Cover
Cover - shares | 6 Months Ended | |
Sep. 30, 2023 | Nov. 13, 2023 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Period Focus | Q2 | |
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 | 14,468,313 | |
Common Stock Par Value 0.001 [Member] | ||
Title of 12(b) Security | Common Stock, par value $0.001 | |
Trading Symbol | PETV | |
Security Exchange Name | NASDAQ | |
Warrants To Purchase Common Stock [Member] | ||
Title of 12(b) Security | Warrants to purchase Common Stock | |
Trading Symbol | PETVW | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Current Assets | ||
Cash and cash equivalents | $ 55,254 | $ 475,314 |
Accounts receivable | 155,888 | 86,689 |
Inventory | 434,080 | 370,283 |
Prepaid expenses and other assets | 1,370,604 | 491,694 |
Total Current Assets | 2,015,826 | 1,423,980 |
Property and Equipment, net | 665,381 | 630,852 |
Other Assets: | ||
Operating lease right-of-use asset | 1,318,666 | 317,981 |
Patents and trademarks, net | 34,374 | 38,649 |
Security deposit | 27,490 | 27,490 |
Total Other Assets | 1,380,530 | 384,120 |
Total Assets | 4,061,737 | 2,438,952 |
Current Liabilities | ||
Accounts payable | 912,040 | 588,713 |
Accrued expenses | 818,357 | 779,882 |
Operating lease liability – short term | 177,773 | 78,149 |
Note payable and accrued interest | 7,139 | 6,936 |
Total Current Liabilities | 1,915,309 | 1,453,680 |
Non-Current Liabilities | ||
Note payable and accrued interest (net of current portion) | 16,856 | 20,415 |
Operating lease liability (net of current portion) | 1,140,893 | 239,832 |
Total Non-Current Liabilities | 1,157,749 | 260,247 |
Total Liabilities | 3,073,058 | 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 September 30, 2023 and March 31, 2023 | ||
Common Stock, par value $0.001, 250,000,000 shares authorized, 13,841,731 and 10,950,220 issued and outstanding at September 30, 2023 and March 31, 2023, respectively | 13,842 | 10,950 |
Common Stock to be Issued | 137,500 | |
Additional Paid-In Capital | 79,373,596 | 72,420,604 |
Accumulated Deficit | (78,398,759) | (71,844,029) |
Total Stockholders’ Equity | 988,679 | 725,025 |
Total Liabilities and Stockholders’ Equity | $ 4,061,737 | $ 2,438,952 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 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 | 13,841,731 | 10,950,220 |
Common stock, shares outstanding | 13,841,731 | 10,950,220 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenues | $ 207,366 | $ 223,280 | $ 324,549 | $ 281,454 |
Cost of Sales | 140,913 | 148,159 | 223,182 | 201,179 |
Gross Profit | 66,453 | 75,121 | 101,367 | 80,275 |
Operating Expenses: | ||||
Sales and Marketing | 1,078,725 | 867,985 | 2,020,611 | 1,524,554 |
Research and Development | 240,281 | 140,384 | 464,088 | 212,040 |
General and Administrative | 1,691,790 | 1,186,320 | 3,454,588 | 2,429,342 |
Total Operating Expenses | 3,010,796 | 2,194,689 | 5,939,287 | 4,165,936 |
Operating Loss | (2,944,343) | (2,119,568) | (5,837,920) | (4,085,661) |
Other (Expense) Income | ||||
Loss on Extinguishment of Debt | (534,366) | (534,366) | ||
Settlement Expense | (180,000) | (180,000) | ||
Interest (Expense) Income | (2,444) | 7,979 | (2,444) | 8,644 |
Total Other (Expense) Income | (716,810) | 7,979 | (716,810) | 8,644 |
Loss before taxes | (3,661,153) | (2,111,589) | (6,554,730) | (4,077,017) |
Income Tax Provision | ||||
Net Loss | $ (3,661,153) | $ (2,111,589) | $ (6,554,730) | $ (4,077,017) |
Net Loss Per Share : Basic | $ (0.28) | $ (0.21) | $ (0.53) | $ (0.41) |
Net Loss Per Share : Diluted | $ (0.28) | $ (0.21) | $ (0.53) | $ (0.41) |
Weighted Average Common Shares Outstanding : Basic | 12,987,641 | 10,053,463 | 12,325,973 | 10,021,090 |
Weighted Average Common Shares Outstanding : Diluted | 12,987,641 | 10,053,463 | 12,325,973 | 10,021,090 |
Consolidated Statements of Chan
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, 2022 | $ 9,988 | 69,103,155 | (63,126,421) | 5,986,722 | |
Balance, shares at Mar. 31, 2022 | 9,988,361 | ||||
Common stock and warrants sold, shares | 106,914 | ||||
Net loss | (4,077,017) | ||||
Balance at Sep. 30, 2022 | $ 10,095 | 69,756,728 | (67,203,438) | 2,563,385 | |
Balance, shares at Sep. 30, 2022 | 10,095,275 | ||||
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 | ||||
Stock issued for services | $ 25 | 49,895 | 49,920 | ||
Stock issued for services, shares | 25,000 | ||||
Stock-based compensation | 305,971 | 305,971 | |||
Vesting of restricted stock units | $ 33 | (33) | |||
Vesting of restricted stock units, shares | 33,250 | ||||
Net loss | (2,111,589) | (2,111,589) | |||
Cash paid to exercise warrants | $ 49 | 66,509 | 66,558 | ||
Cash paid to exercise warrants, shares | 48,664 | ||||
Balance at Sep. 30, 2022 | $ 10,095 | 69,756,728 | (67,203,438) | 2,563,385 | |
Balance, shares at Sep. 30, 2022 | 10,095,275 | ||||
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 and warrants sold | $ 794 | 2,092,800 | (137,500) | 1,956,094 | |
Common stock and warrants 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 | ||||
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 and warrants sold, shares | 2,891,511 | ||||
Net loss | (6,554,730) | ||||
Balance at Sep. 30, 2023 | $ 13,842 | 79,373,596 | (78,398,759) | 988,679 | |
Balance, shares at Sep. 30, 2023 | 13,841,731 | ||||
Balance at Jun. 30, 2023 | $ 11,831 | 75,124,014 | (74,737,606) | 398,239 | |
Balance, shares at Jun. 30, 2023 | 11,830,353 | ||||
Common stock and warrants sold | $ 1,200 | 1,774,582 | 1,775,782 | ||
Common stock and warrants sold, shares | 1,200,002 | ||||
Stock issued for services | $ 350 | 740,628 | 740,978 | ||
Stock issued for services, shares | 349,498 | ||||
Stock-based compensation | 607,017 | 607,017 | |||
Vesting of restricted stock units in lieu of compensation | $ 20 | 40,986 | 41,006 | ||
Vesting of restricted stock units in lieu of compensation, shares | 20,200 | ||||
Vesting of restricted stock units | $ 22 | (22) | |||
Vesting of restricted stock units, shares | 22,000 | ||||
Net loss | (3,661,153) | (3,661,153) | |||
Conversion of debt and interest to common stock | $ 385 | 577,115 | 577,500 | ||
Conversion of debt and interest to common stock, shares | 385,000 | ||||
Value of stock and warrants issued on extinguishment of debt | 509,310 | 509,310 | |||
Cashless warrant exercise | $ 34 | (34) | |||
Cashless warrant exercise, shares | 34,678 | ||||
Balance at Sep. 30, 2023 | $ 13,842 | $ 79,373,596 | $ (78,398,759) | $ 988,679 | |
Balance, shares at Sep. 30, 2023 | 13,841,731 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Loss For The Period | $ (6,554,730) | $ (4,077,017) |
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: | ||
Stock-based compensation | 1,020,047 | 537,202 |
Depreciation and amortization | 63,364 | 58,510 |
Investor relations services paid in stock | 165,810 | 150,050 |
Consulting services paid in stock | 237,516 | 16,064 |
Stock issued in lieu of compensation | 115,595 | |
Loss on extinguishment of debt | 534,366 | |
Interest on convertible debentures | 2,444 | |
Changes in Operating Assets and Liabilities | ||
