Nascent Biotech (NBIO) 10-Q 5 Nov 15 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2015	Nov. 05, 2015
Document And Entity Information
Entity Registrant Name	Nascent Biotech Inc.
Entity Central Index Key	1,622,057
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--03-31
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		21,038,902
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,016

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2015	Mar. 31, 2015
Current assets
Cash and cash equivalents	$ 42,410	$ 107,571
Prepaid expenses	1,566	2,066
Total current assets	43,976	109,637
Materials held for research and development with alternative future use	827,964	827,964
Total assets	871,940	937,601
Current liabilities
Accounts payable and accrued liabilities	$ 1,540,056	1,280,938
Accounts payable to related parties		4,672
License agreement liability	$ 33,000	1,792,650
Derivative Liability	3,236	6,330
Total current liabilities	$ 1,576,292	3,084,590
Convertible note payable		60,000
Total liabilities	$ 1,576,292	$ 3,144,590
Stockholders' deficit
Preferred stock, $0.001 par value, 10,000,000 authorized, none issued and outstanding
Common stock, $0.001 par value,100,000,000 authorized, 20,961,152 and 17,564,600 issued and outstanding, respectively	$ 20,961	$ 17,564
Additional paid-in-capital	8,571,216	4,006,934
Accumulated deficit	(9,296,529)	(6,231,487)
Total stockholders' deficit	(704,352)	(2,206,989)
Total liabilities and stockholder deficit	$ 871,940	$ 937,601

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2015	Mar. 31, 2015
Stockholders' deficit
Preferred stock, par value	$ 0.001	$ 0.001
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	$ 0.001	$ 0.001
Common stock, authorized shares	100,000,000	100,000,000
Common stock, issued shares	20,961,152	17,564,600
Common stock, outstanding shares	20,961,152	17,564,600

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Operating expenses:
General and administrative expense	$ 3,793,858	$ 51,710	$ 3,954,088	$ 113,355
Gain on settlement of license agreement liability	(1,573,650)		(1,573,650)
Research and development	27,371	$ 271,330	627,422	$ 441,330
Loss from operations	(2,247,579)	$ (323,040)	(3,007,860)	$ (554,685)
Other income (expense)
Interest income	1		1
Gain (loss) on change in fair value of derivative liability	15,483	$ (5,048)	3,094	$ (5,048)
Interest expense	(36,454)	(169)	(60,277)	(433)
Total other income (expense)	(20,970)	(5,217)	(57,182)	(5,481)
Net loss	$ (2,268,549)	$ (328,257)	$ (3,065,042)	$ (560,166)
Net loss per share, basic and diluted	$ (0.12)	$ (0.02)	$ (0.17)	$ (0.05)
Weighted average number of shares outstanding, basic and diluted	18,308,898	14,460,567	18,064,600	10,895,030

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net loss	$ (3,065,042)	$ (560,166)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of derivative liability	(3,094)	$ 5,048
Gain on settlement of license agreement liability	$ (1,573,650)
Derivative warrants issued		$ 1,218
Stock based compensation	$ 3,667,369
Option expense	105,310
Changes in operating assets and liabilities:
Accounts payable and accrued expenses	259,118	$ 80,750
Accounts payable to related parties	(4,672)	18,375
License agreement liability	(36,000)	(5,000)
Prepaid expenses	500	(11,000)
Net cash used in operating activities	(650,161)	$ (470,775)
Cash flows from financing activities:
Repayment of convertible note	(60,000)
Proceeds from sale of common stock and warrants	645,000	$ 422,500
Net cash provided by financing activities	585,000	422,500
Net decrease in cash	(65,161)	(48,275)
Cash - beginning of year	107,571	113,832
Cash - end of year	42,410	$ 65,557
SUPPLEMENT DISCLOSURES:
Interest paid	$ 8,550
Income taxes paid
NON-CASH TRANSACTIONS
Common stock issued for reverse merger		$ 19,000
Cancellation of common stock		$ 15,000
Common stock issued for settlement of license agreement liability	$ 150,000

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	6 Months Ended
	Sep. 30, 2015
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 ) Convertible note payable (60,000 ) Net liabilities $ (19,000 ) Nascent Biotech is engaged in the research and development of antibodies for control of certain types of cancer in humans.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Sep. 30, 2015
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 six months ended September 30, 2015 and 2014 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-K for the year ended March 31, 2015 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.

