Rainbow Coral (RBCC) 10-Q/A 1 Dec 15 2016 Q2 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2015	Nov. 03, 2015
Document And Entity Information
Entity Registrant Name	Rainbow Coral Corp.
Entity Central Index Key	1,499,790
Document Type	10-Q
Trading Symbol	RBCC
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		10,248,782
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,016

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)	Sep. 30, 2015	Mar. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 1,826	$ 5,180
Prepaid expenses		1,095
Inventory	$ 2,623	1,139
Total current assets	4,449	7,414
Fixed assets net of accumulated depreciation of $3,914 and $2,795, respectively	2,795	$ 3,914
Security deposits	350
TOTAL ASSETS	7,594	$ 11,328
CURRENT LIABILITIES
Accounts payable and accrued expenses	202,406	274,684
Related party advances payable	189,104	$ 165,214
Current portion of convertible notes payable, net of discount of $78,237 and $0, respectively.	10,936
Short-term notes payable	1,359	$ 13,734
Current portion of long-term notes payable	13,003
Current portion of accrued interest payable	8,202
Total current liabilities	425,010	$ 453,632
Convertible notes payable, net of discount of $412,914 and $237,643, respectively	42,359	164,238
Notes payable	31,741	37,352
Accrued interest payable	10,384	14,127
TOTAL LIABILITIES	$ 509,494	$ 669,349
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' DEFICIT
Common Stock, $0.001 par value; 480,000,000 shares authorized; 9,912,332 shares and 342,107 shares issued and outstanding at September 30, 2015 and March 31, 2015, respectively	$ 9,912	$ 342
Preferred Stock, $0.001 stated value; 20,000,000 shares authorized; 1,000,000 and 0 shares issued and outstanding at September 30, 2015 and March 31, 2015, respectively	1,000
Additional paid-in capital	3,906,730	$ 3,264,425
Accumulated deficit	(4,419,542)	(3,922,788)
Total stockholders' deficit	(501,900)	(658,021)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 7,594	$ 11,328

CONSOLIDATED BALANCE SHEETS (U3

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)	Sep. 30, 2015	Mar. 31, 2015
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 3,914	$ 2,795
Current convertible notes payable discount	78,237	0
Noncurrent portion of convertible notes payable discount	$ 412,914	$ 237,643
Common Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, authorized	480,000,000	480,000,000
Common Stock, issued	9,912,332	342,107
Common Stock, outstanding	9,912,332	342,107
Preferred Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred Stock, authorized	20,000,000	20,000,000
Preferred Stock, issued	1,000,000	0
Preferred Stock, outstanding	1,000,000	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
REVENUE	$ 28,664	$ 36,174	$ 56,347	$ 71,321
COST OF GOODS SOLD	12,239	20,452	24,914	37,735
GROSS PROFIT	16,425	15,722	31,433	33,586
OPERATING EXPENSES
Expenses related to joint ventures and business development activities	5,000	20,000	15,000	60,000
General and administrative expenses	310,921	141,246	426,765	270,931
Total operating expenses	315,921	161,246	441,765	330,931
LOSS FROM OPERATIONS	(299,496)	(145,524)	(410,332)	(297,345)
OTHER INCOME (EXPENSE)
Interest expense	(60,329)	(15,604)	(86,422)	(238,692)
Total other income (expense)	(60,329)	(15,604)	(86,422)	(238,692)
NET LOSS	$ (359,825)	$ (161,128)	$ (496,754)	$ (536,037)
NET LOSS PER COMMON SHARE - Basic and diluted (in dollars per share)	$ (0.04)	$ (0.56)	$ (0.09)	$ (1.96)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - Basic and diluted (in shares)	8,633,830	288,680	5,635,834	272,889

STATEMENT OF STOCKHOLDERS' DEFI

STATEMENT OF STOCKHOLDERS' DEFICIT (UNAUDITED) - 6 months ended Sep. 30, 2015 - USD ($)	Common Stock [Member]	Series E Preferred Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Capital [Member]	Total
BALANCE, Beginning at Mar. 31, 2015	$ 342		$ 3,264,425	$ (3,922,788)	$ (658,021)
BALANCE, Beginning (in shares) at Mar. 31, 2015	342,107
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued for conversion of notes payable	$ 9,566		181,745		191,311
Shares issued for conversion of notes payable (in shares)	9,565,544
Discount on issuance of convertible note payable			321,564		321,564
Preferred stock issued for control		$ 1,000	$ 139,000		$ 140,000
Preferred stock issued for control (in shares)		1,000,000
Share rounding on reverse split	4		(4)
Share rounding on reverse split (in shares)	4,681
Net loss				$ (496,754)	$ (496,754)
BALANCE, Ending at Sep. 30, 2015	$ 9,912	$ 1,000	$ 3,906,730	$ (4,419,542)	$ (501,900)
BALANCE, Ending (in shares) at Sep. 30, 2015	9,912,332	1,000,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (496,754)	$ (536,037)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of discount on convertible note payable	68,056	226,359
Depreciation	1,119	$ 2,520
Preferred stock issued for control	140,000
Changes in operating assets and liabilities:
Inventory	(1,484)	$ 1,298
Prepaid expenses	1,095	$ (4,403)
Security deposits	(350)
Accounts payable and accrued liabilities	(72,278)	$ 91,642
Accrued interest payable	16,771	12,334
NET CASH USED IN OPERATING ACTIVITIES	(343,825)	(206,287)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from advances	321,564	143,113
Proceeds from related party advance	$ 23,890	11,004
Proceeds from issuance of notes payable		$ 4,660
Repayments of notes payable	$ (4,983)
NET CASH PROVIDED BY FINANCING ACTIVITIES	340,471	$ 158,777
NET INCREASE (DECREASE) IN CASH	(3,354)	(47,510)
CASH, at the beginning of the period	5,180	65,373
CASH, at the end of the period	$ 1,826	$ 17,863
Cash paid during the period for:
Interest
Taxes
Noncash investing and financing transaction:
Refinance of advances into convertible notes payable	$ 321,564	$ 292,566
Beneficial conversion discount on convertible note payable	321,564	292,566
Conversion of convertible notes payable.	$ 191,311	$ 243,322

