Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Jul. 01, 2021 | Sep. 30, 2020 | |
Document Type | 10-K/A | ||
Amendment Flag | true | ||
Amendment Description | The Alkaline Water Company Inc. (“we”, “us”, “our” and the “Company”) is filing this Amendment No. 1 on Form 10-K/A (the “Amendment”) to amend its Annual Report on Form 10-K for the fiscal year ended March 31, 2021, originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on July 6, 2021 (the “Original Report”). In filing this amendment, the Company has amended certain information in the table for Securities Authorized for Issuance under Equity Compensation Plans, in the section on Executive Compensation and has corrected certain other information, which it considers immaterial. Except as described below, all other information in, and the exhibits to, the Original Report remain unchanged. Accordingly, this Amendment should be read in conjunction with the Original Report and with our filings with the SEC made after the Original Report. This Amendment speaks as of the date of the Original Report and the Company has not updated the Original Report to reflect events occurring subsequent to the date of the Original Report. | ||
Document Period End Date | Mar. 31, 2021 | ||
Entity Registrant Name | ALKALINE WATER Co INC | ||
Entity Central Index Key | 0001532390 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 89,761,122 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 85,287,096.72 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Trading Symbol | WTER | ||
Security Exchange Name | NASDAQ | ||
Title of 12(b) Security | Common stock | ||
Entity Interactive Data Current | Yes | ||
Document Annual Report | true | ||
Document Transition Report | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Current assets | ||
Cash | $ 9,130,956 | $ 4,561,682 |
Accounts receivable, net | 8,458,176 | 4,917,081 |
Inventory | 4,407,720 | 2,919,860 |
Prepaid expenses | 1,037,961 | 1,697,199 |
Operating lease right-of-use asset - current portion | 236,446 | 87,393 |
Total current assets | 23,271,259 | 14,183,215 |
Fixed assets - net | 1,010,183 | 1,422,581 |
Operating lease right-of-use asset | 269,167 | |
Total assets | 24,550,609 | 15,605,796 |
Current liabilities | ||
Accounts payable | 7,055,348 | 5,406,541 |
Accrued expenses | 1,306,106 | 1,186,516 |
Revolving financing | 4,324,412 | 7,291,217 |
PPP loan payable | 328,570 | |
Operating lease liability - current portion | 229,605 | 99,389 |
Total current liabilities | 13,244,041 | 13,983,663 |
Operating lease liability | 292,582 | |
Total liabilities | 13,536,623 | 13,983,663 |
Commitments and contingencies | ||
Stockholders' equity | ||
Preferred stock, $0.001 par value, 100,000,000 shares authorized, nil issued and outstanding on March 31, 2021 and 3,400,000 Series D issued and outstanding on March 31, 2020 | 3,400 | |
Common stock, Class A - $0.001 par value, 200,000,000 shares authorized 87,465,178 and 45,585,592 shares issued and outstanding at March 31, 2021 and March 31, 2020, respectively | 87,464 | 45,585 |
Additional paid in capital | 80,857,742 | 54,094,848 |
Stock Payable | 1,000,000 | |
Accumulated deficit | (69,931,220) | (53,521,700) |
Total stockholders' equity | 11,013,986 | 1,622,133 |
Total liabilities and stockholders' equity | $ 24,550,609 | $ 15,605,796 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2021 | Mar. 31, 2020 |
Preferred stock, par value per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares, issued | 87,465,178 | 45,585,592 |
Common stock, shares, outstanding | 87,465,178 | 45,585,592 |
Series D Preferred Stock [Member] | ||
Preferred stock, shares issued | 3,400,000 | |
Preferred stock, shares outstanding | 3,400,000 |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS (unaudited) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Operations [Abstract] | ||
Revenue | $ 46,069,121 | $ 38,429,505 |
Cost of Goods Sold | 29,622,361 | 25,306,324 |
Gross Profit | 16,446,760 | 13,123,181 |
Operating expenses | ||
Sales and marketing expenses | 16,420,520 | 16,354,704 |
General and administrative | 15,860,147 | 11,146,540 |
Total operating expenses | 32,280,667 | 27,501,244 |
Total operating loss | (15,833,907) | (14,378,063) |
Other expense | ||
Interest expense | (575,613) | (448,758) |
Total other expense | (575,613) | (448,758) |
Net loss | $ (16,409,520) | $ (14,826,821) |
LOSS PER SHARE (Basic and Diluted) | $ (0.24) | $ (0.34) |
WEIGHTED AVERAGE SHARES OUTSTANDING (Basic and Diluted) | 69,502,652 | 43,016,473 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Stock Payable [Member] | Accumulated Deficit [Member] | Total |
Beginning balance at Mar. 31, 2019 | $ 5,300 | $ 39,573 | $ 50,006,919 | $ (38,694,879) | $ 11,356,913 | |
Beginning balance (in shares) at Mar. 31, 2019 | 5,300,000 | 39,573,512 | ||||
Preferred Stock Conversion | $ (1,900) | $ 1,900 | ||||
Preferred Stock Conversion (in shares) | (1,900,000) | 1,900,000 | ||||
Common shares issued upon exercise of warrants | $ 3,974 | 2,496,512 | 2,500,486 | |||
Common shares issued upon exercise of warrants (in shares) | 3,974,000 | |||||
Stock Compensation Expense | 1,591,555 | $ 1,591,555 | ||||
Stock Option Exercise | $ 138 | (138) | ||||
Stock option exercise (in shares) | 138,080 | 239,000 | ||||
Stock Payable | $ 1,000,000 | $ 1,000,000 | ||||
Net (loss) | (14,826,821) | (14,826,821) | ||||
Ending balance at Mar. 31, 2020 | $ 3,400 | $ 45,585 | 54,094,848 | 1,000,000 | (53,521,700) | 1,622,133 |
Ending balance (in shares) at Mar. 31, 2020 | 3,400,000 | 45,585,592 | ||||
Preferred Stock Conversion | $ (3,400) | $ 3,400 | ||||
Preferred Stock Conversion (in shares) | (3,400,000) | 3,400,000 | ||||
Common shares issued in connection with offerings | $ 23,717 | 15,875,828 | (1,000,000) | 14,899,545 | ||
Common shares issued in connection with offerings (Shares) | 23,717,818 | |||||
Common shares issued upon exercise of warrants | $ 13,294 | 7,101,592 | 7,114,886 | |||
Common shares issued upon exercise of warrants (in shares) | 13,293,728 | |||||
Common shares issued to non-employees and employees | $ 1,116 | 1,324,181 | 1,325,297 | |||
Common shares issued to non-employees and employees (in shares) | 1,115,801 | |||||
Stock Compensation Expense | 2,400,165 | 2,400,165 | ||||
Stock Option Exercise | $ 352 | 61,128 | $ 61,480 | |||
Stock option exercise (in shares) | 352,239 | 506,000 | ||||
Net (loss) | (16,409,520) | $ (16,409,520) | ||||
Ending balance at Mar. 31, 2021 | $ 0 | $ 87,464 | $ 80,857,742 | $ 0 | $ (69,931,220) | $ 11,013,986 |
Ending balance (in shares) at Mar. 31, 2021 | 0 | 87,465,178 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (16,409,520) | $ (14,826,821) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation expense | 997,791 | 1,011,241 |
Stock compensation expense | 3,725,463 | 1,591,555 |
Right-of-use asset amortization | 4,578 | 11,996 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (3,541,095) | (1,848,900) |
Inventory | (1,487,860) | (861,848) |
Prepaid expenses and other current assets | 659,238 | (1,318,500) |
Accounts payable | 1,648,807 | 2,507,583 |
Accrued expenses | 122,360 | 91,058 |
NET CASH USED IN OPERATING ACTIVITIES | (14,280,238) | (13,642,636) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of fixed assets | (585,393) | (488,557) |
CASH USED IN INVESTING ACTIVITIES | (585,393) | (488,557) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from (repayment of) revolving financing | (2,966,805) | 4,159,938 |
Proceeds from promissory note payable | 325,800 | |
Proceeds from sale of common stock, net | 14,899,545 | |
Proceeds from stock payable | 1,000,000 | |
Proceeds for the exercise of warrants, net | 7,114,886 | 2,500,486 |
Proceeds for the exercise of stock options | 61,479 | |
CASH PROVIDED BY FINANCING ACTIVITIES | 19,434,905 | 7,660,424 |
NET CHANGE IN CASH | 4,569,274 | (6,470,769) |
CASH AT BEGINNING OF PERIOD | 4,561,682 | 11,032,451 |
CASH AT END OF PERIOD | 9,130,956 | 4,561,682 |
INTEREST PAID | 526,724 | 350,327 |
TAXES PAID | 0 | 0 |
SUPPLEMENTAL DISCLOSURE of NON-CASH INVESTING and FINANCING ACTIVITIES | ||
OPERATING LEASE RIGHT OF USE ASSET | 646,550 | 0 |
OPERATING LEASE LIABILITY | 653,827 | $ 0 |
ISSUANCE OF COMMON SHARES TO SETTLE STOCK PAYABLE | $ 1,000,000 |
NATURE OF BUSINESS AND SUMMARY
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block] | NOTE 1 -NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business The Company offers retail consumers bottled alkaline water in 500-milliliter, 700-milliliter, 1-liter, 1.5 -liter, 2,-liter, 3-liter and 1-gallon sizes, all of which is produced through an electrolysis process that uses specialized electronic cells coated with a variety of rare earth minerals to produce 8.8 pH drinking water without the use of any manmade chemicals. In addition to its bottled alkaline water, the Company also offers retail consumers flavor infused bottled water in the 500-milliliter size in six flavors: Raspberry, Watermelon, Lemon, Lemon Lime, Peach Mango and Blood Orange. The Company recently introduced and began selling hemp-derived CBD topical and ingestible products under the brand name "A88CBD™". Our hemp-derived CBD products are produced and sold in compliance with the Agriculture Improvement Act of 2018 (also known as the 2018 Farm Bill, Public Law 115-334). Basis of presentation The consolidated financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in U.S. dollars, have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission. Principles of consolidation The consolidated financial statements include the accounts of The Alkaline Water Company Inc. (a Nevada Corporation) and its five wholly owned subsidiaries: A88 Infused Beverage Division Inc. (a Nevada Corporation), A88 International, Inc. (a Nevada Corporation), A88 Infused Products Inc. (a Nevada Corporation), AWC Acquisition Company Inc. (a Nevada corporation), and Alkaline 88, LLC (an Arizona Limited Liability Company). All significant intercompany balances and transactions have been eliminated. The Alkaline Water Company Inc., A88 Infused Beverage Division, Inc., A88 Infused Products Inc., A88 International, Inc., AWC Acquisition Company Inc., and Alkaline 88, LLC will be collectively referred herein to as the "Company". Any reference herein to "The Alkaline Water Company Inc.", the "Company", "we", "our" or "us" is intended to mean The Alkaline Water Company Inc., including the subsidiaries indicated above, unless otherwise indicated. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all highly liquid instruments with an original maturity of three months or less to be considered cash equivalents. The carrying value of these investments approximates fair value. As of the balance sheet date and periodically throughout the period, the Company has maintained balances in various operating accounts in excess of federally insured limits. In addition, the Company has maintained balances in its attorney's client trust account in both C$ and US$. The Company has not experienced any losses in such accounts and periodically evaluates the credit worthiness of the financial institutions and has determined the credit exposure to be negligible. The Company had $9,130,956 and $4,561,682 in cash at March 31, 2021 and March 31, 2020, respectively. Accounts Receivable and Allowance for Doubtful Accounts The Company generally does not require collateral, and the majority of its trade receivables are unsecured. The carrying amount for accounts receivable approximates fair value. Accounts receivable consisted of the following as of March 31, 2021 and 2020: 2021 2020 Trade receivables, net $ 8,798,176 $ 4,957,081 Less: Allowance for doubtful accounts (340,000 ) (40,000 ) Net accounts receivable $ 8,458,176 $ 4,917,081 Accounts receivable are periodically evaluated for collectability based on past credit history with clients. Provisions for losses on accounts receivable are determined on the basis of loss experience, known and inherent risk in the account balance and current economic conditions. The accounts receivable balance is pledged as collateral for the Company's revolving financing as disclosed in Note 4. Inventory Inventory represents raw materials and finished goods valued at the lower of cost or market with cost determined using the weight average method which approximates first-in first-out method, and with market defined as the lower of replacement cost or realizable value. The inventory balance is pledged as collateral for the Company's revolving financing as disclosed in Note 4. As of March 31, 2021 and 2020, inventory consisted of the following: 2021 2020 Raw materials $ 3,055,951 $ 1,788,868 Finished goods 1,351,769 1,130,992 Total inventory $ 4,407,720 $ 2,919,860 Property and Equipment The Company records all property and equipment at cost less accumulated depreciation. Improvements are capitalized while repairs and maintenance costs are expensed as incurred. Depreciation is calculated using the straight-line (half-life convention) method over the estimated useful life of the assets or the lease term, whichever is shorter. Stock-Based Compensation The Company accounts for stock-based compensation is in accordance with Accounting Standards Codification ("ASC") 718. Stock-based compensation is measured at the grant date, based on the fair value of the award, and is recognized as expense over the requisite service period. The Company estimates the fair value of stock-based payments using the Black-Scholes option-pricing model for common stock options and warrants and the closing price of the Company's common stock for common share issuances. Advertising Advertising costs are charged to operations when incurred. Advertising expenses for the years ended March 31, 2021 and 2020 were $770,856 and $303,346 respectively Revenue Recognition We recognize revenue when our performance obligations are satisfied. Our primary performance obligation (the distribution and sale of beverage products) is satisfied upon the delivery of products to our customers, which is also when control is transferred. The Company does not accept returns due to the nature of the product. However, the Company will provide credit to our customers for damaged goods. The Company provides credit to its customers which typically requires payment within 30 days. As an incentive to pay early the Company also typically provides a 2% discount if the customer pays within 10 days. The Company estimates the amount of the discount that the customer is likely to take and records it as reduction in revenue. The amounts are not considered material. The Company’s bottled water