Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2019 | Feb. 11, 2020 | |
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 | Dec. 31, 2019 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 36,160,870 | |
EntityFileNumber | 000-55299 | |
EntityAddressAddressLine1 | 6330 Nancy Ridge Dr. | |
EntityAddressAddressLine2 | Suite 105 | |
EntityAddressPostalZipCode | 92121 | |
EntityTaxIdentificationNumber | 450612715 | |
EntityAddressCityOrTown | San Diego | |
LocalPhoneNumber | 961-5656 | |
CityAreaCode | 612 | |
EntityAddressStateOrProvince | CALIFORNIA |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 |
Current assets: | ||
Cash | $ 1,819 | $ 131,472 |
Total current assets | 1,819 | 131,472 |
Total assets | 1,819 | 131,472 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 839,798 | 525,636 |
Due to related parties | 114,530 | 88,000 |
Total current liabilities | 954,328 | 613,636 |
Total liabilities | 954,328 | 613,636 |
Commitments and contingencies | ||
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, 35,960,870 and 32,646,635 outstanding, respectively | 35,961 | 32,647 |
Additional paid-in capital | 12,820,662 | 12,318,685 |
Accumulated deficit | (13,809,242) | (12,833,496) |
Total stockholders' deficit | (952,509) | (482,164) |
Total liabilities and stockholder' deficit | $ 1,819 | $ 131,472 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 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 | 35,960,870 | 32,646,635 |
Common stock, shares outstanding | 35,960,870 | 32,646,635 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating expenses: | ||||
Consulting | $ 181,290 | $ 109,846 | $ 494,300 | $ 448,322 |
General and administrative expense | 62,107 | 121,724 | 249,625 | 409,548 |
Research and development | 124,925 | 25,000 | 255,578 | 176,439 |
Loss from operations | (368,232) | (256,570) | (969,503) | (1,034,309) |
Other income (expense): | ||||
Interest income | 5 | 6 | 27 | |
Interest expense | (1,920) | (6,249) | ||
Total other income (expense) | (1,920) | 5 | (6,243) | 27 |
Net loss | $ (370,152) | $ (256,565) | $ (975,746) | $ (1,034,282) |
Net loss per share, basic and diluted | $ (0.01) | $ (0.01) | $ (0.03) | $ (0.04) |
Weighted average number of shares outstanding, basic and diluted | 33,828,331 | 30,600,054 | 33,419,628 | 29,503,095 |
STATEMENTS OF STOCKHOLDERS DEFI
STATEMENTS OF STOCKHOLDERS DEFICIT (Unaudited) - USD ($) | Total | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Balance, shares at Mar. 31, 2018 | 27,753,365 | ||||
Balance, amount at Mar. 31, 2018 | $ (86,379) | $ 27,754 | $ 11,350,456 | $ (11,464,589) | |
Common stock issued to related parties for service, Amount | 50,030 | $ 373 | 49,657 | ||
Common stock issued to related parties for service, Shares | 373,272 | ||||
Common stock issued for stock and warrants, Amount | 393,000 | $ 1,277 | 391,723 | ||
Common stock issued for service, Amount | 27,500 | $ 70 | 27,430 | ||
Common stock issued for service, Shares | 70,000 | ||||
Common stock issued for stock and warrants, Shares | 1,277,142 | ||||
Option expense | 28,800 | 28,800 | |||
Common stock issued for warrant exercise, Shares | 1,665,710 | ||||
Common stock issued for warrant exercise, Amount | 83,285 | $ 1,666 | 81,619 | ||
Net loss | $ (1,034,282) | $ (1,034,282) | |||
Balance, shares at Sep. 30, 2018 | 30,532,857 | ||||
Balance, amount at Sep. 30, 2018 | $ (390,635) | $ 30,533 | $ 11,821,138 | $ (12,242,306) | |
Common stock issued to related parties for service, Amount | $ 11,346 | $ 67 | $ 11,279 | ||
Common stock issued to related parties for service, Shares | 66,741 | ||||
Common stock issued for stock and warrants, Amount | $ 135,000 | $ 540 | $ 134,460 | ||
Common stock issued for stock and warrants, Shares | 540,000 | ||||
Net loss | (256,565) | $ (256,565) | |||
Option discount | $ 9,600 | $ 9,600 | |||
Balance, shares at Dec. 31, 2018 | 31,139,598 | ||||
Balance, amount at Dec. 31, 2018 | $ (491,254) | $ 31,140 | $ 11,976,477 | $ (12,498,871) | |
Balance, shares at Mar. 31, 2019 | 32,646,635 | ||||
Balance, amount at Mar. 31, 2019 | $ (482,164) | $ 32,647 | $ 12,318,685 | $ (12,833,496) | |
Common stock issued to related parties for service, Amount | 50,030 | $ 373 | 49,657 | ||
Common stock issued to related parties for service, Shares | 373,272 | ||||
Common stock issued for service, Amount | 47,300 | $ 300 | 47,000 | ||
Common stock issued for service, Shares | 300,000 | ||||
Common stock issued for warrant exercise, Shares | 21,427 | ||||
Common stock issued for warrant exercise, Amount | 1,071 | $ 21 | 1,050 | ||
