Nemaura Medical (NMRD) 10-K 23 Jun 15 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Mar. 31, 2015	May. 31, 2015	Sep. 30, 2014
Document and Entity Information:
Entity Registrant Name	Nemaura Medical Inc.
Document Type	10-K
Document Period End Date	Mar. 31, 2015
Amendment Flag	false
Entity Central Index Key	1,602,078
Current Fiscal Year End Date	--03-31
Entity Common Stock, Shares Outstanding		200,000,000
Entity Public Float			$ 1,595,460
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Assets, Current
Cash	$ 354,749	$ 1,873,141
Prepaid expenses and other receivables	164,004	20,390
Prepayment to related party	247,596	0
Total Current Assets	766,349	1,893,531
Other Assets
Property and equipment, net	13,669	0
Intangible assets, net of accumulated amortization	133,090	70,781
Restricted Cash	0	85,462
Assets, Noncurrent	146,759	156,243
Assets	913,108	2,049,774
Liabilities, Current
Accounts Payable	66,191	1,830
Other Liabilities and accrued expenses	937	6,844
Amounts due to related party	55,091	0
Total current liabilities	122,219	8,674
Liabilities, Noncurrent
Accrued expenses, net of current portion	170,000	0
Deferred Revenue	1,538,300	1,667,200
Liabilities, Noncurrent	1,708,300	1,667,200
Total liabilities	$ 1,830,519	1,675,874
Commitments and contingencies:
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock, $0.001 par value, 420,000,000 shares authorized and 200,000,000 shares issued and outstanding At March 31, 2015 and March 31, 2014, respectively	$ 200,000	200,000
Additional paid in capital	2,924,672	2,924,672
Accumulated deficit	(4,061,730)	(2,741,890)
Accumulated other comprehensive income (loss)	19,647	(8,882)
Total stockholders' (deficit)/equity	(917,411)	373,900
Total liabilities and stockholders' equity (deficit)	$ 913,108	$ 2,049,774

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2015	Mar. 31, 2014
Statement of Financial Position [Abstract]
Common Stock, Par Value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	420,000,000	420,000,000
Common Stock, Shares Issued	200,000,000	200,000,000
Common Stock, Shares Outstanding	200,000,000	200,000,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Revenues
Total revenues	$ 0	$ 0
Operating Expenses
Research and development	824,503	383,857
General and administrative	495,337	202,376
Total operating expenses	1,319,840	586,233
(Loss) from operations	(1,319,840)	(586,233)
Net Loss	(1,319,840)	(586,233)
Other comprehensive income/ (loss)
Foreign Currency Transaction Adjustment	28,529	16,122
Comprehensive loss	$ (1,291,311)	$ (570,111)
Loss per share
Basic and diluted	$ (0.01)
Weighted Average Number of Shares Outstanding	200,000,000	185,315,068

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)	Share capital	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income / Loss	Total
Beginning Balance, Amount at Mar. 31, 2013	$ 180,000	$ 2,258,789	$ (2,155,657)	$ (25,004)	$ 258,128
Common stock issued for cash, net of offering costs	$ 20,000	245,482			265,482
Contributed services by related party		420,401			420,401
Net income			$ (586,233)		(586,233)
Other comprehensive income - foreign currency translation gain (loss)				$ 16,122	16,122
Ending Balance, Amount at Mar. 31, 2014	$ 200,000	2,924,672	$ (2,741,890)	$ (8,882)	373,900
Net income			$ (1,319,840)		(1,319,840)
Other comprehensive income - foreign currency translation gain (loss)				$ 28,529	28,529
Ending Balance, Amount at Mar. 31, 2015	$ 200,000	$ 2,924,672	$ (4,061,730)	$ 19,647	$ (917,411)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Net Cash Provided by (Used in) Operating Activities
Net (loss)	$ (1,319,840)	$ (586,233)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and Amortization	7,556	5,099
Contributed services by related party	0	420,401
Changes in assets and liabilities:
Prepaid expenses and other receivables	(407,805)	(19,898)
Accounts payable	117,226	8,261
Accrued expenses	170,000	0
Deferred revenue	0	1,677,200
Net cash (used in) provided by in operating activities	(1,432,863)	1,504,830
Cash Flows from Investing Activities:
Decrease/(Increase) in restricted cash	85,462	(85,462)
Purchase of intangible assets	(76,745)	(12,427)
Purchase of property and equipment	(15,457)	0
Net Cash Provided by (Used in) Investing Activities	(6,740)	(97,889)
Cash Flows From Financing Activities:
Net proceeds from issuance of common stock	0	265,482
Net cash provided by financing activities	0	265,482
Net (decrease) increase in cash	(1,439,603)	1,672,423
Effect of exchange rate changes on cash	(78,789)	233
Cash and cash equivalents, beginning of period	1,873,141	200,485
Cash at end of period	$ 354,749	$ 1,873,141

