Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Aug. 15, 2023 | Sep. 30, 2022 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | THE ALKALINE WATER COMPANY INC. | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2023 | ||
Entity Central Index Key | 0001532390 | ||
Current Fiscal Year End Date | --03-31 | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 10,395,805 | ||
Entity Current Reporting Status | Yes | ||
Entity Incorporation, State or Country Code | NV | ||
Document Fiscal Year Focus | 2023 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity File Number | 001-38754 | ||
Entity Voluntary Filers | No | ||
Entity Small Business | true | ||
Entity Public Float | $ 47,139,391.5 | ||
Trading Symbol | WTER | ||
City Area Code | 480 | ||
Entity Address, Address Line One | 8541 E. Anderson Drive | ||
Entity Tax Identification Number | 99-0367049 | ||
Security Exchange Name | NASDAQ | ||
Entity Emerging Growth Company | false | ||
Entity Interactive Data Current | Yes | ||
Entity Shell Company | false | ||
Title of 12(b) Security | Common stock | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Address, Postal Zip Code | 85255 | ||
Local Phone Number | 656-2423 | ||
Entity Address, State or Province | AZ | ||
Entity Address, Address Line Two | Suite 100 | ||
Entity Address, City or Town | Scottsdale | ||
ICFR Auditor Attestation Flag | false | ||
Auditor Name | Prager Metis CPAs, LLC | ||
Auditor Firm ID | 273 | ||
Auditor Location | Basking Ridge, NJ | ||
Document Financial Statement Error Correction [Flag] | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Current assets | ||
Cash | $ 1,038,754 | $ 1,531,062 |
Accounts receivable, net | 6,520,232 | 7,927,065 |
Inventory | 5,591,351 | 8,583,664 |
Prepaid expenses | 2,679,274 | 2,928,085 |
Operating lease right-of-use asset - current portion | 122,114 | 187,545 |
Total current assets | 15,951,725 | 21,157,421 |
Fixed assets - net | 2,058,132 | 1,200,797 |
Operating lease right-of-use asset | 20,246 | 142,359 |
Total assets | 18,030,103 | 22,500,577 |
Current liabilities | ||
Accounts payable | 11,616,247 | 10,441,879 |
Accrued expenses | 1,996,387 | 2,036,739 |
Revolving financing | 6,403,447 | 7,043,870 |
Notes payable, short-term | 3,192,313 | 0 |
Convertible note payable, net of debt discount | 0 | 2,223,633 |
Operating lease liability - current portion | 136,214 | 174,565 |
Total current liabilities | 23,344,608 | 21,920,686 |
Operating lease liability | 22,223 | 178,753 |
Total liabilities | 23,366,831 | 22,099,439 |
Commitments and contingencies | ||
Stockholders' equity | ||
Preferred stock, $0.001 par value, 100,000,000 shares authorized, 600,000 Series E issued and outstanding on March 31, 2023 and nil issued and outstanding on March 31, 2022 and 2,227,030 Series S issued and outstanding on March 31, 2023 and 4,453,970 issued and outstanding on March 31, 2022 | 2,827 | 4,454 |
Common stock, Class A - $0.001 par value, 13,333,333 shares authorized 10,005,379 and 7,371,454 shares issued and outstanding at March 31, 2023 and March 31, 2022, respectively | 10,005 | 7,371 |
Discount on Preferred Stock | (76,898) | 0 |
Subscription Receivable | 0 | (62,388) |
Additional paid in capital | 131,805,916 | 109,967,281 |
Accumulated deficit | (137,078,578) | (109,515,580) |
Total stockholders' equity | (5,336,728) | 401,138 |
Total liabilities and stockholders' equity | $ 18,030,103 | $ 22,500,577 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2023 | Mar. 31, 2022 |
Preferred stock, par value per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 13,333,333 | 13,333,333 |
Common stock, shares, issued | 10,005,379 | 7,371,454 |
Common stock, shares, outstanding | 10,005,379 | 7,371,454 |
Series E Preferred Stock [Member] | ||
Preferred stock, shares issued | 600,000 | 0 |
Preferred stock, shares outstanding | 600,000 | 0 |
Series S Preferred Stock [Member] | ||
Preferred stock, shares issued | 2,227,030 | 4,453,970 |
Preferred stock, shares outstanding | 2,227,030 | 4,453,970 |
CONSOLIDATED STATEMENT OF OPERA
CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Operations [Abstract] | ||
Net Revenue | $ 63,777,289 | $ 54,771,942 |
Cost of Goods Sold | 52,131,162 | 45,377,275 |
Gross Profit | 11,646,127 | 9,394,667 |
Operating expenses | ||
Sales and marketing expenses | 22,659,968 | 26,811,838 |
General and administrative | 11,015,173 | 21,580,739 |
Total operating expenses | 33,675,141 | 48,392,577 |
Total operating loss | (22,029,014) | (38,997,910) |
Other (income) expense | ||
Interest expense | (2,970,567) | (917,001) |
Debt conversion expense | (2,405,612) | 0 |
Gain on forgiveness of PPP loan payable | 0 | 330,551 |
Total other (income) expense | (5,376,179) | (586,450) |
Net loss | $ (27,405,193) | $ (39,584,360) |
LOSS PER SHARE (Basic) | $ (2.99) | $ (5.99) |
LOSS PER SHARE (Diluted) | $ (2.99) | $ (5.99) |
WEIGHTED AVERAGE SHARES OUTSTANDING (Basic) | 9,162,239 | 6,608,310 |
WEIGHTED AVERAGE SHARES OUTSTANDING (Diluted) | 9,162,239 | 6,608,310 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Discount of Preferred E [Member] | Stock Payable [Member] | Accumulated Deficit [Member] | Total |
Beginning balance at Mar. 31, 2021 | $ 5,831 | $ 80,939,375 | $ (69,931,220) | $ 11,013,986 | |||
Beginning balance (in shares) at Mar. 31, 2021 | 5,831,012 | ||||||
Preferred stock issuance | $ 6,681 | 2,220,350 | 2,227,031 | ||||
Preferred stock issuance (in shares) | 6,681,000 | ||||||
Preferred stock conversion to common stock | $ (2,227) | $ 148 | 2,079 | ||||
Preferred stock conversion to common stock (in shares) | (2,227,030) | 148,469 | |||||
Common shares issued in connection with offerings | $ 336 | 5,255,759 | $ (62,388) | 5,193,707 | |||
Common shares issued in connection with offerings (in shares) | 335,923 | ||||||
Common shares issued in connection with conversion of note payable | $ 32 | 345,423 | 345,455 | ||||
Common shares issued in connection with conversion of note payable (in shares) | 31,667 | ||||||
Beneficial conversion feature | 1,524,750 | 1,524,750 | |||||
Common shares issued upon exercise of warrants | $ 765 | 13,389,546 | 13,390,311 | ||||
Common shares issued upon exercise of warrants (in shares) | 764,521 | ||||||
Common shares issued to non-employees | $ 15 | 368,404 | 368,419 | ||||
Common shares issued to non-employees (in shares) | 15,109 | ||||||
Stock option exercise | $ 19 | 108,162 | $ 108,181 | ||||
Stock option exercise (in shares) | 18,865 | 24,156 | |||||
Stock option and RSU-related stock compensation expense and common shares issued upon conversion of RSU | $ 225 | 5,813,433 | $ 5,813,658 | ||||
Stock option and RSU-related stock compensation expense and common shares issued upon conversion of RSU (in shares) | 225,888 | ||||||
Net (loss) | (39,584,360) | (39,584,360) | |||||
Ending balance at Mar. 31, 2022 | $ 4,454 | $ 7,371 | 109,967,281 | (62,388) | (109,515,580) | 401,138 | |
Ending balance (in shares) at Mar. 31, 2022 | 4,453,970 | 7,371,454 | |||||
Preferred stock series s vesting | 2,041,445 | 2,041,445 | |||||
Preferred stock series s conversion to common stock | $ (2,227) | $ 148 | 2,079 | 0 | |||
Preferred stock series s conversion to common stock (in share) | (2,226,940) | 148,469 | |||||
Prefered stock and common shares issued in connection with issuance of prefered stock series e | $ 1,100 | $ 59 | 1,310,311 | $ (193,847) | (17,623) | 1,110,000 | |
Prefered stock and common shares issued in connection with issuance of prefered stock series e (in shares) | 1,100,000 | 58,667 | |||||
Preferred stock series e conversion to common stock | $ (500) | $ 138 | 10,695 | (116,949) | (127,282) | 0 | |
Preferred stock series e conversion to common stock (in shares) | (500,000) | 138,094 | |||||
Common shares issued in connection with offerings | $ 606 | 5,205,598 | $ 62,388 | 5,268,592 | |||
Common shares issued in connection with offerings (in shares) | 605,572 | ||||||
Common shares issued in connection with conversion of note payable | $ 697 | 6,274,876 | 6,275,573 | ||||
Common shares issued in connection with conversion of note payable (in shares) | 697,290 | ||||||
Common shares issued upon exercise of warrants | $ 850 | 5,652,694 | 5,653,544 | ||||
Common shares issued upon exercise of warrants (in shares) | 849,671 | ||||||
Common shares issued to non-employees | $ 5 | 39,995 | 40,000 | ||||
Common shares issued to non-employees (in shares) | 5,255 | ||||||
Preferred stock series e dividend | (12,900) | $ (12,900) | |||||
Stock option exercise (in shares) | 2,267 | ||||||
Stock option and RSU-related stock compensation expense and common shares issued upon conversion of RSU | $ 131 | 1,300,942 | $ 1,301,073 | ||||
Stock option and RSU-related stock compensation expense and common shares issued upon conversion of RSU (in shares) | 130,907 | ||||||
Net (loss) | (27,405,193) | (27,405,193) | |||||
Ending balance at Mar. 31, 2023 | $ 2,827 | $ 10,005 | $ 131,805,916 | $ (76,898) | $ (137,078,578) | $ (5,336,728) | |
Ending balance (in shares) at Mar. 31, 2023 | 2,827,030 | 10,005,379 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (27,405,193) | $ (39,584,360) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation expense | 900,140 | 801,395 |
Shares issued and vested, options and RSU expensed for employee and non-employee services | 3,382,518 | 8,409,108 |
Gain on forgiveness of PPP loan payable | 0 | (330,551) |
Amortization of debt discount | 1,598,855 | 271,350 |
Debt conversion expense | 2,405,612 | 0 |
Non-cash interest expense | 47,472 | 24,468 |
Non-cash lease expense | (7,337) | 6,840 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,406,833 | 531,111 |
Inventory | 2,992,313 | (4,175,944) |
Prepaid expenses and other current assets | 248,811 | (1,890,124) |
Accounts payable | 861,535 | 3,386,531 |
Accrued expenses | (53,252) | 730,634 |
Notes payable, short-term | 3,192,313 | 0 |
NET CASH USED IN OPERATING ACTIVITIES | (10,429,380) | (31,819,542) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of fixed assets | (1,444,641) | (992,009) |
CASH USED IN INVESTING ACTIVITIES | (1,444,641) | (992,009) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from (repayment of) revolving financing, net | (640,423) | 2,719,458 |
Proceeds from promissory note payable | 0 | 3,800,000 |
Proceeds from sale of common stock, net | 5,268,592 | 5,193,706 |
Proceeds from sale of preferred stock, net | 1,100,000 | 0 |
Proceeds for the exercise of warrants, net | 5,653,544 | 13,390,313 |
Proceeds for the exercise of stock options, net | 0 | 108,180 |
CASH PROVIDED BY FINANCING ACTIVITIES | 11,381,713 | 25,211,657 |
NET CHANGE IN CASH | (492,308) | (7,599,894) |
CASH AT BEGINNING OF PERIOD | 1,531,062 | 9,130,956 |
CASH AT END OF PERIOD | 1,038,754 | 1,531,062 |
INTEREST PAID | 1,278,708 | 411,866 |
TAXES PAID | $ 0 | $ 0 |
NATURE OF BUSINESS AND SUMMARY
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2023 | |
