PetVivo (PETV) 10-Q 10 Aug 23 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jun. 30, 2023	Aug. 10, 2023
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
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		13,125,887
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 ($)	Jun. 30, 2023	Mar. 31, 2023
Current Assets
Cash and cash equivalents	$ 218,978	$ 475,314
Accounts receivable	47,108	86,689
Inventory, net	406,030	370,283
Prepaid expenses and other assets	344,266	491,694
Total Current Assets	1,016,382	1,423,980
Property and Equipment, net	649,235	630,852
Other Assets:
Operating lease right-of-use	1,369,579	317,981
Trademark and patents, net	36,511	38,649
Security deposit	27,490	27,490
Total Other Assets	1,433,580	384,120
Total Assets	3,099,197	2,438,952
Current Liabilities
Accounts payable	591,923	588,713
Accrued expenses	713,772	779,882
Operating lease liability – short term	152,214	78,149
Note payable and accrued interest	7,034	6,936
Total Current Liabilities	1,464,943	1,453,680
Other Liabilities
Note payable and accrued interest (net of current portion)	18,650	20,415
Operating lease liability (net of current portion)	1,217,365	239,832
Total Other Liabilities	1,236,015	260,247
Total Liabilities	2,700,958	1,713,927
Commitments and Contingencies (see Note 9)
Stockholders’ Equity:
Preferred Stock, par value $0.001, 20,000,000 shares authorized, no shares issued and outstanding at June 30, 2023 and March 31, 2023
Common Stock, par value $0.001, 250,000,000 shares authorized, 11,830,353 and 10,950,220 issued and outstanding at June 30, 2023 and March 31, 2023, respectively	11,831	10,950
Common Stock to be Issued		137,500
Additional Paid-In Capital	75,124,014	72,420,604
Accumulated Deficit	(74,737,606)	(71,844,029)
Total Stockholders’ Equity	398,239	725,025
Total Liabilities and Stockholders’ Equity	$ 3,099,197	$ 2,438,952

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Mar. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	11,830,353	10,950,220
Common stock, shares outstanding	11,830,353	10,950,220

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenues	$ 117,183	$ 58,174
Cost of Sales	82,269	53,020
Gross Profit	34,914	5,154
Operating Expenses:
Sales and Marketing	941,886	656,569
General and administrative	1,762,798	1,243,022
Research and development	223,807	71,656
Total Operating Expenses	2,928,491	1,971,247
Operating Loss	(2,893,577)	(1,966,093)
Other Income
Interest income		665
Total Other Income		665
Loss before taxes	(2,893,577)	(1,965,428)
Income Tax Provision
Net Loss	$ (2,893,577)	$ (1,965,428)
Net Loss Per Share:
Basic	$ (0.25)	$ (0.20)
Diluted	$ (0.25)	$ (0.20)
Weighted Average Common Shares Outstanding:
Basic	11,657,035	9,988,361
Diluted	11,657,035	9,988,361

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Common Stock To Be Issued [Member]	Total
Balance at Mar. 31, 2022	$ 9,988	$ 69,103,155	$ (63,126,421)		$ 5,986,722
Balance, shares at Mar. 31, 2022	9,988,361
Stock-based compensation		231,231			231,231
Net loss			(1,965,428)		(1,965,428)
Balance at Jun. 30, 2022	$ 9,988	69,334,386	(65,091,849)		4,252,525
Balance, shares at Jun. 30, 2022	9,988,361
Balance at Mar. 31, 2023	$ 10,950	72,420,604	(71,844,029)	$ 137,500	725,025
Balance, shares at Mar. 31, 2023	10,950,220
Common stock sold	$ 794	2,092,800		(137,500)	1,956,094
Common stock sold, shares	793,585
Stock issued for services	$ 50	123,028			123,078
Stock issued for services, shares	49,998
Stock-based compensation		413,030			413,030
Vesting of restricted stock units in lieu of compensation	$ 31	74,558			74,589
Vesting of restricted stock units in lieu of compensation, shares	30,300
Vesting of restricted stock units	$ 6	(6)
Vesting of restricted stock units, shares	6,250
Net loss			(2,893,577)		(2,893,577)
Balance at Jun. 30, 2023	$ 11,831	$ 75,124,014	$ (74,737,606)		$ 398,239
Balance, shares at Jun. 30, 2023	11,830,353

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss For The Period	$ (2,893,577)	$ (1,965,428)
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
Stock-based compensation	413,030	231,231
Depreciation and amortization	31,149	27,553
Investor relations services paid in stock	121,290	45,050
Consulting services paid in stock	123,078
Stock issued in lieu of compensation	74,589
Changes in Operating Assets and Liabilities
Decrease (increase) in prepaid expenses and other current assets	26,138	(2,205)
Decrease (increase) in accounts receivable	39,581	(2,081)
Increase in inventory	(35,747)	(82,561)
(Decrease) increase in accounts payable and accrued expenses	(62,900)	46,742
Net Cash Used In Operating Activities	(2,163,369)	(1,701,699)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equipment	(47,394)	(24,897)
Net Cash Used in Investing Activities	(47,394)	(24,897)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from common stock sold	1,956,094		$ 137,500
Repayments of notes payable	(1,667)	(1,563)
Net Cash Provided by (Used in) Financing Activities	1,954,427	(1,563)
Net Decrease in Cash	(256,336)	(1,728,159)
Cash at Beginning of Period	475,314	6,106,827	6,106,827
Cash at End of Period	218,978	4,378,668	$ 475,314
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	437	690
Taxes
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING AND INVESTING ACTIVITIES
Increase to operating lease right of use asset and operating lease liability	$ 1,081,204