Net loss | (975,746) | $ (975,746) | |||
Preferred shares issued for cash, Amount | 110,000 | 110 | 109,890 | ||
Common stock issued for cash, Amount | 15,000 | $ 15 | 14,850 | ||
Preferred shares issued for cash, Shares | 110,000 | ||||
Common stock issued related parties for debt, Shares | 2,469,536 | ||||
Common stock issued related parties for debt, Amount | $ 282,000 | $ 2,469 | $ 279,530 | ||
Common stock issued for cash, Shares | 150,000 | ||||
Balance, shares at Sep. 30, 2019 | 33,772,970 | 110,000 | |||
Balance, amount at Sep. 30, 2019 | $ (801,146) | $ 33,774 | $ 110 | $ 12,604,060 | $ (13,439,090) |
Common stock issued to related parties for service, Amount | 183,000 | $ 1,830 | 181,170 | ||
Common stock issued to related parties for service, Shares | 1,830,000 | ||||
Net loss | (370,152) | $ (370,152) | |||
Common stock issued for cash, Amount | 15,000 | $ 150 | 14,850 | ||
Common stock issued for cash, Shares | 150,000 | ||||
Common stock issued for service-related parties, Amount | $ 20,789 | $ 207 | $ 20,582 | ||
Common stock issued for service-related parties, Shares | 207,900 | ||||
Balance, shares at Dec. 31, 2019 | 35,960,870 | 110,000 | |||
Balance, amount at Dec. 31, 2019 | $ (952,509) | $ 35,961 | $ 110 | $ 12,820,662 | $ (13,809,242) |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (975,746) | $ (1,034,282) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation - related parties | 50,030 | 96,822 |
Stock based compensation | 47,300 | 27,500 |
Option expense | 28,800 | |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued expenses | 314,162 | 336,186 |
Due to related parties | 308,530 | 55,000 |
Net cash used in operating activities | (255,724) | (489,974) |
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 the sale of common stock for cash | 15,000 | |
Proceeds from sale of common stock and warrants | 393,000 | |
Net cash provided by financing activities | 126,071 | 476,285 |
Net decrease in cash | (129,653) | (13,689) |
Cash - beginning of year | 131,472 | 116,994 |
Cash - end of period | 1,819 | 103,305 |
SUPPLEMENT DISCLOSURES: | ||
Interest paid | ||
Income taxes paid | ||
Non Cash Transactions | ||
Common stock issued for accrued expenses - related party | $ 282,000 |
ORGANIZATION AND NATURE OF OPER
ORGANIZATION AND NATURE OF OPERATIONS | 9 Months Ended |
Dec. 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. 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. The Company received its IRB clearance allowing the opening of clinical trials. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Dec. 31, 2019 | |
BASIS OF PRESENTATION | |
NOTE 2 - BASIS OF PRESENTATION | The accompanying 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 financial statements of the Company for the three and nine months ended December 31, 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. 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 nine months ended December 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. 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 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. 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 financial statements and related disclosures. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Dec. 31, 2019 | |
GOING CONCERN | |
NOTE 3 - GOING CONCERN | The Company’s 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 | 9 Months Ended |
Dec. 31, 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 December 31, 2019: Officer and Director Initial Share Awards Under the Contracts Additional Shares Earned to Maintain Ownership Percentage Total Shares Earned President 1,028,910 776,154 1,805,064 Chief Financial Officer 617,346 468,393 1,085,739 Executive Vice President 617,346 468,393 1,085,739 Total 2,263,602 1,712,940 3,976,542 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 nine months ended December 31, 2018 the Company issued 373,381 shares of common stock to three officers of the Company with a value of $96,822 for service. During the nine months ended December 31, 2018 the Company paid a related party and Chairman of the Scientific Board $14,000 in consulting fees and accrued $5,000 of the fees. During the nine months period ended December 31, 2019, Company paid $4,000 plus an outstanding accrual of $9,000 to the same individual. As of December 31, 2018 the Company accrued $55,000 of compensation earned but not paid to related parties. 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 nine months ended December 31, 2019 an officer and director of the Company advanced the Company $37,620, $4,250 in cash and $33,370 in payment of accounts payable bills. On December 30, 2019, three officers and directors and the chairman of the Scientific Board of the Company converted $282,000 of accrued fees into 2,469,536 shares of common stock at $0.10- $0.1548 per share. During the nine months ended December 31, 2019, the Company issued 373,272 shares of common stock to three officers and a director for service with a value of $50,030. During the nine month period ended December 31, 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. |
