Rasna Therapeutics (RASP) 10-Q 14 Mar 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Dec. 31, 2016	Mar. 10, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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		68,046,465

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2016	Mar. 31, 2016
Current assets:
Cash and cash equivalents	$ 4,941,190	$ 0
Prepayments and other receivables	72,520	0
Related party receivable	20,412	607,159
Total current assets	5,034,122	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	9,973,332	1,907,159
Current liabilities:
Accounts payable and accrued expenses	920,301	78,227
Related party payables	712,500	550,000
Warrants earned, pending issue	2,567,220
Total current liabilities	4,200,021	628,227
Total liabilities	4,200,021	628,227
Commitments and Contingencies (Note 10)
Shareholders' equity
Common stock, $0.001 and $0.01 par value, respectively; 200,000,000 shares authorized, of which 68,046,465 and 35,650,289 are issued.	68,047	356,503
Additional paid-in capital	14,015,115	5,746,477
Accumulated deficit	(8,309,851)	(4,824,048)
Total shareholders' equity	5,773,311	1,278,932
Total liabilities and shareholders' equity	$ 9,973,332	$ 1,907,159

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares	Dec. 31, 2016	Mar. 31, 2016
Income Tax Disclosure [Line Items]
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	68,046,465	35,650,289

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Line Items]
Revenue	$ 0	$ 0	$ 0	$ 0
Cost of revenue	0	0	0	0
Gross profit	0	0	0	0
Operating expenses:
General and administrative	412,121	24,334	749,931	24,334
Research and development	366,046	0	1,233,140	0
Consultancy fees third parties	276,774	15,000	903,494	70,000
Consultancy fees related parties	12,500	87,500	187,500	250,000
Legal and professional fees	310,104	13,912	470,260	20,731
Total operating expenses	1,377,545	140,746	3,544,325	365,065
Loss from operations	(1,377,545)	(140,746)	(3,544,325)	(365,065)
Other income/(expense):
Foreign currency transaction gain	21,461	0	58,522	0
Other income	21,461	0	58,522	0
Loss from operations before income taxes	(1,356,084)	(140,746)	(3,485,803)	(365,065)
Income tax provision	0	0	0	0
Net loss	$ (1,356,084)	$ (140,746)	$ (3,485,803)	$ (365,065)
Basic and diluted loss per share attributable to common shareholders	$ (0.02)	$ 0	$ (0.06)	$ (0.01)
Basic and diluted weighted average common shares outstanding	65,082,334	38,234,935	58,449,756	38,234,935

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY - 9 months ended Dec. 31, 2016 - 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
Income Tax Disclosure [Line Items]
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
.33 share exchange	(367,413)	$ (367,413)	0	0
.33 share exchange (in shares)		(36,741,319)
Recapitalization	401,414	$ (159,563)	560,977	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	0	$ 44,778	(44,778)	0
3.25 for 1 Stock Split (in shares)		44,778,327
Common stock issued in connection with offering	2,007,500	$ 3,367	2,004,133	0
Common stock issued in connection with offering (In Shares)		3,366,667
Share based compensation	832,401		832,401
Warrants earned, pending issue	(484,009)		(484,009)
Change in Fair Value of warrants earned, pending issue	(2,083,211)		(2,083,211)
Net loss	(3,485,803)	$ 0	0	(3,485,803)
Balance at Dec. 31, 2016	$ 5,773,311	$ 68,047	$ 14,015,115	$ (8,309,851)
Balance (in shares) at Dec. 31, 2016		68,046,465

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (3,485,803)	$ (365,065)
Adjustments to reconcile net loss to net cash used in operating activities:
Share based compensation	832,401	0
Changes in operating assets and liabilities:
Other receivables	(72,520)	29,615
Related party receivable	(20,412)	0
Accounts and other payables	400,915	85,450
Related party payables	162,500	250,000
Net cash used in operating activities	(2,182,919)	0
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash and cash equivalent acquired in reverse merger/business combination	5,116,609	0
Net cash provided by investing activities	5,116,609	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of shares of common stock	2,007,500	0
Net cash provided by financing activities	2,007,500	0
Net increase in cash and cash equivalents	4,941,190	0
Cash and cash equivalent, beginning of period	0	0
Cash and cash equivalent, end of period	4,941,190	0
Non-cash investing and financing activities:
Common stock issued for acquisition	7,675,000	0
Warrants earned, pending issue	484,009
Change in fair value of warrants earned, pending issue	(2,083,211)
Shares cancelled pursuant to reverse merger transaction	(356,503)
Shares issued pursuant to reverse merger transaction	548,378
.33 share exchange	(367,413)
Recapitalization	(159,563)
Cancellation of shares	(1,500)
Shares issued in 3.25 for 1 stock split	44,778	0
Related party receivable balance canceled in acquisition	$ 607,159	$ 0

GENERAL INFORMATION

GENERAL INFORMATION	9 Months Ended
	Dec. 31, 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 on March 28 2016 . 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, Rasna Therapeutics Limited (“Rasna UK”), 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 in the transaction with Rasna UK 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 focused on targeted drugs to treat diseases in oncology and immunology, mainly focusing on the treatment of Leukemia. 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. 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. See Note 2, Foreign currency policy.