General Organization and Busine

General Organization and Business	6 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General Organization and Business	Note 1. General Organization and Business Rainbow Coral Corp. (the “Company”), a Nevada corporation, was incorporated on August 13, 2010. The Company’s year-end is March 31. We were formed to build a coral farm facility to develop and propagate (or grow) live coral, independent of the oceans, as a future farm reserve against the decline of natural wild reefs. We intend to grow, harvest, and distribute as many varieties of hard and soft sizes as possible of captive-bred corals that are attractive, to as many consumers as possible who can maintain them in a healthy ecosystem aquarium. We believe that coral and other marine aquarium livestock should be supplied by farms or captive breeders, rather than removed from the natural reefs. The additional uses for coral as a source of potential leading edge medical discoveries are an attractive opportunity for the Company’s coral farming activity. We believe that the world of bioresearch is a natural continuation of our core coral propagation business. Accordingly, on October 23, 2011, we formed a subsidiary, Rainbow Biosciences, LLC to look into the opportunities within the bioscience market. Rainbow Biosciences, LLC will continue to research opportunities into the bioscience markets. On May 5, 2015, we reincorporated from Florida to Nevada. On May 29, 2015, each shareholder received one share in the Nevada company for each 100 shares they held in the Florida company. Fractional shares were rounded up, and each shareholder received at least five shares. The executive officers and directors of the Nevada company are unchanged from the executive officers and directors of the Florida company. All share and per share amounts have been retroactively restated to reflect the reverse split.

Going Concern

Going Concern	6 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	Note 2. Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. For the six months ended September 30, 2015, the Company had a net loss of $496,754 and negative cash flow from operating activities of $343,825. As of September 30, 2015, the Company had negative working capital of $420,561. Management does not anticipate having positive cash flow from operations in the near future. These factors raise a substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the possible inability of the Company to continue as a going concern. The Company does not have the resources at this time to repay its credit and debt obligations, make any payments in the form of dividends to its shareholders or implement its business plan. Without additional capital, the Company will not be able to remain in business. Management has plans to address the Company’s financial situation as follows: In the near term, management plans to continue to focus on raising the funds necessary to implement the Company’s business plan. Management will continue to seek out debt financing to obtain the capital required to meet the Company’s financial obligations. There is no assurance, however, that lenders will continue to advance capital to the Company or that the new business operations will be profitable. The possibility of failure in obtaining additional funding and the potential inability to achieve profitability raise doubts about the Company’s ability to continue as a going concern. In the long term, management believes that the Company’s projects and initiatives will be successful and will provide cash flow to the Company, which will be used to finance the Company’s future growth. However, there can be no assurances that the Company’s planned activities will be successful, or that the Company will ultimately attain profitability. The Company’s long-term viability depends on its ability to obtain adequate sources of debt or equity funding to meet current commitments and fund the continuation of its business operations, and the ability of the Company to achieve adequate profitability and cash flows from operations to sustain its operations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 3. Summary of Significant Accounting Policies Interim Financial Statements The accompanying these unaudited financial statements have been prepared in accordance with accounting principles generally accepted accounting in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and such adjustments are of a normal recurring nature. These consolidated financial statements should be read in conjunction with the consolidated financial statements for the fiscal year ended March 31, 2015 and notes thereto and other pertinent information contained in our Form 10-K the Company has filed with the Securities and Exchange Commission (the “SEC”). The results of operations for the six month period ended September 30, 2015 are not necessarily indicative of the results to be expected for the full fiscal year ending March 31, 2016. Basis of Presentation The consolidated financial statements and related disclosures have been prepared pursuant to the rules and regulations of the SEC. The financial statements have been prepared using the accrual basis of accounting in accordance with GAAP. Principles of Consolidation The consolidated financial statements include the accounts and operations of Rainbow Coral Corp., and its wholly owned subsidiaries, Rainbow Biosciences, LLC and Father Fish Aquarium, Inc. (collectively referred to as the “Company”). All material intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Related Parties The Company follows ASC 850, Related Party Disclosures Recently Issued Accounting Pronouncements We have reviewed the FASB issued Accounting Standards Update (“ASU”) accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporation’s reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration.

