Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 30, 2019 | Nov. 18, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | Nascent Biotech Inc. | |
Entity Central Index Key | 0001622057 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Sep. 30, 2019 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 33,772,970 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 |
Current assets: | ||
Cash | $ 5,471 | $ 131,472 |
Total current assets | 5,471 | 131,472 |
Total assets | 5,471 | 131,472 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 676,907 | 525,636 |
Due to related parties | 129,710 | 88,000 |
Total current liabilities | 806,617 | 613,636 |
Total liabilities | 806,617 | 613,636 |
Stockholders' deficit: | ||
Preferred stock, $0.001 par value, 10,000,000 authorized, 110,000 Series A and none issued and outstanding, respectively | 110 | |
Common stock, $0.001 par value; 100,000,000 authorized, 33,772,970 and 32,646,635 issued and outstanding, respectively | 33,774 | 32,647 |
Additional paid-in capital | 12,604,060 | 12,318,685 |
Accumulated deficit | (13,439,090) | (12,833,496) |
Total stockholders' deficit | (801,146) | (482,164) |
Total liabilities and stockholder' deficit | $ 5,471 | $ 131,472 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2019 | Mar. 31, 2019 |
Stockholders' deficit | ||
Preferred stock, shares par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Series A preferred stock, shares authorized | 110,000 | 110,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 33,772,970 | 32,646,635 |
Common stock, shares outstanding | 33,772,970 | 32,646,635 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating expenses | ||||
General and administrative expense | $ 228,667 | $ 298,512 | $ 473,618 | $ 626,300 |
Research and development | 98,861 | 39,500 | 127,653 | 151,439 |
Loss from operations | (327,528) | (338,012) | (601,271) | (777,739) |
Other income (expense): | ||||
Interest income | 1 | 14 | 6 | 22 |
Interest expense | (4,329) | (4,329) | ||
Total other income (expense) | (4,328) | 14 | (4,323) | 22 |
Net loss | $ (331,856) | $ (337,998) | $ (605,594) | $ (777,717) |
Net loss per share, basic and diluted | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.03) |
Weighted average number of shares outstanding, basic and diluted | 33,572,695 | 29,773,807 | 33,176,663 | 28,950,329 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Total | Preferred Stock Shares | Additional Paid-In Capital | Common Stock Shares | Accumulated Deficit |
Balance, shares at Mar. 31, 2018 | 27,753,365 | ||||
Balance, amount at Mar. 31, 2018 | $ (86,379) | $ 11,350,456 | $ 27,754 | $ (11,464,589) | |
Common stock issued to related parties for service, shares | 306,640 | ||||
Net loss | $ (777,717) | $ (777,717) | |||
Common stock and warrants issued for cash, shares | 737,142 | ||||
Common stock issued for warrant exercise, shares | 1,665,710 | ||||
Common stock issued for service, shares | 70,000 | ||||
Option expense | 19,200 | 19,200 | |||
Common stock issued to related parties for service, amount | $ 85,476 | $ 85,170 | $ 306 | ||
Common stock and warrants issued for cash, amount | 258,000 | 257,263 | 737 | ||
Common stock issued for warrant exercise, amount | 83,285 | 81,619 | 1,666 | ||
Common stock issued for service, amount | 27,500 | 27,430 | $ 70 | ||
Balance, shares at Jun. 30, 2018 | 28,543,295 | ||||
Balance, amount at Jun. 30, 2018 | (332,068) | 11,543,696 | $ 28,544 | (11,904,308) | |
Common stock issued for warrants, shares | 1,304,996 | ||||
Common stock issued for stock and warrants, shares | 465,714 | ||||
Common stock issued to related parties for service, shares | 218,852 | ||||
Option discount | 9,600 | 9,600 | |||
Net loss | (227,998) | (337,998) | |||
Common stock issued for warrants | 65,250 | 63,945 | 1,305 | ||
Common stock issued for stock and warrants, amount | 163,000 | 162,534 | 466 | ||
Common stock issued to related parties for service, amount | 41,581 | 41,363 | $ 218 | ||
Balance, shares at Sep. 30, 2018 | 30,532,857 | ||||
Balance, amount at Sep. 30, 2018 | (390,635) | 11,821,138 | $ 30,533 | (12,242,306) | |
Balance, shares at Mar. 31, 2019 | 32,646,635 | ||||
Balance, amount at Mar. 31, 2019 | (482,164) | 12,318,685 | $ 32,647 | (12,833,496) | |
Common stock issued to related parties for service, shares | 165,372 | ||||
Net loss | $ (605,594) | $ (605,594) | |||
Common stock issued for warrant exercise, shares | 21,427 | ||||
