Nascent Biotech (NBIO) 10-Q 13 Feb 15 2015 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Dec. 31, 2014	Feb. 13, 2015
Document And Entity Information
Entity Registrant Name	Nascent Biotech Inc.
Entity Central Index Key	1622057
Document Type	10-Q
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-28
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		17,309,600
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2015

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014	Mar. 31, 2014
Current assets
Cash and cash equivalents	$289,396	$113,832
Prepaid expenses	11,892	1,175
Total current assets	301,288	115,007
Total assets	301,288	115,007
Current liabilities
Accounts payable and accrued liabilities	413,660	88,571
Accounts payable to related parties	4,672	5,297
License agreement liability	1,461,317	1,471,317
Derivative Liability	6,333
Total current liabilities	1,885,982	1,565,185
Note payable	60,000
Total liabilities	1,945,982	1,565,185
Stockholder's deficit
Preferred stock, $0.001par value, 10,000,000 authorized, none issued and outstanding
Common stock, $0.001 par value,100,000,000 authorized, 17,309,600 and 7,000,200 issued and outstanding, respectively	17,309	7,000
Additional paid-in-capital	3,632,871	2,622,180
Accumulated deficit	-5,294,874	-4,079,358
Total stockholder's deficit	-1,644,694	-1,450,178
Total liabilities and stockholders' equity	$301,288	$115,007

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2014	Mar. 31, 2014
Stockholders' deficit
Preferred stock, par value	$0.00	$0.00
Preferred stock, authorized shares	10,000,000	10,000,000
Preferred stock, issued shares	0	0
Preferred stock, outstanding shares	0	0
Common stock, par value	$0.00	$0.00
Common stock, authorized shares	100,000,000	100,000,000
Common stock, issued shares	17,309,600	7,000,200
Common stock, outstanding shares	17,309,600	7,000,200

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Operating expenses:
Depreciation expense		$31		$1,090
General and administrative expense	104,632	52,503	239,682	165,844
Gain on settlement of accounts payable			-21,684
Research and development	549,915	12,900	991,245	33,104
Loss from operations	-654,547	-65,434	-1,209,243	-200,038
Other income (expense)
Interest income	58		69
Loss on change in fair value of derivative liability	-67		-5,115
Loss on extinguishment of related party liabilities		-1,334,508		-1,334,508
Interest expense	-794	-3,980	-1,227	-11,940
Total other income (expense)	-803	-1,338,488	-6,273	-1,346,448
Net loss	($655,350)	($1,403,922)	($1,215,516)	($1,546,486)
Net loss per share, basic and diluted	($0.04)	($0.52)	($0.09)	($0.58)
Weighted average number of shares outstanding, basic and diluted	16,779,546	2,687,500	12,863,668	2,687,500

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net loss	($1,215,516)	($1,546,486)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		1,090
Change in fair value of derivative liability	5,115
Derivative warrants issued for services	1,218
Loss on extinguishment of related party liabilities		1,334,508
Gain on settlement of accounts payable	-21,684
Changes in operating assets and liabilities:
Accounts payable and accrued expenses	387,773	-150,773
Accounts payable to related parties	-625	63,000
License agreement liability	-10,000	-471
Prepaid expenses	-10,717	3,148
Net cash used in operating activities	-864,436	-295,984
Cash flows from financing activities:
Advances from related parties		295,606
Proceeds from sale of common stock	1,040,000
Net cash provided by financing activities	1,040,000	295,606
Net increase (decrease) in cash	175,564	-378
Cash - beginning of year	113,832	378
Cash - end of year	289,396
SUPPLEMENT DISCLOSURES:
Interest paid
Income taxes paid
NON-CASH TRANSACTIONS
Common stock issued in reverse merger	19,000
Cancellation of common stock	15,000
Common stock issued for the settlement of liabilities		51,050
Common stock issued for the settlement of related party liabilities		$431,942

