Document and Entity Information
Document and Entity Information | 3 Months Ended |
Jun. 30, 2019 | |
Document And Entity Information | |
Entity Registrant Name | Nascent Biotech Inc. |
Entity Central Index Key | 0001622057 |
Document Type | S-1/A |
Amendment Flag | true |
Amendment Description | Amendment |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Filer Category | Non-accelerated Filer |
Entity Ex Transition Period | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Current assets: | |||
Cash | $ 5,378 | $ 131,472 | $ 116,994 |
Total current assets | 5,378 | 131,472 | 116,994 |
Total assets | 5,378 | 131,472 | 116,994 |
Current liabilities: | |||
Accounts payable and accrued expense | 525,636 | 203,373 | |
Due related parties | 19,594 | 88,000 | |
Total current liabilities | 625,938 | 613,636 | 203,373 |
Total liabilities | 625,938 | 613,636 | 203,373 |
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, 32,646,635 and 27,753,365 issued and outstanding, respectively | 33,496 | 32,647 | 27,754 |
Additional paid-in capital | 12,453,178 | 12,318,685 | 11,350,456 |
Accumulated deficit | (13,107,234) | (12,833,496) | (11,464,589) |
Total stockholders? equity (deficit) | (620,560) | (482,164) | (86,379) |
Total liabilities and stockholders? equity | 5,378 | 131,472 | $ 116,994 |
Accounts payable and accrued liabilities | $ 606,344 | $ 525,636 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Stockholders' deficit: | |||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, authorized shares | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, issued shares | 0 | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, authorized shares | 100,000,000 | 100,000,000 | 100,000,000 |
Common stock, issued shares | 33,495,470 | 32,646,635 | 27,753,365 |
Common stock, outstanding shares | 33,495,470 | 32,646,635 | 27,753,365 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||
Revenue | ||||
Operating expenses: | ||||
General and administrative expense | $ 244,951 | $ 327,788 | 1,114,942 | 1,027,141 |
Research and development | 28,792 | 111,939 | 254,006 | 1,194,629 |
Income (loss) from operations | (273,743) | (439,727) | (1,368,948) | (2,221,770) |
Other income (expense): | ||||
Interest income | 5 | 8 | 41 | 125 |
Gain on change in fair value of derivative liabilities | 346 | |||
Total other expense | 41 | 471 | ||
Net income (loss) before income tax | (1,368,907) | (2,221,299) | ||
Income tax | ||||
Net income (loss) | $ (273,738) | $ (439,719) | $ (1,368,907) | $ (2,221,299) |
Net income (loss) per share, basic and diluted | $ (0.01) | $ (0.02) | $ (0.05) | $ (0.09) |
Weighted average number of shares outstanding, basic and diluted | 32,855,287 | 28,164,587 | 30,090,416 | 25,883,774 |
Other income (expense): | ||||
Total other income (expense) | $ 5 | $ 8 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (DEFICIT) - USD ($) | Total | Jin-En Group International Holding Company [Member] | Common Stock | Accumulated Deficit | Additional Paid-In Capital |
Beginning balance, shares at Mar. 31, 2017 | 23,292,298 | 654 | |||
Beginning balance, amount at Mar. 31, 2017 | $ 733,761 | $ 23,292 | $ (9,243,290) | ||
Common stock and warrants issued for cash, shares | 3,331,598 | ||||
Common stock and warrants issued for cash, amount | 1,166,063 | $ 3,332 | $ 1,162,731 | ||
Common stock issued to related parties for service, shares | 570,108 | ||||
Common stock issued to related parties for service, amount | 142,115 | $ 570 | 141,545 | ||
Common stock issued for warrant exercise, shares | 514,361 | ||||
Common stock issued for warrant exercise, amount | 45,506 | $ 515 | 44,991 | ||
Common stock issued for service, shares | 45,000 | ||||
Common stock issued for service, amount | 7,320 | $ 45 | 7,275 | ||
Net loss | (2,221,299) | (2,221,299) | |||
Option expense | 40,155 | 40,155 | |||
Ending balance, shares at Mar. 31, 2018 | 27,753,365 | ||||
Ending balance, amount at Mar. 31, 2018 | (86,379) | $ 27,754 | (11,464,589) | 11,350,456 | |
Common stock issued for service, amount | 27,500 | ||||
Net loss | (439,719) | ||||
Ending balance, amount at Jun. 30, 2018 | (332,068) | ||||
Beginning balance, shares at Mar. 31, 2018 | 27,753,365 | ||||
Beginning balance, amount at Mar. 31, 2018 | (86,379) | $ 27,754 | (11,464,589) | 11,350,456 | |
Common stock issued for cash, shares | 2,277,142 | ||||
Common stock issued for cash, amount | 643,000 | $ 2,277 | 640,723 | ||
Common stock issued to related parties for service, shares | 600,418 | ||||
Common stock issued to related parties for service, amount | 130,536 | $ 600 | 129,936 | ||
Common stock issued for warrant exercise, shares | 1,665,710 | ||||
Common stock issued for warrant exercise, amount | 83,286 | $ 1,666 | 81,620 | ||
Common stock issued for service, shares | 350,000 | ||||
Common stock issued for service, amount | 77,550 | $ 350 | 77,550 | ||
Net loss | (1,368,907) | (1,368,907) | |||
Option expense | 38,400 | 38,400 | |||
Ending balance, shares at Mar. 31, 2019 | 32,646,635 | ||||
Ending balance, amount at Mar. 31, 2019 | (482,164) | $ 32,647 | (12,833,496) | 12,318,685 | |
Common stock issued for service, amount | 9,550 | ||||
Net loss | (273,738) | $ (273,738) | $ (273,738) | ||
Ending balance, shares at Jun. 30, 2019 | (620,560) | 33,496 | (13,107,234) | 12,453,178 | |
Ending balance, amount at Jun. 30, 2019 | $ (620,560) | $ 33,495,470 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||||
Net income (loss) | $ (273,738) | $ (439,719) | $ (1,368,907) | $ (2,221,299) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Stock-based compensation | 35,271 | 71,394 | 208,436 | 149,435 |
Option expense | 9,600 | 38,400 | 40,155 | |
Change in fair value of derivative liabilities | (346) | |||
Changes in operating assets and liabilities: | ||||
Material held for research and development with alternative future use | 769,954 | |||
Accounts payable and accrued expenses | 80,708 | 155,836 | 322,263 | 51,720 |
License agreement liability | (14,000) | |||
Due to related parties | 30,594 | 22,000 | 88,000 | |
Net cash used in operating activities | (127,165) | (180,889) | (711,808) | (1,224,381) |
Cash flows from financing activities: | ||||
Proceeds from sale of common stock and warrants | 95,000 | 643,000 | 1,166,063 | |
Common stock issued for warrants exercised | 1,071 | 18,036 | 83,286 | 45,506 |
Net cash provided by financing activities | 1,071 | 113,036 | 726,286 | 1,211,569 |
Net increase (decrease) in cash | (126,094) | (67,853) | 14,478 | (12,812) |
Cash ? beginning of year | 131,472 | 116,994 | 116,994 | 129,806 |
SUPPLEMENT DISCLOSURES: | ||||
Interest paid | ||||
Income taxes paid | ||||
Income taxes paid | ||||
Non Cash Transactions | ||||
Common stock issued for accrued expenses- related party | $ 99,000 |
ORGANIZATION AND NATURE OF OPER
ORGANIZATION AND NATURE OF OPERATIONS | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
ORGANIZATION AND NATURE OF OPERATIONS | ||
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. On December 7, 2018 the Company received a letter from the FDA allowing it to use a specific lot of drug substance to begin phase 1 clinical trials. The FDA also requested additional data to remove the partial clinical hold. The Company is responding to additional data requests from the FDA requiring additional testing of the product and additional materials to answer specific questions from the FDA. The Company is negotiating with a clinical cancer center to begin clinical trials on brain cancer patients this fall. | Nascent Biotech, Inc (“Nascent “the Company”) was incorporated on March 3, 2014 under the laws of the State of Nevada. 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 (60,000 ) Net liabilities $ (19,000 ) 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 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. The Company plans to open Phase 1 clinical studies during the third quarter of the calendar year. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Jun. 30, 2019 | |
BASIS OF PRESENTATION | |
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, 2019 and 2018 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, 2019. 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. Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases. The main provisions of ASU No. 2016-02 require management to recognize lease assets and lease liabilities for all leases. ASU 2016-02 retains a distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous release’s guidance. The result of retaining a distinction between finance leases and operating leases is that under the lessee accounting model, the effect of leases in the statement of comprehensive income and the statement of cash flows is largely unchanged from previous U.S. GAAP. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements and related disclosures. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2019 | |
