Nascent Biotech (NBIO) 10-Q 18 Aug 23 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jun. 30, 2023	Aug. 18, 2023
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	Jun. 30, 2023
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Entity Common Stock Shares Outstanding		149,636,780
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 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
Entity Interactive Data Current	Yes

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2023	Mar. 31, 2023
Current assets:
Cash	$ 9,480	$ 172,186
Prepaid	69,442	82,816
Total current assets	78,922	255,002
Total assets	78,922	255,002
Current liabilities:
Accounts payable and accrued liabilities	644,260	498,122
Convertible note- net of discount	276,972	428,719
Derivative liability	312,724	663,426
Total current liabilities	1,233,956	1,551,139
Total liabilities	1,233,956	1,551,139
Commitments and Contingencies	0	0
Stockholders' equity:
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, 143,636,778 and 131,764,348 issued and outstanding, respectively	143,636	131,764
Additional paid-in capital	20,864,329	20,194,874
Accumulated deficit	(22,162,999)	(21,622,775)
Total stockholders' equity (deficit)	(1,155,034)	(1,296,137)
Total liabilities and stockholders' equity	$ 78,922	$ 255,002

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Mar. 31, 2023
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	143,636,778	131,764,348
Common stock shares outstanding	143,636,778	131,764,348

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating expenses:
Consulting	$ 229,362	$ 423,140
General and administrative expense	87,750	109,703
Clinical trials	32,444	29,936
Product filling	136,507	0
Research and development	25,910	56,890
Loss from operations	(511,973)	(619,679)
Other income (expense):
Interest income	21	3
Change in fair value of derivative	159,444	(527,584)
Gain on debt settlement	50,000	0
Loss on original issuance discount	0	(82,666)
Interest expense	(237,716)	(69,950)
Total other income (expense)	(28,250)	(680,197)
Net loss	$ (540,224)	$ (1,299,876)
Net loss per share, basic and diluted	$ 0	$ (0.01)
Weighted average number of shares outstanding, basic and diluted	139,952,376	113,439,027

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS DEFICIT (Unaudited) - USD ($)	Total	Preferred Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)
Balance, shares at Mar. 31, 2022		111,313,175
Balance, amount at Mar. 31, 2022	$ (671,476)	$ 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	$ 1,052	304,172	0
Common stock issued for warrant exercise, shares		3,700,000
Common stock issued for warrant exercise, amount	148,000	$ 3,700	144,300	0
Common stock issued for service, shares		1,000,000
Common stock issued for service, amount	60,000	$ 1,000	59,000	0
Warrants issued with convertible notes	21,336	0	21,336	0
Net loss	(1,299,876)	$ 0	0	(1,299,876)
Balance, shares at Jun. 30, 2022		117,065,675
Balance, amount at Jun. 30, 2022	(1,436,792)	$ 117,065	18,567,825	(20,121,682)
Balance, shares at Mar. 31, 2023		131,764,348
Balance, amount at Mar. 31, 2023	(1,296,137)	$ 131,764	20,194,874	(21,622,775)
Common stock issued to related parties, shares		2,235,250
Common stock issued to related parties, amount	111,762	$ 2,235	109,527	0
Common stock issued for service, shares		100,000
Common stock issued for service, amount	5,600	$ 100	5,500	0
Warrants issued with convertible notes	0
Net loss	(540,224)	$ 0	0	(540,224)
Common stock issued for convertible debt, shares		9,537,180
Common stock issued for convertible debt, amount	367,796	$ 9,537	358,259	0
Change in derivative at conversion	191,258		191,258
Option discount	$ 4,911	$ 0	4,911	0
Balance, shares at Jun. 30, 2023	9,537,182	143,636,778
Balance, amount at Jun. 30, 2023	$ (1,155,034)	$ 143,636	$ 20,864,329	$ (22,162,999)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (540,224)	$ (1,299,876)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock based compensation - related parties	111,762	305,224
Stock-based compensation	5,600	60,000
(Gain) loss in fair value of derivative liability	(159,444)	527,584
Debt discount amortization	232,381	64,887
Loss on convertible notes	0	82,664
Gain on debt settlement	(50,000)	0
Stock option expense	4,911	0
Changes in operating assets and liabilities:
Accounts payable and accrued expenses	218,934	(74,075)
Prepaid	13,374	(26,750)
Due to related parties	0	16,500
Net cash provided by (used in) operating activities	(162,706)	(343,839)
Cash flows from financing activities:
Proceeds from warrant conversion	0	148,000
Proceeds from convertible notes	0	245,000
Net cash provided (used) by financing activities	0	395,000
Net increase (decrease) in cash	(162,706)	51,161
Cash -beginning of year	172,186	94,414
Cash -end of period	9,480	145,575
SUPPLEMENT DISCLOSURES:
Interest paid	0	0
Income taxes paid	0	0
Non Cash Transactions
Warrants issued with convertible notes	0	21,336
Initial discount from derivatives	0	253,664
Common stock issued for debt conversion	358,259	0
Retirement of derivative at conversion of debt	$ 191,258	$ 0