ACCOUNTING POLICIES

ACCOUNTING POLICIES	9 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	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. These unaudited condensed consolidated financial statements have been prepared following the requirements of the Securities and Exchange Commission (“SEC”) and United States generally accepted accounting principles(“GAAP”) for interim reporting. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial information. 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 December 31, 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 December 31, 2016, had an accumulated deficit of $ 8,309,851 3,485,803 2,182,919 We expect to continue to incur net losses and have significant cash outflows for at least the next twelve months. The Company has sufficient funds to continue operating until the end of the fourth quarter of 2017, b ut 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 Company's ability to continue as a going concern. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. This basis of accounting contemplates the recovery of the Company'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 Company's cost structure . 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. The Company evaluates its estimates on an ongoing basis, including those related to the fair values of stock based awards, income taxes and contingent liabilities, among others. The Company bases its estimates on historical experience and on various other assumptions that the Company believes 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 the consolidated financial position and results of operations. The carrying value of the Company’s financial instruments, including cash and cash equivalent, a ccounts payable and accrued liabilities, approximate fair value because of the short-term nature of such financial instruments. Management measures certain other assets 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 during the nine months ended December 31, 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 operations 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 IPR&D & IP recorded in connection with certain acquisition or equity transactions. 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 nine months ended December 31, 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 net 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. December 31, 2016 December 31, 2015 Stock options 3,162,375 1,662,375 Warrants earned, pending issue 1,440,501 - Total shares issuable upon exercise or conversion 4,602,876 1,662,375 For the Three Months Ended 2016 2015 (Unaudited) (Unaudited) Net loss for the period $ (1,356,084) $ (140,746) Weighted average number of shares 65,082,334 38,234,935 Net loss per share (basic and diluted) $ (0.02) $ (0.00) For the Nine Months Ended 2016 2015 (Unaudited) (Unaudited) Net loss for the period $ (3,485,803) $ (365,065) Weighted average number of shares 58,449,756 38,234,935 Net loss per share (basic and diluted) $ (0.06) $ (0.01) In April 2016, the Company committed to issue warrants as compensation to the placement agents relating to fundraising. On February 28, 2017, the Company issued a ten year warrant to purchase 1,440,501 0.37 The Company has determined that the service inception date precedes the grant date, and accordingly, will record a liability to issue warrants in the Company as of the date that the equity was issued, with an offset charge to additional paid-in capital as these are offering costs. The liability to issue warrants would be marked to market each period until the grant date, at which point the Company has determined that in accordance with ASC 815-40-25-7, the warrants should be classified in stockholder’s equity. See Note 7 for additional information. ASC Topic 718 “Compensation—Stock Compensation” requires companies to measure the cost of employee services received in exchange for the award of equity instruments based on the estimated fair value of the award at the date of grant. The expense is to be recognized over the period during which an employee is required to provide services in exchange for the award. The Company accounts for shares of common stock, stock options and warrants issued to employees based on the fair value of the stock, stock option or warrant, if that value is more reliably measurable than the fair value of the consideration or services received. The Company accounts for stock options issued and vesting to non-employees in accordance with ASC Topic 505-50 “Equity -Based Payment to Non-Employees” and accordingly the value of the stock compensation to non-employees is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Accordingly the fair value of these options is being “marked to market” quarterly until the measurement date is determined. In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-09 “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). The standard is intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification on the statement of cash flows and forfeitures. ASU 2016-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is permitted. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements and disclosures. On August 26, 2016, the FASB issued Accounting Standards Update (ASU) 2016-15, Classification of Certain Cash Receipts and Cash Payments, seeking to eliminate diversity in practice related to how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities, including both business entities and not-for-profit entities that are required to present a statement of cash flows under FASB Accounting Standards Codification (FASB ASC) 230, Statement of Cash Flows. The amendments in ASU 2016-15 are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The amendments in ASU 2016-15 should be applied using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements and disclosures. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) Restricted Cash a consensus of the FASB Emerging Issues Task Force In December 2016, the FASB issued ASU 2016-19, Technical Corrections and Improvements, which includes numerous technical corrections and clarifications to GAAP that are designed to remove inconsistencies in the board’s accounting guidance. Several provisions in this accounting guidance are effective immediately which did not have an impact on the Company’s consolidated financial statements. Additional provisions in this accounting guidance are effective for the Company in annual financial reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact that the adoption of the additional provisions in this accounting guidance may have on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The guidance is effective for annual financial reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of adopting this guidance.

ACQUISITIONS

ACQUISITIONS	9 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Business Combination Disclosure [Text Block]	ACQUISITIONS The following transactions were accounted for using the purchase accounting method which requires, among other things, that the assets acquired and liabilities assumed are recognized at their acquisition date fair value. 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. Further, 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 In addition, $ 607,159 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 shares in Active With Me, Inc. Once issued, the new shares were combined with the 3,305,000 1,500,000 ares in the Split-Off, there 19,901,471 64,679,798

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
	Dec. 31, 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 December 31, 2016 $ 3,402,941 Intangible Assets On 17 December 2013 the Company’s shareholder, Panetta Partners Limited, transferred 5,000,000 5,000,000 0.13 0.28 1.3 The IPR&D and intellectual property are considered to have an indefinite life and there were no impairment charges recognized during the periods ended December 31, 2016 and March 31, 2016. December 31, 2016 (Unaudited) 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 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	9 Months Ended
	Dec. 31, 2016
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	5. ACCOUNTS PAYABLE AND ACCRUED EXPENSES December 31, 2016 (Unaudited) March 31, 2016 Accounts payable $ 236,516 $ - Accrued expenses 683,785 78,227 $ 920,301 $ 78,227

