Cover
Cover - shares | 9 Months Ended | |
Dec. 31, 2022 | Feb. 08, 2023 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Dec. 31, 2022 | |
Document Fiscal Period Focus | Q3 | |
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 | 10,827,536 | |
Common Stock Par Value 0.001 [Member] | ||
Title of 12(b) Security | Common Stock, par value $0.001 | |
Trading Symbol | PETV | |
Security Exchange Name | NASDAQ | |
Warrants To Purchase Common Stock [Member] | ||
Title of 12(b) Security | Warrants to purchase Common Stock | |
Trading Symbol | PETVW | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Dec. 31, 2022 | Mar. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 374,533 | $ 6,106,827 |
Accounts receivable | 506,844 | 2,596 |
Inventory, net | 374,882 | 98,313 |
Prepaid expenses and other assets | 479,670 | 547,664 |
Total Current Assets | 1,735,929 | 6,755,400 |
Property and Equipment, net | 520,321 | 311,549 |
Other Assets: | ||
Operating lease right-of-use | 257,469 | 299,101 |
Patents and trademarks, net | 41,746 | 48,452 |
Security deposit | 12,830 | 12,830 |
Total Other Assets | 312,045 | 360,383 |
Total Assets | 2,568,295 | 7,427,332 |
Current Liabilities | ||
Accounts payable | 456,052 | 323,384 |
Accrued expenses | 1,041,628 | 784,375 |
Operating lease liability – short term | 60,061 | 59,178 |
Note payable and accrued interest | 6,841 | 6,549 |
Total Current Liabilities | 1,564,582 | 1,173,486 |
Other Liabilities | ||
Note payable and accrued interest (net of current portion) | 22,155 | 27,201 |
Operating lease liability (net of current portion) | 197,408 | 239,923 |
Total Other Liabilities | 219,563 | 267,124 |
Total Liabilities | 1,784,145 | 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 December 31, 2022 and March 31, 2022 | ||
Common stock, par value $0.001, 250,000,000 shares authorized, 10,106,525 and 9,988,361 shares issued and outstanding at December 31, 2022 and March 31, 2022, respectively | 10,106 | 9,988 |
Additional Paid-In Capital | 70,289,100 | 69,103,155 |
Accumulated Deficit | (69,515,056) | (63,126,421) |
Total Stockholders’ Equity | 784,150 | 5,986,722 |
Total Liabilities and Stockholders’ Equity | $ 2,568,295 | $ 7,427,332 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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 outstanding | 0 | 0 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 10,106,525 | 9,988,361 |
Common stock, shares outstanding | 10,106,525 | 9,988,361 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||||
Revenues | $ 510,109 | $ 51,004 | $ 791,563 | $ 60,126 |
Cost of Sales | 223,687 | 98,997 | 424,866 | 104,048 |
Gross Profit | 286,422 | (47,993) | 366,697 | (43,922) |
Operating Expenses: | ||||
Sales and Marketing | 1,047,549 | 404,462 | 2,572,103 | 689,960 |
Research and Development | 248,157 | 34,326 | 460,197 | 287,643 |
General and Administrative | 1,309,534 | 1,170,870 | 3,738,876 | 2,258,001 |
Total Operating Expenses | 2,605,240 | 1,609,658 | 6,771,176 | 3,235,604 |
Operating Loss | (2,318,818) | (1,657,651) | (6,404,479) | (3,279,526) |
Other Income | ||||
Forgiveness of PPP loan and accrued interest | 31,680 | |||
Interest Income | 7,200 | 15,522 | 15,844 | 9,614 |
Total Other Income | 7,200 | 15,522 | 15,844 | 41,294 |
Loss before taxes | (2,311,618) | (1,642,129) | (6,388,635) | (3,238,232) |
Income Tax Provision | ||||
Net Loss | $ (2,311,618) | $ (1,642,129) | $ (6,388,635) | $ (3,238,232) |
Net Loss Per Share: | ||||
Basic and Diluted | $ (0.23) | $ (0.17) | $ (0.64) | $ (0.38) |
Weighted Average Common Shares Outstanding: | ||||
Basic and Diluted | 10,098,658 | 9,756,945 | 10,047,040 | 8,426,135 |
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 | (3,238,232) | |||
Ending balance, value at Dec. 31, 2021 | $ 9,758 | 68,589,822 | (61,349,658) | 7,249,922 |
Ending balance, shares at Dec. 31, 2021 | 9,731,343 | |||
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 | 9,757,728 | |||
Stock-based compensation | 272,717 | 272,717 | ||
Net loss | (1,642,129) | (1,642,129) | ||
Vesting of restricted stock units | ||||
Vesting of restricted stock units, shares | 300 | |||
Stock issued for services | $ 27 | 71,053 | 71,080 | |
Stock issued for services, shares | 26,085 | |||
Ending balance, value at Dec. 31, 2021 | $ 9,758 | 68,589,822 | (61,349,658) | 7,249,922 |
Ending balance, shares at Dec. 31, 2021 | 9,731,343 | |||
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 | (6,388,635) | |||
Ending balance, value at Dec. 31, 2022 | $ 10,106 | 70,289,100 | (69,515,056) | 784,150 |
Ending balance, shares at Dec. 31, 2022 | 10,106,525 | |||
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 | |||
Stock-based compensation | 532,383 | 532,383 | ||
Net loss | (2,311,618) | (2,311,618) | ||
Vesting of restricted stock units | $ 11 | (11) | ||
Vesting of restricted stock units, shares | 11,250 | |||
Ending balance, value at Dec. 31, 2022 | $ 10,106 | $ 70,289,100 | $ (69,515,056) | $ 784,150 |
Ending balance, shares at Dec. 31, 2022 | 10,106,525 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Loss For The Period | $ (6,388,635) | $ (3,238,232) |
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: | ||
Stock-based compensation | 1,069,585 | 432,483 |
Amortization of prepaid stock issued for services | 258,844 | 71,080 |
Depreciation and amortization | 91,785 | 43,168 |
Forgiveness of PPP loan and accrued interest | (31,680) | |
Changes in Operating Assets and Liabilities | ||
Increase in prepaid expenses and other assets | (140,930) | (44,659) |
Increase in accounts receivable | (504,248) | (3,186) |
Increase in inventory | (276,569) | (104,965) |
Decrease in deferred offering costs | 280,163 | |
Interest accrued on convertible notes payable | (3,013) | |
Interest accrued on notes payable - related party | 4,013 | |
Increase in accounts payable and accrued expenses | 389,921 | 106,319 |
Decrease in accrued expenses - related party | (36,808) | |
Net Cash Used In Operating Activities | (5,500,247) | (2,525,317) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of equipment | (293,851) | (91,908) |
Disbursements for patents and trademarks | (19,154) | |
