C) 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 fair 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 records the realized gains and losses from investment activities upon completion of sale and receipt of net proceeds, after deducting related transaction expenses. 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 periodic contact with the management of its portfolio investment companies to provide a basis for valuation changes. 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 recorded as an adjustment to the fair value of the convertible notes. (D) INCOME TAXES The Company accounts for income taxes under the Financial Accounting Standards Accounting Standard Codification Topic 740 “Accounting for Income Taxes” (“Topic 740” (E) 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 and nine months ended December 31, 2021 and March 31, 2021 include the valuation of the investment portfolio, deferred tax assets, tax valuation allowance, stock options and warrants. (F) 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 (G) CONCENTRATIONS The Company maintains its cash in bank checking and deposit accounts, which, at times, may exceed federally insured limits. As of December 31, 2021, and March 31, 2021, the Company’s bank balance exceeded the federally insured limit by approximately $ 360,000 1.2 (H) STOCK-BASED COMPENSATION Financial Accounting Standards Board Accounting Standards Codification Topic 718, “Stock Compensation” 1,550,000 217,500 2,290,000 847,500 (I) NET EARNINGS (LOSS) PER COMMON SHARE In accordance with Statement of Financial Accounting Standards Accounting Standard Codification Topic 260, “Earnings per Share” 482,693 were accumulated and in arrears. As the Company’s Board of Directors had not declared such dividends payable, the Company has not recognized such dividend payable liability as of December 31, 2021, and will not recognize such dividend liability until they are declared by the Company’s Board of Directors. Notwithstanding, the Company has presented such dividend value as a component of the net increase (decrease) in net assets resulting from operations attributable to common shareholders in the calculation of basic and diluted earnings (loss) per common share. Under the two-class method, for periods with net income, basic net income per share of common stock is computed by dividing the net income attributable to shares of common stock by the weighted average number of shares of common stock outstanding during the period. Net income attributable to shares of common stock is computed by subtracting from net income the portion of current period earnings that participating securities would have been entitled to receive pursuant to their dividend rights had all of the period’s earnings been distributed. No such adjustment to earnings is made during periods with a net loss as the holders of the participating securities have no contractual obligation to fund losses. Diluted net income per share of common stock is computed under the two-class method by using the weighted average number of shares of common stock outstanding plus the potential dilutive effects of stock options, warrants and non-participating convertible preferred shares (Class A and B). In addition, the Company analyzes the potential dilutive effect of the outstanding convertible securities under the if-converted method when calculating diluted income per share of common stock in which it is assumed that the outstanding convertible securities convert into common stock at the beginning of the period or date of issuance, if the convertible security was issued during the period. The Company reports the more dilutive of the approaches (two-class or if-converted) as its diluted net income per share of common stock during the period. The following table sets out the number of shares used in calculating fully-diluted earnings per common share: SCHEDULE OF EARNINGS PER SHARE Weighted average method Number of shares used in calculating fully diluted earnings per common shares (two-class method) Three months to Nine months to Common stock 13,287,621 13,273,038 Class A Preferred Stock 4,200,000 4,200,000 Class B Preferred Stock 286,250 286,250 Options 4,145,500 3,044,305 Warrants 1,596,667 1,596,667 Total shares used in calculating fully-diluted earnings per common share, two-class method 23,516,038 22,400,260 Weighted average method Number of shares used in calculating fully diluted earnings per common shares (if-converted method) Three months to Nine months to Common stock 8,528,007 5,836,831 Class A Preferred Stock 4,200,000 4,200,000 Class B Preferred Stock 2,789,954 1,933,912 Options 2,157,500 1,842,873 Warrants 1,596,667 3,329,067 Total shares used in calculating fully-diluted earnings per common share, if-converted method 19,272,128 17,142,683 (J) 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 fair values. In the event that management considers the fair value of an investment to be greater or less than the current book value, the difference will be reflected as unrealized gains or losses in investments in the statements of operations. The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures”, 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 uses 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 uses 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 comprise most of our investment portfolio, fair value is 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 comparable, the principal market and enterprise values, environmental factors, subsequent financings by the portfolio investment, among other factors. The estimated fair values do 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 the Company’s 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 Level 3 investments and other estimates that affect the reported amounts of assets and liabilities as of the date of the 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. The Company’s 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. (K) 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. (L) OTHER ASSETS Other assets principally include 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 raising capital through the sale of any series of securities, 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 raising capital, with the intention of netting accumulated expenses against proceeds from sale of equity, and reporting the net funds raised at the close. Direct expenses include legal fees, investor relations fees, investor roadshows and meeting expenses, and related filing and printing fees. At December 31, 2021 and March 31, 2021, the Company had deferred $ 293,564 169,891 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Dec. 31, 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. The Company may be subject to litigation during the normal course of business but has not received any such claims to date. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4 - RELATED PARTY TRANSACTIONS At December 31, 2021 and March 31, 2021, the Company had accrued and owed $ 83,000 51,420 At December 31, 2021, officers or directors of the Company held board positions at four portfolio companies: Beam Semiconductor Inc., Achelios Therapeutics Inc., Trellis Bioscience LLC and INBay Technology Inc. At March 31, 2021, officers or directors of the Company held board positions at four portfolio companies: Beam Semiconductor Inc., Achelios Therapeutics Inc., Trellis Bioscience LLC and Exodos Life Sciences LP. |
INVESTMENTS
INVESTMENTS | 9 Months Ended |
Dec. 31, 2021 | |
Investments, All Other Investments [Abstract] | |
INVESTMENTS | NOTE 5 – INVESTMENTS The following table summarizes the Company’s investment portfolio at December 31, 2021 and March 31, 2021. SUMMARY OF INVESTMENT PORTFOLIO December 31, 2021 March 31, 2021 Number of portfolio companies 69 51 Fair value $ 12,156,511 $ 6,821,407 Cost 8,926,469 5,686,545 % of portfolio at fair value Convertible notes 4,679,776 38.4 % 2,553,954 37.4 % Preferred stock 5,225,498 43.0 % 3,129,458 45.9 % Common stock 955,237 7.9 % 391,995 5.7 % SAFE 725,000 6.0 % 325,000 4.8 % Other ownership units 571,000 4.7 % 421,000 6.2 % Total $ 12,156,511 100.0 % $ 6,821,407 100.0 % A SAFE is a Simple Agreement for Future Equity in the form of a warrant to purchase equity stock in a future priced round. Our investment portfolio represents approximately 94 % and 97 % of our net assets at December 31, 2021 and March 31, 2021, respectively. Investments in early-stage start-up private operating entities are valued based on available metrics, such as relevant market multiples and comparable company valuations, company specific-financial data including subsequent financings, actual and projected results, and independent third-party valuation estimates. Significant Unobservable Inputs for Level 3 Assets and Liabilities In accordance with FASB ASC 820, Fair Value Management The following table summarizes the valuation techniques and significant unobservable inputs used for investments that are categorized within Level 3 of the fair value hierarchy as of December 31, 2021 and March 31, 2021: SCHEDULE OF INVESTMENTS As of December 31, 2021 Fair Value Valuation Approach/ Technique Unobservable Inputs Range/ Weighted Convertible notes: Basepaws Inc $ 394,980 Market approach based on indicative term sheet and last round of financing As if converted note and Series A term sheet of $37.5 million Various Convertible notes: Cyberdontics Inc 190,422 Valuation based on indicative securities transaction using a backsolve calculation to approximate value. Market cap of $12 million on current SAFE offering applied to cap table Various Convertible notes: Promaxo Inc 185,136 Market approach based on available comparables and financial performance Conversion prospects, market yield, remaining maturity 5 Convertible notes: Other 3,909,238 Market approach based on available comparables and financial performance Conversion prospects, market yield, remaining maturity 1 12 Preferred stock in private company: Inhalon Inc 256,198 Valuation based on indicative securities transaction using a backsolve calculation to approximate value Market cap of $40 million on current note offering, and cap table Various Preferred stock in private company: Neuroflow Inc 676,882 Valuation based on indicative securities transaction using a backsolve calculation to approximate value. Weighting applied to $17 million valuation and 6-7x forecast revenue Various Preferred stock in private company: Valfix Inc 105,607 Valuation based on indicative securities transaction using a backsolve calculation to approximate value. Market value of $29.5 million invested capital applied to cap table Various Preferred stock in private companies Shyft Moving Inc 269,820 Market approach based on indicative term sheet and last round of financing 50/50 weighting to prior A-3 preferred and indicated pre Series B price. Forecast revenue from investor deck and 75% percentile for public company peer valuation ratios Based on Series B valuation of $ 80 Preferred stock in private companies: Seal Rock Therapeutics Inc 199,375 Market approach based on indicative term sheet and last round of financing 50/50 weighting to prior series seed preferred and indicated note price. 75% percentile for public company peer valuation ratios Based on new note indication of $ 80 Preferred stock in private companies: Femto DX Inc 290,046 Market approach based on indicative term sheet and last round of financing 50/50 weighting to prior series B-2 preferred price and public market. 