Nemaura Medical (NMRD) 10-Q 16 Aug 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jun. 30, 2021	Aug. 13, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--03-31
Entity File Number	001-38355
Entity Registrant Name	Nemaura Medical Inc.
Entity Central Index Key	0001602078
Entity Tax Identification Number	46-5027260
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	57 West 57th Street
Entity Address, City or Town	Manhattan
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	646
Local Phone Number	416-8000
Title of 12(b) Security	Common Stock
Trading Symbol	NMRD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23,308,039

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2021	Mar. 31, 2021
Current assets:
Cash	$ 31,259,753	$ 31,865,371
Prepaid expenses and other receivables	1,819,724	1,269,513
Accounts receivable - related party	107,788	0
Inventory	882,204	850,622
Total current assets	34,069,469	33,985,506
Other assets:
Property and equipment, net of accumulated depreciation	255,899	202,145
Intangible assets, net of accumulated amortization	1,357,299	1,055,256
Total other assets	1,613,198	1,257,401
Total assets	35,682,667	35,242,907
Current liabilities:
Accounts payable	107,796	253,694
Liability due to related parties	0	148,795
Other liabilities and accrued expenses	543,604	180,552
Notes payable, current portion	11,142,795	5,733,370
Deferred revenue	628,589	103,470
Total current liabilities	12,422,784	6,419,881
Non-current portion of notes payable	14,025,742	19,188,724
Non-current portion of deferred revenue	1,266,742	1,276,130
Total non-current liabilities	15,292,484	20,464,854
Total liabilities	27,715,268	26,884,735
Stockholders’ equity:
Common stock, $0.001 par value, 42,000,000 shares authorized and 23,308,049 and 22,941,157 shares issued and outstanding at June 30, 2021 and March 31, 2021, respectively	23,308	22,941
Additional paid-in capital	35,007,626	32,044,335
Accumulated deficit	(27,188,396)	(23,844,671)
Accumulated other comprehensive income	124,861	135,567
Total stockholders’ equity	7,967,399	8,358,172
Total liabilities and stockholders’ equity	$ 35,682,667	$ 35,242,907

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2021	Mar. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value per share	$ 0.001	$ 0.001
Common stock, shares authorized	42,000,000	42,000,000
Common stock, shares issued	23,308,049	22,941,157
Common stock, shares outstanding	23,308,049	22,941,157

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue:	$ 0	$ 0
Total revenue	0	0
Operating expenses:
Research and development	288,484	315,312
General and administrative	1,332,185	595,720
Total operating expenses	1,620,669	911,032
Loss from operations	(1,620,669)	(911,032)
Interest expense	(1,723,056)	(189,024)
Net loss	(3,343,725)	(1,100,056)
Other comprehensive (loss) income:
Foreign currency translation adjustment	(10,706)	4,823
Comprehensive loss	$ (3,354,431)	$ (1,095,233)
Net loss per share, basic and diluted	$ (0.14)	$ (0.05)
Weighted average number of shares outstanding	23,109,897	20,879,446

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows From Operating Activities:
Net loss	$ (3,343,725)	$ (1,100,056)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	36,133	20,168
Accretion of debt discount	1,723,056	188,579
Stock-based compensation	0	59,000
Changes in assets and liabilities:
Prepaid expenses and other receivables	(550,211)	152,438
Inventory	(31,583)	(54,085)
Accounts payable	(145,898)	(103,135)
Liability due to related parties	(256,583)	(284,453)
Other liabilities and accrued expenses	363,052	43,950
Deferred revenue	515,731	0
Net cash used in operating activities	(1,690,028)	(1,077,594)
Cash Flows from Investing Activities:
Capitalized patent costs	(22,714)	(10,283)
Capitalized software development costs	(293,285)	0
Purchase of property and equipment	(82,222)	(1,999)
Net cash used in investing activities	(398,221)	(12,282)
Cash Flows from Financing Activities:
Costs incurred in relation to equity financing	0	(61,424)
Commission paid on note payable	0	(325,000)
Proceeds from issuance of notes	0	4,943,074
Proceeds from issuance of common stock in relation to equity financing	0	2,047,462
Proceeds from warrant exercise	2,963,658	394,475
Repayments of note payable	(1,500,000)	0
Repayment of insurance financing	0	(40,936)
Net cash provided by financing activities	1,463,658	6,957,651
Net (decrease) increase in cash	(624,591)	5,867,775
Effect of exchange rate changes on cash	18,973	(20,948)
Cash at beginning of period	31,865,371	106,107
Cash at end of period	31,259,753	5,952,934
Supplemental disclosure of non-cash financing activities:
Prepayment of equity compensation	25,000	0
Increase in stock subscriptions receivable	$ 0	$ 1,988,132