ORGANIZATION AND NATURE OF OPERATIONS | |
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES | 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. Principles of Consolidation The accompanying consolidated financial statements include the accounts of Nascent Biotech, Inc. and its wholly-owned subsidiary Nascent Biologics, Inc. All intercompany accounts and transactions have been eliminated. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company as of March31, 2019 did not have any cash equivalents. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Stock-Based Compensation The Company accounts for stock-based compensation to employees and consultants in accordance with FASB ASC 718. Stock-based compensation to employees is measured at the grant date, based on the fair value of the award, and is recognized as expense over the requisite employee service period. The Company accounts for stock-based compensation to other than employees in accordance with FASB ASC 505-50. Equity instruments issued to other than employees are valued at the earlier of a commitment date or upon completion of the services, based on the fair value of the equity instruments and is recognized as expense over the service period. The Company estimates the fair value of stock-based payments using the Black Scholes option-pricing model for common stock options and warrants and the closing price of the Company’s common stock for common share issuances. Research and Development Expense Research and development costs are expensed in the period they are incurred in accordance with ASC 730, Research and Development unless they meet specific criteria related to technical, market and financial feasibility, as determined by management, including but not limited to the establishment of a clearly defined future alternative use for the product, and the availability of adequate resources to complete the project. If all criteria are met, the costs are deferred and amortized over the expected useful life of the project, or expensed as research and development as the material are consumed, or written off if a product is abandoned. At March 31, 2019 and 2018, the Company had zero capitalized associated with materials held with a future alternative use. The cost of these materials is to be expensed as research and development as the materials are consumed or designated for usage. As the Company is preparing to begin clinical studies using a dose escalation method, it is not feasible to determine if the additional product will be needed for the brain cancer studies. The Company expensed the balance of the product in inventory on March 31, 2018. As of March 31, 2019 the Company no inventory value on the balance sheet. Materials Held for Research and Development with Future Alternative Use The Company has incurred costs related to the production of 424 grams of Pritumumab a human mono-clinical antibody. Of the 424 grams, the materials designated for use in the brain cancer clinical trials have been expensed as of March 31, 2017 as research and development. The Company has determined the Pritumumab can be used in its current state in pancreatic, breast and lung cancer trials, none of which have commenced. Under the guidelines of ASC 730-10-25-2, Research and Development Property and Equipment Property and equipment is recorded at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the expected useful life of the asset (3 to 5 years), beginning when the asset is available and ready for use. Expenditures associated with upgrades and enhancements that improve, add functionality, or otherwise extend the life of property and equipment are capitalized, while expenditures that do not, such as repairs and maintenance, are expensed as incurred. For the years ended March 31, 2019 and 2018, depreciation expense totaled zero, respectively. Impairment of Long-Lived Assets The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical-cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the asset by comparing the undiscounted future net cash flows expected to result from the asset to its carrying value. If the carrying value exceeds the undiscounted future net cash flows of the asset, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived asset. Fair value is estimated based upon either discounted cash flow analysis or estimated salvage value. There was no impairment recognized during the years ended March 31, 2019 and 2018. Income Taxes Deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. The Company accounts for income taxes under the provisions of FASB ASC 740, Accounting for Income Taxes Basic and Diluted Net Income (Loss) per Share Basic net income (loss) per share calculations are calculated on the basis of the weighted average number of common shares outstanding during the year. During the year ended March 31, 2019 the Company had a net loss so the options and warrants outstanding were not part the loss per share calculation as they would be antidilutive. Diluted income (loss) per share calculations includes the dilutive effect of warrants and options on the weighted average of the per share calculation. 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. 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 “gain (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 March 31, 2017 using the following key inputs: market price of the Company’s common stock $0.10 to $1.51 per share in 2016 and $0.40 in 2017, volatility of 250% and discount rate of 0.13%. The fair value of the derivative liability was determined to be zero as of March 31, 2018 and due to the expiration of the warrants the ending balance of the derivative liability was zero as of March 31, 2018 and 2019. The following table summarizes the change in the fair value of the derivative liabilities during the years ended March 31, 2019 and 2018: Fair value as of March 31, 2017 346 Additions at fair value -- Transfers in (out) of Level 3 -- Change in fair value (346 ) Fair value as of March 31, 2018 $ -- Additions at fair value -- Transfers in (out) of Level 3 -- Change in fair value -- Fair value as of March 31, 2019 $ -- Recent Accounting Pronouncements Stock-Based Compensation The Company accounts for stock-based compensation to employees and consultants in accordance with FASB ASC 718. Stock-based compensation to employees is measured at the grant date, based on the fair value of the award, and is recognized as expense over the requisite employee service period. The Company accounts for stock-based compensation to other than employees in accordance with FASB ASC 505-50. Equity instruments issued to other than employees are valued at the earlier of a commitment date or upon completion of the services, based on the fair value of the equity instruments and is recognized as expense over the service period. The Company estimates the fair value of stock-based payments using the Black Scholes option-pricing model for common stock options and warrants and the closing price of the Company’s common stock for common share issuances. |
GOING CONCERN
GOING CONCERN | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
ORGANIZATION AND NATURE OF OPERATIONS | ||
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 has a working capital deficit and has incurred losses from operations. The Company has no revenue to cover its operating costs and the Company will incur additional expenses in the future developing their product. These factors raise substantial doubt about the company’s ability to continue as a going concern. The Company engages in research and development activities that must be satisfied in cash secured through outside funding. The Company may 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. | 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 working capital deficit of $482,164 and an accumulated deficit of $12,833,496 as of March 31, 2019. 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 | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
ORGANIZATION AND NATURE OF OPERATIONS | ||