Net Cash Used in Investing Activities | (293,851) | (111,062) |
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 | (4,754) | (4,235) |
Repayments of PPP loan | (3,571) | |
Repayments of notes payable - related party | (48,267) | |
Repayments of notes payable - directors | (20,300) | |
Net Cash Provided by Financing Activities | 61,804 | 10,166,539 |
Net (Decrease) Increase in Cash | (5,732,294) | 7,530,160 |
Cash at Beginning of Period | 6,106,827 | 23,578 |
Cash at End of Period | 374,533 | 7,553,738 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest | 2,388 | 9,071 |
SUPPLEMENTAL DISCLOSURE ON NON-CASH FINANCING AND INVESTING ACTIVITIES | ||
Stock issued for debt conversion | 232,658 | |
Stock and warrants granted for debt conversion | 196,000 | |
Prepaid stock issued for services | $ 49,920 | $ 210,000 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION | 9 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (A) Organization and Description The Company is in the business of licensing and commercializing our proprietary medical devices and biomaterials for the treatment and/or management 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. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. The results for the three and nine months ended December 31, 2022, are not necessarily indicative of results to be expected for the year ending March 31, 2023, or for any other interim period or for any future year. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended March 31, 2022. (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, distributor rebate payable, provision for product returns, 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 December 31, 2022 and March 31, 2022, the Company did have cash balances in excess of the federally insured limits. (G) Accounts Receivable Accounts receivable consists of amounts due from a distributor (see revenue recognition). Accounts receivable are recorded based on management’s assessment of the expected consideration to be received, based on a detailed review of historical collections. Management relies on the results of the assessment, which includes payment history of the applicable payer as a primary source of information in estimating the collectability of our accounts receivable. We update our assessment on a quarterly basis, which to date has not resulted in any material adjustments to the valuation of our accounts receivable. We believe the assessment provides reasonable estimates of our accounts receivable valuation, and therefore we believe that substantially all accounts receivable are fully collectible. (H) 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. (I) 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 (J) 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. (K) 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 3,634,817 1.20 5.63 5.04 The Company had 328,168 The Company had 755,849 1.39 2.79 2.17 The Company had 3,754,484 1.20 6.67 4.95 The Company had 549,265 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 on the latter 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. (L) Revenue Recognition The Company recognizes revenue in accordance with ASC Topic 606 “Revenue from Contracts with Customers.” The Company derives revenue from the sale of its pet care products directly to its veterinarian customers in the United States. The Company recognizes revenue when performance obligations under the terms of a contract with the veterinarian customer are satisfied. Product sales occur once control or title is transferred based on the commercial terms. 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 with the Distributor 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. Product sales occur once control or title is transferred based on the commercial terms in the Agreement. Revenue is recognized upon 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 nine months ended December 31, 2022, the Company recognized revenue from product sales under the Agreement of $ 456,502 574,766 89 73 Assets and liabilities (included in accrued expenses) under the Agreement were as follows at December 31, 2022: SCHEDULE OF RECOGNIZED REVENUE ASSETS AND LIABILITIES Accounts receivable $ 506,844 Rebate liability $ 25,000 Distribution fee payable $ 31,566 (M) Research and Development The Company expenses research and development costs as incurred. (N) Fair Value of Financial Instruments The Company applies the accounting guidance under FASB ASC 820-10, “Fair Value Measurements”, as well as certain related FASB staff positions. This guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact business and considers assumptions that marketplace participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The guidance also establishes a fair value hierarchy for measurements of fair value as follows: ● Level 1 - quoted market prices in active markets for identical assets or liabilities. ● Level 2 - inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 - unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s financial instruments consist of accounts receivable, accounts payable, accrued expenses and note payable and accrued interest. The carrying amount of the Company’s financial instruments approximates their fair value as of December 31, 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 (O) Stock-Based Compensation - Non-Employees Equity Instruments Issued to Parties Other Than Employees for Acquiring Goods or Services The Company accounts for equity instruments issued to parties other than employees for acquiring goods or services under 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. (P) Stock-Based Compensation Stock options are valued using the Black-Scholes option-pricing model. The Black-Scholes valuation model require the input of highly subjective assumptions. The assumptions include the expected term of the option, the expected volatility of the price of our common stock, expected dividend yield and the risk-free interest rate. These estimates involve inherent uncertainties and the significant application of management’s judgment. If factors change and different assumptions are used, our stock-based compensation expense could be materially different in the future. We recognize compensation expense for these options on a straight-line basis over the requisite service period (see Note 11 – “Stockholders’ Equity”). (Q) 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. (R) Recent Accounting Pronouncements The Company has reviewed the FASB issued ASU accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and 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. All other newly issued, but not yet effective, accounting pronouncements have been deemed either immaterial or not applicable. |
