Cover
Cover - shares | 9 Months Ended | |
Dec. 31, 2021 | Feb. 08, 2022 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Dec. 31, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 000-55167 | |
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 | 9,775,228 | |
Common Stock Par Value 0.001 [Member] | ||
Title of 12(b) Security | Common Stock, par value $0.001 | |
Trading Symbol | PETV | |
Security Exchange Name | NASDAQ | |
Warrants to Purchase Common Stock [Member] | ||
Title of 12(b) Security | Warrants to purchase Common Stock | |
Trading Symbol | PETVW | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 7,553,738 | $ 23,578 |
Accounts receivable | 3,186 | |
Inventory, net | 104,965 | |
Prepaid expenses and other assets | 373,505 | 123,575 |
Total Current Assets | 8,035,394 | 147,153 |
Property and Equipment, net | 269,226 | 214,038 |
Other Assets: | ||
Deferred offering costs | 280,163 | |
Operating lease right-of-use asset | 137,921 | 157,760 |
Patents and trademarks, net | 40,738 | 27,932 |
Security deposits | 12,830 | 8,201 |
Total Other Assets | 191,489 | 474,056 |
Total Assets | 8,496,109 | 835,247 |
Current Liabilities | ||
Accounts payable | 263,267 | 408,873 |
Accrued expenses | 805,937 | 554,012 |
Convertible notes and accrued interest | 235,671 | |
Accrued expenses – related parties | 36,808 | |
Operating lease liability – current portion | 27,011 | 26,582 |
PPP Loan and accrued interest | 3,769 | 39,020 |
Notes payable and accrued interest - directors | 20,000 | |
Notes payable and accrued interest – related party | 44,554 | |
Note payable and accrued interest (current portion) | 6,456 | 39,528 |
Total Current Liabilities | 1,106,440 | 1,405,048 |
Other Liabilities | ||
Note payable and accrued interest (net of current portion) | 28,837 | |
Operating lease liability (net of current portion) | 110,910 | 131,178 |
Share-settled debt obligation – related party, net of debt discount | 196,000 | |
Total Other Liabilities | 139,747 | 327,178 |
Total Liabilities | 1,246,187 | 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 December 31, 2021 and March 31, 2021 | ||
Common stock, par value $0.001, 250,000,000 shares authorized, issued 9,757,728 and 6,799,113 shares outstanding at December 31, 2021 and March 31, 2021, respectively | 9,758 | 6,799 |
Additional Paid-In Capital | 68,589,822 | 57,207,648 |
Accumulated Deficit | (61,349,658) | (58,111,426) |
Total Stockholders’ Equity (Deficit) | 7,249,922 | (896,979) |
Total Liabilities and Stockholders’ Equity (Deficit) | $ 8,496,109 | $ 835,247 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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 | 9,757,728 | 6,799,113 |
Common stock, shares outstanding | 9,757,728 | 6,799,113 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||||
Revenues | $ 51,004 | $ 507 | $ 60,126 | $ 7,303 |
Cost of Sales | 98,997 | 104,048 | 350 | |
Gross Profit (Loss) | (47,993) | 507 | (43,922) | 6,953 |
Operating Expenses: | ||||
Sales and Marketing | 404,462 | 24,484 | 689,960 | 106,745 |
Research and Development | 34,326 | 30,265 | 287,643 | 30,265 |
General and Administrative | 1,170,870 | 331,148 | 2,258,001 | 1,515,968 |
Total Operating Expenses | 1,609,658 | 385,897 | 3,235,604 | 1,652,978 |
Operating Loss | (1,657,651) | (385,390) | (3,279,526) | (1,646,025) |
Other Income (Expense) | ||||
Gain on Sale of Asset | 482 | |||
Gain on Debt Restructuring | 516 | |||
Gain on Debt Extinguishment | 366,903 | 366,903 | ||
Forgiveness of PPP loan and accrued interest | 31,680 | |||
Derivative Expense | (970,600) | (1,702,100) | ||
Interest Income (Expense) | 15,522 | (48,666) | 9,614 | (219,539) |
Total Other Income (Expense) | 15,522 | (652,363) | 41,294 | (1,553,738) |
Net Loss before taxes | (1,642,129) | (1,037,753) | (3,238,232) | (3,199,763) |
Income Tax Provision | ||||
Net Loss | $ (1,642,129) | $ (1,037,753) | $ (3,238,232) | $ (3,199,763) |
Net Loss Per Share: | ||||
Basic and Diluted | $ (0.17) | $ (0.16) | $ (0.38) | $ (0.53) |
Weighted Average Common Shares Outstanding: | ||||
Basic and Diluted | 9,756,945 | 6,442,549 | 8,426,135 | 6,006,382 |
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 | $ 53,494,747 | $ (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 | (54,000) | ||
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 | $ 5,788 | 53,821,442 | (55,402,653) | (1,575,433) | |
Ending balance, shares at Jun. 30, 2020 | 5,777,965 | ||||
Beginning balance, value at Mar. 31, 2020 | $ 5,728 | 53,494,747 | (54,588,645) | 52,000 | (1,036,170) |
Beginning balance, shares at Mar. 31, 2020 | 5,727,965 | ||||
Net loss | (3,199,763) | ||||
Ending balance, value at Dec. 31, 2020 | $ 6,719 | 57,119,733 | (57,788,408) | (661,956) | |
Ending balance, shares at Dec. 31, 2020 | 6,718,979 | ||||
Beginning balance, value at Jun. 30, 2020 | $ 5,788 | 53,821,442 | (55,402,653) | (1,575,433) | |
Beginning balance, shares at Jun. 30, 2020 | 5,777,965 | ||||
Common stock sold | $ 226 | 316,274 | 316,500 | ||
Common stock sold, shares | 226,072 | ||||
Stock issued for debt conversion | $ 25 | 25,357 | 25,382 | ||
Stock issued for debt conversion, shares | 25,002 | ||||
Cashless warrant exercises | $ 15 | (15) | |||
Cashless warrant exercises, shares | 15,257 | ||||
Stock-based Compensation | $ 175 | 653,688 | 653,863 | ||
Stock-based Compensation, shares | 174,752 | ||||
Net loss | (1,348,002) | (1,348,002) | |||
Ending balance, value at Sep. 30, 2020 | $ 6,219 | 54,816,746 | (56,750,655) | (1,927,690) | |
Ending balance, shares at Sep. 30, 2020 | 6,219,048 | ||||
Cash paid to exercise warrants | $ 202 | 449,791 | 449,993 | ||
Cash paid to exercise warrants, shares | 202,499 | ||||
Stock issued for debt conversion | $ 264 | 1,728,741 | 1,729,005 | ||
Stock issued for debt conversion, shares | 263,568 | ||||
Cashless warrant exercises | $ 33 | (33) | |||
Cashless warrant exercises, shares | 33,140 | ||||
1-for-4 reverse split rounding | $ 1 | (1) | |||
1-for-4 reverse split rounding, shares | 724 | ||||
Stock issued for services | 72,000 | 72,000 | |||
Stock issued for services, shares | |||||
Stock-based Compensation | 52,490 | 52,490 | |||
Stock-based Compensation, shares | |||||
Net loss | (1,037,753) | (1,037,753) | |||
Ending balance, value at Dec. 31, 2020 | $ 6,719 | 57,119,733 | (57,788,408) | (661,956) | |
Ending balance, shares at Dec. 31, 2020 | 6,718,979 | ||||
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 | |||
Stock-based Compensation, shares | |||||
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 | ||||
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 | ||||
Net loss | (3,238,232) | ||||
Ending balance, value at Dec. 31, 2021 | $ 9,758 | 68,589,822 | (61,349,658) | 7,249,922 | |
Ending balance, shares at Dec. 31, 2021 | 9,757,728 | ||||
Beginning balance, value at Jun. 30, 2021 | $ 7,093 | 57,878,784 | (58,602,055) | (716,178) | |
Beginning balance, shares at Jun. 30, 2021 | 7,093,155 | ||||
Common stock sold | $ 2,511 | 4,966,020 | 4,968,531 | ||
Common stock sold, shares | 2,511,000 | ||||
Warrants sold | 4,889,252 | 4,889,252 | |||
Cash paid to exercise warrants | $ 1 | 2,030 | 2,031 | ||
Cash paid to exercise warrants, shares | 1,594 | ||||
Cashless warrant exercises | $ 40 | (40) | |||
Cashless warrant exercises, shares | 40,038 | ||||
Stock issued for investor relations services | $ 42 | 209,958 | 210,000 | ||
Stock issued for investor relations services, shares | 42,000 | ||||
Stock-based Compensation | 104,092 | 104,092 | |||
Stock-based Compensation, shares | |||||
Stock and warrants granted for debt conversion | $ 44 | 195,956 | 196,000 | ||
Stock and warrants granted for debt conversion, shares | 43,556 | ||||
Net loss | (1,105,474) | (1,105,474) | |||
Ending balance, value at Sep. 30, 2021 | $ 9,731 | 68,246,052 | (59,707,529) | 8,548,254 | |
Ending balance, shares at Sep. 30, 2021 | 9,731,343 | ||||
Stock issued for services | $ 27 | 71,053 | 71,080 | ||
Stock issued for services, shares | 26,085 | ||||
Vesting of restricted stock units | |||||
Vesting of restricted stock unit shares | 300 | ||||
Stock-based Compensation | 272,717 | 272,717 | |||
Stock-based Compensation, shares | |||||
Net loss | (1,642,129) | (1,642,129) | |||
Ending balance, value at Dec. 31, 2021 | $ 9,758 | $ 68,589,822 | $ (61,349,658) | $ 7,249,922 | |
Ending balance, shares at Dec. 31, 2021 | 9,757,728 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Loss For The Period | $ (3,238,232) | $ (3,199,763) |
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: | ||
Derivative expense | 1,702,100 | |
Stock-based compensation | 432,483 | 889,597 |
Stock issued for services | 71,080 | 72,000 |
Depreciation and amortization | 43,168 | 73,062 |
Amortization of debt discount | 173,174 | |
Forgiveness of PPP loan and accrued interest | (31,680) | |
Intangible impairment | 23,930 | |
Gain on debt restructuring | (516) | |
Gain on sale of asset | (482) | |
Changes in Operating Assets and Liabilities | ||
Increase in prepaid expenses and other assets | (44,659) | (120,408) |
Increase in accounts receivable | (3,186) | (1,250) |
Increase in inventories | (104,965) | (9,971) |
Interest accrued on convertible notes payable | (3,013) | 37,150 |
Interest accrued on notes payable - related party | 4,013 | 7,011 |
Interest accrued on notes payable | 2,823 | |
Increase (decrease) in accounts payable and accrued expense | 106,319 | (10,924) |
Increase (decrease) in accrued expenses - related party | (36,808) | (47,475) |