Common stock issued for service, shares | 300,000 | ||||
Preferred shares issued for cash, shares | 110,000 | ||||
Common stock issued related parties for AP settlement, shares | 639,536 | ||||
Preferred shares issued for cash, amount | $ 110,000 | $ 110 | $ 109,890 | ||
Common stock issued to related parties for service, amount | 29,241 | 29,075 | $ 166 | ||
Common stock issued for warrant exercise, amount | 1,071 | 1,050 | 21 | ||
Common stock issued for service, amount | 47,300 | 47,000 | 300 | ||
Common stock issued related parties for AP settlement, amount | 99,000 | 98,360 | $ 640 | ||
Balance, shares at Jun. 30, 2019 | 33,495,470 | ||||
Balance, amount at Jun. 30, 2019 | (620,560) | 12,453,178 | $ 33,496 | (13,107,234) | |
Common stock issued to related parties for service, shares | 27,500 | ||||
Net loss | $ (331,856) | $ (331,856) | |||
Common stock issued for service, shares | 250,000 | ||||
Preferred shares issued for cash, shares | 110,000 | ||||
Preferred shares issued for cash, amount | $ 110,000 | $ 110 | $ 109,890 | ||
Common stock issued to related parties for service, amount | 3,520 | 3,492 | $ 28 | ||
Common stock issued for service, amount | 37,750 | 37,500 | $ 250 | ||
Balance, shares at Sep. 30, 2019 | 110,000 | 33,772,970 | |||
Balance, amount at Sep. 30, 2019 | $ (801,146) | $ 110 | $ 12,604,060 | $ 33,774 | $ (13,439,090) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities | ||
Net loss | $ (605,594) | $ (777,717) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 76,541 | 112,976 |
Option expense | 19,200 | |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued expenses | 151,271 | 262,434 |
Due to related parties | 140,710 | 35,000 |
Net cash used in operating activities | (237,072) | (348,107) |
Cash flows from financing activities: | ||
Common stock issued for exercise of warrants | 1,071 | 83,285 |
Proceeds from the sale of preferred shares for cash | 110,000 | |
Proceeds from sale of common stock and warrants | 258,000 | |
Net cash provided by financing activities | 111,071 | 341,285 |
Net decrease in cash | (126,001) | (6,822) |
Cash -beginning of year | 131,472 | 116,994 |
Cash -end of period | 5,471 | 110,172 |
SUPPLEMENT DISCLOSURES: | ||
Interest 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 | 6 Months Ended |
Sep. 30, 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. 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 August 9, 2019 the Company signed a contract for clinical phase 1 studies with west coast clinic. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Sep. 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 and six months ended September 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. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Sep. 30, 2019 | |
GOING CONCERN | |
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. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Sep. 30, 2019 | |
RELATED PARTY TRANSACTIONS | |
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 September 30, 2019: Officer and Director Initial Share Awards Under the Contracts Additional Shares Earned to Maintain Ownership Percentage Total Shares Earned President 1,028,910 681,476 1,710,386 Chief Financial Officer 617,346 411,693 1,029,039 Executive Vice President 617,346 411,693 1,029,039 Total 2,263,602 1,504,862 3,768,464 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 six month period ended September 30, 2018 the Company issued 306,640 shares of common stock to three officers of the Company with a value of $85,476 for service. During the six month period ended September 30, 2018 the Company paid a related party and Chairman of the Scientific Board $12,000 in consulting fees and accrued $3,000 of the fees. During the same period in 2017 the Company paid $30,000 to the same individual. During the six month period ended September 30, 2018 the Company accrued $32,000 in fees due to officers of the Company. 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 July 11, 2019 an officer and director of the Company advanced the Company $10,000. The advance was on demand and bears no interest. On July 26, 2019 the Company repaid the $10,000 advance to the officer and director of the Company. During the six months ended September 30, 2019 the Company issued 165,372 shares of common stock to three officers and a director for service with a value of $29,241. During the six month period ended September 30, 2019 the Company paid the related parties (three officers and directors) $59,000 in consulting fees in cash and accrued $120,710 of the consulting fees for a total of $179,710. In addition $6,209 in expenses were accrued for the related parties. During the six months period ended September 30, 2019, Company paid $4,000 plus had an outstanding accrual of $9,000 with a related party and Chairman of the Scientific Board. During the same period in 2018, Company paid the same related party $9,000 in consulting fees and accrued $6,000 of the fees. |