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	3 Months Ended
	Jun. 30, 2023
ORGANIZATION AND NATURE OF OPERATIONS
NOTE 1 - 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 June 30, 2023 the Company had completed the phase 1 clinical trials and submitted to the FDA for clearance to begin phase 2 clinical trials. (See Note 12- Subsequent Events)

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Jun. 30, 2023
BASIS OF PRESENTATION
NOTE 2 - BASIS OF PRESENTATION	NOTE 2- BASIS OF PRESENTATION The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles. The Company has elected a fiscal year ending on March 31. The accompanying unaudited interim consolidated financial statements of the Company for the three months ended June 30, 2023 and 2022 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, 2023. 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 three months period ended June 30, 2023, 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 months ended June 30, 2023 and 2022, respectively. As of June 30, 2023, the Company did not have any accounts receivable. Derivative debt In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) The amendments in the ASU are effective for public business entities that meet the definition of an SEC filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted at the beginning of an entity’s annual fiscal year, but no earlier than fiscal years beginning after December 15, 2020.

GOING CONCERN

GOING CONCERN	3 Months Ended
	Jun. 30, 2023
GOING CONCERN
NOTE 3 - 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	3 Months Ended
	Jun. 30, 2023
RELATED PARTY TRANSACTIONS
NOTE 4 - 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 June 30, 2023: Officer and Director Initial Share Awards Under the Contracts Additional Shares Earned to Maintain Ownership Percentage Total Shares Earned President 1,028,910 11,475,779 12,504,679 Chief Financial Officer 617,346 5,970,223 6,587,569 Total 1,646,256 17,445,992 19,092,248 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 three months ended June 30, 2023, two officers and a director were issued 2,235,250 shares of common stock with a value of $111,763 for service.

EQUITY

EQUITY	3 Months Ended
	Jun. 30, 2023
EQUITY
NOTE 5 - EQUITY	NOTE 5 – EQUITY Common During the three months ended June 30, 2022, two officers and a director were issued 1,052,500 shares of common stock with a value of $305,224 for service. During the three months ended June 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 three months ended June 30, 2022, the medical director was issued 1,000,000 shares of common stock with a value of $60,000 for service. During the three months ended June 30, 2023, two officers and a director were issued 2,235,250 shares of common stock with a value of $111,763 for service. During the three months ended June 30, 2023, the Company issued 9,537,182 shares of common stock with a value of $367,796 for the conversion of debt and accrued interest. During the three months ended June 30, 2023, the Company issued 100,000 shares of common stock with a value of $5,600 for service.