INVENTORY
INVENTORY | 9 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
INVENTORY | NOTE 2 – INVENTORY As of December 31, 2022 and March 31, 2022, the Company had inventory of $ 374,882 98,313 The inventory components are as follows: SCHEDULE OF INVENTORY December 31, 2022 March 31, 2022 Finished goods $ 30,947 $ 11,889 Work in process 25,860 22,960 Raw materials 318,075 63,464 Total Net $ 374,882 $ 98,313 |
PREPAID EXPENSES AND OTHER ASSE
PREPAID EXPENSES AND OTHER ASSETS | 9 Months Ended |
Dec. 31, 2022 | |
Prepaid Expenses And Other Assets | |
PREPAID EXPENSES AND OTHER ASSETS | NOTE 3 – PREPAID EXPENSES AND OTHER ASSETS As of December 31, 2022, the Company had $ 479,670 221,000 84,000 57,000 45,000 17,000 37,000 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 | 9 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 4 – PROPERTY AND EQUIPMENT The components of property and equipment were as follows: SCHEDULE OF PROPERTY AND EQUIPMENT December 31, 2022 March 31, 2022 Leasehold improvements $ 216,159 $ 216,159 Production equipment 450,927 197,967 R&D equipment 25,184 25,184 Computer equipment and furniture 117,789 76,898 Total, at cost 810,059 516,208 Accumulated depreciation (289,738 ) (204,659 ) Total Net $ 520,321 $ 311,549 Depreciation expense was $ 31,035 13,123 Depreciation expense was $ 85,079 36,820 |
PATENTS AND TRADEMARKS
PATENTS AND TRADEMARKS | 9 Months Ended |
Dec. 31, 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 December 31, 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 (3,854,453 ) (3,847,747 ) Total net $ 41,746 $ 48,452 Amortization expense was $ 2,240 2,286 6,706 6,348 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 9 Months Ended |
Dec. 31, 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 December 31, 2022 March 31, 2022 Accrued payroll and related taxes $ 476,492 $ 433,926 Accrued expenses 232,898 18,211 Accrued lease termination expense 332,238 332,238 Total $ 1,041,628 $ 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 2018, the Company had recorded approximately $ 332,000 |
NOTE PAYABLE
NOTE PAYABLE | 9 Months Ended |
Dec. 31, 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 28,996 33,750 6,841 22,155 6,549 27,201 |
RETIREMENT PLAN
RETIREMENT PLAN | 9 Months Ended |
Dec. 31, 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 December 31, 2022 and 2021, the Company made contributions to the plan of $ 9,554 2,350 23,895 2,350 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Dec. 31, 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 December 31, 2022 and 2021 was $ 32,484 16,549 93,460 50,952 The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of December 31, 2022: SCHEDULE OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY 2023 $ 14,901 2024 60,588 2025 61,964 2026 63,372 2027 55,102 Total 255,927 Amount representing interest 1,542 Total $ 257,469 In compliance with ASC 842, the Company recognized, based on the extended lease term to November 2026 0.12 189,600 4.3 0.28 SCHEDULE OF BASE RENT LEASE PAYMENTS Present value of future base rent lease payments $ 257,469 Base rent payments included in prepaid expenses - Present value of future base rent lease payments – net $ 257,469 As of December 31, 2022, the present value of future base rent lease payments – net is classified between current and non-current assets and liabilities as follows: SCHEDULE OF LEASE CURRENT AND NON-CURRENT ASSETS AND LIABILITIES Operating lease right-of-use asset $ 257,469 Total operating lease assets $ 257,469 Operating lease current liability $ 60,061 Operating lease other liability $ 197,408 Total operating lease liabilities $ 257,469 Employment Agreements The Company has employment agreements with its executive officers. As of December 31, 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 December 31, 2022 totaling $ 51,000 |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Dec. 31, 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 $ 6,388,635 5,500,247 69,515,056 The Company sold shares of its common stock in January 2023 (see Note 12) and 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 | 9 Months Ended |
Dec. 31, 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”), which authorized the issuance of up to 1,000,000 1,000,000 3,000,000 July 10, 2030 1,673,074 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 Amended 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 Amended 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 Amended 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 Amended 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 Amended Plan is 3,000,000 ● 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 Amended Plan. The Amended 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 nine months ended December 31, 2022, the Company issued 118,164 i) 24,217 1.33 32,188 ii) 24,447 1.41 34,370 iii) 25,000 49,920 iv) 44,500 10,000 22,000 1,250 11,250 For the nine months ended December 31, 2021, the Company issued 2,958,615 i) 80,522 230,000 2,658 2.89 ii) 4,500 4.44 40,000 iii) 36,915 42,188 1.33 iv) 79,767 90,500 1.40 v) 49,014 343,098 7.00 vi) 43,324 56,250 2.22 vii) 11,000 77,000 7.00 viii) 2,500,000 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 xiii) 25,585 69,080 xiv) 500 2,000 xv) 300 The Company has issued shares of common stock to providers of consulting services which are reported in the Consolidated Statements of Stockholders’ Equity. The value of these shares are reported as a prepaid expense and are amortized to