Rasna Therapeutics (RASP) 10-Q 29 Jun 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Mar. 31, 2020	Jun. 29, 2020
Document and Entity Information [Abstract]
Entity Registrant Name	Rasna Therapeutics Inc.
Entity Central Index Key	0001582249
Document Quarterly Report	true
Document Transition Report	false
Amendment Flag	false
Document Type	10-Q
Current Fiscal Year End Date	--09-30
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Filer Category	Non-accelerated Filer
Entity Incorporation, State or Country Code	NV
Entity Emerging Growth Company	true
Entity Small Business	true
Entity Ex Transition Period	true
Entity Current Reporting Status	Yes
Entity File Number	333-191083
Entity Shell Company	false
Entity Address, Address Line One	420 Lexington Ave,
Entity Address, Address Line Two	Suite 2525,
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10170
Entity Tax Identification Number	39-2080103
City Area Code	(646)
Local Phone Number	396-4087
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		68,908,003

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2020	Sep. 30, 2019
Current assets:
Cash	$ 5,945	$ 50,068
Prepayments and other receivables	52,923	7,176
Related party receivable	10,960	14,335
Total current assets	69,828	71,579
Property and equipment, net	1,132	1,949
Intellectual property	236,269	236,269
In-process research and development	613,100	613,100
Indefinite lived intangible asset - platform technology	1,300,000	1,300,000
Goodwill	2,722,985	2,722,985
Total non-current assets	4,873,486	4,874,303
Total assets	4,943,314	4,945,882
Current liabilities:
Accounts payable and accrued expenses	1,658,735	1,593,623
Related party payable	550,000	550,000
Loan payable - related party	65,000
Convertible notes payable	391,561	264,907
Total current liabilities	2,665,296	2,408,530
Deferred income taxes
Total liabilities	2,665,296	2,408,530
Commitments and Contingencies
Shareholders' equity
Common stock, $0.001 par value, respectively; 200,000,000 shares authorized, of which 68,908,003 are issued and outstanding.	68,909	68,909
Additional paid-in capital	19,869,933	19,780,252
Accumulated deficit	(17,660,824)	(17,311,809)
Total shareholders' equity	2,278,018	2,537,352
Total liabilities and shareholders' equity	$ 4,943,314	$ 4,945,882

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares	Mar. 31, 2020	Sep. 30, 2019
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	68,908,003	68,908,003
Common stock, shares outstanding (in shares)	68,908,003	68,908,003

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Revenue
Cost of revenue
Gross profit
Operating expenses:
General and administrative	107,015	198,943	238,451	383,507
Research and development				75,000
Consultancy fees	19,998	11,977	39,997	41,195
Legal and professional fees	54,567	52,371	52,413	162,916
Total operating expenses	(181,580)	(263,291)	(330,861)	(662,618)
Loss from operations	(181,580)	(263,291)	(330,861)	(662,618)
Other expense:
Interest on convertible notes payable	(9,393)		(18,154)
Foreign currency transaction loss		(2,070)		(4,046)
Total other expense	(9,393)	(2,070)	(18,154)	(4,046)
Loss from operations before income taxes	(190,973)	(265,361)	(349,015)	(666,664)
Income tax provision
Net loss	$ (190,973)	$ (265,361)	$ (349,015)	$ (666,664)
Basic and diluted net loss per share attributable to common shareholders	$ 0	$ 0	$ (0.01)	$ (0.01)
Basic and diluted weighted average common shares outstanding	68,908,003	68,908,003	68,908,003	68,908,003

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($)	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Balance at Sep. 30, 2018	$ 3,105,656	$ 68,909	$ 19,412,176	$ (16,375,429)
Balance (in shares) at Sep. 30, 2018		68,908,003
Share based compensation	220,687		220,687
Warrants issued for consulting services
Net loss	(666,664)			(666,664)
Balance at Mar. 31, 2019	2,659,679	$ 68,909	19,632,863	(17,042,093)
Balance (in shares) at Mar. 31, 2019		68,908,003
Balance at Dec. 31, 2018	2,832,589	$ 68,909	19,540,412	(16,776,732)
Balance (in shares) at Dec. 31, 2018		68,908,003
Share based compensation	92,451		92,451
Warrants issued for consulting services
Net loss	(265,361)			(265,361)
Balance at Mar. 31, 2019	2,659,679	$ 68,909	19,632,863	(17,042,093)
Balance (in shares) at Mar. 31, 2019		68,908,003
Balance at Sep. 30, 2019	2,537,352	$ 68,909	19,780,252	(17,311,809)
Balance (in shares) at Sep. 30, 2019		68,908,003
Share based compensation	89,681		89,681
Warrants issued for consulting services
Net loss	(349,015)			(349,015)
Balance at Mar. 31, 2020	2,278,018	$ 68,909	19,869,933	(17,660,824)
Balance (in shares) at Mar. 31, 2020		68,908,003
Balance at Dec. 31, 2019	2,426,483		19,827,425	(17,469,851)
Share based compensation	42,508		42,508
Warrants issued for consulting services
Net loss	(190,973)			(190,973)
Balance at Mar. 31, 2020	$ 2,278,018	$ 68,909	$ 19,869,933	$ (17,660,824)
Balance (in shares) at Mar. 31, 2020		68,908,003

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (349,015)	$ (666,664)
Adjustments to reconcile net loss to net cash used in operating activities:
Share based compensation	89,681	220,687
Depreciation	817	2,654
Interest accrued	18,154	8,145
Changes in operating assets and liabilities:
Accounts payable and accrued expenses	65,112	150,493
Prepayments and other receivables	(45,747)	23,438
Related party receivable	3,375	160,967
Net cash used in operating activities	(217,623)	(100,280)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of loan payable - related party	65,000
Proceeds from issuance of convertible note payable	108,500	100,000
Net cash provided by financing activities	173,500	100,000
Effect of foreign exchange rate
Net change in cash	(44,123)	(280)
Cash, beginning of period	50,068	42,693
Cash, end of period	$ 5,945	$ 42,413

