Cover
Cover - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Jun. 28, 2022 | Sep. 30, 2021 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Mar. 31, 2022 | ||
Document Fiscal Period Focus | FY | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 16,361,168 | ||
Entity Common Stock, Shares Outstanding | 9,988,361 | ||
Documents Incorporated by Reference [Text Block] | Documents incorporated by reference. There are no annual reports to security holders, proxy information statements, or any prospectus filed pursuant to Rule 424 of the Securities Act of 1933 incorporated herein by reference. | ||
ICFR Auditor Attestation Flag | false | ||
Auditor Firm ID | 5036 | ||
Auditor Name | Assurance Dimensions | ||
Auditor Location | Margate, Florida | ||
Common Stock [Member] | |||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | PETV | ||
Security Exchange Name | NASDAQ | ||
Warrants [Member] | |||
Title of 12(b) Security | Warrants | ||
Trading Symbol | PETVW | ||
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 6,106,827 | $ 23,578 |
Accounts receivable | 2,596 | |
Inventory, net | 98,313 | |
Prepaid expenses and other assets | 547,664 | 123,575 |
Total Current Assets | 6,755,400 | 147,153 |
Property and Equipment, net | 311,549 | 214,038 |
Other Assets: | ||
Deferred offering costs | 280,163 | |
Operating lease right-of-use asset | 299,101 | 157,760 |
Patents and trademarks, net | 48,452 | 27,932 |
Security deposits | 12,830 | 8,201 |
Total Other Assets | 360,383 | 474,056 |
Total Assets | 7,427,332 | 835,247 |
Current Liabilities | ||
Accounts payable | 323,384 | 408,873 |
Accrued expenses | 784,375 | 554,012 |
Convertible notes and accrued interest | 235,671 | |
Accrued expenses – related parties | 36,808 | |
Operating lease liability – current portion | 59,178 | 26,582 |
PPP Loan and accrued interest | 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) | 6,549 | 39,528 |
Total Current Liabilities | 1,173,486 | 1,405,048 |
Other Liabilities | ||
Note payable and accrued interest (net of current portion) | 27,201 | |
Operating lease liability (net of current portion) | 239,923 | 131,178 |
Share-settled debt obligation – related party, net of debt discount | 196,000 | |
Total Other Liabilities | 267,124 | 327,178 |
Total Liabilities | 1,440,610 | 1,732,226 |
Stockholders’ Equity (Deficit): | ||
Preferred stock, par value $0.001, 20,000,000 shares authorized, 0 and 0 shares issued and outstanding at March 31, 2022 and March 31, 2021 | ||
Common stock, par value $0.001, 250,000,000 shares authorized, 9,988,361 and 6,799,113 shares issued and outstanding at March 31, 2022 and March 31, 2021, respectively | 9,988 | 6,799 |
Additional Paid-In Capital | 69,103,155 | 57,207,648 |
Accumulated Deficit | (63,126,421) | (58,111,426) |
Total Stockholders’ Equity (Deficit) | 5,986,722 | (896,979) |
Total Liabilities and Stockholders’ Equity (Deficit) | $ 7,427,332 | $ 835,247 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | 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 | 9,988,361 | 6,799,113 |
Common stock, shares outstanding | 9,988,361 | 6,799,113 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Revenues | $ 115,586 | $ 12,578 |
Cost of Sales | 201,154 | 10,695 |
Gross Profit (Loss) | (85,568) | 1,883 |
Operating Expenses: | ||
Sales and Marketing | 1,347,585 | 94,977 |
Research and Development | 474,881 | 98,230 |
General and Administrative | 3,148,494 | 1,767,664 |
Total Operating Expenses | 4,970,960 | 1,960,871 |
Operating Loss | (5,056,528) | (1,958,988) |
Other Income (Expense) | ||
Gain on Debt Extinguishment | 366,903 | |
Forgiveness of PPP loan and accrued interest | 31,680 | |
Derivative Expense | (1,702,100) | |
Interest Income (Expense) | 9,853 | (228,595) |
Total Other Income (Expense) | 41,533 | (1,563,792) |
Net Loss before taxes | (5,014,995) | (3,522,780) |
Income Tax Provision | ||
Net Loss | $ (5,014,995) | $ (3,522,780) |
Net Loss Per Share: | ||
Basic and Diluted | $ (0.57) | $ (0.57) |
Weighted Average Common Shares Outstanding: | ||
Basic and Diluted | 8,760,877 | 6,198,717 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity(deficit) - 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 | ||||
Adjustment for 1-for-4 reverse stock split | |||||
Adjustment for 1-for-4 reverse stock split, shares | 724 | ||||
Common stock sold | $ 246 | 368,254 | (52,000) | 316,500 | |
Common stock sold, shares | 246,071 | ||||
Cash paid to exercise warrants | $ 206 | 455,291 | 455,497 | ||
Cash paid to exercise warrants, shares | 205,946 | ||||
Cashless warrant exercises | $ 108 | (108) | |||
Cashless warrant exercises, shares | 107,705 | ||||
Stock issued for services | $ 205 | 541,003 | 541,208 | ||
Stock issued for services, shares | 204,752 | ||||
Stock-based compensation | 452,674 | 452,674 | |||
Stock issued for debt conversion | $ 306 | 1,804,286 | 1,804,592 | ||
Stock issued for debt conversion, shares | 305,950 | ||||
Warrants issued with convertible debt | 91,500 | 91,500 | |||
Net loss | (3,522,780) | (3,522,780) | |||
Ending balance, value at Mar. 31, 2021 | $ 6,799 | 57,207,648 | (58,111,426) | (896,979) | |
Ending balance, shares at Mar. 31, 2021 | 6,799,113 | ||||
Common stock sold | $ 2,560 | 5,309,069 | 5,311,629 | ||
Common stock sold, shares | 2,560,014 | ||||
Warrants sold | 4,889,252 | 4,889,252 | |||
Cash paid to exercise warrants | $ 6 | 42,025 | 42,031 | ||
Cash paid to exercise warrants, shares | 6,094 | ||||
Cashless warrant exercises | $ 200 | (200) | |||
Cashless warrant exercises, shares | 200,044 | ||||
Stock issued for services | $ 126 | 524,104 | 524,230 | ||
Stock issued for services, shares | 126,194 | ||||
Stock-based compensation | 702,896 | 702,896 | |||
Stock issued for debt conversion | $ 80 | 232,578 | 232,658 | ||
Stock issued for debt conversion, shares | 80,522 | ||||
Vesting of restricted stock units | $ 173 | (173) | |||
Vesting of restricted stock units, shares | 172,824 | ||||
Stock and warrants granted for debt conversion | $ 44 | 195,956 | 196,000 | ||
Stock and warrants granted for debt conversion, shares | 43,556 | ||||
Net loss | (5,014,995) | (5,014,995) | |||
Ending balance, value at Mar. 31, 2022 | $ 9,988 | $ 69,103,155 | $ (63,126,421) | $ 5,986,722 | |
Ending balance, shares at Mar. 31, 2022 | 9,988,361 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity(deficit) (Parenthetical) | 1 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
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 | 1-for-4 reverse stock split |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Loss For The Period | $ (5,014,995) | $ (3,522,780) |
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: | ||
Derivative expense | 1,702,100 | |
Stock-based compensation | 702,896 | 452,674 |
Stock issued for services | 84,130 | 541,208 |
Investor relations services paid in stock | 220,050 | |
Depreciation and amortization | 65,153 | 86,712 |
Amortization of debt discount | 174,595 | |
Forgiveness of PPP loan and accrued interest | (31,680) | |
(Gain) on debt extinguishment | (366,903) | |
Changes in Operating Assets and Liabilities | ||
(Increase) decrease in prepaid expenses and other assets | (208,668) | 9,948 |
Increase in accounts receivable | (2,596) | 1,000 |
Increase in inventories | (98,313) | |
Interest accrued on convertible notes payable | (3,013) | (1,310) |
Interest accrued on notes payable - related party | 4,013 | |
Interest accrued on notes payable - directors | 382 | |
Interest accrued on PPP Loan | 355 | |
Increase (decrease) in accounts payable and accrued expense | 144,874 | 174,652 |
Increase (decrease) in accrued expenses - related party | (36,808) | (19,799) |
Net Cash Used In Operating Activities | (4,174,957) | (767,166) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of equipment | (154,030) | (140,685) |
Disbursements for patents and trademarks | (29,154) | (19,479) |
Net Cash Used in Investing Activities | (183,184) | (160,164) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from stock and warrants sold | 10,200,881 | 316,500 |
Proceeds from exercise of warrants | 42,031 | 455,497 |
Decrease (Increase) in deferred offering costs | 280,163 | (280,163) |
Equity sale proceeds receivable | 52,000 | |
Proceeds from PPP loan | 38,665 | |
Proceeds from notes payable - directors | 45,000 | |
Proceeds from notes payable | 35,000 | |
Proceeds from convertible notes | 297,500 | |
Repayments of notes payable | (5,778) | (2,972) |
Repayments of PPP loan | (7,340) | |
Repayments of notes payable - related party | (48,267) | (16,701) |
Repayments of notes payable - directors | (20,300) | |
Net Cash Provided by Financing Activities | 10,441,390 | 940,326 |
Net Increase in Cash and Cash Equivalents | 6,083,249 | 12,996 |
Cash and Cash Equivalents at Beginning of Year | 23,578 | 10,582 |
Cash and Cash Equivalents at End of Year | 6,106,827 | 23,578 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Interest | 9,642 | 36,596 |
SUPPLEMENTAL DISCLOSURE ON NON-CASH FINANCING AND INVESTING ACTIVITIES | ||
Derivative treated as debt discount | 352,941 | |
Stock granted for debt conversion | 232,658 | 1,804,592 |
Warrants issued in debt financing | 91,500 | |
Stock granted for share-settled debt obligation conversion | 196,000 | |
Stock granted for investor relations services | 220,050 | |
Increase to operating lease right of use asset and operating lease liability | 167,924 | |
Accounts payable – related party converted to share-settlement debt obligation – related party | 196,000 | |
Leasehold improvements included in accounts payable | 33,580 | |
Warrants converted | 103 | |
Note payable – related party converted into common stock | $ 25,382 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION | 12 Months Ended |
Mar. 31, 2022 | |