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION	3 Months Ended
	Jun. 30, 2023
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 as 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 PetVivo, Inc. 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 months ended June 30, 2023, are not necessarily indicative of results to be expected for the year ending March 31, 2024, 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, 2023. (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 reporting 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, right of use lease assets and liabilities and valuation of deferred tax assets. (E) Cash and Cash Equivalents The Company considers all highly-liquid, temporary cash investments with an original maturity of three months or less to be cash equivalents. The Company had no cash equivalents at June 30, 2023. (F) Concentration Risk The Company maintains its cash with various financial institutions, which at times may exceed federally insured limits. At March 31, 2023, the Company did have cash balances in excess of the federally insured limits. (G) Accounts Receivable Accounts receivable consists primarily of amounts due from a distributor (see revenue recognition). Accounts receivable is 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. Accordingly, as of June 30, 2023 and March 31, 2023, our allowance for credit losses was zero. (H) Inventory Inventories are recorded in accordance with Accounting Standards Codification (“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. Provisions for inventory obsolescence are charged to Cost of Sales. There were no provisions for obsolescence for the three months ended June 30, 2023 and 2022, respectively. (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 (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 3,546,067 1.20 5.63 5.06 The Company had 219,534 The Company had 1,259,088 1.39 2.79 2.22 The Company had 3,757,484 1.20 6.67 4.95 The Company had 372,668 The Company had 285,073 1.39 2.04 1.68 The Company uses the guidance in 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 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 months ended June 30, 2023 and 2022, the Company recognized revenue from product sales under the Agreement of $ 33,790 0 29 Assets and liabilities (included in accrued expenses) under the Agreement were as follows: SCHEDULE OF RECOGNIZED REVENUE ASSETS AND LIABILITIES June 30, 2023 March 31, 2023 Accounts receivable $ 35,568 $ 81,510 Rebate liability 28,000 28,000 Distribution fee payable 3,964 5,187 (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 ASC 820-10, “Fair Value Measurements”, as well as certain related Financial Accounting Standards Board (“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 June 30, 2023 and March 31, 2023, 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 ASC 505-50. Pursuant to ASC 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 date of grant. The fair value of stock 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 ASC Paragraph 718-10-50-2(f)(2)(i), the expected term of stock options and similar instruments represents the period of time the stock options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and holders’ expected exercise behavior into the fair value (or calculated value) of the instruments. The Company uses historical data to estimate holders’ 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 stock 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 its average historical volatility over the expected contractual life of the stock 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 ASC Paragraphs 505-50-25-8 and 505-50-25-9, an entity may grant fully vested, non-forfeitable equity instruments that are exercisable by the grantee only after a specified period of time if the terms of the agreement provide for earlier exercisability if the grantee achieves specified performance conditions. Any measured cost of the transaction shall be recognized in the same period(s) and in the same manner as if the entity had paid cash for the goods or services or used cash rebates as a sales discount instead of paying with, or using, the equity instruments. A recognized asset, expense, or sales discount shall not be reversed if a share option and similar instrument that the counterparty has the right to exercise expires unexercised. (P) Stock-Based Compensation Stock options are valued using the Black-Scholes option-pricing model. The Black Scholes valuation model requires 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, the 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 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 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. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” which replaces the existing “incurred loss” model for recognizing credit losses with an “expected loss” model referred to as the CECL model. Under the CECL model, the Company is required to present certain financial assets carried at amortized cost, such as insurance premium finance loans held for investment, at the net amount expected to be collected. The measurement of expected credit losses is based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The Company adopted this standard in the condensed consolidated financial statements for the three months ended June 30, 2023. The change had no impact on the Company’s financial statements. All other newly issued but not yet effective accounting pronouncements have been deemed either immaterial or not applicable.

INVENTORY

INVENTORY	3 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
INVENTORY	NOTE 2 – INVENTORY As of June 30, 2023 and March 31, 2023, the Company had inventory of $ 406,030 370,283 The inventory components are as follows: SCHEDULE OF INVENTORY June 30, 2023 March 31, 2023 Finished Goods $ 27,473 $ 13,159 Work in process 76,011 53,398 Raw materials 302,546 303,726 Total Net $ 406,030 $ 370,283

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	3 Months Ended
	Jun. 30, 2023
Prepaid Expenses And Other Current Assets
PREPAID EXPENSES AND OTHER CURRENT ASSETS	NOTE 3 – PREPAID EXPENSES AND OTHER CURRENT ASSETS As of June 30, 2023, the Company had $ 344,266 83,000 70,000 57,000 47,000 32,000 26,000 As of March 31, 2023 the Company had $ 491,694 115,000 130,000 63,000 56,000 42,000 42,000 19,000

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 4 – PROPERTY AND EQUIPMENT The components of property and equipment were as follows: SCHEDULE OF PROPERTY AND EQUIPMENT June 30, 2023 March 31, 2023 Leasehold improvements $ 216,159 $ 216,159 Production equipment 619,773 577,067 R&D equipment 25,184 25,184 Computer equipment and furniture 126,420 121,732 Total, at cost 987,536 940,142 Accumulated depreciation (338,301 ) (309,290 ) Total Net $ 649,235 $ 630,852 Depreciation expense was $ 29,011 25,326

PATENTS AND TRADEMARKS

PATENTS AND TRADEMARKS	3 Months Ended
	Jun. 30, 2023
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 June 30, 2023 March 31, 2023 Patents $ 3,870,057 $ 3,870,057 Trademarks 26,142 26,142 Total at cost 3,896,199 3,896,199 Accumulated Amortization (3,859,688 ) (3,857,550 ) Total net $ 36,511 $ 38,649 During the three months ended June 30, 2023 and 2022, amortization expense was $ 2,138 2,227

ACCRUED EXPENSES

ACCRUED EXPENSES	3 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
ACCRUED EXPENSES	NOTE 6 – ACCRUED EXPENSES The components of accrued expenses were as follows: SCHEDULE OF COMPONENTS OF ACCRUED EXPENSES June 30, 2023 March 31, 2023 Accrued payroll and related taxes $ 170,682 $ 258,978 Accrued expenses 210,852 188,666 Accrued lease termination expense 332,238 332,238 Total $ 713,772 $ 779,882 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	3 Months Ended
	Jun. 30, 2023
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 25,684 27,351 7,034 18,650 6,936 20,415