Convertible Notes Payable

Convertible Notes Payable	6 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Convertible Notes Payable	Note 4. Convertible Notes Payable During the six months ended September 30, 2015, Vista View Ventures, Inc. (“Vista View”) advanced $321,564 to the Company for working capital. Vista View paid the advances to KMDA, and subsequently KMDA paid them to the Company on behalf of Vista View. These advances are typically memorialized into a convertible note payable on a quarterly basis as discussed below. Convertible notes payable consist of the following as of September 30, 2015 and March 31, 2015: September 30, 2015 March 31, 2015 Convertible note dated June 30, 2014, bearing interest at 10% per annum, maturing June 30, 2016 and convertible into shares of common stock at $0.02 per share 9,040 62,980 Convertible note dated September 30, 2014, bearing interest at 10% per annum, maturing September 30, 2016 and convertible into shares of common stock at $0.01 per share 80,133 80,133 Convertible note dated December 31, 2014, bearing interest at 10% per annum, maturing December 31, 2016 and convertible into shares of common stock at $0.01 per share 94,074 94,074 Convertible note dated December 31, 2014, bearing interest at 10% per annum, maturing December 31, 2016 and convertible into shares of common stock at $0.02 per share. — 125,059 Convertible note dated March 31, 2015, bearing interest at 10% per annum, maturing March 31, 2017 and convertible into shares of common stock at $0.007 per share 39,635 39,635 Convertible note dated June 30, 2015, bearing interest at 10% per annum, maturing June 30, 2017 and convertible into shares of common stock at $0.25 per share. 54,006 — Convertible note dated September 30, 2015, bearing interest at 10% per annum, maturing September 30, 2018, and convertible into shares of common stock at $0.25 per share. 267,558 — Total convertible notes payable $ 544,446 $ 401,881 Less: current portion of convertible notes payable (89,173 ) — Less: discount on convertible notes payable (412,914 ) (237,643 ) Noncurrent convertible notes payable, net of discount $ 42,359 $ 164,238 Current portion of convertible notes payable 89,173 — Less: discount on current portion of convertible notes payable (78,237 ) — Current portion of convertible notes payable, net of discount $ 10,936 $ — Convertible notes issued During the six months ended September 30, 2015, the Company signed Convertible Promissory Notes totaling $321,564 with Vista View Ventures, Inc. that memorialize non-interest bearing periodic advances into convertible notes payable. The Convertible Promissory Notes bear interest at 10% per annum and are payable along with accrued interest at maturity. The Convertible Promissory Note and unpaid accrued interest are convertible into common stock at the option of the holder. The holder of the notes may not convert the convertible promissory note into common stock if that conversion would result in the holder owning more than 4.99% of the Company’s outstanding common stock on the conversion date. The convertible note dated December 31, 2014 in the original principal amount of $125,059 is completely convertible at the option of the holder without a limitation on ownership. Date Issued Maturity Date Interest Rate Conversion Rate Note Amount June 30, 2015 June 30, 2017 10 % $ 0.25 $ 54,006 September 30, 2015 September 30, 2018 10 % 0.25 267,558 Total $ 321,564 The Company evaluated the terms of the notes in accordance with ASC Topic No. 815 – 40, Derivatives and Hedging - Contracts in Entity’s Own Stock Conversions to Common Stock During six months ended September 30, 2015, Essen Enterprises, Inc. (“Essen”), the original payee of the Convertible Note Payable dated December 31, 2014 elected to convert principal and accrued interest in the amounts shown below into share of common stock at a rate of $0.02 per share. No gain or loss was recognized on the conversions as they occurred within the terms of the agreement that provided for conversion. Date Amount Converted Shares of Common Stock Issued June 1, 2015 $ 130,267 6,513,344 Total $ 130,267 6,513,344 As a result of this conversion, Essen became a significant shareholder of the Company. Vista View Ventures Inc. periodically sells or assigns a portion of its interest in the outstanding principal and interest of the Convertible Note Payable dated June 30, 2014 to three unrelated entities in accordance with the existing terms of the note. During the six months ended September 30, 2015, Montego Blue Enterprises Corporation, THM Consulting Corp., and Jaxon Group Corp. received assignments of $16,540, $8,795 and $11,029, respectively. All of the debt assigned was converted into shares of common stock and is included in the table below. During six months ended September 30, 2015, the holders of the Convertible Note Payable dated June 30, 2014 elected to convert principal and accrued interest in the amounts show below into share of common stock at a rate of $0.02 per share. On the conversion date, the unamortized discount related to the principal amount converted was immediately amortized to interest expense. No gain or loss was recognized on the conversions as they occurred within the terms of the agreement that provided for conversion. Date Amount Converted Shares of Common Stock Issued June 5, 2015 $ 13,600 680,000 July 8, 2015 1,400 70,000 July 16, 2015 7,520 376,000 July 22, 2015 3,220 161,000 July 23, 2015 995 49,750 July 24, 2015 4,920 246,000 August 3, 2015 2,200 110,000 August 11, 2015 3,860 193,000 August 18, 2015 2,040 102,000 August 26, 2015 4,280 214,000 September 11, 2015 5,560 278,000 September 24, 2015 4,000 200,000 September 29, 2015 7,449 372,450 Total $ 61,044 3,052,200 In connection with the one-for-100 reverse common stock split on May 29, 2015, the conversion rates of the outstanding convertible notes payable were not modified. As a result, in the event all potentially issuable shares were converted, the holders of the existing notes at September 30, 2015 would be issued 26,615,514 shares of common stock representing approximately 99% of the Company’s total shares outstanding on an if-converted basis. The holders of the notes are limited to holding no greater than 4.99% of the common stock at any time.