OPTIONS

OPTIONS	3 Months Ended
	Jun. 30, 2023
OPTIONS
NOTE 6 - OPTIONS	NOTE 6– OPTIONS As of June 30, 2023, the Company recognized $4,911 in option expense leaving a balance of unrecognized option expense of $71,081. The following sets forth the options granted and outstanding during the three months ended June 30, 2023: Options Weighted Average Exercise Price Weighted Average Remaining Contract Life Number of Options Exercisable Intrinsic Value Outstanding at March 31, 2023 1,430,000 $ 0.28 3.81 930,000 $ - Granted - - - - Exercised - - - - - Outstanding at June 30, 2023 1,430,000 $ 0.28 3.56 1,005,000 $ - The weighted average remaining life and intrinsic value of the options as of June 30, 2023, was 3.56 years and zero, respectively.

WARRANTS

WARRANTS	3 Months Ended
	Jun. 30, 2023
WARRANTS
NOTE 7 - 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 June 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 allocated to the warrants of $21,336 is accounted for as paid in capital. The weighted average remaining life and intrinsic value of the warrants as of June 30, 2023 was: Warrants Weighted Average Exercise Price Weighted Average Remaining Contract Life Intrinsic Value Outstanding at March 31, 2022 3,700,000 $ 0.15 1.35 $ - Granted 1,000,000 0.60 1.75 - Exercised (3,700,000 ) - - - Expired - - - - Outstanding as of March 31, 2023 1,000,000 0.60 1.50 - Granted - - - - Exercised - - - - Expired - - - - Balance at June 30, 2023 1,000,000 $ 0.60 1.25 $ - As of June 30, 2023 there were 1,000,000 warrants outstanding.

CONVERTIBLE DEBT

CONVERTIBLE DEBT	3 Months Ended
	Jun. 30, 2023
CONVERTIBLE DEBT
NOTE 8 - CONVERTIBLE DEBT	NOTE 8 - CONVERTIBLE DEBT 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. 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 During the three months ended June 30, 2023, the Company issued 8,205,263 shares of common stock for the conversion of $300,000 of the convertible note plus $17,556 of accrued interest leaving a balance of $400,000 plus accrued interest. 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 June 30, 2023 the funds for the second debenture had not been received. During the three months ended June 30, 2023, the Company issued 1,331,919 shares of common stock for the conversion of $45,000 of the convertible note plus $5,240 of accrued interest leaving a balance of $5,000 plus accrued interest. During the three months ended June 30, 2023, the Company issued an aggregate of 9,537,182 shares of common stock with a value of $367,795 for the conversion of $345,000 of convertible note and $22,795 in interest, leaving a balance due of $405,000 of convertible notes plus accrued interest.

FAIR VALUE MEASUREMENTS AND DER

FAIR VALUE MEASUREMENTS AND DERIVATIVE LIABILITIES	3 Months Ended
	Jun. 30, 2023
FAIR VALUE MEASUREMENTS AND DERIVATIVE LIABILITIES
NOTE 9 - 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 June 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 June 30, 2022: Level 1 Level 2 Level 3 Fair value of derivative liability as of March 31, 2023 $ - $ - $ 663,426 Change at conversion (191,258 ) Change in fair value of the derivative - - (159,444 ) Balance at June 30, 2023 $ - $ - $ 312,724 The estimated fair value of the derivative liabilities at June 30, 2023 was calculated using the American Binomial Lattice pricing model with the following assumptions: Risk-free interest rate 5.18 % Expected life in years 0.17-.22 Dividend yield 0 % Expected volatility 200.00 %