75% percentile for public company peer valuation ratios Based on Series B valuation of $ 170 Preferred stock in private companies: Promaxo Inc 1,034,684 Market approach based on available comparables and financial performance a) Last round of financing for series B-2 price, 118% change in enterprise value at 75th percentile; b) revenue multiples 2021 13.3x 2022 9.3x 0% 168.3% 0.6x - 27.7x 0.5x - 59.4x Preferred stock in private companies: Other 2,392,886 Market approach based on available comparables and financial performance Market approach based on available information from portfolio companies Various Common stock in private companies 325,000 Market approach based on available comparables and financial performance Historic or projected revenue and/or EBITDA multiples discounted for lack of marketability Various SAFE 725,000 Market approach based on available comparables and financial performance Precedent and follow-on transactions adjusted for marketability Various Total Investments $ 10,955,274 As of March 31, 2021 Fair Value Valuation Approach/ Technique Unobservable Inputs Range/ Weighted Average Convertible notes: Kitotech Medical Inc 326,871 Market approach based on available comparables and financial performance Market cap of $28.51 million a public company 75th percentile as if converted 2020 note Range : $ 28.514 Convertible notes 2,227,083 Market approach based on available comparables and financial performance Conversion prospects, market yield, remaining maturity 1 12 Preferred stock in private companies: Femto DX Inc 159,835 Market approach based on available comparables and financial performance Based on Series B financing and public company peer multiples using 50:50 percentile Market value of invested capital $ 58.66 Preferred stock in private companies: Neuroflow Inc 437,495 Market approach based on available comparables and financial performance Based on Series Seed 2 and last round of financing - Series B Market value of invested capital $ 57.98 Preferred stock in private companies: other 2,532,128 Market approach based on available comparables and financial performance Market approach based on available information from portfolio companies Various Common stock in private companies 300,000 Market approach based on available comparables and financial performance Historic or projected revenue and/or EBITDA multiples Various SAFE 325,000 Market approach based on available comparables and financial performance Precedent and follow-on transactions adjusted for marketability Various Other investments 421,000 Market approach based on available comparables and financial performance Precedent and follow-on transactions adjusted for marketability Various Total Investments 6,729,412 The following table presents fair value measurements of investments, by major class, as of December 31, 2021, and March 31, 2021, according to the fair value hierarchy: SCHEDULE OF INVESTMENTS AT FAIR VALUE MEASUREMENTS OF INVESTMENTS Description (Level 1) (Level 2) (Level 3) Total As of December 31, 2021 Quoted prices in active markets for identical securities Significant other observable inputs Significant unobservable inputs Description (Level 1) (Level 2) (Level 3) Total Investments at Fair Value Private Portfolio Companies Convertible notes $ - $ - $ 4,679,776 $ 4,679,776 Preferred stock - - 5,225,498 5,225,498 Common stock - - 325,000 325,000 SAFEs - - 725,000 725,000 - - 10,955,274 10,955,274 Public Portfolio Companies Common stock 630,237 - - 630,237 Total Investments at Fair value $ 630,237 $ - $ 10,955,274 $ 11,585,511 All investments were treated as Level 3 at December 31, 2021 with the exception of four companies, two of which are invested in common stock of the public companies and treated as Level 1 and two of which valued at net asset value (NAV) as practical expedient and valued at $ 571,000 Description (Level 1) (Level 2) (Level 3) Total 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 We focus on making our investments in the United States, Canada, and Israel. All investments are made and reported in U.S. 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 beginning of year March 31, 2021 $ 5,486,011 $ 907,560 $ 427,836 $ 6,821,407 New investments 2,653,478 225,000 450,000 3,328,478 Proceeds from sale of investments (88,554 ) - - (88,554 ) Net change in unrealized gains included in condensed Statements of Operations 1,833,616 117,531 144,033 2,095,180 Fair value end of nine months December 31, 2021 $ 9,884,551 $ 1,250,091 $ 1,021,869 $ 12,156,511 Changes in unrealized gains or losses for the period included in Condensed Statement of Operations for assets held at the end of the reporting period. $ 2,095,180 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 1,935,000 425,000 50,000 2,410,000 Net change in unrealized gains included in condensed Statements of Operations 656,188 129,374 21,381 806,943 Fair value end of nine months December 31, 2020 $ 4,761,687 $ 799,374 $ 321,381 $ 5,882,442 Changes in unrealized gains or losses for the period included in Condensed Statement of Operations for assets held at the end of the reporting period. $ 806,943 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 beginning of year March 31, 2021 $ 126,030 $ 1,394,318 $ 5,301,059 $ 6,821,407 New investments - 815,600 2,512,878 3,328,478 Proceeds from sale of investments - - (88,554 ) (88,554 ) Net change in unrealized gains included in condensed Statements of Operations - 61,179 2,034,001 2,095,180 Fair value end of nine months December 31, 2021 $ 126,030 $ 2,271,097 $ 9,759,384 $ 12,156,511 Changes in unrealized gains or losses for the period included in Condensed Statement of Operations for assets held at the end of the reporting period. $ 2,095,180 Fintech Technology Life science Total Fair value beginning of year March 31, 2020 $ 101,500 $ 685,002 $ 1,878,997 $ 2,665,499 Fair value beginning $ 101,500 $ 685,002 $ 1,878,997 $ 2,665,499 New investments - 325,000 2,085,000 2,410,000 Net change in unrealized gains included in condensed Statements of Operations 24,530 74,158 708,255 806,943 Fair value end of nine months December 31, 2020 $ 126,030 $ 1,084,160 $ 4,672,252 $ 5,882,442 Fair value ending $ 126,030 $ 1,084,160 $ 4,672,252 $ 5,882,442 Changes in unrealized gains or losses for the period included in Condensed Statement of Operations for assets held at the end of the reporting period. $ 806,943 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 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 of the investment. There were no transfers into or out of Level 3 during the three and nine months ended December 31, 2021 and December 31, 2020. 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 1,752,491 835,387 190,600 400,000 150,000 3,328,478 Proceeds from sale of investments (88,554 ) - - - (88,554 ) Unrealized gains included in condensed Statements of Operations 461,885 1,260,653 372,642 - - 2,095,180 Fair value December 31, 2021 $ 4,679,776 $ 5,225,498 $ 955,237 $ 725,000 $ 571,000 $ 12,156,511 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 Fair value, beginning $ 1,528,002 $ 701,497 $ 126,500 $ 73,500 $ 236,000 $ 2,665,499 Conversions into preferred stock (597,984 ) 678,313 - (80,329 ) - - New investments 935,000 1,025,000 200,000 150,000 100,000 2,410,000 Unrealized gains included in condensed Statements of Operations 556,954 67,665 65,495 81,829 35,000 806,943 Fair value December 31, 2020 $ 2,421,972 $ 2,472,475 $ 391,995 $ 225,000 $ 371,000 $ 5,882,442 Fair value, ending $ 2,421,972 $ 2,472,475 $ 391,995 $ 225,000 $ 371,000 $ 5,882,442 |
EQUITY
EQUITY | 9 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
EQUITY | NOTE 6 – EQUITY A) PREFERRED STOCK Class A The Company has sold 4,200,000 0.01 0.80 On March 2, 2021, in preparation for an intended IPO, the Company made an offer to all its preferred stockholders to protect them against the possibility that the IPO price might be less than their preferred stock price. Accordingly, Class A-1 Preferred Stock and Class A-2 Preferred Stock were created, and the holders of Class A were granted an opportunity to purchase shares of Common Stock at $ 0.40 6,000 10 1,437,500 2,212,500 550,000 Class B There are 9,000,000 shares of Class B Preferred Stock (“Class B”) authorized designated at a par value of $ 0.01 per share. This designation includes Classes B, B-1, B-2, and B-3. The Class B will be converted into shares of Common Stock upon listing of the Company on Nasdaq or NYSE. In the event of any liquidation or winding up of the Company, the holders of the Class B shall be entitled to receive in preference to the holders of Common Shares and Class A Preferred Stock, a per share amount equal to one times (1x) their original purchase price plus any declared but unpaid dividends. The holders of Class B shall be entitled to receive dividends either first or simultaneously with dividends declared, set apart or paid, on Junior Stock. On March 2, 2021, in preparation for an intended future IPO, the Company made an offer to all its preferred stockholders to protect them against the possibility that the IPO price might be less than their preferred stock price. Accordingly, Class B-1 and Class B-2 Preferred Stock (“Class B-1” and “Class B-2”, respectively) were created, and the holders of the Class B were granted an opportunity to purchase shares of Common Stock at $ 0.40 6,000 10 10 1,166,406 2,176,250 286,250 2,176,250 4,458,750 1,741,000 3,567,001 As of December 31, 2021, the Company authorized 3,000,000 0.80 10 10 B) COMMON STOCK The Company has authorized 40,000,000 0.01 13,287,621 9,983,082 During the three and nine month periods ended December 31, 2021, in connection with the amendment of Preferred Stock rights described in A) Preferred Stock above, the Company had sold zero and 3,285,789 shares of Common Stock for $ 0 and $ 1,314,317 of which $ 1,191,442 was received and accrued as subscription liability at March 31, 2021. During each of the three and nine month periods ended December 31, 2021, the Company issued zero and 18,750 shares of Common Stock for $ 0 and $ 618 , respectively, in connection with the exercise of stock options. C) 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 In December 2020, the Board approved the Kyto Technology and Life Science 2020 Non Qualified Stock Option Plan (“2020 Plan”), and reserved 2 2,000,000 During the three months ended December 31, 2021, and December 31, 2020, the Company issued a total of 750,000 and 217,500 non-qualified stock options, respectively, to consultants and advisors vesting over terms of two years. During the corresponding nine months ended December 31, 2021, and December 31, 2020, the Company issued a total of 2,290,000 and 847,500 non-qualified stock options, respectively. 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 2,290,000 0.07 9.67 Exercised (18,750 ) (0.03 ) - Cancelled - - - Outstanding December 31, 2021 4,905,500 $ 0.06 8.71 Exercisable December 31, 2021 2,791,705 $ 0.05 8.90 In connection with the grant of stock options the Company recognizes 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 December 31, 2021 March 31, 2021 Stock Price at grant date $ 0.07 $ 0.033 0.078 Exercise Price $ 0.07 $ 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 recognized over the vesting period for the options granted. During the three and nine months ended December 31, 2021, the Company recognized $ 32,579 54,033 3,474 17,326 The intrinsic value of outstanding options at December 31, 2021 was $ 62,580 56,987 1.13 D) WARRANTS In conjunction with the sale of Class A Stock Units, the Company issued 4,200,000 1.20 three years SCHEDULE OF WARRANTS Number of warrants Weighted average exercise price Weighted average remaining life in years Outstanding March 31, 2020 4,200,000 $ 1.20 2.9 Granted - - - Exercised (2,603,333 ) $ 0.60 - Cancelled - - - Outstanding December 31, 2020 1,596,667 $ 1.20 2.2 Exercisable March 31, 2020 4,200,000 $ 1.20 2.9 Exercisable December 31, 2020 1,596,667 $ 1.20 1.4 Number of warrants Weighted average exercise price Weighted average remaining life in years Outstanding March 31, 2021 1,596,667 $ 1.20 1.4 Granted - - - Exercised - - - Cancelled - - - Outstanding December 31, 2021 1,596,667 $ 1.20 0.6 Exercisable March 31, 2021 1,596,667 $ 1.20 1.4 Exercisable December 31, 2021 1,596,667 $ 1.20 0.6 The Company values the warrants using the Black Scholes model, with appropriate assumptions for warrant life, stock value, risk free interest rate, and volatility. The assumptions used for warrant valuation were as follows: SCHEDULE OF FAIR VALUE ASSUMPTIONS - STOCK OPTIONS December 31, 2021 Stock Price at grant date $ 0.006 Exercise Price $ 1.200 Term in Years 3 Volatility assumed 73 % Annual dividend rate 0.0 % Risk free discount rate 1.79 % |
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS | 9 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