product represents substantially all revenue for all periods presented. Revenue consists of the gross sales price, less variable consideration, including estimated allowances for which provisions are made at the time of sale, and less certain other discounts and allowances. Shipping and handling charges that are billed to customers are included as a component of revenue. Costs incurred by the Company for shipping and handling charges are included in selling expenses and amounted to $7,432,077 and $5,799,766 for the years ended March 31, 2021 and 2020, respectively. Concentration Risks We have 3 major customers that together account for 41% (16%, 13% and 12%, respectively) of accounts receivable at March 31, 2021, and 2 customers that together account for 40% (23% and 17%, respectively) of the total revenues earned for the year ended March 31, 2021.The Company has 3 vendors that accounted for 56% (25%, 20%, and 11% respectively) of purchases for the year ended March 31, 2021. Income Taxes In accordance with ASC 740 " Accounting for Income Taxes Basic and Diluted Loss Per Share Basic and diluted earnings or loss per share ("EPS") amounts in the consolidated financial statements are computed in accordance ASC 260- 10 " Earnings per Share For the year ended March 31, 2021, and 2020, respectively, the Company had 2,908,233 shares relating to options and no shares relating to options, 6,889,680 shares relating to warrants and no shares relating to warrants and no shares relating to convertible preferred shares that were not included in the diluted earnings per share calculation because they were antidilutive. Business Segments The Company operates on one segment in one geographic location - the United States of America and; therefore, segment information is not presented. Fair Value of Financial Instruments The carrying amounts of the company's financial instruments including accounts payable, accrued expenses, and notes payable approximate fair value due to the relative short period for maturity these instruments. The company does not use derivative financial instruments to hedge exposures to cash-flow, market or foreign-currency risks. Authoritative guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability, developed based on market data obtained from sources independent of the company. Unobservable inputs are inputs that reflect the company's assumptions of what market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on reliability of the inputs as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. As of March 31, 2021 and 2020, the company did not have any financial instruments that are measured on a recurring basis as Level 1, 2 or 3. Correction of Previously Issued Financial Statements The accompanying consolidated statement of operations for the year ended March 31, 2020 has been corrected for the following: a reclassification of depreciation expense of $1,003,450 to cost of goods sold related to assets utilized in the production of inventory and an adjustment to reclassify Sales and marketing expenses of $2,712,938 as a reduction of Revenue as such amounts were related to consideration payable to a customer which the Company determined was not for distinct goods or services received. The Company assessed the materiality of the misstatement quantitatively and qualitatively and has concluded that the correction of the classification error is immaterial to the consolidated financials taken as a whole. As a result of the correction, Cost of Goods Sold increased from $24,302,874 to $25,306,324 with a corresponding decrease of Gross Profit from $16,839,569 to $13,123,181. The correction had no impact on Total operating loss and Net loss. Recent Accounting Pronouncements Recently Adopted Standards The Company adopted ASC 842 on April 1, 2019 which requires lessees to recognize right-of-use ("ROU") asset and lease liability for all leases. The Company elected the package of transition practical expedients for existing contracts, which allowed us to carry forward our historical assessments of whether contracts are or contain leases, lease classification and determination of initial direct costs. The adoption resulted in a lease liability of approximately $185,510 and a right of use asset of approximately $165,699. The Company's undiscounted minimum lease commitments under its operating leases are disclosed in Note 8. The Company adopted ASU 2018-07, "Improvements to Nonemployee Share-Base Payment Accounting" on April 1, 2019. The Company did not issue any of its shares to nonemployees in exchange for goods or services during the year ended March 31, 2020. Standards Required to be Adopted in Future Years. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Codification Improvements to Topic 326, Financial Instruments - Credit Losses. The Company has evaluated other recent accounting pronouncements through June 2020 and believes that none of them will have a material effect on our consolidated financial statements. |
CASH FLOWS
CASH FLOWS | 12 Months Ended |
Mar. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
CASH FLOWS [Text Blcok] | NOTE 2 - CASH FLOWS The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates realization of assets and satisfaction of liabilities in the normal course of business. Since its inception, the Company has been engaged substantially in financing activities, developing its business plan and building its initial customer and distribution base for its products. As a result, the Company incurred accumulated net losses from Inception (June 19, 2012) through the period ended March 31, 2021 of ($69,931,220). In addition, the Company's development activities since inception have been financially sustained through debt and equity financing. We have not yet established an ongoing source of revenues sufficient to cover our operating costs. There is substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. However, the Company believes that with cash on hand, anticipated warrant exercises and our line of credit will adequately fund our operations and capital needs for the next 12 months. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT [Text Block] | NOTE 3 - PROPERTY AND EQUIPMENT Fixed assets consisted of the following at: March 31, 2021 March 31, 2020 Machinery and Equipment $ 4,812,344 $ 4,249,398 Office Equipment 55,439 32,992 Less: Accumulated Depreciation (3,857,600 ) (2,859,809 ) Fixed Assets, net $ 1,010,183 $ 1,422,581 Depreciation expense for the years ended March 31, 2021 and March 2020 was $997,791 (of which $986,428 was part of cost of goods sold and $11,364 was part of general and administrative expenses) and $1,011,241 (of which $1,003,240 was part of cost of goods sold and $7,791 was part of general and administrative expense), respectively. |
REVOLVING FINANCING
REVOLVING FINANCING | 12 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
REVOLVING FINANCING [Text Block] | NOTE 4 - REVOLVING FINANCING On February 1, 2017, we entered into a credit and security agreement (the "Credit Agreement") with SCM Specialty Finance Opportunities Fund, L.P. ("SCM" or "Lender"), which subsequently changed its name to CNH Finance Fund I, L.P. The Credit Agreement provides our company with a revolving credit facility (the "Revolving Facility"), the proceeds of which are to be used to repay existing indebtedness of our company, transaction fees incurred in connection with the Credit Agreement and for the working capital needs of our company. Under the terms of the Credit Agreement, SCM has agreed to make cash advances to our company in an aggregate principal at any one time outstanding not to exceed the lesser of (i) $7 million (the "Revolving Loan Commitment Amount") and (ii) the Borrowing Base (defined to mean, as of any date of determination, 85% of net eligible billed receivables plus 65% of eligible unbilled receivables, minus certain reserves). The Credit Agreement expires on July 1, 2022, unless earlier terminated by the parties in accordance with the terms of the Credit Agreement. The principal amount of the Revolving Facility outstanding bears interest at a rate per annum equal to (i) a fluctuating interest rate per annum equal at all times to the rate of interest announced, from time to time, within Wells Fargo Bank at its principal office in San Francisco as its "prime rate," plus (ii) 3.25%, payable monthly in arrears. The interest rate as of March 31, 2021 was 7.0% To secure the payment and performance of the obligations under the Credit Agreement, we granted to SCM a continuing security interest in all of our assets and agreed to a lockbox account arrangement in respect of certain eligible receivables. The Company agreed to pay to SCM monthly an unused line fee in amount equal to 0.083% per month of the difference derived by subtracting (i) the average daily outstanding balance under the Revolving Facility during the preceding month, from (ii) the Revolving Loan Commitment Amount. The unused line fee will be payable monthly in arrears. We also agreed to pay SCM as additional interest a monthly collateral management fee equal to 0.35% per month calculated on the basis of the average daily balance under the Revolving Facility outstanding during the preceding month. The collateral management fee will be payable monthly in arrears. Upon a termination of the Revolving Facility, we agreed to pay SCM a termination fee in an amount equal to 1% of the Revolving Loan Commitment Amount if the termination occurs before July 1, 2022. We must also pay certain fees in the event that receivables are not properly deposited in the appropriate lockbox account. The interest rate will be increased by 5% in the event of a default under the Credit Agreement. Events of default under the Credit Agreement, some of which are subject to certain cure periods, include a failure to pay obligations when due, the making of a material misrepresentation to SCM, the rendering of certain judgments or decrees against our company and the commencement of a proceeding for the appointment of a receiver, trustee, liquidator or conservator or filing of a petition seeking reorganization or liquidation or similar relief. The Credit Agreement contains customary representations and warranties and various affirmative and negative covenants including the right of first refusal to provide financing for our company and the financial and loan covenants, such as the loan turnover rate, minimum EBITDA, fixed charge coverage ratio and minimum liquidity requirements. The Company received a waiver of its loan turnover rate covenant, which was not met, from its Lender to ensure it remained in compliance as of March 31, 2021. |
PAYCHECK PROTECTION PROGRAM LOA
PAYCHECK PROTECTION PROGRAM LOAN | 12 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure Abstract | |
PAYCHECK PROTECTION PROGRAM LOAN [Text Block] | NOTE 5 - PAYCHECK PROTECTION PROGRAM LOAN On April 29, 2020, Alkaline 88, LLC (the "Borrower"), a wholly owned subsidiary of the Company, signed a promissory note with MidFirst Bank (the "Lender") in the amount of $325,800, pursuant to the Paycheck Protection Program (the "PPP") under Division A, Title I of the CARES Act, which was enacted March 27, 2020. The promissory note issued by Borrower, matures on April 29, 2022, and bears interest at a rate of 1% per annum. Borrower shall pay principal plus interest accrued under the promissory note in 18 equal monthly installments beginning on October 29, 2020. The Note may be prepaid by the Borrower at any time prior to maturity with no prepayment penalties. Funds from the Loan may only be used for payroll costs, costs used to continue group health care benefits, mortgage payments, rent, utilities, and interest on other debt obligations incurred before February 15, 2020. The Company used the entire Loan amount for qualifying expenses. Under the terms of the PPP, the Company expects the entire balance of the Loan to be forgiven since it was entirely used for qualifying expenses as described in the CARES Act. |
STOCKHOLDERS EQUITY
STOCKHOLDERS EQUITY | 12 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY [Text Block] | NOTE 6 - STOCKHOLDERS' EQUITY Preferred Shares On October 7, 2013, the Company amended its articles of incorporation to create 100,000,000 Grant of Series D Convertible Preferred Stock On May 3, 2017, the Company designated 3,000,000 shares of the authorized and unissued preferred stock of our company as "Series D Preferred Stock" by filing a Certificate of Designation with the Secretary of State of the State of Nevada. On November 2, 2017, The Company increased the number of authorized shares of Series D Preferred Stock in our company to 5,000,000 shares by filing an Amendment to the foregoing Certificate of Designation with the Secretary of State of the State of Nevada. Each share of the Series D Preferred Stock will be convertible, without the payment of any additional consideration by the holder and at the option of the holder, into one fully paid and nonassessable share of our common stock at any time after (i) the Company achieved the consolidated revenue of our company and all of its subsidiaries equal to or greater than $40,000,000 in any 12 month period, ending on the last day of any quarterly period of our fiscal year; or (ii) a Negotiated Trigger Event, defined as an event upon which the Series D Preferred Stock will be convertible as may be agreed by our company and the holder in writing from time to time. Effective as of April 1, 2020, the Company issued an aggregate of 3,400,000 shares of our common stock upon conversion of an aggregate of 3,400,000 shares of our Series D Preferred Stock without the payment of any additional consideration. Of the 3,400,000 shares that the Company issued, 1,500,000 shares were issued to Richard A. Wright, our president, chief executive officer and director, 1,000,000 shares were issued to David A. Guarino, our treasurer, secretary, chief financial officer, and director and 900,000 shares were issued to three other individuals. Common Shares Private Placement On March 18, 2020, the Company received $1 million of the $3.9 million private placement that the Company completed on April 17, 2020 (see below). Since the private placement was not completed by March 31, 2020, the Company had $1 million in stock payable on March 31, 2020. On April 17, 2020, the Company completed a private placement of 9,750,000 units of our securities at a price of $0.40 per unit for gross proceeds of $3,900,000, of which $1,000,000 was received on March 18,2020 and thus on March 31, 2020, the Company had $1 million as stock