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, in which Gel-Del and its wholly-owned subsidiary, Cosmeta, Inc. became wholly-owned subsidiaries 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 inventory obsolescence, 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, lease assets and liabilities 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 March 31, 2022, 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. (G) 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 (H) 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 useful life of 60 (I) 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 372,668 3.00 9.50 3.85 The Company has 195,000 1.39 1.99 1.56 The Company has 1,081,668 1.20 10.00 2.02 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 anti-dilutive. At March 31, 2021, the Company had $ 230,000 5,671 June 30, 2021 230,000 5,671 81,579 2.89 196,000 (J) 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 cost charged to customers are reported as an offset to the respective shipping cost. The Company does not have any significant financing components as payment is received at or shortly after the point of sale. (K) 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. (L) Research and Development The Company expenses research and development costs as incurred. (M) Fair Value of Financial Instruments The Company applies the accounting guidance under FASB ASC 820-10, “Fair Value Measurements”, as well as certain related FASB staff positions. This guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact business and considers assumptions that marketplace participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The guidance also establishes a fair value hierarchy for measurements of fair value as follows: ● Level 1 - quoted market prices in active markets for identical assets or liabilities. ● Level 2 - inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 - unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s financial instruments consist of accounts receivable, accounts payable, accrued expenses, accrued expenses – related parties, notes payable and accrued interest, and notes payable and accrued interest - related party, notes payable – directors and others. The carrying amount of the Company’s financial instruments approximates their fair value as of March 31, 2022 and 2021, due to the short-term nature of these instruments and the Company’s borrowing rate of interest. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The valuation of the Company’s notes recorded at fair value is determined using Level 3 inputs, which consider (i) time value, (ii) current market and (iii) contractual prices. The Company had no (N) Stock-Based Compensation - Non-Employees Equity Instruments Issued to Parties Other Than Employees for Acquiring Goods or Services The Company accounts for equity instruments issued to parties other than employees for acquiring goods or services under guidance of Sub-topic 505-50 of the FASB Accounting Standards Codification (“Sub-topic 505-50”). Pursuant to ASC Section 505-50-30, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur. If the Company is a newly formed corporation or shares of the Company are thinly traded the use of share prices established in the Company’s most recent private placement memorandum (“PPM”), or weekly or monthly price observations would generally be more appropriate than the use of daily price observations as such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market. The fair value of share options and similar instruments is estimated on the date of grant using a Black-Scholes option-pricing valuation model. The ranges of assumptions for inputs are as follows: ● Expected term of share options and similar instruments: Pursuant to Paragraph 718-10-50-2(f)(2)(i) of the FASB Accounting Standards Codification the expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and holder’s expected exercise behavior into the fair value (or calculated value) of the instruments. The Company uses historical data to estimate holder’s expected exercise behavior. If the Company is a newly formed corporation or shares of the Company are thinly traded the contractual term of the share options and similar instruments is used as the expected term of share options and similar instruments as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term. ● Expected volatility of the entity’s shares and the method used to estimate it. Pursuant to ASC Paragraph 718-10-50-2(f)(2)(ii) a thinly traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the Company to estimate the expected volatility of its share price, the appropriate industry sector index that it has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index. The Company uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility. If shares of a company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatility calculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market. ● Expected annual rate of quarterly dividends. An entity that uses a method that employs different dividend rates during the contractual term shall disclose the range of expected dividends used and the weighted-average expected dividends. The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the expected term of the share options and similar instruments. ● Risk-free rate(s). An entity that uses a method that employs different risk-free rates shall disclose the range of risk-free rates used. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the expected term of the share options and similar instruments. Pursuant to Paragraphs 505-50-25-8 and 505-50-25-9, an entity may grant fully vested, non-forfeitable equity instruments that are exercisable by the grantee only after a specified period of time if the terms of the agreement provide for earlier exercisability if the grantee achieves specified performance conditions. Any measured cost of the transaction shall be recognized in the same period(s) and in the same manner as if the entity had paid cash for the goods or services or used cash rebates as a sales discount instead of paying with, or using, the equity instruments. A recognized asset, expense, or sales discount shall not be reversed if a share option and similar instrument that the counterparty has the right to exercise expires unexercised. (O) Income Taxes The Company accounts for income taxes under Accounting Standards Codification (ASC) Topic 740. Deferred tax assets and liabilities are determined based upon differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. As required by ASC Topic 450, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. At the adoption date, the Company applied ASC Topic 740 to all tax positions for which the statute of limitations remained open. As a result of the implementation of ASC Topic 740, the Company did not recognize any change in the liability for unrecognized tax benefits. The Company is not currently under examination by any federal or state jurisdiction. The Company’s policy is to record tax-related interest and penalties as a component of operating expenses. (P) Inventory Inventories are recorded in accordance with ASC 330, 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. (Q) 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. (R) Reclassifications Certain accounts in the prior year financial statements have 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. In addition, the change in deferred offering costs is classified as a financing activity in the statement of cash flows. There was no effect on the change in net assets or net increase in cash and cash equivalents from these reclassifications. |
INVENTORY
INVENTORY | 12 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
INVENTORY | NOTE 2 – INVENTORY As of March 31, 2022 and March 31, 2021, the Company had inventory of $ 98,313 47,068 47,068 The inventory components are as follows: SCHEDULE OF INVENTORY March 31, 2022 March 31, 2021 Finished Goods $ 11,889 $ 36,973 Work in Process 22,960 - Raw Materials 63,464 8,773 Manufacturing Supplies - 1,322 Inventory, Gross 98,313 47,068 Reserve for Obsolete Inventory - (47,068 ) Total Net $ 98,313 $ - At March 31, 2022, both the inventory cost of $ 47,068 no The Company recognized a benefit to cost of sales of $ 3,289 For the year ended March 31, 2022, the Company reported a negative gross margin on sales as a result of production costs to build inventory levels to support the launch of our product in October 2021. |
PREPAID EXPENSES AND DEFERRED O
PREPAID EXPENSES AND DEFERRED OFFERING COSTS | 12 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022, the Company had $ 547,664 in prepaid expenses and other assets consisting primarily of $ 220,000 of stock based compensation in investor relations services, $ 148,000 in insurance costs, $ 71,000 in clinical studies, $ 46,000 in tradeshows and $ 45,000 in Nasdaq fees. As of March 31, 2021, the Company had $ 123,575 78,000 9,000 9,000 280,163 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 March 31, 2021 Leasehold improvements $ 216,159 $ 198,015 Production equipment 197,967 128,849 R&D equipment 25,184 25,184 Computer equipment and furniture 76,898 10,130 Total, at cost 516,208 362,178 Accumulated depreciation (204,659 ) (148,140 ) Total Net $ 311,549 $ 214,038 During the year ended March 31, 2022 and 2021, depreciation expense was $ 56,519 36,554 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 March 31, 2021 Patents $ 3,870,057 $ 3,840,903 Trademarks 26,142 26,142 Total at cost 3,896,199 3,867,045 Accumulated Amortization (3,847,747 ) (3,839,113 ) Total net $ 48,452 $ 27,932 During the year ended March 31, 2022 and 2021, amortization expense was $ 8,634 50,158 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Mar. 31, 2022 | |
Accrued Expenses | |
ACCRUED EXPENSES | NOTE 6 – ACCRUED EXPENSES The components of accrued expenses were as follows: SCHEDULE OF COMPONENTS OF ACCRUED EXPENSES March 31, 2022 March 31, 2021 Accrued payroll and related taxes $ 452,137 $ 221,774 Accrued lease termination expense 332,238 332,238 Total $ 784,375 $ 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 | 12 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY NOTES PAYABLE | NOTE 7 - RELATED PARTY NOTES PAYABLE At March 31, 2022 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 | 12 Months Ended |
Mar. 31, 2022 | |
