Cover
Cover - shares | 6 Months Ended | |
Sep. 30, 2022 | Nov. 10, 2022 | |
Cover [Abstract] | ||
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 | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Sep. 30, 2022 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Entity Common Stock Shares Outstanding | 119,561,610 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-55299 | |
Entity Incorporation State Country Code | NV | |
Entity Tax Identification Number | 46-5001940 | |
Entity Interactive Data Current | Yes | |
Entity Address Address Line 1 | 623 17th Street Suite 4 | |
Entity Address City Or Town | Vero Beach | |
Entity Address State Or Province | FL | |
Entity Address Postal Zip Code | 32960 | |
City Area Code | 612 | |
Local Phone Number | 961-5656 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2022 | Mar. 31, 2022 |
Current assets: | ||
Cash | $ 1,181,912 | $ 94,414 |
Prepaid | 19,083 | 11,000 |
Total current assets | 1,200,995 | 105,414 |
Total assets | 1,200,995 | 105,414 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 764,839 | 776,891 |
Convertible note- net of discount | 293,140 | 0 |
Derivative liability | 1,330,956 | 0 |
Total current liabilities | 2,388,935 | 776,891 |
Total liabilities | 2,388,935 | 776,891 |
Commitments and contingencies | 0 | 0 |
Stockholders' deficit: | ||
Preferred stock, $0.001 par value, 50,000,000 authorized, none issued and outstanding. respectively | 0 | 0 |
Common stock, $0.001 par value; 500,000,000 authorized, 118,195,084 and 111,313,175 issued and outstanding, respectively | 118,195 | 111,313 |
Additional paid-in capital | 18,961,261 | 18,039,016 |
Accumulated deficit | (20,267,396) | (18,821,806) |
Total stockholders' deficit | (1,187,940) | (671,476) |
Total liabilities and stockholders' deficit | $ 1,200,995 | $ 105,414 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2022 | Mar. 31, 2022 |
Stockholders deficit | ||
Preferred stock shares par value | $ 0.001 | $ 0.001 |
Preferred stock shares authorized | 50,000,000 | 50,000,000 |
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 | 500,000,000 | 500,000,000 |
Common stock shares issued | 118,195,084 | 111,313,175 |
Common stock shares outstanding | 118,195,084 | 111,313,175 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating expenses: | ||||
Consulting | $ 213,915 | $ 118,000 | $ 637,065 | $ 280,813 |
General and administrative expense | 81,986 | 27,461 | 191,689 | 239,323 |
Clinical trials | 149,592 | 0 | 179,528 | 0 |
Research and development | 75,738 | 84,777 | 132,628 | 152,911 |
Loss from operations | (521,231) | (230,238) | (1,140,910) | (673,047) |
Other income (expense): | ||||
Interest income | 8 | 4 | 11 | 10 |
Change in fair value of derivative | 903,240 | 151,300 | 375,656 | 315,882 |
Financing costs | (5,124) | (35,000) | (5,124) | (101,150) |
Loss on original issuance discount | (246,724) | (94,466) | (329,390) | (201,665) |
Interest expense | (275,883) | (2,630) | (345,834) | (6,136) |
Total other income (expense) | 375,517 | 19,308 | (304,680) | 11,941 |
Net loss | $ (145,714) | $ (211,030) | $ (1,445,590) | $ (661,106) |
Net loss per share, basic and diluted | $ 0 | $ 0 | $ (0.01) | $ (0.01) |
Weighted average number of shares outstanding, basic and diluted | 117,167,533 | 107,728,175 | 115,094,648 | 107,342,417 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT (Unaudited) - USD ($) | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit |
Balance, shares at Mar. 31, 2021 | 54,130 | 104,834,083 | |||
Balance, amount at Mar. 31, 2021 | $ (472,505) | $ 54 | $ 104,834 | $ 17,774,023 | $ (18,351,416) |
Common stock issued to related parties, shares | 568,719 | ||||
Common stock issued to related parties, amount | 59,716 | 0 | $ 569 | 59,147 | 0 |
Common stock issued for service, shares | 50,000 | ||||
Common stock issued for service, amount | 5,250 | 0 | $ 50 | 5,200 | 0 |
Common stock issued for AP - related parties, shares | 307,010 | ||||
Common stock issued for AP - related parties, amount | 23,332 | $ 0 | $ 307 | 23,025 | 0 |
Common stock issued for preferred shares, shares | (54,130) | 1,968,363 | |||
Common stock issued for preferred shares, amount | 0 | $ (54) | $ 1,968 | (1,914) | 0 |
Net loss | (450,076) | 0 | 0 | 0 | (450,076) |
Balance, amount at Jun. 30, 2021 | (834,283) | $ 0 | $ 107,728 | 17,859,481 | (18,801,492) |
Balance, shares at Jun. 30, 2021 | 107,728,175 | ||||
Balance, shares at Mar. 31, 2021 | 54,130 | 104,834,083 | |||
Balance, amount at Mar. 31, 2021 | (472,505) | $ 54 | $ 104,834 | 17,774,023 | (18,351,416) |
Net loss | (661,106) | ||||
Balance, amount at Sep. 30, 2021 | (1,045,313) | 0 | $ 107,728 | 17,859,481 | (19,012,522) |
Balance, shares at Sep. 30, 2021 | 107,728,175 | ||||
Balance, shares at Jun. 30, 2021 | 107,728,175 | ||||
Balance, amount at Jun. 30, 2021 | (834,283) | 0 | $ 107,728 | 17,859,481 | (18,801,492) |
Net loss | (211,030) | 0 | 0 | (211,030) | |
Balance, amount at Sep. 30, 2021 | (1,045,313) | 0 | $ 107,728 | 17,859,481 | (19,012,522) |
Balance, shares at Sep. 30, 2021 | 107,728,175 | ||||
Balance, shares at Mar. 31, 2022 | 111,313,175 | ||||
Balance, amount at Mar. 31, 2022 | (671,476) | 0 | $ 111,313 | 18,039,016 | (18,821,806) |
Common stock issued to related parties, shares | 1,052,500 | ||||
Common stock issued to related parties, amount | 305,224 | 0 | $ 1,052 | 304,172 | 0 |
Common stock issued for service, shares | 1,000,000 | ||||
Common stock issued for service, amount | 60,000 | 0 | $ 1,000 | 59,000 | 0 |
Net loss | (1,299,876) | 0 | $ 0 | 0 | (1,299,876) |
Common stock issued for warrant exercise, shares | 3,700,000 | ||||
Common stock issued for warrant exercise, amount | 148,000 | 0 | $ 3,700 | 144,300 | 0 |
Warrants issued with convertible notes | 21,336 | 0 | 0 | 21,336 | 0 |
Balance, amount at Jun. 30, 2022 | (1,436,792) | 0 | $ 117,065 | 18,567,825 | (20,121,682) |
Balance, shares at Jun. 30, 2022 | 117,065,675 | ||||
Balance, shares at Mar. 31, 2022 | 111,313,175 | ||||
Balance, amount at Mar. 31, 2022 | (671,476) | 0 | $ 111,313 | 18,039,016 | (18,821,806) |
Net loss | $ (1,445,590) | ||||
Common stock issued for convertible debt, shares | 9,275 | ||||
Balance, amount at Sep. 30, 2022 | $ (1,187,940) | 0 | $ 118,195 | 19,961,261 | (20,267,396) |
Balance, shares at Sep. 30, 2022 | 118,195,084 | ||||
Balance, shares at Jun. 30, 2022 | 117,065,675 | ||||
Balance, amount at Jun. 30, 2022 | (1,436,792) | 0 | $ 117,065 | 18,567,825 | (20,121,682) |
Common stock issued to related parties, shares | 212,629 | ||||
Common stock issued to related parties, amount | 65,916 | $ 213 | 65,703 | 0 | |
Common stock issued for service, amount | 9,275 | 38 | 9,237 | 0 | |
Net loss | (145,714) | $ 0 | 0 | (145,714) | |
Common stock issued for warrant exercise, shares | 500,000 | ||||
Common stock issued for warrant exercise, amount | 60,000 | $ 500 | 59,500 | 0 | |
Warrants issued with convertible notes | 157,402 | $ 0 | 157,402 | 0 | |
Common stock issued for convertible debt, shares | 379,080 | ||||
Common stock issued for convertible debt, amount | 101,973 | $ 379 | 101,594 | 0 | |
Common stock issued for AP, shares | 37,700 | ||||