RETIREMENT PLAN

RETIREMENT PLAN	3 Months Ended
	Jun. 30, 2023
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 June 30, 2023 and 2022, the Company made contributions to the plan of $ 12,554 6,158

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 9 – COMMITMENTS AND CONTINGENCIES Lease Obligations We lease property and equipment under operating leases, typically with terms greater than 12 months, and determine if an arrangement contains a lease at inception. In general, an arrangement contains a lease if there is an identified asset and we have the right to direct the use of and obtain substantially all of the economic benefit from the use of the identified asset. We record an operating lease liability at the present value of lease payments over the lease term on the commencement date. The related right of use (‘‘ROU”) operating lease asset reflects rental escalation clauses, as well as renewal options and/or termination options. The exercise of lease renewal and/or termination options is at our discretion and is included in the determination of the lease term and lease payment obligations when it is deemed reasonably certain that the option will be exercised. When available, we use the rate implicit in the lease to discount lease payments to present value; however, certain leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. We classify our leases as buildings, vehicles or computer and office equipment and do not separate lease and nonlease components of contracts for any of the aforementioned classifications. In accordance with applicable guidance, we do not record leases with terms that are less than one year on the Condensed Consolidated Balance Sheets. None of our lease agreements contain material restrictive covenants or residual value guarantees. Buildings 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 2,294 The Company entered into a sixty-three 2,400 2.5 2,740 2,673 On January 10, 2023, the Company entered into a new lease agreement for approximately 14,000 8,420 2.5 five years 8,420 Vehicles We leased vehicles for certain members of our field sales organization in the three months ended June 30, 2023, under a vehicle fleet program whereby the noncancelable lease is for a term of 48 150,000 Operating lease expense for the three months ended June 30, 2023 and 2022, was $ 70,792 35,435 The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of June 30, 2023: SCHEDULE OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY 2024 $ 152,410 2025 207,061 2026 211,002 2027 187,717 2028 121,165 2029 114,273 Thereafter 518,517 Total $ 1,512,145 Less: amount representing interest (142,566 ) Total $ 1,369,579 In compliance with ASC 842, the Company recognized, based on the extended lease terms to June 2026, November 7, 2026, March 2027, and June 2033 0.12 0.40 7.6 4.39 1,465,000 5.1 3.94 SCHEDULE OF BASE RENT LEASE PAYMENTS Present value of future base rent lease payments $ 1,369,579 Base rent payments included in prepaid expenses - Present value of future base rent lease payments – net $ 1,369,579 As of June 30, 2023, 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 $ 1,369,579 Total operating lease assets 1,369,579 Operating lease current liability 152,214 Operating lease other liability 1,217,365 Total operating lease liabilities $ 1,369,579 Employment Agreements The Company has employment agreements with its executive officers. As of June 30, 2023, these agreements contain severance benefits ranging from one month to six months if terminated without cause. Legal Proceedings David Masters, a former employee, board member, and consultant to the Company, has threatened to file suit against the Company to recover in excess of $ 2 180,000

GOING CONCERN

GOING CONCERN	3 Months Ended
	Jun. 30, 2023
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 $ 2,893,577 2,163,369 74,737,606 The Company issued convertible debentures of $ 550,000 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	3 Months Ended
	Jun. 30, 2023
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 1,134,235 Employees, consultants, 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 three months ended June 30, 2023, the Company issued 880,133 i) 793,585 shares in connection with the sale of stock in April 2023 in exchange for proceeds of 2,182,359 net of offering costs of $ 88,765 , 2.75 137,500 ii) 6,250 iii) 30,300 74,589 10,100 10,100 10,100 iv) 16,666 48,581 v) 16,666 40,332 vi) 16,666 34,165 There were no The Company has issued shares of common stock to providers of investor relations services which are reported in the Condensed Consolidated Statements of Changes in 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 Condensed Consolidated Statements of Operations and Cash Flows was $ 121,290 45,050 Time-Based Restricted Stock Units We have granted time-based restricted stock units to certain participants under the 2020 Plan that are stock-settled with common shares. Time-based restricted stock units granted under the 2020 Plan vest over three years. Stock-based compensation expense included in the Condensed Consolidated Statements of Operations for time-based restricted stock units was $ 256,966 182,377 664,000 one year Our time-based restricted stock unit activity for the year ended March 31, 2023 and the three months ended June 30, 2023 was 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, 2022 372,668 $ 4.07 $ 760,243 Granted 60,600 2.89 - Vested (177,184 ) 3.99 - Balance at March 31, 2023 256,084 3.85 $ 643,209 Vested (36,550 ) 3.95 - Balance at June 30, 2023 219,534 $ 3.83 $ 432,482 (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 and directors typically vest over three years seven years 230,653 28,023 1,567,000 1.9 The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model. Annually, we make predictive assumptions regarding future stock price volatility, dividend yield, expected term, and forfeiture rate. The dividend yield assumption is based on expected annual dividend yield on a grant date. To date, no 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 estimated fair values of our stock options granted: SCHEDULE OF ESTIMATED FAIR VALUE ASSUMPTION Three Months Ended Year Ended June 30, 2023 March 31, 2023 Expected term 7 7 Expected volatility 84.9 93.2 % 111.7 146.9 % Risk-free interest rate 3.46 3.89 % 2.96 4.35 % Expected dividend yield 0 % 0 % Fair value on the date of grant $ 1.56 2.15 $ 1.87 2.79 Our stock option activity for the year ended March 31, 2023 and the three months ending June 30, 2023 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, 2022 195,000 1.56 6.9 $ 100,200 Granted 714,849 2.37 Cancelled (25,000 ) 2.46 Balance at March 31, 2023 884,849 $ 2.19 6.3 $ 307,750 Granted 374,239 $ 2.30 Balance at June 30, 2023 1,259,088 $ 2.22 6.3 $ 86,300 Options exercisable at June 30, 2023 192,122 (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 the period. Stock options granted for the year ended March 31, 2023 and the three months ended June 30, 2023 were to employees and directors. The fair value of these options on the date of grant was $ 1,543,087 679,887 Options exercisable at June 30, 2023 had exercise prices ranging from $ 1.39 2.79 The following summarizes additional information about our stock options: SCHEDULE OF ADDITIONAL INFORMATION ABOUT STOCK OPTIONS Three Months Ended Year Ended June 30, 2023 Mar 31, 2023 Number of: Non-vested options, beginning of period 709,394 195,000 Non -vested options, end of period 1,066,966 709,394 Vested options, end of period 192,122 175,455 Three Months Ended Year Ended June 30, 2023 Mar 31, 2023 Weighted-average grant date fair value of: Non-vested options, beginning of period $ 2.23 $ 1.56 Non-vested options, end of period $ 2.26 $ 2.23 Vested options, end of period $ 1.99 $ 2.01 Forfeited options, during the period $ - $ - Warrants During the three months ended June 30, 2023 and 2022, no A summary of warrant activity for the year ended March 31, 2023 and the three months ended June 30, 2023 is as follows: SCHEDULE OF WARRANT ACTIVITY Number of Weighted- Warrants Weighted- Outstanding, March 31, 2022 3,757,484 $ 4.95 3,693,734 $ 5.00 Exercised for cash (48,664 ) (1.36 ) Expired (146,003 ) (3.70 ) Outstanding, March 31, 2023 3,562,817 5.05 3,540,317 5.07 Expired (16,750 ) (4.18 ) Outstanding, June 30, 2023 3,546,067 $ 5.06 3,523,567 $ 5.08 On June 30, 2023, 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 3.18 347,073 $ 1.35 2.01 4.00 155,438 2.22 1.34 132,938 2.22 4.01 5.63 3,043,556 5.63 3.11 3,043,556 5.63 Total 3,546,067 $ 5.06 3.04 3,523,567 $ 5.08 Stock-based compensation expense included in the Condensed Consolidated Statements of Operations for warrants was $ 0 For the three months ended June 30, 2023 and 2022, the total stock-based compensation on all instruments was $ 413,030 231,231