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, 2019: Officer and Director Initial Share Awards Under the Contracts Additional Shares Earned to Maintain Ownership Percentage Total Shares Earned President 1,028,910 668,976 1,697,886 Chief Financial Officer 617,346 404,193 1,021,539 Executive Vice President 617,346 404,193 1,021,539 Total 2,263,602 1,477,362 3,740,964 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 Fiscal Year Annualized Compensation Being Paid Annual Severance per Contract if Terminated President $ 186,000 $ 250,000 Chief Financial Officer $ 132,000 $ 180,000 Executive Vice President $ 84,000 $ 140,000 Total $ 402,000 $ 570,000 During the three month period ended June 30, 2018 the Company issued 87,788 shares of common stock to three officers of the Company with a value of $43,895 for service. On June 5, 2019, two officers and directors of the Company converted $99,000 of accrued fees into 639,536 shares of common stock at $0.1548 per share. On June 28, 2019 the Company issued 137,872 shares of common stock to three officers and a director for service with a value of $25,721 During the three month period ended June 30, 2019 the Company paid a related party (officer and director) $6,000 of consulting fees in cash and accrued $15,000 of the consulting fees for a total of $21,000. During the three months period ended June 30, 2019, Company paid a related party and Chairman of the Scientific Board $4,000 of consulting fees in cash and accrued $2,000 of the fees with a total outstanding accrual of $9,000. During the same period in 2018, Company paid a related party and Chairman of the Scientific Board $9,000 in consulting fees and accrued $6,000 of the fees. As of June 30, 2019 the Company accrued $14,000 of compensation earned but not paid and $5,594 in expenses due to related parties. | 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 from inception through year ended March 31, 2019: Officer and Director Initial Share Awards Under the Contracts Additional Shares Earned to Maintain Ownership Percentage Total Shares Earned President 1,028,910 629,034 1,657,944 Chief Financial Officer 617,346 380,228 997,574 Executive Vice President 617,346 380,228 997,574 Total 2,263,602 1,389,668 3,653,092 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 for Fiscal Year Annual Severance per Contract if Terminated President $ 186,000 $ 250,000 Chief Financial Officer (1) $ 132,000 $ 180,000 Executive Vice President(2) $ 84,000 $ 140,000 Total $ 402,000 $ 570,000 _______ (1) The Chief Financial Officers was paid $101,000 in cash and accrued $31,000 in fees (2) The Executive Vice President was paid $34,000 in cash and accrued $50,000 in fees During the year ended March 31, 2018, the Company issued 520,108 shares of common stock to three officers with a fair value of $131,115 for services and compensation. During the years ended March 31, 2019, the Company paid a consultant and former officer of the Company $23,000 and accrued $7,000 and in 2018 $60,000 in consulting fees. During the year ended March 31, 2018, the Company issued 50,000 shares of common stock to a director with a fair value of $11,000. During the year ended March 31, 2019, the Company issued 600,418 shares of common stock to three officers with a fair value of $130,536 for services and compensation |
LICENSE SETTLEMENT
LICENSE SETTLEMENT | 12 Months Ended |
Mar. 31, 2019 | |
ORGANIZATION AND NATURE OF OPERATIONS | |
NOTE 5 - ? LICENSE SETTLEMENT | On October 12, 2017 the Company signed a consulting agreement with a former license holder. Under the terms of the agreement the Company, commencing February 1, 2018 will pay the consultant $1,000 per month for 24 months. In addition, the Company will pay the consultant an additional $24,000 during the term of the agreement at the Company’s discretion. In return, the consultant will forgive all royalty payments plus any past claims to the product per the previous agreement dated September 21, 2015, plus provide consulting services to the Company as directed by the Company. As of March 31, 2019, the consultant’s agreement entitles the consultant to be paid $34,000 through February 28, 2020. |
COMMON STOCK
COMMON STOCK | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
ORGANIZATION AND NATURE OF OPERATIONS | ||
NOTE 6 - COMMON STOCK | During the three month period ended June 30, 2018 the Company issued 87,788 shares of common stock to three officers of the Company with a value of $43,895 for service. During the three month period ended June 30, 2018 the Company issued 360,714 shares of common stock to three warrant holders of the Company with a value of $18,035 for the exercise of 360,714 warrants. During the three month period ended June 30, 2018 the Company issued 70,000 shares of common stock of the Company to two individuals with a value of $27,500 for service. During the three month period ended June 30, 2018 the Company issued 271,428 shares of common stock and 121,329 warrants of the Company for cash of $95,000. On June 5, 2019, two officers and directors of the Company converted $99,000 of accrued fees into 639,536 shares of common stock at $0.1548 per share. During June 2019, two warrant holders exercised 21,427 warrants for common stock at $0.05 per share for cash of $1,071. On June 14, 2019 the Company issued 50,000 share of common stock to one individual with a value of $9,550 for service. On June 28, 2019 the Company issued 137,872 shares of common stock to three officers and a director for service with a value of $25,721. | During the year ended March 31, 2018, the Company issued, 3,331,598 shares of common stock at $0.35 per share and 1,665,566 warrants exercisable at $0.05 to $0.10 per share to 17 individuals for $1,166,063 of cash. During the year ended March 31, 2018 the Company issued 514,361 shares of common stock to 11 individuals on the exercise of 514,361 warrants for cash. During the year ended March 31, 2018 the Company issued 520,108 shares of common stock to three officers and with a fair value of $131,115 for services and compensation. During the year ended March 31, 2018 the Company issued 50,000 shares of common stock to an independent director with a fair value of $11,000 for services. During the year ended March 31, 2018 the Company issued 45,000 shares of common stock to 3 individuals with a value of $7,320 for service. During the year ended March 31, 2019 the Company issued 1,277,142 shares of common stock to 15 individuals plus 237,747 warrants to eight individuals for $393,000 in cash. The warrants vest immediately and terminate in one year with conversion prices ranging from $0.05-$0.50. During the year ended March 31, 2019 the Company issued 1,000,000 shares of common stock to one individual for cash of $250,000. During year ended March 31, 2019 the Company issued 1,665,710 shares of common stock for the exercise of 1,665,710 warrants for cash of $83,286. During the year ended March 31, 2019 the Company issued 350,000 shares of common stock of the Company to six individuals with a value of $77,900 for service. During the year ended March 31, 2019 the Company issued 600,418 shares of common stock to three officers of the Company with a value of $130,536 for service. |
OPTIONS
OPTIONS | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
ORGANIZATION AND NATURE OF OPERATIONS | ||
NOTE 7 - OPTIONS | As of June 30, 2019 there was no option expenses recognized by the Company and the balance of unrecognized option expense was zero. The following sets forth the options granted and outstanding during the three months ended June 30, 2019: Options Weighted Average Exercise Price Weighted Average Remaining Contract Life Number of Options Exercisable Intrinsic Value Outstanding at March 31, 2019 1,405,000 $ 0.34 6.80 1,397,000 $ -- Granted -- -- -- -- -- Exercised -- -- -- -- -- Outstanding at June 30, 2019 1,405,000 $ 0.34 6.55 1,397,000 $ -- The weighted average remaining life and intrinsic value of the options as of June 30, 2019, was 6.55 years and zero, respectively. | 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 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 received additional option grants of 30,000 options on April 1, 2017 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. On April 1, 2018, the Company granted from the 2015 Option Program 40,000 options to one consultant. The options are exercisable into the Company’s common stock at an exercise price of $0.25 per share and were vested and expensed at the date of issuance. The fair value at date of granted was determined to be $9,991. During the years ended March 31, 2019 and 2018, the Company expensed an aggregate of $38,400 and $40,155, respectively related to its option awards. The unrecognized future balance to be expensed over the remaining vesting term of the options is $19,836 as of March 31, 2018 and $497 as of March 31, 2019. The following sets forth the options granted and outstanding during the years ended March 31, 2019 and 2018: 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 1,143,000 $ 36,000 Granted -- -- -- -- -- Exercised -- -- -- -- -- Outstanding at March 31, 2018 1,365,000 $ 0.35 7.88 1,236,000 $ -- Granted 40,000 0.25 9.00 16,000 -- Exercised -- -- -- -- -- Outstanding at March 31, 2019 1,405,000 $ 0.34 6.80 1,397,000 $ -- |