Net Cash Used In Operating Activities | (2,805,480) | (776,845) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Sale of equipment | 482 | |
Purchase of equipment | (91,908) | (118,424) |
Disbursements for patents and trademarks | (19,154) | (39,817) |
Net Cash Used in Investing Activities | (111,062) | (157,759) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from stock and warrants sold | 10,200,881 | 316,500 |
Proceeds from exercise of warrants | 42,031 | 449,993 |
Decrease in deferred offering costs | 280,163 | |
Equity sale proceeds receivable | 52,000 | |
Proceeds from PPP loan | 38,665 | |
Proceeds from notes payable | 27,500 | |
Proceeds from convertible notes | 322,500 | |
Repayments of convertible notes | (28,077) | |
Repayments of notes payable | (4,235) | (4,190) |
Repayments of PPP loan | (3,571) | |
Repayments of notes payable - related party | (48,267) | (19,900) |
Repayments of notes payable - directors | (20,300) | |
Net Cash Provided by Financing Activities | 10,446,702 | 1,154,991 |
Net Increase in Cash and Cash Equivalents | 7,530,160 | 220,837 |
Cash and Cash Equivalents at Beginning of Period | 23,578 | 10,582 |
Cash and Cash Equivalents at End of Period | 7,553,738 | 230,969 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Interest | 9,071 | 45,850 |
SUPPLEMENTAL DISCLOSURE ON NON-CASH FINANCING AND INVESTING ACTIVITIES | ||
Derivative treated as debt discount | 352,941 | |
Stock granted for debt conversion | 232,658 | 1,729,005 |
Stock granted for share-settled debt obligation conversion | 196,000 | |
Stock granted for investor relations services | 210,000 | |
Note payable – related party granted for release of claim to accrued salary | 196,000 | |
Note payable – related party converted into common stock | $ 25,382 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION | 9 Months Ended |
Dec. 31, 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 commercializing its 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 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 and intangibles, estimate of fair value of share-based payments and derivative instruments and recorded debt discount and valuation of deferred tax assets. (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 December 31, 2021, the Company did have cash balances in excess of the federally insured limits. At 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 months (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 3,754,484 1.20 6.67 4.95 The Company has 1,124,803 1.20 15.53 1.99 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 December 31, 2020, the Company had $ 280,000 0 June 30, 2021 280,000 0 96,924 2.89 196,000 (K) Revenue Recognition The Company derives revenue from the sale of pet care products to its veterinarian customers in the Unites States. For performance obligations related to the sale of our pet care products, control transfers to the customer at a point in time. Revenue is recognized upon shipment, which is when control of these products is transferred to our customers and in an amount that reflects the consideration the Company expects to receive for these products. Shipping costs charged to customers are not reported within revenue. The Company does not have any significant financing components as payment is received at or shortly after the point of sale. (L) Accounts Receivable Accounts receivable are recorded at management’s assessment of the expected consideration to be received, based on a detailed review of historical pricing adjustments and collections. Management relies on the results of the assessment, which includes payment history of the applicable customer as a primary source of information in estimating the collectability of our accounts receivable. We update our assessment on a quarterly basis, which to date has not resulted in any material adjustments to the valuation of our accounts receivable. We believe the assessment provides reasonable estimates of our accounts receivable valuation, and therefore believe that substantially all accounts receivable are fully collectible. (M) Research and Development The Company expenses research and development costs as incurred. (N) 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 December 31, 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 (O) 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. (P) 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. (Q) Inventory Inventories are recorded in accordance with ASC 330, Inventory, and are stated at the lower of cost or net realizable value. We account for inventories using the first in first out (FIFO) methodology. (R) Recent Accounting Pronouncements The Company has reviewed the FASB issued ASU accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and do not believe that any new or modified principles will have a material impact on the Company’s reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of the Company’s financial management. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts on an Entity’s Own Equity. The ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for the exceptions. The ASU also simplifies the diluted net income per share calculation in certain areas. The new guidance is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, and early adoption is permitted. The Company is currently evaluating the impact of the adoption of the standard on the consolidated financial statements. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40). The new ASU addresses issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options. This amendment is effective for all entities, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact this new guidance will have on its financial statements. All other newly issued accounting pronouncements but not yet effective have been deemed either immaterial or not applicable. (S) Reclassifications A certain account in the prior year financial statements has been reclassified for comparative purposes to conform with the presentation in the current year financial statements. Accrued expenses is reported separately from accounts payable in the balance sheet since the amounts are material. There was no effect on the change in net assets resulting from the reclassifications. |
INVENTORY
INVENTORY | 9 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORY | NOTE 2 – INVENTORY As of December 31, 2021 and March 31, 2021, the Company had inventory of $ 104,965 47,068 47,068 The inventory components are as follows: SCHEDULE OF INVENTORY December 31, 2021 March 31, 2021 Finished Goods $ 8,520 $ 36,973 Work in Process 31,424 - Raw Materials 65,021 8,773 Manufacturing Supplies - 1,322 Inventory, Gross 104,965 47,068 Reserve for Obsolete Inventory - (47,068 ) Total Net $ 104,965 $ - At December 31, 2021, both the inventory cost of $ 47,068 The Company recognized a benefit to cost of sales of $ 3,289 |
PREPAID EXPENSES AND DEFERRED O
PREPAID EXPENSES AND DEFERRED OFFERING COSTS | 9 Months Ended |
Dec. 31, 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 December 31, 2021, the Company had $ 373,505 245,000 82,000 36,000 As of March 31, 2021, the Company had $ 123,575 78,000 9,000 9,000 280,163 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 9 Months Ended |
Dec. 31, 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 December 31, 2021 March 31, 2021 Leasehold improvements $ 214,354 $ 198,015 Production equipment 165,753 128,849 R&D equipment 25,184 25,184 Computer equipment and furniture 48,895 10,130 Total, at cost 454,086 362,178 Accumulated depreciation (184,960 ) (148,140 ) Total Net $ 269,226 $ 214,038 During the three months ended December 31, 2021 and 2020, depreciation expense was $ 13,123 10,768 36,820 24,731 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 9 Months Ended |
Dec. 31, 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 December 31, 2021 March 31, 2021 Patents $ 3,860,057 $ 3,840,903 Trademarks 26,142 26,142 Total at cost 3,886,199 3,867,045 Accumulated Amortization (3,845,461 ) (3,839,113 ) Total net $ 40,738 $ 27,932 During the three-month periods ended December 31, 2021 and 2020, amortization expense was $ 2,286 1,629 6,348 8,353 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 9 Months Ended |
Dec. 31, 2021 | |
Accrued Expenses | |
ACCRUED EXPENSES | NOTE 6 – ACCRUED EXPENSES The components of accrued expenses were as follows: SCHEDULE OF COMPONENTS OF ACCRUED EXPENSES December 31, 2021 March 31, 2021 Accrued payroll and related taxes $ 473,699 $ 221,774 Accrued lease termination expense 332,238 332,238 Total $ 805,937 $ 554,012 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 $ 332,000 |
RELATED PARTY NOTES PAYABLE
RELATED PARTY NOTES PAYABLE | 9 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY NOTES PAYABLE | NOTE 7 - RELATED PARTY NOTES PAYABLE At December 31, 2021 and March 31, 2021, the Company is obligated for a related party note payable and accrued interest in the total amount of $ 0 44,554 April 30, 2020 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 0 20,000 |
NOTES PAYABLE AND CONVERTIBLE N
NOTES PAYABLE AND CONVERTIBLE NOTES | 9 Months Ended |