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 12 – SUBSEQUENT EVENTS The Company sold $ 550,000 1,200,002 1.50 1,200,002 2.00 1,775,000 25,000

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Policies)	3 Months Ended
	Jun. 30, 2023
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 as 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 PetVivo, Inc. 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 months ended June 30, 2023, are not necessarily indicative of results to be expected for the year ending March 31, 2024, 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, 2023.
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 reporting 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, right of use lease assets and liabilities and valuation of deferred tax assets.
Cash and Cash Equivalents	(E) Cash and Cash Equivalents The Company considers all highly-liquid, temporary cash investments with an original maturity of three months or less to be cash equivalents. The Company had no cash equivalents at June 30, 2023.
Concentration Risk	(F) Concentration Risk The Company maintains its cash with various financial institutions, which at times may exceed federally insured limits. At March 31, 2023, the Company did have cash balances in excess of the federally insured limits.
Accounts Receivable	(G) Accounts Receivable Accounts receivable consists primarily of amounts due from a distributor (see revenue recognition). Accounts receivable is 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. Accordingly, as of June 30, 2023 and March 31, 2023, our allowance for credit losses was zero.
Inventory	(H) Inventory Inventories are recorded in accordance with Accounting Standards Codification (“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. Provisions for inventory obsolescence are charged to Cost of Sales. There were no provisions for obsolescence for the three months ended June 30, 2023 and 2022, respectively.
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
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 3,546,067 1.20 5.63 5.06 The Company had 219,534 The Company had 1,259,088 1.39 2.79 2.22 The Company had 3,757,484 1.20 6.67 4.95 The Company had 372,668 The Company had 285,073 1.39 2.04 1.68 The Company uses the guidance in 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 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 months ended June 30, 2023 and 2022, the Company recognized revenue from product sales under the Agreement of $ 33,790 0 29 Assets and liabilities (included in accrued expenses) under the Agreement were as follows: SCHEDULE OF RECOGNIZED REVENUE ASSETS AND LIABILITIES June 30, 2023 March 31, 2023 Accounts receivable $ 35,568 $ 81,510 Rebate liability 28,000 28,000 Distribution fee payable 3,964 5,187
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 ASC 820-10, “Fair Value Measurements”, as well as certain related Financial Accounting Standards Board (“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 June 30, 2023 and March 31, 2023, 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 ASC 505-50. Pursuant to ASC 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 date of grant. The fair value of stock 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 ASC Paragraph 718-10-50-2(f)(2)(i), the expected term of stock options and similar instruments represents the period of time the stock options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and holders’ expected exercise behavior into the fair value (or calculated value) of the instruments. The Company uses historical data to estimate holders’ 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 stock 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 its average historical volatility over the expected contractual life of the stock 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 ASC Paragraphs 505-50-25-8 and 505-50-25-9, an entity may grant fully vested, non-forfeitable equity instruments that are exercisable by the grantee only after a specified period of time if the terms of the agreement provide for earlier exercisability if the grantee achieves specified performance conditions. Any measured cost of the transaction shall be recognized in the same period(s) and in the same manner as if the entity had paid cash for the goods or services or used cash rebates as a sales discount instead of paying with, or using, the equity instruments. A recognized asset, expense, or sales discount shall not be reversed if a share option and similar instrument that the counterparty has the right to exercise expires unexercised.
Stock-Based Compensation	(P) Stock-Based Compensation Stock options are valued using the Black-Scholes option-pricing model. The Black Scholes valuation model requires 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, the 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 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 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. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments,” which replaces the existing “incurred loss” model for recognizing credit losses with an “expected loss” model referred to as the CECL model. Under the CECL model, the Company is required to present certain financial assets carried at amortized cost, such as insurance premium finance loans held for investment, at the net amount expected to be collected. The measurement of expected credit losses is based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. The Company adopted this standard in the condensed consolidated financial statements for the three months ended June 30, 2023. The change had no impact on the Company’s 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)	3 Months Ended
	Jun. 30, 2023
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: SCHEDULE OF RECOGNIZED REVENUE ASSETS AND LIABILITIES June 30, 2023 March 31, 2023 Accounts receivable $ 35,568 $ 81,510 Rebate liability 28,000 28,000 Distribution fee payable 3,964 5,187