GOING CONCERN

GOING CONCERN	6 Months Ended
	Sep. 30, 2015
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 $1,523,316 as September 30, 2015 and has incurred net losses since inception. 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	6 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
NOTE 4 - RELATED PARTY TRANSACTIONS	On September 25, 2015, the Company paid an accounts payable of $4,672 to a former Officer and Director. As of September 30, 2015 the balance due was zero. On September 1, 2015 the Company entered into five year employment contracts with three of its officers and directors. Under the terms of the agreements the Company issued shares of common stock to the officers and directors equaling 11% of the outstanding shares of the Company as of the date of the contracts. As additional future shares are issued, the officers and directors are entitled to additional shares so their aggregate ownership percentage remains at 11% of the outstanding shares of the Company. The following table sets forth the shares earned under these contracts during the six months ended September 30, 2015: Officer and Director Initial Share Awards Under the Contracts Additional Shares Earned to Maintain Ownership Percentage Total Shares Earned President 1,028,910 17,250 1,046,160 Chief Financial Officer 617,346 10,350 627,696 Senior Vice President 617,346 10,350 627,696 Total 2,263,602 37,950 2,301,552 In addition, if the officers and directors are removed from the company they are entitled to receive a cash severance payment per annum for each year of the term of the contract less salary payments received to date of termination. The table below sets forth the annual salary and annual severance amounts per the contracts: Officer and Director Annual Salary Annual Severance per Contract if Terminated President $ 72,000 $ 250,000 Chief Financial Officer $ 60,000 $ 180,000 Senior Vice President $ 24,000 $ 140,000 Total $ 156,000 $ 570,000

LICENSE LIABILITY

LICENSE LIABILITY	6 Months Ended
	Sep. 30, 2015
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. On September 21, 2015 the Company and the licensor amended their agreement where the licensor received a $30,000 cash payment and will receive $1,000 per month for 28 months plus a $5,000 additional payment on the 28th month. In addition the licensor received 200,000 shares of the Company's common stock, plus will receive 1% of net sales of the Company's product up to $1,000,000 in royalties. The fair value of the stock issued was determined to be $150,000 and the transaction resulted in a remaining liability as of September 30, 2015 of $33,000 to be paid over 28 months and a gain on settlement of license agreement liability of $1,573,650.

DERIVATIVE LIABILITIES

DERIVATIVE LIABILITIES	6 Months Ended
	Sep. 30, 2015
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 September 30, 2015 using the following key inputs: market price of the Company's common stock $0.10 to $1.51 per share, volatility of 250% and discount rate of 0.13%. The fair value of the derivative liability was determined to be $6,330 as of March 31, 2015 and $3,236 as of September 30, 2015 which resulted in a gain on the change in fair value of derivative liability of $3,094 for the six months ended September 30, 2015. 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 September 30, 2015 and March 31, 2015: Level 1 Level 2 Level 3 Total As of September 30, 2015: Assets None $ - $ - $ - $ - Liabilities Derivative liability $ - $ - $ 3,236 $ 3,236 As of March 31, 2015: Assets None $ - $ - $ - $ - Liabilities Derivative liability $ - $ - $ 6,330 $ 6,330 The following table summarizes the change in the fair value of the derivative liability during the six months ended September 30, 2015: Fair value as of March 31, 2015 $ 6,330 Additions -- Transfers in (out) of Level 3 -- Change in fair value (3,094 ) Fair value as of September 30, 2015 $ 3,236

COMMON STOCK

COMMON STOCK	6 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
NOTE 7 - COMMON STOCK	During the six month period ended September 30, 2015 the Company issued 645,000 shares of common stock for $645,000 in cash. On September 21, 2015 the Company issued 200,000 shares of its common stock with a value of $150,000 as part of the settlement of the license agreement liability (see Note 5). The license agreement liability settled totaled $1,723,650 and the fair value of the stock was determined to be $150,000 resulting in a gain of $1,573,650. During the six months ended September 30, 2015 the Company issued an aggregate of 2,551,552 shares of common stock with a value of $3,667,369 for services and compensation.

CONVERTIBLE NOTES PAYABLE

CONVERTIBLE NOTES PAYABLE	6 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
NOTE 8 - CONVERTIBLE NOTES PAYABLE	On May 5, 2014 Jin-En issued a $60,000 unsecured convertible note bearing interest at 10% per annum. The note was convertible into common stock of the Company at $0.01 per share and matured on May 5, 2019. On September 15, 2015 the Company paid the debt holder in cash $68,550 which included a principal payment of $60,000 and accrued interest of $8,550. As of September 30, 2015 the balance due on the convertible note was zero.