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Jun. 30, 2023
COMMITMENTS AND CONTINGENCIES
NOTE 10 - 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 June 30, 2023 the outstanding balance was $59,390. 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	3 Months Ended
	Jun. 30, 2023
LICENSE AGREEMENT
NOTE 11 - 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, (Licensee) licensing Pritumumab internationally with the exclusion of North and Central America and the Caribbean Islands. Under the terms of the agreement the Company received $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 initial patient enrolled at the dosage level of 8.0 mg/kg. Further payment of $2,500,000 was to be received when the FDA approves the phase 2 clinical trials and $750,000 was to receive when the phase 2 clinical trials begin. Upon commercialization by the Licensee, the Company was to receive a 9% royalty on net sales for 20 years. On June 6, 2023 the Company and BioRay mutually agreed to terminate the license agreement, at no cost to either party, returning the worldwide rights to the Company.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Jun. 30, 2023
SUBSEQUENT EVENTS
NOTE 12 - SUBSEQUENT EVENTS	NOTE 12 - SUBSEQUENT EVENTS On July 24, 2023 the Company issued 2,000,000 shares of common stock with a value of $100,000 for cash. On August 4, 2023 the Company issued 1,000,000 shares of common stock with a value of $50,000 for cash. On August 10, 2023 the Company received clearance from the United States Food and Drug Administration to commence phase 2 clinical trials of brain cancer. On August 16, 2023 the Company issued 1,000,000 shares of common stock with a value of $50,000 for cash. On August 17, 2023 the Company issued 2,000,000 shares of common stock with a value of $100,000 for cash. The Company has evaluated subsequent events to determine events occurring after June 30, 2023 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)	3 Months Ended
	Jun. 30, 2023
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 three months period ended June 30, 2023, 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 months ended June 30, 2023 and 2022, respectively. As of June 30, 2023, the Company did not have any accounts receivable.
Derivative debt	In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) The amendments in the ASU are effective for public business entities that meet the definition of an SEC filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted at the beginning of an entity’s annual fiscal year, but no earlier than fiscal years beginning after December 15, 2020.

OPTIONS (Tables)

OPTIONS (Tables)	3 Months Ended
	Jun. 30, 2023
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, 2023 1,430,000 $ 0.28 3.81 930,000 $ - Granted - - - - Exercised - - - - - Outstanding at June 30, 2023 1,430,000 $ 0.28 3.56 1,005,000 $ -

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Jun. 30, 2023
RELATED PARTY TRANSACTIONS
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 11,475,779 12,504,679 Chief Financial Officer 617,346 5,970,223 6,587,569 Total 1,646,256 17,445,992 19,092,248
Schedule of future outstanding shares	Officer and Director Fiscal Year Annualized Compensation Being Paid President $ 250,000 Chief Financial Officer $ 180,000 Total $ 430,000

WARRANTS (Tables)

WARRANTS (Tables)	3 Months Ended
	Jun. 30, 2023
WARRANTS
Schedule of weighted average remaining life and intrinsic value of the warrants	Warrants Weighted Average Exercise Price Weighted Average Remaining Contract Life Intrinsic Value Outstanding at March 31, 2022 3,700,000 $ 0.15 1.35 $ - Granted 1,000,000 0.60 1.75 - Exercised (3,700,000 ) - - - Expired - - - - Outstanding as of March 31, 2023 1,000,000 0.60 1.50 - Granted - - - - Exercised - - - - Expired - - - - Balance at June 30, 2023 1,000,000 $ 0.60 1.25 $ -

FAIR VALUE MEASUREMENTS AND D_2

FAIR VALUE MEASUREMENTS AND DERIVATIVE LIABILITIES (Tables)	3 Months Ended
	Jun. 30, 2023
FAIR VALUE MEASUREMENTS AND DERIVATIVE LIABILITIES
Schedule of change in fair value of derivative liabilities	Level 1 Level 2 Level 3 Fair value of derivative liability as of March 31, 2023 $ - $ - $ 663,426 Change at conversion (191,258 ) Change in fair value of the derivative - - (159,444 ) Balance at June 30, 2023 $ - $ - $ 312,724
Schedule of estimated fair value drivative assumptions	Risk-free interest rate 5.18 % Expected life in years 0.17-.22 Dividend yield 0 % Expected volatility 200.00 %

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	3 Months Ended
	Jun. 30, 2023 shares
Initial Share Awards Under the Contracts	1,646,256
Additional Shares Earned to Maintain Ownership Percentage	17,445,992
Total Shares Earned	19,092,248
President [Member]
Additional Shares Earned to Maintain Ownership Percentage	11,475,779
Total Shares Earned	12,504,679
Initial Share Awards Under the Contracts	1,028,910
Chief Financial Officer [Member]
Additional Shares Earned to Maintain Ownership Percentage	5,970,223
Total Shares Earned	6,587,569
Initial Share Awards Under the Contracts	617,346