INVENTORY (Tables)

INVENTORY (Tables)	3 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
SCHEDULE OF INVENTORY	The inventory components are as follows: SCHEDULE OF INVENTORY June 30, 2023 March 31, 2023 Finished Goods $ 27,473 $ 13,159 Work in process 76,011 53,398 Raw materials 302,546 303,726 Total Net $ 406,030 $ 370,283

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY AND EQUIPMENT	The components of property and equipment were as follows: SCHEDULE OF PROPERTY AND EQUIPMENT June 30, 2023 March 31, 2023 Leasehold improvements $ 216,159 $ 216,159 Production equipment 619,773 577,067 R&D equipment 25,184 25,184 Computer equipment and furniture 126,420 121,732 Total, at cost 987,536 940,142 Accumulated depreciation (338,301 ) (309,290 ) Total Net $ 649,235 $ 630,852

PATENTS AND TRADEMARKS (Tables)

PATENTS AND TRADEMARKS (Tables)	3 Months Ended
	Jun. 30, 2023
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 June 30, 2023 March 31, 2023 Patents $ 3,870,057 $ 3,870,057 Trademarks 26,142 26,142 Total at cost 3,896,199 3,896,199 Accumulated Amortization (3,859,688 ) (3,857,550 ) Total net $ 36,511 $ 38,649

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	3 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
SCHEDULE OF COMPONENTS OF ACCRUED EXPENSES	The components of accrued expenses were as follows: SCHEDULE OF COMPONENTS OF ACCRUED EXPENSES June 30, 2023 March 31, 2023 Accrued payroll and related taxes $ 170,682 $ 258,978 Accrued expenses 210,852 188,666 Accrued lease termination expense 332,238 332,238 Total $ 713,772 $ 779,882

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
SCHEDULE OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY	The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of June 30, 2023: SCHEDULE OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY 2024 $ 152,410 2025 207,061 2026 211,002 2027 187,717 2028 121,165 2029 114,273 Thereafter 518,517 Total $ 1,512,145 Less: amount representing interest (142,566 ) Total $ 1,369,579
SCHEDULE OF BASE RENT LEASE PAYMENTS	SCHEDULE OF BASE RENT LEASE PAYMENTS Present value of future base rent lease payments $ 1,369,579 Base rent payments included in prepaid expenses - Present value of future base rent lease payments – net $ 1,369,579
SCHEDULE OF LEASE CURRENT AND NON-CURRENT ASSETS AND LIABILITIES	As of June 30, 2023, 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 $ 1,369,579 Total operating lease assets 1,369,579 Operating lease current liability 152,214 Operating lease other liability 1,217,365 Total operating lease liabilities $ 1,369,579

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	3 Months Ended
	Jun. 30, 2023
Equity [Abstract]
SCHEDULE OF TIME BASED RESTRICTED STOCK UNITS	Our time-based restricted stock unit activity for the year ended March 31, 2023 and the three months ended June 30, 2023 was 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, 2022 372,668 $ 4.07 $ 760,243 Granted 60,600 2.89 - Vested (177,184 ) 3.99 - Balance at March 31, 2023 256,084 3.85 $ 643,209 Vested (36,550 ) 3.95 - Balance at June 30, 2023 219,534 $ 3.83 $ 432,482 (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 VALUE ASSUMPTION	The following table sets forth the estimated fair values of our stock options granted: SCHEDULE OF ESTIMATED FAIR VALUE ASSUMPTION Three Months Ended Year Ended June 30, 2023 March 31, 2023 Expected term 7 7 Expected volatility 84.9 93.2 % 111.7 146.9 % Risk-free interest rate 3.46 3.89 % 2.96 4.35 % Expected dividend yield 0 % 0 % Fair value on the date of grant $ 1.56 2.15 $ 1.87 2.79
SCHEDULE OF STOCK OPTION ACTIVITY	Our stock option activity for the year ended March 31, 2023 and the three months ending June 30, 2023 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, 2022 195,000 1.56 6.9 $ 100,200 Granted 714,849 2.37 Cancelled (25,000 ) 2.46 Balance at March 31, 2023 884,849 $ 2.19 6.3 $ 307,750 Granted 374,239 $ 2.30 Balance at June 30, 2023 1,259,088 $ 2.22 6.3 $ 86,300 Options exercisable at June 30, 2023 192,122 (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 the period.
SCHEDULE OF ADDITIONAL INFORMATION ABOUT STOCK OPTIONS	The following summarizes additional information about our stock options: SCHEDULE OF ADDITIONAL INFORMATION ABOUT STOCK OPTIONS Three Months Ended Year Ended June 30, 2023 Mar 31, 2023 Number of: Non-vested options, beginning of period 709,394 195,000 Non -vested options, end of period 1,066,966 709,394 Vested options, end of period 192,122 175,455 Three Months Ended Year Ended June 30, 2023 Mar 31, 2023 Weighted-average grant date fair value of: Non-vested options, beginning of period $ 2.23 $ 1.56 Non-vested options, end of period $ 2.26 $ 2.23 Vested options, end of period $ 1.99 $ 2.01 Forfeited options, during the period $ - $ -
SCHEDULE OF WARRANT ACTIVITY	A summary of warrant activity for the year ended March 31, 2023 and the three months ended June 30, 2023 is as follows: SCHEDULE OF WARRANT ACTIVITY Number of Weighted- Warrants Weighted- Outstanding, March 31, 2022 3,757,484 $ 4.95 3,693,734 $ 5.00 Exercised for cash (48,664 ) (1.36 ) Expired (146,003 ) (3.70 ) Outstanding, March 31, 2023 3,562,817 5.05 3,540,317 5.07 Expired (16,750 ) (4.18 ) Outstanding, June 30, 2023 3,546,067 $ 5.06 3,523,567 $ 5.08
SCHEDULE OF RANGE OF WARRANT PRICES	On June 30, 2023, 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 3.18 347,073 $ 1.35 2.01 4.00 155,438 2.22 1.34 132,938 2.22 4.01 5.63 3,043,556 5.63 3.11 3,043,556 5.63 Total 3,546,067 $ 5.06 3.04 3,523,567 $ 5.08