ORGANIZATION_AND_NATURE_OF_OPE

ORGANIZATION AND NATURE OF OPERATIONS	9 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
NOTE 1 - ORGANIZATION AND NATURE OF OPERATIONS	Nascent Biotech, Inc (“Biotech”) was incorporated on March 3, 2014 under the laws of the State of Nevada.
	On March 21, 2014 Biotech entered into a reverse merger with Nascent Biologics, Inc. exchanging shares on a one for one basis. Nascent Biologics, Inc. was incorporated under the laws of the State of Delaware on July 15, 2008. Biotech issued 3,000,000 shares of common stock for 100% of Nascent Biologics, Inc. common stock. Prior to the share exchange, Biotech had 1,000,200 common shares outstanding. Biotech had $92,415 of net assets at the date of merger. This has been accounted for as a reverse merger and recapitalization where Nascent Biologics is deemed the accounting acquirer.
	The net assets of Biotech consisted of the following as of the date of the merger:
	Cash	$	79,915
	Prepaid expenses		15,000
	Accounts payable to related party		(2,500	)
	Net assets	$	92,415
	On July 15, 2014 Biotech entered into a reverse merger with Jin-En Group International Holding Company (Jin-En). Jin-En issued 7,500,200 shares of its common stock for all the outstanding shares of Nascent Biotech, Inc. In addition, Jin-En cancelled 15,000,000 shares of its common stock. Prior to the merger Jin-En had 22,829,400 shares outstanding. Jin-En changed its name to Nascent Biotech, Inc. Jin-En had $19,000 of net liabilities at the date of the merger.
	The net liabilities of Jin-En consisted of the following as of the date of the merger:
	Receivable from Biotech	$	60,000
	Accounts payable		(19,000	)
	Note payable		(60,000	)
	Net liabilities	$	(19,000	)
	Nascent Biotech is engaged in the research and development of the antibodies for control of certain types of cancer in humans.

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
NOTE 2 - BASIS OF PRESENTATION	The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles. The Company has elected a fiscal year ending on March 31.
	The accompanying unaudited interim consolidated financial statements of the Company for the three and nine months ended December 31, 2014 and 2013 have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information in accordance with Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual report on Form 10 for the year ended March 31, 2014. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position and the results of operations for the interim periods presented herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for any subsequent quarters or for an entire year.
	Certain prior period amounts have been reclassified to conform to current period presentation.
	During the nine months ended December 31, 2014, an unrelated party forgave accounts payable of $21,684. The Company recorded this as a gain on settlement of accounts payable.

GOING_CONCERN

GOING CONCERN	9 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
NOTE 3 - GOING CONCERN	The Company’s consolidated financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company, as shown in the accompanying consolidated balance sheets, has a working capital deficit of $1,584,694 and an accumulated deficit of $5,294,874 as of December 31, 2014. The Company does not have a source of revenue to cover its operating costs. These factors raise substantial doubt about the company’s ability to continue as a going concern. The Company will engage in research and development activities that must be satisfied in cash secured through outside funding. The Company will offer noncash consideration and seek equity lines as a means of financing its operations. If the Company is unable to obtain revenue producing contracts or financing or if the revenue or financing it does obtain is insufficient to cover any operating losses it may incur, it may substantially curtail or terminate its operations or seek other business opportunities through strategic alliances, acquisitions or other arrangements that may dilute the interests of existing stockholders.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
NOTE 4 - RELATED PARTY TRANSACTIONS	As of March 31, 2014, the Company had accounts payable to officers and Directors of $5,297. As of December 31, 2014 the amount was $4,672. The amounts are unsecured, bear no interest and are due on demand. The amounts are owed for services provided and advances resulting from expenses paid on behalf of the Company. During the nine months ended December 31, 2014 and 2013, net advances from these related parties totaled $0 and $295,606, respectively.

