Cover
Cover | 9 Months Ended |
Dec. 31, 2023 | |
Cover [Abstract] | |
Entity Registrant Name | NASCENT BIOTECH INC. |
Entity Central Index Key | 0001622057 |
Document Type | S-1 |
Amendment Flag | false |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Filer Category | Non-accelerated Filer |
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 Address Line 2 | Suite 407 |
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 ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
Current assets: | |||
Cash | $ 623,854 | $ 172,186 | $ 94,414 |
Prepaid | 17,442 | 82,816 | 11,000 |
Total current assets | 641,696 | 255,002 | 105,414 |
Total assets | 641,296 | 255,002 | 105,414 |
Current liabilities: | |||
Accounts payable and accrued liabilities | 483,751 | 498,122 | 776,890 |
Convertible note- net of discount | 125,000 | 389,591 | 0 |
Accrued liabilities- related party | 2,179 | 0 | |
Derivative liability | 0 | 663,426 | 0 |
Total current liabilities | 610,930 | 1,551,139 | 776,890 |
Total liabilities | 610,930 | 1,551,139 | 776,890 |
Commitments and Contingencies | 0 | 0 | |
Stockholders' equity: | |||
Preferred stock, $0.001 par value, 50,000,000 authorized, none issued and outstanding. respectively | 0 | 0 | 0 |
Common stock, $0.001 par value; 500,000,000 authorized, 168,729,565 and 131,764,348 issued and outstanding, respectively | 168,729 | 131,764 | 111,313 |
Additional paid-in capital | 23,609,519 | 20,194,874 | 18,039,017 |
Accumulated deficit | (23,747,881) | (21,622,775) | (18,821,806) |
Total stockholders' equity (deficit) | 30,367 | (1,296,137) | (671,476) |
Total liabilities and stockholders' equity (deficit) | $ 641,296 | $ 255,002 | $ 105,414 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 |
CONSOLIDATED BALANCE SHEETS | |||
Preferred stock shares par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock shares authorized | 50,000,000 | 50,000,000 | 50,000,000 |
Preferred stock shares issued | 0 | 0 | 0 |
Stockholders deficit | |||
Preferred stock shares outstanding | 0 | 0 | 0 |
Common stock shares par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock shares authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock shares issued | 168,729,565 | 131,764,348 | 111,313,175 |
Common stock shares outstanding | 168,729,565 | 131,764,348 | 111,313,175 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Operating expenses: | ||||||
Revenue | $ 0 | $ 1,000,000 | ||||
Consulting | $ 194,521 | $ 246,590 | $ 1,120,073 | $ 883,655 | 1,096,245 | 547,933 |
General and administrative expense | 101,941 | 132,934 | 271,727 | 324,623 | 389,767 | 379,424 |
Clinical trials | 19,102 | 39,627 | 82,467 | 219,155 | 383,688 | 332,289 |
Product manufacturing and filling | 1,688 | 0 | 138,195 | 0 | ||
Research and development | 47,170 | 55,875 | 101,388 | 188,503 | 270,529 | 197,406 |
Total operating expense | 2,155,757 | 1,457,052 | ||||
Loss from operations | (364,422) | (475,026) | (1,713,850) | (1,615,936) | (2,155,757) | (457,052) |
Other income (expense): | ||||||
Interest income | 3,920 | 144 | 4,312 | 160 | 274 | 12 |
Change in fair value of derivative | 179,989 | 258,462 | 472,168 | 634,118 | ||
Financing costs | 0 | 0 | 0 | (5,124) | (5,124) | (151,150) |
Gain on debt settlement | 0 | 28,000 | 50,000 | 28,000 | 28,000 | 5,000 |
Loss on original issuance discount | (25,000) | 0 | (25,000) | (329,390) | (156,229) | (287,979) |
Interest expense | (107) | (648,900) | (362,736) | (994,738) | (1,566,919) | (48,004) |
Gain on change in fair value of derivative liabilities | 1,054,786 | 468,823 | ||||
Total other income (expense) | 159,016 | (362,294) | 138,744 | (666,974) | (645,212) | (13,338) |
Net income (loss) before income tax | (2,800,969) | (470,390) | ||||
Income tax | 0 | 0 | ||||
Net loss | $ (205,406) | $ (837,320) | $ (1,575,106) | $ (2,282,910) | $ (2,800,969) | $ (470,390) |
Net income (loss) per share, basic and diluted | $ 0 | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.02) | $ 0 |
Weighted average number of shares outstanding, basic and diluted | 167,244,367 | 119,500,985 | 151,121,962 | 115,398,628 | 118,569,028 | 107,741,761 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS DEFICIT (Unaudited) - USD ($) | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Preferred Stock |
Balance, shares at Mar. 31, 2021 | 104,834,083 | 54,130 | |||
Balance, amount at Mar. 31, 2021 | $ (472,505) | $ 104,834 | $ 17,774,023 | $ (18,351,416) | $ 54 |
Common stock for service, shares | 1,513,719 | 50,000 | |||
Common stock for service, amount | $ 5,250 | $ 50 | 5,200 | 0 | 0 |
Common stock to related parties for service, shares | 1,513,719 | ||||
Common stock to related parties for service, amount | 110,836 | $ 1,514 | 109,322 | 0 | 0 |
Common stock to related parties for conversion of payables, shares | 2,407,010 | ||||
Common stock to related parties for conversion of payables, amount | 128,333 | $ 2,407 | 125,926 | 0 | 0 |
Common stock for conversion of payables, shares | 540,000 | ||||
Common stock for conversion of payables, amount | 27,000 | $ 540 | 26,460 | 0 | $ 0 |
Common stock issued for the conversion of preferred shares, shares | 1,968,363 | (54,130) | |||
Common stock issued for the conversion of preferred shares, amount | 0 | $ 1,968 | (1,914) | 0 | $ (54) |
Net loss | (470,390) | $ 0 | 0 | (470,390) | 0 |
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) | 0 |
Common stock for service, shares | 1,000,000 | ||||
Common stock for service, amount | 60,000 | $ 1,000 | 59,000 | 0 | |
Net loss | (1,299,876) | $ 0 | 0 | (1,299,876) | |
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 | |
Warrants issued with convertible notes | 21,336 | $ 0 | 21,336 | 0 | |
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, 2022 | 111,313,175 | ||||
Balance, amount at Mar. 31, 2022 | (671,476) | $ 111,313 | 18,039,016 | (18,821,806) | 0 |
Common stock for conversion of payables, amount | 550,000 | ||||
Net loss | (2,282,910) | ||||
Warrants issued with convertible notes | 0 | ||||
Balance, shares at Dec. 31, 2022 | 122,046,172 | ||||
Balance, amount at Dec. 31, 2022 | (1,364,074) | $ 122,046 | 19,618,596 | (21,104,716) | |
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) | 0 |
Common stock for service, shares | 3,815,414 | 1,000,000 | |||
Common stock for service, amount | $ 60,000 | $ 1,000 | 59,000 | 0 | 0 |
Common stock for conversion of payables, amount | 9,275 | 38 | 9,237 | 0 | 0 |
Net loss | (2,800,969) | 0 | 0 | (2,800,969) | 0 |
Warrants issued with convertible notes | 178,739 | $ 0 | 178,739 | 0 | 0 |
Common stock issued for conversion of payables, shares | 37,700 | ||||
Common stock issued to related party for service, shares | 3,815,414 | ||||
Common stock issued to related party for service, amount | 624,320 | $ 3,815 | 620,505 | 0 | 0 |
Common stock issued for the conversion of debt, shares | 11,398,059 | ||||
Common stock issued for the conversion of debt, amount | 1,023,974 | $ 11,398 | 1,012,576 | 0 | 0 |
Common stock issued for the conversion of warrants, shares | 4,200,000 | ||||
Common stock issued for the conversion of warrants, amount | 208,000 | $ 4,200 | 203,800 | 0 | |
Stock option expense | 72,000 | $ 0 | 72,000 | 0 | 0 |
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) | 0 |
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) | |
Net loss | (145,714) | $ 0 | 0 | (145,714) | |
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 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 conversion of payables, shares | 379,080 | ||||
Common stock issued for convertible debt, amount | 101,973 | $ 379 | 101,594 | 0 | |
Common stock issued for AP, shares | 37,700 | ||||
Common stock issued for AP, amount | 9,275 | $ 38 | 9,237 | 0 | |
Balance, shares at Sep. 30, 2022 | 118,195,084 | ||||
Balance, amount at Sep. 30, 2022 | (1,187,940) | $ 118,195 | 19,961,261 | (20,267,396) | |
Net loss | (837,320) | $ 0 | 0 | (837,320) | |
Common stock issued to related parties, shares | 718,000 | ||||
Common stock issued to related parties, amount | 143,600 | $ 718 | 142,882 | 0 | |
Common stock issued for conversion of payables, shares | 3,133,088 | ||||
Stock option expense | 62,992 | $ 0 | 62,992 | 0 | |
Common stock issued for convertible debt, amount | 454,594 | $ 3,133 | 451,461 | 0 | |
Balance, shares at Dec. 31, 2022 | 122,046,172 | ||||
Balance, amount at Dec. 31, 2022 | (1,364,074) | $ 122,046 | 19,618,596 | (21,104,716) | |
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) | 0 |
Common stock for service, shares | 100,000 | ||||
Common stock for service, amount | 5,600 | $ 100 | 5,500 | 0 | |
Net loss | (540,224) | $ 0 | 0 | (540,224) | |
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 conversion of payables, shares | 9,537,180 | ||||
Stock option expense | 4,911 | $ 0 | 4,911 | 0 | |
Common stock issued for convertible debt, amount | 367,796 | 9,537 | 358,259 | 0 | |
Change in derivative at conversion | 191,258 | $ 0 | 191,258 | 0 | |
Balance, shares at Jun. 30, 2023 | 143,636,778 | ||||
Balance, amount at Jun. 30, 2023 | (1,115,034) | $ 143,636 | 20,864,329 | (22,162,999) | |
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) | $ 0 |
Net loss | (1,575,106) | ||||
Warrants issued with convertible notes | 0 | ||||
Deemed dividend from down round | 550,000 | ||||
Balance, shares at Dec. 31, 2023 | 168,729,565 | ||||
Balance, amount at Dec. 31, 2023 | 30,367 | $ 168,729 | 23,609,519 | (23,747,881) | |
Balance, shares at Jun. 30, 2023 | 143,636,778 | ||||
Balance, amount at Jun. 30, 2023 | (1,115,034) | $ 143,636 | 20,864,329 | (22,162,999) | |
Common stock for service, shares | 180,000 | ||||
Common stock for service, amount | 9,000 | $ 180 | 8,820 | 0 | |
Net loss | (829,476) | $ 0 | 0 | (829,476) | |
Common stock issued to related parties, shares | 4,198,652 | ||||
Common stock issued to related parties, amount | 528,189 | $ 4,198 | 523,991 | 0 | |
Stock option expense | 4,911 | $ 0 | 4,911 | 0 | |
Common stock issued for cash, shares | 18,720,000 | ||||
Common stock issued for cash, amount | 1,436,000 | $ 187,200 | 1,417,280 | 0 | |
Deemed dividend from down round | 0 | $ 0 | 550,000 | (550,000) | |
Balance, shares at Sep. 30, 2023 | 166,735,430 | ||||
Balance, amount at Sep. 30, 2023 | (6,410) | $ 166,734 | 23,369,331 | (23,542,475) | |
Common stock for service, shares | 106,250 | ||||
Common stock for service, amount | 21,250 | $ 107 | 21,143 | 0 | |
Net loss | (205,406) | $ 0 | 0 | (205,406) | |
Common stock issued to related parties, shares | 387,885 | ||||
Common stock issued to related parties, amount | 66,022 | $ 388 | 65,634 | 0 | |
Common stock issued for conversion of payables, shares | 1,250,000 | ||||
Stock option expense | 4,911 | $ 0 | 4,911 | 0 | |
Common stock issued for convertible debt, amount | 125,000 | $ 1,250 | 123,750 | 0 | |
Common stock issued for cash, shares | 250,000 | ||||
Common stock issued for cash, amount | 25,000 | $ 250 | 24,750 | 0 | |
Balance, shares at Dec. 31, 2023 | 168,729,565 | ||||
Balance, amount at Dec. 31, 2023 | $ 30,367 | $ 168,729 | $ 23,609,519 | $ (23,747,881) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||||
Net loss | $ (1,575,106) | $ (2,282,910) | $ (2,800,969) | $ (470,390) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Stock based compensation - related parties | 705,974 | 514,740 | 624,320 | 110,835 |
Stock-based compensation | 35,849 | 60,000 | 60,000 | 5,250 |
(Gain) loss in fair value of derivative liability | (472,168) | (64,118) | 1,054,786 | 468,823 |