Balance, amount at Sep. 30, 2022 | $ (1,187,940) | $ 0 | $ 118,195 | $ 19,961,261 | $ (20,267,396) |
Balance, shares at Sep. 30, 2022 | 118,195,084 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (1,445,590) | $ (661,106) |
used in operating activities: | ||
Stock based compensation - related parties | 371,140 | 59,716 |
Stock-based compensation | 60,000 | 5,250 |
(Gain) loss in fair value of derivative liability | (375,656) | (315,883) |
Debt discount amortization | 335,226 | 201,665 |
Loss on notes | 286,265 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 0 | 750,000 |
Accounts payable and accrued expenses | (804) | (37,267) |
Deferred revenue | 0 | 250,000 |
Prepaid | (8,083) | (3,038) |
Due to related parties | 0 | (27,885) |
Net cash provided by (used in) operating activities | (777,502) | 221,452 |
Cash flows from financing activities: | ||
Repayment of convertible notes | (275,000) | (320,000) |
Proceeds from warrant exercise | 208,000 | 0 |
Proceeds from convertible notes | 1,932,000 | 200,000 |
Net cash provided (used) by financing activities | 1,865,000 | (120,500) |
Net increase (decrease) in cash | 1,087,498 | 100,952 |
Cash -beginning of year | 94,414 | 1,435 |
Cash -end of period | 1,181,912 | 102,386 |
SUPPLEMENT DISCLOSURES: | ||
Interest paid | 11,135 | 20,055 |
Income taxes paid | 0 | 0 |
Non Cash Transactions | ||
Common stock issued for conversion of preferred shares | 0 | 1,968 |
Common stock issued for convertible debt | 101,972 | 0 |
Common stock issued for accrued expenses- related party | 0 | 23,332 |
Initial discount from derivatives | $ 178,739 | $ 0 |
Common stock issued for AP | 9,275 |
ORGANIZATION AND NATURE OF OPER
ORGANIZATION AND NATURE OF OPERATIONS | 6 Months Ended |
Sep. 30, 2022 | |
ORGANIZATION AND NATURE OF OPERATIONS | |
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 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 phase 1 clinical trial 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 United States Food and 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. On March 15, 2021, the Company opened phase1 clinical trials. As of October 16, 2022 the Company had completed cohort 4 of the phase 1 clinical trials and is enrolling patients in cohort 5. Upon conclusion of cohort 5 the company will file the data with the FDA for approval to commence phase 2 clinical trials. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Sep. 30, 2022 | |
BASIS OF PRESENTATION | |
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, 2022 and 2021 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, 2022. 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. Basis of Presentation The Company computes net loss per share in accordance with ASC 260, Earnings per Share We have identified the conversion features of certain of our convertible notes payable as derivatives. We estimate the fair value of the derivatives using the Black-Scholes pricing model. We estimate the fair value of the derivative liabilities at the inception of the financial instruments, at the date of conversions to equity and at each reporting date, recording a derivative liability, debt discount, and a gain or loss on change in derivative liabilities as applicable. These estimates are based on multiple inputs, including the market price of our stock, interest rates, our stock price volatility and variable conversion prices based on market prices as defined in the respective agreements. These inputs are subject to significant changes from period to period and to management's judgment; therefore, the estimated fair value of the derivative liabilities will fluctuate from period to period, and the fluctuation may be material. Revenue recognition In April 2016, the FASB issued ASU 2016–10 Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. The amendments in this Update do not change the core principle of the guidance in Topic 606. Rather, the amendments in this Update clarify the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. Topic 606 includes implementation guidance on (a) contracts with customers to transfer goods and services in exchange for consideration and (b) determining whether an entity’s promise to grant a license provides a customer with either a right to use the entity’s intellectual property (which is satisfied at a point in time) or a right to access the entity’s intellectual property (which is satisfied over time). The amendments are intended to render more detailed implementation guidance with the expectation to reduce the degree of judgement necessary to comply with Topic 606. ASC Topic 606 prescribes a new five-step model entities should follow in order to recognize revenue in accordance with the core principle. These five steps are: 1. Identify the contract(s) with a customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price. 4. Allocate the transaction price to the performance obligations in the contract. 5. Recognize revenue when (or as) the entity satisfied the performance obligations. The Company implemented the transition using the modified retrospective method of transition. The funds are not earned on milestones that have not been reached per the contract. Based on the cut off treatment of the recognition of revenue per the milestones specific to the license agreements, the Company has determined that there are no adjustments in the value of the revenue recognized from these contracts. The Company has one revenue stream, which are the milestone payments of the license agreement with BioRay Pharmaceutical which is not earned or billed until the milestone per the agreement is met. During the six months period ended September 30, 2022, no revenue was received. Accounts receivable Accounts receivables are carried at face value less any provisions for uncollectible amounts. Accounts receivable are receivables from a license agreement. No allowance for bad debt was considered necessary for the three and six months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, the Company did not have any accounts receivable. 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. The following table summarizes the change in the fair value of the derivative liabilities during the six months ended September 30, 2022: Level 1 Level 2 Level 3 Fair value of derivative liability as of March 31, 2022 $ - $ - $ - Additions at fair value - - 1,706,612 Change in fair value of the derivative - - (375,656 ) Balance at September 30, 2022 $ - $ - $ 1,330,956 |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Sep. 30, 2022 | |
GOING CONCERN | |
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, 2022 | |
GOING CONCERN | |
