PetVivo (PETV) 10-Q 10 Nov 22 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Sep. 30, 2022	Nov. 10, 2022
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--03-31
Entity File Number	001-40715
Entity Registrant Name	PetVivo Holdings, Inc.
Entity Central Index Key	0001512922
Entity Tax Identification Number	99-0363559
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	5251 Edina Industrial Blvd
Entity Address, City or Town	Edina
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55439
City Area Code	(952)
Local Phone Number	405-6216
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		10,095,275
Common Stock Par Value 0.001 [Member]
Title of 12(b) Security	Common Stock, par value $0.001
Trading Symbol	PETV
Security Exchange Name	NASDAQ
Warrants To Purchase Common Stock [Member]
Title of 12(b) Security	Warrants to purchase Common Stock
Trading Symbol	PETVW
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2022	Mar. 31, 2022
Current Assets
Cash and cash equivalents	$ 2,337,093	$ 6,106,827
Accounts receivable	129,142	2,596
Inventory, net	304,967	98,313
Prepaid expenses and other assets	612,128	547,664
Total Current Assets	3,383,330	6,755,400
Property and Equipment, net	341,071	311,549
Other Assets:
Operating lease right-of-use	269,592	299,101
Patents and trademarks, net	43,986	48,452
Security deposit	12,830	12,830
Total Other Assets	326,408	360,383
Total Assets	4,050,809	7,427,332
Current Liabilities
Accounts payable	422,141	323,384
Accrued expenses	765,086	784,375
Operating lease liability – short term	59,807	59,178
Note payable and accrued interest	6,737	6,549
Total Current Liabilities	1,253,771	1,173,486
Other Liabilities
Note payable and accrued interest (net of current portion)	23,868	27,201
Operating lease liability (net of current portion)	209,785	239,923
Total Other Liabilities	233,653	267,124
Total Liabilities	1,487,424	1,440,610
Commitments and Contingencies (see Note 9)
Stockholders’ Equity:
Preferred stock, par value $0.001, 20,000,000 shares authorized, 0 and 0 shares issued and outstanding at September 30, 2022 and March 31, 2022
Common stock, par value $0.001, 250,000,000 shares authorized, 10,095,275 and 9,988,361 shares issued and outstanding at September 30, 2022 and March 31, 2022, respectively	10,095	9,988
Additional Paid-In Capital	69,756,728	69,103,155
Accumulated Deficit	(67,203,438)	(63,126,421)
Total Stockholders’ Equity	2,563,385	5,986,722
Total Liabilities and Stockholders’ Equity	$ 4,050,809	$ 7,427,332

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Mar. 31, 2022
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	10,095,275	9,988,361
Common stock, shares outstanding	10,095,275	9,988,361

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenues	$ 223,280	$ 4,977	$ 281,454	$ 9,122
Cost of Sales	148,159		201,179	5,051
Gross Profit	75,121	4,977	80,275	4,071
Operating Expenses:
Sales and Marketing	867,985	235,767	1,524,554	285,498
Research and Development	140,384	116,380	212,040	253,317
General and Administrative	1,186,320	756,186	2,429,342	1,087,131
Total Operating Expenses	2,194,689	1,108,333	4,165,936	1,625,946
Operating Loss	(2,119,568)	(1,103,356)	(4,085,661)	(1,621,875)
Other Income (Expense)
Forgiveness of PPP loan and accrued interest				31,680
Interest Income (Expense)	7,979	(2,118)	8,644	(5,908)
Total Other Income (Expense)	7,979	(2,118)	8,644	25,772
Loss before taxes	(2,111,589)	(1,105,474)	(4,077,017)	(1,596,103)
Income Tax Provision
Net Loss	$ (2,111,589)	$ (1,105,474)	$ (4,077,017)	$ (1,596,103)
Net Loss Per Share:
Basic and Diluted	$ (0.21)	$ (0.13)	$ (0.41)	$ (0.21)
Weighted Average Common Shares Outstanding:
Basic and Diluted	10,053,463	8,749,233	10,021,090	7,757,099

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Mar. 31, 2021	$ 6,799	$ 57,207,648	$ (58,111,426)	$ (896,979)
Beginning balance, shares at Mar. 31, 2021	6,799,113
Stock-based compensation		55,674		55,674
Net loss			(490,629)	(490,629)
Cash paid to exercise warrants	$ 4	39,996		40,000
Cash paid to exercise warrants, shares	4,500
Common stock sold	$ 50	343,048		343,098
Common stock sold, shares	49,014
Stock issued for debt conversion	$ 80	232,578		232,658
Stock issued for debt conversion, shares	80,522
Cashless warrant exercise	$ 160	(160)
Cashless warrant exercise, shares	160,006
Ending balance, value at Jun. 30, 2021	$ 7,093	57,878,784	(58,602,055)	(716,178)
Ending balance, shares at Jun. 30, 2021	7,093,155
Beginning balance, value at Mar. 31, 2021	$ 6,799	57,207,648	(58,111,426)	(896,979)
Beginning balance, shares at Mar. 31, 2021	6,799,113
Net loss				(1,596,103)
Ending balance, value at Sep. 30, 2021	$ 9,731	68,246,052	(59,707,529)	8,548,254
Ending balance, shares at Sep. 30, 2021	9,731,343
Beginning balance, value at Jun. 30, 2021	$ 7,093	57,878,784	(58,602,055)	(716,178)
Beginning balance, shares at Jun. 30, 2021	7,093,155
Stock-based compensation		104,092		104,092
Net loss			(1,105,474)	(1,105,474)
Cash paid to exercise warrants	$ 1	2,030		2,031
Cash paid to exercise warrants, shares	1,594
Stock issued for services	$ 42	209,958		210,000
Stock issued for services, shares	42,000
Common stock sold	$ 2,511	4,966,020		4,968,531
Common stock sold, shares	2,511,000
Cashless warrant exercise	$ 40	(40)
Cashless warrant exercise, shares	40,038
Warrants sold		4,889,252		4,889,252
Stock and warrants granted for debt conversion	$ 44	195,956		196,000
Stock and warrants granted for debt conversion, shares	43,556
Ending balance, value at Sep. 30, 2021	$ 9,731	68,246,052	(59,707,529)	8,548,254
Ending balance, shares at Sep. 30, 2021	9,731,343
Beginning balance, value at Mar. 31, 2022	$ 9,988	69,103,155	(63,126,421)	5,986,722
Beginning balance, shares at Mar. 31, 2022	9,988,361
Stock-based compensation		231,231		231,231
Net loss			(1,965,428)	(1,965,428)
Ending balance, value at Jun. 30, 2022	$ 9,988	69,334,386	(65,091,849)	4,252,525
Ending balance, shares at Jun. 30, 2022	9,988,361
Beginning balance, value at Mar. 31, 2022	$ 9,988	69,103,155	(63,126,421)	5,986,722
Beginning balance, shares at Mar. 31, 2022	9,988,361
Net loss				(4,077,017)
Vesting of restricted stock units, shares	33,250
Ending balance, value at Sep. 30, 2022	$ 10,095	69,756,728	(67,203,438)	2,563,385
Ending balance, shares at Sep. 30, 2022	10,095,275
Beginning balance, value at Jun. 30, 2022	$ 9,988	69,334,386	(65,091,849)	4,252,525
Beginning balance, shares at Jun. 30, 2022	9,988,361
Stock-based compensation		305,971		305,971
Net loss			(2,111,589)	(2,111,589)
Cash paid to exercise warrants	$ 49	66,509		66,558
Cash paid to exercise warrants, shares	48,664
Vesting of restricted stock units	$ 33	(33)
Vesting of restricted stock units, shares	33,250
Stock issued for services	$ 25	49,895		49,920
Stock issued for services, shares	25,000
Ending balance, value at Sep. 30, 2022	$ 10,095	$ 69,756,728	$ (67,203,438)	$ 2,563,385
Ending balance, shares at Sep. 30, 2022	10,095,275