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% 33,750 39,528 6,549 27,201 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 The Company entered into a convertible note payable held by RedDiamond Partners, LLC (“RDCN”) on June 15, 2020, whereby the RDCN was convertible on or after January 15, 2021 and before maturity on March 15, 2021 at a rate of $ 1.12 352,941 52,941 15% 12.5% 139,286 91,500 0 352,941 91,500 2,500 52,941 206,000 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 | 12 Months Ended |
Mar. 31, 2022 | |
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 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 3,500 658 196,000 43,556 43,556 43,556 At March 31, 2022 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 | 12 Months Ended |
Mar. 31, 2022 | |
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 $ 1.68 $ 1.60 $ 6.56 Conversion price $ 1.12 $ 1.12 $ 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 1,908,100 1,702,100 263,568 1.40 366,903 no |
ACCRUED EXPENSES _ RELATED PART
ACCRUED EXPENSES – RELATED PARTY | 12 Months Ended |
Mar. 31, 2022 | |
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 | 12 Months Ended |
Mar. 31, 2022 | |
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 of $ 8,000 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 13 – COMMITMENTS AND CONTINGENCIES Lease Obligations 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 The Company entered into an sixty-three month lease for 2,400 2.5% 2,673 Rent expense for the years ended March 31, 2022 and March 31, 2021 were $ 81,816 56,546 The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of March 31, 2022: SCHEDULE OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY 2023 $ 59,243 2024 60,588 2025 61,964 2026 63,372 2027 55,102 Total 300,270 Less: amount representing interest (1,169 ) Total $ 299,101 In connection with the lease that was added in January 2022, the Company recorded an operating lease right of use asset and corresponding operating lease liability of $ 167,924 the extended lease term to November 2026 and March 2027 0.12% 0.40% 488,701 4.8 0.28% SCHEDULE OF BASE RENT LEASE PAYMENTS Present value of future base rent lease payments $ 299,101 Present value of future base rent lease payments – net $ 299,101 As of March 31, 2022, 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 $ 299,101 Total operating lease assets 299,101 Operating lease current liability 59,178 Operating lease other liability 239,923 Total operating lease liabilities $ 299,101 Employment Agreements The Company has employment agreements with its executive officers. As of March 31, 2022, 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. Legal Proceedings The Company has received correspondence from an attorney representing Dr. David Masters, our former Chief Technology Officer and former 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. Purchase Commitment We issued purchase orders in the fiscal year ended March 31, 2022 totaling $ 250,000 |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Mar. 31, 2022 | |
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 5,581,914 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 consolidated 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. |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 12 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 15 – STOCKHOLDERS’ EQUITY 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 233,923 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 year ended March 31, 2022, the Company issued 3,189,248 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 xvi) 10,000 xvii) 7,500 20,100 xviii) 42,000 210,000 xix) 8,609 13,050 xx) 162,524 For the year ended March 31, 2021, the Company issued 1,070,424 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 xii) 17,379 50,000 205 2.89 xiii) 38,516 42,188 1.33 xiv) 15,629 17,187 1.33 xv) 5,163 9,000 4.44 xvi) 3,447 1.60 5,504 On October 31, 2019, the Company’s Board of Directors also approved a compensation plan for John Lai that included his retention of 150,000 John Lai (CEO & Director), Randall Meyer (Director), and John Dolan (Secretary & Director) are all related parties, and the reduction of $ 375,936 80,029 81,738 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 Consolidated Statements of Operations for time-based restricted stock units was $ 606,014 1,505,000 2.3 Our time-based restricted stock unit activity for the year ended March 31, 2022 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 - Expired (4,073 ) $ 2.70 Vested (172,874 ) 3.44 Balance at March 31, 2022 372,668 $ 4.07 $ 760,243 (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. Stock Options Stock options issued to employees typically vest over three years seven years 3,595 No 299,000 6.9 The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. Annually, we make predictive assumptions regarding future stock price volatility, dividend yield, expected term and forfeiture rate. The dividend yield assumption is based on expected annual dividend yield on a grant date. To date, no dividend on common stock has been paid by us. Expected volatility for grants is based on our average historical volatility over a similar period as the expected term assumption used for our options as the expected volatility. The risk-free interest rate is based on yields of U.S. Treasury securities with maturities similar to the expected term of the options for each option group. We use the “simplified method” to determine the expected term of the stock option grants. We utilize this method because we do not have sufficient public company exercise date in which to make a reasonable estimate. The following table sets forth the estimated fair values of our stock options granted: SCHEDULE OF ESTIMATED FAIR VALUES ASSUMPTIONS Year Ended March 31, 2022 Expected term 7 years Expected volatility 205.0% 210.5 % Risk-free interest rate 1.47% 2.14 % Expected dividend yield 0 % Fair value on the date of grant $ 1.39 1.99 Our stock option activity for the year ended March 31, 2022 was as follows: SCHEDULE OF STOCK OPTION ACTIVITY Options Weighted- Average Exercise Price Per Share (1) Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value (2) Balance at March 31, 2021 - - - - Granted 195,000 $ 1.56 - Balance at March 31, 2022 195,000 $ 1.56 6.9 $ 100,200 (1) The exercise price of each option granted during the period shown above was equal to the market price of the underlying stock on the date of grant. (2) The aggregate intrinsic value of restricted stock units outstanding was based on our closing stock price on the last trading day of this period. There were no The following summarizes additional information about our stock options: SCHEDULE OF ADDITIONAL INFORMATION ABOUT STOCK OPTIONS Year Ended March 31, 2022 Number of: Non-vested options, beginning of year - Non -vested options, end of year 195,000 Vested options, end of year - Year Ended March 31, 2022 Weighted-average grant date fair value of: Non-vested options, beginning of year - Non-vested options, end of year $ 1.56 Vested options, end of year - Forfeited options, during the year - Warrants During the year ended March 31, 2022, 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 year ended March 31, 2021, the Company issued warrants to purchase a total of 240,632 i) warrants issued for 10,000 17,291 4.00 3 years ii) warrants issued for 38,846 57,707 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 years 1.20 v) warrants for 30,000 96,000 5 years 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) 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 Weighted-Average Warrants Weighted- Outstanding, March 31, 2020 1,234,295 $ 2.12 1,027,092 $ 2.13 Issued in conjunction with convertible debt 158,036 1.40 Sold 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 ) (5.27 ) Cancelled (108,000 ) (1.79 ) Outstanding, March 31, 2022 3,757,484 $ 4.95 3,693,734 $ 5.00 At March 31, 2022, 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 3.93 418,237 $ 1.35 2.01 4.00 207,938 2.48 2.34 134,813 2.59 4.01 6.67 3,131,309 5.60 4.26 3,131,309 5.60 Total 3,757,484 $ 4.95 4.12 3,693,734 $ 5.00 For the year ended March 31, 2022 and 2021, the total stock based compensation on all instruments was $ 702,896 452,674 31,000 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 16 – INCOME TAXES The following table presents the net deferred tax assets as of March 31, 2022 and 2021: SCHEDULE OF DEFERRED TAX ASSETS 2022 2021 Net operating loss carryforwards $ 5,091,000 $ 4,924,000 Stock compensation 512,000 307,000 Other 96,000 44,000 Total deferred tax assets 5,699,000 5,275,000 Valuation allowance (5,699,000 ) (5,275,000 ) Net deferred tax assets $ — $ — Current income taxes are based upon the year’s income taxable for federal and state tax reporting purposes. Deferred income taxes (benefits) are provided for certain income and expenses, which are recognized in different periods for tax and financial reporting purposes. Deferred tax assets and liabilities are computed for differences between the financial statements and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the period in which the differences are expected to affect taxable income. The Company’s deferred income taxes arise from the temporary differences between financial statement and income tax recognition of net operating losses. These loss carryovers would be limited under the Internal Revenue Code should a significant change in ownership occur within a three-year period. At March 31, 2022 and 2021, respectively, the Company had net operating loss carryforwards of approximately $ 17,700,000 17,100,000 5,091,000 4,924,000 424,000 441,000 The net operating loss carryforwards, if not utilized, generally expire twenty years from the date the loss was incurred, beginning in 2022, and losses incurred after 2019 are carried forward indefinitely and subject to annual limitations for federal and Minnesota purposes. Of the approximately $ 17,700,000 7,000,000 7,000,000 Income tax expense (benefits) to the statutory rate of 21% for the years ended March 31, 2022 and 2021 is as follows: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION 2022 2021 Tax benefits at statutory rate 21.0 % 21.0 % State income tax benefit, net of federal 7.7 % 7.7 % Tax rate adjustment to deferred tax assets - 3.2 % Gross effective rate 28.7 % 31.9 % Valuation allowance (28.7 %) (31.9 %) Net effective rate - - The Company’s continuing practice is to recognize interest and/or penalties related to income tax matters in income tax expense. As of March 31, 2022 and 2021, the Company had no The Company is subject to taxation in the U.S. and Minnesota. Our tax years for 2019 and forward are subject to examination by tax authorities. The Company is not currently under examination by any tax authority. Management has evaluated tax positions in accordance with FASB ASC 740, and has not identified any tax positions, other than those discussed above, that require disclosure. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | NOTE 17 – SUBSEQUENT EVENT On June 17, 2022, the Company entered into an exclusive distribution agreement (“agreement”) with MWI Veterinary Supply Company. The term of the agreement is for two years and can be extended for a third year if certain milestones are achieved. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Policies) | 12 Months Ended |
