Nascent Biotech (NBIO) 10-Q 9 Aug 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2017	Aug. 09, 2017
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	Jun. 30, 2017
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		24,046,689
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,018

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2017	Mar. 31, 2017
Current assets:
Cash and cash equivalents	$ 154,938	$ 129,806
Total current assets	154,938	129,806
Materials held for research and development with alternative future use	769,954	769,954
Total assets	924,892	899,760
Current liabilities:
Accounts payable and accrued liabilities	208,702	151,653
License agreement liability	12,000	14,000
Derivate liability		346
Total current liabilities	220,702	165,999
Total liabilities	220,702	165,999
Stockholders’ equity:
Preferred stock, $0.001 par value, 10,000,000 authorized, none issued and outstanding
Common stock, $0.001 par value, 100,000,000 authorized, 24,046,689 and 23,292,298 issued and outstanding, respectively	24,046	23,292
Additional paid-in capital	10,221,618	9,953,759
Accumulated deficit	(9,541,474)	(9,243,290)
Total stockholders’ equity	704,190	733,761
Total liabilities and stockholder’ equity	$ 924,892	$ 899,760

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2017	Mar. 31, 2017
Stockholders' equity (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	24,046,689	23,292,298
Common stock, outstanding shares	24,046,689	23,292,298

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Consolidated Statements Of Operations
Revenue		$ 600,000
Operating expenses:
General and administrative expense	266,549	205,222
Gain on settlement of accounts payable		(335,000)
Research and development	32,000
Income (loss) from operations	(298,549)	729,778
Other income (expense):
Interest income	19	48
Gain on change in fair value of derivative liability	346	(2,725)
Interest expense		(54,129)
Total other income (expense)	365	(56,806)
Net income (loss) before income taxes	(298,184)	672,972
Net income (loss)	$ (298,184)	$ 672,972
Net income (loss) per share, basic	$ (0.01)	$ 0.03
Net income (loss) per share, diluted	$ (0.01)	$ 0.03
Weighted average number of shares outstanding, basic	23,808,750	21,646,840
Weighted average number of shares outstanding, diluted	23,808,750	22,200,157

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income (loss)	$ (298,184)	$ 672,972
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of derivative liability	(346)	2,725
Gain on settlement of accounts payable		(335,000)
Stock-based compensation	22,746	8,250
Option expense	12,653	37,339
Changes in operating assets and liabilities:
Accounts payable and accrued expenses	57,049	(293,594)
Accounts payable to related parties		3,180
License agreement liability	(2,000)	(4,000)
Deferred revenue		(600,000)
Net cash used in operating activities	(208,802)	(508,128)
Cash flows from financing activities:
Common stock issued for exercise of warrants	714
Proceeds from sale of common stock and warrants	232,500
Net cash provided by financing activities	233,214
Net increase (decrease) in cash	25,132	(508,128)
Cash - beginning of year	129,806	573,350
Cash - end of period	154,938	65,222
SUPPLEMENT DISCLOSURES:
Interest paid
Income taxes paid
NON-CASH TRANSACTIONS
Common stock issued for settlement of accounts payable		$ 75,000

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
NOTE 1 - ORGANIZATION AND NATURE OF OPERATIONS	Nascent Biotech, Inc. (“Nascent” or the “Company”) was incorporated on March 3, 2014 under the laws of the State of Nevada. The Company is actively developing its primary asset Pritumumab for the treatment of brain cancer and pancreatic cancer. Nascent is also actively researching other cancers that have a high probability of benefiting from the therapeutic effects of Pritumumab because they share a common target. Pritumumab has shown to be very effective at low doses in previous clinical studies in Japan. Nascent is a pre-clinical stage biopharmaceutical company that focuses on biologic drug candidates that are preparing for initial clinical testing for the treatment of brain and pancreatic cancer. On March 31, 2017 the Company filed its IND submission with the Federal Drug Administration (FDA) for clearance to begin Phase I clinical trials. The Company is in the process of responding to additional data requests from the FDA.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Jun. 30, 2017
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 months ended June 30, 2017 and 2016 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, 2017. 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.