expense over the contractual life of the respective consulting agreements. The amortization of stock issued for services as reported in the Consolidated Statements of Cash Flows was $ 258,844 71,080 Time-Based Restricted Stock Units We have granted time-based restricted stock units to certain participants under the Amended Plan that are stock-settled with common shares. Time-based restricted stock units granted under the Amended Plan vest over three years. Stock-based compensation expense included in the Consolidated Statements of Operations for time-based restricted stock units was $ 182,377 251,885 547,131 359,992 958,000 1.5 Our time-based restricted stock unit activity for the year ended March 31, 2022, and the nine-month period ended December 31, 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 (44,500 ) $ 4.80 - Balance at December 31, 2022 328,168 $ 3.97 $ 643,209 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 350,006 480,792 1,126,000 1.8 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 Nine Months Ended December 31, 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 4.35 % 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 nine month period ended December 31, 2022 is as follows: SCHEDULE OF STOCK OPTION ACTIVITY Options Outstanding 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 585,849 $ 2.39 Cancelled (25,000 ) $ 2.46 Balance at December 31, 2022 755,849 $ 2.17 6.3 $ 84,150 Options exercisable at December 31, 2022 110,456 (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 December 31, 2022 Number of: Non-vested options, beginning of period 195,000 Non-vested options, end of period 645,393 Vested options, end of period 110,456 December 31, 2022 Weighted-average grant date fair value of: Non-vested options, beginning of period $ 1.56 Non-vested options, end of period $ 2.16 Vested options, end of period $ 2.27 Forfeited options, during the period - Warrants During the three and nine months ended December 31, 2022, no During the nine months ended December 31, 2021, the Company issued warrants to purchase an aggregate of 3,043,556 ● warrants to purchase 2,500,000 4,805,528 5.625 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 grant 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 the nine-month period ended December 31, 2022 is as follows: SCHEDULE OF WARRANT ACTIVITY Number of Warrants Weighted- Average Exercise Price Warrants Exercisable Weighted- Average Exercisable Price 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 (74,003 ) $ (2.97 ) Outstanding, December 31, 2022 3,634,817 $ 5.04 3,612,317 $ 5.06 On December 31, 2022, the range of warrant prices for shares under warrants and the weighted-average remaining contractual life is as follows: SCHEDULE OF RANGE OF WARRANT PRICES Warrants Outstanding Warrants Exercisable Range of Warrant Exercise Price Number of Warrants Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Number of Warrants Weighted- Average Exercise Price $ 1.20 2.00 347,073 $ 1.35 3.68 347,073 $ 1.35 $ 2.01 4.00 165,438 $ 2.33 1.74 142,938 $ 2.35 $ 4.01 5.63 3,122,306 $ 5.60 3.52 3,122,306 $ 5.60 Total 3,634,817 $ 5.04 3.45 3,612,317 $ 5.06 Stock-based compensation expense included in the Consolidated Statements of Operations for warrants was $ 0 20,332 41,662 72,491 For the three months ended December 31, 2022 and 2021, the total stock-based compensation on all instruments was $ 532,383 272,717 1,069,585 432,483 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 12 – SUBSEQUENT EVENTS On January 5, 2023, the Company sold 610,011 2.32 1.4 On January 10, 2023, the Company entered into a new lease agreement for 14,073 8,420 2.5 June 30, 2033 five years |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Policies) | 9 Months Ended |
Dec. 31, 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 and/or management 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. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. The results for the three and nine months ended December 31, 2022, are not necessarily indicative of results to be expected for the year ending March 31, 2023, or for any other interim period or for any future year. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended March 31, 2022. |
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, distributor rebate payable, provision for product returns, 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 December 31, 2022 and March 31, 2022, the Company did have cash balances in excess of the federally insured limits. |
Accounts Receivable | (G) Accounts Receivable Accounts receivable consists of amounts due from a distributor (see revenue recognition). Accounts receivable are recorded based on management’s assessment of the expected consideration to be received, based on a detailed review of historical collections. Management relies on the results of the assessment, which includes payment history of the applicable payer as a primary source of information in estimating the collectability of our accounts receivable. We update our assessment on a quarterly basis, which to date has not resulted in any material adjustments to the valuation of our accounts receivable. We believe the assessment provides reasonable estimates of our accounts receivable valuation, and therefore we believe that substantially all accounts receivable are fully collectible. |
Inventory | (H) 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. |