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. One of the officers and director resigned as of September 30, 2020. 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 initially remained at 11% (undated to 18% as noted below) of the outstanding shares of the Company. The agreements were amended on September 1, 2020, as noted below, and the table reflects the amendment to these agreements. The following table sets forth the shares earned under these contracts for the two active officers as of September 30, 2022: Officer and Director Initial Share Awards Under the Contracts Additional Shares Earned to Maintain Ownership Percentage Total Shares Earned President 1,028,910 8,428,269 9,457,179 Chief Financial Officer 617,346 4,446,723 5,064,069 Total 1,646,256 12,874,992 14,521,248 On September 1, 2020, the Company entered five-year compensation agreements with two of its officers and directors. Under the terms of the agreements the Company issued shares of common stock to the two senior officers equaling 18% of the outstanding shares of the Company as additional future shares are issued. The officers are entitled to additional future shares, so their aggregate ownership percentage remains at 18% of the future outstanding shares of the Company. Officer and Director Fiscal Year Annualized Compensation Being Paid President $ 250,000 Chief Financial Officer $ 180,000 Total $ 430,000 During the six months ended September 30, 2022, two officers and a director were issued 1,265,129 shares of common stock with a value of $371,140 for service. |
EQUITY
EQUITY | 6 Months Ended |
Sep. 30, 2022 | |
EQUITY | |
EQUITY | NOTE 5 – EQUITY Preferred On April 1, 2021, 54,130 shares of preferred stock were converted into 1,968,363 shares of common stock. The conversion eliminated all outstanding convertible preferred shares. Common During the six months ended September 30, 2021, three officers and directors were issued 568,719 shares of common stock with a value of $59,716 for service. During the six months period ended September 30, 2021, a director of the Company converted $23,332 of accrued compensation into 307,010 shares of common stock of the Company. During the six months period ended September 30, 2021, the Company issued 50,000 shares of common stock with a value of $5,250 for service. During the six months period ended September 30, 2021, 54,130 shares of preferred stock were converted into 1,968,363 shares of common stock. The conversion eliminated all outstanding convertible preferred shares. During the six months ended September 30, 2022, two officers and a director were issued 1,265,129 shares of common stock with a value of $371,140 for service. During the six months ended September 30, 2022, four entities were issued 3,700,000 shares of common stock with a value of $148,000 for the exercise of 3,700,000 warrants. During the six months ended September 30, 2022, the Company issued 37,700 shares of common stock with a value of $9,275 for accounts payable. During the six months ended September 30, 2022, the medical director was issued 1,000,000 shares of common stock with a value of $60,000 for service. During the six months ended September 30, 2022, the Company issued 500,000 shares of common stock with a value of $60,000 for the exercise of 500,000 warrants. During the six months period ended September 30, 2022, the Company issued 379,080 shares of common stock with a value of $101,973 for the conversion of $100,000 of convertible notes and $1,973 in interest. |
OPTIONS
OPTIONS | 6 Months Ended |
Sep. 30, 2022 | |
OPTIONS | |
OPTIONS | NOTE 6– OPTIONS As of September 30, 2022, there was no option expenses recognized by the Company as the balance of unrecognized option expense was zero. The following sets forth the options granted and outstanding during the six months ended September 30, 2022: Options Weighted Average Exercise Price Weighted Average Remaining Contract Life Number of Options Exercisable Intrinsic Value Outstanding at March 31, 2022 930,000 $ 0.34 3.80 930,000 $ - Granted - - - - Exercised - - - - - Outstanding at September 30, 2022 930,000 $ 0.34 3.30 930,000 $ - The weighted average remaining life and intrinsic value of the options as of September 30, 2022, was 3.30 years and zero, respectively. |
WARRANTS
WARRANTS | 6 Months Ended |
Sep. 30, 2022 | |
WARRANTS | |
WARRANTS | NOTE 7 – WARRANTS During the year ended March 31, 2021 the Company issued 3,700,000 warrants and used the Black Scholes Pricing model to estimate the fair value of the warrants as of grant date, using the following key inputs: market prices of the Company’s common stock at dates of grant between $0.08-0.11 per share, conversion price of $0.15, volatility of 312.5%-314.49% and discount rate of 0.14-0.16%. Based on the fair value of the common stock of $437,000 and value of the warrants of $349,605 the fair value of the warrants was calculated to be 41% of the total value or $303,000. During the year ended March 31, 2021 the valuation resulted in a deemed dividend from the down round calculation of $555,000. As of September 30, 2022 3,700,000 warrants were converted into 3,700,000 shares of common stock for cash at a value for $148,000. On April 7, 2022,the Company issued 500,000 warrants as part of a convertible note issued the same date. The Company used the Black Scholes Pricing model to estimate the fair value of the warrants as of grant date using the following key inputs; market prices of the Company’s stock at date of grant of $0.08 per share, conversion price of $0.12 per share, volatility of 132% and discount of 1.78%. The fair value of the warrants were calculated to be $ 26,000 and was used to allocate the proceeds to the two elements based on the relative fair value of the debt instruments without the warrants and of the warrants at the time of issuance. The portion of the proceeds so allocated to the warrants of $21,336 is accounted for as paid in capital. As of September 30, 2022 the 500,000 warrants were converted into 500,000 shares of common stock. On August 31, 2022 the Company issued 750,000 warrants as part of a convertible note issued the same date. The Company used the Black Scholes Pricing model to estimate the fair value of the warrants as of grant date using the following key inputs; market prices of the Company’s stock at date of grant of $0.41 per share, conversion price of $0.60 per share, volatility of 137% and discount of 3.50%. The fair value of the warrants were calculated to be $ 188,760 and was used to allocate the proceeds to the two elements based on the relative fair value of the debt instruments without the warrants and of the warrants at the time of issuance. The portion of the proceeds so allocated to the warrants of $9,902 is accounted for as paid in capital. On September 2, 2022 the Company issued 250,000 warrants as part of a convertible note issued the same date. The Company used the Black Scholes Pricing model to estimate the fair value of the warrants as of grant date using the following key inputs; market prices of the Company’s stock at date of grant of $0.345 per share, conversion price of $0.60 per share, volatility of 137% and discount of 3.47%. The fair value of the warrants were calculated to be $50,273 and was used to allocate the proceeds to the two elements based on the relative fair value of the debt instruments without the warrants and of the warrants at the time of issuance. The portion of the proceeds so allocated to the warrants of $2,484 is accounted for as paid in capital. The weighted average remaining life and intrinsic value of the warrants as of September 30, 2022 was: Warrants Weighted Average Exercise Price Weighted Average Remaining Contract Life Intrinsic Value Outstanding at March 31, 2021 3,700,000 $ 0.15 2.00 $ - Granted - - - - Exercised - - - - Expired - - - - Outstanding at March 31, 2022 3,700,000 $ 0.15 1.35 $ - Granted 1,500,000 0.44 1.85 - Exercised (4,200,000 ) - - - Expired - - - - Outstanding as of September 30, 2022 1,000,000 $ 0.60 1.96 $ - |
