Rainbow Coral (RBCC) 10-Q 19 Feb 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2015	Feb. 03, 2016
Document And Entity Information
Entity Registrant Name	Rainbow Coral Corp.
Entity Central Index Key	1,499,790
Document Type	10-Q
Document Period End Date	Dec. 31, 2015
Trading Symbol	RBCC
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		10,560,200
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,016

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)	Dec. 31, 2015	Mar. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 1,372	$ 5,180
Prepaid expenses		1,095
Inventory	$ 2,736	1,139
Total current assets	4,108	7,414
Fixed assets net of accumulated depreciation of $4,473 and $2,795, respectively	2,236	$ 3,914
Security deposits	350
TOTAL ASSETS	6,694	$ 11,328
CURRENT LIABILITIES
Accounts payable and accrued expenses	229,882	$ 274,684
Bank overdraft	284
Related party advances payable	201,005	$ 165,214
Current portion of convertible notes payable, net of discount of $116,664 and $0, respectively.	59,865
Short-term notes payable	844	$ 13,734
Current portion of long-term notes payable	13,079
Current portion of accrued interest payable	17,574
Total current liabilities	522,533	$ 453,632
Convertible notes payable, net of discount of $449,371 and $237,643, respectively	14,173	164,238
Notes payable	28,201	37,352
Accrued interest payable	12,452	14,127
TOTAL LIABILITIES	$ 577,359	$ 669,349
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' DEFICIT
Common Stock, $0.001 par value; 480,000,000 shares authorized; 10,440,782 shares and 342,106 shares issued and outstanding at December 31, 2015 and March 31, 2015, respectively	$ 10,441	$ 342
Preferred Stock, $0.001 stated value; 20,000,000 shares authorized; 1,000,000 and 0 shares issued and outstanding at December 31, 2015 and March 31, 2015, respectively	1,000
Additional paid-in capital	4,017,194	$ 3,264,425
Accumulated deficit	(4,599,300)	(3,922,788)
Total stockholders' deficit	(570,665)	(658,021)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 6,694	$ 11,328

CONSOLIDATED BALANCE SHEETS (U3

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)	Dec. 31, 2015	Mar. 31, 2015
Statement of Financial Position [Abstract]
Accumulated depreciation of fixed assets	$ 4,473	$ 2,795
Current convertible notes payable, discount	116,664	0
Noncurrent convertible notes payable, discount	$ 449,371	$ 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	10,440,782	342,106
Common Stock, outstanding	10,440,782	342,106
Preferred Stock, stated 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		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
REVENUE	$ 28,040	$ 28,182	$ 84,387	$ 99,503
COST OF GOODS SOLD	9,183	10,592	34,097	48,327
GROSS PROFIT	$ 18,857	17,590	50,290	51,176
OPERATING EXPENSES
Expenses related to joint ventures and business development activities		10,000	15,000	70,000
General and administrative expenses	$ 157,049	137,213	583,814	408,144
Total operating expenses	157,049	147,213	598,814	478,144
LOSS FROM OPERATIONS	(138,192)	(129,623)	(548,524)	(426,968)
OTHER INCOME (EXPENSE)
Interest expense	(41,566)	(121,858)	(127,988)	(360,550)
Total other income (expense)	(41,566)	(121,858)	(127,988)	(360,550)
NET LOSS	$ (179,758)	$ (251,481)	$ (676,512)	$ (787,518)
NET LOSS PER COMMON SHARE - Basic and diluted (in dollars per share)	$ (0.02)	$ (0.77)	$ (0.09)	$ (2.71)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: Basic and diluted (in shares)	10,260,906	325,418	7,183,130	290,241