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. The Company also sells a line of Alkaline88® Sports Drinks. 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 wholly owned subsidiary, Alkaline 88, LLC (an Arizona Limited Liability Company). All significant intercompany balances and transactions have been eliminated. The Alkaline Water 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 its Alkaline 88, LLC subsidiary 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 $1,038,754 and $1,531,062 in cash at March 31, 2023 and March 31, 2022, 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, 2023 and 2022: 2023 2022 Trade receivables, net $ 7,775,232 $ 8,397,065 Less: Allowance for doubtful accounts (1,255,000 ) (470,000 ) Net accounts receivable $ 6,520,232 $ 7,927,065 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, 2023 and 2022, inventory consisted of the following: 2023 2022 Raw materials $ 3,661,144 $ 3,848,750 Finished goods 1,930,207 4,734,914 Total inventory $ 5,591,351 $ 8,583,664 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. The Company evaluated its property and equipment for impairment and concluded for the year ended March 31, 2023, there was no impairment. 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, 2023 and 2022 were approximately $0.7 million and $2.7 million, respectively. Revenue Recognition The Company recognizes 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 discount that the customer is likely to take and records it as a reduction in revenue. 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 certain other discounts and allowances. Costs incurred by the Company for shipping and handling charges are included in selling expenses and amounted to $13,258,138 and $13,850,620 (which are not included in revenue) for the years ended March 31, 2023 and 2022, respectively. Promotional and other allowances (variable consideration) recorded as a reduction to net sales, primarily include consideration given to the Company's retail customers or distributors including, but not limited to the following: (a) discounts granted off list prices to support price promotions to end-consumers by retailers; (b) discounts to the Company's distributors for agreed portions of their promotional discounts to retailers; and (c) the Company's agreed share of in-store activities and other promotional allowances and various fees charged to the Company directly by its retailers, club stores and/or wholesalers. The Company's promotional allowance programs with its retailers or distributors are executed through separate agreements in the ordinary course of business. These agreements generally provide for one or more of the arrangements described above and are of varying durations, typically ranging from one week to one month. The accrual for promotional incentives is based on expected chargebacks from customers or distributors and typically deducted from invoices within 30 days of being earned. Historically, adjustments to our estimated accrual for customers’ allowances have not been significant. Disaggregated Net Revenues The following table reflects disaggregated net revenue by sales channel for the years ended March 31, 2023 and March 31, 2022 are as follows: Year Year Ended Ended March 31, March 31, 2023 2022 Retailers $ 41,546,576 $ 39,295,158 Distributors 21,371,179 14,026,882 Ecommerce/Other 859,534 1,449,902 Total Net Revenue $ 63,777,289 $ 54,771,942 Concentration Risks We have 1 major customers that account for 11% of accounts receivable at March 31, 2023, and 2 customers that together account for 35% (18% and 17%, respectively) of the total revenues earned for the year ended March 31, 2023. The Company has 3 vendors that accounted for 38% (17%, 11%, and 10% respectively) of purchases for the year ended March 31, 2023. Income Taxes In accordance with ASC 740 " Accounting for Income Taxes Reverse Stock-Split Effective April 5, 2023, we effected a fifteen for one reverse stock split of our authorized and issued and outstanding shares of common stock. As a result, our authorized common stock has decreased from 200,000,000 shares of common stock, with a par value of $0.001 per share, to 13,333,333 shares of common stock, with a par value of $0.001 per share, and the number of our issued and outstanding shares of common stock has decreased from approximately 152,149,661 to approximately 10,185,898. Any fractional shares resulting from the reverse stock split was rounded up to the next nearest whole number. Accordingly, all share and per-share amounts for the current period and prior periods have been adjusted to reflect the reverse stock split. 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 F 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, 2023 and 2022, 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, 2022 has been corrected for an adjustment to reclassify Sales and marketing expenses of $5,824,305 as a reduction of Net 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, Net Revenue decreased from $60,596,247 to $54,771,942 and Sales and marketing expenses decreased from $32,636,143 to $26,811,838. The correction had no impact on Total operating loss and Net loss. Recent Accounting Pronouncements Standards Required to be Adopted in Future Years. The Company has evaluated recent accounting pronouncements through March 31, 2023 and believes that none of them will have a material effect on our consolidated financial statements. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Mar. 31, 2023 | |
Going Concern [Abstract] | |
GOING CONCERN [Text Block] | NOTE 2 - GOING CONCERN 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 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, 2023 of ($137,078,578). In addition, the Company's development activities since inception have been financially sustained through debt and equity financing and the Company’s Credit Agreement is currently set to expire on September 14, 2023 . These factors raise substantial doubt about the Company's ability to continue as a going concern within one year from the of the date that the financial statements are issued. The Company's cash position may not be sufficient to support the Company's daily operations. Management plans to raise additional funds by way of a private or ongoing public offering. While the Company believes in the viability of its strategy and its ability to generate sufficient revenue and to raise additional funds, there can be no assurances to that effect. Should the Company fail to raise additional capital, it may be compelled to reduce the scope of its planned future business activities. The ability of the Company to continue as a going concern is dependent upon the Company's ability to further implement its business plan, to generate sufficient revenue and to raise additional funds by way of public and/or private offerings. The consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT [Text Block] | NOTE 3 - PROPERTY AND EQUIPMENT Fixed assets consisted of the following at: March 31, 2023 March 31, 2022 Machinery and Equipment $ 6,523,778 $ 4,766,303 Office Equipment 55,439 55,439 Less: Accumulated Depreciation (4,521,085 ) (3,620,945 ) Fixed Assets, net $ 2,058,132 $ 1,200,797 Depreciation expense for the years ended March 31, 2023 and March 31, 2022 was $900,140 and $801,395 (of which $889,888 and $792,268 was part of cost of goods sold and $10,252 and $9,127 was part of general and administrative expenses), respectively. The Company records all property and equipment at cost less accumulated depreciation. Depreciation is calculated using the straight-line (half-life convention) method over the estimated useful life of the assets (which the Company estimates to be three years). The Company determined that certain of its machinery and equipment was no longer in service as of March 31, 2022, thus machinery and equipment was reduced by approximately $1 million with a corresponding reduction in accumulated depreciation. |
REVOLVING FINANCING
REVOLVING FINANCING | 12 Months Ended |
Mar. 31, 2023 | |
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 then to eCapital Healthcare Corp. 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) $10 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 advance under the credit agreement as of March 31, 2023 was $6,283,389. The Credit Agreement expires on July 3, 2023 and was further extended to September 14, 2023, 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, 2023 was 16.25% To secure the payment and performance of the obligations under the Credit Agreement, we granted 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 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 September 14, 2023. 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. |
PAYCHECK PROTECTION PROGRAM LOA
PAYCHECK PROTECTION PROGRAM LOAN | 12 Months Ended |
Mar. 31, 2023 | |
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. As of October 14, 2021, the Company's loan under the Paycheck Protection Program ("PPP") was forgiven as authorized by Section 1106 of the CARES Act. The outstanding principal balance of $325,800 along with accrued interest of $4,751 totaling $330,551 was forgiven. |
STOCKHOLDERS' EQUITY (DEFICIT)
STOCKHOLDERS' EQUITY (DEFICIT) | 12 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY (DEFICIT) [Text Block] | NOTE 6 - STOCKHOLDERS' EQUITY (DEFICIT) Preferred Shares On October 7, 2013, the Company amended its articles of incorporation to create 100,000,000 shares of preferred stock by filing a Certificate of Amendment to Articles of Incorporation with the Secretary of State of Nevada. The preferred stock may be divided into and issued in series, with such designations, rights, qualifications, preferences, limitations and terms as fixed and determined by our board of directors. Series S Convertible Preferred Stock On May 12, 2021, The Alkaline Water Company Inc. (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. 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. The Endorsement Agreement also includes customary exclusivity, termination, and indemnification clauses. 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 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. As of March 31, 2023, the Company has paid $2 million under this agreement. 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-fifteenth 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, respectively. The term of the Endorsement Agreement is three years, commencing on May 1, 2021 and terminating on May 1, 2024 (the " Term"). The Series S Preferred Stock was value at $6,681,090 based on the Company's closing stock price of $15.00 per share on May 12, 2021. The Company valued the vested Series S Preferred Stock at $2,227,030 per year. The Company recognized an expense of $2,227,030 for the year ended March 31, 2022 and March 31, 2023. In the year ending March 31, 2024, the Company anticipates recognizing an expense in the amount of $2,227,030. Series E Convertible Preferred Stock On November 23, 2022, we entered into private placement subscription agreements, whereby we issued an aggregate of 1,100,000 shares of our Series E Preferred Stock (“Series E Preferred Stock”) at a deemed price of $1.00 per share of Series E Preferred Stock for gross proceeds of $1,100,000. Pursuant to the subscription agreements, in consideration for the subscribers' execution and delivery of the subscription agreements, we also issued an aggregate of 58,667 shares of our common stock (the "Commitment Shares") at a deemed price of $3.75 per Commitment Share. Holders of the Series E Preferred Stock (the "Holders") are entitled to receive dividends at the rate per share (as a percentage of the stated value per share) of 6% per annum, payable on each anniversary date of the original issue date of shares of Series E Preferred Stock held by applicable Holders in a number of shares of our common stock per share of the Series E Preferred Stock equal to the quotient obtained by dividing the dollar amount of such dividend payment by applicable market price. A stated value of each share of the Series E Preferred Stock is $1.00. Any accrued but unpaid dividends on the Series E Preferred Stock being converted will be paid in our common stock upon the conversion of the Series E Preferred Stock. If we pay a dividend on our common stock while the shares of the Series E Preferred Stock are outstanding, the Holders will be entitled to receive a dividend per share of Series E Preferred Stock equal to the dividend per share of our common stock. Such dividend will be payable on the same terms and conditions as the payment of the dividend on our common stock. Each share of Series E Preferred Stock will be convertible, at any time after the date that is twelve months from the original issue date, at our option, into that number of units (each, a "Unit") determined by dividing the stated value of such share of Series E Preferred Stock by $3.75 (the "Conversion Price"). Each Unit will consist of one share of our common stock and one-half of one common stock purchase warrant with each whole common stock purchase warrant entitling the holder thereof to acquire one additional share of our common stock at an exercise price equal of 125% of the Conversion Price for a period of three years following the conversion date. The Company identified the conversion into a Unit (one share of preferred stock and one-half warrant) as an embedded beneficial conversion feature (ASC 470), thus the Company valued (using Black-Scholes option-pricing model for common stock options and warrants) each component of the Unit. The Warrant was valued at in the aggregate $211,470 and the Common Stock was valued at $888,530. Accordingly, the Company recognized an aggregate beneficial conversion feature of $211,470 upon issuance of the Series E Preferred Stock with a $211,470 increase in discount on preferred stock and a corresponding increase in additional paid-in capital. The value of the warrant is being amortized over a 1 year (the period from issuance to the earliest allowable conversion date). As of March 31, 2022, the discount on preferred stock was $76,898. A Holder may, at its option, at any time and from time to time after January 31, 2023, convert all, but no less than all, of shares of Series E Preferred Stock held by such Holder into that number of Units determined by dividing the stated value