Cover
Cover - shares | 3 Months Ended | |
Jun. 30, 2021 | Aug. 13, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q/A | |
Amendment Flag | true | |
Amendment Description | This Amendment No. 1 (the “Amendment”) to the Quarterly Report on Form 10-Q of PetVivo Holdings, Inc. (the “Company”) for the quarter ended June 30, 2021, originally filed with the Securities and Exchange Commission on August 16, 2021 (the “Original Form 10-Q”) is being filed to complete the filing by tagging the Original Form 10-Q for inline XBRL which not originally included as a result of technical difficulties. | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 000-55167 | |
Entity Registrant Name | PetVivo Holdings Inc. | |
Entity Central Index Key | 0001512922 | |
Entity Tax Identification Number | 99-0363559 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 5251 Edina Industrial Blvd. | |
Entity Address, City or Town | Edina | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55439 | |
City Area Code | 952 | |
Local Phone Number | 405-6216 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,647,711 | |
Common Stock, par value $0.001 [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.001 | |
Trading Symbol | PETV | |
Security Exchange Name | NASDAQ | |
Warrants to Purchase Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants to purchase Common Stock | |
Trading Symbol | PETVW | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 143,084 | $ 23,578 |
Accounts receivable | ||
Inventory, net | ||
Prepaid expenses and other assets | 102,550 | 123,575 |
Total Current Assets | 245,634 | 147,153 |
Property and Equipment, net | 202,168 | 214,038 |
Other Assets: | ||
Deferred offering costs | 305,353 | 280,163 |
Operating lease right-of-use | 151,190 | 157,760 |
Trademark and patents, net | 32,267 | 27,932 |
Security deposit | 8,201 | 8,201 |
Total Other Assets | 497,011 | 474,056 |
Total Assets | 944,813 | 835,247 |
Current Liabilities | ||
Accounts payable and accrued expenses | 1,149,040 | 962,885 |
Convertible notes and accrued interest | 235,671 | |
Accrued expenses – related parties | 50,898 | 36,808 |
Operating lease liability – short term | 26,754 | 26,582 |
PPP Loan and accrued interest | 7,436 | 39,020 |
Notes payable and accrued interest - directors | 20,300 | 20,000 |
Notes payable and accrued interest – related party | 48,267 | 44,554 |
Note payable and accrued interest | 37,860 | 39,528 |
Total Current Liabilities | 1,340,555 | 1,405,048 |
Other Liabilities | ||
Operating lease liability (net of current) | 124,436 | 131,178 |
Share-settled debt obligation – related party, net of debt discount | 196,000 | 196,000 |
Total Other Liabilities | 320,436 | 327,178 |
Total Liabilities | 1,660,991 | 1,732,226 |
Commitments and Contingencies (see Note 13) | ||
Stockholders’ Equity (Deficit): | ||
Preferred stock, par value $0.001, 20,000,000 shares authorized, issued 0 and 0 shares outstanding at June 30, 2021 and March 31, 2021 | ||
Common stock, par value $0.001, 250,000,000 shares authorized, issued 7,093,155 and 6,799,113 shares outstanding at June 30, 2021 and March 31, 2021 | 7,093 | 6,799 |
Additional Paid-In Capital | 57,878,784 | 57,207,648 |
Accumulated Deficit | (58,602,055) | (58,111,426) |
Total Stockholders’ Deficit | (716,178) | (896,979) |
Total Liabilities and Stockholders’ Deficit | $ 944,813 | $ 835,247 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Mar. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 7,093,155 | 6,799,113 |
Common stock, shares outstanding | 7,093,155 | 6,799,113 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||
Revenues | $ 4,145 | $ 2,006 |
Cost of Sales | 5,051 | |
Gross Profit | (906) | 2,006 |
Operating Expenses: | ||
Sales and Marketing | 49,731 | 46,682 |
General and administrative | 330,945 | 397,392 |
Research and development | 136,937 | |
Total Operating Expenses | 517,613 | 444,074 |
Operating Loss | (518,519) | (442,068) |
Other Income (Expense) | ||
Gain on Sale of Asset | 482 | |
Forgiveness of PPP loan and accrued interest | 31,680 | |
Derivative expense | (342,200) | |
Interest Expense and other | (3,790) | (30,222) |
Total Other Income (Expense) | 27,890 | (371,940) |
Net Loss before taxes | (490,629) | (814,008) |
Income Tax Provision | ||
Net Loss | $ (490,629) | $ (814,008) |
Net Loss Per Share: | ||
Basic and Diluted | $ (0.07) | $ (0.16) |
Weighted Average Common Shares Outstanding: | ||
Basic and Diluted | 6,946,353 | 5,161,101 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Common Stock to be Issued [Member] | Total |
Beginning balance, value at Mar. 31, 2020 | $ 5,728 | $ 53,494,748 | $ (54,588,645) | $ 52,000 | $ (1,036,170) |
Beginning balance, shares at Mar. 31, 2020 | 5,727,965 | ||||
Common stock and warrants sold | $ 20 | 51,980 | (52,000) | ||
Common stock and warrants sold, shares | 20,000 | ||||
Warrants issued with convertible debt | 91,500 | 91,500 | |||
Stock-based compensation | $ 30 | 183,214 | 183,244 | ||
Stock-based compensation, shares | 30,000 | ||||
Net loss | (814,008) | (814,008) | |||
Ending balance, value at Jun. 30, 2020 | $ 5,778 | 53,821,442 | (55,402,653) | (1,575,434) | |
Ending balance, shares at Jun. 30, 2020 | 5,777,965 | ||||
Beginning balance, value at Mar. 31, 2021 | $ 6,799 | 57,207,648 | (58,111,426) | (896,979) | |
Beginning balance, shares at Mar. 31, 2021 | 6,799,113 | ||||
Common stock sold | $ 50 | 343,048 | 343,098 | ||
Common stock sold, shares | 49,014 | ||||
Cash paid to exercise warrants | $ 4 | 39,996 | 40,000 | ||
Cash paid to exercise warrants, shares | 4,500 | ||||
Stock issued for debt conversion | $ 80 | 232,578 | 232,658 | ||
Stock issued for debt conversion, shares | 80,522 | ||||
Cashless warrant exercises | $ 160 | (160) | |||
Cashless warrant exercises, shares | 160,006 | ||||
Stock-based compensation | 55,674 | 55,674 | |||
Net loss | (490,629) | (490,629) | |||
Ending balance, value at Jun. 30, 2021 | $ 7,093 | $ 57,878,784 | $ (58,602,055) | $ (716,178) | |
Ending balance, shares at Jun. 30, 2021 | 7,093,155 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Loss For The Period | $ (490,629) | $ (814,008) |
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: | ||
Derivative expense | 342,200 | |
Stock-based compensation | 55,674 | 183,244 |
Depreciation and amortization | 13,599 | 51,805 |
Amortization of debt discount | 19,608 | |
Forgiveness of PPP loan and accrued interest | (31,680) | |
Intangible impairment | 3,606 | |
Gain on sale of asset | (482) | |
Changes in Operating Assets and Liabilities | ||
(Increase) decrease in prepaid expenses and other assets | 21,025 | (4,347) |
Increase in accounts receivable | (1,000) | |
Deferred offering costs | (25,190) | |
Interest accrued on convertible notes payable | 192 | 8,819 |
Interest accrued on notes payable - related party | 4,013 | 1,387 |
Interest accrued on notes payable | 96 | 295 |
Increase (decrease) in accounts payable and accrued expense | 182,949 | (13,224) |
Increase (decrease) in accrued expenses - related party | 14,090 | (13,234) |
Net Cash Used In Operating Activities | (255,861) | (235,331) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Sale of equipment | 482 | |
Purchase of equipment | (41,236) | |
Increase in patents and trademarks | (6,063) | (5,136) |
Net Cash Used in Investing Activities | (6,063) | (45,890) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from common stock sold | 343,098 | 52,000 |
Proceeds from exercise of warrants | 40,000 | |
Proceeds from PPP loan | 38,665 | |
Proceeds from convertible notes | 322,500 | |
Repayments of convertible notes | (13,962) | |
Repayments of notes payable | (1,668) | |
Net Cash Provided by Financing Activities | 381,430 | 399,203 |
Net Increase in Cash | 119,506 | 117,982 |
Cash at Beginning of Period | 23,578 | 10,582 |
Cash at End of Period | 143,084 | 128,564 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest | 3,889 | 13,962 |
SUPPLEMENTAL DISCLOSURE ON NON-CASH FINANCING AND INVESTING ACTIVITIES | ||
Derivative treated as debt discount | 352,941 | |
Stock granted for debt conversion | $ 232,658 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION | 3 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (A) Organization and Description The Company is in the business of licensing and commercializing our proprietary medical devices and biomaterials for the treatment of afflictions and diseases in animals, initially for dogs and horses. The Company’s operations are conducted from its headquarter facilities in suburban Minneapolis, Minnesota. (B) Basis of Presentation PetVivo Holdings, Inc. (the “Company”) was incorporated in Nevada under a former name in 2009 and entered its current business in 2014 through a stock exchange reverse merger with PetVivo, Inc., a Minnesota corporation. This merger resulted in Minnesota PetVivo becoming a wholly-owned subsidiary of the Company. In April 2017, the Company acquired another Minnesota corporation, Gel-Del Technologies, Inc., through a statutory merger, which is also a wholly-owned subsidiary of the Company. In October 2020, the Company approved a 1-for-4 reverse split of our outstanding shares of common stock that was effectuated on December 29, 2020; concurrently, the Company increased its authorized shares of common stock from 225,000,000 250,000,000 (C) Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its two wholly-owned Minnesota corporations, Gel-Del Technologies, Inc. and PetVivo, Inc. All intercompany accounts have been eliminated upon consolidation. (D) Use of Estimates In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates. Significant estimates include estimated useful lives and potential impairment of property and equipment, estimate of fair value of share-based payments and derivative instruments and recorded debt discount, valuation of deferred tax assets and valuation of in-kind contribution of services and interest. (E) Cash and Cash Equivalents The Company considers all highly-liquid, temporary cash investments with an original maturity of three months or less to be cash equivalents. The Company had no (F) Concentration-Risk The Company maintains its cash with various financial institutions, which at times may exceed federally insured limits. As of June 30, 2021 and March 31, 2021, the Company did not have any cash balances in excess of the federally insured limits. (H) Property & Equipment Property and equipment are recorded at cost. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation is computed by the straight-line method (after considering their respective estimated residual values) over the assets estimated useful life of ( 3 5 7 (I) Patents and Trademarks The Company capitalizes direct costs for the maintenance and advancement of their patents and trademarks and amortizes these costs over the lesser of a useful life of 60 (J) Loss Per Share Basic loss per share is computed by dividing net loss by weighted average number of shares of common stock outstanding during each period. Diluted loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period. The Company has 731,444 1.20 10.00 2.15 The Company has 1,288,937 1.33 17.28 2.27 The Company uses the guidance in Accounting Standards Codification 260 (“ASC 260”) to determine if-converted loss per share. ASC 260 states that convertible securities should be considered exercised at the later date of the first day of the reporting period’s quarter or the inception date of the debt instrument. Also, the if-converted method shall not be applied for the purposes of computing diluted EPS if the effect would be antidilutive. At June 30, 2021, the Company has a Share-Settled Debt Obligation to a Related Party of $ 196,000 (K) Revenue Recognition The Company recognizes revenue on arrangements in accordance with FASB ASC No. 606, “Revenue From Contracts With Customers”. Revenue is recognized upon shipment of our pet care products to our customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. (L) Research and Development The Company expenses research and development costs as incurred. (M) Fair Value of Financial Instruments The Company applies the accounting guidance under FASB ASC 820-10, “Fair Value Measurements”, as well as certain related FASB staff positions. This guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact business and considers assumptions that marketplace participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The guidance also establishes a fair value hierarchy for measurements of fair value as follows: ● Level 1 - quoted market prices in active markets for identical assets or liabilities. ● Level 2 - inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 - unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s financial instruments consist of accounts receivable, accounts payable, accrued expenses, accrued expenses – related parties, notes payable and accrued interest, and notes payable and accrued interest - related party, notes payable – directors and others. The carrying amount of the Company’s financial instruments approximates their fair value as of June 30, 2021 and March 31, 2021, due to the short-term nature of these instruments and the Company’s borrowing rate of interest. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The valuation of the Company’s notes recorded at fair value is determined using Level 3 inputs, which consider (i) time value, (ii) current market and (iii) contractual prices. The Company had no (N) Stock-Based Compensation - Non-Employees Equity Instruments Issued to Parties Other Than Employees for Acquiring Goods or Services The Company accounts for equity instruments issued to parties other than employees for acquiring goods or services under guidance of Sub-topic 505-50 of the FASB Accounting Standards Codification (“Sub-topic 505-50”). Pursuant to ASC Section 505-50-30, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur. If the Company is a newly formed corporation or shares of the Company are thinly traded the use of share prices established in the Company’s most recent private placement memorandum (“PPM”), or weekly or monthly price observations would generally be more appropriate than the use of daily price observations as such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market. The fair value of share options and similar instruments is estimated on the date of grant using a Black-Scholes option-pricing valuation model. The ranges of assumptions for inputs are as follows: ● Expected term of share options and similar instruments: Pursuant to Paragraph 718-10-50-2(f)(2)(i) of the FASB Accounting Standards Codification the expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and holder’s expected exercise behavior into the fair value (or calculated value) of the instruments. The Company uses historical data to estimate holder’s expected exercise behavior. If the Company is a newly formed corporation or shares of the Company are thinly traded the contractual term of the share options and similar instruments is used as the expected term of share options and similar instruments as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term. ● Expected volatility of the entity’s shares and the method used to estimate it. Pursuant to ASC Paragraph 718-10-50-2(f)(2)(ii) a thinly traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the Company to estimate the expected volatility of its share price, the appropriate industry sector index that it has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index. The Company uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility. If shares of a company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatility calculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market. ● Expected annual rate of quarterly dividends. An entity that uses a method that employs different dividend rates during the contractual term shall disclose the range of expected dividends used and the weighted-average expected dividends. The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the expected term of the share options and similar instruments. ● Risk-free rate(s). An entity that uses a method that employs different risk-free rates shall disclose the range of risk-free rates used. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the expected term of the share options and similar instruments. Pursuant to Paragraphs 505-50-25-8 and 505-50-25-9, an entity may grant fully vested, non-forfeitable equity instruments that are exercisable by the grantee only after a specified period of time if the terms of the agreement provide for earlier exercisability if the grantee achieves specified performance conditions. Any measured cost of the transaction shall be recognized in the same period(s) and in the same manner as if the entity had paid cash for the goods or services or used cash rebates as a sales discount instead of paying with, or using, the equity instruments. A recognized asset, expense, or sales discount shall not be reversed if a share option and similar instrument that the counterparty has the right to exercise expires unexercised. (O) Income Taxes The Company accounts for income taxes under Accounting Standards Codification (ASC) Topic 740. Deferred tax assets and liabilities are determined based upon differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. As required by ASC Topic 450, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent The Company is not currently under examination by any federal or state jurisdiction. The Company’s policy is to record tax-related interest and penalties as a component of operating expenses. (P) Inventory Inventories are recorded in accordance with ASC 330 and are stated at the lower of cost or net realizable value. We account for inventories using the first in first out (FIFO) methodology. (Q) Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Topic 842 affects any entity that enters into a lease, with some specified scope exemptions. The guidance in this ASU supersedes Topic 840, Leases. The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use (“ROU”) asset representing its right to use the underlying asset for the lease term. The Company adopted Topic 842 on April 1, 2019 and resulted in a right of use asset and liability of $ 154,917 All other newly issued accounting pronouncements but not yet effective have been deemed either immaterial or not applicable. |
INVENTORY
INVENTORY | 3 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORY | NOTE 2 – INVENTORY As of June 30, 2021 and March 31, 2021, the Company had inventory of $ 41,468 47,068 The inventory components are as follows: SCHEDULE OF INVENTORY June 30, 2021 March 31, 2021 Finished Goods $ 34,123 $ 36,973 Raw Materials 6,273 8,773 Manufacturing Supplies 1,072 1,322 Inventory, Gross 41,468 47,068 Reserve for Obsolete Inventory (41,468 ) (47,068 ) Total Net $ — $ — The Company recognized income of $ 3,289 |
PREPAID EXPENSES AND DEFERRED O
PREPAID EXPENSES AND DEFERRED OFFERING COSTS | 3 Months Ended |
Jun. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