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss For The Period	$ (4,077,017)	$ (1,596,103)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Stock-based compensation	537,202	159,766
Stock issued for services	166,114
Depreciation and amortization	58,510	27,689
Forgiveness of PPP loan and accrued interest		(31,680)
Changes in Operating Assets and Liabilities
Increase in prepaid expenses and other assets	(180,658)	(285,238)
Increase in accounts receivable	(126,546)
Increase in inventory	(206,654)	(74,637)
Decrease in deferred offering costs		280,163
Interest accrued on convertible notes payable		192
Interest accrued on notes payable - related party		4,013
Increase in accounts payable and accrued expenses	79,468	212,506
Decrease in accrued expenses - related party		(36,808)
Net Cash Used In Operating Activities	(3,749,581)	(1,340,137)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equipment	(83,566)	(17,059)
Disbursements for patents and trademarks		(19,154)
Net Cash Used in Investing Activities	(83,566)	(36,213)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from stock and warrants sold		10,200,881
Proceeds from exercise of warrants	66,558	42,031
Repayments of note payable	(3,145)	(2,728)
Repayments of PPP loan		(1,373)
Repayments of notes payable - related party		(48,267)
Repayments of notes payable - directors		(20,300)
Net Cash Provided by Financing Activities	63,413	10,170,244
Net (Decrease) Increase in Cash	(3,769,734)	8,793,894
Cash at Beginning of Period	6,106,827	23,578
Cash at End of Period	2,337,093	8,817,472
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	2,022	8,468
SUPPLEMENTAL DISCLOSURE ON NON-CASH FINANCING AND INVESTING ACTIVITIES
Stock granted for debt conversion		232,658
Stock granted for share-settled debt obligation conversion		196,000
Stock granted for consulting services	$ 49,920	$ 210,000

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION	6 Months Ended
	Sep. 30, 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 licensing and commercializing our proprietary medical devices and biomaterials for the treatment of afflictions and diseases in animals, initially for dogs and horses. The Company began commercialization of its lead product Spryng™ with OsteoCushion™ Technology, a veterinarian-administered, intraarticular injection for the management of lameness and other joint afflictions such osteoarthritis in dogs and horses, in September 2021. The Company has a pipeline of additional products for the treatment of animals in various stages of development. A portfolio of nineteen patents protects the Company’s biomaterials, products, production processes and methods of use. The Company’s operations are conducted from its headquarter facilities in suburban Minneapolis, Minnesota. (B) Basis of Presentation PetVivo Holdings, Inc. (the “Company”) was incorporated in Nevada under a former name in 2009 and entered its current business in 2014 through a stock exchange reverse merger with PetVivo, Inc., a Minnesota corporation. This merger resulted in Minnesota PetVivo becoming a wholly-owned subsidiary of the Company. In April 2017, the Company acquired another Minnesota corporation, Gel-Del Technologies, Inc., through a statutory merger, which is also a wholly-owned subsidiary of the Company. (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 collectability of accounts receivable, inventory obsolescence, estimated useful lives and potential impairment of property and equipment and intangibles, estimate of fair value of share-based payments, future rebates payable to a distributor, product refund liabilities, 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. (F) Concentration-Risk The Company maintains its cash with various financial institutions, which at times may exceed federally insured limits. As of September 30, 2022 and March 31, 2022, the Company did have 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 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 the useful life of 60 months or the life of the patent. We evaluate the recoverability of intangible assets periodically by considering events or circumstances that may warrant revised estimates of useful lives or that indicate the asset may be impaired. (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 had 3,686,320 1.20 6.67 5.02 The Company had 339,418 The Company had 393,789 1.39 2.79 1.91 The Company had 3,764,798 1.20 6.67 4.95 The Company had 464,300 The Company uses the guidance in Accounting Standards Codification (“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. (J) Revenue Recognition The Company derives revenue from the sale of our pet care products directly to its veterinarian customers in the United 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 delivery to the customer, which is when control of these products is transferred and in an amount that reflects the consideration the Company expects to receive for these products. Shipping costs charged to customers are reported as an offset to the respective shipping costs. The Company does not have any significant financing components as payment is received at or shortly after the point of sale. The Company entered into a Distribution Services Agreement (the “Agreement”) with MWI Veterinary Supply Co. (the “Distributor”) on June 17, 2022. Contracts are evidenced by individual executed purchase orders subject to the terms of the Agreement. The contracts consist of a single performance obligation related to the sale of our pet care products. Control transfers to the Distributor at a point in time. Revenue is recognized upon satisfaction of the performance obligation which is delivery to the Distributor; payment is due within 60 days. The Agreement provides for a distribution fee payable to the Distributor equal to 5% For the three and six months ended September 30, 2022, the Company recognized revenue from product sales under the Agreement of $ 118,264 SCHEDULE OF RECOGNIZED REVENUE ASSETS AND LIABILITIES Accounts receivable $ 124,488 Rebate liability - Distribution fee payable $ 6,224 (K) Research and Development The Company expenses research and development costs as incurred. (L) 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 and note payable and accrued interest. The carrying amount of the Company’s financial instruments approximates their fair value as of September 30, 2022 and March 31, 2022, 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 note 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 (M) 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 the guidance of Sub-topic 505-50 of the FASB ASC (“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. 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 ASC 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 the contractual term of the instruments and the holder’s expected exercise behavior into the fair value (or calculated value) of the instruments. The Company uses historical data to estimate the holder’s expected exercise behavior. ● 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. ● 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 or 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. (N) Income Taxes The Company accounts for income taxes under 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. 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. (O) 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. (P) 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 does 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. The adoption of the standard had no impact on the consolidated financial statements. All other new issued, but not yet effective, accounting pronouncements have been deemed either immaterial or not applicable.