Mar. 31, 2022 | |
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, in which Gel-Del and its wholly-owned subsidiary, Cosmeta, Inc. became wholly-owned subsidiaries 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 inventory obsolescence, 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, lease assets and liabilities 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 March 31, 2022, 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 | (G) 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 | (H) 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 useful life of 60 |
Loss Per Share | (I) 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 372,668 3.00 9.50 3.85 The Company has 195,000 1.39 1.99 1.56 The Company has 1,081,668 1.20 10.00 2.02 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 anti-dilutive. At March 31, 2021, the Company had $ 230,000 5,671 June 30, 2021 230,000 5,671 81,579 2.89 196,000 |
Revenue Recognition | (J) 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 cost charged to customers are reported as an offset to the respective shipping cost. The Company does not have any significant financing components as payment is received at or shortly after the point of sale. |
Accounts Receivable | (K) 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 | (L) Research and Development The Company expenses research and development costs as incurred. |
Fair Value of Financial Instruments | (M) Fair Value of Financial Instruments The Company applies the accounting guidance under FASB ASC 820-10, “Fair Value Measurements”, as well as certain related FASB staff positions. This guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact business and considers assumptions that marketplace participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The guidance also establishes a fair value hierarchy for measurements of fair value as follows: ● Level 1 - quoted market prices in active markets for identical assets or liabilities. ● Level 2 - inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 - unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s financial instruments consist of accounts receivable, accounts payable, accrued expenses, accrued expenses – related parties, notes payable and accrued interest, and notes payable and accrued interest - related party, notes payable – directors and others. The carrying amount of the Company’s financial instruments approximates their fair value as of March 31, 2022 and 2021, due to the short-term nature of these instruments and the Company’s borrowing rate of interest. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The valuation of the Company’s notes recorded at fair value is determined using Level 3 inputs, which consider (i) time value, (ii) current market and (iii) contractual prices. The Company had no |
Stock-Based Compensation - Non-Employees | (N) Stock-Based Compensation - Non-Employees Equity Instruments Issued to Parties Other Than Employees for Acquiring Goods or Services The Company accounts for equity instruments issued to parties other than employees for acquiring goods or services under guidance of Sub-topic 505-50 of the FASB Accounting Standards Codification (“Sub-topic 505-50”). Pursuant to ASC Section 505-50-30, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur. If the Company is a newly formed corporation or shares of the Company are thinly traded the use of share prices established in the Company’s most recent private placement memorandum (“PPM”), or weekly or monthly price observations would generally be more appropriate than the use of daily price observations as such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market. The fair value of share options and similar instruments is estimated on the date of grant using a Black-Scholes option-pricing valuation model. The ranges of assumptions for inputs are as follows: ● Expected term of share options and similar instruments: Pursuant to Paragraph 718-10-50-2(f)(2)(i) of the FASB Accounting Standards Codification the expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and holder’s expected exercise behavior into the fair value (or calculated value) of the instruments. The Company uses historical data to estimate holder’s expected exercise behavior. If the Company is a newly formed corporation or shares of the Company are thinly traded the contractual term of the share options and similar instruments is used as the expected term of share options and similar instruments as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term. ● Expected volatility of the entity’s shares and the method used to estimate it. Pursuant to ASC Paragraph 718-10-50-2(f)(2)(ii) a thinly traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the Company to estimate the expected volatility of its share price, the appropriate industry sector index that it has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index. The Company uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility. If shares of a company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatility calculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market. ● Expected annual rate of quarterly dividends. An entity that uses a method that employs different dividend rates during the contractual term shall disclose the range of expected dividends used and the weighted-average expected dividends. The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the expected term of the share options and similar instruments. ● Risk-free rate(s). An entity that uses a method that employs different risk-free rates shall disclose the range of risk-free rates used. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the expected term of the share options and similar instruments. Pursuant to Paragraphs 505-50-25-8 and 505-50-25-9, an entity may grant fully vested, non-forfeitable equity instruments that are exercisable by the grantee only after a specified period of time if the terms of the agreement provide for earlier exercisability if the grantee achieves specified performance conditions. Any measured cost of the transaction shall be recognized in the same period(s) and in the same manner as if the entity had paid cash for the goods or services or used cash rebates as a sales discount instead of paying with, or using, the equity instruments. A recognized asset, expense, or sales discount shall not be reversed if a share option and similar instrument that the counterparty has the right to exercise expires unexercised. |
Income Taxes | (O) Income Taxes The Company accounts for income taxes under Accounting Standards Codification (ASC) Topic 740. Deferred tax assets and liabilities are determined based upon differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. As required by ASC Topic 450, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. At the adoption date, the Company applied ASC Topic 740 to all tax positions for which the statute of limitations remained open. As a result of the implementation of ASC Topic 740, the Company did not recognize any change in the liability for unrecognized tax benefits. The Company is not currently under examination by any federal or state jurisdiction. The Company’s policy is to record tax-related interest and penalties as a component of operating expenses. |
Inventory | (P) Inventory Inventories are recorded in accordance with ASC 330, 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 | (Q) 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 | (R) Reclassifications Certain accounts in the prior year financial statements have 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. In addition, the change in deferred offering costs is classified as a financing activity in the statement of cash flows. There was no effect on the change in net assets or net increase in cash and cash equivalents from these reclassifications. |
INVENTORY (Tables)
INVENTORY (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORY | The inventory components are as follows: SCHEDULE OF INVENTORY March 31, 2022 March 31, 2021 Finished Goods $ 11,889 $ 36,973 Work in Process 22,960 - Raw Materials 63,464 8,773 Manufacturing Supplies - 1,322 Inventory, Gross 98,313 47,068 Reserve for Obsolete Inventory - (47,068 ) Total Net $ 98,313 $ - |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT | The components of property and equipment were as follows: SCHEDULE OF PROPERTY AND EQUIPMENT March 31, 2022 March 31, 2021 Leasehold improvements $ 216,159 $ 198,015 Production equipment 197,967 128,849 R&D equipment 25,184 25,184 Computer equipment and furniture 76,898 10,130 Total, at cost 516,208 362,178 Accumulated depreciation (204,659 ) (148,140 ) Total Net $ 311,549 $ 214,038 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 March 31, 2021 Patents $ 3,870,057 $ 3,840,903 Trademarks 26,142 26,142 Total at cost 3,896,199 3,867,045 Accumulated Amortization (3,847,747 ) (3,839,113 ) Total net $ 48,452 $ 27,932 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Accrued Expenses | |
SCHEDULE OF COMPONENTS OF ACCRUED EXPENSES | The components of accrued expenses were as follows: SCHEDULE OF COMPONENTS OF ACCRUED EXPENSES March 31, 2022 March 31, 2021 Accrued payroll and related taxes $ 452,137 $ 221,774 Accrued lease termination expense 332,238 332,238 Total $ 784,375 $ 554,012 |