SCHEDULE OF RECOGNIZED REVENUE

SCHEDULE OF RECOGNIZED REVENUE ASSETS AND LIABILITIES (Details) - USD ($)	Jun. 30, 2023	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 35,568	$ 81,510
Rebate liability	28,000	28,000
Distribution fee payable	$ 3,964	$ 5,187

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Monthly sales gross percentage	5%
Revenue from contract with customer	$ 117,183	$ 58,174
Fair value, net asset (liability)	0		$ 0
Product [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue from contract with customer	$ 33,790	$ 0
Percentage of net revenue	29%
Warrant [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	3,546,067	3,757,484
Weighted average, exercise price	$ 5.06	$ 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	219,534	372,668
Stock Options [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Antidilutive securities excluded from computation of earnings per share amount	1,259,088	285,073
Weighted average, exercise price	$ 2.22	$ 1.68
Patents and Trademarks [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Estimated useful life of intangible assets	60 months
Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Weighted average, exercise price	$ 1.56		$ 1.87
Minimum [Member] | Warrant [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Weighted average, exercise price	1.20	1.20
Minimum [Member] | Stock 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	2.15		$ 2.79
Maximum [Member] | Warrant [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Weighted average, exercise price	5.63	6.67
Maximum [Member] | Stock Options [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Weighted average, exercise price	$ 2.79	$ 2.04
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 ($)	Jun. 30, 2023	Mar. 31, 2023
Inventory Disclosure [Abstract]
Finished Goods	$ 27,473	$ 13,159
Work in process	76,011	53,398
Raw materials	302,546	303,726
Total Net	$ 406,030	$ 370,283

INVENTORY (Details Narrative)

INVENTORY (Details Narrative) - USD ($)	Jun. 30, 2023	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventory	$ 406,030	$ 370,283

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details Narrative) - USD ($)	Jun. 30, 2023	Mar. 31, 2023
Prepaid expenses and other assets	$ 344,266	$ 491,694
Trade Shows [Member]
Prepaid expenses and other assets	83,000	42,000
Insurance Costs [Member]
Prepaid expenses and other assets	70,000	130,000
Supplier Advance [Member]
Prepaid expenses and other assets	57,000	42,000
Nasdaq and FINRA Fees [Member]
Prepaid expenses and other assets	47,000	63,000
Board Compensation [Member]
Prepaid expenses and other assets	32,000	56,000
Software Subscription Fees [Member]
Prepaid expenses and other assets	$ 26,000	19,000
Investor Relations Services [Member]
Prepaid expenses and other assets		$ 115,000

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($)	Jun. 30, 2023	Mar. 31, 2023
Property, Plant and Equipment [Line Items]
Total, at cost	$ 987,536	$ 940,142
Accumulated depreciation	(338,301)	(309,290)
Total Net	649,235	630,852
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	619,773	577,067
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	$ 126,420	$ 121,732

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 29,011	$ 25,326

SCHEDULE OF COMPONENTS OF PATEN

SCHEDULE OF COMPONENTS OF PATENTS AND TRADEMARKS (Details) - USD ($)	Jun. 30, 2023	Mar. 31, 2023
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	(3,859,688)	(3,857,550)
Total net	$ 36,511	$ 38,649

PATENTS AND TRADEMARKS (Details

PATENTS AND TRADEMARKS (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 2,138	$ 2,227

SCHEDULE OF COMPONENTS OF ACCRU

SCHEDULE OF COMPONENTS OF ACCRUED EXPENSES (Details) - USD ($)	Jun. 30, 2023	Mar. 31, 2023
Payables and Accruals [Abstract]
Accrued payroll and related taxes	$ 170,682	$ 258,978
Accrued expenses	210,852	188,666
Accrued lease termination expense	332,238	332,238
Total	$ 713,772	$ 779,882

ACCRUED EXPENSES (Details Narra

ACCRUED EXPENSES (Details Narrative) - USD ($)	Jun. 30, 2023	Mar. 31, 2023
Payables and Accruals [Abstract]
Accrued expense	$ 332,000	$ 332,000

NOTE PAYABLE (Details Narrative

NOTE PAYABLE (Details Narrative) - USD ($)	Jun. 30, 2023	Mar. 31, 2023	Jan. 31, 2020
Debt Disclosure [Abstract]
Notes payable	$ 25,684	$ 27,351	$ 42,500
Debt instrument, interest rate			6%
Notes payable, current liabilities	7,034	6,936
Note payable other liabilities	$ 18,650	$ 20,415

RETIREMENT PLAN (Details Narrat

RETIREMENT PLAN (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Retirement Benefits [Abstract]
Discretionary contributions	$ 12,554	$ 6,158

SCHEDULE OF ANNUAL UNDISCOUNTED

SCHEDULE OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY (Details)	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 152,410
2025	207,061
2026	211,002
2027	187,717
2028	121,165
2029	114,273
Thereafter	518,517
Total	1,512,145
Less: amount representing interest	(142,566)
Total	$ 1,369,579