CONVERTIBLE DEBT
CONVERTIBLE DEBT | 6 Months Ended |
Sep. 30, 2022 | |
CONVERTIBLE DEBT | |
CONVERTIBLE DEBT | NOTE 8 - CONVERTIBLE DEBT On October 28, 2020, the Company issued a $138,000 convertible note with an OID of $10,000. The note matured on October 28,2021 with interest at 10% per annum. After 180 days the note was convertible into common stock of the Company at $0.04 per share or a 30% discount to the VWAP during the 20 days prior to conversion. The initial derivative was calculated using risk free interest of .18%, volatility of 212% and expected life of .50 years. On April 20, 2021 note was paid with the principal of $138,000, accrued interest of $6,805 and financing costs of $41,400. On November 11, 2020, the Company issued a $82,500 convertible note with an OID of $7,500. The note matured on October 28, 2021 with fixed interest of 10%. After 180 days the note was convertible into common stock of the Company at a 35% discount to the lowest trading price during the 20 days prior to conversion. On April 22, 2021, the note was paid consisting of principal of $82,500, accrued interest of $8,250 and finance costs of $24,750. On February 16, 2021, the Company issued a $100,000 convertible note with an OID of $5,000. The note matured on February 16, 2022, with fixed interest of 10%. After 180 days the note was convertible into common stock of the Company at a 30% discount to the lowest trading price during the 15 days prior to conversion. The initial derivative was calculated using risk free interest of .18%, volatility of 213% and expected life of 1.00 years. On August 16, 2021, the note was paid consisting of principal of $100,000, accrued interest of $5,000 and financing costs of $35,000. On August 10, 2021, the Company issued a $200,000 convertible note. The note matured on February 10, 2022, with fixed interest of 10%. Within 180 days of issuance the note may be repaid at an escalating premium up to 125% of the face value of the note. After 180 days the note was convertible into common stock of the Company at $0.06 per share or a 25% discount to the lowest trading price during the 10 days prior to conversion. The initial derivative was calculated using risk free interest of .05%, volatility of 132% and expected life of 0.50 years. On March 28, 2022, the Note was paid consisting of $200,000 in principal, accrued interest of $9,973 and financing costs of $50,000. On April 7, 2022, the Company issued a $275,000 convertible note with an OID of $25,000. The note matures on March 29, 2023, bears fixed interest of 8% plus contains a most favored nations statement. Within 180 days of issuance, the note may be repaid at a premium of 115% of the face value of the note and 150% of the unconverted balance of the note after 180 days and prior to maturity. After 180 days the note may be converted into common stock of the Company at $0.075 per share or a 20% discount to the lowest VWAP (Volume- Weighted Average Pricing) price during the 10 days prior to conversion. The initial derivative was calculated using risk free interest of .05%, volatility of 132% and expected life of 0.50 years. On September 9, 2022 the note was paid with the note principal of $275,000, interest of $9,162 and premium of $42,624 for a total of $326,786. On August 31, 2022 the Company entered into an agreement with an unrelated third party for convertible debentures totaling $1,500,000. The first $500,000 was paid at closing with the second $500,000 paid on September 20, 2022, upon filing of an S-1 Registration, and the third $500,000 paid on September 27, 2022, upon the S-1 becoming effective. Each debenture matures one year from date of issuance. The interest rate for each debenture is six percent (6%) per annum and the Debenture may be converted at the lesser of $0.30 per share or eighty percent (80%) of the lowest VWAP of the Company’s common stock for ten consecutive trading days immediately prior to the conversion date and carried an original discount of 3% of the debenture face value. The Company also issued a warrant to purchase 750,000 shares of the Company’s common stock for a period of two years, expiring on August 30, 2024, at an exercise price of $0.60 per share. As part of the agreement the Company filed an S-1 registration statement registering the underlying common shares for the debenture conversion and the warrants. During the six months period ended September 30, 2022, the Company issued 379,080 shares of common stock with a value of $101,973 for the conversion of $100,000 of convertible note and $1,973 in interest. The initial derivatives were calculated for each debenture as follows: 1. Debenture 1- risk free interest of 3.50%, volatility of 137% and expected life of 1.00 years 2. Debenture 2- risk free interest of 4.03%, volatility of 140% and expected life of 1.00 years 3. Debenture 3- risk free interest of 3.98%, volatility of 141% and expected life of 1.00 years On September 2, 2022 the Company entered into an agreement with an unrelated third party for convertible debentures totaling $500,000. The first $250,000 was paid at closing with the second $250,000 to be paid upon the S-1 becoming effective. Each debenture matures one year from date of issuance. The interest rate for each debenture is six percent (6%) per annum and the Debenture may be converted at the lesser of $0.30 per share or eighty percent (80%) of the lowest VWAP of the Company’s common stock for ten consecutive trading days immediately prior to the conversion date and carried an original discount of 3% of the debenture face value. The Company also issued a warrant to purchase 250,000 shares of the Company’s common stock for a period of two years, expiring on August 30, 2024, at an exercise price of $0.60 per share. As part of the agreement the Company filed an S-1 registration statement registering the underlying common shares for the debenture conversion and the warrants. The initial derivative was calculated using risk free interest of 3.47%, volatility of 137% and expected life of 1 year. As of September 30, 2022 the funds for the second debenture had not been received. During the six months period ended September 30, 2022, the Company issued 379,080 shares of common stock with a value of $101,973 for the conversion of $100,000 of convertible notes and $1,973 in interest. |
FAIR VALUE MEASUREMENTS AND DER
FAIR VALUE MEASUREMENTS AND DERIVATIVE LIABILITIES | 6 Months Ended |
Sep. 30, 2022 | |
FAIR VALUE MEASUREMENTS AND DERIVATIVE LIABILITIES | |