of such shares of Series E Preferred Stock by the Conversion Price. Each share of the Series E Preferred Stock will automatically convert, upon the occurrence of a Fundamental Transaction (as defined below), into that number of Units determined by dividing the stated value of such share of Series E Preferred Stock by the Conversion Price. The conversion right is subject to the beneficial ownership limitation, which will be 4.99% of the number of shares of our common stock outstanding immediately after giving effect to the issuance of shares of our common stock issuable upon conversion of the Series E Preferred Stock held by the applicable Holder. The Holder may increase or decrease the beneficial ownership limitation upon not less than 61 days' prior notice to our company, but in no event will such beneficial ownership exceed 9.99%. Except with respect to a Fundamental Transaction, as required by law, or as required by the articles of incorporation of our company, the Holders and the holders of our common stock will be entitled to notice of any stockholders' meeting and to vote as a single class upon any matter submitted to the stockholders for a vote, on the following basis: (i) holders of our common stock will have one vote per share of our common stock held by them; and (ii) holders of Series E Preferred Stock will have one vote per share of Series E Preferred Stock held by them. With respect to a Fundamental Transaction, the Holders will be entitled to notice of any stockholders' meeting and to vote as a separate class and will have one vote per share of Series E Preferred Stock by them. A Fundamental Transaction means (i) any merger or consolidation of our company with or into another entity (but excluding a merger effected solely for the purpose of changing the jurisdiction of the incorporation of our company or changing the name of our company or liquidating, dissolving or winding-up one or more subsidiaries of our company), (ii) any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of our company's assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by our company or another individual or entity) is completed pursuant to which holders of our common stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding shares of our common stock, or (v) one or more related transactions consummating a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another individual or entity or group of individuals or entities whereby such other individual or entity or group acquires more than 50% of the outstanding shares of our common stock (not including any shares of common stock held by the other individual or entity making or party to, or associated or affiliated with the other individual or entity making or party to, such stock or share purchase agreement or other business combination). The 500,000 shares of Series E Preferred Stock that was issued to one non-U.S. person was converted on March 24, 2022 into 133,333 shares of the Company's common stock along with an issuance of 4,761 shares of the Company's common stock for the $10,333 dividend payable on the 500,000 shares of Series E Preferred Stock. In addition, the Company has accrued $12,900 as of March 31, 2023 as a dividend payable on the remaining 600,000 shares of Series E Preferred Stock. Common Stock Private Placement On July 6, 2021, we completed a private placement of 4,757,381 subscription receipts at a price of $1.05 per subscription receipt for total gross proceeds of $4,995,250. The subscription receipts were held in escrow until September 29, 2021 when each subscription receipt will automatically convert into one unit consisting of one fifteenth 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 fifteenth share of our common stock for a period of three years from the date of issuance thereof at a price of $18.75 per common share. On November 23, 2022, we entered into private placement subscription agreements, whereby we issued an aggregate of 1,100,000 shares of our Series E Preferred Stock ("Series E Preferred Stock") at a price of $1.00 per share of Series E Preferred Stock for gross proceeds of $1,100,000. Pursuant to the subscription agreements, in consideration for the subscribers' execution and delivery of the subscription agreements, we also issued an aggregate of 58,667 shares of our common stock (the "Commitment Shares") at a deemed price of $3.75 per Commitment Share. Public Offering On May 9, 2022, we completed an underwritten public offering of 555,556 shares of our common stock. The shares were issued at a public offering price of $9.00 per share, for total net proceeds to our company of $4,575,000 before deducting underwriting discounts, commissions and offering expenses payable by our company. Share Issuance Effective as of April 15, 2021, the Company issued 2,589 shares of our common stock to non-employees in consideration for services to be rendered to the Company. The total fair value of the shares is $40,000 based upon the per share closing price of the Company's common stock on the NASDAQ stock exchange on April 15, 2021. In addition, effective as of August 27, 2021 and September 29, 2021, the Company issued 4,912 and 1,075 shares of our common stock respectively to non-employees in consideration for services rendered to the Company. The total fair value of the shares is $140,000 and $25,789, respectively, based upon the per share closing price of the Company's common stock on the NASDAQ stock exchange on August 20, 2021 and September 29, 2021. All of these shares were issued 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. The agreement has been terminated and no further amounts are owed by the Company under this agreement. Effective as of August 20, 2021, the Company issued 5,533 shares of our common stock to non-employees in consideration for services to be rendered to the Company. The total fair value of the shares is $141,930 based upon the per share closing price of the Company's common stock on the NASDAQ stock exchange on August 20, 2021. Effective as of November 19, 2021, we issued 148,469 shares of our common stock to one entity upon conversion of 2,227,030 shares of our Series S Preferred Stock without the payment of any additional consideration. On March 4, 2022, the Company entered into private placement subscription agreements, whereby it issued unsecured convertible notes (the "Notes") to three subscribers in the aggregate principal amounts of $3,800,000. The Notes will mature on September 4, 2022 and will accrue interest at 8% per annum, which interest will be payable on the date of the maturity. Pursuant to the terms of the Notes, the holders of the Notes may convert all or any part of the principal amount outstanding under the Notes into units (the "Conversion Units") at a conversion price of $12.00 per Conversion Unit. Each Conversion Unit will consist of one share of the Company's common stock and one share purchase warrant. Each share purchase warrant will entitle the holder thereof to acquire one share of the Company's common stock at a price of $16.50 per share until March 4, 2025. Pursuant to the aforementioned subscription agreements, in consideration for the subscribers' execution and delivery of the subscription agreements, the Company issued an aggregate of 31,667 shares to three subscribers which the Company recognized a debt discount in the amount of $345,455 which will be amortized over the term of the Notes. In addition, the Company recognized a beneficial conversion feature in connection with the warrants in the amount of $1,524,750 which will be amortized over the term of the Notes. For the three and six months ended September 30, 2022, the Company recognized interest expense in connection with the amortization of the beneficial conversion feature of $542,133 and $1,304,508, respectively. On July 25, 2022, the Company entered into debt settlement agreements the holders of the Notes in which the Company issued 10,459,354 common shares in settlement of the Company's Notes in an aggregate amount of $3,869,962 (principal of $3,800,000 and accrued and unpaid interest of $69,962) at settlement price per share of $0.37. The original conversion price per share of the Notes was $0.80 per share and the stock price at the date of the debt settlement was $0.429 per share. The settlement of the debt at $0.37 per share resulted in a non-cash debt settlement expense of $2,405,612. Upon conversion of the Notes, the holders of the Notes received warrants to purchase 10,459,354 common shares in the Company at $1.10 per share. The Company lowered the warrant exercise price from $1.10 to $0.44 for thirty days. The holders of the Notes exercised all of the warrants resulting in the Company receiving net proceeds of $4,602,116 and the issuance of 10,459,354 shares of its common stock. In connection with this exercise of the warrants, the Company expensed the unamortized amount of the above referenced beneficial conversion feature recognized in connection with the issuance of the warrants. During March 2022, the Company sold a total of 18,764 common shares through the Agent under the Sales Agreement for its previously established ATM facility. During April, 2022, the Company sold a total of 50,016 common shares through our Agent under the Sales Agreement for our previously established ATM facility for net proceeds of $631,203. Effective as of May 2, 2022, the Company issued 148,469 shares of our common stock upon conversion of 2,227,030 shares of Series S Preferred Stock without the payment of any additional consideration. Effective as of June 15, 2022, the Company issued an aggregate of 8,111 shares of common stock upon the vesting of "restricted awards" granted April 30, 2020 as part of the Company's 2020 Equity Incentive Plan. These shares were issued to 6 individuals. Effective as of July 25, 2022, the Company issued an aggregate of 9,633,616 units of our company at a deemed price of $0.37 per unit to three creditors. Each unit was comprised of one fifteenth share of common stock and one warrant. Each warrant entitled the holder to purchase one fifteenth share of our common stock at a price of $6.60 per common share for a period of three years. As a condition of the debt settlement, each of the creditors who has received the units has agreed to immediately exercise the creditor's respective warrants. Accordingly, the creditors exercised warrants for an aggregate of $4,238,791 resulting in an aggregate of an additional 642,241 shares of our common stock being issued to such creditors. Effective as of July 25, 2022, the Company issued 825,738 special warrants at a deemed price of $0.37 per special warrant to one creditor. Each special warrant is automatically exercisable (without payment of any further consideration and subject to customary anti-dilution adjustments) into units on the date that is the earlier of: (i) the date that is three business days following the date on which our company obtains a receipt from the British Columbia Securities Commission for a (final) short form prospectus qualifying the distribution of the units issuable upon exercise of the special warrants, and (ii) the date that is four months and one day after the issuance of the special warrants. Each unit will be comprised of one fifteenth share of common stock and one warrant. Each warrant will entitle the holder to one fifteenth share of our common stock at a price of $6.60 per common share. As consideration for the debt settlement and the issuance of the special warrants, the creditor agreed to exercise the warrants immediately upon automatic exercise of the special warrants. Effective as of August 29, 2022, the Company issued an aggregate of 152,381 shares of our common stock upon exercise of our common stock purchase warrants with an exercise price of $6.90 per one share for aggregate gross proceeds to the Company of $1,051,428. These warrants had an original exercise price of $18.75 per one share of common stock . The Company reduced the exercise price of these warrants from $18.75 to $6.60 per one-fifteenth share for a period of 30 days, commencing on August 9, 2022, in order to entice the holders of these warrant to exercise their warrants. Klutch Financial Corp., a company wholly owned by Aaron Keay, a director of the Company at the time of the exercise , exercised their 1,000,000 warrants during the aforementioned period allowed for the exercise price reduction. The Company received net proceeds of $460,000 in connection with the exercise of these 1,000,000 warrants by Klutch Financial Corp. Effective as of September 7, 2022, the Company issued an aggregate of 825,738 units of our company