Debt discount amortization | 380,409 | (962,257) | 1,343,277 | 325,431 |
Loss on notes | (50,000) | 286,265 | 286,265 | 0 |
Option expense | 14,733 | 62,992 | 72,000 | 0 |
Changes in operating assets and liabilities: | ||||
Accounts receivable | 0 | 750,000 | ||
Accounts payable and accrued expenses | 58,425 | (373,796) | (245,519) | 167,060 |
Accrued liabilities- related parties | 2,179 | 0 | ||
Prepaid | 65,374 | 3,917 | (71,816) | (11,000) |
Due to related parties | 0 | 5,116 | ||
Net cash provided by (used in) operating activities | (834,332) | (1,400,650) | (1,787,228) | 413,479 |
Cash flows from financing activities: | ||||
Proceeds from the sale of common stock | 1,461,000 | 0 | ||
Repayments of convertible notes | (400,000) | (275,000) | (275,000) | (520,000) |
Proceeds from warrant conversion | 0 | 208,000 | ||
Proceeds from convertible notes | 225,000 | 1,932,000 | 1,932,000 | 200,000 |
Net cash provided (used) by financing activities | 1,286,000 | 1,865,000 | 1,865,000 | (320,500) |
Net increase (decrease) in cash | 451,668 | 464,350 | 77,772 | 92,979 |
Cash -beginning of year | 172,186 | 94,414 | 94,414 | 1,435 |
Cash -end of period | 623,854 | 558,764 | 172,186 | 94,414 |
SUPPLEMENT DISCLOSURES: | ||||
Interest paid | 0 | 11,135 | 11,135 | 30,027 |
Income taxes paid | 0 | 0 | 0 | 0 |
Non Cash Transactions | ||||
Warrants issued with convertible notes | 0 | 0 | 178,739 | |
Common stock issued for the exercise of warrants | 208,000 | 0 | ||
Initial discount from derivatives | 0 | 178,739 | 178,739 | 0 |
Common stock issued for debt conversion | 492,796 | 556,567 | 1,023,974 | 0 |
Retirement of derivative at conversion of debt | 191,258 | 0 | ||
Common stock issued for AP | $ 0 | $ 9,275 | 9,275 | 27,000 |
Common stock issued for payables - related parties | $ 0 | $ 128,333 | ||
Common stock issued for retiring preferred shares | 1,968 |
ORGANIZATION AND NATURE OF OPER
ORGANIZATION AND NATURE OF OPERATIONS | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
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 2 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. 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. | NOTE 1 – ORGANIZATION AND NATURE OF OPERATIONS Nascent Biotech, Inc (“Nascent “the Company”) was incorporated on March 3, 2014 under the laws of the State of Nevada. On July 15, 2014 Biotech entered into a reverse merger with Jin-En Group International Holding Company (Jin-En). Jin-En issued 7,500,200 shares of its common stock for all the outstanding shares of Nascent Biotech, Inc. In addition, Jin-En cancelled 15,000,000 shares of its common stock. Prior to the merger Jin-En had 22,829,400 shares outstanding. Jin-En changed its name to Nascent Biotech, Inc. Jin-En had $19,000 of net liabilities at the date of the merger. The Company is actively developing its primary asset Pritumumab for the treatment of brain cancer and pancreatic cancer. Nascent is also actively researching other cancers that have a high probability of benefiting from the therapeutic effects of Pritumumab because they share a common target. Nascent is a clinical stage biopharmaceutical company that focuses on biologic drug candidates that are preparing for initial clinical testing for the treatment of brain and pancreatic cancer. The Company has completed its phase one trial and submitted the data and protocol to the FDA on March 17, 2023 for review to commence phase 2 clinical trials. Once approval has been received from the FDA, the Company will commence its phase 2 clinical trials. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
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 nine months ended December 31, 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 American Option Binomial 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. 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. The Company is still evaluating the effects of the adoption of the amendment. | NOTE 2- SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles. The Company has elected a fiscal year ending on March 31. Principles of Consolidation The accompanying consolidated financial statements include the accounts of Nascent Biotech, Inc. and its wholly-owned subsidiary Nascent Biologics, Inc, which has been inactive since March 2015. All intercompany accounts and transactions have been eliminated. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company as of March 31, 2023 did not have any cash equivalents. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the periods. The extent to which the COVID-19 pandemic may directly or indirectly impact our business, financial condition, and results of operations is highly uncertain and subject to change. We considered the potential impact of the COVID-19 pandemic on our estimates and assumptions and there was not a material impact to our consolidated financial statements as of and for the year ended March 31, 2023. Actual results could differ from estimates making it reasonably possible that a change in the estimates could occur in the near term. 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 had one revenue stream, which is the milestone payments of the license agreement with BioRay Pharmaceutical which is not earned or billed until the milestone per the agreement is met. Accounts receivable Accounts receivable 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 years ended March 31, 2023 and 2022, respectively. Stock-Based Compensation The Company accounts for stock-based compensation in accordance with the fair value recognition provision of the Financial Accounting Standards Board(“FASB”) Accounting Standards Codification (“ASC”) No 718. The Company issues restricted stock to employees and consultants for their services. Cost of these transactions are measured at fair value of the equity instrument issued at the date of grant. These shares are considered fully vested and the fair market value is recognized as the expense in the period granted. The Company recognized consulting expense and a corresponding increase to the additional paid in capital related to the stock issued for services. For agreements requiring future services the consulting expense is to be recognized ratably over the requisite service period. Research and Development Expense Research and development costs are expensed in the period they are incurred in accordance with ASC 730, Research and Development unless they meet specific criteria related to technical, market and financial feasibility, as determined by management, including but not limited to the establishment of a clearly defined future alternative use for the product, and the availability of adequate resources to complete the project. If all criteria are met, the costs are deferred and amortized over the expected useful life of the project or expensed as research and development as the material are consumed or written off if a product is abandoned. At March 31, 2023 and 2022, the Company had zero capitalization associated with materials held with a future alternative use. The cost of these materials was expensed as research and development as the materials are consumed or designated for usage. As the Company is preparing to begin clinical studies using a dose escalation method, it is not feasible to determine if the additional product will be needed for the brain cancer studies. Property and Equipment Property and equipment is recorded at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the expected useful life of the asset (3 to 5 years), beginning when the asset is available and ready for use. Expenditures associated with upgrades and enhancements that improve, add functionality, or otherwise extend the life of property and equipment are capitalized, while expenditures that do not, such as repairs and maintenance, are expensed as incurred. For the years ended March 31, 2023 and 2022, depreciation expense totaled zero, respectively. Impairment of Long-Lived Assets The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical-cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the asset by comparing the undiscounted future net cash flows expected to result from the asset to its carrying value. If the carrying value exceeds the undiscounted future net cash flows of the asset, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived asset. Fair value is estimated based upon either discounted cash flow analysis or estimated salvage value. There was no impairment recognized during the years ended March 31, 2023 and 2022. Income Taxes Deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. The Company accounts for income taxes under the provisions of FASB ASC 740, Accounting for Income Taxes Basic and Diluted Net Income (Loss) per Share Basic net income (loss) per share calculations are calculated on the basis of the weighted average number of common shares outstanding during the year. During the year ended March 31, 2023 the Company had a net loss so the options and warrants outstanding were not part the loss per share calculation as they would be antidilutive. Diluted income (loss) per share calculations includes the dilutive effect of warrants and options on the weighted average of the per share calculation. Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, accounts payable and accrued expenses and shareholder loans. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. 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 of March 31, 2023, 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 year ended March 31, 2023: Level 1 Level 2 Level 3 Fair value of derivative liability as of March 31, 2021 $ - $ - $ 302,156 Change in fair value at initial issuance - - 166,667 Change in fair value of the derivative - - (468,823 ) Balance at March 31, 2022 $ - $ - $ - Change in fair value at initial issuance and conversion - - 178,739 Change in fair value at conversion (570,099 ) Change in fair value of the derivative - - 1,054,786 Balance at March 31, 2023 $ - $ - $ 663,426 |
GOING CONCERN
GOING CONCERN | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
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 minimal working capital 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. | 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, as shown in the accompanying consolidated balance sheets, has working capital deficit of $1,296,137 and an accumulated deficit of $21,622,775 as of March 31, 2023. The Company does not have a source of revenue to cover its operating costs. These factors raise substantial doubt about the company’s ability to continue as a going concern. The Company will engage in research and development activities that must be satisfied in cash secured through outside funding. The Company will offer noncash consideration and seek equity lines as a means of financing its operations. If the Company is unable to obtain revenue producing contracts or financing or if the revenue or financing it does obtain is insufficient to cover any operating losses it may incur, it may substantially curtail or terminate its operations or seek other business opportunities through strategic alliances, acquisitions or other arrangements that may dilute the interests of existing stockholders. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
RELATED PARTY TRANSACTIONS | ||
