Qualigen Therapeutics (QLGN) 10-Q 12 Nov 20 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2020	Nov. 05, 2020
Cover [Abstract]
Entity Registrant Name	Qualigen Therapeutics, Inc.
Entity Central Index Key	0001460702
Document Type	10-Q
Document Period End Date	Sep. 30, 2020
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23,060,906
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2020	Mar. 31, 2020
Current assets
Cash and cash equivalents	$ 14,465,541	$ 153,121
Accounts receivable, net	179,870	417,122
Accounts receivable - related party, net	189,474	290,180
Inventory, net	805,383	660,138
Prepaid expenses and other current assets	1,925,446	98,385
Total current assets	17,565,714	1,618,946
Right-of-use asset	483,643
Property and equipment, net	1,565,275	1,447,514
Equipment held for lease, net	32,726	64,005
Intangible assets, net	1,009,453	571,270
Other assets	18,334	18,279
Total Assets	20,675,145	3,720,014
Current liabilities
Accounts payable	408,254	879,264
Accrued expenses and other current liabilities	726,542	1,243,764
Notes payable, current portion	787,478	1,913,255
Deferred revenue, current portion	58,773	105,416
Deferred revenue - related party	95,160	271,206
Due to related party	176,046	926,385
Lease liability	247,050
Warrant liabilities	20,596,700
Total current liabilities	23,096,003	5,339,290
Notes payable, net of current portion	159,670	305,805
Lease liability, net of current portion	303,894
Deferred revenue, net of current portion	4,219	2,689
Total liabilities	23,563,786	5,647,784
Stockholders' deficit
Common stock, post-merger $0.001 par value; 225,000,000 shares authorized; 22,529,905 shares issued and outstanding as of September 30, 2020 and pre-merger $0.01 par value; 40,000,000 shares authorized; 5,602,214 shares issued and outstanding as of March 31, 2020	22,530	56,026
Additional paid-in capital	71,082,072	45,161,599
Accumulated deficit	(73,993,244)	(47,301,126)
Total stockholders' deficit	(2,888,641)	(1,927,770)
Total Liabilities and Stockholders' Deficit	20,675,145	3,720,014
Series A Preferred Stock [Member]
Stockholders' deficit
Preferred stock, value		24,129
Total stockholders' deficit		24,129
Series B Preferred Stock [Member]
Stockholders' deficit
Preferred stock, value		77,077
Total stockholders' deficit		77,077
Series C Preferred Stock [Member]
Stockholders' deficit
Preferred stock, value		33,007
Total stockholders' deficit		33,007
Series D Preferred Stock [Member]
Stockholders' deficit
Preferred stock, value		15,083
Total stockholders' deficit		15,083
Series D-1 Preferred Stock [Member]
Stockholders' deficit
Preferred stock, value		6,435
Total stockholders' deficit		6,435
Series Alpha Preferred Stock [Member]
Stockholders' deficit
Preferred stock, value	1
Total stockholders' deficit	$ 1

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Mar. 31, 2020
Series A Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	2,500,000	2,500,000
Preferred stock, shares issued	0	2,412,887
Preferred stock, shares outstanding	0	2,412,887
Series B Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	9,000,000	9,000,000
Preferred stock, shares issued	0	7,707,736
Preferred stock, shares outstanding	0	7,707,736
Series C Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,500,000	5,500,000
Preferred stock, shares issued	0	3,300,715
Preferred stock, shares outstanding	0	3,300,715
Series D Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	2,151,816	2,151,816
Preferred stock, shares issued	0	1,508,305
Preferred stock, shares outstanding	0	1,508,305
Series D-1 Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	848,184	848,184
Preferred stock, shares issued	0	643,511
Preferred stock, shares outstanding	0	643,511
Series Alpha Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	7,000	7,000
Preferred stock, shares issued	698	0
Preferred stock, shares outstanding	698	0
Post Merger Common Stock [Member]
Common stock, par value	$ 0.001
Common stock, shares authorized	225,000,000
Common stock, shares issued	22,529,905
Common stock, shares outstanding	22,529,905
Pre Merger Common Stock [Member]
Common stock, par value		$ 0.01
Common stock, shares authorized		40,000,000
Common stock, shares issued		5,602,214
Common stock, shares outstanding		5,602,214

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
REVENUES
Total revenues	$ 837,714	$ 1,201,127	$ 1,741,781	$ 2,711,962
EXPENSES
Cost of product sales	318,460	408,203	673,887	724,716
Cost of product sales-related party	603,015	603,890	1,055,510	1,265,157
General and administrative	2,664,658	202,679	4,644,272	471,696
Research and development	870,876	200,217	1,468,221	347,858
Research and development-related party		1,193		540,618
Sales and marketing	98,045	74,518	186,889	176,912
Total expenses	4,555,054	1,490,700	8,028,779	3,526,957
LOSS FROM OPERATIONS	(3,717,340)	(289,573)	(6,286,998)	(814,995)
OTHER EXPENSE (INCOME), NET
Change in fair value of warrant liabilities	4,395,300		20,596,700
Interest expense, net	715	65,480	58,079	135,465
Other income, net	(2,447)	(248)	(252,561)	(1,240)
Total other expense (income), net	4,393,568	65,232	20,402,218	134,225
LOSS BEFORE PROVISION FOR INCOME TAXES	(8,110,908)	(354,805)	(26,689,216)	(949,220)
PROVISION FOR INCOME TAXES	2,305	1,420	2,902	1,570
NET LOSS	$ (8,113,213)	$ (356,225)	$ (26,692,118)	$ (950,790)
Net loss per common share, basic and diluted	$ (0.41)	$ (0.06)	$ (1.87)	$ (0.17)
Weighted-average number of shares outstanding, basic and diluted	19,799,468	5,602,214	14,303,058	5,602,214
Net Product Sales [Member]
REVENUES
Total revenues	$ 361,218	$ 526,865	$ 845,641	$ 1,087,516
Net Product Sales-Related Party [Member]
REVENUES
Total revenues	476,496	634,262	896,140	1,584,446
Collaborative Research Revenue [Member]
REVENUES
Total revenues		$ 40,000		$ 40,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($)	Series A Convertible Preferred Stock [Member]	Series B Convertible Preferred Stock [Member]	Series C Convertible Preferred Stock [Member]	Series D Convertible Preferred Stock [Member]	Series D-1 Convertible Preferred Stock [Member]	Series Alpha Convertible Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Mar. 31, 2019	$ 24,129	$ 77,077	$ 33,007	$ 15,083	$ 6,435		$ 56,026	$ 45,153,733	$ (45,513,614)	$ (148,124)
Balance, shares at Mar. 31, 2019	2,412,887	7,707,736	3,300,715	1,508,305	643,511		5,602,214
Net loss								45,153,733	(594,565)	(594,565)
Balance at Jun. 30, 2019	$ 24,129	$ 77,077	$ 33,007	$ 15,083	$ 6,435		$ 56,026		(46,108,179)	(742,689)
Balance, shares at Jun. 30, 2019	2,412,887	7,707,736	3,300,715	1,508,305	643,511		5,602,214
Balance at Mar. 31, 2019	$ 24,129	$ 77,077	$ 33,007	$ 15,083	$ 6,435		$ 56,026	45,153,733	(45,513,614)	(148,124)
Balance, shares at Mar. 31, 2019	2,412,887	7,707,736	3,300,715	1,508,305	643,511		5,602,214
Net loss										(950,790)
Balance at Sep. 30, 2019	$ 24,129	$ 77,077	$ 33,007	$ 15,083	$ 6,435		$ 56,026	45,153,733	(46,464,404)	(1,098,914)
Balance, shares at Sep. 30, 2019	2,412,887	7,707,736	3,300,715	1,508,305	643,511		5,602,214
Balance at Jun. 30, 2019	$ 24,129	$ 77,077	$ 33,007	$ 15,083	$ 6,435		$ 56,026		(46,108,179)	(742,689)
Balance, shares at Jun. 30, 2019	2,412,887	7,707,736	3,300,715	1,508,305	643,511		5,602,214
Net loss									(356,225)	(356,225)
Balance at Sep. 30, 2019	$ 24,129	$ 77,077	$ 33,007	$ 15,083	$ 6,435		$ 56,026	45,153,733	(46,464,404)	(1,098,914)
Balance, shares at Sep. 30, 2019	2,412,887	7,707,736	3,300,715	1,508,305	643,511		5,602,214
Balance at Mar. 31, 2020	$ 24,129	$ 77,077	$ 33,007	$ 15,083	$ 6,435		$ 56,026	45,161,599	(47,301,126)	(1,927,770)
Balance, shares at Mar. 31, 2020	2,412,887	7,707,736	3,300,715	1,508,305	643,511		5,602,214
Issuance of Series Alpha preferred shares upon closing of private placement						$ 5		4,009,995		4,010,000
Issuance of Series Alpha preferred shares upon closing of private placement, shares						5,010
Stock-based compensation								358,625		358,625
Issuance of common stock for conversion of preferred stock	$ (24,129)	$ (77,077)	$ (33,007)	$ (15,083)	$ (6,435)	$ (1)	$ 7,042	148,690
Issuance of common stock for conversion of preferred stock, shares	(2,412,887)	(7,707,736)	(3,300,715)	(1,508,305)	(643,511)	(740)	7,042,660
Issuance of common stock for conversion of notes payable and accrued interest							$ 1,775	1,582,633		1,584,408
Issuance of common stock for conversion of notes payable and accrued interest, shares							1,775,096
Effect of reverse recapitalization							$ (52,519)	863,405		810,886
Effect of reverse recapitalization, shares							(2,095,826)
Issuance of Series Alpha preferred stock for conversion of notes payable								350,000		350,000
Issuance of Series Alpha preferred stock for conversion of notes payable, shares						350
Shares and warrants issued to advisor upon closing of private placement							$ 1,217	1,103,891		1,105,108
Shares and warrants issued to advisor upon closing of private placement, shares							1,217,147
Fair value of shares issued to advisor upon closing of private placement								(902,250)		(902,250)
Fair value of warrants issued to advisor upon closing of private placement								(202,858)		(202,858)
Stock issued for professional services							$ 47	239,953		240,000
Stock issued for professional services, shares							46,967
Net loss									$ (18,578,905)	(18,578,905)
Balance at Jun. 30, 2020						$ 4	$ 13,588	$ 52,713,683	$ (65,880,031)	$ (13,152,756)
Balance, shares at Jun. 30, 2020						4,620	13,588,258
Balance at Mar. 31, 2020	$ 24,129	$ 77,077	$ 33,007	$ 15,083	$ 6,435		$ 56,026	$ 45,161,599	$ (47,301,126)	$ (1,927,770)
Balance, shares at Mar. 31, 2020	2,412,887	7,707,736	3,300,715	1,508,305	643,511		5,602,214
Net loss										(26,692,118)
Balance at Sep. 30, 2020						$ 1	$ 22,530	71,082,072	(73,993,244)	(2,888,641)
Balance, shares at Sep. 30, 2020						698	22,529,905
Balance at Jun. 30, 2020						$ 4	$ 13,588	$ 52,713,683	$ (65,880,031)	$ (13,152,756)
Balance, shares at Jun. 30, 2020						4,620	13,588,258
Stock-based compensation								$ 1,212,451		$ 1,212,451
Issuance of common stock for conversion of preferred stock						$ (3)	$ 5,303	(5,300)
Issuance of common stock for conversion of preferred stock, shares						(3,922)	5,303,773
Shares and (exercised) warrants issued pursuant to Securities Purchase Agreements							$ 3,639	$ 17,997,142		$ 18,000,781
Shares and (exercised) warrants issued pursuant to Securities Purchase Agreements, shares							3,637,874
Commission and offering costs of Securities Purchase Agreements								$ (835,904)		$ (835,904)
Net loss									(8,113,213)	(8,113,213)
Balance at Sep. 30, 2020						$ 1	$ 22,530	$ 71,082,072	$ (73,993,244)	$ (2,888,641)
Balance, shares at Sep. 30, 2020						698	22,529,905

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (26,692,118)	$ (950,790)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	60,010	110,792
Amortization of debt issuance costs		20,834
Amortization of right-of-use assets	101,869
Accounts receivable reserves and allowances	4,112	(20,069)
Inventory reserves	(127,455)	(32,402)
Stock-based compensation	1,571,076
Change in fair value of warrant liabilities	20,596,700
Changes in operating assets and liabilities:
Accounts receivable	233,140	111,398
Accounts receivable - related party	100,706	291,710
Inventory and equipment held for lease	(17,790)	124,970
Prepaid expenses and other assets	(627,783)	(10,255)
Accounts payable	(471,010)	185,161
Accrued expenses and other current liabilities	(353,861)	(28,447)
Due to related party	(750,339)	392,353
Lease liability	(112,166)
Deferred revenue	(221,159)	(14,711)
Net cash (used in) provided by operating activities	(6,706,068)	180,544
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(136,217)
Payments for patents and licenses	(448,458)	(92,843)
Net cash used in investing activities	(584,675)	(92,843)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of Series Alpha preferred shares upon closing of private placement	4,010,000
Net proceeds from the issuance of notes payable	1,392,463	257,654
Proceeds from issuance of shares and warrants pursuant to Securities Purchase Agreements	18,000,781
Commission and offering costs of securities purchase agreements	(835,904)
Payments on capital lease obligations		(15,462)
Principal payments on notes payable	(964,177)	(430,181)
Net cash provided by (used in) financing activities	21,603,163	(187,989)
Net change in cash and cash equivalents	14,312,420	(100,288)
CASH AND CASH EQUIVALENTS - beginning of period	153,121	125,123
CASH AND CASH EQUIVALENTS - end of period	14,465,541	24,835
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for: Interest	28,256	48,564
Cash paid for: Taxes	4,772	4,763
NONCASH FINANCING AND INVESTING ACTIVITIES:
Issuance of common stock for professional services	240,000
Issuance of common stock for conversion of debt	1,350,198
Issuance of common stock for conversion of accrued interest	234,210
Issuance of common stock for conversion of preferred stock before closing of reverse recapitalization	148,690
Issuance of preferred stock for conversion of debt	350,000
Fair value of shares issued to advisor upon closing of private placement	902,250
Fair value of warrants issued to advisor upon closing of private placement	202,858
Effect of reverse recapitalization	810,886
Issuance of common stock for conversion of preferred stock after closing of reverse recapitalization	5,300
Initial measurement of operating lease right-of-use assets	663,110
Net transfers to inventory from equipment held for lease		$ 2,352