DERIVATIVE LIABILITY AND EXPE_2
DERIVATIVE LIABILITY AND EXPENSE (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
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 $ 1.68 $ 1.60 $ 6.56 Conversion price $ 1.12 $ 1.12 $ 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) | 12 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022: SCHEDULE OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY 2023 $ 59,243 2024 60,588 2025 61,964 2026 63,372 2027 55,102 Total 300,270 Less: amount representing interest (1,169 ) Total $ 299,101 |
SCHEDULE OF BASE RENT LEASE PAYMENTS | SCHEDULE OF BASE RENT LEASE PAYMENTS Present value of future base rent lease payments $ 299,101 Present value of future base rent lease payments – net $ 299,101 |
SCHEDULE OF LEASE CURRENT AND NON-CURRENT ASSETS AND LIABILITIES | As of March 31, 2022, 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 $ 299,101 Total operating lease assets 299,101 Operating lease current liability 59,178 Operating lease other liability 239,923 Total operating lease liabilities $ 299,101 |
STOCKHOLDERS_ EQUITY (Tables)
STOCKHOLDERS’ EQUITY (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
SCHEDULE OF TIME BASED RESTRICTED STOCK UNITS | Our time-based restricted stock unit activity for the year ended March 31, 2022 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 - Expired (4,073 ) $ 2.70 Vested (172,874 ) 3.44 Balance at March 31, 2022 372,668 $ 4.07 $ 760,243 (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 ESTIMATED FAIR VALUES ASSUMPTIONS | SCHEDULE OF ESTIMATED FAIR VALUES ASSUMPTIONS Year Ended March 31, 2022 Expected term 7 years Expected volatility 205.0% 210.5 % Risk-free interest rate 1.47% 2.14 % Expected dividend yield 0 % Fair value on the date of grant $ 1.39 1.99 |
SCHEDULE OF STOCK OPTION ACTIVITY | SCHEDULE OF STOCK OPTION ACTIVITY Options Weighted- Average Exercise Price Per Share (1) Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value (2) Balance at March 31, 2021 - - - - Granted 195,000 $ 1.56 - Balance at March 31, 2022 195,000 $ 1.56 6.9 $ 100,200 (1) The exercise price of each option granted during the period shown above was equal to the market price of the underlying stock on the date of grant. (2) 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 ADDITIONAL INFORMATION ABOUT STOCK OPTIONS | The following summarizes additional information about our stock options: SCHEDULE OF ADDITIONAL INFORMATION ABOUT STOCK OPTIONS Year Ended March 31, 2022 Number of: Non-vested options, beginning of year - Non -vested options, end of year 195,000 Vested options, end of year - Year Ended March 31, 2022 Weighted-average grant date fair value of: Non-vested options, beginning of year - Non-vested options, end of year $ 1.56 Vested options, end of year - Forfeited options, during the year - |
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 Weighted-Average Warrants Weighted- Outstanding, March 31, 2020 1,234,295 $ 2.12 1,027,092 $ 2.13 Issued in conjunction with convertible debt 158,036 1.40 Sold 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 ) (5.27 ) Cancelled (108,000 ) (1.79 ) Outstanding, March 31, 2022 3,757,484 $ 4.95 3,693,734 $ 5.00 |
SCHEDULE OF RANGE OF WARRANT PRICES | At March 31, 2022, 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 3.93 418,237 $ 1.35 2.01 4.00 207,938 2.48 2.34 134,813 2.59 4.01 6.67 3,131,309 5.60 4.26 3,131,309 5.60 Total 3,757,484 $ 4.95 4.12 3,693,734 $ 5.00 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF DEFERRED TAX ASSETS | The following table presents the net deferred tax assets as of March 31, 2022 and 2021: SCHEDULE OF DEFERRED TAX ASSETS 2022 2021 Net operating loss carryforwards $ 5,091,000 $ 4,924,000 Stock compensation 512,000 307,000 Other 96,000 44,000 Total deferred tax assets 5,699,000 5,275,000 Valuation allowance (5,699,000 ) (5,275,000 ) Net deferred tax assets $ — $ — |
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION | Income tax expense (benefits) to the statutory rate of 21% for the years ended March 31, 2022 and 2021 is as follows: SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION 2022 2021 Tax benefits at statutory rate 21.0 % 21.0 % State income tax benefit, net of federal 7.7 % 7.7 % Tax rate adjustment to deferred tax assets - 3.2 % Gross effective rate 28.7 % 31.9 % Valuation allowance (28.7 %) (31.9 %) Net effective rate - - |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Aug. 13, 2021 | Apr. 30, 2021 | Oct. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 29, 2020 | Oct. 26, 2020 | Sep. 30, 2020 | Jun. 15, 2020 | |
Property, Plant and Equipment [Line Items] | |||||||||
Reverse stock split, description | the Company approved a 1-for-4 reverse split of our outstanding shares of common stock that was effectuated on December 29, 2020; concurrently, the Company increased its authorized shares of common stock from 225,000,000 to 250,000,000; all share and per share data has been retroactively adjusted for this reverse split for all periods presented | 1-for-4 reverse stock split | |||||||
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 | $ 1.12 | $ 1.12 | $ 1.12 | |||||
Fair value, net asset (liability) | $ 0 | 0 | |||||||
Convertible Notes [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Convertible notes outstanding | 230,000 | ||||||||
Convertible notes interest | $ 5,671 | ||||||||
Debt instrument maturity date | Jun. 30, 2021 | ||||||||
Conversion of debt into common stock shares | 81,579 | ||||||||
Conversion price per share | $ 2.89 | ||||||||
Share-settled debt obligation with a related party | $ 196,000 | ||||||||
Minimum [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Weighted average, exercise price | $ 1.39 | ||||||||
Maximum [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Weighted average, exercise price | $ 1.99 | ||||||||
Warrants [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Warrants outstanding | 3,754,484 | 1,081,668 | |||||||
Weighted average, exercise price | $ 4.95 | $ 2.02 | |||||||
Warrants [Member] | Minimum [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Warrant exercise price | 1.20 | 1.20 | |||||||
Warrants [Member] | Maximum [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Warrant exercise price | $ 6.67 | $ 10 | |||||||
Restricted Stock Units [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Warrants outstanding | 372,668 | ||||||||
Weighted average, exercise price | $ 3.85 | ||||||||
Restricted Stock Units [Member] | Minimum [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Warrant exercise price | 3 | ||||||||
Restricted Stock Units [Member] | Maximum [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Warrant exercise price | $ 9.50 | ||||||||
Options [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Warrants outstanding | 195,000 | ||||||||
Weighted average, exercise price | $ 1.56 | ||||||||
Options [Member] | Minimum [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Warrant exercise price | 1.39 | ||||||||
Options [Member] | Maximum [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Warrant exercise price | $ 1.99 | ||||||||
Patents and Trademarks [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Estimated useful life of intangible asset | 60 months | ||||||||
Equipment [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Estimated useful life of assets | 3 years | ||||||||
Automobiles [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Estimated useful life of assets | 5 years | ||||||||
Furniture and Fixtures [Member] | |||||||||
Property, Plant and Equipment [Line Items] | |||||||||
Estimated useful life of assets | 7 years |
SCHEDULE OF INVENTORY (Details)
SCHEDULE OF INVENTORY (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Finished Goods | $ 11,889 | $ 36,973 |
Work in Process | 22,960 | |
Raw Materials | 63,464 | 8,773 |
Manufacturing Supplies | 1,322 | |
Inventory, Gross | 98,313 | 47,068 |
Reserve for Obsolete Inventory | (47,068) | |
Total Net | $ 98,313 |
INVENTORY (Details Narrative)
INVENTORY (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | ||
Inventory, gross | $ 98,313 | $ 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 ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Prepaid expenses and other assets | $ 547,664 | $ 123,575 |
Deferred offering costs | 280,163 | |
Investor Relations Services [Member] | ||
Prepaid expenses and other assets | 220,000 | |
Insurance Costs [Member] | ||
Prepaid expenses and other assets | 148,000 | 9,000 |
Clinical studies [Member] | ||
Prepaid expenses and other assets | 71,000 | |
Trade shows [Member] | ||
Prepaid expenses and other assets | 46,000 | |
Nasdaq fees [Member] | ||
Prepaid expenses and other assets | $ 45,000 | |
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 ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total, at cost | $ 516,208 | $ 362,178 |
Accumulated depreciation | (204,659) | (148,140) |
Total Net | 311,549 | 214,038 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | 216,159 | 198,015 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | 197,967 | 128,849 |
R&D equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | 25,184 | 25,184 |
Computer equipment and furniture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | $ 76,898 | $ 10,130 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 56,519 | $ 36,554 |
SCHEDULE OF INTANGIBLE ASSETS (
SCHEDULE OF INTANGIBLE ASSETS (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Patents | $ 3,870,057 | $ 3,840,903 |
Trademarks | 26,142 | 26,142 |
Total at cost | 3,896,199 | 3,867,045 |
Accumulated Amortization | (3,847,747) | (3,839,113) |
Total net | $ 48,452 | $ 27,932 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 8,634 | $ 50,158 |
SCHEDULE OF COMPONENTS OF ACCRU
SCHEDULE OF COMPONENTS OF ACCRUED EXPENSES (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Accrued Expenses | ||
Accrued payroll and related taxes | $ 452,137 | $ 221,774 |
Accrued lease termination expense | 332,238 | 332,238 |
Total | $ 784,375 | $ 554,012 |
ACCRUED EXPENSES (Details Narra