payable. Each unit consisted of one share of our common stock and one share purchase warrant, with each share purchase warrant entitling the holder to acquire one additional share of our common stock at a price of $0.50 per share for a period of three years. Of the 9,750,000 units the Company issued: (i) 1,250,000 units were issued pursuant to the exemption from registration under the Securities Act of 1933, as amended provided by Section 4(a)(2) and/or Rule 506 of Regulation D promulgated under the Securities Act of 1933, as amended to one investor who is an "accredited investor" within the respective meanings ascribed to that term in Regulation D promulgated under the Securities Act of 1933, as amended; and (ii) 8,500,000 units were issued to 5 non-U.S. persons (as that term is defined in Regulation S of the Securities Act of 1933, as amended) in an offshore transaction relying on Regulation S and/or Section 4(a)(2) of the Securities Act of 1933, as amended. In connection with this private placement, the Company agreed with each subscriber who purchased these units to prepare and file a registration statement with respect to (i) the shares of our common stock comprising these units and (ii) the shares of our common stock issuable upon exercise of the share purchase warrants comprising these units with the Securities and Exchange Commission within 90 days following the closing of the private placement and agreed to use commercially reasonable efforts to have the registration statement declared effective by the Securities and Exchange Commission as soon as possible. The Company filed the foregoing registration statement on Form S-3 with the SEC on May 27, 2020, and the registration statement was declared effective by the SEC on June 8, 2020. On May 11, 2020, the Company completed a private placement of 4,444,440 subscription receipts at a price of $0.45 per subscription receipt for total gross proceeds of $1,999,998, which is being held in escrow until the subscription receipts are converted into common shares. To convert these subscription receipts to common shares in the Company and thereby satisfy the escrow condition, the Company needs the approval of its shareholders by July 15, 2020, or the funds held in escrow will be refunded to the subscribers. On July 14, 2020, after receiving the Shareholder Approval, the Company issued 4,444,440 units pursuant to the foregoing private placement completed on May 11, 2020. Accordingly, gross proceeds of $1,999,998, previously held in escrow, have been released to our company. Each unit consists of one share of our common stock and one transferable share purchase warrant, for no additional consideration. Each warrant will entitle the holder thereof to acquire one share of our common stock until May 11, 2023, at a price of $0.55 per share. In the event that our common stock has a closing price on the TSX Venture Exchange (or such other exchange on which our common stock may be traded at such time) of $1.75 or greater per share for a period of 20 consecutive trading days at any time from the closing date of the private placement, the Company may accelerate the expiry date of the warrants by giving notice to the holders thereof (by disseminating a news release advising of the acceleration of the expiry date of the warrants) and, in such case, the warrants will expire on the thirtieth day after the date of such notice. The proceeds of the private placement are expected to be used to fund our company's general working capital and expansion of production capacity. Of the 4,444,440 units the Company issued: (i) 444,443 units were issued pursuant to the exemption from registration under the Securities Act of 1933, as amended provided by Section 4(a)(2) and/or Rule 506 of Regulation D promulgated under the Securities Act of 1933, as amended to three investors, each of who is an "accredited investor" within the meaning ascribed to that term in Regulation D promulgated under the Securities Act of 1933, as amended; and (ii) 3,999,997 units were issued to three non-U.S. persons (as that term is defined in Regulation S of the Securities Act of 1933, as amended) in an offshore transaction relying on Regulation S and/or Section 4(a)(2) of the Securities Act of 1933, as amended. In connection with the private placement, the Company agreed with each subscriber who purchased these subscription receipts to prepare and file a registration statement with respect to (i) the shares of our common stock comprising these subscription receipts and (ii) the shares of our common stock issuable upon exercise of the share purchase warrants comprising these subscription receipts with the Securities and Exchange Commission within 30 days following the satisfaction of the Release Condition and agreed to use commercially reasonable efforts to have the registration statement declared effective by the Securities and Exchange Commission as soon as possible. The Company filed the foregoing registration statement on Form S-3 with the SEC on May 27, 2020, and the registration statement was declared effective by the SEC on June 8, 2020. On March 1, 2021, we completed a private placement of 9,523,378 units of our securities at a price of US$1.05 per unit for gross proceeds of US$9,999,546.90. Each Unit is comprised of one share of our common stock, one-half of one Class A common share purchase warrant (each whole Class A common share purchase warrant, a "Class A Warrant") and one-half of one Class B common share purchase warrant (each whole Class B common share purchase warrant, a "Class B Warrant"). Each Class A Warrant will entitle the holder thereof to acquire one Share (each, a "Warrant Share") at $1.25 per Warrant Share for a period commencing on the date of the closing of the Offering (the "Closing Date") and ending three (3) years following the Closing Date. Each Class B Warrant will entitle the holder thereof to acquire one Warrant Share at $1.25 per Warrant Share for a period commencing six (6) months and one day after the Closing Date and ending three (3) years following the Closing Date. Share Issuance In the year ended March 31, 2020, the Company did not issue any common stock for services. However, the Company accrued $81,117 in the year ended March 31, 2020, based on the market value of the common stock of the Company on the date as March 31, 2020, under an agreement that obligates the Company to issue 276,167 shares to consultants for services rendered of which approximately 247,167 shares were earned in the year ended March 31, 2020, and approximately 29,000 shares were earned in the year ended March 31, 2019. On April 30, 2020, the Company issued an aggregate of 247,000 shares of our common stock to non-employees in consideration for services rendered to our company. Effective as of May 22, 2020, the Company issued 170,000 shares of our common stock to non-employees in consideration for services to be rendered to our company. Effective as of August 18, 2020, the Company issued 90,116 shares of our common stock to non-employees in consideration for services to be rendered to our company. The total fair value of the shares is $155,000 based on the $1.72 per share closing price of the Company's common stock on the NASDAQ stock exchange on August 18, 2020. These shares were issued pursuant to an agreement dated July 30, 2020, whereby an entity was engaged to provide investor relations management services through its online platform for the Company for an initial term beginning on August 3, 2020 and ending on November 3, 2020. The Company agreed to pay a one-time annual platform access fee in the amount of $40,000 plus pay for an additional deliverables during the term in the amount of $115,000 for a total of $155,000, which amount was paid in the form of 90,116 shares of common stock of the Company. Effective as of July 17, 2020, August 28, 2020, September 23,2020, October 16, 2020, November 18, 2020, December 16, 2020, January 14, 2021, February 22, 2021, and March 23, 2021, the Company issued 18,779 shares, 53,256 shares, 28,985 shares, 24,844 shares, 35,398 shares, 37,735 shares, 37,037 shares, 28,169 shares, and 34,482 shares, respectively of our common stock to non-employees in consideration for services to be rendered to our company. The total fair value of the shares is $40,000, $91,600, $40,000, $40,000, $40,000, $40,000, $40,000, $40,000, and $40,000 respectively based upon the $2.13, $1.72, $1.38, $1.61, $1.13, $1.06, $1.08, $1.42, and $1.16 per share closing price of the Company's common stock on the NASDAQ stock exchange on July 17, 2020, August 28, 2020, September 23, 2020, October 16, 2020, November 19, 2020, December 18, 2020, January 14, 2021, February 22, 2021, and March 23, 2021. These shares were issues pursuant to a consulting agreement dated June 15, 2020, whereby the Company engaged an entity to perform consulting services for the Company for a period of one year. The Company agreed to pay a retainer in the amount of $40,000 per month, for a total of $480,000 to be paid in the form of the common stock of the Company, which shares are to be issued monthly. This agreement was terminated in April 2021. Effective as of January 14, 2021, the Company issued an aggregate of 205,000 shares of our common stock to an non-employee in consideration for services rendered to our Company. The total fair value of the shares is $221,400 based on the $1.08 per share closing price of the Company's common stock on the NASDAQ stock exchange on January 14, 2021. Restricted Awards On April 30, 2020, the Company granted awards of an aggregate of 1,065,000 shares of our common stock as "restricted awards" under our 2020 Equity Incentive Plan to certain directors, officers, employees, and consultants. Of these shares, 645,000 vest on the one-year anniversary of the grant date, 200,000 vest as to 50% on the one-year anniversary of the grant date and 50% vest on the second-year anniversary of the grant date, 165,000 vest as to one-third on each anniversary of the grant date and 55,000 vest immediately. On April 30, 2020, the Company issued the immediately vested awards, 35,000 to a non-employee, and 20,000 to an employee. The grantees have no rights or privileges as stockholders of our company with respect to the unvested shares including, without limitation, the right to vote such shares and receive all dividends or other distributions paid with respect to such shares. Of these restricted awards granted on April 30, 2020, an award of 200,000 shares of our common stock went to Richard Wright, our president, chief executive officer and director, and an award of 100,000 shares of our common stock went to David Guarino, our chief financial officer, secretary, treasurer, and director. The Company granted these shares as "restricted awards" under our 2020 Equity Incentive Plan. These shares vest on the one-year anniversary of the grant date. The grantees have no rights or privileges as a stockholder of our company with respect to the unvested shares including, without limitation, the right to vote such shares and receive all dividends or other distributions paid with respect to such shares. The total fair value of the 1,065,000 shares of the Company's common stock granted as "restricted awards" is $1,065,000, based upon the $1.00 per share closing price of the Company's common stock on the NASDAQ stock exchange on April 29, 2020. On August 27, 2020, the Company granted an award of 20,000 shares of our common stock as "restricted awards" under our 2020 Equity Incentive Plan to new employee. These shares vest one-third on each anniversary date over three years. The grantee has no rights or privileges as stockholders of our company with respect to the unvested shares including, without limitation, the right to vote such shares and receive all dividends or other distributions paid with respect to such shares. The total fair value of the 20,000 shares of the Company's common stock granted as "restricted awards" is $30,400 based upon the $1.52 per share closing price of the Company's common stock on the NASDAQ stock exchange on August 27, 2020. On March 31, 2021, the Company granted awards of an aggregate of 565,000 shares of our common stock as "restricted awards" under our 2020 Equity Incentive Plan to certain directors, officers, employees, and consultants. These shares vest on the one-year anniversary of the grant date. The grantees have no rights or privileges as stockholders of our company with respect to the unvested shares including, without limitation, the right to vote such shares and receive all dividends or other distributions paid with respect to such shares. Of these restricted awards granted on April 30, 2020, an award of 150,000 shares of our common stock went to Richard Wright, our president, chief executive officer and director, and an award of 100,000 shares of our common stock went to David Guarino, our chief financial officer, secretary, treasurer, and director. The Company granted these shares as "restricted awards" under our 2020 Equity Incentive Plan. The Company's total stock compensation expense on account of the 1,065,000 shares of its common stock granted on April 30, 2020, the 20,000 shares of its common stock granted on August 27, 2020, and the 565,000 shares of its common stock granted on March 31, 2021, as "restricted awards" for the year ended March 31, 2021, was $828,967. Additional expense will be recognized in the next 3 fiscal years of $818,067, $56,800, and $7,417, respectively. During October 2020, the Company issued 50,000 shares of our common stock to an employee upon his exercise of vested restricted awards under our 2020 Equity Incentive Plan. |
OPTIONS AND WARRANTS
OPTIONS AND WARRANTS | 12 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