Note 1 - ORGANIZATION AND PRINC

Note 1 - ORGANIZATION AND PRINCIPAL ACTIVITIES	12 Months Ended
	Mar. 31, 2015
Disclosure Text Block [Abstract]
Note 1 - Organization and Principal Activities	Nemaura Medical Inc. (“Nemaura” or the “Company”), through its operating subsidiaries, performs medical device research and manufacturing of a continuous glucose monitoring system (“CGM”), named sugarBEAT. The sugarBEAT device is a non-invasive, wireless device for use by persons with Type I and Type II diabetes, and may also be used to screen pre-diabetic patients. The sugarBEAT device extracts analytes, such as glucose, to the surface of the skin in a non-invasive manner where it is measured using unique sensors and interpreted using a unique algorithm. Nemaura is a Nevada holding company organized in 2013. Nemaura owns one hundred percent (100%) of Region Green Limited, a British Virgin Islands corporation formed (“RGL”)on December 12, 2013. Region Green Limited owns one hundred percent (100%) of the stock in Dermal Diagnostic (Holdings) Limited, an England and Wales corporation (“DDHL”) formed on December 11, 2013, which in turn owns one hundred percent (100%) of Dermal Diagnostics Limited, an England and Wales corporation formed on January 20, 2009 (“DDL”), and one hundred percent (100%) of Trial Clinic Limited, an England and Wales corporation formed on January 12, 2011 (“TCL”). DDL is a diagnostic medical device company headquartered in Loughborough, Leicestershire, England, and is engaged in the discovery, development and commercialization of diagnostic medical devices. The Company’s initial focus has been on the development of the sugarBEAT device , which consists of a disposable patch containing a sensor, and a non-disposable miniature electronic watch with a re-chargeable power source, which is designed to enable trending or tracking of blood glucose levels. The following diagram illustrates our corporate and shareholder structure as of March 31, 2015: [Image omitted]

Note 2 - BASIS OF PRESENTATION

Note 2 - BASIS OF PRESENTATION AND MANAGEMENT'S PLANS	12 Months Ended
	Mar. 31, 2015
Disclosure Text Block [Abstract]
Note 2 -- Basis of Presentation and Management's Plans	(a) Basis of presentation The accompanying consolidated financial statements include the accounts of the Company and the Company’s subsidiaries, DDL, TCL, DDHL and RGL. The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, and all significant intercompany balances and transactions have been eliminated on consolidation. In the fourth quarter of fiscal 2015 the Company accrued consulting expenses of $170,000, for services received in fiscal 2015 in connection with the Company’s listing on a U.S. capital market exchange. In the quarter ending June 30, 2014, the Company elected to early adopt Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements The functional currency for the majority of the Company’s operations is the Great Britain Pound Sterling (“GBP”), and the reporting currency is the US Dollar. (b) Management’s plans As reflected in the accompanying consolidated financial statements, the Company reported a net loss of approximately $1,320,000 and net cash used in operations of approximately $1,433,000 for the year ended March 31, 2015, an accumulated deficit of approximately $4,062,000, and a total deficit of approximately $917,000 at March 31, 2015. To date, the Company has in large part relied on equity funding to fund its operations and intends to pursue additional equity financing in the next twelve to eighteen months. The Company is also closely monitoring its cash and working capital balances that are to be used to complete current clinical studies that will enable the Company to obtain CE mark approval in Europe. Whilst the Company believes that its current working capital position will be sufficient to meet its estimated cash needs for the remainder of 2015 and through March 31, 2016, Nemaura Pharma Limited, a related company, has agreed to provide a loan facility should this be required to fund the company’s operations through June 30, 2016.