ACCRUED EXPENSES (Details Narrative) - USD ($) | Mar. 31, 2022 | 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 | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2022 | 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% | ||
Minimum [Member] | |||
Proceeds from related party debt | $ 3,500,000 |
NOTES PAYABLE AND CONVERTIBLE_2
NOTES PAYABLE AND CONVERTIBLE NOTES (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Aug. 13, 2021 | Oct. 26, 2020 | Oct. 26, 2020 | Jun. 15, 2020 | May 01, 2020 | Jun. 30, 2021 | Apr. 30, 2021 | Oct. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Aug. 31, 2021 | Dec. 31, 2020 | Jan. 31, 2020 | |
Short-Term Debt [Line Items] | ||||||||||||||
Notes payable | $ 42,500 | |||||||||||||
Debt instrument, interest rate | 6% | |||||||||||||
Convertible notes payable | $ 33,750 | $ 39,528 | ||||||||||||
Notes payable, current liabilities | 6,549 | 39,528 | ||||||||||||
Note payable other liabilities | $ 27,201 | |||||||||||||
Convertible notes maturity date | Apr. 30, 2020 | |||||||||||||
Debt instrument, periodic monthly payment | $ 3,100 | |||||||||||||
Convertible notes payable | 235,671 | |||||||||||||
Accrued interest | $ 2,658 | |||||||||||||
Debt conversion, shares issued | 43,556 | 80,522 | ||||||||||||
Conversion price per share | $ 1.12 | $ 1.12 | $ 1.12 | $ 2.89 | $ 1.12 | |||||||||
Number of warrants purchase | 43,556 | |||||||||||||
Discount on debt | $ 206,000 | |||||||||||||
Stock price | $ 4.50 | |||||||||||||
Debt conversion stock valued | 232,658 | 1,804,592 | ||||||||||||
Gain on debt extinguishment | $ 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 | ||||||||||||
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% | |||||||||||||
Debt principal amount | $ 230,000 | |||||||||||||
Convertible notes payable | 235,671 | |||||||||||||
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 | |||||||||||||
Convertible Notes Payable [Member] | Think Warrants [Member] | ||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||
Fair value of warrants | $ 31,500 | |||||||||||||
Payment of convertible debt | 61,500 | |||||||||||||
Number of warrants issued | 75,000 | |||||||||||||
Convertible Notes Payable [Member] | Think Equity [Member] | ||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||
Fair value of warrants | $ 52,399 | |||||||||||||
Convertible Notes Payable [Member] | Red Diamond Partners, LLC [Member] | ||||||||||||||
Short-Term Debt [Line Items] | ||||||||||||||
Debt instrument, interest rate | 12.50% | |||||||||||||
Debt principal amount | $ 352,941 | 352,941 | ||||||||||||
Shares issued, price per share | $ 1.12 | |||||||||||||
Unamortized debt discount | $ 52,941 | 0 | $ 52,941 | |||||||||||
Original issue discount percentage | 15% | |||||||||||||
Number of warrants purchase | 139,286 | |||||||||||||
Fair value of warrants | $ 91,500 | |||||||||||||
Reduction discounts on debt | $ 0 | |||||||||||||
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% | |||||||||||||
Debt principal amount | $ 38,665 | |||||||||||||
Convertible notes maturity date | May 01, 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 ($) | 1 Months Ended | 12 Months Ended | |||||
Aug. 13, 2021 | Sep. 02, 2020 | Apr. 30, 2021 | Mar. 31, 2022 | 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% | ||||||
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% | ||||||
Debt default interest rate | 20% | ||||||
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 | ||||||
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 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 | ||||||
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 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Stock price on valuation date | $ 6.56 | $ 1.60 | $ 1.68 | |
Conversion price | $ 1.12 | $ 1.12 | $ 1.12 | $ 2.89 |
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 ($) | 1 Months Ended | 12 Months Ended | |||||
Oct. 26, 2020 | Jun. 15, 2020 | Oct. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Apr. 30, 2021 | |
Corresponding offset to derivative liability | $ 526,800 | ||||||
Discount on debt | 206,000 | ||||||
Convertible note embedded derivative liability | 0 | ||||||
Derivative expense | 320,800 | $ 937,500 | $ 1,702,100 | ||||
Recognition of derivative liability | $ 526,800 | 1,702,100 | |||||
Derivative liability | $ 1,908,100 | 0 | |||||
Conversion price per share | $ 1.12 | $ 1.12 | $ 1.12 | $ 2.89 | |||
Gain on debt extinguishment | $ 366,903 | ||||||
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Accounts payable | $ 323,384 | $ 408,873 |
Accrued salaries and payroll taxes payable | 452,137 | 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) | 12 Months Ended |
Mar. 31, 2022 USD ($) | |
Retirement Benefits [Abstract] | |
Discretionary contributions | $ 8,000 |
SCHEDULE OF ANNUAL UNDISCOUNTED
SCHEDULE OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY (Details) | Mar. 31, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2023 | $ 59,243 |
2024 | 60,588 |
2025 | 61,964 |
2026 | 63,372 |
2027 | 55,102 |
Total | 300,270 |
Less: amount representing interest | (1,169) |
Total | $ 299,101 |
SCHEDULE OF BASE RENT LEASE PAY
SCHEDULE OF BASE RENT LEASE PAYMENTS (Details) | Mar. 31, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Present value of future base rent lease payments | $ 299,101 |
Present value of future base rent lease payments – net | $ 299,101 |
SCHEDULE OF LEASE CURRENT AND N
SCHEDULE OF LEASE CURRENT AND NON-CURRENT ASSETS AND LIABILITIES (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease right-of-use asset | $ 299,101 | |
Total operating lease assets | 299,101 | $ 157,760 |
Operating lease current liability | 59,178 | 26,582 |
Operating lease other liability | 239,923 | $ 131,178 |
Total operating lease liabilities | $ 299,101 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2022 USD ($) ft² | May 31, 2017 ft² | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | Jan. 31, 2020 USD ($) | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Area of land | ft² | 2,400 | 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 | the extended lease term to November 2026 and March 2027 | |||
Notes Payable | $ 42,500 | ||||
Accrued expenses | $ 332,000 | $ 332,000 | $ 7,500 | ||
Base rent | $ 2,673 | 2,205 | |||
Lease rent expenses | 81,816 | 56,546 | |||
Increase to operating lease right of use asset and operating lease liability | 167,924 | ||||
Operating lease right-of-use | $ 299,101 | $ 157,760 | |||
Weighted average remaining lease term | 4 years 9 months 18 days | ||||
Weighted average discount rate | 0.28% | ||||
Payments to purchase inventory | $ 250,000 | ||||
Extended Lease Term To 2026 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Operating lease right-of-use | $ 488,701 | ||||
November 2026 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Operating lease treasury rate | 0.12% | ||||
March 2026 [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Operating lease treasury rate | 0.40% |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 1 Months Ended | |
Aug. 31, 2021 | Mar. 31, 2022 | |
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 | $ 5,581,914 |
SCHEDULE OF TIME BASED RESTRICT
SCHEDULE OF TIME BASED RESTRICTED STOCK UNITS (Details) | 12 Months Ended | |
Mar. 31, 2022 $ / shares shares | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Time based RSU's, Weighted Average Grant Date Fair Value Per Unit, Granted | $ / shares | $ 1.56 | [1] |
Aggregate Intrinsic Value, RSU's, Balance | ||
Restricted Stock Units (RSUs) [Member] | ||
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 | [2] | |
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 | [2] | |
Time based RSU's Expired | (4,073) | |
Time based RSU's, Weighted Average Grant Date Fair Value Per Unit, Expired | $ / shares | $ 2.70 | |
Time based RSU's Vested | (172,874) | |
Time based RSU's, Weighted Average Vested Date Fair Value Per Unit, Vested | $ / shares | $ 3.44 | |
Time based RSU's, Balance | 372,668 | |
Time based RSU's, Weighted Average Grant Date Fair Value Per Unit | $ / shares | $ 4.07 | |
Aggregate Intrinsic Value, RSU's, Balance | 760,243 | [2] |
[1] The exercise price of each option granted during the period shown above was equal to the market price of the underlying stock on the date of grant. |
SCHEDULE OF ESTIMATED FAIR VALU
SCHEDULE OF ESTIMATED FAIR VALUES ASSUMPTIONS (Details) | 12 Months Ended |
Mar. 31, 2022 $ / shares | |
Expected term | 7 years |
Expected volatility, minimum | 205% |
Expected volatility, maximum | 210.50% |
Risk-free interest rate, mimimum | 1.47% |
Risk-free interest rate, maximum | 2.14% |
Expected dividend yield | 0% |
Minimum [Member] | |
Fair value on the date of grant | $ 1.39 |
Maximum [Member] | |
Fair value on the date of grant | $ 1.99 |
SCHEDULE OF STOCK OPTION ACTIVI
SCHEDULE OF STOCK OPTION ACTIVITY (Details) | 12 Months Ended | |
Mar. 31, 2022 USD ($) $ / shares shares | ||
Equity [Abstract] | ||
Options Outstanding, Beginning | shares | ||
Weighted Average Exercise Price Per Share, Beginning | $ / shares | [1] | |
Aggregate Intrinsic Value, Beginning | $ | [2] | |
Options Outstanding, Granted | shares | 195,000 | |
Weighted Average Exercise Price Per Share, Granted | $ / shares | $ 1.56 | [1] |
Options Outstanding, Ending | shares | 195,000 | |
Weighted Average Exercise Price Per Share, Ending | $ / shares | $ 1.56 | [1] |
Weighted Average Remaining Contractual Life | 6 years 10 months 24 days | |
Aggregate Intrinsic Value, Ending | $ | $ 100,200 | [2] |
[1] The exercise price of each option granted during the period shown above was equal to the market price of the underlying stock on the date of grant. |
SCHEDULE OF ADDITIONAL INFORMAT
SCHEDULE OF ADDITIONAL INFORMATION ABOUT STOCK OPTIONS (Details) | 12 Months Ended |
Mar. 31, 2022 $ / shares shares | |
Equity [Abstract] | |
Non-vested options, beginning of year | shares | |
Non -vested options, end of year | shares | 195,000 |
Vested options, end of year | shares | |
Weighted-average grant date fair value, non-vested options, beginning of year | |
Weighted-average grant date fair value, non-vested options, end of year | 1.56 |
Weighted-average grant date fair value, vested options, end of year | |