OPTIONS AND WARRANTS [Text Block] | NOTE 7 - OPTIONS AND WARRANTS Stock Option Plans Effective October 7, 2013, our board of directors adopted and approved our 2013 equity incentive plan. The plan was approved by a majority of our stockholders on October 7, 2013. On October 31, 2014, our board of directors amended our 2013 equity incentive plan to, among other things, increase the number of shares of stock of our company available for the grant of awards under the plan from 20,000,000 shares to 35,000,000 shares. The purpose of the plan is to (a) enable our company and any of our affiliates to attract and retain the types of employees, consultants and directors who will contribute to our company's long-range success; (b) provide incentives that align the interests of employees, consultants, and directors with those of the stockholders of our company; and (c) promote the success of our company's business. Effective as of December 30, 2015, we effected a 50-for-1 reverse stock split of our authorized and issued and outstanding shares of common stock which decreased the number of shares of stock of our company available for the grant of awards under the plan from 35,000,000 shares to 700,000 shares. Effective as of January 20, 2016, our board of directors amended the plan to increase the number of shares of stock of our company available for the grant of awards under the plan from 700,000 to 7,700,000. The plan enabled us to grant awards of a maximum of 7,700,000 shares of our stock and awards that may be granted under the plan included incentive stock options, non-qualified stock options, stock appreciation rights, restricted awards and performance compensation awards. On April 25, 2018, our board of directors adopted the 2018 Stock Option Plan, pursuant to which we may grant stock options to acquire up to a total of 5,171,612 shares of our common stock, including any other shares of our common stock which may be issued pursuant to any other stock options granted by our company outside the plan. We adopted the plan in connection with our prior application to list our common stock on the TSX Venture Exchange. The purpose of the plan is to retain the services of valued key employees and consultants of our company and such other persons as our board of directors selects, and to encourage such persons to acquire a greater proprietary interest in our company, thereby strengthening their incentive to achieve the objectives of our stockholders, and to serve as an aid and inducement in the hiring of new employees and to provide an equity incentive to consultants and other persons selected by our board of directors. Effective February 28, 2020, our board of directors adopted and approved our 2020 equity incentive plan, pursuant to which we may grant stock options to acquire up to a maximum of 9,000,000 shares of our common stock and non-stock option awards to acquire up to a maximum of 1,650,000 shares of our common stock. The plan was approved by a majority of our stockholders on March 30, 2020. The purpose of our 2020 equity incentive plan is to: (i) enable our company and any affiliate of our company to attract and retain the types of employees, consultants, directors and such other persons as the plan administrator may select who will contribute to our company's long range success; (ii) provide incentives that align the interests of employees, consultants, directors and such other persons as the plan administrator may select with those of our company's stockholders; and (iii) promote the success of our company's business. Under the plan, either stock options or non-stock option awards may be granted. Non-stock option awards mean a right granted to an award recipient under the plan, which may include the grant of stock appreciation rights, restricted awards, performance compensation awards or other equity-based awards. Issuance of Options Effective April 28, 2017, we granted a total of 1,790,000 stock options to our directors, officers, consultants, employees. The stock options are exercisable at the exercise price of $1.29 per share for a period of ten years from the date of grant. 360,000 of the stock options vest as follows: (i) 120,000 upon the date of grant; and (ii) 120,000 on each anniversary date of grant for 2 years. 1,430,000 of the stock options vest as follows: (i) 357,500 upon the date of grant; and (ii) 357,500 on each anniversary date of grant for 3 years. We granted the stock options to 12 U.S. Persons and 3 non-U.S. Persons (as that term is defined in Regulation S of the Securities Act of 1933) and in issuing securities we relied on the registration exemption provided for in Regulation S and/or Section 4(a)(2) of the Securities Act of 1933. For the years ended March 31, 2020 and March 31, 2019 the Company has recognized compensation expense of $3,725,465 and $1,591,555 respectively, on the stock options granted in April 2017 that vested. As of March 31, 2021, all of the stock options granted in April, 2017 have vested. On April 3, 2020, the Company granted an aggregate of 2,737,000 stock options to certain directors, officers, consultants and employees for the purchase of up to 2,737,000 shares of our common stock pursuant to our 2018 Stock Option Plan. Each stock option is exercisable at a price of $0.53 per share until April 2, 2030. Of these stock options, 1,217,000 vest as to 50% on the grant date and 50% on the one-year anniversary of the grant date, 640,000 vest as to one-third on the grant date and one-third on each anniversary of the grant date and 880,000 vest as to one-third on each anniversary of the grant date. Of these options, 250,000 were granted to Richard A. Wright, our president, chief executive officer and director, and 150,000 were granted to David A. Guarino, our chief financial officer, secretary, treasurer, and director. These stock options are exercisable at the exercise price of $0.53 per share until April 2, 2030. The stock options vest as to 50% on the date of grant and 50% on the one-year anniversary of the date of grant. The fair value of each of the 2,737,000 stock options issued was calculated as $0.53 per share, which was the Black-Scholes valuation as of the grant date, corresponding to a total fair value of $1,450,610 for these options. In connection with the above grant, the Company repriced a total of 600,900 stock options originally issued on April 28, 2017, from their original exercise price of $1.29 to $0.53, resulting in an additional stock compensation expense of $42,664. Effective August 10, 2020, we granted 125,000 stock options to the new employee issued restricted shares above with an exercise price of $1.71 per share. These options vest one-third on each anniversary of the grant date. The fair value of these 125,000 stock options issues was calculated at $1.57 per share, which was the Black-Scholes valuation (using the exercise price of $1.57, 10 years to maturity, annual risk-free interest rate of 0.6% and annualized volatility of 107%) as of the date of grant, corresponding to a total fair value of $185,625 for these options. Effective November 18, 2020, the Company granted 45,000 stock options to the new employee issued restricted shares above with an exercise price of $1.09 per share. These options vest one-third on each anniversary of the grant date. The fair value of these 45,000 stock options issues was calculated at $1.03 per share, which was the Black-Scholes valuation (using the exercise price of $1.09, 10 years to maturity, annual risk-free interest rate of 0.6% and annualized volatility of 121%) as of the date of grant, corresponding to a total fair value of $46,350 for these options. Effective March 31, 2021, the Company granted an aggregate of 1,990,000 stock options to certain directors, officers, consultants and employees for the purchase of up to 1,990,000 shares of our common stock pursuant to our 2018 Stock Option Plan. Each stock option is exercisable at a price of $1.09 per share until March 31, 2031. Of these stock options, 1,060,000 vest as to 50% on the grant date and 50% on the one-year anniversary of the grant date and the remaining amount of 930,000 options vest one-half on the first anniversary date and one-half on the second anniversary date. Of these options, 250,000 were granted to Richard A. Wright, our president, chief executive officer and director, and 200,000 were granted to David A. Guarino, our chief financial officer, secretary, treasurer, and director. These stock options are exercisable at the exercise price of $1.09 per share until March 31, 2031. The stock options vest as to 50% on the date of grant and 50% on the one-year anniversary of the date of grant. The fair value of each of the 1,990,000 stock options issued was calculated as $1.07 per share, which was the Black-Scholes valuation as of the grant date, corresponding to a total fair value of $2,129,300 for these options. The Company's total stock compensation expense for the year-ended March 31, 2021 relating to stock option grats was $1,621,199. Additional stock compensation expense will be recognized in fiscal years 2022, 2023 and 2024 of $1,679,627, $484,477, and $49,661, respectively Exercise of Options Effective as of April 29, 2020, the Company issued an aggregate of 116,000 shares of our common stock upon exercise of stock options for gross proceeds of $61,480. Effective as of July 9, 2020 the Company issued an aggregate of 188,081 shares of our common stock upon a cash-less exercise of stock options. Effective as of August 4, 2020 the Company issued an aggregate of 48,158 shares of our common stock upon a cash-less exercise of stock options. Stock option activity summary covering options is presented in the table below: Weighted- Weighted- Average Average Remaining Number of Exercise Contractual Shares Price Term (years) Outstanding at March 31, 2019 2,272,900 $ 1.09 4.5 Granted - - - Exercised (239,000 ) 0.89 3.5 Expired/Forfeited - - - Outstanding at March 31, 2020 2,033,900 1.11 3.5 Granted 4,897,000 1.09 10.0 Exercised (506,000 ) 0.76 3.7 Expired/Forfeited (165,333 ) 0.57 7.7 Outstanding at March 31, 2021 6,259,567 0.83 7.7 Exercisable at March 31, 2021 2,908,233 0.84 5.6 Warrants On March 1, 2018, pursuant to Warrant Amendment Agreements dated February 22, 2018 with 16 holders (the "Holders") of our common stock purchase warrants (the "Existing Warrants"), we issued an aggregate of 3,900,000 shares of our common stock upon exercise of the Existing Warrants at an exercise price of $0.50 per share for aggregate gross proceeds of $1,950,000. The Existing Warrants were issued by us as part of an offering that closed on March 4, 2016. In addition, pursuant to the Warrant Amendment Agreements, we issued new common stock purchase warrants of our company (the "New Warrants") in the form of the Existing Warrants to purchase up to a number of shares of our common stock equal to the number of Existing Warrants exercised by the Holders, provided that (i) the exercise price of the New Warrants is $0.60 per share, subject to adjustment in the New Warrants, (ii) the expiry date of the New Warrants is September 1, 2019 and (iii) the New Warrants are non-transferable. On May 31, 2018, the Company issued 5,131,665 Units of the Company at a price of $0.75 per Unit for aggregate gross proceeds of $3,848,749. Each Unit consisted of one share of common stock of the Company (each, a " Share " " On October 1, 2018, the Company closed a non-brokered private placement financing (the "Financing") of 1,619,947 units (each, a "Unit") at a price of CDN$2.50 per Unit for gross proceeds of $2,979,596. Each Unit consists of one share of common stock of the Company (each, a "Share") and one share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder thereof to purchase one additional Share at a price of CDN$2.90 per Share for a period of two years. All securities issued in the Financing were subject to a Canadian holding period which expired on January 28, 2019. The Company paid finder's fees of $123,572 and issued 49,428 warrants. Exercise of Warrants Effective as of May 20, 2020, the Company issued an aggregate of 287,666 shares of our common stock upon exercise of our common stock purchase warrants with an exercise price of $0.90 per share for aggregate gross proceeds of $258,899. Effective as of July 28, 2020, the Company issued an aggregate of 81,400 shares of our common stock upon exercise of our common stock purchase warrants with an exercise price of CAD$2.90 per share for aggregate gross proceeds of $172,521. Effective as of August 5, 2020, the Company issued an aggregate of 7,999 shares of our common stock upon exercise of our common stock purchase warrants with an exercise price of CAD$2.90 per share for aggregate gross proceeds of $16,802. Effective as of August 14, 2020, the Company issued an aggregate of 8,750,000 shares of our common stock upon exercise of our common stock purchase warrants with an exercise price of $0.50 per share for aggregate gross proceeds of $4,375,000. Effective as of October 19, 2020, the Company issued an aggregate of 166,000 shares of our common stock upon exercise of our common stock purchase warrants with an exercise price of $0.55 per share for aggregate gross proceeds of $91,666. Effective as of February 1, 2021, the Company issued 2,000,000 shares of our common stock upon exercise of our common stock purchase warrants with an exercise price of $0.55 per share for an aggregate gross proceeds of $1,100,000. Effective as of February 8, 2021, the Company issued 1,777,777 shares of our common stock upon exercise of our common stock purchase warrants with an exercise price of $0.55 per share for an aggregate gross proceeds of $977,777. The following is a summary of the status of all of our warrants as of March 31, 2021, and changes during the years ended on that date: Weighted- Number Average of Warrants Exercise Price Outstanding at March 31, 2019 6,188,222 1.16 Granted 0 — Exercised (3,974,000 ) 0.63 Cancelled or Expired (127,733 ) 5.78 Outstanding at March 31, 2020 2,086,489 1.80 Granted 23,717,818 0.81 Exercised (13,293,728 ) 0.54 Cancelled or Expired (1,709,424 ) 2.03 Outstanding at March 31, 2021 10,801,155 1.16 Warrants exercisable at March 31, 2021 6,039,466 1.09 The following table summarizes information about stock warrants outstanding and exercisable at March 31, 2021: STOCK WARRANTS OUTSTANDING Number of Weighted-Average Warrants Remaining Contractual Exercise Price Outstanding Life in Years $0.50 1,000,000 2.05 $0.55 277,777 2.29 $1.25 9,953,378 2.92 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure Abstract | |