OPTIONS

OPTIONS	6 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
NOTE 9 - OPTIONS	The Company under its 2015 option plan issues options to various officers, directors and consultants. The options vest in equal annual installments over a five year period with the first 20% vested when the options were granted. All of the options are exercisable at a purchase price based on the last trading price of the Company's common stock on the date of grant and have a term of 10 years. On January 27, 2015 the Company issued 355,000 options with an exercise prices between $0.35 and $0.50 per share to four officers and directors and two consultants of the Company. A volatility of 250%, market price of common stock of $1.25 and a discount rate of 1.81% were used in calculating the fair value of the options using the Black-Scholes Option Pricing Model. The fair value of the options was determined to be $443,069. The fair value is being recognized as stock-based compensation over the vesting period of the options. On April 1, 2015 the Company granted a consultant to the Company 30,000 options that are exercisable at $0.70 per share. A volatility of 250%, market price of common stock of $1.05 and a discount rate of 1.87% were used in calculating the fair value of the options using the Black-Scholes Option Pricing Model. The fair value of the options was determined to be $31,436. The fair value is being recognized as stock-based compensation over the vesting period of the options. During the six period ended September 30, 2015, the Company expensed $105,310 related to its option awards. The unrecognized future balance to be expensed over the remaining vesting term of the options is $249,878 as of September 30, 2015. The following sets forth the options granted and outstanding during the six months ended September 30, 2015: Weighted Weighted Average Average Remaining Number of Exercise Contract Options Intrinsic Options Price Life Exercisable Value Outstanding at March 31, 2015 355,000 $ 0.49 9.59 71,000 $ 72,610 Granted 30,000 0.70 9.51 6,000 4,860 Exercised -- -- -- -- -- Outstanding at September 30, 2015 385,000 $ 0.51 9.35 77,000 $ 77,470 The weighted average remaining life and intrinsic value of the options as of September 30, 2015 was 9.35 years and $77,470, respectively.

WARRANTS

WARRANTS	6 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
NOTE 10 - WARRANTS	On September 30, 2015 the Company issued 145,000 warrants to 6 shareholders along with 145,000 common shares for aggregate cash proceeds of $145,000. Each warrant is exercisable within two years of the issuance date into one share of the Company's common stock at $0.01 per share. As of September 30, 2015, none of these warrants have been exercised. These are the only warrants outstanding as of September 30, 2015. The weighted average remaining life and intrinsic value of the warrants as of September 30, 2015 was 1.97 years and $42,050, respectively.

MATERIALS HELD FOR RESEARCH AND

MATERIALS HELD FOR RESEARCH AND DEVELOPMENT WITH ALTERNATIVE FUTURE ALTERNATIVE USE	6 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
NOTE 11 - MATERIALS HELD FOR RESEARCH AND DEVELOPMENT WITH ALTERNATIVE FUTURE ALTERNATIVE USE	During the year ended March 31, 2015, the Company, through contract manufacturing incurred costs related to the production of 424 grams of Pritumumab, a human monoclonal antibody. The product is being produced for use in research and development. In addition to the use in the brain cancer clinical trials, the Company has also determined the Pritumumab can be used in its current state for pancreatic, breast and lung cancer trials, none of which have commenced. Due to the existence of these alternative future uses, the Company has capitalized the cost of these materials not expected to be used in the brain cancer trials. Of the 424 grams being produced, 110 grams is expected to be used in the brain cancer trials which have already been planned, but have not commenced. The cost of the 110 grams was expensed as research and development during the year ended March 31, 2015. The amount capitalized by the Company as of September 30, 2015 and March 31, 2015 is $827,964 associated with 313 grams. These capitalized costs will be expensed as research and development as the materials are consumed. As of September 30, 2015 and March 31, 2015, the production of the 424 grams was not yet complete. The Company will obtain ownership of the Pritumumab upon payment of all outstanding payables owed to the manufacturer. As of September 30, 2015, the Company had a payable balance of $1,197,936 owed to the manufacturer related to the production of the Pritumumab and other services provided. The Company made payment arrangements on the outstanding invoices with the manufacture but was unable to meet the terms of payment. The Company is in default on the payment of these outstanding invoices.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
NOTE 12 - SUBSEQUENT EVENTS	On October 23, 2015 the Company issued 50,000 shares of common stock and 50,000 warrants convertible at $0.01 per share into 50,000 shares of common stock for $50,000 in cash. On October 26, 2015 15,000 warrants were converted into 15,000 shares of common stock for $150 in cash. On November 4, 2015 the Company issued 10,000 shares of common stock with a value of $2,750 for service.