GENERAL INFORMATION

GENERAL INFORMATION	6 Months Ended
	Mar. 31, 2020
GENERAL INFORMATION [Abstract]
GENERAL INFORMATION	1. GENERAL INFORMATION Rasna Therapeutics, Inc. (“Rasna DE", "Rasna Inc.” or the "Company"), is a biotechnology company incorporated in the State of Delaware on March 28, 2016. The Company is engaged in modulating the molecular targets NPM1 and LSD1, which are implicated in the disease progression of leukemia and lymphoma. On April 27, 2016, Rasna Therapeutics Limited, a private limited company incorporated in England and Wales under the U.K. Companies Act (“Rasna UK”) sold its stake in Falconridge Holdings Limited, or Falconridge, to Rasna DE for $1. Falconridge had no operations, assets or liabilities as of this date. On May 17, 2016, Rasna DE and Falconridge entered into an Agreement of Merger and Plan of Reorganization (the “Merger Agreement”) with Arna Therapeutics Limited, a British Virgin Islands company, or Arna, which was a clinical stage biotechnology company focused on drugs to treat diseases in oncology and immunology, mainly focusing on the treatment of leukemia. Pursuant to the Merger Agreement, Arna was merged into Falconridge and the shareholders of Arna were issued shares of Rasna DE in exchange for shares of Arna. On August 15, 2016, Active With Me, Inc., or AWM, entered into an Agreement of Merger and Plan of Reorganization with Rasna DE, and Rasna Acquisition, providing for the merger of Rasna Acquisition with and into Rasna DE, (the “Merger”), with Rasna DE, surviving the Merger as a wholly owned subsidiary of AWM. The Merger was treated as a reverse recapitalization effected by a share exchange for financial accounting and reporting purposes since substantially all of AWM’s operations were disposed of prior to the consummation of the transaction. Rasna DE was treated as the accounting acquirer as its shareholders control the Company after the Merger and AWM was treated as the legal acquirer. As a result of the Merger, the assets and liabilities and the historical operations that are reflected in the financial statements are those of Rasna DE as if Rasna DE had always been the reporting company. Since the transaction was treated as a reverse recapitalization for financial accounting and reporting purposes, no goodwill or other intangible assets were recorded by the Company. These unaudited condensed consolidated 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	6 Months Ended
	Mar. 31, 2020
ACCOUNTING POLICIES [Abstract]
ACCOUNTING POLICIES	2. ACCOUNTING POLICIES The principal accounting policies applied in the preparation of these unaudited condensed consolidated financial statements are set out below. These policies have been applied consistently to all the periods presented unless otherwise stated. Basis of preparation These unaudited condensed consolidated financial statements have been prepared following the requirements of the Securities and Exchange Commission (the "SEC”) and United States generally accepted accounting principles (“US GAAP”) for interim reporting. The principles for condensed interim financial information do not require the inclusion of all the information and footnotes required by generally accepted accounting principles for complete financial statements. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended September 30, 2019 and notes thereto included in the Company's Annual Report on Form 10-K filed with the SEC on January 13, 2020. The accompanying unaudited condensed consolidated financial statements have not been audited by an independent registered public accounting firm in accordance with the standards of the Public Company Accounting Oversight Board (United States), but in the opinion of management, such financial statements include all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial information. The results of the operations for the six months ended March 31, 2020 may not be indicative of the results that may be expected for the year ending September 30, 2020. Principles of Consolidation In accordance with Accounting Standards Codification ("ASC") 810 Consolidation, the Company consolidates any entity in which it has a controlling financial interest. Further, the Company consolidates any variable interest entity that it is deemed to be the primary beneficiary of, and for which the Company has the power to direct its significant activities. Upon review of the relationship between Rasna UK and Rasna Inc., Management determined that the equity investment in Rasna UK was not sufficient to fund its operations. Accordingly, Rasna Inc. was considered to be the primary beneficiary of the assets held within Rasna UK, which primarily consist of cash received from Rasna Inc. to fund its operations, and for which the Company has the power to direct its significant activities. As a result, Rasna Inc. consolidates this variable interest entity, which has minimal activity and is in the process of being liquidated. The consolidated financial statements include the financial statements of the Company and its subsidiary, Arna Therapeutics Limited and its variable interest entity, Rasna U.K, as well as the operations of Rasna Inc. for the period from May 17, 2016 through March 31, 2020. All significant intercompany accounts and transactions have been eliminated in the preparation of the accompanying consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with US 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 share 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 Company's consolidated financial position and results of operations. 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, warrants and convertible loan notes, using various methods such as the treasury stock, modified treasury stock, and if converted methods in the determination of dilutive shares outstanding during each reporting period. The following table sets forth potential common shares issuable upon the exercise of outstanding options and the exercise of warrants and convertible loan notes, all of which have been excluded from the computation of diluted weighted average shares outstanding as they would be anti-dilutive: March 31, 2020 March 31, 2019 Stock options 3,948,675 4,076,675 Warrants 1,926,501 1,926,501 Convertible notes & associated fees 564,615 — Total shares issuable upon exercise or conversion 6,439,791 6,003,176 The following is the computation of net loss per share for the following periods: For the Three Months Ended March 31, 2020 2019 (Unaudited) (Unaudited) Net loss for the period $ (190,973 ) $ (265,361 ) Weighted average number of shares 68,908,003 68,908,003 Net loss per share (basic and diluted) $ 0.00 $ 0.00 For the Six Months Ended March 31, 2020 2019 (Unaudited) (Unaudited) Net loss for the period $ (349,015 ) $ (666,664 ) Weighted average number of shares 68,908,003 68,908,003 Net loss per share (basic and diluted) $ (0.01 ) $ (0.01 ) Accounting Changes In July 2017, the Financial Accounting Standards Board (the " Derivatives and Hedging, In January 2017, the FASB issued ASU 2017-04, Intangibles -Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which addresses the concerns over the cost and complexity of the two-step impairment test, and removes the second step of the test. An entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The guidance is effective for annual and interim goodwill impairment tests performed for periods beginning after December 15, 2019. The Company adopted the provisions of ASU 2017-04 effective October 1, 2019 and it did not have a material impact on the Company's consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Non employee Share Based Payment Accounting, which simplifies several aspects of the accounting for nonemployee share-based payment transactions resulting from expanding the scope of Topic 718, to include share-based payment transactions for acquiring goods and services from nonemployees. Some of the areas for simplification apply only to nonpublic entities. The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments in A SU - The Company adopted the provisions of ASU 2018-07 effective October 1, 2019 and it did not have a material impact on the Company's consolidated financial statements. Recent Accounting Pronouncements In August 2018, the FASB issued ASU 2018 - 13 , Fair Value Measurement (Topic 820 ): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018 - 13 In December 2019, the FASB issued ASU 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes (“ASU 2019-12”). Among other items, the amendments in ASU 2019-12 simplify the accounting treatment of tax law changes and year-to-date losses in interim periods. An entity generally recognizes the effects of a change in tax law in the period of enactment; however, there is an exception for tax laws with delayed effective dates. Under current guidance, an entity may not adjust its annual effective tax rate for a tax law change until the period in which the law is effective. This exception was removed under ASU 2019-12, thereby providing that all effects of a tax law change are recognized in the period of enactment, including adjustment of the estimated annual effective tax rate. Regarding year-to-date losses in interim periods, an entity is required to estimate its annual effective tax rate for the full fiscal year at the end of each interim period and use that rate to calculate its income taxes on a year-to-date basis. However, current guidance provides an exception that when a loss in an interim period exceeds the anticipated loss for the year, the income tax benefit is limited to the amount that would be recognized if the year-to-date loss were the anticipated loss for the full year. ASU 2019-12 removes this exception and provides that, in this situation, an entity would compute its income tax benefit at each interim period based on its estimated annual effective tax rate. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those annual periods. Early adoption is permitted. The Company has not yet evaluated the effect that this update will have on its financial statements and related disclosures. The Company has determined that all other recently issued accounting pronouncements will not have a material impact on its consolidated financial position, results of operations and cash flows, or do not apply to its operations.