OBLIGATIONS TO BE SETTLED IN WA

OBLIGATIONS TO BE SETTLED IN WARRANTS	9 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	6. OBLIGATIONS TO BE SETTLED IN WARRANTS On April 10, 2016, the Company incurred the obligation to issue warrants to placement agents relating to fundraising. The Company accounted for the obligation based on an estimate of the fair value of warrants issued using the Black-Scholes Model (“BSM”). On the date of recognition of the associated obligation, the Company recorded $ 484,009 2.083,211 At 31, 2016, the fair value of the warrant obligation was $ 2,567,220 December 31, 2016 Warrants to be Issued 1,440,501 Exercise Price $ 0.37 Stock Price $ 1.86 Expected Term (Years) 10 Volatility % 105 % Discount Rate - Bond Equivalent Yield 2.55 % Dividend Yield 0.00 % The input assumptions used are as follows: Discount rate —Based on the daily yield curve rates for U.S. Treasury obligations with maturities which correspond to the expected term of the Company’s stock options. Dividend yield —The Company has not paid any dividends on common stock since its inception and does not anticipate paying dividends on its common stock in the foreseeable future. Expected volatility —Based on the historical volatility of seven different comparable Companys’ stock. Expected term —The Company has used the life of the warrant.

ISSUANCE OF COMMON STOCK

ISSUANCE OF COMMON STOCK	9 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	7. ISSUANCE OF COMMON STOCK On December 20 2016, the Company issued an aggregate of 3,366,667 shares of common stock, at $0.60 per share for aggregate net proceeds of $2,007,500, in connection with a securities purchase agreement with certain accredited investors, as defined in Regulation D promulgated under Securities Act of 1933. The securities purchase agreement contained the following features: · Anti-dilution provision – if the Company issues any common stock or any securities of the Company which would entitle the holder thereof to acquire at any time common stock, in a subsequent financing entitling any person or entity to acquire shares of common stock at an effective price per share less $0.60 (subject to prior adjustment for reverse and forward stock splits and the like), the Company shall issue to the holder a number of additional common stock shares equal to (a) the amount paid by the holder divided by 0.60 (subject to prior adjustment for reverse and forward stock splits and the like), less (b) the common stock issued to the holder. The Company has determined that host instrument was more akin to equity than debt and that the above financial instruments were clearly and closely related to the host instrument, with bifurcation and classification as a derivative liability not required. The host instrument, was classified as permanent equity and the above identified embedded feature will not be bifurcated from the host and therefore classified as permanent equity with the 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	9 Months Ended
	Dec. 31, 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 December 31, 2016 and March 31, 2016. Eurema Consulting Eurema Consulting S.r.l. was a significant shareholder of Arna Therapeutics Limited. During the three months ended December 31, 2016 and three months ended December 31, 2015, Eurema Consulting S.r.l. supplied Arna Therapeutics Limited with consulting services amounting to $ 0 25,000 50,000 75,000 275,000 225,000 Riccardo Dalla Favera Riccardo Dalla Favera is a Director of Rasna Therapeutics Inc. In the three months ended December 31, 2016 and 2015, Riccardo Dalla Favera charged the Company $ 6,250 6,250 12,500 12,500 56,250 43,750 James Mervis James Mervis is a Director of Rasna Therapeutics Inc. In the three months ended December 31, 2016 and 2015, James Mervis charged the Company $ 12,500 6,250 12,500 6,250 31,250 43,750 Gabriele Cerrone Gabriele Cerrone is a Director of Rasna Therapeutics Inc. In the three months ended December 31, 2016 and 2015, Gabriele Cerrone charged the Company $ 0 25,000 50,000 75,000 175,000 125,000 Roberto Pellicceri Roberto Pellicceri is a Director of Rasna Therapeutics Inc. and sole shareholder of TES Pharma Srl. In the three months ended December 31, 2016 and 2015, Roberto Pellicceri charged the Company $ 0 25,000 50,000 75,000 175,000 125,000 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	9 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	9. STOCK-BASED COMPENSATION 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 9,750,000 1,500,000 The fair values of stock option grants during the nine months ended December 31, 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. During the nine months ended December 31, 2016, 1,500,000 options were granted by the Company. No stock options were granted in the nine months ended December 31, 2015. Directors – Vesting period Non – Employees – Vesting Period Immediate 1 Year 2 Years 3 Years Immediate 1 Year 2 Years 3 Years Stock Price $1.495-$1.55 $1.495-$1.55 $1.495-$1.55 $1.495-$1.55 $1.495 $1.495-$1.85 $1.495-$1.85 $1.495-$1.85 Expected life (years) 5 5.5 5.75 6 5 5.5 5.75 6 Expected volatility 85-89% 85-89% 85-89% 85-89% 85-89% 85-89% 85-89% 85-89% 85-89% Expected dividend yield 0% 0% 0% 0% 0% 0% 0% 0% 0% Risk-free interest rate 0.91% 0.91% 0.91% 0.91% 1.57% 1.57% 1.57% 1.57% 1.57% The input assumptions used are as follows: Discount rate —Based on the daily yield curve rates for U.S. Treasury obligations with maturities which correspond to the expected term of the Company’s stock options. Dividend yield —The Company has not paid any dividends on common stock since its inception and does not anticipate paying dividends on its common stock in the foreseeable future. Expected volatility —Based on the historical volatility of seven different comparable Companys’ stock. Expected term —The Company has had minimal stock options exercised since inception. The expected option term represents the period that stock-based awards are expected to be outstanding based on the simplified method provided in Staff Accounting Bulletin (“SAB”) No. 107, Share-Based Payment , (“SAB No. 107”), which averages an award’s weighted-average vesting period and expected term for “plain vanilla” share options. Under SAB No. 107, options are considered to be “plain vanilla” if they have the following basic characteristics: (i) granted “at-the-money”; (ii) exercisability is conditioned upon service through the vesting date; (iii) termination of service prior to vesting results in forfeiture; (iv) limited exercise period following termination of service; and (v) options are non-transferable and non-hedgeable. The Company will continue to use the simplified method for the expected term until it has the historical data necessary to provide a reasonable estimate of expected life in accordance with SAB No. 107, as amended by SAB No. 110. For the expected term, the Company has “plain-vanilla” stock options, and therefore used a simple average of the vesting period and the contractual term for options granted subsequent to January 1, 2006 as permitted by SAB No. 107. Forfeitures —ASC Topic 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company has estimated zero forfeiture. The following table summarizes stock option activity for the nine month period ended December 31, 2016: Weighted Average Exercise Price Per Weighted Average remaining Number of Options Option Contractual Life (years) Aggregate Intrinsic Value Outstanding balance at March 31, 2016 1,662,375 0.20 7.32 Granted 1,500,000 0.40 Exercised — — Forfeited and Expired — — Outstanding balance at December 31, 2016 3,162,375 0.29 8.25 $ 4,932,290 Options exercisable at December 31, 2016 1,222,275 0.26 7.68 $ 1,947,974 There were no options exercised during the nine month period ended December 31, 2016 or 2015. As of December 31, 2016, there was approximately $ 1,339,992 2.5