Long-term Notes Payable

Long-term Notes Payable	6 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Long-term Notes Payable	Note 5. Long-term Notes Payable On December 30, 2013, we entered into a promissory note for $50,000 with a third party bearing interest at 5% per annum. Under the terms of the note payable, the Company is required to pay the note payable beginning on January 1, 2015 and over a period of 4 years. At September 30, 2015 and March 31, 2015, we owed the noteholder $44,744 and $48,150, respectively. During the year ended March 31, 2015, we entered into a promissory note for $5,000 with a third party bearing interest at 5% per annum. Under the terms of the note payable, we are required to repay the note in twenty-six equal monthly installments beginning in October 2014. At September 30, 2015 and March 31, 2015, we owed the noteholder $1,359 and $2,936, respectively.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Note 6. Related Party Transactions During the six months ended September 30, 2015, Mr. Foxwell, the president of Father Fish, advanced $23,890 to our subsidiary, Father Fish, for working capital. As of September 30, 2015 and March 31, 2015, related party advances payable to Mr. Foxwell totaled $189,104 and $165,214, respectively. The advances bear no interest and are due on demand. On July 22, 2015, we issued 1,000,000 shares of Series E Preferred stock to Essen Enterprises. See Note 7. During the six months ended September 30, 2015 and 2014, we paid Kimberly Palmer consulting fees of $30,962 and $32,500, respectively, for her services as CEO. Services Provided by KM Delaney & Assoc. During the six months ended September 30, 2015 and 2014, KM Delaney & Assoc. (“KMDA”) has provided office space and certain administrative functions to us. The services provide include a furnished executive suite, use of office equipment and supplies, accounting and bookkeeping services, treasury and cash management services, financial reporting, and other support staffing requirements. As part of the services provided to the Company, KMDA receives the advances from the lender (See note 4.) and disburses those funds to us. During the six months ended September 30, 2015 and 2014, KMDA billed us $108,000 and $89,958, respectively, for those services. As of September 30, 2015 and March 31, 2015, we owed KMDA $361,589 and $266,335, respectively. These amounts are included in accounts payable and accrued liabilities on the balance sheet.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Note 7. Stockholders’ Equity On May 29, 2015, the Company reincorporated from Florida to Nevada. The Company’s board of directors and majority shareholder consented to the reincorporation. Each of our shareholders on the record date received one share of the Nevada Company’s common stock for each 100 shares of common stock they own in the Florida company. The information contained herein gives retroactive effect to the stock split for all periods presented. Fractional shares were rounded up to the next whole share, and each shareholder received at least five shares. Following the reincorporation, the Company is authorized to issue 500 million shares of common stock and 20 million shares of preferred stock, each with a par value of $0.001 per share. At September 30, 2015, the Company had 26,615,514 potentially issuable common shares with exercise prices ranging from $0.007 per share to $0.25 per share. The exercise prices of the convertible debt were not modified as a result of the reincorporation and the stock split. See Note 5. Preferred Stock On July 22, 2015, we issued 1,000,000 shares of Series E Preferred stock to Essen Enterprises, Inc (“Essen”). The beneficial owner of Essen is Filipp Korolev. On that date, Essen owned 6,513,344 shares of our common stock, which constituted 63.55% of our outstanding common shares. The Series E Preferred stock is subordinate to our common stock and does not participated in dividends or equity distributions. The series E preferred stock has ⅔ voting control of the company. The shares were issued so that Essen could retain stable control of the Company, which could have been lost as a result of expected issuance of common stocks resulting from conversion of our convertible notes. These shares were valued at $140,000 which was the estimated market value of the Series E Preferred Stock on the date of the transaction. The market value was determined by estimating the market value of the controlling interest in a public company. Conversion of shares During six months ended September 30, 2015, the holders of our convertible notes elected to convert principal and accrued interest of $191,311 into 9,565,544 shares of common stock.

Business Segments

Business Segments	6 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Business Segments	Note 8. Business Segments The Company has two reportable operating segments: (1) aquarium and aquarium supplies and (2) medical technology. These reportable segments are managed separately due to differences in their products. The only segment that generates revenue is aquarium and aquarium supplies. Management evaluates and monitors performance of this segment primarily through, among other measures, gross profit. The medical technology segment is in the development stage and not begun to generate revenue. The results of operations and financial position of the two reportable operating segments and corporate were as follows: Results of Operations: Six months ended September 30, Three months ended September 30, 2015 2014 2015 2014 REVENUE Aquarium and aquarium supplies $ 56,347 $ 71,321 $ 28,664 $ 36,174 Medical technology — — — — Corporate — — — — $ 56,347 $ 71,321 $ 28,664 $ 36,174 GROSS PROFIT Aquarium and aquarium supplies $ 31,433 $ 33,586 $ 16,425 $ 15,722 Medical technology — — — — Corporate — — — — $ 31,433 $ 33,586 $ 16,425 $ 15,722 GENERAL AND ADMINISTRATIVE EXPENSE Aquarium and aquarium supplies $ 47,573 $ 59,474 $ 26,610 $ 31,696 Medical technology 15,000 60,000 5,000 20,000 Corporate 379,192 211,457 284,311 109,550 $ 441,765 $ 330,931 $ 315,921 $ 161,246 Corporate operating expense includes general and administrative costs not allocated to operating segments. September 30, 2015 March 31, 2015 TOTAL ASSETS Aquarium and aquarium supplies $ 6,666 $ 6,800 Medical technology — — Corporate 928 4,528 $ 7,594 $ 11,328