GOING CONCERN

GOING CONCERN	6 Months Ended
	Mar. 31, 2020
GOING CONCERN [Abstract]
GOING CONCERN	3 The Company has no present revenue and has experienced net losses and significant cash outflows from cash used in operating activities since inception, and at March 31, 2020, had an accumulated deficit of $(17,660,824), a net loss for the six months ended March 31, 2020 of $ (349,015) (217,623) ix months ended March 31, 2020. The Company expects to continue to incur net losses and have significant cash outflows for at least the next 12 In the event that the Company is unable to secure the necessary additional cash resources needed, the Company may slow current development phases or halt new development phases in order to mitigate the effects of the costs of development. These conditions, among others, raise substantial doubt about the Company's ability to continue as a going concern for a period of o ne year from the date of this filing

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	6 Months Ended
	Mar. 31, 2020
GOODWILL AND INTANGIBLE ASSETS [Abstract]
GOODWILL AND INTANGIBLE ASSETS	4 GOODWILL AND INTANGIBLE ASSETS On May 17, 2016, the Company acquired an entity and, at initial purchase price, it was determined that there was $236,269 of intellectual property, $613,100 of i n-process research and development ("IPR&D") and $2,722,985 of goodwill. Goodwill Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations accounted for under the purchase method of accounting. The following table summarizes the Company’s goodwill for the periods indicated resulting from the acquisitions by the Company: March 31, September 30, 2020 2019 Goodwill $ 2,722,985 $ 2,722,985 The Company performed an impairment analysis and no impairment was determined. Therefore, no impairment was recorded as of March 31, 2020 and September 30, 2019. Intangible Assets On December 17, 2013 one of the Company’s shareholders, Panetta Partners Limited, transferred 5,000,000 of its shares in Arna Therapeutics Limited to Eurema Consulting S.r.l. and 5,000,000 shares in Arna Therapeutics Limited to TES Pharma S.r.l. In exchange for the shares, Panetta Partners Limited obtained intellectual property ("Platform Technology") from TES Pharma S.r.l and Eurema Consulting S.r.l. Panetta Partners Limited then assigned the Platform Technology to Arna Therapeutics Limited, which was accounted for as a capital contribution. The fair value of the shares exchanged for the IPR&D was $0.13 per share; in addition the issue price for shares issued in October 2013 was $0.13 per share (shares issued post acquisition of the IPR&D were issued at $0.28) and accordingly the Company valued the Platform Tech nology at $1.3 million. On May 5, 2016, Rasna UK sold its intellectual property to Falconridge for a note payable in the amount of 236,269 The Company retained a Clinical Research Organisation ("CRO") to perform all related research and development associated with IPR&D related to LSD‐ 1 100,002 ) for costs incurred to date and to perform research and development on a going forward basis. Additionally, the Company entered into an amended license agreement whereby Rasna agreed to pay the CRO an additional amount of approximately $502,000, (EUR 435,000) as of May 17, 2016, regarding services rendered between September 9, 2014 to May 17, 2016. Based on the cost approach, the IPR&D was fair valued at $613,100. At the time of the acquisition, the Company had reasonably expected to use the Platform Technology, in the asset’s then current state, in two independent research projects that had not commenced as of the date of the acquisition. The Company’s research projects applied the conclusions reached in the Platform Technology to develop treatments for acute myeloid leukemia ("AML") through reformulation of certain available pharmaceuticals and independent development of a new pharmaceutical treatment. Both research projects were initiated shortly after the Platform Technology was acquired and continue through the date of the financial statements. At the time of acquisition, and at present, no legal, regulatory, contractual, competitive, economic, or other factors were present that would constrain the useful life of the asset to the Company. The agreement to purchase the asset has no provisions that would limit the timeframe of use, legally, contractually or economically, and the asset remains a competitive platform for results in the treatment of AML and lymphoma. Specifically, the agreement irrevocably assigns all rights and title to the asset, without limitation or contingencies. No limitations or alternative technology has emerged that would suggest obsolescence or a change in the competitive landscape for the Platform Technology as of the most recent reporting period. In addition, the Company has concluded that the useful life of the Platform Technology at the time of acquisition was beyond a foreseeable horizon, and therefore the asset is classified as an indefinite lived intangible asset. The IPR&D and intellectual property are considered to have indefinite lives and there were no impairment charges recognized during the six months ended March 31, 2020 or the year ended September 30, 2019. The following table summarizes the Company’s intangible assets as of the following periods: March 31, September 30, 2020 2019 Estimated (Unaudited) Useful Life In-process research and development $ 613,100 $ 613,100 Indefinite Intellectual Property 236,269 236,269 Indefinite Indefinite lived intangible asset 1,300,000 1,300,000 Indefinite $ 2,149,369 $ 2,149,369