PREPAID EXPENSES AND DEFERRED OFFERING COSTS | NOTE 3 – PREPAID EXPENSES AND DEFERRED OFFERING COSTS As of June 30, 2021, the Company had $ 102,550 84,000 10,000 6,000 305,353 As of March 31, 2021, the Company had $ 123,575 78,000 9,000 9,000 280,163 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 3 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 4 – PROPERTY AND EQUIPMENT The components of property and equipment were as follows: SCHEDULE OF PROPERTY AND EQUIPMENT June 30, 2021 March 31, 2021 Leasehold improvements $ 198,015 $ 198,015 Production equipment 128,849 128,849 R&D equipment 25,184 25,184 Furniture 10,130 10,130 Total, at cost 362,178 362,178 Accumulated depreciation (160,010 ) (148,140 ) Total Net $ 202,168 $ 214,038 Depreciation expense was $ 11,870 6,489 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 3 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | NOTE 5 – INTANGIBLE ASSETS The components of intangible assets, all of which are finite-lived, were as follows: SCHEDULE OF INTANGIBLE ASSETS June 30, 2021 March 31, 2021 Patents $ 3,846,967 $ 3,840,903 Trademarks 26,142 26,142 Total at cost 3,873,109 3,867,045 Accumulated Amortization (3,840,842 ) (3,839,113 ) Total net $ 32,267 $ 27,932 Amortization expense was $ 1,729 45,316 3,606 |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 3 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | NOTE 6 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES The components of accounts payable and accrued expenses were as follows: SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES June 30, 2021 March 31, 2021 Accounts payable $ 905,736 $ 741,111 Accrued payroll and related taxes 243,304 221,774 Total $ 1,149,040 $ 962,885 |
RELATED PARTY NOTES PAYABLE
RELATED PARTY NOTES PAYABLE | 3 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY NOTES PAYABLE | NOTE 7 - RELATED PARTY NOTES PAYABLE At June 30, 2021 and March 31, 2021, the Company is obligated for a related party note payable and accrued interest in the total amount of $ 48,267 44,554 June 30, 2022 3,100 24 3,500,000 The Company entered into notes payable with four directors in March 2021 which accrue interest at a rate of 6% 20,300 20,000 |
NOTES PAYABLE AND CONVERTIBLE N
NOTES PAYABLE AND CONVERTIBLE NOTES | 3 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE AND CONVERTIBLE NOTES | NOTE 8 – NOTES PAYABLE AND CONVERTIBLE NOTES In January 2020, the Company entered into a lease amendment for our corporate office facility whereby the lease term was extended through November of 2026 in exchange for a loan of $ 42,500 6% 37,860 39,528 On May 1, 2020, the Company received $ 38,665 39,020 1% May 1, 2022 31,680 7,436 738 At March 31, 2021, the Company was obligated for several convertible notes payable in the total amount of $ 235,671 230,000 5,671 2,658 80,522 2.89 10% 3,093 3,397 At June 30, 2020, the Company is obligated for one convertible note payable held by RedDiamond Partners, LLC (“RDCN”); the Company entered into the RDCN on June 15, 2020, whereby the note is convertible on or after January 15, 2021 and before maturity on March 15, 2021 at a rate of $ .28 352,941 52,941 15% 12.5% 354,779 1,838 557,143 91,500 0 352,941 91,500 2,500 2,500 206,000 333,333 0 19,608 30,000 75,000 31,500 61,500 52,399 |
SHARE-SETTLED DEBT OBLIGATION _
SHARE-SETTLED DEBT OBLIGATION – RELATED PARTY | 3 Months Ended |
Jun. 30, 2021 | |
Share-settled Debt Obligation Related Party | |
SHARE-SETTLED DEBT OBLIGATION – RELATED PARTY | NOTE 9 – SHARE-SETTLED DEBT OBLIGATION – RELATED PARTY Effective September 1, 2020, the Company entered into two debt settlement agreements with David B. Masters, a director of the Company, pursuant to an Amendment to Promissory Note and a Promissory Note. The Amendment to Promissory Note extends, for up to an additional two years and under the same terms as originally entered into, the original promissory notes which were issued by Gel-Del Technologies, Inc., a wholly owned subsidiary of the Company, to Dr. Masters. Because this Amendment to Promissory Note simply extended the term over which the Company is required to pay back the outstanding balance this change has been treated as a debt modification. The outstanding principal of $ 59,642 6,058 65,700 8% 20% The Amendment to Promissory Note requires monthly payments of $ 3,100 June 30, 2022 The Promissory Note was entered into with an effective date of September 1, 2020 in a principal amount of $ 195,000 David Masters’ release of any claim to the $195,000 in past accrued salary he was owed, it accrues interest at a rate of 3% August 31, 2022 4,000 A Settlement and General Release (“ Settlement Agreement On October 15, 2020, the Company entered into a note conversion agreement with David Masters whereby the Company and Mr. Masters both agreed to convert his note payable in the then outstanding balance of $ 193,158 192,500 658 196,000 192,500 3,500 658 3,500 196,000 At June 30, 2021 and March 31, 2021, the Company was obligated for principal and accrued interest in the amounts of $- 0 0 48,267 44,554 |
DERIVATIVE LIABILITY AND EXPENS
DERIVATIVE LIABILITY AND EXPENSE | 3 Months Ended |
Jun. 30, 2021 | |
Derivative Liability And Expense | |
DERIVATIVE LIABILITY AND EXPENSE | NOTE 10 – DERIVATIVE LIABILITY AND EXPENSE The Company evaluates its convertible instruments, options, warrants or other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for under ASC Topic 815, “Derivatives and Hedging.” The result of this accounting treatment is that the fair value of the derivative is marked-to-market each balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statement of operation as other income (expense). Upon conversion or exercise of a derivative instruments, the instrument is marked to fair value at the conversion date then that fair value is recognized as a gain or loss on extinguishment. Equity instruments that are initially classified as equity that become subject to reclassification under ASC Topic 815 are reclassified to liabilities at the fair value of the instrument on the reclassification date. The Company used the following assumptions for determining the fair value of the conversion feature in the RDCN referenced in Note 8 to these financial statements, under the binomial pricing model with Monte Carlo simulations at June 15, 2020 and June 30, 2020, the issuance and balance sheet dates, respectively: SCHEDULE OF DERIVATIVE LIABILITY ASSUMPTIONS June 15, 2020 June 30, 2020 Stock price on valuation date $ .42 $ .44 Conversion price $ .28 $ .28 Days to maturity 273 258 Weighted-average volatility* 367 % 367 % Risk-free rate .18 % .18 % The initial valuation of $ 526,800 206,000 0 320,800 526,800 0 0 21,400 |
ACCRUED EXPENSES _ RELATED PART
ACCRUED EXPENSES – RELATED PARTY | 3 Months Ended |
Jun. 30, 2021 | |
Accrued Expenses Related Party | |
ACCRUED EXPENSES – RELATED PARTY | NOTE 11– ACCRUED EXPENSES – RELATED PARTY At June 30, 2021, the Company was obligated to pay $ 50,898 29,855 21,043 At March 31, 2021, the Company was obligated to pay $ 36,808 28,965 7,843 |
RETIREMENT PLAN
RETIREMENT PLAN | 3 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
RETIREMENT PLAN | NOTE 12– RETIREMENT PLAN In February 2021, the Company established a 401(k) retirement plan for its employees in which eligible employees can contribute a percentage of their compensation. The Company may also make discretionary contributions. The Company did not make any contributions to the plan for the three months ended June 30, 2021. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 13 – COMMITMENTS AND CONTINGENCIES The Company entered into an eighty-four-month lease for 3,577 2% This lease is terminable by the landlord if damage causes the property to no longer be utilized as an integrated whole and by the Company if damage causes the facility to be unusable for a period of 45 days. In January 2020, the Company entered into a lease amendment whereby agreed to extend the lease term through November of 2026 42,500 7,500 2,205 Rent expense for the three months ended June 30, 2021 and 2020 were $ 11,511 13,568 The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of June 30, 2021: SCHEDULE OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY 2021 2022 $ 20,020 2023 27,167 2024 27,710 2025 28,265 2026 28,830 2027 19,474 Total $ 151,466 Less: amount representing interest (276 ) Total $ 151,190 In compliance with ASC 842, the Company recognized, based on the extended lease term to November 2026 and a treasury rate of 0.12% 189,600 6 0.12% SCHEDULE OF BASE RENT LEASE PAYMENTS Present value of future base rent lease payments $ 151,190 Base rent payments included in prepaid expenses - Present value of future base rent lease payments – net $ 151,190 As of June 30, 2021, the present value of future base rent lease payments – net is classified between current and non-current assets and liabilities as follows: SCHEDULE OF LEASE CURRENT AND NON-CURRENT ASSETS AND LIABILITIES Operating lease right-of-use asset $ 151,190 Total operating lease assets 151,190 Operating lease current liability 26,754 Operating lease other liability 124,436 Total operating lease liabilities $ 151,190 Pursuant to a lease wherein our subsidiary, Gel-Del Technologies, Inc., was the lessee until and through the lease’s termination in fiscal year 2017-2018, the Company had recorded as of those fiscal years approximately $ 330,000 The Company has employment agreements with the Chief Executive Officer and Chief Financial Officer. As of June 30, 2021 and March 31, 2021, these agreements do not contain severance benefits if terminated without cause. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 14 - GOING CONCERN The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The Company incurred net losses of $ 490,629 255,861 58,602,055 1,094,921 716,178 Management intends to raise additional funds either through a private placement or public offering of its equity securities. Management believes that the actions presently being taken to further implement its business plan will enable the Company to continue as a going concern. While the Company believes in its viability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and raise additional funds. COVID-19 has had an impact on the global economy, which directly or indirectly may have an impact on our ability to continue as a going concern. These financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