upon automatic conversion of our special warrants at a deemed price of $0.37 per unit to one creditor. Each unit was comprised of one fifteenth share of common stock and one warrant. Each warrant entitled the holder to purchase an additional share of our common stock at a price of US$0.44 per one fifteenth share of common stock for a period of three years. Effective as of September 7, 2022, the Company issued an aggregate of 55,049 shares of our common stock upon exercise of our common stock purchase warrants with an exercise price of $0.44 per one fifteenth share of common stock for aggregate gross proceeds of $363,324. On January 11, 2023, the Company issued an aggregate of 5,525 shares of our common stock in consideration for services rendered to our company. Of 5,525 shares of our common stock we issued, 1,282 shares were issued at a deemed price of $7.80 per share, 2,041 shares were issued at a deemed price of $7.35 per share and 1,932 shares were issued at a deemed price of $7.76 per share. Effective as of March 26, 2023, the Company issued 133,333 units of our company upon conversion of 500,000 shares of our Series E Preferred Stock. Each unit was comprised of one share of our common stock and one-half of one common stock purchase warrant. Each whole common stock purchase warrant entitles the holder to purchase an additional share of our common stock at a price of $4.60 per share for a period of three years. In addition, effective as of March 26, 2023, we paid dividends on these 500,000 shares of our Series E Preferred Stock in the amount of $10,333 by issuing 4,761 shares of our common stock at a price of $2.17 per share. Restricted Awards On May 3, 2021, the Company issued 54,444 shares of our common stock to employees upon the exercise of vested restricted awards under our 2020 Equity Incentive Plan. On November 11, 2021, we granted awards of an aggregate of 133,333 shares of our common stock as "restricted awards" under our 2020 Equity Incentive Plan to certain directors, officers, employees, and consultants, fourteen persons in total. On December 20, 2021, the Issuer granted an award of 1,000 shares of common stock as a "restricted award" under their 2020 Equity Incentive Plan to a director. On January 15, 2022, the Company issued 133,778 shares of our common stock to employees and directors upon the exercise of vested restricted awards under our 2020 Equity Incentive Plan. On March 31, 2022, the Company issued 37,667 shares of our common stock to employees and directors upon the exercise of vested restricted awards under our 2020 Equity Incentive Plan. On June 10, 2022, we granted an award of 6,667 shares of our common stock as a "restricted award" under our 2020 Equity Incentive Plan to Richard A. Wright, a former director and executive officer of our company, pursuant to a Separation Agreement and Release of All Claims dated June 2, 2022 with Mr. Wright. These shares vested as of June 10, 2022. On July 29, 2022, we granted Frank Lazaran, our former president, chief executive officer, and current director, an award of 33,333 shares of our common stock as a "restricted award" under the employment agreement dated July 29, 2022 with Mr. Lazaran and our 2020 equity incentive plan. These shares vested as of July 29, 2022 with a value of $214,000 based on a common share price of $6.42. On November 16, 2022, we granted an award of 170,000 shares of our common stock as a "restricted award" under our 2020 Equity Incentive Plan to certain directors, officers and employees. Of these restricted awards: (i) 163,333 vest as to 50% on the grant date and 50% on the six-month anniversary of the grant date; and (ii) 6,667 vest as to 50% on the six month anniversary of the grant date and 50% on the one year anniversary of the grant date. On March 29, 2023, we granted an award of 6,667 shares of our common stock as a "restricted award" under our 2020 Equity Incentive Plan to a new director. 50% of these restricted awards will vest on the six-month anniversary of the date of grant and 50% will vest on the first-year anniversary of the date of grant. |
OPTIONS AND WARRANTS
OPTIONS AND WARRANTS | 12 Months Ended |
Mar. 31, 2023 | |
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 1,333,333 shares to 2,333,333 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 2,333,333 shares to 46,667 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 46,667 to 513,333. The plan enabled us to grant awards of a maximum of 513,333 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 344,774 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 600,000 shares of our common stock and non-stock option awards to acquire up to a maximum of 110,000 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 On July 27, 2021, the Company granted an aggregate of 30,267 stock options to certain employees for the purchase of up to 30,267 shares of common stock pursuant to the 2020 Equity Incentive Plan. Each stock option is exercisable at a price of $26.25 per share until July 27, 2031. On November 11, 2021, we granted an aggregate of 8,600 stock options to five employees for the purchase of up to 8,600 shares of our common stock pursuant to our 2020 Equity Incentive Plan. Each stock option is exercisable at a price of $24.60 per share until November 10, 2031. The stock options will vest as to 50% on each anniversary of the grant date. On July 29, 2022, we granted Frank Lazaran, our president, chief executive officer and director, stock options to purchase 66,667 shares of our common stock pursuant to his employment agreement dated July 29, 2022 and our 2020 equity incentive plan. Each stock option is exercisable at a price of $6.42 per share until July 29, 2032. The stock options will vest as to 50% on each anniversary of the grant date. On August 23, 2022, we granted an aggregate of 148,667 stock options to certain employees for the purchase of up to 148,667 shares of our common stock pursuant to our 2020 Equity Incentive Plan. Each stock option is exercisable at a price of $7.65 per share until August 23, 2032. These stock options vest as to 50% on each of the first and second anniversary of the grant date. On November 16, 2022, we granted an aggregate of 60,000 stock options to certain directors, officers and employees of the Company for the purchase of up to 60,000 shares of our common stock pursuant to our 2020 Equity Incentive Plan. Each stock option is exercisable at a price of $3.75 per share until November 16, 2032. All of these stock options vest 50% on each of the first and second anniversary of their grant date. The Company valued the stock options (using Black-Scholes option-pricing model for common stock options and warrants) at an implied price of $3.30 or an aggregate value of $194,400 which will be expensed over the 2-year vesting period. On March 29, 2023, we granted 6,667 stock options to a director for the purchase of up to 6,667 shares of our common stock pursuant to our 2020 Equity Incentive Plan. Each stock option is exercisable at a price of $2.40 per share until March 29, 2033. 50% of these stock options vest on the first-year anniversary of the date of grant and 50% vest on the second year anniversary of the date of grant. Exercise of Options The Company issued 10,845 shares of common stock during the three months ending June 30, 2021 in connection with the exercise of stock options of which 6,067 options were with a payment to the Company for the exercise price of $48,230 and the remaining amount of stock options were exercised as a cashless exercise under the plan. The Company issued 7,913 shares of common stock during the three months ending September 30, 2021 in connection with the exercise of stock options of which 3,667 options were with a payment to the Company for the exercise price of $59,950 and the remaining amount of stock options were exercised as a cashless exercise under the plan. Effective as of January 31, 2022 the Company issued an aggregate of 108 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, 2021 417,304 12.45 7.7 Granted 38,867 25.95 9.4 Exercised (24,156 ) 9.30 7.4 Expired/Forfeited (8,600 ) 23.10 8.4 Outstanding at March 31, 2022 423,415 13.65 6.9 Granted 282,000 6.41 9.5 Exercised (2,267 ) 7.95 7.0 Expired/Forfeited (117,467 ) 13.73 8.5 Outstanding at March 31, 2023 585,681 10.17 7.0 Exercisable at March 31, 2023 342,828 12.77 5.4 Warrants On September 29, 2021, the Company issued 4,757,381 share purchase warrants representing 317,159 common shares and at an exercise price of $18.75 per share. These warrants were issued in connection with the private placement of common stock on September 29, 2021. Effective as of July 25, 2022, we issued 825,738 special warrants at a deemed price of $0.37 per special warrant to one creditor. Each special warrant is automatically exercisable (without payment of any further consideration and subject to customary anti-dilution adjustments) into units on the date that is the earlier of: (i) the date that is three business days following the date on which our company obtains a receipt from the British Columbia Securities Commission for a (final) short form prospectus qualifying the distribution of the units issuable upon exercise of the special warrants, and (ii) the date that is four months and one day after the issuance of the special warrants. Each unit will be comprised of one fifteenth share of common stock and one warrant. Each warrant will entitle the holder to purchase one fifteenth share of our common stock at a price of $6.60 per share. As consideration for the debt settlement and the issuance of the special warrants, the creditor agreed to exercise the warrants immediately upon automatic exercise of the special warrants. Exercise of Warrants The Company issued 85,185 shares of common stock during the three months ending June 30, 2021 in connection with the exercise of warrants with a payment to the Company for the exercise price of $652,777. The Company issued 634,892 shares of common stock during the three months ending September 30, 2021 in connection with the exercise of warrants with a payment to the Company for the exercise price of $11,904,220. The Company issued an aggregate of 44,444 shares of our common stock effective November 15,2021 to one individual upon exercise of our common stock purchase warrants for aggregate gross proceeds of $833,334. Effective as of July 25, 2022 the Company issued an aggregate of 697,290 shares of our common stock upon exercise of our common stock purchase warrants for aggregate gross proceeds of $4,238,791. Effective as of August 29, 2022, the Company issued an aggregate of 152,381 shares of our common stock upon exercise of our common stock purchase warrants for aggregate gross proceeds of $1,051,428. The following is a summary of the status of all of our warrants as of March 31, 2023, each warrant can be exchanged for one fifteenth share of our common stock, and changes during the years ended on that date: Weighted- Number Average of Warrants Exercise Price Outstanding at March 31, 2021 10,801,155 17.40 Granted 4,757,381 18.75 Exercised (11,467,822 ) 17.55 Cancelled or Expired -0- 0.00 Outstanding at March 31, 2022 4,090,714 18.75 Granted 10,959,354 6.47 Exercised (12,745,068 ) 6.65 Cancelled or Expired -0- 0.00 Outstanding at March 31, 2023 2,305,000 15.50 Warrants exercisable at March 31, 2023 2,305,000 15.50 The following table summarizes information about stock warrants outstanding and exercisable at March 31, 2023: STOCK WARRANTS OUTSTANDING Number of Weighted-Average Warrants Remaining Contractual Exercise Price Outstanding Life in Years $18.75 1,805,000 1.5 $3.75 500,000 3.0 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2023 | |
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, 2023 and 2022: 2023 2022 Deferred income tax assets: $ 21,900,000 $ 16,300,000 Valuation allowance (21,900,000) (16,300,000 ) Net total $ - $ - At March 31, 2023, the Company had net operating loss carryforwards of approximately $88 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 approximately $5.7 million generated for the year ended March 31, 2023 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, 2023 and 2022: 2023 2022 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, 2023 and 2022 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, 2020 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, 2019 and beyond. |
LEASES
LEASES | 12 Months Ended |
Mar. 31, 2023 | |