Increase in prepaid expenses and other current assets | (418,180) | (180,658) |
Increase in accounts receivable | (69,199) | (126,546) |
Increase in inventory | (63,797) | (206,654) |
Increase in accounts payable and accrued expenses | 361,802 | 79,468 |
Net Cash Used In Operating Activities | (4,604,962) | (3,749,581) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of equipment | (93,618) | (83,566) |
Net Cash Used in Investing Activities | (93,618) | (83,566) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the sale of common stock and warrants | 3,731,876 | |
Proceeds from issuance of convertible debentures | 550,000 | |
Proceeds from exercise of warrants | 66,558 | |
Repayments of notes payable | (3,356) | (3,145) |
Net Cash Provided by (Used in) Financing Activities | 4,278,520 | 63,413 |
Net Decrease in Cash | (420,060) | (3,769,734) |
Cash at Beginning of Period | 475,314 | 6,106,827 |
Cash at End of Period | 55,254 | 2,337,093 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest | 846 | 2,022 |
Taxes | ||
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING AND INVESTING ACTIVITIES | ||
Convertible debentures and accrued interest converted to common stock | 577,500 | |
Stock granted for consulting services | 626,540 | 49,920 |
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 | 6 Months Ended |
Sep. 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 twenty 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 consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. The results for the three and six months ended September 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 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 (F) Concentration Risk The Company maintains its cash with various financial institutions, which at times may exceed federally insured limits. At September 30, 2023, the Company did not 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 as well as a forecast of projected credit losses. 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 since all receivables to date have been collected. 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 September 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 (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 5,447,485 1.20 5.63 4.04 The Company had 177,334 The Company had 1,354,088 1.39 2.79 2.20 The Company had 3,686,320 1.20 6.67 5.02 The Company had 339,418 The Company had 393,789 1.39 2.79 1.91 The Company 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 September 30, 2023 and 2022, the Company recognized revenue from product sales under the Agreement of $ 143,606 118,264 69 53 For the six months ended September 30, 2023 and 2022, the Company recognized revenue from product sales under the Agreement of $ 177,395 118,264 55 42 Assets and liabilities (included in accrued expenses) under the Agreement were as follows: SCHEDULE OF RECOGNIZED REVENUE ASSETS AND LIABILITIES September 30, 2023 March 31, 2023 Accounts receivable $ 151,164 $ 81,510 Rebate liability 35,000 28,000 Distribution fee payable 12,152 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 September 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 Stock-based compensation is accounted for based on the requirements of ASC 718 – “Compensation – Stock Compensation”‘ which requires recognition in the financial statements of the cost of employee, director, and non-employee services received in exchange for an award of equity instruments over the period the employee, director, or non-employee is required to perform the services in exchange for the award (presumptively, the vesting period). The ASC also requires measurement of the cost of employee, director, and non-employee services received in exchange for an award based on grant-date fair value of the award. The Company has elected to recognized forfeitures as they occur as permitted under Accounting Standards Update (“ASU”) 2016-09 Improvements to Employee Share-Based Payment. (P) 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. (Q) Recent Accounting Pronouncements The Company has reviewed the FASB issued ASU accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and 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 accounts receivable, 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 consolidated financial statements for the six months ended September 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 | 6 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORY | NOTE 2 – INVENTORY As of September 30, 2023 and March 31, 2023, the Company had inventory of $ 434,080 370,283 The inventory components are as follows: SCHEDULE OF INVENTORY September 30, 2023 March 31, 2023 Finished Goods $ 17,428 $ 13,159 Work in process 34,093 53,398 Raw materials 382,559 303,726 Total $ 434,080 $ 370,283 |
PREPAID EXPENSES AND OTHER CURR
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 6 Months Ended |
Sep. 30, 2023 | |
Prepaid Expenses And Other Current Assets | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | NOTE 3 – PREPAID EXPENSES AND OTHER CURRENT ASSETS As of September 30, 2023, the Company had $ 1,370,604 785,000 45,000 292,000 91,000 33,000 37,000 32,000 25,000 The deferred consulting fees totaling $ 785,000 537,500 247,500 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 | 6 Months Ended |
Sep. 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 September 30, 2023 March 31, 2023 Leasehold improvements $ 232,319 $ 216,159 Production equipment 631,441 577,067 R&D equipment 25,184 25,184 Computer equipment and furniture 144,816 121,732 Total, at cost 1,033,760 940,142 Accumulated depreciation (368,379 ) (309,290 )) Total Net $ 665,381 $ 630,852 Depreciation expense was $ 30,078 28,719 59,089 54,044 |
PATENTS AND TRADEMARKS
PATENTS AND TRADEMARKS | 6 Months Ended |
Sep. 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 September 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 (3,861,825 ) (3,857,550 ) Total net $ 34,374 $ 38,649 Amortization expense was $ 2,137 2,227 4,275 4,466 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 6 Months Ended |
Sep. 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 September 30, 2023 March 31, 2023 Accrued payroll and related taxes $ 290,619 $ 258,978 Accrued expenses 195,500 188,666 Accrued lease termination expense 332,238 332,238 Total $ 818,357 $ 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 | 6 Months Ended |
Sep. 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 23,995 27,351 7,139 16,856 6,936 20,415 |
RETIREMENT PLAN
RETIREMENT PLAN | 6 Months Ended |