ORGANIZATION AND PRINCIPAL ACTI

ORGANIZATION AND PRINCIPAL ACTIVITIES	3 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
ORGANIZATION AND PRINCIPAL ACTIVITIES	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 100% owns 100% of the stock in Dermal Diagnostic (Holdings) Limited, an England and Wales corporation (“DDHL”) formed on December 11, 2013, which in turn owns 100% of Dermal Diagnostics Limited, an England and Wales corporation formed on January 20, 2009 (“DDL”), and 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 wireless transmitter with a re-chargeable power source, which is designed to enable trending or tracking of blood glucose levels. While the Company’s key operations and assets are located in England, the Company has recently commenced commercial operations in the United States. During the fiscal year ended March 31, 2021, the Board of Directors assessed the adequacy of the group’s organizational structure and concluded that the intermediate holding company that sat below Nemaura Medical Inc., Region Green Limited (a British Virgin Islands corporation), was no longer required as the entity had been effectively dormant since inception and no longer represented a requirement to be maintained. It was therefore determined that Region Green Limited should be unwound, with the intention that the assets held by Region Green Limited be transferred up to Nemaura Medical Inc. following which Region Green Limited would be dissolved. The transfer of assets took place on March 5, 2021 and Region Green Limited was formally dissolved as of April 23, 2021. The following diagram illustrates Nemaura’s corporate structure as of June 30, 2021: The Company was incorporated in 2013 and has reported recurring losses from operations to date and an accumulated deficit of $ 27,188,396 ® is currently under review The Company expects to continue to incur losses from operations until revenues are generated through licensing fees or product sales. However, given the completion of the requisite clinical programs, these losses are expected to decrease over time. Management has entered into licensing, supply, or collaboration agreements with unrelated third parties relating to the United Kingdom (“UK”), Europe, Qatar, and all countries in the Gulf Cooperation Council. The Company has $ 31,259,753 Following the receipt of the CE mark approval in the EU, and in support of our plans for similar certification with the FDA in the U.S., our plan is to utilize the cash on hand to continue establishing commercial manufacturing operations for the commercial supply of the sugarBEAT® device and sensor patches in our target markets. Management's strategic plans include the following: – support the UK and EU launch of sugarBEAT®; – obtaining further regulatory approval for the sugarBEAT® device in other countries such as the U.S.; – exploring licensing and partnership opportunities in other territories; – developing the sugarBEAT® device platform for commercialization across other applications; and – pursue additional capital raising opportunities should they be required to further enhance our growth plans.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
BASIS OF PRESENTATION	NOTE 2 – BASIS OF PRESENTATION (a) Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”), and do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. However, such information reflects all adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for a fair statement of the financial condition and results of operations for the interim periods. The results for the three months ended June 30, 2021 are not indicative of annual results. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. It is suggested that these unaudited condensed consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2021, as filed with the SEC. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and the Company’s subsidiaries. References to “we”, “us”, “our”, or the “Company” refer to Nemaura Medical Inc. and its consolidated subsidiaries. The unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP, and all significant intercompany balances and transactions have been eliminated in consolidation. The functional currency for the majority of the Company’s operations is the Great Britain Pound Sterling (“GBP”), and the reporting currency is the U.S. Dollar (“USD”). (b) Changes to significant accounting policies Derivative Financial Instruments Derivative financial instruments are used as part of the overall strategy to manage exposure to foreign currency primarily associated with fluctuations in foreign currency exchange rates. Derivative financial instruments are included in the consolidated balance sheets and are measured at fair value on a recurring basis. The Company is exposed to the impact of foreign currency exchange fluctuations as a significant proportion of our expenses are incurred within our UK subsidiary which is denominated in Great Britain Pounds Sterling (“GBP”), with the remaining portion denominated in U.S. dollars and a small amount in Euro’s (“EUR”). In addition to this we hold the majority of our cash in USD, with amounts also held in GBP and, to a much smaller amount, in EUR’s. The Company’s objective is to reduce the volatility associated with these foreign exchange rate changes to allow management to focus our attention on our core business strategy and objectives. Accordingly, during the three month period ended June 30, 2021 the Company entered into a target accrual redemption forward contract (“TARF”) agreement to sell USD and buy GBP across 25 defined monthly fixings, in order to fix the costs associated with the foreign currency exchange fluctuations associated with its GBP denominated expenses. These fixings allow for $250,000 to be converted to GBP at a fixed rate of $1.369 subject to the spot rate on the fixing date being above the fixed rate. Should the spot rate fall below the fixed rate on the scheduled fixing date, the Company is obligated to convert $500,000 to GBP at the fixed rate. The exchange rate range experienced by the company over the last 2 years for USD : GBP has seen a high of approximately $1.163 in March 2020 and a low of approximately $1.423 in June 2021. Cumulative profit on the sale of USD is capped at an aggregate of approximately $55,000 over the shorter of the life of the contract fixings or the utilization of the cap. At June 30, 2021, the Company held a forward contract to sell up to $ 12.5 63,068 The Company’s foreign currency forward contracts are measured at fair value on a recurring basis and are classified as Level 2 under our fair value of financial instruments policy, as set out in the March 31, 2021 Form 10-K. There have been no other material changes to our significant accounting policies from those detailed in the Company’s Annual Report on Form 10-K for the year ended March 31, 2021, as filed with the SEC on June 29, 2021. (c) Recently adopted 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. This Quarterly Report on Form 10-Q does not discuss recent pronouncements that are not anticipated to have a current and/or future impact on the Company, or are unrelated to the Company’s financial condition, results of operations, cash flows or disclosures.