FAIR VALUE MEASUREMENTS AND DERIVATIVE LIABILITIES | NOTE 9 - FAIR VALUE MEASUREMENTS AND DERIVATIVE LIABILITIES As defined in (Financial Accounting Standards Board ASC 820), fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilized the market data of similar entities in its industry or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. FASB ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement). The three levels of the fair value hierarchy are as follows: Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities, and listed equities. Level 2 – Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date and includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category generally include non-exchange-traded derivatives such as commodity swaps, interest rate swaps, options, and collars. Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value As September 30, 2022, the Company believes the amounts reported for cash, payables, accrued liabilities and amounts due to related parties approximate their fair values, due to the nature or duration of these instruments. The following table represents the change in the fair value of the derivative liabilities during the quarter ended September 30, 2022: Level 1 Level 2 Level 3 Fair value of derivative liability as of March 31, 2022 $ - $ - $ - Additions at fair value - - 1,706,612 Change in fair value of the derivative - - (375,656 ) Balance at September 30, 2022 $ - $ - $ 1,330,956 The estimated fair value of the derivative liabilities at September 30, 2022 was calculated using the American Binomial Lattice pricing model with the following assumptions: Risk-free interest rate 4.05 % Expected life in years .92-.99 Dividend yield 0 % Expected volatility 128.00-130.00 % |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Sep. 30, 2022 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | NOTE 10 –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, 2022, $349,960 was due for the annual maintenance fee and first patient dosage of phase 1. On March 9, 2020, the Board of Directors of the Company adapted an expense bonus program. Under the program, if an acquisition, merger or change in control is affected, 10% of the value of the transaction will be allocated to pay the expenses of the transaction including but not limited to legal, accounting, transfer fees and other miscellaneous expense. The balance of the fund after expenses will be allocated 20% to directors and 80% to officers and employees of the Company as allocated by the Chief Executive Officer and approved by the Board of Directors. |
LICENSE AGREEMENT
LICENSE AGREEMENT | 6 Months Ended |
Sep. 30, 2022 | |
LICENSE AGREEMENT | |
LICENSE AGREEMENT | NOTE 11- LICENSE AGREEMENT On March 31, 2021, the Company issued a license agreement for US $5,000,000 to BioRay Pharmaceutical Co, LTD, licensing Pritumumab internationally with the exclusion of North and Central America and the Caribbean Islands. Under the terms of the agreement the Company receives $250,000 upon signing of the agreement plus $750,000 with the start of the phase 1 clinical trials, which started in March 2021. In addition, the Company received $750,000 upon the enrollment of the 12th patient or the dosage level of 8.0 mg/kg, whichever was achieved first. Further payment of $2,500,000 will be received when the FDA approves the phase 2 clinical trials and $750,000 when the phase 2 clinical trials begin. Upon commercialization by the Licensee, the Company will receive a 9% royalty on net sales for 20 years. As of September 30, 2022 the Company has received the three initial payments totaling $1,750,000. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Sep. 30, 2022 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 12- SUBSEQUENT EVENTS On November 4, 2022 the Company issued 439,934 shares of common stock to Platinum Point Capital for the conversion of $75,000 of convertible notes. On November 7, 2022 the Company issued 322,281 shares of common stock to YA II PN, Ltd for the conversion of $50,000 of convertible debt and $3,369.73 in accrued interest. On November 8, 2022 the Company issued 604,311 shares of common stock YA II PN, Ltd for the conversion of $100,000 of convertible debt and $73.90 in accrued interest. The Company has evaluated subsequent events to determine events occurring after September 30, 2022 through the date of this filing 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) | 6 Months Ended |
Sep. 30, 2022 | |
BASIS OF PRESENTATION | |
Basis of Presentation | The Company computes net loss per share in accordance with ASC 260, Earnings per Share We have identified the conversion features of certain of our convertible notes payable as derivatives. We estimate the fair value of the derivatives using the Black-Scholes pricing model. We estimate the fair value of the derivative liabilities at the inception of the financial instruments, at the date of conversions to equity and at each reporting date, recording a derivative liability, debt discount, and a gain or loss on change in derivative liabilities as applicable. These estimates are based on multiple inputs, including the market price of our stock, interest rates, our stock price volatility and variable conversion prices based on market prices as defined in the respective agreements. These inputs are subject to significant changes from period to period and to management's judgment; therefore, the estimated fair value of the derivative liabilities will fluctuate from period to period, and the fluctuation may be material. |
Revenue recognition | In April 2016, the FASB issued ASU 2016–10 Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. The amendments in this Update do not change the core principle of the guidance in Topic 606. Rather, the amendments in this Update clarify the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. Topic 606 includes implementation guidance on (a) contracts with customers to transfer goods and services in exchange for consideration and (b) determining whether an entity’s promise to grant a license provides a customer with either a right to use the entity’s intellectual property (which is satisfied at a point in time) or a right to access the entity’s intellectual property (which is satisfied over time). The amendments are intended to render more detailed implementation guidance with the expectation to reduce the degree of judgement necessary to comply with Topic 606. ASC Topic 606 prescribes a new five-step model entities should follow in order to recognize revenue in accordance with the core principle. These five steps are: 1. Identify the contract(s) with a customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price. 4. Allocate the transaction price to the performance obligations in the contract. 5. Recognize revenue when (or as) the entity satisfied the performance obligations. The Company implemented the transition using the modified retrospective method of transition. The funds are not earned on milestones that have not been reached per the contract. Based on the cut off treatment of the recognition of revenue per the milestones specific to the license agreements, the Company has determined that there are no adjustments in the value of the revenue recognized from these contracts. The Company has one revenue stream, which are the milestone payments of the license agreement with BioRay Pharmaceutical which is not earned or billed until the milestone per the agreement is met. During the six months period ended September 30, 2022, no revenue was received. |