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 December 31, 2023: Officer and Director Initial Share Awards Under the Contracts Additional Shares Earned to Maintain Ownership Percentage Total Shares Earned President 1,028,910 14,487,669 15,516,579 Chief Financial Officer 617,346 7,476,173 8,093,519 Total 1,646,256 21,963,842 23,610,098 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 nine months ended December 31, 2023, two officers and a director were issued 6,821,785 shares of common stock with a value of $705,974 for service. As of December 31, 2023, the Company owed a related party $2,179 in expenses. | NOTE 4– RELATED PARTY TRANSACTIONS On September 1, 2020, the Company entered five-year compensation agreements with two of its officers and an independent director. Under the terms of the agreements the Company issued shares of common stock to the officers and directors equaling 18% of the outstanding shares of the Company as additional future shares are issued. The officers and directors are entitled to additional future shares so their aggregate ownership percentage remains at 18% of the future outstanding shares of the Company. In addition, the officers ae entitled to future bonuses including a signing bonus totaling $170,000 plus additional bonuses based on their performance. Officer and Director Fiscal Year Annualized Compensation Base Being Paid Non-dilutive shares percentage President and CEO (2) $ 252,000 12 % Chief Financial Officer (1) $ 180,000 6 % Director (3) $ 20,000 - Total $ 452,000 18 % For the year ended March 31, 2023: (1) The Chief Financial Officers was paid $180,000 in cash. (2) The President and Chief Executive Officer was paid $252,000. (3) The director of the Company was paid $20,000 in director fees which was paid in stock. The following table sets forth the shares earned under these contracts from inception through year ended March 31, 2023: Officer and Director Initial Share Awards Under the Contracts Additional Shares Earned to Maintain Ownership Percentage Total Shares Earned President 1,028,910 10,052,269 11,081,179 Chief Financial Officer 617,346 5,258,723 5,876,069 Total 1,646,256 15,310,992 16,957,248 As of March 31, 2023, the Company had zero due to officers and directors. In December 2021, an officer of the Company advanced the Company $21,220, $14,220 for accounts payable and $7,000 in cash. The Company repaid the advance on February 9, 2022. During the year ended March 31, 2022 two officers and a director converted $128,333 of accrued payables into 2,407,010 shares of common stock. During the year ended March 31, 2022 the Company issued 1,513,719 shares of common stock with a value of $110,835 to three related parties for service. During the year ended March 31, 2023 the Company issued 3,815,414 shares of common stock with a value of $624,320 to three related parties for service. |
LICENSE SETTLEMENT
LICENSE SETTLEMENT | 12 Months Ended |
Mar. 31, 2023 | |
LICENSE SETTLEMENT | |
NOTE 5 - LICENSE SETTLEMENT | NOTE 5 – LICENSE SETTLEMENT On October 12, 2017, the Company signed a consulting agreement with a former license holder. Under the terms of the agreement the Company, commencing February 1, 2018 will pay the consultant $1,000 per month for 24 months. In addition, the Company will pay the consultant an additional $24,000 during the term of the agreement at the Company’s discretion. In return, the consultant forgave all royalty payments plus any past claims to the product per the previous agreement dated September 21, 2015, plus provide consulting services to the Company as directed by the Company. As of September 20, 2022 the consultant was paid in full. |
EQUITY
EQUITY | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
EQUITY | ||
EQUITY | NOTE 5 - EQUITY Common During the nine months ended December 31, 2022, two officers and a director were issued 1,983,363 shares of common stock with a value of $514,740 for service. During the nine months ended December 31, 2022, four entities were issued 3,700,000 shares of common stock with a value of $208,000 for the exercise of 4,200,000 warrants. During the nine months ended December 31, 2022, the Company issued 37,700 shares of common stock with a value of $9,275 for accounts payable. During the nine months ended December 31, 2022, the medical director was issued 1,000,000 shares of common stock with a value of $60,000 for service. During the nine months period ended December 31, 2022, the Company issued3,512,168 shares of common stock with a value of $556,565 for the conversion of $550,000 of convertible notes and $6,565 in interest. During the nine months ended December 31, 2023, two officers and a director were issued 6,821,785 shares of common stock with a value of $705,974 for service. During the nine months ended December 31, 2023, the Company issued 10,787,180 shares of common stock with a value of $492,796 for the conversion of debt and accrued interest. During the nine months ended December 31, 2023, the Company issued 100,000 shares of common stock with a value of $5,600 for service. During the nine months ended December 31, 2023, the Company issued 18,970,000 shares of common stock with a value of $1,461,000 for cash. During the nine months ended December 31, 2023, the Company issued 386,250 shares of common stock with a value of $35,850 for service. | NOTE 6 – EQUITY On July 9, 2020, the Company increased its authorized shares to 550,000,000 consisting of 50,000,000 preferred shares and 500,000,000 common shares all at par value $0.001. Preferred Stock On July 10, 2019, the Company filed an amended articles of Incorporation designating 1,500,000 shares of preferred stock as Series A non-voting Convertible preferred shares convertible into common stock at four shares of common for each one share of preferred. During the year ended March 31, 2021 the Company issued 740,000 shares of Series A preferred stock and 3,700,000 warrants; 640,000 for $640,000 in cash and $100,000 for debt. The stock is convertible into common stock at 10 cents per share or 50% of the lowest trading price, whichever is lower 5 days prior to conversion. The Company has the right to convert the shares nine months after the issuance. The warrants are convertible at $0.15 per share within two years of issuance. In addition the Company agreed to filing an S-1 for the common stock to be converted and the underlying common shares for the warrants. During the year ended March 31, 2022 the Company issued 1,968,363 shares of common stock for the conversion of 54,130 shares of preferred stock. As of March 31, 2023 and 2022 there we no outstanding preferred shares. Common Stock During the year ended March 31, 2022 two officers and a director converted $128,333 of accrued payables into 2,407,010 shares of common stock. During the year ended March 31, 2022 the Company issued 540,000 shares of Common stock to an individual for account payable with a value of $27,000. During the year ended March 31, 2022 the Company issued 50,000 shares of common stock with a value of $5,250 for service. During the year ended March 31, 2022 the Company issued 1,968,363 shares of common stock for the conversion of 54,130 shares of preferred stock. During the year ended March 31, 2022 the Company issued 1,513,719 shares of common stock with a value of $110,835 to three related parties for service. During the year ended March 31, 2023 the Company issued 37,700 shares of common stock with a value of $9,275 for accounts payable. During the year ended March 31, 2023, the Company issued 1,000,000 shares of common stock for clinical consulting with a value of $60,000. During the year ended March 31, 2023, the Company 4,200,000 shares of common stock for the conversion of 4,200,000 warrants with a value of $208,000 received in cash. During the year ended March 31, 2023 , the Company issued 3,815,414 shares of common stock with a value of $624,320 to three related parties for service. During the year ended March 31, 2023 the Company issued 11,398,059 shares of common stock with a value of $1,023,975 for the conversion of debt and accrued interest. |
OPTIONS
OPTIONS | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
OPTIONS | ||
OPTIONS | NOTE 6 - OPTIONS During the nine months period ended December 31, 2023, the Company recognized $14,733 in option expense leaving a balance of unrecognized option expense of $61,259. The following sets forth the options granted and outstanding during the nine months ended December 31, 2023: Weighted Weighted Average Average Remaining Number of Exercise Contract Options Intrinsic Options Price Life Exercisable Value Outstanding at March 31, 2023 1,430,000 $ 0.28 3.81 930,000 $ -- Granted -- -- -- -- Exercised -- -- -- -- -- Outstanding at December 31, 2023 1,430,000 $ 0.28 3.06 1,230,000 $ 60,000 The weighted average remaining life and intrinsic value of the options as of December 31, 2023, was 3.06 years and zero, respectively. | NOTE 7 – OPTIONS The Company under its 2015 option plan issues options to various officers, directors, and consultants. The options vest in equal annual installments over a five year period with the first 20% vested when the options were granted. All of the options are exercisable at a purchase price based on the last trading price of the Company’s common stock on the date of grant and have a term of 10 years. On April 1, 2016, the Company issued 40,000 options to a consultant under the 2015 option program. The options are exercisable into the Company’s common stock at $0.30 per share, have term of 10 years and vest in 5 equal annual installments with the first installment vesting on the date of grant. This award to a nonemployee is revalued at each reporting period until completion of services. On April 1, 2016, the Company entered a consulting agreement under which the consultant was granted 30,000 options. In addition, the consultant received additional option grants of 30,000 options on April 1, 2017 and 40,000 options on April 1, 2018. The options are exercisable into the Company’s common stock at $0.30 per share, have term of 10 years and vest in 5 equal annual installments with the first installment vesting on the date of grant. On July 20, 2016, the Company granted from the 2015 Option Program 300,000 options each to three officers and directors for a total of 900,000 options being granted. The options are exercisable into the Company’s common stock at an exercise price of $0.301 per share and were vested and expensed at the date of issuance. The fair value at date of granted was determined to be $484,205. On April 1, 2018, the Company granted from the 2015 Option Program 40,000 options to one consultant. The options are exercisable into the Company’s common stock at an exercise price of $0.25 per share and were vested and expensed at the date of issuance. The fair value at date of granted was determined to be $9,991. On November 17, 2022 the Company issued 500,000 options to one individual with an exercise price of $0.18 per share. The options have a 5 year life and vested 250,000 options at inception and 25,000 options per month thereafter until fully vested. The options were fair valued using a volatility of 250%, discount rate of 4.35% at $114,531 to be amortized over the 5 year period. During the years ended March 31, 2023 and 2022, the Company expensed $72,000 and zero, respectively related to its option awards. The unrecognized future balance to be expensed over the remaining vesting term of the options is 26,219 as of March 31, 2023. The following sets forth the options granted and outstanding during the years ended March 31, 2023 and 2022: Options Weighted Average Exercise Price Weighted Average Remaining Contract Life Number of Options Exercisable Intrinsic Value Outstanding at March 31, 2021 1,405,000 $ 0.34 4.80 1,405,000 $ - Granted - - - - - Exercised - - - - - Forfeited (475,000 ) - (475,000 ) - Outstanding at March 31, 2022 930,000 $ 0.34 3.80 930,000 $ - Granted 500,000 0.18 4.75 - - Exercised - - - - - Forfeited - - - - -- Outstanding at March 31, 2023 1,430,000 $ 0.28 3.81 930,000 $ - |