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	10. COMMITMENTS AND CONTINGENCIES Research Agreements In December 2013, the Arna Therapeutics Limited entered into a research agreement with TES Pharma SRL to collaborate on a research program to discover and optimize compounds for the diagnosis or treatment of Acute Myloid Leukemia. Under the terms of the agreement, Arna Therapeutics Limited paid TES Pharma $ 1,500,000 500,000 245,000 In February 2017, the Company entered into a research agreement with Ascendia Pharmaceutical to conduct feasibility studies into a formulation for Actinomycin D. Under the agreement, the Company is committed to pay $ 200,000 In February 2017, the Company entered into a research agreement with Particle Sciences Inc to carry out formulation development for Actinomycin D. Under the agreement, the Company is committed to pay $ 105,800 License Agreements In November 2016, the Company entered into a license agreement with Profs. Falini and Martellii, wherein it obtained the exclusive rights related to the use or reformulation of Actinomycin D and intends to utilize these rights for the development of new product. In connection with this agreement, the Company is committed to paying milestone payments, the first being a EUR 50,000 Lease Agreements In January 2017, the Company entered into a lease agreement with Bucks County Biotechnology Centre Inc in Doylestown Pennsylvania, where certain employees of the Company are based. The lease provides for annual basic lease payments from February 1, 2017 to January 31, 2018 of $ 13,480 237 Employment and Consultancy Agreements October 2015, Rasna Therapeutics Ltd entered into a consultancy agreement with James Tripp in which he agreed to consult on clinical operations for a fee of $ 10,000 Mr. Tripp is also eligible to earn a target cash bonus of up to $ 10,000 125,000 3 0.40 In October 2016, the Company entered into a consultancy agreement with Tiziano Lazzaretti in which he agreed to serve as Chief Financial Officer for a fee of $ 50,000 100,000 3 200,000 3 0.40 The Company has entered a number of employment agreements commencing in January 2017. These appointments relate to clinical and non clinical employees, and are reviewable on an annual basis. The Company’s committed to paying $ 278,500 Other Commitments The Company has entered into certain licensing agreements for products currently under development. The Company may be obligated in future periods to make additional payments, which would become due and payable only upon the achievement of certain research and development, regulatory, and approval milestones. The specific timing of such milestones cannot be predicted and depend upon future discretionary research and clinical developments, as well as, regulatory agency actions. Further, under the terms of certain agreements the Company may be obligated to pay commercial milestones contingent upon the realization of sales revenues and sublicense revenues. Due to the long range nature of such commercial milestones, they are neither probable at this time nor predictable, and consequently are not considered contingent milestone payment amounts.