GOING CONCERN

GOING CONCERN	3 Months Ended
	Jun. 30, 2017
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 negative working capital of $65,764 as June 30, 2017. The Company had incurred net losses since inception until the year ended March 31, 2017 in which the Company posted net income from a license sale to a pharmaceutical company in China. The Company has a source of revenue to cover its operating costs, however the source of revenue is not predictable and the Company will incur additional expenses in the future developing their product. These factors may 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. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
NOTE 4 - RELATED PARTY TRANSACTIONS	On September 1, 2015, the Company entered 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 as of June 30, 2017: Officer and Director Initial Share Awards Under the Contracts Additional Shares Earned to Maintain Ownership Percentage Total Shares Earned President 1,028,910 156,720 1,185,630 Chief Financial Officer 617,346 94,032 711,378 Executive Vice President 617,346 94,032 711,378 Total 2,263,602 344,784 2,608,386 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 Compensation Paid Annual Severance per Contract if Terminated President $ 126,000 $ 250,000 Chief Financial Officer $ 84,000 $ 180,000 Executive Vice President $ 48,000 $ 140,000 Total $ 258,000 $ 570,000 During the three months ended June 30, 2016 the Company issued 25,850 shares of common stock to three officers with a value of $9,994 for service. During the three month period ended June 30, 2016 the Company paid a related party and Chairman of the Scientific Board $15,000 in consulting fees. On July 22, 2016, the Company increased the base compensation for each officer by $2,000 per month as entitled by their compensation agreements. During the three month period ended June 30, 2017 the Company issued 75,820 shares of common stock to three officers of the Company with a value of $22,746 for service. During the three month period ended June 30, 2017 the Company paid a related party and Chairman of the Scientific Board $15,000 in consulting fees.

LICENSE LIABILITY

LICENSE LIABILITY	3 Months Ended
	Jun. 30, 2017
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 license agreement. The license was entered 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 installments 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 Biologics or the Company after the acquisition of Nascent Biologics. 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 gain on settlement of license agreement liability of $1,573,650. The remaining liability, as of June 30, 2017, of $12,000, will be paid over 6 months.

DERIVATIVE LIABILITIES

DERIVATIVE LIABILITIES	3 Months Ended
	Jun. 30, 2017
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, were exercisable at $1.00 per share and expired on May 21, 2017 without being exercised. 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 were 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 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 June 30, 2016, 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 0.57%. The fair value of the derivative liability was determined to be $346 as of March 31, 2017, and zero as of June 30, 2017, which resulted in a gain on the change in fair value of derivative liability of $346 for the three months ended June 30, 2017. 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 June 30, 2017, and March 31, 2017: Level 1 Level 2 Level 3 Total As of June 30, 2017: Assets None $ -- $ -- $ -- $ -- Liabilities Derivative liability $ -- $ -- $ -- $ -- As of March 31, 2017: Assets None $ -- $ -- $ -- $ -- Liabilities Derivative liability $ -- $ -- $ 346 $ 346 The following table summarizes the change in the fair value of the derivative liability during the nine months ended June 30, 2017: Fair value as of March 31, 2017 $ 346 Additions -- Transfers in (out) of Level 3 -- Change in fair value (346 ) Fair value as of June 30, 2017 $ --

COMMON STOCK

COMMON STOCK	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
NOTE 7 - COMMON STOCK	During the three months ended June 30, 2016 the Company issued 150,000 shares of common stock with a value of $75,000 for the settlement of $410,000 of accounts payable realizing a gain on settlement of accounts payable of $335,000. During the three months ended June 30, 2016 the Company issued 16,500 shares of common stock to three officers with a value of $8,250 for services. During April 2017 the Company issued 664,285 shares of common stock and 332,143 warrants to two individuals for cash of $232,500. On June 22, 2017 the Company issued 14,286 shares of common stock to one individual exercising 14,286 warrants for cash of $714. During the three months period ended June 30, 2017 the Company issued 75,820 shares of common stock to three officers of the Company with a value of $22,746 for service.