ORGANIZATION AND NATURE OF OP18

ORGANIZATION AND NATURE OF OPERATIONS (Tables)	6 Months Ended
	Sep. 30, 2015
Organization And Nature Of Operations Tables
Schedule of 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
Schedule of net liabilities of Jin-En	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 ) Convertible note payable (60,000 ) Net liabilities $ (19,000 )

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Sep. 30, 2015
Related Party Transactions Tables
Shares earned under contracts	The following table sets forth the shares earned under these contracts during the six months ended September 30, 2015: Officer and Director Initial Share Awards Under the Contracts Additional Shares Earned to Maintain Ownership Percentage Total Shares Earned President 1,028,910 17,250 1,046,160 Chief Financial Officer 617,346 10,350 627,696 Senior Vice President 617,346 10,350 627,696 Total 2,263,602 37,950 2,301,552
Annual salary and annual severance amounts per the contracts	The table below sets forth the annual salary and annual severance amounts per the contracts: Officer and Director Annual Salary Annual Severance per Contract if Terminated President $ 72,000 $ 250,000 Chief Financial Officer $ 60,000 $ 180,000 Senior Vice President $ 24,000 $ 140,000 Total $ 156,000 $ 570,000

DERIVATIVE LIABILITIES (Tables)

DERIVATIVE LIABILITIES (Tables)	6 Months Ended
	Sep. 30, 2015
Options Tables
Summery of financial assets and liabilities on recurring basis	Financial assets and liabilities measured at fair value on a recurring basis are summarized below as of September 30, 2015 and March 31, 2015: Level 1 Level 2 Level 3 Total As of September 30, 2015: Assets None $ - $ - $ - $ - Liabilities Derivative liability $ - $ - $ 3,236 $ 3,236 As of March 31, 2015: Assets None $ - $ - $ - $ - Liabilities Derivative liability $ - $ - $ 6,330 $ 6,330
summary of 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 six months ended September 30, 2015: Fair value as of March 31, 2015 $ 6,330 Additions -- Transfers in (out) of Level 3 -- Change in fair value (3,094 ) Fair value as of September 30, 2015 $ 3,236

OPTIONS (Tables)

OPTIONS (Tables)	6 Months Ended
	Sep. 30, 2015
Options Tables
Summery of options granted and outstanding	The following sets forth the options granted and outstanding during the six months ended September 30, 2015: Weighted Weighted Average Average Remaining Number of Exercise Contract Options Intrinsic Options Price Life Exercisable Value Outstanding at March 31, 2015 355,000 $ 0.49 9.59 71,000 $ 72,610 Granted 30,000 0.70 9.51 6,000 4,860 Exercised -- -- -- -- -- Outstanding at September 30, 2015 385,000 $ 0.51 9.35 77,000 $ 77,470

ORGANIZATION AND NATURE OF OP22

ORGANIZATION AND NATURE OF OPERATIONS (Details) - USD ($)	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Mar. 31, 2014
Net assets of Biotech
Cash	$ 42,410	$ 107,571	$ 65,557	$ 113,832
Prepaid expenses	$ 1,566	2,066
Accounts payable to related party		$ 4,672
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 OP23

ORGANIZATION AND NATURE OF OPERATIONS (Details 1) - USD ($)	Sep. 30, 2015	Mar. 31, 2015
Net liabilities of Jin-En
Net liabilities	$ 1,576,292	$ 3,144,590
Jin-En Group [Member]
Net liabilities of Jin-En
Receivable from Biotech	60,000
Accounts payable	(19,000)
Convertible note payable	(60,000)
Net liabilities	$ (19,000)

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative)	Sep. 30, 2015USD ($)
Going Concern Details Narrative
Working capital deficit	$ 1,523,316

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	6 Months Ended
	Sep. 30, 2015shares
Initial Share Awards Under the Contracts	2,263,602
Additional Shares Earned to Maintain Ownership Percentage	37,950
Total Shares Earned	2,301,552
President [Member]
Initial Share Awards Under the Contracts	1,028,910
Additional Shares Earned to Maintain Ownership Percentage	17,250
Total Shares Earned	1,046,160
Chief Financial Officer [Member]
Initial Share Awards Under the Contracts	617,346
Additional Shares Earned to Maintain Ownership Percentage	10,350
Total Shares Earned	627,696
Senior Vice President [Member]
Initial Share Awards Under the Contracts	617,346
Additional Shares Earned to Maintain Ownership Percentage	10,350
Total Shares Earned	627,696