INCOME TAXES [Text Block] | NOTE 8 - INCOME TAXES Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company recorded the valuation allowance due to the uncertainty of future realization of federal and state net operating loss carryforwards. The deferred income tax assets are comprised of the following at March 31, 2021 and 2020: 2021 2020 Deferred income tax assets: $ 11,700,000 $ 8,680,000 Valuation allowance (11,700,000 ) (8,680,000 ) Net total $ — $ — At March 31, 2021, the Company had net operating loss carryforwards of approximately $47 million and net operating loss carryforwards expire in 2023 through 2037. The current year's net operating loss will carryforward indefinitely. In December 2017, the U.S. Tax Cuts and Jobs Act of 2017 ("Tax Act") was enacted into law which significantly revises the Internal Revenue Code of 1986, as amended. The newly enacted federal income tax law, among other things, contains significant changes to corporate taxation, including a flat corporate tax rate of 21%, limitation of the tax deduction for interest expense to 30% of adjusted taxable income, limitation of the deduction for newly generated net operating losses to 80% of current year taxable income and elimination of net operating loss ("NOL") carrybacks, future taxation of certain classes of offshore earnings regardless of whether they are repatriated, immediate deductions for certain new investments instead of deductions for depreciation expense over time, and modifying or repealing many business deductions and credits beginning in 2018. The current income tax benefit of $3,020,000 generated for the year ended March 31, 2021 was offset by an equal increase in the valuation allowance. The valuation allowance was increased due to uncertainties as to the Company's ability to generate sufficient taxable income to utilize the net operating loss carryforwards which is the only significant component of deferred taxes. Reconciliation between the statutory rate and the effective tax rate is as follows at March 31, 2021 and 2020: 2021 2020 Effective Tax Rate Reconciliation: Federal statutory tax rate 21% 21% State taxes, net of federal benefit 0% 0% Change in valuation allowance (21%) (21%) Effective Tax Rate 0% 0% The Company recognizes interest and penalties related to uncertain tax positions in general and administrative expense. As of March 31, 2021 and 2020 the Company has no unrecognized uncertain tax positions, including interest and penalties. The Company's federal income tax returns for tax years ended March 31, 2018 and beyond remain subject to examination by the Internal Revenue Service. The returns for Arizona, the Company's most significant state tax jurisdiction, remain subject to examination by the Arizona Department of Revenue for tax years ended March 31, 2017 and beyond. |
LEASES
LEASES | 12 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
LEASES [Text Block] | NOTE 9 - LEASES Leases The Company adopted ASC 842 on April 1, 2019 which requires lessees to recognize right-of-use ("ROU") asset and lease liability for all leases. The Company elected the package of transition practical expedients for existing contracts, which allowed us to carry forward our historical assessments of whether contracts are or contain leases, lease classification and determination of initial direct costs. The Company leases property under operating leases. As of July 1, 2020, the Company entered into a lease for 14,530 square feet of warehouse space from a third party through December 2021 at a rate of $7,992 per month for the first twelve months, then at a rate of $8,231 per month for the last six months of the lease. The Company determined this lease was an operating lease under ASC 842 and using an interest rate of 7%, the Company determined that the ROU for this lease was $130,989 and the lease liability for this lease was $138,266, at inception of this lease, respectively. As of October 1, 2020, the company entered into a lease for 9,166 square feet of corporate office and warehouse space from a third party through September 2023 at a rate of $10,083 per month for the first twelve months, then at a rate of $10,385 for the next 12 months, and $10,697 for the final 12 months of the lease. The Company determined this lease was an operating lease under ASC 842 and using an interest rate of 7%, the Company determined that the ROU for this lease was $337,932 and the lease liability for this lease was $337,932, at inception of this lease, respectively. Previously, the Company leased its corporate office space with a size of 3,352 square feet leased from a third party which leased through November 2020 at the current rate of $7,891 per month. As of At inception the ROU and Lease Liability was calculated based on the net present value of the future lease payments over the term of the lease. When available, the Company uses the rate implicit in the lease discount payments as the incremental borrowing rate to calculate the net present value; however, the rate implicit in the lease is not readily determinable for our corporate office lease. In this case, the Company estimated its incremental borrowing rate as the interest rate it could borrow an amount equal to the lease payments over a similar term, with similar collateral as the lease, and in a similar economic environment. The Company estimated its rate using available evidence such as rates imposed by third-party lenders to the Company in recent financings or observable risk-free interest rate and credit spreads for commercial debt of a similar duration, with credit spreads correlating to the Company's estimated creditworthiness. For operating leases that include rent holidays and rent escalation clauses, the Company recognizes lease expense on a straight-line basis over the lease term from the date it takes possession of the leased property. The Company records the straight-line lease expense and any contingent rent, if applicable, in general and administrative expenses on the condensed consolidated statements of operations. The corporate office, lease also requires the Company to pay real estate taxes, common area maintenance costs and other occupancy costs which are included in the general and administrative expenses on the condensed consolidated statements of operations. Operating Lease expense for the year ended March 31, 2021 was $235,167. Operating Leases: March 31, Operating lease right-of-use asset - current portion $ 236,446 Operating lease right-of-use asset - non-current portion 269,167 Total Operating lease right-of-use asset $ 505,613 Operating lease liability - current portion $ 229,605 Operating lease liability - non-current portion 292,582 Total Operating lease liability $ 522,187 Weighted average remaining lease term (in years): Operating leases 1.17 Weighted average discount rate: Operating leases 7% Maturities of undiscounted lease liabilities as of March 31, 2021 are as follows: Operating Leases Year ending March 31, 2022 Year ending March 31, 2023 Year ending March 31, 2024 259,821 Total lease payments 570,349 Less: Imputed interest (48,162 ) Total lease obligations 522,187 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES [Text Block] | NOTE 10 – COMMITMENTS AND CONTINGENCIES The Company is involved in various legal proceedings, claims and litigation arising in the ordinary course of business. The Company does not believe that the disposition of matters that are pending or asserted will have a material effect on its consolidated financial statements. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS [Text Block] | NOTE 11 - SUBSEQUENT EVENTS On April 15, 2021, we issued an aggregate of 38,834 shares of our common stock in consideration for services rendered to our company. We issued these shares to one U.S. Person (as that term is defined in Regulation S of the Securities Act of 1933) and in issuing these shares, we relied on the exemption from the registration requirements of the Securities Act of 1933 provided by Section 4(a)(2) of the Securities Act of 1933 and/or Rule 506 promulgated under the Securities Act of 1933. On May 12, 2021, The Company entered into an Endorsement Agreement (the "Endorsement Agreement"), with ABG-Shaq, LLC ("ABG-Shaq"), an entity affiliated with Shaquille O'Neal, for the personal services of Mr. O'Neal. Mr. O'Neal was also appointed to the Company's Advisory Board. Pursuant to the Endorsement Agreement, the Company received the right and license to use Mr. O'Neal's name, nickname, initials, autograph, voice, video or film portrayals, photograph, likeness and certain other intellectual property rights, in each case, solely as approved by ABG-Shaq, in connection with the advertising, promotion and sale of the Company's branded products. Mr. O'Neal will also provide brand ambassador services related to appearances, social media and public relations matters. As consideration for the rights and services granted under the Endorsement Agreement, the Company agreed to pay to ABG-Shaq aggregate cash payments of $3,000,000 million over the three years of the Endorsement Agreement. The Company will also pay expenses related to the marketing and personal services provided by Mr. O'Neal. In addition, the Company agreed to grant 6,681,090 shares of Series S Preferred Stock to ABG, each vested share of which is convertible into one share of the Company's common stock. The shares of Series S Preferred Stock will vest as to 1/3 on May 12, 2021, May 1, 2022 and May 1, 2023. The term of the Endorsement Agreement ends on May 1, 2024. The Endorsement Agreement also includes customary exclusivity, termination and indemnification clauses. On June 14, 2021, we issued an aggregate of 277,777 shares of our common stock upon exercise of our common stock purchase warrants with an exercise price of $0.55 per share for aggregate gross proceeds of $152,777.35. We issued these shares to one U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) and in issuing these shares, we relied on the exemption from the registration requirements of the Securities Act of 1933 provided by Section 4(a)(2) of the Securities Act of 1933 and/or Rule 506 promulgated under the Securities Act of 1933. On June 15, 2021, we issued an aggregate of 1,000,000 shares of our common stock upon exercise of our common stock purchase warrants with an exercise price of $0.50 per share for aggregate gross proceeds of $500,000. We issued these shares to one non-U.S. person (as that term is defined in Regulation S of the Securities Act of 1933) in an offshore transaction relying on Regulation S and/or Section 4(a)(2) of the Securities Act of 1933. |
NATURE OF BUSINESS AND SUMMAR_2
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Nature of Business [Policy Text Block] | Nature of Business The Company offers retail consumers bottled alkaline water in 500-milliliter, 700-milliliter, 1-liter, 1.5 -liter, 2,-liter, 3-liter and 1-gallon sizes, all of which is produced through an electrolysis process that uses specialized electronic cells coated with a variety of rare earth minerals to produce 8.8 pH drinking water without the use of any manmade chemicals. In addition to its bottled alkaline water, the Company also offers retail consumers flavor infused bottled water in the 500-milliliter size in six flavors: Raspberry, Watermelon, Lemon, Lemon Lime, Peach Mango and Blood Orange. The Company recently introduced and began selling hemp-derived CBD topical and ingestible products under the brand name "A88CBD™". Our hemp-derived CBD products are produced and sold in compliance with the Agriculture Improvement Act of 2018 (also known as the 2018 Farm Bill, Public Law 115-334). |
Basis of presentation [Policy Text Block] | Basis of presentation The consolidated financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in U.S. dollars, have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission. |
Principles of consolidation [Policy Text Block] | Principles of consolidation The consolidated financial statements include the accounts of The Alkaline Water Company Inc. (a Nevada Corporation) and its five wholly owned subsidiaries: A88 Infused Beverage Division Inc. (a Nevada Corporation), A88 International, Inc. (a Nevada Corporation), A88 Infused Products Inc. (a Nevada Corporation), AWC Acquisition Company Inc. (a Nevada corporation), and Alkaline 88, LLC (an Arizona Limited Liability Company). All significant intercompany balances and transactions have been eliminated. The Alkaline Water Company Inc., A88 Infused Beverage Division, Inc., A88 Infused Products Inc., A88 International, Inc., AWC Acquisition Company Inc., and Alkaline 88, LLC will be collectively referred herein to as the "Company". Any reference herein to "The Alkaline Water Company Inc.", the "Company", "we", "our" or "us" is intended to mean The Alkaline Water Company Inc., including the subsidiaries indicated above, unless otherwise indicated. |
Use of Estimates [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates. |
Cash and Cash Equivalents [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid instruments with an original maturity of three months or less to be considered cash equivalents. The carrying value of these investments approximates fair value. As of the balance sheet date and periodically throughout the period, the Company has maintained balances in various operating accounts in excess of federally insured limits. In addition, the Company has maintained balances in its attorney's client trust account in both C$ and US$. The Company has not experienced any losses in such accounts and periodically evaluates the credit worthiness of the financial institutions and has determined the credit exposure to be negligible. The Company had $9,130,956 and $4,561,682 in cash at March 31, 2021 and March 31, 2020, respectively. |
Accounts Receivable and Allowance for Doubtful Accounts [Policy Text Block] | Accounts Receivable and Allowance for Doubtful Accounts The Company generally does not require collateral, and the majority of its trade receivables are unsecured. The carrying amount for accounts receivable approximates fair value. Accounts receivable consisted of the following as of March 31, 2021 and 2020: 2021 2020 Trade receivables, net $ 8,798,176 $ 4,957,081 Less: Allowance for doubtful accounts (340,000 ) (40,000 ) Net accounts receivable $ 8,458,176 $ 4,917,081 Accounts receivable are periodically evaluated for collectability based on past credit history with clients. Provisions for losses on accounts receivable are determined on the basis of loss experience, known and inherent risk in the account balance and current economic conditions. The accounts receivable balance is pledged as collateral for the Company's revolving financing as disclosed in Note 4. |
Inventory [Policy Text Block] | Inventory Inventory represents raw materials and finished goods valued at the lower of cost or market with cost determined using the weight average method which approximates first-in first-out method, and with market defined as the lower of replacement cost or realizable value. The inventory balance is pledged as collateral for the Company's revolving financing as disclosed in Note 4. As of March 31, 2021 and 2020, inventory consisted of the following: 2021 2020 Raw materials $ 3,055,951 $ 1,788,868 Finished goods 1,351,769 1,130,992 Total inventory $ 4,407,720 $ 2,919,860 |