Property & Equipment | (I) 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 | (J) 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 | (K) 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 3,634,817 1.20 5.63 5.04 The Company had 328,168 The Company had 755,849 1.39 2.79 2.17 The Company had 3,754,484 1.20 6.67 4.95 The Company had 549,265 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 on the latter 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 | (L) Revenue Recognition The Company recognizes revenue in accordance with ASC Topic 606 “Revenue from Contracts with Customers.” The Company derives revenue from the sale of its pet care products directly to its veterinarian customers in the United States. The Company recognizes revenue when performance obligations under the terms of a contract with the veterinarian customer are satisfied. Product sales occur once control or title is transferred based on the commercial terms. 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 with the Distributor 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. Product sales occur once control or title is transferred based on the commercial terms in the Agreement. Revenue is recognized upon 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 nine months ended December 31, 2022, the Company recognized revenue from product sales under the Agreement of $ 456,502 574,766 89 73 Assets and liabilities (included in accrued expenses) under the Agreement were as follows at December 31, 2022: SCHEDULE OF RECOGNIZED REVENUE ASSETS AND LIABILITIES Accounts receivable $ 506,844 Rebate liability $ 25,000 Distribution fee payable $ 31,566 |
Research and Development | (M) Research and Development The Company expenses research and development costs as incurred. |
Fair Value of Financial Instruments | (N) Fair Value of Financial Instruments The Company applies the accounting guidance under FASB ASC 820-10, “Fair Value Measurements”, as well as certain related FASB staff positions. This guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact business and considers assumptions that marketplace participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The guidance also establishes a fair value hierarchy for measurements of fair value as follows: ● Level 1 - quoted market prices in active markets for identical assets or liabilities. ● Level 2 - inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 - unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s financial instruments consist of accounts receivable, accounts payable, accrued expenses and note payable and accrued interest. The carrying amount of the Company’s financial instruments approximates their fair value as of December 31, 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 | (O) Stock-Based Compensation - Non-Employees Equity Instruments Issued to Parties Other Than Employees for Acquiring Goods or Services The Company accounts for equity instruments issued to parties other than employees for acquiring goods or services under 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. |
Stock-Based Compensation | (P) Stock-Based Compensation Stock options are valued using the Black-Scholes option-pricing model. The Black-Scholes valuation model require the input of highly subjective assumptions. The assumptions include the expected term of the option, the expected volatility of the price of our common stock, expected dividend yield and the risk-free interest rate. These estimates involve inherent uncertainties and the significant application of management’s judgment. If factors change and different assumptions are used, our stock-based compensation expense could be materially different in the future. We recognize compensation expense for these options on a straight-line basis over the requisite service period (see Note 11 – “Stockholders’ Equity”). |
Income Taxes | (Q) 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. |
Recent Accounting Pronouncements | (R) Recent Accounting Pronouncements The Company has reviewed the FASB issued ASU accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and 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. All other newly 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) | 9 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SCHEDULE OF RECOGNIZED REVENUE ASSETS AND LIABILITIES | Assets and liabilities (included in accrued expenses) under the Agreement were as follows at December 31, 2022: SCHEDULE OF RECOGNIZED REVENUE ASSETS AND LIABILITIES Accounts receivable $ 506,844 Rebate liability $ 25,000 Distribution fee payable $ 31,566 |
INVENTORY (Tables)
INVENTORY (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORY | The inventory components are as follows: SCHEDULE OF INVENTORY December 31, 2022 March 31, 2022 Finished goods $ 30,947 $ 11,889 Work in process 25,860 22,960 Raw materials 318,075 63,464 Total Net $ 374,882 $ 98,313 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT | The components of property and equipment were as follows: SCHEDULE OF PROPERTY AND EQUIPMENT December 31, 2022 March 31, 2022 Leasehold improvements $ 216,159 $ 216,159 Production equipment 450,927 197,967 R&D equipment 25,184 25,184 Computer equipment and furniture 117,789 76,898 Total, at cost 810,059 516,208 Accumulated depreciation (289,738 ) (204,659 ) Total Net $ 520,321 $ 311,549 |
PATENTS AND TRADEMARKS (Tables)
PATENTS AND TRADEMARKS (Tables) | 9 Months Ended |
Dec. 31, 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 December 31, 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 (3,854,453 ) (3,847,747 ) Total net $ 41,746 $ 48,452 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 9 Months Ended |
Dec. 31, 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 December 31, 2022 March 31, 2022 Accrued payroll and related taxes $ 476,492 $ 433,926 Accrued expenses 232,898 18,211 Accrued lease termination expense 332,238 332,238 Total $ 1,041,628 $ 784,375 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
SCHEDULE OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY | The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of December 31, 2022: SCHEDULE OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY 2023 $ 14,901 2024 60,588 2025 61,964 2026 63,372 2027 55,102 Total 255,927 Amount representing interest 1,542 Total $ 257,469 |
SCHEDULE OF BASE RENT LEASE PAYMENTS | SCHEDULE OF BASE RENT LEASE PAYMENTS Present value of future base rent lease payments $ 257,469 Base rent payments included in prepaid expenses - Present value of future base rent lease payments – net $ 257,469 |
SCHEDULE OF LEASE CURRENT AND NON-CURRENT ASSETS AND LIABILITIES | As of December 31, 2022, the present value of future base rent lease payments – net is classified between current and non-current assets and liabilities as follows: SCHEDULE OF LEASE CURRENT AND NON-CURRENT ASSETS AND LIABILITIES Operating lease right-of-use asset $ 257,469 Total operating lease assets $ 257,469 Operating lease current liability $ 60,061 Operating lease other liability $ 197,408 Total operating lease liabilities $ 257,469 |