INVENTORY

INVENTORY	6 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
INVENTORY	NOTE 2 – INVENTORY As of September 30, 2022, and March 31, 2022, the Company had inventory of $ 304,967 98,313 The inventory components are as follows: SCHEDULE OF INVENTORY September 30, 2022 March 31, 2022 Finished goods $ 45,479 $ 11,889 Work in process 21,525 22,960 Raw materials 237,963 63,464 Total Net $ 304,967 $ 98,313

PREPAID EXPENSES AND OTHER ASSE

PREPAID EXPENSES AND OTHER ASSETS	6 Months Ended
	Sep. 30, 2022
Prepaid Expenses And Other Assets
PREPAID EXPENSES AND OTHER ASSETS	NOTE 3 – PREPAID EXPENSES AND OTHER ASSETS As of September 30, 2022, the Company had $ 612,128 309,000 99,000 75,000 38,000 33,000 33,000 As of March 31, 2022, the Company had $ 547,664 220,000 148,000 71,000 46,000 45,000

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
	Sep. 30, 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 September 30, 2022 March 31, 2022 Leasehold improvements $ 216,159 $ 216,159 Production equipment 250,738 197,967 R&D equipment 25,184 25,184 Computer equipment and furniture 107,693 76,898 Total, at cost 599,774 516,208 Accumulated depreciation (258,703 ) (204,659 ) Total Net $ 341,071 $ 311,549 Depreciation expense was $ 28,719 11,756 54,044 23,627

PATENTS AND TRADEMARKS

PATENTS AND TRADEMARKS	6 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
PATENTS AND TRADEMARKS	NOTE 5 – PATENTS AND TRADEMARKS The components of patents and trademarks, all of which are finite-lived, were as follows: SCHEDULE OF COMPONENTS OF PATENTS AND TRADEMARKS September 30, 2022 March 31, 2022 Patents $ 3,870,057 $ 3,870,057 Trademarks 26,142 26,142 Total at cost 3,896,199 3,896,199 Accumulated Amortization (3,852,213 ) (3,847,747 ) Total net $ 43,986 $ 48,452 Amortization expense was $ 2,240 2,333 4,466 4,062

ACCRUED EXPENSES

ACCRUED EXPENSES	6 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
ACCRUED EXPENSES	NOTE 6 – ACCRUED EXPENSES The components of accrued expenses were as follows: SCHEDULE OF COMPONENTS OF ACCRUED EXPENSES September 30, 2022 March 31, 2022 Accrued payroll and related taxes $ 432,848 $ 452,137 Accrued lease termination expense 332,238 332,238 Total $ 765,086 $ 784,375 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 approximately $ 332,000

NOTE PAYABLE

NOTE PAYABLE	6 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
NOTE PAYABLE	NOTE 7 – NOTE PAYABLE 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% 30,605 33,750 6,737 23,868 6,549 27,201

RETIREMENT PLAN

RETIREMENT PLAN	6 Months Ended
	Sep. 30, 2022
Retirement Benefits [Abstract]
RETIREMENT PLAN	NOTE 8 – 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. For the three months ended September 30, 2022 and 2021, the Company made contributions to the plan of $ 8,183 0 14,341 0

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 9 – COMMITMENTS AND CONTINGENCIES Lease Obligations The Company entered into an eighty-four 3,577 2% In January 2020, the Company entered into a lease amendment to extend the lease term through November of 2026 42,500 2,205 The Company entered into a sixty-three 2,400 2.5% 2,673 Rent expense for the three months ended September 30, 2022 and 2021 was $ 25,541 22,892 60,976 34,403 The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of September 30, 2022: SCHEDULE OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY 2023 $ 29,711 2024 60,588 2025 61,964 2026 63,372 2027 55,103 Total 270,738 Less: amount representing interest (1,146 ) Total $ 269,592 In compliance with ASC 842, the Company recognized, based on the extended lease term to November 2026 0.12% 189,600 4.6 0.28% SCHEDULE OF BASE RENT LEASE PAYMENTS Present value of future base rent lease payments $ 269,592 Base rent payments included in prepaid expenses - Present value of future base rent lease payments – net $ 269,592 As of September 30, 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 $ 269,592 Total operating lease assets $ 269,592 Operating lease current liability $ 59,807 Operating lease other liability $ 209,785 Total operating lease liabilities $ 269,592 Employment Agreements The Company has employment agreements with its executive officers. As of September 30, 2022, these agreements contain severance benefits ranging from one month to six months 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. Masters’ 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 as of September 30, 2022 totaling $ 100,000