WARRANTS
WARRANTS | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
WARRANTS | ||
WARRANTS | NOTE 7 - WARRANTS During the year ended March 31, 2021 the Company issued 3,700,000 warrants and used the Binomial 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 December 31, 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 Binomial 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. As of September 23, 2022 the 500,000 warrants were converted into 500,000 shares of common stock with a value of $60,000. On August 31, 2022 the Company issued 750,000 warrants as part of a convertible note issued the same date. The Company used the Binomial 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 that were 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 Binomial 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 were allocated to the warrants of $2,484 is accounted for as paid in capital. The warrants contain an anti-dilution clause which become effective if any instrument is issued after the warrant issuance is converted into common stock at a price lower than the warrant conversion price. During the nine months ended December 31, 2023 the valuation resulted in a deemed dividend from the down round calculation of $550,000 with a recalculated conversion price change to $0.05 per share. The weighted average remaining life and intrinsic value of the warrants as of December 31, 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 1,500,000 0.44 1.75 -- Exercised (4,200,000 ) -- -- -- Expired -- -- -- -- Outstanding as of March 31, 2023 1,000,000 0.60 1.50 -- Granted -- -- -- -- Exercised -- -- -- -- Expired -- -- -- -- Balance at December 31, 2023 1,000,000 $ 0.05 0.75 $ -- As of December 31, 2023 there were 1,000,000 warrants outstanding. The remaining life weighted average was 0.75 and intrinsic value of zero. | NOTE 8 – WARRANTS During the year ended March 31, 2021, the Company granted 3,700,000 warrants to four entities as part of the issuance of 740,000 Series A convertible preferred shares. The warrants expire in two years from grant date and are convertible into common stock at $0.15 per share. The warrants contain an anti-dilution clause which become effective if any instrument is issued after the warrant issuance is converted into common stock at a price lower than the warrant conversion price. 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 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 with a recalculated conversion price change to $0.04 per share. 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 were allocated to the warrants of $21,336 is accounted for as paid in capital. As of March 31, 2023 the 500,000 warrants were converted into 500,000 shares of common stock with a value of $60,000. 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 that were 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 were 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 March 31, 2023 was. Warrants Weighted Average Exercise Price Weighted Average Remaining Contract Life Intrinsic Value Outstanding at March 31, 2021 - $ 0.00 0.00 $ - Granted 3,700,000 0.15 2.00 Exercised - - - Expired - - - Outstanding at March 31, 2022 3,700,000 $ 0.04 1.35 $ - Granted 1,000,000 0.60 1.75 - Exercised (3,700,000 ) - - Expired - - - Outstanding at March 31, 2023 1,000,000 $ 0.60 1.50 $ - As of March 31, 2023 there were 1,000,000 warrants outstanding. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2023 | |
INCOME TAXES | |
NOTE 9 - INCOME TAXES | NOTE 9 – INCOME TAXES At March 31, 2023 and 2022, the Company had federal net operating loss carry forwards of approximately $13,544,358 and $11,786,575 respectively. Components of net deferred tax assets, including a valuation allowance, are as follows at March 31, 2023 and 2022: March 31, 2023 March 31, 2022 Deferred tax assets: Net operating loss $ 1,757,783 $ 319,880 Less: Valuation allowance (1,757,783 ) (319,880 ) Net deferred tax assets $ - $ - In assessing the recovery of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in the periods in which those temporary differences become deductible. Management considers the scheduled reversals of future deferred tax assets, projected future taxable income, and tax planning strategies in making this assessment. As a result, management determined it was more likely than not the deferred tax assets would not be realized as of March 31, 2023. Based on the recent change in corporation tax rates the Company calculated the deferred tax asset for the years ended March 31, 2023 and 2022 at 21%. The Company, due to its losses, has not filed US Corporate tax returns and is subject to examination back to March 31, 2015. |
CONVERTIBLE DEBT
CONVERTIBLE DEBT | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
CONVERTIBLE DEBT | ||
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 nine months ended December 31, 2023, the Company issued to the note holder 8,205,263 shares of common stock for the conversion of $300,000 of the convertible notes plus $17,556 of accrued interest. On June 29, 2023 the Company signed a redemption agreement, amended on August 31, 2023, with the debentures owner pertaining to the outstanding principal balance of $400,000. Under the terms of the agreement the Company paid the debenture owner $50,000 on August 24, 2023. The terms of the agreement requires principal payments of $50,000, which was made before September 30, 2023, $50,000 to be paid on or before October 31, 2023 and the balance of $250,000 on or before December 31, 2023. The debenture owner has agreed not to convert any of the principal or interest to common stock through December 31, 2023 and if the terms of the agreement are met will forgive any interest on the outstanding amounts of the debentures. On October 30, 2023 ,the Company paid $50,000 against the note outstanding per the settlement agreement leaving a balance due on December 31, 2023 of $250,000. On December 15, 2023 the balance of the note of $250,000 was paid in full. 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 advanced to the Company at closing with the second $250,000 to be paid to the Company upon the S-1 becoming effective (note next paragraph below). 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. During the nine months ended December 31, 2023, the Company issued to the note holder 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 note balance of $5,000 plus accrued interest. On October 23, 2023, the Company paid $5,000 against the outstanding convertible notes payable and the interest was forgiven, leaving a balance due of zero. On December 1, 2023 the Company issued an amended convertible debenture to an unrelated third party under the agreement dated September 2, 2022 (noted in the paragraph above), totaling $250,000 The debenture had an original discount of 10% with no accrued interest and matures on May 30, 2024. The note is convertible into common stock of the Company at the rate of $0.10 per share. On December 6, 2023, the note holder converted $125,000 of the note into 1,250,000 shares of common stock of the Company. As of December 31, 2023, the outstanding balance of the note was $125,000. During the nine months ended December 31, 2023, the Company issued an aggregate of 10,787,180 shares of common stock with a value of $482,796 for the conversion of $470,000 of convertible note and $22,795 in interest. The conversion of the shares plus the principal payment noted above leaves a balance due of $125,000 in convertible notes plus accrued interest. | NOTE 10 – CONVERTIBLE DEBT On May 7, 2020, The Company issued an 8% $50,000 one year convertible note. The note was convertible into common stock at the lesser of $0.20 per share or 80% of the lowest closing bid five days prior to conversion. On July 7, 2020, $50,000 of the one year convertible note payable was converted into 50,000 shares of series A preferred. On October 28, 2020, the Company issued a $138,000 convertible note with an OID of $10,000. The note matures on October 28, 2021 and bears interest at 10% per annum. After 180 days the note may be converted 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 matures on October 28,2021 with a fixed interest of 10%. After 180 days the note may be converted 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 August 10, 2021, the Company issued a $200,000 convertible note. The note matures on February 10, 2022, and bears 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 may be converted 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 $997,260 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. 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 period ended March 31, 2023, the Company issued 9,539,197 shares of common stock with a value of $823,975 for the conversion of $800,000 of convertible note and $23,975 in interest, leaving a balance due of $700,000 of convertible notes 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 March 31, 2023 the funds for the second debenture had not been received. During the year ended March 31, 2023, the Company issued 1,858,862 shares of common stock for the conversion of $200,000 of the convertible note leaving a balance of $50,000 plus accrued interest. As of March 31, 2023 the second $250,00 had not been paid to the Company. |
FAIR VALUE MEASUREMENTS AND DER
FAIR VALUE MEASUREMENTS AND DERIVATIVE LIABILITIES | 9 Months Ended |
Dec. 31, 2023 | |
LICENSE SETTLEMENT | |
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 December 31, 2023, 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. During the nine months ended December 31, 2023, the Convertible note holder entered into an agreement in which the Company will pay the principal note balance by December 31, 2023. The note holder will not convert any amount of the outstanding notes into common stock unless the principal has not been paid per the agreement. As of December 31, 2023 the note was paid in full. The following table represents the change in the fair value of the derivative liabilities during the quarter ended December 31, 2023: 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 - - (472,168 ) Balance at December 31, 2023 $ - $ - $ - |
LICENSE AGREEMENT
LICENSE AGREEMENT | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
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, (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 payments of $2,500,000 were to be received when the FDA approves the phase 2 clinical trials and $750,000 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. Since the inception of the license agreement the Company had receive payments totaling $1,750,000for the first 2 payments . 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. Under the terms of the agreement no further payments were to be received. | 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 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 initial patient enrolled at the dosage level of 8.0 mg/kg. 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 March 31, 2023 the Company received payments totaling $1,750,000 from the license. (See Note 13- Subsequent Events) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