WARRANTS
WARRANTS | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
ORGANIZATION AND NATURE OF OPERATIONS | ||
NOTE 8 - WARRANTS | During the three month period ended June 30, 2018, the Company issued 121,329 warrants with each warrant is exercisable, within one year of the issuance, into one share of the Company’s common stock at $0.05 per share. During the three month period ended June 30, 2018 three individual exercised 360,714 warrants into 360,714 shares of common stock with a value of $18,036 in cash. As of June 30, 2018, the Company had total outstanding warrants of 1,700,409. During the three months ended June 30, 2019 two individuals exercised 21,427 warrants into 21,427 shares of common stock for cash of $1,071. As of June 30, 2019 the Company had a total of 109,276 warrants outstanding. During the three months ended June 30, 2019 107,044 warrants expired. The weighted average remaining life and intrinsic value of the warrants as of June 30, 2019 was 0.08 years and zero respectively. Weighted Weighted Average Average Remaining Exercise Contract Intrinsic Warrants Price Life Value Outstanding at March 31, 2019 237,747 $ 0.20 0.25 $ 18,470 Granted -- -- -- -- Exercised (21,427 ) 0.05 -- -- Expired (107,044 ) (0.05 ) -- -- Outstanding at June 30, 2019 109,276 $ 0.37 0.08 $ -- | During the year ended March 31, 2018, the Company issued 274,228 warrants, each warrant is exercisable, within one year of the issuance, into one share of the Company’s common stock at $0.35 per share. The warrants were issued as commission of equity financing and is regarded as stock issuance cost and a reduction to cash proceeds. (See Note 6: Common Stock) The warrants were priced using the Black Scholes method measuring at date of issuance with a discount rate of .96%, volatility of 191.95 and measurement price of $0.20 with a fair value of $48,069. During the year ended March 31, 2018 the Company issued 1,665,566 warrants to 17 shareholders along with 3,331,598 common shares for aggregate cash proceeds of $1,166,063. Each warrant is exercisable within one year of the issuance date into one share of the Company’s common stock at $0.05-0.10 per share. As of March 31, 2018, 514,361 warrants, were exercised, 13,317 expired, leaving a balance outstanding of 1,939,794. During the year ended March 31, 2019, the Company issued 237,747 warrants for cash proceeds (Note 6). Each warrant is exercisable, within one year of the issuance, into one share of the Company’s common stock at $0.05 to $0.50 per share. During the year ended March 31, 2019 seventeen individuals exercised 1,665,710 warrants into 1,665,710 shares of common stock for cash of $83,286. As of March 31, 2019, the Company had total outstanding warrants of 237,747. During the year ended March 31, 2019, 274,084 warrants expired. The weighted average remaining life and intrinsic value of the warrants as of March 31, 2019, was 0.20 years and zero, respectively. Warrants Weighted Average Exercise Price Weighted Average Remaining Contract Life Intrinsic Value Outstanding at March 31, 2017 527,678 $ 0.11 .84 $ 128,661 Granted 1,939,794 0.10 -- -- Expired (13,317 ) 1.00 Exercised (514,361 ) 0.09 -- -- Outstanding at March 31, 2018 1,939,794 $ 0.09 .38 $ 333,133 Granted 237,747 0.20 .87 -- Expired (274,084 ) (0.35 ) -- -- Exercised (1,665,710 ) 0.05 -- -- Outstanding at March 31, 2019 237,747 $ 0.20 .25 $ 18,470 As of March 31, 2019 the outstanding exercisable options were 237,747 with expiration dates from March 26, 2019 to July 10, 2019. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2019 | |
ORGANIZATION AND NATURE OF OPERATIONS | |
NOTE 9 - INCOME TAXES | At March 31, 2019 and 2018, the Company had federal net operating loss carry forwards of approximately $8,395,599 and $7,274,992, respectively, which expire in varying amounts beginning in 2029. Components of net deferred tax assets, including a valuation allowance, are as follows at March 31, 2019 and 2018: March 31, 2019 March 31, 2018 Deferred tax assets: Net operating loss $ 1,763,076 $ 1,527,748 Less: Valuation allowance (1,763,076 ) (1,527,748 ) Net deferred tax assets $ -- $ -- In assessing the recovery of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in the periods in which those temporary differences become deductible. Management considers the scheduled reversals of future deferred tax assets, projected future taxable income, and tax planning strategies in making this assessment. As a result, management determined it was more likely than not the deferred tax assets would not be realized as of March 31, 2019. Based on the recent change in corporation tax rates the Company calculated the deferred tax asset for the years ended March 31, 2019 and 2018 at 21%. The parent Company due to its loses has not filed US Corporate tax returns and is subject to examination back to March 31, 2015. |
MATERIALS HELD FOR RESEARCH AND
MATERIALS HELD FOR RESEARCH AND DEVELOPMENT WITH ALTERNATIVE FUTURE ALTERNATIVE USE | 12 Months Ended |
Mar. 31, 2019 | |
ORGANIZATION AND NATURE OF OPERATIONS | |
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, cost of the grams initially expected to be used in the brain cancer trials was expensed as research and development during the year ended March 31, 2015. The amount capitalized by the Company as of March 31, 2016 was $788,412. These capitalized costs will be expensed as research and development as the materials are consumed. During the year ended March 31, 2017, an additional $58,010 was expensed as research and development associated with the portion filled into vials for use in clinical trials leaving. The Company expensed during the year ended March 31, 2018 an additional $234,334 for the additional portion used in the fill and finish which was used for testing and in preparation for clinical trials in brain cancer. As the Company will begin clinical studies using a dose escalation method, it is not feasible to determine if the additional product will be needed for the brain cancer studies the Company expensed the balance of the product in inventory on March 31, 2018. As of March 31, 2019 the product carries no value on the consolidated balance sheet of the Company. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
ORGANIZATION AND NATURE OF OPERATIONS | ||
NOTE 11 - COMMITMENTS AND CONTINGENCIES | On September 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. As of June 30, 2019 $50,000 was due for the annual maintenance fee. | On June 30, 2016 the Company entered into a cell line sales agreement with the product manufacture. 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 BLA 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 product sales of 1% of sales or $150,000 whichever is greater. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
ORGANIZATION AND NATURE OF OPERATIONS | ||
NOTE 12 - SUBSEQUENT EVENTS | On July 10, 2019 the Company filed an amended articles of Incorporation designating 1,500,000 shares of preferred stock as Series A Convertible preferred shares convertible into common stock. As of July 11, 2019 109,276 warrants outstanding expired leaving zero warrant available for conversion. On July 11, 2019 an officer and director of the Company advanced the Company $10,000. The advance is on demand and bears no interest. On July 25, 2019 the Company issued 110,000 shares of series A convertible preferred to one entity with a value of $110,000 for cash. Each share of series A preferred is convertible after 180 days to four shares of common stock or at the lowest of: (i) the fixed conversion price; (ii) the equitant of 70% of the lowest closing price for the 20 days prior to the conversion of the preferred shares. On July 26, 2019 the Company repaid the $10,000 advance to the officer and director of the Company. On August 9, 2019 the Company signed a contract for clinical phase 1 studies with west coast clinic. | On June 5, 2019, two officers and directors of the Company converted $99,000 of accrued fees into 639,536 shares of common stock at $0.1548 per share. During June 2019, two warrant holders exercised 21,427 warrants for common stock at $0.05 per share with a value of $1,072. On June 14, 2019 the Company issued 50,000 share of common stock to one individual with a value of $9,550 for service. On June 28, 2019 the Company issued 137,872 shares of common stock to three officers and a director for service with a value of $25,786. On July 10, 2019 the Company filed an amended articles of Incorporation designating 1,500,000 shares of preferred stock as Series A Convertible preferred shares convertible into common stock. On July 11, 2019 an officer and director of the Company advanced the Company $10,000. The advance is on demand and bears no interest. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