COMMON STOCK AND WARRANTS
COMMON STOCK AND WARRANTS | 3 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
COMMON STOCK AND WARRANTS | NOTE 15 – COMMON STOCK AND WARRANTS Equity Incentive Plan On July 10, 2020, our Board of Directors unanimously approved the PetVivo Holdings, Inc “2020 Equity Incentive Plan” (the “2020 Plan”), subject to approval by our stockholders at the Regular Meeting of Stockholders held on September 22, 2020, when it was approved by our stockholders and became effective. The number of shares of our common stock available and that may be issued as awards under the 2020 Plan is 1,000,000 July 10, 2030 Employees, consultants and advisors of the Company (or any subsidiary), and non-employee directors of the Company will be eligible to receive awards under the 2020 Plan. In the case of consultants and advisors, however, their services cannot be in connection with the offer and sale of securities in a capital-raising transaction nor directly or indirectly promote or maintain a market for PetVivo securities. The 2020 Plan will be administered by the Compensation Committee of our Board of Directors (the “Committee”), which has full power and authority to determine when and to whom awards will be granted, and the type, amount, form of payment, any deferral payment, and other terms and conditions of each award. Subject to provisions of the 2020 Plan, the Committee may amend or waive the terms and conditions, or accelerate the exercisability, of an outstanding award. The Committee also has the authority to interpret and establish rules and regulations for the administration of the 2020 Plan. In addition, the Board of Directors may also exercise the powers of the Committee. The aggregate number of shares of Petvivo common stock available and reserved to be issued under the 2020 Plan is 1,000,000 ● the maximum aggregate number of shares of Common Stock granted as an Award to any Non-Employee Director in any one Plan Year will be 10,000 Awards can be granted for no cash consideration or for any cash and other consideration as determined by the Committee. Awards may provide that upon the grant or exercise thereof, the holder will receive cash, shares of PetVivo common stock, other securities or property, or any combination of these in a single payment, installments or on a deferred basis. The exercise price per share of any stock option and the grant price of any stock appreciation right may not be less than the fair market value of PetVivo common stock on the date of grant. The term of any award cannot be longer than ten years from the date of grant. Awards will be adjusted in the event of a stock dividend or other distribution, recapitalization, forward or reverse stock split, reorganization, merger or other business combination, or similar corporate transaction, in order to prevent dilution or enlargement of the benefits or potential benefits provided under the 2020 Plan. The 2020 Plan permits the following types of awards: stock options, stock appreciation rights, restricted stock awards, restricted stock units, deferred stock units, performance awards, non-employee director awards, other stock-based awards, and dividend equivalents. As of June 30, 2021, the Company has granted 34,300 300 Common Stock For the three months ended June 30, 2021, the Company issued 294,042 i) 80,522 230,000 2,658 2.89 ii) 4,500 4.44 40,000 iii) 36,915 42,188 1.33 iv) 79,767 139,286 1.40 v) 49,014 343,098 7.00 vi) 43,324 56,250 2.22 For the three months ended June 30, 2020, the Company issued 50,000 i) i) 30,000 32,453 ii) 20,000 34,709 34,709 17,291 52,000 Warrants During the three months ended June 30, 2021, no warrants were issued. During the three months ended June 30, 2020, the Company issued warrants to purchase a total of 206,873 i) warrants issued for 10,000 17,291 4.00 3 ii) warrants issued for 38,837 57,717 1.40 1.60 1.52 iii) warrants issued with debt for 158,036 265,500 91,500 1.40 five years These warrants’ values were arrived at by using the Black-Scholes valuation model with the following assumptions: i) an expected volatility of the Company’s shares on the date of the grants of between approximately 350 433 ii) risk-free rates identical to the U.S. Treasury 3 5 0.29 1.16 A summary of warrant activity for the year ending March 31, 2021 and three-month period ending June 30, 2021 is as follows: SCHEDULE OF WARRANT ACTIVITY Number of Weighted- Warrants Weighted- Outstanding, March 31, 2020 1,234,295 $ 2.12 1,027,092 $ 2.13 Issued in conjunction with convertible debt 158,036 1.40 Sold 10,000 4.00 Issued and granted 72,596 1.52 Exercised for cash (205,946 ) (2.21 ) Cashless warrant exercises (142,313 ) (1.64 ) Expired (45,000 ) (3.78 ) Outstanding, March 31, 2021 1,081,668 2.02 881,982 2.00 Exercised for cash (4,500 ) (8.89 ) Cashless warrant exercises (237,724 ) (1.58 ) Cancelled (108,000 ) (1.80 ) Outstanding, June 30, 2021 731,444 $ 2.15 557,069 $ 2.17 At June 30, 2021, the range of warrant prices for shares under warrants and the weighted-average remaining contractual life is as follows: SCHEDULE OF RANGE OF WARRANT PRICES Warrants Outstanding Warrants Exercisable Range of Warrant Exercise Price Number of Warrants Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Number of Warrants Weighted- Average Exercise Price $ 1.20 2.00 419,831 $ 1.35 4.68 397,331 $ 1.35 2.01 4.00 207,938 2.48 3.09 56,063 3.15 4.01 10.00 103,675 4.77 1.32 103,675 4.77 Total 731,444 2.15 3.75 557,069 2.17 For the three months ended June 30, 2021 and 2020, the total stock-based compensation on all instruments was $ 55,674 183,244 104,000 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 16 – SUBSEQUENT EVENTS In July of 2021, the Company sold an aggregate of 11,000 7 77,000 On August 13, 2021, the Company sold an aggregate of 2,500,000 4.50 9,800,000 375,000 375,000 125,000 5.625 August 10, 2026 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Policies) | 3 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description | (A) Organization and Description The Company is in the business of licensing and commercializing our proprietary medical devices and biomaterials for the treatment of afflictions and diseases in animals, initially for dogs and horses. The Company’s operations are conducted from its headquarter facilities in suburban Minneapolis, Minnesota. |
Basis of Presentation | (B) Basis of Presentation PetVivo Holdings, Inc. (the “Company”) was incorporated in Nevada under a former name in 2009 and entered its current business in 2014 through a stock exchange reverse merger with PetVivo, Inc., a Minnesota corporation. This merger resulted in Minnesota PetVivo becoming a wholly-owned subsidiary of the Company. In April 2017, the Company acquired another Minnesota corporation, Gel-Del Technologies, Inc., through a statutory merger, which is also a wholly-owned subsidiary of the Company. In October 2020, the Company approved a 1-for-4 reverse split of our outstanding shares of common stock that was effectuated on December 29, 2020; concurrently, the Company increased its authorized shares of common stock from 225,000,000 250,000,000 |
Principles of Consolidation | (C) Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its two wholly-owned Minnesota corporations, Gel-Del Technologies, Inc. and PetVivo, Inc. All intercompany accounts have been eliminated upon consolidation. |
Use of Estimates | (D) Use of Estimates In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates. Significant estimates include estimated useful lives and potential impairment of property and equipment, estimate of fair value of share-based payments and derivative instruments and recorded debt discount, valuation of deferred tax assets and valuation of in-kind contribution of services and interest. |
Cash and Cash Equivalents | (E) Cash and Cash Equivalents The Company considers all highly-liquid, temporary cash investments with an original maturity of three months or less to be cash equivalents. The Company had no |
Concentration-Risk | (F) Concentration-Risk The Company maintains its cash with various financial institutions, which at times may exceed federally insured limits. As of June 30, 2021 and March 31, 2021, the Company did not have any cash balances in excess of the federally insured limits. |
Property & Equipment | (H) Property & Equipment Property and equipment are recorded at cost. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation is computed by the straight-line method (after considering their respective estimated residual values) over the assets estimated useful life of ( 3 5 7 |
Patents and Trademarks | (I) Patents and Trademarks The Company capitalizes direct costs for the maintenance and advancement of their patents and trademarks and amortizes these costs over the lesser of a useful life of 60 |
Loss Per Share | (J) Loss Per Share Basic loss per share is computed by dividing net loss by weighted average number of shares of common stock outstanding during each period. Diluted loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period. The Company has 731,444 1.20 10.00 2.15 The Company has 1,288,937 1.33 17.28 2.27 The Company uses the guidance in Accounting Standards Codification 260 (“ASC 260”) to determine if-converted loss per share. ASC 260 states that convertible securities should be considered exercised at the later date of the first day of the reporting period’s quarter or the inception date of the debt instrument. Also, the if-converted method shall not be applied for the purposes of computing diluted EPS if the effect would be antidilutive. At June 30, 2021, the Company has a Share-Settled Debt Obligation to a Related Party of $ 196,000 |