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	6 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Summary of Significant Accounting Policies	NOTE 1 — ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization Qualigen, Inc., the predecessor of and now a subsidiary of Qualigen Therapeutics, Inc., was incorporated in Minnesota in 1996 to design, develop, manufacture and sell point-of-care quantitative immunoassay diagnostic products for use in physician offices and other point-of-care settings worldwide. Qualigen, Inc. was reincorporated in Delaware in 1999. Qualigen Therapeutics, Inc. (the “Company”) operates in one business segment. In May 2020, Qualigen, Inc. completed a reverse recapitalization transaction with Ritter Pharmaceuticals, Inc. (“Ritter”) and Ritter was renamed Qualigen Therapeutics, Inc., recognized as a reverse recapitalization. All shares of Qualigen, Inc.’s capital stock were exchanged for Qualigen Therapeutics’ capital stocks in the merger. Ritter/Qualigen Therapeutics common stock, which was previously traded on the Nasdaq Capital Market under the ticker symbol “RTTR,” commenced trading on the Nasdaq Capital Market, on a post-reverse-stock-split adjusted basis, under the ticker symbol “QLGN” on May 26, 2020. Qualigen, Inc. was determined to be the accounting acquirer in a reverse recapitalization based upon the terms of the merger and other factors. All references to financial figures of “the Company” presented in the accompanying condensed consolidated financial statements and in these Notes as of March 31, 2020 and for the three and six months periods ended September 30, 2019 are those of Qualigen, Inc. Basis of Presentation The Company’s unaudited interim condensed consolidated financial statements included herein have been prepared in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X and the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. In management’s opinion, the accompanying statements reflect adjustments necessary to present fairly the financial position, results of operations, and cash flows for those periods indicated, and contain adequate disclosure to make the information presented not misleading. Adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the footnotes. The condensed consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended March 31, 2020 included on Form 8-K/A, as filed with the SEC on June 29, 2020. The accompanying condensed balance sheet at March 31, 2020 has been derived from the audited balance sheet at March 31, 2020 contained in the above referenced Form 8-K/A. Results of operations for interim periods are not necessarily indicative of the results of operations for a full year. Accounting Estimates Management uses estimates and assumptions in preparing its condensed consolidated financial statements in accordance with U.S. GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. The most significant estimates relate to the estimated fair value of warrant liabilities, amortization and depreciation, deferred revenue, inventory reserves, allowances for doubtful accounts and returns, and warranty costs. Actual results could vary from the estimates that were used. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an initial maturity of 90 days or less and money market funds to be cash equivalents. The Company maintains its cash and cash equivalents in bank deposits which at times may exceed federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risks on cash and cash equivalents. Inventory, Net Inventory is recorded at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. The Company reviews the components of its inventory on a periodic basis for excess or obsolete inventory, and records specific reserves for identified items. Long-Lived Assets The Company assesses potential impairments to its long-lived assets when there is evidence that events or changes in circumstances indicate that assets may not be recoverable. An impairment loss would be recognized when the sum of the expected future undiscounted cash flows is less than the carrying amount of the assets. The amount of impairment loss, if any, will generally be measured as the difference between the net book value of the assets and their estimated fair values. During the three and six months ended September 30, 2020 and 2019, no such impairment losses have been recorded. Accounts Receivable, Net The Company grants credit to domestic physicians, clinics, and distributors. The Company performs ongoing credit evaluations of its customers and generally requires no collateral. Customers can purchase certain products through a financing agreement that the Company has with an outside leasing company. Under the agreement, the leasing company evaluates the credit worthiness of the customer. Upon acceptance of the product by the customer, the leasing company remits payment to the Company at a discount. This financing arrangement is without recourse to the Company. The Company provides an allowance for doubtful accounts and returns equal to the estimated uncollectible amounts or expected returns. The Company’s estimates are based on historical collections and returns and a review of the current status of trade accounts receivable. Accounts receivable is comprised of the following at: September 30, 2020 March 31, 2020 Accounts Receivable $ 202,299 $ 443,663 Less Allowance (22,429 ) (26,541 ) $ 179,870 $ 417,122 Research and Development The Company expenses research and development costs as incurred. Shipping and Handling Costs The Company includes shipping and handling fees billed to customers in net sales. Shipping and handling costs associated with inbound and outbound freight are generally recorded in cost of sales which totaled approximately $29,000 and $28,000, respectively, for the three months ended September 30, 2020 and 2019, and approximately $55,000 and $59,000, respectively, for the six months ended September 30, 2020 and 2019. Other shipping and handling costs included in general and administrative, research and development, and sales and marketing expenses totaled approximately $2,000 and $1,000 for the three months ended September 30, 2020 and 2019, respectively, and approximately $7,000 and $2,000 for the six months ended September 30, 2020 and 2019, respectively. Revenue from Contracts with Customers Effective April 1, 2020, the Company adopted Accounting Standard Codification (“ASC”) Topic 606 (“ASC 606”), Revenue from Contracts with Customers The core principle of the new revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle: Step 1: Identify the contract with the customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when the company satisfies a performance obligation The Company generates revenue from selling FastPack System analyzers, accessories and disposable products used with the FastPack System. Disposable products include reagent packs which are diagnostic tests for Total PSA, testosterone, thyroid disorders, pregnancy, and Vitamin D. The Company provides the disposable products and equipment in exchange for consideration, which occurs when a customer submits a purchase order and the Company provides disposable products and equipment at the agreed upon prices in the invoice. Generally, customers purchase disposable products using separate purchase orders after the equipment has been provided to the customer. The delivery of the equipment represents a separate performance obligation and is completed upon receipt of the equipment by the customer. The delivery of each individual reagent pack represents a separate performance obligation because the reagent packs are standardized, are not interrelated in any way, and the customer can benefit from each reagent pack without any other product. The Company’s contracts for equipment and disposable products only include fixed consideration. There are no discounts, rebates, returns or other forms of variable consideration. Customers are generally required to pay within 30 days. The delivery of the equipment and the delivery of disposable products are performance obligations satisfied at a point in time. The performance obligation arising from the delivery of the equipment is satisfied upon the delivery of the equipment to the customer. The disposable products are shipped Free on Board (“FOB”) shipping point. For disposable products that are shipped FOB shipping point, the customer has the significant risks and rewards of ownership and legal title to the assets when the disposable products leave the Company’s shipping facilities, thus the customer obtains control and revenue is recognized at that point in time. The Company has elected the practical expedient and accounting policy election to account for the shipping and handling as activities to fulfill the promise to transfer the disposable products and not as a separate performance obligation. The Company’s contracts with customers generally have an expected duration of one year or less, and therefore the Company has elected the practical expedient in ASC 606 to not disclose information about its remaining performance obligations. Any incremental costs to obtain contracts are recorded as selling, general and administrative expense as incurred due to the short duration of the Company’s contracts. Contract balances The timing of the Company’s revenue recognition may differ from the timing of payment by the Company’s customers. The Company records a receivable when revenue is recognized prior to payment and there is an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, the Company records deferred revenue until the performance obligations are satisfied. Prior to the adoption of ASC 606, the Company accounted for its revenue arrangements under ASC 605, Revenue Recognition Revenues from product sales which included both the Company’s proprietary diagnostic equipment (“analyzer”) and various immunoassay products (“reagents”) were generally recognized upon shipment, as no significant continuing performance obligations remained post shipment. Cash payments received in advance were classified as deferred revenue and recorded as a liability. The Company was generally not contractually obligated to accept returns, except for defective products. Revenue was recorded net of an allowance for estimated returns. Multiple element arrangements included contracts that combined both the Company’s analyzer and a customer’s future reagent purchases under a single contract. In some sales contracts, the Company provided analyzers at no charge to customers. Title to the analyzer was maintained by the Company and the analyzer was returned by the customer to the Company at the end of the purchase agreement. During the three and six months ended September 30, 2020 and 2019, product sales are stated net of an allowance for estimated returns of approximately $1,000 and $19,000, respectively. Deferred Revenue Prior to the adoption of ASC 606, payments received in advance from customers pursuant to certain collaborative research license agreements, deposits against future product sales, multiple element arrangements and extended warranties are recorded as a current or non-current deferred revenue liability based on the time from the balance sheet date to the future date of revenue recognition. Research and Licenses Prior to the adoption of ASC 606, the Company recognized research revenue over the term of various agreements, as negotiated contracted amounts are earned or reimbursable costs are incurred related to those agreements. Negotiated contracted amounts are earned in relative proportion to the performance required under the applicable contracts. Nonrefundable license fees are recognized over the related performance period or at the time that the Company has satisfied all performance obligations. Any amounts received prior to satisfying these revenue recognition criteria are recorded as deferred revenue. During the three months ended September 30, 2020 and 2019, the Company recognized collaborative research revenue of $0 and $40,000, respectively. During the six months ended September 30, 2020 and 2019, the Company recognized collaborative research revenue of $0 and $40,000, respectively. Operating Leases Effective April 1, 2020, the Company adopted ASU No. 2018-11, Leases (Topic 842) Targeted Improvements The Company’s leases typically contain rent escalations over the lease term. The Company recognizes expense for these leases on a straight-line basis over the lease term. Additionally, tenant incentives used to fund leasehold improvements are recognized when earned and reduce the Company’s right-of-use (“ROU”) asset related to the lease. These are amortized through the ROU asset as reductions of expense over the lease term. The Company’s office/manufacturing/warehouse/laboratory lease agreement does not contain any material residual value guarantees or material restrictive covenants. The Company has no lease agreements with lease and non-lease components. Related to the adoption of Topic 842, the Company’s policy elections were as follows: ● The Company has availed itself of this practical expedient for under U.S. GAAP, along with the other practical expedients such as grandfathering lease classifications, and treatment of indirect costs; ● The Company has elected to exclude short-term leases having initial terms of 12 months or less, if any; ● The Company has elected not to separate non-lease components from its leases to account for them separately; ● The Company has elected not to avail itself of the practical expedient of using hindsight to determine the lease term; and ● The Company has elected the alternative transition option, by recognizing a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption (as of April 1, 2020, however, the adoption of the Topic 842 did not have an effect on retained earnings). Property and Equipment, Net Property and equipment are stated at cost and are presented net of accumulated depreciation. Depreciation is provided for on a straight-line basis over the estimated useful lives of the related assets as follows: Machinery and equipment 5 years Computer equipment 3 years Molds and tooling 5 years Office furniture and equipment 5 years Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or their estimated useful lives. The Company occasionally designs and builds its own machinery. The costs of these projects, which includes the cost of construction and other direct costs attributable to the construction, are capitalized as construction in progress. No provision for depreciation is made on construction in progress until the relevant assets are completed and placed in service. The Company’s policy is to evaluate the remaining lives and recoverability of long-term assets on at least an annual basis or when conditions are present that indicate impairment. Intangible Assets, Net Intangibles consist of patent-related costs and costs for license agreements. Management reviews the carrying value of intangible assets that are being amortized on an annual basis or sooner when there is evidence that events or changes in circumstances may indicate that impairment exists. The Company considers relevant cash flow and profitability information, including estimated future operating results, trends and other available information, in assessing whether the carrying value of intangible assets being amortized can be recovered. If the Company determines that the carrying value of intangible assets will not be recovered from the undiscounted future cash flows expected to result from the use and eventual disposition of the underlying assets, the Company considers the carrying value of such intangible assets as impaired and reduces them by a charge to operations in the amount of the impairment. Costs related to acquiring patents and licenses are capitalized and amortized over their estimated useful lives, which is generally 5 to 17 years, using the straight-line method. Amortization of patents and licenses commences once final approval of the patent has been obtained. Patent and licenses costs are charged to operations if it is determined that the patent will not be obtained. The carrying value of the patents of approximately $769,000 and $715,000 at September 30, 2020 and March 31, 2020, respectively, are stated net of accumulated amortization of approximately $300,000 and $293,000, respectively. Amortization of patents charged to operations for the three months ended September 30, 2020 and 2019 were approximately $3,000 for each period, and approximately $7,000 and $6,000 for the six months ended September 30, 2020 and 2019, respectively. Total future estimated amortization of patent costs for the five succeeding years is approximately $7,000 for the remaining six months in the year ending March 31, 2021, approximately $14,000 for each of the years ending March 31, 2022 through 2023, approximately $13,000 for year 2024, approximately $9,000 for year 2025 and approximately $412,000 thereafter. The carrying value of the licenses of approximately $939,000 and $544,000 at September 30, 2020 and March 31, 2020 are stated net of accumulated amortization of approximately $398,000 and $395,000, respectively. Amortization of licenses charged to operations for each of the three month periods ended September 30, 2020 and 2019 was approximately $2,000, and approximately $3,000 for each of the six month periods ended September 30, 2020 and 2019. Total future estimated amortization of license costs is approximately $4,000 for the remaining six months in the year ending March 31, 2021, approximately $7,000 for each of the years ending March 31, 2022 through 2023 and approximately $3,000 for year 2024, $0 for year 2025 and approximately $520,000 thereafter. Derivative Financial Instruments and Warrant Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the Condensed Consolidated Statements of Operations. Depending on the features of the derivative financial instrument, the Company uses either the Black-Scholes option-pricing model or a Monte Carlo simulation to value the derivative instruments at inception and subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period (See Note 8). Fair value measurements ● Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date; ● Level 2 - Inputs other than quoted prices that are observable for the assets or liability either directly or indirectly, including inputs in markets that are not considered to be active; and ● Level 3 - Inputs that are unobservable. Fair Value of Financial Instruments Cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, and debt are carried at cost, which management believes approximates fair value due to the short-term nature of these instruments. Stock-Based Compensation Stock-based compensation cost for equity awards granted to employees and non-employees is measured at the grant date based on the calculated fair value of the award using the Black-Scholes option-pricing model, and is recognized as an expense, under the straight-line method, over the requisite service period (generally the vesting period of the equity grant). If we determine that other methods are more reasonable, or other methods for calculating these assumptions are prescribed by regulators, the fair value calculated for our stock options could change significantly. Higher volatility and longer expected lives would result in an increase to stock-based compensation expense to employees and non-employees determined at the date of grant. Income Taxes Deferred income taxes are recognized for temporary differences in the basis of assets and liabilities for financial statement and income tax reporting that arise due to net operating loss carry forwards, research and development credit carry forwards and from using different methods and periods to calculate depreciation and amortization, allowance for doubtful accounts, accrued vacation, research and development expenses, and state taxes. A provision has been made for income taxes due on taxable income and for the deferred taxes on the temporary differences. The components of the deferred tax asset and liability are individually classified as current and noncurrent based on their characteristics. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Realization of the deferred income tax asset is dependent on generating sufficient taxable income in future years. Sales and Excise Taxes Sales and other taxes collected from customers and subsequently remitted to government authorities are recorded as accounts receivable with corresponding tax payable. These balances are removed from the balance sheet as cash is collected from customers and remitted to the tax authority. Warranty Costs The Company’s warranty policy generally provides for one year of coverage against defects and nonperformance within published specifications for sold analyzers and for the term of the contract for equipment held for lease. The Company accrues for estimated warranty costs in the period in which the revenue is recognized based on historical data and the Company’s best estimates of analyzer failure rates and costs to repair. Accrued warranty liabilities were approximately $29,000 and $35,000, respectively, at September 30, 2020 and March 31, 2020 and are included in accrued expenses and other current liabilities on the balance sheets. Warranty costs were approximately $28,000 and $27,000 for the three months ended September 30, 2020 and 2019, respectively, and approximately $59,000 and $55,000 for the six months ended September 30, 2020 and 2019, respectively, and are included in cost of product sales in the statements of operations. Recent Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, “ Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“Topic 606”) Other accounting standard updates are either not applicable to the Company or are not expected to have a material impact on the Company’s condensed consolidated financial statements.

Liquidity

Liquidity	6 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidity	NOTE 2 — LIQUIDITY The Company has incurred recurring losses from operations and has a net working capital deficit and an accumulated deficit at September 30, 2020, and the Company continued to incur losses subsequent to the balance sheet date of September 30, 2020. The Company’s reverse recapitalization transaction with Ritter Pharmaceuticals, Inc. (“Ritter”) closed in May 2020 together with an associated new equity capital raise of approximately $4.0 million, and approximately $1.9 million in convertible notes payable were converted into shares of the Company’s capital stock. In July and August 2020, the Company raised an additional $18.0 million through two Securities Purchase Agreements with a single institutional investor (see Note 12). Based on our current cash position, and assuming currently planned expenditures and level of operations, we believe we have sufficient capital to fund operations for the twelve-month period subsequent to the issuance of the interim financial information. However, there is no assurance that profitable operations will ever be achieved, or if achieved, could be sustained on a continuing basis. Also, beyond such 12-month period, planned research and development activities, capital expenditures, clinical and pre-clinical testing, and commercialization activities of the Company’s products are expected to require significant additional financing. Additional financing may not be available on acceptable terms or at all.