STOCKHOLDERS_ EQUITY (Tables)
STOCKHOLDERS’ EQUITY (Tables) | 9 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
SCHEDULE OF TIME BASED RESTRICTED STOCK UNITS | Our time-based restricted stock unit activity for the year ended March 31, 2022, and the nine-month period ended December 31, 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 (44,500 ) $ 4.80 - Balance at December 31, 2022 328,168 $ 3.97 $ 643,209 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 Nine Months Ended December 31, 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 4.35 % 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 nine month period ended December 31, 2022 is as follows: SCHEDULE OF STOCK OPTION ACTIVITY Options Outstanding 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 585,849 $ 2.39 Cancelled (25,000 ) $ 2.46 Balance at December 31, 2022 755,849 $ 2.17 6.3 $ 84,150 Options exercisable at December 31, 2022 110,456 (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 December 31, 2022 Number of: Non-vested options, beginning of period 195,000 Non-vested options, end of period 645,393 Vested options, end of period 110,456 December 31, 2022 Weighted-average grant date fair value of: Non-vested options, beginning of period $ 1.56 Non-vested options, end of period $ 2.16 Vested options, end of period $ 2.27 Forfeited options, during the period - |
SCHEDULE OF WARRANT ACTIVITY | A summary of warrant activity for the year ended March 31, 2022 and the nine-month period ended December 31, 2022 is as follows: SCHEDULE OF WARRANT ACTIVITY Number of Warrants Weighted- Average Exercise Price Warrants Exercisable Weighted- Average Exercisable Price 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 (74,003 ) $ (2.97 ) Outstanding, December 31, 2022 3,634,817 $ 5.04 3,612,317 $ 5.06 |
SCHEDULE OF RANGE OF WARRANT PRICES | On December 31, 2022, the range of warrant prices for shares under warrants and the weighted-average remaining contractual life is as follows: SCHEDULE OF RANGE OF WARRANT PRICES Warrants Outstanding Warrants Exercisable Range of Warrant Exercise Price Number of Warrants Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Number of Warrants Weighted- Average Exercise Price $ 1.20 2.00 347,073 $ 1.35 3.68 347,073 $ 1.35 $ 2.01 4.00 165,438 $ 2.33 1.74 142,938 $ 2.35 $ 4.01 5.63 3,122,306 $ 5.60 3.52 3,122,306 $ 5.60 Total 3,634,817 $ 5.04 3.45 3,612,317 $ 5.06 |
SCHEDULE OF RECOGNIZED REVENUE
SCHEDULE OF RECOGNIZED REVENUE ASSETS AND LIABILITIES (Details) | Dec. 31, 2022 USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounts receivable | $ 506,844 |
Rebate liability | 25,000 |
Distribution fee payable | $ 31,566 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Monthly sales gross percentage | 5% | ||||
Revenue from contract with customer | $ 510,109 | $ 51,004 | $ 791,563 | $ 60,126 | |
Fair value, net asset (liability) | 0 | 0 | $ 0 | ||
Product [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Revenue from contract with customer | $ 456,502 | $ 574,766 | |||
Percentage of net revenue | 89% | 73% | |||
Warrant [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share amount | 3,634,817 | 3,754,484 | |||
Weighted average, exercise price | $ 5.04 | $ 4.95 | $ 5.04 | $ 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 | 328,168 | 549,265 | |||
Options [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share amount | 755,849 | ||||
Weighted average, exercise price | 2.17 | $ 2.17 | |||
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 | 5.63 | $ 6.67 | 5.63 | $ 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 ($) | Dec. 31, 2022 | Mar. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 30,947 | $ 11,889 |
Work in process | 25,860 | 22,960 |
Raw materials | 318,075 | 63,464 |
Total Net | $ 374,882 | $ 98,313 |
INVENTORY (Details Narrative)
INVENTORY (Details Narrative) - USD ($) | Dec. 31, 2022 | Mar. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Inventory | $ 374,882 | $ 98,313 |
PREPAID EXPENSES AND OTHER AS_2
PREPAID EXPENSES AND OTHER ASSETS (Details Narrative) - USD ($) | Dec. 31, 2022 | Mar. 31, 2022 |
Prepaid expenses and other assets | $ 479,670 | $ 547,664 |
Insurance Costs [Member] | ||
Prepaid expenses and other assets | 221,000 | 148,000 |
Board Compensation [Member] | ||
Prepaid expenses and other assets | 84,000 | |
Trade Shows [Member] | ||
Prepaid expenses and other assets | 57,000 | 46,000 |
Clinical studies [Member] | ||
Prepaid expenses and other assets | 45,000 | 71,000 |
Nasdaq and FINRA Fees [Member] | ||
Prepaid expenses and other assets | 17,000 | |
Software Subscription Fees [Member] | ||
Prepaid expenses and other assets | $ 37,000 | |
Investor Relations Services [Member] | ||
Prepaid expenses and other assets | 220,000 | |
Nasdaq Fees [Member] | ||
Prepaid expenses and other assets | $ 45,000 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) | Dec. 31, 2022 | Mar. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total, at cost | $ 810,059 | $ 516,208 |
Accumulated depreciation | (289,738) | (204,659) |
Total Net | 520,321 | 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 | 450,927 | 197,967 |
R&D Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | 25,184 | 25,184 |
Computer Equipment and Furniture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | $ 117,789 | $ 76,898 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 31,035 | $ 13,123 | $ 85,079 | $ 36,820 |
SCHEDULE OF COMPONENTS OF PATEN
SCHEDULE OF COMPONENTS OF PATENTS AND TRADEMARKS (Details) - USD ($) | Dec. 31, 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 | (3,854,453) | (3,847,747) |
Total net | $ 41,746 | $ 48,452 |
PATENTS AND TRADEMARKS (Details
PATENTS AND TRADEMARKS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 2,240 | $ 2,286 | $ 6,706 | $ 6,348 |
SCHEDULE OF COMPONENTS OF ACCRU