Accounts receivable | Accounts receivables are carried at face value less any provisions for uncollectible amounts. Accounts receivable are receivables from a license agreement. No allowance for bad debt was considered necessary for the three and six months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, the Company did not have any accounts receivable. |
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. The following table summarizes the change in the fair value of the derivative liabilities during the six months ended September 30, 2022: Level 1 Level 2 Level 3 Fair value of derivative liability as of March 31, 2022 $ - $ - $ - Additions at fair value - - 1,706,612 Change in fair value of the derivative - - (375,656 ) Balance at September 30, 2022 $ - $ - $ 1,330,956 |
BASIS OF PRESENTATION (Tables)
BASIS OF PRESENTATION (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
BASIS OF PRESENTATION | |
Change in the fair value of the derivative liabilities | Level 1 Level 2 Level 3 Fair value of derivative liability as of March 31, 2022 $ - $ - $ - Additions at fair value - - 1,706,612 Change in fair value of the derivative - - (375,656 ) Balance at September 30, 2022 $ - $ - $ 1,330,956 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
RELATED PARTY TRANSACTIONS (Tables) | |
Schedule of 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 8,428,269 9,457,179 Chief Financial Officer 617,346 4,446,723 5,064,069 Total 1,646,256 12,874,992 14,521,248 |
Schedule of annual salary and annual severance amounts | Officer and Director Fiscal Year Annualized Compensation Being Paid President $ 250,000 Chief Financial Officer $ 180,000 Total $ 430,000 |
OPTIONS (Tables)
OPTIONS (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
OPTIONS | |
Schedule of Summary of stock options outstanding | Options Weighted Average Exercise Price Weighted Average Remaining Contract Life Number of Options Exercisable Intrinsic Value Outstanding at March 31, 2022 930,000 $ 0.34 3.80 930,000 $ - Granted - - - - Exercised - - - - - Outstanding at September 30, 2022 930,000 $ 0.34 3.30 930,000 $ - |
WARRANTS (Tables)
WARRANTS (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
WARRANTS | |
Schedule of Summary of warrants outstanding | Warrants Weighted Average Exercise Price Weighted Average Remaining Contract Life Intrinsic Value Outstanding at March 31, 2021 3,700,000 $ 0.15 2.00 $ - Granted - - - - Exercised - - - - Expired - - - - Outstanding at March 31, 2022 3,700,000 $ 0.15 1.35 $ - Granted 1,500,000 0.44 1.85 - Exercised (4,200,000 ) - - - Expired - - - - Outstanding as of September 30, 2022 1,000,000 $ 0.60 1.96 $ - |
FAIR VALUE MEASUREMENTS AND D_2
FAIR VALUE MEASUREMENTS AND DERIVATIVE LIABILITIES (Tables) | 6 Months Ended |
Sep. 30, 2022 | |
WARRANTS | |
Schedule of change in fair value of derivative liabilities | Level 1 Level 2 Level 3 Fair value of derivative liability as of March 31, 2022 $ - $ - $ - Additions at fair value - - 1,706,612 Change in fair value of the derivative - - (375,656 ) Balance at September 30, 2022 $ - $ - $ 1,330,956 |
Schedule of estimated fair value drivative assumptions | Risk-free interest rate 4.05 % Expected life in years .92-.99 Dividend yield 0 % Expected volatility 128.00-130.00 % |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) | 6 Months Ended |
Sep. 30, 2022 USD ($) | |
Fair Value, Inputs, Level 3 [Member] | |
Begnning Balance | $ 0 |
Additions at fair value | 1,706,612 |
Change in fair value of the derivative | (375,656) |
Ending Balance | 1,330,956 |
Fair Value, Inputs, Level 1 [Member] | |
Begnning Balance | 0 |
Additions at fair value | 0 |
Change in fair value of the derivative | 0 |
Ending Balance | 0 |
Fair Value, Inputs, Level 2 [Member] | |
Begnning Balance | 0 |
Additions at fair value | 0 |
Change in fair value of the derivative | 0 |
Ending Balance | $ 0 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) | 6 Months Ended |
Sep. 30, 2022 shares | |
Initial Share Awards Under the Contracts | 1,646,256 |
Additional Shares Earned to Maintain Ownership Percentage | 12,874,992 |
Total Shares Earned | 14,521,248 |
President [Member] | |
Additional Shares Earned to Maintain Ownership Percentage | 8,428,269 |
Total Shares Earned | 9,457,179 |
Initial Share Awards Under the Contracts | 1,028,910 |
Chief Financial Officer [Member] | |
Additional Shares Earned to Maintain Ownership Percentage | 4,446,723 |
Total Shares Earned | 5,064,069 |
Initial Share Awards Under the Contracts | 617,346 |
RELATED PARTY TRANSACTIONS (D_2
RELATED PARTY TRANSACTIONS (Details 1) | 6 Months Ended |
Sep. 30, 2022 USD ($) | |
Total | $ 430,000 |
President [Member] | |
Fiscal Year Annualized Compensation Being Paid | 250,000 |
Chief Financial Officer [Member] | |
Fiscal Year Annualized Compensation Being Paid | $ 180,000 |
RELATED PARTY TRANSACTIONS (D_3
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Common stock shares issued for services, amount | $ 9,275 | $ 60,000 | $ 5,250 | ||
Three Officers and Director [Member] | |||||
Common stock shares issued for services, shares | 59,716 | ||||
Common stock shares issued for services, amount | $ 568,719 | ||||
Two officers and a director [Member] | |||||
Common stock shares issued for services, shares | 1,265,129 | ||||
Common stock shares issued for services, amount | $ 371,140 | ||||
September 1, 2015 [Member] | Three Officers and Director [Member] | |||||
Officers and directors employment agreement terms, description | the Company entered five-year employment contracts with three of its officers and directors. One of the officers and director resigned as of September 30, 2020. 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 initially remained at 11% (undated to 18% as noted below) of the outstanding shares of the Company | ||||
September 1, 2020 [Member] | |||||
Officers and directors employment agreement terms, description | Under the terms of the agreements the Company issued shares of common stock to the two senior officers equaling 18% of the outstanding shares of the Company as additional future shares are issued. The officers are entitled to additional future shares, so their aggregate ownership percentage remains at 18% of the future outstanding shares of the Company |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Sep. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | |
Preferred stock converted into common stock | 1,968,363 | |||||
Number of preferred stock share for conversion | 54,130 | |||||
Common stock shares issued for services | 37,700 | 50,000 | ||||
Common stock issue for conversion convertible note and interest | 379,080 | |||||
Common stock issue for conversion convertible note and interest Amount | $ 101,973 | |||||
conversion amount convertible note | 100,000 | |||||
Common stock issue amount interest | $ 1,973 | |||||
Common stock issued for exercise | 500,000 | |||||
Common stock issued for exercise amount | $ 60,000 | |||||
Common stock issue for exercise warrant | 500,000 | |||||
Common stock shares value for services, amount | $ 9,275 | $ 5,250 | ||||
Common stock shares, issued | 118,195,084 | 118,195,084 | 111,313,175 | |||
Common stock shares issued for exercise of warrants | 9,275 | |||||