LICENSE_LIABILITY

LICENSE LIABILITY	9 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
NOTE 5 - LICENSE LIABILITY	The Company holds a license from a third party for certain patents and related material related to Pritumumab. The license allows the Company to develop, manufacture and sell its product worldwide using the patents under the licenses agreement. The license was entered into by Nascent Biologics, Inc. in March 2009 granting rights to the development and certain patents. The license was granted for total consideration of $2,000,000, to be paid in six installment of $300,000 plus a final payment of $200,000 on January 1, 2016. In addition, the license provides the licensor with a royalty of 2% on the sales of the developed product, up to $10,000,000 in sales, and thereafter, a royalty of 1% for all sales over $10,000,000. Prior to the acquisition by the Company, Nascent Biologics allowed 10 patents to expire based on their assessment of the patents and their value relating to the Company’s development of its product. Nascent Biologics and the licensor amended the license agreement requiring payments of $333,000 per year from January 1, 2012 through January 1, 2015. Such payments were not made by Nascent Biologic or the Company after the acquisition of Nascent Biologic. Presently, the Company is paying the license holder $1,000 per month toward satisfaction of the consideration for the license agreement. As of December 31, 2014 and March 31, 2014, $1,461,317 and $1,471,317, respectively was accrued and unpaid under this license agreement. An additional payment of $333,000 will be accrued on January 1, 2015. During the nine months ended December 31, 2014 and 2013, the Company paid $10,000 and $471, respectively.
	The Company is delinquent on the payments of the license agreement and does not have a formal agreement with the license holder for future license payments except as spelled out in the amended license agreement. The Company and or the license holder may cancel the agreement with a 90 day notice. The Company continues to have favorable communications with the license holder and plans in the next 3 months to discuss amending the license agreement and its terms. To meet future payments as required and agreed upon, the Company will need to raise additional capital over the next year.
	The Company has determined the value of the license agreement has diminished materially due to the expiration of 10 of the patents and 2 year term on the remaining three. In addition, the Company research and development has advanced the development of the product requiring a new patent to cover its product. The new patent has been applied for by the Company.
	The future minimum payments due under this license agreement for the five years following 2014 are as follows:
	2015	$	1,794,317
	Thereafter	$	-

DERIVATIVE_LIABILITIES

DERIVATIVE LIABILITIES	9 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
NOTE 6 - DERIVATIVE LIABILITIES	On May 20, 2014 the Company granted 13,317 common stock warrants for services. The warrants vest immediately, are exercisable at $1.00 per share and expire on May 21, 2017. The Company determined that the warrants were not afforded equity classification because the warrants are not considered to be indexed to the Company’s own stock due to the anti-dilution provision. Accordingly, the warrants are treated as a derivative liability and are carried at fair value. The Company estimated the fair value of these derivative warrants at each balance sheet date and the changes in fair value are recognized in earnings in the statement of operations under the caption “loss on change in fair value of derivative liability” until such time as the derivative warrants are exercised or expire. The Company used the Black-Scholes Option Pricing model to estimate the fair value of the derivative liability as of the date of issuance and as of December 31, 2014 using the following key inputs: market price of the Company’s common stock $0.10 to $0.50 per share, volatility of 250% and discount rate of 0.13%. The fair value of the derivative liability was determined to be $1,218 on May 20, 2014 and $6,333 on December 31, 2014 which resulted in a loss on the change in fair value of derivative liability of $5,115.
	Fair Value of Financial Instruments
	The Company’s financial instruments consist of cash and cash equivalents, accounts payable and accrued expenses and shareholder loans. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.
	Financial assets and liabilities recorded at fair value in our condensed consolidated balance sheets are categorized based upon a fair value hierarchy established by GAAP, which prioritizes the inputs used to measure fair value into the following levels:
	Level 1— Quoted market prices in active markets for identical assets or liabilities at the measurement date.
	Level 2— Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable and can be corroborated by observable market data.
	Level 3— Inputs reflecting management’s best estimates and assumptions of what market participants would use in pricing assets or liabilities at the measurement date. The inputs are unobservable in the market and significant to the valuation of the instruments.
	A financial instrument's categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
	Financial assets and liabilities measured at fair value on a recurring basis are summarized below as of December 31, 2014 (there were none as of March 31, 2014 :
		Level 1		Level 2		Level 3		Total
	Assets
	None	$	-	$	-	$	-	$	-
	Liabilities
	Derivative liability	$	-	$	-	$	6,333	$	6,333
	The following table summarizes the change in the fair value of the derivative liability during the nine months ended December 31, 2014:
	Fair value as of March 31, 2014	$	-
	Additions		1,218
	Transfers in (out) of Level 3		-
	Change in fair value		5,115
	Fair value as of December 31, 2014	$	6,333