EQUITY
EQUITY | 9 Months Ended |
Dec. 31, 2019 | |
EQUITY | |
NOTE 5 - EQUITY | Preferred Stock On July 25, 2019 the Company issued 110,000 shares at $1.00 per share 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 ($0.25 per share) 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 accrues 7% interest annually. Common Stock During the nine months ended December 31, 2018 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 nine months ended December 31, 2018 the Company issued 1,665,710 shares of common stock for the exercise of 1,665,710 warrants for cash of $83,285. During the nine month period ended December 31, 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 nine month period ended December 31, 2018 the Company issued 373,381 shares of common stock to three officers of the Company with a value of $96,822 for service. During the nine months ended December 31, 2019, two warrant holders exercised 21,427 warrants for common stock at $0.05 per share for cash of $1,071. On December 11, 2019 the Company issued 150,000 shares of common stock with a value of $15,000 for cash. During the nine months period ended December 31, 2019 Company issued 300,000 shares of common stock to two entities with a value of $47,300 for service. On December 30, 2019, three officers and directors and the chairman of the Scientific Board of the Company converted $282,000 of accrued fees into 2,469,536 shares of common stock at $0.10-$0.1548 per share. During the nine months ended December 31, 2019, the Company issued 373,272 shares of common stock to three officers and a director for service with a value of $50,030. |
OPTIONS
OPTIONS | 9 Months Ended |
Dec. 31, 2019 | |
OPTIONS | |
NOTE 6 - OPTIONS | As of December 31, 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 nine months ended December 31, 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 December 31, 2019 1,405,000 $ 0.34 6.05 1,397,000 $ -- The weighted average remaining life and intrinsic value of the options as of December 31, 2019, was 6.05 years and zero, respectively. |
WARRANTS
WARRANTS | 9 Months Ended |
Dec. 31, 2019 | |
WARRANTS | |
NOTE 7 - WARRANTS | During the nine month period ended December 31, 2018, the Company issued 237,747 warrants for cash proceeds (Note 5). 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 nine month period ended December 31, 2018 sixteen individuals exercised 1,665,710 warrants into 1,665,710 shares of common stock for cash of $83,285. As of December 31, 2018, the Company had total outstanding warrants of 237,747. During the nine months ended December 31, 2018, 274,228 warrants expired. During the nine months ended December 31, 2019 two individuals exercised 21,427 warrants into 21,427 shares of common stock for cash of $1,071. During the nine months ended December 31, 2019, 216,320 warrants expired. The weighted average remaining life and intrinsic value of the warrants as of December 31, 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 December 31, 2019 -- $ 0.00 0.00 $ -- |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Dec. 31, 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 December 31, 2019 $100,000 was due for the annual maintenance fee. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Dec. 31, 2019 | |
SUBSEQUENT EVENTS | |
NOTE 9 - SUBSEQUENT EVENTS | On December 31, 2019 the Company signed a 7% Convertible note for $161,250 with an OID of $11,250. The note was funded on January 3, 2020. The note matures on July 1, 2020 after which it is convertible into common stock of the Company at 75% of the lowest trading prices 15 days prior to conversion. On January 3, 2020 the Company repaid an officer and director of the Company $17,679 in advances and expenses for the Company leaving a balance due the officer of $21,500. On February 3, 2020 the Company issued 200,000 shares of common stock to one individual with a value of $20,000 for cash. The Company has evaluated subsequent events to determine events occurring after December 31, 2019 through February 11, 2020 that would have a material impact on the Company’s financial results or require disclosure and have determined none exist other than those noted above in this footnote. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Dec. 31, 2019 | |