EQUITY
EQUITY | 6 Months Ended |
Sep. 30, 2019 | |
EQUITY | |
NOTE 5 - EQUITY | Preferred Stock 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 and accumulates 7% interest annually. Common Stock During the six months ended September 30, 2018 the Company issued 737,142 shares of common stock plus 237,747 warrants to eight individuals for $258,000 in cash. The warrants vest immediately and terminate in one year with conversion price from $0.05-$0.50. During the six months ended September 30, 2018 the Company issued 1,665,710 shares of common stock for the conversion of 1,665,710 warrants with a value of $83,285. During the six month period ended September 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 six month period ended September 30, 2018 the Company issued 306,640 shares of common stock to three officers of the Company with a value of $85,476 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. During June 2019, two warrant holders exercised 21,427 warrants for common stock at $0.05 per share for cash of $1,071. During the six months period ended September 30, 2019 Company issued 300,000 shares of common stock to two entities with a value of $47,300 for service. During the six months ended September 30, 2019 the Company issued 165,372 shares of common stock to three officers and a director for service with a value of $29,241. |
OPTIONS
OPTIONS | 6 Months Ended |
Sep. 30, 2019 | |
OPTIONS | |
NOTE 6 - OPTIONS | As of September 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 six months ended September 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 September 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 September 30, 2019, was 6.55 years and zero, respectively. |
WARRANTS
WARRANTS | 6 Months Ended |
Sep. 30, 2019 | |
WARRANTS | |
NOTE 7 - WARRANTS | During the six month period ended September 30, 2018, the Company issued 237,747 warrants with 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 six month period ended September 30, 2018 seventeen individual exercised 1,665,710 warrants into 1,665,710 shares of common stock with a value of $83,285 in cash. As of September 30, 2018, the Company had total outstanding warrants of 511,975. During the six months ended September 30, 2019 two individuals exercised 21,427 warrants into 21,427 shares of common stock for cash of $1,071. As of September 30, 2019 the Company had a total of 109,276 warrants outstanding. During the six months ended September 30, 2019 216,320 warrants expired. The weighted average remaining life and intrinsic value of the warrants as of September 30, 2019 was zero. 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 (216,320 ) (0.05 ) -- -- Outstanding at September 30, 2019 -- $ 0.00 0.00 $ -- |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Sep. 30, 2019 | |
COMMITMENTS AND CONTINGENCIES | |
NOTE 8 - 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 September 30, 2019 $100,000 was due for the annual maintenance fee. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Sep. 30, 2019 | |
SUBSEQUENT EVENTS | |
NOTE 9 - SUBSEQUENT EVENTS | On November 14, 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) | 6 Months Ended |
Sep. 30, 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. |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
RELATED PARTY TRANSACTIONS (Tables) | |
Schedule of total shares earned by related party | Officer and Director Initial Share Awards Under the Contracts Additional Shares Earned to Maintain Ownership Percentage Total Shares Earned President 1,028,910 681,476 1,710,386 Chief Financial Officer 617,346 411,693 1,029,039 Executive Vice President 617,346 411,693 1,029,039 Total 2,263,602 1,504,862 3,768,464 |
Schedule of annual salary and annual severance amounts | 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 |
OPTIONS (Tables)
