Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Sep. 30, 2016 | Nov. 09, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Rasna Therapeutics Inc. | |
Entity Central Index Key | 1,582,249 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | RASP | |
Entity Common Stock, Shares Outstanding | 64,679,798 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2016 | Mar. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 3,762,811 | $ 0 |
Other receivables | 14,187 | 0 |
Related party receivable | 20,412 | 607,159 |
Total current assets | 3,797,410 | 607,159 |
Other intangible assets | 1,536,269 | 1,300,000 |
Goodwill | 3,402,941 | 0 |
Total non current assets | 4,939,210 | 1,300,000 |
Total assets | 8,736,620 | 1,907,159 |
Current liabilities: | ||
Accounts payable and accrued expenses | 109,198 | 78,227 |
Related party payables | 740,656 | 550,000 |
Total current liabilities | 849,854 | 628,227 |
Total liabilities | 849,854 | 628,227 |
Commitments and Contingencies (Note 9) | ||
Shareholders' equity | ||
Common stock, $0.001 and $0.01 par value, respectively; 200,000,000 shares authorized, of which 64,679,798 and 35,650,289 are issued. | 64,680 | 356,503 |
Additional paid-in capital | 14,153,269 | 5,746,477 |
Accumulated deficit | (6,331,183) | (4,824,048) |
Total shareholders' equity | 7,886,766 | 1,278,932 |
Total liabilities and shareholders' equity | $ 8,736,620 | $ 1,907,159 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares | Sep. 30, 2016 | Mar. 31, 2016 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.01 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued | 64,679,798 | 35,650,289 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Cost of revenue | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
Operating expenses: | ||||
General and administrative | 144,479 | 0 | 182,590 | 0 |
Research and development | 642,522 | 0 | 642,522 | 0 |
Consultancy fees third parties | 410,336 | 27,500 | 452,327 | 55,000 |
Consultancy fees related parties | 87,500 | 87,500 | 175,000 | 162,500 |
Legal and professional fees | 56,889 | 2,343 | 107,713 | 6,819 |
Total operating expenses | 1,341,726 | 117,343 | 1,560,152 | 224,319 |
Loss from operations | (1,341,726) | (117,343) | (1,560,152) | (224,319) |
Other expense: | ||||
Foreign currency transaction gain | 50,356 | 0 | 53,017 | 0 |
Other expense | 50,356 | 0 | 53,017 | 0 |
Loss from operations before income taxes | (1,291,370) | (117,343) | (1,507,135) | (224,319) |
Income tax provision | 0 | 0 | 0 | 0 |
Net loss | $ (1,291,370) | $ (117,343) | $ (1,507,135) | $ (224,319) |
Basic and diluted loss per share attributable to common shareholders | $ (0.02) | $ 0 | $ (0.03) | $ (0.01) |
Basic and diluted weighted average common shares outstanding | 61,746,656 | 38,234,935 | 55,115,345 | 38,234,935 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Balance at Mar. 31, 2016 | $ 1,278,932 | $ 356,503 | $ 5,746,477 | $ (4,824,048) |
Balance (in shares) at Mar. 31, 2016 | 35,650,289 | |||
Shares cancelled pursuant to reverse merger transaction | 0 | $ (356,503) | 356,503 | 0 |
Shares cancelled pursuant to reverse merger transaction (in shares) | (35,650,289) | |||
Shares issued pursuant to reverse merger transaction | 7,675,000 | $ 548,378 | 7,126,622 | 0 |
Shares issued pursuant to reverse merger transaction (in shares) | 54,837,790 | |||
Share based compensation | 9,491 | $ 0 | 9,491 | 0 |
Net loss | (215,765) | 0 | 0 | (215,765) |
Balance at Jun. 30, 2016 | 8,747,658 | $ 548,378 | 13,239,093 | (5,039,813) |
Balance (in shares) at Jun. 30, 2016 | 54,837,790 | |||
Balance at Mar. 31, 2016 | 1,278,932 | $ 356,503 | 5,746,477 | (4,824,048) |
Balance (in shares) at Mar. 31, 2016 | 35,650,289 | |||
Net loss | (1,507,135) | |||
Balance at Sep. 30, 2016 | 7,886,766 | $ 64,680 | 14,153,269 | (6,331,183) |
Balance (in shares) at Sep. 30, 2016 | 64,679,798 | |||
Balance at Jun. 30, 2016 | 8,747,658 | $ 548,378 | 13,239,093 | (5,039,813) |
Balance (in shares) at Jun. 30, 2016 | 54,837,790 | |||
.33 share exchange | (367,413) | $ (367,413) | 0 | 0 |
.33 share exchange (in shares) | (36,741,319) | |||
Recapitalization | 356,636 | $ (159,563) | 516,199 | 0 |
Recapitalization (in shares) | 3,305,000 | |||
Cancellation of shares | (1,500) | $ (1,500) | 0 | 0 |
Cancellation of shares (in shares) | (1,500,000) | |||
3.25 for 1 Stock Split | 44,778 | $ 44,778 | 0 | 0 |
3.25 for 1 Stock Split (in shares) | 44,778,327 | |||
Share based compensation | 397,977 | $ 0 | 397,977 | 0 |
Net loss | (1,291,370) | 0 | 0 | (1,291,370) |
Balance at Sep. 30, 2016 | $ 7,886,766 | $ 64,680 | $ 14,153,269 | $ (6,331,183) |
Balance (in shares) at Sep. 30, 2016 | 64,679,798 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (1,507,135) | $ (224,319) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share based compensation | 407,468 | 0 |
Changes in operating assets and liabilities: | ||
Related party receivable | 0 | 29,615 |
Accounts and other payables | (429,131) | 32,204 |
Related party payables | 175,000 | 162,500 |
Net cash used in operating activities | (1,353,798) | 0 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash balances from consolidation on acquisition of variable interest entity | 5,116,609 | 0 |
Net cash provided by investing activities | 5,116,609 | 0 |
Net increase in cash and cash equivalents | 3,762,811 | 0 |
Cash, beginning of period | 0 | 0 |
Cash, end of period | 3,762,811 | 0 |
Non-cash transactions | ||
Common stock issued for acquisition | 7,675,000 | 0 |
Related party receivable balance canceled in acquisition | $ 607,159 | $ 0 |
GENERAL INFORMATION
GENERAL INFORMATION | 6 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. GENERAL INFORMATION Rasna Therapeutics, Inc. (formerly Active With Me, Inc.) (the “Company” or “Rasna Successor”), is a company incorporated in the State of Nevada. Rasna Therapeutics, Inc. (“Rasna Inc.”), is a company incorporated in the State of Delaware. Prior to May 17, 2016 Rasna Therapeutics, Inc. was a non-trading holding company with an investment in one subsidiary company, and also controlled an entity in which it was deemed the primary beneficiary. Arna Therapeutics Limited (“Arna”) was a company incorporated in the British Virgin Islands under applicable law and regulation. Arna was incorporated on September 30, 2013. Arna only has one segment of activity which is that of a clinical stage biotechnology company focused on targeted drugs to treat diseases in oncology and immunology, mainly focusing on the treatment of Leukemia. On May 17, 2016, Rasna and its subsidiary Falconridge entered into an Agreement of Merger and Plan of Reorganization (“Merger Agreement”) with Arna. Pursuant to the agreement, Arna was merged into Falconridge and the shareholders of Arna were issued shares of Rasna in exchange for shares of Arna. The Merger is being treated as a reverse acquisition effected by a share exchange for financial accounting and reporting purposes since Arna’s operations, Board of Directors and Management will remain subsequent to the consummation