RELATED PARTY TRANSACTIONS (D_2

RELATED PARTY TRANSACTIONS (Details 1)	3 Months Ended
	Jun. 30, 2023 USD ($)
Total	$ 430,000
President [Member]
Total	250,000
Chief Financial Officer [Member]
Total	$ 180,000

RELATED PARTY TRANSACTIONS (D_3

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Common stock shares issued for services, amount	$ 5,600	$ 60,000
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
Two Officers And A Director
Common stock shares issued for services, shares	2,235,250
Common stock shares issued for services, amount	$ 111,763
Three Officers and Director [Member]
Common stock shares issued for services, shares		305,224
Common stock shares issued for services, amount		$ 1,052,500
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. 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

EQUITY (Details Narrative)

EQUITY (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Common stock shares, issued	9,537,182
Common stock shares, issued	143,636,778		131,764,348
Common stock shares value for services, amount	$ 5,600	$ 60,000
Common stock shares value for account payable, amount	$ 367,796
Four Entities [Member]
Common stock shares value for exercise of warrants, amount		$ 148,000
Common stock shares, issued		3,700,000
Common stock shares issued for exercise of warrants		3,700,000
Three Officers and Director [Member]
Common stock shares value for services, amount		$ 1,052,500
Common stock shares issued for services		305,224
Medical Director [Member]
Common stock shares value for services, amount		$ 60,000
Common stock shares issued for services		1,000,000
Two Officers and Director [Member]
Common stock shares issued for services	2,235,250
Common stock shares value for account payable, amount	$ 111,763
Preferred Stock
Common stock shares issued for services	100,000
Common stock shares value for services, amount	$ 5,600

OPTIONS (Details)

OPTIONS (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Options
Option, Beginning Balance	1,430,000
Option, ending Balance	1,430,000
Weighted average exercise price
Weighted average exercise price, Beginning	$ 0.28
Weighted average exercise price, ending	$ 0.28	$ 0.28
Weighted Average Remaining Contract Life
Weighted Average Remaining Contract life, Beginning	3 years 9 months 21 days
Weighted Average Remaining Contract life, Ending	3 years 6 months 21 days
Number of option exercisable
Number of option exercisable, Beginning	930,000
Number of option exercisable, ending	1,005,000	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) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
OPTIONS
Option expense	$ 4,911	$ 0
Unrecognized option expense	$ 71,081
Weighted average remaining life and intrinsic value	3 years 6 months 21 days

WARRANTS (Details)

WARRANTS (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Number of warrants
Outstanding warrants, Beginning	1,000,000	3,700,000
Outstanding warrants, granted	1,000,000	1,000,000
Outstanding warrants, Exercised		(3,700,000)
Outstanding warrants, Ending	1,000,000	1,000,000
Weighted average exercise price
Weighted average exercise price, Beginning	$ 0.60	$ 0.15
Weighted average exercise price, Granted	0	0.60
Weighted average exercise price, Exercised	0	0
Weighted average exercise price, Expired	0	0
Weighted average exercise price, Ending	$ 0.60	$ 0.60
Weighted Average Remaining Contract Life
Weighted Average Remaining Contract life, Beginning	1 year 6 months	1 year 4 months 6 days
Weighted Average Remaining Contract life, Granted		1 year 9 months
Weighted Average Remaining Contract life, Ending	1 year 3 months	1 year 5 months 30 days
Intrinsic value
Intrinsic value, Beginning	$ 0	$ 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	3 Months Ended		12 Months Ended
	Apr. 07, 2022	Nov. 17, 2022	Jun. 30, 2023	Jun. 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	$ 0.08
Warrants issued	500,000		1,000,000	3,700,000	3,700,000
Conversion price	$ 0.12				$ 0.15
Volatility rate	132%
Adjustments to additional paid-in capital, warrant issued	$ 21,336
Discount rate	1.78%
Fair value of warrant	$ 26,000
Volatility rate		200%
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
Minimum [Member] | Warrant [Member]
Exercise price of warrants					$ 0.08
Discount rate					0.14%
Volatility rate					312.50%
Maximum [Member] | Warrant [Member]
Exercise price of warrants					$ 0.11
Discount rate					0.16%
Volatility rate					314.49%