FINANCIAL HIGHLIGHTS | NOTE 7 – FINANCIAL HIGHLIGHTS SCHEDULE OF FINANCIAL HIGHLIGHTS Per share data (a) Three months ended December 31, 2021 Three months ended December 31, 2020 Nine months ended December 31, 2021 Nine months ended December 31, 2020 Net asset value $ 0.97 $ 0.75 $ 0.97 $ 0.95 Net investment loss $ (0.03 ) $ (0.04 ) $ (0.08 ) $ (0.08 ) Net unrealized gain on investments $ 0.05 $ 0.04 $ 0.16 $ 0.12 Net increase in net assets $ 0.02 $ - $ 0.07 $ 0.04 Ratios and Supplemental Data Net assets, end of period $ 12,911,623 $ 6,399,543 $ 12,911,623 $ 6,399,543 Weighted average common shares outstanding, end of period 13,287,621 8,528,007 13,273,038 6,737,152 Total operating expenses/net assets 2.9 % 5.2 % 8.6 % 8.3 % Net investment loss/net assets (2.9 )% (5.2 )% (8.6 )% (8.3 )% Total return 2.5 % (0.1 )% 7.6 % 4.3 % (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 | 9 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 - SUBSEQUENT EVENTS Subsequent to February 21, 2021, the Company has collected more than $ 800,000 from the sale of stock since December 31, 2021, and spent $ 400,000 on new investments. PLAN OF OPERATIONS 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. In April 2018, the Board adopted a new business plan focused on the development of early-stage technology and life science businesses through early stage investment funding. The Company has recruited a number of experienced investment consultants from a network that includes angel investors, corporate managers, sophisticated early stage investors and successful entrepreneurs with experience across a number of technology and life science products and markets, and relies on input from these advisors in conducting due diligence and making investment decisions. In order to offset the risk in early-stage investing, the Company works with angel investment groups and other sophisticated investors and participates only after these groups have completed due diligence and committed to invest, in effect becoming lead investors. The Company then completes its own due diligence and invests under identical terms as the lead investors. The Company will do follow-on investments in existing portfolio companies, assuming adequate progress, when portfolio companies initiate new financing rounds. The Company currently does not typically invest more than $250,000 in any single investment. Generally, the Company’s investments represent less than 5% ownership interests, and the Company therefore has no effective control or influence over the management or commercial decisions of the companies in which it invests. The Company plans to generate revenue from realized gains from the sale of the businesses in which it has invested, or some or all of its shareholdings in those cases where portfolio companies go public. Generally, it is expected that investments will be realized from an exit within a period of four to five years following initial investment. Such exits or liquidity events are outside the Company’s control and depend on merger and acquisition (“M&A”) transactions or an initial public offering (“IPO”) which may result in cash or equity proceeds. Accordingly, it is difficult to forecast revenue, net income, and cash flow. Other than making its initial and, potentially, follow-on investments in its portfolio companies, the Company does not provide any financial support to any of its investees. The Company has one regular employee – the CEO, Mr, Paul Russo. Prior to December 31, 2020, he 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 per annum of which $100,000 and $300,000 was earned in the three months and nine months ended December 31, 2021, respectively, of which a balance of $80,000 was deferred at December 31, 2021. No consulting fees and no options were granted to him during these periods. During the three months and nine months ended December 31, 2020, Mr. Russo received no payroll or consulting fees, however in the three and nine months ended December 31, 2020, he received a bonus of $50,000 and was granted options to purchase 215,000 shares of Common stock. 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 December 31, 2021, the Company had approximately $600,000 of cash to cover its operating expenses, and new investment requirements, and is continuing to raise additional funding on a recurring monthly basis. If successful, it will have sufficient funding for further investments and ongoing operations. However, there is no assurance that the Company will be able to raise sufficient cash to cover its requirements on attractive terms, if at all, and whether it will be able to continue as a going concern. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Stay at home orders and general economic uncertainties arising out of the current Covid-19 epidemic have created additional delays and uncertainty. To date there has been no disruption to the Company’s business operations, although some of its portfolio investment companies report delays in their programs. 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. Results of Operations Revenue: In the three months and nine months ended December 31, 2021 the Company reported no realized investment income as there were no liquidity events related to its investment portfolio. The Company reported $691,864 and $2,095,180 of net change in unrealized gains from investments respectively, in these periods. In the three months and nine months ended December 31, 2020 the Company reported no realized investment income as there were no liquidity events related to its investment portfolio. The Company reported $328,694 and $806,942 of net change in unrealized gains from investments respectively, in these same periods. Professional fees: In the three months and nine months ended December 31, 2021, the Company reported $98,241 and $371,600, respectively, of professional fees, mainly for legal and accounting services. In the corresponding three months and nine months ended December 31, 2020 the Company reported $91,669 and $168,212, respectively. Other operating expenses: Other operating expenses include payroll, consulting, and travel and conference fees associated with raising capital and review of investment deal-flow. In the three months and nine months ended December 31, 2021, the Company incurred other operating expenses of $273,473 and $741,089, respectively. In the corresponding three months and nine months ended December 31, 2020, the Company incurred other operating expenses of $241,047 and $363,983, respectively. For the three months and nine months ended December 31, 2021, the Company’s net increase in net assets resulting from operations was $188,151 and $499,798, respectively. For the corresponding three months and nine months ended December 31, 2020, the Company’s net increase (decrease) in net assets resulting from operations was ($4,017) and $275,252, respectively. During the three and nine months ended December 31, 2021, the Company was subject to shelter in place regulations imposed by the State of California in mitigation of the spread of the Corona 19 virus. Since the Company does not have any dedicated office space and works virtually from the homes of its officers, there was no major disruption in working routines which continued by video and teleconference. Uncertainty arising from Covid 19 created a slow-down in the rate at which the Company was able to raise Class B funding, and thereby continue to make investments, however the Company did see a reduction in travel and investor relations expenses during the period. The Company has more than 60 discrete investments in a range of different industry and geographic segments, many of which are in the life science and medical space. While there is clearly a risk that our portfolio companies may be adversely affected in their ability to raise future funding or do business, there have been no management reports revealing major problems and some of our portfolio companies may actually benefit from new opportunities created. We believe that our policy of spreading our investments in relatively small amounts over a large number of portfolio companies helps mitigate some of the risk that might be suffered by any of our investments. Liquidity, Capital Resources and Going Concern The Company had net assets of $12,911,623 and $6,993,163 at December 31, 2021 and March 31, 2021, respectively. Cash was $608,223 and $1,437,868 at December 31, 2021 and March 31, 2021, respectively. The Company’s condensed interim financial statements are prepared in accordance with U.S. GAAP, which requires 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 December 31, 2021, the Company had approximately $600,000 of cash to cover its operating expenses, and new investment requirements and is continuing to raise additional funding on a recurring monthly basis. If successful, it will have sufficient funding for further investments and ongoing operations. However, there is no assurance that the Company will be able to raise sufficient cash to cover its requirements on attractive terms, if at all, and whether it will be able to continue as a going concern. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying condensed interim financial statements have been prepared assuming the Company will continue to operate as a going concern and do not include any adjustments that might result from the outcome of this uncertainty. Stay at home orders and general economic uncertainties arising out of the current Covid-19 epidemic have created additional delays and uncertainty. To date there has been no disruption to the Company’s business operations, although some of its portfolio investment companies report delays in their programs. Cash from operating activities The Company used net cash of $4,520,139 in operating activities during the nine months ended December 31, 2021 compared to $2,876,156 used for the nine months ended December 31, 2020. The main reasons for the higher level in 2021 were an increase in investments in portfolio companies and increased professional fees and operating expenses. Cash from investing activities No cash was used in investing activities. Cash from financing activities The Company had a net cash inflow from financing activities of $3,690,494 in the nine months ended December 31, 2021 compared to $3,406,195 in the nine months ended December 31, 2020. This inflow included $3,567,001 proceeds from the sale of Class B preferred stock (including B-1 and B-3), and $122,875 proceeds from the sale of common stock, respectively, in the nine months ended December 31, 2021, compared to $1,873,125 from the sale of Class B preferred stock, and $1,566,229 proceeds from the sale of common stock, respectively, in the corresponding nine month prior period ended December 31, 2020. The Company’s plan of operations for the next twelve months is to continue to focus its efforts on finding new sources of capital by means of private placements, and to use this capital to fund additional investments as they become available, and to cover operating expenses. The Company is planning to uplift from OTC to the NASDAQ market, and raise additional funding from an initial public offering (“IPO)” for which as an initial step it has submitted an N-2 filing to the SEC for review. CRITICAL ACCOUNTING POLICIES 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 at December 31, 2021 and March 31, 2021 include the valuation of investments, deferred tax assets, tax allowance, stock options and warrants. 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 fair values. In the event that Management considers the fair value of an investment to be greater or less than the current book value, the difference will be reflected as unrealized gains or losses in investments in the statements of operations. The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures”, 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 uses 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 uses 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 comprise most of our investment portfolio, fair value is 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 do 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. 