RELATED PARTY TRANSACTIONS (D26

RELATED PARTY TRANSACTIONS (Details 1)	6 Months Ended
	Sep. 30, 2015USD ($)
Annual Salary	$ 156,000
Annual Severance per Contract if Terminated	570,000
President [Member]
Annual Salary	72,000
Annual Severance per Contract if Terminated	250,000
Chief Financial Officer [Member]
Annual Salary	60,000
Annual Severance per Contract if Terminated	180,000
Senior Vice President [Member]
Annual Salary	24,000
Annual Severance per Contract if Terminated	$ 140,000

RELATED PARTY TRANSACTIONS (D27

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Sep. 30, 2015	Mar. 31, 2015
Related Party Transactions Details Narrative
Accounts payable to related parties		$ 4,672

DERIVATIVE LIABILITIES (Details

DERIVATIVE LIABILITIES (Details) - USD ($)	Sep. 30, 2015	Mar. 31, 2015
Assets
None
Liabilities
Derivative liability	$ 3,236	$ 6,330
Fair Value, Inputs, Level 1 [Member]
Assets
None
Liabilities
Derivative liability
Fair Value, Inputs, Level 2 [Member]
Assets
None
Liabilities
Derivative liability
Fair Value, Inputs, Level 3 [Member]
Assets
None
Liabilities
Derivative liability	$ 3,236	$ 6,330

DERIVATIVE LIABILITIES (Detai29

DERIVATIVE LIABILITIES (Details 1)	6 Months Ended
	Sep. 30, 2015USD ($)
Derivative Liabilities Details 1
Fair value at beginning balance	$ 6,330
Additions
Transfers in (out) of Level 3
Change in fair value	$ (3,094)
Fair value at ending balance	$ 3,236

DERIVATIVE LIABILITIES (Detai30

DERIVATIVE LIABILITIES (Details Narrative) - USD ($)	6 Months Ended
	Sep. 30, 2015	Mar. 31, 2015
Derivative Liabilities Details Narrative
Derivative liability	$ 3,236	$ 6,330
Change in fair value	$ (3,094)

COMMON STOCK (Details Narrative

COMMON STOCK (Details Narrative) - USD ($)	6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Common Stock Details Narrative
Company issued common shares	645,000
Company issued common shares, amount	$ 645,000
Company issued common shares aggregate	2,551,552
Stock based compensation	$ 3,667,369

OPTIONS (Details)

OPTIONS (Details)	6 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares
Options Details
Outstanding option shares, Beginning	355,000
Option granted	30,000
Option exercised
Outstanding option shares, Ending	385,000
Weighted average exercise price, Beginning | $ / shares	$ 0.49
Granted | $ / shares	$ 0.70
Exercised | $ / shares
Weighted average exercise price, Ending | $ / shares	$ 0.51
Weighted average remaining contract life, Beginning	9 years 7 months 2 days
Weighted average remaining contract life, Granted	9 years 6 months 4 days
Weighted average remaining contract life, Ending	9 years 4 months 6 days
Number of options exercisable Beginning balance	71,000
Granted	6,000
Number of options exercisable ending balance	77,000
Intrinsic value, Beginning | $	$ 72,610
Intrinsic value, Granted | $ / shares	$ 4,860
Intrinsic value, Ending | $	$ 77,470

OPTIONS (Details Narrative)

OPTIONS (Details Narrative) - USD ($)	6 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Mar. 31, 2015
Options Details Narrative
Weighted average remaining contract life	9 years 4 months 6 days
Intrinsic value of options	$ 77,470		$ 72,610
Option expense	105,310
Options unrecognized future balance	$ 249,878

WARRANTS (Details Narrative)

WARRANTS (Details Narrative)	6 Months Ended
	Sep. 30, 2015USD ($)shares
Warrants Details Narrative
Company issued warrants, shares | shares	145,000
Company issued warrants, amount	$ 145,000
Weighted average remaining life of warrants	1 year 11 months 19 days
Intrinsic value of warrants	$ 42,050

MATERIALS HELD FOR RESEARCH A35

MATERIALS HELD FOR RESEARCH AND DEVELOPMENT WITH ALTERNATIVE FUTURE ALTERNATIVE USE (Details Narrative)	6 Months Ended
	Sep. 30, 2015USD ($)g
Materials Held For Research And Development With Alternative Future Alternative Use Details Narrative
Production of Pritumumab	424
Amount capitalized for development | $	$ 827,964
Amount capitalized for development and assicuated with quantity	313
Amount payable balance for production | $	$ 1,197,936