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. $225,000 upon the initiation (first dose/first patient) of the first Phase III clinical trial (or equivalent) of a Product 2. $225,000 payable upon the first Biologics License Application approval (or equivalent) of a product. 3. Annual maintenance fee upon completion of phase I manufacturing or the transfer of the cell line from Catalent’s control of $50,000; 4. A contingent sales fee upon first commercial sale of a product of 1% of sales or $150,000 whichever is greater payable quarterly. As of December 31, 2023 the outstanding balance was $50,090. 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. | NOTE 12 –COMMITMENTS AND CONTINGENCIES On June 30, 2016, the Company entered into a cell line sales agreement with the product manufacture. Under the terms of the agreement the company is obligated to make future payments based on the milestones of its achievements. These future payments may be as followed; 1. $100,000 upon the initiation (first dose/first patient) of the first Phase I clinical trial (or equivalent) of a product. 2. $225,000 upon the initiation (first dose/first patient) of the first Phase III clinical trial (or equivalent) of a product. 3. $225,000 payable upon the first BLA approval (or equivalent) of a product. 4. Annual maintenance fee upon completion of phase I manufacturing or the transfer of the cell line from Catalent’s control of $50,000. 5. A contingent sales fee upon product sales of 1% of sales or $150,000 whichever is greater. As of March 31, 2023 the outstanding amount due the manufacture was $19,300. 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 allocation 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. 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 officers and directors equaling 18% of the outstanding shares of the Company as additional future shares are issued. The officers and directors are entitled to additional future shares so their aggregate ownership percentage remains at 18% of the future outstanding shares of the Company. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
SUBSEQUENT EVENTS | ||
SUBSEQUENT EVENTS | NOTE 12 - SUBSEQUENT EVENTS On January 30, 2024 the Company issued 1,000,000 shares of common stock with a value of $100,000 for cash. On January 30, 2024 the Company issued 250,000 two year warrants with a exercise price of $0.60 per share. The Company has evaluated subsequent events to determine events occurring after December 31, 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. | NOTE 13 SUBSEQUENT EVENTS On May 1, 2023 the Company issued 3,837,419 shares of common stock with a value of $151,578 for the conversion of $150,000 of convertible debt and $1,578 in accrued interest. On May 17, 2023 the Company issued 1,331,919 shares of common stock with a value of $50,240 for the conversion of $45,000 of convertible debt and $5,240 in accrued interest. On May 24, 2023 the Company issued 4,367,842 shares of common stock with a value of $165,978 for the conversion of $150,000 of convertible debt and $15,978 in accrued interest. On June 6, 2023 the Company signed a mutual agreement with BioRay Pharmaceutical Co to terminate the license agreement, dated March 31, 2021. The termination of the agreement rescinds all rights by BioRay and returns to the Company, the global rights, which had been granted BioRay under the agreement. On May 30, 2023 the Company issued 100,000 shares with a value of $5,600 to one individual for service. The Company has evaluated subsequent events to determine events occurring after March 31, 2023 through the date this report was issued there are not events that would have a material impact on the Company’s financial results or require disclosure and have determined none exist other than those noted above in this footnote. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 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 American Option Binomial 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. | 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. |
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. | 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 had one revenue stream, which is the milestone payments of the license agreement with BioRay Pharmaceutical which is not earned or billed until the milestone per the agreement is met. |
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. The Company is still evaluating the effects of the adoption of the amendment. | |
Principle of consolidation | The accompanying consolidated financial statements include the accounts of Nascent Biotech, Inc. and its wholly-owned subsidiary Nascent Biologics, Inc, which has been inactive since March 2015. All intercompany accounts and transactions have been eliminated. | |
Cash and Cash Equivalents | The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company as of March 31, 2023 did not have any cash equivalents. | |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the periods. The extent to which the COVID-19 pandemic may directly or indirectly impact our business, financial condition, and results of operations is highly uncertain and subject to change. We considered the potential impact of the COVID-19 pandemic on our estimates and assumptions and there was not a material impact to our consolidated financial statements as of and for the year ended March 31, 2023. Actual results could differ from estimates making it reasonably possible that a change in the estimates could occur in the near term. | |
Accounts receivable | Accounts receivable 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 years ended March 31, 2023 and 2022, respectively. | |
Stock-Based Compensation | The Company accounts for stock-based compensation in accordance with the fair value recognition provision of the Financial Accounting Standards Board(“FASB”) Accounting Standards Codification (“ASC”) No 718. The Company issues restricted stock to employees and consultants for their services. Cost of these transactions are measured at fair value of the equity instrument issued at the date of grant. These shares are considered fully vested and the fair market value is recognized as the expense in the period granted. The Company recognized consulting expense and a corresponding increase to the additional paid in capital related to the stock issued for services. For agreements requiring future services the consulting expense is to be recognized ratably over the requisite service period. | |
Research and Development Expense | Research and development costs are expensed in the period they are incurred in accordance with ASC 730, Research and Development unless they meet specific criteria related to technical, market and financial feasibility, as determined by management, including but not limited to the establishment of a clearly defined future alternative use for the product, and the availability of adequate resources to complete the project. If all criteria are met, the costs are deferred and amortized over the expected useful life of the project or expensed as research and development as the material are consumed or written off if a product is abandoned. At March 31, 2023 and 2022, the Company had zero capitalization associated with materials held with a future alternative use. The cost of these materials was expensed as research and development as the materials are consumed or designated for usage. As the Company is preparing to begin clinical studies using a dose escalation method, it is not feasible to determine if the additional product will be needed for the brain cancer studies. | |
Property and Equipment | Property and equipment is recorded at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the expected useful life of the asset (3 to 5 years), beginning when the asset is available and ready for use. Expenditures associated with upgrades and enhancements that improve, add functionality, or otherwise extend the life of property and equipment are capitalized, while expenditures that do not, such as repairs and maintenance, are expensed as incurred. For the years ended March 31, 2023 and 2022, depreciation expense totaled zero, respectively. | |
Impairment of Long-Lived Assets | The Company reviews the carrying value of its long-lived assets annually or whenever events or changes in circumstances indicate that the historical-cost carrying value of an asset may no longer be appropriate. The Company assesses recoverability of the asset by comparing the undiscounted future net cash flows expected to result from the asset to its carrying value. If the carrying value exceeds the undiscounted future net cash flows of the asset, an impairment loss is measured and recognized. An impairment loss is measured as the difference between the net book value and the fair value of the long-lived asset. Fair value is estimated based upon either discounted cash flow analysis or estimated salvage value. There was no impairment recognized during the years ended March 31, 2023 and 2022. | |
Income Taxes | Deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts expected to be realized. The Company accounts for income taxes under the provisions of FASB ASC 740, Accounting for Income Taxes | |
Basic and Diluted Net Income (Loss) per Share | Basic net income (loss) per share calculations are calculated on the basis of the weighted average number of common shares outstanding during the year. During the year ended March 31, 2023 the Company had a net loss so the options and warrants outstanding were not part the loss per share calculation as they would be antidilutive. Diluted income (loss) per share calculations includes the dilutive effect of warrants and options on the weighted average of the per share calculation. | |
Fair Value of Financial Instruments | The Company’s financial instruments consist of cash and cash equivalents, accounts payable and accrued expenses and shareholder loans. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. 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 of March 31, 2023, 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 year ended March 31, 2023: Level 1 Level 2 Level 3 Fair value of derivative liability as of March 31, 2021 $ - $ - $ 302,156 Change in fair value at initial issuance - - 166,667 Change in fair value of the derivative - - (468,823 ) Balance at March 31, 2022 $ - $ - $ - Change in fair value at initial issuance and conversion - - 178,739 Change in fair value at conversion (570,099 ) Change in fair value of the derivative - - 1,054,786 Balance at March 31, 2023 $ - $ - $ 663,426 |
BASIS OF PRESENTATION (Tables)
BASIS OF PRESENTATION (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
BASIS OF PRESENTATION | |