Subsequent Events

Subsequent Events	6 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Note 9. Subsequent Events On October 1, 2015, the holders of the convertible promissory note dated June 30, 2014, converted $5,940 of principal and accrued interest into 297,000 shares of common stock. On October 8, 2015, the holder of the convertible promissory noted dated June 30, 2014, converted $789 of principal and accrued interest into 39,450 shares of common stock.

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Interim Financial Statements	Interim Financial Statements The accompanying these unaudited financial statements have been prepared in accordance with accounting principles generally accepted accounting in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and such adjustments are of a normal recurring nature. These consolidated financial statements should be read in conjunction with the consolidated financial statements for the fiscal year ended March 31, 2015 and notes thereto and other pertinent information contained in our Form 10-K the Company has filed with the Securities and Exchange Commission (the “SEC”). The results of operations for the six month period ended September 30, 2015 are not necessarily indicative of the results to be expected for the full fiscal year ending March 31, 2016.
Basis of Presentation	Basis of Presentation The consolidated financial statements and related disclosures have been prepared pursuant to the rules and regulations of the SEC. The financial statements have been prepared using the accrual basis of accounting in accordance with GAAP.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts and operations of Rainbow Coral Corp., and its wholly owned subsidiaries, Rainbow Biosciences, LLC and Father Fish Aquarium, Inc. (collectively referred to as the “Company”). All material intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Related Parties	Related Parties The Company follows ASC 850, Related Party Disclosures
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements We have reviewed the FASB issued Accounting Standards Update (“ASU”) accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporation’s reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration.

Convertible Notes Payable (Tabl

Convertible Notes Payable (Tables)	6 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of convertible notes payable	Convertible notes payable consist of the following as of September 30, 2015 and March 31, 2015: September 30, 2015 March 31, 2015 Convertible note dated June 30, 2014, bearing interest at 10% per annum, maturing June 30, 2016 and convertible into shares of common stock at $0.02 per share 9,040 62,980 Convertible note dated September 30, 2014, bearing interest at 10% per annum, maturing September 30, 2016 and convertible into shares of common stock at $0.01 per share 80,133 80,133 Convertible note dated December 31, 2014, bearing interest at 10% per annum, maturing December 31, 2016 and convertible into shares of common stock at $0.01 per share 94,074 94,074 Convertible note dated December 31, 2014, bearing interest at 10% per annum, maturing December 31, 2016 and convertible into shares of common stock at $0.02 per share. — 125,059 Convertible note dated March 31, 2015, bearing interest at 10% per annum, maturing March 31, 2017 and convertible into shares of common stock at $0.007 per share 39,635 39,635 Convertible note dated June 30, 2015, bearing interest at 10% per annum, maturing June 30, 2017 and convertible into shares of common stock at $0.25 per share. 54,006 — Convertible note dated September 30, 2015, bearing interest at 10% per annum, maturing September 30, 2018, and convertible into shares of common stock at $0.25 per share. 267,558 — Total convertible notes payable $ 544,446 $ 401,881 Less: current portion of convertible notes payable (89,173 ) — Less: discount on convertible notes payable (412,914 ) (237,643 ) Noncurrent convertible notes payable, net of discount $ 42,359 $ 164,238 Current portion of convertible notes payable 89,173 — Less: discount on current portion of convertible notes payable (78,237 ) — Current portion of convertible notes payable, net of discount $ 10,936 $ —
Schedule of convertible notes issued	Date Issued Maturity Date Interest Rate Conversion Rate Note Amount June 30, 2015 June 30, 2017 10 % $ 0.25 $ 54,006 September 30, 2015 September 30, 2018 10 % 0.25 267,558 Total $ 321,564
Schedule of conversions to common stock	Date Amount Converted Shares of Common Stock Issued June 1, 2015 $ 130,267 6,513,344 Total $ 130,267 6,513,344 . Date Amount Converted Shares of Common Stock Issued June 5, 2015 $ 13,600 680,000 July 8, 2015 1,400 70,000 July 16, 2015 7,520 376,000 July 22, 2015 3,220 161,000 July 23, 2015 995 49,750 July 24, 2015 4,920 246,000 August 3, 2015 2,200 110,000 August 11, 2015 3,860 193,000 August 18, 2015 2,040 102,000 August 26, 2015 4,280 214,000 September 11, 2015 5,560 278,000 September 24, 2015 4,000 200,000 September 29, 2015 7,449 372,450 Total $ 61,044 3,052,200