COMMON_STOCK

COMMON STOCK	9 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
NOTE 7 - COMMON STOCK	On May 20, 2014 the Company granted 13,317 common stock warrants for services. The warrants vest immediately, are exercisable at $1.00 per share and expire on May 21, 2017. The fair value of the warrants was determined to be $1,218 on May 20, 2014 (see Note 6).
	On July 15, 2014, the Company issued 22,829,400 common shares as part of a reverse merger valued at $19,000 which represents the net liabilities of Jin-En Group International Holding Company on the date of the share exchange (see Note 1).
	On July 15, 2014 the Company cancelled 15,000,000 shares of common stock.
	During the nine months ended December 31, 2014, the Company issued an aggregate of 2,480,000 common shares for cash proceeds of $1,040,000.

NOTES_PAYABLE

NOTES PAYABLE	9 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
NOTE 8 - NOTES PAYABLE	On May 5, 2014 the Jin-En issued a $60,000 unsecured convertible note bearing interest at 10% per annum. The Note is convertible into common stock of the Company at $0.01 per share and matures on May 5, 2019. As of December 31, 2014, the outstanding balance under the note was $60,000.

ORGANIZATION_AND_NATURE_OF_OPE1

ORGANIZATION AND NATURE OF OPERATIONS (Tables)	9 Months Ended
	Dec. 31, 2014
Organization And Nature Of Operations Tables
Net assets of Biotech	The net assets of Biotech consisted of the following as of the date of the merger:
	Cash	$	79,915
	Prepaid expenses		15,000
	Accounts payable to related party		(2,500	)
	Net assets	$	92,415
Net liabilities of Jin-En consisted	The net liabilities of Jin-En consisted of the following as of the date of the merger:
	Receivable from Biotech	$	60,000
	Accounts payable		(19,000	)
	Note payable		(60,000	)
	Net liabilities	$	(19,000	)

LICENSE_LIABILITY_Tables

LICENSE LIABILITY (Tables)	9 Months Ended
	Dec. 31, 2014
License Liability Tables
Schedule of Future Minimum Lease Payments	The future minimum payments due under this license agreement for the five years following 2014 are as follows:
	2015	$	1,794,317
	Thereafter	$	-

DERIVATIVE_LIABILITIES_Tables

DERIVATIVE LIABILITIES (Tables)	9 Months Ended
	Dec. 31, 2014
Derivative Liabilities Tables
Financial assets and liabilities measured at fair value on a recurring basis	Financial assets and liabilities measured at fair value on a recurring basis are summarized below as of December 31, 2014 (there were none as of March 31, 2014 :
		Level 1		Level 2		Level 3		Total
	Assets
	None	$	-	$	-	$	-	$	-
	Liabilities
	Derivative liability	$	-	$	-	$	6,333	$	6,3
Change in the fair value of the derivative liability	The following table summarizes the change in the fair value of the derivative liability during the nine months ended December 31, 2014:
	Fair value as of March 31, 2014	$	-
	Additions		1,218
	Transfers in (out) of Level 3		-
	Change in fair value		5,115
	Fair value as of December 31, 2014	$	6,333