CONVERTIBLE DEBT (Details Narra

CONVERTIBLE DEBT (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
	Nov. 17, 2022	Jun. 30, 2023	Mar. 31, 2023	Sep. 27, 2022	Sep. 20, 2022	Sep. 02, 2022	Aug. 31, 2022
Common stock		1,331,919
Convertible notes		$ 45,000
Interest		5,000
Accrued interest		5,240
Convertible debt		$ 345,000
Risk free interest rate		5.18%
Volatility rate	200%
Common share issued		9,537,182
Common share issued		143,636,778	131,764,348
Common share value		$ 367,795
Series A Convertible Preferred Stock [Member]
Accrued interest		$ 405,000
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
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
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%
Common stock issued for warrant purchase						$ 250,000
Convertible Debt
Interest		$ 22,795
Convertible debt		$ 300,000
Common share issued		8,205,263
Interest on convertible notes		$ 17,556
Accrued interest		$ 400,000

FAIR VALUE MEASUREMENTS AND D_3

FAIR VALUE MEASUREMENTS AND DERIVATIVE LIABILITIES (Details)	Jun. 30, 2023 USD ($)
Level 1 [Member]
Fair value of derivative liability as of March 31, 2023	$ 0
Additions at fair value	0
Change in fair value of the derivative	0
Balance at June 30, 2023	0
Fair Value, Inputs, Level 2 [Member]
Fair value of derivative liability as of March 31, 2023	0
Additions at fair value	0
Change in fair value of the derivative	0
Balance at June 30, 2023	0
Fair Value, Inputs, Level 3 [Member]
Fair value of derivative liability as of March 31, 2023	663,426
Additions at fair value	(191,258)
Change in fair value of the derivative	(159,444)
Balance at June 30, 2023	$ 312,724

FAIR VALUE MEASUREMENTS AND D_4

FAIR VALUE MEASUREMENTS AND DERIVATIVE LIABILITIES (Details 1)	1 Months Ended	3 Months Ended
	Nov. 17, 2022	Jun. 30, 2023
Risk-free interest rate		5.18%
Dividend yield		0%
Volatility rate	200%
Minimum [Member]
Expected life in years		2 months 1 day
Maximum [Member]
Expected life in years		22 years

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)		1 Months Ended	3 Months Ended
	Mar. 09, 2020	Sep. 30, 2016	Jun. 30, 2023
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			$ 59,390
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 Phase III clinical trial [Member]
Future payments		225,000
First BLA [Member]
Future payments		$ 225,000

LICENSE AGREEMENT (Details Narr

LICENSE AGREEMENT (Details Narrative) - BioRay Pharmaceutical Co LTD [Member]	3 Months Ended
	Jun. 30, 2023 USD ($)
Agreement description	Under the terms of the agreement the Company received $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 initial patient enrolled at the dosage level of 8.0 mg/kg. Further payment of $2,500,000 was to be received when the FDA approves the phase 2 clinical trials and $750,000 was to receive 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	$ 750,000

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	Aug. 17, 2023	Aug. 16, 2023	Aug. 04, 2023	Jul. 24, 2023	Jun. 30, 2023	Mar. 31, 2023
Common share issued					143,636,778	131,764,348
Subsequent Event
Common share issued	2,000,000	1,000,000	1,000,000	2,000,000
Conversion of convertible notes	$ 100,000	$ 50,000	$ 50,000	$ 100,000