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Schedule of results of operations	The results of operations and financial position of the two reportable operating segments and corporate were as follows: Results of Operations: Six months ended September 30, Three months ended September 30, 2015 2014 2015 2014 REVENUE Aquarium and aquarium supplies $ 56,347 $ 71,321 $ 28,664 $ 36,174 Medical technology — — — — Corporate — — — — $ 56,347 $ 71,321 $ 28,664 $ 36,174 GROSS PROFIT Aquarium and aquarium supplies $ 31,433 $ 33,586 $ 16,425 $ 15,722 Medical technology — — — — Corporate — — — — $ 31,433 $ 33,586 $ 16,425 $ 15,722 GENERAL AND ADMINISTRATIVE EXPENSE Aquarium and aquarium supplies $ 47,573 $ 59,474 $ 26,610 $ 31,696 Medical technology 15,000 60,000 5,000 20,000 Corporate 379,192 211,457 284,311 109,550 $ 441,765 $ 330,931 $ 315,921 $ 161,246
Schedule of corporate operating expense	Corporate operating expense includes general and administrative costs not allocated to operating segments. September 30, 2015 March 31, 2015 TOTAL ASSETS Aquarium and aquarium supplies $ 6,666 $ 6,800 Medical technology — — Corporate 928 4,528 $ 7,594 $ 11,328

General Organization and Busi19

General Organization and Business (Details Narrative)	May. 29, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the reverse stock split	Each shareholder received one share in the Nevada company for each 100 shares they held in the Florida company. Fractional shares were rounded up, and each shareholder received at least five shares.

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ (359,825)	$ (161,128)	$ (496,754)	$ (536,037)
Cash flow from operating activities			(343,825)	$ (206,287)
Working capital			$ (420,561)

Convertible Notes Payable (Deta

Convertible Notes Payable (Details Narrative) - USD ($)	Sep. 30, 2015	May. 29, 2015	Sep. 30, 2015	Sep. 30, 2014	Jun. 30, 2015	Mar. 31, 2015
Amortization of debt discount			$ 68,056	$ 226,359
Reserve stock split ratio		Each shareholder received one share in the Nevada company for each 100 shares they held in the Florida company. Fractional shares were rounded up, and each shareholder received at least five shares.
Number of common shares issued upon conversion	26,615,514		26,615,514
Percentage of common stock outstanding	99.00%		99.00%
10% Convertible Note Payable Due June 30, 2016 [Member]
Number of common shares issued upon conversion			3,052,200
Vista View Ventures, Inc. (Non-Interest Bearing Advances) [Member]
Total convertible notes payable	$ 321,564		$ 321,564
Maximum percentage of ownership interest	4.99%		4.99%
Effective interest rate	222.23%		222.23%		277.49%
Vista View Ventures, Inc. (Non-Interest Bearing Advances) [Member] | 10% Convertible Note Payable Due June 30, 2016 [Member]
Total convertible notes payable	$ 9,040		$ 9,040			$ 62,980
Montego Blue Enterprises Corporation [Member] | 10% Convertible Note Payable Due June 30, 2016 [Member]
Total convertible notes payable	16,540		16,540
THM Consulting Corp [Member] | 10% Convertible Note Payable Due June 30, 2016 [Member]
Total convertible notes payable	8,795		8,795
Jaxon Group Corp [Member] | 10% Convertible Note Payable Due June 30, 2016 [Member]
Total convertible notes payable	$ 11,029		$ 11,029
Essen Enterprises, Inc. [Member]
Number of common shares issued upon conversion			6,513,344
Essen Enterprises, Inc. [Member] | 10% Convertible Note Payable Due December 31, 2016 [Member]
Total convertible notes payable						$ 125,059
Number of common shares issued upon conversion			6,513,344

Convertible Notes Payable (De22

Convertible Notes Payable (Details) - USD ($)	6 Months Ended
	Sep. 30, 2015	Mar. 31, 2015
Less: discount on convertible notes payable	$ 412,914	$ 237,643
Noncurrent convertible notes payable, net of discount	42,359	164,238
Less: discount on current portion of convertible notes payable	78,237	$ 0
Current portion of convertible notes payable, net of discount	$ 10,936
10% Convertible Note Payable Due September 30, 2016 [Member]
Issuance Date	Sep. 30, 2014
Conversion Price (in dollars per share)	$ 0.01
Total convertible notes payable	$ 80,133	$ 80,133
10% Convertible Note Payable Due December 31, 2016 [Member]
Issuance Date	Dec. 31, 2014
Conversion Price (in dollars per share)	$ 0.01
Total convertible notes payable	$ 94,074	94,074
10% Convertible Note Payable Due March 31, 2017 [Member]
Issuance Date	Mar. 31, 2015
Conversion Price (in dollars per share)	$ 0.007
Total convertible notes payable	$ 39,635	39,635
Convertible Notes Payable [Member]
Total convertible notes payable	544,446	$ 401,881
Less: current portion of convertible notes payable	(89,173)
Less: discount on convertible notes payable	(412,914)	$ (237,643)
Noncurrent convertible notes payable, net of discount	42,359	$ 164,238
Current portion of convertible notes payable	89,173
Less: discount on current portion of convertible notes payable	(78,237)
Current portion of convertible notes payable, net of discount	10,936
Vista View Ventures, Inc. (Non-Interest Bearing Advances) [Member]
Total convertible notes payable	$ 321,564
Vista View Ventures, Inc. (Non-Interest Bearing Advances) [Member] | 10% Convertible Note Payable Due June 30, 2016 [Member]
Issuance Date	Jun. 30, 2014
Conversion Price (in dollars per share)	$ 0.02
Total convertible notes payable	$ 9,040	$ 62,980
Vista View Ventures, Inc. (Non-Interest Bearing Advances) [Member] | 10% Convertible Note Payable Due June 30, 2017 [Member]
Issuance Date	Jun. 30, 2015
Conversion Price (in dollars per share)	$ .25
Total convertible notes payable	$ 54,006
Vista View Ventures, Inc. (Non-Interest Bearing Advances) [Member] | 10% Convertible Note Payable Due September 30, 2018 [Member]
Issuance Date	Sep. 30, 2015
Conversion Price (in dollars per share)	$ .25
Total convertible notes payable	$ 267,558
Essen Enterprises, Inc. [Member] | 10% Convertible Note Payable Due December 31, 2016 [Member]
Issuance Date	Dec. 31, 2014
Conversion Price (in dollars per share)	$ 0.02
Total convertible notes payable		$ 125,059