Sep. 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 September 30, 2023 and 2022, the Company made contributions to the plan of $ 12,854 8,183 25,408 14,341 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Sep. 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 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 The lease will terminate on June 30, 2033 five years 8,420 Vehicles We leased vehicles for certain members of our field sales organization in the six months ended September 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 September 30, 2023 and 2022, was $ 104,473 51,994 175,265 101,954 The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of September 30, 2023: SCHEDULE OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY 2024 $ 101,668 2025 207,061 2026 211,002 2027 187,717 2028 114,410 2029 114,273 Thereafter 518,517 Total 1,454,648 Less: amount representing interest (135,982 ) Total $ 1,318,666 In compliance with ASC 842, the Company recognized, based on the extended lease terms to June 2026, November 2026, March 2027, and June 2033 0.12 0.40 7.6 4.39 1,465,000 4.8 4.11 SCHEDULE OF BASE RENT LEASE PAYMENTS Present value of future base rent lease payments $ 1,318,666 Base rent payments included in prepaid expenses - Present value of future base rent lease payments – net $ 1,318,666 As of September 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 $ 1,318,666 Total operating lease assets 1,318,666 Operating lease current liability 177,773 Operating lease non-current liability 1,140,893 Total operating lease liabilities $ 1,318,666 Employment Agreements The Company has employment agreements with its executive officers. As of September 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 In September 2023, Masters executed the long-term agreement and the Company recorded a settlement expense of $ 180,000 |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Sep. 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 of $ 6,554,730 4,604,962 78,398,759 The Company raised an aggregate of $ 1,070,000 725,000 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 | 6 Months Ended |
Sep. 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 1,039,235 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. Convertible Debentures On July 27, 2023, the Company issued convertible promissory notes (“Convertible Debentures”) in the aggregate amount of $ 550,000 January 26, 2024 10 2 On August 11, 2023, the Company entered into Convertible Debenture Conversion Agreements (“Conversion Agreements”) with the three debenture holders (“Debenture Holders”). Pursuant to the Conversion Agreements, each Debenture Holder agreed to voluntarily and immediately convert the outstanding balance on their Convertible Debenture into shares of the Company’s common stock prior to January 26, 2024 1.50 1.60 550,000 27,500 385,000 385,000 2.00 As a result of the inducement to the Debenture Holders to voluntarily convert the outstanding balance of their Convertible Debentures prior to their maturity date, the Company recognized a loss on extinguishment of debt of $ 534,366 463,476 45,834 25,056 2,444 Sale of Common Stock On August 4, 2023, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with two accredited investors (the “Investors”), pursuant to which the Company agreed to issue and sell to the Investors in a registered direct offering (the “Registered Offering”) 1,200,002 1.50 1,200,002 1,775,782 24,218 502,417 1,273,365 2.00 Common Stock For the six months ended September 30, 2023, the Company issued 2,891,511 i) 793,585 2,182,359 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 vii) 16,666 35,332 viii) 42,000 89,040 ix) 1,200,002 1,775,782 24,218 1.50 x) 385,000 577,500 27,500 1.50 xi) 12,212 22,500 1.33 xii) 16,666 32,332 xiii) 250,000 537,500 xiv) 22,000 xv) xvi) 20,200 41,006 10,100 10,100 16,666 31,999 xvii) 7,500 14,775 xviii) 22,466 41,084 1.35 For the six months ended September 30, 2022, the Company issued 106,914 i) 24,217 1.33 32,188 ii) 24,447 1.41 34,370 iii) 25,000 49,920 iv) 33,250 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 $ 44,520 105,000 165,810 150,050 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 $ 223,383 182,377 480,349 364,754 441,000 nine months Our time-based restricted stock unit activity for the year ended March 31, 2023 and the six months ended September 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 (78,750 ) 3.47 - Balance at September 30, 2023 177,334 $ 4.01 $ 326,295 (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 278,470 102,763 509,123 130,786 1,267,000 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 Six Months Ended Year Ended September 30, 2023 March 31, 2023 Expected term 7 7 Expected volatility 75.9 93.2 % 111.7 146.9 % Risk-free interest rate 3.46 4.48 % 2.96 4.35 % Expected dividend yield 0 % 0 % Fair value on the date of grant $ 1.35 2.22 $ 1.87 2.79 Our stock option activity for the year ended March 31, 2023 and the six months ended September 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 469,239 2.22 Balance at September 30, 2023 1,354,088 $ 2.20 6.1 $ 60,450 Options exercisable at September 30, 2023 364,417 (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 six months ended September 30, 2023 were to employees and directors. The fair value of these options on the date of grant was $ 1,543,087 814,430 Options exercisable at September 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 Six Months Ended Year Ended September 30, 2023 Mar 31, 2023 Number of: Non-vested options, beginning of period 709,394 195,000 Non-vested options, end of period 989,671 709,394 Vested options, end of period 364,417 175,455 Six Months Ended Year Ended September 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 $ 2.18 $ 2.23 Vested options, end of period $ 2.26 $ 2.01 Forfeited options, during the period $ - $ - Warrants During the six months ended September 30, 2023 the Company issued warrants to purchase an aggregate of 1,965,002 i) 1,200,002 1,273,365 ii) 385,000 463,476 iii) 300,000 234,741 iv) 80,000 87,485 These warrants’ values were arrived at by using the Black-Scholes valuation model with the following assumptions: SCHEDULE OF WARRANT’S USING BLACK-SCHOLES VALUATION Six Months Ended September 30, 2023 Stock price on valuation date $ 2.00 2.15 Exercise price $ 2.00 2.75 Term (years) 2.0 3.0 Volatility 78.0 80.1 % Risk-free rate 4.41 4.64 % A summary of warrant activity for the year ended March 31, 2023 and the six months ended September 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 ) Granted and issued - - Cashless warrant exercises - - Expired (146,003 ) (3.70 ) Outstanding, March 31, 2023 3,562,817 5.05 3,540,317 5.07 Granted and issued 1,965,002 2.13 Cashless warrant exercises (63,584 ) (1.34 ) Expired (16,750 ) (4.18 ) Outstanding, September 30, 2023 5,447,485 $ 4.04 3,673,315 $ 5.00 On September 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 1,868,491 $ 1.90 2.91 283,489 $ 1.35 2.01 4.00 535,438 2.54 1.73 346,270 2.46 4.01 5.63 3,043,556 5.63 2.86 3,043,556 5.63 Total 5,447,485 $ 4.04 2.77 3,673,315 $ 5.00 Stock-based compensation expense included in the Consolidated Statements of Operations for warrants was $ 146,170 20,831 146,170 41,662 It is expected that the Company will recognize expense after September 30, 2023 related to warrants issued, outstanding, and valued using the Black Scholes pricing model as of September 30, 2023 of approximately $ 176,000 For the three months ended September 30, 2023 and 2022, the total stock-based compensation on all instruments was $ 648,023 305,971 1,135,642 537,202 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 12 – SUBSEQUENT EVENTS The Company raised an aggregate of $ 1,070,000 725,000 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Policies) | 6 Months Ended |