Note 3 - SUMMARY OF SIGNIFICANT

Note 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Mar. 31, 2015
Disclosure Text Block [Abstract]
Note 3 - Summary of Significant Accounting Policies	(a) Cash and Restricted Cash The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Cash and cash equivalents consist primarily of cash deposits maintained in the United Kingdom. From time to time, the Company’s cash account balances exceed amounts covered by the Financial Services Compensation Scheme. The Company has never suffered a loss due to such excess balances. The Company’s restricted cash includes cash held in escrow with use restricted to certain future listing costs. (b) Fair value of financial instruments The Company’s financial instruments primarily consist of cash and, restricted cash, and accounts payable. As of the year-end dates, the estimated fair values of non-related party financial instruments were not materially different from their carrying values as presented, due to their short maturities. (c) Property and equipment Property and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets, generally four years for fixtures and fittings. (d) Intangible assets Intangible assets consist of licenses and patents associated with the sugarBEAT device and are amortized on a straight-line basis, generally over their legal life. (e) Revenue Recognition Revenue is recognized when the four basic criteria of revenue recognition are met: (1) a contractual agreement exists; (2) transfer of rights has been completed; (3) the fee is fixed or determinable; and (4) collectability is reasonably assured. The Company may enter into product development and other agreements and with collaborative partners. The terms of the agreements may include non-refundable signing and licensing fees, milestone payments and royalties on any product sales derived from collaborations. The Company recognizes up front license payments as revenue upon delivery of the license only if the license has stand alone value to the customer. However, where further performance criteria must be met, revenue is deferred and recognized on a straight line basis over the period the Company is expected to complete its performance obligations. Royalty revenue will be recognized upon the sale of the related products provided the Company has no remaining performance obligations under the agreement. (f) Research and Development Expenses The Company charges research and development expenses to operations as incurred. Research and development expenses primarily consist of salaries and related expenses for personnel and outside contractor and consulting services. Other research and development expenses include the costs of materials and supplies used in research and development, prototype manufacturing, clinical studies, related information technology and an allocation of facilities costs. (g) Income taxes Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided to reduce the carrying amount of deferred income tax assets if it is considered more likely than not that some portion, or all, of the deferred income tax assets will not be realized. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company has elected to classify interest and penalties related to unrecognized tax benefits as part of income tax expense in the consolidated statements of comprehensive loss. The Company does not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense related to unrecognized tax benefits recognized for the years ended March 31, 2015 and 2014. (h) Earnings per share Basic earnings per share is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. There were no potentially dilutive securities as of March 31, 2015 and 2014. (i) Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. Actual results may differ from those estimates. (j) Foreign currency translation The functional currency of the Company is the Great Britain Pound Sterling (“GBP”). The reporting currency is the United States dollar (US$). Stockholders’ equity is translated into United States dollars from GBP at historical exchange rates. Assets and liabilities are translated at the exchange rates as of balance sheet date. Income and expenditures are translated at the average exchange rates prevailing during the reporting period. The translation rates are as follows for each year end to March 31: 2015 2014 Year end GBP : US$ exchange rate 1:1.5383 1:1.6672 Average period/yearly GBP : US$ exchange rate 1:1.599 1:1.588 Adjustments resulting from translating the financial statements into the United States dollar are recorded as a separate component of accumulated other comprehensive income in Stockholders’ Equity. (k) Recent accounting pronouncements The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequences of the change to its consolidated financial statements and assures that there are proper controls in place to ascertain that the Company’s consolidated financial statements properly reflect the change. In May 2014, FASB issued ASU No. 2014-09 “Revenue from Contracts from Customers,” which supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605),” and requires entities to recognize revenue in a way that depicts the transfer of potential goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to the exchange for those goods or services. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and is to be applied retrospectively unless an extension of the effective date is granted by FASB, including interim periods within that reporting period, using one of two prescribed retrospective methods. Early adoption is not permitted. The Company is currently in the process of evaluating the impact on its operations and consolidated financial statements, including the transition method. In August 2014, the FASB issued ASU No. 2014-14, “Presentation of Financial Statements – Going Concern: Disclosures about an Entity’s Ability to Continue as a Going Concern.” The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The new guidance is effective for annual periods ending after December 15, 2016, and interim periods thereafter. The Company is currently assessing the impact of the adoption of the ASU No. 2014-15 on its financial position, results of operations and financial statements disclosures.