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. OFF-BALANCE SHEET ARRANGEMENTS As of the date of this Quarterly Report on Form 10-Q, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors. IMPACT OF INFLATION The Company does not foresee any implications being created by the current rate of inflation. CONTRACTUAL OBLIGATION The Company has no contractual obligations outside the normal course of business with its vendors, advisors, and consultants. Not required for smaller reporting company. Evaluation of Disclosure Controls and Procedures We maintain disclosure controls and procedures that are designed to ensure that material information required to be disclosed in our periodic reports filed under the Securities Exchange Act of 1934, as amended, or 1934 Act, is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and to ensure that such information is accumulated and communicated to our management, including our chief executive officer/chief financial officer (principal financial officer) as appropriate, to allow timely decisions regarding required disclosure. During the three months ended December 31, 2021 we carried out an evaluation, under the supervision and with the participation of our management, including the principal executive officer and the principal financial officer (principal financial officer), of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rule 13(a)-15(e) under the 1934 Act. Based on this evaluation, because of the Company’s limited resources and limited number of employees, management concluded that our disclosure controls and procedures were ineffective as of December 31, 2021. Notwithstanding this conclusion, we believe that our unaudited condensed financial statements contained in this Quarterly Report fairly present our financial position, results of operations and cash flows for the periods covered thereby in all material respects. Management’s Report on Internal Control over Financial Reporting With the participation of our Chief Executive Officer and Chief Financial Officer (principal financial officer), our management conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, 2021 based on the framework in Internal Controls—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Based on our evaluation and the material weaknesses described below, management concluded that the Company did not maintain effective internal control over financial reporting as of December 31, 2021 based on the COSO framework criteria. Management has identified control deficiencies regarding the lack of segregation of duties and the need for a stronger internal control environment. Management of the Company believes that these material weaknesses are due to the small size of the Company’s accounting staff. The small size of the Company’s accounting staff may prevent adequate controls in the future, such as segregation of duties, due to the cost/benefit of such remediation. To mitigate the current limited resources and limited employees, we rely heavily on direct management oversight of transactions, along with the use of external legal and accounting professionals. As we grow, we expect to increase our number of employees, which will enable us to implement adequate segregation of duties within the internal control framework. In addition, we have identified the following material weaknesses: (i) the Company utilizes accounting software that does not prevent erroneous or unauthorized changes to previous reporting periods and/or can be adjusted so as not to provide an adequate audit trail of entries made in the accounting software, and (ii) we have identified a material weakness in our internal controls relating to the accounting of transactions that are either highly complex and/or unusual in nature. During the quarter ended December 31, 2021, we discovered our internal control over financial reporting did not result in the proper accounting for earnings per share for the three months ended June 30, 2021 and the three and six months ended September 30, 2021, which we determined to be a material weakness. Accordingly, we have determined that these control deficiencies as described above together constitute a material weakness. However, management believes that despite our material weaknesses, our financial statements for the three and nine month periods ended December 31, 2021 are fairly stated, in all material respects, in accordance with U.S. GAAP. Limitations on Effectiveness of Controls and Procedures Our management, including our Chief Executive Officer and Chief Financial Officer (principal financial officer), does not expect that our disclosure controls and procedures or our internal controls will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include, but are not limited to, the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected. PART II. OTHER INFORMATION None Not required for smaller reporting company. The Company has issued certificates of designation for up to 9 million shares of Series B-1, B-2, and B-3 of which 8,087,656 were subscribed through December 31, 2021. None Not applicable None Index to Exhibits on page 13 INDEX TO EXHIBITS EXHIBIT NUMBER DESCRIPTION 3 (i) (a) Articles of Incorporation of Kyto BioPharma Inc. 3(i) (b) Articles of Amendment changing name to Kyto Technology and Life Science Inc * 3(ii) Bylaws of Kyto Technology and Life Science Inc. ** 3.4 Delaware incorporation and revised articles of incorporation ** 18.1 Auditors preferability letter re adoption of ASC 946*** 31.1 Section 302 certification of principal executive officer and principal financial & accounting officer 32.1 Certification pursuant to 18 USC Section 1350 adopted pursuant to section 906 of the Sarbanes Oxley Act of 2002 of the principal executive officer and principal financial accounting officer * Filed as Exhibit to Company’s Form 10-SB on September 12, 2003 with the Securities and Exchange Commission. ** Previously filed with Form 8-K on July 17, 2019. *** Filed as Exhibit with Form 10-K on July 2, 2020. In accordance with the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Kyto Technology and Life Science, Inc. By: /s/ Paul Russo Paul Russo Chief Executive Officer, principal executive officer, Date: February 22, 2022 SIGNATURES In accordance with the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Kyto Technology and Life Science, Inc. By: /s/ Simon Westbrook Simon Westbrook Principal financial and accounting officer Date: February 22, 2022 |
BASIS OF PRESENTATION AND SIG_2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 and nine months ended December 31, 2021 may not necessarily be indicative of results that may be expected for any succeeding quarter or for the entire fiscal year. The condensed balance sheet as of March 31, 2021 was derived from the audited financial statements at that date, but does not include all the information and footnotes required by U.S. GAAP. 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 SEC on August 10, 2021. The Company’s condensed interim financial statements are prepared in accordance with U.S. 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 ASC Topic 946. |
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | (B) RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS The Company’s previously issued financial statements as of and for three and six months ended September 30, 2021 and the three months ended June 30, 2021 have been restated to reflect the dividends attributable for the Class B-1, B-2 and B-3 Preferred Stock. The Class B-1, B-2 and B-3 Preferred Stock have cumulative dividends amounting to $ 98,968 and $ 350,694 for three and six months ended September 30, 2021, respectively, and $ 251,726 for the three months ended June 30, 2021. Previously, the Company did not present the cumulative dividends attributable to Class B-1, B-2 and B-3 Preferred Stock in its calculation of earnings (loss) per common share. To correct this misstatement, the Company has included dividends attributable to Class B-1, B-2 and B-3 Preferred Stock for the three and six months ended September 30, 2021 and three months ended June 30, 2021, in its calculation of earnings (loss) per common share below, resulting in a decrease of net income and increase in net loss attributable to common shareholders. There has been no change in the Company’s total assets, liabilities or operating results. The correction of the errors is as follows: SCHEDULE OF CORRECTION OF THE ERRORS For the three months ended For the six months ended September 30, June 30, September 30, Net increase (decrease) in net assets resulting from operations $ 996,133 $ (333,792 ) $ 662,341 Less: Dividends attributable to Class B-1, B-2 & B-3 stockholders (98,968 ) (251,726 ) (350,694 ) Net increase (decrease) in net assets resulting from operations attributable to Common Shareholders (as restated) $ 897,165 $ (585,518 ) $ 311,647 As restated: Weighted Average Common Shares 13,273,871 13,268,871 13,270,794 Weighted Average Fully Diluted Shares 27,500,194 13,268,871 22,228,602 Basic Earnings (Loss) per common share $ 0.07 $ (0.04 ) $ 0.02 Diluted Earnings (Loss) per common share $ 0.04 $ (0.04 ) $ 0.01 As reported: Weighted Average Common Shares 13,271,996 13,268,871 13,269,764 Weighted Average Fully Diluted Shares 27,338,695 13,268,871 26,263,218 Basic Earnings (Loss) per common share $ 0.08 $ (0.03 ) $ 0.05 Diluted Earnings (Loss) per common share $ 0.04 $ (0.03 ) $ 0.03 |
INVESTMENT TRANSACTIONS AND NET REALIZED AND UNREALIZED GAIN OR LOSS ON INVESTMENTS | (C) 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 fair 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 records the realized gains and losses from investment activities upon completion of sale and receipt of net proceeds, after deducting related transaction expenses. 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 periodic contact with the management of its portfolio investment companies to provide a basis for valuation changes. 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 recorded as an adjustment to the fair value of the convertible notes. |
INCOME TAXES | (D) INCOME TAXES The Company accounts for income taxes under the Financial Accounting Standards Accounting Standard Codification Topic 740 “Accounting for Income Taxes” (“Topic 740” |
USE OF ESTIMATES | (E) 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 and nine months ended December 31, 2021 and March 31, 2021 include the valuation of the investment portfolio, deferred tax assets, tax valuation allowance, stock options and warrants. |
CASH AND CASH EQUIVALENTS | (F) 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 |
CONCENTRATIONS | (G) CONCENTRATIONS The Company maintains its cash in bank checking and deposit accounts, which, at times, may exceed federally insured limits. As of December 31, 2021, and March 31, 2021, the Company’s bank balance exceeded the federally insured limit by approximately $ 360,000 1.2 |
(H) STOCK-BASED COMPENSATION | (H) STOCK-BASED COMPENSATION Financial Accounting Standards Board Accounting Standards Codification Topic 718, “Stock Compensation” 1,550,000 217,500 2,290,000 847,500 |
(I) NET EARNINGS (LOSS) PER COMMON SHARE | (I) NET EARNINGS (LOSS) PER COMMON SHARE In accordance with Statement of Financial Accounting Standards Accounting Standard Codification Topic 260, “Earnings per Share” 482,693 were accumulated and in arrears. As the Company’s Board of Directors had not declared such dividends payable, the Company has not recognized such dividend payable liability as of December 31, 2021, and will not recognize such dividend liability until they are declared by the Company’s Board of Directors. Notwithstanding, the Company has presented such dividend value as a component of the net increase (decrease) in net assets resulting from operations attributable to common shareholders in the calculation of basic and diluted earnings (loss) per common share. Under the two-class method, for periods with net income, basic net income per share of common stock is computed by dividing the net income attributable to shares of common stock by the weighted average number of shares of common stock outstanding during the period. Net income attributable to shares of common stock is computed by subtracting from net income the portion of current period earnings that participating securities would have been entitled to receive pursuant to their dividend rights had all of the period’s earnings been distributed. No such adjustment to earnings is made during periods with a net loss as the holders of the participating securities have no contractual obligation to fund losses. Diluted net income per share of common stock is computed under the two-class method by using the weighted average number of shares of common stock outstanding plus the potential dilutive effects of stock options, warrants and non-participating convertible preferred shares (Class A and B). In addition, the Company analyzes the potential dilutive effect of the outstanding convertible securities under the if-converted method when calculating diluted income per share of common stock in which it is assumed that the outstanding convertible securities convert into common stock at the beginning of the period or date of issuance, if the convertible security was issued during the period. The Company reports the more dilutive of the approaches (two-class or if-converted) as its diluted net income per share of common stock during the period. The following table sets out the number of shares used in calculating fully-diluted earnings per common share: SCHEDULE OF EARNINGS PER SHARE Weighted average method Number of shares used in calculating fully diluted earnings per common shares (two-class method) Three months to Nine months to Common stock 13,287,621 13,273,038 Class A Preferred Stock 4,200,000 4,200,000 Class B Preferred Stock 286,250 286,250 Options 4,145,500 3,044,305 Warrants 1,596,667 1,596,667 Total shares used in calculating fully-diluted earnings per common share, two-class method 23,516,038 22,400,260 Weighted average method Number of shares used in calculating fully diluted earnings per common shares (if-converted method) Three months to Nine months to Common stock 8,528,007 5,836,831 Class A Preferred Stock 4,200,000 4,200,000 Class B Preferred Stock 2,789,954 1,933,912 Options 2,157,500 1,842,873 Warrants 1,596,667 3,329,067 Total shares used in calculating fully-diluted earnings per common share, if-converted method 19,272,128 17,142,683 |