OPTIONS (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
OPTIONS (Tables) | |
Schedule 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 September 30, 2019 1,405,000 $ 0.34 6.55 1,397,000 $ -- |
WARRANTS (Tables)
WARRANTS (Tables) | 6 Months Ended |
Sep. 30, 2019 | |
WARRANTS (Tables) | |
Schedule of warrants | 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 (216,320 ) (0.05 ) -- -- Outstanding at September 30, 2019 -- $ 0.00 0.00 $ -- |
ORGANIZATION AND NATURE OF OP_2
ORGANIZATION AND NATURE OF OPERATIONS (Details Narrative) - shares | 6 Months Ended | ||
Sep. 30, 2019 | Jul. 10, 2019 | Mar. 31, 2019 | |
Date of Incorporation | Mar. 3, 2014 | ||
State of Incorporation | Nevada | ||
Preferred stock shares authorized | 10,000,000 | 10,000,000 | |
Series A Convertible Preferred Stock [Member] | |||
Preferred stock shares authorized | 1,500,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) | 6 Months Ended |
Sep. 30, 2019shares | |
Initial Share Awards Under the Contracts | 2,263,602 |
Additional Shares Earned to Maintain Ownership Percentage | 1,504,862 |
Total Shares Earned | 3,768,464 |
President [Member] | |
Initial Share Awards Under the Contracts | 1,028,910 |
Additional Shares Earned to Maintain Ownership Percentage | 681,476 |
Total Shares Earned | 1,710,386 |
Chief Financial Officer [Member] | |
Initial Share Awards Under the Contracts | 617,346 |
Additional Shares Earned to Maintain Ownership Percentage | 411,693 |
Total Shares Earned | 1,029,039 |
Executive Vice President [Member] | |
Initial Share Awards Under the Contracts | 617,346 |
Additional Shares Earned to Maintain Ownership Percentage | 411,693 |
Total Shares Earned | 1,029,039 |
RELATED PARTY TRANSACTIONS (D_2
RELATED PARTY TRANSACTIONS (Details 1) | 6 Months Ended |
Sep. 30, 2019USD ($) | |
Fiscal year annualized compensation being paid | $ 402,000 |
Annual Severance per Contract if Terminated | 570,000 |
President [Member] | |
Fiscal year annualized compensation being paid | 186,000 |
Annual Severance per Contract if Terminated | 250,000 |
Chief Financial Officer [Member] | |
Fiscal year annualized compensation being paid | 132,000 |
Annual Severance per Contract if Terminated | 180,000 |
Executive Vice President [Member] | |
Fiscal year annualized compensation being paid | 84,000 |
Annual Severance per Contract if Terminated | $ 140,000 |
RELATED PARTY TRANSACTIONS (D_3
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | ||||
Jul. 26, 2019 | Jun. 05, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Jul. 11, 2019 | Sep. 30, 2017 | |
Accrued consulting fees | $ 6,000 | $ 32,000 | ||||
Related party and Chairman of the Scientific Board [Member] | ||||||
Accrued consulting fees | 6,000 | |||||
Consulting fees, paid | 4,000 | 9,000 | ||||
Outstanding accrual fees | 9,000 | |||||
Officer and Director [Member] | ||||||
Accrued consulting fees | 120,710 | 3,000 | ||||
Consulting fees, paid | 59,000 | $ 12,000 | ||||
Total consulting fees, paid | $ 179,710 | $ 30,000 | ||||
Due to related party | $ 10,000 | |||||
Repayment of related party debt | $ 10,000 | |||||
Three Officers [Member] | ||||||
Common shares issued for services, shares | 306,640 | 306,640 | ||||
Common shares issued for services, value | $ 85,476 | $ 85,476 | ||||
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. | |||||
Two Officers And Directors [Member] | ||||||
Common stock shares issued upon conversion of accrued fees | 639,536 | |||||
Conversion price | $ 0.1548 | |||||
Amount of accrued fees converted | $ 99,000 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 05, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Common stock and warrants issued, value | $ 83,285 | |||
Two warrant holders [Member] | ||||
Proceeds from exercise of warrants | $ 1,071 | $ 1,071 | ||
Exercise price of warrants | $ 0.05 | $ 0.05 | ||
Warrants exercised | 21,427 | |||
Series A Preferred shares [Member] | ||||
Common shares issued, shares | 110,000 | |||
Preferred stock vesting description | 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 and accumulates 7% interest annually. | |||
Preferred stock issued, value | $ 110,000 | |||
Three Officers [Member] | ||||
Common shares issued for services, shares | 306,640 | 306,640 | ||
Common shares issued for services, amount | $ 85,476 | $ 85,476 | ||
Two Officers And Directors [Member] | ||||
Amount of accrued fees converted | $ 99,000 | |||
Conversion price | $ 0.1548 | |||