Property and equipment [Policy Text Block] | Property and Equipment The Company records all property and equipment at cost less accumulated depreciation. Improvements are capitalized while repairs and maintenance costs are expensed as incurred. Depreciation is calculated using the straight-line (half-life convention) method over the estimated useful life of the assets or the lease term, whichever is shorter. |
Stock-based Compensation [Policy Text Block] | Stock-Based Compensation The Company accounts for stock-based compensation is in accordance with Accounting Standards Codification ("ASC") 718. Stock-based compensation is measured at the grant date, based on the fair value of the award, and is recognized as expense over the requisite service period. The Company estimates the fair value of stock-based payments using the Black-Scholes option-pricing model for common stock options and warrants and the closing price of the Company's common stock for common share issuances. |
Advertising [Policy Text Block] | Advertising Advertising costs are charged to operations when incurred. Advertising expenses for the years ended March 31, 2021 and 2020 were $770,856 and $303,346 respectively |
Revenue recognition [Policy Text Block] | Revenue Recognition We recognize revenue when our performance obligations are satisfied. Our primary performance obligation (the distribution and sale of beverage products) is satisfied upon the delivery of products to our customers, which is also when control is transferred. The Company does not accept returns due to the nature of the product. However, the Company will provide credit to our customers for damaged goods. The Company provides credit to its customers which typically requires payment within 30 days. As an incentive to pay early the Company also typically provides a 2% discount if the customer pays within 10 days. The Company estimates the amount of the discount that the customer is likely to take and records it as reduction in revenue. The amounts are not considered material. The Company’s bottled water product represents substantially all revenue for all periods presented. Revenue consists of the gross sales price, less variable consideration, including estimated allowances for which provisions are made at the time of sale, and less certain other discounts and allowances. Shipping and handling charges that are billed to customers are included as a component of revenue. Costs incurred by the Company for shipping and handling charges are included in selling expenses and amounted to $7,432,077 and $5,799,766 for the years ended March 31, 2021 and 2020, respectively. |
Concentration Risks [Policy Text Block] | Concentration Risks We have 3 major customers that together account for 41% (16%, 13% and 12%, respectively) of accounts receivable at March 31, 2021, and 2 customers that together account for 40% (23% and 17%, respectively) of the total revenues earned for the year ended March 31, 2021.The Company has 3 vendors that accounted for 56% (25%, 20%, and 11% respectively) of purchases for the year ended March 31, 2021. |
Income Taxes [Policy Text Block] | Income Taxes In accordance with ASC 740 " Accounting for Income Taxes |
Basic and Diluted Loss Per Share [Policy Text Block] | Basic and Diluted Loss Per Share Basic and diluted earnings or loss per share ("EPS") amounts in the consolidated financial statements are computed in accordance ASC 260- 10 " Earnings per Share For the year ended March 31, 2021, and 2020, respectively, the Company had 2,908,233 shares relating to options and no shares relating to options, 6,889,680 shares relating to warrants and no shares relating to warrants and no shares relating to convertible preferred shares that were not included in the diluted earnings per share calculation because they were antidilutive. |
Business Segments [Policy Text Block] | Business Segments The Company operates on one segment in one geographic location - the United States of America and; therefore, segment information is not presented. |
Fair Value of Financial Instruments [Policy Text Block] | Fair Value of Financial Instruments The carrying amounts of the company's financial instruments including accounts payable, accrued expenses, and notes payable approximate fair value due to the relative short period for maturity these instruments. The company does not use derivative financial instruments to hedge exposures to cash-flow, market or foreign-currency risks. Authoritative guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability, developed based on market data obtained from sources independent of the company. Unobservable inputs are inputs that reflect the company's assumptions of what market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on reliability of the inputs as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. As of March 31, 2021 and 2020, the company did not have any financial instruments that are measured on a recurring basis as Level 1, 2 or 3. |
Immaterial Restatement [Policy Text Block] | Correction of Previously Issued Financial Statements The accompanying consolidated statement of operations for the year ended March 31, 2020 has been corrected for the following: a reclassification of depreciation expense of $1,003,450 to cost of goods sold related to assets utilized in the production of inventory and an adjustment to reclassify Sales and marketing expenses of $2,712,938 as a reduction of Revenue as such amounts were related to consideration payable to a customer which the Company determined was not for distinct goods or services received. The Company assessed the materiality of the misstatement quantitatively and qualitatively and has concluded that the correction of the classification error is immaterial to the consolidated financials taken as a whole. As a result of the correction, Cost of Goods Sold increased from $24,302,874 to $25,306,324 with a corresponding decrease of Gross Profit from $16,839,569 to $13,123,181. The correction had no impact on Total operating loss and Net loss. |
Recent Accounting Pronouncements [Policy Text Block] | Recent Accounting Pronouncements Recently Adopted Standards The Company adopted ASC 842 on April 1, 2019 which requires lessees to recognize right-of-use ("ROU") asset and lease liability for all leases. The Company elected the package of transition practical expedients for existing contracts, which allowed us to carry forward our historical assessments of whether contracts are or contain leases, lease classification and determination of initial direct costs. The adoption resulted in a lease liability of approximately $185,510 and a right of use asset of approximately $165,699. The Company's undiscounted minimum lease commitments under its operating leases are disclosed in Note 8. The Company adopted ASU 2018-07, "Improvements to Nonemployee Share-Base Payment Accounting" on April 1, 2019. The Company did not issue any of its shares to nonemployees in exchange for goods or services during the year ended March 31, 2020. Standards Required to be Adopted in Future Years. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Codification Improvements to Topic 326, Financial Instruments - Credit Losses. The Company has evaluated other recent accounting pronouncements through June 2020 and believes that none of them will have a material effect on our consolidated financial statements. |
NATURE OF BUSINESS AND SUMMAR_3
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of accounts receivable [Table Text Block] | 2021 2020 Trade receivables, net $ 8,798,176 $ 4,957,081 Less: Allowance for doubtful accounts (340,000 ) (40,000 ) Net accounts receivable $ 8,458,176 $ 4,917,081 |
Schedule of inventory current [Table Text Block] | 2021 2020 Raw materials $ 3,055,951 $ 1,788,868 Finished goods 1,351,769 1,130,992 Total inventory $ 4,407,720 $ 2,919,860 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property plant and equipment [Table Text Block] | March 31, 2021 March 31, 2020 Machinery and Equipment $ 4,812,344 $ 4,249,398 Office Equipment 55,439 32,992 Less: Accumulated Depreciation (3,857,600 ) (2,859,809 ) Fixed Assets, net $ 1,010,183 $ 1,422,581 |
OPTIONS AND WARRANTS (Tables)
OPTIONS AND WARRANTS (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of stock option awards [Table Text Block] | Weighted- Weighted- Average Average Remaining Number of Exercise Contractual Shares Price Term (years) Outstanding at March 31, 2019 2,272,900 $ 1.09 4.5 Granted - - - Exercised (239,000 ) 0.89 3.5 Expired/Forfeited - - - Outstanding at March 31, 2020 2,033,900 1.11 3.5 Granted 4,897,000 1.09 10.0 Exercised (506,000 ) 0.76 3.7 Expired/Forfeited (165,333 ) 0.57 7.7 Outstanding at March 31, 2021 6,259,567 0.83 7.7 Exercisable at March 31, 2021 2,908,233 0.84 5.6 |
Schedule of stockholders' equity note, warrants or rights, activity [Table Text Block] | Weighted- Number Average of Warrants Exercise Price Outstanding at March 31, 2019 6,188,222 1.16 Granted 0 — Exercised (3,974,000 ) 0.63 Cancelled or Expired (127,733 ) 5.78 Outstanding at March 31, 2020 2,086,489 1.80 Granted 23,717,818 0.81 Exercised (13,293,728 ) 0.54 Cancelled or Expired (1,709,424 ) 2.03 Outstanding at March 31, 2021 10,801,155 1.16 Warrants exercisable at March 31, 2021 6,039,466 1.09 |
Schedule of stock warrants outstanding and exercisable [Table Text Block] | Number of Weighted-Average Warrants Remaining Contractual Exercise Price Outstanding Life in Years $0.50 1,000,000 2.05 $0.55 277,777 2.29 $1.25 9,953,378 2.92 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure Abstract | |
Schedule of deferred tax assets and liabilities [Table Text Block] | 2021 2020 Deferred income tax assets: $ 11,700,000 $ 8,680,000 Valuation allowance (11,700,000 ) (8,680,000 ) Net total $ — $ — |
Schedule of Effective Tax Rate Reconciliation [Table Text Block] | 2021 2020 Effective Tax Rate Reconciliation: Federal statutory tax rate 21% 21% State taxes, net of federal benefit 0% 0% Change in valuation allowance (21%) (21%) Effective Tax Rate 0% 0% |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Schedule of operating Lease expense [Table Text Block] | Operating Leases: March 31, Operating lease right-of-use asset - current portion $ 236,446 Operating lease right-of-use asset - non-current portion 269,167 Total Operating lease right-of-use asset $ 505,613 Operating lease liability - current portion $ 229,605 Operating lease liability - non-current portion 292,582 Total Operating lease liability $ 522,187 Weighted average remaining lease term (in years): Operating leases 1.17 Weighted average discount rate: Operating leases 7% |
Schedule of Maturities of Undiscounted Lease Liabilities [Table Text Block] | Operating Leases Year ending March 31, 2022 Year ending March 31, 2023 Year ending March 31, 2024 259,821 Total lease payments 570,349 Less: Imputed interest (48,162 ) Total lease obligations 522,187 |
NATURE OF BUSINESS AND SUMMAR_4
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | 12 Months Ended | ||
Mar. 31, 2021USD ($)customersvendorsshares | Mar. 31, 2020USD ($)shares | Apr. 01, 2019USD ($) | |
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Cash | $ 9,130,956 | $ 4,561,682 | |
Advertising expense | 770,856 | 303,346 | |
Selling expenses | 7,432,077 | 5,799,766 | |
Reclassification Of Depreciation Expenses To Cost Of Goods Sold | 1,003,450 | ||
Reclassification of Depreciation Expenses to General and Administrative Expense | 2,712,938 | ||
Cost of Goods and Services Sold | 29,622,361 | 25,306,324 | |
Gross Profit | $ 16,446,760 | 13,123,181 | |
Lease liability | $ 185,510 | ||
Right of use asset | $ 165,699 | ||
Previously Reported [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Cost of Goods and Services Sold | 24,302,874 | ||
Gross Profit | $ 16,839,569 | ||
Accounts Receivable [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Number of major customers | customers | 3 | ||
Concentration Risk, Percentage | 41.00% | ||
Accounts Receivable [Member] | Customer 1 [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 16.00% | ||
Accounts Receivable [Member] | Customer 2 [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 13.00% | ||
Accounts Receivable [Member] | Customer 3 [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 12.00% | ||
Revenues [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Number of major customers | customers | 2 | ||
Concentration Risk, Percentage | 40.00% | ||
Revenues [Member] | Customer 1 [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 23.00% | ||
Revenues [Member] | Customer 2 [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 17.00% | ||
Purchases [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Number of major vendors | vendors | 3 | ||
Concentration Risk, Percentage | 56.00% | ||
Purchases [Member] | Vendor 1 [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 25.00% | ||
Purchases [Member] | Vendor 2 [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 20.00% | ||
Purchases [Member] | Vendor 3 [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 11.00% | ||
Employee Stock Option [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | shares | 2,908,233 | 0 | |
Warrant [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | shares | 6,889,680 | 0 | |
Convertible Preferred Stock [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | shares | 0 |
NATURE OF BUSINESS AND SUMMAR_5
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accounts Receivable (Details) - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Accounting Policies [Abstract] | ||
Trade receivables, net | $ 8,798,176 | $ 4,957,081 |
Less: Allowance for doubtful accounts | (340,000) | (40,000) |
Net accounts receivable | $ 8,458,176 | $ 4,917,081 |
NATURE OF BUSINESS AND SUMMAR_6
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -Schedule of Inventory, Current (Details) - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Accounting Policies [Abstract] | ||
Raw materials | $ 3,055,951 | $ 1,788,868 |
Finished goods | 1,351,769 | 1,130,992 |
Total inventory | $ 4,407,720 | $ 2,919,860 |
CASH FLOWS (Narrative) (Details
CASH FLOWS (Narrative) (Details) | Mar. 31, 2021USD ($) |
Supplemental Cash Flow Elements [Abstract] | |
Accumulated deficit | $ 69,931,220 |
PROPERTY AND EQUIPMENT (Narrati
PROPERTY AND EQUIPMENT (Narrative) (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | $ 997,791 | $ 1,011,241 |
Cost of goods sold [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | 986,428 | 1,003,240 |
General and administrative expenses [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | $ 11,364 | $ 7,791 |
PROPERTY AND EQUIPMENT - Schedu