Sep. 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 twenty 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 consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. The results for the three and six months ended September 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 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 |
Concentration Risk | (F) Concentration Risk The Company maintains its cash with various financial institutions, which at times may exceed federally insured limits. At September 30, 2023, the Company did not 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 as well as a forecast of projected credit losses. 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 since all receivables to date have been collected. 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 September 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 |
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 5,447,485 1.20 5.63 4.04 The Company had 177,334 The Company had 1,354,088 1.39 2.79 2.20 The Company had 3,686,320 1.20 6.67 5.02 The Company had 339,418 The Company had 393,789 1.39 2.79 1.91 The Company 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 September 30, 2023 and 2022, the Company recognized revenue from product sales under the Agreement of $ 143,606 118,264 69 53 For the six months ended September 30, 2023 and 2022, the Company recognized revenue from product sales under the Agreement of $ 177,395 118,264 55 42 Assets and liabilities (included in accrued expenses) under the Agreement were as follows: SCHEDULE OF RECOGNIZED REVENUE ASSETS AND LIABILITIES September 30, 2023 March 31, 2023 Accounts receivable $ 151,164 $ 81,510 Rebate liability 35,000 28,000 Distribution fee payable 12,152 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 September 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 | (O) Stock-Based Compensation Stock-based compensation is accounted for based on the requirements of ASC 718 – “Compensation – Stock Compensation”‘ which requires recognition in the financial statements of the cost of employee, director, and non-employee services received in exchange for an award of equity instruments over the period the employee, director, or non-employee is required to perform the services in exchange for the award (presumptively, the vesting period). The ASC also requires measurement of the cost of employee, director, and non-employee services received in exchange for an award based on grant-date fair value of the award. The Company has elected to recognized forfeitures as they occur as permitted under Accounting Standards Update (“ASU”) 2016-09 Improvements to Employee Share-Based Payment. |
Income Taxes | (P) 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 | (Q) Recent Accounting Pronouncements The Company has reviewed the FASB issued ASU accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and 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 accounts receivable, 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 consolidated financial statements for the six months ended September 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) | 6 Months Ended |
Sep. 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 September 30, 2023 March 31, 2023 Accounts receivable $ 151,164 $ 81,510 Rebate liability 35,000 28,000 Distribution fee payable 12,152 5,187 |
INVENTORY (Tables)
INVENTORY (Tables) | 6 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORY | The inventory components are as follows: SCHEDULE OF INVENTORY September 30, 2023 March 31, 2023 Finished Goods $ 17,428 $ 13,159 Work in process 34,093 53,398 Raw materials 382,559 303,726 Total $ 434,080 $ 370,283 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 6 Months Ended |
Sep. 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 September 30, 2023 March 31, 2023 Leasehold improvements $ 232,319 $ 216,159 Production equipment 631,441 577,067 R&D equipment 25,184 25,184 Computer equipment and furniture 144,816 121,732 Total, at cost 1,033,760 940,142 Accumulated depreciation (368,379 ) (309,290 )) Total Net $ 665,381 $ 630,852 |
PATENTS AND TRADEMARKS (Tables)
PATENTS AND TRADEMARKS (Tables) | 6 Months Ended |
Sep. 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 September 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 (3,861,825 ) (3,857,550 ) Total net $ 34,374 $ 38,649 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 6 Months Ended |
Sep. 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 September 30, 2023 March 31, 2023 Accrued payroll and related taxes $ 290,619 $ 258,978 Accrued expenses 195,500 188,666 Accrued lease termination expense 332,238 332,238 Total $ 818,357 $ 779,882 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Sep. 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 September 30, 2023: SCHEDULE OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY 2024 $ 101,668 2025 207,061 2026 211,002 2027 187,717 2028 114,410 2029 114,273 Thereafter 518,517 Total 1,454,648 Less: amount representing interest (135,982 ) Total $ 1,318,666 |
SCHEDULE OF BASE RENT LEASE PAYMENTS | SCHEDULE OF BASE RENT LEASE PAYMENTS Present value of future base rent lease payments $ 1,318,666 Base rent payments included in prepaid expenses - Present value of future base rent lease payments – net $ 1,318,666 |
SCHEDULE OF LEASE CURRENT AND NON-CURRENT ASSETS AND LIABILITIES | As of September 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 $ 1,318,666 Total operating lease assets 1,318,666 Operating lease current liability 177,773 Operating lease non-current liability 1,140,893 Total operating lease liabilities $ 1,318,666 |
STOCKHOLDERS_ EQUITY (Tables)
STOCKHOLDERS’ EQUITY (Tables) | 6 Months Ended |
Sep. 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 six months ended September 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 (78,750 ) 3.47 - Balance at September 30, 2023 177,334 $ 4.01 $ 326,295 (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 Six Months Ended Year Ended September 30, 2023 March 31, 2023 Expected term 7 7 Expected volatility 75.9 93.2 % 111.7 146.9 % Risk-free interest rate 3.46 4.48 % 2.96 4.35 % Expected dividend yield 0 % 0 % Fair value on the date of grant $ 1.35 2.22 $ 1.87 2.79 |
SCHEDULE OF STOCK OPTION ACTIVITY | Our stock option activity for the year ended March 31, 2023 and the six months ended September 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 469,239 2.22 Balance at September 30, 2023 1,354,088 $ 2.20 6.1 $ 60,450 Options exercisable at September 30, 2023 364,417 (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 Six Months Ended Year Ended September 30, 2023 Mar 31, 2023 Number of: Non-vested options, beginning of period 709,394 195,000 Non-vested options, end of period 989,671 709,394 Vested options, end of period 364,417 175,455 Six Months Ended Year Ended September 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 $ 2.18 $ 2.23 Vested options, end of period $ 2.26 $ 2.01 Forfeited options, during the period $ - $ - |