STATEMENT OF STOCKHOLDERS' DEFI

STATEMENT OF STOCKHOLDERS' DEFICIT (UNAUDITED) - 9 months ended Dec. 31, 2015 - USD ($)	Common Stock [Member]	Series E Preferred Stock [Member]	Additional Paid In Capital [Member]	Accumulated Deficit [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	342,106
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued for conversion of notes payable	$ 10,094		189,865		199,959
Shares issued for conversion of notes payable (in shares)	10,093,994
Discount on issuance of convertible note payable			423,909		423,909
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	5		(5)
Share rounding on reverse split (in shares)	4,682
Net loss				$ (676,512)	$ (676,512)
BALANCE, ending at Dec. 31, 2015	$ 10,441	$ 1,000	$ 4,017,194	$ (4,599,300)	$ (570,665)
BALANCE, ending (in shares) at Dec. 31, 2015	10,440,782	1,000,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (676,512)	$ (787,518)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of discount on convertible note payable	95,517	343,385
Depreciation	1,678	$ 3,780
Preferred stock issued for control	140,000
Changes in operating assets and liabilities:
Inventory	(1,597)	$ (3,073)
Prepaid expenses	1,095	$ 491
Security deposits	(350)
Accounts payable and accrued liabilities	(44,802)	$ 128,616
Accrued interest payable	30,141	17,165
NET CASH USED IN OPERATING ACTIVITIES	(454,830)	(297,154)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from advances	423,909	237,187
Proceeds from related party advances	$ 35,791	21,926
Proceeds from issuance of notes payable		$ 3,930
Repayments of notes payable	$ (8,962)
Bank overdraft	284
NET CASH PROVIDED BY FINANCING ACTIVITIES	451,022	$ 263,043
NET DECREASE IN CASH	(3,808)	(34,111)
CASH, at the beginning of the period	5,180	65,373
CASH, at the end of the period	1,372	$ 31,262
Cash paid during the period for:
Interest	$ (2,330)
Taxes
Noncash investing and financing transaction:
Refinance of accounts payable into convertible notes payable		$ 125,059
Refinance of advances into convertible notes payable	$ 423,909	386,640
Beneficial conversion discount on convertible note payable	423,909	360,299
Conversion of convertible notes payable.	$ 199,959	$ 369,322

General Organization and Busine

General Organization and Business	9 Months Ended
	Dec. 31, 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. Joint Ventures On March 13, 2012, the Company entered into a stock purchase agreement (“N3D Stock Purchase Agreement”) with Nano3D Biosciences, Inc. (“N3D”), a Texas corporation that has developed a unique concept in three dimensional cell research tools. Under the terms of the N3D Stock Purchase Agreement, the Company agreed to acquire 604 shares of common stock of N3D, representing approximately 5% of the outstanding shares on the date of the agreement, for a price of $413.62 per share. The total purchase price of $249,826 was to be paid by making weekly payments of $5,000 until fully paid. Under the terms of the N3D Stock Purchase Agreement, we could discontinue payment of the purchase price at any time by providing written notice to N3D. The Company invested $60,000 in N3D resulting in the acquisition of 145 shares of N3D’s common stock. The Company suspended payments to N3D in May 2012 because of their delay in reaching certain milestones in the commercialization process. The Company wrote off the investment in full due to the uncertainty about whether the carrying amount is recoverable. During the nine months ended December 31, 2015, the Company paid and expensed $10,000 with N3D. On February 1, 2013, the Company entered into a joint venture agreement with TheraKine Ltd. (“TheraKine”) in order to explore potential business opportunities to exploit TheraKine’s drug delivery technologies. TheraKine is the developer of a revolutionary, sustained-release drug delivery platform that could soon make local delivery of biologic agents and small molecules safer, more effective, and more convenient than ever before. During the nine months ended December 31, 2015, the Company made no payments toward this joint venture.