of the transaction, however, the legal aquiror is Rasna Inc. As a result, the historical operations that are reflected in these financial statements are those of Arna, and the assets acquired and liabilities assumed and in the transaction with Rasna Therapeutics, Inc have been written to fair value in accordance with ASC 805, Business Combinations. Refer to Note 3 - Acquisitions, On August 15, 2016, Active With Me, Inc., entered into an Agreement of Merger and Plan of Reorganization (the “Merger Agreement”) with Rasna, Inc., and Rasna Acquisition Corp., a Delaware corporation and a wholly owned subsidiary of Active With Me, Inc. (“Merger Sub”), providing for the merger of Merger Sub with and into Rasna, Inc. (the “Merger”), with Rasna, Inc. surviving the Merger as a wholly-owned subsidiary of Active With Me, Inc. As a result of the Merger, the resulting company, Rasna Therapeutics, Inc., is a biotechnology company that is engaged in modulating the molecular targets NPM1 and LSD1, which are implicated in the disease progression of leukemia and lymphoma. The Merger is being treated as a reverse recapitalization effected by a share exchange for financial accounting and reporting purposes since substantially all of Active With Me’s operations were disposed of prior to the consummation of the transaction. Rasna Successor is treated as the accounting acquirer as its stockholders control the Company after the Exchange Agreement, even though Active With Me, Inc. was the legal acquirer. As a result, the assets and liabilities and the historical operations that are reflected in these financial statements are those of Rasna Successor as if Rasna Successor had always been the reporting company. Since Active With Me, Inc. had no operations upon the Merger Agreement taking place, the transaction was treated as a reverse recapitalization for accounting purposes and no goodwill or other intangible assets were recorded by the Company as a result of the Merger Agreement. The Company only has one segment of activity which is that of a clinical stage biotechnology company focused on targeted drugs to treat diseases in oncology and immunology, mainly focusing on the treatment of Leukemia. These financial statements are presented in United States dollars (“USD”) which is also the functional currency of the primary economic environment in which the Company operates. Foreign operations are included in accordance with policies set out in note 2 below. |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 6 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. ACCOUNTING POLICIES The principal accounting policies applied in the preparation of these unaudited condensed consolidated financial statements are set out below. These policies have been applied consistently to all the periods presented unless otherwise stated. The accompanying In accordance with ASC 810, Consolidation, The interim condensed consolidated financial statements include the financial statements of the Company and its subsidiary, Arna Therapeutics Limited as well as the operations of Rasna Inc. for the period from May 17, 2016 through September 30, 2016. All significant intercompany accounts and transactions have been eliminated in the preparation of the accompanying condensed consolidated financial statements. Management accounts for business combinations under the provisions of Accounting Standards Codification ("ASC") Topic 805-10, Business Combinations ("ASC 805-10"), which requires that the purchase method of accounting be used for all business combinations. Assets acquired and liabilities assumed, including non-controlling interests, are recorded at the date of acquisition at their respective fair values. ASC 805-10 also specifies criteria that intangible assets acquired in a business combination must meet to be recognized and reported apart from goodwill. Goodwill represents the excess purchase price over the fair value of the tangible net assets and intangible assets acquired in a business combination. Acquisition-related expenses are recognized separately from the business combinations and are expensed as incurred. The amounts reflected within the Note 3 - Acquisitions The Company is subject to a number of risks similar to those of other pre-commercial stage companies, including its dependence on key individuals, uncertainty of product development and generation of revenues, dependence on outside sources of capital, risks associated with research, development, testing, and obtaining related regulatory approvals of its pipeline products, suppliers and collaborators, successful protection of intellectual property, competition with larger, better-capitalized companies, successful completion of the Company's development programs and, ultimately, the attainment of profitable operations are dependent on future events, including obtaining adequate financing to fulfill its development activities and generating a level of revenues adequate to support the Company's cost structure. The Company has experienced net losses and significant cash outflows from cash used in operating activities over the past years, and as at September 30, 2016, had an accumulated deficit of $ 6,331,183 1,507,135 1,353,798 We expect to continue to incur net losses and have significant cash outflows for at least the next twelve months. The Group has sufficient funds to continue operating until the end of the third quarter of 2017, but will require significant additional cash resources to launch new development phases of existing products in its pipeline. These conditions, among others, raise substantial doubt about the Group's ability to continue as a going concern. The accompanying condensed consolidated financial statements have been prepared assuming that the Group will continue as a going concern. This basis of accounting contemplates the recovery of the Group's assets and the satisfaction of liabilities in the normal course of business. A successful transition to attaining profitable operations is dependent upon achieving a level of positive cash flows adequate to support the Group's cost structure. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. We evaluate our estimates on an ongoing basis, including those related to the fair values of stock based awards, income taxes and contingent liabilities, among others. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates and such differences could be material to our consolidated financial position and results of operations. Fair Value The carrying value of the Company’s financial instruments, including cash and cash equivalents, related party balances, accounts payable and accrued liabilities, approximate fair value because of the short-term nature of such financial instruments. Management measures certain other assets, including nonmarketable equity securities, at fair value on a nonrecurring basis when they are deemed to be other-than-temporarily impaired. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of related party receivables. Deposits held with banks, including those held in foreign branches of global banks, may exceed the amount of insurance provided on such deposits. These deposits may be redeemed upon demand and bear minimal risk. Management believes that the institutions that hold our instruments are financially sound and are subject to minimal credit risk. Cash and cash equivalents consists of cash on deposit with banks with an original maturity of three months or less. Intangible assets are made up of in-process research and development, (“IPR&D”) and certain intellectual property (“IP”). IPR&D assets represent the fair value assigned to acquired technologies, which at the time of acquisition have not reached technological feasibility and have no alternative future use. IP assets represent the fair value assigned to technologies, which at the time of acquisition have reached technological feasibility, however, have not yet been put into service. Intangible assets are considered to have an indefinite useful life until the completion or abandonment of the associated research and development projects at which time they will be amortized on a straight-line basis over the shorter of their economic or legal useful life. Goodwill represents the premium paid over the fair value of the net tangible and intangible assets acquired in business combinations. Goodwill is not amortized; rather, it is subject to a periodic assessment for impairment by applying a fair value based test. Goodwill is assessed for impairment on an annual basis or more frequently if events or changes in circumstances indicate that the asset might be impaired. An impairment charge is recognized only when the implied fair value of the Company’s reporting unit’s goodwill is less than its carrying amount. Management evaluates indefinite life intangible assets for impairment on an annual basis and on an interim basis if events or changes in circumstances between annual impairment tests indicate that the asset might be impaired. The ongoing evaluation for impairment of its indefinite life intangible assets requires significant management estimates and judgment. Management reviews definite life intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. There were no impairment charges as of the six months ended September 30, 2016 or 2015. The Company intends to operate in an industry that is subject to rapid change. The Company’s operations will be subject to significant risk and uncertainties including financial, operational, technological, regulatory, and other risks associated with an early stage company, including the potential risk of business failure. Expenditure on research and development is charged to the statements of operation in the year in which it is incurred with the exception of expenditures incurred in respect of the development of major new products where the outcome of those projects is assessed as being reasonably certain in regards to viability and technical feasibility. Such expenditure is capitalized and amortized straight line over the estimated period of sale for each product, commencing in the year that sales of the product are first made. To date, the Company has not capitalized any such expenditures other than certain The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Management considers many factors when assessing the likelihood of future realization of deferred tax assets, including recent earnings experience by jurisdiction, expectations of future taxable income, and the carryforward periods available for tax reporting purposes, as well as other relevant factors. A valuation allowance may be established to reduce deferred tax assets to the amount that management believes is more likely than not to be realized. Due to inherent complexities arising from the nature of the business, future changes in income tax law and variances between actual and anticipated operating results, management makes certain judgments and estimates. Therefore, actual income taxes could materially vary from these estimates. The Company recognizes in the financial statements the impact of a tax position, if that position is more likely than not to be sustained upon an examination, based on the technical merits of the position. The Company records a liability for the difference between the benefit recognized and measured and the tax position taken or expected to be taken on the Company’s tax return. To the extent that the assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. To the extent interest and penalties are not assessed with respect to uncertain tax positions, amounts accrued will be reduced and reflected as a reduction of the overall income tax provision. The Company incurred no liability and, therefore, did not need to record interest and penalties during the six months ended September 30, 2016 and 2015. Items included in the financial statements are measured using their functional currency, being the currency of the primary economic environment in which the company operates. The financial statements are presented in United States Dollar (“USD”), which is the company’s functional and presentational currency. Foreign currency transactions are translated using the rate of exchange applicable at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the re-translation at the year end of monetary assets and liabilities denominated in foreign currencies are recognized in the statements of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted loss per share includes potentially dilutive securities such as outstanding options and warrants, using various methods such as the treasury stock or modified treasury stock method in the determination of dilutive shares outstanding during each reporting period. As of September 30, 2016 and March 31, 2016 there were no common equivalent shares. For the Three Months Ended September 30, 2016 2015 Net loss for the period $ (1,291,370) $ (117,343) Weighted average number of shares 61,746,656 38,234,935 Net loss per share (basic and diluted) $ (0.02) $ (0.00) For the Six Months Ended September 30, 2016 2015 Net loss for the period $ (1,507,135) $ (224,319) Weighted average number of shares 55,115,345 38,234,935 Net loss per share (basic and diluted) $ (0.03) $ (0.01) The Company offers stock-based compensation awards based on fair value as of the grant date. Management uses the Black-Scholes-Merton option-pricing model to estimate the fair value of stock options on the dates of grant. Given the limited history with employee grants, the “simplified” method is used for estimating the expected term for stock option awards. The “simplified” method, is calculated as the average of the contractual term and the average vesting period. Estimated volatility is based upon the historical volatility of similar entities whose share prices are publicly available, as the Company did not have sufficient trading history for its common stock. The risk-free interest rate is based on the yield curve of a zero-coupon U.S. Treasury bond on the date the stock option award is granted, with a maturity equal to the expected term of the stock option award. The expected dividend assumption is based on the current expectations about the Company’s anticipated dividend policy. The fair value of an award expected to vest on a straight-line basis is amortized over the requisite service period of the award, which is generally the period from the grant date to the end of the vesting period. For awards with service only conditions and a graded vesting schedule, management elected to recognize costs on a straight-line basis. The Company uses historical data to estimate the number of future forfeitures. |