Inventory, Net

Inventory, Net	6 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Inventory, Net	NOTE 3 — INVENTORY, NET Inventory, net consisted of the following at September 30, 2020 and March 31, 2020: September 30, 2020 March 31, 2020 Raw materials $ 537,502 $ 457,425 Work in process 156,679 117,729 Finished goods 111,202 84,984 $ 805,383 $ 660,138

Prepaid Expenses And Other Curr

Prepaid Expenses And Other Current Assets	6 Months Ended
	Sep. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses And Other Current Assets	NOTE 4 — PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consisted of the following at September 30, 2020 and March 31, 2020: September 30, 2020 March 31, 2020 Prepaid insurance $ 1,643,060 $ 26,981 Other prepaid expenses and current assets 282,386 71,404 $ 1,925,446 $ 98,385

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	NOTE 5 — PROPERTY AND EQUIPMENT, NET Property and equipment, net consisted of the following at September 30, 2020 and March 31, 2020: September 30, 2020 March 31, 2020 Machinery and equipment $ 2,364,471 $ 2,355,165 Construction in progress–equipment 1,480,400 1,376,000 Computer equipment 431,091 420,552 Leasehold improvements 317,157 307,539 Molds and tooling 260,002 260,002 Office furniture and equipment 137,374 136,275 4,990,495 4,855,533 Less Accumulated depreciation (3,425,220 ) (3,408,019 ) $ 1,565,275 $ 1,447,514 Depreciation expense relating to property and equipment was approximately $10,000 and $17,000 for the three months ended September 30, 2020 and 2019, respectively, and approximately $18,000 and $34,000 for the six months ended September 30, 2020 and 2019, respectively.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Sep. 30, 2020
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	NOTE 6 — ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consisted of the following at September 30, 2020 and March 31, 2020: September 30, 2020 March 31, 2020 Board compensation $ 53,809 $ — Vacation 221,866 160,024 Royalties 11,361 26,099 Research and development 152,815 288,184 Professional fees 101,647 277,900 Office rent 10,544 — Deferred rent — 77,597 Warranty costs 28,978 30,119 Payroll 55,031 35,052 Patent and license fees — 51,007 Sales and use taxes 12,800 16,755 Income taxes 6,230 8,100 Interest 1,820 247,569 Other 69,641 25,358 $ 726,542 $ 1,243,764

Notes Payable

Notes Payable	6 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Notes Payable	NOTE 7 — NOTES PAYABLE Notes payable consisted of the following at September 30, 2020 and March 31, 2020: September 30, 2020 March 31, 2020 Insurance Financing Agreement with a finance company, monthly payments of $119,943 including interest of 4.54% per annum; secured by an insurance policy; due January 2021 $ 475,269 $ — An unsecured promissory note with a bank, pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act 449,050 — Equipment Financing Agreement with a bank, monthly payments of $720 including imputed interest at 6.95% per annum; secured by laboratory equipment; due October 2022 16,706 20,370 Equipment Financing Agreement with a bank, monthly payments of $596 including imputed interest at 6.590% per annum; secured by manufacturing equipment; due July 2021 6,123 9,441 A Factoring and Security Agreement for up to $2,000,000 with a bank, interest at Prime plus 2% of the amount of advances outstanding and a factoring fee of 0.01% per day of the face amount of each invoice for each calendar day that a factored invoice is outstanding — 489,051 An unsecured convertible note with an investor including interest at 10% per annum; due September 2019, which was extended by the noteholder until May 2020 — 1,000,000 A series of unsecured convertible bridge notes with investors, including interest of 8% per annum; due between June 2020 and February 2021 — 410,000 A series of unsecured convertible bridge notes with investors, including interest of 8% per annum; due between January and February 2022 — 290,198 947,148 2,219,060 Less current portion, net of debt issuance costs (787,478 ) (1,913,255 ) Notes Payable, net of current portion $ 159,670 $ 305,805 Future maturities of notes payable are as follows as of September 30, 2020: Year Ending March 31, Amount 2021 (six months) $ 668,505 2022 235,955 2023 42,688 Total balance $ 947,148

Warrant Liabilities

Warrant Liabilities	6 Months Ended
	Sep. 30, 2020
Warrant Liabilities
Warrant Liabilities	NOTE 8 – WARRANT LIABILITIES In 2004, the Company issued warrants to various investors and brokers for the purchase of Series C preferred stock in connection with a private placement (the “Series C Warrants”). The Series C Warrants were subsequently extended and, upon closing of the reverse recapitalization transaction with Ritter, exchanged for warrants to purchase common stock of the Company, pursuant to the Series C Warrant terms as adjusted. The Series C Warrants were classified as liabilities, but had minimal fair value prior to the merger with Ritter. In exchange for the Series C Warrants, upon closing of the merger with Ritter, the holders received warrants to purchase an aggregate of 4,713,490 shares of the Company’s common stock at $0.72 per share, subject to adjustment. As of September 30, 2020, the warrants have received in exchange for the Series C Warrants remaining terms ranging from 2.9 to 5.0 years. The warrants were determined to be liability-classified pursuant to the guidance in ASC 480 and ASC 815-40, resulting from inclusion of a leveraged ratchet provision for subsequent dilutive issuances. The following table summarizes the activity in the warrants received in exchange for the Series C Warrants for the six months ended September 30, 2020: Common Stock Warrants (received in exchange for the Shares Weighted– Average Exercise Price Range of Exercise Price Weighted– Average Remaining Life (Years) Total outstanding – March 31, 2020 — $ — Series C preferred stock warrants exchanged for common stock warrants upon reverse recapitalization 4,713,490 0.72 Forfeited — — Expired — — Granted — — Total outstanding – September 30, 2020 4,713,490 $ 0.72 Exercisable 4,713,490 $ 0.72 $ 0.72 3.25 Non-Exercisable — $ — $ — — The following table summarizes the Series C Warrants activity for the six months ended September 30, 2019: Series C Preferred Stock Warrants Shares Weighted– Average Exercise Price Range of Exercise Price Weighted– Average Remaining Life (Years) Total outstanding – March 31, 2019 1,441,180 $ 2.35 Forfeited — — Expired — — Granted — — Total outstanding – September 30, 2019 1,441,180 $ 2.35 Exercisable 1,441,180 $ 2.35 $ 2.25 – $2.70 5.35 Non-Exercisable — $ — $ — — The following table presents the Company’s fair value hierarchy for its warrant liabilities (all of which arise under the warrants received in exchange for the Series C Warrants) measured at fair value on a recurring basis as of September 30, 2020: Quoted Market Significant Prices for Other Significant Identical Observable Unobservable Assets Inputs Inputs Warrant liabilities (Level 1) (Level 2) (Level 3) Total Balance as of September 30, 2020 $ - $ - $ 20,596,700 $ 20,596,700 The following table is a reconciliation for those items measured at fair value on a recurring basis using Level 3 inputs during the six months ended September 30, 2020: Warrant liabilities As of September 30, 2020 Balance, March 31, 2020 $ — Fair value at issuance date — Change in fair value included in the statement of comprehensive loss 20,596,700 Balance, September 30, 2020 $ 20,596,700 The value of the warrant liabilities is based on a valuation received from an independent valuation firm was determined using a Monte-Carlo simulation. The value of the warrant liabilities (all of which arise under the warrants received in exchange for the Series C Warrants), as of the dates set forth in the table above, was based on upon the following assumptions: September 30, 2020 Stock price $ 4.95 Exercise price per share $ 0.72 Risk-free interest rate 0.16% — 0.28 % Expected volatility (peer group) 82.00% — 85.00 % Expected life (in years) 2.85 — 5.02 Expected dividend yield 0.00 % Number outstanding 4,713,490

Lease Obligations

Lease Obligations	6 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Lease Obligations	NOTE 9 — LEASE OBLIGATIONS The tables below show the initial measurement of the operating lease right-of-use assets and liabilities as of April 1, 2020 and the balances as of September 30, 2020, including the changes during the periods: Operating lease right-of-use assets Operating lease right-of-use-assets obtained in exchange for lease obligation at April 1, 2020: $ 585,513 Less amortization of operating lease right-of-use assets (101,870 ) Operating lease right-of-use assets at September 30, 2020 $ 483,643 Operating lease liabilities Lease liabilities arising from obtaining right-of-use assets at April 1, 2020: $ 663,110 Less principal payments on operating lease liabilities (112,166 ) Lease liabilities at September 30, 2020 550,944 Less non-current portion 303,894 Current portion at September 30, 2020 $ 247,050 As of September 30, 2020, the Company’s operating leases have a weighted-average remaining lease term of 2.1 years and a weighted-average discount rate of 8.9%. Total lease expense was approximately $86,000 and $84,000, respectively, for the three month periods ended September 30, 2020 and 2019, and approximately $173,000 for each of the six month periods ended September 30, 2020 and 2019. Lease expense was recorded in cost of product sales, general and administrative expenses, research and development and sales and marketing expenses.

Commitments

Commitments	6 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments	NOTE 10 — COMMITMENTS The Company leases its facilities under a long-term operating lease agreement expiring in October 2022. The agreement generally requires the payment of utilities, real estate taxes, insurance, and repairs. Rent expense was approximately $65,000 for the three month periods ended September 30, 2020 and 2019 and approximately $129,000 for each of the six month periods ended September 30, 2020 and 2019. As of September 30, 2020, future minimum payments during the next five fiscal years and thereafter are as follows: Year Ending March 31, Amount 2021 (six months) $ 142,398 2022 290,492 2023 173,315 Total 606,205 Less present value discount (55,261 ) Operating lease liabilities $ 550,944

Research and License Agreements

Research and License Agreements	6 Months Ended
	Sep. 30, 2020
Research And License Agreements
Research and License Agreements	NOTE 11 — RESEARCH AND LICENSE AGREEMENTS Between June 2018 and September 2020, the Company entered into license and sponsored research agreements with the University of Louisville Research Foundation (“ULRF”) for ALAN (AS1411-GNP), a novel molecular-based compound that has shown promise as an anticancer drug. Under the agreements, the Company will take over development, regulatory approval and commercialization of the compound from ULRF and is responsible for maintenance of the related intellectual property portfolio. In return, ULRF received a $50,000 convertible promissory note in payment of an upfront license fee, which was subsequently converted into the Company’s common stock, and the Company will reimburse ULRF for sponsored research expenses of up to $805,000 and prior patent costs of up to $200,000. In addition, the Company has agreed to pay ULRF (i) royalties, on patent-covered net sales associated with the commercialization of anti-nucleolin agent-conjugated nanoparticles, of 4% (on net sales up to a cumulative $250,000,000) or 5% (on net sales above a cumulative $250,000,000), until expiration of the last to expire of the licensed patents, (ii) 30% to 50% of any non-royalty sublicensee income received (50% for sublicenses granted in the first two years of the ULRF license agreement, 40% for sublicenses granted in the third or fourth years of the ULRF license agreement, and 30% for sublicenses granted in the fifth year of the ULRF license agreement or thereafter), (iii) reimbursements for ongoing costs associated with the preparation, filing, prosecution and maintenance of licensed patents, incurred prior to June 2018, and (iv) payments ranging from $100,000 to $5,000,000 upon the achievement of certain regulatory and commercial milestones. Milestone payments for the first therapeutic indication would be $100,000 for first dosing in a Phase 1 clinical trial, $200,000 for first dosing in a Phase 2 clinical trial, $350,000 for first dosing in a Phase 3 clinical trial, $500,000 for regulatory marketing approval and $5,000,000 upon achieving a cumulative $500,000,000 of Licensed Product sales; the Company would also pay another $500,000 milestone payment for any additional regulatory marketing approval for each additional therapeutic (or diagnostic) indication. The Company also must pay ULRF shortfall payments if the total amounts actually paid with respect to royalties and non-royalty sublicensee income for any year is less than the applicable annual minimum (ranging from $10,000 to $50,000) for such year. Sponsored research expenses related to these agreements for the three months ended September 30, 2020 and 2019 were approximately $0 and $93,000, and approximately $2,000 and $126,000 for the six months ended September 30, 2020 and 2019, respectively, and are recorded in research and development expenses in the statements of operations. Patent costs related to these agreements for the three months ended September 30, 2020 and 2019 were approximately $17,000 and $6,000 respectively, and approximately $164,000 and $66,000 for the six months ended September 30, 2020 and 2019, respectively. These amounts are included in intangible assets on the balance sheets. In December 2018, the Company entered into a license agreement with Advanced Cancer Therapeutics, LLC (“ACT”), granting the Company exclusive rights to develop and commercialize a novel aptamer-based anticancer technology. In return, ACT received a $25,000 convertible promissory note in payment of an upfront license fee, which was subsequently converted into the Company’s common stock. In addition, the Company agreed to pay ACT (i) royalties, on net sales associated with the commercialization of ACT-GRO-777/AS1411, of 2% (only if patent-covered and only on net sales above a cumulative $3,000,000) or 1% (if not patent-covered, but only on net sales above a cumulative $3,000,000), until the 15th anniversary of the ACT license agreement and (ii) milestone payments of $100,000 for the Company raising a cumulative total of $2,000,000 in new equity financing after the date of the ACT license agreement, $100,000 upon any first AS1411-based licensed product receiving the CE Mark or similar FDA status, and $500,000 upon cumulative worldwide AS1411-based licensed product net sales reaching $3,000,000. In May 2020, the $100,000 milestone payment for the Company raising a cumulative total of $2,000,000 in new equity financing was triggered. This amount is included in intangible assets as of September 30, 2020. Between April and August 2020, the Company purchased drug compounds from ACT for $10,000, and an Investigational New Drug (IND) application from ACT for an additional $100,000. Upon successful recertification of the drug compounds, ACT will receive an additional $50,000. Of these amounts, for the three and six months ended September 30, 2020, $100,000 and $110,000 respectively, are included in research and development expenses in the statements of operations. In March 2019, the Company entered into a sponsored research agreement and an option for a license agreement with ULRF for development of several small-molecule RAS Inhibitor drug candidates. Under the terms of this agreement, the Company will reimburse ULRF for sponsored research expenses of up to $693,000 for this program. In July 2020, the Company entered into an exclusive license agreement with ULRF for RAS Interaction Inhibitor Drug Candidates. Under the agreement, the Company will take over development, regulatory approval and commercialization of the candidates from ULRF and is responsible for maintenance of the related intellectual property portfolio. In return, ULRF received approximately $112,000 for an upfront license fee and reimbursement of prior patent costs. In addition, the Company has agreed to pay ULRF (i) royalties, on patent-covered net sales associated with the commercialization, of 4% (on net sales up to a cumulative $250,000,000) or 5% (on net sales above a cumulative $250,000,000), until expiration of the licensed patent, and 2.5% (on net sales for any sales not covered by Licensed Patents), (ii) 30% to 50% of any non-royalty sublicensee income received (50% for sublicenses granted in the first two years of the ULRF license agreement, 40% for sublicenses granted in the third or fourth years of the ULRF license agreement, and 30% for sublicenses granted in the fifth year of the ULRF license agreement or thereafter), (iii) reimbursements for ongoing costs associated with the preparation, filing, prosecution and maintenance of licensed patents, incurred prior to July 2020, and (iv) payments ranging from $50,000 to $5,000,000 upon the achievement of certain regulatory and commercial milestones. Milestone payments for the first therapeutic indication would be $50,000 for first dosing in a Phase 1 clinical trial, $100,000 for first dosing in a Phase 2 clinical trial, $150,000 for first dosing in a Phase 3 clinical trial, $300,000 for regulatory marketing approval and $5,000,000 upon achieving a cumulative $500,000,000 of Licensed Product sales. The Company also must pay ULRF shortfall payments if the total amounts actually paid with respect to royalties and non-royalty sublicensee income for any year is less than the applicable annual minimum (ranging from $20,000 to $100,000) for such year. Sponsored research expenses related to these agreements for the three months ended September 30, 2020 and 2019 were approximately $50,000 and $39,000, and approximately $189,000 and $59,000 for the six months ended September 30, 2020 and 2019, respectively, and are recorded in research and development expenses in the statements of operations. Patent costs related to these agreements for the three and six months ended September 30, 2020 and 2019 were approximately $112,000 and $14,000, respectively. These amounts are included in intangible assets on the balance sheets. In June 2020, the Company entered into an exclusive license agreement with ULRF for its intellectual property in the use of AS1411 as a treatment for COVID-19. Under the agreement, the Company will take over development, regulatory approval and commercialization of the compound (for such use) from ULRF and is responsible for maintenance of the related intellectual property portfolio. In return, ULRF received approximately $24,000 for an upfront license fee and reimbursement of prior patent costs. For the three and six months ended September 30, 2020, the Company also incurred approximately $490,000 and $678,000 in costs respectively, related to this agreement which are included in research and development expenses in the statement of operations. In addition, the Company was required to enter into a separate sponsored research agreement with ULRF for at least $250,000. In November 2020, the Company executed a sponsored research agreement supporting up to approximately $430,000 in research (see Note 14). In addition, the Company has agreed to pay ULRF (i) royalties, on patent-covered net sales associated with the commercialization, of 4% (on net sales up to a cumulative $250,000,000) or 5% (on net sales above a cumulative $250,000,000), until expiration of the licensed patent, and 2.5% (on net sales for any sales not covered by Licensed Patents), (ii) 30% to 50% of any non-royalty sublicensee income received (50% for sublicenses granted in the first two years of the ULRF license agreement, 40% for sublicenses granted in the third or fourth years of the ULRF license agreement, and 30% for sublicenses granted in the fifth year of the ULRF license agreement or thereafter), (iii) reimbursements for ongoing costs associated with the preparation, filing, prosecution and maintenance of licensed patents, incurred prior to June 2020, and (iv) payments ranging from $50,000 to $5,000,000 upon the achievement of certain regulatory and commercial milestones. Milestone payments for the first therapeutic indication would be $50,000 for first dosing in a Phase 1 clinical trial, $100,000 for first dosing in a Phase 2 clinical trial, $150,000 for first dosing in a Phase 3 clinical trial, $300,000 for regulatory marketing approval and $5,000,000 upon achieving a cumulative $500,000,000 of Licensed Product sales. The Company also must pay ULRF shortfall payments if the total amounts actually paid with respect to royalties and non-royalty sublicensee income for any year is less than the applicable annual minimum (ranging from $5,000 to $50,000) for such year. In November 2015, the Company entered into a long-term development and supply agreement with Prediction Biosciences, SAS, an unrelated party, to develop and manufacture diagnostic tests for use in the stroke point-of-care market. The Company recognizes development revenue and product sales over the performance period of the contract. For the three and six months ended September 30, 2020, there was no collaborative research revenue, and for the three and six months ended September 30, 2019, there was $40,000 collaborative research revenue related to this agreement. During the year ended March 31, 2018, the Company extended a strategic partnership entered into in May 2016 with Sekisui Diagnostics, LLC (“Sekisui”) until May 2022. The Company appointed Sekisui as its commercial partner and exclusive worldwide distributor with the exception of certain customer accounts retained by Qualigen. The agreement contains a right of first refusal for a potential acquisition of the Company by Sekisui until May 2022. There were product sales of approximately $476,000 and $634,000 for the three months ended September 30, 2020 and 2019, and product sales of approximately $896,000 and $1,584,000 for the six months ended September 30, 2020 and 2019, respectively, related to this agreement.