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Mar. 31, 2020
SHARE-BASED COMPENSATION [Abstract]
SHARE-BASED COMPENSATION	5 SHARE-BASED COMPENSATION 2016 On July 19, 2016, the Company adopted its 2016 9,750,000 shares of the Company’s common stock was authorized for issuance with respect to awards granted under the Equity Incentive Plan. Share-based compensation expense is the estimated fair value of options granted amortized on a straight-line basis over the requisite service period for the entire portion of the award less an estimate for anticipated forfeitures. The Company uses the “simplified” method to estimate the expected term of the options because the Company’s historical share option exercise experience does not provide a reasonable basis upon which to estimate expected term. No ended March 31, 2020 and 2019. The fair value of stock options was valued using the Black-Scholes option pricing model, which was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility. Because the Company's stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, in management's opinion, the existing models do not necessarily provide a reliable single measure of the fair value of the Company's stock options. The following table summarizes stock option activity for the six months ended March 31, 2020: Number of Options Weighted Average Exercise Price Per Option Weighted Average remaining Contractual Life (years) Aggregate Intrinsic Value Outstanding balance at September 30, 2019 4,073,675 0.59 6.37 $ — Granted — — — — Exercised — — — — Forfeited and Expired (125,000) (1.12) — — Outstanding balance at March 31, 2020 3,948,675 0.57 5.85 $ — Options exercisable at March 31, 2020 3,071,425 0.47 5.50 $ — As of , there was $87,625 of total unrecognized compensation cost related to stock options. The cost is expected to be recognized over a weighte d average period 1.05 years. For the three and six months ended March 31, 2020 $42,508 and $89,681, respectively, related to share based compensation to directors and employees respectively, has been included within the general and administrative expense category in the accompanying unaudited condensed consolidated interim financial statements. No costs related to non-employees have been included within the consultancy fees expense category in the unaudited condensed consolidated interim financial statements. For the three and six months ended March 31, 2019 $107,140 and $226,157 , respectively, related to share based compensation to directors and employees respectively, has been included within the general and administrative expense category in the accompanying $ (5,470) expense category in the accompanying unaudited condensed consolidated interim financial statements.

CONVERTIBLE NOTES

CONVERTIBLE NOTES	6 Months Ended
	Mar. 31, 2020
CONVERTIBLE NOTES [Abstract]
CONVERTIBLE NOTES	6 . On August 8, 2018, the Company entered into a 12% Convertible Promissory Note with High Octane Bioresearch Ltd. (the “Holder”) pursuant to which the Company issued a Convertible Promissory Note to the Holder. The Holder provided the Company with $135,000 in cash, which was received by the Company during the year ended September 30, 2019. The Company promised to pay the principal amount, together with guaranteed interest at the annual rate of 12%, with principal and accrued interest on the Note due and payable on August 9, 2019 (unless converted under terms and provisions as set forth within the Agreement). The Note provides the Holder with the right to convert, at any time, all or any part of the outstanding principal and accrued but unpaid interest into shares of the Company’s common stock at a conversion price equal to the lower of (i) $0.65 per share or (ii) the price of the next financing during the 180 days after the date of the Agreement, subject to adjustments noted within the Agreement. The number of shares issuable upon a conversion shall be determined by the quotient obtained by dividing (x) the outstanding principal amount of the Note to be converted by (y) the Conversion Price. The Note requires the Company to reserve and keep available out of its authorized and unissued shares of common stock the amount of shares that would be issued upon conversion of the Note, which includes the outstanding principal amount of the Note and interest accrued and to be accrued through the date of maturity. In relation to the Convertible Promissory Note, the Company has also entered into an agreement with Garcer Bioventures , a broker who introduced the Holder to the Company. Under the terms of this agreement, should the Holder convert its principal amount into common stock of the Company, the Company will issue to Garcer Bioventures the number of shares equal to 10 On October 19, 2018, the Company entered into a second 12 % Convertible Promissory Note with the Holder with a maturity date of October 19, 2019. 100,000 The Company has also entered into another agreement with Garcer Bioventures in lieu of fees, under the same terms as the earlier agreement. In July 2019, the Company extended the maturity dates of the Convertible Promissory Notes from August 8, 2019 and October 19, 2019 to August 8, 2020 and October 19, 2020, respectively. All other terms of the 10 On November 12, 2019, the Company entered into a third 12 November 12, 2020 In February 2020, the Company entered into a fourth 12 In March 2020, the Company entered into a fifth 12 At March 31, 2020, there were 528,461 s 36,153 shares were reserved in lieu of fees due to . Interest expense associated with the convertible notes was $18,154 for the six months ended March 2019