LICENSING AGREEMENTS

LICENSING AGREEMENTS	3 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
LICENSING AGREEMENTS	NOTE 3 – LICENSING AGREEMENTS United Kingdom and the Republic of Ireland, the Channel Islands and the Isle of Man In March 2014, the Company entered into an Exclusive Marketing Rights Agreement (the “Marketing Rights Agreement”) with an unrelated third party (the “Licensee”), that granted to the Licensee 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 Channel Islands and the Isle of Man. The Company received a non-refundable, up-front cash payment of GBP 1,000,000 1.38 1.38 115,000 103,000 The Company is in ongoing dialogue with the Licensee about the timing of its plans with respect to its product launch. The current expectation is for this to occur in the quarter ending December 31, 2021, with the initial order placed with the Company in April 2021 being scheduled to commence delivery during the quarter ending September 30, 2021, in order to enable the Licensee to hold inventory on-hand to support their launch. Under the terms of the contact, the Company is able to issue a ‘deposit’ invoice to cover costs for purchases directly incurred in order to service orders made by the Licensee, as such an invoice was raised at the end of the quarter for approximately $ 513,000

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 4 – RELATED PARTY TRANSACTIONS Nemaura Pharma Limited (“Pharma”), NDM Technologies Limited (“NDM”) and Black and White Health Care Limited (“B&W”) are entities controlled by the Company’s Chief Executive Officer, President, director and majority stockholder, Dewan F.H. Chowdhury. These unaudited condensed consolidated financial statements are intended to reflect all costs associated with the operations of DDL and TCL. Pharma has a service agreement with DDL to undertake development, manufacture and regulatory approvals under Pharma’s ISO13485 accreditation. In lieu of these services, Pharma invoices DDL on a periodic basis for said services. Services are provided at cost plus a service surcharge amounting to less than 10% of the total costs incurred. The table below provides a summary of activity between the Company and Pharma and NDM for the three months ended June 30, 2021 and 2020, and the year ended March 31, 2021. Schedule of Related Party Transactions Three Months Ended June 30, 2021 (unaudited) ($) Three Months Ended June 30, 2020 (unaudited) ($) Year Ended March 31, 2021 ($) Amounts due to related parties at beginning of period 148,795 830,093 830,093 Amounts invoiced by Pharma to DDL, NDM and TCL (1) 597,594 298,999 2,441,108 Amounts invoiced by DDL to Pharma — — (17,213 ) Amounts paid by DDL to Pharma (856,904 ) (582,089 ) (3,209,084 ) Foreign exchange differences 2,727 (2,922 ) 103,891 Amounts due from / to related parties at end of period (107,788 ) 544,081 148,795 (1) These amounts are primarily incurred as a result of research and development expenses charged to the Company by Pharma. The Company routinely reviews its condensed consolidated statements of cash flows presentation of related party transactions for financing or operating classification based on the underlying nature of the item and intended repayment.