SCHEDULE OF COMPONENTS OF ACCRUED EXPENSES (Details) - USD ($) | Dec. 31, 2022 | Mar. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued payroll and related taxes | $ 476,492 | $ 433,926 |
Accrued expenses | 232,898 | 18,211 |
Accrued lease termination expense | 332,238 | 332,238 |
Total | $ 1,041,628 | $ 784,375 |
ACCRUED EXPENSES (Details Narra
ACCRUED EXPENSES (Details Narrative) - USD ($) | Dec. 31, 2022 | Mar. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued expense | $ 332,000 | $ 332,000 |
NOTE PAYABLE (Details Narrative
NOTE PAYABLE (Details Narrative) - USD ($) | Dec. 31, 2022 | Mar. 31, 2022 | Jan. 31, 2020 |
Debt Disclosure [Abstract] | |||
Notes payable | $ 28,996 | $ 33,750 | $ 42,500 |
Debt instrument, interest rate | 6% | ||
Notes payable, current liabilities | 6,841 | 6,549 | |
Note payable other liabilities | $ 22,155 | $ 27,201 |
RETIREMENT PLAN (Details Narrat
RETIREMENT PLAN (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | ||||
Discretionary contributions | $ 9,554 | $ 2,350 | $ 23,895 | $ 2,350 |
SCHEDULE OF ANNUAL UNDISCOUNTED
SCHEDULE OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY (Details) | Dec. 31, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2023 | $ 14,901 |
2024 | 60,588 |
2025 | 61,964 |
2026 | 63,372 |
2027 | 55,102 |
Total | 255,927 |
Amount representing interest | 1,542 |
Total | $ 257,469 |
SCHEDULE OF BASE RENT LEASE PAY
SCHEDULE OF BASE RENT LEASE PAYMENTS (Details) | Dec. 31, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Present value of future base rent lease payments | $ 257,469 |
Base rent payments included in prepaid expenses | |
Present value of future base rent lease payments – net | $ 257,469 |
SCHEDULE OF LEASE CURRENT AND N
SCHEDULE OF LEASE CURRENT AND NON-CURRENT ASSETS AND LIABILITIES (Details) - USD ($) | Dec. 31, 2022 | Mar. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease right-of-use asset | $ 257,469 | |
Total operating lease assets | 257,469 | $ 299,101 |
Operating lease current liability | 60,061 | 59,178 |
Operating lease other liability | 197,408 | $ 239,923 |
Total operating lease liabilities | $ 257,469 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Jan. 31, 2022 ft² | Jan. 31, 2020 USD ($) | May 31, 2017 ft² | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Mar. 31, 2022 USD ($) | |
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 | $ 42,500 | $ 28,996 | $ 28,996 | $ 33,750 | ||||
Base rent | 2,205 | 2,205 | 2,205 | |||||
Lease rent expenses | 32,484 | $ 16,549 | 93,460 | $ 50,952 | ||||
Total | $ 257,469 | $ 257,469 | ||||||
Weighted average remaining lease term | 4 years 3 months 18 days | 4 years 3 months 18 days | ||||||
Weighted average discount rate | 28% | 28% | ||||||
Inventory net | $ 374,882 | $ 374,882 | 98,313 | |||||
Purchase Commitment [Member] | ||||||||
Purchase Commitment, Excluding Long-Term Commitment [Line Items] | ||||||||
Inventory net | $ 51,000 | $ 51,000 | ||||||
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 | 9 Months Ended | |||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Net loss | $ 2,311,618 | $ 2,111,589 | $ 1,965,428 | $ 1,642,129 | $ 1,105,474 | $ 490,629 | $ 6,388,635 | $ 3,238,232 | |
Net cash used in operating activities | 5,500,247 | $ 2,525,317 | |||||||
Accumulated deficit | $ 69,515,056 | $ 69,515,056 | $ 63,126,421 |
SCHEDULE OF TIME BASED RESTRICT
SCHEDULE OF TIME BASED RESTRICTED STOCK UNITS (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 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 | (44,500) | (172,824) | |
Time based RSU's, Weighted Average Vested Date Fair Value Per Unit, Vested | $ 4.80 | $ 3.44 | |
Time based RSU's, Balance | 328,168 | 372,668 | |
Time based RSU's, Weighted Average Grant Date Fair Value Per Unit | $ 3.97 | $ 4.07 | |
Aggregate Intrinsic Value, RSU's, Balance | [1] | $ 643,209 | $ 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 | 9 Months Ended | 12 Months Ended |
Dec. 31, 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% | 147% |
Risk-free interest rate, maximum | 4.35% | 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 ($) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 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 | 585,849 | 195,000 | |
Weighted Average Exercise Price Per Share, Granted | [1] | $ 2.39 | $ 1.56 |
Weighted Average Remaining Contractual Life | 6 years 3 months 18 days | 6 years 10 months 24 days | |
Options Outstanding, Cancelled | (25,000) | ||
Weighted Average Exercise Price Per Share, Cancelled | [1] | $ 2.46 | |
Options Outstanding, Ending | 755,849 | 195,000 | |
Weighted Average Exercise Price Per Share, Ending | [1] | $ 2.17 | $ 1.56 |
Aggregate Intrinsic Value, Ending | [2] | $ 84,150 | $ 100,200 |
Stock options exercisable | 110,456 | ||
[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) | 9 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Equity [Abstract] | |
Non-vested options, beginning of year | shares | 195,000 |
Non -vested options, end of year | shares | 645,393 |
Vested options, end of year | shares | 110,456 |
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 | 2.16 |
Weighted-average grant date fair value, vested options, end of year | 2.27 |
Weighted-average grant date fair value, forfeited options, during the year |
SCHEDULE OF WARRANT ACTIVITY (D
SCHEDULE OF WARRANT ACTIVITY (Details) - Warrant [Member] - $ / shares | 9 Months Ended | 12 Months Ended |
Dec. 31, 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 | (74,003) | (15,922) |
Weighted-Average Exercise Price, Expired | $ (2.97) | $ (5.27) |
Number of Warrants, Cancelled | (108,000) | |
Weighted-Average Exercise Price, Cancelled | $ (1.79) | |
Number of Warrants, Outstanding, Ending balance | 3,634,817 | 3,757,484 |
Weighted-Average Exercise Price, Outstanding, Ending balance | $ 5.04 | $ 4.95 |
Warrants Exercisable, Outstanding, Ending balance | 3,612,317 | 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 | 9 Months Ended | |||
Dec. 31, 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 | 3,634,817 | |||
Weighted-Average Exercise Price, outstanding | $ 5.04 | $ 4.95 | $ 2.02 | |
Weighted-Average Remaining Contractual Life (Years), Outstanding | 3 years 5 months 12 days | |||
