Beyond Air (XAIR) 10-K 10 Jun 21 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Mar. 31, 2021	Jun. 07, 2021	Sep. 30, 2020
Cover [Abstract]
Entity Registrant Name	Beyond Air, Inc.
Entity Central Index Key	0001641631
Document Type	10-K
Document Period End Date	Mar. 31, 2021
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Public Float			$ 80,351,943
Entity Common Stock, Shares Outstanding		21,901,317
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2021

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Current assets
Cash and cash equivalents	$ 34,630,682	$ 19,829,275
Restricted cash	637,025	5,635,836
Grant receivable	425,000
Other current assets and prepaid expenses	1,530,096	1,149,806
Total current assets	37,222,803	26,681,917
Licensed right to use technology	374,686	412,763
Right-of-use lease assets	1,860,885	195,727
Property and equipment, net	928,842	211,337
Other assets	137,880
TOTAL ASSETS	40,525,096	27,434,744
Current liabilities
Accounts payable	1,324,988	2,256,229
Accrued expenses	1,804,938	1,097,534
Deferred revenue		873,190
Stock to be issued to a vendor		240,000
Operating lease liability	113,141	69,342
Loan payable	556,514	335,358
Total current liabilities	3,799,581	4,871,653
Operating lease liability	1,789,461	131,581
Long-term loan, net	4,472,201	4,339,065
Total liabilities	10,061,243	9,342,299
Commitments and contingencies
Stockholders' equity
Preferred Stock, $0.0001 par value per share: 10,000,000 shares authorized, 0 shares issued and outstanding
Common Stock, $0.0001 par value per share: 100,000,000 shares authorized, 21,828,244 and 16,056,360 shares issued and outstanding as of March 31, 2021 and 2020, respectively	2,183	1,606
Treasury stock	(25,000)	(25,000)
Additional paid-in capital	110,948,477	75,702,915
Accumulated deficit	(80,461,807)	(57,587,076)
Total stockholders' equity	30,463,853	18,092,445
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 40,525,096	$ 27,434,744

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Mar. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	21,828,244	16,056,360
Common stock, shares outstanding	21,828,244	16,056,360

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
License revenue	$ 873,190	$ 1,390,104
Operating expenses
Research and development	(12,618,349)	(10,648,920)
General and administrative	(10,468,341)	(8,883,119)
Loss from Operations	(22,213,500)	(18,141,935)
Other income (expense)
Realized and unrealized loss from marketable securities		(2,075,602)
Dividend and interest income	16,901	115,716
Interest and finance expense	(641,626)	(30,543)
Foreign exchange loss (gain)	(36,506)	35,560
Total other loss	(661,231)	(1,954,869)
Net loss before income taxes	(22,874,731)	(20,096,804)
Benefit for income taxes		154,300
Net loss	(22,874,731)	(19,942,504)
Deemed dividend from warrant modification		(522,478)
Net loss attributed to common stockholder	$ (22,544,731)	$ (20,464,982)
Net loss per share - basic and diluted	$ (1.27)	$ (1.78)
Weighted average number of shares of common stock outstanding - basic and diluted	18,005,226	11,506,212