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	9 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of preparation These unaudited condensed consolidated financial statements have been prepared following the requirements of the Securities and Exchange Commission (“SEC”) and United States generally accepted accounting principles(“GAAP”) for interim reporting. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial information.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation 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 December 31, 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 December 31, 2016, had an accumulated deficit of $ 8,309,851 3,485,803 2,182,919 We expect to continue to incur net losses and have significant cash outflows for at least the next twelve months. The Company has sufficient funds to continue operating until the end of the fourth quarter of 2017, b ut 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 Company's ability to continue as a going concern. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. This basis of accounting contemplates the recovery of the Company'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 Company'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. The Company evaluates its estimates on an ongoing basis, including those related to the fair values of stock based awards, income taxes and contingent liabilities, among others. The Company bases its estimates on historical experience and on various other assumptions that the Company believes 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 the 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 equivalent, a ccounts payable and accrued liabilities, approximate fair value because of the short-term nature of such financial instruments. Management measures certain other assets 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 during the nine months ended December 31, 2016 or 2015.
Risks And Uncertainties, Policy [Policy Text Block]	Risks and Uncertainties 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 operations 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 IPR&D & IP recorded in connection with certain acquisition or equity transactions.
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 nine months ended December 31, 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 net 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. December 31, 2016 December 31, 2015 Stock options 3,162,375 1,662,375 Warrants earned, pending issue 1,440,501 - Total shares issuable upon exercise or conversion 4,602,876 1,662,375 For the Three Months Ended 2016 2015 (Unaudited) (Unaudited) Net loss for the period $ (1,356,084) $ (140,746) Weighted average number of shares 65,082,334 38,234,935 Net loss per share (basic and diluted) $ (0.02) $ (0.00) For the Nine Months Ended 2016 2015 (Unaudited) (Unaudited) Net loss for the period $ (3,485,803) $ (365,065) Weighted average number of shares 58,449,756 38,234,935 Net loss per share (basic and diluted) $ (0.06) $ (0.01)
Warrants earned [Policy Text Block]	Warrants earned, pending issue In April 2016, the Company committed to issue warrants as compensation to the placement agents relating to fundraising. On February 28, 2017, the Company issued a ten year warrant to purchase 1,440,501 0.37 The Company has determined that the service inception date precedes the grant date, and accordingly, will record a liability to issue warrants in the Company as of the date that the equity was issued, with an offset charge to additional paid-in capital as these are offering costs. The liability to issue warrants would be marked to market each period until the grant date, at which point the Company has determined that in accordance with ASC 815-40-25-7, the warrants should be classified in stockholder’s equity. See Note 7 for additional information.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Equity-Based Payments ASC Topic 718 “Compensation—Stock Compensation” requires companies to measure the cost of employee services received in exchange for the award of equity instruments based on the estimated fair value of the award at the date of grant. The expense is to be recognized over the period during which an employee is required to provide services in exchange for the award. The Company accounts for shares of common stock, stock options and warrants issued to employees based on the fair value of the stock, stock option or warrant, if that value is more reliably measurable than the fair value of the consideration or services received. The Company accounts for stock options issued and vesting to non-employees in accordance with ASC Topic 505-50 “Equity -Based Payment to Non-Employees” and accordingly the value of the stock compensation to non-employees is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Accordingly the fair value of these options is being “marked to market” quarterly until the measurement date is determined.
New Accounting Pronouncements Not yet Adopted [Policy Text Block]	Recent Accounting Pronouncements Not Yet Adopted In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-09 “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). The standard is intended to simplify several areas of accounting for share-based compensation arrangements, including the income tax impact, classification on the statement of cash flows and forfeitures. ASU 2016-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is permitted. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements and disclosures. On August 26, 2016, the FASB issued Accounting Standards Update (ASU) 2016-15, Classification of Certain Cash Receipts and Cash Payments, seeking to eliminate diversity in practice related to how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities, including both business entities and not-for-profit entities that are required to present a statement of cash flows under FASB Accounting Standards Codification (FASB ASC) 230, Statement of Cash Flows. The amendments in ASU 2016-15 are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The amendments in ASU 2016-15 should be applied using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. The Company is currently evaluating the impact that the standard will have on its consolidated financial statements and disclosures. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) Restricted Cash a consensus of the FASB Emerging Issues Task Force In December 2016, the FASB issued ASU 2016-19, Technical Corrections and Improvements, which includes numerous technical corrections and clarifications to GAAP that are designed to remove inconsistencies in the board’s accounting guidance. Several provisions in this accounting guidance are effective immediately which did not have an impact on the Company’s consolidated financial statements. Additional provisions in this accounting guidance are effective for the Company in annual financial reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact that the adoption of the additional provisions in this accounting guidance may have on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The guidance is effective for annual financial reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of adopting this guidance.

ACCOUNTING POLICIES (Tables)

ACCOUNTING POLICIES (Tables)	9 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	The following table sets forth potential common shares issuable upon the exercise of outstanding options and the exercise of warrants, all of which have been excluded from the computation of diluted weighted average shares outstanding as they would be anti-dilutive, including the impact on dilutive net loss per share of in-the-money warrants as per ASC 260-10-45-35 through ASC 260-10-45-37: December 31, 2016 December 31, 2015 Stock options 3,162,375 1,662,375 Warrants earned, pending issue 1,440,501 - Total shares issuable upon exercise or conversion 4,602,876 1,662,375
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 2016 2015 (Unaudited) (Unaudited) Net loss for the period $ (1,356,084) $ (140,746) Weighted average number of shares 65,082,334 38,234,935 Net loss per share (basic and diluted) $ (0.02) $ (0.00) For the Nine Months Ended 2016 2015 (Unaudited) (Unaudited) Net loss for the period $ (3,485,803) $ (365,065) Weighted average number of shares 58,449,756 38,234,935 Net loss per share (basic and diluted) $ (0.06) $ (0.01)

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	9 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Business Combination, Segment Allocation [Table Text Block]	The preliminary purchase price allocation as of the date of acquisition is set forth in the table below and reflects various preliminary fair value estimates and analysis. These estimates are subject to change during the purchase price allocation period (up to one year from the acquisition date) as valuations are finalized. The Company’s allocation of the purchase price in connection with the acquisition was calculated as follows: 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)	9 Months Ended
	Dec. 31, 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 December 31, 2016 $ 3,402,941
Schedule of Indefinite-Lived Intangible Assets [Table Text Block]	December 31, 2016 (Unaudited) 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 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 21

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	9 Months Ended
	Dec. 31, 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: December 31, 2016 (Unaudited) March 31, 2016 Accounts payable $ 236,516 $ - Accrued expenses 683,785 78,227 $ 920,301 $ 78,227

OBLIGATIONS TO BE SETTLED IN 22

OBLIGATIONS TO BE SETTLED IN WARRANTS (Tables)	9 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Liabilities at Fair Value [Table Text Block]	In fair valuing the warrant December 31, 2016 Warrants to be Issued 1,440,501 Exercise Price $ 0.37 Stock Price $ 1.86 Expected Term (Years) 10 Volatility % 105 % Discount Rate - Bond Equivalent Yield 2.55 % Dividend Yield 0.00 %