INVESTMENT AND VALUATION OF INVESTMENT AT FAIR VALUE | (J) 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 fair values. In the event that management considers the fair value of an investment to be greater or less than the current book value, the difference will be reflected as unrealized gains or losses in investments in the statements of operations. The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures”, 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 uses 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 uses 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 comprise most of our investment portfolio, fair value is 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 comparable, the principal market and enterprise values, environmental factors, subsequent financings by the portfolio investment, among other factors. The estimated fair values do 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 the Company’s 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 Level 3 investments and other estimates that affect the reported amounts of assets and liabilities as of the date of the 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. The Company’s 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. |
RECENT ACCOUNTING PRONOUNCEMENTS | (K) 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. |
OTHER ASSETS | (L) OTHER ASSETS Other assets principally include 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 raising capital through the sale of any series of securities, 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 raising capital, with the intention of netting accumulated expenses against proceeds from sale of equity, and reporting the net funds raised at the close. Direct expenses include legal fees, investor relations fees, investor roadshows and meeting expenses, and related filing and printing fees. At December 31, 2021 and March 31, 2021, the Company had deferred $ 293,564 169,891 |
BASIS OF PRESENTATION AND SIG_3
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SCHEDULE OF CORRECTION OF THE ERRORS | The correction of the errors is as follows: SCHEDULE OF CORRECTION OF THE ERRORS For the three months ended For the six months ended September 30, June 30, September 30, Net increase (decrease) in net assets resulting from operations $ 996,133 $ (333,792 ) $ 662,341 Less: Dividends attributable to Class B-1, B-2 & B-3 stockholders (98,968 ) (251,726 ) (350,694 ) Net increase (decrease) in net assets resulting from operations attributable to Common Shareholders (as restated) $ 897,165 $ (585,518 ) $ 311,647 As restated: Weighted Average Common Shares 13,273,871 13,268,871 13,270,794 Weighted Average Fully Diluted Shares 27,500,194 13,268,871 22,228,602 Basic Earnings (Loss) per common share $ 0.07 $ (0.04 ) $ 0.02 Diluted Earnings (Loss) per common share $ 0.04 $ (0.04 ) $ 0.01 As reported: Weighted Average Common Shares 13,271,996 13,268,871 13,269,764 Weighted Average Fully Diluted Shares 27,338,695 13,268,871 26,263,218 Basic Earnings (Loss) per common share $ 0.08 $ (0.03 ) $ 0.05 Diluted Earnings (Loss) per common share $ 0.04 $ (0.03 ) $ 0.03 |
SCHEDULE OF EARNINGS PER SHARE | The following table sets out the number of shares used in calculating fully-diluted earnings per common share: SCHEDULE OF EARNINGS PER SHARE Weighted average method Number of shares used in calculating fully diluted earnings per common shares (two-class method) Three months to Nine months to Common stock 13,287,621 13,273,038 Class A Preferred Stock 4,200,000 4,200,000 Class B Preferred Stock 286,250 286,250 Options 4,145,500 3,044,305 Warrants 1,596,667 1,596,667 Total shares used in calculating fully-diluted earnings per common share, two-class method 23,516,038 22,400,260 Weighted average method Number of shares used in calculating fully diluted earnings per common shares (if-converted method) Three months to Nine months to Common stock 8,528,007 5,836,831 Class A Preferred Stock 4,200,000 4,200,000 Class B Preferred Stock 2,789,954 1,933,912 Options 2,157,500 1,842,873 Warrants 1,596,667 3,329,067 Total shares used in calculating fully-diluted earnings per common share, if-converted method 19,272,128 17,142,683 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Investments, All Other Investments [Abstract] | |
SUMMARY OF INVESTMENT PORTFOLIO | The following table summarizes the Company’s investment portfolio at December 31, 2021 and March 31, 2021. SUMMARY OF INVESTMENT PORTFOLIO December 31, 2021 March 31, 2021 Number of portfolio companies 69 51 Fair value $ 12,156,511 $ 6,821,407 Cost 8,926,469 5,686,545 % of portfolio at fair value Convertible notes 4,679,776 38.4 % 2,553,954 37.4 % Preferred stock 5,225,498 43.0 % 3,129,458 45.9 % Common stock 955,237 7.9 % 391,995 5.7 % SAFE 725,000 6.0 % 325,000 4.8 % Other ownership units 571,000 4.7 % 421,000 6.2 % Total $ 12,156,511 100.0 % $ 6,821,407 100.0 % |
SCHEDULE OF INVESTMENTS | The following table summarizes the valuation techniques and significant unobservable inputs used for investments that are categorized within Level 3 of the fair value hierarchy as of December 31, 2021 and March 31, 2021: SCHEDULE OF INVESTMENTS As of December 31, 2021 Fair Value Valuation Approach/ Technique Unobservable Inputs Range/ Weighted Convertible notes: Basepaws Inc $ 394,980 Market approach based on indicative term sheet and last round of financing As if converted note and Series A term sheet of $37.5 million Various Convertible notes: Cyberdontics Inc 190,422 Valuation based on indicative securities transaction using a backsolve calculation to approximate value. Market cap of $12 million on current SAFE offering applied to cap table Various Convertible notes: Promaxo Inc 185,136 Market approach based on available comparables and financial performance Conversion prospects, market yield, remaining maturity 5 Convertible notes: Other 3,909,238 Market approach based on available comparables and financial performance Conversion prospects, market yield, remaining maturity 1 12 Preferred stock in private company: Inhalon Inc 256,198 Valuation based on indicative securities transaction using a backsolve calculation to approximate value Market cap of $40 million on current note offering, and cap table Various Preferred stock in private company: Neuroflow Inc 676,882 Valuation based on indicative securities transaction using a backsolve calculation to approximate value. Weighting applied to $17 million valuation and 6-7x forecast revenue Various Preferred stock in private company: Valfix Inc 105,607 Valuation based on indicative securities transaction using a backsolve calculation to approximate value. Market value of $29.5 million invested capital applied to cap table Various Preferred stock in private companies Shyft Moving Inc 269,820 Market approach based on indicative term sheet and last round of financing 50/50 weighting to prior A-3 preferred and indicated pre Series B price. Forecast revenue from investor deck and 75% percentile for public company peer valuation ratios Based on Series B valuation of $ 80 Preferred stock in private companies: Seal Rock Therapeutics Inc 199,375 Market approach based on indicative term sheet and last round of financing 50/50 weighting to prior series seed preferred and indicated note price. 75% percentile for public company peer valuation ratios Based on new note indication of $ 80 Preferred stock in private companies: Femto DX Inc 290,046 Market approach based on indicative term sheet and last round of financing 50/50 weighting to prior series B-2 preferred price and public market. 75% percentile for public company peer valuation ratios Based on Series B valuation of $ 170 Preferred stock in private companies: Promaxo Inc 1,034,684 Market approach based on available comparables and financial performance a) Last round of financing for series B-2 price, 118% change in enterprise value at 75th percentile; b) revenue multiples 2021 13.3x 2022 9.3x 0% 168.3% 0.6x - 27.7x 0.5x - 59.4x Preferred stock in private companies: Other 2,392,886 Market approach based on available comparables and financial performance Market approach based on available information from portfolio companies Various Common stock in private companies 325,000 Market approach based on available comparables and financial performance Historic or projected revenue and/or EBITDA multiples discounted for lack of marketability Various SAFE 725,000 Market approach based on available comparables and financial performance Precedent and follow-on transactions adjusted for marketability Various Total Investments $ 10,955,274 As of March 31, 2021 Fair Value Valuation Approach/ Technique Unobservable Inputs Range/ Weighted Average Convertible notes: Kitotech Medical Inc 326,871 Market approach based on available comparables and financial performance Market cap of $28.51 million a public company 75th percentile as if converted 2020 note Range : $ 28.514 Convertible notes 2,227,083 Market approach based on available comparables and financial performance Conversion prospects, market yield, remaining maturity 1 12 Preferred stock in private companies: Femto DX Inc 159,835 Market approach based on available comparables and financial performance Based on Series B financing and public company peer multiples using 50:50 percentile Market value of invested capital $ 58.66 Preferred stock in private companies: Neuroflow Inc 437,495 Market approach based on available comparables and financial performance Based on Series Seed 2 and last round of financing - Series B Market value of invested capital $ 57.98 Preferred stock in private companies: other 2,532,128 Market approach based on available comparables and financial performance Market approach based on available information from portfolio companies Various Common stock in private companies 300,000 Market approach based on available comparables and financial performance Historic or projected revenue and/or EBITDA multiples Various SAFE 325,000 Market approach based on available comparables and financial performance Precedent and follow-on transactions adjusted for marketability Various Other investments 421,000 Market approach based on available comparables and financial performance Precedent and follow-on transactions adjusted for marketability Various 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 December 31, 2021, and March 31, 2021, according to the fair value hierarchy: SCHEDULE OF INVESTMENTS AT FAIR VALUE MEASUREMENTS OF INVESTMENTS Description (Level 1) (Level 2) (Level 3) Total As of December 31, 2021 Quoted prices in active markets for identical securities Significant other observable inputs Significant unobservable inputs Description (Level 1) (Level 2) (Level 3) Total Investments at Fair Value Private Portfolio Companies Convertible notes $ - $ - $ 4,679,776 $ 4,679,776 Preferred stock - - 5,225,498 5,225,498 Common stock - - 325,000 325,000 SAFEs - - 725,000 725,000 - - 10,955,274 10,955,274 Public Portfolio Companies Common stock 630,237 - - 630,237 Total Investments at Fair value $ 630,237 $ - $ 10,955,274 $ 11,585,511 All investments were treated as Level 3 at December 31, 2021 with the exception of four companies, two of which are invested in common stock of the public companies and treated as Level 1 and two of which valued at net asset value (NAV) as practical expedient and valued at $ 571,000 Description (Level 1) (Level 2) (Level 3) Total 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 beginning of year March 31, 2021 $ 5,486,011 $ 907,560 $ 427,836 $ 6,821,407 New investments 2,653,478 225,000 450,000 3,328,478 Proceeds from sale of investments (88,554 ) - - (88,554 ) Net change in unrealized gains included in condensed Statements of Operations 1,833,616 117,531 144,033 2,095,180 Fair value end of nine months December 31, 2021 $ 9,884,551 $ 1,250,091 $ 1,021,869 $ 12,156,511 Changes in unrealized gains or losses for the period included in Condensed Statement of Operations for assets held at the end of the reporting period. $ 2,095,180 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 1,935,000 425,000 50,000 2,410,000 Net change in unrealized gains included in condensed Statements of Operations 656,188 129,374 21,381 806,943 Fair value end of nine months December 31, 2020 $ 4,761,687 $ 799,374 $ 321,381 $ 5,882,442 Changes in unrealized gains or losses for the period included in Condensed Statement of Operations for assets held at the end of the reporting period. $ 806,943 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 beginning of year March 31, 2021 $ 126,030 $ 1,394,318 $ 5,301,059 $ 6,821,407 New investments - 815,600 2,512,878 3,328,478 Proceeds from sale of investments - - (88,554 ) (88,554 ) Net change in unrealized gains included in condensed Statements of Operations - 61,179 2,034,001 2,095,180 Fair value end of nine months December 31, 2021 $ 126,030 $ 2,271,097 $ 9,759,384 $ 12,156,511 Changes in unrealized gains or losses for the period included in Condensed Statement of Operations for assets held at the end of the reporting period. $ 2,095,180 Fintech Technology Life science Total Fair value beginning of year March 31, 2020 $ 101,500 $ 685,002 $ 1,878,997 $ 2,665,499 Fair value beginning $ 101,500 $ 685,002 $ 1,878,997 $ 2,665,499 New investments - 325,000 2,085,000 2,410,000 Net change in unrealized gains included in condensed Statements of Operations 24,530 74,158 708,255 806,943 Fair value end of nine months December 31, 2020 $ 126,030 $ 1,084,160 $ 4,672,252 $ 5,882,442 Fair value ending $ 126,030 $ 1,084,160 $ 4,672,252 $ 5,882,442 Changes in unrealized gains or losses for the period included in Condensed Statement of Operations for assets held at the end of the reporting period. $ 806,943 |