Dec. 31, 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 35,100 39,528 6,456 28,837 On May 1, 2020, the Company received $ 38,665 39,020 1 May 1, 2022 31,680 3,769 738 At March 31, 2021, the Company is obligated for several convertible notes payable in the total amount of $ 235,671 230,000 5,671 10 2,658 80,522 2.89 At September 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 15 365,808 352,941 12,867 557,143 91,500 0 352,941 91,500 2,500 2,500 52,941 52,941 206,000 215,686 0 137,255 30,000 75,000 31,500 61,500 52,399 173,174 368,995 352,941 16,054 263,568 1.40 6.56 1,908,100 368,995 181,187 1,729,005 366,903 0 0 |
SHARE-SETTLED DEBT OBLIGATION _
SHARE-SETTLED DEBT OBLIGATION – RELATED PARTY | 9 Months Ended |
Dec. 31, 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 4,000 195,000 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 Dr. 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 43,556 43,556 43,556 At December 31, 2021 and March 31, 2021, the Company was obligated for principal and accrued interest in the amounts of $- 0 196,000 0 44,554 |
DERIVATIVE LIABILITY AND EXPENS
DERIVATIVE LIABILITY AND EXPENSE | 9 Months Ended |
Dec. 31, 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 reclassified to equity. 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, September 30, 2020 and October 26, 2020, the issuance, balance sheet, and conversion dates, respectively: SCHEDULE OF DERIVATIVE LIABILITY ASSUMPTIONS June 15, 2020 September 30, 2020 October 26,2020 Stock price on valuation date $ .42 $ .80 $ 6.56 Conversion price $ .28 $ .28 $ 1.12 Days to maturity 273 166 140 Weighted-average volatility* 367 % 327 197 % Risk-free rate .18 % .12 .11 % The initial valuation of $ 526,800 206,000 0 320,800 526,800 937,500 389,300 263,568 1.40 366,903 no |
ACCRUED EXPENSES _ RELATED PART
ACCRUED EXPENSES – RELATED PARTY | 9 Months Ended |
Dec. 31, 2021 | |
Accrued Expenses Related Party | |
ACCRUED EXPENSES – RELATED PARTY | NOTE 11– ACCRUED EXPENSES – RELATED PARTY At March 31, 2021, the Company was obligated to pay $ 36,808 28,965 7,843 In August 2021, the total amount due to the related party was paid from the proceeds of its Public Offering and there is no |
RETIREMENT PLAN
RETIREMENT PLAN | 9 Months Ended |
Dec. 31, 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 made contributions to the plan for the three and nine months ended December 31, 2021 of $ 2,350 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Dec. 31, 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 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-month periods ended December 31, 2021 and December 31, 2020 were $ 16,549 13,343 50,952 40,479 The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of December 31, 2021: SCHEDULE OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY 2022 $ 6,745 2023 27,167 2024 27,710 2025 28,265 2026 28,830 2027 19,475 Total 138,192 Less: amount representing interest (271 ) Total $ 137,921 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 $ 137,921 Present value of future base rent lease payments – net $ 137,921 As of December 31, 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 $ 137,921 Total operating lease assets 137,921 Operating lease current liability 27,011 Operating lease other liability 110,910 Total operating lease liabilities $ 137,921 The Company has employment agreements with its executive officers. As of December 31, 2021, these agreements contain severance benefits ranging from one month to six months if terminated without cause. As of March 31, 2021, the employment agreements to executive officers did not contain severance benefits if terminated without cause. The Company has received correspondence from an attorney representing Dr. David Masters, our former Chief Technology Officer and current director, alleging that the Company, among other items, breached its settlement and consulting agreement with him and owes him additional monies pursuant to these agreements. His attorney also alleges that the Company promised to enter into a new employment agreement with him and failed to fulfill that promise. The Company believes that Dr. Master’s claims are without merit and has retained legal counsel. The Company does not believe that this matter will have a material impact on its financial position or results of operations. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Dec. 31, 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 financial statements have been prepared assuming that we will continue as a going concern, which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business. In August 2021, we raised net proceeds of approximately $ 9,781,000 2,500,000 4.50 6,928,954 The Company expects to incur losses in the future as its commercially launches its first product. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of at least twelve months after the date of issuance of these financial statements. Management intends to raise additional funds by selling securities in public or private offerings. 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. |
COMMON STOCK AND WARRANTS
COMMON STOCK AND WARRANTS | 9 Months Ended |
Dec. 31, 2021 | |
Common Stock And Warrants | |
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 a 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 authorized under the 2020 Plan is 1,000,000 July 10, 2030 450,435 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 is 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 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 25,000 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. Units – Public Offering On August 13, 2021, the Company sold an aggregate of 2,500,000 4.50 5.625 43,556 196,000 4.50 The Company received gross proceeds of $ 11,253,850 8 1,473,067 4,891,531 4,889,252 In addition, pursuant to the Underwriting Agreement, the Company granted ThinkEquity a 45-day option to purchase up to 375,000 additional shares of common stock, and/or 375,000 additional warrants, to cover over-allotments in connection with the Offering, which ThinkEquity partially exercised to purchase 375,000 warrants on the closing date Pursuant to the Underwriting Agreement, we issued warrants (the “Underwriter’s Warrants”) to ThinkEquity to purchase 125,000 5 5.625 five years Common Stock For the nine months ended December 31, 2021, the Company issued 2,958,615 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 90,500 1.40 v) 49,014 343,098 7.00 vi) 43,324 56,250 2.22 vii) 11,000 77,000 7.00 viii) 2,500,000 4.50 ix) 43,556 196,000 4.50 x) 40,038 48,786 1.40 xi) 1,594 1.27 2,031 xii) 42,000 210,000 xiii) 25,585 69,080 xiv) 500 2,000 xv) 300 For the nine months ended December 31, 2020, the Company issued 990,290 i) i) 30,000 32,453 ii) 20,000 34,709 20,000 34,709 17,291 52,000 iii) 12,500 22,000 10,000 17,600 2,500 4,400 iv) 15,257 12,053 25,000 15,257 1.20 v) 226,071 316,500 vi) 162,252 486,755 a. 33,619 b. 26,217 c. 22,993 d. 10,789 e. 10,711 f. 10,627 g. 10,550 h. 9,302 i. 9,300 j. 9,209 k. 8,935 vii) 25,003 25,383 25,382 25,000 382 1.02 viii) 263,568 368,995 1,729,005 ix) 32,347 42,188 1.33 x) 202,499 2.22 449,993 xi) 793 6,750 4.44 Time-Based Restricted Stock Units We have granted time-based restricted stock units to certain participants under the 2020 Plan that are stock-settled with common shares. Time-based restricted stock units granted under the 2020 Plan vest over three years. Stock-based compensation expense included in the Condensed Consolidated Statements of Operations for time-based restricted stock units was $ 251,885 359,992 1,762,000 1.8 Our time-based restricted stock unit activity for the nine months ended December 31, 2021 was as follows: SCHEDULE OF TIME BASED RESTRICTED STOCK UNITS Units Weighted Average Grant Date Fair Value Per Unit Aggregate Intrinsic Value (1) Balance at March 31, 2021 - - - Granted 549,565 $ 3.86 - Vested (300 ) 13.99 Balance at December 31, 2021 549,265 $ 3.85 $ 2,071,000 (1) The aggregate intrinsic value of restricted stock units outstanding was based on our closing stock price on the last trading day of this period. Warrants During the nine months ended December 31, 2021, the Company issued warrants to purchase an aggregate of 3,043,556 ● warrants to purchase 2,500,000 4,805,528 5.625 ● warrants to purchase 43,556 196,000 83,724 5.625 ● warrants to purchase 500,000 5.625 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 approximately 315 ii) risk-free rate identical to the U.S. Treasury 5 0.82 During the nine months ended December 31, 2020, the Company issued warrants to purchase a total of 240,627 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 iv) warrants for 3,750 6,600 5 1.20 v) warrants for 30,000 96,000 5 1.40 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, 2020 and nine-month period ending December 31, 2021 is as follows: SCHEDULE OF WARRANT ACTIVITY Number of Warrants Weighted- Average Exercise Price Warrants Exercisable Weighted- Average Exercisable Price 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 for Cash 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 Issued and granted 3,043,556 5.63 Exercised for cash (6,094 ) (6.90 ) Cashless warrant exercises (237,724 ) (1.58 ) Expired (15,922 ) (5.28 ) Cancelled (108,000 ) (1.80 ) Outstanding, December 31, 2021 3,757,484 $ 4.95 3,684,359 $ 5.01 At December 31, 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 2.00 418,237 $ 1.35 4.18 418,237 $ 1.35 2.01 4.00 207,938 2.48 2.58 134,813 2.62 4.01 6.67 3,131,309 5.60 4.51 3,131,309 5.60 Total 3,754,484 4.95 4.36 3,684,359 5.01 For the three months ended December 31, 2021 and 2020, the total stock-based compensation on all instruments was $ 272,717 124,490 432,483 889,597 62,000 |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 9 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | NOTE 16 – SUBSEQUENT EVENT In October 2021, the Company entered into a new lease agreement of 2,376 2,673 2.5 In January 2022, the Company issued 17,500 10,000 7,500 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Policies) | 9 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description | (A) Organization and Description The Company is in the business of commercializing its 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 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 and intangibles, estimate of fair value of share-based payments and derivative instruments and recorded debt discount and valuation of deferred tax assets. |