ACQUISITIONS
ACQUISITIONS | 6 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 3. ACQUISITIONS On May 5, 2016, Rasna UK sold its intellectual property to Falconridge, a subsidiary of Rasna, for a note payable in the amount of $ 236,269 On May 17, 2016, Rasna and its subsidiary Falconridge entered into an Agreement of Merger and Plan of Reorganization with Arna. Pursuant to the agreement, Arna was merged into Falconridge and the shareholders of Arna were issued shares of Rasna in exchange for shares of Arna. Arna was deemed to be the accounting acquirer because Rasna and Falconridge Holdings Limited were non-trading holding companies and Arna’s operations will comprise the ongoing operations of the combined entity and its senior management will serve as the senior management of the combined entity. 65 The consideration transferred was measured based upon the share price recently received during a non-public equity raise in Rasna, during which non-related investors paid $ 0.40 19,187,500 54,837,790 7,675,000 Balance as of May 17, 2016 Share consideration transferred $ 7,675,000 Forgiveness of receivable 607,159 Consideration transferred $ 8,282,159 Less: Fair value of assets acquired Cash and cash equivalents (5,116,609) Other receivables (14,187) Related party receivables (20,412) Intellectual property (236,269) Plus: Liabilities assumed Accounts payable and accrued expenses 492,603 Related party payables 15,656 Goodwill $ 3,402,941 Of the above assets acquired and liabilities assumed, the intellectual property acquired was owned by Falconridge and the residual assets acquired and liabilities assumed comprised the VIE that was controlled by Rasna, Inc. Active With Me, Inc. On August 15, 2016, Active With Me, Inc., entered into an Agreement of Merger and Plan of Reorganization (the “Merger Agreement”) with Rasna, Inc., and Rasna Acquisition Corp., a Delaware corporation and a wholly owned subsidiary of Active With Me, Inc. (“Merger Sub”), providing for the merger of Merger Sub with and into Rasna, Inc. (the “Merger”), with Rasna, Inc. surviving the Merger as a wholly-owned subsidiary of Active With Me, Inc. As a result of the Merger, the resulting company, Rasna Therapeutics, Inc., is a biotechnology company that is engaged in modulating the molecular targets NPM1 and LSD1, which are implicated in the disease progression of leukemia and lymphoma. The Merger is being treated as a reverse recapitalization effected by a share exchange for financial accounting and reporting purposes since substantially all of Active With Me’s operations were disposed of prior to the consummation of the transaction. Rasna Successor is treated as the accounting acquirer as its stockholders control the Company after the Exchange Agreement, even though Active With Me, Inc. was the legal acquirer. As a result, the assets and liabilities and the historical operations that are reflected in these financial statements are those of Rasna Successor as if Rasna Successor had always been the reporting company. Since Active With Me, Inc. had no operations upon the Merger Agreement taking place, the transaction was treated as a reverse recapitalization for accounting purposes and no goodwill or other intangible assets were recorded by the Company as a result of the Merger Agreement. Thereafter, pursuant to a Stock Purchase Agreement, the Company transferred all of the outstanding capital stock of Rasna Successor to a former officer and director of Active With Me, Inc. in exchange for cancellation of an aggregate of 1,500,000 In connection with the share exchange, each share of Rasna, Inc was exchanged for the right to receive .33 3,305,000 1,500,000 19,901,471 3.25 for 1 64,679,798 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | 4. GOODWILL AND INTANGIBLE ASSETS As noted in Note 3 - Acquisitions, 236,269 3,402,941 Goodwill Goodwill Balance at March 31, 2016 $ - Acquisition of Rasna and its subsidiaries 3,402,941 Balance at September 30, 2016 $ 3,402,941 Intangible Assets The IPR&D and intellectual property are considered to have an indefinite life and there were no impairment charges recognized during the periods ended September 30, 2016 or September 30, 2015. The following table summarizes the Company’s intangible assets as of the following periods: Six Months Ended September 30, 2016 Estimated Gross Useful Carrying Accumulated Net Book Life Amount Additions Amortization Value In-process research and development Indefinite $ 1,300,000 $ - $ - $ 1,300,000 Intellectual Property Indefinite - 236,269 - 236,269 $ 1,300,000 $ 236,269 $ - $ 1,536,269 Six Months Ended March 31, 2016 Estimated Gross Useful Carrying Accumulated Net Book Life Amount Additions Amortization Value In-process research and development Indefinite $ 1,300,000 $ - $ - $ 1,300,000 $ 1,300,000 $ - $ - $ 1,300,000 |
ACCOUNTS PAYABLE AND ACCRUED EX
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 6 Months Ended |
Sep. 30, 2016 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 5. ACCOUNTS PAYABLE AND ACCRUED EXPENSES September 30, 2016 March 31, 2016 Accounts payable $ 30,971 $ - Accrued expenses 78,227 78,227 $ 109,198 $ 78,227 |
ISSUANCE OF COMMON STOCK
ISSUANCE OF COMMON STOCK | 6 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 6. ISSUANCE OF COMMON STOCK As discussed in Note 3 - Acquisitions 35,650,289 35,650,289 19,187,500 0.40 In addition, as noted in the Reverse Recapitalization section of Note 1, the Company effectively completed a 1 for 3 3,305,000 1,500,000 3.25 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS During the normal course of its business, the Company enters into various transactions with entities that are both businesses and individuals. The following is a summary of the related party transactions as of September 30, 2016 and March 31, 2016. (1) Eurema Consulting S.r.l. Eurema Consulting S.r.l. was a significant shareholder of Arna Therapeutics Limited. During the three months ended September 30, 2016 and three months ended September 30, 2015, Eurema Consulting S.r.l. supplied Arna Therapeutics Limited with consulting services amounting to $ 25,000 25,000 25,000 50,000 275,000 225,000 (2) Non-corporate related parties. Riccardo Dalla Favera 18,750 6,250 25,000 12,500 68,849 56,250 James Mervis James Mervis is a Director of Rasna Therapeutics Inc. In the three months ended September 30, 2016 and 2015, James Mervis charged the Company $ 9,406 6,250 12,500 6,250 46,807 34,406 Gabriele Cerrone Gabriele Cerrone is a Director of Rasna Therapeutics Inc. In the three months ended September 30, 2016 and 2015, Gabriele Cerrone charged the Company $ 25,000 25,000 50,000 50,000 175,000 125,000 Roberto Pellicceri Roberto Pellicceri is a Director of Rasna Therapeutics Inc. and sole shareholder of TES Pharma Srl. In the three months ended September 30, 2016 and 2015, Roberto Pellicceri charged the Company $ 25,000 25,000 50,000 50,000 175,000 125,000 There is no interest charged on the balances with related parties. There are no defined repayment terms and such amounts can be called for payment at any time. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 8. STOCK-BASED COMPENSATION The Company adopted a new stock option plan in July 2016. Historically, the Company has awarded stock grants to certain of its consultants that did not contain any performance or service conditions. Compensation expense included in the Company’s consolidated statement of operations includes the fair value of the awards at the time of issuance. 2016 EQUITY INCENTIVE PLAN On July 19, 2016, the Company adopted its 2016 Equity Incentive Plan (the "Equity Incentive Plan"). The plan was established to attract, motivate, retain and reward selected employees and other eligible persons. For the Equity Incentive Plan, employees, officers, directors and consultants who provide services to the Company or one of the Company’s subsidiaries may be selected to receive awards. A total of 3,000,000 1,300,000 The fair values of stock option grants during the six months ended September 30, 2016 were calculated on the date of the grant using the Black-Scholes option pricing model. Compensation expense is recognized over the period of service, generally the vesting period. Six Months Ended September 30, 2016 Expected life (years) 3 Expected volatility 137% Expected dividend yield % Risk-free interest rate 1.06% Weighted average fair value of options granted during the period $1.03 Estimated volatility is based upon the historical volatility of two similar entities whose share prices are publicly available, as the Company did not have sufficient trading history for its common stock. The following table summarizes stock option activity for the six month period ended September 30, 2016: Number of Options Weighted Average Exercise Price Per Weighted Average remaining Contractual Aggregate Intrinsic Value Outstanding balance at March 31, 2016 1,662,375 0.20 7.32 Granted 1,300,000 0.40 Exercised Forfeited and Expired Outstanding balance at September 30, 2016 2,962,375 0.28 8.46 $ 524,589 Options exercisable at September 30, 2016 1,222,275 0.26 8.12 $ 249,012 There were no options exercised during the six month period ended September 30, 2016 or 2015. Options for the purchase of an aggregate of 375,000 386,250 1,068,645 1.83 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 9. COMMITMENTS AND CONTINGENCIES There are no material commitments and contingencies at September 30, 2016 and March 31, 2016. |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of preparation The accompanying |
Consolidation, Policy [Policy Text Block] | In accordance with ASC 810, Consolidation, The interim condensed consolidated financial statements include the financial statements of the Company and its subsidiary, Arna Therapeutics Limited as well as the operations of Rasna Inc. for the period from May 17, 2016 through September 30, 2016. All significant intercompany accounts and transactions have been eliminated in the preparation of the accompanying condensed consolidated financial statements. |
Business Combinations Policy [Policy Text Block] | Business Combinations Management accounts for business combinations under the provisions of Accounting Standards Codification ("ASC") Topic 805-10, Business Combinations ("ASC 805-10"), which requires that the purchase method of accounting be used for all business combinations. Assets acquired and liabilities assumed, including non-controlling interests, are recorded at the date of acquisition at their respective fair values. ASC 805-10 also specifies criteria that intangible assets acquired in a business combination must meet to be recognized and reported apart from goodwill. Goodwill represents the excess purchase price over the fair value of the tangible net assets and intangible assets acquired in a business combination. Acquisition-related expenses are recognized separately from the business combinations and are expensed as incurred. The amounts reflected within the Note 3 - Acquisitions |
Going Concern [Policy Text Block] | Going concern The Company is subject to a number of risks similar to those of other pre-commercial stage companies, including its dependence on key individuals, uncertainty of product development and generation of revenues, dependence on outside sources of capital, risks associated with research, development, testing, and obtaining related regulatory approvals of its pipeline products, suppliers and collaborators, successful protection of intellectual property, competition with larger, better-capitalized companies, successful completion of the Company's development programs and, ultimately, the attainment of profitable operations are dependent on future events, including obtaining adequate financing to fulfill its development activities and generating a level of revenues adequate to support the Company's cost structure. The Company has experienced net losses and significant cash outflows from cash used in operating activities over the past years, and as at September 30, 2016, had an accumulated deficit of $ 6,331,183 1,507,135 1,353,798 We expect to continue to incur net losses and have significant cash outflows for at least the next twelve months. The Group has sufficient funds to continue operating until the end of the third quarter of 2017, but will require significant additional cash resources to launch new development phases of existing products in its pipeline. These conditions, among others, raise substantial doubt about the Group's ability to continue as a going concern. The accompanying condensed consolidated financial statements have been prepared assuming that the Group will continue as a going concern. This basis of accounting contemplates the recovery of the Group's assets and the satisfaction of liabilities in the normal course of business. A successful transition to attaining profitable operations is dependent upon achieving a level of positive cash flows adequate to support the Group's cost structure. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. We evaluate our estimates on an ongoing basis, including those related to the fair values of stock based awards, income taxes and contingent liabilities, among others. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates and such differences could be material to our consolidated financial position and results of operations. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value The carrying value of the Company’s financial instruments, including cash and cash equivalents, related party balances, accounts payable and accrued liabilities, approximate fair value because of the short-term nature of such financial instruments. Management measures certain other assets, including nonmarketable equity securities, at fair value on a nonrecurring basis when they are deemed to be other-than-temporarily impaired. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of related party receivables. Deposits held with banks, including those held in foreign branches of global banks, may exceed the amount of insurance provided on such deposits. These deposits may be redeemed upon demand and bear minimal risk. Management believes that the institutions that hold our instruments are financially sound and are subject to minimal credit risk. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash and cash equivalents consists of cash on deposit with banks with an original maturity of three months or less. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible assets Intangible assets are made up of in-process research and development, (“IPR&D”) and certain intellectual property (“IP”). IPR&D assets represent the fair value assigned to acquired technologies, which at the time of acquisition have not reached technological feasibility and have no alternative future use. IP assets represent the fair value assigned to technologies, which at the time of acquisition have reached technological feasibility, however, have not yet been put into service. Intangible assets are considered to have an indefinite useful life until the completion or abandonment of the associated research and development projects at which time they will be amortized on a straight-line basis over the shorter of their economic or legal useful life. Goodwill represents the premium paid over the fair value of the net tangible and intangible assets acquired in business combinations. Goodwill is not amortized; rather, it is subject to a periodic assessment for impairment by applying a fair value based test. Goodwill is assessed for impairment on an annual basis or more frequently if events or changes in circumstances indicate that the asset might be impaired. An impairment charge is recognized only when the implied fair value of the Company’s reporting unit’s goodwill is less than its carrying amount. Management evaluates indefinite life intangible assets for impairment on an annual basis and on an interim basis if events or changes in circumstances between annual impairment tests indicate that the asset might be impaired. The ongoing evaluation for impairment of its indefinite life intangible assets requires significant management estimates and judgment. Management reviews definite life intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. There were no impairment charges as of the six months ended September 30, 2016 or 2015. |
Risks And Uncertainties, Policy [Policy Text Block] | The Company intends to operate in an industry that is subject to rapid change. The Company’s operations will be subject to significant risk and uncertainties including financial, operational, technological, regulatory, and other risks associated with an early stage company, including the potential risk of business failure. |
Research and Development Expense, Policy [Policy Text Block] | Research and development Expenditure on research and development is charged to the statements of operation in the year in which it is incurred with the exception of expenditures incurred in respect of the development of major new products where the outcome of those projects is assessed as being reasonably certain in regards to viability and technical feasibility. Such expenditure is capitalized and amortized straight line over the estimated period of sale for each product, commencing in the year that sales of the product are first made. To date, the Company has not capitalized any such expenditures other than certain |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Management considers many factors when assessing the likelihood of future realization of deferred tax assets, including recent earnings experience by jurisdiction, expectations of future taxable income, and the carryforward periods available for tax reporting purposes, as well as other relevant factors. A valuation allowance may be established to reduce deferred tax assets to the amount that management believes is more likely than not to be realized. Due to inherent complexities arising from the nature of the business, future changes in income tax law and variances between actual and anticipated operating results, management makes certain judgments and estimates. Therefore, actual income taxes could materially vary from these estimates. The Company recognizes in the financial statements the impact of a tax position, if that position is more likely than not to be sustained upon an examination, based on the technical merits of the position. The Company records a liability for the difference between the benefit recognized and measured and the tax position taken or expected to be taken on the Company’s tax return. To the extent that the assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. To the extent interest and penalties are not assessed with respect to uncertain tax positions, amounts accrued will be reduced and reflected as a reduction of the overall income tax provision. The Company incurred no liability and, therefore, did not need to record interest and penalties during the six months ended September 30, 2016 and 2015. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Items included in the financial statements are measured using their functional currency, being the currency of the primary economic environment in which the company operates. The financial statements are presented in United States Dollar (“USD”), which is the company’s functional and presentational currency. Foreign currency transactions are translated using the rate of exchange applicable at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the re-translation at the year end of monetary assets and liabilities denominated in foreign currencies are recognized in the statements of operations. |