SCHEDULE OF WARRANT’S USING BLACK-SCHOLES VALUATION | These warrants’ values were arrived at by using the Black-Scholes valuation model with the following assumptions: SCHEDULE OF WARRANT’S USING BLACK-SCHOLES VALUATION Six Months Ended September 30, 2023 Stock price on valuation date $ 2.00 2.15 Exercise price $ 2.00 2.75 Term (years) 2.0 3.0 Volatility 78.0 80.1 % Risk-free rate 4.41 4.64 % |
SCHEDULE OF WARRANT ACTIVITY | A summary of warrant activity for the year ended March 31, 2023 and the six months ended September 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 ) Granted and issued - - Cashless warrant exercises - - Expired (146,003 ) (3.70 ) Outstanding, March 31, 2023 3,562,817 5.05 3,540,317 5.07 Granted and issued 1,965,002 2.13 Cashless warrant exercises (63,584 ) (1.34 ) Expired (16,750 ) (4.18 ) Outstanding, September 30, 2023 5,447,485 $ 4.04 3,673,315 $ 5.00 |
SCHEDULE OF RANGE OF WARRANT PRICES | On September 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 1,868,491 $ 1.90 2.91 283,489 $ 1.35 2.01 4.00 535,438 2.54 1.73 346,270 2.46 4.01 5.63 3,043,556 5.63 2.86 3,043,556 5.63 Total 5,447,485 $ 4.04 2.77 3,673,315 $ 5.00 |
SCHEDULE OF RECOGNIZED REVENUE
SCHEDULE OF RECOGNIZED REVENUE ASSETS AND LIABILITIES (Details) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts receivable | $ 151,164 | $ 81,510 |
Rebate liability | 35,000 | 28,000 |
Distribution fee payable | $ 12,152 | $ 5,187 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Cash equivalents | $ 0 | $ 0 | |||
Allowance for credit losses | 0 | 0 | $ 0 | ||
Provisions for inventory obsolescence | 0 | $ 0 | 0 | ||
Monthly sales gross percentage | 5% | ||||
Revenue from contract with customer | 207,366 | $ 223,280 | $ 324,549 | $ 281,454 | |
Fair value, net asset (liability) | 0 | 0 | $ 0 | ||
Product [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Revenue from contract with customer | $ 143,606 | $ 118,264 | $ 177,395 | $ 118,264 | |
Percentage of net revenue | 69% | 53% | 55% | 42% | |
Warrant [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share amount | 5,447,485 | 3,686,320 | |||
Restricted Stock Units (RSUs) [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share amount | 177,334 | 339,418 | |||
Share-Based Payment Arrangement, Option [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share amount | 1,354,088 | 393,789 | |||
Patents and Trademarks [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Estimated useful life of intangible assets | 60 months | 60 months | |||
Minimum [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Exercise price | $ 1.35 | $ 1.35 | $ 1.87 | ||
Minimum [Member] | Warrant [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Exercise price | 1.20 | $ 1.20 | 1.20 | $ 1.20 | |
Minimum [Member] | Share-Based Payment Arrangement, Option [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Exercise price | 1.39 | 1.39 | 1.39 | 1.39 | |
Maximum [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Exercise price | 2.22 | 2.22 | $ 2.79 | ||
Maximum [Member] | Warrant [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Exercise price | 5.63 | 6.67 | 5.63 | 6.67 | |
Maximum [Member] | Share-Based Payment Arrangement, Option [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Exercise price | 2.79 | 2.79 | 2.79 | 2.79 | |
Weighted Average [Member] | Warrant [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Exercise price | 4.04 | 5.02 | 4.04 | 5.02 | |
Weighted Average [Member] | Share-Based Payment Arrangement, Option [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Exercise price | $ 2.20 | $ 1.91 | $ 2.20 | $ 1.91 | |
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 | 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 | 5 years | |||
Leasehold Improvements [Member] | Minimum [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Estimated useful life of assets | 5 years | 5 years | |||
Leasehold Improvements [Member] | Maximum [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Estimated useful life of assets | 7 years | 7 years |
SCHEDULE OF INVENTORY (Details)
SCHEDULE OF INVENTORY (Details) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Finished Goods | $ 17,428 | $ 13,159 |
Work in process | 34,093 | 53,398 |
Raw materials | 382,559 | 303,726 |
Total | $ 434,080 | $ 370,283 |
INVENTORY (Details Narrative)
INVENTORY (Details Narrative) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Inventory | $ 434,080 | $ 370,283 |
PREPAID EXPENSES AND OTHER CU_2
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details Narrative) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Prepaid expenses and other assets | $ 1,370,604 | $ 491,694 |
One Consulting Agreement [Member] | ||
Cash for deferred consulting fees | $ 247,500 | |
Common Stock [Member] | One Consulting Agreement [Member] | ||
Common stock issued for deferred consulting fees | 537,500 | |
Deferred Consulting Fees [Member] | ||
Prepaid expenses and other assets | $ 785,000 | |
Investor Relations [Member] | ||
Prepaid expenses and other assets | 45,000 | |
Insurance Costs [Member] | ||
Prepaid expenses and other assets | 292,000 | 130,000 |
Trade Shows [Member] | ||
Prepaid expenses and other assets | 91,000 | 42,000 |
Nasdaq and FINRA Fees [Member] | ||
Prepaid expenses and other assets | 33,000 | 63,000 |
Deferred Issuance Costs [Member] | ||
Prepaid expenses and other assets | 37,000 | |
Software Subscription Fees [Member] | ||
Prepaid expenses and other assets | 32,000 | 19,000 |
Rent [Member] | ||
Prepaid expenses and other assets | $ 25,000 | |
Investor Relations Services [Member] | ||
Prepaid expenses and other assets | 115,000 | |
Board Compensation [Member] | ||
Prepaid expenses and other assets | 56,000 | |
Supplier Advance [Member] | ||
Prepaid expenses and other assets | $ 42,000 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Total, at cost | $ 1,033,760 | $ 940,142 |
Accumulated depreciation | (368,379) | (309,290) |
Total Net | 665,381 | 630,852 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | 232,319 | 216,159 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total, at cost | 631,441 | 577,067 |
Research and Development 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 | $ 144,816 | $ 121,732 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 30,078 | $ 28,719 | $ 59,089 | $ 54,044 |
SCHEDULE OF COMPONENTS OF PATEN
SCHEDULE OF COMPONENTS OF PATENTS AND TRADEMARKS (Details) - USD ($) | Sep. 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 | (3,861,825) | (3,857,550) |
Total net | $ 34,374 | $ 38,649 |
PATENTS AND TRADEMARKS (Details
PATENTS AND TRADEMARKS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 2,137 | $ 2,227 | $ 4,275 | $ 4,466 |
SCHEDULE OF COMPONENTS OF ACCRU
SCHEDULE OF COMPONENTS OF ACCRUED EXPENSES (Details) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Payables and Accruals [Abstract] | ||
Accrued payroll and related taxes | $ 290,619 | $ 258,978 |