NOTES PAYABLE

NOTES PAYABLE	3 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTE 5 – NOTES PAYABLE NOTE PURCHASE AGREEMENT 1 On April 15, 2020, the Company entered into a note purchase agreement (the “Note Purchase Agreement 1”) by and among the Company, DDL, TCL and a third-party investor (the “Investor”). Pursuant to the terms of the Note Purchase Agreement, the Company agreed to issue and sell to the Investor and the Investor agreed to purchase from the Company a secured promissory note (the “Secured Note”) in the original principal amount of $ 6,015,000 1,000,000 2,000,000 2,000,000 The Secured Note is secured by the Collateral (as hereinafter defined). The Secured Note carries an original issue discount (“OID”) of $ 1,000,000 15,000 325,000 4,675,000 The borrowing period is 24 months, and the Company shall pay the outstanding balance and all fees on maturity. A monitoring fee equal to 0.833 Security Agreement On April 15, 2020, the Company entered into the Security Agreement by the Company, DDL and TCL, in favor of the Investor (the “Security Agreement”). Pursuant to the terms of the Security Agreement, the Company granted the Investor a first-priority security interest in all rights, title, interest, claims and demands of the Company in and to all of the Company’s patents and all other proprietary rights, and all rights corresponding to the Company’s patents throughout the world, now owned and existing, and all replacements, proceeds, products, and accessions thereof. NOTE PURCHASE AGREEMENT 2 On February 8, 2021, the Company entered into an additional note purchase agreement (“Note Purchase Agreement 2”) with the Investor. Pursuant to the terms of Note Purchase Agreement 2, the Company agreed to issue and sell to the Investor and the Investor agreed to purchase from the Company, a secured promissory note (“Secured Note 2”) in the original principal amount of $ 24,015,000 4,000,000 16.7 In consideration thereof, on February 9, 2021 (the “closing date”), (i) the Investor paid $ 20,000,000 1,200,000 18,800,000 The borrowing terms for Note Purchase Agreement 2 are consistent with those of Note Purchase Agreement 1, with the borrowing period being 24 months from the date of the agreement, the Company being required to pay the outstanding balance and all fees on maturity, and a monitoring fee equal to 0.833 Security Agreement On February 8, 2021, the Security Agreement established in respect to Note Purchase Agreement 1 was extended to include Note Purchase Agreement 2, which is also secured against all of the Company’s assets owned as of the closing date and extends to any assets acquired at any time that the Company’s obligations under Secured Note 2 are outstanding. As of June 30, 2021, long-term debt matures as follows: Schedule of long term debt Year Ending Notes Payable ($) 2022 11,142,795 2023 14,025,742 Total 25,168,537

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	3 Months Ended
	Jun. 30, 2021
Equity [Abstract]
STOCKHOLDERS’ EQUITY	NOTE 6 – STOCKHOLDERS’ EQUITY During the three month period ended June 30, 2021, 366,892 2,963,658 1,573,098 During the three month period ended June 30, 2020, a total of 393,352 4,097,083 During the three month period ended June 30, 2020, 37,933 394,475 147,637 Loss per share The following table sets forth the computation of basic and diluted loss per share for the periods indicated. Schedule of earnings (loss) per share Three months ended June 30, 2021 2020 ($) ($) Net loss attributable to common stockholders (3,343,725 ) (1,100,056 ) Weighted average basic and diluted shares outstanding 23,109,897 20,879,446 Basic and diluted loss per share: (0.14 ) (0.05 ) The Company excludes warrants outstanding, which are anti-dilutive given the Company is in a loss position, from the basic and diluted loss per share calculation. Basic loss per share is computed by dividing loss available to common stockholders by the weighted-average number of common shares outstanding during the period. For the three month period ended June 30, 2021 warrants to purchase 1,573,098 9,710 9,710 1,147,637 9,710