Stockholders' Deficit

Stockholders' Deficit	6 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Stockholders' Deficit	NOTE 12 — STOCKHOLDERS’ DEFICIT As of September 30, 2020, the Company had two classes of capital stock: common stock and Series Alpha convertible preferred stock. As of March 31, 2020, the Company had two classes of capital stock with one being divided into five series: common stock and preferred stock (Series A convertible preferred stock, Series B convertible preferred stock, Series C convertible preferred stock, Series D convertible preferred stock and Series D-1 convertible preferred stock). Common Stock Holders of common stock generally vote as a class with the holders of the preferred stock and are entitled to one vote for each share held. Subject to the rights of the holders of the preferred stock to receive preferential dividends, the holders of common stock are entitled to receive dividends when and if declared by the Board of Directors. Following payment of the liquidation preference of the preferred stock, as of March 31, 2020 any remaining assets would be distributed ratably among the holders of the common stock and, on an as-if-converted basis, the holders of Series C convertible preferred stock, Series D convertible preferred stock and Series D-1 convertible preferred stock) upon liquidation, dissolution or winding up of the affairs of the Company. Following payment of the liquidation preference of the preferred stock, as of September 30, 2020 any remaining assets would be distributed ratably among the holders of the common stock and, on an as-if-converted basis, the holders of Series Alpha convertible preferred stock upon liquidation, dissolution or winding up of the affairs of the Company. The holders of common stock have no preemptive, subscription or conversion rights and there are no redemption or sinking fund provisions. At September 30, 2020, the Company has reserved 14,418,983 shares of authorized but unissued common stock for possible future issuance. At September 30, 2020, shares were reserved in connection with the following: Exercise of issued and future grants of stock options 3,723,356 Exercise of stock warrants 9,751,712 Conversion of Series Alpha preferred stock 943,915 Total 14,418,983 Series A, B, C, D, D-1, Alpha Convertible Preferred Stock At March 31, 2020, there were 2,412,887, 7,707,736, 3,300,715, 1,508,305, 643,511 shares of Series A, B, C, D, D-1 convertible preferred stock outstanding respectively. All shares of Series A, B, C, D, D-1 convertible preferred stock were converted into common stock at the time of the May 2020 reverse recapitalization transaction. In the six-month period ended September 30, 2020, the holder of 4,662 shares of Series Alpha preferred stock converted its shares of Series Alpha preferred stock into an aggregate of 6,304,485 shares of the Company’s common stock, and there were 698 shares of Series Alpha preferred stock outstanding at September 30, 2020. Alpha Securities Purchase Agreements On July 10, 2020, the Company closed a Securities Purchase Agreement (dated July 8, 2020) with a single institutional investor for the purchase and sale for $8.0 million for (i) 1,140,570 shares of Company common stock, (ii) 780,198 pre-funded warrants (i.e., warrants to purchase shares of Company common stock, for which the exercise price is almost entirely prepaid) and (iii) 1,920,768 two-year warrants to purchase shares of Company common stock for an exercise price of $5.25 per share. Both sets of warrants included a 9.99% beneficial-ownership blocker provision. The 780,198 pre-funded warrants were then exercised on July 21 and 22, 2020. On August 4, 2020, the Company closed a Securities Purchase Agreement (dated August 2, 2020) with a single institutional investor for the purchase and sale for $10.0 million for (i) 1,717,106 shares of Company common stock, and (ii) 1,287,829 two-year warrants to purchase shares of Company common stock for an exercise price of $6.00 per share. The warrants included a 9.99% beneficial-ownership blocker provision. Stock Options and Warrants The Company recognizes all compensatory share-based payments as compensation expense over the service period, which is generally the vesting period. In April 2020, the Company adopted the 2020 Stock Incentive Plan (the “2020 Plan”) which provides for the granting of incentive or nonstatutory common stock options to qualified employees, officers, directors, consultants and other service providers. At September 30, 2020 and 2019 there were 3,629,500 and 0 outstanding options respectively under the 2020 Plan and there were 427,657 and 0 options available respectively for future grant. The Company has in 2017 and earlier also granted equity classified warrants (originally exercisable to purchase Series C convertible preferred stock, and now instead exercisable to purchase common stock) to service providers, as compensation for services. These are to be differentiated from the Series C Warrants described in Note 8. In addition, the Company has granted warrants for purposes other than compensation for services. The following represents a summary of the options granted to employees and non-employee service providers that are outstanding at September 30, 2020, and changes during the six-month period then ended: Shares Weighted– Average Exercise Price Range of Exercise Price Weighted– Average Remaining Life (Years) Total outstanding – March 31, 2020 — $ — Legacy Ritter options 95,124 92.80 $ 5.75—$1,465.75 1.65 Granted 3,629,500 5.09 $ 4.70—$5.10 9.70 Expired (1,268 ) 34.54 $ 15.00 — 562.50 Forfeited — — Total outstanding – September 30, 2020 3,723,356 $ 7.33 $ 4.70—$1,465.75 9.49 Exercisable (vested) 108,856 $ 2.72 $ 4.70—$1,465.75 2.76 Non-Exercisable (non-vested) 3,614,500 $ 5.09 $ 4.70—$5.10 9.70 There was approximately $1.2 million and $0 of compensation costs related to outstanding options for the three months ended September 30, 2020 and 2019, and approximately $1.6 million and $0 for the six months ended September 30, 2020 and 2019, respectively. As of September 30, 2020, there was approximately $13.1 million of total unrecognized compensation cost related to unvested stock-based compensation arrangements. This cost is expected to be recognized over a weighted average period of 2.69 years. No stock options were exercised during the three months ended September 30, 2020. The exercise price for an option issued under the 2020 Plan is determined by the Board of Directors, but will be (i) in the case of an incentive stock option (A) granted to an employee who, at the time of grant of such option, is a 10% stockholder, no less than 110% of the fair market value per share on the date of grant; or (B) granted to any other employee, no less than 100% of the fair market value per share on the date of grant; and (ii) in the case of a non-statutory stock option, no less than 100% of the fair market value per share on the date of grant. The options awarded under the 2020 Plan will vest as determined by the Board of Directors but will not exceed a ten-year period. The weighted average grant date fair value per share of options granted during the six months ended September 30, 2020 was $5.09. Fair Value of Equity Awards The Company utilizes the Black-Scholes option pricing model to value awards under its Plans. Key valuation assumptions include: ● Expected dividend yield. ● Expected stock-price volatility. ● Risk-free interest rate. ● Expected term. The material factors incorporated in the Black-Scholes model in estimating the fair value of the options granted for the periods presented were as follows: For the six months ended September 30, 2020 Expected dividend yield 0.00 % Expected stock-price volatility 102 % Risk-free interest rate 0.33% — 0.59 % Expected average term of options 6.0 Stock price $ 4.70 — 5.13 The Company recorded share-based compensation expense and classified it in the condensed consolidated statements of operations as follows: For the six months ended September 30, 2020 2019 General and administrative $ 1,312,433 $ — Research and development 258,643 — Total $ 1,571,076 $ — Compensatory Warrants In the six months ended September 30, 2020, in connection with the $4.0 million equity capital raise as part of the May 2020 reverse recapitalization transaction, the Company issued common stock warrants to an advisor and its designees for the purchase of 811,431 shares of the Company’s common stock at an exercise price of $1.11 per share. The issuance cost of these warrants was charged to additional paid-in capital, and did not result in expense on the Company’s statements of operations. In addition, various service providers hold equity classified compensatory warrants issued in 2017 and earlier (originally exercisable to purchase Series C convertible preferred stock, and now instead exercisable to purchase common stock) for the purchase of 668,024 shares of Company common stock at a weighted average exercise price of $2.34 per share. These are to be differentiated from the Series C Warrants described in Note 8. No compensatory warrants were issued in the six months ended September 30, 2019. The following table summarizes the equity classified compensatory warrant activity for the six months ended September 30, 2020: Common Stock Shares Weighted– Average Exercise Price Range of Exercise Price Weighted– Total outstanding – March 31, 2020 — $ — Series C preferred stock compensatory warrants exchanged for common stock warrants upon reverse recapitalization 668,024 2.34 Granted to advisor and its designees 811,431 1.11 Expired — — Forfeited — — Total outstanding – September 30, 2020 1,479,455 $ 1.67 Exercisable 664,428 $ 2.34 $ 2.07 —$2.54 3.78 Non-Exercisable 815,027 $ 1.11 $ 1.11 —$2.54 4.65 The following table summarizes the compensatory warrant activity for the six months ended September 30, 2019: Series C Preferred Stock Warrants Shares Weighted– Average Exercise Price Range of Exercise Price Weighted– Average Remaining Life (Years) Total outstanding – March 31, 2019 756,262 $ 1.99 Forfeited (2,000 ) 2.25 Expired — — Granted — — Total outstanding – September 30, 2019 754,262 $ 1.99 Exercisable 746,142 $ 1.99 $ 1.83 – $2.25 5.09 Non-Exercisable 8,120 $ 2.25 $ 2.25 6.98 There were no compensation costs related to outstanding warrants for the six months ended September 30, 2020 and 2019. As of September 30, 2020 and 2019, there was approximately $0 and $11,000 of unrecognized compensation cost related to nonvested warrants, respectively. Noncompensatory Equity Classified Warrants In the six months ended September 30, 2020, as a commitment fee, the Company issued noncompensatory equity classified warrants to an investor for the purchase of 270,478 shares of Company common stock at an exercise price of $1.11 per share. In addition, in July 2020 the Company issued noncompensatory equity classified warrants to an investor for the purchase of 2,700,966 shares of Company common stock at an exercise price of $5.25 per share, and in August 2020 the Company issued noncompensatory equity classified warrants to such investor for the purchase of 1,287,829 shares of Company common stock at an exercise price of $6.00 per share. No noncompensatory equity classified warrants were issued in the six months ended September 30, 2019. The following table summarizes the noncompensatory equity classified warrant activity for the six months ended September 30, 2020: Common Stock Shares Weighted– Average Exercise Price Range of Exercise Price Weighted– Total outstanding – March 31, 2020 — $ — Legacy Ritter warrants 81,455 54.04 Granted 3,478,985 5.21 Expired (1,673 ) 1,562.50 Forfeited — — Total outstanding – September 30, 2020 3,558,767 $ 5.59 Exercisable 3,558,767 $ 5.59 $ 1.11 – $2,325.00 2.03 Non-Exercisable — $ — — —

Related Party Transactions

Related Party Transactions	6 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 13 — RELATED PARTY TRANSACTIONS In October 2017, Sekisui purchased all outstanding shares of the Company’s Series D and Series D-1 preferred stock from Gen-Probe Incorporated. As such, Sekisui became a related party as of October 2017. These Series D and Series D-1 preferred stock shares were converted into 1,980,233 shares of the Company’s common stock in connection with the reverse recapitalization transaction in May 2020. The following are transactions made between the Company and Sekisui as of and for the three and six months ended September 30, 2020 and 2019. ● The Company sells products and provides collaborative research & development (“R&D”) services to Sekisui. As of September 30, 2020 and March 31, 2020, the Company had a receivable from Sekisui of approximately $189,000 and $290,000, respectively. The Company recorded product sales of approximately $476,000 and $634,000 for the three months ended September 30, 2020 and 2019, and approximately $896,000 and $1,584,000 for the six months ended September 30, 2020 and 2019, respectively. In May 2019, the Company and Sekisui terminated the R&D portion of their distribution and development agreement. There was no collaborative R&D revenue from Sekisui for the three and six months ended September 30, 2020 and 2019. The Company had cost of product sales relating to Sekisui of approximately $603,000 and $604,000 for the three months ended September 30, 2020 and 2019, and approximately $1.1 million and $1.3 million for the six months ended September 30, 2020 and 2019, respectively. R&D expenses relating to Sekisui were approximately $0 and $1,000 for the three months ended September 30, 2020 and 2019, and approximately $0 and $541,000 for the six months ended September 30, 2020 and 2019, respectively. ● As of September 30, 2020 and March 31, 2020, the Company had approximately $0.2 million and $0.9 million, respectively, classified as due to related party (Sekisui) on the accompanying balance sheets. The Company satisfied the $0.9 million obligation at March 31, 2020 (related to product development financing payments made by Sekisui) by payment in full on July 21, 2020. The $0.2 million obligation at September 30, 2020 represents amounts due related to the distribution portion of our strategic partnership with Sekisui. ● As of September 30, 2020 and March 31, 2020, the Company had approximately $95,000 and $271,000 of deferred revenue from Sekisui classified as deferred revenue on the accompanying balance sheets, respectively.

Subsequent Events

Subsequent Events	6 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	NOTE 14 — SUBSEQUENT EVENTS The Company entered into a Technology Transfer Agreement dated as of October 7, 2020 with Yi Xin Zhen Duan Jishu (Suzhou) Ltd. (“Yi Xin”), of Suzhou, China, for Yi Xin to develop, manufacture and sell new generations of diagnostic test systems based on the Company’s core FastPack® “laboratory in a pouch” technology. In addition, the Technology Transfer Agreement authorized Yi Xin to manufacture and sell the Company’s current generations of rapid point-of-care FastPack diagnostic products in China. Under the Technology Transfer Agreement, the Company is to receive certain cash payments in the third and fourth quarters of the Company’s 2021 fiscal year, plus royalties on all future new-generations and current-generations product sales by Yi Xin. The Company agreed to provide technology transfer and patent/know-how license rights to facilitate Yi Xin’s development and commercialization. The Company gave Yi Xin the exclusive rights for China – which is a market the Company has not otherwise entered – both for Yi Xin’s new generations of FastPack-based products and for Yi Xin-manufactured versions of the Company’s existing FastPack product lines (1.0, IP and PRO). Yi Xin will also have the right to sell its new generations of FastPack-based diagnostic test systems throughout the world (but not to or toward current customers of the Company’s existing generations of FastPack products); any such non-China sales will, until May 1, 2022, be through Sekisui. In addition, after May 1, 2022, Yi Xin will have the right to sell Yi Xin-manufactured versions of the Company’s existing FastPack 1.0, IP and PRO product lines worldwide (other than in the United States and other than to or toward current non-US customers of those products). Also, after May 1, 2022, Yi Xin will have the right to buy FastPack 1.0, IP and PRO products from the Company at distributor prices for resale in and for the United States (but not to or toward current US customers of those products); the Company did not license Yi Xin to sell in the United States market any Yi Xin-manufactured versions of those legacy FastPack PRO product lines, even after May 1, 2022. The Company confirmed that it would not, after May 1, 2022, seek new FastPack customers outside the United States. On October 14, 2020, the Company issued 30,645 shares of its common stock upon the exercise of 30,645 warrants exercisable at $0.72 per share. On October 29, 2020, 370 shares of Series Alpha preferred stock were converted into 500,356 shares of the Company’s common stock. On November 1, 2020, the Company entered into a contract with STA Pharmaceutical Co., Ltd. (WuXi STA), a subsidiary of WuXi AppTec, for GMP production of AS1411, the Company’s lead drug candidate for the treatment of COVID-19 and other viral diseases, for potential clinical trials in 2021. On November 11, 2020, the Company entered into a Sponsored Research Agreement with ULRF in connection with its license agreement for the use of AS1411 as a treatment for COVID-19 (see Note 11). On November 12, 2020, the Company issued 1,000 shares of its common stock upon the exercise of 1,000 warrants exercisable at $0.72 per share Risks Related to COVID-19 Pandemic The COVID-19 pandemic is affecting the United States and global economies and may affect the Company’s operations and those of third parties on which the Company relies. While the potential economic impact brought by, and the duration of, the COVID-19 pandemic are difficult to assess or predict, the impact of the COVID-19 pandemic on the global financial markets may reduce the Company’s ability to access capital, which could negatively impact the Company’s short-term and long-term liquidity. The ultimate impact of the COVID-19 pandemic is highly uncertain and subject to change. The Company does not yet know the full extent of potential delays or impacts on its business, financing or other activities or on healthcare systems or the global economy as a whole. However, these effects could have a material impact on the Company’s liquidity, capital resources, operations and business and those of the third parties on which the Company relies. For example, the Company believes the COVID-19 pandemic was a primary cause of the Company’s decline in diagnostic product sales in the first two quarters of fiscal 2021. Deferral of patients’ non-emergency visits to the facilities of the Company’s physician-office, clinic and small-hospital users sharply reduced their use of the Company’s tests and their need to place further orders. This phenomenon is expected to continue for the duration of the pandemic, although the degree of it will probably vary depending on progress toward suppressing the pandemic, lockdowns and similar responses, and personal and societal behavior changes arising from psychological factors.