Accrued expenses | 195,500 | 188,666 |
Accrued lease termination expense | 332,238 | 332,238 |
Total | $ 818,357 | $ 779,882 |
ACCRUED EXPENSES (Details Narra
ACCRUED EXPENSES (Details Narrative) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Payables and Accruals [Abstract] | ||
Lease termination liability payable | $ 332,000 | $ 332,000 |
NOTE PAYABLE (Details Narrative
NOTE PAYABLE (Details Narrative) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 | Jan. 31, 2020 |
Debt Disclosure [Abstract] | |||
Notes payable | $ 23,995 | $ 27,351 | $ 42,500 |
Debt instrument, interest rate | 6% | ||
Notes payable, current liabilities | 7,139 | 6,936 | |
Notes payable other liabilities | $ 16,856 | $ 20,415 |
RETIREMENT PLAN (Details Narrat
RETIREMENT PLAN (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Retirement Benefits [Abstract] | ||||
Discretionary contributions | $ 12,854 | $ 8,183 | $ 25,408 | $ 14,341 |
SCHEDULE OF ANNUAL UNDISCOUNTED
SCHEDULE OF ANNUAL UNDISCOUNTED OPERATING LEASE LIABILITY (Details) | Sep. 30, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2024 | $ 101,668 |
2025 | 207,061 |
2026 | 211,002 |
2027 | 187,717 |
2028 | 114,410 |
2029 | 114,273 |
Thereafter | 518,517 |
Total | 1,454,648 |
Less: amount representing interest | (135,982) |
Total | $ 1,318,666 |
SCHEDULE OF BASE RENT LEASE PAY
SCHEDULE OF BASE RENT LEASE PAYMENTS (Details) | Sep. 30, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Present value of future base rent lease payments | $ 1,318,666 |
Base rent payments included in prepaid expenses | |
Present value of future base rent lease payments – net | $ 1,318,666 |
SCHEDULE OF LEASE CURRENT AND N
SCHEDULE OF LEASE CURRENT AND NON-CURRENT ASSETS AND LIABILITIES (Details) - USD ($) | Sep. 30, 2023 | Mar. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease right-of-use asset | $ 1,318,666 | |
Total operating lease assets | 1,318,666 | $ 317,981 |
Operating lease current liability | 177,773 | 78,149 |
Operating lease non-current liability | 1,140,893 | $ 239,832 |
Total operating lease liabilities | $ 1,318,666 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Jan. 10, 2023 USD ($) ft² | Sep. 30, 2023 USD ($) | Jan. 31, 2022 ft² | Jan. 31, 2020 USD ($) | May 31, 2017 ft² | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Mar. 31, 2023 USD ($) | |
Loss Contingencies [Line Items] | ||||||||||
Operating lease term | 84 months | |||||||||
Area of land | ft² | 3,577 | |||||||||
Annual increase in base rent, percentage | 2% | |||||||||
Lease extension description | the extended lease terms to June 2026, November 2026, March 2027, and June 2033 | |||||||||
Notes payable | $ 23,995 | $ 42,500 | $ 23,995 | $ 23,995 | $ 27,351 | |||||
Operating lease right-of-use asset | 1,318,666 | 1,318,666 | 1,318,666 | 317,981 | ||||||
Total | $ 1,318,666 | $ 1,318,666 | $ 1,318,666 | |||||||
Weighted average remaining lease term | 4 years 9 months 18 days | 4 years 9 months 18 days | 4 years 9 months 18 days | |||||||
Weighted average discount rate | 4.11% | 4.11% | 4.11% | |||||||
David Masters [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Legal settlement amount | $ 180,000 | |||||||||
Settlement expense | $ 180,000 | |||||||||
David Masters [Member] | Minimum [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation reserve | $ 2,000,000 | $ 2,000,000 | $ 2,000,000 | |||||||
June 2026 [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Operating lease treasury rate | 0.12% | 0.12% | 0.12% | |||||||
November 2026 [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Operating lease treasury rate | 0.40% | 0.40% | 0.40% | |||||||
March 2027 [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Operating lease treasury rate | 7.60% | 7.60% | 7.60% | |||||||
June 2023 [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Operating lease treasury rate | 4.39% | 4.39% | 4.39% | |||||||
Vehicles [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Lease term | 48 months | 48 months | 48 months | |||||||
Operating lease right-of-use asset | $ 150,000 | $ 150,000 | $ 150,000 | |||||||
Operating lease expense | 104,473 | $ 51,994 | 175,265 | $ 101,954 | ||||||
Extended Lease Term to 2026 [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Lease extension description | In January 2020, the Company entered into a lease amendment to extend the lease term through November of 2026 | |||||||||
Notes payable | $ 42,500 | |||||||||
Base rent | 2,294 | 2,294 | 2,294 | 2,294 | ||||||
Operating lease right-of-use asset | 1,465,000 | 1,465,000 | 1,465,000 | |||||||
Total | 1,465,000 | 1,465,000 | 1,465,000 | |||||||
January 2022 Lease [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Operating lease term | 63 months | |||||||||
Area of land | ft² | 2,400 | |||||||||
Annual increase in base rent, percentage | 2.50% | |||||||||
Base rent | 2,740 | 2,740 | 2,740 | $ 2,673 | ||||||
January 10, 2023 Lease[Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Area of land | ft² | 14,000 | |||||||||
Annual increase in base rent, percentage | 2.50% | |||||||||
Base rent | $ 8,420 | $ 8,420 | $ 8,420 | $ 8,420 | ||||||
Lease termination | The lease will terminate on June 30, 2033 | |||||||||
Renewal term | 5 years |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Nov. 26, 2023 | Nov. 06, 2023 | Oct. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Net loss | $ 3,661,153 | $ 2,893,577 | $ 2,111,589 | $ 1,965,428 | $ 6,554,730 | $ 4,077,017 | ||||
Net cash used in operating activities | 4,604,962 | $ 3,749,581 | ||||||||
Accumulated deficit | $ 78,398,759 | $ 78,398,759 | $ 71,844,029 | |||||||
Subsequent Event [Member] | ATM Sales Agreement [Member] | ||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||||||
Aggregate amount raised | $ 1,070,000 | $ 1,070,000 | ||||||||
Number of shares issued in private offering | 725,000 |
SCHEDULE OF TIME BASED RESTRICT
SCHEDULE OF TIME BASED RESTRICTED STOCK UNITS (Details) - Time-Based Restricted Stock Units [Member] - USD ($) | 6 Months Ended | 12 Months Ended | |
Sep. 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 | (78,750) | (177,184) | |
Time based RSU's, Weighted Average Vested Date Fair Value Per Unit, Vested | $ 3.47 | $ 3.99 | |
Time based RSU's, Balance | 177,334 | 256,084 | |
Time based RSU's, Weighted Average Grant Date Fair Value Per Unit | $ 4.01 | $ 3.85 | |
Aggregate Intrinsic Value, RSU's, Balance | [1] | $ 326,295 | $ 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 | 6 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Mar. 31, 2023 | |
Expected term | 7 years | 7 years |
Expected volatility, minimum | 75.90% | 111.70% |
Expected volatility, maximum | 93.20% | 146.90% |
Risk-free interest rate, minimum | 3.46% | 2.96% |
Risk-free interest rate, maximum | 4.48% | 4.35% |
Expected dividend yield | 0% | 0% |
Minimum [Member] | ||
Fair value on the date of grant | $ 1.35 | $ 1.87 |
Maximum [Member] | ||
Fair value on the date of grant | $ 2.22 | $ 2.79 |
SCHEDULE OF STOCK OPTION ACTIVI
SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | ||