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Mar. 31, 2020
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	7 . RELATED PARTY TRANSACTIONS The following is a summary of the related party transactions for the periods presented. Eurema Consulting Eurema Consulting S.r.l. is a significant shareholder of the Company. During the three and six months ended March 31, 2020 and March 31, 2019 Eurema Consulting did not supply the Company with consulting services. As of March 31, 2020, and September 30, 2019, the balance due to Eurema Consulting S.r.l. was $200,000 for past consultancy services. Gabriele Cerrone Gabriele Cerrone is the majority shareholder of Panetta Partners, one of the Company's principal shareholders and was a director of Arna Therapeutics Ltd As of March 31, 2020, and September 30, 2019, the balance due to Gabriele Cerrone was $ 175,000 for past consultancy services. Roberto Pellicciari and TES Pharma Roberto Pellicciari is the majority shareholder of TES Pharma Srl, one of the Company's Roberto Pellicciari of the Company's suppliers. At March 31, 2020 and September 30, 2019 75,000 Tiziana Life Sciences Plc ("Tiziana") The Company is party to a Shared services agreement with Tiziana, whereby the Company is charged for s hared services an Tiziana has agreed to waive all charges for shared services from October 2018 onwards, until further notice due to the amounts relating to the Company, being the amounts are de minimis . No amounts were therefore due during the quarter with regards to this agreement. Tiziano Lazzaretti, the Company's CFO, is also CFO of Tiziana, and Kunwar Shailubhai, the Company's former CEO and a director of the Company, is also a director of Tiziana. As of March 31, 2020 and September 30, 2019, the C ompany made payments on behalf of Tiziana of On March 31, 2020, Tiziana extended a loan facility to Rasna of $65,000. The loan is repayable within 18 months and is incurring an interest charge of 8% per annum. Panetta Partners Panetta Partners Limited, a shareholder of Rasna, is a company in which Gabriele Cerrone is a major shareholder and also serves as a director. In February 2020 , the Company entered into a 12 % Convertible Promissory Note with Panetta Partners for $31,000 with a maturity date of February 07, 2021. There is no interest charged on the balances with related parties. Apart from the Convertible Promissory Notes, t

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Mar. 31, 2020
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	8. COMMITMENTS AND CONTINGENCIES License Agreements In November 2016, the Company entered into a license agreement with Profs. Falini and Martelli, wherein it obtained the exclusive rights related to the use or reformulation of Actinomycin D (Act D; a.k.a. Dactinomycin) 50,000 ) payment to be paid six months after the agreement was signed. The payment was made to Profs. Falini and Martelli in June 2017. The specific timing of the remaining milestones cannot be predicted and depends upon research and clinical developments. None of the milestones have been reached as at the date of these unaudited financial statements. See Note 9 Subsequent events regarding the sale of Actinomycin Lease Agreements In February 2018, the Company renewed its lease agreement with the same terms, with Bucks County Biotechnology Centre Inc. in Doylestown Pennsylvania, where certain employees of the Company are based. The lease provided for annual basic lease payments from February 1, 2019 to January 31, 2020 of $13,480, plus utility expense of $ 237 per month. The Company did not renew this lease after January 31, 2020. During the six months ended March 31, 2020 , the Company did not incur any rental expenses related to this agreement as these costs were recharged to Tiziana under the shared services agreement. Consultancy Agreements 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 per year. This was increased to $80,000 a year in April 2017 by the Company's compensation committee. During the six months March 31, 2020 the Company incurred approximately $40,000 Shared Services Agreement The Company has entered into a shared services agreement with Tiziana. Under the terms of this agreement, the Company will be charged for shared services including payroll and rent for the Lexington Avenue premises, on a monthly basis based on allocated costs incurred. This agreement became effective from January 1, 2017. (see Note 7). Tiziana has agreed to waive all charges for shared services from October 2018 onwards, until further notice. Other Commitments The Company may enter 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Mar. 31, 2020
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	9 SUBSEQUENT EVENTS On April 16, 2020, the Company entered into an asset purchase agreement with Tiziana pursuant to which the Company agreed to sell all of the intellectual property relating to a nanoparticle-based formulation of Act D to Tiziana in exchange for an upfront payment of $120,000 and milestone payments of up to an aggregate $630,000.