Going Concern

Going Concern	9 Months Ended
	Dec. 31, 2015
Accounting Policies [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 nine months ended December 31, 2015, the Company had a net loss of $676,512 and negative cash flow from operating activities of $454,830. As of December 31, 2015, the Company had negative working capital of $518,425. 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	9 Months Ended
	Dec. 31, 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 nine month period ended December 31, 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	9 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Convertible Notes Payable	Note 4. Convertible Notes Payable During the nine months ended December 31, 2015, Vista View Ventures, Inc. (“Vista View”) advanced $423,909 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 December 31, 2015 and March 31, 2015: December 31, 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 2,322 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 — Convertible note dated December 31, 2015, bearing interest at 10% per annum, maturing December 31, 2018 and convertible into shares of common stock at $0.09 per share 102,345 — Total convertible notes payable $ 640,073 $ 401,881 Less: current portion of convertible notes payable (176,529 ) — Less: discount on convertible notes payable (449,371 ) (237,643 ) Convertible notes payable, net of discount $ 14,173 $ 164,238 Current portion of convertible notes payable 176,529 — Less: discount on current portion of convertible notes payable (116,664 ) — Current portion of convertible notes payable, net of discount $ 59,865 $ — Convertible notes issued During the nine months ended December 31, 2015, the Company signed Convertible Promissory Notes totaling $423,909 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. 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 December 31, 2015 December 31, 2018 10% 0.09 102,345 Total $ 423,909 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 the nine months ended December 31, 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 show 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. During the nine months ended December 31, 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 October 1, 2015 5,940 297,000 October 8, 2015 789 39,450 Total $ 67,773 3,388,650 During the nine months ended December 31, 2015, the holders of the Convertible Note Payable dated September 30, 2014 elected to convert principal and accrued interest in the amounts show below into share of common stock at a rate of $0.01 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 December 22, 2015 $ 1,920 192,000 Total $ 1,920 192,000 In connection with the 1 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 December 31, 2015 would be issued 27,841,559 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	9 Months Ended
	Dec. 31, 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 December 31, 2015 and March 31, 2015, we owed the noteholder $41,280 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 October 2014. At December 31, 2015 and March 31, 2015, we owed the noteholder $844 and $2,936, respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Note 6. Related Party Transactions During the nine months ended December 31, 2015 and 2014, the Company paid consulting fees of $47,115 and $49,500, respectively, to Kimberly Palmer for her services as CEO of the Company. During the nine months ended December 31, 2015, Mr. Foxwell, the president of Father Fish, advanced $35,791 to our subsidiary, Father Fish, for working capital. As of December 31, 2015 and March 31, 2015, related party advances payable to Mr. Foxwell totaled $201,005 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. Services Provided by KM Delaney & Assoc. During the nine months ended December 31, 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 nine months ended December 31, 2015 and 2014, KMDA billed us $142,881 and us $127,264, respectively, for those services. As of December 31, 2015 and March 31, 2015, we owed KMDA $174,760 and $245,365, respectively. These amounts are included in accounts payable and accrued liabilities on the balance sheet.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Dec. 31, 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 December 31, 2015, the Company had 26,014,935 potentially issuable common shares with exercise prices ranging from $0.09 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 participate 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 the nine months ended December 31, 2015, the holders of our convertible notes elected to convert principal and accrued interest of $199,959 into 10,093,994 shares of common stock.

Business Segments

Business Segments	9 Months Ended
	Dec. 31, 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: Nine months ended December 31, Three months ended December 31, 2015 2014 2015 2014 REVENUE Aquarium and aquarium supplies $ 84,387 $ 99,503 $ 28,040 $ 28,182 Medical technology — — — — Corporate — — — — $ 84,387 $ 99,503 $ 28,040 $ 28,182 GROSS PROFIT Aquarium and aquarium supplies $ 50,290 $ 51,176 $ 18,857 $ 17,590 Medical technology — — — — Corporate — — — — $ 50,290 51,176 $ 18,857 17,590 GENERAL AND ADMINISTRATIVE EXPENSE Aquarium and aquarium supplies $ 72,827 $ 83,376 $ 25,254 $ 23,902 Medical technology 15,000 70,000 — 10,000 Corporate 510,987 324,768 131,795 113,311 $ 598,814 $ 478,144 $ 157,049 $ 147,213 Corporate operating expense includes general and administrative costs not allocated to operating segments. December 31, 2015 March 31, 2015 TOTAL ASSETS Aquarium and aquarium supplies $ 5,528 $ 6,800 Medical technology — — Corporate 1,166 4,528 $ 6,694 $ 11,328

Subsequent Events

Subsequent Events	9 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Note 9. Subsequent Events The Company evaluated material events occurring between the end of our fiscal year, March 31, 2016, and through the date when the consolidated financial statements were available to be issued for disclosure consideration. On January 20, 2016, the holders of the convertible promissory note dated June 30, 2014 converted $2,388 of principal and accrued interest into 119,418 shares of common stock.