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 December 31, 2021, the Company did have cash balances in excess of the federally insured limits. At 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 months |
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 3,754,484 1.20 6.67 4.95 The Company has 1,124,803 1.20 15.53 1.99 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 December 31, 2020, the Company had $ 280,000 0 June 30, 2021 280,000 0 96,924 2.89 196,000 |
Revenue Recognition | (K) Revenue Recognition The Company derives revenue from the sale of pet care products to its veterinarian customers in the Unites States. For performance obligations related to the sale of our pet care products, control transfers to the customer at a point in time. Revenue is recognized upon shipment, which is when control of these products is transferred to our customers and in an amount that reflects the consideration the Company expects to receive for these products. Shipping costs charged to customers are not reported within revenue. The Company does not have any significant financing components as payment is received at or shortly after the point of sale. |
Accounts Receivable | (L) Accounts Receivable Accounts receivable are recorded at management’s assessment of the expected consideration to be received, based on a detailed review of historical pricing adjustments and collections. Management relies on the results of the assessment, which includes payment history of the applicable customer as a primary source of information in estimating the collectability of our accounts receivable. We update our assessment on a quarterly basis, which to date has not resulted in any material adjustments to the valuation of our accounts receivable. We believe the assessment provides reasonable estimates of our accounts receivable valuation, and therefore believe that substantially all accounts receivable are fully collectible. |
Research and Development | (M) Research and Development The Company expenses research and development costs as incurred. |
Fair Value of Financial Instruments | (N) 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 December 31, 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 | (O) 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 | (P) 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 | (Q) Inventory Inventories are recorded in accordance with ASC 330, Inventory, 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 | (R) Recent Accounting Pronouncements The Company has reviewed the FASB issued ASU accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and do not believe that any new or modified principles will have a material impact on the Company’s reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of the Company’s financial management. In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts on an Entity’s Own Equity. The ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for the exceptions. The ASU also simplifies the diluted net income per share calculation in certain areas. The new guidance is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, and early adoption is permitted. The Company is currently evaluating the impact of the adoption of the standard on the consolidated financial statements. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40). The new ASU addresses issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options. This amendment is effective for all entities, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact this new guidance will have on its financial statements. All other newly issued accounting pronouncements but not yet effective have been deemed either immaterial or not applicable. |
Reclassifications | (S) Reclassifications A certain account in the prior year financial statements has been reclassified for comparative purposes to conform with the presentation in the current year financial statements. Accrued expenses is reported separately from accounts payable in the balance sheet since the amounts are material. There was no effect on the change in net assets resulting from the reclassifications. |
INVENTORY (Tables)
INVENTORY (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORY | The inventory components are as follows: SCHEDULE OF INVENTORY December 31, 2021 March 31, 2021 Finished Goods $ 8,520 $ 36,973 Work in Process 31,424 - Raw Materials 65,021 8,773 Manufacturing Supplies - 1,322 Inventory, Gross 104,965 47,068 Reserve for Obsolete Inventory - (47,068 ) Total Net $ 104,965 $ - |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended |
Dec. 31, 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 December 31, 2021 March 31, 2021 Leasehold improvements $ 214,354 $ 198,015 Production equipment 165,753 128,849 R&D equipment 25,184 25,184 Computer equipment and furniture 48,895 10,130 Total, at cost 454,086 362,178 Accumulated depreciation (184,960 ) (148,140 ) Total Net $ 269,226 $ 214,038 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Dec. 31, 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 December 31, 2021 March 31, 2021 Patents $ 3,860,057 $ 3,840,903 Trademarks 26,142 26,142 Total at cost 3,886,199 3,867,045 Accumulated Amortization (3,845,461 ) (3,839,113 ) Total net $ 40,738 $ 27,932 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Accrued Expenses | |
SCHEDULE OF COMPONENTS OF ACCRUED EXPENSES | The components of accrued expenses were as follows: SCHEDULE OF COMPONENTS OF ACCRUED EXPENSES December 31, 2021 March 31, 2021 Accrued payroll and related taxes $ 473,699 $ 221,774 Accrued lease termination expense 332,238 332,238 Total $ 805,937 $ 554,012 |
DERIVATIVE LIABILITY AND EXPE_2
DERIVATIVE LIABILITY AND EXPENSE (Tables) | 9 Months Ended |
Dec. 31, 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, September 30, 2020 and October 26, 2020, the issuance, balance sheet, and conversion dates, respectively: SCHEDULE OF DERIVATIVE LIABILITY ASSUMPTIONS June 15, 2020 September 30, 2020 October 26,2020 Stock price on valuation date $ .42 $ .80 $ 6.56 Conversion price $ .28 $ .28 $ 1.12 Days to maturity 273 166 140 Weighted-average volatility* 367 % 327 197 % Risk-free rate .18 % .12 .11 % |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Dec. 31, 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 December 31, 2021: SCHEDULE OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY 2022 $ 6,745 2023 27,167 2024 27,710 2025 28,265 2026 28,830 2027 19,475 Total 138,192 Less: amount representing interest (271 ) Total $ 137,921 |
SCHEDULE OF BASE RENT LEASE PAYMENTS | SCHEDULE OF BASE RENT LEASE PAYMENTS Present value of future base rent lease payments $ 137,921 Present value of future base rent lease payments – net $ 137,921 |
SCHEDULE OF LEASE CURRENT AND NON-CURRENT ASSETS AND LIABILITIES | As of December 31, 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 $ 137,921 Total operating lease assets 137,921 Operating lease current liability 27,011 Operating lease other liability 110,910 Total operating lease liabilities $ 137,921 |
COMMON STOCK AND WARRANTS (Tabl
COMMON STOCK AND WARRANTS (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Common Stock And Warrants | |
SCHEDULE OF TIME BASED RESTRICTED STOCK UNITS | Our time-based restricted stock unit activity for the nine months ended December 31, 2021 was as follows: SCHEDULE OF TIME BASED RESTRICTED STOCK UNITS Units Weighted Average Grant Date Fair Value Per Unit Aggregate Intrinsic Value (1) Balance at March 31, 2021 - - - Granted 549,565 $ 3.86 - Vested (300 ) 13.99 Balance at December 31, 2021 549,265 $ 3.85 $ 2,071,000 (1) The aggregate intrinsic value of restricted stock units outstanding was based on our closing stock price on the last trading day of this period. |
SCHEDULE OF WARRANT ACTIVITY | A summary of warrant activity for the year ending March 31, 2020 and nine-month period ending December 31, 2021 is as follows: SCHEDULE OF WARRANT ACTIVITY Number of Warrants Weighted- Average Exercise Price Warrants Exercisable Weighted- Average Exercisable Price 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 for Cash 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 Issued and granted 3,043,556 5.63 Exercised for cash (6,094 ) (6.90 ) Cashless warrant exercises (237,724 ) (1.58 ) Expired (15,922 ) (5.28 ) Cancelled (108,000 ) (1.80 ) Outstanding, December 31, 2021 3,757,484 $ 4.95 3,684,359 $ 5.01 |