OTHER ITEMS

OTHER ITEMS	3 Months Ended
	Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ITEMS	NOTE 7 – OTHER ITEMS (a) COVID-19 Pandemic The outbreak of COVID-19 originating in Wuhan, China, in December 2019 has since rapidly increased its exposure globally. On March 11, 2020, the World Health Organization declared the outbreak a pandemic. We continue to monitor the impact of COVID-19 on our own operations and are working with our employees, suppliers and other stakeholders to mitigate the risks posed by its spread, COVID-19 is not expected to have any long-term detrimental effect on the Company’s success. While key suppliers have not been accessible throughout the whole period of the outbreak, we have been able to be flexible in our priorities and respond favorably to the challenges faced during the outbreak. We have also seen a surge in the uptake of technologies for remote patient monitoring and patient self-monitoring, which potentially enhances the prospects for the Company, its CGM product and its planned digital healthcare offering. (b) Management consultancy agreements During the three month period ended June 30, 2021 and 2020, the Company did not issue any restricted common stock to management consultants; the stock based compensation expense during the three month period ended June 30, 2020 of $ 59,000 (c) Investor relations agreements The Company has entered into contracts with several investor relations specialists to help support the ongoing financing activities of the business. During the three month periods ended June 30, 2021, and 2020, fees paid to an investor relations company were $ 122,000 21,000 (d) Subsequent events On July 23, 2021, Nemaura Medical Inc. (the “Company”) entered into an At The Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright & Co., LLC (the “Agent”) pursuant to which the Company may offer and sell from time to time to or through the Agent shares of the Company’s common stock, $0.001 The offer and sale of shares of Common Stock through the Agent will be made pursuant to the Registration Statement on Form S-3 (File No. 333-230535), which was declared effective by the Securities and Exchange Commission (the “SEC”) on April 8, 2019, and a related prospectus supplement filed with the SEC on the date hereof pursuant to which the Company is offering shares of its Common Stock having an aggregate offering price of up to $ 100,000,000 Under the ATM Agreement, the Company may offer and sell shares of Common Stock through the Agent by any method deemed to be an “at the market offering” as defined in Rule 415 of the Securities Act of 1933, as amended, including sales made directly on or through The Nasdaq Capital Market, sales made to or through a market maker other than on an exchange or otherwise, directly to the Agent as principal, in negotiated transactions at market prices prevailing at the time of sale or at prices related to such prevailing market prices, and/or in any other method permitted by law. If the Company elects to utilize the ATM Agreement, the Agent would be obligated to use commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such shares in accordance with the Company’s instructions (including as to price, time or size limit or other parameters or conditions the Company may impose). The Company will pay the Agent a commission of 3.0% of the gross sales price of any shares of Common Stock sold under the ATM Agreement. The Company has also provided the Agent with customary indemnification rights and has agreed to reimburse the Agent for certain specified expenses up to $ 20,000 2,500 The Company is not obligated to sell, and the Agent is not obligated to buy or sell, any shares of Common Stock under the ATM Agreement. The Company or the Agent may terminate the ATM Agreement by providing notice to the other party. The Company intends to use the net proceeds from any ATM offering for general corporate purposes, which include, but are not limited to, the targeted launch of sugarBEAT® into other European markets outside of the UK; the development of the subscription-based service for the US under the Wellness category that was launched in December 2020; establishing a business-to-consumer offering for a metabolic health program; research and development of our BEAT platform for other, non, CGM purposes, such as Lactate monitoring, as well as potential acquisition of other companies, products or technologies that are complementary to the delivery of our mission. Accordingly, our management will have broad discretion as to the use of the net proceeds from any ATM offering under this agreement.