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Mar. 31, 2019	$ 871	$ (25,000)	$ 41,693,578	$ (37,644,572)	$ 4,024,877
Balance, shares at Mar. 31, 2019	8,714,815
Issuance of common stock pursuant to an underwritten offering and a private placement, net	$ 315		10,169,028		10,169,343
Issuance of common stock pursuant to an underwritten offering and a private placement, net, shares	3,152,985
Issuance of common stock pursuant to Purchase Agreement, net	$ 142		7,744,870		7,745,012
Issuance of common stock pursuant to Purchase Agreement, net, shares	1,420,000
Incremental value of warrants due to a modification			522,478		522,478
Deemed dividend due to a warrant modification			(522,478)		(522,478)
Issuance of common stock pursuant to a private placement, net	$ 159		7,839,336		7,839,495
Issuance of common stock pursuant to a private placement, net, shares	1,583,743
Warrant issued with debt issuance			594,979		594,979
Issuance of common stock upon exercise of options	$ 6		210,644		$ 210,650
Issuance of common stock upon exercise of options, shares	58,662				58,662
Issuance of common stock upon the exercise of warrants	$ 99		3,968,845		$ 3,968,944
Issuance of common stock upon the exercise of warrants, shares	985,694
Issuance of common stock upon cashless excise of warrants	$ 7		(7)
Issuance of common stock upon cashless excise of warrants, shares	73,461
Vested restricted stock	$ 7		(7)
Vested restricted stock, shares	67,000
Stock-based compensation			3,481,649		3,481,649
Net loss				(19,942,504)	(19,942,504)
Balance at Mar. 31, 2020	$ 1,606	(25,000)	75,702,915	(57,587,076)	18,092,445
Balance, shares at Mar. 31, 2020	16,056,360
Issuance of common stock pursuant to Purchase Agreement, net	$ 198		11,582,991		11,583,189
Issuance of common stock pursuant to Purchase Agreement, net, shares	1,975,511
Issuance of common stock upon exercise of options			545		$ 545
Issuance of common stock upon exercise of options, shares	2,340				2,340
Issuance of common stock upon the exercise of warrants	$ 158		6,671,873		$ 6,672,031
Issuance of common stock upon the exercise of warrants, shares	1,583,028
Issuance of common stock upon cashless excise of warrants	$ 7		(7)
Issuance of common stock upon cashless excise of warrants, shares	65,204
Vested restricted stock	$ 15		(15)
Vested restricted stock, shares	154,600
At the market stock issuance of common stock, net	$ 196		11,855,260		11,855,456
At the market stock issuance of common stock, net, shares	1,961,201
Issuance of common stock to investor relations firm	$ 3		242,097		242,100
Issuance of common stock to investor relations firm, shares	30,000
Stock-based compensation			4,892,818		4,892,818
Net loss				(22,874,731)	(22,874,731)
Balance at Mar. 31, 2021	$ 2,183	$ (25,000)	$ 110,948,477	$ (80,461,807)	$ 30,463,853
Balance, shares at Mar. 31, 2021	21,828,244

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net loss	$ (22,874,731)	$ (19,942,504)
Adjustments to reconcile net loss used in provided by operating activities
Depreciation and amortization	210,979	159,403
Stock-based compensation	4,894,918	3,577,649
Operating lease expense	38,365	5,196
Realized and unrealized loss on marketable securities sold		2,075,602
Gain on cancellation of operating lease	(1,843)
Foreign currency adjustment	36,506	(35,560)
Amortization of debt issuance cost and deferred financing fees	133,136	4,652
Changes in:
Grant receivable	(425,000)
Other current assets and prepaid expenses	(518,170)	(361,395)
Accounts payable	(707,748)	1,091,557
Accrued expenses	(447,402)	(470,105)
Deferred revenue	(873,190)	(1,390,104)
Net cash used in operating activities	(19,639,376)	(15,250,049)
Cash flows from investing activities
Investment in available for sale marketable equitable securities		(37,320,235)
Proceeds from redemption of marketable securities		41,787,299
Purchase of property and equipment	(890,407)	(43,631)
Net cash (used in) provided by investing activities	(890,407)	4,423,433
Cash flows provided by from financing activities
Issuance of common stock in connection with a Purchase Agreement with Lincoln Park, At the Market Equity Offering, private placement, net, exercise of warrants and stock options	30,111,223	29,933,444
Proceeds from Facility Agreement		5,000,000
Proceeds from loan	625,250	375,570
Payment of loan	(404,094)	(303,806)
Payment of debt issuance costs		(70,618)
Net cash provided by financing activities	30,332,379	34,934,590
Increase in cash, cash equivalents and restricted cash	9,802,596	24,107,974
Cash, cash equivalents and restricted cash at beginning of period	25,465,111	1,357,137
Cash, cash equivalents and restricted cash at end of period	35,267,707	25,465,111
Supplemental disclosure of non-cash financing and investing activities:
Right-of-use lease assets	1,573,367	258,605
Operating lease liability	1,573,367	264,570
Deemed dividend as a result of a warrant modification		522,478
Fair market value of warrants allocated to debt discount and stockholders' equity		594,979
Supplemental disclosure of cash flow items:
Interest paid	508,490	23,112
Income taxes paid