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	The following assumptions were used in the Black-Scholes options pricing model to estimate the fair value of stock options for the nine months ended December 31, 2016: Directors – Vesting period Non – Employees – Vesting Period Immediate 1 Year 2 Years 3 Years Immediate 1 Year 2 Years 3 Years Stock Price $1.495-$1.55 $1.495-$1.55 $1.495-$1.55 $1.495-$1.55 $1.495 $1.495-$1.85 $1.495-$1.85 $1.495-$1.85 Expected life (years) 5 5.5 5.75 6 5 5.5 5.75 6 Expected volatility 85-89% 85-89% 85-89% 85-89% 85-89% 85-89% 85-89% 85-89% 85-89% Expected dividend yield 0% 0% 0% 0% 0% 0% 0% 0% 0% Risk-free interest rate 0.91% 0.91% 0.91% 0.91% 1.57% 1.57% 1.57% 1.57% 1.57%
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Weighted Average Exercise Price Per Weighted Average remaining Number of Options Option Contractual Life (years) Aggregate Intrinsic Value Outstanding balance at March 31, 2016 1,662,375 0.20 7.32 Granted 1,500,000 0.40 Exercised — — Forfeited and Expired — — Outstanding balance at December 31, 2016 3,162,375 0.29 8.25 $ 4,932,290 Options exercisable at December 31, 2016 1,222,275 0.26 7.68 $ 1,947,974

ACCOUNTING POLICIES (Details)

ACCOUNTING POLICIES (Details) - shares	9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4,602,876	1,662,375
Warrant [Member]
Income Tax Disclosure [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,440,501	0
Employee Stock Option [Member]
Income Tax Disclosure [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,162,375	1,662,375

ACCOUNTING POLICIES (Details 1)

ACCOUNTING POLICIES (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Line Items]
Net loss for the period	$ (1,356,084)	$ (140,746)	$ (3,485,803)	$ (365,065)
Weighted average number of shares	65,082,334	38,234,935	58,449,756	38,234,935
Net loss per share (basic and diluted)	$ (0.02)	$ 0	$ (0.06)	$ (0.01)

ACCOUNTING POLICIES (Details Te

ACCOUNTING POLICIES (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 28, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Mar. 31, 2016
Income Tax Disclosure [Line Items]
Retained Earnings (Accumulated Deficit)		$ (8,309,851)		$ (8,309,851)		$ (4,824,048)
Net Income (Loss) Attributable to Parent		$ (1,356,084)	$ (140,746)	(3,485,803)	$ (365,065)
Net Cash Provided by (Used in) Operating Activities, Continuing Operations				$ (2,182,919)	$ 0
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 0.37		$ 0.37
Placement Agent [Member]
Income Tax Disclosure [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	1,440,501
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.37
Class of Warrant or Right, Warrant Term	10 years

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($)	1 Months Ended
	May 17, 2016	Dec. 31, 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	May 05, 2016USD ($)
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
Business Acquisition, Shares Exchange Basis	0.33
Stockholders' Equity, Reverse Stock Split	3.25 for 1
Related party Receivable, Amount Forgiven | $		$ 607,159
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
Merger And Cancellation Shares Split Off	1,500,000
Falconridge Holdings Limited [Member]
Business Acquisition [Line Items]
Notes Payable | $			$ 236,269

GOODWILL AND INTANGIBLE ASSET29

GOODWILL AND INTANGIBLE ASSETS (Details)	9 Months Ended
	Dec. 31, 2016USD ($)
Income Tax Disclosure [Line Items]
Balance at March 31, 2016	$ 0
Acquisition of Rasna and its subsidiaries	3,402,941
Balance at December 31, 2016	$ 3,402,941

GOODWILL AND INTANGIBLE ASSET30

GOODWILL AND INTANGIBLE ASSETS (Details 1) - USD ($)	9 Months Ended
	Dec. 31, 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 ASSET31

GOODWILL AND INTANGIBLE ASSETS (Details Textual) - USD ($)	Dec. 17, 2013	Dec. 31, 2016	May 17, 2016	Mar. 31, 2016
Indefinite-lived Intangible Assets [Line Items]
Shares Issued, Price Per Share			$ 0.40
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
In Process Research and Development [Member]
Indefinite-lived Intangible Assets [Line Items]
Shares Issued, Price Per Share	$ 0.28
Finite-lived Intangible Assets Acquired	$ 1,300,000
Sale of Stock, Price Per Share	$ 0.13
Eurema Consulting S.r.l. [Member] | In Process Research and Development [Member]
Indefinite-lived Intangible Assets [Line Items]
Stock Issued During Period, Shares, Purchase of Assets	5,000,000
TES Pharma S.r.l. [Member] | In Process Research and Development [Member]
Indefinite-lived Intangible Assets [Line Items]
Stock Issued During Period, Shares, Purchase of Assets	5,000,000

ACCOUNTS PAYABLE AND ACCRUED 32

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)	Dec. 31, 2016	Mar. 31, 2016
Income Tax Disclosure [Line Items]
Accounts payable	$ 236,516	$ 0
Accrued expenses	683,785	78,227
Accounts Payable and Accrued Liabilities, Current, Total	$ 920,301	$ 78,227

OBLIGATIONS TO BE SETTLED IN 33

OBLIGATIONS TO BE SETTLED IN WARRANTS (Details)	9 Months Ended
	Dec. 31, 2016$ / sharesshares
Income Tax Disclosure [Line Items]
Warrants to be Issued | shares	1,440,501
Exercise Price	$ 0.37
Stock Price	$ 1.86
Expected Term (Years)	10 years
Volatility %	105.00%
Discount Rate - Bond Equivalent Yield	2.55%
Dividend Yield	0.00%