BASIS OF PRESENTATION | ||
Recent Accounting Pronouncements | In February 2016, the FASB issued ASU No. 2016-02, Leases. The main provisions of ASU No. 2016-02 require management to recognize lease assets and lease liabilities for all leases. ASU 2016-02 retains a distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous release’s guidance. The result of retaining a distinction between finance leases and operating leases is that under the lessee accounting model, the effect of leases in the statement of comprehensive income and the statement of cash flows is largely unchanged from previous U.S. GAAP. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements and related disclosures. | Stock-Based Compensation The Company accounts for stock-based compensation to employees and consultants in accordance with FASB ASC 718. Stock-based compensation to employees is measured at the grant date, based on the fair value of the award, and is recognized as expense over the requisite employee service period. The Company accounts for stock-based compensation to other than employees in accordance with FASB ASC 505-50. Equity instruments issued to other than employees are valued at the earlier of a commitment date or upon completion of the services, based on the fair value of the equity instruments and is recognized as expense over the service period. The Company estimates the fair value of stock-based payments using the Black Scholes option-pricing model for common stock options and warrants and the closing price of the Company’s common stock for common share issuances. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
SIGNIFICANT ACCOUNTING POLICIES (Policies) | ||
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. | |
Principles of Consolidation | The accompanying consolidated financial statements include the accounts of Nascent Biotech, Inc. and its wholly-owned subsidiary Nascent Biologics, Inc. All intercompany accounts and transactions have been eliminated. | |
Cash and Cash Equivalents | The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company as of March31, 2019 did not have any cash equivalents. | |
Use of Estimates | The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. | |
Stock-Based Compensation | The Company accounts for stock-based compensation to employees and consultants in accordance with FASB ASC 718. Stock-based compensation to employees is measured at the grant date, based on the fair value of the award, and is recognized as expense over the requisite employee service period. The Company accounts for stock-based compensation to other than employees in accordance with FASB ASC 505-50. Equity instruments issued to other than employees are valued at the earlier of a commitment date or upon completion of the services, based on the fair value of the equity instruments and is recognized as expense over the service period. The Company estimates the fair value of stock-based payments using the Black Scholes option-pricing model for common stock options and warrants and the closing price of the Company’s common stock for common share issuances. | |
Research and Development Expense | Research and development costs are expensed in the period they are incurred in accordance with ASC 730, Research and Development unless they meet specific criteria related to technical, market and financial feasibility, as determined by management, including but not limited to the establishment of a clearly defined future alternative use for the product, and the availability of adequate resources to complete the project. If all criteria are met, the costs are deferred and amortized over the expected useful life of the project, or expensed as research and development as the material are consumed, or written off if a product is abandoned. At March 31, 2019 and 2018, the Company had zero capitalized associated with materials held with a future alternative use. The cost of these materials is to be expensed as research and development as the materials are consumed or designated for usage. As the Company is preparing to begin clinical studies using a dose escalation method, it is not feasible to determine if the additional product will be needed for the brain cancer studies. The Company expensed the balance of the product in inventory on March 31, 2018. As of March 31, 2019 the Company no inventory value on the balance sheet. | |
Materials Held for Research and Development with Future Alternative Use | The Company has incurred costs related to the production of 424 grams of Pritumumab a human mono-clinical antibody. Of the 424 grams, the materials designated for use in the brain cancer clinical trials have been expensed as of March 31, 2017 as research and development. The Company has determined the Pritumumab can be used in its current state in pancreatic, breast and lung cancer trials, none of which have commenced. Under the guidelines of ASC 730-10-25-2, Research and Development | |
Property and Equipment | Property and equipment is recorded at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the expected useful life of the asset (3 to 5 years), beginning when the asset is available and ready for use. Expenditures associated with upgrades and enhancements that improve, add functionality, or otherwise extend the life of property and equipment are capitalized, while expenditures that do not, such as repairs and maintenance, are expensed as incurred. For the years ended March 31, 2019 and 2018, depreciation expense totaled zero, respectively. | |
Impairment of Long-Lived Assets | The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical-cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the asset by comparing the undiscounted future net cash flows expected to result from the asset to its carrying value. If the carrying value exceeds the undiscounted future net cash flows of the asset, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived asset. Fair value is estimated based upon either discounted cash flow analysis or estimated salvage value. There was no impairment recognized during the years ended March 31, 2019 and 2018. | |
Income Taxes | Deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. The Company accounts for income taxes under the provisions of FASB ASC 740, Accounting for Income Taxes | |
Basic and Diluted Net Income (Loss) per Share | Basic net income (loss) per share calculations are calculated on the basis of the weighted average number of common shares outstanding during the year. During the year ended March 31, 2019 the Company had a net loss so the options and warrants outstanding were not part the loss per share calculation as they would be antidilutive. Diluted income (loss) per share calculations includes the dilutive effect of warrants and options on the weighted average of the per share calculation. | |
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. 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 “gain (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 March 31, 2017 using the following key inputs: market price of the Company’s common stock $0.10 to $1.51 per share in 2016 and $0.40 in 2017, volatility of 250% and discount rate of 0.13%. The fair value of the derivative liability was determined to be zero as of March 31, 2018 and due to the expiration of the warrants the ending balance of the derivative liability was zero as of March 31, 2018 and 2019. The following table summarizes the change in the fair value of the derivative liabilities during the years ended March 31, 2019 and 2018: Fair value as of March 31, 2017 346 Additions at fair value -- Transfers in (out) of Level 3 -- Change in fair value (346 ) Fair value as of March 31, 2018 $ -- Additions at fair value -- Transfers in (out) of Level 3 -- Change in fair value -- Fair value as of March 31, 2019 $ -- | |