Schedule of Summarizes of change in the fair value of the derivative liabilities | Level 1 Level 2 Level 3 Fair value of derivative liability as of March 31, 2021 $ - $ - $ 302,156 Change in fair value at initial issuance - - 166,667 Change in fair value of the derivative - - (468,823 ) Balance at March 31, 2022 $ - $ - $ - Change in fair value at initial issuance and conversion - - 178,739 Change in fair value at conversion (570,099 ) Change in fair value of the derivative - - 1,054,786 Balance at March 31, 2023 $ - $ - $ 663,426 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 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 14,487,669 15,516,579 Chief Financial Officer 617,346 7,476,173 8,093,519 Total 1,646,256 21,963,842 23,610,098 | Officer and Director Initial Share Awards Under the Contracts Additional Shares Earned to Maintain Ownership Percentage Total Shares Earned President 1,028,910 10,052,269 11,081,179 Chief Financial Officer 617,346 5,258,723 5,876,069 Total 1,646,256 15,310,992 16,957,248 |
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 | |
Schedule of annual salary and annual severance amounts | Officer and Director Fiscal Year Annualized Compensation Base Being Paid Non-dilutive shares percentage President and CEO (2) $ 252,000 12 % Chief Financial Officer (1) $ 180,000 6 % Director (3) $ 20,000 - Total $ 452,000 18 % |
OPTIONS (Tables)
OPTIONS (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
OPTIONS | ||
Schedule of Summary of stock options outstanding | Weighted Weighted Average Average Remaining Number of Exercise Contract Options Intrinsic Options Price Life Exercisable Value Outstanding at March 31, 2023 1,430,000 $ 0.28 3.81 930,000 $ -- Granted -- -- -- -- Exercised -- -- -- -- -- Outstanding at December 31, 2023 1,430,000 $ 0.28 3.06 1,230,000 $ 60,000 | Options Weighted Average Exercise Price Weighted Average Remaining Contract Life Number of Options Exercisable Intrinsic Value Outstanding at March 31, 2021 1,405,000 $ 0.34 4.80 1,405,000 $ - Granted - - - - - Exercised - - - - - Forfeited (475,000 ) - (475,000 ) - Outstanding at March 31, 2022 930,000 $ 0.34 3.80 930,000 $ - Granted 500,000 0.18 4.75 - - Exercised - - - - - Forfeited - - - - -- Outstanding at March 31, 2023 1,430,000 $ 0.28 3.81 930,000 $ - |
FAIR VALUE MEASUREMENTS AND D_2
FAIR VALUE MEASUREMENTS AND DERIVATIVE LIABILITIES (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
LICENSE SETTLEMENT | |
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 - - (472,168 ) Balance at December 31, 2023 $ - $ - $ - |
WARRANTS (Tables)
WARRANTS (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 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 1,500,000 0.44 1.75 -- Exercised (4,200,000 ) -- -- -- Expired -- -- -- -- Outstanding as of March 31, 2023 1,000,000 0.60 1.50 -- Granted -- -- -- -- Exercised -- -- -- -- Expired -- -- -- -- Balance at December 31, 2023 1,000,000 $ 0.05 0.75 $ -- | Warrants Weighted Average Exercise Price Weighted Average Remaining Contract Life Intrinsic Value Outstanding at March 31, 2021 - $ 0.00 0.00 $ - Granted 3,700,000 0.15 2.00 Exercised - - - Expired - - - Outstanding at March 31, 2022 3,700,000 $ 0.04 1.35 $ - Granted 1,000,000 0.60 1.75 - Exercised (3,700,000 ) - - Expired - - - Outstanding at March 31, 2023 1,000,000 $ 0.60 1.50 $ - |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
INCOME TAXES | |
Schedule of Components of net deferred tax assets | March 31, 2023 March 31, 2022 Deferred tax assets: Net operating loss $ 1,757,783 $ 319,880 Less: Valuation allowance (1,757,783 ) (319,880 ) Net deferred tax assets $ - $ - |
ORGANIZATION AND NATURE OF OP_2
ORGANIZATION AND NATURE OF OPERATIONS (Details Narrative) - USD ($) | Dec. 31, 2023 | May 30, 2023 | May 24, 2023 | May 17, 2023 | May 01, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Jul. 15, 2014 |
Common stock, issued shares | 100,000 | 4,367,842 | 1,331,919 | 3,837,419 | ||||
Common stock, outstanding shares | 168,729,565 | 131,764,348 | 111,313,175 | |||||
Jin-En [Member] | ||||||||
Common stock, issued shares | 7,500,200 | |||||||
Common stock, shares cancelled | 15,000,000 | |||||||
Common stock, outstanding shares | 22,829,400 | |||||||
Net liablilities | $ 19,000 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Level 1 [Member] | ||
Begnning Balance | $ 0 | $ 0 |
Change in fair value at initial issuance | 0 | 0 |
Change in fair value at initial issuance and conversion | 0 | |
Change in fair value of the derivative | 0 | 0 |
Ending Balance | 0 | 0 |
Level 2 [Member] | ||
Begnning Balance | 0 | 0 |
Change in fair value at initial issuance | 0 | 0 |
Change in fair value at initial issuance and conversion | 0 | |
Ending Balance | 0 | 0 |
Change in fair value of the derivative | 0 | 0 |
Level 3 [Member] | ||
Begnning Balance | 0 | 302,156 |
Change in fair value at initial issuance | 166,667 | |
Change in fair value at initial issuance and conversion | 178,739 | |
Ending Balance | 663,426 | 0 |
Change in fair value at conversion | (570,099) | |
Change in fair value of the derivative | $ 1,054,786 | $ (468,823) |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Depreciation expense | $ 0 | $ 0 |
Minimum [Member] | ||
Expected life in years | 3 years | |
Maximum [Member] | ||
Expected life in years | 5 years |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) | Mar. 31, 2023 USD ($) |
GOING CONCERN | |
Working capital deficit | $ (1,296,137) |
Accumulated Deficit | $ (21,622,775) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - shares | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Initial Share Awards Under the Contracts | 1,646,256 | 1,646,256 |
Additional Shares Earned to Maintain Ownership Percentage | 21,963,842 | 15,310,992 |
Total Shares Earned | 23,610,098 | 16,957,248 |
President [Member] | ||
Initial Share Awards Under the Contracts | 1,028,910 | 1,028,910 |
Additional Shares Earned to Maintain Ownership Percentage | 14,487,669 | 10,052,269 |
Total Shares Earned | 15,516,579 | 11,081,179 |
Chief Financial Officer [Member] | ||
Initial Share Awards Under the Contracts | 617,346 | 617,346 |
Additional Shares Earned to Maintain Ownership Percentage | 7,476,173 | 5,258,723 |
Total Shares Earned | 8,093,519 | 5,876,069 |
RELATED PARTY TRANSACTIONS (D_2
RELATED PARTY TRANSACTIONS (Details 1) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Tatal | $ 430,000 | $ 452,000 |
President [Member] | ||
Tatal | 250,000 | 252,000 |
Chief Financial Officer [Member] | ||
Tatal | $ 180,000 | $ 180,000 |
RELATED PARTY TRANSACTIONS (D_3
RELATED PARTY TRANSACTIONS (Details 2) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Fiscal Year Annualized Compensation Being Paid | $ 430,000 | $ 452,000 |
Non-dilutive shares, percentage | 18% | |
President [Member] | ||
Fiscal Year Annualized Compensation Being Paid | 250,000 | $ 252,000 |
Non-dilutive shares, percentage | 12% | |
Chief Financial Officer [Member] | ||
Fiscal Year Annualized Compensation Being Paid | $ 180,000 | $ 180,000 |
Non-dilutive shares, percentage | 6% | |
Director [Member] | ||
Fiscal Year Annualized Compensation Being Paid | $ 20,000 | |
Non-dilutive shares, percentage | (18.00%) |
RELATED PARTY TRANSACTIONS (D_4
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2021 | |
Common stock shares issued for services, shares | 3,815,414 | 1,513,719 | ||||||
Company owed to related party | $ 2,179 | $ 2,179 | ||||||
Common stock shares issued for services, amount | $ 21,250 | $ 9,000 | $ 5,600 | $ 60,000 | $ 60,000 | $ 5,250 | ||
Cash | $ 7,000 | |||||||
Advanced payment | 21,220 | |||||||
Common stock shares issued for services, amount | $ 624,320 | $ 110,835 | ||||||
Accounts payable | $ 14,220 | |||||||
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 officers and directors equaling 18% of the outstanding shares of the Company as additional future shares are issued. The officers and directors are entitled to additional future shares so their aggregate ownership percentage remains at 18% of the future outstanding shares of the Company | |||||||
Bonus amount | $ 170,000 | |||||||
Chief Financial Officers [Member] | ||||||||
Cash | 180,000 | |||||||
President And Chief Executive Officer [Member] | ||||||||
Cash | 252,000 | |||||||
Three Officers and Director [Member] | ||||||||
Accrued consulting fees | $ 20,000 | |||||||
Three Officers and Director [Member] | September 1, 2015 [Member] | ||||||||
Officers and directors employment agreement terms, description | 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 | |||||||
Two Officers and Director [Member] | ||||||||
Common stock shares issued for services, shares | 2,407,010 | |||||||
Common stock shares issued for services, amount | $ 128,333 | |||||||
Two Officers And A Director | ||||||||
Common stock shares issued for services, shares | 6,821,785 | |||||||
Common stock shares issued for services, amount | $ 705,974 |
LICENSE SETTLEMENT (Details Nar
LICENSE SETTLEMENT (Details Narrative) - Consulting agreement [Member] | Oct. 12, 2017 USD ($) integer |
Number of installments, consideration for license | integer | 24 |
Monthly installment payment | $ 1,000 |
Consulting fees payable | $ 24,000 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Apr. 07, 2022 | Aug. 10, 2021 | Nov. 11, 2020 | Feb. 16, 2021 | Oct. 28, 2020 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Jul. 09, 2020 | May 07, 2020 | Jul. 10, 2019 | |
Total no of authorized shares | 550,000,000 | ||||||||||||||||
Common stock issued for service, shares | 10,787,180 | 3,512,168 | |||||||||||||||
Common stock issued for service, amount | $ 492,796 | $ 556,565 | |||||||||||||||
Common stock shares, issued | 168,729,565 | 168,729,565 | 131,764,348 | 111,313,175 | |||||||||||||
Common stock shares value for services, amount | $ 21,250 | $ 9,000 | $ 5,600 | $ 60,000 | $ 60,000 | $ 5,250 | |||||||||||
Preferred stock shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||||||
Common stock shares issued for services | 3,815,414 | 1,513,719 | |||||||||||||||
Common stock shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | ||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.20 | |||||||||||
Conversion of convertible notes | 550,000 | $ 9,275 | $ 27,000 | ||||||||||||||
Conversion of convertible notes interest | $ 6,565 | ||||||||||||||||
Preferred stock shares designated | 1,500,000 | ||||||||||||||||
Common stock shares value for cash, amount | $ 1,461,000 | ||||||||||||||||
Common stock shares value for cash, shares | 18,970,000 | ||||||||||||||||
Conversion of preferred stock shares issued | 54,130 | ||||||||||||||||
Preferred stock shares | $ 740,000 | ||||||||||||||||
Common stock shares value for account payable | 37,700 | ||||||||||||||||
Outstanding warrants, granted | 0 | ||||||||||||||||
Common stock, shares | 4,200,000 | ||||||||||||||||
Conversion of common stock into warrant | 4,200,000 | ||||||||||||||||
Warrant value of received in cash | $ 208,000 | ||||||||||||||||
Accounts Payable [Member] | |||||||||||||||||
Common stock shares issued for services | 37,700 | ||||||||||||||||
Common stock shares value for account payable, amount | $ 9,275 | ||||||||||||||||
Warrant [Member] | |||||||||||||||||
Common stock shares issued for services | 386,250 | ||||||||||||||||
Common stock shares value for account payable, amount | $ 35,850 | ||||||||||||||||
Clinical Consulting [Member] | |||||||||||||||||
Common stock shares issued for services | 1,000,000 | ||||||||||||||||
Common stock shares value for clinical consulting, amount | $ 60,000 | ||||||||||||||||
Three Related Parties For Service [Member] | |||||||||||||||||
Common stock shares value for services, amount | $ 624,320 | ||||||||||||||||