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 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. As of November 1, 2020, the company entered into a lease for 2,390 square feet of corporate office space from a third party through January 2024 at a rate of $5,280 per month for the first twelve months starting January 2021, then at a rate of $5,377 for the next 12 months, and $5,497 for the final 13 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 $177,629 and the lease liability for this lease was $177,629, at inception of this lease, respectively As of April 1, 2022, the Company entered into a lease for 1,520 square feet of warehouse space from a third party through March 2025 at a rate of $1,812 per month for the first twelve months, then at a rate of $1,867 per month for the last next twelve months and then at a rate of $1,923 for the last twelve months. 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 $60,737 and the lease liability for this lease was $60,737, at inception of this lease, respectively. 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, 2023 was $246,710. Operating Leases: March 31, 2023 Operating lease right-of-use asset - current portion $ 122,114 Operating lease right-of-use asset - non-current portion 20,246 Total Operating lease right-of-use asset $ 142,360 Operating lease liability - current portion $ 136,214 Operating lease liability - non-current portion 22,223 Total Operating lease liability $ 158,437 Weighted average remaining lease term (in years): Operating leases 1.0 Weighted average discount rate: Operating leases 7% Maturities of undiscounted lease liabilities as of March 31, 2023 are as follows: Operating Leases Year ending March 31, 2024 141,552 Year ending March 31, 2025 23,075 Total lease payments 164,627 Less: Imputed interest (6,190 ) Total lease obligations 158,437 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Mar. 31, 2023 | |
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, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS [Text Block] | NOTE 11 - SUBSEQUENT EVENTS Effective as of April 4, 2023, we issued 133,333 units of our company upon conversion of 500,000 shares of our Series E Preferred Stock without the payment of any additional consideration. Each unit was comprised of one fifteenth share of our common stock and one thirtieth of one common stock purchase warrant. Each whole common stock purchase warrant entitles the holder to purchase an additional share of our common stock at a price of $4,69 per share for a period of three years. In addition, effective as of April 4, 2023, we paid dividends on these 500,000 shares of our Series E Preferred Stock in the amount of $11,083 by issuing 4,598 shares of our common stock at a price of $2.410 per share. Effective April 5, 2023, we effected a fifteen for one reverse stock split of our authorized and issued and outstanding shares of common stock. As a result, our authorized common stock has decreased from 200,000,000 shares of common stock, with a par value of $0.001 per share, to 13,333,333 shares of common stock, with a par value of $0.001 per share, and the number of our issued and outstanding shares of common stock has decreased from approximately 152,149,661 to approximately 10,185,898. Any fractional shares resulting from the reverse stock split will be rounded up to the next nearest whole number. Our authorized preferred stock was not affected by the reverse stock split and continues to be 100,000,000 shares of preferred stock, with a par value of $0.001 per share. Effective as of May 8, 2023, we issued 148,469 shares of our common stock upon conversion of 2,227,030 shares of our Series S Preferred Stock without the payment of any additional consideration. Effective April 30 and May 1, the Company issued 1,443 and 59,995 shares of common stock upon the vesting of restricted stock awards to employees. |
NATURE OF BUSINESS AND SUMMAR_2
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
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. The Company also sells a line of Alkaline88® Sports Drinks. |
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 wholly owned subsidiary, Alkaline 88, LLC (an Arizona Limited Liability Company). All significant intercompany balances and transactions have been eliminated. The Alkaline Water 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 its Alkaline 88, LLC subsidiary 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 $1,038,754 and $1,531,062 in cash at March 31, 2023 and March 31, 2022, 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, 2023 and 2022: 2023 2022 Trade receivables, net $ 7,775,232 $ 8,397,065 Less: Allowance for doubtful accounts (1,255,000 ) (470,000 ) Net accounts receivable $ 6,520,232 $ 7,927,065 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, 2023 and 2022, inventory consisted of the following: 2023 2022 Raw materials $ 3,661,144 $ 3,848,750 Finished goods 1,930,207 4,734,914 Total inventory $ 5,591,351 $ 8,583,664 |
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. The Company evaluated its property and equipment for impairment and concluded for the year ended March 31, 2023, there was no impairment. |
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, 2023 and 2022 were approximately $0.7 million and $2.7 million, respectively. |
Revenue Recognition [Policy Text Block] | Revenue Recognition The Company recognizes 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 discount that the customer is likely to take and records it as a reduction in revenue. 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 certain other discounts and allowances. Costs incurred by the Company for shipping and handling charges are included in selling expenses and amounted to $13,258,138 and $13,850,620 (which are not included in revenue) for the years ended March 31, 2023 and 2022, respectively. Promotional and other allowances (variable consideration) recorded as a reduction to net sales, primarily include consideration given to the Company's retail customers or distributors including, but not limited to the following: (a) discounts granted off list prices to support price promotions to end-consumers by retailers; (b) discounts to the Company's distributors for agreed portions of their promotional discounts to retailers; and (c) the Company's agreed share of in-store activities and other promotional allowances and various fees charged to the Company directly by its retailers, club stores and/or wholesalers. The Company's promotional allowance programs with its retailers or distributors are executed through separate agreements in the ordinary course of business. These agreements generally provide for one or more of the arrangements described above and are of varying durations, typically ranging from one week to one month. The accrual for promotional incentives is based on expected chargebacks from customers or distributors and typically deducted from invoices within 30 days of being earned. Historically, adjustments to our estimated accrual for customers’ allowances have not been significant. |
Disaggregated Net Revenues [Policy Text Block] | Disaggregated Net Revenues The following table reflects disaggregated net revenue by sales channel for the years ended March 31, 2023 and March 31, 2022 are as follows: Year Year Ended Ended March 31, March 31, 2023 2022 Retailers $ 41,546,576 $ 39,295,158 Distributors 21,371,179 14,026,882 Ecommerce/Other 859,534 1,449,902 Total Net Revenue $ 63,777,289 $ 54,771,942 |
Concentration Risks [Policy Text Block] | Concentration Risks We have 1 major customers that account for 11% of accounts receivable at March 31, 2023, and 2 customers that together account for 35% (18% and 17%, respectively) of the total revenues earned for the year ended March 31, 2023. The Company has 3 vendors that accounted for 38% (17%, 11%, and 10% respectively) of purchases for the year ended March 31, 2023. |
Income Taxes [Policy Text Block] | Income Taxes In accordance with ASC 740 " Accounting for Income Taxes |
Reverse Stock-Split [Policy Text Block] | Reverse Stock-Split Effective April 5, 2023, we effected a fifteen for one reverse stock split of our authorized and issued and outstanding shares of common stock. As a result, our authorized common stock has decreased from 200,000,000 shares of common stock, with a par value of $0.001 per share, to 13,333,333 shares of common stock, with a par value of $0.001 per share, and the number of our issued and outstanding shares of common stock has decreased from approximately 152,149,661 to approximately 10,185,898. Any fractional shares resulting from the reverse stock split was rounded up to the next nearest whole number. Accordingly, all share and per-share amounts for the current period and prior periods have been adjusted to reflect the reverse stock split. |
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 F |
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, 2023 and 2022, 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, 2022 has been corrected for an adjustment to reclassify Sales and marketing expenses of $5,824,305 as a reduction of Net 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, Net Revenue decreased from $60,596,247 to $54,771,942 and Sales and marketing expenses decreased from $32,636,143 to $26,811,838. The correction had no impact on Total operating loss and Net loss. |
Recent Accounting Pronouncements [Policy Text Block] | Recent Accounting Pronouncements Standards Required to be Adopted in Future Years. The Company has evaluated recent accounting pronouncements through March 31, 2023 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, 2023 | |
Accounting Policies [Abstract] | |
Schedule of accounts receivable [Table Text Block] | 2023 2022 Trade receivables, net $ 7,775,232 $ 8,397,065 Less: Allowance for doubtful accounts (1,255,000 ) (470,000 ) Net accounts receivable $ 6,520,232 $ 7,927,065 |
Schedule of inventory current [Table Text Block] | 2023 2022 Raw materials $ 3,661,144 $ 3,848,750 Finished goods 1,930,207 4,734,914 Total inventory $ 5,591,351 $ 8,583,664 |
Schedule of disaggregated net revenue by sales channel [Table Text Block] | Year Year Ended Ended March 31, March 31, 2023 2022 Retailers $ 41,546,576 $ 39,295,158 Distributors 21,371,179 14,026,882 Ecommerce/Other 859,534 1,449,902 Total Net Revenue $ 63,777,289 $ 54,771,942 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property plant and equipment [Table Text Block] | March 31, 2023 March 31, 2022 Machinery and Equipment $ 6,523,778 $ 4,766,303 Office Equipment 55,439 55,439 Less: Accumulated Depreciation (4,521,085 ) (3,620,945 ) Fixed Assets, net $ 2,058,132 $ 1,200,797 |
OPTIONS AND WARRANTS (Tables)
OPTIONS AND WARRANTS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
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, 2021 417,304 12.45 7.7 Granted 38,867 25.95 9.4 Exercised (24,156 ) 9.30 7.4 Expired/Forfeited (8,600 ) 23.10 8.4 Outstanding at March 31, 2022 423,415 13.65 6.9 Granted 282,000 6.41 9.5 Exercised (2,267 ) 7.95 7.0 Expired/Forfeited (117,467 ) 13.73 8.5 Outstanding at March 31, 2023 585,681 10.17 7.0 Exercisable at March 31, 2023 342,828 12.77 5.4 |
Schedule of stockholders' equity note, warrants or rights, activity [Table Text Block] | Weighted- Number Average of Warrants Exercise Price Outstanding at March 31, 2021 10,801,155 17.40 Granted 4,757,381 18.75 Exercised (11,467,822 ) 17.55 Cancelled or Expired -0- 0.00 Outstanding at March 31, 2022 4,090,714 18.75 Granted 10,959,354 6.47 Exercised (12,745,068 ) 6.65 Cancelled or Expired -0- 0.00 Outstanding at March 31, 2023 2,305,000 15.50 Warrants exercisable at March 31, 2023 2,305,000 15.50 |
Schedule of stock warrants outstanding and exercisable [Table Text Block] | Number of Weighted-Average Warrants Remaining Contractual Exercise Price Outstanding Life in Years $18.75 1,805,000 1.5 $3.75 500,000 3.0 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure Abstract | |
Schedule of deferred tax assets and liabilities [Table Text Block] | 2023 2022 Deferred income tax assets: $ 21,900,000 $ 16,300,000 Valuation allowance (21,900,000) (16,300,000 ) Net total $ - $ - |
Schedule of effective tax rate reconciliation [Table Text Block] | 2023 2022 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, 2023 | |
Leases [Abstract] | |
Schedule of operating lease liability and operating lease right-of-use asset [Table Text Block] | Operating Leases: March 31, 2023 Operating lease right-of-use asset - current portion $ 122,114 Operating lease right-of-use asset - non-current portion 20,246 Total Operating lease right-of-use asset $ 142,360 Operating lease liability - current portion $ 136,214 Operating lease liability - non-current portion 22,223 Total Operating lease liability $ 158,437 Weighted average remaining lease term (in years): Operating leases 1.0 Weighted average discount rate: Operating leases 7% |