OPTIONS

OPTIONS	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
NOTE 8 - 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 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 $0.35 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 $31,456. The fair value is being recognized as stock-based compensation over the vesting period of the options. This award to a nonemployee is revalued at each reporting period until completion of services. On January 27, 2016, the Company granted a consultant to the Company 10,000 options that are exercisable at $0.50 per share. A volatility of 250%, market price of common stock of $0.14 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 $1,392 on the date of grant. The fair value is being recognized as stock-based compensation over the vesting period of the options. This award to a nonemployee is revalued at each reporting period until completion of services. On April 1, 2016, the Company issued 40,000 options to a consultant under the 2015 option program. The options are exercisable into the Company’s common stock at $0.30 per share, have term of 10 years and vest in 5 equal annual installments with the first installment vesting on the date of grant. This award to a nonemployee is revalued at each reporting period until completion of services. On April 1, 2016, the Company entered a consulting agreement under which the consultant was granted 30,000 options on April 1, 2016. In addition, the consultant will be entitled to additional option grants of 30,000 options on April 1, 2016 and 40,000 options on April 1, 2018. The options are exercisable into the Company’s common stock at $0.30 per share, have term of 10 years and vest in 5 equal annual installments with the first installment vesting on the date of grant. On July 20, 2016, the Company granted from the 2015 Option Program 300,000 options each to three officers and directors for a total of 900,000 options being granted. The options are exercisable into the Company’s common stock at an exercise price of $0.301 per share and were vested and expensed at the date of issuance. The fair value at date of granted was determined to be $484,205. During the three month period ended June 30, 2017, the Company expensed $12,653 related to its option awards. The unrecognized future balance to be expensed over the remaining vesting term of the options is $55,195 as of June 30, 2017. The following sets forth the options granted and outstanding during the three months ended June 30, 2017: Options Weighted Average Exercise Price Weighted Average Remaining Contract Life Number of Options Exercisable Intrinsic Value Outstanding at March 31, 2017 1,365,000 $ 0.35 8.88 1,163,000 $ 36,000 Granted -- -- -- -- -- Exercised -- -- -- -- -- Outstanding at June 30, 2017 1,365,000 $ 0.35 8.63 1,163,000 $ -- The weighted average remaining life and intrinsic value of the options as of June 30, 2017, was 8.63 years and zero, respectively

WARRANTS

WARRANTS	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
NOTE 9 - 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. On October 20, 2015, the Company issue 50,000 warrants along with 50,000 common shares to one individual for aggregate cash proceeds of $50,000. 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 June 30, 2017, 145,000 of these warrants have been exercised and 13,317 of the warrants expired leaving a balance of 50,000 warrants outstanding. During the year ended March 31, 2017 the Company issued 464,361 warrants to 10 shareholders along with 928,711 common shares for aggregate cash proceeds of $325,050. Each warrant is exercisable within one years of the issuance date into one share of the Company’s common stock at $0.05-0.10 per share. During the three month period ended June 30, 2017, the Company issued 332,143 warrants along with 664,285 shares of common stock to two individuals with an aggregate value of $232,500 for cash. Each warrant is exercisable within one years of the issuance date into one share of the Company’s common stock at $0.05 per share. As of June 30, 2017 one individual converted 14,286 warrants into 14,286 shares of common stock with a value of $714 in cash. As of June 30, 2017 the Company had outstanding warrants of 832,218. The weighted average remaining life and intrinsic value of the warrants as of June 30, 2017, was 0.68 years and $187,551, respectively. Weighted Weighted Average Average Remaining Exercise Contract Intrinsic Warrants Price Life Value Outstanding at March 31, 2017 527,678 $ 0.11 0.84 $ 128,661 Granted 332,143 0.05 0.85 -- Exercised (14,286 ) 0.05 -- -- Expired (13,317 ) 1.00 -- -- Outstanding at June 30, 2017 832,218 $ 0.07 0.68 $ 187,551

MATERIALS HELD FOR RESEARCH AND

MATERIALS HELD FOR RESEARCH AND DEVELOPMENT WITH ALTERNATIVE FUTURE ALTERNATIVE USE	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
NOTE 10 - 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 (bulk drug substance), 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 March 31, 2017 was $769,954 associated with 299 grams. These capitalized costs will be expensed as research and development as the materials are consumed. As of June 30, 2017, 125 grams of the 424 grams in bulk drug substance form have been filled into vials for use in clinical trials leaving 299 grams in bulk drug substance form for alternative future use.