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 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 nine month period ended December 31, 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)	9 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of convertible notes payable	Convertible notes payable consist of the following as of December 31, 2015 and March 31, 2015: December 31, 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 2,322 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 — Convertible note dated December 31, 2015, bearing interest at 10% per annum, maturing December 31, 2018 and convertible into shares of common stock at $0.09 per share 102,345 — Total convertible notes payable $ 640,073 $ 401,881 Less: current portion of convertible notes payable (176,529 ) — Less: discount on convertible notes payable (449,371 ) (237,643 ) Convertible notes payable, net of discount $ 14,173 $ 164,238 Current portion of convertible notes payable 176,529 — Less: discount on current portion of convertible notes payable (116,664 ) — Current portion of convertible notes payable, net of discount $ 59,865 $ —
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 December 31, 2015 December 31, 2018 10% 0.09 102,345 Total $ 423,909
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 October 1, 2015 5,940 297,000 October 8, 2015 789 39,450 Total $ 67,773 3,388,650 Date Amount Converted Shares of Common Stock Issued December 22, 2015 $ 1,920 192,000 Total $ 1,920 192,000

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Dec. 31, 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: Nine months ended December 31, Three months ended December 31, 2015 2014 2015 2014 REVENUE Aquarium and aquarium supplies $ 84,387 $ 99,503 $ 28,040 $ 28,182 Medical technology — — — — Corporate — — — — $ 84,387 $ 99,503 $ 28,040 $ 28,182 GROSS PROFIT Aquarium and aquarium supplies $ 50,290 $ 51,176 $ 18,857 $ 17,590 Medical technology — — — — Corporate — — — — $ 50,290 51,176 $ 18,857 17,590 GENERAL AND ADMINISTRATIVE EXPENSE Aquarium and aquarium supplies $ 72,827 $ 83,376 $ 25,254 $ 23,902 Medical technology 15,000 70,000 — 10,000 Corporate 510,987 324,768 131,795 113,311 $ 598,814 $ 478,144 $ 157,049 $ 147,213
Schedule of corporate operating expense	Corporate operating expense includes general and administrative costs not allocated to operating segments. December 31, 2015 March 31, 2015 TOTAL ASSETS Aquarium and aquarium supplies $ 5,528 $ 6,800 Medical technology — — Corporate 1,166 4,528 $ 6,694 $ 11,328

General Organization and Busi19

General Organization and Business (Details Narrative) - USD ($)	May. 29, 2015	Mar. 13, 2012	Dec. 31, 2015
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.
N3D Stock Purchase Agreement [Member] | Nano3D Biosciences, Inc. [Member]
Number of common shares acquired under equity method		604
Percentage of common stock outstanding		5.00%
Common stock price (in dollars per share)		$ 413.62
Total aggregate cost of investment		$ 249,826
Number of common shares acquired		145
Total purchase price		$ 60,000
Total purchase price paid by weekly payments		$ 5,000
Expenses paid			$ 10,000

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Net loss	$ (179,758)	$ (251,481)	$ (676,512)	$ (787,518)
Cash flow from operating activities			(454,830)	$ (297,154)
Working capital			$ (518,425)