Revenue Recognition | (K) Revenue Recognition The Company recognizes revenue on arrangements in accordance with FASB ASC No. 606, “Revenue From Contracts With Customers”. Revenue is recognized upon shipment of our pet care products to our customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. |
Research and Development | (L) Research and Development The Company expenses research and development costs as incurred. |
Fair Value of Financial Instruments | (M) Fair Value of Financial Instruments The Company applies the accounting guidance under FASB ASC 820-10, “Fair Value Measurements”, as well as certain related FASB staff positions. This guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact business and considers assumptions that marketplace participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The guidance also establishes a fair value hierarchy for measurements of fair value as follows: ● Level 1 - quoted market prices in active markets for identical assets or liabilities. ● Level 2 - inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 - unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s financial instruments consist of accounts receivable, accounts payable, accrued expenses, accrued expenses – related parties, notes payable and accrued interest, and notes payable and accrued interest - related party, notes payable – directors and others. The carrying amount of the Company’s financial instruments approximates their fair value as of June 30, 2021 and March 31, 2021, due to the short-term nature of these instruments and the Company’s borrowing rate of interest. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The valuation of the Company’s notes recorded at fair value is determined using Level 3 inputs, which consider (i) time value, (ii) current market and (iii) contractual prices. The Company had no |
Stock-Based Compensation - Non-Employees | (N) Stock-Based Compensation - Non-Employees Equity Instruments Issued to Parties Other Than Employees for Acquiring Goods or Services The Company accounts for equity instruments issued to parties other than employees for acquiring goods or services under guidance of Sub-topic 505-50 of the FASB Accounting Standards Codification (“Sub-topic 505-50”). Pursuant to ASC Section 505-50-30, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur. If the Company is a newly formed corporation or shares of the Company are thinly traded the use of share prices established in the Company’s most recent private placement memorandum (“PPM”), or weekly or monthly price observations would generally be more appropriate than the use of daily price observations as such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market. The fair value of share options and similar instruments is estimated on the date of grant using a Black-Scholes option-pricing valuation model. The ranges of assumptions for inputs are as follows: ● Expected term of share options and similar instruments: Pursuant to Paragraph 718-10-50-2(f)(2)(i) of the FASB Accounting Standards Codification the expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and holder’s expected exercise behavior into the fair value (or calculated value) of the instruments. The Company uses historical data to estimate holder’s expected exercise behavior. If the Company is a newly formed corporation or shares of the Company are thinly traded the contractual term of the share options and similar instruments is used as the expected term of share options and similar instruments as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term. ● Expected volatility of the entity’s shares and the method used to estimate it. Pursuant to ASC Paragraph 718-10-50-2(f)(2)(ii) a thinly traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the Company to estimate the expected volatility of its share price, the appropriate industry sector index that it has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index. The Company uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility. If shares of a company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatility calculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market. ● Expected annual rate of quarterly dividends. An entity that uses a method that employs different dividend rates during the contractual term shall disclose the range of expected dividends used and the weighted-average expected dividends. The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the expected term of the share options and similar instruments. ● Risk-free rate(s). An entity that uses a method that employs different risk-free rates shall disclose the range of risk-free rates used. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the expected term of the share options and similar instruments. Pursuant to Paragraphs 505-50-25-8 and 505-50-25-9, an entity may grant fully vested, non-forfeitable equity instruments that are exercisable by the grantee only after a specified period of time if the terms of the agreement provide for earlier exercisability if the grantee achieves specified performance conditions. Any measured cost of the transaction shall be recognized in the same period(s) and in the same manner as if the entity had paid cash for the goods or services or used cash rebates as a sales discount instead of paying with, or using, the equity instruments. A recognized asset, expense, or sales discount shall not be reversed if a share option and similar instrument that the counterparty has the right to exercise expires unexercised. |
Income Taxes | (O) Income Taxes The Company accounts for income taxes under Accounting Standards Codification (ASC) Topic 740. Deferred tax assets and liabilities are determined based upon differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. As required by ASC Topic 450, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent The Company is not currently under examination by any federal or state jurisdiction. The Company’s policy is to record tax-related interest and penalties as a component of operating expenses. |
Inventory | (P) Inventory Inventories are recorded in accordance with ASC 330 and are stated at the lower of cost or net realizable value. We account for inventories using the first in first out (FIFO) methodology. |
Recent Accounting Pronouncements | (Q) Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Topic 842 affects any entity that enters into a lease, with some specified scope exemptions. The guidance in this ASU supersedes Topic 840, Leases. The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use (“ROU”) asset representing its right to use the underlying asset for the lease term. The Company adopted Topic 842 on April 1, 2019 and resulted in a right of use asset and liability of $ 154,917 All other newly issued accounting pronouncements but not yet effective have been deemed either immaterial or not applicable. |
INVENTORY (Tables)
INVENTORY (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORY | The inventory components are as follows: SCHEDULE OF INVENTORY June 30, 2021 March 31, 2021 Finished Goods $ 34,123 $ 36,973 Raw Materials 6,273 8,773 Manufacturing Supplies 1,072 1,322 Inventory, Gross 41,468 47,068 Reserve for Obsolete Inventory (41,468 ) (47,068 ) Total Net $ — $ — |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT | The components of property and equipment were as follows: SCHEDULE OF PROPERTY AND EQUIPMENT June 30, 2021 March 31, 2021 Leasehold improvements $ 198,015 $ 198,015 Production equipment 128,849 128,849 R&D equipment 25,184 25,184 Furniture 10,130 10,130 Total, at cost 362,178 362,178 Accumulated depreciation (160,010 ) (148,140 ) Total Net $ 202,168 $ 214,038 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF INTANGIBLE ASSETS | The components of intangible assets, all of which are finite-lived, were as follows: SCHEDULE OF INTANGIBLE ASSETS June 30, 2021 March 31, 2021 Patents $ 3,846,967 $ 3,840,903 Trademarks 26,142 26,142 Total at cost 3,873,109 3,867,045 Accumulated Amortization (3,840,842 ) (3,839,113 ) Total net $ 32,267 $ 27,932 |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES | The components of accounts payable and accrued expenses were as follows: SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES June 30, 2021 March 31, 2021 Accounts payable $ 905,736 $ 741,111 Accrued payroll and related taxes 243,304 221,774 Total $ 1,149,040 $ 962,885 |
DERIVATIVE LIABILITY AND EXPE_2
DERIVATIVE LIABILITY AND EXPENSE (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Derivative Liability And Expense | |
SCHEDULE OF DERIVATIVE LIABILITY ASSUMPTIONS | The Company used the following assumptions for determining the fair value of the conversion feature in the RDCN referenced in Note 8 to these financial statements, under the binomial pricing model with Monte Carlo simulations at June 15, 2020 and June 30, 2020, the issuance and balance sheet dates, respectively: SCHEDULE OF DERIVATIVE LIABILITY ASSUMPTIONS June 15, 2020 June 30, 2020 Stock price on valuation date $ .42 $ .44 Conversion price $ .28 $ .28 Days to maturity 273 258 Weighted-average volatility* 367 % 367 % Risk-free rate .18 % .18 % |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
SCHEDULE OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY | The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of June 30, 2021: SCHEDULE OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY 2021 2022 $ 20,020 2023 27,167 2024 27,710 2025 28,265 2026 28,830 2027 19,474 Total $ 151,466 Less: amount representing interest (276 ) Total $ 151,190 |