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 1,752,491 835,387 190,600 400,000 150,000 3,328,478 Proceeds from sale of investments (88,554 ) - - - (88,554 ) Unrealized gains included in condensed Statements of Operations 461,885 1,260,653 372,642 - - 2,095,180 Fair value December 31, 2021 $ 4,679,776 $ 5,225,498 $ 955,237 $ 725,000 $ 571,000 $ 12,156,511 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 Fair value, beginning $ 1,528,002 $ 701,497 $ 126,500 $ 73,500 $ 236,000 $ 2,665,499 Conversions into preferred stock (597,984 ) 678,313 - (80,329 ) - - New investments 935,000 1,025,000 200,000 150,000 100,000 2,410,000 Unrealized gains included in condensed Statements of Operations 556,954 67,665 65,495 81,829 35,000 806,943 Fair value December 31, 2020 $ 2,421,972 $ 2,472,475 $ 391,995 $ 225,000 $ 371,000 $ 5,882,442 Fair value, ending $ 2,421,972 $ 2,472,475 $ 391,995 $ 225,000 $ 371,000 $ 5,882,442 |
EQUITY (Tables)
EQUITY (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
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 2,290,000 0.07 9.67 Exercised (18,750 ) (0.03 ) - Cancelled - - - Outstanding December 31, 2021 4,905,500 $ 0.06 8.71 Exercisable December 31, 2021 2,791,705 $ 0.05 8.90 |
SCHEDULE OF FAIR VALUE ASSUMPTIONS - STOCK OPTIONS | In connection with the grant of stock options the Company recognizes 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 December 31, 2021 March 31, 2021 Stock Price at grant date $ 0.07 $ 0.033 0.078 Exercise Price $ 0.07 $ 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 warrants Weighted average exercise price Weighted average remaining life in years Outstanding March 31, 2020 4,200,000 $ 1.20 2.9 Granted - - - Exercised (2,603,333 ) $ 0.60 - Cancelled - - - Outstanding December 31, 2020 1,596,667 $ 1.20 2.2 Exercisable March 31, 2020 4,200,000 $ 1.20 2.9 Exercisable December 31, 2020 1,596,667 $ 1.20 1.4 Number of warrants Weighted average exercise price Weighted average remaining life in years Outstanding March 31, 2021 1,596,667 $ 1.20 1.4 Granted - - - Exercised - - - Cancelled - - - Outstanding December 31, 2021 1,596,667 $ 1.20 0.6 Exercisable March 31, 2021 1,596,667 $ 1.20 1.4 Exercisable December 31, 2021 1,596,667 $ 1.20 0.6 |
Warrant [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
SCHEDULE OF FAIR VALUE ASSUMPTIONS - STOCK OPTIONS | The Company values the warrants using the Black Scholes model, with appropriate assumptions for warrant life, stock value, risk free interest rate, and volatility. The assumptions used for warrant valuation were as follows: SCHEDULE OF FAIR VALUE ASSUMPTIONS - STOCK OPTIONS December 31, 2021 Stock Price at grant date $ 0.006 Exercise Price $ 1.200 Term in Years 3 Volatility assumed 73 % Annual dividend rate 0.0 % Risk free discount rate 1.79 % |
FINANCIAL HIGHLIGHTS (Tables)
FINANCIAL HIGHLIGHTS (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SCHEDULE OF FINANCIAL HIGHLIGHTS | SCHEDULE OF FINANCIAL HIGHLIGHTS Per share data (a) Three months ended December 31, 2021 Three months ended December 31, 2020 Nine months ended December 31, 2021 Nine months ended December 31, 2020 Net asset value $ 0.97 $ 0.75 $ 0.97 $ 0.95 Net investment loss $ (0.03 ) $ (0.04 ) $ (0.08 ) $ (0.08 ) Net unrealized gain on investments $ 0.05 $ 0.04 $ 0.16 $ 0.12 Net increase in net assets $ 0.02 $ - $ 0.07 $ 0.04 Ratios and Supplemental Data Net assets, end of period $ 12,911,623 $ 6,399,543 $ 12,911,623 $ 6,399,543 Weighted average common shares outstanding, end of period 13,287,621 8,528,007 13,273,038 6,737,152 Total operating expenses/net assets 2.9 % 5.2 % 8.6 % 8.3 % Net investment loss/net assets (2.9 )% (5.2 )% (8.6 )% (8.3 )% Total return 2.5 % (0.1 )% 7.6 % 4.3 % (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 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2018 |
Accumulated deficit | $ 31,974,695 | $ 31,974,695 | $ 32,957,186 | $ 32,380,746 | |||
Ownership percentage | 5.00% | 5.00% | |||||
Cash | $ 600,000 | $ 600,000 | |||||
Chief Executive Officer [Member] | |||||||
Officers compensation | $ 400,000 | 100,000 | 300,000 | ||||
Deferred cost | 80,000 | 80,000 | |||||
Share based payment award options received bonus | $ 50,000 | $ 50,000 | |||||
Share-based payment award, options, grants forfeitures | 215,000 | 215,000 | |||||
Maximum [Member] | |||||||
Investment by company | $ 250,000 | $ 250,000 |
SCHEDULE OF CORRECTION OF THE E
SCHEDULE OF CORRECTION OF THE ERRORS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net increase (decrease) in net assets resulting from operations | $ 320,150 | $ (4,017) | $ 982,491 | $ 275,252 | |||
Less: Dividends attributable to Class B-1, B-2 & B-3 stockholders | (131,999) | (482,693) | |||||
Net increase (decrease) in net assets resulting from operations attributable to Common Shareholders (as restated) | $ 188,151 | $ 897,165 | $ (585,518) | $ (4,017) | $ 311,647 | $ 499,798 | $ 275,252 |
Weighted Average Common Shares | 13,287,621 | 13,273,871 | 13,268,871 | 8,528,007 | 13,270,794 | 13,273,038 | 6,737,152 |
Weighted Average Fully Diluted Shares | 23,516,038 | 27,500,194 | 13,268,871 | 19,272,128 | 22,228,602 | 22,400,260 | 17,142,683 |
Basic Earnings (Loss) per common share | $ 0.01 | $ 0.07 | $ (0.04) | $ 0.02 | $ 0.04 | $ 0.04 | |
Diluted Earnings (Loss) per common share | $ 0.01 | $ 0.04 | $ (0.04) | $ 0.01 | $ 0.02 | $ 0.02 | |
Previously Reported [Member] | |||||||
Net increase (decrease) in net assets resulting from operations | $ 996,133 | $ (333,792) | $ 662,341 | ||||
Weighted Average Common Shares | 13,271,996 | 13,268,871 | 13,269,764 | ||||
Weighted Average Fully Diluted Shares | 27,338,695 | 13,268,871 | 26,263,218 | ||||
Basic Earnings (Loss) per common share | $ 0.08 | $ (0.03) | $ 0.05 | ||||
Diluted Earnings (Loss) per common share | $ 0.04 | $ (0.03) | $ 0.03 | ||||
Revision of Prior Period, Adjustment [Member] | |||||||
Less: Dividends attributable to Class B-1, B-2 & B-3 stockholders | $ (98,968) | $ (251,726) | $ (350,694) |
SCHEDULE OF EARNINGS PER SHARE
SCHEDULE OF EARNINGS PER SHARE (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total shares used in calculating fully-diluted earnings per common share, if-converted method | 23,516,038 | 19,272,128 | 22,400,260 | 17,142,683 |
Common Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total shares used in calculating fully-diluted earnings per common share, if-converted method | 13,287,621 | 8,528,007 | 13,273,038 | 5,836,831 |
Series A Preferred Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total shares used in calculating fully-diluted earnings per common share, if-converted method | 4,200,000 | 4,200,000 | 4,200,000 | 4,200,000 |
Series B Preferred Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total shares used in calculating fully-diluted earnings per common share, if-converted method | 286,250 | 2,789,954 | 286,250 | 1,933,912 |
Share-based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total shares used in calculating fully-diluted earnings per common share, if-converted method | 4,145,500 | 2,157,500 | 3,044,305 | 1,842,873 |
Warrant [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total shares used in calculating fully-diluted earnings per common share, if-converted method | 1,596,667 | 1,596,667 | 1,596,667 | 3,329,067 |
BASIS OF PRESENTATION AND SIG_4
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | |
Preferred Stock Dividends, Income Statement Impact | $ 131,999 | $ 482,693 | ||||||
Cash equivalents | 0 | 0 | $ 0 | |||||
Cash balance exceeds FDIC insured amount | 360,000 | 360,000 | 1,200,000 | |||||
Deferred offering cost | $ 293,564 | $ 293,564 | $ 169,891 | |||||
Consultants And Advisors [Member] | ||||||||
Number of options granted | 1,550,000 | 217,500 | 2,290,000 | 847,500 | ||||
Revision of Prior Period, Adjustment [Member] | ||||||||
Preferred Stock Dividends, Income Statement Impact | $ 98,968 | $ 251,726 | $ 350,694 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Related Party Transactions [Abstract] | ||
Related party accrued and owed | $ 83,000 | $ 51,420 |
SUMMARY OF INVESTMENT PORTFOLIO
SUMMARY OF INVESTMENT PORTFOLIO (Details) | Dec. 31, 2021USD ($)Integer | Mar. 31, 2021USD ($)Integer | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) |
Net Investment Income [Line Items] | ||||
Number of portfolio companies | Integer | 69 | 51 | ||
Investment Owned, at Fair Value | $ 12,156,511 | $ 6,821,407 | $ 5,882,442 | $ 2,665,499 |
Investment Owned, at Cost | $ 8,926,469 | $ 5,686,545 | ||
Percentage of investment portfolio | 100.00% | 100.00% | ||
Convertible Notes [Member] | ||||
Net Investment Income [Line Items] | ||||
Investment Owned, at Fair Value | $ 4,679,776 | $ 2,553,954 | ||
Percentage of investment portfolio | 38.40% | |||
Convertible Debt Securities [Member] | ||||
Net Investment Income [Line Items] | ||||
Investment Owned, at Fair Value | $ 4,679,776 | 2,553,954 | 2,421,972 | 1,528,002 |
Investment Owned, at Cost | 3,879,986 | $ 2,216,048 | ||
Percentage of investment portfolio | 37.40% | |||
Preferred Stock [Member] | ||||
Net Investment Income [Line Items] | ||||
Investment Owned, at Fair Value | $ 5,225,498 | $ 3,129,458 | ||
Percentage of investment portfolio | 43.00% | |||
Preferred Stock [Member] | ||||
Net Investment Income [Line Items] | ||||
Investment Owned, at Fair Value | $ 5,225,498 | $ 3,129,458 | 2,472,475 | 701,497 |
Percentage of investment portfolio | 45.90% | |||
Common Stock [Member] | ||||
Net Investment Income [Line Items] | ||||
Investment Owned, at Fair Value | $ 955,237 | $ 391,995 | 391,995 | 126,500 |
Percentage of investment portfolio | 7.90% | 5.70% | ||
SAFE [Member] | ||||
Net Investment Income [Line Items] | ||||
Investment Owned, at Fair Value | $ 725,000 | $ 325,000 | 225,000 | 73,500 |
Percentage of investment portfolio | 6.00% | 4.80% | ||
Other Ownership Units [Member] | ||||
Net Investment Income [Line Items] | ||||
Investment Owned, at Fair Value | $ 571,000 | $ 421,000 | $ 371,000 | $ 236,000 |
Percentage of investment portfolio | 4.70% | 6.20% |
SCHEDULE OF INVESTMENTS (Detail
SCHEDULE OF INVESTMENTS (Details) | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | |
Investment Owned, at Fair Value | $ 12,156,511 | $ 6,821,407 | $ 5,882,442 | $ 2,665,499 |
Convertible Debt Securities [Member] | ||||
Investment Owned, at Fair Value | 4,679,776 | 2,553,954 | 2,421,972 | 1,528,002 |
SAFE [Member] | ||||
Investment Owned, at Fair Value | 725,000 | 325,000 | $ 225,000 | $ 73,500 |
Investment Fair Value [Member] | ||||
Investment Owned, at Fair Value | 10,955,274 | 6,729,412 | ||
Investment Fair Value [Member] | Convertible Debt Securities [Member] | ||||
Investment Owned, at Fair Value | $ 2,227,083 | |||
Valuation Approach/ Technique | Market approach based on available comparables and financial performance | |||
Unobservable Inputs | Conversion prospects, market yield, remaining maturity | |||
Investment Fair Value [Member] | Convertible Debt Securities [Member] | Minimum [Member] | ||||
Debt Instrument, Measurement Input | 1 | |||
Investment Fair Value [Member] | Convertible Debt Securities [Member] | Maximum [Member] | ||||
Debt Instrument, Measurement Input | 12 | |||
Investment Fair Value [Member] | Convertible Debt Securities [Member] | Basepaws Inc [Member] | ||||
Investment Owned, at Fair Value | $ 394,980 | |||
Valuation Approach/ Technique | Market approach based on indicative term sheet and last round of financing | |||
Unobservable Inputs | As if converted note and Series A term sheet of $37.5 million | |||
Range/ Weighted Average | Various | |||
Investment Fair Value [Member] | Convertible Debt Securities [Member] | Cyberdontics Inc [Member] | ||||
Investment Owned, at Fair Value | $ 190,422 | |||
Valuation Approach/ Technique | Valuation based on indicative securities transaction using a backsolve calculation to approximate value. | |||
Unobservable Inputs | Market cap of $12 million on current SAFE offering applied to cap table | |||