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of presentation	(a) Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”), and do not include all of the information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. However, such information reflects all adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for a fair statement of the financial condition and results of operations for the interim periods. The results for the three months ended June 30, 2021 are not indicative of annual results. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. It is suggested that these unaudited condensed consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2021, as filed with the SEC. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and the Company’s subsidiaries. References to “we”, “us”, “our”, or the “Company” refer to Nemaura Medical Inc. and its consolidated subsidiaries. The unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP, and all significant intercompany balances and transactions have been eliminated in consolidation. The functional currency for the majority of the Company’s operations is the Great Britain Pound Sterling (“GBP”), and the reporting currency is the U.S. Dollar (“USD”).
Changes to significant accounting policies	(b) Changes to significant accounting policies Derivative Financial Instruments Derivative financial instruments are used as part of the overall strategy to manage exposure to foreign currency primarily associated with fluctuations in foreign currency exchange rates. Derivative financial instruments are included in the consolidated balance sheets and are measured at fair value on a recurring basis. The Company is exposed to the impact of foreign currency exchange fluctuations as a significant proportion of our expenses are incurred within our UK subsidiary which is denominated in Great Britain Pounds Sterling (“GBP”), with the remaining portion denominated in U.S. dollars and a small amount in Euro’s (“EUR”). In addition to this we hold the majority of our cash in USD, with amounts also held in GBP and, to a much smaller amount, in EUR’s. The Company’s objective is to reduce the volatility associated with these foreign exchange rate changes to allow management to focus our attention on our core business strategy and objectives. Accordingly, during the three month period ended June 30, 2021 the Company entered into a target accrual redemption forward contract (“TARF”) agreement to sell USD and buy GBP across 25 defined monthly fixings, in order to fix the costs associated with the foreign currency exchange fluctuations associated with its GBP denominated expenses. These fixings allow for $250,000 to be converted to GBP at a fixed rate of $1.369 subject to the spot rate on the fixing date being above the fixed rate. Should the spot rate fall below the fixed rate on the scheduled fixing date, the Company is obligated to convert $500,000 to GBP at the fixed rate. The exchange rate range experienced by the company over the last 2 years for USD : GBP has seen a high of approximately $1.163 in March 2020 and a low of approximately $1.423 in June 2021. Cumulative profit on the sale of USD is capped at an aggregate of approximately $55,000 over the shorter of the life of the contract fixings or the utilization of the cap. At June 30, 2021, the Company held a forward contract to sell up to $ 12.5 63,068 The Company’s foreign currency forward contracts are measured at fair value on a recurring basis and are classified as Level 2 under our fair value of financial instruments policy, as set out in the March 31, 2021 Form 10-K. There have been no other material changes to our significant accounting policies from those detailed in the Company’s Annual Report on Form 10-K for the year ended March 31, 2021, as filed with the SEC on June 29, 2021.
Recently adopted accounting pronouncements	(c) Recently adopted 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. This Quarterly Report on Form 10-Q does not discuss recent pronouncements that are not anticipated to have a current and/or future impact on the Company, or are unrelated to the Company’s financial condition, results of operations, cash flows or disclosures.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Schedule of Related Party Transactions Three Months Ended June 30, 2021 (unaudited) ($) Three Months Ended June 30, 2020 (unaudited) ($) Year Ended March 31, 2021 ($) Amounts due to related parties at beginning of period 148,795 830,093 830,093 Amounts invoiced by Pharma to DDL, NDM and TCL (1) 597,594 298,999 2,441,108 Amounts invoiced by DDL to Pharma — — (17,213 ) Amounts paid by DDL to Pharma (856,904 ) (582,089 ) (3,209,084 ) Foreign exchange differences 2,727 (2,922 ) 103,891 Amounts due from / to related parties at end of period (107,788 ) 544,081 148,795 (1) These amounts are primarily incurred as a result of research and development expenses charged to the Company by Pharma.