SCHEDULE OF RANGE OF WARRANT PRICES | At December 31, 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 2.00 418,237 $ 1.35 4.18 418,237 $ 1.35 2.01 4.00 207,938 2.48 2.58 134,813 2.62 4.01 6.67 3,131,309 5.60 4.51 3,131,309 5.60 Total 3,754,484 4.95 4.36 3,684,359 5.01 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Details Narrative) - USD ($) | Aug. 13, 2021 | Apr. 30, 2021 | Oct. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | Dec. 29, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 15, 2020 |
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, at Carrying Value | $ 0 | |||||||||
Convertible notes interest | $ 2,658 | |||||||||
Debt instrument maturity date | Apr. 30, 2020 | |||||||||
Conversion of debt into common stock shares | 43,556 | 80,522 | ||||||||
Conversion price per share | $ 2.89 | $ 0.28 | $ 1.12 | $ 0.28 | ||||||
Fair value, net asset (liability) | $ 0 | $ 0 | ||||||||
Income tax likelihood percentage | greater than 50 percent | |||||||||
Convertible Notes [Member] | ||||||||||
Convertible notes outstanding | $ 280,000 | |||||||||
Convertible notes interest | $ 0 | |||||||||
Debt instrument maturity date | Jun. 30, 2021 | |||||||||
Conversion of debt into common stock shares | 96,924 | |||||||||
Conversion price per share | $ 2.89 | |||||||||
Share-settled debt obligation with a related party | $ 196,000 | |||||||||
Warrant [Member] | ||||||||||
Warrants outstanding | 3,754,484 | 1,124,803 | ||||||||
Warrant exercise price | $ 4.44 | |||||||||
Weighted average, exercise price | $ 4.95 | $ 1.99 | ||||||||
Warrant [Member] | Minimum [Member] | ||||||||||
Warrant exercise price | 1.20 | 1.20 | ||||||||
Warrant [Member] | Maximum [Member] | ||||||||||
Warrant exercise price | $ 6.67 | $ 15.53 | ||||||||
Patents and Trademarks [Member] | ||||||||||
Estimated useful life of intangible asset | 60 months | |||||||||
Equipment [Member] | ||||||||||
Estimated useful life of assets | 3 years | |||||||||
Automobiles [Member] | ||||||||||
Estimated useful life of assets | 5 years | |||||||||
Furniture and Fixtures [Member] | ||||||||||
Estimated useful life of assets | 7 years |
SCHEDULE OF INVENTORY (Details)
SCHEDULE OF INVENTORY (Details) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Finished Goods | $ 8,520 | $ 36,973 |
Work in Process | 31,424 | |
Raw Materials | 65,021 | 8,773 |
Manufacturing Supplies | 1,322 | |
Inventory, Gross | 104,965 | 47,068 |
Reserve for Obsolete Inventory | (47,068) | |
Total Net | $ 104,965 |
INVENTORY (Details Narrative)
INVENTORY (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | ||
Inventory, gross | $ 104,965 | $ 47,068 |
Inventory reserves | 47,068 | |
Inventory written off | $ 47,068 | |
Income recognized, change in reserve of obsolete inventory | $ 3,289 |
PREPAID EXPENSES AND DEFERRED_2
PREPAID EXPENSES AND DEFERRED OFFERING COSTS (Details Narrative) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Prepaid expenses and other assets | $ 373,505 | $ 123,575 |
Deferred offering costs | 280,163 | |
Insurance Costs [Member] | ||
Prepaid expenses and other assets | 245,000 | 9,000 |
Investor Relations Services [Member] | ||
Prepaid expenses and other assets | 82,000 | |
Trade shows [Member] | ||
Prepaid expenses and other assets | $ 36,000 | |
Advertising and Marketing Services [Member] | ||
Prepaid expenses and other assets | 78,000 | |
OTC Registration Fee [Member] | ||
Prepaid expenses and other assets | $ 9,000 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total, at cost | $ 454,086 | $ 362,178 |
Accumulated depreciation | (184,960) | (148,140) |
Total Net | 269,226 | 214,038 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | 214,354 | 198,015 |
Production Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | 165,753 | 128,849 |
R&D Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | 25,184 | 25,184 |
Furniture And Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | $ 48,895 | $ 10,130 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 13,123 | $ 10,768 | $ 36,820 | $ 24,731 |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Patents | $ 3,860,057 | $ 3,840,903 |
Trademarks | 26,142 | 26,142 |
Total at cost | 3,886,199 | 3,867,045 |
Accumulated Amortization | (3,845,461) | (3,839,113) |
Total net | $ 40,738 | $ 27,932 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 2,286 | $ 1,629 | $ 6,348 | $ 8,353 |
SCHEDULE OF COMPONENTS OF ACCRU
SCHEDULE OF COMPONENTS OF ACCRUED EXPENSES (Details) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Accrued Expenses | ||
Accrued payroll and related taxes | $ 473,699 | $ 221,774 |
Accrued lease termination expense | 332,238 | 332,238 |
Total | $ 805,937 | $ 554,012 |
ACCRUED EXPENSES (Details Narra
ACCRUED EXPENSES (Details Narrative) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 | Jan. 31, 2020 |
Accrued Expenses | |||
Accrued expense | $ 332,000 | $ 332,000 | $ 7,500 |
RELATED PARTY NOTES PAYABLE (De
RELATED PARTY NOTES PAYABLE (Details Narrative) - USD ($) | 1 Months Ended | 9 Months Ended |
Mar. 31, 2021 | Dec. 31, 2021 | |
Notes payable and accrued interest | $ 44,554 | |
Debt instrument maturity date | Apr. 30, 2020 | |
Annual monthly payments | $ 3,100 | |
Debt term | 24 months | |
Four Directors [Member] | ||
Notes payable and accrued interest | $ 20,000 | $ 0 |
Debt interest rate | 6.00% | |
Minimum [Member] | ||
Proceeds from related party debt | $ 3,500,000 |
NOTES PAYABLE AND CONVERTIBLE_2
NOTES PAYABLE AND CONVERTIBLE NOTES (Details Narrative) - USD ($) | Aug. 13, 2021 | Oct. 26, 2020 | Oct. 26, 2020 | Jun. 15, 2020 | May 01, 2020 | Jun. 30, 2021 | Apr. 30, 2021 | Oct. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | Aug. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jan. 31, 2020 |
Short-term Debt [Line Items] | ||||||||||||||||||
Notes payable | $ 42,500 | |||||||||||||||||
Debt instrument, interest rate | 6.00% | |||||||||||||||||
Convertible Notes payable | $ 35,100 | $ 35,100 | $ 39,528 | |||||||||||||||
Notes payable, current liabilities | 6,456 | 6,456 | 39,528 | |||||||||||||||
Note payable. other liabilities | 28,837 | $ 28,837 | ||||||||||||||||
Convertible notes maturity date | Apr. 30, 2020 | |||||||||||||||||
Debt instrument, periodic monthly payment | $ 3,100 | |||||||||||||||||
Accrued interest | $ 2,658 | |||||||||||||||||
Debt conversion, shares issued | 43,556 | 80,522 | ||||||||||||||||
Conversion price per share | $ 0.28 | $ 2.89 | $ 0.28 | $ 1.12 | ||||||||||||||
Number of warrants purchase | 43,556 | |||||||||||||||||
Discount on debt | $ 206,000 | |||||||||||||||||
Stock price | $ 4.50 | |||||||||||||||||
Debt conversion stock valued | 232,658 | $ 1,729,005 | ||||||||||||||||
Gain on debt extinguishment | $ 366,903 | $ 366,903 | ||||||||||||||||
Warrant [Member] | ||||||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||||||
Number of warrants purchase | 4,500 | |||||||||||||||||
Red Diamond Partners, LLC [Member] | ||||||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||||||
Debt principal amount | $ 368,995 | |||||||||||||||||
Accrued interest | $ 1,729,005 | |||||||||||||||||
Conversion price per share | $ 1.40 | $ 1.40 | ||||||||||||||||
Unamortized debt discount | $ 215,686 | $ 0 | ||||||||||||||||
Debt principal and accrued interest | $ 368,995 | $ 368,995 | ||||||||||||||||
Shares of common stock issued | 263,568 | 263,568 | ||||||||||||||||
Gain on debt extinguishment | $ 366,903 | |||||||||||||||||
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 | |||||||||||||||||
Interest expenses | 173,174 | |||||||||||||||||
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 | $ 52,399 | ||||||||||||||||
Convertible Notes Payable [Member] | Red Diamond Partners, LLC [Member] | ||||||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||||||
Notes payable | $ 365,808 | |||||||||||||||||
Debt principal amount | $ 352,941 | 352,941 | ||||||||||||||||
Accrued interest | 12,867 | |||||||||||||||||
Shares issued, price per share | $ 0.28 | |||||||||||||||||
Unamortized debt discount | $ 52,941 | $ 52,941 | 0 | |||||||||||||||
Original issue discount percentage | 15.00% | |||||||||||||||||
Number of warrants purchase | 557,143 | |||||||||||||||||
Fair value of warrants | $ 91,500 | |||||||||||||||||
Reduction discounts on debt | 0 | |||||||||||||||||
Interest expenses | 137,255 | |||||||||||||||||
Payment of convertible debt | 30,000 | |||||||||||||||||
Owed amount | 0 | |||||||||||||||||
Convertible Notes Payable [Member] | Red Diamond 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 | $ 3,769 | $ 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 | |||||||||||||||||
Debt instrument, periodic monthly payment | $ 738 | |||||||||||||||||
Note Conversion Agreement [Member] | ||||||||||||||||||
Short-term Debt [Line Items] | ||||||||||||||||||
Debt principal amount | 352,941 | 352,941 | ||||||||||||||||
Accrued interest | $ 16,054 | $ 16,054 | ||||||||||||||||
Conversion price per share | $ 1.40 | $ 1.40 | ||||||||||||||||
Unamortized debt discount | $ 181,187 | $ 181,187 | ||||||||||||||||
Debt principal and accrued interest | $ 368,995 | $ 368,995 | ||||||||||||||||
Shares of common stock issued | 263,568 | |||||||||||||||||
Stock price | $ 6.56 | $ 6.56 | ||||||||||||||||
Derivative liability | $ 1,908,100 | $ 1,908,100 | ||||||||||||||||
Debt conversion stock valued | 1,729,005 | |||||||||||||||||
Gain on debt extinguishment | $ 366,903 |
SHARE-SETTLED DEBT OBLIGATION_2
SHARE-SETTLED DEBT OBLIGATION – RELATED PARTY (Details Narrative) - USD ($) | Aug. 13, 2021 | Sep. 02, 2020 | Apr. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2021 | Oct. 15, 2020 | Jan. 31, 2020 |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||