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Organization	Organization Qualigen, Inc., the predecessor of and now a subsidiary of Qualigen Therapeutics, Inc., was incorporated in Minnesota in 1996 to design, develop, manufacture and sell point-of-care quantitative immunoassay diagnostic products for use in physician offices and other point-of-care settings worldwide. Qualigen, Inc. was reincorporated in Delaware in 1999. Qualigen Therapeutics, Inc. (the “Company”) operates in one business segment. In May 2020, Qualigen, Inc. completed a reverse recapitalization transaction with Ritter Pharmaceuticals, Inc. (“Ritter”) and Ritter was renamed Qualigen Therapeutics, Inc., recognized as a reverse recapitalization. All shares of Qualigen, Inc.’s capital stock were exchanged for Qualigen Therapeutics’ capital stocks in the merger. Ritter/Qualigen Therapeutics common stock, which was previously traded on the Nasdaq Capital Market under the ticker symbol “RTTR,” commenced trading on the Nasdaq Capital Market, on a post-reverse-stock-split adjusted basis, under the ticker symbol “QLGN” on May 26, 2020. Qualigen, Inc. was determined to be the accounting acquirer in a reverse recapitalization based upon the terms of the merger and other factors. All references to financial figures of “the Company” presented in the accompanying condensed consolidated financial statements and in these Notes as of March 31, 2020 and for the three and six months periods ended September 30, 2019 are those of Qualigen, Inc.
Basis of Presentation	Basis of Presentation The Company’s unaudited interim condensed consolidated financial statements included herein have been prepared in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X and the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. In management’s opinion, the accompanying statements reflect adjustments necessary to present fairly the financial position, results of operations, and cash flows for those periods indicated, and contain adequate disclosure to make the information presented not misleading. Adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the footnotes. The condensed consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended March 31, 2020 included on Form 8-K/A, as filed with the SEC on June 29, 2020. The accompanying condensed balance sheet at March 31, 2020 has been derived from the audited balance sheet at March 31, 2020 contained in the above referenced Form 8-K/A. Results of operations for interim periods are not necessarily indicative of the results of operations for a full year.
Accounting Estimates	Accounting Estimates Management uses estimates and assumptions in preparing its condensed consolidated financial statements in accordance with U.S. GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. The most significant estimates relate to the estimated fair value of warrant liabilities, amortization and depreciation, deferred revenue, inventory reserves, allowances for doubtful accounts and returns, and warranty costs. Actual results could vary from the estimates that were used.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an initial maturity of 90 days or less and money market funds to be cash equivalents. The Company maintains its cash and cash equivalents in bank deposits which at times may exceed federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risks on cash and cash equivalents.
Inventory, Net	Inventory, Net Inventory is recorded at the lower of cost or net realizable value. Cost is determined using the first-in, first-out method. The Company reviews the components of its inventory on a periodic basis for excess or obsolete inventory, and records specific reserves for identified items.
Long-Lived Assets	Long-Lived Assets The Company assesses potential impairments to its long-lived assets when there is evidence that events or changes in circumstances indicate that assets may not be recoverable. An impairment loss would be recognized when the sum of the expected future undiscounted cash flows is less than the carrying amount of the assets. The amount of impairment loss, if any, will generally be measured as the difference between the net book value of the assets and their estimated fair values. During the three and six months ended September 30, 2020 and 2019, no such impairment losses have been recorded.
Accounts Receivable, Net	Accounts Receivable, Net The Company grants credit to domestic physicians, clinics, and distributors. The Company performs ongoing credit evaluations of its customers and generally requires no collateral. Customers can purchase certain products through a financing agreement that the Company has with an outside leasing company. Under the agreement, the leasing company evaluates the credit worthiness of the customer. Upon acceptance of the product by the customer, the leasing company remits payment to the Company at a discount. This financing arrangement is without recourse to the Company. The Company provides an allowance for doubtful accounts and returns equal to the estimated uncollectible amounts or expected returns. The Company’s estimates are based on historical collections and returns and a review of the current status of trade accounts receivable. Accounts receivable is comprised of the following at: September 30, 2020 March 31, 2020 Accounts Receivable $ 202,299 $ 443,663 Less Allowance (22,429 ) (26,541 ) $ 179,870 $ 417,122
Research and Development	Research and Development The Company expenses research and development costs as incurred.
Shipping and Handling Costs	Shipping and Handling Costs The Company includes shipping and handling fees billed to customers in net sales. Shipping and handling costs associated with inbound and outbound freight are generally recorded in cost of sales which totaled approximately $29,000 and $28,000, respectively, for the three months ended September 30, 2020 and 2019, and approximately $55,000 and $59,000, respectively, for the six months ended September 30, 2020 and 2019. Other shipping and handling costs included in general and administrative, research and development, and sales and marketing expenses totaled approximately $2,000 and $1,000 for the three months ended September 30, 2020 and 2019, respectively, and approximately $7,000 and $2,000 for the six months ended September 30, 2020 and 2019, respectively.
Revenue from Contracts with Customers	Revenue from Contracts with Customers Effective April 1, 2020, the Company adopted Accounting Standard Codification (“ASC”) Topic 606 (“ASC 606”), Revenue from Contracts with Customers The core principle of the new revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle: Step 1: Identify the contract with the customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when the company satisfies a performance obligation The Company generates revenue from selling FastPack System analyzers, accessories and disposable products used with the FastPack System. Disposable products include reagent packs which are diagnostic tests for Total PSA, testosterone, thyroid disorders, pregnancy, and Vitamin D. The Company provides the disposable products and equipment in exchange for consideration, which occurs when a customer submits a purchase order and the Company provides disposable products and equipment at the agreed upon prices in the invoice. Generally, customers purchase disposable products using separate purchase orders after the equipment has been provided to the customer. The delivery of the equipment represents a separate performance obligation and is completed upon receipt of the equipment by the customer. The delivery of each individual reagent pack represents a separate performance obligation because the reagent packs are standardized, are not interrelated in any way, and the customer can benefit from each reagent pack without any other product. The Company’s contracts for equipment and disposable products only include fixed consideration. There are no discounts, rebates, returns or other forms of variable consideration. Customers are generally required to pay within 30 days. The delivery of the equipment and the delivery of disposable products are performance obligations satisfied at a point in time. The performance obligation arising from the delivery of the equipment is satisfied upon the delivery of the equipment to the customer. The disposable products are shipped Free on Board (“FOB”) shipping point. For disposable products that are shipped FOB shipping point, the customer has the significant risks and rewards of ownership and legal title to the assets when the disposable products leave the Company’s shipping facilities, thus the customer obtains control and revenue is recognized at that point in time. The Company has elected the practical expedient and accounting policy election to account for the shipping and handling as activities to fulfill the promise to transfer the disposable products and not as a separate performance obligation. The Company’s contracts with customers generally have an expected duration of one year or less, and therefore the Company has elected the practical expedient in ASC 606 to not disclose information about its remaining performance obligations. Any incremental costs to obtain contracts are recorded as selling, general and administrative expense as incurred due to the short duration of the Company’s contracts. Contract balances The timing of the Company’s revenue recognition may differ from the timing of payment by the Company’s customers. The Company records a receivable when revenue is recognized prior to payment and there is an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, the Company records deferred revenue until the performance obligations are satisfied. Prior to the adoption of ASC 606, the Company accounted for its revenue arrangements under ASC 605, Revenue Recognition Revenues from product sales which included both the Company’s proprietary diagnostic equipment (“analyzer”) and various immunoassay products (“reagents”) were generally recognized upon shipment, as no significant continuing performance obligations remained post shipment. Cash payments received in advance were classified as deferred revenue and recorded as a liability. The Company was generally not contractually obligated to accept returns, except for defective products. Revenue was recorded net of an allowance for estimated returns. Multiple element arrangements included contracts that combined both the Company’s analyzer and a customer’s future reagent purchases under a single contract. In some sales contracts, the Company provided analyzers at no charge to customers. Title to the analyzer was maintained by the Company and the analyzer was returned by the customer to the Company at the end of the purchase agreement. During the three and six months ended September 30, 2020 and 2019, product sales are stated net of an allowance for estimated returns of approximately $1,000 and $19,000, respectively.
Deferred Revenue	Deferred Revenue Prior to the adoption of ASC 606, payments received in advance from customers pursuant to certain collaborative research license agreements, deposits against future product sales, multiple element arrangements and extended warranties are recorded as a current or non-current deferred revenue liability based on the time from the balance sheet date to the future date of revenue recognition.
Research and Licenses	Research and Licenses Prior to the adoption of ASC 606, the Company recognized research revenue over the term of various agreements, as negotiated contracted amounts are earned or reimbursable costs are incurred related to those agreements. Negotiated contracted amounts are earned in relative proportion to the performance required under the applicable contracts. Nonrefundable license fees are recognized over the related performance period or at the time that the Company has satisfied all performance obligations. Any amounts received prior to satisfying these revenue recognition criteria are recorded as deferred revenue. During the three months ended September 30, 2020 and 2019, the Company recognized collaborative research revenue of $0 and $40,000, respectively. During the six months ended September 30, 2020 and 2019, the Company recognized collaborative research revenue of $0 and $40,000, respectively.
Operating Leases	Operating Leases Effective April 1, 2020, the Company adopted ASU No. 2018-11, Leases (Topic 842) Targeted Improvements The Company’s leases typically contain rent escalations over the lease term. The Company recognizes expense for these leases on a straight-line basis over the lease term. Additionally, tenant incentives used to fund leasehold improvements are recognized when earned and reduce the Company’s right-of-use (“ROU”) asset related to the lease. These are amortized through the ROU asset as reductions of expense over the lease term. The Company’s office/manufacturing/warehouse/laboratory lease agreement does not contain any material residual value guarantees or material restrictive covenants. The Company has no lease agreements with lease and non-lease components. Related to the adoption of Topic 842, the Company’s policy elections were as follows: ● The Company has availed itself of this practical expedient for under U.S. GAAP, along with the other practical expedients such as grandfathering lease classifications, and treatment of indirect costs; ● The Company has elected to exclude short-term leases having initial terms of 12 months or less, if any; ● The Company has elected not to separate non-lease components from its leases to account for them separately; ● The Company has elected not to avail itself of the practical expedient of using hindsight to determine the lease term; and ● The Company has elected the alternative transition option, by recognizing a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption (as of April 1, 2020, however, the adoption of the Topic 842 did not have an effect on retained earnings).
Property and Equipment, Net	Property and Equipment, Net Property and equipment are stated at cost and are presented net of accumulated depreciation. Depreciation is provided for on a straight-line basis over the estimated useful lives of the related assets as follows: Machinery and equipment 5 years Computer equipment 3 years Molds and tooling 5 years Office furniture and equipment 5 years Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or their estimated useful lives. The Company occasionally designs and builds its own machinery. The costs of these projects, which includes the cost of construction and other direct costs attributable to the construction, are capitalized as construction in progress. No provision for depreciation is made on construction in progress until the relevant assets are completed and placed in service. The Company’s policy is to evaluate the remaining lives and recoverability of long-term assets on at least an annual basis or when conditions are present that indicate impairment.
Intangible Assets, Net	Intangible Assets, Net Intangibles consist of patent-related costs and costs for license agreements. Management reviews the carrying value of intangible assets that are being amortized on an annual basis or sooner when there is evidence that events or changes in circumstances may indicate that impairment exists. The Company considers relevant cash flow and profitability information, including estimated future operating results, trends and other available information, in assessing whether the carrying value of intangible assets being amortized can be recovered. If the Company determines that the carrying value of intangible assets will not be recovered from the undiscounted future cash flows expected to result from the use and eventual disposition of the underlying assets, the Company considers the carrying value of such intangible assets as impaired and reduces them by a charge to operations in the amount of the impairment. Costs related to acquiring patents and licenses are capitalized and amortized over their estimated useful lives, which is generally 5 to 17 years, using the straight-line method. Amortization of patents and licenses commences once final approval of the patent has been obtained. Patent and licenses costs are charged to operations if it is determined that the patent will not be obtained. The carrying value of the patents of approximately $769,000 and $715,000 at September 30, 2020 and March 31, 2020, respectively, are stated net of accumulated amortization of approximately $300,000 and $293,000, respectively. Amortization of patents charged to operations for the three months ended September 30, 2020 and 2019 were approximately $3,000 for each period, and approximately $7,000 and $6,000 for the six months ended September 30, 2020 and 2019, respectively. Total future estimated amortization of patent costs for the five succeeding years is approximately $7,000 for the remaining six months in the year ending March 31, 2021, approximately $14,000 for each of the years ending March 31, 2022 through 2023, approximately $13,000 for year 2024, approximately $9,000 for year 2025 and approximately $412,000 thereafter. The carrying value of the licenses of approximately $939,000 and $544,000 at September 30, 2020 and March 31, 2020 are stated net of accumulated amortization of approximately $398,000 and $395,000, respectively. Amortization of licenses charged to operations for each of the three month periods ended September 30, 2020 and 2019 was approximately $2,000, and approximately $3,000 for each of the six month periods ended September 30, 2020 and 2019. Total future estimated amortization of license costs is approximately $4,000 for the remaining six months in the year ending March 31, 2021, approximately $7,000 for each of the years ending March 31, 2022 through 2023 and approximately $3,000 for year 2024, $0 for year 2025 and approximately $520,000 thereafter.
Derivative Financial Instruments and Warrant Liabilities	Derivative Financial Instruments and Warrant Liabilities The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the Condensed Consolidated Statements of Operations. Depending on the features of the derivative financial instrument, the Company uses either the Black-Scholes option-pricing model or a Monte Carlo simulation to value the derivative instruments at inception and subsequent valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period (See Note 8).
Fair Value Measurements	Fair value measurements ● Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date; ● Level 2 - Inputs other than quoted prices that are observable for the assets or liability either directly or indirectly, including inputs in markets that are not considered to be active; and ● Level 3 - Inputs that are unobservable.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, and debt are carried at cost, which management believes approximates fair value due to the short-term nature of these instruments.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation cost for equity awards granted to employees and non-employees is measured at the grant date based on the calculated fair value of the award using the Black-Scholes option-pricing model, and is recognized as an expense, under the straight-line method, over the requisite service period (generally the vesting period of the equity grant). If we determine that other methods are more reasonable, or other methods for calculating these assumptions are prescribed by regulators, the fair value calculated for our stock options could change significantly. Higher volatility and longer expected lives would result in an increase to stock-based compensation expense to employees and non-employees determined at the date of grant.
Income Taxes	Income Taxes Deferred income taxes are recognized for temporary differences in the basis of assets and liabilities for financial statement and income tax reporting that arise due to net operating loss carry forwards, research and development credit carry forwards and from using different methods and periods to calculate depreciation and amortization, allowance for doubtful accounts, accrued vacation, research and development expenses, and state taxes. A provision has been made for income taxes due on taxable income and for the deferred taxes on the temporary differences. The components of the deferred tax asset and liability are individually classified as current and noncurrent based on their characteristics. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Realization of the deferred income tax asset is dependent on generating sufficient taxable income in future years.
Sales and Excise Taxes	Sales and Excise Taxes Sales and other taxes collected from customers and subsequently remitted to government authorities are recorded as accounts receivable with corresponding tax payable. These balances are removed from the balance sheet as cash is collected from customers and remitted to the tax authority.
Warranty Costs	Warranty Costs The Company’s warranty policy generally provides for one year of coverage against defects and nonperformance within published specifications for sold analyzers and for the term of the contract for equipment held for lease. The Company accrues for estimated warranty costs in the period in which the revenue is recognized based on historical data and the Company’s best estimates of analyzer failure rates and costs to repair. Accrued warranty liabilities were approximately $29,000 and $35,000, respectively, at September 30, 2020 and March 31, 2020 and are included in accrued expenses and other current liabilities on the balance sheets. Warranty costs were approximately $28,000 and $27,000 for the three months ended September 30, 2020 and 2019, respectively, and approximately $59,000 and $55,000 for the six months ended September 30, 2020 and 2019, respectively, and are included in cost of product sales in the statements of operations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, “ Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“Topic 606”) Other accounting standard updates are either not applicable to the Company or are not expected to have a material impact on the Company’s condensed consolidated financial statements.