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	3 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of long term debt	Schedule of long term debt Year Ending Notes Payable ($) 2022 11,142,795 2023 14,025,742 Total 25,168,537

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	3 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of earnings (loss) per share	Schedule of earnings (loss) per share Three months ended June 30, 2021 2020 ($) ($) Net loss attributable to common stockholders (3,343,725 ) (1,100,056 ) Weighted average basic and diluted shares outstanding 23,109,897 20,879,446 Basic and diluted loss per share: (0.14 ) (0.05 )

ORGANIZATION AND PRINCIPAL AC_2

ORGANIZATION AND PRINCIPAL ACTIVITIES (Details Narrative) - USD ($)	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
Accounting Policies [Abstract]
Accumulated deficit	$ 27,188,396	$ 23,844,671
Cash	$ 31,259,753	$ 31,865,371	$ 5,952,934	$ 106,107

BASIS OF PRESENTATION (Details

BASIS OF PRESENTATION (Details Narrative)	6 Months Ended
	Jun. 30, 2021USD ($)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Other comprehensive loss	$ 63,068
Forward Contracts [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Other comprehensive loss	$ 12,500,000

LICENSING AGREEMENTS (Details N

LICENSING AGREEMENTS (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Non-refundable, upfront cash payment	$ 1,380,000	$ 1,380,000	$ 1,000,000
Deferred revenue	115,000	$ 103,000
Income once delivery	$ 513,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)		3 Months Ended		12 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020
Related Party Transactions [Abstract]
Amounts due to related parties at beginning of period		$ 148,795	$ 830,093	$ 830,093
Amounts invoiced by Pharma to DDL, NDM and TCL (1)	[1]	597,594	298,999	2,441,108
Amounts invoiced by DDL to Pharma				(17,213)
Amounts paid by DDL to Pharma		(856,904)	(582,089)	(3,209,084)
Foreign exchange differences		2,727	(2,922)	103,891
Amounts due from / to related parties at end of period		$ (107,788)	$ 544,081	$ 148,795
[1]	These amounts are primarily incurred as a result of research and development expenses charged to the Company by Pharma.

NOTES PAYABLE (Details)

NOTES PAYABLE (Details)	Jun. 30, 2021USD ($)
Debt Disclosure [Abstract]
2022	$ 11,142,795
2023	14,025,742
Total	$ 25,168,537

NOTES PAYABLE (Details Narrativ

NOTES PAYABLE (Details Narrative) - USD ($)	Feb. 09, 2021	Apr. 08, 2019	Apr. 15, 2020	Jun. 30, 2021	Feb. 08, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Purchase Price		$ 100,000,000
Investor [Member]
Debt Instrument [Line Items]
Principal amount				$ 122,000		$ 21,000
Note Purchase Agreement [Member] | Investor [Member] | Secured Note [Member]
Debt Instrument [Line Items]
Principal amount			$ 6,015,000
Original issue discount			1,000,000
Amount paid in cash			1,000,000
Legal fees			15,000
Commission expense			325,000
Proceeds from note payable			$ 4,675,000
Monitoring fee, percentage			0.833%
Note Purchase Agreement [Member] | Investor [Member] | Investor Note 1 [Member]
Debt Instrument [Line Items]
Principal amount			$ 2,000,000
Note Purchase Agreement [Member] | Investor [Member] | Investor Note 2 [Member]
Debt Instrument [Line Items]
Principal amount			$ 2,000,000
Note Purchase Agreement 2 [Member] | Investor [Member] | Secured Note [Member]
Debt Instrument [Line Items]
Principal amount					$ 24,015,000
Original issue discount					$ 4,000,000
Commission expense	$ 1,200,000
Proceeds from note payable	$ 18,800,000
Monitoring fee, percentage	0.833%
Interest rate					16.70%
Purchase Price	$ 20,000,000

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Equity [Abstract]
Net loss attributable to common stockholders	$ (3,343,725)	$ (1,100,056)
Weighted average basic and diluted shares outstanding	23,109,897	20,879,446
Basic and diluted loss per share:	$ (0.14)	$ (0.05)

STOCKHOLDERS_ EQUITY (Details N

STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Dec. 18, 2018	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021
Class of Stock [Line Items]
Warrants exercised		366,892	393,352
Proceeds from warrants		$ 2,963,658	$ 4,097,083
Warrant Outstanding		$ 1,573,098	$ 147,637	$ 1,573,098
Warrants addtional funds			394,475
Warrants to purchase				$ 1,573,098
Common Stock [Member]
Class of Stock [Line Items]
Anti-dilutive common stock		1,147,637
Options Held [Member]
Class of Stock [Line Items]
Anti-dilutive common stock			9,710
Dawson James Securities Inc [Member] | Warrant [Member]
Class of Stock [Line Items]
Options issued to purchase units	9,710
Dawson James Securities Inc [Member] | Common Stock [Member]
Class of Stock [Line Items]
Options issued to purchase units	9,710
Distribution Agreement [Member]
Class of Stock [Line Items]
Number of common stock sold			37,933

OTHER ITEMS (Details Narrative)

OTHER ITEMS (Details Narrative) - USD ($)	Apr. 08, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jul. 23, 2021	Mar. 31, 2021
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Stock based compensation expense		$ 0	$ 59,000
Common stock par value		$ 0.001		$ 0.001		$ 0.001
Purchase Price	$ 100,000,000
Accretion expenses		$ 1,723,056	188,579	$ 20,000
A T M [Member]
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Accretion expenses				2,500
Subsequent Event [Member]
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Common stock par value					$ 0.001
Investor [Member]
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Principal amount		$ 122,000	$ 21,000	$ 122,000