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	6 Months Ended
	Mar. 31, 2020
ACCOUNTING POLICIES [Abstract]
Basis of preparation	Basis of preparation These unaudited condensed consolidated financial statements have been prepared following the requirements of the Securities and Exchange Commission (the "SEC”) and United States generally accepted accounting principles (“US GAAP”) for interim reporting. The principles for condensed interim financial information do not require the inclusion of all the information and footnotes required by generally accepted accounting principles for complete financial statements. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements as of and for the year ended September 30, 2019 and notes thereto included in the Company's Annual Report on Form 10-K filed with the SEC on January 13, 2020. The accompanying unaudited condensed consolidated financial statements have not been audited by an independent registered public accounting firm in accordance with the standards of the Public Company Accounting Oversight Board (United States), but in the opinion of management, such financial statements include all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial information. The results of the operations for the six months ended March 31, 2020 may not be indicative of the results that may be expected for the year ending September 30, 2020.
Principles of Consolidation	Principles of Consolidation In accordance with Accounting Standards Codification ("ASC") 810 Consolidation, the Company consolidates any entity in which it has a controlling financial interest. Further, the Company consolidates any variable interest entity that it is deemed to be the primary beneficiary of, and for which the Company has the power to direct its significant activities. Upon review of the relationship between Rasna UK and Rasna Inc., Management determined that the equity investment in Rasna UK was not sufficient to fund its operations. Accordingly, Rasna Inc. was considered to be the primary beneficiary of the assets held within Rasna UK, which primarily consist of cash received from Rasna Inc. to fund its operations, and for which the Company has the power to direct its significant activities. As a result, Rasna Inc. consolidates this variable interest entity, which has minimal activity and is in the process of being liquidated. The consolidated financial statements include the financial statements of the Company and its subsidiary, Arna Therapeutics Limited and its variable interest entity, Rasna U.K, as well as the operations of Rasna Inc. for the period from May 17, 2016 through March 31, 2020. All significant intercompany accounts and transactions have been eliminated in the preparation of the accompanying consolidated financial statements.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with US 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 share 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 Company's consolidated financial position and results of operations.
Net Loss per Share	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, warrants and convertible loan notes, using various methods such as the treasury stock, modified treasury stock, and if converted methods in the determination of dilutive shares outstanding during each reporting period. The following table sets forth potential common shares issuable upon the exercise of outstanding options and the exercise of warrants and convertible loan notes, all of which have been excluded from the computation of diluted weighted average shares outstanding as they would be anti-dilutive: March 31, 2020 March 31, 2019 Stock options 3,948,675 4,076,675 Warrants 1,926,501 1,926,501 Convertible notes & associated fees 564,615 — Total shares issuable upon exercise or conversion 6,439,791 6,003,176 The following is the computation of net loss per share for the following periods: For the Three Months Ended March 31, 2020 2019 (Unaudited) (Unaudited) Net loss for the period $ (190,973 ) $ (265,361 ) Weighted average number of shares 68,908,003 68,908,003 Net loss per share (basic and diluted) $ 0.00 $ 0.00 For the Six Months Ended March 31, 2020 2019 (Unaudited) (Unaudited) Net loss for the period $ (349,015 ) $ (666,664 ) Weighted average number of shares 68,908,003 68,908,003 Net loss per share (basic and diluted) $ (0.01 ) $ (0.01 )
Recent Accounting Pronouncements	Accounting Changes In July 2017, the Financial Accounting Standards Board (the " Derivatives and Hedging, In January 2017, the FASB issued ASU 2017-04, Intangibles -Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which addresses the concerns over the cost and complexity of the two-step impairment test, and removes the second step of the test. An entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The guidance is effective for annual and interim goodwill impairment tests performed for periods beginning after December 15, 2019. The Company adopted the provisions of ASU 2017-04 effective October 1, 2019 and it did not have a material impact on the Company's consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Non employee Share Based Payment Accounting, which simplifies several aspects of the accounting for nonemployee share-based payment transactions resulting from expanding the scope of Topic 718, to include share-based payment transactions for acquiring goods and services from nonemployees. Some of the areas for simplification apply only to nonpublic entities. The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments in A SU - The Company adopted the provisions of ASU 2018-07 effective October 1, 2019 and it did not have a material impact on the Company's consolidated financial statements. Recent Accounting Pronouncements In August 2018, the FASB issued ASU 2018 - 13 , Fair Value Measurement (Topic 820 ): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018 - 13 In December 2019, the FASB issued ASU 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes (“ASU 2019-12”). Among other items, the amendments in ASU 2019-12 simplify the accounting treatment of tax law changes and year-to-date losses in interim periods. An entity generally recognizes the effects of a change in tax law in the period of enactment; however, there is an exception for tax laws with delayed effective dates. Under current guidance, an entity may not adjust its annual effective tax rate for a tax law change until the period in which the law is effective. This exception was removed under ASU 2019-12, thereby providing that all effects of a tax law change are recognized in the period of enactment, including adjustment of the estimated annual effective tax rate. Regarding year-to-date losses in interim periods, an entity is required to estimate its annual effective tax rate for the full fiscal year at the end of each interim period and use that rate to calculate its income taxes on a year-to-date basis. However, current guidance provides an exception that when a loss in an interim period exceeds the anticipated loss for the year, the income tax benefit is limited to the amount that would be recognized if the year-to-date loss were the anticipated loss for the full year. ASU 2019-12 removes this exception and provides that, in this situation, an entity would compute its income tax benefit at each interim period based on its estimated annual effective tax rate. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those annual periods. Early adoption is permitted. The Company has not yet evaluated the effect that this update will have on its financial statements and related disclosures. The Company has determined that all other recently issued accounting pronouncements will not have a material impact on its consolidated financial position, results of operations and cash flows, or do not apply to its operations.