Range/ Weighted Average | Various | |||
Investment Fair Value [Member] | Convertible Debt Securities [Member] | Promaxo Inc [Member] | ||||
Investment Owned, at Fair Value | $ 185,136 | |||
Valuation Approach/ Technique | Market approach based on available comparables and financial performance | |||
Unobservable Inputs | Conversion prospects, market yield, remaining maturity | |||
Investment Fair Value [Member] | Convertible Debt Securities [Member] | Promaxo Inc [Member] | Weighted Average [Member] | ||||
Debt Instrument, Measurement Input | 5 | |||
Investment Fair Value [Member] | Convertible Debt Securities [Member] | Kitotech Medical Inc [Member] | ||||
Investment Owned, at Fair Value | $ 326,871 | |||
Valuation Approach/ Technique | Market approach based on available comparables and financial performance | |||
Unobservable Inputs | Market cap of $28.51 million a public company 75th percentile as if converted 2020 note | |||
Range/ Weighted Average | Range : $28.514 million | |||
Debt instrument fair value | $ 28,514,000 | |||
Investment Fair Value [Member] | Convertible Debt Securities Other [Member] | ||||
Investment Owned, at Fair Value | $ 3,909,238 | |||
Valuation Approach/ Technique | Market approach based on available comparables and financial performance | |||
Unobservable Inputs | Conversion prospects, market yield, remaining maturity | |||
Investment Fair Value [Member] | Convertible Debt Securities Other [Member] | Minimum [Member] | ||||
Debt Instrument, Measurement Input | 1 | |||
Investment Fair Value [Member] | Convertible Debt Securities Other [Member] | Maximum [Member] | ||||
Debt Instrument, Measurement Input | 12 | |||
Investment Fair Value [Member] | Preferred Stock In Private Companies [Member] | Promaxo Inc [Member] | ||||
Investment Owned, at Fair Value | $ 1,034,684 | |||
Valuation Approach/ Technique | Market approach based on available comparables and financial performance | |||
Unobservable Inputs | a) Last round of financing for series B-2 price, 118% change in enterprise value at 75th percentile; b) revenue multiples 2021 13.3x 2022 9.3x | |||
Investment Fair Value [Member] | Preferred Stock In Private Companies [Member] | Promaxo Inc [Member] | Minimum [Member] | ||||
Debt Instrument, Measurement Input | 0 | |||
Investment Fair Value [Member] | Preferred Stock In Private Companies [Member] | Promaxo Inc [Member] | Maximum [Member] | ||||
Debt Instrument, Measurement Input | 1.683 | |||
Investment Fair Value [Member] | Preferred Stock In Private Companies [Member] | Inhalon Inc [Member] | ||||
Investment Owned, at Fair Value | $ 256,198 | |||
Valuation Approach/ Technique | Valuation based on indicative securities transaction using a backsolve calculation to approximate value | |||
Unobservable Inputs | Market cap of $40 million on current note offering, and cap table | |||
Range/ Weighted Average | Various | |||
Investment Fair Value [Member] | Preferred Stock In Private Companies [Member] | Neuroflow Inc [Member] | ||||
Investment Owned, at Fair Value | $ 676,882 | $ 437,495 | ||
Valuation Approach/ Technique | Valuation based on indicative securities transaction using a backsolve calculation to approximate value. | Market approach based on available comparables and financial performance | ||
Unobservable Inputs | Weighting applied to $17 million valuation and 6-7x forecast revenue | Based on Series Seed 2 and last round of financing - Series B | ||
Range/ Weighted Average | Various | Market value of invested capital $57.98 million | ||
Debt instrument fair value | $ 57,980,000 | |||
Investment Fair Value [Member] | Preferred Stock In Private Companies [Member] | Valfix Inc [Member] | ||||
Investment Owned, at Fair Value | $ 105,607 | |||
Valuation Approach/ Technique | Valuation based on indicative securities transaction using a backsolve calculation to approximate value. | |||
Unobservable Inputs | Market value of $29.5 million invested capital applied to cap table | |||
Range/ Weighted Average | Various | |||
Investment Fair Value [Member] | Preferred Stock In Private Companies [Member] | Shyft Moving Inc [Member] | ||||
Investment Owned, at Fair Value | $ 269,820 | |||
Valuation Approach/ Technique | Market approach based on indicative term sheet and last round of financing | |||
Unobservable Inputs | 50/50 weighting to prior A-3 preferred and indicated pre Series B price. Forecast revenue from investor deck and 75% percentile for public company peer valuation ratios | |||
Range/ Weighted Average | Based on Series B valuation of $80 million | |||
Debt instrument fair value | $ 80,000,000 | |||
Investment Fair Value [Member] | Preferred Stock In Private Companies [Member] | Seal Rock Therapeutics Inc [Member] | ||||
Investment Owned, at Fair Value | $ 199,375 | |||
Valuation Approach/ Technique | Market approach based on indicative term sheet and last round of financing | |||
Unobservable Inputs | 50/50 weighting to prior series seed preferred and indicated note price. 75% percentile for public company peer valuation ratios | |||
Range/ Weighted Average | Based on new note indication of $80 million | |||
Debt instrument fair value | $ 80,000,000 | |||
Investment Fair Value [Member] | Preferred Stock In Private Companies [Member] | FemtoDX Inc [Member] | ||||
Investment Owned, at Fair Value | $ 290,046 | $ 159,835 | ||
Valuation Approach/ Technique | Market approach based on indicative term sheet and last round of financing | Market approach based on available comparables and financial performance | ||
Unobservable Inputs | 50/50 weighting to prior series B-2 preferred price and public market. 75% percentile for public company peer valuation ratios | Based on Series B financing and public company peer multiples using 50:50 percentile | ||
Range/ Weighted Average | Based on Series B valuation of $170 million | Market value of invested capital $58.66 million | ||
Debt instrument fair value | $ 170,000,000 | $ 58,660,000 | ||
Investment Fair Value [Member] | Preferred Stock In Private Companies Other [Member] | ||||
Investment Owned, at Fair Value | $ 2,392,886 | $ 2,532,128 | ||
Valuation Approach/ Technique | Market approach based on available comparables and financial performance | Market approach based on available comparables and financial performance | ||
Unobservable Inputs | Market approach based on available information from portfolio companies | Market approach based on available information from portfolio companies | ||
Range/ Weighted Average | Various | Various | ||
Investment Fair Value [Member] | Common Stock In Private Companies [Member] | ||||
Investment Owned, at Fair Value | $ 325,000 | $ 300,000 | ||
Valuation Approach/ Technique | Market approach based on available comparables and financial performance | Market approach based on available comparables and financial performance | ||
Unobservable Inputs | Historic or projected revenue and/or EBITDA multiples discounted for lack of marketability | Historic or projected revenue and/or EBITDA multiples | ||
Range/ Weighted Average | Various | Various | ||
Investment Fair Value [Member] | SAFE [Member] | ||||
Investment Owned, at Fair Value | $ 725,000 | $ 325,000 | ||
Valuation Approach/ Technique | Market approach based on available comparables and financial performance | Market approach based on available comparables and financial performance | ||
Unobservable Inputs | Precedent and follow-on transactions adjusted for marketability | Precedent and follow-on transactions adjusted for marketability | ||
Range/ Weighted Average | Various | Various | ||
Investment Fair Value [Member] | Other Investments [Member] | ||||
Investment Owned, at Fair Value | $ 421,000 | |||
Valuation Approach/ Technique | Market approach based on available comparables and financial performance | |||
Unobservable Inputs | Precedent and follow-on transactions adjusted for marketability | |||
Range/ Weighted Average | Various |
SCHEDULE OF INVESTMENTS AT FAIR
SCHEDULE OF INVESTMENTS AT FAIR VALUE MEASUREMENTS OF INVESTMENTS (Details) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | $ 11,585,511 | $ 6,821,407 |
Convertible Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | 4,679,776 | 2,553,954 |
Preferred Stock In Private Companies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | 5,225,498 | 3,129,458 |
Common Stock In Private Companies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | 325,000 | 300,000 |
SAFE [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | 725,000 | 325,000 |
Private Portfolio Companies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | 10,955,274 | 6,729,412 |
Common Stock In Public Companies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | 630,237 | 91,995 |
Other Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | 421,000 | |
Fair Value, Inputs, Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | 630,237 | 91,995 |
Fair Value, Inputs, Level 1 [Member] | Convertible Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | ||
Fair Value, Inputs, Level 1 [Member] | Preferred Stock In Private Companies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | ||
Fair Value, Inputs, Level 1 [Member] | Common Stock In Private Companies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | ||
Fair Value, Inputs, Level 1 [Member] | SAFE [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | ||
Fair Value, Inputs, Level 1 [Member] | Private Portfolio Companies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | ||
Fair Value, Inputs, Level 1 [Member] | Common Stock In Public Companies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | 630,237 | 91,995 |
Fair Value, Inputs, Level 1 [Member] | Other Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | ||
Fair Value, Inputs, Level 2 [Member] | Convertible Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | ||
Fair Value, Inputs, Level 2 [Member] | Preferred Stock In Private Companies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | ||
Fair Value, Inputs, Level 2 [Member] | Common Stock In Private Companies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | ||
Fair Value, Inputs, Level 2 [Member] | SAFE [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | ||
Fair Value, Inputs, Level 2 [Member] | Private Portfolio Companies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | ||
Fair Value, Inputs, Level 2 [Member] | Common Stock In Public Companies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | ||
Fair Value, Inputs, Level 2 [Member] | Other Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | 10,955,274 | 6,729,412 |
Fair Value, Inputs, Level 3 [Member] | Convertible Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | 4,679,776 | 2,553,954 |
Fair Value, Inputs, Level 3 [Member] | Preferred Stock In Private Companies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | 5,225,498 | 3,129,458 |
Fair Value, Inputs, Level 3 [Member] | Common Stock In Private Companies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | 325,000 | 300,000 |
Fair Value, Inputs, Level 3 [Member] | SAFE [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | 725,000 | 325,000 |
Fair Value, Inputs, Level 3 [Member] | Private Portfolio Companies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | 10,955,274 | 6,729,412 |
Fair Value, Inputs, Level 3 [Member] | Common Stock In Public Companies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | ||
Fair Value, Inputs, Level 3 [Member] | Other Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Investments at Fair value | $ 421,000 |
SCHEDULE OF INVESTMENTS IN UNRE
SCHEDULE OF INVESTMENTS IN UNREALIZED GAIN OR LOSSES FOREIGN EXCHANGE RATES ON SECURITIES (Details) - USD ($) | 9 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair value beginning of year March 31, 2021 | $ 6,821,407 | |
New investments | 3,328,478 | $ 2,410,000 |
Proceeds from sale of investments | (88,554) | |
Net change in unrealized gains included in condensed Statements of Operations | 2,095,180 | 806,943 |
Fair value end of nine months December 31, 2021 | 12,156,511 | |
Changes in unrealized gains or losses for the period included in Condensed Statement of Operations for assets held at the end of the reporting period | 2,095,180 | 806,943 |
Fair value beginning | 6,821,407 | 2,665,499 |
Fair value ending | 12,156,511 | 5,882,442 |
Fintech [Member] | ||
New investments | ||
Proceeds from sale of investments | ||
Net change in unrealized gains included in condensed Statements of Operations | 24,530 | |
Fair value beginning | 126,030 | 101,500 |
Fair value ending | 126,030 | 126,030 |
Technology [Member] | ||
New investments | 815,600 | 325,000 |
Proceeds from sale of investments | ||
Net change in unrealized gains included in condensed Statements of Operations | 61,179 | 74,158 |
Fair value beginning | 1,394,318 | 685,002 |