SCHEDULE OF BASE RENT LEASE PAY

SCHEDULE OF BASE RENT LEASE PAYMENTS (Details)	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Present value of future base rent lease payments	$ 1,369,579
Base rent payments included in prepaid expenses
Present value of future base rent lease payments – net	$ 1,369,579

SCHEDULE OF LEASE CURRENT AND N

SCHEDULE OF LEASE CURRENT AND NON-CURRENT ASSETS AND LIABILITIES (Details) - USD ($)	Jun. 30, 2023	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease right-of-use asset	$ 1,369,579
Total operating lease assets	1,369,579	$ 317,981
Operating lease current liability	152,214	78,149
Operating lease other liability	1,217,365	$ 239,832
Total operating lease liabilities	$ 1,369,579

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details Narrative)		1 Months Ended			3 Months Ended
	Jan. 10, 2023 USD ($) ft²	Jan. 31, 2022 ft²	Jan. 31, 2020 USD ($)	May 31, 2017 ft²	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2023 USD ($)
Collaborative Arrangement and Arrangement Other than Collaborative [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 terms to June 2026, November 7, 2026, March 2027, and June 2033
Notes payable			$ 42,500		$ 25,684		$ 27,351
Base rent					2,294		2,294
Operating lease right use of asset					1,369,579		317,981
Operating lease expense					70,792	$ 35,435
Total					$ 1,369,579
Weighted average remaining lease term					5 years 1 month 6 days
Weighted average discount rate					3.94%
David Masters [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Litigation reserve					$ 2,000,000
Legal settlement					$ 180,000
June 2026 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Operating lease treasury rate					0.12%
November 7, 2026 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Operating lease treasury rate					0.40%
March 2027 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Operating lease treasury rate					7.60%
June 2023 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Operating lease treasury rate					4.39%
Vehicles [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Lease term					48 months
Operating lease right use of asset					$ 150,000
January 2022 Lease [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Operating lease term		63 months
Area of land | ft²		2,400
Annual increase in base rent, percentage		0.025
Base rent					2,740		$ 2,673
January 10, 2023 Lease[Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Area of land | ft²	14,000
Annual increase in base rent, percentage	0.025
Base rent	$ 8,420				8,420
Renewal term	5 years
Extended Lease Term to 2026 [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Total					$ 1,465,000

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jul. 27, 2023	Mar. 31, 2023
Subsequent Event [Line Items]
Net loss	$ 2,893,577	$ 1,965,428
Net cash used in operating activities	2,163,369	$ 1,701,699
Accumulated deficit	$ 74,737,606			$ 71,844,029
Subsequent Event [Member]
Subsequent Event [Line Items]
Convertible debentures			$ 550,000

SCHEDULE OF TIME BASED RESTRICT

SCHEDULE OF TIME BASED RESTRICTED STOCK UNITS (Details) - Restricted Stock Units (RSUs) [Member] - USD ($)		3 Months Ended	12 Months Ended
		Jun. 30, 2023	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Time based RSU's, Balance		256,084	372,668
Time based RSU's, Weighted Average Grant Date Fair Value Per Unit		$ 3.85	$ 4.07
Aggregate Intrinsic Value, RSU's, Balance	[1]	$ 643,209	$ 760,243
Time based RSU's Granted			60,600
Time based RSU's, Weighted Average Grant Date Fair Value Per Unit, Granted			$ 2.89
Time based RSU's Vested		(36,550)	(177,184)
Time based RSU's, Weighted Average Vested Date Fair Value Per Unit, Vested		$ 3.95	$ 3.99
Time based RSU's, Balance		219,534	256,084
Time based RSU's, Weighted Average Grant Date Fair Value Per Unit		$ 3.83	$ 3.85
Aggregate Intrinsic Value, RSU's, Balance	[1]	$ 432,482	$ 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 VALU

SCHEDULE OF ESTIMATED FAIR VALUE ASSUMPTION (Details) - $ / shares	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Expected term	7 years	7 years
Expected volatility, minimum	84.90%	111.70%
Expected volatility, maximum	93.20%	146.90%
Risk-free interest rate, minimum	3.46%	2.96%
Risk-free interest rate, maximum	3.89%	4.35%
Expected dividend yield	0%	0%
Minimum [Member]
Fair value on the date of grant	$ 1.56	$ 1.87
Maximum [Member]
Fair value on the date of grant	$ 2.15	$ 2.79

SCHEDULE OF STOCK OPTION ACTIVI

SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($)		3 Months Ended	12 Months Ended
		Jun. 30, 2023	Mar. 31, 2023
Equity [Abstract]
Options Outstanding, Beginning		884,849	195,000
Weighted Average Exercise Price Per Share, Beginning	[1]	$ 2.19	$ 1.56
Weighted Average Remaining Contractual Life		6 years 3 months 18 days	6 years 10 months 24 days
Aggregate Intrinsic Value, Beginning	[2]	$ 307,750	$ 100,200
Options Outstanding, Granted		374,239	714,849
Weighted Average Exercise Price Per Share, Granted	[1]	$ 2.30	$ 2.37
Options Outstanding, Cancelled			(25,000)
Weighted Average Exercise Price Per Share, Cancelled	[1]		$ 2.46
Options Outstanding, Ending		1,259,088	884,849
Weighted Average Exercise Price Per Share, Ending	[1]	$ 2.22	$ 2.19
Aggregate Intrinsic Value, Ending	[2]	$ 86,300	$ 307,750
Stock options exercisable		192,122
[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 the period.