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accounts Receivable	Accounts receivable is comprised of the following at: September 30, 2020 March 31, 2020 Accounts Receivable $ 202,299 $ 443,663 Less Allowance (22,429 ) (26,541 ) $ 179,870 $ 417,122
Schedule of Useful Lives of Property and Equipment	Depreciation is provided for on a straight-line basis over the estimated useful lives of the related assets as follows: Machinery and equipment 5 years Computer equipment 3 years Molds and tooling 5 years Office furniture and equipment 5 years

Inventory, Net (Tables)

Inventory, Net (Tables)	6 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory, net consisted of the following at September 30, 2020 and March 31, 2020: September 30, 2020 March 31, 2020 Raw materials $ 537,502 $ 457,425 Work in process 156,679 117,729 Finished goods 111,202 84,984 $ 805,383 $ 660,138

Prepaid Expenses And Other Cu_2

Prepaid Expenses And Other Current Assets (Tables)	6 Months Ended
	Sep. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following at September 30, 2020 and March 31, 2020: September 30, 2020 March 31, 2020 Prepaid insurance $ 1,643,060 $ 26,981 Other prepaid expenses and current assets 282,386 71,404 $ 1,925,446 $ 98,385

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment, net consisted of the following at September 30, 2020 and March 31, 2020: September 30, 2020 March 31, 2020 Machinery and equipment $ 2,364,471 $ 2,355,165 Construction in progress–equipment 1,480,400 1,376,000 Computer equipment 431,091 420,552 Leasehold improvements 317,157 307,539 Molds and tooling 260,002 260,002 Office furniture and equipment 137,374 136,275 4,990,495 4,855,533 Less Accumulated depreciation (3,425,220 ) (3,408,019 ) $ 1,565,275 $ 1,447,514

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Sep. 30, 2020
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following at September 30, 2020 and March 31, 2020: September 30, 2020 March 31, 2020 Board compensation $ 53,809 $ — Vacation 221,866 160,024 Royalties 11,361 26,099 Research and development 152,815 288,184 Professional fees 101,647 277,900 Office rent 10,544 — Deferred rent — 77,597 Warranty costs 28,978 30,119 Payroll 55,031 35,052 Patent and license fees — 51,007 Sales and use taxes 12,800 16,755 Income taxes 6,230 8,100 Interest 1,820 247,569 Other 69,641 25,358 $ 726,542 $ 1,243,764

Notes Payable (Tables)

Notes Payable (Tables)	6 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Notes Payable	Notes payable consisted of the following at September 30, 2020 and March 31, 2020: September 30, 2020 March 31, 2020 Insurance Financing Agreement with a finance company, monthly payments of $119,943 including interest of 4.54% per annum; secured by an insurance policy; due January 2021 $ 475,269 $ — An unsecured promissory note with a bank, pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act 449,050 — Equipment Financing Agreement with a bank, monthly payments of $720 including imputed interest at 6.95% per annum; secured by laboratory equipment; due October 2022 16,706 20,370 Equipment Financing Agreement with a bank, monthly payments of $596 including imputed interest at 6.590% per annum; secured by manufacturing equipment; due July 2021 6,123 9,441 A Factoring and Security Agreement for up to $2,000,000 with a bank, interest at Prime plus 2% of the amount of advances outstanding and a factoring fee of 0.01% per day of the face amount of each invoice for each calendar day that a factored invoice is outstanding — 489,051 An unsecured convertible note with an investor including interest at 10% per annum; due September 2019, which was extended by the noteholder until May 2020 — 1,000,000 A series of unsecured convertible bridge notes with investors, including interest of 8% per annum; due between June 2020 and February 2021 — 410,000 A series of unsecured convertible bridge notes with investors, including interest of 8% per annum; due between January and February 2022 — 290,198 947,148 2,219,060 Less current portion, net of debt issuance costs (787,478 ) (1,913,255 ) Notes Payable, net of current portion $ 159,670 $ 305,805
Schedule of Future Maturities of Notes Payable	Future maturities of notes payable are as follows as of September 30, 2020: Year Ending March 31, Amount 2021 (six months) $ 668,505 2022 235,955 2023 42,688 Total balance $ 947,148

Warrant Liabilities (Tables)

Warrant Liabilities (Tables)	6 Months Ended
	Sep. 30, 2020
Warrant Liabilities
Schedule of Warrants Activity	The following table summarizes the activity in the warrants received in exchange for the Series C Warrants for the six months ended September 30, 2020: Common Stock Warrants (received in exchange for the Shares Weighted– Average Exercise Price Range of Exercise Price Weighted– Average Remaining Life (Years) Total outstanding – March 31, 2020 — $ — Series C preferred stock warrants exchanged for common stock warrants upon reverse recapitalization 4,713,490 0.72 Forfeited — — Expired — — Granted — — Total outstanding – September 30, 2020 4,713,490 $ 0.72 Exercisable 4,713,490 $ 0.72 $ 0.72 3.25 Non-Exercisable — $ — $ — — The following table summarizes the Series C Warrants activity for the six months ended September 30, 2019: Series C Preferred Stock Warrants Shares Weighted– Average Exercise Price Range of Exercise Price Weighted– Average Remaining Life (Years) Total outstanding – March 31, 2019 1,441,180 $ 2.35 Forfeited — — Expired — — Granted — — Total outstanding – September 30, 2019 1,441,180 $ 2.35 Exercisable 1,441,180 $ 2.35 $ 2.25 – $2.70 5.35 Non-Exercisable — $ — $ — —
Schedule of Fair Value Hierarchy for Warrant Liabilities	The following table presents the Company’s fair value hierarchy for its warrant liabilities (all of which arise under the warrants received in exchange for the Series C Warrants) measured at fair value on a recurring basis as of September 30, 2020: Quoted Market Significant Prices for Other Significant Identical Observable Unobservable Assets Inputs Inputs Warrant liabilities (Level 1) (Level 2) (Level 3) Total Balance as of September 30, 2020 $ - $ - $ 20,596,700 $ 20,596,700
Schedule of Fair Value of Warrant Liabilities	The following table is a reconciliation for those items measured at fair value on a recurring basis using Level 3 inputs during the six months ended September 30, 2020: Warrant liabilities As of September 30, 2020 Balance, March 31, 2020 $ — Fair value at issuance date — Change in fair value included in the statement of comprehensive loss 20,596,700 Balance, September 30, 2020 $ 20,596,700
Schedule of Assumptions of Warrant Liabilities	The value of the warrant liabilities (all of which arise under the warrants received in exchange for the Series C Warrants), as of the dates set forth in the table above, was based on upon the following assumptions: September 30, 2020 Stock price $ 4.95 Exercise price per share $ 0.72 Risk-free interest rate 0.16% — 0.28 % Expected volatility (peer group) 82.00% — 85.00 % Expected life (in years) 2.85 — 5.02 Expected dividend yield 0.00 % Number outstanding 4,713,490

Lease Obligations (Tables)

Lease Obligations (Tables)	6 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Schedule of Operating Lease Right of Use Assets and Liabilities	The tables below show the initial measurement of the operating lease right-of-use assets and liabilities as of April 1, 2020 and the balances as of September 30, 2020, including the changes during the periods: Operating lease right-of-use assets Operating lease right-of-use-assets obtained in exchange for lease obligation at April 1, 2020: $ 585,513 Less amortization of operating lease right-of-use assets (101,870 ) Operating lease right-of-use assets at September 30, 2020 $ 483,643 Operating lease liabilities Lease liabilities arising from obtaining right-of-use assets at April 1, 2020: $ 663,110 Less principal payments on operating lease liabilities (112,166 ) Lease liabilities at September 30, 2020 550,944 Less non-current portion 303,894 Current portion at September 30, 2020 $ 247,050

Commitments (Tables)

Commitments (Tables)	6 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Lease Payments Under Operating Lease Liabilities	As of September 30, 2020, future minimum payments during the next five fiscal years and thereafter are as follows: Year Ending March 31, Amount 2021 (six months) $ 142,398 2022 290,492 2023 173,315 Total 606,205 Less present value discount (55,261 ) Operating lease liabilities $ 550,944

Stockholders' Deficit (Tables)

Stockholders' Deficit (Tables)	6 Months Ended
	Sep. 30, 2020
Schedule of Reserved Shares	At September 30, 2020, shares were reserved in connection with the following: Exercise of issued and future grants of stock options 3,723,356 Exercise of stock warrants 9,751,712 Conversion of Series Alpha preferred stock 943,915 Total 14,418,983
Summary of Stock Option Activity	The following represents a summary of the options granted to employees and non-employee service providers that are outstanding at September 30, 2020, and changes during the period then ended: Shares Weighted– Average Exercise Price Range of Exercise Price Weighted– Average Remaining Life (Years) Total outstanding – March 31, 2020 — $ — Legacy Ritter options 95,124 92.80 $ 5.75—$1,465.75 1.65 Granted 3,629,500 5.09 $ 4.70—$5.10 9.70 Expired (1,268 ) 34.54 $ 15.00 — 562.50 Forfeited — — Total outstanding – September 30, 2020 3,723,356 $ 7.33 $ 4.70—$1,465.75 9.49 Exercisable (vested) 108,856 $ 2.72 $ 4.70—$1,465.75 2.76 Non-Exercisable (non-vested) 3,614,500 $ 5.09 $ 4.70—$5.10 9.70
Schedule of Assumptions Used in Black-Scholes Option-Pricing Method	The material factors incorporated in the Black-Scholes model in estimating the fair value of the options granted for the periods presented were as follows: For the six months ended September 30, 2020 Expected dividend yield 0.00 % Expected stock-price volatility 102 % Risk-free interest rate 0.33% — 0.59 % Expected average term of options 6.0 Stock price $ 4.70 — 5.13
Schedule of Share-based Compensation Expense	The Company recorded share-based compensation expense and classified it in the condensed consolidated statements of operations as follows: For the six months ended September 30, 2020 2019 General and administrative $ 1,312,433 $ — Research and development 258,643 — Total $ 1,571,076 $ —
Compensatory Warrant Activity [Member]
Summary of Warrant Activity	The following table summarizes the equity classified compensatory warrant activity for the six months ended September 30, 2020: Common Stock Shares Weighted– Average Exercise Price Range of Exercise Price Weighted– Total outstanding – March 31, 2020 — $ — Series C preferred stock compensatory warrants exchanged for common stock warrants upon reverse recapitalization 668,024 2.34 Granted to advisor and its designees 811,431 1.11 Expired — — Forfeited — — Total outstanding – September 30, 2020 1,479,455 $ 1.67 Exercisable 664,428 $ 2.34 $ 2.07 —$2.54 3.78 Non-Exercisable 815,027 $ 1.11 $ 1.11 —$2.54 4.65 The following table summarizes the compensatory warrant activity for the six months ended September 30, 2019: Series C Preferred Stock Warrants Shares Weighted– Average Exercise Price Range of Exercise Price Weighted– Average Remaining Life (Years) Total outstanding – March 31, 2019 756,262 $ 1.99 Forfeited (2,000 ) 2.25 Expired — — Granted — — Total outstanding – September 30, 2019 754,262 $ 1.99 Exercisable 746,142 $ 1.99 $ 1.83 – $2.25 5.09 Non-Exercisable 8,120 $ 2.25 $ 2.25 6.98
Non-Compensatory Warrant Activity [Member]
Summary of Warrant Activity	The following table summarizes the noncompensatory equity classified warrant activity for the six months ended September 30, 2020: Common Stock Shares Weighted– Average Exercise Price Range of Exercise Price Weighted– Total outstanding – March 31, 2020 — $ — Legacy Ritter warrants 81,455 54.04 Granted 3,478,985 5.21 Expired (1,673 ) 1,562.50 Forfeited — — Total outstanding – September 30, 2020 3,558,767 $ 5.59 Exercisable 3,558,767 $ 5.59 $ 1.11 – $2,325.00 2.03 Non-Exercisable — $ — — —

Organization and Summary of S_4

Organization and Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2020
Long-lived assets impairment losses
Shipping and handling costs	29,000	28,000	55,000	59,000
Estimated returns net of allowances	1,000	19,000	1,000	19,000
Revenue	837,714	1,201,127	1,741,781	2,711,962
Collaborative Research Revenue [Member]
Revenue		40,000		40,000
Warrant [Member]
Accrued warranty liabilities	29,000		29,000		$ 35,000
Warranty costs	28,000	27,000	$ 55,000	$ 59,000
Patents and Licenses [Member]
Estimated useful lives			5 years	17 years
Patents [Member]
Cost of patents	769,000		$ 769,000		715,000
Accumulated amortization	300,000		300,000		293,000
Amortization of patents	3,000	3,000	7,000	$ 6,000
Patents [Member] | March 2021 [Member]
Amortization of patents			7,000
Patents [Member] | March 2022 [Member]
Amortization of patents			14,000
Patents [Member] | March 2023 [Member]
Amortization of patents			13,000
Patents [Member] | March 2024 [Member]
Amortization of patents			13,000
Patents [Member] | March 2025 [Member]
Amortization of patents			9,000
Patents [Member] | Thereafter [Member]
Amortization of patents			412,000
License [Member]
Cost of patents	939,000		939,000		544,000
Accumulated amortization	398,000		398,000		$ 395,000
Amortization of patents	2,000	2,000	3,000	3,000
License [Member] | March 2021 [Member]
Amortization of patents			4,000
License [Member] | March 2022 [Member]
Amortization of patents			7,000
License [Member] | March 2023 [Member]
Amortization of patents			7,000
License [Member] | March 2024 [Member]
Amortization of patents			3,000
License [Member] | March 2025 [Member]
Amortization of patents			0
License [Member] | Thereafter [Member]
Amortization of patents			520,000
General and Administrative Expense [Member]
Shipping and handling costs	$ 2,000	$ 1,000	$ 7,000	$ 2,000

Organization and Summary of S_5

Organization and Summary of Significant Accounting Policies - Schedule of Accounts Receivable (Details) - USD ($)	Sep. 30, 2020	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts Receivable	$ 202,299	$ 443,663
Less Allowance	(22,429)	(26,541)
Accounts receivable, net	$ 179,870	$ 417,122

Organization and Summary of S_6

Organization and Summary of Significant Accounting Policies - Schedule of Useful Lives of Property and Equipment (Details)	6 Months Ended
	Sep. 30, 2020
Machinery and Equipment [Member]
Property and equipment, useful life	5 years
Computer Equipment [Member]
Property and equipment, useful life	3 years
Molds and Tooling [Member]
Property and equipment, useful life	5 years
Office Furniture and Equipment [Member]
Property and equipment, useful life	5 years