Common stock shares issued upon conversion of accrued fees | 639,536 | |||
Eight Individuals [Member] | ||||
Class of warrants or rights issued | 237,747 | |||
Common stock and warrants issued, value | $ 258,000 | |||
Common shares issued, shares | 737,142 | |||
Eight Individuals [Member] | Maximum [Member] | ||||
Conversion price of shares | $ 0.50 | |||
Two Entities [Member] | ||||
Common shares issued for services, amount | $ 47,300 | |||
Common shares issued for services, shares | 300,000 | |||
Two individual [Member] | ||||
Common shares issued for services, amount | $ 27,500 | |||
Common shares issued for services, shares | 70,000 | |||
Three Officers And Director [Member] | ||||
Common shares issued for services, shares | 165,372 | |||
Common shares issued for services, amount | $ 29,241 |
OPTIONS (Details)
OPTIONS (Details) - Options [Member] | 6 Months Ended |
Sep. 30, 2019USD ($)$ / sharesshares | |
Number of options | |
Outstanding option, Beginning | 1,405,000 |
Outstanding option, granted | |
Outstanding option, Exercised | |
Outstanding option, Ending | 1,405,000 |
Weighted average exercise price | |
Weighted average exercise price, Beginning | $ / shares | $ 0.34 |
Weighted average exercise price, Granted | $ / shares | |
Weighted average exercise price, Exercised | $ / shares | |
Weighted average exercise price, Ending | $ / shares | $ 0.34 |
Weighted Average Remaining Contract Life | |
Weighted Average Remaining Contract life, Beginning | 6 years 9 months 18 days |
Weighted Average Remaining Contract life, Ending | 6 years 6 months 18 days |
Number of option exercisable | |
Number of option exercisable, Beginning | 1,397,000 |
Number of option exercisable, Ending | 1,397,000 |
Intrinsic value | |
Intrinsic value, Beginning | $ | |
Intrinsic value, Ending | $ |
OPTIONS (Details Narrative)
OPTIONS (Details Narrative) | 6 Months Ended |
Sep. 30, 2019USD ($) | |
OPTIONS (Details Narrative) | |
Weighted average remaining contract life, Ending | 6 years 6 months 18 days |
Weighted average intrinsic value | $ 0 |
Warrants (Details)
Warrants (Details) | 6 Months Ended |
Sep. 30, 2019USD ($)$ / sharesshares | |
Number of warrants | |
Outstanding warrants, Beginning | shares | 237,747 |
Outstanding warrants, granted | shares | |
Outstanding warrants, Exercised | shares | (21,427) |
Outstanding warrants, Expired | shares | (216,320) |
Outstanding warrants, Ending | shares | |
Weighted average exercise price | |
Weighted average exercise price, Beginning | $ / shares | $ 0.20 |
Weighted average exercise price, Granted | $ / shares | |
Weighted average exercise price, Exercised | $ / shares | 0.05 |
Weighted average exercise price, Expired | $ / shares | (0.05) |
Weighted average exercise price, Ending | $ / shares | $ 0 |
Weighted Average Remaining Contract Life | |
Weighted Average Remaining Contract life, Beginning | 2 months 30 days |
Weighted Average Remaining Contract life, Ending | |
Intrinsic value | |
Intrinsic value, Beginning | $ | $ 18,470 |
Intrinsic value, Ending | $ |
WARRANTS (Details Narrative)
WARRANTS (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Two warrant holders [Member] | |||
Warrants exercised | 21,427 | ||
Proceeds from exercise of warrants | $ 1,071 | $ 1,071 | |
Exercise price of warrants | $ 0.05 | $ 0.05 | |
Warrant [Member] | |||
Warrants exercisable period | 1 year | ||
Warrants exercised | (21,427) | 1,665,710 | |
Warrants issued, shares | 237,747 | ||
Common shares issued upon exercise of warrants, value | $ 83,285 | ||
Common shares issued upon exercise of warrants | 1,665,710 | ||
Outstanding warrants | 109,276 | 511,975 | |
Warrants expired, shares | 216,320 | ||
Warrant [Member] | Maximum [Member] | |||
Exercise price of warrants | $ 0.50 | ||
Warrant [Member] | Minimum [Member] | |||
Exercise price of warrants | $ 0.05 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 6 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2019 | |
Contingent sales fee description | 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 | $ 100,000 | |
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 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Nov. 14, 2019 | Sep. 30, 2019 | Jul. 11, 2019 | Mar. 31, 2019 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||
Officer and Director [Member] | ||||
Due to related party | $ 10,000 | |||
Subsequent Event [Member] | Officer and Director [Member] | ||||
Due to related party | $ 10,000 |