Weighted-average grant date fair value, forfeited options, during the year |
SCHEDULE OF WARRANT ACTIVITY (D
SCHEDULE OF WARRANT ACTIVITY (Details) - Warrant [Member] - $ / shares | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Number of Warrants, Outstanding, Balance | 1,081,668 | 1,234,295 |
Weighted-Average Exercise Price, Outstanding, Balance | $ 2.02 | $ 2.12 |
Warrants Exercisable, Outstanding, Balance | 881,982 | 1,027,092 |
Weighted-Average Exercisable Price, Outstanding, Balance | $ 2 | $ 2.13 |
Number of Warrants, Issued in conjunction with convertible debt | 158,036 | |
Weighted-Average Exercise Price, Issued in conjunction with convertible debt | $ 1.40 | |
Number of Warrants, Sold for cash | 10,000 | |
Weighted-Average Exercise Price, Sold for cash | $ 4 | |
Number of Warrants, Issued and granted | 3,043,556 | 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 | $ (5.27) | $ (3.78) |
Number of Warrants, Cancelled | (108,000) | |
Weighted-Average Exercise Price, Cancelled | $ (1.79) | |
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 | 3,693,734 | 881,982 |
Weighted-Average Exercise Price, Exercisable | $ 5 | $ 2 |
SCHEDULE OF RANGE OF WARRANT PR
SCHEDULE OF RANGE OF WARRANT PRICES (Details) - Warrant [Member] - $ / shares | 12 Months Ended | |||
Mar. 31, 2022 | Apr. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Warrant exercise price | $ 4.44 | |||
Number of Warrants, Outstanding | 3,757,484 | |||
Weighted-Average Exercise Price, outstanding | $ 4.95 | $ 2.02 | $ 2.12 | |
Weighted-Average Remaining Contractual Life (Years), Outstanding | 4 years 1 month 13 days | |||
Number of Warrants, Exercisable | 3,693,734 | 881,982 | 1,027,092 | |
Weighted-Average Exercise Price, Exercisable | $ 5 | $ 2 | $ 2.13 | |
Range One [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Number of Warrants, Outstanding | 418,237 | |||
Weighted-Average Exercise Price, outstanding | $ 1.35 | |||
Weighted-Average Remaining Contractual Life (Years), Outstanding | 3 years 11 months 4 days | |||
Number of Warrants, Exercisable | 418,237 | |||
Weighted-Average Exercise Price, Exercisable | $ 1.35 | |||
Range Two [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Number of Warrants, Outstanding | 207,938 | |||
Weighted-Average Exercise Price, outstanding | $ 2.48 | |||
Weighted-Average Remaining Contractual Life (Years), Outstanding | 2 years 4 months 2 days | |||
Number of Warrants, Exercisable | 134,813 | |||
Weighted-Average Exercise Price, Exercisable | $ 2.59 | |||
Range Three [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Number of Warrants, Outstanding | 3,131,309 | |||
Weighted-Average Exercise Price, outstanding | $ 5.60 | |||
Weighted-Average Remaining Contractual Life (Years), Outstanding | 4 years 3 months 3 days | |||
Number of Warrants, Exercisable | 3,131,309 | |||
Weighted-Average Exercise Price, Exercisable | $ 5.60 | |||
Minimum [Member] | Range One [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Warrant exercise price | 1.20 | |||
Minimum [Member] | Range Two [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Warrant exercise price | 2.01 | |||
Minimum [Member] | Range Three [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Warrant exercise price | 4.01 | |||
Maximum [Member] | Range One [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Warrant exercise price | 2 | |||
Maximum [Member] | Range Two [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Warrant exercise price | 4 | |||
Maximum [Member] | Range Three [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Warrant exercise price | $ 6.67 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
Aug. 13, 2021 USD ($) $ / shares shares | Oct. 26, 2020 $ / shares shares | Sep. 14, 2020 USD ($) shares | Aug. 14, 2020 USD ($) $ / shares shares | Jul. 24, 2020 USD ($) $ / shares shares | Jul. 10, 2020 shares | Jul. 01, 2020 USD ($) $ / shares shares | Mar. 31, 2022 USD ($) $ / shares shares | Jan. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Oct. 31, 2021 USD ($) shares | Sep. 30, 2021 USD ($) $ / shares shares | Aug. 31, 2021 USD ($) $ / shares shares | Jul. 31, 2021 USD ($) $ / shares shares | Jun. 30, 2021 $ / shares shares | May 31, 2021 $ / shares shares | Apr. 30, 2021 USD ($) $ / shares shares | Mar. 31, 2021 USD ($) $ / shares shares | Feb. 28, 2021 $ / shares shares | Jan. 31, 2021 USD ($) $ / shares shares | Oct. 31, 2020 USD ($) $ / shares shares | Oct. 31, 2019 shares | Jun. 30, 2021 USD ($) $ / shares shares | Sep. 30, 2020 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | Mar. 31, 2020 USD ($) shares | Mar. 31, 2022 USD ($) $ / shares shares | Mar. 31, 2021 USD ($) $ / shares shares | Sep. 01, 2020 USD ($) $ / shares shares | Jun. 15, 2020 $ / shares | ||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
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 | $ 1.12 | $ 2.89 | $ 1.12 | $ 1.12 | |||||||||||||||||||||||||||
Proceeds from Issuance Initial Public Offering | $ | $ 0 | ||||||||||||||||||||||||||||||
Number of warrants purchase | 43,556 | ||||||||||||||||||||||||||||||
Accrued interest | $ | $ 2,658 | ||||||||||||||||||||||||||||||
Common stock sold | $ | $ 5,311,629 | $ 316,500 | |||||||||||||||||||||||||||||
Stock issued for services | $ | 524,230 | 541,208 | |||||||||||||||||||||||||||||
Stock-based Compensation | $ | 702,896 | 452,674 | |||||||||||||||||||||||||||||
Proceeds from sale of stock | $ | $ 9,781,000 | ||||||||||||||||||||||||||||||
Accrued expenses - related party | $ | $ 784,375 | $ 554,012 | 784,375 | 554,012 | |||||||||||||||||||||||||||
Restricted Stock or Unit Expense | $ | $ 606,014 | ||||||||||||||||||||||||||||||
Unrecognized compensation expenses recognition period | 6 years 10 months 24 days | ||||||||||||||||||||||||||||||
Stock options vesting period | 3 years | ||||||||||||||||||||||||||||||
Stock options contractual term | 7 years | ||||||||||||||||||||||||||||||
Stock-based compensation expense | $ | $ 3,595 | ||||||||||||||||||||||||||||||
Options vested | |||||||||||||||||||||||||||||||
Stock options exercisable | 0 | 0 | |||||||||||||||||||||||||||||
Stock-based Compensation | $ | $ 702,896 | $ 452,674 | |||||||||||||||||||||||||||||
Measurement Input, Price Volatility [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Warrant measurement inputs | 315 | 315 | |||||||||||||||||||||||||||||
Measurement Input, Price Volatility [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Warrant measurement inputs | 350 | 350 | |||||||||||||||||||||||||||||
Measurement Input, Price Volatility [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Warrant measurement inputs | 433 | 433 | |||||||||||||||||||||||||||||
Measurement Input, Expected Term [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Warrants exercise term | 5 years | 5 years | |||||||||||||||||||||||||||||
Measurement Input, Expected Term [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Warrants exercise term | 3 years | 3 years | |||||||||||||||||||||||||||||
Measurement Input, Expected Term [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Warrants exercise term | 5 years | 5 years | |||||||||||||||||||||||||||||
Measurement Input, Risk Free Interest Rate [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Warrant measurement inputs | 0.82 | 0.82 | |||||||||||||||||||||||||||||
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Warrant measurement inputs | 0.29 | ||||||||||||||||||||||||||||||
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Warrant measurement inputs | 1.16 | ||||||||||||||||||||||||||||||
Convertible Note [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Conversion of debt into common stock shares | 17,379 | ||||||||||||||||||||||||||||||
Conversion of notes | $ | $ 50,000 | ||||||||||||||||||||||||||||||
Conversion price per share | $ / shares | $ 2.89 | ||||||||||||||||||||||||||||||
Accrued interest | $ | $ 205 | ||||||||||||||||||||||||||||||
Equity Option [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Unrecognized compensation expenses | $ | $ 299,000 | $ 299,000 | |||||||||||||||||||||||||||||
Red Diamond Partners, LLC [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
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] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
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] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Common stock sold, shares | 162,524 | 10,000 | 300 | ||||||||||||||||||||||||||||
Unrecognized pre-tax compensation expenses | $ | $ 1,505,000 | $ 1,505,000 | |||||||||||||||||||||||||||||
Unrecognized compensation expenses recognition period | 2 years 3 months 18 days | ||||||||||||||||||||||||||||||
Options vested | [1] | 760,243 | 760,243 | ||||||||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Common stock sold, shares | 3,189,248 | 1,070,424 | |||||||||||||||||||||||||||||
Warrant [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 4.44 | ||||||||||||||||||||||||||||||
Number of warrants purchase | 4,500 | ||||||||||||||||||||||||||||||
Proceeds from warrant exercise | $ | $ 40,000 | ||||||||||||||||||||||||||||||
Unrecognized compensation expenses | $ | $ 31,000 | $ 31,000 | |||||||||||||||||||||||||||||
Number of Warrants, Granted | 3,043,556 | 72,596 | |||||||||||||||||||||||||||||
Warrant [Member] | Think Equity [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 5.625 | $ 5.625 | |||||||||||||||||||||||||||||
Common stock sold, shares | 500,000 | ||||||||||||||||||||||||||||||
Warrants [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Number of Warrants, Granted | 240,632 | ||||||||||||||||||||||||||||||
IPO [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
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% | ||||||||||||||||||||||||||||||
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] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Number of warrants purchase | 3,043,556 | 3,043,556 | |||||||||||||||||||||||||||||
John Lai's [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
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] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 1.27 | $ 1.40 | $ 2.22 | $ 1.40 | $ 2.22 | ||||||||||||||||||||||||||