Convertible Notes Payable (De23

Convertible Notes Payable (Details 1) - Vista View Ventures, Inc. (Non-Interest Bearing Advances) [Member] - USD ($)	6 Months Ended
	Sep. 30, 2015	Mar. 31, 2015
Note amount	$ 321,564
10% Convertible Note Payable Due June 30, 2017 [Member]
Note amount	$ 54,006
Conversion Rate (in dollars per share)	$ .25
Date Issued	Jun. 30, 2015
10% Convertible Note Payable Due September 30, 2018 [Member]
Note amount	$ 267,558
Conversion Rate (in dollars per share)	$ .25
Date Issued	Sep. 30, 2015

Convertible Notes Payable (De24

Convertible Notes Payable (Details 2) - USD ($)	Sep. 30, 2015	Sep. 30, 2015
Shares of Common Stock Issued	26,615,514	26,615,514
Essen Enterprises, Inc. [Member]
Amount Converted		$ 130,267
Shares of Common Stock Issued		6,513,344
Essen Enterprises, Inc. [Member] | 10% Convertible Note Payable Due December 31, 2016 [Member]
Amount Converted		$ 130,267
Shares of Common Stock Issued		6,513,344

Convertible Notes Payable (De25

Convertible Notes Payable (Details 3) - USD ($)	Sep. 30, 2015	Sep. 30, 2015
Shares of Common Stock Issued	26,615,514	26,615,514
10% Convertible Note Payable Due June 30, 2016 [Member]
Amount Converted		$ 61,044
Shares of Common Stock Issued		3,052,200
10% Convertible Note Payable Due June 30, 2016 [Member] | June 5, 2015 [Member]
Amount Converted		$ 13,600
Shares of Common Stock Issued		680,000
10% Convertible Note Payable Due June 30, 2016 [Member] | July 8, 2015 [Member]
Amount Converted		$ 1,400
Shares of Common Stock Issued		70,000
10% Convertible Note Payable Due June 30, 2016 [Member] | July 16, 2015 [Member]
Amount Converted		$ 7,520
Shares of Common Stock Issued		376,000
10% Convertible Note Payable Due June 30, 2016 [Member] | July 22, 2015 [Member]
Amount Converted		$ 3,220
Shares of Common Stock Issued		161,000
10% Convertible Note Payable Due June 30, 2016 [Member] | July 23, 2015 [Member]
Amount Converted		$ 995
Shares of Common Stock Issued		49,750
10% Convertible Note Payable Due June 30, 2016 [Member] | July 24, 2015 [Member]
Amount Converted		$ 4,920
Shares of Common Stock Issued		246,000
10% Convertible Note Payable Due June 30, 2016 [Member] | August 3, 2015 [Member]
Amount Converted		$ 2,200
Shares of Common Stock Issued		110,000
10% Convertible Note Payable Due June 30, 2016 [Member] | August 11, 2015 [Member]
Amount Converted		$ 3,860
Shares of Common Stock Issued		193,000
10% Convertible Note Payable Due June 30, 2016 [Member] | August 18, 2015 [Member]
Amount Converted		$ 2,040
Shares of Common Stock Issued		102,000
10% Convertible Note Payable Due June 30, 2016 [Member] | August 26, 2015 [Member]
Amount Converted		$ 4,280
Shares of Common Stock Issued		214,000
10% Convertible Note Payable Due June 30, 2016 [Member] | September 11, 2015 [Member]
Amount Converted		$ 5,560
Shares of Common Stock Issued		278,000
10% Convertible Note Payable Due June 30, 2016 [Member] | September 24, 2015 [Member]
Amount Converted		$ 4,000
Shares of Common Stock Issued		200,000
10% Convertible Note Payable Due June 30, 2016 [Member] | September 29, 2015 [Member]
Amount Converted		$ 7,449
Shares of Common Stock Issued		372,450