Accrued Interest | $ 2,658 | ||||||
Notes payable | $ 42,500 | ||||||
Debt interest rate | 6.00% | ||||||
Annual monthly payments | $ 3,100 | ||||||
Debt instrument maturity date | Apr. 30, 2020 | ||||||
Debt obligation converted | 43,556 | 80,522 | |||||
Common stock and warrants purchased | 43,556 | ||||||
Warrants for purchase of common stock | 43,556 | ||||||
Share-Settled Debt Obligations [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||
Notes payable | $ 196,000 | ||||||
Promissory Note [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||
Debt principal amount | $ 0 | 196,000 | |||||
Related To Amendment Promissory Note [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||
Debt principal amount | $ 0 | $ 44,554 | |||||
David B Masters [Member] | Amended Promissory Note [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [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 | ||||||
David B Masters [Member] | Promissory Note [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [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 | ||||||
Debt modification | $ 195,000 | ||||||
David B Masters [Member] | Promissory Note [Member] | Conversion Agreement [Member] | |||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||
Debt principal amount | 192,500 | ||||||
Accrued Interest | 658 | ||||||
Notes payable | 196,000 | ||||||
Unamortized discount on debt | 3,500 | ||||||
Conversion fee | $ 3,500 |
SCHEDULE OF DERIVATIVE LIABILIT
SCHEDULE OF DERIVATIVE LIABILITY ASSUMPTIONS (Details) | Oct. 26, 2020$ / shares | Sep. 30, 2020$ / shares | Jun. 15, 2020$ / shares | Apr. 30, 2021$ / shares | Jun. 30, 2020$ / shares |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Stock price on valuation date | $ 6.56 | $ 0.80 | $ 0.42 | ||
Conversion price | $ 0.28 | $ 0.28 | $ 2.89 | $ 1.12 | |
Days to maturity | 140 days | 166 days | 273 days | ||
Measurement Input, Option Volatility [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative liability measurement input, percentage | 197 | 327 | 367 | ||
Measurement Input, Risk Free Interest Rate [Member] | |||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||
Derivative liability measurement input, percentage | 0.11 | 0.12 | 0.18 |
DERIVATIVE LIABILITY AND EXPE_3
DERIVATIVE LIABILITY AND EXPENSE (Details Narrative) - USD ($) | Oct. 26, 2020 | Jun. 15, 2020 | Oct. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 30, 2021 | Jun. 30, 2020 |
Corresponding offset to derivative liability | $ 526,800 | |||||||||
Discount on debt | 206,000 | |||||||||
Convertible note embedded derivative liability | 0 | |||||||||
Derivative expense | 320,800 | $ 937,500 | $ 970,600 | $ 1,702,100 | ||||||
Recognition of derivative liability | $ 526,800 | $ 389,300 | ||||||||
Conversion price per share | $ 0.28 | $ 0.28 | $ 2.89 | $ 1.12 | ||||||
Gain on debt extinguishment | 366,903 | 366,903 | ||||||||
Derivative Liability | $ 0 | $ 0 | ||||||||
Red Diamond Partners, LLC [Member] | ||||||||||
Shares of common stock issued | 263,568 | 263,568 | ||||||||
Conversion price per share | $ 1.40 | |||||||||
Gain on debt extinguishment | $ 366,903 |
ACCRUED EXPENSES _ RELATED PA_2
ACCRUED EXPENSES – RELATED PARTY (Details Narrative) - USD ($) | 1 Months Ended | |
Dec. 31, 2021 | Mar. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Accounts payable | $ 263,267 | $ 408,873 |
Accrued salaries and payroll taxes payable | 473,699 | 221,774 |
Proceeds from Issuance Initial Public Offering | $ 0 | |
Related Party [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued expenses, related party | 36,808 | |
Accounts payable | 28,965 | |
Accrued salaries and payroll taxes payable | $ 7,843 |
RETIREMENT PLAN (Details Narrat
RETIREMENT PLAN (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended |
Dec. 31, 2021 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | ||
Discretionary contributions | $ 2,350 | $ 2,350 |
SCHEDULE OF ANNUAL UNDISCOUNTED
SCHEDULE OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY (Details) | Dec. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2022 | $ 6,745 |
2023 | 27,167 |
2024 | 27,710 |
2025 | 28,265 |
2026 | 28,830 |
2027 | 19,475 |
Total | 138,192 |
Less: amount representing interest | (271) |
Total | $ 137,921 |
SCHEDULE OF BASE RENT LEASE PAY
SCHEDULE OF BASE RENT LEASE PAYMENTS (Details) | Dec. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Present value of future base rent lease payments | $ 137,921 |
Operating Lease, Liability | $ 137,921 |
SCHEDULE OF LEASE CURRENT AND N
SCHEDULE OF LEASE CURRENT AND NON-CURRENT ASSETS AND LIABILITIES (Details) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease right-of-use asset | $ 137,921 | |
Total operating lease assets | 137,921 | $ 157,760 |
Operating lease current liability | 27,011 | 26,582 |
Operating lease other liability | 110,910 | $ 131,178 |
Operating lease liability | $ 137,921 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Oct. 31, 2021USD ($)ft² | May 31, 2017ft² | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2021USD ($) | Jan. 31, 2020USD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Area of land | ft² | 2,376 | 3,577 | ||||||
Annual increase in base rent, percentage | 0.025 | 0.02 | ||||||
Lease term description | 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 | $ 332,000 | $ 332,000 | $ 332,000 | $ 7,500 | ||||
Base rent | $ 2,673 | 2,205 | 2,205 | 2,205 | ||||
Lease rent expenses | $ 16,549 | $ 13,343 | $ 50,952 | $ 40,479 | ||||
Operating lease treasury rate | 0.12% | 0.12% | ||||||
Operating lease right-of-use | $ 137,921 | $ 137,921 | $ 157,760 | |||||
Weighted average remaining lease term | 6 years | 6 years | ||||||
Weighted average discount rate | 0.12% | 0.12% | ||||||
Extended Lease Term To 2026 [Member] | ||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||
Operating lease right-of-use | $ 189,600 | $ 189,600 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 1 Months Ended | |
Aug. 31, 2021 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Proceeds from sale of stock | $ 9,781,000 | |
Number of stock, sold during period | 2,500,000 | |
Sale of stock, price per share | $ 4.50 | |
Working capital | $ 6,928,954 |
SCHEDULE OF TIME BASED RESTRICT
SCHEDULE OF TIME BASED RESTRICTED STOCK UNITS (Details) - Restricted Stock Units (RSUs) [Member] | 9 Months Ended | |
Dec. 31, 2021$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Time based RSU's, Balance | ||
Time based RSU's, Weighted Average Grant Date Fair Value Per Unit | $ / shares | ||
Aggregate Intrinsic Value, RSU's, Balance | [1] | |
Time based RSU's Granted | 549,565 | |
Time based RSU's, Weighted Average Grant Date Fair Value Per Unit, Granted | $ / shares | $ 3.86 | |
Aggregate Intrinsic Value, RSU's, Granted | $ / shares | [1] | |
Time based RSU's Vested | (300) | |
Time based RSU's, Weighted Average Vested Date Fair Value Per Unit, Vested | $ / shares | $ 13.99 | |
Time based RSU's, Balance | 549,265 | |
Time based RSU's, Weighted Average Grant Date Fair Value Per Unit | $ / shares | $ 3.85 | |
Aggregate Intrinsic Value, RSU's, Balance | 2,071,000 | [1] |
[1] | The aggregate intrinsic value of restricted stock units outstanding was based on our closing stock price on the last trading day of this period. |
SCHEDULE OF WARRANT ACTIVITY (D
SCHEDULE OF WARRANT ACTIVITY (Details) - Warrant [Member] - $ / shares | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | |
Number of Warrants, Outstanding, Balance | 1,081,668 | 1,234,295 | 1,234,295 |
Weighted-Average Exercise Price, Outstanding, Balance | $ 2.02 | $ 2.12 | $ 2.12 |
Warrants Exercisable, Outstanding, Balance | 881,982 | 1,027,092 | 1,027,092 |
Weighted-Average Exercisable Price, Outstanding, Balance | $ 2 | $ 2.13 | $ 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 | 3,043,556 | 240,627 | 72,596 |
Weighted-Average Exercise Price, Issued and granted | $ 5.63 | $ 1.52 | |
Number of Warrants, Exercised for cash | (6,094) | (205,946) | |
Weighted-Average Exercise Price, Exercised for cash | $ (6.90) | $ (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 | (15,922) | (45,000) | |
Weighted-Average Exercise Price, Expired | $ (5.28) | $ (3.78) | |
Number of Warrants, Cancelled | (108,000) | ||
Weighted-Average Exercise Price, Cancelled | $ (1.80) | ||
Number of Warrants, Outstanding, Balance | 3,757,484 | 1,081,668 | |
Weighted-Average Exercise Price, Outstanding, Balance | $ 4.95 | $ 2.02 | |
Number of Warrants, Exercisable | 3,684,359 | 881,982 | |
Weighted-Average Exercise Price, Exercisable | $ 5.01 | $ 2 |
SCHEDULE OF RANGE OF WARRANT PR
SCHEDULE OF RANGE OF WARRANT PRICES (Details) - Warrant [Member] - $ / shares | 9 Months Ended | ||||
Dec. 31, 2021 | Apr. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Warrant exercise price | $ 4.44 | ||||
Number of Warrants, Outstanding | 3,754,484 | ||||
Weighted-Average Exercise Price, outstanding | $ 4.95 | $ 2.02 | $ 2.12 | ||
Weighted-Average Remaining Contractual Life (Years), Outstanding | 4 years 4 months 9 days | ||||
Number of Warrants, Exercisable | 3,684,359 | 881,982 | 1,027,092 | ||
Weighted-Average Exercise Price, Exercisable | $ 5.01 | $ 2 | $ 2.13 | ||
Range One [Member] | |||||
Number of Warrants, Outstanding | 418,237 | ||||
Weighted-Average Exercise Price, outstanding | $ 1.35 | ||||
Weighted-Average Remaining Contractual Life (Years), Outstanding | 4 years 2 months 4 days | ||||
Number of Warrants, Exercisable | 418,237 | ||||