SCHEDULE OF BASE RENT LEASE PAYMENTS | SCHEDULE OF BASE RENT LEASE PAYMENTS Present value of future base rent lease payments $ 151,190 Base rent payments included in prepaid expenses - Present value of future base rent lease payments – net $ 151,190 |
SCHEDULE OF LEASE CURRENT AND NON-CURRENT ASSETS AND LIABILITIES | As of June 30, 2021, the present value of future base rent lease payments – net is classified between current and non-current assets and liabilities as follows: SCHEDULE OF LEASE CURRENT AND NON-CURRENT ASSETS AND LIABILITIES Operating lease right-of-use asset $ 151,190 Total operating lease assets 151,190 Operating lease current liability 26,754 Operating lease other liability 124,436 Total operating lease liabilities $ 151,190 |
COMMON STOCK AND WARRANTS (Tabl
COMMON STOCK AND WARRANTS (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
SCHEDULE OF WARRANT ACTIVITY | A summary of warrant activity for the year ending March 31, 2021 and three-month period ending June 30, 2021 is as follows: SCHEDULE OF WARRANT ACTIVITY Number of Weighted- Warrants Weighted- Outstanding, March 31, 2020 1,234,295 $ 2.12 1,027,092 $ 2.13 Issued in conjunction with convertible debt 158,036 1.40 Sold 10,000 4.00 Issued and granted 72,596 1.52 Exercised for cash (205,946 ) (2.21 ) Cashless warrant exercises (142,313 ) (1.64 ) Expired (45,000 ) (3.78 ) Outstanding, March 31, 2021 1,081,668 2.02 881,982 2.00 Exercised for cash (4,500 ) (8.89 ) Cashless warrant exercises (237,724 ) (1.58 ) Cancelled (108,000 ) (1.80 ) Outstanding, June 30, 2021 731,444 $ 2.15 557,069 $ 2.17 |
SCHEDULE OF RANGE OF WARRANT PRICES | SCHEDULE OF RANGE OF WARRANT PRICES Warrants Outstanding Warrants Exercisable Range of Warrant Exercise Price Number of Warrants Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Number of Warrants Weighted- Average Exercise Price $ 1.20 2.00 419,831 $ 1.35 4.68 397,331 $ 1.35 2.01 4.00 207,938 2.48 3.09 56,063 3.15 4.01 10.00 103,675 4.77 1.32 103,675 4.77 Total 731,444 2.15 3.75 557,069 2.17 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | |||||
Oct. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 29, 2020 | Jan. 31, 2020 | Apr. 02, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Reverse stock split, description | the Company approved a 1-for-4 reverse split of our outstanding shares of common stock that was effectuated on December 29, 2020; concurrently, the Company increased its authorized shares of common stock from 225,000,000 to 250,000,000; all share and per share data has been retroactively adjusted for this reverse split for all periods presented. | ||||||
Common stock, shares authorized | 250,000,000 | 250,000,000 | 225,000,000 | ||||
Cash equivalents | $ 0 | $ 0 | |||||
Share-settled debt obligation with a related party | 196,000 | ||||||
Assets and liabilities measured at fair value | $ 0 | 0 | |||||
Income tax likelihood percentage | greater than 50 percent | ||||||
Right of use-asset | $ 151,190 | $ 157,760 | $ 189,600 | ||||
Operating lease liability | $ 151,190 | $ 189,600 | |||||
Accounting Standards Update 2016-02 [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Right of use-asset | $ 154,917 | ||||||
Operating lease liability | $ 154,917 | ||||||
Warrant [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Warrants outstanding | 731,444 | 1,288,937 | |||||
Weighted average, exercise price | $ 2.15 | $ 2.27 | |||||
Warrant [Member] | Minimum [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Warrant exercise price | 1.20 | 1.33 | |||||
Warrant [Member] | Maximum [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Warrant exercise price | $ 10 | $ 17.28 | |||||
Patents and Trademarks [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Estimated useful life of intangible asset | 60 months | ||||||
Equipment [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Estimated useful life of assets | 3 years | ||||||
Automobiles [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Estimated useful life of assets | 5 years | ||||||
Furniture and Fixtures [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Estimated useful life of assets | 7 years |
SCHEDULE OF INVENTORY (Details)
SCHEDULE OF INVENTORY (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Finished Goods | $ 34,123 | $ 36,973 |
Raw Materials | 6,273 | 8,773 |
Manufacturing Supplies | 1,072 | 1,322 |
Inventory, Gross | 41,468 | 47,068 |
Reserve for Obsolete Inventory | (41,468) | (47,068) |
Total Net |
INVENTORY (Details Narrative)
INVENTORY (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | ||
Inventory, Gross | $ 47,068 | $ 41,468 |
Income recognized, change in reserve of obsolete inventory | $ 3,289 |
PREPAID EXPENSES AND DEFERRED_2
PREPAID EXPENSES AND DEFERRED OFFERING COSTS (Details Narrative) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Prepaid expenses and other assets | $ 102,550 | $ 123,575 |
Deferred offering costs | 305,353 | 280,163 |
Advertising and Marketing Services [Member] | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Prepaid expenses and other assets | 84,000 | 78,000 |
Insurance Costs [Member] | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Prepaid expenses and other assets | 10,000 | 9,000 |
Rent [Member] | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Prepaid expenses and other assets | $ 6,000 | |
License [Member] | ||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||
Prepaid expenses and other assets | $ 9,000 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total, at cost | $ 362,178 | $ 362,178 |
Accumulated depreciation | (160,010) | (148,140) |
Total, net | 202,168 | 214,038 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | 198,015 | 198,015 |
Production Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | 128,849 | 128,849 |
R And D Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | 25,184 | 25,184 |
Furniture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | $ 10,130 | $ 10,130 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 11,870 | $ 6,489 |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Patents | $ 3,846,967 | $ 3,840,903 |
Trademarks | 26,142 | 26,142 |
Total at cost | 3,873,109 | 3,867,045 |
Accumulated Amortization | (3,840,842) | (3,839,113) |
Total net | $ 32,267 | $ 27,932 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 1,729 | $ 45,316 |
Intangible impairment expense | $ 3,606 |
SCHEDULE OF ACCOUNTS PAYABLE AN
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 905,736 | $ 741,111 |
Accrued payroll and related taxes | 243,304 | 221,774 |
Total | $ 1,149,040 | $ 962,885 |
RELATED PARTY NOTES PAYABLE (De
RELATED PARTY NOTES PAYABLE (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended |
Mar. 31, 2021 | Jun. 30, 2021 | |
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | ||
Notes payable and accrued interest | $ 44,554 | $ 48,267 |
Debt instrument maturity date | Jun. 30, 2022 | |
Annual monthly payments | $ 3,100 | |
Debt term | 24 months | |
Four Directors [Member] | ||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | ||
Notes payable and accrued interest | $ 20,000 | $ 20,300 |
Debt interest rate | 6.00% | |
Minimum [Member] | ||
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Line Items] | ||
Proceeds from related party debt | $ 3,500,000 |
NOTES PAYABLE AND CONVERTIBLE_2
NOTES PAYABLE AND CONVERTIBLE NOTES (Details Narrative) - USD ($) | Jun. 15, 2020 | May 02, 2020 | Apr. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | May 01, 2022 | Mar. 31, 2021 | Jan. 31, 2020 |
Short-term Debt [Line Items] | |||||||||
Notes payable | $ 42,500 | ||||||||
Debt instrument, interest rate | 6.00% | ||||||||
Convertible Notes payable | $ 37,860 | $ 39,528 | |||||||
Convertible notes maturity date | Jun. 30, 2022 | ||||||||
Debt instrument, periodic monthly payment | $ 3,100 | ||||||||
Debt conversion, amount | $ 230,000 | ||||||||
Debt conversion, shares issued | 80,522 | ||||||||
Conversion price per share | $ 0.28 | $ 2.89 | $ 0.28 | ||||||
Accrued interest | $ 2,658 | ||||||||
Discount on debt | $ 206,000 | ||||||||
RedDiamond Partners, LLC [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Unamortized debt discount | $ 333,333 | 0 | |||||||
Convertible Note Payable [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Debt instrument, interest rate | 10.00% | ||||||||
Convertible Notes payable | 235,671 | ||||||||
Debt principal amount | 230,000 | ||||||||
Accrued interest, current | 5,671 | ||||||||
Debt conversion, amount | $ 2,658 | ||||||||
Debt conversion, shares issued | 80,522 | ||||||||
Conversion price per share | $ 2.89 | ||||||||
Payment for interest | 3,093 | $ 3,397 | |||||||
Convertible Notes Payable [Member] | Derivative [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Discount on debt | 206,000 | ||||||||
Convertible Notes Payable [Member] | Investor [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Discount on debt | 2,500 | ||||||||
Legal fees | 2,500 | ||||||||
Convertible Notes Payable [Member] | Think Warrants [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Fair value of warrants | 31,500 | ||||||||
Payment of convertible debt | $ 61,500 | ||||||||
Number of warrants issued | 75,000 | ||||||||
Convertible Notes Payable [Member] | Think Equity [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Fair value of warrants | $ 52,399 | ||||||||
Convertible Notes Payable [Member] | RedDiamond Partners, LLC [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Notes payable | $ 354,779 | ||||||||
Debt instrument, interest rate | 12.50% | ||||||||
Debt principal amount | $ 352,941 | ||||||||
Shares issued, price per share | $ 0.28 | ||||||||
Unamortized debt discount | $ 52,941 | ||||||||
Original issue discount percentage | 15.00% | ||||||||