BASIS OF PRESENTATION | |
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 nine months ended December 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. |
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 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 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. |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Dec. 31, 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 1,028,910 776,154 1,805,064 Chief Financial Officer 617,346 468,393 1,085,739 Executive Vice President 617,346 468,393 1,085,739 Total 2,263,602 1,712,940 3,976,542 |
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) | 9 Months Ended |
Dec. 31, 2019 | |
BASIS OF PRESENTATION | |
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 December 31, 2019 1,405,000 $ 0.34 6.05 1,397,000 $ -- |
WARRANTS (Tables)
WARRANTS (Tables) | 9 Months Ended |
Dec. 31, 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 December 31, 2019 -- $ 0.00 0.00 $ -- |
ORGANIZATION AND NATURE OF OP_2
ORGANIZATION AND NATURE OF OPERATIONS (Details Narrative) - shares | 9 Months Ended | ||
Dec. 31, 2019 | Jul. 10, 2019 | Mar. 31, 2019 | |
State of Incorporation | Nevada | ||
Date of Incorporation | Mar. 3, 2014 | ||
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) | 9 Months Ended |
Dec. 31, 2019shares | |
Initial Share Awards Under the Contracts | 2,263,602 |
Additional Shares Earned to Maintain Ownership Percentage | 1,712,940 |
Total Shares Earned | 3,976,542 |
President [Member] | |
Initial Share Awards Under the Contracts | 1,028,910 |
Additional Shares Earned to Maintain Ownership Percentage | 776,154 |
Total Shares Earned | 1,805,064 |
Chief Financial Officer [Member] | |
Initial Share Awards Under the Contracts | 617,346 |
Additional Shares Earned to Maintain Ownership Percentage | 468,393 |
Total Shares Earned | 1,085,739 |
Executive Vice President [Member] | |
Initial Share Awards Under the Contracts | 617,346 |
Additional Shares Earned to Maintain Ownership Percentage | 468,393 |
Total Shares Earned | 1,085,739 |
RELATED PARTY TRANSACTIONS (D_2
RELATED PARTY TRANSACTIONS (Details 1) | 9 Months Ended |
Dec. 31, 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 | 3 Months Ended | 9 Months Ended | |||||||
Jan. 03, 2020 | Dec. 30, 2019 | Jul. 26, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 11, 2019 | Mar. 31, 2019 | Dec. 31, 2017 | |
Accrued consulting fees | $ 6,000 | $ 6,000 | ||||||||
Related party debt | 37,620 | 37,620 | ||||||||
Consulting fees, paid | $ 181,290 | $ 109,846 | $ 494,300 | $ 448,322 | ||||||
Common stock shares issued | 35,960,870 | 35,960,870 | 32,646,635 | |||||||
Two Officers And Directors [Member] | Accounts Payable [Member] | ||||||||||
Related party debt | $ 33,370 | $ 33,370 | ||||||||
Officer and Director [Member] | ||||||||||
Accrued consulting fees | 120,710 | 5,000 | 120,710 | 5,000 | ||||||
Related party debt | 4,250 | 4,250 | ||||||||
Consulting fees, paid | 59,000 | $ 14,000 | ||||||||
Total consulting fees, paid | 179,710 | 179,710 | $ 45,000 | |||||||
Due to related party | $ 21,500 | $ 10,000 | ||||||||
Repayment of related party debt | $ 17,679 | $ 10,000 | ||||||||
Common stock shares issued | 373,272 | 373,272 | ||||||||
Common stock shares issued, amount | $ 50,030 | |||||||||
Three Officers [Member] | ||||||||||
Accrued compensation | $ 6,209 | $ 6,209 | ||||||||
Common shares issued for services, shares | 373,381 | |||||||||
Common shares issued for services, value | $ 96,822 | |||||||||
Three Officers And Director [Member] | ||||||||||
Common stock shares issued upon debt conversion | 2,469,536 | |||||||||
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 | |||||||||
Related party and Chairman of the Scientific Board [Member] | ||||||||||
Consulting fees, paid | $ 4,000 | 9,000 | ||||||||
Outstanding accrual fees | $ 9,000 | $ 9,000 | ||||||||
Accrued compensation | $ 55,000 | $ 55,000 | ||||||||
Conversion of debt into equity | $ 282,000 | |||||||||
Common stock shares issued upon debt conversion | 2,469,536 | |||||||||
Related party and Chairman of the Scientific Board [Member] | Maximum [Member] | ||||||||||
shares price | $ 0.1548 | |||||||||
Related party and Chairman of the Scientific Board [Member] | Minimum [Member] | ||||||||||
shares price | $ 0.10 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 9 Months Ended | |||