Liquidity (Details Narrative)

Liquidity (Details Narrative) - USD ($)	1 Months Ended
	May 31, 2020	Sep. 30, 2020	Aug. 31, 2020	Jul. 31, 2020
New equity capital raise	$ 4,000,000
Convertible notes payable		$ 1,900,000
Securities Purchase Agreement [Member] | Investor [Member]
Convertible notes payable			$ 18,000,000	$ 18,000,000

Inventory, Net - Schedule of In

Inventory, Net - Schedule of Inventory (Details) - USD ($)	Sep. 30, 2020	Mar. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 537,502	$ 457,425
Work in process	156,679	117,729
Finished goods	111,202	84,984
Inventory net	$ 805,383	$ 660,138

Prepaid Expenses And Other Cu_3

Prepaid Expenses And Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)	Sep. 30, 2020	Mar. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid insurance	$ 1,643,060	$ 26,981
Other prepaid expenses and current assets	282,386	71,404
Prepaid expenses and other current assets	$ 1,925,446	$ 98,385

Property and Equipment, Net (De

Property and Equipment, Net (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 10,000	$ 17,000	$ 18,000	$ 34,000

Property and Equipment, Net - S

Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($)	Sep. 30, 2020	Mar. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 4,990,495	$ 4,855,533
Less Accumulated depreciation	(3,425,220)	(3,408,019)
Property and equipment, net	1,565,275	1,447,514
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,364,471	2,355,165
Construction in Progress Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,480,400	1,376,000
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	431,091	420,552
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	317,157	307,539
Molds and Tooling [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	260,002	260,002
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 137,374	$ 136,275

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Sep. 30, 2020	Mar. 31, 2020
Payables and Accruals [Abstract]
Board compensation	$ 53,809
Vacation	221,866	160,024
Royalties	11,361	26,099
Research and development	152,815	288,184
Professional fees	101,647	277,900
Office rent	10,544
Deferred rent		77,597
Warranty costs	28,978	30,119
Payroll	55,031	35,052
Patent and license fees		51,007
Sales and use taxes	12,800	16,755
Income taxes	6,230	8,100
Interest	1,820	247,569
Other	69,641	25,358
Accrued expenses and other current liabilities	$ 726,542	$ 1,243,764

Notes Payable - Schedule of Not

Notes Payable - Schedule of Notes Payable (Details) - USD ($)	Sep. 30, 2020	Mar. 31, 2020
Long term debt	$ 947,148	$ 2,219,060
Less current portion, net of debt issuance costs	(787,478)	(1,913,255)
Notes Payable, net of current portion	159,670	305,805
Unsecured Convertible Note [Member] | Investor [Member]
Long term debt		1,000,000
Unsecured Convertible Bridge Notes [Member] | Investor [Member]
Long term debt		410,000
Unsecured Convertible Bridge Notes One [Member] | Investor [Member]
Long term debt		290,198
Bank [Member] | Unsecured Promissory Note [Member]
Long term debt	449,050
Insurance Financing Agreement [Member] | Finance Company [Member]
Long term debt	475,269
Equipment Financing Agreement [Member] | Bank [Member]
Long term debt	16,706	20,370
Equipment Financing Agreement One [Member] | Bank [Member]
Long term debt	6,123	9,441
Factoring and Security Agreement [Member] | Bank [Member]
Long term debt		$ 489,051

Notes Payable - Schedule of N_2

Notes Payable - Schedule of Notes Payable (Details) (Parenthetical) - USD ($)	6 Months Ended	12 Months Ended
	Sep. 30, 2020	Mar. 31, 2020
Unsecured Convertible Note [Member] | Investor [Member]
Debt interest rate		10.00%
Debt instrument maturity date description		due September 2019
Unsecured Convertible Bridge Notes [Member] | Investor [Member]
Debt interest rate		8.00%
Debt instrument maturity date description		due between June 2020 and February 2021
Unsecured Convertible Bridge Notes One [Member] | Investor [Member]
Debt interest rate		8.00%
Debt instrument maturity date description		due between January and February 2022
Insurance Financing Agreement [Member] | Finance Company [Member]
Debt monthly payments	$ 119,943
Debt interest rate	4.54%
Debt instrument maturity date description	due January 2021
Equipment Financing Agreement [Member] | Bank [Member]
Debt monthly payments	$ 720	$ 720
Debt interest rate	6.95%	6.95%
Debt instrument maturity date description	due October 2022	due October 2022
Factoring and Security Agreement [Member] | Bank [Member]
Debt interest rate	2.00%	2.00%
Debt instrument, face amount	$ 2,000,000	$ 2,000,000
Percentage of factoring fee	0.01%	0.01%
Equipment Financing Agreement One [Member] | Bank [Member]
Debt monthly payments	$ 596	$ 596
Debt interest rate	6.59%	6.59%
Debt instrument maturity date description	due July 2021	due July 2021

Notes Payable - Schedule of Fut

Notes Payable - Schedule of Future Maturities of Notes Payable (Details) - USD ($)	Sep. 30, 2020	Mar. 31, 2020
Debt Disclosure [Abstract]
2021 (six months)	$ 668,505
2022	235,955
2023	42,688
Total balance	$ 947,148	$ 2,219,060

Warrant Liabilities (Details Na

Warrant Liabilities (Details Narrative)	Sep. 30, 2020$ / sharesshares
Warrants exercise	$ 0.72
Series C Warrants [Member]
Warrants to purchase common stock | shares	4,713,490
Warrants exercise	$ 0.72
Series C Warrants [Member] | Minimum [Member]
Warrants term	2 years 10 months 25 days
Series C Warrants [Member] | Maximum [Member]
Warrants term	5 years

Warrant Liabilities - Schedule

Warrant Liabilities - Schedule of Warrants Activity (Details) - USD ($)	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Common Stock Warrants [Member]
Number of Shares, Warrants Outstanding Beginning
Number of Shares, Warrants Outstanding Ending	4,713,490
Number of Shares, Warrants Exercisable	4,713,490
Number of shares, warrants non-exercisable
Weighted Average Exercise Price Per Share Warrants Outstanding Beginning
Weighted Average Exercise Price Per Share Warrants Outstanding Ending	0.72
Weighted Average Exercise Price Per Share Exercisable	0.72
Weighted Average Exercise Price Per Share Non-Exercisable
Common Stock Warrants [Member] | Series C Warrants [Member]
Number of Shares, Warrants Series C preferred stock warrants exchanged for common stock warrants upon reverse merger	$ 4,713,490
Number of Shares, Warrants Forfeited
Number of Shares, Warrants Expired
Number of Shares, Warrants Granted
Weighted Average Exercise Price Per Share Warrants Series C Preferred Stock Warrants Exchanged For Common Stock Warrants Upon Reverse Merger	$ 0.72
Weighted Average Exercise Price Per Share Warrants Forfeited
Weighted Average Exercise Price Per Share Warrants Expired
Weighted Average Exercise Price Per Share Warrants Granted
Range of Exercise Price, Exercisable	0.72
Range of Exercise Price, Non-Exercisable
Weighted Average Remaining Life (Years) Exercisable	3 years 2 months 30 days
Weighted Average Remaining Life (Years) Non-Exercisable	0 years
Series C Preferred Stock Warrants [Member]
Number of Shares, Warrants Outstanding Beginning		1,441,180
Number of Shares, Warrants Outstanding Ending		1,441,180
Number of Shares, Warrants Exercisable		1,441,180
Number of shares, warrants non-exercisable
Weighted Average Exercise Price Per Share Warrants Outstanding Beginning		$ 2.35
Weighted Average Exercise Price Per Share Warrants Outstanding Ending		2.35
Weighted Average Exercise Price Per Share Exercisable		2.35
Weighted Average Exercise Price Per Share Non-Exercisable
Series C Preferred Stock Warrants [Member] | Series C Warrants [Member]
Number of Shares, Warrants Forfeited
Number of Shares, Warrants Expired
Number of Shares, Warrants Granted
Weighted Average Exercise Price Per Share Warrants Forfeited
Weighted Average Exercise Price Per Share Warrants Expired
Weighted Average Exercise Price Per Share Warrants Granted
Range of Exercise Price, Non-Exercisable
Weighted Average Remaining Life (Years) Exercisable		5 years 4 months 6 days
Weighted Average Remaining Life (Years) Non-Exercisable		0 years
Series C Preferred Stock Warrants [Member] | Series C Warrants [Member] | Minimum [Member]
Range of Exercise Price, Exercisable		$ 2.25
Series C Preferred Stock Warrants [Member] | Series C Warrants [Member] | Maximum [Member]
Range of Exercise Price, Exercisable		$ 2.70

Warrant Liabilities - Schedul_2

Warrant Liabilities - Schedule of Fair Value Hierarchy for Warrant Liabilities (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Balance as of June 30, 2020	$ 4,395,300		$ 20,596,700
Level 1 [Member]
Balance as of June 30, 2020
Level 2 [Member]
Balance as of June 30, 2020
Level 3 [Member]
Balance as of June 30, 2020			$ 20,596,700

Warrant Liabilities - Schedul_3

Warrant Liabilities - Schedule of Fair Value of Warrant Liabilities (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Warrant Liabilities
Balance, beginning of period
Fair value at issuance date
Change in fair value of warrant liabilities	$ 4,395,300		20,596,700
Balance, end of period	$ 20,596,700		$ 20,596,700

Warrant Liabilities - Schedul_4

Warrant Liabilities - Schedule of Assumptions of Warrant Liabilities (Details)	Sep. 30, 2020USD ($)Integer$ / shares
Exercise price per share	$ 0.72
Number outstanding | $	$ 4,713,490
Stock Price [Member]
Share price	$ 4.95
Risk-Free Interest Rate [Member] | Minimum [Member]
Fair value assumptions, measurement input, percentages	0.16
Risk-Free Interest Rate [Member] | Maximum [Member]
Fair value assumptions, measurement input, percentages	0.28
Expected Volatility (peer group) [Member] | Minimum [Member]
Fair value assumptions, measurement input, percentages	82
Expected Volatility (peer group) [Member] | Maximum [Member]
Fair value assumptions, measurement input, percentages	85
Expected Life (Years) [Member] | Minimum [Member]
Fair value assumptions, measurement input, term	2 years 10 months 6 days
Expected Life (Years) [Member] | Maximum [Member]
Fair value assumptions, measurement input, term	5 years 7 days
Expected Dividends Yield [Member]
Fair value assumptions, measurement input, percentages | Integer	0

Lease Obligations (Details Narr

Lease Obligations (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Weighted-average remaining lease term	2 years 1 month 6 days		2 years 1 month 6 days
Discount rate operating lease	8.90%		8.90%
Lease expense	$ 86,000	$ 84,000	$ 173,000	$ 173,000

Lease Obligations - Schedule of

Lease Obligations - Schedule of Operating Lease Right of Use Assets and Liabilities (Details) - USD ($)	6 Months Ended
	Sep. 30, 2020	Mar. 31, 2020
Leases [Abstract]
Operating lease right-of-use-assets obtained in exchange for lease obligation at April 1, 2020:	$ 585,513
Less amortization of operating lease right-of-use assets	(101,870)
Operating lease right-of-use assets at June 30, 2020	483,643
Lease liabilities arising from obtaining right-of-use assets at April 1, 2020:	663,110
Less principal payments on operating lease liabilities	(112,166)
Lease liabilities at June 30, 2020	550,944
Less non-current portion	303,894
Current portion at June 30, 2020	$ 247,050

Commitments (Details Narrative)

Commitments (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Rent expense	$ 65,000	$ 65,000	$ 129,000	$ 129,000
Long-term Operating Lease Agreement [Member]
Lease agreement term expiration, description			The Company leases its facilities under a long-term operating lease agreement expiring in October 2022.

Commitments - Schedule of Futur

Commitments - Schedule of Future Minimum Lease Payments Under Operating Lease Liabilities (Details) - USD ($)	Sep. 30, 2020	Mar. 31, 2020
Accounting Policies [Abstract]
2021 (six months)	$ 142,398
2022	290,492
2023	173,315
Total	606,205
Less present value discount	(55,261)
Operating lease liabilities	$ 550,944	$ 663,110

Research and License Agreemen_2

Research and License Agreements (Details Narrative) - USD ($)	1 Months Ended							3 Months Ended		5 Months Ended	6 Months Ended
	Nov. 30, 2020	Jun. 30, 2020	May 31, 2020	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2020	Sep. 30, 2019	Aug. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Research and development								$ 870,876	$ 200,217		$ 1,468,221	$ 347,858
Product sales								837,714	1,201,127		1,741,781	2,711,962
Net Product Sales-Related Party [Member]
Product sales								476,496	634,262		896,140	1,584,446
Collaborative Research Revenue [Member]
Product sales									40,000			40,000
University of Louisville Research Foundation [Member] | Minimum [Member] | Royalties and Non-Royalty Sublicensee Income [Member]
Shortfall payments											5,000
University of Louisville Research Foundation [Member] | Maximum [Member] | Royalties and Non-Royalty Sublicensee Income [Member]
Shortfall payments											50,000
License and Sponsored Research Agreements [Member]
Research and development											2,000	126,000
Patents cost											164,000	66,000
License and Sponsored Research Agreements [Member] | University of Louisville Research Foundation [Member]
Payment of convertible promissory note						$ 50,000	$ 50,000
Reimbursement of research expenses						805,000	805,000
Reimbursement patent cost						$ 200,000	$ 200,000
Agreement term payment, description						In addition, the Company has agreed to pay ULRF (i) royalties, on patent-covered net sales associated with the commercialization of anti-nucleolin agent-conjugated nanoparticles of 4% (on net sales up to a cumulative $250,000,000) or 5% (on net sales above a cumulative $250,000,000), until expiration of the last to expire of the licensed patents, (ii) 30% to 50% of any non-royalty sublicensee income received (50% for sublicenses granted in the first two years of the ULRF license agreement, 40% for sublicenses granted in the third or fourth years of the ULRF license agreement, and 30% for sublicenses granted in the fifth year of the ULRF license agreement or thereafter)	In addition, the Company has agreed to pay ULRF (i) royalties, on patent-covered net sales associated with the commercialization of anti-nucleolin agent-conjugated nanoparticles of 4% (on net sales up to a cumulative $250,000,000) or 5% (on net sales above a cumulative $250,000,000), until expiration of the last to expire of the licensed patents, (ii) 30% to 50% of any non-royalty sublicensee income received (50% for sublicenses granted in the first two years of the ULRF license agreement, 40% for sublicenses granted in the third or fourth years of the ULRF license agreement, and 30% for sublicenses granted in the fifth year of the ULRF license agreement or thereafter)
Licensed product sales, revenue						$ 500,000,000	$ 500,000,000
Milestone payment for marketing expenses						500,000	500,000
Research and development								50,000	39,000		112,000	14,000
License and Sponsored Research Agreements [Member] | University of Louisville Research Foundation [Member] | Intellectual Property [Member]
Research and development								490,000			678,000
License and Sponsored Research Agreements [Member] | University of Louisville Research Foundation [Member] | Licensed Product Sales [Member]
Regulatory marketing approval, expenses				$ 5,000,000		500,000	500,000
License and Sponsored Research Agreements [Member] | University of Louisville Research Foundation [Member] | Phase 1 Clinical Trial [Member]
Milestone payment				50,000		100,000	100,000
License and Sponsored Research Agreements [Member] | University of Louisville Research Foundation [Member] | Phase 2 Clinical Trial [Member]
Milestone payment				100,000		200,000	200,000
License and Sponsored Research Agreements [Member] | University of Louisville Research Foundation [Member] | Phase 3 Clinical Trial [Member]
Milestone payment				150,000		350,000	350,000
License and Sponsored Research Agreements [Member] | University of Louisville Research Foundation [Member] | Minimum [Member]
Milestone payment						100,000	100,000
Shortfall payments						10,000	10,000
License and Sponsored Research Agreements [Member] | University of Louisville Research Foundation [Member] | Maximum [Member]
Milestone payment						5,000,000	5,000,000
Shortfall payments						$ 50,000	$ 50,000
Sponsored Research and License Agreement [Member]
Research and development								0	93,000
Patents cost								17,000	$ 6,000
Sponsored research expense											139,000	$ 20,000
Sponsored Research and License Agreement [Member] | University of Louisville Research Foundation [Member]
Reimbursement patent cost				$ 112,000
Agreement term payment, description				In addition, the Company has agreed to pay ULRF (i) royalties, on patent-covered net sales associated with the commercialization, of 4% (on net sales up to a cumulative $250,000,000) or 5% (on net sales above a cumulative $250,000,000), until expiration of the licensed patent, and 2.5% (on net sales for any sales not covered by Licensed Patents), (ii) 30% to 50% of any non-royalty sublicensee income received (50% for sublicenses granted in the first two years of the ULRF license agreement, 40% for sublicenses granted in the third or fourth years of the ULRF license agreement, and 30% for sublicenses granted in the fifth year of the ULRF license agreement or thereafter),
Regulatory marketing approval, expenses				$ 300,000
Licensed product sales, revenue				500,000,000
Research and development				693,000
Sponsored Research and License Agreement [Member] | University of Louisville Research Foundation [Member] | Minimum [Member]
Milestone payment				50,000
Sponsored Research and License Agreement [Member] | University of Louisville Research Foundation [Member] | Maximum [Member]
Milestone payment				5,000,000
License Agreement [Member] | University of Louisville Research Foundation [Member]
Upfront license fee		$ 24,000
ULRF license agreement description		In addition, the Company has agreed to pay ULRF (i) royalties, on patent-covered net sales associated with the commercialization, of 4% (on net sales up to a cumulative $250,000,000) or 5% (on net sales above a cumulative $250,000,000), until expiration of the licensed patent, and 2.5% (on net sales for any sales not covered by Licensed Patents), (ii) 30% to 50% of any non-royalty sublicensee income received (50% for sublicenses granted in the first two years of the ULRF license agreement, 40% for sublicenses granted in the third or fourth years of the ULRF license agreement, and 30% for sublicenses granted in the fifth year of the ULRF license agreement or thereafter), (iii) reimbursements for costs associated with the preparation, filing, prosecution and maintenance of licensed patents, incurred prior to June 2020, and (iv) payments ranging from $50,000 to $5,000,000 upon the achievement of certain regulatory and commercial milestones. Milestone payments for the first therapeutic indication would be $50,000 for first dosing in a Phase 1 clinical trial, $100,000 for first dosing in a Phase 2 clinical trial, $150,000 for first dosing in a Phase 3 clinical trial, $300,000 for regulatory marketing approval and $5,000,000 upon achieving a cumulative $500,000,000 of Licensed Product sales.
License Agreement [Member] | University of Louisville Research Foundation [Member] | Minimum [Member]
Upfront license fee				20,000
License Agreement [Member] | University of Louisville Research Foundation [Member] | Maximum [Member]
Research and development		$ 250,000
Upfront license fee				$ 100,000
License Agreement [Member] | University of Louisville Research Foundation [Member] | Maximum [Member] | Subsequent Event [Member]
Research and development	$ 430,000
License Agreement [Member] | Advanced Cancer Therapeutics [Member]
Licensed product sales, revenue					$ 3,000,000
Research and development								$ 100,000			$ 110,000
Proceeds from convertible promissory note					$ 25,000
Agreement description					Royalties, on net sales associated with the commercialization of ACT-GRO-777/AS1411, of 2% (only if patent-covered and only on net sales above a cumulative $3,000,000) or 1% (if not patent-covered, but only on net sales above a cumulative $3,000,000), until the 15th anniversary of the ACT license agreement and (ii) milestone payments of $100,000 for the Company raising a cumulative total of $2,000,000 in new equity financing after the date of the ACT license agreement, $100,000 upon any first AS1411-based licensed product receiving the CE Mark or similar FDA status, and $500,000 upon cumulative worldwide AS1411-based licensed product net sales reaching $3,000,000
Milestone payment			$ 100,000		$ 100,000
Cumulative amount			$ 2,000,000		2,000,000
Purchased drug compounds										$ 10,000
Rectification of additionaldrug compounds										50,000
License Agreement [Member] | Advanced Cancer Therapeutics [Member] | CE Mark [Member]
Milestone payment					100,000
Cumulative amount					$ 500,000
License Agreement [Member] | Advanced Cancer Therapeutics [Member] | Investigational New Drug [Member]
Rectification of additionaldrug compounds										$ 100,000