OBLIGATIONS TO BE SETTLED IN 34

OBLIGATIONS TO BE SETTLED IN WARRANTS (Details Textual) - USD ($)	Apr. 10, 2016	Feb. 28, 2017	Dec. 31, 2016
Income Tax Disclosure [Line Items]
Derivative Liability, Noncurrent			$ 2,567,220
Adjustment To Additional Paid In Capital, Change In Fair Value Of Warrants Earned, Pending Issue	$ 2.083211		(2,083,211)
Adjustment To Additional Paid In Capital, Warrants Earned, Pending Issues	$ 484,009		$ 484,009
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 0.37
Subsequent Event [Member]
Income Tax Disclosure [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		1,440,501
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 0.37
Class of Warrant or Right, Warrant Term		10 years

ISSUANCE OF COMMON STOCK (Detai

ISSUANCE OF COMMON STOCK (Details Textual)	Aug. 15, 2016shares	Dec. 20, 2016USD ($)$ / sharesshares	May 17, 2016$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Mar. 31, 2016$ / sharesshares
Income Tax Disclosure [Line Items]
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
Common Stock, Par or Stated Value Per Share | $ / shares				$ 0.001	$ 0.01
Stock Issued During Period, Value, New Issues | $				$ 2,007,500
Common Stock, Shares, Issued			54,837,789	68,046,465	35,650,289
Security Purchase Agreement [Member]
Income Tax Disclosure [Line Items]
Stock Issued During Period, Shares, New Issues		3,366,667
Common Stock, Par or Stated Value Per Share | $ / shares		$ 0.60
Stock Issued During Period, Value, New Issues | $		$ 2,007,500
Arna Therapeutics Limited [Member]
Income Tax Disclosure [Line Items]
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		9 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Mar. 31, 2016
Eurema Consulting S.r.l. [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	$ 0	$ 25,000	$ 50,000	$ 75,000
Due to Related Parties, Current	275,000		275,000		$ 225,000
Riccardo Dalla-Favera [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	6,250	6,250	12,500	12,500
Due to Related Parties, Current	56,250		56,250		43,750
James Mervis [Member]
Related Party Transaction [Line Items]
Due to Related Parties, Current	31,250		31,250		43,750
James Mervis [Member] | General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	12,500	6,250	12,500	6,250
Gabriele Cerrone [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	0	25,000	50,000	75,000
Due to Related Parties, Current	175,000		175,000		125,000
Payments for Other Fees			5,000
Roberto Pellicceri [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction	0	$ 25,000	50,000	$ 75,000
Due to Related Parties, Current	$ 175,000		$ 175,000		$ 125,000

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details)	9 Months Ended
	Dec. 31, 2016$ / shares
Income Tax Disclosure [Line Items]
Stock Price	$ 1.86
Employee [Member] | Share-based Compensation Award, Tranche One [Member]
Income Tax Disclosure [Line Items]
Expected life (years)	5 years
Expected dividend yield	0.00%
Risk-free interest rate	0.91%
Employee [Member] | Share-based Compensation Award, Tranche One [Member] | Maximum [Member]
Income Tax Disclosure [Line Items]
Stock Price	$ 1.55
Expected volatility	89.00%
Employee [Member] | Share-based Compensation Award, Tranche One [Member] | Minimum [Member]
Income Tax Disclosure [Line Items]
Stock Price	$ 1.495
Expected volatility	85.00%
Employee [Member] | Share-based Compensation Award, Tranche Two [Member]
Income Tax Disclosure [Line Items]
Expected life (years)	5 years 6 months
Expected dividend yield	0.00%
Risk-free interest rate	0.91%
Employee [Member] | Share-based Compensation Award, Tranche Two [Member] | Maximum [Member]
Income Tax Disclosure [Line Items]
Stock Price	$ 1.55
Expected volatility	89.00%
Employee [Member] | Share-based Compensation Award, Tranche Two [Member] | Minimum [Member]
Income Tax Disclosure [Line Items]
Stock Price	$ 1.495
Expected volatility	85.00%
Employee [Member] | Share-based Compensation Award, Tranche Three [Member]
Income Tax Disclosure [Line Items]
Expected life (years)	5 years 9 months
Expected dividend yield	0.00%
Risk-free interest rate	0.91%
Employee [Member] | Share-based Compensation Award, Tranche Three [Member] | Maximum [Member]
Income Tax Disclosure [Line Items]
Stock Price	$ 1.55
Expected volatility	89.00%
Employee [Member] | Share-based Compensation Award, Tranche Three [Member] | Minimum [Member]
Income Tax Disclosure [Line Items]
Stock Price	$ 1.495
Expected volatility	85.00%
Employee [Member] | Share-based Compensation Award, Tranche Four [Member]
Income Tax Disclosure [Line Items]
Expected life (years)	6 years
Expected dividend yield	0.00%
Risk-free interest rate	0.91%
Employee [Member] | Share-based Compensation Award, Tranche Four [Member] | Maximum [Member]
Income Tax Disclosure [Line Items]
Stock Price	$ 1.55
Expected volatility	89.00%
Employee [Member] | Share-based Compensation Award, Tranche Four [Member] | Minimum [Member]
Income Tax Disclosure [Line Items]
Stock Price	$ 1.495
Expected volatility	85.00%
Non-Employee [Member] | Share-based Compensation Award, Tranche One [Member]
Income Tax Disclosure [Line Items]
Stock Price	$ 1.495
Expected life (years)	5 years
Expected dividend yield	0.00%
Risk-free interest rate	1.57%
Non-Employee [Member] | Share-based Compensation Award, Tranche One [Member] | Maximum [Member]
Income Tax Disclosure [Line Items]
Expected volatility	89.00%
Non-Employee [Member] | Share-based Compensation Award, Tranche One [Member] | Minimum [Member]
Income Tax Disclosure [Line Items]
Expected volatility	85.00%
Non-Employee [Member] | Share-based Compensation Award, Tranche Two [Member]
Income Tax Disclosure [Line Items]
Expected life (years)	5 years 6 months
Expected dividend yield	0.00%
Risk-free interest rate	1.57%
Non-Employee [Member] | Share-based Compensation Award, Tranche Two [Member] | Maximum [Member]
Income Tax Disclosure [Line Items]
Stock Price	$ 1.85
Expected volatility	89.00%
Non-Employee [Member] | Share-based Compensation Award, Tranche Two [Member] | Minimum [Member]
Income Tax Disclosure [Line Items]
Stock Price	$ 1.495
Expected volatility	85.00%
Non-Employee [Member] | Share-based Compensation Award, Tranche Three [Member]
Income Tax Disclosure [Line Items]
Expected life (years)	5 years 9 months
Expected dividend yield	0.00%
Risk-free interest rate	1.57%
Non-Employee [Member] | Share-based Compensation Award, Tranche Three [Member] | Maximum [Member]
Income Tax Disclosure [Line Items]
Stock Price	$ 1.85
Expected volatility	89.00%
Non-Employee [Member] | Share-based Compensation Award, Tranche Three [Member] | Minimum [Member]
Income Tax Disclosure [Line Items]
Stock Price	$ 1.495
Expected volatility	85.00%
Non-Employee [Member] | Share-based Compensation Award, Tranche Four [Member]
Income Tax Disclosure [Line Items]
Expected life (years)	6 years
Expected dividend yield	0.00%
Risk-free interest rate	1.57%
Non-Employee [Member] | Share-based Compensation Award, Tranche Four [Member] | Maximum [Member]
Income Tax Disclosure [Line Items]
Stock Price	$ 1.85
Expected volatility	89.00%
Non-Employee [Member] | Share-based Compensation Award, Tranche Four [Member] | Minimum [Member]
Income Tax Disclosure [Line Items]
Stock Price	$ 1.495
Expected volatility	85.00%