LICENSE AGREEMENT

LICENSE AGREEMENT	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
NOTE 11 - LICENSE AGREEMENT	On June 13, 2016, the Company completed a license agreement with a company based in China to license the Company’s product for production and sales in China. Under the terms of the license agreement the initial payment of $600,000 was made by the licensee on March 30, 2016 to suspend negotiations with other license parties. The $600,000 payment was recorded in the prior year as deferred income. After it became nonrefundable when the license agreement was signed September 13, 2016 and the negotiation suspension period ceased, the Company recorded the revenue. On July 6, 2016, the Company received the balance of the license payment of $2,400,000 less taxes of 10% ($240,000). A payment of $5,000,000 less taxes of 10% will be received when the product is cleared by the China FDA for clinical trial and a payment of $8,000,000 less taxes of 10% upon approval for commercial use within the license territory. In addition, a royalty of 9% of net sales less taxes of 10% will be paid to the Company for a period of 20 years after approval for commercial use.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
NOTE 12 - COMMITMENTS AND CONTINGENCIES	On June 30, 2016, the Company entered a cell line sales agreement with the product manufacturer. Under the terms of the agreement the Company is obligated to make future payments based on the milestones of its achievements. These future payments may be as followed; 1. $100,000 upon the initiation (first dose/first patient) of the first Phase I clinical trial (or equivalent) of a Product; 2. $225,000 upon the initiation (first dose/first patient) of the first Phase III clinical trial (or equivalent) of a Product 3. $225,000 payable upon the first Biologics License Application approval (or equivalent) of a product. 4. Annual maintenance fee upon completion of phase I manufacturing or the transfer of the cell line from Catalent’s control of $50,000; 5. A contingent sales fee upon first commercial sale of a product of 1% of sales or $150,000 whichever is greater payable quarterly.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Jun. 30, 2017
Related Party Transactions Tables
Shares earned	Officer and Director Initial Share Awards Under the Contracts Additional Shares Earned to Maintain Ownership Percentage Total Shares Earned President 1,028,910 156,720 1,185,630 Chief Financial Officer 617,346 94,032 711,378 Executive Vice President 617,346 94,032 711,378 Total 2,263,602 344,784 2,608,386
Salary and severance	Officer and Director Annual Compensation Paid Annual Severance per Contract if Terminated President $ 126,000 $ 250,000 Chief Financial Officer $ 84,000 $ 180,000 Executive Vice President $ 48,000 $ 140,000 Total $ 258,000 $ 570,000

DERIVATIVE LIABILITIES (Tables)

DERIVATIVE LIABILITIES (Tables)	3 Months Ended
	Jun. 30, 2017
Derivative Liabilities Tables
Summary of financial assets and liabilities measured at fair value on a recurring basis	Level 1 Level 2 Level 3 Total As of June 30, 2017: Assets None $ -- $ -- $ -- $ -- Liabilities Derivative liability $ -- $ -- $ -- $ -- As of March 31, 2017: Assets None $ -- $ -- $ -- $ -- Liabilities Derivative liability $ -- $ -- $ 346 $ 346
Summary of change in the fair value of the derivative liabilities	Fair value as of March 31, 2017 $ 346 Additions -- Transfers in (out) of Level 3 -- Change in fair value (346 ) Fair value as of June 30, 2017 $ --

OPTIONS (Tables)

OPTIONS (Tables)	3 Months Ended
	Jun. 30, 2017
Derivative Liabilities Tables
Summary of options granted and outstanding	Options Weighted Average Exercise Price Weighted Average Remaining Contract Life Number of Options Exercisable Intrinsic Value Outstanding at March 31, 2017 1,365,000 $ 0.35 8.88 1,163,000 $ 36,000 Granted -- -- -- -- -- Exercised -- -- -- -- -- Outstanding at June 30, 2017 1,365,000 $ 0.35 8.63 1,163,000 $ --

WARRANTS (Tables)

WARRANTS (Tables)	3 Months Ended
	Jun. 30, 2017
Warrants Tables
Warrants exercised	Weighted Weighted Average Average Remaining Exercise Contract Intrinsic Warrants Price Life Value Outstanding at March 31, 2017 527,678 $ 0.11 0.84 $ 128,661 Granted 332,143 0.05 0.85 -- Exercised (14,286 ) 0.05 -- -- Expired (13,317 ) 1.00 -- -- Outstanding at June 30, 2017 832,218 $ 0.07 0.68 $ 187,551

ORGANIZATION AND NATURE OF OP22

ORGANIZATION AND NATURE OF OPERATIONS (Details Narrative)	3 Months Ended
	Jun. 30, 2017
Organization And Nature Of Operations Details Narrative
Date of Incorporation	Mar. 3, 2014
State of Incorporation	Nevada