Note 4 - LICENSING AGREEMENT

Note 4 - LICENSING AGREEMENT	12 Months Ended
	Mar. 31, 2015
Disclosure Text Block [Abstract]
Note 4 - Licensing Agreement	In March 2014, the Company entered into an Exclusive Marketing Rights Agreement with an unrelated third party, that granted to the third party the exclusive right to market and promote the sugarBEAT device and related patches under its own brand in the United Kingdom and the Republic of Ireland. The Company received a non-refundable, up front cash payment of $1.67 million which is wholly non-refundable, upon signing the agreement. A supply cost for goods agreement will be finalized upon product approval and prior to launch, as part of the full commercial licensing agreement also to be signed closer to product approval and launch. As the Company has continuing performance obligations under the agreement, the up front fees received from this agreement have been deferred and will be recorded as income over the term of the commercial licensing agreement. In April 2014, a Letter of Intent was signed with the third party which specified a 10 year term.

Note 5 - CASH AND RESTRICTED CA

Note 5 - CASH AND RESTRICTED CASH	12 Months Ended
	Mar. 31, 2015
Disclosure Text Block [Abstract]
Note 5 - CASH AND RESTRICTED CASH	As of March 31, 2015 and 2014, the Company held $354,749 and $1,873,141, respectively, in cash. At March 31, 2014, funds were also held in a restricted escrow account of $85,462, with use restricted to future listing costs. All amounts were released from escrow during the year ended March 31, 2015.

Note 6. PROPERTY AND EQUIPMENT

Note 6. PROPERTY AND EQUIPMENT	12 Months Ended
	Mar. 31, 2015
Property, Plant and Equipment [Abstract]
Note 6. PROPERTY AND EQUIPMENT	As of March 31, 2015 property and equipment is summarized as follows. There was no property and equipment at March 31, 2014. March 31, 2015 ($) Fixtures and fittings 14,873 Less accumulated depreciation (1,204) 13,669

Note 7 - INTANGIBLE ASSETS

Note 7 - INTANGIBLE ASSETS	12 Months Ended
	Mar. 31, 2015
Disclosure Text Block [Abstract]
Note 7 - Intangible Assets	As of March 31, 2015 and March 31, 2014 intangible assets are summarized as follows: March 31, 2015 ($) March 31, 2014 ($) Patents and licenses 150,798 87,655 Less accumulated amortization (17,708) (16,874) 133,090 70,781 Estimated amortization expense is approximately $9,900 for each of the next five years.