Fair value ending | 2,271,097 | 1,084,160 |
Life Science [Member] | ||
New investments | 2,512,878 | 2,085,000 |
Proceeds from sale of investments | (88,554) | |
Net change in unrealized gains included in condensed Statements of Operations | 2,034,001 | 708,255 |
Fair value beginning | 5,301,059 | 1,878,997 |
Fair value ending | 9,759,384 | 4,672,252 |
UNITED STATES | ||
Fair value beginning of year March 31, 2021 | 5,486,011 | |
New investments | 2,653,478 | 1,935,000 |
Proceeds from sale of investments | (88,554) | |
Net change in unrealized gains included in condensed Statements of Operations | 1,833,616 | 656,188 |
Fair value end of nine months December 31, 2021 | 9,884,551 | |
Fair value beginning | 5,486,010 | 2,170,499 |
Fair value ending | 9,884,551 | 4,761,687 |
CANADA | ||
Fair value beginning of year March 31, 2021 | 907,560 | |
New investments | 225,000 | 425,000 |
Proceeds from sale of investments | ||
Net change in unrealized gains included in condensed Statements of Operations | 117,531 | 129,374 |
Fair value end of nine months December 31, 2021 | 1,250,091 | |
Fair value beginning | 907,561 | 245,000 |
Fair value ending | 1,250,091 | 799,374 |
Rest of World [Member] | ||
Fair value beginning of year March 31, 2021 | 427,836 | |
New investments | 450,000 | 50,000 |
Proceeds from sale of investments | ||
Net change in unrealized gains included in condensed Statements of Operations | 144,033 | 21,381 |
Fair value end of nine months December 31, 2021 | 1,021,869 | |
Fair value beginning | 427,836 | 250,000 |
Fair value ending | $ 1,021,869 | $ 321,381 |
SCHEDULE OF ADJUSTMENT IN FAIR
SCHEDULE OF ADJUSTMENT IN FAIR VALUE TO REFLECT IMPAIRMENT OF INVESTMENT (Details) - USD ($) | 9 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net Investment Income [Line Items] | ||
Fair value beginning | $ 6,821,407 | $ 2,665,499 |
Conversions into preferred stock | ||
New investments | 3,328,478 | 2,410,000 |
Proceeds from sale of investments | (88,554) | |
Unrealized gains included in condensed Statements of Operations | 2,095,180 | 806,943 |
Fair value ending | 12,156,511 | 5,882,442 |
Convertible Debt Securities [Member] | ||
Net Investment Income [Line Items] | ||
Fair value beginning | 2,553,954 | 1,528,002 |
Conversions into preferred stock | (597,984) | |
New investments | 1,752,491 | 935,000 |
Proceeds from sale of investments | (88,554) | |
Unrealized gains included in condensed Statements of Operations | 461,885 | 556,954 |
Fair value ending | 4,679,776 | 2,421,972 |
Preferred Stock [Member] | ||
Net Investment Income [Line Items] | ||
Fair value beginning | 3,129,458 | 701,497 |
Conversions into preferred stock | 678,313 | |
New investments | 835,387 | 1,025,000 |
Unrealized gains included in condensed Statements of Operations | 1,260,653 | 67,665 |
Fair value ending | 5,225,498 | 2,472,475 |
Common Stock [Member] | ||
Net Investment Income [Line Items] | ||
Fair value beginning | 391,995 | 126,500 |
Conversions into preferred stock | ||
New investments | 190,600 | 200,000 |
Proceeds from sale of investments | ||
Unrealized gains included in condensed Statements of Operations | 372,642 | 65,495 |
Fair value ending | 955,237 | 391,995 |
SAFE [Member] | ||
Net Investment Income [Line Items] | ||
Fair value beginning | 325,000 | 73,500 |
Conversions into preferred stock | (80,329) | |
New investments | 400,000 | 150,000 |
Proceeds from sale of investments | ||
Unrealized gains included in condensed Statements of Operations | 81,829 | |
Fair value ending | 725,000 | 225,000 |
Other Ownership Units [Member] | ||
Net Investment Income [Line Items] | ||
Fair value beginning | 421,000 | 236,000 |
Conversions into preferred stock | ||
New investments | 150,000 | 100,000 |
Proceeds from sale of investments | ||
Unrealized gains included in condensed Statements of Operations | 35,000 | |
Fair value ending | $ 571,000 | $ 371,000 |
INVESTMENTS (Details Narrative)
INVESTMENTS (Details Narrative) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Investments, All Other Investments [Abstract] | ||
[custom:InvestmentOwnedPercentOfNetAsset-0] | 94.00% | 97.00% |
Net asset value | $ 571,000 |
SCHEDULE OF OPTIONS VESTED (Det
SCHEDULE OF OPTIONS VESTED (Details) - $ / shares | 3 Months Ended | 9 Months Ended |
Dec. 31, 2021 | Dec. 31, 2021 | |
Equity [Abstract] | ||
Number of options granted outstanding, Beginning balance | 2,634,250 | |
Weighted average exercise price outstanding, Beginning balance | $ 0.05 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 month 17 days | |
Number of options granted | 2,290,000 | |
Weighted average exercise price granted | $ 0.07 | |
Weighted average remaining life years granted | 9 years 8 months 1 day | |
Number of options Exercised | 0 | (18,750) |
Weighted average exercise price Exercised | $ (0.03) | |
Number of options Cancelled | ||
Weighted average exercise price Cancelled | ||
Number of options granted outstanding, Ending balance | 4,905,500 | 4,905,500 |
Weighted average exercise price outstanding, Ending balance | $ 0.06 | $ 0.06 |
Weighted average remaining life years, Ending years | 8 years 8 months 15 days | |
Number of options granted Exercisable | 2,791,705 | 2,791,705 |
Weighted average exercise price Exercisable | $ 0.05 | $ 0.05 |
Weighted average remaining life years Exercisable | 8 years 10 months 24 days |
SCHEDULE OF FAIR VALUE ASSUMPTI
SCHEDULE OF FAIR VALUE ASSUMPTIONS - STOCK OPTIONS (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Stock Price at grant date | $ 0.07 | |
Exercise Price | $ 0.07 | |
Volatility assumed | 196.00% | |
Annual dividend rate | 0.00% | 0.00% |
Risk free discount rate | 0.12% | |
Warrant [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Stock Price at grant date | $ 0.006 | |
Exercise Price | $ 1.200 | |
Term in Years | 3 years | |
Volatility assumed | 73.00% | |
Annual dividend rate | 0.00% | |
Risk free discount rate | 1.79% | |
Minimum [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
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] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
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) - $ / shares | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 month 17 days | |||
Warrant [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Number of warrants outstanding, Beginning balance | 1,596,667 | 4,200,000 | 4,200,000 | |
Weighted average exercise price outstanding, Beginning balance | $ 1.20 | $ 1.20 | $ 1.20 | |
Weighted average remaining life years, Beginning years | 2 years 10 months 24 days | |||
Number of warrants granted | ||||
Weighted average exercise price outstanding granted | ||||
Number of warrants Exercised | (2,603,333) | |||
Weighted average exercise price outstanding Exercised | $ 0.60 | |||
Number of warrants Cancelled | ||||
Weighted average exercise price outstanding Cancelled | ||||
Number of warrants outstanding, Beginning balance | 1,596,667 | 1,596,667 | 1,596,667 | 4,200,000 |
Weighted average exercise price outstanding, Ending balance | $ 1.20 | $ 1.20 | $ 1.20 | $ 1.20 |
Weighted average remaining life years, Ending years | 7 months 6 days | 2 years 2 months 12 days | ||
Number of warrants Exercisable | 1,596,667 | 1,596,667 | 1,596,667 | 4,200,000 |
Weighted average exercise price Exercisable | $ 1.20 | $ 1.20 | $ 1.20 | |
Weighted average remaining life years Exercisable | 7 months 6 days | 1 year 4 months 24 days | 1 year 4 months 24 days | 2 years 10 months 24 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 4 months 24 days |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - USD ($) | Mar. 02, 2021 | Apr. 30, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 20, 2021 | Mar. 31, 2021 | Jul. 31, 2019 |
Class of Stock [Line Items] | |||||||||
Sale of stock, shares | 0 | 3,285,789 | |||||||
Common stock par value | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Preferred Stock, Shares Authorized | 16,800,000 | ||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | ||||||||
Stock Issued During Period, Value, New Issues | $ 1,741,000 | $ 603,125 | $ 3,567,001 | $ 1,873,125 | |||||
Common Stock, Shares Authorized | 40,000,000 | 40,000,000 | 40,000,000 | ||||||
Common Stock, Shares, Issued | 13,287,621 | 13,287,621 | 9,983,082 | ||||||
Common Stock, Shares, outstanding | 13,287,621 | 13,287,621 | 9,983,082 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 18,750 | |||||||
Stock Issued During Period, Value, Stock Options Exercised | $ 0 | $ 618 | |||||||
Share-based Payment Arrangement, Noncash Expense | 32,579 | 3,474 | 54,033 | 17,326 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 62,580 | $ 56,987 | $ 62,580 | $ 56,987 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year 1 month 17 days | ||||||||
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 | ||||||||
Two Thousand And Twenty Stock Option And Incentive Plan [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Number of stock option grant | 2,000,000 | 2,000,000 | |||||||
2021 Stock Option and Incentive Plan [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Number of stock option grant | 2,000,000 | ||||||||
Non Qualified Stock Options [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 750,000 | 217,500 | 2,290,000 | 847,500 | |||||
Common Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Sale of stock price per share | $ 0.80 | $ 0.80 | |||||||
Stock Issued During Period, Value, New Issues | |||||||||
Sale of stock price per share | $ 0.40 | $ 0.40 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 18,750 | ||||||||
Stock Issued During Period, Value, Stock Options Exercised | $ 187 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 4,200,000 | 4,200,000 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.20 | $ 1.20 | |||||||
Warrants and Rights Outstanding, Term | 3 years | 3 years | |||||||
Common Stock [Member] | Amendment of Preferred Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock Issued During Period, Value, New Issues | $ 0 | $ 1,314,317 | |||||||
Common Stock, Value, Subscriptions | $ 1,191,442 | ||||||||
Series A Preferred Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Sale of stock, shares | 4,200,000 | ||||||||
Sale of stock price per share | $ 0.01 | $ 0.01 | |||||||
Excess outstanding shares | 550,000 | 550,000 | |||||||
Preferred Stock, Shares Authorized | 4,200,000 | 4,200,000 | 4,200,000 | ||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
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] | |||||||||
Excess outstanding shares | 286,250 | 286,250 | |||||||
Preferred Stock, Shares Authorized | 9,000,000 | 9,000,000 | |||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||||||
[custom:AdditionalPreferredStockSharesAuthorized-0] | 3,000,000 | 3,000,000 | |||||||
Sale of stock price per share | $ 0.80 | $ 0.80 | $ 0.80 | $ 0.80 | |||||
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 | 2,176,250 | 4,458,750 | |||||||
Share purchased value | $ 6,000 | ||||||||
Share issued during period stock exchanged, shares | 1,166,406 | ||||||||
Stock Issued During Period, Value, New Issues | $ 1,741,000 | $ 3,567,001 | |||||||
Series B-1 And Series B-1 Preferred Stock [Member] | IPO [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Purchased share discount percentage | 10.00% | ||||||||
Preferred Stock, Dividend Rate, Percentage | 10.00% | ||||||||
Series B-2 Preferred Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Share issued during period stock exchanged, shares | 2,176,250 | ||||||||
Series B-3 Preferred Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Accumulated dividend share percentage | 10.00% | ||||||||
Closing public stock | $ 10,000,000 |
SCHEDULE OF FINANCIAL HIGHLIGHT
SCHEDULE OF FINANCIAL HIGHLIGHTS (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
[custom:NetAssetValuePricePerShare] | [1] | $ 0.97 | $ 0.75 | $ 0.97 | $ 0.95 | |||
Net investment loss | [1] | (0.03) | (0.04) | (0.08) | (0.08) | |||
Net unrealized gain on investments | [1] | 0.05 | 0.04 | 0.16 | 0.12 | |||
Investment Company, Net Asset Value Per Share, Period Increase (Decrease) | [1] | $ 0.02 | $ 0.07 | $ 0.04 | ||||
Net assets, end of period | $ 12,911,623 | $ 6,399,543 | $ 12,911,623 | $ 6,399,543 | ||||
Weighted average common shares outstanding, end of period | 13,287,621 | 13,273,871 | 13,268,871 | 8,528,007 | 13,270,794 | 13,273,038 | 6,737,152 | |
Total operating expenses/net assets | 2.90% | 5.20% | 8.60% | 8.30% | ||||
Net investment loss/net assets | (2.90%) | (5.20%) | (8.60%) | (8.30%) | ||||
Total return | 2.50% | (0.10%) | 7.60% | 4.30% | ||||
[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) - Subsequent Event [Member] | 2 Months Ended |
Feb. 22, 2022USD ($) | |
Subsequent Event [Line Items] | |
Sale of Stock, Consideration Received on Transaction | $ 800,000 |
Investments | $ 400,000 |