Weighted-Average Exercise Price, Exercisable | $ 1.35 | ||||
Range Two [Member] | |||||
Number of Warrants, Outstanding | 207,938 | ||||
Weighted-Average Exercise Price, outstanding | $ 2.48 | ||||
Weighted-Average Remaining Contractual Life (Years), Outstanding | 2 years 6 months 29 days | ||||
Number of Warrants, Exercisable | 134,813 | ||||
Weighted-Average Exercise Price, Exercisable | $ 2.62 | ||||
Range Three [Member] | |||||
Number of Warrants, Outstanding | 3,131,309 | ||||
Weighted-Average Exercise Price, outstanding | $ 5.60 | ||||
Weighted-Average Remaining Contractual Life (Years), Outstanding | 4 years 6 months 3 days | ||||
Number of Warrants, Exercisable | 3,131,309 | ||||
Weighted-Average Exercise Price, Exercisable | $ 5.60 | ||||
Minimum [Member] | |||||
Warrant exercise price | 1.20 | $ 1.20 | |||
Minimum [Member] | Range One [Member] | |||||
Warrant exercise price | 1.20 | ||||
Minimum [Member] | Range Two [Member] | |||||
Warrant exercise price | 2.01 | ||||
Minimum [Member] | Range Three [Member] | |||||
Warrant exercise price | 4.01 | ||||
Maximum [Member] | |||||
Warrant exercise price | 6.67 | $ 15.53 | |||
Maximum [Member] | Range One [Member] | |||||
Warrant exercise price | 2 | ||||
Maximum [Member] | Range Two [Member] | |||||
Warrant exercise price | 4 | ||||
Maximum [Member] | Range Three [Member] | |||||
Warrant exercise price | $ 6.67 |
COMMON STOCK AND WARRANTS (Deta
COMMON STOCK AND WARRANTS (Details Narrative) | Aug. 13, 2021USD ($)$ / sharesshares | Oct. 26, 2020$ / sharesshares | Sep. 14, 2020USD ($)shares | Aug. 14, 2020USD ($)$ / sharesshares | Jul. 24, 2020USD ($)$ / sharesshares | Jul. 10, 2020shares | Jul. 01, 2020USD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Oct. 31, 2021USD ($)shares | Sep. 30, 2021USD ($)$ / sharesshares | Aug. 31, 2021USD ($)$ / sharesshares | Jul. 31, 2021USD ($)$ / sharesshares | Jun. 30, 2021$ / sharesshares | May 31, 2021$ / sharesshares | Apr. 30, 2021USD ($)$ / sharesshares | Oct. 31, 2020USD ($)$ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | Sep. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Sep. 30, 2021USD ($)$ / shares | Jun. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Sep. 30, 2020USD ($)$ / shares | Jun. 30, 2020USD ($)$ / shares | Mar. 31, 2020USD ($)shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Mar. 31, 2021shares | Sep. 01, 2020USD ($)$ / sharesshares | Jun. 15, 2020$ / shares |
Number of stock, sold during period | 2,500,000 | |||||||||||||||||||||||||||||
Sale of stock price per share | $ / shares | $ 4.50 | |||||||||||||||||||||||||||||
Conversion of debt into common stock shares | 43,556 | 80,522 | ||||||||||||||||||||||||||||
Conversion of notes | $ | $ 230,000 | |||||||||||||||||||||||||||||
Conversion price per share | $ / shares | $ 2.89 | $ 0.28 | $ 0.28 | $ 1.12 | $ 0.28 | |||||||||||||||||||||||||
Proceeds from Issuance Initial Public Offering | $ | $ 0 | |||||||||||||||||||||||||||||
Number of warrants purchase | 43,556 | |||||||||||||||||||||||||||||
Accrued interest | $ | $ 2,658 | |||||||||||||||||||||||||||||
Common stock sold | $ | $ 4,968,531 | $ 343,098 | $ 316,500 | |||||||||||||||||||||||||||
Stock issued for services | $ | $ 71,080 | $ 72,000 | ||||||||||||||||||||||||||||
Stock-based Compensation | $ | 272,717 | $ 104,092 | $ 55,674 | 52,490 | $ 653,863 | $ 183,244 | ||||||||||||||||||||||||
Proceeds from sale of stock | $ | $ 9,781,000 | |||||||||||||||||||||||||||||
Restricted Stock or Unit Expense | $ | 251,885 | $ 359,992 | ||||||||||||||||||||||||||||
Unrecognized pre-tax compensation expenses | $ | $ 1,762,000 | 1,762,000 | $ 1,762,000 | |||||||||||||||||||||||||||
RSU recognized weighted average period | 1 year 9 months 18 days | |||||||||||||||||||||||||||||
Stock-based Compensation | $ | $ 272,717 | $ 124,490 | $ 432,483 | $ 889,597 | ||||||||||||||||||||||||||
Expense related to warrants issued and outstanding | $ | $ 62,000 | |||||||||||||||||||||||||||||
Measurement Input, Price Volatility [Member] | ||||||||||||||||||||||||||||||
Warrant measurement inputs | 315 | 315 | 315 | |||||||||||||||||||||||||||
Measurement Input, Price Volatility [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||
Warrant measurement inputs | 350 | 350 | ||||||||||||||||||||||||||||
Measurement Input, Price Volatility [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||
Warrant measurement inputs | 433 | 433 | ||||||||||||||||||||||||||||
Measurement Input, Expected Term [Member] | ||||||||||||||||||||||||||||||
Warrants exercise term | 5 years | 5 years | 5 years | |||||||||||||||||||||||||||
Measurement Input, Expected Term [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||
Warrants exercise term | 3 years | 3 years | ||||||||||||||||||||||||||||
Measurement Input, Expected Term [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||
Warrants exercise term | 5 years | 5 years | ||||||||||||||||||||||||||||
Measurement Input, Risk Free Interest Rate [Member] | ||||||||||||||||||||||||||||||
Warrant measurement inputs | 0.82 | 0.82 | 0.82 | |||||||||||||||||||||||||||
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||
Warrant measurement inputs | 0.29 | 0.29 | ||||||||||||||||||||||||||||
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||
Warrant measurement inputs | 1.16 | 1.16 | ||||||||||||||||||||||||||||
Red Diamond Partners, LLC [Member] | ||||||||||||||||||||||||||||||
Conversion price per share | $ / shares | $ 1.40 | |||||||||||||||||||||||||||||
Accrued interest | $ | $ 1,729,005 | |||||||||||||||||||||||||||||
Debt principal amount | $ | $ 368,995 | |||||||||||||||||||||||||||||
Shares of common stock issued | 263,568 | 263,568 | ||||||||||||||||||||||||||||
One Share of Common Stock and 1/2 Warrant Share [Member] | ||||||||||||||||||||||||||||||
Number of stock, sold during period | 20,000 | |||||||||||||||||||||||||||||
Proceeds from Issuance of Warrants | $ | $ 34,709 | |||||||||||||||||||||||||||||
Warrant transaction cost | $ | 17,291 | |||||||||||||||||||||||||||||
Proceeds from sale of stock | $ | $ 52,000 | |||||||||||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||||||||||||||||||
Common stock sold, shares | 300 | |||||||||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||||||||
Common stock sold, shares | 2,958,615 | 990,290 | ||||||||||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 4.44 | |||||||||||||||||||||||||||||
Number of warrants purchase | 4,500 | |||||||||||||||||||||||||||||
Proceeds from warrant exercise | $ | $ 40,000 | |||||||||||||||||||||||||||||
Number of Warrants, Granted | 3,043,556 | 240,627 | 72,596 | |||||||||||||||||||||||||||
Warrant [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 1.20 | $ 1.20 | $ 1.20 | $ 1.20 | $ 1.20 | |||||||||||||||||||||||||
Warrant [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | 6.67 | 6.67 | 15.53 | 6.67 | $ 15.53 | |||||||||||||||||||||||||
Warrant [Member] | Think Equity [Member] | ||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 5.625 | $ 5.625 | $ 5.625 | |||||||||||||||||||||||||||
Common stock sold, shares | 500,000 | |||||||||||||||||||||||||||||
IPO [Member] | ||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 4.50 | |||||||||||||||||||||||||||||
Conversion of debt into common stock shares | 43,556 | |||||||||||||||||||||||||||||
Conversion of notes | $ | $ 196,000 | |||||||||||||||||||||||||||||
Conversion price per share | $ / shares | $ 4.50 | |||||||||||||||||||||||||||||
Proceeds from Issuance Initial Public Offering | $ | $ 11,253,850 | |||||||||||||||||||||||||||||
Underwriting Expense Ratio | 8.00% | |||||||||||||||||||||||||||||
Equity public offerings | $ | $ 1,473,067 | |||||||||||||||||||||||||||||
Proceeds from issuance of common shares | $ | 4,891,531 | |||||||||||||||||||||||||||||
Proceeds from Issuance of Warrants | $ | $ 4,889,252 | |||||||||||||||||||||||||||||
Common stock sold, shares | 2,500,000 | |||||||||||||||||||||||||||||
IPO [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Number of warrants purchase | 3,043,556 | 3,043,556 | 3,043,556 | |||||||||||||||||||||||||||
John Lai's [Member] | ||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 1.33 | |||||||||||||||||||||||||||||
Number of warrants purchase | 42,188 | |||||||||||||||||||||||||||||
Common stock sold, shares | 36,915 | |||||||||||||||||||||||||||||
Stock-based Compensation, shares | 33,619 | |||||||||||||||||||||||||||||
Warrant Holders [Member] | ||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 1.27 | $ 1.40 | $ 2.22 | $ 1.40 | $ 2.22 | $ 1.27 | $ 2.22 | |||||||||||||||||||||||
Number of warrants purchase | 48,786 | 56,250 | 90,500 | 56,250 | 56,250 | |||||||||||||||||||||||||
Common stock sold, shares | 1,594 | 40,038 | 43,324 | 79,767 | ||||||||||||||||||||||||||
Proceeds from warrant exercise | $ | $ 2,031 | |||||||||||||||||||||||||||||
Accredited Investors [Member] | ||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 7 | $ 7 | $ 7 | $ 7 | ||||||||||||||||||||||||||
Common stock sold, shares | 11,000 | 49,014 | ||||||||||||||||||||||||||||
Common stock sold | $ | $ 77,000 | $ 343,098 | ||||||||||||||||||||||||||||
Service Provider [Member] | ||||||||||||||||||||||||||||||
Stock issued for services, shares | 500 | 42,000 | ||||||||||||||||||||||||||||
Stock issued for services | $ | $ 2,000 | $ 210,000 | ||||||||||||||||||||||||||||
Stock-based Compensation, shares | 30,000 | |||||||||||||||||||||||||||||