Convertible Notes Payable (Deta

Convertible Notes Payable (Details) - USD ($)	9 Months Ended
	Dec. 31, 2015	Mar. 31, 2015
Less: discount on convertible notes payable	$ 449,371	$ 237,643
Convertible notes payable, net of discount	14,173	164,238
Less: discount on current portion of convertible notes payable	116,664	$ 0
Current portion of convertible notes payable, net of discount	$ 59,865
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	$ 2,322
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	640,073	$ 401,881
Less: current portion of convertible notes payable	(176,529)
Less: discount on convertible notes payable	(449,371)	$ (237,643)
Convertible notes payable, net of discount	14,173	$ 164,238
Current portion of convertible notes payable	176,529
Less: discount on current portion of convertible notes payable	(116,664)
Current portion of convertible notes payable, net of discount	$ 59,865
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
Vista View Ventures, Inc. (Non-Interest Bearing Advances) [Member]
Total convertible notes payable	$ 423,909
Vista View Ventures, Inc. (Non-Interest Bearing Advances) [Member] | 10% Convertible Note Payable Due June 30, 2016 [Member]
Total convertible notes payable		$ 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)	$ 0.25
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)	$ 0.25
Total convertible notes payable	$ 267,558
Vista View Ventures, Inc. (Non-Interest Bearing Advances) [Member] | 10% Convertible Note Payable Due December 31, 2018 [Member]
Issuance date	Dec. 31, 2015
Conversion price (in dollars per share)	$ 0.09
Total convertible notes payable	$ 102,345

Convertible Notes Payable (De22

Convertible Notes Payable (Details 1) - Vista View Ventures, Inc. (Non-Interest Bearing Advances) [Member] - USD ($)	9 Months Ended
	Dec. 31, 2015	Mar. 31, 2015
Note Amount	$ 423,909
10% Convertible Note Payable Due June 30, 2017 [Member]
Date Issued	Jun. 30, 2015
Conversion Rate (in dollars per share)	$ 0.25
Note Amount	$ 54,006
10% Convertible Note Payable Due September 30, 2018 [Member]
Date Issued	Sep. 30, 2015
Conversion Rate (in dollars per share)	$ 0.25
Note Amount	$ 267,558
10% Convertible Note Payable Due December 31, 2018 [Member]
Date Issued	Dec. 31, 2015
Conversion Rate (in dollars per share)	$ 0.09
Note Amount	$ 102,345

Convertible Notes Payable (De23

Convertible Notes Payable (Details 2)	9 Months Ended
	Dec. 31, 2015USD ($)shares
Shares of Common Stock Issued	27,841,559
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 (De24

Convertible Notes Payable (Details 3)	9 Months Ended
	Dec. 31, 2015USD ($)shares
Shares of Common Stock Issued	27,841,559
10% Convertible Note Payable Due June 30, 2016 [Member]
Amount Converted | $	$ 67,773
Shares of Common Stock Issued	3,388,650
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
10% Convertible Note Payable Due June 30, 2016 [Member] | October 1, 2015 [Member]
Amount Converted | $	$ 5,940
Shares of Common Stock Issued	297,000
10% Convertible Note Payable Due June 30, 2016 [Member] | October 8, 2015 [Member]
Amount Converted | $	$ 789
Shares of Common Stock Issued	39,450

Convertible Notes Payable (De25

Convertible Notes Payable (Details 4)	9 Months Ended
	Dec. 31, 2015USD ($)shares
Shares of Common Stock Issued	27,841,559
10% Convertible Note Payable Due September 30, 2016 [Member]
Amount Converted | $	$ 1,920
Shares of Common Stock Issued	192,000
December 22, 2015 [Member] | 10% Convertible Note Payable Due September 30, 2016 [Member]
Amount Converted | $	$ 1,920
Shares of Common Stock Issued	192,000

Convertible Notes Payable (De26

Convertible Notes Payable (Details Narrative) - USD ($)	May. 29, 2015	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2015	Jun. 30, 2015
Amortization of debt discount		$ 95,517	$ 343,385
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		27,841,559
Percentage of common stock outstanding		99.00%
Vista View Ventures, Inc. (Non-Interest Bearing Advances) [Member]
Total convertible notes payable		$ 423,909
Maximum percentage of ownership interest		4.99%
Effective interest rate		224.88%		222.23%	277.49%