Note 8 - RELATED PARTY TRANSACT

Note 8 - RELATED PARTY TRANSACTIONS	12 Months Ended
	Mar. 31, 2015
Disclosure Text Block [Abstract]
Note 8 - Related Party Transactions	Nemaura Pharma Limited (Pharma) and NDM Technologies Limited (NDM) are entities controlled by the Company’s majority shareholder, DFH Chowdhury Pharma has invoiced DDL and TCL for research and development services. In addition, certain operating expenses of DDL and TCL were incurred and paid by Pharma and NDM. In accordance with the United States Securities and Exchange Commission (SEC) Staff Accounting Bulletin 55, these financial statements reflect all costs associated with the operations of DDL and TCL. While certain costs incurred by Pharma and NDM are directly attributable to DDL and TCL, other costs were shared between the organizations. In situations where the costs were shared, expense has been allocated between Pharma and NDM and DDL and TCL using a fixed percentage allocation. Management believes the methodologies used are reasonable and that the costs allocated are not materially different from what they would have been had Pharma and NDM been unaffiliated entities. DDL and TCL advanced Pharma certain amounts to cover a portion of the costs. For the year ended March 31, 2014, he remaining amounts were contributed to the Company in the form of contributed services. Following is a summary of activity between the Company and Pharma and NDM for the years ended March 31, 2015 and 2014. Year Ended March 31, 2015 ($) Year Ended March 31, 2014 ($) Balance due (to) Pharma and NDM at beginning of period - - Amounts advanced to Pharma 567,633 325,092 Amounts received from Pharma (7,692) (149,280) Reduction in prepayments to Pharma for clinical trials (257,441) - Amount invoiced by Pharma to DDL and TCL (106,193) (557,670) Expenses paid by Pharma on behalf of DDL and TCL 134 (28,574) Intellectual property costs paid by Pharma on behalf of DDL and TCL (946) (7,327) Capital contribution by Pharma (excess of expenses paid over amounts advanced) - 420,401 Foreign exchange differences (2,990) (2,642) Net balance due from Pharma and NDM at end of the period 192,505 - Advances to Pharma as of March 31, 2015 includes $505,000 advanced in connection with the Company’s clinical trials of which approximately $257,000 has been expensed during the year. The remaining advances of approximately $248,000 are expected to be fully expensed in fiscal 2016, as clinical trials are completed. At March 31, 2015, the net balance due from Pharma is comprised of the remaining clinical trials advances of $248,000, net of $55,000 payable to Pharma for other amounts invoiced during the year. In addition, the Company engaged a related party, One-E Consulting Limited, to provide certain consulting services in the amount of $4,453 related to the Company’s public listing transaction. Bashir Timol serves as Strategic Director of One-E Consulting Limited. Mr. Timol is also a Director of the Company.

Note 9 - INCOME TAXES

Note 9 - INCOME TAXES	12 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Note 9. INCOME TAXES	The Company and its subsidiaries file separate income tax returns. The United States of America The Company is incorporated in the State of Nevada in the U.S., and is subject to U.S. federal corporate income tax at progressive rates ranging from 15% to 35%. The state of Nevada does not impose any state corporate income tax. British Virgin Islands RGL is incorporated in the British Virgin Islands (“BVI”). Under the current laws of the BVI, RGL is not subject to tax on income or capital gains. In addition, upon payments of dividends by RGL, no BVI withholding tax is imposed. UK DDL, TCL and DDHL are all incorporated in the United Kingdom (UK) and the applicable UK statutory income tax rate for these companies is 20%. For the year ended March 31, 2015, loss before income tax expense (benefit) arose in the UK and U.S. For the year ended March 31, 2014, loss before income tax expense (benefit) arose in the UK only. Year ended March 31, 2015 2014 $ $ Loss before income taxes arising in UK (979,014) (586,233) Loss before income taxes arising in United States (340,826) - Total loss before income tax (1,319,840) (586,233) Reconciliation of our effective tax rate to income (loss) to the statutory U.S federal tax rate is as follows: Year ended March 31, 2015 2014 $ $ Loss before income taxes (1,319,840) (586,233) Expected tax benefit (449,000) (34%) (199,000) (34%) Foreign tax differential 133,000 10% 36,000 6% Non-deductible expenses - - 49,000 9% Enhanced research and development (148,000) (11%) (68,000) (12%) Other 6,000 0% (53,000) (9%) Change in valuation allowance 458,000 35% 235,000 40% Actual income tax benefit - - - - The tax effects of the temporary differences that give rise to significant portions of deferred income tax assets are presented below: As of March 31, 2015 2014 $ $ Net operating tax loss carried forwards 879,000 421,000 Valuation allowance (879,000) (421,000) Net deferred tax assets - - For each of the years ended March 31, 2015 and 2014, the Company did not have unrecognized tax benefits, and therefore no interest or penalties related to unrecognized tax benefits were accrued. Management does not expect that the amount of unrecognized tax benefits will change significantly within the next twelve months. The Company mainly files income tax returns in the United States and the UK. The Company is subject to U.S. federal income tax examination by tax authorities for tax years beginning in 2013. The UK tax returns for the Company’s UK subsidiaries are open to examination by the UK tax authorities for the tax years beginning in January 20, 2009. The Company has net operating losses (NOLs) of approximately $2.8 million at March 31, 2015. These NOLs may be carried forward indefinitely.