ACCOUNTING POLICIES (Tables)

ACCOUNTING POLICIES (Tables)	6 Months Ended
	Mar. 31, 2020
ACCOUNTING POLICIES [Abstract]
Schedule of potential common shares issuable upon the exercise of outstanding options and the exercise of warrants	The following table sets forth potential common shares issuable upon the exercise of outstanding options and the exercise of warrants and convertible loan notes, all of which have been excluded from the computation of diluted weighted average shares outstanding as they would be anti-dilutive: March 31, 2020 March 31, 2019 Stock options 3,948,675 4,076,675 Warrants 1,926,501 1,926,501 Convertible notes & associated fees 564,615 — Total shares issuable upon exercise or conversion 6,439,791 6,003,176
Schedule of computation of net loss per share	The following is the computation of net loss per share for the following periods: For the Three Months Ended March 31, 2020 2019 (Unaudited) (Unaudited) Net loss for the period $ (190,973 ) $ (265,361 ) Weighted average number of shares 68,908,003 68,908,003 Net loss per share (basic and diluted) $ 0.00 $ 0.00 For the Six Months Ended March 31, 2020 2019 (Unaudited) (Unaudited) Net loss for the period $ (349,015 ) $ (666,664 ) Weighted average number of shares 68,908,003 68,908,003 Net loss per share (basic and diluted) $ (0.01 ) $ (0.01 )

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	6 Months Ended
	Mar. 31, 2020
GOODWILL AND INTANGIBLE ASSETS [Abstract]
Schedule of goodwill	The following table summarizes the Company’s goodwill for the periods indicated resulting from the acquisitions by the Company: March 31, September 30, 2020 2019 Goodwill $ 2,722,985 $ 2,722,985
Schedule of intangible assets	The following table summarizes the Company’s intangible assets as of the following periods: March 31, September 30, 2020 2019 Estimated (Unaudited) Useful Life In-process research and development $ 613,100 $ 613,100 Indefinite Intellectual Property 236,269 236,269 Indefinite Indefinite lived intangible asset 1,300,000 1,300,000 Indefinite $ 2,149,369 $ 2,149,369

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Mar. 31, 2020
SHARE-BASED COMPENSATION [Abstract]
Schedule of stock option activity	The following table summarizes stock option activity for the six months ended March 31, 2020: Number of Options Weighted Average Exercise Price Per Option Weighted Average remaining Contractual Life (years) Aggregate Intrinsic Value Outstanding balance at September 30, 2019 4,073,675 0.59 6.37 $ — Granted — — — — Exercised — — — — Forfeited and Expired (125,000) (1.12) — — Outstanding balance at March 31, 2020 3,948,675 0.57 5.85 $ — Options exercisable at March 31, 2020 3,071,425 0.47 5.50 $ —

ACCOUNTING POLICIES - Antidilu

ACCOUNTING POLICIES - Antidilutive Shares (Details) - shares	6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accounting Policies [Line Items]
Total shares issuable upon exercise or conversion	6,439,791	6,003,176
Warrants
Accounting Policies [Line Items]
Total shares issuable upon exercise or conversion	1,926,501	1,926,501
Stock options
Accounting Policies [Line Items]
Total shares issuable upon exercise or conversion	3,948,675	4,076,675
Convertible notes & associated fees
Accounting Policies [Line Items]
Total shares issuable upon exercise or conversion	564,615

ACCOUNTING POLICIES - Net Loss

ACCOUNTING POLICIES - Net Loss per Share (Details 1) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
ACCOUNTING POLICIES [Abstract]
Net loss for the period	$ (190,973)	$ (265,361)	$ (349,015)	$ (666,664)
Weighted average number of shares (in shares)	68,908,003	68,908,003	68,908,003	68,908,003
Net loss per share (basic and diluted) (in dollars per share)	$ 0	$ 0	$ (0.01)	$ (0.01)

GOING CONCERN (Details)

GOING CONCERN (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2019
GOING CONCERN [Abstract]
Accumulated deficit	$ (17,660,824)		$ (17,660,824)		$ (17,311,809)
Net loss	$ (190,973)	$ (265,361)	(349,015)	$ (666,664)
Net cash used in operating activities			$ 217,623	$ 100,280

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details)	Dec. 17, 2013USD ($)project$ / sharesshares	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)	May 17, 2016EUR (€)	May 17, 2016USD ($)	May 05, 2016USD ($)	Jan. 01, 2015EUR (€)	Jan. 01, 2015USD ($)	Oct. 31, 2013$ / shares
Indefinite-lived Intangible Assets [Line Items]
IPR&D costs			$ 613,100
Goodwill		$ 2,722,985	2,722,985
Goodwill impairment		0	0
Number of independent research projects | project	2
Impairment charge		$ 0	$ 0
Intellectual Property
Indefinite-lived Intangible Assets [Line Items]
Notes payable						$ 236,269
IPR&D
Indefinite-lived Intangible Assets [Line Items]
IPR&D costs					$ 613,100
Price per share (in dollars per share) | $ / shares	$ 0.13
Shares issued (in dollars per share) | $ / shares	$ 0.28								$ 0.13
Indefinite-lived intangible asset acquired	$ 1,300,000
IPR&D | Eurema Consulting S.r.l.
Indefinite-lived Intangible Assets [Line Items]
Stock issued (in shares) | shares	5,000,000
IPR&D | TES Pharma S.r.l.
Indefinite-lived Intangible Assets [Line Items]
Stock issued (in shares) | shares	5,000,000
Clinical Research Organisation | IPR&D
Indefinite-lived Intangible Assets [Line Items]
IPR&D costs							€ 100,002	$ 111,000
Amended License Agreement | IPR&D
Indefinite-lived Intangible Assets [Line Items]
IPR&D costs				€ 435,000	502,000
Rasna, Inc.
Indefinite-lived Intangible Assets [Line Items]
Goodwill					2,722,985
Rasna, Inc. | Intellectual Property
Indefinite-lived Intangible Assets [Line Items]
IPR&D costs					$ 236,269

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) - USD ($)	Mar. 31, 2020	Sep. 30, 2019
GOODWILL AND INTANGIBLE ASSETS [Abstract]
Goodwill	$ 2,722,985	$ 2,722,985

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($)	Mar. 31, 2020	Sep. 30, 2019
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	$ 2,149,369	$ 2,149,369
In-process research and development
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	613,100	613,100
Intellectual Property
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	236,269	236,269
Indefinite lived intangible asset
Indefinite-lived Intangible Assets [Line Items]
Intangible assets	$ 1,300,000	$ 1,300,000