GOING CONCERN

GOING CONCERN	6 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	NOTE 10 - GOING CONCERN The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The Company incurred net losses of $ 4,077,017 3,749,581 67,203,438 Management intends to raise additional funds through the offering of its equity securities. Management believes that the actions presently being taken to further implement its business plan will enable the Company to continue as a going concern. While the Company believes in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and raise additional funds. COVID-19 has had an impact on the global economy, which directly or indirectly may have an impact on our ability to continue as a going concern. These financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	6 Months Ended
	Sep. 30, 2022
Equity [Abstract]
STOCKHOLDERS’ EQUITY	NOTE 11 – 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 the Regular Meeting of Stockholders held on September 22, 2020, when it was approved by our stockholders and became effective. The number of shares of our common stock available and that may be issued as awards under the 2020 Plan is 1,000,000 July 10, 2030 143,850 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 to promote or maintain a market for PetVivo common stock. 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 also has the authority to interpret and establish rules and regulations for the administration of the 2020 Plan. In addition, the Board of Directors may also exercise the powers of the Committee. The aggregate number of shares of PetVivo common stock available and reserved to be issued under the 2020 Plan is 1,000,000 ● the maximum aggregate number of shares of Common Stock granted as an Award to any Non-Employee Director in any one Plan Year will be 10,000 Awards can be granted for no cash consideration or for any cash and other consideration as determined by the Committee. Awards may provide that upon the grant or exercise thereof, the holder will receive cash, shares of PetVivo common stock, other securities or property, or any combination of these in a single payment, installments or on a deferred basis. The exercise price per share of any stock option and the grant price of any stock appreciation right may not be less than the fair market value of PetVivo common stock on the date of grant. The term of any award cannot be longer than ten years from the date of grant. Awards will be adjusted in the event of a stock dividend or other distribution, recapitalization, forward or reverse stock split, reorganization, merger or other business combination, or similar corporate transaction, in order to prevent dilution or enlargement of the benefits or potential benefits provided under the 2020 Plan. The 2020 Plan permits the following types of awards: stock options, stock appreciation rights, restricted stock awards, restricted stock units, deferred stock units, performance awards, non-employee director awards, other stock-based awards, and dividend equivalents. Common Stock For the six months ended September 30, 2022, the Company issued 106,914 i) 24,217 1.33 32,188 ii) 24,447 1.41 34,370 iii) 25,000 49,920 iv) 33,250 For the six months ended September 30, 2021, the Company issued 2,932,230 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 9,780,783 4.50 ix) 43,556 196,000 4.50 x) 40,038 48,786 1.40 xi) 1,594 1,594 1.27 2,031 xii) 42,000 210,000 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 $ 182,377 79,064 364,754 108,108 1,323,000 1.8 Our time-based restricted stock unit activity for the year ended March 31, 2022, and the six month period ended September 30, 2022 is as follows: SCHEDULE OF TIME BASED RESTRICTED STOCK UNITS Units Outstanding 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 (172,824 ) $ 3.44 - Balance at March 31, 2022 372,668 $ 4.07 $ 760,243 Vested (33,250 ) $ 5.17 Balance at September 30, 2022 339,418 $ 3.96 $ 651,683 1) The aggregate intrinsic value of restricted stock units outstanding was based on our closing stock price on the last trading day of the period. Stock Options Stock options issued to employees typically vest over three years seven years 102,763 109,290 327,000 2.4 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 dividends on common stock have 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 data in which to make a reasonable estimate. The following table sets forth the assumptions used to estimate fair values of our stock options granted: SCHEDULE OF ESTIMATED FAIR VALUES ASSUMPTIONS Six Months Ended September 30, 2022 Year Ended March 31, 2022 Expected term 7 7 Expected volatility 173.2% 207.8 % 205.0% 210.5 % Risk-free interest rate 2.96% 3.69 % 1.47% 2.14 % Expected dividend yield 0 % 0 % Fair value on the date of grant $ 1.87 2.79 $ 1.39 1.99 Our stock option activity for the year ended March 31, 2022 and the six month period ended September 30, 2022 is 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 Granted 198,789 $ 2.26 Balance at September 30, 2022 393,789 $ 1.91 6.6 $ 68,841 Options exercisable at September 30, 2022 43,789 (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 stock options outstanding was based on our closing stock price on the last trading day of this period. The following summarizes additional information about our stock options: SCHEDULE OF ADDITIONAL INFORMATION ABOUT STOCK OPTIONS September 30, 2022 Number of: Non-vested options, beginning of period 195,000 Non-vested options, end of period 350,000 Vested options, end of period 43,789 September 30, 2022 Weighted-average grant date fair value of: Non-vested options, beginning of period $ 1.56 Non-vested options, end of period $ 1.89 Vested options, end of period $ 2.07 Forfeited options, during the period - Warrants During the three and six months ended September 30, 2022, no During the six months ended September 30, 2021, the Company issued warrants to purchase an aggregate of 3,043,556 ● warrants to purchase 2,500,000 4,805,528 5.625 five years ● warrants to purchase 43,556 196,000 83,724 5.625 five years ● warrants to purchase 500,000 5.625 five years These warrants’ values were arrived at by using the Black-Scholes option pricing 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 A summary of warrant activity for the year ended March 31, 2022 and six month period ended September 30, 2022 is as follows: SCHEDULE OF WARRANT ACTIVITY Number of Weighted- Warrants Weighted- 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 Exercised for cash (48,664 ) $ (1.37 ) Expired (22,500 ) $ (1.33 ) Outstanding, September 30, 2022 3,686,320 $ 5.02 3,641,320 $ 5.06 At September 30, 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 2.00 347,073 $ 1.35 3.93 347,073 $ 1.35 $ 2.01 4.00 207,938 $ 2.48 1.84 162,938 $ 2.55 $ 4.01 6.67 3,131,309 $ 5.60 3.76 3,131,309 $ 5.60 Total 3,686,320 $ 5.02 3.67 3,641,320 $ 5.06 Stock-based compensation expense included in the Consolidated Statements of Operations for warrants was $ 20,831 25,028 41,662 51,658 For the three months ended September 30, 2022 and 2021, the total stock-based compensation on all instruments was $ 284,475 104,092 515,706 159,766

SUBSEQUENT EVENT

SUBSEQUENT EVENT	6 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENT	NOTE 12 – SUBSEQUENT EVENT On October 14, 2022, the stockholders of the Company approved the PetVivo Holdings, Inc. Amended and Restated 2020 Equity Incentive Plan (the “Amended Plan”), which increased the number of shares of the Company’s common stock which may be granted under the Amended Plan from 1,000,000 3,000,000

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Policies)	6 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description	(A) Organization and Description The Company is in the business of licensing and commercializing our proprietary medical devices and biomaterials for the treatment of afflictions and diseases in animals, initially for dogs and horses. The Company began commercialization of its lead product Spryng™ with OsteoCushion™ Technology, a veterinarian-administered, intraarticular injection for the management of lameness and other joint afflictions such osteoarthritis in dogs and horses, in September 2021. The Company has a pipeline of additional products for the treatment of animals in various stages of development. A portfolio of nineteen patents protects the Company’s biomaterials, products, production processes and methods of use. The Company’s operations are conducted from its headquarter facilities in suburban Minneapolis, Minnesota.
Basis of Presentation	(B) Basis of Presentation PetVivo Holdings, Inc. (the “Company”) was incorporated in Nevada under a former name in 2009 and entered its current business in 2014 through a stock exchange reverse merger with PetVivo, Inc., a Minnesota corporation. This merger resulted in Minnesota PetVivo becoming a wholly-owned subsidiary of the Company. In April 2017, the Company acquired another Minnesota corporation, Gel-Del Technologies, Inc., through a statutory merger, which is also a wholly-owned subsidiary of the Company.
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 collectability of accounts receivable, inventory obsolescence, estimated useful lives and potential impairment of property and equipment and intangibles, estimate of fair value of share-based payments, future rebates payable to a distributor, product refund liabilities, 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.
Concentration-Risk	(F) Concentration-Risk The Company maintains its cash with various financial institutions, which at times may exceed federally insured limits. As of September 30, 2022 and March 31, 2022, the Company did have 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 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 the useful life of 60 months or the life of the patent. We evaluate the recoverability of intangible assets periodically by considering events or circumstances that may warrant revised estimates of useful lives or that indicate the asset may be impaired.
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 had 3,686,320 1.20 6.67 5.02 The Company had 339,418 The Company had 393,789 1.39 2.79 1.91 The Company had 3,764,798 1.20 6.67 4.95 The Company had 464,300 The Company uses the guidance in Accounting Standards Codification (“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.
Revenue Recognition	(J) Revenue Recognition The Company derives revenue from the sale of our pet care products directly to its veterinarian customers in the United 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 delivery to the customer, which is when control of these products is transferred and in an amount that reflects the consideration the Company expects to receive for these products. Shipping costs charged to customers are reported as an offset to the respective shipping costs. The Company does not have any significant financing components as payment is received at or shortly after the point of sale. The Company entered into a Distribution Services Agreement (the “Agreement”) with MWI Veterinary Supply Co. (the “Distributor”) on June 17, 2022. Contracts are evidenced by individual executed purchase orders subject to the terms of the Agreement. The contracts consist of a single performance obligation related to the sale of our pet care products. Control transfers to the Distributor at a point in time. Revenue is recognized upon satisfaction of the performance obligation which is delivery to the Distributor; payment is due within 60 days. The Agreement provides for a distribution fee payable to the Distributor equal to 5% For the three and six months ended September 30, 2022, the Company recognized revenue from product sales under the Agreement of $ 118,264 SCHEDULE OF RECOGNIZED REVENUE ASSETS AND LIABILITIES Accounts receivable $ 124,488 Rebate liability - Distribution fee payable $ 6,224
Research and Development	(K) Research and Development The Company expenses research and development costs as incurred.
Fair Value of Financial Instruments	(L) 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 and note payable and accrued interest. The carrying amount of the Company’s financial instruments approximates their fair value as of September 30, 2022 and March 31, 2022, 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 note 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	(M) 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 the guidance of Sub-topic 505-50 of the FASB ASC (“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. 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 ASC 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 the contractual term of the instruments and the holder’s expected exercise behavior into the fair value (or calculated value) of the instruments. The Company uses historical data to estimate the holder’s expected exercise behavior. ● 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. ● 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 or 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	(N) Income Taxes The Company accounts for income taxes under 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. 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	(O) 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	(P) 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 does 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. The adoption of the standard had no impact on the consolidated financial statements. All other new issued, but not yet effective, accounting pronouncements have been deemed either immaterial or not applicable.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Tables)	6 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SCHEDULE OF RECOGNIZED REVENUE ASSETS AND LIABILITIES	SCHEDULE OF RECOGNIZED REVENUE ASSETS AND LIABILITIES Accounts receivable $ 124,488 Rebate liability - Distribution fee payable $ 6,224