Long-term Notes Payable (Detail

Long-term Notes Payable (Details Narrative) - USD ($)	Dec. 30, 2013	Mar. 31, 2015	Dec. 31, 2015
5% Notes Payable One [Member]
Notes payable		$ 48,150	$ 41,280
5% Notes Payable One [Member] | Third Party [Member]
Debt instrument, face amount	$ 50,000
Debt instrument, payment term	4 years
Debt instrument, installment payments start date	Jan. 1, 2015
5% Notes Payable Two [Member]
Notes payable		2,936	$ 844
5% Notes Payable Two [Member] | Third Party [Member]
Debt instrument, face amount		$ 5,000
Debt instrument, payment term		twenty-six equal monthly installments
Debt instrument, installment payments start date		Oct. 1, 2014

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	Jul. 22, 2015	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2015
Advance from related party		$ 35,791	$ 21,926
Advances payable to related party		201,005		$ 165,214
Kimberly Palmer [Member]
Consulting fees paid		47,115	49,500
Mr. Foxwell [Member]
Advance from related party		35,791
Advances payable to related party		201,005		165,214
KM Delaney & Assoc. [Member]
Advances payable to related party		174,760		$ 245,365
Administrative services		$ 142,881	$ 127,264
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 ($)	Jul. 22, 2015	May. 29, 2015	Dec. 31, 2015	Dec. 31, 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		500,000,000	480,000,000		480,000,000
Preferred stock, authorized		20,000,000	20,000,000		20,000,000
Common stock, par value (in dollars per share)		$ 0.001	$ 0.001		$ 0.001
Preferred stock, par value (in dollars per share)		$ 0.001	$ 0.001		$ 0.001
Number of common shares issued upon conversion			27,841,559
Percentage of common stock outstanding			99.00%
Number of shares issued, value			$ 140,000
Number of common shares issued upon conversion of convertible notes, value			$ 199,959	$ 369,322
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 share)			$ 0.25
Minimum [Member]
Share price (in dollars per share)			$ 0.09

Business Segments (Details Narr

Business Segments (Details Narrative)	9 Months Ended
	Dec. 31, 2015Number
Segment Reporting [Abstract]
Number of reportable operating segments	2

Business Segments (Details)

Business Segments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
REVENUE	$ 28,040	$ 28,182	$ 84,387	$ 99,503
GROSS PROFIT	18,857	17,590	50,290	51,176
GENERAL AND ADMINISTRATIVE EXPENSE	157,049	147,213	598,814	478,144
Aquarium And Aquarium Supplies Segment [Member]
Segment Reporting Information [Line Items]
REVENUE	28,040	28,182	84,387	99,503
GROSS PROFIT	18,857	17,590	50,290	51,176
GENERAL AND ADMINISTRATIVE EXPENSE	$ 25,254	$ 23,902	$ 72,827	$ 83,376
Medical Technology Segment [Member]
Segment Reporting Information [Line Items]
REVENUE
GROSS PROFIT
GENERAL AND ADMINISTRATIVE EXPENSE		$ 10,000	$ 15,000	$ 70,000
Corporate Segment [Member]
Segment Reporting Information [Line Items]
REVENUE
GROSS PROFIT
GENERAL AND ADMINISTRATIVE EXPENSE	$ 131,795	$ 113,311	$ 510,987	$ 324,768

Business Segments (Details 1)

Business Segments (Details 1) - USD ($)	Dec. 31, 2015	Mar. 31, 2015
Segment Reporting Information [Line Items]
TOTAL ASSETS	$ 6,694	$ 11,328
Aquarium And Aquarium Supplies Segment [Member]
Segment Reporting Information [Line Items]
TOTAL ASSETS	5,528	6,800
Corporate Segment [Member]
Segment Reporting Information [Line Items]
TOTAL ASSETS	$ 1,166	$ 4,528
Medical Technology Segment [Member]
Segment Reporting Information [Line Items]
TOTAL ASSETS

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($)	Jan. 20, 2016	Dec. 31, 2015
Number of shares issued upon conversion		27,841,559
Subsequent Event [Member] | 10% Convertible Note Payable Due June 30, 2016 [Member]
Debt amount converted	$ 2,388
Number of shares issued upon conversion	119,418