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative)	Jun. 30, 2017USD ($)
Going Concern Details Narrative
Working capital deficit	$ (65,764)

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	3 Months Ended
	Jun. 30, 2017shares
Initial Share Awards Under the Contracts	2,263,602
Additional Shares Earned to Maintain Ownership Percentage	344,784
Total Shares Earned	2,608,386
President [Member]
Initial Share Awards Under the Contracts	1,028,910
Additional Shares Earned to Maintain Ownership Percentage	156,720
Total Shares Earned	1,185,630
Chief Financial Officer [Member]
Initial Share Awards Under the Contracts	617,346
Additional Shares Earned to Maintain Ownership Percentage	94,032
Total Shares Earned	711,378
Executive Vice President [Member]
Initial Share Awards Under the Contracts	617,346
Additional Shares Earned to Maintain Ownership Percentage	94,032
Total Shares Earned	711,378

RELATED PARTY TRANSACTIONS (D25

RELATED PARTY TRANSACTIONS (Details 1)	3 Months Ended
	Jun. 30, 2017USD ($)
Annual Compensation	$ 258,000
Annual Severance per Contract if Terminated	570,000
President [Member]
Annual Compensation	126,000
Annual Severance per Contract if Terminated	250,000
Chief Financial Officer [Member]
Annual Compensation	84,000
Annual Severance per Contract if Terminated	180,000
Executive Vice President [Member]
Annual Compensation	48,000
Annual Severance per Contract if Terminated	$ 140,000

RELATED PARTY TRANSACTIONS (D26

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
	Jul. 22, 2016	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
Common shares issued		24,046,689		23,292,298
Related party and Chairman of the Scientific Board [Member]
Consulting fees		$ 15,000	$ 15,000
Three Officers [Member]
Common shares issued		75,820	25,850
Common shares issued, value for services		$ 22,746	$ 9,994
Director [Member] | September 1, 2015 [Member]
Officers and directors employment agreement terms, description		the Company entered 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.
Three Officers [Member]
Increase monthly compensation	$ 2,000

LICENSE LIABILITY (Details Narr

LICENSE LIABILITY (Details Narrative)	1 Months Ended	3 Months Ended
	Sep. 21, 2015USD ($)Numbershares	Jun. 30, 2017USD ($)Number	Jun. 30, 2016USD ($)
License agreement liability accrued and unpaid		$ 12,000
Number of installments, remaining liability | Number	28	6
Total consideration for license granted		$ 2,000,000
Payment of installments		300,000
Monthly installment payment	$ 1,000
Final installment payment		$ 200,000
Royalty description		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.
License agreement payments		$ 333,000
Cash received	$ 30,000
Common stock, shares | shares	200,000
Percentage of net sales	1.00%
Common shares issued, amount	$ 150,000		$ 75,000
Gain on settlement of license agreement liability		$ 1,573,650	$ 335,000
Additional payment [Member]
Final installment payment	$ 5,000

DERIVATIVE LIABILITIES (Details

DERIVATIVE LIABILITIES (Details) - USD ($)	Jun. 30, 2017	Mar. 31, 2017
Fair value assets
Derivative assets
Fair value liabilities
Derivative liabilities		346
Fair Value, Inputs, Level 1 [Member]
Fair value assets
Derivative assets
Fair value liabilities
Derivative liabilities
Fair Value, Inputs, Level 2 [Member]
Fair value assets
Derivative assets
Fair value liabilities
Derivative liabilities
Fair Value, Inputs, Level 3 [Member]
Fair value assets
Derivative assets
Fair value liabilities
Derivative liabilities		$ 346

DERIVATIVE LIABILITIES (Detai29

DERIVATIVE LIABILITIES (Details 1)	3 Months Ended
	Jun. 30, 2017USD ($)
Derivative Liabilities Details 1
Begnning Balance	$ 346
Additions
Transfers in (out) of Level 3
Change in fair value	(346)
Ending Balance

DERIVATIVE LIABILITIES (Detai30

DERIVATIVE LIABILITIES (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	May 20, 2014
Common stock warrants granted for services				13,317
Share price	$ 1
Date expired	May 21, 2017
Fair value of derivative liability		$ 346
Volatility rate	250.00%
Discount rate	0.57%
Minimum [Member]
Price per share			$ 0.10
Maximum [Member]
Price per share			$ 1.51