INVENTORY (Tables)

INVENTORY (Tables)	6 Months Ended
	Sep. 30, 2022
Inventory Disclosure [Abstract]
SCHEDULE OF INVENTORY	The inventory components are as follows: SCHEDULE OF INVENTORY September 30, 2022 March 31, 2022 Finished goods $ 45,479 $ 11,889 Work in process 21,525 22,960 Raw materials 237,963 63,464 Total Net $ 304,967 $ 98,313

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
	Sep. 30, 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 September 30, 2022 March 31, 2022 Leasehold improvements $ 216,159 $ 216,159 Production equipment 250,738 197,967 R&D equipment 25,184 25,184 Computer equipment and furniture 107,693 76,898 Total, at cost 599,774 516,208 Accumulated depreciation (258,703 ) (204,659 ) Total Net $ 341,071 $ 311,549

PATENTS AND TRADEMARKS (Tables)

PATENTS AND TRADEMARKS (Tables)	6 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
SCHEDULE OF COMPONENTS OF PATENTS AND TRADEMARKS	The components of patents and trademarks, all of which are finite-lived, were as follows: SCHEDULE OF COMPONENTS OF PATENTS AND TRADEMARKS September 30, 2022 March 31, 2022 Patents $ 3,870,057 $ 3,870,057 Trademarks 26,142 26,142 Total at cost 3,896,199 3,896,199 Accumulated Amortization (3,852,213 ) (3,847,747 ) Total net $ 43,986 $ 48,452

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	6 Months Ended
	Sep. 30, 2022
Payables and Accruals [Abstract]
SCHEDULE OF COMPONENTS OF ACCRUED EXPENSES	The components of accrued expenses were as follows: SCHEDULE OF COMPONENTS OF ACCRUED EXPENSES September 30, 2022 March 31, 2022 Accrued payroll and related taxes $ 432,848 $ 452,137 Accrued lease termination expense 332,238 332,238 Total $ 765,086 $ 784,375

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Sep. 30, 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 September 30, 2022: SCHEDULE OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY 2023 $ 29,711 2024 60,588 2025 61,964 2026 63,372 2027 55,103 Total 270,738 Less: amount representing interest (1,146 ) Total $ 269,592
SCHEDULE OF BASE RENT LEASE PAYMENTS	SCHEDULE OF BASE RENT LEASE PAYMENTS Present value of future base rent lease payments $ 269,592 Base rent payments included in prepaid expenses - Present value of future base rent lease payments – net $ 269,592
SCHEDULE OF LEASE CURRENT AND NON-CURRENT ASSETS AND LIABILITIES	As of September 30, 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 $ 269,592 Total operating lease assets $ 269,592 Operating lease current liability $ 59,807 Operating lease other liability $ 209,785 Total operating lease liabilities $ 269,592

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	6 Months Ended
	Sep. 30, 2022
Equity [Abstract]
SCHEDULE OF TIME BASED RESTRICTED STOCK UNITS	Our time-based restricted stock unit activity for the year ended March 31, 2022, and the six month period ended September 30, 2022 is as follows: SCHEDULE OF TIME BASED RESTRICTED STOCK UNITS Units Outstanding 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 (172,824 ) $ 3.44 - Balance at March 31, 2022 372,668 $ 4.07 $ 760,243 Vested (33,250 ) $ 5.17 Balance at September 30, 2022 339,418 $ 3.96 $ 651,683 1) The aggregate intrinsic value of restricted stock units outstanding was based on our closing stock price on the last trading day of the period.
SCHEDULE OF ESTIMATED FAIR VALUES ASSUMPTIONS	The following table sets forth the assumptions used to estimate fair values of our stock options granted: SCHEDULE OF ESTIMATED FAIR VALUES ASSUMPTIONS Six Months Ended September 30, 2022 Year Ended March 31, 2022 Expected term 7 7 Expected volatility 173.2% 207.8 % 205.0% 210.5 % Risk-free interest rate 2.96% 3.69 % 1.47% 2.14 % Expected dividend yield 0 % 0 % Fair value on the date of grant $ 1.87 2.79 $ 1.39 1.99
SCHEDULE OF STOCK OPTION ACTIVITY	Our stock option activity for the year ended March 31, 2022 and the six month period ended September 30, 2022 is 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 Granted 198,789 $ 2.26 Balance at September 30, 2022 393,789 $ 1.91 6.6 $ 68,841 Options exercisable at September 30, 2022 43,789 (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 stock options 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 September 30, 2022 Number of: Non-vested options, beginning of period 195,000 Non-vested options, end of period 350,000 Vested options, end of period 43,789 September 30, 2022 Weighted-average grant date fair value of: Non-vested options, beginning of period $ 1.56 Non-vested options, end of period $ 1.89 Vested options, end of period $ 2.07 Forfeited options, during the period -
SCHEDULE OF WARRANT ACTIVITY	A summary of warrant activity for the year ended March 31, 2022 and six month period ended September 30, 2022 is as follows: SCHEDULE OF WARRANT ACTIVITY Number of Weighted- Warrants Weighted- 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 Exercised for cash (48,664 ) $ (1.37 ) Expired (22,500 ) $ (1.33 ) Outstanding, September 30, 2022 3,686,320 $ 5.02 3,641,320 $ 5.06
SCHEDULE OF RANGE OF WARRANT PRICES	At September 30, 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 2.00 347,073 $ 1.35 3.93 347,073 $ 1.35 $ 2.01 4.00 207,938 $ 2.48 1.84 162,938 $ 2.55 $ 4.01 6.67 3,131,309 $ 5.60 3.76 3,131,309 $ 5.60 Total 3,686,320 $ 5.02 3.67 3,641,320 $ 5.06