Accrued interest | $ 1,838 | ||||||||
Number of warrants purchase | 557,143 | ||||||||
Fair value of warrants | $ 91,500 | ||||||||
Reduction of various discounts on debt | $ 0 | ||||||||
Interest expenses | 19,608 | ||||||||
Payment of convertible debt | 30,000 | ||||||||
Convertible Notes Payable [Member] | RedDiamond Partners, LLC [Member] | Warrant [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Discount on debt | 91,500 | ||||||||
Paycheck Protection Program [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Notes payable | $ 7,436 | $ 39,020 | |||||||
Debt instrument, interest rate | 1.00% | ||||||||
Debt principal amount | $ 38,665 | ||||||||
Convertible notes maturity date | May 1, 2022 | ||||||||
Forgiveness of debt | $ 31,680 | ||||||||
Paycheck Protection Program [Member] | Forecast [Member] | |||||||||
Short-term Debt [Line Items] | |||||||||
Debt instrument, periodic monthly payment | $ 738 |
SHARE-SETTLED DEBT OBLIGATION_2
SHARE-SETTLED DEBT OBLIGATION – RELATED PARTY (Details Narrative) - USD ($) | Sep. 02, 2020 | Jun. 30, 2021 | Apr. 30, 2021 | Mar. 31, 2021 | Oct. 15, 2020 | Jan. 31, 2020 |
Schedule of Capitalization, Long-term Debt [Line Items] | ||||||
Accrued Interest | $ 2,658 | |||||
Notes payable | $ 42,500 | |||||
Debt interest rate | 6.00% | |||||
Annual monthly payments | $ 3,100 | |||||
Debt instrument maturity date | Jun. 30, 2022 | |||||
Share-Settled Debt Obligations [Member] | ||||||
Schedule of Capitalization, Long-term Debt [Line Items] | ||||||
Notes payable | $ 196,000 | $ 196,000 | ||||
Amended Promissory Note [Member] | David B Masters [Member] | ||||||
Schedule of Capitalization, Long-term Debt [Line Items] | ||||||
Debt principal amount | $ 59,642 | |||||
Accrued Interest | 6,058 | |||||
Notes payable | $ 65,700 | |||||
Debt interest rate | 8.00% | |||||
Debt default interest rate | 20.00% | |||||
Conditions of promissory notes, description | The Amendment to Promissory Note requires monthly payments of $3,100 and a maturity date of June 30, 2022, provided however that if the Company shall achieve $1,500,000 in equity sales or achieve gross product sales of $1,500,000, the Company must pay the outstanding balance at that time. | |||||
Annual monthly payments | $ 3,100 | |||||
Debt instrument maturity date | Jun. 30, 2022 | |||||
Promissory Note [Member] | ||||||
Schedule of Capitalization, Long-term Debt [Line Items] | ||||||
Debt principal amount | 0 | |||||
Accrued Interest | 0 | |||||
Promissory Note [Member] | David B Masters [Member] | ||||||
Schedule of Capitalization, Long-term Debt [Line Items] | ||||||
Debt principal amount | $ 195,000 | $ 192,500 | ||||
Accrued Interest | 658 | |||||
Notes payable | 193,158 | |||||
Debt interest rate | 3.00% | |||||
Conditions of promissory notes, description | David Masters’ release of any claim to the $195,000 in past accrued salary he was owed, it accrues interest at a rate of 3% per annum, has a maturity date of August 31, 2022, and required payments of $4,000 per month beginning when the Company’s sale of products reach $3,500,000. The reclassification of the $195,000 was treated as a debt modification. | |||||
Annual monthly payments | $ 4,000 | |||||
Debt instrument maturity date | Aug. 31, 2022 | |||||
Promissory Note [Member] | David B Masters [Member] | Conversion Agreement [Member] | ||||||
Schedule of Capitalization, Long-term Debt [Line Items] | ||||||
Debt principal amount | 192,500 | |||||
Accrued Interest | 658 | |||||
Notes payable | 196,000 | |||||
Unamortized discount on debt | 3,500 | |||||
Conversion fee | $ 3,500 | |||||
Amendment to Promissory Note [Member] | ||||||
Schedule of Capitalization, Long-term Debt [Line Items] | ||||||
Debt principal amount | 48,267 | |||||
Accrued Interest | $ 44,554 |
SCHEDULE OF DERIVATIVE LIABILIT
SCHEDULE OF DERIVATIVE LIABILITY ASSUMPTIONS (Details) | Jun. 30, 2020 | Jun. 15, 2020$ / shares | Jun. 30, 2021$ / shares | Apr. 30, 2021$ / shares |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Stock price on valuation date | $ 0.42 | $ 0.44 | ||
Conversion price | $ 0.28 | $ 0.28 | $ 2.89 | |
Days to maturity | 258 days | 273 days | ||
Measurement Input, Option Volatility [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative liability measurement input, percentage | 367 | 367 | ||
Measurement Input, Risk Free Interest Rate [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Derivative liability measurement input, percentage | 0.18 | 0.18 |
DERIVATIVE LIABILITY AND EXPE_3
DERIVATIVE LIABILITY AND EXPENSE (Details Narrative) - USD ($) | Jun. 15, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 15, 2021 |
Derivative Liability And Expense | ||||
Recognition of derivative liability | $ 526,800 | |||
Discount on debt | 206,000 | |||
Convertible note embedded derivative liability | 0 | |||
Derivative expense | $ 320,800 | $ 342,200 | ||
Corresponding offset to derivative liability | $ 526,800 | |||
Derivative liability | 0 | 0 | ||
Derivative expense | $ 0 | $ 21,400 |
ACCRUED EXPENSES _ RELATED PA_2
ACCRUED EXPENSES – RELATED PARTY (Details Narrative) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||
Accounts payable | $ 905,736 | $ 741,111 |
Accrued salaries and payroll taxes payable | 243,304 | 221,774 |
Related Party [Member] | ||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||
Accrued expenses, related party | 50,898 | 36,808 |
Accounts payable | 29,855 | 28,965 |
Accrued salaries and payroll taxes payable | $ 21,043 | $ 7,843 |
SCHEDULE OF ANNUAL UNDISCOUNTED
SCHEDULE OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY (Details) - USD ($) | Jun. 30, 2021 | Jan. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
2022 | $ 20,020 | |
2023 | 27,167 | |
2024 | 27,710 | |
2025 | 28,265 | |
2026 | 28,830 | |
2027 | 19,474 | |
Total | 151,466 | |
Less: amount representing interest | (276) | |
Total | $ 151,190 | $ 189,600 |
SCHEDULE OF BASE RENT LEASE PAY
SCHEDULE OF BASE RENT LEASE PAYMENTS (Details) - USD ($) | Jun. 30, 2021 | Jan. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Present value of future base rent lease payments | $ 151,190 | |
Base rent payments included in prepaid expenses | ||
Present value of future base rent lease payments – net | $ 151,190 | $ 189,600 |
SCHEDULE OF LEASE CURRENT AND N
SCHEDULE OF LEASE CURRENT AND NON-CURRENT ASSETS AND LIABILITIES (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 | Jan. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating lease right-of-use asset | $ 151,190 | ||
Total operating lease assets | 151,190 | $ 157,760 | $ 189,600 |
Operating lease current liability | 26,754 | 26,582 | |
Operating lease other liability | 124,436 | $ 131,178 | |
Operating lease liability | $ 151,190 | $ 189,600 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) | May 03, 2017ft² | Jan. 31, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2021USD ($) |
Entity Listings [Line Items] | |||||
Area of land | ft² | 3,577 | ||||
Annual increase in base rent, percentage | 0.02 | ||||
Lease term description | This lease is terminable by the landlord if damage causes the property to no longer be utilized as an integrated whole and by the Company if damage causes the facility to be unusable for a period of 45 days. | In January 2020, the Company entered into a lease amendment whereby agreed to extend the lease term through November of 2026 | |||
Notes Payable | $ 42,500 | ||||
Accrued expenses | 7,500 | ||||
Base rent | $ 2,205 | $ 2,205 | |||
Rent expense | $ 11,511 | $ 13,568 | |||
Operating lease treasury rate | 0.12% | ||||
Operating lease right-of-use | 189,600 | $ 151,190 | 157,760 | ||
Operating lease liability | $ 189,600 | $ 151,190 | |||
Weighted average remaining lease term | 6 years | ||||
Weighted average discount rate | 0.12% | ||||
Operating lease payment | $ 151,466 | ||||
Gel-Del Technologies, Inc. [Member] | |||||
Entity Listings [Line Items] | |||||
Operating lease payment | $ 330,000 | $ 330,000 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Net loss | $ 490,629 | $ 814,008 | ||
Net cash used in operating activities | 255,861 | 235,331 | ||
Accumulated deficit | 58,602,055 | $ 58,111,426 | ||
Working capital | 1,094,921 | |||
Stockholders' deficit | $ 716,178 | $ 1,575,434 | $ 896,979 | $ 1,036,170 |
SCHEDULE OF WARRANT ACTIVITY (D
SCHEDULE OF WARRANT ACTIVITY (Details) - Warrant [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of Warrants, Outstanding, Ending Balance | 1,081,668 | 1,234,295 |
Weighted-Average Exercise Price, Outstanding, Ending Balance | $ 2.02 | $ 2.12 |
Warrants Exercisable, Outstanding, Ending Balance | 881,982 | 1,027,092 |
Weighted-Average Exercisable Price, Outstanding, Ending Balance | $ 2 | $ 2.13 |
Number of Warrants, Issued in conjunction with convertible debt | 158,036 | |
Weighted-Average Exercise Price, Issued in conjunction with convertible debt | $ 1.40 | |
Number of Warrants, Sold | 10,000 | |
Weighted-Average Exercise Price, Sold for cash | $ 4 | |
Number of Warrants, Granted | 72,596 | |
Weighted-Average Exercise Price, Issued and granted | $ 1.52 | |
Number of Warrants, Exercised for cash | (4,500) | (205,946) |
Weighted-Average Exercise Price, Exercised for cash | $ (8.89) | $ (2.21) |
Number of Warrants, Cashless warrant exercises | (237,724) | (142,313) |
Weighted-Average Exercise Price, Cashless warrant exercises | $ (1.58) | $ (1.64) |
Number of Warrants, Expired | (45,000) | |
Weighted-Average Exercise Price, Expired | $ (3.78) | |
Number of Warrants, Cancelled | (108,000) | |
Weighted-Average Exercise Price, Canceled | $ (1.80) | |
Number of Warrants, Outstanding, Ending Balance | 731,444 | 1,081,668 |
Weighted-Average Exercise Price, Outstanding, Ending Balance | $ 2.15 | $ 2.02 |
Warrants Exercisable, Outstanding, Ending Balance | 557,069 | 881,982 |