COMMON STOCK (Details Narrative

COMMON STOCK (Details Narrative) - USD ($)	1 Months Ended			3 Months Ended
	Jun. 22, 2017	Apr. 30, 2017	Sep. 21, 2015	Jun. 30, 2017	Jun. 30, 2016
Common shares issued, shares					150,000
Common shares issued, amount			$ 150,000		$ 75,000
Settlement liability					410,000
Gain on settlement of license agreement liability				$ 1,573,650	335,000
Proceeds from sale of common stock				$ 232,500
Warrants exercised common stock, shares				145,000
Three Officers [Member]
Common shares issued, shares				75,820	16,500
Common shares issued, amount				$ 22,746	$ 8,250
Two Individuals [Member]
Common shares issued, shares		664,285
Common shares issued, amount		$ 232,500
Warrants granted, shares		332,143
One Individual [Member]
Common shares issued, shares	14,286
Warrants exercised common stock, shares	14,286
Warrants exercised common stock, amount	$ 714

OPTIONS (Details)

OPTIONS (Details)	3 Months Ended
	Jun. 30, 2017USD ($)$ / sharesshares
Option exercised	145,000
Option [Member]
Outstanding option shares, Beginning	1,365,000
Option granted
Option exercised
Outstanding option shares, Ending	1,365,000
Weighted average exercise price, Beginning | $ / shares	$ 0.35
Granted | $ / shares
Exercised | $ / shares
Weighted average exercise price, Ending | $ / shares	$ 0.35
Weighted average remaining contract life, Beginning	8 years 10 months 17 days
Weighted average remaining contract life, Ending	8 years 7 months 17 days
Number of options exercisable Beginning balance	1,163,000
Granted
Exercised
Number of options exercisable ending balance	1,163,000
Intrinsic value, Beginning | $	$ 36,000
Granted | $
Exercised | $
Intrinsic value, Ending | $

OPTIONS (Details Narrative)

OPTIONS (Details Narrative)	1 Months Ended			3 Months Ended
	Jul. 20, 2016USD ($)pure / Integer$ / sharesshares	Jan. 27, 2016USD ($)$ / sharesshares	Jan. 27, 2015USD ($)pure / Integer$ / sharesshares	Jun. 30, 2017USD ($)pure / Integer$ / sharesshares	Jun. 30, 2016USD ($)
Options vesting period				5 years
Vesting percentage at grant				20.00%
Common stock exercisable term				10 years
Option expense | $				$ 12,653	$ 37,339
Unrecognized future balance to be expensed | $				$ 55,195
Option 1 [Member]
Options issued | shares			355,000
Numbers of officers and directors issued options			4
Number of consultants issued options			2
Volatility percentage			250.00%
Market price of common stock			$ 1.25
Discount rate			1.81%
Fair value of option | $			$ 443,069
Option 2 [Member] | April 1, 2015 [Member]
Options issued | shares				30,000
Excercise price of options				$ 0.35
Volatility percentage				250.00%
Market price of common stock				$ 1.05
Discount rate				1.87%
Fair value of option | $				$ 31,456
Option 3 [Member]
Options issued | shares		10,000
Excercise price of options		$ 0.50
Volatility percentage		250.00%
Market price of common stock		$ 0.14
Discount rate		1.87%
Fair value of option | $		$ 1,392
Option 4 [Member] | April 1, 2016 [Member]
Common stock exercisable term				10 years
Options issued | shares				40,000
Excercise price of options				$ 0.30
Number of equal installments for vesting				5
Options granted | shares				30,000
Option 4 [Member] | April 1, 2017 [Member]
Options granted | shares				30,000
Option 4 [Member] | April 1, 2018 [Member]
Common stock exercisable term				10 years
Excercise price of options				$ 0.30
Number of equal installments for vesting				5
Options granted | shares				40,000
Option 5 [Member]
Options issued | shares	300,000
Excercise price of options	$ 0.301
Numbers of officers and directors issued options	3
Fair value of option | $	$ 484,205
Options granted | shares	900,000
Minimum [Member]
Excercise price of options			$ 0.35
Maximum [Member]
Excercise price of options			$ 0.50

WARRANTS (Details)