SHARE-BASED COMPENSATION - Nar

SHARE-BASED COMPENSATION - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Jul. 19, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)
2016 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)					9,750,000
Total unrecognized compensation cost related to stock options	$ 87,625		$ 87,625
Weighted average period			1 year 18 days
General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation	$ 42,508	$ 107,140	$ 89,681	$ 226,157
Consultancy Fees Third Parties
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation		$ 14,689		$ 5,470

SHARE-BASED COMPENSATION - Sto

SHARE-BASED COMPENSATION - Stock Options (Details) - USD ($)	6 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2019
Number of Options
Number of Options, Outstanding balance (in shares)	4,073,675
Number of Options, Granted (in shares)
Number of Options, Exercised (in shares)
Number of Options, Forfeited and Expired (in shares)	(125,000)
Number of Options, Outstanding balance (in shares)	3,948,675		4,073,675
Number of Options, Options exercisable (in shares)	3,071,425
Weighted Average Exercise Price Per Option
Weighted Average Exercise Price Per Option, Outstanding balance (in dollars per share)	$ 0.59
Weighted Average Exercise Price Per Option, Granted (in dollars per share)
Weighted Average Exercise Price Per Option, Exercised (in dollars per share)
Weighted Average Exercise Price Per Option, Forfeited and Expired (in dollars per share)	(1.12)
Weighted Average Exercise Price Per Option, Outstanding balance (in dollars per share)	0.57		$ 0.59
Weighted Average Exercise Price Per Option exercisable (in dollars per share)	$ 0.47
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average remaining Contractual Life (years), Outstanding balance	5 years 10 months 6 days		6 years 4 months 13 days
Weighted Average remaining Contractual Life (years) Options exercisable	5 years 6 months
Aggregate Intrinsic Value Outstanding balance
Aggregate Intrinsic Value Granted
Aggregate Intrinsic Value Exercised
Aggregate Intrinsic Value Forfeited and Expired
Aggregate Intrinsic Value Options exercisable

CONVERTIBLE NOTES - Narrative (

CONVERTIBLE NOTES - Narrative (Details) - USD ($)	Nov. 12, 2019	Mar. 31, 2020	Feb. 29, 2020	Oct. 19, 2018	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2019	Jul. 31, 2019	Aug. 08, 2018
Debt Instrument [Line Items]
Interest rate (as percentage)		10.00%			10.00%		10.00%			10.00%	12.00%
Cash received from the Holder		$ 20,000							$ 135,000
Due Date			Feb. 7, 2021
Conversion price		$ 0.65			$ 0.65		$ 0.65
Shares reserved for the conversion of the Notes		528,461			528,461		528,461
Interest expense associated with the note					$ 9,393		$ 18,154
Convertible Promissory Note
Debt Instrument [Line Items]
Interest rate (as percentage)	12.00%	12.00%	12.00%	12.00%	12.00%		12.00%				12.00%
Cash received from the Holder	$ 57,500		$ 31,000	$ 100,000
Due Date	Nov. 12, 2020	Mar. 20, 2021		Oct. 19, 2019			Aug. 9, 2019
Period after the date of the Agreement used to calculate the conversion price							180 days
Shares reserved for the conversion of the Notes		36,153			36,153		36,153

RELATED PARTY TRANSACTIONS - N

RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($)	6 Months Ended
	Mar. 31, 2020	Feb. 29, 2020	Sep. 30, 2019
Related Party Transaction [Line Items]
Balance due to related party	$ 550,000		$ 550,000
Interest expense	0
Related party receivable	10,960		14,335
Eurema Consulting S.r.l.
Related Party Transaction [Line Items]
Balance due to related party	200,000		200,000
Gabriele Cerrone
Related Party Transaction [Line Items]
Balance due to related party	175,000		175,000
Roberto Pellicciari
Related Party Transaction [Line Items]
Balance due to related party	175,000		175,000
Tiziana Life Sciences PLC
Related Party Transaction [Line Items]
Due from related party	5,902
Principal amount	$ 65,000
Interest charge	8.00%
Panetta Partners
Related Party Transaction [Line Items]
Due from related party			0
Balance due to related party	$ 0		0
Principal amount		$ 31,000
Interest charge		12.00%
Alessandro Padova
Related Party Transaction [Line Items]
Due from related party			$ 75,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details)	1 Months Ended				2 Months Ended	6 Months Ended
	Feb. 28, 2018USD ($)	Apr. 30, 2017USD ($)	Nov. 30, 2016USD ($)	Oct. 31, 2016USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2020USD ($)$ / sharesshares	Mar. 31, 2019shares	Feb. 28, 2019USD ($)	Nov. 30, 2016EUR (€)
Options granted (in shares) | shares
Exercise price of options granted (in dollars per share) | $ / shares
Lease agreement
Milestone payment achieved			$ 57,046
Bucks County Biotechnology Centre Inc. | Lease agreement
Future minimum payments due								$ 13,480
Estimated utility expense per month	$ 237
License Agreement
Amount payable for making milestone | €									€ 50,000
Agreement term			6 months
Consultancy Agreements [Member]
Consultancy expenses						$ 40,000
Consultancy Agreements [Member] | Chief Financial Officer
Officer's compensation		$ 80,000		$ 50,000
Consultancy Agreements [Member] | Chief Executive Officer
Salary expenses					$ 0

SUBSEQUENT EVENTS - Narrative (

SUBSEQUENT EVENTS - Narrative (Details) - USD ($)	1 Months Ended
	Apr. 16, 2020	Mar. 31, 2020
SUBSEQUENT EVENTS
Conversion price (in dollars per share)		$ 0.65
Subsequent Event
SUBSEQUENT EVENTS
Upfront payment	$ 120,000
Milestone payments	$ 630,000