Earnings Per Share, Policy [Policy Text Block] | Net Loss per Share Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted loss per share includes potentially dilutive securities such as outstanding options and warrants, using various methods such as the treasury stock or modified treasury stock method in the determination of dilutive shares outstanding during each reporting period. As of September 30, 2016 and March 31, 2016 there were no common equivalent shares. For the Three Months Ended September 30, 2016 2015 Net loss for the period $ (1,291,370) $ (117,343) Weighted average number of shares 61,746,656 38,234,935 Net loss per share (basic and diluted) $ (0.02) $ (0.00) For the Six Months Ended September 30, 2016 2015 Net loss for the period $ (1,507,135) $ (224,319) Weighted average number of shares 55,115,345 38,234,935 Net loss per share (basic and diluted) $ (0.03) $ (0.01) |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Equity-Based Payments to Non-Employees The Company offers stock-based compensation awards based on fair value as of the grant date. Management uses the Black-Scholes-Merton option-pricing model to estimate the fair value of stock options on the dates of grant. Given the limited history with employee grants, the “simplified” method is used for estimating the expected term for stock option awards. The “simplified” method, is calculated as the average of the contractual term and the average vesting period. Estimated volatility is based upon the historical volatility of similar entities whose share prices are publicly available, as the Company did not have sufficient trading history for its common stock. The risk-free interest rate is based on the yield curve of a zero-coupon U.S. Treasury bond on the date the stock option award is granted, with a maturity equal to the expected term of the stock option award. The expected dividend assumption is based on the current expectations about the Company’s anticipated dividend policy. The fair value of an award expected to vest on a straight-line basis is amortized over the requisite service period of the award, which is generally the period from the grant date to the end of the vesting period. For awards with service only conditions and a graded vesting schedule, management elected to recognize costs on a straight-line basis. The Company uses historical data to estimate the number of future forfeitures. |
ACCOUNTING POLICIES (Tables)
ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following is the computation of net loss per share for the following periods: For the Three Months Ended September 30, 2016 2015 Net loss for the period $ (1,291,370) $ (117,343) Weighted average number of shares 61,746,656 38,234,935 Net loss per share (basic and diluted) $ (0.02) $ (0.00) For the Six Months Ended September 30, 2016 2015 Net loss for the period $ (1,507,135) $ (224,319) Weighted average number of shares 55,115,345 38,234,935 Net loss per share (basic and diluted) $ (0.03) $ (0.01) |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Business Combination, Segment Allocation [Table Text Block] | Balance as of May 17, 2016 Share consideration transferred $ 7,675,000 Forgiveness of receivable 607,159 Consideration transferred $ 8,282,159 Less: Fair value of assets acquired Cash and cash equivalents (5,116,609) Other receivables (14,187) Related party receivables (20,412) Intellectual property (236,269) Plus: Liabilities assumed Accounts payable and accrued expenses 492,603 Related party payables 15,656 Goodwill $ 3,402,941 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Indefinite-lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The following table summarizes the Company’s goodwill for the periods indicated resulting from the acquisitions by the Company: Goodwill Balance at March 31, 2016 $ - Acquisition of Rasna and its subsidiaries 3,402,941 Balance at September 30, 2016 $ 3,402,941 |
Schedule of Indefinite-Lived Intangible Assets [Table Text Block] | The following table summarizes the Company’s intangible assets as of the following periods: Six Months Ended September 30, 2016 Estimated Gross Useful Carrying Accumulated Net Book Life Amount Additions Amortization Value In-process research and development Indefinite $ 1,300,000 $ - $ - $ 1,300,000 Intellectual Property Indefinite - 236,269 - 236,269 $ 1,300,000 $ 236,269 $ - $ 1,536,269 Six Months Ended March 31, 2016 Estimated Gross Useful Carrying Accumulated Net Book Life Amount Additions Amortization Value In-process research and development Indefinite $ 1,300,000 $ - $ - $ 1,300,000 $ 1,300,000 $ - $ - $ 1,300,000 |
ACCOUNTS PAYABLE AND ACCRUED 20
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | The following table summarizes the Company’s accounts payable and accrued expenses as of the following periods: September 30, 2016 March 31, 2016 Accounts payable $ 30,971 $ - Accrued expenses 78,227 78,227 $ 109,198 $ 78,227 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | During the six months ended September 30, 2016, 1,300,000 options were granted by the Company. No stock options were granted in the six months ended September 30, 2015. The following assumptions were used in the Black-Scholes options pricing model to estimate the fair value of stock options for the six months ended September 30, 2016: Six Months Ended September 30, 2016 Expected life (years) 3 Expected volatility 137% Expected dividend yield % Risk-free interest rate 1.06% Weighted average fair value of options granted during the period $1.03 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes stock option activity for the six month period ended September 30, 2016: Number of Options Weighted Average Exercise Price Per Weighted Average remaining Contractual Aggregate Intrinsic Value Outstanding balance at March 31, 2016 1,662,375 0.20 7.32 Granted 1,300,000 0.40 Exercised Forfeited and Expired Outstanding balance at September 30, 2016 2,962,375 0.28 8.46 $ 524,589 Options exercisable at September 30, 2016 1,222,275 0.26 8.12 $ 249,012 |
ACCOUNTING POLICIES (Details)
ACCOUNTING POLICIES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2016 | Jun. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accounting Policies [Line Items] | |||||
Net loss for the period | $ (1,291,370) | $ (215,765) | $ (117,343) | $ (1,507,135) | $ (224,319) |
Weighted average number of shares | 61,746,656 | 38,234,935 | 55,115,345 | 38,234,935 | |
Net loss per share (basic and diluted) | $ (0.02) | $ 0 | $ (0.03) | $ (0.01) |
ACCOUNTING POLICIES (Details Te
ACCOUNTING POLICIES (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2016 | Jun. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Mar. 31, 2016 | |
Retained Earnings (Accumulated Deficit) | $ (6,331,183) | $ (6,331,183) | $ (4,824,048) | |||
Net Income (Loss) Attributable to Parent | $ (1,291,370) | $ (215,765) | $ (117,343) | (1,507,135) | $ (224,319) | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | $ (1,353,798) | $ 0 |
ACQUISITIONS (Details)
ACQUISITIONS (Details) - USD ($) | 1 Months Ended | ||
May 17, 2016 | Sep. 30, 2016 | Mar. 31, 2016 | |
Business Acquisition [Line Items] | |||
Share consideration transferred | $ 7,675,000 | ||
Forgiveness of receivable | 607,159 | ||
Consideration transferred | 8,282,159 | ||
Less: Fair value of assets acquired | |||
Cash and cash equivalents | (5,116,609) | ||
Other receivables | (14,187) | ||
Related party receivables | (20,412) | ||
Intellectual property | (236,269) | ||
Plus: Liabilities assumed | |||
Accounts payable and accrued expenses | 492,603 | ||
Related party payables | 15,656 | ||
Goodwill | $ 3,402,941 | $ 3,402,941 | $ 0 |
ACQUISITIONS (Details Textual)
ACQUISITIONS (Details Textual) | Aug. 15, 2016shares | May 17, 2016USD ($)$ / sharesshares | Sep. 30, 2016shares | May 05, 2016USD ($) | Mar. 31, 2016shares |
Business Acquisition [Line Items] | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 3,305,000 | ||||