Common stock shares value for services, amount | $ 9,275 | $ 60,000 | $ 5,250 | |||
Common stock shares value for account payable, amount | $ 101,973 | |||||
April 1, 2021 [Member] | ||||||
Preferred stock converted into common stock | 1,968,363 | |||||
Preferred stock shares issued upon common stock, shares | 54,130 | |||||
Four Entities [Member] | ||||||
Common stock shares value for exercise of warrants, amount | $ 148,000 | |||||
Common stock shares, issued | 3,700,000 | 3,700,000 | ||||
Common stock shares issued for exercise of warrants | 3,700,000 | |||||
Two Officers and Director [Member] | ||||||
Common stock shares issued for services | 1,265,129 | |||||
Common stock shares value for account payable, amount | $ 371,140 | |||||
Director [Member] | ||||||
Common stock shares issued for compensation, value | $ 23,332 | |||||
Common stock shares issued for compensation, shares | 307,010 | |||||
Medical Director [Member] | ||||||
Common stock shares value for services, amount | $ 60,000 | |||||
Common stock shares issued for services | 1,000,000 | |||||
Three Officers and Director [Member] | ||||||
Common stock shares value for services, amount | $ 568,719 | |||||
Common stock shares issued for services | 59,716 |
OPTIONS (Details)
OPTIONS (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Mar. 31, 2022 | |
Options | ||
Option, Beginning Balance | 930,000 | |
Option, Ending Balance | 930,000 | 930,000 |
Weighted average exercise price | ||
Weighted average exercise price, Beginning | $ 0.34 | |
Weighted average exercise price, Granted | 0 | |
Weighted average exercise price, Exercised | 0 | |
Weighted average exercise price, Ending | $ 0.34 | $ 0.34 |
Weighted Average Remaining Contract Life | ||
Weighted Average Remaining Contract life, Beginning | 3 years 9 months 18 days | |
Weighted Average Remaining Contract life, Ending | 3 years 3 months 18 days | |
Number of option exercisable | ||
Number of option exercisable, Beginning | 930,000 | |
Number of option exercisable, Ending | 930,000 | 930,000 |
Intrinsic value | ||
Intrinsic value, Beginning | $ 0 | |
Intrinsic value, Granted | 0 | $ 0 |
Intrinsic value, Exercised | 0 | $ 0 |
Intrinsic value, Ending | $ 0 |
OPTIONS (Details Narrative)
OPTIONS (Details Narrative) | 6 Months Ended |
Sep. 30, 2022 USD ($) | |
OPTIONS (Details) | |
Intrinsic value, Ending | $ 0 |
Weighted average remaining life and intrinsic value | 3 years 3 months 18 days |
WARRANTS (Details)
WARRANTS (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Mar. 31, 2022 | |
Number of warrants | ||
Outstanding warrants, Beginning | 3,700,000 | 3,700,000 |
Outstanding warrants, granted | 1,500,000 | |
Outstanding warrants, Exercised | (4,200,000) | |
Outstanding warrants, Ending | 1,000,000 | 3,700,000 |
Weighted average exercise price | ||
Weighted average exercise price, Beginning | $ 0.15 | $ 0.15 |
Weighted average exercise price, Granted | 0.44 | 0 |
Weighted average exercise price, Exercised | 0 | 0 |
Weighted average exercise price, Expired | 0 | 0 |
Weighted average exercise price, Ending | $ 0.60 | $ 0.15 |
Weighted Average Remaining Contract Life | ||
Weighted Average Remaining Contract life, Beginning | 1 year 4 months 6 days | 2 years |
Weighted Average Remaining Contract life, Granted | 1 year 10 months 6 days | |
Weighted Average Remaining Contract life, Ending | 1 year 11 months 15 days | 1 year 4 months 6 days |
Intrinsic value | ||
Intrinsic value, Beginning | $ 0 | |
Intrinsic value, Granted | $ 0 | 0 |
Intrinsic value, Exercised | 0 | 0 |
Intrinsic value, Expired | 0 | 0 |
Intrinsic value, Ending | $ 0 | $ 0 |
WARRANTS (Details Narrative)
WARRANTS (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||
Sep. 02, 2022 | Apr. 07, 2022 | Aug. 31, 2022 | Sep. 30, 2022 | Mar. 31, 2021 | |
Deemed dividend from down round | $ 555,000 | ||||
Warrant converted into common stock | 3,700,000 | ||||
Warrant converted into common stock amount | $ 148,000 | ||||
Exercise price of warrants | $ 0.345 | $ 0.08 | $ 0.41 | ||
Warrants issued | 250,000 | 500,000 | 750,000 | 3,700,000 | |
Conversion price | $ 0.60 | $ 0.12 | $ 0.60 | $ 0.15 | |
Volatility rate | 137% | 132% | 137% | ||
Adjustments to additional paid-in capital, warrant issued | $ 2,484 | $ 21,336 | $ 9,902 | ||
Discount rate | 3.47% | 1.78% | 3.50% | ||
Fair value of warrant | $ 50,273 | $ 26,000 | $ 188,760 | ||
April 07, 2022 [Member] | |||||
Warrant converted into common stock | 500,000 | ||||
Warrant converted | 500,000 | ||||
Maximum [Member] | |||||
Volatility rate | 130% | ||||
Warrant [Member] | |||||
Fair value of warrants | 41% | ||||
value of warrants | $ 349,605 | ||||
Total value of warrant | 303,000 | ||||
Fair value of common stock | $ 437,000 | ||||
Warrant [Member] | Maximum [Member] | |||||
Exercise price of warrants | $ 0.11 | ||||
Discount rate | 0.16% | ||||
Volatility rate | 314.49% | ||||
Preferred Stock | |||||
Exercise price of warrants | $ 0.08 | ||||
Discount rate | 0.14% | ||||
Volatility rate | 312.50% |
CONVERTIBLE DEBT (Details Narra
CONVERTIBLE DEBT (Details Narrative) - USD ($) | 1 Months Ended | 5 Months Ended | 6 Months Ended | |||||||||||||
Apr. 07, 2022 | Aug. 10, 2021 | Nov. 11, 2020 | Mar. 28, 2022 | Aug. 16, 2021 | Apr. 22, 2021 | Apr. 20, 2021 | Feb. 16, 2021 | Oct. 28, 2020 | Sep. 09, 2022 | Sep. 30, 2022 | Sep. 27, 2022 | Sep. 20, 2022 | Sep. 02, 2022 | Aug. 31, 2022 | Mar. 31, 2022 | |
Payment of Financing costs | $ 50,000 | $ 35,000 | $ 24,750 | $ 41,400 | ||||||||||||
Common stock | 379,080 | |||||||||||||||
Common stock value | $ 101,973 | |||||||||||||||
Convertible notes | 100,000 | |||||||||||||||
Interest | $ 1,973 | |||||||||||||||
Notes payable,principal | $ 275,000 | |||||||||||||||
Notes payable,interest | 9,162 | |||||||||||||||
Notes payable,premium | 42,624 | |||||||||||||||
Notes paid,total | $ 326,786 | |||||||||||||||
Debt conversion, principle balance | 200,000 | 100,000 | 82,500 | 138,000 | ||||||||||||
Accrued interest | $ 9,973 | $ 5,000 | $ 8,250 | $ 6,805 | ||||||||||||
Risk free interest rate | 4.05% | |||||||||||||||
Common share issued | 118,195,084 | 111,313,175 | ||||||||||||||
Common share value | $ 118,195 | $ 111,313 | ||||||||||||||
August 31, 2022 [Member] | ||||||||||||||||
Conversion price, Description | Debenture may be converted at the lesser of $0.30 per share or eighty percent (80%) of the lowest VWAP of the Company’s common stock for ten consecutive trading days immediately prior to the conversion date and carried an original discount of 3% of the debenture face value | |||||||||||||||
Warrant expiry date | Aug. 30, 2024 | |||||||||||||||
Exercise price of warrant | $ 0.60 | |||||||||||||||
Convertible debentures with unrelated party | $ 1,500,000 | |||||||||||||||
Debt paid,first installement | $ 500,000 | |||||||||||||||
Debt paid,second installement | $ 500,000 | |||||||||||||||
Interest rate on convertible debenture | 6% | |||||||||||||||
Common stock issued for warrant purchase | 750,000 | |||||||||||||||
Debt paid,third installement | $ 500,000 | |||||||||||||||
September 02, 2022 [Member] | ||||||||||||||||