SCHEDULE OF RECOGNIZED REVENUE

SCHEDULE OF RECOGNIZED REVENUE ASSETS AND LIABILITIES (Details)	Sep. 30, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 124,488
Rebate liability
Distribution fee payable	$ 6,224

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Monthly sales gross percentage			5%
Revenue from contract with customer	$ 223,280	$ 4,977	$ 281,454	$ 9,122
Fair value, net asset (liability)	0		0		$ 0
Product [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from contract with customer	$ 118,264		$ 118,264
Warrant [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Antidilutive securities excluded from computation of earnings per share amount			3,686,320	3,764,798
Weighted average, exercise price	$ 5.02	$ 4.95	$ 5.02	$ 4.95
Restricted Stock Units (RSUs) [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Antidilutive securities excluded from computation of earnings per share amount			339,418	464,300
Options [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Antidilutive securities excluded from computation of earnings per share amount			393,789
Weighted average, exercise price	1.91		$ 1.91
Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Weighted average, exercise price	1.87		1.87		$ 1.39
Minimum [Member] | Warrant [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Weighted average, exercise price	1.20	1.20	1.20	$ 1.20
Minimum [Member] | Options [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Weighted average, exercise price	1.39		1.39
Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Weighted average, exercise price	2.79		2.79		$ 1.99
Maximum [Member] | Warrant [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Weighted average, exercise price	6.67	$ 6.67	6.67	$ 6.67
Maximum [Member] | Options [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Weighted average, exercise price	$ 2.79		$ 2.79
Production and Computer Equipment and Furniture [Member] | Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Estimated useful life of assets			3 years
Production and Computer Equipment and Furniture [Member] | Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Estimated useful life of assets			5 years
Leasehold Improvements [Member] | Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Estimated useful life of assets			5 years
Leasehold Improvements [Member] | Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Estimated useful life of assets			7 years

SCHEDULE OF INVENTORY (Details)

SCHEDULE OF INVENTORY (Details) - USD ($)	Sep. 30, 2022	Mar. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 45,479	$ 11,889
Work in process	21,525	22,960
Raw materials	237,963	63,464
Total Net	$ 304,967	$ 98,313

INVENTORY (Details Narrative)

INVENTORY (Details Narrative) - USD ($)	Sep. 30, 2022	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventory, Net	$ 304,967	$ 98,313

PREPAID EXPENSES AND OTHER AS_2

PREPAID EXPENSES AND OTHER ASSETS (Details Narrative) - USD ($)	Sep. 30, 2022	Mar. 31, 2022
Prepaid expenses and other assets	$ 612,128	$ 547,664
Insurance Costs [Member]
Prepaid expenses and other assets	309,000	148,000
Investor Relations Services [Member]
Prepaid expenses and other assets	99,000	220,000
Trade Shows [Member]
Prepaid expenses and other assets	75,000	46,000
Clinical studies [Member]
Prepaid expenses and other assets	38,000	71,000
Nasdaq Fees [Member]
Prepaid expenses and other assets	33,000	$ 45,000
Software Subscription Fees [Member]
Prepaid expenses and other assets	$ 33,000

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)	Sep. 30, 2022	Mar. 31, 2022
Property, Plant and Equipment [Line Items]
Total, at cost	$ 599,774	$ 516,208
Accumulated depreciation	(258,703)	(204,659)
Total Net	341,071	311,549
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	216,159	216,159
Equipment [Member]
Property, Plant and Equipment [Line Items]
Total, at cost	250,738	197,967
R and 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	$ 107,693	$ 76,898

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 28,719	$ 11,756	$ 54,044	$ 23,627

SCHEDULE OF COMPONENTS OF PATEN

SCHEDULE OF COMPONENTS OF PATENTS AND TRADEMARKS (Details) - USD ($)	Sep. 30, 2022	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Patents	$ 3,870,057	$ 3,870,057
Trademarks	26,142	26,142
Total at cost	3,896,199	3,896,199
Accumulated Amortization	(3,852,213)	(3,847,747)
Total net	$ 43,986	$ 48,452

PATENTS AND TRADEMARKS (Details

PATENTS AND TRADEMARKS (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 2,240	$ 2,333	$ 4,466	$ 4,062

SCHEDULE OF COMPONENTS OF ACCRU

SCHEDULE OF COMPONENTS OF ACCRUED EXPENSES (Details) - USD ($)	Sep. 30, 2022	Mar. 31, 2022
Payables and Accruals [Abstract]
Accrued payroll and related taxes	$ 432,848	$ 452,137
Accrued lease termination expense	332,238	332,238
Total	$ 765,086	$ 784,375

ACCRUED EXPENSES (Details Narra

ACCRUED EXPENSES (Details Narrative) - USD ($)	Sep. 30, 2022	Mar. 31, 2022
Payables and Accruals [Abstract]
Accrued expense	$ 332,000	$ 332,000

NOTE PAYABLE (Details Narrative

NOTE PAYABLE (Details Narrative) - USD ($)	Sep. 30, 2022	Mar. 31, 2022	Jan. 31, 2020
Debt Disclosure [Abstract]
Notes payable	$ 30,605	$ 33,750	$ 42,500
Debt instrument, interest rate			6%
Notes payable, current liabilities	6,737	6,549
Note payable other liabilities	$ 23,868	$ 27,201

RETIREMENT PLAN (Details Narrat

RETIREMENT PLAN (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Retirement Benefits [Abstract]
Discretionary contributions	$ 8,183	$ 0	$ 14,341	$ 0

SCHEDULE OF ANNUAL UNDISCOUNTED

SCHEDULE OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY (Details)	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 29,711
2024	60,588
2025	61,964
2026	63,372
2027	55,103
Total	270,738
Less: amount representing interest	(1,146)
Total	$ 269,592

SCHEDULE OF BASE RENT LEASE PAY

SCHEDULE OF BASE RENT LEASE PAYMENTS (Details)	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Present value of future base rent lease payments	$ 269,592
Base rent payments included in prepaid expenses
Present value of future base rent lease payments – net	$ 269,592

SCHEDULE OF LEASE CURRENT AND N

SCHEDULE OF LEASE CURRENT AND NON-CURRENT ASSETS AND LIABILITIES (Details) - USD ($)	Sep. 30, 2022	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease right-of-use asset	$ 269,592
Total operating lease assets	269,592	$ 299,101
Operating lease current liability	59,807	59,178
Operating lease other liability	209,785	$ 239,923
Total operating lease liabilities	$ 269,592