Recent Accounting Pronouncements | In February 2016, the FASB issued ASU No. 2016-02, Leases. The main provisions of ASU No. 2016-02 require management to recognize lease assets and lease liabilities for all leases. ASU 2016-02 retains a distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous release’s guidance. The result of retaining a distinction between finance leases and operating leases is that under the lessee accounting model, the effect of leases in the statement of comprehensive income and the statement of cash flows is largely unchanged from previous U.S. GAAP. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements and related disclosures. | Stock-Based Compensation The Company accounts for stock-based compensation to employees and consultants in accordance with FASB ASC 718. Stock-based compensation to employees is measured at the grant date, based on the fair value of the award, and is recognized as expense over the requisite employee service period. The Company accounts for stock-based compensation to other than employees in accordance with FASB ASC 505-50. Equity instruments issued to other than employees are valued at the earlier of a commitment date or upon completion of the services, based on the fair value of the equity instruments and is recognized as expense over the service period. The Company estimates the fair value of stock-based payments using the Black Scholes option-pricing model for common stock options and warrants and the closing price of the Company’s common stock for common share issuances. |
ORGANIZATION AND NATURE OF OP_2
ORGANIZATION AND NATURE OF OPERATIONS (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
ORGANIZATION AND NATURE OF OPERATIONS (Tables) | |
Schedule net liabilities of Jin-En | Receivable from Biotech $ 60,000 Accounts payable (19,000 ) Convertible note (60,000 ) Net liabilities $ (19,000 ) |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
SIGNIFICANT ACCOUNTING POLICIES (Tables) | |
summarizes of change in the fair value of the derivative liabilities | Fair value as of March 31, 2017 346 Additions at fair value -- Transfers in (out) of Level 3 -- Change in fair value (346 ) Fair value as of March 31, 2018 $ -- Additions at fair value -- Transfers in (out) of Level 3 -- Change in fair value -- Fair value as of March 31, 2019 $ -- |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
RELATED PARTY TRANSACTIONS (Tables) | ||
Contracts shares earned | Officer and Director Initial Share Awards Under the Contracts Additional Shares Earned to Maintain Ownership Percentage Total Shares Earned President 1,028,910 668,976 1,697,886 Chief Financial Officer 617,346 404,193 1,021,539 Executive Vice President 617,346 404,193 1,021,539 Total 2,263,602 1,477,362 3,740,964 | Officer and Director Initial Share Awards Under the Contracts Additional Shares Earned to Maintain Ownership Percentage Total Shares Earned President 1,028,910 629,034 1,657,944 Chief Financial Officer 617,346 380,228 997,574 Executive Vice President 617,346 380,228 997,574 Total 2,263,602 1,389,668 3,653,092 |
Annual salary and annual severance amounts per the contracts of related party | Officer and Director Fiscal Year Annualized Compensation Being Paid Annual Severance per Contract if Terminated President $ 186,000 $ 250,000 Chief Financial Officer $ 132,000 $ 180,000 Executive Vice President $ 84,000 $ 140,000 Total $ 402,000 $ 570,000 | Officer and Director Annual Compensation Paid for Fiscal Year Annual Severance per Contract if Terminated President $ 186,000 $ 250,000 Chief Financial Officer (1) $ 132,000 $ 180,000 Executive Vice President(2) $ 84,000 $ 140,000 Total $ 402,000 $ 570,000 |
OPTIONS (Tables)
OPTIONS (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
OPTIONS (Tables) | ||
Summary of stock options and warrants outstanding | Options Weighted Average Exercise Price Weighted Average Remaining Contract Life Number of Options Exercisable Intrinsic Value Outstanding at March 31, 2019 1,405,000 $ 0.34 6.80 1,397,000 $ -- Granted -- -- -- -- -- Exercised -- -- -- -- -- Outstanding at June 30, 2019 1,405,000 $ 0.34 6.55 1,397,000 $ -- | 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 1,143,000 $ 36,000 Granted -- -- -- -- -- Exercised -- -- -- -- -- Outstanding at March 31, 2018 1,365,000 $ 0.35 7.88 1,236,000 $ -- Granted 40,000 0.25 9.00 16,000 -- Exercised -- -- -- -- -- Outstanding at March 31, 2019 1,405,000 $ 0.34 6.80 1,397,000 $ -- |
WARRANTS (Tables)
WARRANTS (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
WARRANTS (Tables) | ||
Summary of stock options and warrants outstanding | Weighted Weighted Average Average Remaining Exercise Contract Intrinsic Warrants Price Life Value Outstanding at March 31, 2019 237,747 $ 0.20 0.25 $ 18,470 Granted -- -- -- -- Exercised (21,427 ) 0.05 -- -- Expired (107,044 ) (0.05 ) -- -- Outstanding at June 30, 2019 109,276 $ 0.37 0.08 $ -- | Warrants Weighted Average Exercise Price Weighted Average Remaining Contract Life Intrinsic Value Outstanding at March 31, 2017 527,678 $ 0.11 .84 $ 128,661 Granted 1,939,794 0.10 -- -- Expired (13,317 ) 1.00 Exercised (514,361 ) 0.09 -- -- Outstanding at March 31, 2018 1,939,794 $ 0.09 .38 $ 333,133 Granted 237,747 0.20 .87 -- Expired (274,084 ) (0.35 ) -- -- Exercised (1,665,710 ) 0.05 -- -- Outstanding at March 31, 2019 237,747 $ 0.20 .25 $ 18,470 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
INCOME TAXES (Tables) | |
Summary of net deferred tax assets | March 31, 2019 March 31, 2018 Deferred tax assets: Net operating loss $ 1,763,076 $ 1,527,748 Less: Valuation allowance (1,763,076 ) (1,527,748 ) Net deferred tax assets $ -- $ -- |
ORGANIZATION AND NATURE OF OP_3
ORGANIZATION AND NATURE OF OPERATIONS (Details) - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 | Jul. 15, 2014 |
Accounts payable | $ 606,344 | $ 525,636 | |
Jin-En Group International Holding Company [Member] | |||
Receivable from Biotech | 60,000 | ||
Accounts payable | (19,000) | ||
Convertible note | (60,000) | ||
Net liabilities | $ (19,000) | $ 19,000 |
ORGANIZATION AND NATURE OF OP_4
ORGANIZATION AND NATURE OF OPERATIONS (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | Jul. 15, 2014 | |
Date of Incorporation | Mar. 3, 2014 | Mar. 3, 2014 | |||
State of Incorporation | Nevada | Nevada | |||
Common stock outstanding shares | 33,495,470 | 32,646,635 | 27,753,365 | ||
Jin-En Group International Holding Company [Member] | |||||
Common stock outstanding shares | 22,829,400 | ||||
Common stock, issued shares | (620,560) | 7,500,200 | |||
Common stock cancelled shares | 15,000,000 | ||||
Net liabilities | $ (19,000) | $ 19,000 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
SIGNIFICANT ACCOUNTING POLICIES (Details) | ||
Begnning Balance | $ 346 | |
Additions at fair value | ||
Transfers in (out) of Level 3 | ||
Change in fair value | $ (346) |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |||
May 20, 2014 | Mar. 31, 2019 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2016 | |
Common stock warrants for services | 13,317 | ||||
Warrant vested to exercisable price | $ 1 | ||||
Date of expired | May 21, 2017 | ||||
Stock per share | $ 0.40 | ||||
Begnning Balance | $ 346 | ||||
Discount rate | 0.13% | ||||
Volatility rate | 250.00% | ||||
Minimum [Member] | |||||
Stock per share | $ 0.10 | ||||
Property and equipment useful life | 3 years | ||||
Maximum [Member] | |||||
Stock per share | $ 1.51 | ||||
Property and equipment useful life | 5 years |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
GOING CONCERN (Details Narrative) | |||
Working capital deficit | $ (482,164) | ||
Accumulated Deficit | $ (13,107,234) | $ (12,833,496) | $ (11,464,589) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - shares | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
Initial Share Awards Under the Contracts | 2,263,602 | 2,263,602 |
Additional Shares Earned to Maintain Ownership Percentage | 1,477,362 | 1,389,668 |
Total Shares Earned | 3,740,964 | 3,653,092 |
President [Member] | ||
Initial Share Awards Under the Contracts | 1,028,910 | 1,028,910 |
Additional Shares Earned to Maintain Ownership Percentage | 668,976 | 629,034 |
Total Shares Earned | 1,697,886 | 1,657,944 |