PROPERTY AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Less: Accumulated Depreciation | $ (3,857,600) | $ (2,859,809) |
Property and Equipment, net | 1,010,183 | 1,422,581 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | 4,812,344 | 4,249,398 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | $ 55,439 | $ 32,992 |
REVOLVING FINANCING (Narrative)
REVOLVING FINANCING (Narrative) (Details) | 12 Months Ended |
Mar. 31, 2021 | |
Line of Credit Facility, Borrowing Capacity, Description | Under the terms of the Credit Agreement, SCM has agreed to make cash advances to our company in an aggregate principal at any one time outstanding not to exceed the lesser of (i) $7 million (the "Revolving Loan Commitment Amount") and (ii) the Borrowing Base (defined to mean, as of any date of determination, 85% of net eligible billed receivables plus 65% of eligible unbilled receivables, minus certain reserves). |
Line of Credit Facility, Interest Rate Description | The principal amount of the Revolving Facility outstanding bears interest at a rate per annum equal to (i) a fluctuating interest rate per annum equal at all times to the rate of interest announced, from time to time, within Wells Fargo Bank at its principal office in San Francisco as its "prime rate," plus (ii) 3.25%, payable monthly in arrears. The interest rate as of March 31, 2021 was 7.0% |
Line of Credit Facility, Commitment Fee Percentage | 0.083% |
Line of Credit Facility, Interest Rate During Period | 0.35% |
Line of Credit Facility, Termination Fee | 1.00% |
Line of Credit Facility, Interest Increase Upon Default | 5.00% |
PAYCHECK PROTECTION PROGRAM L_2
PAYCHECK PROTECTION PROGRAM LOAN (Narrative) (Details) - Promissory Note [Member] | Apr. 29, 2020USD ($) |
Short-term Debt [Line Items] | |
Amount of promissory note | $ 325,800 |
Maturity date of promissory note | Apr. 29, 2022 |
Interest rate on promissory note | 1.00% |
Payment term of promissory note | Borrower shall pay principal plus interest accrued under the promissory note in 18 equal monthly installments beginning on October 29, 2020. |
STOCKHOLDER EQUITY (Narrative)
STOCKHOLDER EQUITY (Narrative) (Details) - USD ($) | Mar. 01, 2021 | Jan. 14, 2021 | May 11, 2020 | Mar. 31, 2021 | Mar. 23, 2021 | Feb. 22, 2021 | Dec. 16, 2020 | Nov. 18, 2020 | Oct. 31, 2020 | Oct. 16, 2020 | Sep. 23, 2020 | Aug. 28, 2020 | Aug. 27, 2020 | Aug. 18, 2020 | Jul. 17, 2020 | May 22, 2020 | Apr. 30, 2020 | Apr. 17, 2020 | Mar. 18, 2020 | Feb. 28, 2020 | Jun. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Jun. 15, 2020 | Nov. 02, 2017 | May 03, 2017 | Oct. 07, 2013 |
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | ||||||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services (shares) | 247,167 | 29,000 | ||||||||||||||||||||||||||
Stock Payable | $ 1,000,000 | |||||||||||||||||||||||||||
Accrued amount under agreement | 81,117 | |||||||||||||||||||||||||||
Stock compensation expense | $ 2,400,165 | $ 1,591,555 | ||||||||||||||||||||||||||
Non-employees [Member] | ||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services (shares) | 205,000 | |||||||||||||||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 221,400 | |||||||||||||||||||||||||||
Share Price | $ 1.08 | |||||||||||||||||||||||||||
Non-employees [Member] | 7 U.S. Person [Member] | ||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services (shares) | 247,000 | |||||||||||||||||||||||||||
Non-employees [Member] | One U.S. person [Member] | ||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services (shares) | 37,037 | 34,482 | 28,169 | 37,735 | 35,398 | 24,844 | 28,985 | 53,256 | 90,116 | 18,779 | 170,000 | |||||||||||||||||
One-time annual platform access fee | $ 40,000 | |||||||||||||||||||||||||||
Additional deliverables delivered during the term | 115,000 | |||||||||||||||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 40,000 | $ 40,000 | $ 40,000 | $ 40,000 | $ 40,000 | $ 40,000 | $ 40,000 | $ 91,600 | $ 155,000 | $ 40,000 | ||||||||||||||||||
Share Price | $ 1.08 | $ 1.16 | $ 1.42 | $ 1.06 | $ 1.13 | $ 1.61 | $ 1.38 | $ 1.72 | $ 1.72 | $ 2.13 | ||||||||||||||||||
Monthly retainer for consulting services | $ 40,000 | |||||||||||||||||||||||||||
Retainer for consulting services | $ 480,000 | |||||||||||||||||||||||||||
2020 Equity Incentive Plan [Member] | ||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||
Number of restricted common stock shares granted | 50,000 | 20,000 | 1,065,000 | 1,650,000 | ||||||||||||||||||||||||
Amount of restricted stock issued during period for services | $ 30,400 | $ 1,065,000 | ||||||||||||||||||||||||||
Price per share | $ 1.52 | $ 1 | ||||||||||||||||||||||||||
Stock compensation expense fiscal year 2021 | $ 565,000 | 565,000 | ||||||||||||||||||||||||||
Total stock compensation expense | 828,967 | 828,967 | ||||||||||||||||||||||||||
Stock compensation expense next 1 fiscal year | 818,067 | 818,067 | ||||||||||||||||||||||||||
Stock compensation expense next 2 fiscal year | 56,800 | 56,800 | ||||||||||||||||||||||||||
Stock compensation expense next 3 fiscal year | $ 7,417 | $ 7,417 | ||||||||||||||||||||||||||
2020 Equity Incentive Plan [Member] | Richard A. Wright | ||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||
Number of restricted common stock shares granted | 150,000 | 200,000 | ||||||||||||||||||||||||||
2020 Equity Incentive Plan [Member] | David A. Guarino [Member] | ||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||
Number of restricted common stock shares granted | 100,000 | 100,000 | ||||||||||||||||||||||||||
2020 Equity Incentive Plan [Member] | Non-employees [Member] | ||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||
Number of restricted common stock shares granted | 35,000 | |||||||||||||||||||||||||||
2020 Equity Incentive Plan [Member] | Employees [Member] | ||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||
Number of restricted common stock shares granted | 20,000 | |||||||||||||||||||||||||||
2020 Equity Incentive Plan [Member] | Vest on one year anniversary of grant date [Member] | ||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||
Number of restricted common stock shares granted | 645,000 | |||||||||||||||||||||||||||
2020 Equity Incentive Plan [Member] | Vest as to 50% on one-year anniversary of grant date and 50% vest on second year anniversary of grant date [Member] | ||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||
Number of restricted common stock shares granted | 200,000 | |||||||||||||||||||||||||||
2020 Equity Incentive Plan [Member] | Vest as to one-third on each anniversary of the grant date [Member] | ||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||
Number of restricted common stock shares granted | 20,000 | 165,000 | ||||||||||||||||||||||||||
2020 Equity Incentive Plan [Member] | Vest Immediately [Member] | ||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||
Number of restricted common stock shares granted | 55,000 | |||||||||||||||||||||||||||
Private Placement [Member] | ||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||
Number of units issued | 9,523,378 | 4,444,440 | 9,750,000 | |||||||||||||||||||||||||
Proceeds from Issuance of Private Placement | $ 9,999,546.90 | $ 1,999,998 | $ 3,900,000 | |||||||||||||||||||||||||
Units issued, price per unit | $ 1.05 | $ 0.45 | $ 0.40 | |||||||||||||||||||||||||
Private placement, description | Each Unit is comprised of one share of our common stock, one-half of one Class A common share purchase warrant (each whole Class A common share purchase warrant, a "Class A Warrant") and one-half of one Class B common share purchase warrant (each whole Class B common share purchase warrant, a "Class B Warrant"). Each Class A Warrant will entitle the holder thereof to acquire one Share (each, a "Warrant Share") at $1.25 per Warrant Share for a period commencing on the date of the closing of the Offering (the "Closing Date") | Each unit consists of one share of our common stock and one transferable share purchase warrant, for no additional consideration. Each warrant will entitle the holder thereof to acquire one share of our common stock until May 11, 2023, at a price of $0.55 per share. In the event that our common stock has a closing price on the TSX Venture Exchange (or such other exchange on which our common stock may be traded at such time) of $1.75 or greater per share for a period of 20 consecutive trading days at any time from the closing date of the private placement | Each unit consisted of one share of our common stock and one share purchase warrant, with each share purchase warrant entitling the holder to acquire one additional share of our common stock at a price of $0.50 per share for a period of three years. | |||||||||||||||||||||||||
Private Placement [Member] | Investor [Member] | ||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||
Number of units issued | 1,250,000 | |||||||||||||||||||||||||||
Private Placement [Member] | 5 non-U.S. persons [Member] | ||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||
Number of units issued | 8,500,000 | |||||||||||||||||||||||||||
Private Placement [Member] | Three Accredited Investors [Member] | ||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||
Number of units issued | 444,443 | |||||||||||||||||||||||||||
Private Placement [Member] | Three non-U.S. persons [Member] | ||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||
Number of units issued | 3,999,997 | |||||||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||
Number of shares issued in consideration for Merger | 23,717,818 | |||||||||||||||||||||||||||
Number of common stock shares issued upon conversion | 3,400,000 | 3,400,000 | 1,900,000 | |||||||||||||||||||||||||
Amount of common stock shares issued upon conversion | $ 3,400 | $ 1,900 | ||||||||||||||||||||||||||
Common Stock [Member] | Private Placement [Member] | ||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||
Proceeds from Issuance of Private Placement | $ 1,000,000 | |||||||||||||||||||||||||||
Richard A. Wright [Member] | ||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||
Number of common stock shares issued upon conversion | 1,500,000 | |||||||||||||||||||||||||||
Consultant [Member] | ||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services (shares) | 276,167 | |||||||||||||||||||||||||||
David A. Guarino [Member] | ||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||
Number of common stock shares issued upon conversion | 1,000,000 | |||||||||||||||||||||||||||
Directors, officers, employees, and consultants | 2020 Equity Incentive Plan [Member] | ||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||
Number of restricted common stock shares granted | 565,000 | |||||||||||||||||||||||||||
Three other individuals [Member] | ||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||
Number of common stock shares issued upon conversion | 900,000 | |||||||||||||||||||||||||||
Series D Preferred Stock [Member] | ||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||
Preferred stock, shares authorized | 5,000,000 | 3,000,000 | ||||||||||||||||||||||||||
Terms of conversion of Preferred Stock, consolidated revenue threshold | $ 40,000,000 | |||||||||||||||||||||||||||
Number of shares converted | 3,400,000 |
OPTIONS AND WARRANTS (Narrative
OPTIONS AND WARRANTS (Narrative) (Details) | Feb. 08, 2021USD ($)$ / sharesshares | Feb. 01, 2021USD ($)$ / sharesshares | Aug. 14, 2020USD ($)$ / sharesshares | Aug. 10, 2020USD ($)$ / sharesshares | Aug. 05, 2020$ / shares | Aug. 05, 2020USD ($)shares | Aug. 04, 2020shares | Jul. 09, 2020shares | Apr. 03, 2020USD ($)$ / sharesshares | Oct. 01, 2018$ / shares | Oct. 01, 2018USD ($)shares | Mar. 31, 2021USD ($)shares | Nov. 18, 2020USD ($)$ / sharesshares | Oct. 31, 2020shares | Oct. 19, 2020USD ($)$ / sharesshares | Aug. 27, 2020shares | Jul. 28, 2020$ / shares | Jul. 28, 2020USD ($)shares | May 20, 2020USD ($)$ / sharesshares | Apr. 30, 2020shares | Apr. 29, 2020USD ($)shares | Feb. 28, 2020shares | May 31, 2018USD ($)$ / sharesshares | Apr. 28, 2017$ / sharesshares | Dec. 30, 2015shares | Mar. 31, 2021USD ($)$ / sharesshares | Mar. 31, 2020USD ($)$ / sharesshares | Mar. 31, 2019USD ($)$ / sharesshares | Mar. 31, 2018USD ($)$ / sharesshares | Apr. 25, 2018shares | Jan. 20, 2016shares | Oct. 31, 2014shares | Oct. 30, 2014shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | ||||||||||||||||||||||||||||||
Number of options granted | 1,790,000 | 4,897,000 | 0 | ||||||||||||||||||||||||||||||
Exercise price of options granted | $ / shares | $ 1.29 | $ 1.09 | $ 0 | ||||||||||||||||||||||||||||||
Stock compensation expense | $ | $ 3,725,465 | $ 1,591,555 | |||||||||||||||||||||||||||||||
Class of Warrant or Right, Exercises in Period | 1,777,777 | 2,000,000 | 8,750,000 | 7,999 | 166,000 | 81,400 | 287,666 | 13,293,728 | 3,974,000 | 3,900,000 | |||||||||||||||||||||||
Warrant exercise price | (per share) | $ 0.55 | $ 0.55 | $ 0.50 | $ 2.90 | $ 0.55 | $ 2.90 | $ 0.90 | $ 0.90 | $ 0.50 | ||||||||||||||||||||||||
Proceeds from warrants exercised | $ | $ 977,777 | $ 1,100,000 | $ 4,375,000 | $ 16,802 | $ 91,666 | $ 172,521 | $ 258,899 | $ 7,114,886 | $ 2,500,486 | $ 1,950,000 | |||||||||||||||||||||||
Units issued during period, Units | 5,131,665 | ||||||||||||||||||||||||||||||||
Units issued during period, Per unit amount | $ / shares | $ 0.75 | ||||||||||||||||||||||||||||||||
Aggregate gross proceeds | $ | $ 3,848,749 | ||||||||||||||||||||||||||||||||
Term of warrants | 2 years | ||||||||||||||||||||||||||||||||
Finders fees | $ | $ 123,572 | ||||||||||||||||||||||||||||||||
Warrants Issued | 49,428 | 49,428 | |||||||||||||||||||||||||||||||
Number of stock options exercised | 48,158 | 188,081 | 116,000 | 506,000 | 239,000 | 161,100 | |||||||||||||||||||||||||||
Proceeds from Stock Options Exercised | $ | $ 61,480 | $ 61,479 | |||||||||||||||||||||||||||||||
2013 Equity Incentive Plan [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||
Stock available for the grant of awards under the plan | 700,000 | 7,700,000 | 35,000,000 | 20,000,000 | |||||||||||||||||||||||||||||
Reverse stock split | 50-for-1 | ||||||||||||||||||||||||||||||||
Maximum stock available for the grant of awards under the plan | 7,700,000 | ||||||||||||||||||||||||||||||||
2018 Stock Option Plan [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||
Common stock, shares authorized | 5,171,612 | ||||||||||||||||||||||||||||||||
Number of options granted | 125,000 | 2,737,000 | 45,000 | 1,990,000 | |||||||||||||||||||||||||||||