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details Narrative)	1 Months Ended		3 Months Ended		6 Months Ended
	Jan. 31, 2022 ft²	May 31, 2017 ft²	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Mar. 31, 2022 USD ($)	Jan. 31, 2020 USD ($)
Purchase Commitment, Excluding Long-Term Commitment [Line Items]
Operating lease term		84 months
Area of land | ft²		3,577
Annual increase in base rent, percentage		0.02
Lease term description		In January 2020, the Company entered into a lease amendment to extend the lease term through November of 2026			the extended lease term to November 2026
Notes payable			$ 30,605		$ 30,605		$ 33,750	$ 42,500
Base rent			2,205		2,205		2,205
Lease rent expenses			25,541	$ 22,892	60,976	$ 34,403
Total			$ 269,592		$ 269,592
Weighted average remaining lease term			4 years 7 months 6 days		4 years 7 months 6 days
Weighted average discount rate			0.28%		0.28%
Inventory net			$ 304,967		$ 304,967		98,313
Purchase Commitment [Member]
Purchase Commitment, Excluding Long-Term Commitment [Line Items]
Inventory net			$ 100,000		$ 100,000
November 2026 [Member]
Purchase Commitment, Excluding Long-Term Commitment [Line Items]
Operating lease treasury rate			0.12%		0.12%
January 2022 Lease [Member]
Purchase Commitment, Excluding Long-Term Commitment [Line Items]
Operating lease term	63 months
Area of land | ft²	2,400
Annual increase in base rent, percentage	0.025
Base rent			$ 2,673		$ 2,673		$ 2,673
Extended Lease Term to 2026 [Member]
Purchase Commitment, Excluding Long-Term Commitment [Line Items]
Total			$ 189,600		$ 189,600

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended				6 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ 2,111,589	$ 1,965,428	$ 1,105,474	$ 490,629	$ 4,077,017	$ 1,596,103
Net cash used in operating activities					3,749,581	$ 1,340,137
Accumulated deficit	$ 67,203,438				$ 67,203,438		$ 63,126,421

SCHEDULE OF TIME BASED RESTRICT

SCHEDULE OF TIME BASED RESTRICTED STOCK UNITS (Details) - Restricted Stock Units (RSUs) [Member] - USD ($)		6 Months Ended	12 Months Ended
		Sep. 30, 2022	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Time based RSU's, Balance		372,668
Time based RSU's, Weighted Average Grant Date Fair Value Per Unit		$ 4.07
Aggregate Intrinsic Value, RSU's, Balance	[1]	$ 760,243
Time based RSU's Granted			549,565
Time based RSU's, Weighted Average Grant Date Fair Value Per Unit, Granted			$ 3.86
Time based RSU's Expired			(4,073)
Time based RSU's, Weighted Average Grant Date Fair Value Per Unit, Expired			$ 2.70
Time based RSU's Vested		(33,250)	(172,824)
Time based RSU's, Weighted Average Vested Date Fair Value Per Unit, Vested		$ 5.17	$ 3.44
Time based RSU's, Balance		339,418	372,668
Time based RSU's, Weighted Average Grant Date Fair Value Per Unit		$ 3.96	$ 4.07
Aggregate Intrinsic Value, RSU's, Balance	[1]	$ 651,683	$ 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 the period.

SCHEDULE OF ESTIMATED FAIR VALU

SCHEDULE OF ESTIMATED FAIR VALUES ASSUMPTIONS (Details) - $ / shares	6 Months Ended	12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022
Expected term	7 years	7 years
Expected volatility, minimum	173.20%	205%
Expected volatility, maximum	207.80%	210.50%
Risk-free interest rate, mimimum	2.96%	1.47%
Risk-free interest rate, maximum	3.69%	2.14%
Expected dividend yield	0%	0%
Minimum [Member]
Fair value on the date of grant	$ 1.87	$ 1.39
Maximum [Member]
Fair value on the date of grant	$ 2.79	$ 1.99

SCHEDULE OF STOCK OPTION ACTIVI

SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($)		6 Months Ended	12 Months Ended
		Sep. 30, 2022	Mar. 31, 2022
Equity [Abstract]
Options Outstanding, Beginning		195,000
Weighted Average Exercise Price Per Share, Beginning	[1]	$ 1.56
Aggregate Intrinsic Value, Beginning	[2]	$ 100,200
Options Outstanding, Granted		198,789	195,000
Weighted Average Exercise Price Per Share, Granted	[1]	$ 2.26	$ 1.56
Weighted Average Remaining Contractual Life		6 years 7 months 6 days	6 years 10 months 24 days
Options Outstanding, Ending		393,789	195,000
Weighted Average Exercise Price Per Share, Ending	[1]	$ 1.91	$ 1.56
Aggregate Intrinsic Value, Ending	[2]	$ 68,841	$ 100,200
Stock options exercisable		43,789
[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 stock options outstanding was based on our closing stock price on the last trading day of this period.

SCHEDULE OF ADDITIONAL INFORMAT

SCHEDULE OF ADDITIONAL INFORMATION ABOUT STOCK OPTIONS (Details)	6 Months Ended
	Sep. 30, 2022 $ / shares shares
Equity [Abstract]
Non-vested options, beginning of year | shares	195,000
Non -vested options, end of year | shares	350,000
Vested options, end of year | shares	43,789
Weighted-average grant date fair value, non-vested options, beginning of year	$ 1.56
Weighted-average grant date fair value, non-vested options, end of year	1.89
Weighted-average grant date fair value, vested options, end of year	2.07
Weighted-average grant date fair value, forfeited options, during the year

SCHEDULE OF WARRANT ACTIVITY (D

SCHEDULE OF WARRANT ACTIVITY (Details) - Warrant [Member] - $ / shares	6 Months Ended	12 Months Ended
	Sep. 30, 2022	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of Warrants, Outstanding, Beginning balance	3,757,484	1,081,668
Weighted-Average Exercise Price, Outstanding, Beginning balance	$ 4.95	$ 2.02
Warrants Exercisable, Outstanding, Beginning balance	3,693,734	881,982
Weighted-Average Exercise Price, Beginning balance	$ 5	$ 2
Number of Warrants, Issued and granted		3,043,556
Weighted-Average Exercise Price, Issued and granted		$ 5.63
Number of Warrants, Exercised for cash	(48,664)	(6,094)
Weighted-Average Exercise Price, Exercised for cash	$ (1.37)	$ (6.90)
Number of Warrants, Cashless warrant exercises		(237,724)
Weighted-Average Exercise Price, Cashless warrant exercises		$ (1.58)
Number of Warrants, Expired	(22,500)	(15,922)
Weighted-Average Exercise Price, Expired	$ (1.33)	$ (5.27)
Number of Warrants, Cancelled		(108,000)
Weighted-Average Exercise Price, Cancelled		$ (1.79)
Number of Warrants, Outstanding, Ending balance	3,686,320	3,757,484
Weighted-Average Exercise Price, Outstanding, Ending balance	$ 5.02	$ 4.95
Warrants Exercisable, Outstanding, Ending balance	3,641,320	3,693,734
Weighted-Average Exercise Price, Ending balance	$ 5.06	$ 5