STOCK-BASED COMPENSATION (Det38

STOCK-BASED COMPENSATION (Details 1) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2016	Mar. 31, 2016
Income Tax Disclosure [Line Items]
Number of Options, Outstanding balance at March 31, 2016	1,662,375
Number of Options, Granted	1,500,000
Number of Options, Exercised	0
Number of Options, Forfeited and Expired	0
Number of Options, Outstanding balance at December 31, 2016	3,162,375	1,662,375
Number of Options, Options exercisable at December 31, 2016	1,222,275
Weighted Average Exercise Price Per Option, Outstanding balance at March 31, 2016	$ 0.2
Weighted Average Exercise Price Per Option, Granted	0.4
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 December 31, 2016	0.29	$ 0.2
Weighted Average Exercise Price Per Option exercisable at December 31, 2016	$ 0.26
Weighted Average remaining Contractual Life (years), Outstanding balance	8 years 3 months	7 years 3 months 25 days
Weighted Average remaining Contractual Life (years), Options exercisable at December 31, 2016	7 years 8 months 5 days
Aggregate Intrinsic Value Outstanding balance at December 31, 2016	$ 4,932,290
Aggregate Intrinsic Value Options exercisable at December 31, 2016	$ 1,947,974

STOCK-BASED COMPENSATION (Det39

STOCK-BASED COMPENSATION (Details Textual) - USD ($)	9 Months Ended
	Dec. 31, 2016	Jul. 19, 2016
Income Tax Disclosure [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	1,500,000
2016 Equity Incentive Plan [Member]
Income Tax Disclosure [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized		9,750,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	1,500,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 1,339,992
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 6 months

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Textual)

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Jan. 31, 2017USD ($)

Nov. 30, 2016EUR (€)$ / sharesshares

Oct. 31, 2016USD ($)shares

Oct. 31, 2015USD ($)$ / sharesshares

Dec. 31, 2016USD ($)

Dec. 31, 2015USD ($)

Dec. 31, 2016USD ($)$ / sharesshares

Dec. 31, 2015USD ($)

Dec. 31, 2016USD ($)

Dec. 31, 2013USD ($)

Feb. 28, 2017USD ($)

May 03, 2016EUR (€)

Research and Development Expense

$ 366,046

$ 0

$ 1,233,140

$ 0

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares

1,500,000

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares

$ 0.4

Chief Financial Officer [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period

3 years

Employment and Consultancy Agreements [Member] | Subsequent Event [Member]

Other Commitment

$ 278,500

Employment and Consultancy Agreements [Member] | James Tripp [Member]

Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount

$ 10,000

Professional Fees

$ 10,000

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares

125,000

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period

3 years

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares

$ 0.40

Employment and Consultancy Agreements [Member] | Chief Financial Officer [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares

200,000

100,000

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period

3 years

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares

$ 0.40

Officers' Compensation

$ 50,000

License Agreement [Member]

Commitment For Making Milestone Payable | €

$ 50,000

TES Pharma S.r.l. [Member] | Research Agreements [Member]

Payment For Collaboration Of Research Program

$ 1,500,000

Other Commitment | €

€ 500,000

Research and Development Expense

$ 245,000

Ascendia Pharmaceutical [Member] | Research Agreements [Member] | Subsequent Event [Member]

Other Commitment

$ 200,000

Particle Sciences Inc [Member] | Research Agreements [Member] | Subsequent Event [Member]

Other Commitment

$ 105,800

Bucks County Biotechnology Centre Inc [Member] | Lease Agreements [Member] | Subsequent Event [Member]

Capital Leases, Future Minimum Payments Due

13,480

Utilities Operating Expense, Maintenance, Operations, and Other Costs and Expenses

$ 237