Exercise price of options granted | $ / shares | $ 1.71 | $ 0.53 | $ 1.09 | $ 1.29 | $ 1.09 | ||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | 1.57 | $ 0.53 | 1.03 | $ 1.07 | |||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price | $ / shares | $ 1.57 | $ 1.09 | |||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | 10 years | |||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.60% | 0.60% | |||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 107.00% | 121.00% | |||||||||||||||||||||||||||||||
Fair value of stock options issued | $ | $ 185,625 | $ 1,450,610 | $ 46,350 | $ 2,129,300 | |||||||||||||||||||||||||||||
Total stock compensation expense | $ | $ 1,621,199 | 1,621,199 | |||||||||||||||||||||||||||||||
Stock compensation expense next 1 fiscal year | $ | 1,679,627 | 1,679,627 | |||||||||||||||||||||||||||||||
Stock compensation expense next 2 fiscal year | $ | 484,477 | 484,477 | |||||||||||||||||||||||||||||||
Stock compensation expense next 3 fiscal year | $ | 49,661 | $ 49,661 | |||||||||||||||||||||||||||||||
Number of stock options repriced | 600,900 | ||||||||||||||||||||||||||||||||
Additional stock compensation expense | $ | $ 42,664 | ||||||||||||||||||||||||||||||||
2018 Stock Option Plan [Member] | Richard A. Wright | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||
Number of options granted | 250,000 | 250,000 | |||||||||||||||||||||||||||||||
Exercise price of options granted | $ / shares | $ 0.53 | $ 1.09 | |||||||||||||||||||||||||||||||
2018 Stock Option Plan [Member] | David A. Guarino [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||
Number of options granted | 150,000 | 200,000 | |||||||||||||||||||||||||||||||
Exercise price of options granted | $ / shares | $ 0.53 | $ 1.09 | |||||||||||||||||||||||||||||||
2020 Equity Incentive Plan [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||
Maximum stock available for the grant of awards under the plan | 9,000,000 | ||||||||||||||||||||||||||||||||
Number of restricted common stock shares granted | 50,000 | 20,000 | 1,065,000 | 1,650,000 | |||||||||||||||||||||||||||||
Stock compensation expense fiscal year 2021 | $ | 565,000 | $ 565,000 | |||||||||||||||||||||||||||||||
Total stock compensation expense | $ | 828,967 | 828,967 | |||||||||||||||||||||||||||||||
Stock compensation expense next 1 fiscal year | $ | 818,067 | 818,067 | |||||||||||||||||||||||||||||||
Stock compensation expense next 2 fiscal year | $ | 56,800 | 56,800 | |||||||||||||||||||||||||||||||
Stock compensation expense next 3 fiscal year | $ | $ 7,417 | $ 7,417 | |||||||||||||||||||||||||||||||
2020 Equity Incentive Plan [Member] | Richard A. Wright | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||
Number of restricted common stock shares granted | 150,000 | 200,000 | |||||||||||||||||||||||||||||||
2020 Equity Incentive Plan [Member] | David A. Guarino [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||
Number of restricted common stock shares granted | 100,000 | 100,000 | |||||||||||||||||||||||||||||||
Vest as to one-third on each anniversary of the grant date [Member] | 2018 Stock Option Plan [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||
Number of options granted | 880,000 | ||||||||||||||||||||||||||||||||
Vest as to one-third on each anniversary of the grant date [Member] | 2020 Equity Incentive Plan [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||
Number of restricted common stock shares granted | 20,000 | 165,000 | |||||||||||||||||||||||||||||||
Vest as to one-third on the grant date and one-third on each anniversary of the grant date [Member] | 2018 Stock Option Plan [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||
Number of options granted | 640,000 | ||||||||||||||||||||||||||||||||
vest as to 50% on the grant date and 50% on the one-year anniversary of the grant date [Member] | 2018 Stock Option Plan [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||
Number of options granted | 1,217,000 | 1,060,000 | |||||||||||||||||||||||||||||||
Vest one-half on the first anniversary date and one-half on the second anniversary date [Member] | 2018 Stock Option Plan [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||
Number of options granted | 930,000 | ||||||||||||||||||||||||||||||||
Option 1 - 360,000 [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||
Number of options granted | 360,000 | ||||||||||||||||||||||||||||||||
Option 1 - 360,000 [Member] | Vest upon the date of grant [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||
Number of options granted | 120,000 | ||||||||||||||||||||||||||||||||
Option 1 - 360,000 [Member] | Vested on each anniversary date of grant [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||
Number of options granted | 120,000 | ||||||||||||||||||||||||||||||||
Option 2 - 1,430,000 [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||
Number of options granted | 1,430,000 | ||||||||||||||||||||||||||||||||
Option 2 - 1,430,000 [Member] | Vest upon the date of grant [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||
Number of options granted | 357,500 | ||||||||||||||||||||||||||||||||
Option 2 - 1,430,000 [Member] | Vested on each anniversary date of grant [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||
Number of options granted | 357,500 | ||||||||||||||||||||||||||||||||
New Warrants [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 0.60 | ||||||||||||||||||||||||||||||||
Private Placement [Member] | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 2.90 | ||||||||||||||||||||||||||||||||
Units issued during period, Units | 1,619,947 | ||||||||||||||||||||||||||||||||
Units issued during period, Per unit amount | $ / shares | $ 2.50 | ||||||||||||||||||||||||||||||||
Aggregate gross proceeds | $ | $ 2,979,596 | ||||||||||||||||||||||||||||||||
Term of warrants | 2 years | 2 years |
OPTIONS AND WARRANTS - Schedule
OPTIONS AND WARRANTS - Schedule of Stock Option Awards (Details) - $ / shares | Aug. 04, 2020 | Jul. 09, 2020 | Apr. 29, 2020 | Apr. 28, 2017 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Share-based Payment Arrangement [Abstract] | |||||||
Number of Options, Outstanding, Beginning Balance | 2,033,900 | 2,033,900 | 2,272,900 | ||||
Weighted-Average Exercise Price, Outstanding, Beginning Balance | $ 1.11 | $ 1.11 | $ 1.09 | ||||
Weighted-Average Remaining Contractual Term, Outstanding | 7 years 8 months 12 days | 3 years 6 months | 4 years 6 months | ||||
Number of Options, Granted | 1,790,000 | 4,897,000 | 0 | ||||
Exercise price of options granted | $ 1.29 | $ 1.09 | $ 0 | ||||
Weighted-Average Remaining Contractual Term, Granted | 10 years | ||||||
Number of Options, Exercised | (48,158) | (188,081) | (116,000) | (506,000) | (239,000) | (161,100) | |
Weighted-Average Exercise Price, Exercised | $ 0.76 | $ 0.89 | |||||
Weighted-Average Remaining Contractual Term, Exercised | 3 years 8 months 12 days | 3 years 6 months | |||||
Number of Options, Expired/Forfeited | (165,333) | 0 | |||||
Weighted-Average Exercise Price, Expired/Forfeited | $ 0.57 | $ 0 | |||||
Weighted-Average Remaining Contractual Term, Expired/Forfeited | 7 years 8 months 12 days | ||||||
Number of Options, Outstanding, Ending Balance | 6,259,567 | 2,033,900 | 2,272,900 | ||||
Weighted-Average Exercise Price, Outstanding, Ending Balance | $ 0.83 | $ 1.11 | $ 1.09 | ||||
Number of Options, Exercisable | 2,908,233 | ||||||
Weighted-Average Exercise Price, Exercisable | $ 0.84 | ||||||
Weighted-Average Remaining Contractual Term, Exercisable | 5 years 7 months 6 days |
OPTIONS AND WARRANTS - Schedu_2
OPTIONS AND WARRANTS - Schedule of stockholders' equity note, warrants or rights, activity (Details) - $ / shares | Feb. 08, 2021 | Feb. 01, 2021 | Aug. 14, 2020 | Aug. 05, 2020 | Oct. 19, 2020 | Jul. 28, 2020 | May 20, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2018 |
Share-based Payment Arrangement [Abstract] | ||||||||||
Number of warrants, Outstanding, Beginning Balance | 2,086,489 | 6,188,222 | ||||||||
Weighted-Average Exercise Price, Outstanding, Beginning Balance | $ 1.80 | $ 1.16 | ||||||||
Number of warrants, Granted | 23,717,818 | 0 | ||||||||
Weighted-Average Exercise Price, Granted | $ 0.81 | $ 0 | ||||||||
Number of warrants, Exercised | (1,777,777) | (2,000,000) | (8,750,000) | (7,999) | (166,000) | (81,400) | (287,666) | (13,293,728) | (3,974,000) | (3,900,000) |
Weighted-Average Exercise Price, Exercised | $ 0.54 | $ 0.63 | ||||||||
Number of warrants, Cancelled or Expired | (1,709,424) | (127,733) | ||||||||
Weighted-Average Exercise Price, Cancelled or Expired | $ 2.03 | $ 5.78 | ||||||||
Number of warrants, Outstanding, Ending Balance | 10,801,155 | 2,086,489 | ||||||||
Weighted-Average Exercise Price, Outstanding, Ending Balance | $ 1.16 | $ 1.80 | ||||||||
Number of warrants, Exercisable | 6,039,466 | |||||||||
Weighted-Average Exercise Price, Exercisable | $ 1.09 |
OPTIONS AND WARRANTS - Schedu_3
OPTIONS AND WARRANTS - Schedule of stock warrants outstanding and exercisable (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Stock Warrants Outstanding And Exercisable [Line Items] | |||
Number of warrants Outstanding | 10,801,155 | 2,086,489 | 6,188,222 |
0.50 [Member] | |||
Stock Warrants Outstanding And Exercisable [Line Items] | |||
Exercise price, warrants | $ 0.50 | ||
Number of warrants Outstanding | 1,000,000 | ||
Weighted average remaining contractual life | 2 years 18 days | ||
0.55 [Member] | |||
Stock Warrants Outstanding And Exercisable [Line Items] | |||
Exercise price, warrants | $ 0.55 | ||
Number of warrants Outstanding | 277,777 | ||
Weighted average remaining contractual life | 2 years 3 months 14 days | ||
1.25 [Member] | |||
Stock Warrants Outstanding And Exercisable [Line Items] | |||
Exercise price, warrants | $ 1.25 | ||
Number of warrants Outstanding | 9,953,378 | ||
Weighted average remaining contractual life | 2 years 11 months 1 day |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure Abstract | ||
Operating Loss Carryforwards | $ 47,000,000 | |
Federal statutory tax rate | 21.00% | 21.00% |
Percentage of limitation of the tax deduction for interest expense | 30.00% | |
Percentage of limitation of the tax deduction for net operating losses | 80.00% | |
Change in deferred tax assets valuation allowance, amount | $ 3,020,000 |
INCOME TAXES - Schedule of Defe
INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Income Tax Disclosure Abstract | ||
Deferred income tax assets: | $ 11,700,000 | $ 8,680,000 |
Valuation allowance | (11,700,000) | (8,680,000) |
Net total | $ 0 | $ 0 |
INCOME TAXES - Schedule of Effe
INCOME TAXES - Schedule of Effective Tax Rate Reconciliation (Details) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure Abstract | ||
Federal statutory tax rate | 21.00% | 21.00% |
State taxes, net of federal benefit | 0.00% | |
Change in valuation allowance | (21.00%) | (21.00%) |
Effective Tax Rate | 0.00% | 0.00% |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2020USD ($)ft² | Oct. 31, 2020USD ($)ft² | Jul. 31, 2020USD ($)ft² | Mar. 31, 2021USD ($)ft² | |
Leases [Abstract] | ||||
Area of property under operating lease | ft² | 2,390 | 9,166 | 14,530 | 3,352 |
Lease and rent expense per month | $ 5,280 | $ 10,083 | $ 7,992 | $ 7,891 |
Lease rate for extension | 5,377 | 10,385 | $ 8,231 | |
Lease rate for second extension period | $ 5,497 | $ 10,697 | ||
Weighted average discount rate: Operating leases | 7.00% | 7.00% | 7.00% | 7.00% |
Operating lease right-of-use asset | $ 177,629 | $ 337,932 | $ 130,989 | $ 505,613 |
Operating lease liability | $ 177,629 | $ 337,932 | $ 138,266 | 522,187 |
Short-term lease cost | $ 235,167 |
LEASES - Schedule of Operating
LEASES - Schedule of Operating Leases (Details) - USD ($) | Mar. 31, 2021 | Nov. 30, 2020 | Oct. 31, 2020 | Jul. 31, 2020 | Mar. 31, 2020 |
Leases [Abstract] | |||||
Operating lease right-of-use asset - current portion | $ 236,446 | $ 87,393 | |||
Operating lease right-of-use asset - Non current portion | 269,167 | ||||
Total Operating lease right-of-use asset | 505,613 | $ 177,629 | $ 337,932 | $ 130,989 | |
Operating lease liability - current portion | 229,605 | $ 99,389 | |||
Operating lease liability - non-current portion | 292,582 | ||||
Total Operating lease liability | $ 522,187 | $ 177,629 | $ 337,932 | $ 138,266 | |
Weighted average remaining lease term (in years): Operating leases | 1 year 2 months 1 day | ||||
Weighted average discount rate: Operating leases | 7.00% | 7.00% | 7.00% | 7.00% |
LEASES - Schedule of maturities
LEASES - Schedule of maturities of undiscounted lease liabilities (Details) | Mar. 31, 2021USD ($) |
Leases [Abstract] | |
Year ending March 31, 2022 | $ 259,821 |
Year ending March 31, 2023 | 191,379 |
Year ending March 31, 2024 | 119,150 |
Total lease payments | 570,349 |
Less: Imputed interest | (48,162) |
Total lease obligations | $ 522,187 |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Details) - USD ($) | Jun. 14, 2021 | May 12, 2021 | Jun. 15, 2021 | Apr. 15, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Oct. 07, 2013 |
Subsequent Event [Line Items] | ||||||||
Common stock issued for services | 247,167 | 29,000 | ||||||
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | |||||
Proceeds from Issuance of Common Stock | $ 14,899,545 | |||||||
Subsequent Event [Member] | One U.S. person [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common stock issued for services | 38,834 | |||||||
Subsequent Event [Member] | Endorsement Agreement with ABG Shaq, LLC [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Cash payments for rights and services granted | $ 3,000,000,000,000 | |||||||
Subsequent Event [Member] | Endorsement Agreement with ABG Shaq, LLC [Member] | One U.S. person [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of common stock issued upon exercise of warrants | 277,777 | |||||||
Exercise price of warrants | $ 0.55 | |||||||
Proceeds from Issuance of Common Stock | $ 152,777.35 | |||||||
Subsequent Event [Member] | Endorsement Agreement with ABG Shaq, LLC [Member] | One non-U.S. person [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of common stock issued upon exercise of warrants | 1,000,000 | |||||||
Exercise price of warrants | $ 0.50 | |||||||
Proceeds from Issuance of Common Stock | $ 500,000 | |||||||
Subsequent Event [Member] | Series S Preferred Stock [Member] | Endorsement Agreement with ABG Shaq, LLC [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Preferred stock granted | 6,681,090 | |||||||
Vesting description of preferred stock granted | each vested share of which is convertible into one share of the Company's common stock. The shares of Series S Preferred Stock will vest as to 1/3 on May 12, 2021, May 1, 2022 and May 1, 2023. |