Chief Financial Officer [Member] | ||
Initial Share Awards Under the Contracts | 617,346 | 617,346 |
Additional Shares Earned to Maintain Ownership Percentage | 404,193 | 380,228 |
Total Shares Earned | 1,021,539 | 997,574 |
Executive Vice President [Member] | ||
Initial Share Awards Under the Contracts | 617,346 | 617,346 |
Additional Shares Earned to Maintain Ownership Percentage | 404,193 | 380,228 |
Total Shares Earned | 1,021,539 | 997,574 |
RELATED PARTY TRANSACTIONS (D_2
RELATED PARTY TRANSACTIONS (Details 1) - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
Fiscal year annualized compensation being paid | $ 402,000 | $ 402,000 |
Annual Severance per Contract if Terminated | 570,000 | 570,000 |
President [Member] | ||
Fiscal year annualized compensation being paid | 186,000 | 186,000 |
Annual Severance per Contract if Terminated | 250,000 | 250,000 |
Chief Financial Officer [Member] | ||
Fiscal year annualized compensation being paid | 132,000 | 132,000 |
Annual Severance per Contract if Terminated | 180,000 | 180,000 |
Executive Vice President [Member] | ||
Fiscal year annualized compensation being paid | 84,000 | 84,000 |
Annual Severance per Contract if Terminated | $ 140,000 | $ 140,000 |
RELATED PARTY TRANSACTIONS (D_3
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jun. 28, 2019 | Jun. 05, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Accrued compensation | $ 14,000 | |||||
Due to related parties | 5,594 | |||||
Common shares issued for services, value | 9,550 | $ 27,500 | $ 77,550 | $ 7,320 | ||
Chief Financial Officer [Member] | ||||||
Fiscal year annualized compensation being paid | 101,000 | |||||
Accrued annualized compensation being paid | 31,000 | |||||
Amount of accrued fees converted | $ 99,000 | |||||
Common stock shares issued upon conversion of accrued fees | 639,536 | |||||
Conversion price | $ 0.1548 | |||||
Executive Vice President [Member] | ||||||
Consulting fees | 6,000 | |||||
Accrued consulting fees | 15,000 | |||||
Total consulting fees | 21,000 | |||||
Fiscal year annualized compensation being paid | 34,000 | |||||
Accrued annualized compensation being paid | 50,000 | |||||
Three Officers [Member] | ||||||
Common shares issued for services, value | 43,895 | 130,536 | $ 131,115 | |||
Consulting fees | 4,000 | 9,000 | $ 60,000 | |||
Common shares issued | 600,418 | 520,108 | ||||
Common shares issued for services, fair value | $ 130,536 | $ 131,115 | ||||
Accrued consulting fees | 2,000 | $ 6,000 | ||||
Total consulting fees | $ 9,000 | |||||
Common shares issued for services, shares | 87,788 | 600,418 | 520,108 | |||
Former Officer [Member] | ||||||
Consulting fees | $ 60,000 | $ 23,000 | ||||
Accrued consulting fees | $ 7,000 | |||||
Three Officers And Director [Member] | ||||||
Common shares issued for services, value | $ 25,721 | |||||
Common shares issued | 50,000 | |||||
Common shares issued for services, fair value | $ 11,000 | |||||
Common shares issued for services, shares | 137,872 | |||||
Three Officers And 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. | 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 |
LICENSE SETTLEMENT (Details Nar
LICENSE SETTLEMENT (Details Narrative) - Consulting agreement [Member] | Oct. 12, 2017USD ($)integer | Mar. 31, 2019USD ($) |
Number of installments, consideration for license | integer | 24 | |
Monthly installment payment | $ 1,000 | |
Consulting fees payable | $ 24,000 | |
Consulting fees | $ 34,000 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | Jun. 14, 2019 | Jul. 25, 2019 | Jun. 30, 2019 | Jun. 28, 2019 | Jun. 05, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 |
Warrants Exercised | 195,000 | ||||||||
Common share value for services | $ 9,550 | $ 27,500 | $ 77,550 | $ 7,320 | |||||
Common stock and warrants issued for cash, Amount | $ 1,166,063 | ||||||||
Common shares issued, shares | 271,428 | ||||||||
Class of warrants or rights issued | 121,329 | ||||||||
Common stock and warrants issued, value | $ 95,000 | ||||||||
Chief Financial Officer [Member] | |||||||||
Amount of accrued fees converted | $ 99,000 | ||||||||
Conversion price | $ 0.1548 | ||||||||
Common stock shares issued upon conversion of accrued fees | 639,536 | ||||||||
Consulting agreement [Member] | |||||||||
Common share value for services | $ 9,550 | $ 27,500 | |||||||
Common shares issued for services, shares | 50,000 | 70,000 | |||||||
Warrant [Member] | |||||||||
Warrants Exercised | (21,427) | 360,714 | 1,665,710 | (514,361) | |||||
Warrants granted, shares | 1,665,710 | 1,939,794 | |||||||
Common shares issued upon exercise of warrants | 360,714 | ||||||||
Common shares issued upon exercise of warrants, value | $ 18,035 | ||||||||
Three Officers [Member] | |||||||||
Common share value for services | $ 43,895 | $ 130,536 | $ 131,115 | ||||||
Common shares issued for services, shares | 87,788 | 600,418 | 520,108 | ||||||
Fifteen Individuals [Member] | |||||||||
Common share value for services | $ 25,721 | ||||||||
Common shares issued, shares | 1,277,142 | ||||||||
Common shares issued, amount | $ 393,000 | ||||||||
Warrants granted, shares | 237,747 | ||||||||
Common stock description | The warrants vest immediately and terminate in one year with conversion price from $0.05-$0.50 | ||||||||
Common shares issued for services, shares | 137,872 | ||||||||
Fifteen Individuals [Member] | Minimum [Member] | |||||||||
Conversion price | $ 0.05 | ||||||||
Fifteen Individuals [Member] | Maximum [Member] | |||||||||
Conversion price | $ 0.50 | ||||||||
17 Individuals [Member] | |||||||||
Common share value for services | $ 9,550 | ||||||||
Common stock and warrants issued for cash, Amount | $ 1,166,063 | ||||||||
Common shares issued, shares | 3,331,598 | ||||||||
Common shares issued for services, shares | 50,000 | ||||||||
Exercise price per share | $ 0.35 | ||||||||
17 Individuals [Member] | Warrant [Member] | |||||||||
Number of exercisable shares | 1,665,566 | ||||||||
17 Individuals [Member] | Warrant [Member] | Minimum [Member] | |||||||||
Exercise price per share | $ 0.05 | ||||||||
17 Individuals [Member] | Warrant [Member] | Maximum [Member] | |||||||||
Exercise price per share | $ 0.10 | ||||||||
One Individual [Member] | |||||||||
Warrants Exercised | 21,427 | ||||||||
Common shares issued, shares | 1,000,000 | ||||||||
Common shares issued, amount | $ 250,000 | ||||||||
Proceeds from exercise of warrants | $ 1,071 | ||||||||
Exercise price of warrants | $ 0.05 | ||||||||
Three Individuals [Member] | |||||||||
Common share value for services | $ 7,320 | ||||||||
Common shares issued for services, shares | 45,000 | ||||||||
Independent Director [Member] | |||||||||
Common share value for services | $ 11,000 | ||||||||
Common shares issued for services, shares | 50,000 | ||||||||
Six Individuals [Member] | |||||||||
Common share value for services | $ 110,000 | $ 77,900 | |||||||
Common shares issued for services, shares | 110,000 | 350,000 | |||||||
11 Individuals [Member] | |||||||||
Common stock and warrants issued for cash, Shares | 514,361 |
OPTIONS (Details)
OPTIONS (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | |
Option exercised | 195,000 | ||
Option [Member] | |||
Outstanding, Beginning | 1,405,000 | 1,365,000 | 1,365,000 |
Option granted | 40,000 | ||
Option exercised | |||
Outstanding option, Ending | 1,405,000 | 1,405,000 | 1,365,000 |
Weighted average exercise price, Beginning | $ 0.34 | $ 0.35 | $ 0.35 |
Granted | 0.25 | ||
Exercised | |||
Weighted average exercise price, Ending | $ 0.34 | $ 0.34 | $ 0.35 |
Weighted average remaining contract life, Beginning | 6 years 9 months 18 days | 7 years 10 months 17 days | 8 years 10 months 17 days |
Weighted average remaining contract life granted | 9 years | ||
Weighted average remaining contract life, Ending | 6 years 9 months 18 days | 7 years 10 months 17 days | |
Number of options exercisable Beginning balance | 1,397,000 | 1,236,000 | 1,143,000 |
Granted | $ 0.25 | ||
Exercised | |||
Number of options exercisable ending balance | 1,397,000 | 1,397,000 | 1,236,000 |
Intrinsic value, Beginning | |||
Granted | |||
Exercised | |||
Intrinsic value, Ending |
OPTIONS (Details Narrative)
OPTIONS (Details Narrative) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Apr. 02, 2018USD ($)shares | Jul. 20, 2016USD ($)integershares | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2019USD ($)integershares | Mar. 31, 2018USD ($) | |
Options vest period | 5 years | |||||
Vest percentage at grant | 20.00% | |||||
Common stock exercisable term | 10 years | |||||