Business Combination, Consideration Transferred | $ | $ 8,282,159 | ||||
Stock Repurchased and Retired During Period, Shares | 1,500,000 | 1,500,000 | |||
Common Stock, Shares, Outstanding | 64,679,798 | ||||
Common Stock, Shares, Issued | 64,679,798 | 35,650,289 | |||
Business Acquisition, Shares Exchange Basis | 0.33 | ||||
Stockholders' Equity, Reverse Stock Split | 3.25 for 1 | ||||
Arna Therapeutics Limited [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 65.00% | ||||
Business Acquisition, Share Price | $ / shares | $ 0.40 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 19,187,500 | ||||
Stock Issued During Period, Shares, New Issues | 54,837,790 | ||||
Business Combination, Consideration Transferred | $ | $ 7,675,000 | ||||
Rasna Therapeutics Inc [Member] | Post Merger [Member] | |||||
Business Acquisition [Line Items] | |||||
Common Stock, Shares, Outstanding | 19,901,471 | ||||
Common Stock, Shares, Issued | 19,901,471 | ||||
Merger And Cancellation Shares Split Off | 1,500,000 | ||||
Falconridge Holdings Limited [Member] | |||||
Business Acquisition [Line Items] | |||||
Notes Payable | $ | $ 236,269 |
GOODWILL AND INTANGIBLE ASSET26
GOODWILL AND INTANGIBLE ASSETS (Details) | 6 Months Ended |
Sep. 30, 2016USD ($) | |
Balance | $ 0 |
Acquisition of Rasna and its subsidiaries | 3,402,941 |
Balance | $ 3,402,941 |
GOODWILL AND INTANGIBLE ASSET27
GOODWILL AND INTANGIBLE ASSETS (Details 1) - USD ($) | 6 Months Ended | |
Sep. 30, 2016 | Mar. 31, 2016 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,300,000 | $ 1,300,000 |
Additions | 236,269 | 0 |
Accumulated Amortization | 0 | 0 |
Net Book Value | 1,536,269 | 1,300,000 |
Intellectual Property [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0 | |
Additions | 236,269 | |
Accumulated Amortization | 0 | |
Net Book Value | 236,269 | 0 |
In Process Research and Development [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,300,000 | 1,300,000 |
Additions | 0 | 0 |
Accumulated Amortization | 0 | 0 |
Net Book Value | $ 1,300,000 | $ 1,300,000 |
GOODWILL AND INTANGIBLE ASSET28
GOODWILL AND INTANGIBLE ASSETS (Details Textual) - USD ($) | Sep. 30, 2016 | May 17, 2016 | Mar. 31, 2016 |
Indefinite-lived Intangible Assets [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 236,269 | ||
Goodwill | $ 3,402,941 | 3,402,941 | $ 0 |
Falconridge Holdings Limited [Member] | Intellectual Property [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 236,269 |
ACCOUNTS PAYABLE AND ACCRUED 29
ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) | Sep. 30, 2016 | Mar. 31, 2016 |
Accounts payable | $ 30,971 | $ 0 |
Accrued expenses | 78,227 | 78,227 |
Accounts Payable and Accrued Liabilities, Current, Total | $ 109,198 | $ 78,227 |
ISSUANCE OF COMMON STOCK (Detai
ISSUANCE OF COMMON STOCK (Details Textuals) | Aug. 15, 2016shares | May 17, 2016$ / sharesshares |
Stock Issued During Period, Shares, Pursuant To Reverse Merger | 35,650,289 | |
Additional Stock Issued During Period Shares Pursuant To Reverse Merger | 19,187,500 | |
Stock Repurchased During Period, Shares | 3,305,000 | |
Stock Repurchased and Retired During Period, Shares | 1,500,000 | 1,500,000 |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 3.25 | |
Shares Issued, Price Per Share | $ / shares | $ 0.40 | |
Business Acquisition Shares Exchange Description | 1 for 3 | |
Arna Therapeutics Limited [Member] | ||
Stock Issued During Period, Shares, Pursuant To Reverse Merger | 35,650,289 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Eurema Consulting S.r.l. [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | $ 25,000 | $ 25,000 | $ 25,000 | $ 50,000 | ||
Due to Related Parties, Current | 275,000 | $ 225,000 | 275,000 | |||
Riccardo Dalla-Favera [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | 18,750 | 6,250 | 25,000 | 12,500 | ||
Due to Related Parties, Current | 68,849 | 56,250 | $ 0 | 68,849 | ||
Riccardo Dalla-Favera [Member] | General and Administrative Expense [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | 0 | 0 | ||||
James Mervis [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | 0 | |||||
Due to Related Parties, Current | 46,807 | 34,406 | $ 0 | 46,807 | ||
James Mervis [Member] | General and Administrative Expense [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | 9,406 | 6,250 | 12,500 | 6,250 | ||
Gabriele Cerrone [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | 25,000 | 25,000 | 50,000 | 50,000 | ||
Due to Related Parties, Current | 175,000 | 125,000 | 175,000 | |||
Roberto Pellicceri [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Related Party Transaction, Amounts of Transaction | 25,000 | $ 25,000 | 50,000 | $ 50,000 | ||
Due to Related Parties, Current | $ 175,000 | $ 125,000 | $ 175,000 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) | 6 Months Ended |
Sep. 30, 2016$ / shares | |
Expected life (years) | 3 years |
Expected volatility | 137.00% |
Expected dividend yield | 0.00% |
Risk-free interest rate | 1.06% |
Weighted average fair value of options granted during the period | $ 1.03 |
STOCK-BASED COMPENSATION (Det33
STOCK-BASED COMPENSATION (Details 1) - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Mar. 31, 2016 | |
Number of Options, Outstanding balance at March 31, 2016 | 1,662,375 | |
Number of Options, Granted | 1,300,000 | |
Number of Options, Exercised | 0 | |
Number of Options, Forfeited and Expired | 0 | |
Number of Options, Outstanding balance at September 30, 2016 | 2,962,375 | 1,662,375 |
Number of Options, Options exercisable at September 30, 2016 | 1,222,275 | |
Weighted Average Exercise Price Per Option, Outstanding balance at March 31, 2016 | $ 0.20 | |
Weighted Average Exercise Price Per Option, Granted | 0.40 | |
Weighted Average Exercise Price Per Option, Exercised | 0 | |
Weighted Average Exercise Price Per Option, Forfeited and Expired | 0 | |
Weighted Average Exercise Price Per Option, Outstanding balance at September 30, 2016 | 0.28 | $ 0.20 |
Weighted Average Exercise Price Per Option exercisable at September 30, 2016 | $ 0.26 | |
Weighted Average remaining Contractual Life (years), Outstanding balance | 8 years 5 months 16 days | 7 years 3 months 25 days |
Weighted Average remaining Contractual Life (years), Options exercisable at September 30, 2016 | 8 years 1 month 13 days | |
Aggregate Intrinsic Value Outstanding balance at September 30, 2016 | $ 524,589 | |
Aggregate Intrinsic Value Options exercisable at September 30, 2016 | $ 249,012 |
STOCK-BASED COMPENSATION (Det34
STOCK-BASED COMPENSATION (Details Textual) - USD ($) | 6 Months Ended | |
Sep. 30, 2016 | Jul. 19, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,300,000 | |
2016 Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,000,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,300,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 375,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 386,250 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1,068,645 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months 29 days |