Dec. 30, 2019 | Dec. 11, 2019 | Jul. 25, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Common stock and warrants issued, value | $ 83,285 | ||||
Warrants exercised | 1,665,710 | ||||
Two warrant holders [Member] | |||||
Warrants exercised | 21,427 | ||||
Proceeds from exercise of warrants | $ 1,071 | ||||
Exercise price of warrants | $ 0.05 | ||||
Series A Preferred shares [Member] | |||||
Conversion of Stock, Per share | $ 1 | ||||
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($0.25 per share) 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 | ||||
Common Stock [Member] | |||||
Common shares issued for services, amount | $ 15,000 | ||||
Common shares issued for services, shares | 150,000 | ||||
Three Officers [Member] | |||||
Common shares issued for services, amount | $ 96,822 | ||||
Common shares issued for services, shares | 373,381 | ||||
Three Officers And Director And Chairman [Member] | |||||
Conversion of Stock, Shares Converted | 2,469,536 | ||||
Conversion of Stock, Amount Converted | $ 282,000 | ||||
Three Officers And Director And Chairman [Member] | Minimum [Member] | |||||
Conversion of Stock, Per share | $ 0.10 | ||||
Three Officers And Director And Chairman [Member] | Maximum [Member] | |||||
Conversion of Stock, Per share | $ 0.1548 | ||||
Eight Individuals [Member] | |||||
Common stock and warrants issued, value | $ 393,000 | ||||
Class of warrants or rights issued | 237,747 | ||||
Common shares issued, shares | 1,277,142 | ||||
Eight Individuals [Member] | Minimum [Member] | |||||
Conversion price of shares | $ 0.05 | ||||
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, amount | $ 50,030 | ||||
Common shares issued for services, shares | 373,272 | ||||
Two Officers And Directors [Member] | |||||
Common stock shares issued upon conversion of accrued fees |
OPTIONS (Details)
OPTIONS (Details) - USD ($) | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Intrinsic value | ||
Outstanding option, Exercised | 1,665,710 | |
Options [Member] | ||
Number of option exercisable | ||
Number of option exercisable, Beginning | 1,397,000 | |
Number of option exercisable, Ending | 1,397,000 | |
Weighted average exercise price | ||
Weighted average exercise price, Beginning | $ 0.34 | |
Weighted average exercise price, Granted | ||
Weighted average exercise price, Exercised | ||
Weighted average exercise price, Ending | $ 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 18 days | |
Intrinsic value | ||
Intrinsic value, Beginning | ||
Intrinsic value, Ending | ||
Outstanding option, Beginning | 1,405,000 | |
Outstanding option, Exercised | ||
Outstanding option, granted | ||
Outstanding option, Ending | 1,405,000 |
OPTIONS (Details Narrative)
OPTIONS (Details Narrative) | 9 Months Ended |
Dec. 31, 2019USD ($) | |
OPTIONS (Details Narrative) | |
Weighted average remaining contract life, Ending | 6 years 18 days |
Weighted average intrinsic value | $ 0 |
Warrants (Details)
Warrants (Details) | 9 Months Ended |
Dec. 31, 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 ($) | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Two warrant holders [Member] | ||
Warrants exercised | 21,427 | |
Proceeds from exercise of warrants | $ 1,071 | |
Exercise price of warrants | $ 0.05 | |
Warrant [Member] | ||
Warrants exercisable period | 1 year | |
Warrants exercised | 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 | 237,747 | |
Warrants expired, shares | 216,320 | 274,228 |
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 ($) | 1 Months Ended | |
Sep. 30, 2016 | Dec. 31, 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 ($) | 1 Months Ended | |||||||||
Jan. 03, 2020 | Dec. 31, 2019 | Jul. 26, 2019 | Feb. 03, 2020 | Sep. 30, 2019 | Jul. 11, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Mar. 31, 2018 | |
Common stock issued | ||||||||||
Common stock value | $ 35,961 | $ 32,647 | ||||||||
Officer and Director [Member] | ||||||||||
Repayment of related party debt | $ 17,679 | $ 10,000 | ||||||||
Due to related party | $ 21,500 | $ 10,000 | ||||||||
Subsequent Event [Member] | ||||||||||
Common stock issued | 200,000 | |||||||||
Common stock value | $ 20,000 | |||||||||
Subsequent Event [Member] | 7% Convertible note [Member] | ||||||||||
Conversion price, Description | The note matures on July 1, 2020 after which it is convertible into common stock of the Company at 75% of the lowest trading prices 15 days prior to conversion. | |||||||||
Convertible debt, amount | $ 161,250 | |||||||||
Original issue discount | $ 11,250 |