Schedule of maturities of undiscounted lease liabilities [Table Text Block] | Maturities of undiscounted lease liabilities as of March 31, 2023 are as follows: Operating Leases Year ending March 31, 2024 141,552 Year ending March 31, 2025 23,075 Total lease payments 164,627 Less: Imputed interest (6,190 ) Total lease obligations 158,437 |
NATURE OF BUSINESS AND SUMMAR_4
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | 12 Months Ended | ||
Apr. 05, 2023 $ / shares shares | Mar. 31, 2023 USD ($) customers vendors $ / shares shares | Mar. 31, 2022 USD ($) $ / shares shares | |
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Cash | $ | $ 1,038,754 | $ 1,531,062 | |
Advertising expense | $ | 700,000 | 2,700,000 | |
Selling expenses | $ | $ 13,258,138 | $ 13,850,620 | |
Common stock, shares authorized | 13,333,333 | 13,333,333 | |
Common stock, par value per share | $ / shares | $ 0.001 | $ 0.001 | |
Common stock, shares, issued | 10,005,379 | 7,371,454 | |
Common stock, shares, outstanding | 10,005,379 | 7,371,454 | |
Adjustment to reclassify Sales and marketing expenses | $ | $ 5,824,305 | ||
Net Revenue | $ | $ 63,777,289 | 54,771,942 | |
Sales and marketing expenses | $ | $ 22,659,968 | $ 26,811,838 | |
Subsequent Event [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Reverse stock split | fifteen for one | ||
Maximum [Member] | Subsequent Event [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Common stock, shares authorized | 200,000,000 | ||
Common stock, par value per share | $ / shares | $ 0.001 | ||
Common stock, shares, issued | 152,149,661 | ||
Common stock, shares, outstanding | 152,149,661 | ||
Minimum [Member] | Subsequent Event [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Common stock, shares authorized | 13,333,333 | ||
Common stock, par value per share | $ / shares | $ 0.001 | ||
Common stock, shares, issued | 10,185,898 | ||
Common stock, shares, outstanding | 10,185,898 | ||
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 | 547,354 | 77,224 | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Number of major customers | customers | 1 | ||
Concentration risk, threshold percentage | 11% | ||
Customer Concentration Risk [Member] | Revenues [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk, threshold percentage | 35% | ||
Customer Concentration Risk [Member] | Revenues [Member] | Customer 1 [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk, percentage | 18% | ||
Customer Concentration Risk [Member] | Revenues [Member] | Customer 2 [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk, percentage | 17% | ||
Supplier Concentration Risk [Member] | Purchases [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Number of major vendors | vendors | 3 | ||
Concentration risk, threshold percentage | 38% | ||
Supplier Concentration Risk [Member] | Purchases [Member] | Vendor One [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk, percentage | 17% | ||
Supplier Concentration Risk [Member] | Purchases [Member] | Vendor Two [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk, percentage | 11% | ||
Supplier Concentration Risk [Member] | Purchases [Member] | Vendor Three [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk, percentage | 10% | ||
Previously Reported [Member] | |||
Nature Of Business And Summary Of Significant Accounting Policies [Line Items] | |||
Net Revenue | $ | $ 60,596,247 | ||
Sales and marketing expenses | $ | $ 32,636,143 |
NATURE OF BUSINESS AND SUMMAR_5
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accounts Receivable (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Accounting Policies [Abstract] | ||
Trade receivables, net | $ 7,775,232 | $ 8,397,065 |
Less: Allowance for doubtful accounts | (1,255,000) | (470,000) |
Net accounts receivable | $ 6,520,232 | $ 7,927,065 |
NATURE OF BUSINESS AND SUMMAR_6
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -Schedule of Inventory, Current (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Accounting Policies [Abstract] | ||
Raw materials | $ 3,661,144 | $ 3,848,750 |
Finished goods | 1,930,207 | 4,734,914 |
Total inventory | $ 5,591,351 | $ 8,583,664 |
NATURE OF BUSINESS AND SUMMAR_7
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of disaggregated net revenue by sales channel (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Total Net Revenue | $ 63,777,289 | $ 54,771,942 |
Retailers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Net Revenue | 41,546,576 | 39,295,158 |
Distributors [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Net Revenue | 21,371,179 | 14,026,882 |
Ecommerce/Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Net Revenue | $ 859,534 | $ 1,449,902 |
GOING CONCERN (Narrative) (Deta
GOING CONCERN (Narrative) (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Going Concern [Abstract] | ||
Accumulated net losses from Inception | $ (137,078,578) | $ (109,515,580) |
PROPERTY AND EQUIPMENT (Narrati
PROPERTY AND EQUIPMENT (Narrative) (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | $ 900,140 | $ 801,395 |
Machinery and Equipment reduction | 1,000,000 | |
Cost of goods sold [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | 889,888 | 792,268 |
General and administrative expenses [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | $ 10,252 | $ 9,127 |
PROPERTY AND EQUIPMENT - Schedu
PROPERTY AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Less: Accumulated Depreciation | $ (4,521,085) | $ (3,620,945) |
Fixed Assets, net | 2,058,132 | 1,200,797 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | 6,523,778 | 4,766,303 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment | $ 55,439 | $ 55,439 |
REVOLVING FINANCING (Narrative)
REVOLVING FINANCING (Narrative) (Details) | 12 Months Ended |
Mar. 31, 2023 USD ($) | |
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) $10 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, advanced under the Credit Agreement | $ 6,283,389 |
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, 2023 was 16.25% |
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% |
Line of credit facility, interest increase upon default | 5% |
PAYCHECK PROTECTION PROGRAM L_2
PAYCHECK PROTECTION PROGRAM LOAN (Narrative) (Details) - USD ($) | Oct. 14, 2021 | Apr. 29, 2020 |
Paycheck protection program [Member] | ||
Short-term Debt [Line Items] | ||
Total outstanding principal amount | $ 325,800 | |
Accrued interest forgiven | 4,751 | |
Principal balance forgiven | $ 330,551 | |
Promissory Note [Member] | ||
Short-term Debt [Line Items] | ||
Amount of promissory note | $ 325,800 |
STOCKHOLDERS' EQUITY (DEFICIT)
STOCKHOLDERS' EQUITY (DEFICIT) (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 13 Months Ended | ||||||||||||||||||||||||||||||||||||||
Sep. 07, 2022 USD ($) $ / shares shares | Jun. 10, 2022 shares | May 09, 2022 USD ($) $ / shares shares | May 02, 2022 shares | Mar. 04, 2022 USD ($) $ / shares shares | Jan. 15, 2022 shares | Nov. 11, 2021 shares | Jul. 06, 2021 USD ($) $ / shares shares | May 12, 2021 USD ($) $ / shares shares | May 03, 2021 shares | Mar. 29, 2023 | Mar. 26, 2023 USD ($) | Nov. 23, 2022 USD ($) $ / shares shares | Nov. 16, 2022 shares | Aug. 29, 2022 USD ($) $ / shares shares | Jul. 29, 2022 USD ($) $ / shares shares | Jul. 25, 2022 $ / shares | Jul. 25, 2022 USD ($) $ / shares shares | Jun. 15, 2022 shares | Apr. 30, 2022 USD ($) shares | Mar. 31, 2022 USD ($) shares | Mar. 24, 2022 USD ($) shares | Dec. 20, 2021 shares | Nov. 19, 2021 shares | Nov. 15, 2021 USD ($) | Sep. 29, 2021 USD ($) shares | Aug. 27, 2021 USD ($) shares | Aug. 20, 2021 USD ($) shares | Apr. 15, 2021 USD ($) shares | Feb. 28, 2020 shares | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Mar. 31, 2023 USD ($) $ / shares shares | Jan. 11, 2023 $ / shares shares | Mar. 31, 2022 USD ($) shares | Mar. 29, 2023 shares | Mar. 26, 2023 $ / shares shares | Mar. 26, 2023 $ / shares shares | Jul. 25, 2022 USD ($) $ / shares | Mar. 26, 2022 USD ($) | Feb. 22, 2021 $ / shares | Oct. 07, 2013 shares | |
Stockholders Equity Note [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | |||||||||||||||||||||||||||||||||||||||
Common stock issued for services | 8,111 | ||||||||||||||||||||||||||||||||||||||||||
Number of units issued | 9,633,616 | ||||||||||||||||||||||||||||||||||||||||||
Share price | (per share) | $ 500,000 | $ 4.6 | |||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 363,324 | $ 4,575,000 | $ 5,268,592 | $ 5,193,706 | |||||||||||||||||||||||||||||||||||||||
Stock option and RSU-related stock compensation expense and common shares issued upon conversion of RSU | $ | 1,301,073 | 5,813,658 | |||||||||||||||||||||||||||||||||||||||||
Price per share | $ / shares | $ 9 | ||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense March 31, 2022 and March 31, 2023 | $ | 2,227,030 | $ 2,227,030 | |||||||||||||||||||||||||||||||||||||||||
Stock compensation expense March 31, 2024 | $ | 2,227,030 | ||||||||||||||||||||||||||||||||||||||||||
Aggregate cash payments | $ | $ 3,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Aggregate cash payments for fiscal year 2023 | $ | 2,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Common shares sold through agent under sales agreement | 50,016 | 18,764 | |||||||||||||||||||||||||||||||||||||||||
Net proceeds from established ATM facility | $ | $ 631,203 | ||||||||||||||||||||||||||||||||||||||||||
Convertible notes amounts | $ | $ 0 | 3,192,313 | $ 0 | ||||||||||||||||||||||||||||||||||||||||
Convertible notes principal amounts | $ | 2,223,633 | 0 | 2,223,633 | ||||||||||||||||||||||||||||||||||||||||
Number of underwritten public offering common share | 555,556 | ||||||||||||||||||||||||||||||||||||||||||
Number of common stock issue share issue to creditor | 642,241 | ||||||||||||||||||||||||||||||||||||||||||
Number of warrants issued | 825,738 | ||||||||||||||||||||||||||||||||||||||||||
Discount on Preferred Stock | $ | $ 0 | $ 76,898 | 0 | ||||||||||||||||||||||||||||||||||||||||
Common shares issued upon exercise of warrants (Shares) | 152,381 | ||||||||||||||||||||||||||||||||||||||||||
Warrants deemed price per shares | $ / shares | $ 0.37 | ||||||||||||||||||||||||||||||||||||||||||
Warrant, Exercise Price, Increase | $ / shares | $ 18.75 | $ 6.6 | |||||||||||||||||||||||||||||||||||||||||
Exercise price of warrants | $ / shares | $ 18.75 | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from warrants exercised | $ | $ 1,051,428 | $ 4,238,791 | $ 833,334 | $ 5,653,544 | 13,390,313 | ||||||||||||||||||||||||||||||||||||||
Interest Expense | $ | $ 2,970,567 | $ 917,001 | |||||||||||||||||||||||||||||||||||||||||
Deemed Price Zero Point Five Two [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Number of shares issued | 5,525 | ||||||||||||||||||||||||||||||||||||||||||
Price per share | $ / shares | $ 7.8 | ||||||||||||||||||||||||||||||||||||||||||
Number of common stock shares issued as deemed price | 1,282 | ||||||||||||||||||||||||||||||||||||||||||
Deemed Price Zero Point Four Nine [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Number of shares issued | 2,041 | ||||||||||||||||||||||||||||||||||||||||||
Price per share | $ / shares | $ 7.35 | ||||||||||||||||||||||||||||||||||||||||||
Deemed Price Zero Point Five Seven Six [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Number of shares issued | 1,932 | ||||||||||||||||||||||||||||||||||||||||||
Price per share | $ / shares | $ 7.76 | ||||||||||||||||||||||||||||||||||||||||||
One Creditor [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Number of warrants issued | 825,738 | ||||||||||||||||||||||||||||||||||||||||||
Issuance of shares due to an exercise of warrants | 55,049 | ||||||||||||||||||||||||||||||||||||||||||
Warrants deemed price per shares | $ / shares | $ 0.37 | ||||||||||||||||||||||||||||||||||||||||||
Klutch Financial Corp [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Number of warrants exercised | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from warrants exercised | $ | $ 460,000 | ||||||||||||||||||||||||||||||||||||||||||
Non-employees [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Common stock issued for services | 1,075 | 4,912 | 5,533 | 2,589 | |||||||||||||||||||||||||||||||||||||||
Common shares issued for services | $ | $ 141,930 | $ 40,000 | |||||||||||||||||||||||||||||||||||||||||
Non-employees [Member] | One U.S. person [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Common shares issued for services | $ | $ 25,789 | $ 140,000 | |||||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | $ 1,051,428 | ||||||||||||||||||||||||||||||||||||||||||