WARRANTS (Details) - USD ($)	1 Months Ended	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2017
Warrants exercised, shares		145,000
Warrants expired, shares	(13,317)
Warrant [Member]
Outstanding option shares, Beginning		527,678
Warrants granted, shares		332,143
Warrants exercised, shares		(14,286)
Warrants expired, shares		(13,317)
Outstanding option shares, Ending	832,218	832,218
Weighted average exercise price, Beginning		$ 0.11
Granted		0.05
Exercised		0.05
Expired		1
Weighted average exercise price, Ending	$ 0.07	$ 0.07
Weighted average remaining contract life, Beginning		10 months 8 days
Weighted average, granted		10 months 2 days
Weighted average remaining contract life, Ending		8 months 16 days
Intrinsic value, Beginning		$ 128,661
Intrinsic value granted
Intrinsic value exercised
Intrinsic value expired
Intrinsic value, Ending	$ 187,551	$ 187,551

WARRANTS (Details Narrative)

WARRANTS (Details Narrative)	1 Months Ended			3 Months Ended	12 Months Ended
	Jun. 30, 2017USD ($)shares	Oct. 20, 2015USD ($)$ / sharesshares	Sep. 30, 2015USD ($)pure / Integershares	Jun. 30, 2017USD ($)$ / sharesshares	Mar. 31, 2017USD ($)pure / Integer$ / sharesshares
Company issued warrants, shares			145,000	332,143	464,361
Number of shareholders issued warrants			6		10
Common shares issued for cash, shares			145,000		928,711
Common shares issued for cash, amount | $			$ 145,000		$ 325,050
Warrants excisable period					1 year
Warrants expired, shares	13,317
Company issued warrants, amount | $					$ 527,678
Warrants initially issued					63,317
Company issued warrants outstanding	50,000			50,000
Warrants exercised common stock, shares				145,000
Two Individuals [Member]
Company issued warrants, shares				664,285
Warrants issued per share | $ / shares				$ .05
Company issued warrants, amount | $				$ 232,500
One Individual [Member]
Company issued warrants, shares	14,286
Company issued warrants outstanding	832,218			832,218
Warrants exercised common stock, shares	14,286
Warrants exercised common stock, amount | $	$ 714
Minimum [Member]
Warrants issued per share | $ / shares					$ 0.05
Maximum [Member]
Warrants issued per share | $ / shares					$ 0.10
Warrant [Member]
Company issued warrants, shares		50,000
Common shares issued for cash, shares		50,000
Common shares issued for cash, amount | $		$ 50,000
Warrants excisable period		2 years
Warrants issued per share | $ / shares		$ 0.01
Warrants expired, shares				13,317
Warrants exercised common stock, shares				(14,286)

MATERIALS HELD FOR RESEARCH A36

MATERIALS HELD FOR RESEARCH AND DEVELOPMENT WITH ALTERNATIVE FUTURE ALTERNATIVE USE (Details Narrative)	12 Months Ended
	Mar. 31, 2015kg / g	Jun. 30, 2017kg / g	Mar. 31, 2017USD ($)
Materials Held For Research And Development With Alternative Future Alternative Use Details Narrative
Amount capitalized for development | $			$ 769,954
Production of Pritumumab bulk drug substance	424
Expected grams of Pritumumab to be used in the brain cancer trials	110
Pritumumab filled into vials		125
Remaining grams of Pritumumab for alternative future use		299

LICENSE AGREEMENT (Details Narr

LICENSE AGREEMENT (Details Narrative) - USD ($)	Jun. 13, 2016	Jul. 06, 2016	Mar. 30, 2016
Deferred revenue			$ 600,000
Description of royalty percentage	In addition, a royalty of 9% of net sales less taxes of 10% will be paid to the Company for a period of 20 years after approval for commercial use.
Transaction One [Member]
Initial payment	$ 600,000
Transaction Two [Member]
Initial payment		$ 2,400,000
Tax rate		10.00%
Transaction Three [Member]
Initial payment	$ 5,000,000
Tax rate	10.00%
Transaction Four [Member]
Initial payment	$ 8,000,000
Tax rate	10.00%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Contingent sales fee description	First commercial sale of a product of 1% of sales or $150,000 whichever is greater payable quarterly.
first Phase I clinical trial [Member]
Future payments		$ 100,000
Annual maintenance fee		50,000
first Phase III clinical trial [Member]
Future payments		225,000
first Biologics License [Member]
Future payments		$ 225,000