Number of Warrants, Exercisable | 3,612,317 | 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 8 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 | 165,438 | |||
Weighted-Average Exercise Price, outstanding | $ 2.33 | |||
Weighted-Average Remaining Contractual Life (Years), Outstanding | 1 year 8 months 26 days | |||
Number of Warrants, Exercisable | 142,938 | |||
Weighted-Average Exercise Price, Exercisable | $ 2.35 | |||
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 | 3,122,306 | |||
Weighted-Average Exercise Price, outstanding | $ 5.60 | |||
Weighted-Average Remaining Contractual Life (Years), Outstanding | 3 years 6 months 7 days | |||
Number of Warrants, Exercisable | 3,122,306 | |||
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 | $ 5.63 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||
Oct. 14, 2022 shares | Aug. 13, 2021 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) shares | Sep. 30, 2022 shares | Aug. 31, 2022 USD ($) $ / shares shares | Jul. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Oct. 31, 2021 USD ($) shares | Sep. 30, 2021 USD ($) $ / shares shares | Aug. 31, 2021 USD ($) $ / shares shares | Jul. 31, 2021 USD ($) $ / shares shares | Jun. 30, 2021 USD ($) $ / shares shares | May 31, 2021 USD ($) $ / shares shares | Apr. 30, 2021 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) shares | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) $ / shares shares | Jun. 30, 2021 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) $ / shares shares | Mar. 31, 2022 | Oct. 13, 2022 shares | Jul. 10, 2020 shares | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Stock issued for services | $ | $ 49,920 | $ 71,080 | $ 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 | ||||||||||||||||||||||
Amortization of prepaid stock issued for services | $ | $ 258,844 | $ 71,080 | ||||||||||||||||||||||
Stock options contractual term | 6 years 3 months 18 days | 6 years 10 months 24 days | ||||||||||||||||||||||
Stock-based Compensation | $ | $ 532,383 | 272,717 | $ 1,069,585 | 432,483 | ||||||||||||||||||||
Warrants issued | $ | $ 0 | $ 0 | $ 0 | |||||||||||||||||||||
Measurement Input, Price Volatility [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Warrant measurement inputs | 315 | 315 | 315 | |||||||||||||||||||||
Measurement Input, Expected Term [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Warrants exercise term | 5 years | 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 | 0.82 | |||||||||||||||||||||
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 | |||||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Vesting of restricted stock units, shares | shares | 11,250 | 1,250 | 22,000 | 10,000 | 300 | 44,500 | ||||||||||||||||||
Time-Based Restricted Stock Units [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Restricted stock compensation expense | $ | $ 182,377 | 251,885 | $ 547,131 | $ 359,992 | ||||||||||||||||||||
Unrecognized pre-tax compensation expenses | $ | $ 958,000 | 958,000 | $ 958,000 | |||||||||||||||||||||
Unrecognized compensation expenses recognition period | 1 year 6 months | |||||||||||||||||||||||
Equity Option [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Unrecognized compensation expenses recognition period | 1 year 9 months 18 days | |||||||||||||||||||||||
Stock options vesting period | 3 years | |||||||||||||||||||||||
Stock options contractual term | 7 years | |||||||||||||||||||||||
Stock-based Compensation | $ | 350,006 | $ 480,792 | ||||||||||||||||||||||
Unrecognized compensation expenses | $ | $ 1,126,000 | 1,126,000 | $ 1,126,000 | |||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Common stock sold, shares | shares | 118,164 | 2,958,615 | ||||||||||||||||||||||
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 | $ | $ 0 | $ 20,332 | $ 41,662 | $ 72,491 | ||||||||||||||||||||
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 | $ 1.27 | $ 2.22 | ||||||||||||||||
Proceeds from warrant exercise | $ | $ 34,370 | $ 32,188 | $ 2,031 | |||||||||||||||||||||
Number of warrants purchase | shares | 1,594 | 48,786 | 56,250 | 90,500 | 1,594 | 56,250 | ||||||||||||||||||
Service Provider [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Stock issued for services, shares | shares | 25,000 | 500 | 42,000 | |||||||||||||||||||||
Stock issued for services | $ | $ 49,920 | $ 2,000 | $ 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 | 49,014 | |||||||||||||||||||||
Common stock sold | $ | $ 77,000 | $ 343,098 | $ 343,098 | |||||||||||||||||||||
Shares issued price per share | $ / shares | $ 7 | $ 7 | $ 7 | $ 7 | ||||||||||||||||||||
Board of Directors Chairman [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Stock issued for services, shares | shares | 25,585 | |||||||||||||||||||||||
Stock issued for services | $ | $ 69,080 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Amended Plan [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Number of shares of our common stock authorized | shares | 3,000,000 | 1,000,000 | ||||||||||||||||||||||
Expiration date | Jul. 10, 2030 | |||||||||||||||||||||||
Number of shares available to grant | shares | 1,673,074 | 1,673,074 | 1,673,074 | |||||||||||||||||||||
Common stock available and reserved to be issued | shares | 3,000,000 | |||||||||||||||||||||||
Amended 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 EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) | 3 Months Ended | 9 Months Ended | |||||
Jan. 10, 2023 USD ($) ft² | Jan. 05, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | May 31, 2017 ft² | |
Subsequent Event [Line Items] | |||||||
Area of land | ft² | 3,577 | ||||||
Base rent expense | $ 32,484 | $ 16,549 | $ 93,460 | $ 50,952 | |||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares sold | shares | 610,011 | ||||||
Sale of stock price per share | $ / shares | $ 2.32 | ||||||
Proceeds from issuance of common stock | $ 1,400,000 | ||||||
Area of land | ft² | 14,073 | ||||||
Base rent expense | $ 8,420 | ||||||
Increased base rent percentage | 2.50% | ||||||
Lease termination date | Jun. 30, 2033 | ||||||
Lease renewal term | 5 years |