2020 Equity Incentive Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Number of restricted common stock shares granted | 133,778 | 54,444 | 170,000 | 110,000 | 6,667 | ||||||||||||||||||||||||||||||||||||||
Restricted Cash, Nature of Restriction, Description | 50% of these restricted awards will vest on the six-month anniversary of the date of grant and 50% will vest on the first-year anniversary of the date of grant. | (i) 163,333 vest as to 50% on the grant date and 50% on the six-month anniversary of the grant date; and (ii) 6,667 vest as to 50% on the six month anniversary of the grant date and 50% on the one year anniversary of the grant date. | |||||||||||||||||||||||||||||||||||||||||
2020 Equity Incentive Plan [Member] | Vest upon 50% on the grant date and 50% on the six-month anniversary of the grant date [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Number of restricted common stock shares granted | 163,333 | ||||||||||||||||||||||||||||||||||||||||||
2020 Equity Incentive Plan [Member] | Vest as to 50% on the six month anniversary of the grant date and 50% on the one year anniversary of the grant date [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Number of restricted common stock shares granted | 6,667 | ||||||||||||||||||||||||||||||||||||||||||
Private Placement [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Number of units issued | 4,757,381 | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of private placement | $ | $ 4,995,250 | ||||||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | $ 1.05 | ||||||||||||||||||||||||||||||||||||||||||
Private placement, description | The subscription receipts were held in escrow until September 29, 2021 when each subscription receipt will automatically convert into one unit consisting of one fifteenth 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 fifteenth share of our common stock for a period of three years from the date of issuance thereof at a price of $18.75 per common share. | ||||||||||||||||||||||||||||||||||||||||||
Private Placement [Member] | Unsecured convertible notes [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | $ 16.5 | ||||||||||||||||||||||||||||||||||||||||||
Number of common stock shares issued upon conversion | 31,667 | ||||||||||||||||||||||||||||||||||||||||||
Convertible notes principal amounts | $ | $ 3,800,000 | ||||||||||||||||||||||||||||||||||||||||||
Interest rate on promissory note | 8% | ||||||||||||||||||||||||||||||||||||||||||
Maturity date of promissory note | Sep. 04, 2022 | ||||||||||||||||||||||||||||||||||||||||||
Conversion price | $ / shares | $ 12 | ||||||||||||||||||||||||||||||||||||||||||
Convertible notes debt discount | $ | $ 345,455 | ||||||||||||||||||||||||||||||||||||||||||
Subscription Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Number of commitment shares issued | 58,667 | ||||||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | $ 3.75 | ||||||||||||||||||||||||||||||||||||||||||
Debt Settlement Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Settlement Agreement (shares) | 10,459,354 | ||||||||||||||||||||||||||||||||||||||||||
Price per share | $ / shares | $ 0.429 | ||||||||||||||||||||||||||||||||||||||||||
Convertible notes amounts | $ | $ 3,869,962 | ||||||||||||||||||||||||||||||||||||||||||
Convertible notes principal amounts | $ | $ 3,800,000 | ||||||||||||||||||||||||||||||||||||||||||
Conversion price | $ / shares | 0.8 | ||||||||||||||||||||||||||||||||||||||||||
Debt settlement price per share | (per share) | 0.37 | $ 0.37 | |||||||||||||||||||||||||||||||||||||||||
Number of warrants issued | 10,459,354 | ||||||||||||||||||||||||||||||||||||||||||
Common shares issued upon exercise of warrants (Shares) | 10,459,354 | ||||||||||||||||||||||||||||||||||||||||||
Warrants Exercised During Period Original Exercise Price | $ / shares | 1.1 | ||||||||||||||||||||||||||||||||||||||||||
Exercise price of warrants | $ / shares | $ 0.44 | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from warrants exercised | $ | $ 4,602,116 | ||||||||||||||||||||||||||||||||||||||||||
Convertible notes accrued interest | $ | 69,962 | ||||||||||||||||||||||||||||||||||||||||||
Non-cash debt settlement expense | $ | $ 2,405,612 | ||||||||||||||||||||||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Number of shares issued | 605,572 | 335,923 | |||||||||||||||||||||||||||||||||||||||||
Number of common stock shares issued upon conversion | 148,469 | ||||||||||||||||||||||||||||||||||||||||||
Amount of common stock shares issued upon conversion | $ | $ 148 | ||||||||||||||||||||||||||||||||||||||||||
Number of restricted common stock shares granted | 130,907 | 225,888 | |||||||||||||||||||||||||||||||||||||||||
Stock option and RSU-related stock compensation expense and common shares issued upon conversion of RSU | $ | $ 131 | $ 225 | |||||||||||||||||||||||||||||||||||||||||
Common shares issued upon exercise of warrants (Shares) | 849,671 | 764,521 | |||||||||||||||||||||||||||||||||||||||||
Warrant [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Common shares issued upon exercise of warrants (Shares) | 1,524,750 | ||||||||||||||||||||||||||||||||||||||||||
Interest Expense | $ | $ 542,133 | $ 1,304,508 | |||||||||||||||||||||||||||||||||||||||||
Warrant [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Exercise price of warrants | $ / shares | 0.44 | $ 6.6 | |||||||||||||||||||||||||||||||||||||||||
Warrant [Member] | One Creditor [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Exercise price of warrants | $ / shares | $ 0.44 | ||||||||||||||||||||||||||||||||||||||||||
Directors, officers, employees, and consultants | 2020 Equity Incentive Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Common shares issued for services | $ | $ 214,000 | ||||||||||||||||||||||||||||||||||||||||||
Number of restricted common stock shares granted | 6,667 | 133,333 | 33,333 | 37,667 | 1,000 | ||||||||||||||||||||||||||||||||||||||
Price per share | $ / shares | $ 6.42 | ||||||||||||||||||||||||||||||||||||||||||
Series E Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Common stock issued for services | 4,761 | ||||||||||||||||||||||||||||||||||||||||||
Dividends Payable | $ | $ 10,333 | $ 12,900 | $ 10,333 | ||||||||||||||||||||||||||||||||||||||||
Number of remaining shares of Prefered Stock on which dividend is payable | 600,000 | ||||||||||||||||||||||||||||||||||||||||||
Value of shares issued | $ | $ 888,530 | ||||||||||||||||||||||||||||||||||||||||||
Number of shares issued | 500,000 | ||||||||||||||||||||||||||||||||||||||||||
Amount of common stock shares issued upon conversion | $ | $ 4,761 | ||||||||||||||||||||||||||||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 133,333 | 133,333 | |||||||||||||||||||||||||||||||||||||||||
Conversion price | $ / shares | $ 3.75 | ||||||||||||||||||||||||||||||||||||||||||
Value of warrants issued | $ | $ 211,470 | ||||||||||||||||||||||||||||||||||||||||||
Beneficial conversion feature upon issuance of Preferred Stock | $ | $ 211,470 | ||||||||||||||||||||||||||||||||||||||||||
Increase in discount on preferred stock | $ | 211,470 | ||||||||||||||||||||||||||||||||||||||||||
Discount on Preferred Stock | $ | $ 76,898 | ||||||||||||||||||||||||||||||||||||||||||
Series E Preferred Stock [Member] | One U.S. person [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Preferred stock issued during period (shares) | 500,000 | ||||||||||||||||||||||||||||||||||||||||||
Common stock issued for services | 133,333 | ||||||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | $ 2.17 | ||||||||||||||||||||||||||||||||||||||||||
Series E Preferred Stock [Member] | Private Placement [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Number of shares issued during period | 1,100,000 | ||||||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | $ 1 | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 1,100,000 | ||||||||||||||||||||||||||||||||||||||||||
Series E Preferred Stock [Member] | Subscription Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | $ 3.75 | ||||||||||||||||||||||||||||||||||||||||||
Series S Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Number of shares issued | 148,469 | 148,469 | |||||||||||||||||||||||||||||||||||||||||
Number of common stock shares issued upon conversion | 2,227,030 | 6,681,090 | 2,227,030 | ||||||||||||||||||||||||||||||||||||||||
Amount of common stock shares issued upon conversion | $ | $ 6,681,090 | ||||||||||||||||||||||||||||||||||||||||||
Price per share | $ / shares | $ 15 | ||||||||||||||||||||||||||||||||||||||||||
Vesting of stock recognized as prepaid expense | $ | $ 2,227,030 | ||||||||||||||||||||||||||||||||||||||||||
Series E Preferred Stock Holders [Member] | Series E Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Description of beneficial ownership limitation | The conversion right is subject to the beneficial ownership limitation, which will be 4.99% of the number of shares of our common stock outstanding immediately after giving effect to the issuance of shares of our common stock issuable upon conversion of the Series E Preferred Stock held by the applicable Holder. The Holder may increase or decrease the beneficial ownership limitation upon not less than 61 days' prior notice to our company, but in no event will such beneficial ownership exceed 9.99%. | ||||||||||||||||||||||||||||||||||||||||||
Series E Preferred Stock Holders [Member] | Series E Preferred Stock [Member] | Private Placement [Member] | |||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Percentage of stated value per share | 6% |
OPTIONS AND WARRANTS (Narrative
OPTIONS AND WARRANTS (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 13 Months Ended | ||||||||||||||||||||
Jan. 15, 2022 shares | Nov. 11, 2021 $ / shares shares | May 03, 2021 shares | Mar. 29, 2023 $ / shares shares | Nov. 16, 2022 USD ($) $ / shares shares | Aug. 29, 2022 USD ($) $ / shares shares | Aug. 23, 2022 $ / shares shares | Jul. 29, 2022 $ / shares shares | Jul. 25, 2022 USD ($) $ / shares shares | Jan. 31, 2022 USD ($) | Nov. 15, 2021 USD ($) shares | Sep. 29, 2021 $ / shares shares | Jul. 27, 2021 $ / shares shares | Feb. 28, 2020 shares | Dec. 30, 2015 shares | Sep. 30, 2021 USD ($) shares | Jun. 30, 2021 USD ($) shares | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2022 USD ($) $ / shares shares | Mar. 29, 2023 shares | Nov. 16, 2022 $ / shares | Apr. 25, 2018 shares | Jan. 20, 2016 shares | Oct. 31, 2014 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||
Common stock, shares authorized | 13,333,333 | 13,333,333 | ||||||||||||||||||||||
Number of options granted | 7,913 | 10,845 | 282,000 | 38,867 | ||||||||||||||||||||
Exercise price of options granted | $ / shares | $ 6.41 | $ 25.95 | ||||||||||||||||||||||
Stock compensation expense March 31, 2022 and March 31, 2023 | $ | $ 2,227,030 | $ 2,227,030 | ||||||||||||||||||||||
Class of warrant or right, exercises in period | 152,381 | 697,290 | 44,444 | 4,757,381 | 634,892 | 85,185 | 12,745,068 | 11,467,822 | ||||||||||||||||
Warrant exercise price | $ / shares | $ 18.75 | |||||||||||||||||||||||
Proceeds from warrants exercised | $ | $ 1,051,428 | $ 4,238,791 | $ 833,334 | $ 5,653,544 | $ 13,390,313 | |||||||||||||||||||
Exercise price of warrants | $ / shares | $ 18.75 | |||||||||||||||||||||||
Number of stock options exercised | 317,159 | 3,667 | 6,067 | 2,267 | 24,156 | |||||||||||||||||||
Proceeds for the exercise of stock options, net | $ | $ 0 | $ 108,180 | ||||||||||||||||||||||
Stock options exercised under cashless exercise plan | $ | $ 108 | $ 59,950 | $ 48,230 | |||||||||||||||||||||
Payment of exercise price of warrant | $ | $ 11,904,220 | $ 652,777 | ||||||||||||||||||||||
One Creditor [Member] | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||
Class of warrant or right, exercises in period | 825,738 | |||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 0.37 | |||||||||||||||||||||||
Description of warrants | (i) the date that is three business days following the date on which our company obtains a receipt from the British Columbia Securities Commission for a (final) short form prospectus qualifying the distribution of the units issuable upon exercise of the special warrants, and (ii) the date that is four months and one day after the issuance of the special warrants. Each unit will be comprised of one fifteenth share of common stock and one warrant. Each warrant will entitle the holder to purchase one fifteenth share of our common stock at a price of $6.60 per share. | |||||||||||||||||||||||