Stock-based Compensation | $ | $ 32,453 | |||||||||||||||||||||||||||||
Board of Director [Member] | ||||||||||||||||||||||||||||||
Common stock sold, shares | 25,585 | |||||||||||||||||||||||||||||
Common stock sold | $ | $ 69,080 | |||||||||||||||||||||||||||||
Two Service Provider [Member] | ||||||||||||||||||||||||||||||
Stock issued for services, shares | 12,500 | |||||||||||||||||||||||||||||
Stock issued for services | $ | $ 22,000 | |||||||||||||||||||||||||||||
Marketing and Investor Relations Service Provider [Member] | ||||||||||||||||||||||||||||||
Stock issued for services, shares | 10,000 | |||||||||||||||||||||||||||||
Stock issued for services | $ | $ 17,600 | |||||||||||||||||||||||||||||
Legal Service Provider [Member] | ||||||||||||||||||||||||||||||
Stock issued for services, shares | 2,500 | |||||||||||||||||||||||||||||
Stock issued for services | $ | $ 4,400 | |||||||||||||||||||||||||||||
One Warrant Holder [Member] | ||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 1.20 | |||||||||||||||||||||||||||||
Common stock sold, shares | 15,257 | |||||||||||||||||||||||||||||
Common stock sold | $ | $ 12,053 | |||||||||||||||||||||||||||||
Warrants converted on cashless basis | 25,000 | |||||||||||||||||||||||||||||
Four Accredited Investors [Member] | ||||||||||||||||||||||||||||||
Common stock sold, shares | 226,071 | |||||||||||||||||||||||||||||
Common stock sold | $ | $ 316,500 | |||||||||||||||||||||||||||||
Directors and Officers [Member] | ||||||||||||||||||||||||||||||
Stock-based Compensation, shares | 162,252 | |||||||||||||||||||||||||||||
Stock-based Compensation | $ | $ 486,755 | |||||||||||||||||||||||||||||
John Carruth [Member] | ||||||||||||||||||||||||||||||
Stock-based Compensation, shares | 26,217 | |||||||||||||||||||||||||||||
John Dolan [Member] | ||||||||||||||||||||||||||||||
Stock-based Compensation, shares | 22,993 | |||||||||||||||||||||||||||||
Gregory Cash [Member] | ||||||||||||||||||||||||||||||
Stock-based Compensation, shares | 10,789 | |||||||||||||||||||||||||||||
David Deming [Member] | ||||||||||||||||||||||||||||||
Stock-based Compensation, shares | 10,711 | |||||||||||||||||||||||||||||
Robert Rudelius [Member] | ||||||||||||||||||||||||||||||
Stock-based Compensation, shares | 10,627 | |||||||||||||||||||||||||||||
Randy Meyer [Member] | ||||||||||||||||||||||||||||||
Stock-based Compensation, shares | 10,550 | |||||||||||||||||||||||||||||
Jim Martin [Member] | ||||||||||||||||||||||||||||||
Stock-based Compensation, shares | 9,302 | |||||||||||||||||||||||||||||
Scott Johnson [Member] | ||||||||||||||||||||||||||||||
Stock-based Compensation, shares | 9,300 | |||||||||||||||||||||||||||||
Joseph Jasper [Member] | ||||||||||||||||||||||||||||||
Stock-based Compensation, shares | 9,209 | |||||||||||||||||||||||||||||
David Masters [Member] | ||||||||||||||||||||||||||||||
Stock-based Compensation, shares | 8,935 | |||||||||||||||||||||||||||||
Three Directors [Member] | ||||||||||||||||||||||||||||||
Conversion of notes | $ | $ 25,383 | |||||||||||||||||||||||||||||
Conversion price per share | $ / shares | $ 1.02 | |||||||||||||||||||||||||||||
Accrued interest | $ | $ 382 | |||||||||||||||||||||||||||||
Number of shares issued for conversion | 25,003 | |||||||||||||||||||||||||||||
Outstanding balance | $ | $ 25,382 | |||||||||||||||||||||||||||||
Debt principal amount | $ | $ 25,000 | |||||||||||||||||||||||||||||
John Lais [Member] | ||||||||||||||||||||||||||||||
Conversion price per share | $ / shares | $ 1.33 | |||||||||||||||||||||||||||||
Common stock sold, shares | 42,188 | |||||||||||||||||||||||||||||
Shares of common stock issued | 32,347 | |||||||||||||||||||||||||||||
Twenty Accredited Investors [Member] | ||||||||||||||||||||||||||||||
Conversion price per share | $ / shares | $ 2.22 | $ 2.22 | ||||||||||||||||||||||||||||
Proceeds from warrant exercise | $ | $ 449,993 | |||||||||||||||||||||||||||||
Shares of common stock issued | 202,499 | |||||||||||||||||||||||||||||
Investors [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 5.625 | $ 5.625 | $ 5.625 | |||||||||||||||||||||||||||
Common stock sold | $ | $ 4,805,528 | |||||||||||||||||||||||||||||
Warrants to purchase common stock | 2,500,000 | 2,500,000 | 2,500,000 | |||||||||||||||||||||||||||
Director [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 5.625 | $ 5.625 | $ 5.625 | |||||||||||||||||||||||||||
Conversion of notes | $ | $ 196,000 | |||||||||||||||||||||||||||||
Warrants to purchase common stock | 43,556 | 43,556 | 43,556 | |||||||||||||||||||||||||||
Conversion of Stock, Amount Issued | $ | $ 83,724 | |||||||||||||||||||||||||||||
One Investor [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 4 | $ 4 | ||||||||||||||||||||||||||||
Number of warrants purchase | 10,000 | 10,000 | ||||||||||||||||||||||||||||
Warrants exercise term | 3 years | 3 years | ||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 17,291 | $ 17,291 | ||||||||||||||||||||||||||||
Directors Officers and Consultants [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 1.52 | $ 1.52 | ||||||||||||||||||||||||||||
Number of warrants purchase | 38,837 | 38,837 | ||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 6,600 | $ 57,717 | $ 57,717 | |||||||||||||||||||||||||||
Directors Officers and Consultants [Member] | Warrant [Member] | Minimum [Member] | ||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 1.40 | $ 1.40 | ||||||||||||||||||||||||||||
Directors Officers and Consultants [Member] | Warrant [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | 1.60 | 1.60 | ||||||||||||||||||||||||||||
Investor and Broker [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 1.40 | $ 1.40 | ||||||||||||||||||||||||||||
Number of warrants purchase | 158,036 | 158,036 | ||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 265,500 | $ 265,500 | ||||||||||||||||||||||||||||
Value of warrant vested | $ | $ 91,500 | |||||||||||||||||||||||||||||
Two Directors [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 1.20 | |||||||||||||||||||||||||||||
Number of warrants purchase | 3,750 | |||||||||||||||||||||||||||||
Warrants exercise term | 5 years | |||||||||||||||||||||||||||||
Director Consulting Serives [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 1.40 | |||||||||||||||||||||||||||||
Number of warrants purchase | 30,000 | |||||||||||||||||||||||||||||
Warrants exercise term | 5 years | |||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 96,000 | |||||||||||||||||||||||||||||
2020 Equity Incentive Plan [Member] | ||||||||||||||||||||||||||||||
Number of shares of our common stock authorized | 1,000,000 | |||||||||||||||||||||||||||||
Expiration date | Jul. 10, 2030 | |||||||||||||||||||||||||||||
Number of shares available to grant | 450,435 | 450,435 | 450,435 | |||||||||||||||||||||||||||
Common stock available and reserved to be issued | 1,000,000 | |||||||||||||||||||||||||||||
2020 Equity Incentive Plan [Member] | Non employee Director [Member] | ||||||||||||||||||||||||||||||
Maximum aggregate number of shares of common stock granted | 25,000 | |||||||||||||||||||||||||||||
Underwriting Agreement [Member] | ||||||||||||||||||||||||||||||
Number of stock, sold during period | 2,500,000 | |||||||||||||||||||||||||||||
Sale of stock price per share | $ / shares | $ 4.50 | |||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 5.625 | $ 5.625 | $ 5.625 | $ 5.625 | ||||||||||||||||||||||||||
Conversion of debt into common stock shares | 43,556 | |||||||||||||||||||||||||||||
Conversion of notes | $ | $ 196,000 | |||||||||||||||||||||||||||||
Conversion price per share | $ / shares | $ 4.50 | |||||||||||||||||||||||||||||
Underwriting agreement of shares, description | In addition, pursuant to the Underwriting Agreement, the Company granted ThinkEquity a 45-day option to purchase up to 375,000 additional shares of common stock, and/or 375,000 additional warrants, to cover over-allotments in connection with the Offering, which ThinkEquity partially exercised to purchase 375,000 warrants on the closing date | |||||||||||||||||||||||||||||
Number of warrants purchase | 125,000 | |||||||||||||||||||||||||||||
Sale of stock in puplic offering | 0.05 | |||||||||||||||||||||||||||||
Warrants exercise term | 5 years | |||||||||||||||||||||||||||||
Warrant Holders [Member] | ||||||||||||||||||||||||||||||
Conversion price per share | $ / shares | $ 4.44 | |||||||||||||||||||||||||||||
Common stock sold, shares | 6,750 | |||||||||||||||||||||||||||||
Shares of common stock issued | 793 |
SUBSEQUENT EVENT (Details Narra
SUBSEQUENT EVENT (Details Narrative) | 1 Months Ended | ||||
Jan. 31, 2022shares | Dec. 31, 2021USD ($)shares | Oct. 31, 2021USD ($)ft² | May 31, 2017ft² | Mar. 31, 2021USD ($) | |
Subsequent Event [Line Items] | |||||
Area of land | ft² | 2,376 | 3,577 | |||
Base rent | $ | $ 2,205 | $ 2,673 | $ 2,205 | ||
Annual increase in base rent, percentage | 0.025 | 0.02 | |||
Restricted Stock Units (RSUs) [Member] | |||||
Subsequent Event [Line Items] | |||||
Vested restricted stock | 300 | ||||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Vested restricted stock | 17,500 | ||||
Subsequent Event [Member] | Consultant [Member] | |||||
Subsequent Event [Line Items] | |||||
Shares issued to consultant for investor relations services | 7,500 | ||||
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Subsequent Event [Line Items] | |||||
Vested restricted stock | 10,000 |