Weighted-Average Exercisable Price, Outstanding, Ending Balance | $ 2.17 | $ 2 |
SCHEDULE OF RANGE OF WARRANT PR
SCHEDULE OF RANGE OF WARRANT PRICES (Details) - $ / shares | 3 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | |
Warrant [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Number of Warrants, Outstanding | 731,444 | |||
Weighted-Average Exercise Price, outstanding | $ 2.15 | $ 2.02 | $ 2.12 | |
Weighted-Average Remaining Contractual Life (Years), Outstanding | 3 years 9 months | |||
Number of Warrants, Exercisable | 557,069 | 881,982 | 1,027,092 | |
Weighted-Average Exercise Price, Exercisable | $ 2.17 | $ 2 | $ 2.13 | |
Minimum [Member] | Warrant [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Range of Warrant Exercise Price | 1.20 | $ 1.33 | ||
Maximum [Member] | Warrant [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Range of Warrant Exercise Price | $ 10 | $ 17.28 | ||
Range One [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Number of Warrants, Outstanding | 419,831 | |||
Range One [Member] | Warrant [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Weighted-Average Exercise Price, outstanding | $ 1.35 | |||
Weighted-Average Remaining Contractual Life (Years), Outstanding | 4 years 8 months 4 days | |||
Number of Warrants, Exercisable | 397,331 | |||
Weighted-Average Exercise Price, Exercisable | $ 1.35 | |||
Range One [Member] | Minimum [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Range of Warrant Exercise Price | 1.20 | |||
Range One [Member] | Maximum [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Range of Warrant Exercise Price | $ 2 | |||
Range Two [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Number of Warrants, Outstanding | 207,938 | |||
Range Two [Member] | Warrant [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Weighted-Average Exercise Price, outstanding | $ 2.48 | |||
Weighted-Average Remaining Contractual Life (Years), Outstanding | 3 years 1 month 2 days | |||
Number of Warrants, Exercisable | 56,063 | |||
Weighted-Average Exercise Price, Exercisable | $ 3.15 | |||
Range Two [Member] | Minimum [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Range of Warrant Exercise Price | 2.01 | |||
Range Two [Member] | Maximum [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Range of Warrant Exercise Price | $ 4 | |||
Range Three [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Number of Warrants, Outstanding | 103,675 | |||
Range Three [Member] | Warrant [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Weighted-Average Exercise Price, outstanding | $ 4.77 | |||
Weighted-Average Remaining Contractual Life (Years), Outstanding | 1 year 3 months 25 days | |||
Number of Warrants, Exercisable | 103,675 | |||
Weighted-Average Exercise Price, Exercisable | $ 4.77 | |||
Range Three [Member] | Minimum [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Range of Warrant Exercise Price | 4.01 | |||
Range Three [Member] | Maximum [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Range of Warrant Exercise Price | $ 10 |
COMMON STOCK AND WARRANTS (Deta
COMMON STOCK AND WARRANTS (Details Narrative) | Jul. 10, 2020shares | Jun. 15, 2020USD ($)$ / sharesshares | Jun. 30, 2021$ / sharesshares | May 31, 2021$ / sharesshares | Apr. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($)$ / sharesshares | Mar. 31, 2020USD ($)shares | Jun. 30, 2020USD ($)$ / sharesshares |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number of shares issued | 50,000 | |||||||||
Conversion of shares | 80,522 | |||||||||
Conversion of notes | $ | $ 230,000 | |||||||||
Accrued interest | $ | $ 2,658 | |||||||||
Conversion price | $ / shares | $ 0.28 | $ 0.28 | $ 2.89 | $ 0.28 | $ 0.28 | |||||
Proceeds from exercise of warratns | $ | $ 40,000 | |||||||||
Value of shaes issued for compensaton | $ | 55,674 | $ 183,244 | ||||||||
Value of stock sold | $ | 343,098 | |||||||||
Stock-based compensation | $ | 55,674 | $ 183,244 | ||||||||
Expense related to warrants issued and outstanding | $ | $ 104,000 | |||||||||
Investor And Broker [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Warrants to purchase shares of common stock | 158,036 | |||||||||
Warrants exercise price | $ / shares | $ 1.40 | |||||||||
Warrant to purchase of common stock, value | $ | $ 265,500 | |||||||||
Warrants exercise term | 5 years | |||||||||
Value of warrant vested | $ | $ 91,500 | |||||||||
Minimum [Member] | Measurement Input, Price Volatility [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Warrant measurement inputs | 3.50 | 3.50 | 3.50 | |||||||
Minimum [Member] | Measurement Input, Expected Term [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Warrants exercise term | 3 years | 3 years | 3 years | |||||||
Minimum [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Warrant measurement inputs | 0.0029 | 0.0029 | 0.0029 | |||||||
Maximum [Member] | Measurement Input, Price Volatility [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Warrant measurement inputs | 4.33 | 4.33 | 4.33 | |||||||
Maximum [Member] | Measurement Input, Expected Term [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Warrants exercise term | 5 years | 5 years | 5 years | |||||||
Maximum [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Warrant measurement inputs | 0.0116 | 0.0116 | 0.0116 | |||||||
One Share of Common Stock and 1/2 Warrant Share [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Warrants to purchase shares of common stock | 20,000 | |||||||||
Warrant to purchase of common stock, value | $ | $ 34,709 | |||||||||
Fair value of warrants | $ | 34,709 | |||||||||
Warrant transaction cost | $ | 17,291 | |||||||||
Value of stock sold | $ | $ 52,000 | |||||||||
Video Marketing Services [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number of shaes issued for compensaton | 30,000 | |||||||||
Value of shaes issued for compensaton | $ | $ 32,453 | |||||||||
Common Stock [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number of shares issued | 294,042 | |||||||||
Warrants [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Warrant granted to purchase shares of common stock | 206,873 | |||||||||
2020 Plan [Member] | Restricted Stock [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Restricted shares granted | 34,300 | |||||||||
Options vested | 300 | |||||||||
Warrant Holders [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number of shares issued | 43,324 | 79,767 | ||||||||
Warrants to purchase shares of common stock | 56,250 | 139,286 | 4,500 | 56,250 | 56,250 | |||||
Warrants exercise price | $ / shares | $ 2.22 | $ 1.40 | $ 4.44 | $ 2.22 | $ 2.22 | |||||
Proceeds from exercise of warratns | $ | $ 40,000 | |||||||||
John Lai's [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number of shares issued | 36,915 | |||||||||
Warrants to purchase shares of common stock | 42,188 | |||||||||
Warrants exercise price | $ / shares | $ 1.33 | |||||||||
Accredited Investors [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number of shares issued | 49,014 | |||||||||
Warrants exercise price | $ / shares | $ 7 | $ 7 | $ 7 | |||||||
Stock Issued During Period, Value, New Issues | $ | $ 343,098 | |||||||||
One Investor [Member] | Warrants [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Warrants to purchase shares of common stock | 10,000 | 10,000 | ||||||||
Warrants exercise price | $ / shares | $ 4 | $ 4 | ||||||||
Warrant to purchase of common stock, value | $ | $ 17,291 | $ 17,291 | ||||||||
Warrants exercise term | 3 years | 3 years | ||||||||
Directors Officers And Consultants [Member] | Warrants [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Warrants to purchase shares of common stock | 38,837 | 38,837 | ||||||||
Warrant to purchase of common stock, value | $ | $ 57,717 | $ 57,717 | ||||||||
Directors Officers And Consultants [Member] | Warrants [Member] | Minimum [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Warrants exercise price | $ / shares | $ 1.40 | $ 1.40 | ||||||||
Directors Officers And Consultants [Member] | Warrants [Member] | Maximum [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Warrants exercise price | $ / shares | 1.60 | 1.60 | ||||||||
Directors Officers And Consultants [Member] | Warrants [Member] | Weighted Average [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Warrants exercise price | $ / shares | $ 1.52 | $ 1.52 | ||||||||
2020 Equity Incentive Plan [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Number of shares authorized | 1,000,000 | |||||||||
Expiration date | Jul. 10, 2030 | |||||||||
Number of shares reserved for future issuance | 1,000,000 | |||||||||
2020 Equity Incentive Plan [Member] | Nonemployee Director [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Maximum number of shares per employee | 10,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Aug. 13, 2021 | Jul. 31, 2021 | Jun. 30, 2021 |
Subsequent Event [Line Items] | |||
Proceeds from sale of stock | $ 343,098 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Sale of stock, shares | 2,500,000 | ||
Sale of stock price per share | $ 4.50 | ||
Subsequent Event [Member] | Underwriter [Member] | |||
Subsequent Event [Line Items] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 125,000 | ||
Warrant exercise price | $ 5.625 | ||
Warrants and Rights Outstanding, Maturity Date | Aug. 10, 2026 | ||
Subsequent Event [Member] | Over-Allotment Option [Member] | |||
Subsequent Event [Line Items] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 375,000 | ||
Subsequent Event [Member] | Two Investors [Member] | |||
Subsequent Event [Line Items] | |||
Sale of stock, shares | 11,000 | ||
Sale of stock price per share | $ 7 | ||
Proceeds from sale of stock | $ 9,800,000 | $ 77,000 |