Number of warrants purchase | 48,786 | 56,250 | 90,500 | 56,250 | |||||||||||||||||||||||||||
Common stock sold, shares | 1,594 | 40,038 | 43,324 | 79,767 | |||||||||||||||||||||||||||
Proceeds from warrant exercise | $ | $ 2,031 | ||||||||||||||||||||||||||||||
Accredited Investors [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 7 | $ 7 | $ 7 | ||||||||||||||||||||||||||||
Common stock sold, shares | 11,000 | 49,014 | |||||||||||||||||||||||||||||
Common stock sold | $ | $ 77,000 | $ 343,098 | |||||||||||||||||||||||||||||
Service Provider [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Stock issued for services, shares | 8,609 | 7,500 | 500 | 42,000 | |||||||||||||||||||||||||||
Stock issued for services | $ | $ 13,050 | $ 20,100 | $ 2,000 | $ 210,000 | |||||||||||||||||||||||||||
Stock-based Compensation, shares | 30,000 | ||||||||||||||||||||||||||||||
Stock-based Compensation | $ | $ 32,453 | ||||||||||||||||||||||||||||||
Board of Director [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Common stock sold, shares | 25,585 | ||||||||||||||||||||||||||||||
Common stock sold | $ | $ 69,080 | ||||||||||||||||||||||||||||||
Future Marketing and Investor Relations Services Provider [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Stock issued for services, shares | 42,000 | ||||||||||||||||||||||||||||||
Stock issued for services | $ | $ 210,000 | ||||||||||||||||||||||||||||||
Two Service Provider [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Stock issued for services, shares | 12,500 | ||||||||||||||||||||||||||||||
Stock issued for services | $ | $ 22,000 | ||||||||||||||||||||||||||||||
Marketing and Investor Relations Service Provider [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Stock issued for services, shares | 10,000 | ||||||||||||||||||||||||||||||
Stock issued for services | $ | $ 17,600 | ||||||||||||||||||||||||||||||
Legal Service Provider [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Stock issued for services, shares | 2,500 | ||||||||||||||||||||||||||||||
Stock issued for services | $ | $ 4,400 | ||||||||||||||||||||||||||||||
One Warrant Holder [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
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] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Common stock sold, shares | 226,071 | ||||||||||||||||||||||||||||||
Common stock sold | $ | $ 316,500 | ||||||||||||||||||||||||||||||
Directors and Officers [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Stock-based Compensation, shares | 162,252 | ||||||||||||||||||||||||||||||
Stock-based Compensation | $ | $ 486,755 | ||||||||||||||||||||||||||||||
John Carruth [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Stock-based Compensation, shares | 26,217 | ||||||||||||||||||||||||||||||
John Dolan [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Stock-based Compensation, shares | 22,993 | ||||||||||||||||||||||||||||||
Gregory Cash [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Stock-based Compensation, shares | 10,789 | ||||||||||||||||||||||||||||||
David Deming [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Stock-based Compensation, shares | 10,711 | ||||||||||||||||||||||||||||||
Robert Rudelius [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Stock-based Compensation, shares | 10,627 | ||||||||||||||||||||||||||||||
Randy Meyer [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Stock-based Compensation, shares | 10,550 | ||||||||||||||||||||||||||||||
Jim Martin [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Stock-based Compensation, shares | 9,302 | ||||||||||||||||||||||||||||||
Scott Johnson [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Stock-based Compensation, shares | 9,300 | ||||||||||||||||||||||||||||||
Joseph Jasper [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Stock-based Compensation, shares | 9,209 | ||||||||||||||||||||||||||||||
David Masters [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Stock-based Compensation, shares | 8,935 | ||||||||||||||||||||||||||||||
Three Directors [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
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] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Conversion price per share | $ / shares | $ 1.33 | $ 1.33 | |||||||||||||||||||||||||||||
Common stock sold, shares | 42,188 | 42,188 | |||||||||||||||||||||||||||||
Shares of common stock issued | 38,516 | 32,347 | |||||||||||||||||||||||||||||
Escrowed shares | 150,000 | ||||||||||||||||||||||||||||||
Accrued expenses - related party | $ | 375,936 | $ 375,936 | |||||||||||||||||||||||||||||
Accrued salary | $ | $ 80,029 | 80,029 | |||||||||||||||||||||||||||||
Loss on extinguishment of debt | $ | $ 81,738 | ||||||||||||||||||||||||||||||
Twenty Accredited Investors [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Conversion price per share | $ / shares | $ 2.22 | ||||||||||||||||||||||||||||||
Proceeds from warrant exercise | $ | $ 449,993 | ||||||||||||||||||||||||||||||
Shares of common stock issued | 202,499 | ||||||||||||||||||||||||||||||
Warrant Holder [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Conversion price per share | $ / shares | $ 1.60 | $ 4.44 | $ 1.33 | $ 1.60 | |||||||||||||||||||||||||||
Common stock sold, shares | 9,000 | 17,187 | |||||||||||||||||||||||||||||
Proceeds from warrant exercise | $ | $ 5,504 | ||||||||||||||||||||||||||||||
Shares of common stock issued | 3,447 | 5,163 | 15,629 | ||||||||||||||||||||||||||||
Investors [Member] | Warrant [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 5.625 | $ 5.625 | |||||||||||||||||||||||||||||
Common stock sold | $ | $ 4,805,528 | ||||||||||||||||||||||||||||||
Warrants to purchase common stock | 2,500,000 | 2,500,000 | |||||||||||||||||||||||||||||
Director [Member] | Warrant [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 5.625 | $ 5.625 | |||||||||||||||||||||||||||||
Conversion of notes | $ | $ 196,000 | ||||||||||||||||||||||||||||||
Warrants to purchase common stock | 43,556 | 43,556 | |||||||||||||||||||||||||||||
Conversion of Stock, Amount Issued | $ | $ 83,724 | ||||||||||||||||||||||||||||||
One Investor [Member] | Warrant [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
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] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 1.52 | $ 1.52 | |||||||||||||||||||||||||||||
Number of warrants purchase | 38,846 | 38,846 | |||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 6,600 | $ 57,707 | $ 57,707 | ||||||||||||||||||||||||||||
Directors Officers and Consultants [Member] | Warrant [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 1.40 | $ 1.40 | |||||||||||||||||||||||||||||
Directors Officers and Consultants [Member] | Warrant [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | 1.60 | 1.60 | |||||||||||||||||||||||||||||
Investor and Broker [Member] | Warrant [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
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] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 1.20 | ||||||||||||||||||||||||||||||
Number of warrants purchase | 3,750 | ||||||||||||||||||||||||||||||
Warrants exercise term | 5 years | ||||||||||||||||||||||||||||||
Director Consulting Serives [Member] | Warrant [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
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] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Number of shares of our common stock authorized | 1,000,000 | ||||||||||||||||||||||||||||||
Expiration date | Jul. 10, 2030 | ||||||||||||||||||||||||||||||
Number of shares available to grant | 233,923 | 233,923 | |||||||||||||||||||||||||||||
Common stock available and reserved to be issued | 1,000,000 | ||||||||||||||||||||||||||||||
2020 Equity Incentive Plan [Member] | Non employee Director [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Maximum aggregate number of shares of common stock granted | 25,000 | ||||||||||||||||||||||||||||||
Underwriting Agreement [Member] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Number of stock, sold during period | 2,500,000 | ||||||||||||||||||||||||||||||
Sale of stock price per share | $ / shares | $ 4.50 | ||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 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] | |||||||||||||||||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||||||||||||||||||||
Conversion price per share | $ / shares | $ 4.44 | ||||||||||||||||||||||||||||||
Common stock sold, shares | 6,750 | ||||||||||||||||||||||||||||||
Shares of common stock issued | 793 | ||||||||||||||||||||||||||||||
[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 DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 5,091,000 | $ 4,924,000 |
Stock compensation | 512,000 | 307,000 |
Other | 96,000 | 44,000 |
Total deferred tax assets | 5,699,000 | 5,275,000 |
Valuation allowance | (5,699,000) | (5,275,000) |
Net deferred tax assets |
SCHEDULE OF EFFECTIVE INCOME TA
SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION (Details) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Tax benefits at statutory rate | 21% | 21% |
State income tax benefit, net of federal | 7.70% | 7.70% |
Tax rate adjustment to deferred tax assets | 3.20% | |
Gross effective rate | 28.70% | 31.90% |
Valuation allowance | (28.70%) | (31.90%) |
Net effective rate |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net operating loss carry forwards | $ 17,700,000 | $ 17,100,000 |
Deferred tax assets | 5,091,000 | 4,924,000 |
Change in the valuation allowance | $ 424,000 | 441,000 |
Net operating loss carry forwards, expiration period | The net operating loss carryforwards, if not utilized, generally expire twenty years from the date the loss was incurred, beginning in 2022, and losses incurred after 2019 are carried forward indefinitely and subject to annual limitations for federal and Minnesota purposes. | |
Accrued interest and penalties related to uncertain tax positions | $ 0 | $ 0 |
Gel-Del Technologies, Inc [Member] | ||
Net operating loss carry forwards | 7,000,000 | |
Accumulated pre-merger operating loss carryforwards | $ 7,000,000 |