ORGANIZATION_AND_NATURE_OF_OPE2

ORGANIZATION AND NATURE OF OPERATIONS (Details) (USD $)	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
Net assets of Biotech
Cash	$289,396	$113,832		$378
Prepaid expenses	11,892	1,175
Accounts payable to related party	4,672	5,297
Net assets	301,288	115,007
Biotech [Member]
Net assets of Biotech
Cash	79,915
Prepaid expenses	15,000
Accounts payable to related party	-2,500
Net assets	$92,415

ORGANIZATION_AND_NATURE_OF_OPE3

ORGANIZATION AND NATURE OF OPERATIONS (Details 1) (USD $)	Dec. 31, 2014	Mar. 31, 2014
Net liabilities of Jin-En
Accounts payable	$413,660	$88,571
Note payable	60,000
Net liabilities	1,945,982	1,565,185
Jin-En Group [Member]
Net liabilities of Jin-En
Receivable from Biotech	60,000
Accounts payable	-19,000
Note payable	-60,000
Net liabilities	($19,000)

BASIS_OF_PRESENTATION_Details_

BASIS OF PRESENTATION (Details Narrative) (USD $)	9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Basis Of Presentation Details Narrative
Gain on settlement of accounts payable	$21,684

GOING_CONCERN_Details_Narrativ

GOING CONCERN (Details Narrative) (USD $)	Dec. 31, 2014	Mar. 31, 2014
Going Concern Details Narrative
Working capital deficit	$1,584,694
Accumulated deficit	($5,294,874)	($4,079,358)

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details Narrative) (USD $)	9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2014
Related Party Transactions Details Narrative
Accounts payable to related parties	$4,672		$5,297
Advances from related parties		$295,606

LICENSE_LIABILITY_Details

LICENSE LIABILITY (Details) (USD $)	Dec. 31, 2014
License Liability Details
2015	$1,794,317
Thereafter

LICENSE_LIABILITY_Details_Narr

LICENSE LIABILITY (Details Narrative) (USD $)	9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2014
License Liability Details Narrative
License agreement liability accrued and unpaid	$1,461,317		$1,471,317
License agreement liability paid	$10,000	$471

DERIVATIVE_LIABILITIES_Details

DERIVATIVE LIABILITIES (Details) (USD $)	Dec. 31, 2014
Assets
None
Liabilities
Derivative liability	6,333
Level 1 [Member]
Assets
None
Liabilities
Derivative liability
Level 2 [Member]
Assets
None
Liabilities
Derivative liability
Level 3 [Member]
Assets
None
Liabilities
Derivative liability	$6,333

DERIVATIVE_LIABILITIES_Detail_

DERIVATIVE LIABILITIES (Detail 1) (USD $)	9 Months Ended
	Dec. 31, 2014
Derivative Liabilities Detail 1
Begnning Balance
Additions	1,218
Transfers in (out) of Level 3
Change in fair value	5,115
Ending Balance	$6,333

DERIVATIVE_LIABILITIES_Details1

DERIVATIVE LIABILITIES (Details Narrative) (USD $)	9 Months Ended
	Dec. 31, 2014	Mar. 31, 2014
Fair value of derivative liability	$6,333
Loss on fair value of derivative liability	$5,115
Minimum [Member]
Common stock per share	$0.10
Volatility	250.00%
Discount rate	0.13%
Maximum [Member]
Common stock per share	$0.50

COMMON_STOCK_Details_Narrative

COMMON STOCK (Details Narrative) (USD $)	9 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Common Stock Details Narrative
Company Issued Common Share	2,480,000
Proceeds from sale of common stock	$1,040,000

NOTES_PAYABLE_Details_Narrativ

NOTES PAYABLE (Details Narrative) (USD $)	Dec. 31, 2014	Mar. 31, 2014
Notes Payable Details Narrative
Notes Payable	$60,000