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 1 month 6 days | 6 years 3 months 18 days | 6 years 10 months 24 days | |
Aggregate Intrinsic Value, Beginning | [2] | $ 307,750 | $ 100,200 | |
Options Outstanding, Granted | 469,239 | 714,849 | ||
Weighted Average Exercise Price Per Share, Granted | [1] | $ 2.22 | $ 2.37 | |
Options Outstanding, Cancelled | (25,000) | |||
Weighted Average Exercise Price Per Share, Cancelled | [1] | $ 2.46 | ||
Options Outstanding, Ending | 1,354,088 | 884,849 | 195,000 | |
Weighted Average Exercise Price Per Share, Ending | [1] | $ 2.20 | $ 2.19 | $ 1.56 |
Aggregate Intrinsic Value, Ending | [2] | $ 60,450 | $ 307,750 | $ 100,200 |
Options exercisable | 364,417 | |||
[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 | 6 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Mar. 31, 2023 | |
Equity [Abstract] | ||
Non-vested options, beginning of year | 709,394 | 195,000 |
Non -vested options, end of year | 989,671 | 709,394 |
Vested options, end of year | 364,417 | 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 | 2.18 | 2.23 |
Weighted-average grant date fair value, vested options, end of year | 2.26 | 2.01 |
Weighted-average grant date fair value, forfeited options, during the year |
SCHEDULE OF WARRANT_S USING BLA
SCHEDULE OF WARRANT’S USING BLACK-SCHOLES VALUATION (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Term (years) | 7 years | 7 years |
Volatility, minimum | 75.90% | 111.70% |
Volatility, maximum | 93.20% | 146.90% |
Risk-free rate, minimum | 3.46% | 2.96% |
Risk-free rate, maximum | 4.48% | 4.35% |
Minimum [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Stock price on valuation date | $ 1.35 | $ 1.87 |
Maximum [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Stock price on valuation date | $ 2.22 | $ 2.79 |
Warrant [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Volatility, minimum | 78% | |
Volatility, maximum | 80.10% | |
Risk-free rate, minimum | 4.41% | |
Risk-free rate, maximum | 4.64% | |
Warrant [Member] | Minimum [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Stock price on valuation date | $ 2 | |
Exercise price | $ 2 | |
Term (years) | 2 years | |
Warrant [Member] | Maximum [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Stock price on valuation date | $ 2.15 | |
Exercise price | $ 2.75 | |
Term (years) | 3 years |
SCHEDULE OF WARRANT ACTIVITY (D
SCHEDULE OF WARRANT ACTIVITY (Details) - Warrant [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Sep. 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, Granted and issued | 1,965,002 | |
Weighted-Average Exercise Price, Granted and issued | $ 2.13 | |
Number of Warrants, Cashless warrant exercises | (63,584) | |
Weighted-Average Exercise Price, Cashless warrant exercises | $ (1.34) | |
Number of Warrants, Expired | (16,750) | (146,003) |
Weighted-Average Exercise Price, Expired | $ (4.18) | $ (3.70) |
Number of Warrants, Outstanding, Ending balance | 5,447,485 | 3,562,817 |
Weighted-Average Exercise Price, Outstanding, Ending balance | $ 4.04 | $ 5.05 |
Warrants Exercisable, Outstanding, Ending balance | 3,673,315 | 3,540,317 |
Weighted-Average Exercise Price, Ending balance | $ 5 | $ 5.07 |
SCHEDULE OF RANGE OF WARRANT PR
SCHEDULE OF RANGE OF WARRANT PRICES (Details) - Warrant [Member] - $ / shares | 6 Months Ended | ||
Sep. 30, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Number of Warrants, Outstanding | 5,447,485 | ||
Weighted-Average Exercise Price, outstanding | $ 4.04 | $ 5.05 | $ 4.95 |
Weighted-Average Remaining Contractual Life (Years), Outstanding | 2 years 9 months 7 days | ||
Number of Warrants, Exercisable | 3,673,315 | 3,540,317 | 3,693,734 |
Weighted-Average Exercise Price, Exercisable | $ 5 | $ 5.07 | $ 5 |
Range One [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Number of Warrants, Outstanding | 1,868,491 | ||
Weighted-Average Exercise Price, outstanding | $ 1.90 | ||
Weighted-Average Remaining Contractual Life (Years), Outstanding | 2 years 10 months 28 days | ||
Number of Warrants, Exercisable | 283,489 | ||
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 | 535,438 | ||
Weighted-Average Exercise Price, outstanding | $ 2.54 | ||
Weighted-Average Remaining Contractual Life (Years), Outstanding | 1 year 8 months 23 days | ||
Number of Warrants, Exercisable | 346,270 | ||
Weighted-Average Exercise Price, Exercisable | $ 2.46 | ||
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 | 2 years 10 months 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 | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||
Aug. 11, 2023 | Aug. 04, 2023 | Jul. 27, 2023 | Oct. 14, 2022 | Sep. 30, 2023 | Aug. 31, 2023 | Jul. 31, 2023 | Jun. 30, 2023 | May 30, 2023 | Apr. 30, 2023 | Mar. 31, 2023 | Aug. 31, 2022 | Jul. 31, 2022 | Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Aug. 10, 2023 | Oct. 13, 2022 | Jul. 10, 2020 | Jan. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Aggregate amount of convertiable promissory note | $ 550,000 | |||||||||||||||||||||||
Interest rate | 6% | |||||||||||||||||||||||
Loss on extinguishment of debt | $ 534,366 | 534,366 | ||||||||||||||||||||||
Interest income | $ (2,444) | 7,979 | $ (2,444) | 8,644 | ||||||||||||||||||||
Sale of stock number of shares issued in transaction | 1,200,002 | 793,585 | ||||||||||||||||||||||
Weighted average strike price | $ 1.50 | $ 2.75 | ||||||||||||||||||||||
Warrants sale of stock, shares | 1,965,002 | 1,965,002 | 1,965,002 | |||||||||||||||||||||
Proceeds from offering of shares | $ 1,775,782 | $ 2,182,359 | $ 137,500 | |||||||||||||||||||||
Offering expenses | $ 24,218 | $ 88,765 | ||||||||||||||||||||||
Vesting of restricted stock units in lieu of compensation | $ 41,006 | $ 74,589 | ||||||||||||||||||||||
Stock issued for services, value | 740,978 | 123,078 | 49,920 | |||||||||||||||||||||
Warrant cash proceeds | ||||||||||||||||||||||||
Amortization of stock issued for services | 44,520 | 105,000 | $ 165,810 | 150,050 | ||||||||||||||||||||
Stock options contractual term | 6 years 1 month 6 days | 6 years 3 months 18 days | 6 years 10 months 24 days | |||||||||||||||||||||
Stock-based compensation | $ 648,023 | 305,971 | $ 1,135,642 | 537,202 | ||||||||||||||||||||
Registered Offering [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Warrants sale of stock, shares | 1,200,002 | |||||||||||||||||||||||
Registered Offering valued | $ 1,273,365 | |||||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Options exercisable, exercise price | $ 1.39 | $ 1.39 | $ 1.39 | |||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Options exercisable, exercise price | 2.79 | 2.79 | 2.79 | |||||||||||||||||||||
Convertible Debentures [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Debentures conversion, principal amount converted | $ 577,500 | |||||||||||||||||||||||
Debentures conversion, accrued interest converted | $ 27,500 | |||||||||||||||||||||||
Debentures conversion, shares issued | 385,000 | |||||||||||||||||||||||
Weighted average strike price | $ 1.50 | |||||||||||||||||||||||
Warrant Holders [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Sale of stock number of shares issued in transaction | 12,212 | 24,447 | 24,217 | |||||||||||||||||||||