Note 3 - Summary of Significa16

Note 3 - Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2015
Policy Text Block [Abstract]
Cash and Restricted Cash	The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Cash and cash equivalents consist primarily of cash deposits maintained in the United Kingdom. From time to time, the Company’s cash account balances exceed amounts covered by the Financial Services Compensation Scheme. The Company has never suffered a loss due to such excess balances. The Company’s restricted cash includes cash held in escrow with use restricted to certain future listing costs.
Fair Value of Financial Instruments	The Company’s financial instruments primarily consist of cash and, restricted cash, and accounts payable. As of the year-end dates, the estimated fair values of non-related party financial instruments were not materially different from their carrying values as presented, due to their short maturities.
Property and equipment	Property and equipment is stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets, generally four years for fixtures and fittings.
Intangible Assets	Intangible assets consist of licenses and patents associated with the sugarBEAT device and are amortized on a straight-line basis, generally over their legal life.
Revenue Recognition	Revenue is recognized when the four basic criteria of revenue recognition are met: (1) a contractual agreement exists; (2) transfer of rights has been completed; (3) the fee is fixed or determinable; and (4) collectability is reasonably assured. The Company may enter into product development and other agreements and with collaborative partners. The terms of the agreements may include non-refundable signing and licensing fees, milestone payments and royalties on any product sales derived from collaborations. The Company recognizes up front license payments as revenue upon delivery of the license only if the license has stand alone value to the customer. However, where further performance criteria must be met, revenue is deferred and recognized on a straight line basis over the period the Company is expected to complete its performance obligations. Royalty revenue will be recognized upon the sale of the related products provided the Company has no remaining performance obligations under the agreement.
Research and Development Expenses	The Company charges research and development expenses to operations as incurred. Research and development expenses primarily consist of salaries and related expenses for personnel and outside contractor and consulting services. Other research and development expenses include the costs of materials and supplies used in research and development, prototype manufacturing, clinical studies, related information technology and an allocation of facilities costs.
Income Taxes	Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss carry forwards. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided to reduce the carrying amount of deferred income tax assets if it is considered more likely than not that some portion, or all, of the deferred income tax assets will not be realized. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company has elected to classify interest and penalties related to unrecognized tax benefits as part of income tax expense in the consolidated statements of comprehensive loss. The Company does not have any accrued interest or penalties associated with any unrecognized tax benefits, nor was any interest expense related to unrecognized tax benefits recognized for the years ended March 31, 2015 and 2014.
Earnings Per Share	Basic earnings per share is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. There were no potentially dilutive securities as of March 31, 2015 and 2014.
Use of Estimates	The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. Actual results may differ from those estimates.
Foreign Currency Translation	The functional currency of the Company is the Great Britain Pound Sterling (“GBP”). The reporting currency is the United States dollar (US$). Stockholders’ equity is translated into United States dollars from GBP at historical exchange rates. Assets and liabilities are translated at the exchange rates as of balance sheet date. Income and expenditures are translated at the average exchange rates prevailing during the reporting period. The translation rates are as follows for each year end to March 31: 2015 2014 Year end GBP : US$ exchange rate 1:1.5383 1:1.6672 Average period/yearly GBP : US$ exchange rate 1:1.599 1:1.588 Adjustments resulting from translating the financial statements into the United States dollar are recorded as a separate component of accumulated other comprehensive income in Stockholders’ Equity.
Recent Accounting Pronouncements	The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequences of the change to its consolidated financial statements and assures that there are proper controls in place to ascertain that the Company’s consolidated financial statements properly reflect the change. In May 2014, FASB issued ASU No. 2014-09 “Revenue from Contracts from Customers,” which supersedes the revenue recognition requirements in “Revenue Recognition (Topic 605),” and requires entities to recognize revenue in a way that depicts the transfer of potential goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to the exchange for those goods or services. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and is to be applied retrospectively unless an extension of the effective date is granted by FASB, including interim periods within that reporting period, using one of two prescribed retrospective methods. Early adoption is not permitted. The Company is currently in the process of evaluating the impact on its operations and consolidated financial statements, including the transition method. In August 2014, the FASB issued ASU No. 2014-14, “Presentation of Financial Statements – Going Concern: Disclosures about an Entity’s Ability to Continue as a Going Concern.” The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The new guidance is effective for annual periods ending after December 15, 2016, and interim periods thereafter. The Company is currently assessing the impact of the adoption of the ASU No. 2014-15 on its financial position, results of operations and financial statements disclosures.