Common stock shares issued for services | 3,815,414 | ||||||||||||||||
Common stock shares value for related party | $ 624,320 | ||||||||||||||||
Common Stock Two [Member] | |||||||||||||||||
Common stock shares value for services, amount | $ 110,835 | ||||||||||||||||
Common stock shares issued for services | 1,513,719 | ||||||||||||||||
Series A Convertible Preferred Stock [Member] | |||||||||||||||||
Common stock shares, issued | 1,968,363 | ||||||||||||||||
Conversion of preferred stock shares issued | 54,130 | ||||||||||||||||
Conversion 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. The initial derivative was calculated using risk free interest of .05%, volatility of 132% and expected life of 0.50 years | 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 may be converted 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 may be converted 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 may be converted 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 may be converted 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 | The stock is convertible into common stock at 10 cents per share or 50% of the lowest trading price, whichever is lower 5 days prior to conversion. The Company has the right to convert the shares nine months after the issuance. The warrants are convertible at $0.15 per share within two years of issuance | |||||||||||
Outstanding warrants, granted | 3,700,000 | ||||||||||||||||
Preferred stock issued for cash, shares | 640,000 | ||||||||||||||||
Debt | $ 100,000 | ||||||||||||||||
Conversion Of Debt And Accrued Interest [Member] | |||||||||||||||||
Common stock shares value for services, amount | $ 1,023,975 | ||||||||||||||||
Common stock shares issued for services | 11,398,059 | ||||||||||||||||
Preferred Stocks | |||||||||||||||||
Common stock shares issued for services | 100,000 | ||||||||||||||||
Common stock shares value for services, amount | $ 5,600 | ||||||||||||||||
Two Officers and Director [Member] | |||||||||||||||||
Common stock shares issued for services | 6,821,785 | 1,983,363 | |||||||||||||||
Common stock shares value for services, amount | $ 128,333 | ||||||||||||||||
Common stock shares issued for services | 2,407,010 | ||||||||||||||||
Common stock shares value for account payable, amount | $ 705,974 | $ 514,740 | |||||||||||||||
Accrued fees converted amount, shares | 1,968,363 | ||||||||||||||||
Two Officers and Director One [Member] | |||||||||||||||||
Common stock shares value for services, amount | $ 5,250 | ||||||||||||||||
Common stock shares issued for services | 50,000 | ||||||||||||||||
Common stock shares value for account payable, amount | $ 27,000 | ||||||||||||||||
Common stock shares value for account payable | 540,000 | ||||||||||||||||
Four Entities [Member] | |||||||||||||||||
Common stock shares value for exercise of warrants, amount | $ 208,000 | ||||||||||||||||
Common stock shares, issued | 3,700,000 | ||||||||||||||||
Common stock shares issued for exercise of warrants | 4,200,000 | ||||||||||||||||
Medical Director [Member] | |||||||||||||||||
Common stock shares value for services, amount | $ 60,000 | ||||||||||||||||
Common stock shares issued for services | 1,000,000 |
OPTIONS (Details)
OPTIONS (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
OPTIONS | |||
Option, Beginning Balance | 1,430,000 | ||
Option, granted | 0 | ||
Option, ending Balance | 1,430,000 | 1,430,000 | |
Options | |||
Weighted average exercise price, Beginning | $ 0.28 | ||
Number of option exercisable, Beginning | 930,000 | 1,405,000 | |
Weighted average exercise price, granted | 0 | ||
Outstanding option, Forfeited | (475,000) | ||
Weighted average exercise price, ending | $ 0.28 | $ 0.28 | |
Outstanding option, Granted | 500,000 | ||
Number of option exercisable, Ending | 1,430,000 | 930,000 | |
Weighted Average Remaining Contract life, Beginning | 3 years 9 months 21 days | 3 years 9 months 18 days | 4 years 9 months 18 days |
Weighted Average Remaining Contract life, Ending | 3 years 21 days | ||
Weighted average exercise price | |||
Number of option exercisable, Beginning | 930,000 | ||
Weighted average exercise price, Beginning | $ 0.34 | $ 0.34 | |
Number of option exercisable, granted | 0 | ||
Weighted average exercise price granted | $ 0.18 | ||
Number of option exercisable, ending | 1,230,000 | 930,000 | |
Weighted average exercise price, Ending | $ 0.28 | $ 0.34 | |
Weighted Average Remaining Contract Life | |||
Intrinsic value, Beginning | $ 0 | ||
Intrinsic value, Granted | 0 | ||
Weighted Average Remaining Contract life, granted | 4 years 9 months | ||
Intrinsic value, Exercised | 0 | ||
Weighted Average Remaining Contract life, Ending | 3 years 9 months 21 days | 3 years 9 months 18 days | |
Intrinsic value ending | $ 60,000 | $ 0 | |
Number of option exercisable | |||
Outstanding option, Beginning | 930,000 | 1,405,000 | |
Outstanding option, Forfeited | (475,000) | ||
Outstanding option, Ending | 930,000 | 930,000 | |
Intrinsic value | |||
Intrinsic value, Beginning | $ 0 | $ 0 | |
Intrinsic value, Ending | $ 0 | $ 0 |
OPTIONS (Details Narrative)
OPTIONS (Details Narrative) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 02, 2022 | Apr. 07, 2022 | Nov. 17, 2022 USD ($) $ / shares shares | Aug. 31, 2022 | Jul. 20, 2016 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) integer $ / shares shares | Mar. 31, 2022 USD ($) | |
Option expense | $ | $ 14,733 | $ 62,992 | $ 72,000 | $ 0 | |||||
Unrecognized future balance of vesting term option | 26,219 | ||||||||
Unrecognized option expense | $ | $ 61,259 | ||||||||
Weighted Average Remaining Contract life | 3 years 21 days | ||||||||
Common stock exercisable term | 5 years | 10 years | |||||||
Intrinsic value | $ | $ 0 | ||||||||
Options vested description | The options have a 5 year life and vested 250,000 options at inception and 25,000 options per month thereafter until fully vested. | The options vest in equal annual installments over a five year period with the first 20% vested when the options were granted. | |||||||
Exercise price of options | $ / shares | $ 0.18 | $ 0.301 | |||||||
Option awards expences | $ | $ 72,000 | $ 0 | |||||||
Options granted | 900,000 | ||||||||
Issued options | 500,000 | 300,000 | |||||||
Volatility rate | 137% | 132% | 250% | 137% | |||||
Discount rate | 4.35% | ||||||||
Fair value of amortization | $ | $ 114,531 | ||||||||
Fair value of option granted | $ | $ 484,205 | ||||||||
April 1, 2016 [Member] | Option 1 [Member] | |||||||||
Common stock exercisable term | 10 years | ||||||||
Exercise price of options | $ / shares | $ 0.30 | ||||||||
Number of installments vest | integer | 5 | ||||||||
Issued options | 40,000 | ||||||||
April 1, 2016 [Member] | Option 2 [Member] | |||||||||
Common stock exercisable term | 10 years | ||||||||
Exercise price of options | $ / shares | $ 0.30 | ||||||||
Number of installments vest | integer | 5 | ||||||||
Options granted | 30,000 | ||||||||
April 1, 2018 [Member] | |||||||||
Issued options | 40,000 | ||||||||
April 1, 2018 [Member] | Option 1 [Member] | |||||||||
Exercise price of options | $ / shares | $ 0.25 | ||||||||
Options granted | 40,000 | ||||||||
Fair value of option granted | $ | $ 9,991 | ||||||||
April 1, 2017 [Member] | Option 1 [Member] | |||||||||
Options granted | 30,000 |
WARRANTS (Details)
WARRANTS (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
WARRANTS | |||
Outstanding warrants, Beginning | 1,000,000 | 3,700,000 | |
Number of warrants | |||
Outstanding warrants, granted | 0 | 1,000,000 | 3,700,000 |
Outstanding warrants, Exercised | 0 | (3,700,000) | |
Outstanding warrants, Ending | 1,000,000 | 1,000,000 | 3,700,000 |
Outstanding warrants, Beginning | 3,700,000 | 0 | |
Weighted average exercise price, Beginning | $ 0.60 | $ 0.15 | |
Weighted average exercise price, Granted | 0 | 0.60 | $ 0.15 |
Weighted average exercise price, Exercised | 0 | $ 0 | $ 0 |
Outstanding warrants, Ending | 1,000,000 | 3,700,000 | |
Weighted average exercise price, Expired | 0 | $ 0 | $ 0 |
Weighted average exercise price, Ending | $ 0.05 | 0.60 | 0.15 |
Weighted average exercise price | |||
Weighted average exercise price, Beginning | $ 0.04 | $ 0 | |
Weighted Average Remaining Contract life, Beginning | 1 year 6 months | 1 year 4 months 6 days | |
Weighted Average Remaining Contract life, Granted | 1 year 8 months 30 days | ||
Weighted Average Remaining Contract life, Ending | 9 months | 1 year 6 months | 1 year 4 months 6 days |
Intrinsic value, Beginning | $ 0 | $ 0 | $ 0 |
Weighted average exercise price, Ending | $ 0.60 | $ 0.04 | |
Intrinsic value, Granted | 0 | $ 0 | $ 0 |
Weighted Average Remaining Contract Life | |||
Intrinsic value, Exercised | 0 | $ 0 | $ 0 |
Intrinsic value, Expired | 0 | ||
Weighted Average Remaining Contract life, Granted | 1 year 9 months | 2 years | |
Intrinsic value, Ending | $ 0 | $ 0 | $ 0 |
Intrinsic value | |||
Intrinsic value, Expired | $ 0 | $ 0 |
WARRANTS (Details Narrative)
WARRANTS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Sep. 02, 2022 | Apr. 07, 2022 | Nov. 17, 2022 | Sep. 23, 2022 | Aug. 31, 2022 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2021 | Jan. 30, 2024 | Mar. 31, 2023 | |
Deemed dividend from down round | $ 0 | $ 550,000 | $ 555,000 | ||||||||||||
Warrant Issued | 250,000 | 500,000 | 750,000 | ||||||||||||
Warrant outstanding | 1,000,000 | ||||||||||||||
Warrant converted into common stock | 3,700,000 | 3,700,000 | 500,000 | ||||||||||||
Warrant converted into common stock amount | $ 148,000 | ||||||||||||||
Exercise price of warrants | $ 0.345 | $ 0.08 | $ 0.41 | $ 0.15 | |||||||||||
Warrants issued | 500,000 | 3,700,000 | 3,700,000 | ||||||||||||
Intrinsic value | $ 60,000 | $ 37,900 | $ 0 | $ 60,000 | $ 0 | ||||||||||
Warrants conversion price | $ 0.60 | $ 0.12 | $ 0.60 | $ 0.15 | $ 0.60 | ||||||||||
Volatility rate | 137% | 132% | 250% | 137% | |||||||||||
Conversion price | $ 0.12 | $ 0.05 | $ 0.15 | ||||||||||||
Discount rate | 3.47% | 1.78% | 3.50% | ||||||||||||
Fair value of warrants | $ 50,273 | $ 26,000 | $ 188,760 | ||||||||||||
Adjustments to additional paid-in capital, warrant issued | $ 2,484 | $ 21,336 | $ 9,902 | ||||||||||||
Volatility rate | 132% | ||||||||||||||
Warrant converted | 500,000 | ||||||||||||||
Warrants descriptions | the Company granted 3,700,000 warrants to four entities as part of the issuance of 740,000 Series A convertible preferred shares. | ||||||||||||||
Fair value of warrant | $ 26,000 | ||||||||||||||
Number of warrants outstanding | 1,000,000 | 1,000,000 | |||||||||||||
Remaining life weighted average of warrants | 9 months | ||||||||||||||
Conversion warrants value | $ 125,000 | $ 367,796 | $ 454,594 | $ 101,973 | |||||||||||
Convertible Note Issued [Member] | |||||||||||||||
Warrants issued | 250,000 | 750,000 | |||||||||||||
Market price of warrants | $ 0.345 | $ 0.41 | |||||||||||||
Volatility rate | 137% | 137% | |||||||||||||
Conversion price | $ 0.60 | $ 0.60 | |||||||||||||
Discount rate | 3.47% | 3.50% | |||||||||||||
value of warrants | $ 50,273 | $ 188,760 | |||||||||||||
Warrants amount accounted and paid in capital | $ 2,484 | $ 9,902 | |||||||||||||
Warrant [Member] | |||||||||||||||
Deemed dividend from down round | $ 555,000 | ||||||||||||||
Warrants conversion price | $ 0.15 | ||||||||||||||
Fair value of warrants | $ 303,000 | ||||||||||||||
Fair value of common stock | 437,000 | ||||||||||||||