SCHEDULE OF ADDITIONAL INFORMAT

SCHEDULE OF ADDITIONAL INFORMATION ABOUT STOCK OPTIONS (Details) - $ / shares	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Equity [Abstract]
Non-vested options, beginning of year	709,394	195,000
Non -vested options, end of year	1,066,966	709,394
Vested options, end of year	192,122	175,455
Weighted-average grant date fair value, non-vested options, beginning of year	$ 2.23	$ 1.56
Weighted-average grant date fair value, non-vested options, end of year	2.26	2.23
Weighted-average grant date fair value, vested options, end of year	1.99	2.01
Weighted-average grant date fair value, forfeited options, during the year

SCHEDULE OF WARRANT ACTIVITY (D

SCHEDULE OF WARRANT ACTIVITY (Details) - Warrant [Member] - $ / shares	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of Warrants, Outstanding, Beginning balance	3,562,817	3,757,484
Weighted-Average Exercise Price, Outstanding, Beginning balance	$ 5.05	$ 4.95
Warrants Exercisable, Outstanding, Beginning balance	3,540,317	3,693,734
Weighted-Average Exercise Price, Beginning balance	$ 5.07	$ 5
Number of Warrants, Exercised for cash		(48,664)
Weighted-Average Exercise Price, Exercised for cash		$ (1.36)
Number of Warrants, Expired	(16,750)	(146,003)
Weighted-Average Exercise Price, Expired	$ (4.18)	$ (3.70)
Number of Warrants, Outstanding, Ending balance	3,546,067	3,562,817
Weighted-Average Exercise Price, Outstanding, Ending balance	$ 5.06	$ 5.05
Warrants Exercisable, Outstanding, Ending balance	3,523,567	3,540,317
Weighted-Average Exercise Price, Ending balance	$ 5.08	$ 5.07

SCHEDULE OF RANGE OF WARRANT PR

SCHEDULE OF RANGE OF WARRANT PRICES (Details) - Warrant [Member] - $ / shares	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of Warrants, Outstanding	3,546,067
Weighted-Average Exercise Price, outstanding	$ 5.06	$ 5.05	$ 4.95
Weighted-Average Remaining Contractual Life (Years), Outstanding	3 years 14 days
Number of Warrants, Exercisable	3,523,567	3,540,317	3,693,734
Weighted-Average Exercise Price, Exercisable	$ 5.08	$ 5.07	$ 5
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 2 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	155,438
Weighted-Average Exercise Price, outstanding	$ 2.22
Weighted-Average Remaining Contractual Life (Years), Outstanding	1 year 4 months 2 days
Number of Warrants, Exercisable	132,938
Weighted-Average Exercise Price, Exercisable	$ 2.22
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	3,043,556
Weighted-Average Exercise Price, outstanding	$ 5.63
Weighted-Average Remaining Contractual Life (Years), Outstanding	3 years 1 month 9 days
Number of Warrants, Exercisable	3,043,556
Weighted-Average Exercise Price, Exercisable	$ 5.63
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) - USD ($)			1 Months Ended			3 Months Ended		12 Months Ended
		Oct. 14, 2022	Jun. 30, 2023	May 31, 2023	Apr. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Oct. 13, 2022	Jul. 10, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of Stock, Number of Shares Issued in Transaction					793,585
Proceeds from issuance of warrants					$ 2,182,359
Proceeds from Issuance or Sale of Equity					$ 88,765
Sale of Stock, Price Per Share					$ 2.75
Proceeds from Issuance of Common Stock						$ 1,956,094		$ 137,500
Vesting of restricted stock units, value
Stock issued for services						123,078
Amortization of prepaid stock issued for services						$ 121,290	45,050
Stock options contractual term						6 years 3 months 18 days		6 years 10 months 24 days
Stock-based Compensation						$ 413,030	231,231
Exercise price	[1]					$ 2.30		$ 2.37
Warrants issued			$ 0			$ 0	0
Minimum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise price						$ 1.39
Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise price						$ 2.79
Restricted Stock Units (RSUs) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Vesting of restricted stock units, shares			6,250
Time-Based Restricted Stock Units [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Restricted stock compensation expense						$ 256,966	182,377
Unrecognized pre-tax compensation expenses			$ 664,000			$ 664,000
Unrecognized compensation expenses recognition period						1 year
Equity Option [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrecognized compensation expenses recognition period						1 year 10 months 24 days
Stock options vesting period						3 years
Stock options contractual term						7 years
Stock-based Compensation						$ 230,653	$ 28,023
Unrecognized compensation expenses			$ 1,567,000			$ 1,567,000
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock sold, shares						880,133	0
Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock-based Compensation						$ 0	$ 0
Chief Executive Officer [Member] | Restricted Stock Units (RSUs) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Vesting of restricted stock units, shares			10,100	10,100	10,100	30,300
Vesting of restricted stock units, value						$ 74,589
Service Provider [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock issued for services, shares			16,666	16,666	16,666
Stock issued for services			$ 34,165	$ 40,332	$ 48,581
Employees And Directors [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Fair value of options on the date of grant						$ 679,887		$ 1,543,087
2020 Equity Incentive Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares of our common stock authorized										1,000,000
Amended Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares of our common stock authorized		3,000,000							1,000,000
Number of shares available to grant			1,134,235			1,134,235
Common stock available and reserved to be issued		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		10,000
[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.

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)			1 Months Ended	3 Months Ended		12 Months Ended
	Aug. 09, 2023	Aug. 09, 2023	Apr. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Jul. 27, 2023
Subsequent Event [Line Items]
Number of shares sold			793,585
Sale of stock, price per share			$ 2.75
Proceeds from issuance of common stock				$ 1,956,094		$ 137,500
Subsequent Event [Member]
Subsequent Event [Line Items]
Convertible debentures							$ 550,000
Number of shares sold	1,200,002
Sale of stock, price per share	$ 1.50	$ 1.50
Proceeds from Issuance Initial Public Offering		$ 1,200,002
Exercise price	$ 2	$ 2
Proceeds from issuance of common stock	$ 1,775,000
Deferred offering costs	$ 25,000	$ 25,000