Long-term Notes Payable (Detail

Long-term Notes Payable (Details Narrative) - USD ($)	Dec. 30, 2013	Mar. 31, 2015	Sep. 30, 2015
5% Notes payable One [Member]
Notes payable		$ 48,150	$ 44,744
5% Notes payable One [Member] | Third party [Member]
Debt instrument, face amount	$ 50,000
Debt instrument, payment term	P4Y
Debt instrument, installment payments start date	Jan. 1, 2015
5% Notes payable Two [Member]
Notes payable		2,936	$ 1,359
5% Notes payable Two [Member] | Third party [Member]
Debt instrument, face amount		$ 5,000
Debt instrument, payment term		P26M
Debt instrument, installment payments start date		Oct. 1, 2014

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	Jul. 22, 2015	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2015
Advance from related party		$ 23,890	$ 11,004
Advances payable to related party		189,104		$ 165,214
Mr. Foxwell [Member]
Advance from related party		23,890
Advances payable to related party		189,104		$ 165,214
Kimberly Palmer [Member]
Consulting fees paid		30,962	32,500
KM Delaney & Assoc. [Member]
Administrative services		108,000	89,958
Advances payable to related party		$ 361,589	$ 266,335
Series E Preferred Stock [Member] | Essen Enterprises, Inc. [Member]
Number of shares issued	1,000,000

Stockholders' Equity (Details N

Stockholders' Equity (Details Narrative) - USD ($)	Sep. 30, 2015	Jul. 22, 2015	May. 29, 2015	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2015
Reserve stock split ratio			Each shareholder received one share in the Nevada company for each 100 shares they held in the Florida company. Fractional shares were rounded up, and each shareholder received at least five shares.
Common stock, authorized	480,000,000		500,000,000	480,000,000		480,000,000
Preferred stock, authorized	20,000,000		20,000,000	20,000,000		20,000,000
Common stock, par value (in dollars per shares)	$ 0.001		$ 0.001	$ 0.001		$ 0.001
Preferred stock, par value (in dollars per shares)	$ 0.001		$ 0.001	$ 0.001		$ 0.001
Number of common shares issued upon conversion	26,615,514			26,615,514
Percentage of common stock outstanding	99.00%			99.00%
Number of shares issued, value				$ 140,000
Number of common shares issued upon conversion of convertible notes, value	$ 191,311			$ 191,311	$ 243,322
Number of common shares issued upon conversion of convertible notes	9,565,544
Essen Enterprises, Inc. [Member]
Number of common shares issued upon conversion				6,513,344
Essen Enterprises, Inc. [Member] | Series E Preferred Stock [Member]
Number of common shares issued upon conversion		6,513,344
Number of shares issued		1,000,000
Percentage of common stock outstanding		63.55%
Prefrred stock voting percentage		Preferred stock has ⅔ voting control of the company.
Number of shares issued, value		$ 140,000
Maximum [Member]
Share price (in dollars per shares)	$ 0.007			$ 0.007
Minimum [Member]
Share price (in dollars per shares)	$ 0.25			$ 0.25

Business Segments (Details Narr

Business Segments (Details Narrative)	6 Months Ended
	Sep. 30, 2015Number
Segment Reporting [Abstract]
Number of reportable operating segments	2

Business Segments (Details)

Business Segments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
REVENUE	$ 28,664	$ 36,174	$ 56,347	$ 71,321
GROSS PROFIT	16,425	15,722	31,433	33,586
GENERAL AND ADMINISTRATIVE EXPENSE	315,921	161,246	441,765	330,931
Aquarium And Aquarium Supplies Segment [Member]
Segment Reporting Information [Line Items]
REVENUE	28,664	36,174	56,347	71,321
GROSS PROFIT	16,425	15,722	31,433	33,586
GENERAL AND ADMINISTRATIVE EXPENSE	$ 26,610	$ 31,696	$ 47,573	$ 59,474
Medical Technology Segment [Member]
Segment Reporting Information [Line Items]
REVENUE
GROSS PROFIT
GENERAL AND ADMINISTRATIVE EXPENSE	$ 5,000	$ 20,000	$ 15,000	$ 60,000
Corporate Segment [Member]
Segment Reporting Information [Line Items]
REVENUE
GROSS PROFIT
GENERAL AND ADMINISTRATIVE EXPENSE	$ 284,311	$ 109,550	$ 379,192	$ 211,457

Business Segments (Details 1)

Business Segments (Details 1) - USD ($)	Sep. 30, 2015	Mar. 31, 2015
Segment Reporting Information [Line Items]
TOTAL ASSETS	$ 7,594	$ 11,328
Aquarium And Aquarium Supplies Segment [Member]
Segment Reporting Information [Line Items]
TOTAL ASSETS	6,666	6,800
Corporate Segment [Member]
Segment Reporting Information [Line Items]
TOTAL ASSETS	$ 928	$ 4,528
Medical Technology Segment [Member]
Segment Reporting Information [Line Items]
TOTAL ASSETS

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($)	Oct. 08, 2015	Oct. 01, 2015	Sep. 30, 2015	Sep. 30, 2015
Number of shares issued upon conversion			26,615,514	26,615,514
Subsequent Event [Member] | 10% Convertible Note Payable Due June 30, 2016 [Member]
Debt amount converted	$ 789	$ 5,940
Number of shares issued upon conversion	39,450	297,000