Proceeds from exercise of warrants | 349,605 | ||||||||||||||
Number of warrants converted into common share | 500,000 | ||||||||||||||
Number of new common share from conversion from warrants | 500,000 | ||||||||||||||
Conversion warrants value | $ 60,000 | ||||||||||||||
value of warrants | 349,605 | ||||||||||||||
Total value of warrant | $ 303,000 | ||||||||||||||
Minimum [Member] | Warrant [Member] | |||||||||||||||
Exercise price of warrants | $ 0.08 | ||||||||||||||
Volatility rate | 312.50% | ||||||||||||||
Discount rate | 0.14% | ||||||||||||||
Maximum [Member] | Warrant [Member] | |||||||||||||||
Exercise price of warrants | $ 0.11 | ||||||||||||||
Volatility rate | 314.49% | ||||||||||||||
Discount rate | 0.16% |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Deferred tax assets: | ||
Net operating loss | $ 1,757,783 | $ 319,880 |
Less: Valuation allowance | (1,757,783) | (319,880) |
Net deferred tax assets | $ 0 | $ 0 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
INCOME TAXES | ||
Federal net operating loss carry forwards | $ 13,544,358 | $ 11,786,575 |
Federal tax rate | 21% |
CONVERTIBLE DEBT (Details Narra
CONVERTIBLE DEBT (Details Narrative) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Dec. 15, 2023 | Dec. 06, 2023 | Sep. 02, 2022 | Apr. 07, 2022 | Aug. 10, 2021 | Nov. 11, 2020 | Oct. 30, 2023 | Jun. 29, 2023 | Mar. 31, 2023 | Nov. 17, 2022 | Aug. 31, 2022 | Aug. 16, 2021 | Apr. 22, 2021 | Apr. 20, 2021 | Feb. 16, 2021 | Oct. 28, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Sep. 27, 2022 | Sep. 20, 2022 | Jul. 09, 2020 | Jul. 07, 2020 | May 07, 2020 | |
Payment of Financing costs | $ 50,000 | $ 35,000 | $ 24,750 | $ 41,400 | ||||||||||||||||||||||
Convertible notes | $ 23,975 | $ 45,000 | $ 23,975 | |||||||||||||||||||||||
Issuance of aggregate shares of common stock, shares | 10,787,180 | |||||||||||||||||||||||||
Issuance of aggregate shares of common stock, value | $ 482,796 | |||||||||||||||||||||||||
Conversion of convertible note | 470,000 | |||||||||||||||||||||||||
Conversion of convertible note interest | 22,795 | |||||||||||||||||||||||||
Interest | $ 9,162 | 800,000 | 5,000 | 800,000 | ||||||||||||||||||||||
Accrued interest | 997,260 | 700,000 | 8,250 | $ 6,805 | $ 5,240 | 700,000 | $ 50,000 | |||||||||||||||||||
Common stock issued, value | 823,975 | |||||||||||||||||||||||||
Notes payable,principal | 275,000 | $ 200,000 | $ 200,000 | |||||||||||||||||||||||
Notes payable,premium | 42,624 | |||||||||||||||||||||||||
Notes paid,total | $ 326,786 | |||||||||||||||||||||||||
Debt conversion, principle balance | $ 200,000 | $ 100,000 | $ 82,500 | $ 138,000 | ||||||||||||||||||||||
Volatility rate | 137% | 132% | 250% | 137% | ||||||||||||||||||||||
Common stock shares par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.20 | ||||||||||||||||||||
Convertible notes payable | $ 5,000 | $ 400,000 | $ 275,000 | $ 275,000 | $ 520,000 | |||||||||||||||||||||
Common share issued | 131,764,348 | 168,729,565 | 131,764,348 | 111,313,175 | ||||||||||||||||||||||
Interest on convertible notes | 6,565 | |||||||||||||||||||||||||
Convertible common stock amount | $ 550,000 | $ 9,275 | $ 27,000 | |||||||||||||||||||||||
Common share issued, shares | 9,539,197 | 1,858,862 | ||||||||||||||||||||||||
Debtenture 1 | ||||||||||||||||||||||||||
Risk free interest rate | 3.50% | 3.50% | ||||||||||||||||||||||||
Volatility rate | 137% | 137% | ||||||||||||||||||||||||
Expected life | 1 year | 1 year | ||||||||||||||||||||||||
Debtenture 2 | ||||||||||||||||||||||||||
Risk free interest rate | 4.03% | 4.03% | ||||||||||||||||||||||||
Volatility rate | 140% | 140% | ||||||||||||||||||||||||
Expected life | 1 year | 1 year | ||||||||||||||||||||||||
Debtenture 3 | ||||||||||||||||||||||||||
Convertible debt | $ 50,000 | |||||||||||||||||||||||||
Risk free interest rate | 3.98% | 3.98% | ||||||||||||||||||||||||
Volatility rate | 141% | 141% | ||||||||||||||||||||||||
Expected life | 1 year | 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 | 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 | $ 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 | 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% | 3.47% | ||||||||||||||||||||||||
Volatility rate | 137% | 137% | ||||||||||||||||||||||||
Expected life | 1 year | 1 year | ||||||||||||||||||||||||
Common share issued | 1,331,919 | |||||||||||||||||||||||||
Warrant expiry date | Aug. 30, 2024 | |||||||||||||||||||||||||
Exercise price of warrant | $ 0.60 | $ 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 | |||||||||||||||||||||||||
December 1 2023 Member | ||||||||||||||||||||||||||
Issuance amount of convertible debenture | $ 250,000 | |||||||||||||||||||||||||
Discount rate | 10% | |||||||||||||||||||||||||
Maturity date | May 30, 2024 | |||||||||||||||||||||||||
Convertion price | $ 0.10 | |||||||||||||||||||||||||
Convertible common stock shares | 1,250,000 | |||||||||||||||||||||||||
Convertible common stock amount | $ 125,000 | |||||||||||||||||||||||||
Outstanding balance | $ 125,000 | |||||||||||||||||||||||||
Convertible Debt | ||||||||||||||||||||||||||
Convertible debt | $ 300,000 | |||||||||||||||||||||||||
Common share issued | 8,205,263 | |||||||||||||||||||||||||
Interest on convertible notes | $ 17,556 | |||||||||||||||||||||||||
Convertible Notes Accrued Interest Debt [Member] | ||||||||||||||||||||||||||
Accrued interest | $ 125,000 | |||||||||||||||||||||||||
8% Convertible Note [Member] | ||||||||||||||||||||||||||
Convertible debt | $ 50,000 | $ 50,000 | ||||||||||||||||||||||||
Debenture Redemption Agreement [Member] | ||||||||||||||||||||||||||
Debenture redemption principal amount | $ 400,000 | |||||||||||||||||||||||||
Debenture payment description | the Company paid the debenture owner $50,000 on August 24, 2023. The terms of the agreement requires principal payments of $50,000, which was made before September 30, 2023, $50,000 to be paid on or before October 31, 2023 and the balance of $250,000 on or before December 31, 2023 | |||||||||||||||||||||||||
Description outstanding payment | On October 30, 2023 ,the Company paid $50,000 against the note outstanding per the settlement agreement leaving a balance due on December 31, 2023 of $250,000 | |||||||||||||||||||||||||
Payment to related party debt | $ 250,000 | |||||||||||||||||||||||||
Series A Convertible Preferred Stock [Member] | ||||||||||||||||||||||||||
Accrued interest | $ 5,000 | |||||||||||||||||||||||||
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. The initial derivative was calculated using risk free interest of .05%, volatility of 132% and expected life of 0.50 years | 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 may be converted 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 may be converted 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 may be converted 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 may be converted 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 | The stock is convertible into common stock at 10 cents per share or 50% of the lowest trading price, whichever is lower 5 days prior to conversion. The Company has the right to convert the shares nine months after the issuance. The warrants are convertible at $0.15 per share within two years of issuance | ||||||||||||||||||||
Risk free interest rate | 8% | 10% | 10% | 10% | ||||||||||||||||||||||
Debt conversion, principle balance | $ 200,000 | $ 7,500 | $ 5,000 | $ 10,000 | ||||||||||||||||||||||
Common share issued | 1,968,363 | |||||||||||||||||||||||||
Maturity date | Mar. 29, 2023 | Feb. 10, 2022 | Oct. 28, 2021 | Feb. 16, 2022 | Oct. 28, 2021 | |||||||||||||||||||||
Interest rate | 80% | 10% |
FAIR VALUE MEASUREMENTS AND D_3
FAIR VALUE MEASUREMENTS AND DERIVATIVE LIABILITIES (Details) - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Level 1 [Member] | ||||
Fair value of derivative liability as of March 31, 2023 | $ 0 | $ 0 | $ 0 | $ 0 |
Change at conversion | 0 | |||
Change in fair value of the derivative | 0 | |||
Balance at December 31, 2023 | 0 | |||
Level 2 [Member] | ||||
Fair value of derivative liability as of March 31, 2023 | 0 | 0 | 0 | 0 |
Change at conversion | 0 | |||
Change in fair value of the derivative | 0 | |||
Balance at December 31, 2023 | 0 | |||
Level 3 [Member] | ||||
Fair value of derivative liability as of March 31, 2023 | 663,426 | $ 663,426 | $ 0 | $ 302,156 |
Change at conversion | (191,258) | |||
Change in fair value of the derivative | (472,168) | |||
Balance at December 31, 2023 | $ 0 |
LICENSE AGREEMENT (Details Narr
LICENSE AGREEMENT (Details Narrative) - BioRay Pharmaceutical Co LTD [Member] - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
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 payments of $2,500,000 were to be received when the FDA approves the phase 2 clinical trials and $750,000 to receive when the phase 2 clinical trials begin | 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 initial patient enrolled at the dosage level of 8.0 mg/kg. 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 | $ 5,000,000 |
Royalty rate | 9% | 9% |
Royalty on net sales | 20 years | |
Payment received upon signing agreement | $ 250,000 | |
Initial payment received | 750,000 | |
Aggregate Payment received from license agreement | $ 1,750,000 | |
Received payment net | $ 1,750,000 | |
Net sales | 20 years |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 09, 2020 | Sep. 30, 2020 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2023 | Mar. 31, 2023 | |
Annual Maintenance | $ 50,090 | $ 19,300 | ||||
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 | |||||
Contingent sales fee description | A contingent sales fee upon product sales of 1% of sales or $150,000 whichever is greater. | |||||
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 | Under the terms of the agreements the Company issued shares of common stock to the officers and directors equaling 18% of the outstanding shares of the Company as additional future shares are issued. The officers and directors are entitled to additional future shares so their aggregate ownership percentage remains at 18% of the future outstanding shares of the Company | ||||
First Phase I clinical trial [Member] | ||||||
Future payments | $ 100,000 | |||||
Annual maintenance fee | $ 50,000 | 50,000 | ||||
First Phase III clinical trial [Member] | ||||||
Future payments | 225,000 | 225,000 | ||||
First BLA [Member] | ||||||
Future payments | $ 225,000 | $ 225,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 1 Months Ended | |||||||||||
Jan. 30, 2024 | Dec. 31, 2023 | May 30, 2023 | May 24, 2023 | May 17, 2023 | May 01, 2023 | Mar. 31, 2023 | Sep. 02, 2022 | Aug. 31, 2022 | Apr. 07, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | |
SUBSEQUENT EVENTS | ||||||||||||
Common share issued | 100,000 | 4,367,842 | 1,331,919 | 3,837,419 | ||||||||
Warrants issued for two years | 250,000 | |||||||||||
Warrants exercise price | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.12 | $ 0.15 | |||||||
Common stock issued for cash, amount | $ 100,000 | |||||||||||
Common stock issued for cash, shares | 1,000,000 | |||||||||||
Conversion of convertible notes | $ 150,000 | $ 45,000 | $ 150,000 | |||||||||
Common stock | $ 168,729 | $ 5,600 | 165,978 | 50,240 | 151,578 | $ 131,764 | $ 111,313 | |||||
Accrued interest | $ 15,978 | $ 5,240 | $ 1,578 |