6. PROPERTY AND EQUIPMENT (Tabl

6. PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Mar. 31, 2015
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	March 31, 2015 ($) Fixtures and fittings 14,873 Less accumulated depreciation (1,204) 13,669

Note 6 - Intangible Assets_ Sch

Note 6 - Intangible Assets: Schedule of Finite-Lived Intangible Assets (Tables)	12 Months Ended
	Mar. 31, 2015
Table Text Block Supplement [Abstract]
Schedule of Finite-Lived Intangible Assets	March 31, 2015 ($) March 31, 2014 ($) Patents and licenses 150,798 87,655 Less accumulated amortization (17,708) (16,874) 133,090 70,781

Note 8 - Related Party Transa19

Note 8 - Related Party Transactions: Schedule of Related Party Transactions (Tables)	12 Months Ended
	Mar. 31, 2015
Table Text Block Supplement [Abstract]
Schedule of Related Party Transactions	Year Ended March 31, 2015 ($) Year Ended March 31, 2014 ($) Balance due (to) Pharma and NDM at beginning of period - - Amounts advanced to Pharma 567,633 325,092 Amounts received from Pharma (7,692) (149,280) Reduction in prepayments to Pharma for clinical trials (257,441) - Amount invoiced by Pharma to DDL and TCL (106,193) (557,670) Expenses paid by Pharma on behalf of DDL and TCL 134 (28,574) Intellectual property costs paid by Pharma on behalf of DDL and TCL (946) (7,327) Capital contribution by Pharma (excess of expenses paid over amounts advanced) - 420,401 Foreign exchange differences (2,990) (2,642) Net balance due from Pharma and NDM at end of the period 192,505 -

Note 9 - INCOME TAXES (Tables)

Note 9 - INCOME TAXES (Tables)	12 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of loss before Income Tax, Domestic and Foreign	Year ended March 31, 2015 2014 $ $ Loss before income taxes arising in UK (979,014) (586,233) Loss before income taxes arising in United States (340,826) - Total loss before income tax (1,319,840) (586,233)
Reconciliation of effective tax rate	Year ended March 31, 2015 2014 $ $ Loss before income taxes (1,319,840) (586,233) Expected tax benefit (449,000) (34%) (199,000) (34%) Foreign tax differential 133,000 10% 36,000 6% Non-deductible expenses - - 49,000 9% Enhanced research and development (148,000) (11%) (68,000) (12%) Other 6,000 0% (53,000) (9%) Change in valuation allowance 458,000 35% 235,000 40% Actual income tax benefit - - - -
Schedule of deferred income tax assets	As of March 31, 2015 2014 $ $ Net operating tax loss carried forwards 879,000 421,000 Valuation allowance (879,000) (421,000) Net deferred tax assets - -