Option expense | $ | $ 9,600 | $ 38,400 | $ 40,155 | |||
Unrecognized future balance to be expensed | $ | $ 497 | $ 19,836 | ||||
Weighted average remaining contract life, Ending | 6 years 6 months 18 days | |||||
Weighted average intrinsic value | $ | $ 0 | |||||
Option 1 [Member] | April 1, 2018 [Member] | ||||||
Common stock exercisable term | 10 years | |||||
Exercise price of options | 0.30 | |||||
Number of installments vest | integer | 5 | |||||
Options granted | 40,000 | |||||
Option 1 [Member] | April 1, 2016 [Member] | ||||||
Common stock exercisable term | 10 years | |||||
Exercise price of options | 0.30 | |||||
Number of installments vest | integer | 5 | |||||
Options granted | 30,000 | |||||
Issued options | 40,000 | |||||
Option 1 [Member] | April 1, 2017 [Member] | ||||||
Options granted | 30,000 | |||||
Option 2 [Member] | ||||||
Exercise price of options | 0.25 | 0.301 | ||||
Options granted | 900,000 | |||||
Issued options | 40,000 | 300,000 | ||||
Numbers of officers and directors issued | integer | 3 | |||||
Fair value of option granted | $ | $ 9,991 | $ 484,205 |
WARRANTS (Details)
WARRANTS (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Warrants exercised, shares | 195,000 | |||
Warrant [Member] | ||||
Outstanding, Beginning | 237,747 | 1,939,938 | 1,939,938 | 527,678 |
Warrants granted, shares | 1,665,710 | 1,939,794 | ||
Warrants exercised, shares | (21,427) | 360,714 | 1,665,710 | (514,361) |
Warrants expired, shares | (107,044) | |||
Outstanding option, Ending | 109,276 | 1,700,409 | 237,747 | 1,939,938 |
Weighted average exercise price, Beginning | $ 0.20 | $ 0.09 | $ 0.09 | $ 0.11 |
Granted | 0.20 | 0.10 | ||
Exercised | 0.05 | 0.05 | 0.09 | |
Expired | (0.05) | (0.35) | 1 | |
Weighted average exercise price, Ending | $ 0.37 | $ 0.20 | $ 0.09 | |
Weighted average remaining contract life, Beginning | 3 months | 4 months 17 days | 10 months 3 days | |
Weighted average, granted | 10 months 14 days | |||
Weighted average remaining contract life, Ending | 2 months 30 days | |||
Intrinsic value, Beginning | $ 18,470 | $ 333,133 | $ 333,133 | $ 128,661 |
Intrinsic value granted | ||||
Intrinsic value exercised | ||||
Intrinsic value expired | ||||
Intrinsic value, Ending | $ 18,470 | $ 333,133 |
WARRANTS (Details Narrative)
WARRANTS (Details Narrative) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2018USD ($)$ / sharesshares | Mar. 31, 2019USD ($)$ / sharesshares | Mar. 31, 2018USD ($)integer$ / sharesshares | Mar. 31, 2019USD ($)shares | Mar. 31, 2018USD ($)$ / sharesshares | Mar. 31, 2017USD ($)shares | |
Company issued warrants, shares | 1,665,566 | |||||||
Number of shareholders issued warrants | integer | 17 | |||||||
Common shares issued for cash, shares | 3,331,598 | |||||||
Common shares issued for cash, amount | $ | $ 1,166,063 | |||||||
Warrants excisable period | 1 year | |||||||
Warrants exercised, shares | 195,000 | |||||||
Begnning Balance | $ | $ 346 | |||||||
One Individual [Member] | ||||||||
Warrants exercised, shares | 21,427 | |||||||
Warrants exercised | 21,427 | |||||||
Proceeds from exercise of warrants | $ | $ 1,071 | |||||||
Exercise price of warrants | $ / shares | $ 0.05 | |||||||
Minimum [Member] | ||||||||
Warrants issued per share | $ / shares | $ 0.05 | $ 0.05 | ||||||
Maximum [Member] | ||||||||
Warrants issued per share | $ / shares | $ 0.50 | $ 0.10 | ||||||
Warrant [Member] | ||||||||
Company issued warrants, shares | 237,747 | 274,228 | ||||||
Warrants excisable period | 1 year | 1 year | 1 year | |||||
Warrants exercised, shares | (21,427) | 360,714 | 1,665,710 | (514,361) | ||||
Begnning Balance | $ | $ 48,069 | |||||||
Warrants expired, shares | 13,317 | |||||||
Warrants granted, shares | 1,665,710 | 1,939,794 | ||||||
Warrants exercised value | $ | $ 83,286 | |||||||
Outstanding | 237,747 | |||||||
Exercise price | $ / shares | $ 0.35 | |||||||
Volatility rate | 191.95% | |||||||
Discount rate | 0.96% | |||||||
Measurement price | $ / shares | $ 0.20 | |||||||
Outstanding option, Ending | 109,276 | 109,276 | 1,700,409 | 237,747 | 1,939,938 | |||
Warrants exercised | (21,427) | 360,714 | ||||||
Warrants issued, shares | 121,329 | |||||||
Exercise price of warrants | $ / shares | $ 0.05 | |||||||
Common shares issued upon exercise of warrants, value | $ | $ 18,035 | |||||||
Common shares issued upon exercise of warrants | 360,714 | |||||||
Weighted average remaining contract life | 28 days | |||||||
Intrinsic value | $ | $ 0 | |||||||
Outstanding warrants | 109,276 | 109,276 | 1,700,409 | 237,747 | 1,939,938 | 237,747 | 1,939,938 | 527,678 |
Warrants expired, shares | (107,044) |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Deferred tax assets: | ||
Net operating loss | $ 1,763,076 | $ 1,527,748 |
Less: Valuation allowance | (1,763,076) | (1,527,748) |
Net deferred tax assets |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
INCOME TAXES (Details Narrative) | ||
Federal net operating loss carry forwards | $ (8,395,599) | $ (7,274,992) |
Expire year | 2029 | |
Federal tax rate | 21.00% | 21.00% |
MATERIALS HELD FOR RESEARCH A_2
MATERIALS HELD FOR RESEARCH AND DEVELOPMENT WITH ALTERNATIVE FUTURE ALTERNATIVE USE (Details Narrative) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
MATERIALS HELD FOR RESEARCH AND DEVELOPMENT WITH ALTERNATIVE FUTURE ALTERNATIVE USE (Details Narrative) | |||
Amount capitalized for development | $ 234,334 | $ 58,010 | $ 788,412 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2019 | Sep. 30, 2016 | |
Contingent sales fee description | A contingent sales fee upon product sales of 1% of sales or $150,000 whichever is greater. | A contingent sales fee upon first commercial sale of a product of 1% of sales or $150,000 whichever is greater payable quarterly. | ||
Annual maintenance fee payable | $ 50,000 | |||
Independent Director [Member] | ||||
Future payments | 225,000 | |||
first Phase III clinical trial [Member] | ||||
Future payments | $ 225,000 | $ 225,000 | 225,000 | |
first BLA [Member] | ||||
Future payments | 225,000 | 225,000 | ||
first Phase I clinical trial [Member] | ||||
Future payments | 100,000 | 100,000 | 100,000 | |
Annual maintenance fee | $ 50,000 | $ 50,000 | $ 50,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Jul. 11, 2019 | Jun. 14, 2019 | Jun. 05, 2019 | Jul. 26, 2019 | Jul. 25, 2019 | Jun. 30, 2019 | Jun. 28, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Jul. 10, 2019 | Jun. 11, 2019 |
Common share value for services | $ 9,550 | $ 27,500 | $ 77,550 | $ 7,320 | |||||||||
Warrants exercised, shares | 195,000 | ||||||||||||
Preferred stock, authorized shares | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |||||||||
Six Individuals [Member] | |||||||||||||
Common share value for services | $ 110,000 | $ 77,900 | |||||||||||
Preferred stock, authorized shares | 1,500,000 | ||||||||||||
Common shares issued for services, shares | 110,000 | 350,000 | |||||||||||
Terms of conversion feature | Each share of series A preferred is convertible after 180 days to 4 shares of common stock or at the lowest of: (i) the fixed conversion price; (ii) the equitant of 70% of the lowest closing price for the 20 days prior to the conversion of the preferred shares | ||||||||||||
11 Individuals [Member] | |||||||||||||
Repayment of related party debt | $ 10,000 | ||||||||||||
Due to related party | $ 10,000 | ||||||||||||
Subsequent Event [Member] | |||||||||||||
Warrants exercised, shares | 21,427 | ||||||||||||
Warrants exercised value | $ 1,072 | ||||||||||||
Exercise price | $ 0.05 | $ 0.05 | |||||||||||
Warrants expired, shares | (109,276) | ||||||||||||
Subsequent Event [Member] | Series A Convertible Preferred Shares[Member] | |||||||||||||
Preferred stock, authorized shares | 1,500,000 | ||||||||||||
Subsequent Event [Member] | One Individuals [Member] | |||||||||||||
Common share value for services | $ 9,550 | ||||||||||||
Common shares issued for services, shares | 50,000 | ||||||||||||
Subsequent Event [Member] | Three Officers And Directors [Member] | |||||||||||||
Common share value for services | $ 25,786 | ||||||||||||
Common shares issued for services, shares | 137,872 | ||||||||||||
Subsequent Event [Member] | Two Officers And Directors [Member] | |||||||||||||
Accrued fees converted amount | $ 99,000 | ||||||||||||
Accrued fees converted amount, shares | 639,536 | ||||||||||||
Conversion price per share | $ 0.1548 | ||||||||||||
Subsequent Event [Member] | Officers And Directors [Member] | |||||||||||||
Due to related party | $ 10,000 |