Conversion price, Description | Debenture may be converted at the lesser of $0.30 per share or eighty percent (80%) of the lowest VWAP of the Company’s common stock for ten consecutive trading days immediately prior to the conversion date and carried an original discount of 3% of the debenture face value | |||||||||||||||
Risk free interest rate | 3.47% | |||||||||||||||
Volatility rate | 137% | |||||||||||||||
Expected life | 1 year | |||||||||||||||
Common stock issued for warrant purchase | 250,000 | |||||||||||||||
Warrant expiry date | Aug. 30, 2024 | |||||||||||||||
Exercise price of warrant | $ 0.60 | |||||||||||||||
Convertible debentures with unrelated party | $ 500,000 | |||||||||||||||
Debt paid,first installement | 250,000 | |||||||||||||||
Debt paid,second installement | $ 250,000 | |||||||||||||||
Interest rate on convertible debenture | 6% | |||||||||||||||
Debtenture 1 | ||||||||||||||||
Risk free interest rate | 3.50% | |||||||||||||||
Volatility rate | 137% | |||||||||||||||
Expected life | 1 year | |||||||||||||||
Debtenture 2 | ||||||||||||||||
Risk free interest rate | 4.03% | |||||||||||||||
Volatility rate | 140% | |||||||||||||||
Expected life | 1 year | |||||||||||||||
Debtenture 3 | ||||||||||||||||
Risk free interest rate | 3.98% | |||||||||||||||
Volatility rate | 141% | |||||||||||||||
Expected life | 1 year | |||||||||||||||
Convertible Debt | ||||||||||||||||
Convertible debt | $ 100,000 | |||||||||||||||
Common share issued | 379,080 | |||||||||||||||
Common share value | $ 101,973 | |||||||||||||||
Interest on convertible notes | $ 1,973 | |||||||||||||||
Series A Convertible Preferred Stock [Member] | ||||||||||||||||
Debt conversion, principle balance | $ 25,000 | $ 200,000 | $ 7,500 | $ 5,000 | $ 10,000 | |||||||||||
Convertible debt | $ 275,000 | $ 82,500 | $ 100,000 | $ 138,000 | ||||||||||||
Conversion price, Description | Within 180 days of issuance, the note may be repaid at a premium of 115% of the face value of the note and 150% of the unconverted balance of the note after 180 days and prior to maturity. After 180 days the note may be converted into common stock of the Company at $0.075 per share or a 20% discount to the lowest VWAP (Volume- Weighted Average Pricing) price during the 10 days prior to conversion | Within 180 days of issuance the note may be repaid at an escalating premium up to 125% of the face value of the note. After 180 days the note was convertible into common stock of the Company at $0.06 per share or a 25% discount to the lowest trading price during the 10 days prior to conversion. The initial derivative was calculated using risk free interest of .05%, volatility of 132% and expected life of 0.50 years | After 180 days the note was convertible into common stock of the Company at a 35% discount to the lowest trading price during the 20 days prior to conversion | After 180 days the note was convertible into common stock of the Company at a 30% discount to the lowest trading price during the 15 days prior to conversion. The initial derivative was calculated using risk free interest of .18%, volatility of 213% and expected life of 1.00 years | After 180 days the note was convertible into common stock of the Company at $0.04 per share or a 30% discount to the VWAP during the 20 days prior to conversion. The initial derivative was calculated using risk free interest of .18%, volatility of 212% and expected life of .50 years | |||||||||||
Risk free interest rate | 0.05% | 10% | 10% | 10% | ||||||||||||
Debt maturity date | Mar. 29, 2023 | Feb. 10, 2022 | Oct. 28, 2021 | Feb. 16, 2022 | Oct. 28, 2021 | |||||||||||
Interest rate | 8% | 10% | ||||||||||||||
Volatility rate | 132% | |||||||||||||||
Expected life | 6 months |
FAIR VALUE MEASUREMENTS AND D_3
FAIR VALUE MEASUREMENTS AND DERIVATIVE LIABILITIES (Details) - USD ($) | 6 Months Ended | ||
Sep. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | |
Fair Value, Inputs, Level 3 [Member] | |||
Additions at fair value | $ 1,706,612 | ||
Fair value of derivative liability as of March 31, 2022 | 1,330,956 | $ 0 | $ 0 |
Change in fair value of the derivative | (375,656) | ||
Balance at September 30, 2022 | 1,330,956 | ||
Fair Value, Inputs, Level 1 [Member] | |||
Additions at fair value | 0 | ||
Fair value of derivative liability as of March 31, 2022 | 0 | 0 | 0 |
Change in fair value of the derivative | 0 | ||
Balance at September 30, 2022 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | |||
Additions at fair value | 0 | ||
Fair value of derivative liability as of March 31, 2022 | 0 | $ 0 | $ 0 |
Change in fair value of the derivative | 0 | ||
Balance at September 30, 2022 | $ 0 |
FAIR VALUE MEASUREMENTS AND D_4
FAIR VALUE MEASUREMENTS AND DERIVATIVE LIABILITIES (Details 1) | 6 Months Ended |
Sep. 30, 2022 | |
Risk-free interest rate | 4.05% |
Dividend yield | 0% |
Minimum | |
Expected life in years | 11 months 1 day |
Expected volatility | 128% |
Maximum | |
Expected life in years | 11 months 26 days |
Expected volatility | 130% |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | |
Mar. 09, 2020 | Sep. 30, 2016 | Sep. 30, 2022 | |
Merger, description | Under the program, if an acquisition, merger or change in control is affected, 10% of the value of the transaction will be allocated to pay the expenses of the transaction including but not limited to legal, accounting, transfer fees and other miscellaneous expense. The balance of the fund after expenses will be allocated 20% to directors and 80% to officers and employees of the Company as allocated by the Chief Executive Officer and approved by the Board of Directors | ||
Annual Maintenance | $ 349,960 | ||
Investment description | A contingent sales fee upon first commercial sale of a product of 1% of sales or $150,000 whichever is greater payable quarterly | ||
First Phase I clinical trial [Member] | |||
Future payments | $ 100,000 | ||
Annual maintenance fee | 50,000 | ||
First BLA [Member] | |||
Future payments | 225,000 | ||
First Phase III clinical trial [Member] | |||
Future payments | $ 225,000 |
LICENSE AGREEMENT (Details Narr
LICENSE AGREEMENT (Details Narrative) - BioRay Pharmaceutical Co LTD [Member] | 6 Months Ended |
Sep. 30, 2022 USD ($) | |
Agreement description | Under the terms of the agreement the Company receives $250,000 upon signing of the agreement plus $750,000 with the start of the phase 1 clinical trials, which started in March 2021. In addition, the Company received $750,000 upon the enrollment of the 12th patient or the dosage level of 8.0 mg/kg, whichever was achieved first. Further payment of $2,500,000 will be received when the FDA approves the phase 2 clinical trials and $750,000 when the phase 2 clinical trials begin |
Issuance of license agreement | $ 5,000,000 |
Royalty rate | 9% |
Net sales | 20 years |
Agreement | $ 250,000 |
Initial payment received | $ 1,750,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Nov. 08, 2022 | Nov. 07, 2022 | Nov. 04, 2022 | Sep. 30, 2022 | Mar. 31, 2022 |
Common share issued | 118,195,084 | 111,313,175 | |||
Subsequent Event | |||||
Common share issued | 604,311 | 322,281 | 439,934 | ||
Conversion of convertible notes | $ 100,000 | $ 50,000 | $ 75,000 | ||
Accrued interest | $ 73.90 | $ 3,369.73 |