6. PROPERTY AND EQUIPMENT (Deta

6. PROPERTY AND EQUIPMENT (Details) - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Property And Equipment Details
Fixtures and fittings	$ 14,873
Less accumulated depreciation	(1,204)
Property and equipment, net	$ 13,669	$ 0

7. INTANGIBLE ASSETS (Details)

7. INTANGIBLE ASSETS (Details) - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Intangible Assets Details
Patents and licenses	$ 150,798	$ 87,655
Less accumulated amortization	(17,708)	(16,874)
Intangible assets	$ 133,090	$ 70,781

7. INTANGIBLE ASSETS (Details N

7. INTANGIBLE ASSETS (Details Narrative)	Mar. 31, 2015USD ($)
Intangible Assets Details Narrative
Estimated amortization expense	$ 9,900
Estimated amortization expense, year two	9,900
Estimated amortization expense, year three	9,900
Estimated amortization expense, year four	9,900
Estimated amortization expense, year five	$ 9,900

8. RELATED PARTY TRANSACTIONS (

8. RELATED PARTY TRANSACTIONS (Details) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Related Party Transactions Details
Balance due (to) Pharma and NDM at beginning of period	$ 0	$ 0
Amounts advanced to Pharma	567,633	325,092
Amounts received from Pharma	(7,692)	(149,280)
Reduction in prepayments to Pharma for clinical trials	(257,441)	0
Amount invoiced by Pharma to DDL and TCL	(106,193)	(557,670)
Expenses paid by Pharma on behalf of DDL and TCL	134	(28,574)
Intellectual property costs paid by Pharma on behalf of DDL and TCL	(946)	(7,327)
Capital contribution by Pharma (excess of expenses paid over amounts advanced)	0	420,401
Foreign exchange differences	(2,990)	(2,642)
Net balance due from Pharma and NDM at end of the period	$ 192,505	$ 0

9. INCOME TAXES (Details)

9. INCOME TAXES (Details) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Tax Disclosure [Abstract]
Loss before income taxes arising in UK	$ (979,014)	$ (586,233)
Loss before income taxes arising in United States	(340,826)	0
Total loss before income tax	$ (1,319,840)	$ (586,233)

9. INCOME TAXES (Details 1)

9. INCOME TAXES (Details 1) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Taxes Details 1
Loss before income taxes	$ (1,319,840)	$ (586,233)
Expected tax benefit	(449,000)	(199,000)
Foreign tax differential	133,000	36,000
Non-deductible expenses	0	49,000
Enhanced research and development	(148,000)	(68,000)
Other	6,000	(53,000)
Change in valuation allowance	458,000	235,000
Actual income tax benefit	$ 0	$ 0
Expected tax benefit	(34.00%)	(34.00%)
Foreign tax differential	10.00%	6.00%
Non-deductible expenses	0.00%	9.00%
Enhanced research and development	11.00%	(12.00%)
Other	0.00%	(9.00%)
Change in valuation allowance	35.00%	40.00%
Actual income tax benefit	0.00%	0.00%

9. INCOME TAXES (Details 2)

9. INCOME TAXES (Details 2) - USD ($)	Mar. 31, 2015	Mar. 31, 2014
Income Taxes Details 2
Net operating tax loss carried forwards	$ 879,000	$ 421,000
Valuation allowance	(879,000)	(421,000)
Net deferred tax assets	$ 0	$ 0

9. INCOME TAXES (Details Narrat

9. INCOME TAXES (Details Narrative)		Mar. 31, 2015USD ($)
Income Taxes Details Narrative
Net operating losses	[1]	$ 2,800,000
[1]	Approximately