Weighted average strike price | $ 1.35 | $ 1.33 | $ 1.41 | $ 1.33 | $ 1.35 | $ 1.35 | ||||||||||||||||||
Warrants sale of stock, shares | 41,084 | 22,500 | 41,084 | 41,084 | ||||||||||||||||||||
Sale of stock number of shares issued in transaction warrant | 22,466 | |||||||||||||||||||||||
Warrant cash proceeds | $ 34,370 | $ 32,188 | ||||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Vesting of restricted stock units, shares | 22,000 | 6,250 | 33,250 | |||||||||||||||||||||
Time-Based Restricted Stock Units [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Vesting of restricted stock units, shares | 78,750 | 177,184 | ||||||||||||||||||||||
Restricted stock compensation expense | $ 223,383 | 182,377 | $ 480,349 | 364,754 | ||||||||||||||||||||
Warrants outstanding | $ 441,000 | 441,000 | $ 441,000 | |||||||||||||||||||||
Unrecognized compensation expenses recognition period | 9 months | |||||||||||||||||||||||
Share-Based Payment Arrangement, 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 | 278,470 | 102,763 | $ 509,123 | 130,786 | ||||||||||||||||||||
Unrecognized compensation expenses | 1,267,000 | 1,267,000 | 1,267,000 | |||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Warrants outstanding | $ 176,000 | 176,000 | 176,000 | |||||||||||||||||||||
Stock-based compensation | $ 146,170 | $ 20,831 | $ 146,170 | $ 41,662 | ||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Common stock, shares | 1,200,002 | 793,585 | 2,891,511 | 106,914 | ||||||||||||||||||||
Vesting of restricted stock units, shares | 22,000 | 6,250 | 33,250 | |||||||||||||||||||||
Vesting of restricted stock units in lieu of compensation, shares | 20,200 | 30,300 | ||||||||||||||||||||||
Vesting of restricted stock units in lieu of compensation | $ 20 | $ 31 | ||||||||||||||||||||||
Stock issued for services, shares | 349,498 | 49,998 | 25,000 | |||||||||||||||||||||
Stock issued for services, value | $ 350 | $ 50 | $ 25 | |||||||||||||||||||||
Sale of stock number of shares issued in transaction warrant | 34,678 | |||||||||||||||||||||||
Warrant cash proceeds | $ 22 | $ 6 | $ 33 | |||||||||||||||||||||
Chief Executive Officer [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Vesting of restricted stock units, shares | 10,100 | |||||||||||||||||||||||
Chief Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Vesting of restricted stock units in lieu of compensation, shares | 20,200 | 30,300 | ||||||||||||||||||||||
Vesting of restricted stock units in lieu of compensation | $ 41,006 | $ 74,589 | ||||||||||||||||||||||
Vesting of restricted stock units, shares | 10,100 | 10,100 | 10,100 | 10,100 | ||||||||||||||||||||
Service Provider [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Stock issued for services, shares | 16,666 | 16,666 | 16,666 | 16,666 | 16,666 | 16,666 | 25,000 | |||||||||||||||||
Stock issued for services, value | $ 31,999 | $ 32,332 | $ 35,332 | $ 34,165 | $ 40,332 | $ 48,581 | $ 49,920 | |||||||||||||||||
Service Provider [Member] | Warrant [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Stock issued for services, shares | 300,000 | |||||||||||||||||||||||
Stock issued for services, value | $ 234,741 | |||||||||||||||||||||||
Service Provider One [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Stock issued for services, shares | 250,000 | 42,000 | ||||||||||||||||||||||
Stock issued for services, value | $ 537,500 | $ 89,040 | ||||||||||||||||||||||
Service Provider One [Member] | Warrant [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Stock issued for services, shares | 80,000 | |||||||||||||||||||||||
Service Provider One [Member] | Warrant [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Stock issued for services, value | $ 87,485 | |||||||||||||||||||||||
Service One Provider [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Stock issued for services, shares | 7,500 | |||||||||||||||||||||||
Stock issued for services, value | $ 14,775 | |||||||||||||||||||||||
Employees and Directors [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Fair value of options on the date of grant | $ 814,430 | $ 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 | 1,039,235 | 1,039,235 | 1,039,235 | |||||||||||||||||||||
Common stock available and reserved to be issued | 3,000,000 | |||||||||||||||||||||||
Interest rate | $ 2,000,000 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Debenture Subscription Agreements [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Aggregate amount of convertiable promissory note | $ 550,000 | |||||||||||||||||||||||
Debentures maturity date | Jan. 26, 2024 | |||||||||||||||||||||||
Interest rate | 10% | |||||||||||||||||||||||
Convertible Debenture Conversion Agreements [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Debentures maturity date | Jan. 26, 2024 | |||||||||||||||||||||||
Conversion price | $ 1.50 | $ 1.60 | ||||||||||||||||||||||
Debentures conversion, principal amount converted | $ 550,000 | |||||||||||||||||||||||
Debentures conversion, accrued interest converted | $ 27,500 | |||||||||||||||||||||||
Debentures conversion, shares issued | 385,000 | |||||||||||||||||||||||
Debentures conversion, warrants issued | 385,000 | |||||||||||||||||||||||
Warrant exercise price | $ 2 | |||||||||||||||||||||||
Loss on extinguishment of debt | $ 534,366 | |||||||||||||||||||||||
Interest expense | $ 25,056 | |||||||||||||||||||||||
Interest income | $ 2,444 | |||||||||||||||||||||||
Convertible Debenture Conversion Agreements [Member] | Warrant [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Debentures conversion, shares issued | 385,000 | |||||||||||||||||||||||
Debetures conversion, value of shares issued | $ 463,476 | |||||||||||||||||||||||
Convertible Debenture Conversion Agreements [Member] | Common Stock [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Debetures conversion, value of shares issued | $ 45,834 | |||||||||||||||||||||||
Purchase Agreement [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Warrant exercise price | $ 2 | |||||||||||||||||||||||
Sale of stock number of shares issued in transaction | 1,200,002 | |||||||||||||||||||||||
Weighted average strike price | $ 1.50 | |||||||||||||||||||||||
Warrants sale of stock, shares | 1,200,002 | |||||||||||||||||||||||
Proceeds from offering of shares | $ 1,775,782 | |||||||||||||||||||||||
Offering expenses | 24,218 | |||||||||||||||||||||||
Purchase Agreement [Member] | Warrant [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Proceeds from offering of shares | 1,273,365 | |||||||||||||||||||||||
Purchase Agreement [Member] | Common Stock [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Proceeds from offering of shares | $ 502,417 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - ATM Sales Agreement [Member] - USD ($) | 1 Months Ended | ||
Nov. 26, 2023 | Nov. 06, 2023 | Oct. 31, 2023 | |
Subsequent Event [Line Items] | |||
Aggregate amount raised | $ 1,070,000 | $ 1,070,000 | |
Number of shares issued in private offering | 725,000 |