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 | 2,333,333 | 46,667 | 1,333,333 | |||||||||||||||||||||
Reverse stock split | 50-for-1 | |||||||||||||||||||||||
Maximum stock available for the grant of awards under the plan | 46,667 | 513,333 | 2,333,333 | |||||||||||||||||||||
2018 Stock Option Plan [Member] | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||
Common stock, shares authorized | 344,774 | |||||||||||||||||||||||
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 | 600,000 | |||||||||||||||||||||||
Number of restricted common stock shares granted | 133,778 | 54,444 | 170,000 | 110,000 | 6,667 | |||||||||||||||||||
Number of options granted | 8,600 | 6,667 | 60,000 | 148,667 | 66,667 | 30,267 | ||||||||||||||||||
Exercise price of options granted | $ / shares | $ 24.6 | $ 2.4 | $ 3.75 | $ 7.65 | $ 6.42 | $ 26.25 | ||||||||||||||||||
Fair value assumptions exercise price | $ / shares | $ 3.3 | |||||||||||||||||||||||
Vesting rights, percentage | 50% | 50% | 50% | |||||||||||||||||||||
Value of stock options granted | $ | $ 194,400 | |||||||||||||||||||||||
vest as to 50% on the grant date and 50% on the one-year anniversary of the grant date [Member] | 2020 Equity Incentive Plan [Member] | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||
Vesting rights, percentage | 50% | 50% | ||||||||||||||||||||||
Vest one-half on the first anniversary date and one-half on the second anniversary date [Member] | 2020 Equity Incentive Plan [Member] | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||
Vesting rights, percentage | 50% | 50% |
OPTIONS AND WARRANTS - Schedule
OPTIONS AND WARRANTS - Schedule of Stock Option Awards (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Sep. 29, 2021 shares | Sep. 30, 2021 shares | Jun. 30, 2021 $ / shares shares | Mar. 31, 2023 $ / shares $ / shares shares | Mar. 31, 2022 $ / shares shares | Mar. 31, 2021 $ / shares shares | |
Share-based Payment Arrangement [Abstract] | ||||||
Number of Options, Outstanding, Beginning Balance | shares | 417,304 | 423,415 | 417,304 | |||
Weighted-Average Exercise Price, Outstanding, Beginning Balance | $ / shares | $ 12.45 | $ 13.65 | $ 12.45 | |||
Weighted-Average Remaining Contractual Term, Outstanding | 7 years | 6 years 10 months 24 days | 7 years 8 months 12 days | |||
Number of Options, Granted | shares | 7,913 | 10,845 | 282,000 | 38,867 | ||
Exercise price of options granted | $ / shares | $ 6.41 | $ 25.95 | ||||
Weighted-Average Remaining Contractual Term, Granted | 9 years 6 months | 9 years 4 months 24 days | ||||
Number of Options, Exercised | shares | (317,159) | (3,667) | (6,067) | (2,267) | (24,156) | |
Weighted-Average Exercise Price, Exercised | $ / shares | $ 7.95 | $ 9.3 | ||||
Weighted-Average Remaining Contractual Term, Exercised | 7 years | 7 years 4 months 24 days | ||||
Number of Options, Expired/Forfeited | shares | (117,467) | (8,600) | ||||
Weighted-Average Exercise Price, Expired/Forfeited | $ / shares | $ 13.73 | $ 23.1 | ||||
Weighted-Average Remaining Contractual Term, Expired/Forfeited | 8 years 6 months | 8 years 4 months 24 days | ||||
Number of Options, Outstanding, Ending Balance | shares | 585,681 | 423,415 | 417,304 | |||
Weighted-Average Exercise Price, Outstanding, Ending Balance | $ / shares | $ 10.17 | $ 13.65 | $ 12.45 | |||
Number of Options, Exercisable | shares | 342,828 | |||||
Weighted-Average Exercise Price, Exercisable | $ / shares | $ 12.77 | |||||
Weighted-Average Remaining Contractual Term, Exercisable | 5 years 4 months 24 days |
OPTIONS AND WARRANTS - Schedu_2
OPTIONS AND WARRANTS - Schedule of stockholders' equity note, warrants or rights, activity (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Aug. 29, 2022 $ / shares shares | Jul. 25, 2022 shares | Nov. 15, 2021 shares | Sep. 29, 2021 shares | Sep. 30, 2021 shares | Jun. 30, 2021 $ / shares shares | Mar. 31, 2023 $ / shares shares | Mar. 31, 2023 $ / shares $ / shares shares | Mar. 31, 2022 $ / shares shares | |
Share-based Payment Arrangement [Abstract] | |||||||||
Number of warrants, Outstanding, Beginning Balance | 10,801,155 | 4,090,714 | 4,090,714 | 10,801,155 | |||||
Weighted-Average Exercise Price, Outstanding, Beginning Balance | $ / shares | $ 17.4 | $ 18.75 | $ 17.4 | ||||||
Number of warrants, Granted | 10,959,354 | 10,959,354 | 4,757,381 | ||||||
Weighted-Average Exercise Price, Granted | $ / shares | $ 6.47 | $ 18.75 | |||||||
Number of warrants, Exercised | (152,381) | (697,290) | (44,444) | (4,757,381) | (634,892) | (85,185) | (12,745,068) | (12,745,068) | (11,467,822) |
Weighted-Average Exercise Price, Exercised | $ / shares | $ 6.9 | $ 6.65 | $ 17.55 | ||||||
Number of warrants, Cancelled or Expired | 0 | 0 | 0 | ||||||
Weighted-Average Exercise Price, Cancelled or Expired | $ / shares | $ 0 | $ 0 | |||||||
Number of warrants, Outstanding, Ending Balance | 2,305,000 | 2,305,000 | 4,090,714 | ||||||
Weighted-Average Exercise Price, Outstanding, Ending Balance | (per share) | $ 15.5 | $ 18.75 | |||||||
Number of warrants, Exercisable | 2,305,000 | 2,305,000 | |||||||
Weighted-Average Exercise Price, Exercisable | $ / shares | $ 15.5 | $ 15.5 |
OPTIONS AND WARRANTS - Schedu_3
OPTIONS AND WARRANTS - Schedule of stock warrants outstanding and exercisable (Details) | 12 Months Ended | |||
Mar. 31, 2023 $ / shares shares | Aug. 29, 2022 $ / shares | Mar. 31, 2022 shares | Mar. 31, 2021 shares | |
Stock Warrants Outstanding And Exercisable [Line Items] | ||||
Exercise price, warrants | $ / shares | $ 18.75 | |||
Number of warrants Outstanding | shares | 2,305,000 | 4,090,714 | 10,801,155 | |
18.75 [Member] | ||||
Stock Warrants Outstanding And Exercisable [Line Items] | ||||
Exercise price, warrants | $ / shares | $ 18.75 | |||
Number of warrants Outstanding | shares | 1,805,000 | |||
Weighted average remaining contractual life | 1 year 6 months | |||
3.75 [Member] | ||||
Stock Warrants Outstanding And Exercisable [Line Items] | ||||
Exercise price, warrants | $ / shares | $ 3.75 | |||
Number of warrants Outstanding | shares | 500,000 | |||
Weighted average remaining contractual life | 3 years |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure Abstract | ||
Operating Loss Carryforwards | $ 88,000,000 | |
Federal statutory tax rate | 21% | 21% |
Percentage of limitation of the tax deduction for interest expense | 30% | |
Percentage of limitation of the tax deduction for net operating losses | 80% | |
Change in deferred tax assets valuation allowance, amount | $ 5.7 |
INCOME TAXES - Schedule of Defe
INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Income Tax Disclosure Abstract | ||
Deferred income tax assets: | $ 21,900,000 | $ 16,300,000 |
Valuation allowance | (21,900,000) | (16,300,000) |
Net total | $ 0 | $ 0 |
INCOME TAXES - Schedule of Effe
INCOME TAXES - Schedule of Effective Tax Rate Reconciliation (Details) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure Abstract | ||
Federal statutory tax rate | 21% | 21% |
State taxes, net of federal benefit | 0% | 0% |
Change in valuation allowance | (21.00%) | (21.00%) |
Effective Tax Rate | 0% | 0% |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2022 USD ($) ft² | Nov. 30, 2020 USD ($) ft² | Oct. 31, 2020 USD ($) ft² | Mar. 31, 2023 USD ($) | |
Leases [Abstract] | ||||
Area of property under operating lease | ft² | 1,520 | 2,390 | 9,166 | |
Lease and rent expense per month | $ 1,812 | $ 5,280 | $ 10,083 | |
Lease rate for extension | 1,867 | 5,377 | 10,385 | |
Lease rate for second extension period | $ 1,923 | $ 5,497 | $ 10,697 | |
Weighted average discount rate: Operating leases | 7% | 7% | 7% | 7% |
Operating lease right-of-use asset | $ 60,737 | $ 177,629 | $ 337,932 | $ 142,360 |
Operating lease liability | $ 60,737 | $ 177,629 | $ 337,932 | 158,437 |
Operating Lease expense | $ 246,710 |
LEASES - Schedule of Operating
LEASES - Schedule of Operating Leases (Details) - USD ($) | Mar. 31, 2023 | Apr. 30, 2022 | Mar. 31, 2022 | Nov. 30, 2020 | Oct. 31, 2020 |
Leases [Abstract] | |||||
Operating lease right-of-use asset - current portion | $ 122,114 | $ 187,545 | |||
Operating lease right-of-use asset - non-current portion | 20,246 | 142,359 | |||
Total Operating lease right-of-use asset | 142,360 | $ 60,737 | $ 177,629 | $ 337,932 | |
Operating lease liability - current portion | 136,214 | 174,565 | |||
Operating lease liability - non-current portion | 22,223 | $ 178,753 | |||
Total Operating lease liability | $ 158,437 | $ 60,737 | $ 177,629 | $ 337,932 | |
Weighted average remaining lease term (in years): Operating leases | 1 year | ||||
Weighted average discount rate: Operating leases | 7% | 7% | 7% | 7% |
LEASES - Schedule of Maturities
LEASES - Schedule of Maturities of Undiscounted Lease Liabilities (Details) - USD ($) | Mar. 31, 2023 | Apr. 30, 2022 | Nov. 30, 2020 | Oct. 31, 2020 |
Leases [Abstract] | ||||
Year ending March 31, 2024 | $ 141,552 | |||
Year ending March 31, 2025 | 23,075 | |||
Total lease payments | 164,627 | |||
Less: Imputed interest | (6,190) | |||
Total lease obligations | $ 158,437 | $ 60,737 | $ 177,629 | $ 337,932 |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||||||||||||||
May 08, 2023 shares | Apr. 05, 2023 $ / shares shares | Apr. 04, 2023 USD ($) $ / shares shares | May 02, 2022 shares | May 12, 2021 $ / shares shares | Jul. 25, 2022 shares | Nov. 19, 2021 shares | Jan. 11, 2023 shares | May 01, 2023 shares | Apr. 30, 2023 shares | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 26, 2023 $ / shares | Mar. 26, 2023 $ / shares | May 09, 2022 $ / shares | Mar. 31, 2022 $ / shares shares | Mar. 26, 2022 USD ($) | Mar. 24, 2022 USD ($) | Oct. 07, 2013 shares | |
Subsequent Event [Line Items] | ||||||||||||||||||
Number of units issued | 9,633,616 | |||||||||||||||||
Share Price | (per share) | $ 500,000 | $ 4.6 | ||||||||||||||||
Price per share | $ / shares | $ 9 | |||||||||||||||||
Common stock, shares authorized | 13,333,333 | 13,333,333 | ||||||||||||||||
Common stock, par value per share | $ / shares | $ 0.001 | $ 0.001 | ||||||||||||||||
Common stock, shares, issued | 10,005,379 | 7,371,454 | ||||||||||||||||
Common stock, shares, outstanding | 10,005,379 | 7,371,454 | ||||||||||||||||
Preferred Stock, Shares Authorized | 100,000,000 | 100,000,000 | 100,000,000 | |||||||||||||||
Preferred stock, par value per share | $ / shares | $ 0.001 | $ 0.001 | ||||||||||||||||
Series E Preferred Stock [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Dividends payable | $ | $ 12,900 | $ 10,333 | $ 10,333 | |||||||||||||||
Number of shares issued | 500,000 | |||||||||||||||||
Series S Preferred Stock [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Number of common stock shares issued upon conversion | 2,227,030 | 6,681,090 | 2,227,030 | |||||||||||||||
Number of shares issued | 148,469 | 148,469 | ||||||||||||||||
Price per share | $ / shares | $ 15 | |||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Reverse stock split | fifteen for one | |||||||||||||||||
Preferred Stock, Shares Authorized | 100,000,000 | |||||||||||||||||
Preferred stock, par value per share | $ / shares | $ 0.001 | |||||||||||||||||
Common stock issued to employees upon the vesting of restricted stock awards | 59,995 | 1,443 | ||||||||||||||||
Subsequent Event [Member] | Maximum [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Common stock, shares authorized | 200,000,000 | |||||||||||||||||
Common stock, par value per share | $ / shares | $ 0.001 | |||||||||||||||||
Common stock, shares, issued | 152,149,661 | |||||||||||||||||
Common stock, shares, outstanding | 152,149,661 | |||||||||||||||||
Subsequent Event [Member] | Minimum [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Common stock, shares authorized | 13,333,333 | |||||||||||||||||
Common stock, par value per share | $ / shares | $ 0.001 | |||||||||||||||||
Common stock, shares, issued | 10,185,898 | |||||||||||||||||
Common stock, shares, outstanding | 10,185,898 | |||||||||||||||||
Subsequent Event [Member] | Series E Preferred Stock [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Number of units issued | 133,333 | |||||||||||||||||
Number of common stock shares issued upon conversion | 500,000 | |||||||||||||||||
Share Price | $ / shares | $ 469 | |||||||||||||||||
Dividends payable | $ | $ 11,083 | |||||||||||||||||
Number of shares issued | 4,598 | |||||||||||||||||
Common stock, par value per share | $ / shares | $ 2.41 | |||||||||||||||||
Subsequent Event [Member] | Series S Preferred Stock [Member] | ||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||
Number of common stock shares issued upon conversion | 148,469 | |||||||||||||||||
Number of shares issued | 2,227,030 |