Stockholders' Deficit (Details

Stockholders' Deficit (Details Narrative) - USD ($)	Aug. 04, 2020	Jul. 10, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Aug. 31, 2020	Jul. 31, 2020	Mar. 31, 2020	Dec. 31, 2017
Shares of authorized but unissued common stock			14,418,983		14,418,983
Warrant exercise price			$ 0.72		$ 0.72
Stock based compensation expense					$ 1,571,076
Stock Options and Warrants [Member]
Stock based compensation expense			$ 1,200,000	$ 0	1,600,000	$ 0
Unrecognized compensation cost			$ 13,100,000		$ 13,100,000
Weighted average period term			2 years 8 months 9 days
Stock options exercised
Stock option granted exercise price					$ 5.09
Stock Options and Warrants [Member] | 2020 Stock Incentive Plan [Member]
Stock options outstanding shares					3,629,500	0
Stock options shares future grant					427,657	0
Stock options description					The exercise price for an option issued under the 2020 Plan is determined by the Board of Directors, but will be (i) in the case of an incentive stock option (A) granted to an employee who, at the time of grant of such option, is a 10% stockholder, no less than 110% of the fair market value per share on the date of grant; or (B) granted to any other employee, no less than 100% of the fair market value per share on the date of grant; and (ii) in the case of a non-statutory stock option, no less than 100% of the fair market value per share on the date of grant.
Common Stock [Member]
Number of shares issued upon conversion					6,304,485
Compensatory Warrants [Member]
Purchase of stock warrants			811,431		811,431					668,024
Warrant exercise price			$ 1.11		$ 1.11					$ 2.34
Equity capital raise			$ 4,000,000		$ 4,000,000
Warrants [Member]
Stock based compensation expense
Unrecognized compensation cost			$ 0	$ 11,000	$ 0	$ 11,000
Noncompensatory Equity Classified Warrants [Member]
Purchase of stock warrants			270,478		270,478		1,287,829	2,700,966
Warrant exercise price			$ 1.11		$ 1.11		$ 6	$ 5.25
Securities Purchase Agreement [Member] | Two-year Warrants [Member]
Purchase of stock warrants	1,287,829	1,920,768
Warrant exercise price	$ 6	$ 5.25
Securities Purchase Agreement [Member] | Common Stock [Member]
Number of shares common stock	1,717,106	1,140,570
Securities Purchase Agreement [Member] | Pre-funded Warrants [Member]
Purchase of stock warrants		780,198
Securities Purchase Agreement [Member] | Single Institutional Investor [Member]
Sale of stock	$ 10,000,000	$ 8,000,000
Beneficial-ownership percentage	9.99%	9.99%
Series A Preferred Stock [Member]
Preferred stock, shares outstanding			0		0				2,412,887
Series B Preferred Stock [Member]
Preferred stock, shares outstanding			0		0				7,707,736
Series C Preferred Stock [Member]
Preferred stock, shares outstanding			0		0				3,300,715
Series D Preferred Stock [Member]
Preferred stock, shares outstanding			0		0				1,508,305
Series D-1 Preferred Stock [Member]
Preferred stock, shares outstanding			0		0				643,511
Series Alpha Preferred Stock [Member]
Shares of authorized but unissued common stock			943,915		943,915
Preferred stock, shares outstanding			698		698				0
Number of convertible preferred stock converted			4,662		4,662

Stockholders' Deficit - Schedul

Stockholders' Deficit - Schedule of Reserved Shares (Details)	Sep. 30, 2020shares
Total	14,418,983
Exercise of Issued and Future Grants of Stock Options [Member]
Total	3,723,356
Exercise of Stock Warrants [Member]
Total	9,751,712
Series Alpha Preferred Stock [Member]
Total	943,915

Stockholders' Deficit - Summary

Stockholders' Deficit - Summary of Stock Option Activity (Details) - Employees and Non-employee Service Provider [Member]	6 Months Ended
	Sep. 30, 2020$ / sharesshares
Number of Shares, Options Outstanding, Beginning | shares
Number of Shares, Options Legacy Ritter options | shares	95,124
Number of Shares, Options Granted | shares	3,629,500
Number of Shares, Options Expired | shares	(1,268)
Number of Shares, Options Forfeited | shares
Number of Shares, Options Outstanding at Ending | shares	3,723,356
Number of Shares, Options Exercisable (vested) | shares	108,856
Number of Shares, Options Non-Exercisable (non-vested) | shares	3,614,500
Weighted Average Exercise Price, Outstanding, Beginning
Weighted Average Exercise Price, Options Assumed in reverse merger	92.8
Weighted Average Exercise Price, Options Granted	5.09
Weighted Average Exercise Price, Options Expired	34.54
Weighted Average Exercise Price, Options Forfeited
Weighted Average Exercise Price, Outstanding at Ending	7.33
Weighted Average Exercise Price, Options Exercisable (vested)	2.72
Weighted Average Exercise Price, Options Non-Exercisable (non-vested)	$ 5.09
Weighted- Average Remaining Contractual Life (in Years), Outstanding, Beginning	1 year 7 months 24 days
Weighted- Average Remaining Contractual Life (in Years), Options Assumed in reverse merger	9 years 8 months 12 days
Weighted- Average Remaining Contractual Life (in Years), Outstanding at Ending	9 years 5 months 27 days
Weighted- Average Remaining Contractual Life (in Years), Options Exercisable (vested)	2 years 9 months 3 days
Weighted- Average Remaining Contractual Life (in Years), Options Non-exercisable (non-vested)	9 years 8 months 12 days
Minimum [Member]
Range of Exercise price, Options Assumed in reverse merger	$ 5.75
Range of Exercise price, Options Granted	4.70
Range of Exercise price, Options Expired	15
Range of Exercise price, Options Forfeited
Range of Exercise price, Options Outstanding	4.70
Range of Exercise price, Options Exercisable (vested)	4.70
Range of Exercise price, Options Non-Exercisable (non-vested)	4.70
Maximum [Member]
Range of Exercise price, Options Assumed in reverse merger	1,465.75
Range of Exercise price, Options Granted	5.10
Range of Exercise price, Options Expired	562.50
Range of Exercise price, Options Forfeited
Range of Exercise price, Options Outstanding	1,465.75
Range of Exercise price, Options Exercisable (vested)	1,465.75
Range of Exercise price, Options Non-Exercisable (non-vested)	$ 5.10

Stockholders' Deficit - Sched_2

Stockholders' Deficit - Schedule of Assumptions Used in Black-Scholes Option-Pricing Method (Details)	6 Months Ended
	Sep. 30, 2020$ / shares
Expected dividend yield	0.00%
Expected stock-price volatility	102.00%
Risk-free interest rate, minimum	0.33%
Risk-free interest rate, maximum	0.59%
Expected average term of options	6 years
Minimum [Member]
Stock price	$ 4.70
Maximum [Member]
Stock price	$ 5.13

Stockholders' Deficit - Sched_3

Stockholders' Deficit - Schedule of Share-based Compensation Expense (Details) - USD ($)	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Total	$ 1,571,076
General and Administrative Expense [Member]
Total	1,312,433
Research and Development Expense [Member]
Total	$ 258,643

Stockholders' Deficit - Summa_2

Stockholders' Deficit - Summary of Warrant Activity (Details) - USD ($)	6 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Compensatory Warrant Activity [Member]
Number of Shares, Warrants Outstanding Beginning		756,262
Number of Shares, Warrants Series C Preferred Stock compensatory Warrants Exchanged for Common Stock Warrants Upon Reverse Recapitalization	$ 668,024
Number of Shares, Warrants Granted to advisor and its designees	811,431
Number of Shares, Warrants Granted
Number of Shares, Warrants Expired
Number of Shares, Warrants Forfeited		(2,000)
Number of Shares, Warrants Outstanding Ending	1,479,455	754,262
Number of Shares, Warrants Exercisable	664,428	754,262
Number of shares, warrants non-exercisable	815,027	8,120
Weighted Average Exercise Price Per Share Warrants Outstanding Beginning		$ 1.99
Weighted Average Exercise Price Per Share compensatory Warrants Series C Preferred Stock Warrant Exchanged For Common Stock Warrant Upon Reverse Recapitalization	2.34
Weighted Average Exercise Price Per Share Warrants Granted	1.11
Weighted Average Exercise Price Per Share Warrants Expired
Weighted Average Exercise Price Per Share Warrants Forfeited		2.25
Weighted Average Exercise Price Per Share Warrants Outstanding Ending	1.67	1.99
Weighted Average Exercise Price Per Share Exercisable	2.34	1.99
Weighted Average Exercise Price Per Share Non-Exercisable	$ 1.11	2.25
Range of Exercise Price, Non-Exercisable		$ 2.25
Weighted Average Remaining Life (Years) Exercisable	3 years 9 months 11 days	5 years 1 month 2 days
Weighted Average Remaining Life (Years) Non-Exercisable	4 years 7 months 24 days	6 years 11 months 23 days
Compensatory Warrant Activity [Member] | Minimum [Member]
Range of Exercise Price, Exercisable	$ 2.07	$ 1.83
Range of Exercise Price, Non-Exercisable	1.11
Compensatory Warrant Activity [Member] | Maximum [Member]
Range of Exercise Price, Exercisable	2.54	$ 2.25
Range of Exercise Price, Non-Exercisable	$ 2.54
Non-Compensatory Warrant Activity [Member]
Number of Shares, Warrants Outstanding Beginning
Number of Shares, Warrants Legacy Ritter warrants	81,455
Number of Shares, Warrants Granted to advisor and its designees	3,478,985
Number of Shares, Warrants Expired	(1,673)
Number of Shares, Warrants Forfeited
Number of Shares, Warrants Outstanding Ending	3,558,767
Number of Shares, Warrants Exercisable	3,558,767
Number of shares, warrants non-exercisable
Weighted Average Exercise Price Per Share Warrants Outstanding Beginning
Weighted Average Exercise Price Per Share Warrants Legacy Ritter warrants	54.04
Weighted Average Exercise Price Per Share Warrants Granted	5.21
Weighted Average Exercise Price Per Share Warrants Expired	1,562.50
Weighted Average Exercise Price Per Share Warrants Forfeited
Weighted Average Exercise Price Per Share Warrants Outstanding Ending	5.59
Weighted Average Exercise Price Per Share Exercisable	5.59
Weighted Average Exercise Price Per Share Non-Exercisable
Range of Exercise Price, Non-Exercisable
Weighted Average Remaining Life (Years) Exercisable	2 years 11 days
Weighted Average Remaining Life (Years) Non-Exercisable	0 years
Non-Compensatory Warrant Activity [Member] | Minimum [Member]
Range of Exercise Price, Exercisable	$ 1.11
Non-Compensatory Warrant Activity [Member] | Maximum [Member]
Range of Exercise Price, Exercisable	$ 2,325

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	Jul. 21, 2020	May 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2020
Research and development			$ 870,876	$ 200,217	$ 1,468,221	$ 347,858
Sekisui [Member]
Receivable amount			189,000		189,000		$ 290,000
Product sales			476,000	634,000	896,000	1,584,000
Cost of product sales			603,000	604,000	1,100,000	1,300,000
Research and development			0	$ 1,000	0	$ 541,000
Related party obligation satisfied	$ 900,000
Deferred revenue			$ 95,000		$ 95,000		$ 271,000
Series D and Series D-1 Preferred Stock [Member]
Conversion of preferred stock		1,980,233

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - $ / shares	Nov. 12, 2020	Oct. 29, 2020	Oct. 14, 2020	Jun. 30, 2020	Sep. 30, 2020
Warrant exercise price					$ 0.72
Series Alpha Preferred Stock [Member]
Number of preferred stock shares issued for conversion					4,662
Common Stock [Member]
Number of shares converted on conversion				1,775,096
Subsequent Event [Member] | Series Alpha Preferred Stock [Member]
Number of preferred stock shares issued for conversion		370
Subsequent Event [Member] | Common Stock [Member]
Number of shares common stock	1,000		30,645
Subsequent Event [Member] | Common Stock [Member] | Series Alpha Preferred Stock [Member]
Number of shares converted on conversion		500,356
Subsequent Event [Member] | Warrant [Member]
Purchase of stock warrants	1,000		30,645
Warrant exercise price	$ 0.72		$ 0.72