SCHEDULE OF RANGE OF WARRANT PR

SCHEDULE OF RANGE OF WARRANT PRICES (Details) - Warrant [Member] - $ / shares	6 Months Ended
	Sep. 30, 2022	Mar. 31, 2022	Apr. 30, 2021	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant exercise price			$ 4.44
Number of Warrants, Outstanding	3,686,320
Weighted-Average Exercise Price, outstanding	$ 5.02	$ 4.95		$ 2.02
Weighted-Average Remaining Contractual Life (Years), Outstanding	3 years 8 months 1 day
Number of Warrants, Exercisable	3,641,320	3,693,734		881,982
Weighted-Average Exercise Price, Exercisable	$ 5.06	$ 5		$ 2
Range One [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of Warrants, Outstanding	347,073
Weighted-Average Exercise Price, outstanding	$ 1.35
Weighted-Average Remaining Contractual Life (Years), Outstanding	3 years 11 months 4 days
Number of Warrants, Exercisable	347,073
Weighted-Average Exercise Price, Exercisable	$ 1.35
Range One [Member] | Minimum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant exercise price	1.20
Range One [Member] | Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant exercise price	$ 2
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	1 year 10 months 2 days
Number of Warrants, Exercisable	162,938
Weighted-Average Exercise Price, Exercisable	$ 2.55
Range Two [Member] | Minimum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant exercise price	2.01
Range Two [Member] | Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant exercise price	$ 4
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	3 years 9 months 3 days
Number of Warrants, Exercisable	3,131,309
Weighted-Average Exercise Price, Exercisable	$ 5.60
Range Three [Member] | Minimum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant exercise price	4.01
Range Three [Member] | Maximum [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			6 Months Ended		12 Months Ended
	Aug. 13, 2021 USD ($) $ / shares shares	Jul. 10, 2020 shares	Aug. 31, 2022 USD ($) $ / shares shares	Jul. 31, 2022 USD ($) $ / shares 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	Jun. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($) $ / shares shares	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock issued for services | $												$ 49,920	$ 210,000
Conversion of shares | shares										80,522
Conversion of notes | $										$ 230,000
Accrued interest | $										$ 2,658
Conversion price per share | $ / shares										$ 2.89
Common stock sold | $													4,968,531	$ 343,098
Stock options contractual term															6 years 7 months 6 days		6 years 10 months 24 days
Stock-based Compensation | $												284,475	104,092		$ 515,706	$ 159,766
Warrants issued | $												$ 0			$ 0
Measurement Input, Price Volatility [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant measurement inputs												315			315
Measurement Input, Expected Term [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants exercise term												5 years			5 years
Measurement Input, Risk Free Interest Rate [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant measurement inputs												0.82			0.82
Time-Based Restricted Stock Units [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Restricted stock compensation expense | $												$ 182,377	$ 79,064		$ 364,754	$ 108,108
Unrecognized pre-tax compensation expenses | $												1,323,000			$ 1,323,000
Unrecognized compensation expenses recognition period															1 year 9 months 18 days
Equity Option [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrecognized compensation expenses recognition period															2 years 4 months 24 days
Stock options vesting period															3 years
Stock options contractual term															7 years
Stock-based Compensation | $												102,763			$ 109,290
Unrecognized compensation expenses | $												$ 327,000			$ 327,000
IPO [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock sold, shares | shares	2,500,000
Warrant exercise price | $ / shares	$ 4.50
Conversion of shares | shares						43,556
Conversion of notes | $						$ 196,000
Conversion price per share | $ / shares						$ 4.50
Warrant exercise price | $	$ 9,780,783
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock sold, shares | shares															106,914	2,932,230
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock sold, shares | shares													2,511,000	49,014
Stock issued for services, shares | shares												25,000	42,000
Stock issued for services | $												$ 25	$ 42
Vesting of restricted stock units, shares | shares												33,250			33,250
Common stock sold | $													2,511	$ 50
Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant exercise price | $ / shares										$ 4.44
Proceeds from warrant exercise | $										$ 40,000
Number of warrants purchase | shares										4,500
Stock-based Compensation | $												$ 20,831	$ 25,028		$ 41,662	$ 51,658
Warrant [Member] | Think Equity [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant exercise price | $ / shares					$ 5.625								$ 5.625			$ 5.625
Number of warrants purchase | shares					500,000								500,000			500,000
Warrants exercise term					5 years								5 years			5 years
Warrant [Member] | IPO [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants purchase | shares					3,043,556								3,043,556			3,043,556
Warrant Holders [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock sold, shares | shares			24,447	24,217	1,594	40,038		43,324	79,767
Warrant exercise price | $ / shares			$ 1.41	$ 1.33	$ 1.27	$ 1.40		$ 2.22	$ 1.40		$ 2.22		$ 1.27	$ 2.22		$ 1.27
Proceeds from warrant exercise | $			$ 34,370	$ 32,188	$ 2,031
Number of warrants purchase | shares					1,594	48,786		56,250	90,500		56,250		1,594	56,250		1,594
Service Provider [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock issued for services, shares | shares			25,000		42,000
Stock issued for services | $			$ 49,920		$ 210,000
John Lai's [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock sold, shares | shares									36,915
Warrant exercise price | $ / shares									$ 1.33
Number of warrants purchase | shares									42,188
Accredited Investors [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock sold, shares | shares							11,000				49,014
Common stock sold | $							$ 77,000				$ 343,098
Shares issued price per share | $ / shares							$ 7	$ 7			$ 7			$ 7
Investors [Member] | Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant exercise price | $ / shares					$ 5.625								$ 5.625			$ 5.625
Common stock sold | $																$ 4,805,528
Warrants to purchase common stock | shares					2,500,000								2,500,000			2,500,000
Warrants exercise term					5 years								5 years			5 years
Director [Member] | Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant exercise price | $ / shares					$ 5.625								$ 5.625			$ 5.625
Conversion of notes | $																$ 196,000
Warrants to purchase common stock | shares					43,556								43,556			43,556
Warrants exercise term					5 years								5 years			5 years
Conversion of Stock, Amount Issued | $																$ 83,724
2020 Equity Incentive Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares of our common stock authorized | shares		1,000,000
Expiration date		Jul. 10, 2030
Number of shares available to grant | shares												143,850			143,850
Common stock available and reserved to be issued | shares		1,000,000
2020 Equity Incentive Plan [Member] | Non employee Director [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Maximum aggregate number of shares of common stock granted | shares		10,000

SUBSEQUENT EVENT (Details Narra

SUBSEQUENT EVENT (Details Narrative) - shares			6 Months Ended	12 Months Ended
	Oct. 14, 2022	Oct. 13, 2022	Sep. 30, 2022	Mar. 31, 2022
Subsequent Event [Line Items]
Common stock, granted			198,789	195,000
Amended and Restated 2020 Equity Incentive Plan [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock, granted	3,000,000	1,000,000