Organization and Business

Organization and Business	12 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	NOTE 1 ORGANIZATION AND BUSINESS We were incorporated on April 24, 2015. On June 25, 2019, our name was changed to Beyond Air, Inc. from AIT Therapeutics, Inc. We have the following wholly-owned subsidiaries: Beyond Air Ltd. (“BA Ltd.”) incorporated in Israel on May 1, 2011. Advanced Inhalation Therapies (“AIT”), a wholly-owned subsidiary of BA Ltd., incorporated on August 29, 2014, in Delaware. AIT was dissolved on March 1, 2021. Beyond Air Australia Pty Ltd., incorporated on December 17, 2019 in Australia. Beyond Air Ireland Limited, incorporated on March 5, 2020 in Ireland. We are a clinical-stage medical device and biopharmaceutical company developing a nitric oxide (“NO”) generator and delivery system (the “LungFit ® ® ® ® ® ®

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Significant Accounting Policies	NOTE 2 SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation These consolidated financial statements include the accounts of the Company and the accounts of its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation of the accompanying financial statements. Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States (“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 date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its significant estimates and assumptions including expense recognition and accrual assumptions under consulting and clinical trial agreements, stock-based compensation, impairment assessments, warrant fair value, and the determination of valuation allowance requirements on deferred tax attributes. Liquidity Risks and Uncertainties The Company has incurred operating losses in each year since inception. For the year ended March 31, 2021, the Company used $19.6 million in cash to fund operating activities and has accumulated losses of $80.5 million. However, the Company has cash, cash equivalents and restricted cash of approximately $35.3 million as of March 31, 2021. Management estimates that based on the current business plan, such cash and equivalents will be sufficient to fund its operations for at least one year from the date of filing these financial statements. The Company’s future capital needs and the adequacy of its available funds beyond one year from the date of filing these financial statements will depend on many factors, including, but not necessarily limited to, the cost and time necessary for the development, clinical studies and certification or regulatory approval of the Company’s product candidates, as well as the commercial success of the Company’s product candidates that receive market approval by the FDA. The Company may be required to raise additional funds through sale of equity or debt securities or through strategic collaboration and/or licensing agreements in order to fund operations until it is able to generate enough product or royalty revenues, if any. Such financing may not be available on acceptable terms, or at all, and the Company’s failure to raise capital when needed could have a material adverse effect its strategic objectives, results of operations and financial condition. The Company’s access to capital and liquidity currently includes the following: a) an At-The-Market Equity Offering Sales Agreement (the “ATM”) for $50 million of which $37,989,544 remains as of March 31, 2021, see Note 5. b) a $25 million unsecured loan with certain lenders pursuant to the Facility Agreement (as defined below). The Company has drawn down the first of five tranches of $5 million and has the ability to draw down an additional $5 million tranche at any time prior March 17, 2022 as well as the ability to draw down the remaining $15 million in three subsequent tranches after FDA approval of LungFit ® c) a $40 million stock purchase agreement (the “New Stock Purchase Agreement”) of which $29,269,991 remains available as of March 31, 2021 with Lincoln Park Capital Fund, LLC (“LPC”), which replaced the former $20 million purchase agreement with LPC, dated August 10, 2018. The New Stock Purchase Agreement provides for issuances through May 2023 at the Company’s discretion, see Note 5. Other Risks and Uncertainties The Company is subject to risks common to medical device companies including, but not limited to, new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, product liability, and the uncertainty of new medical device market acceptance and financing. The Company is dependent on third party suppliers and manufacturers which, in some cases are single-source including two third-party contract manufacturers who have completed a substantial portion of the commercial manufacturing process for our LungFit ® There can be no assurance that the Company’s product will be accepted in the marketplace, nor can there be any assurance that any future products can be developed or manufactured at an acceptable cost and with appropriate performance characteristics, or that such products will be successfully marketed, if at all. The Company’s products require approval or clearance from the FDA prior to commencing commercial sales in the United States. There can be no assurance that the Company’s products will receive all of the required approvals or clearances. Approvals or clearances are also required in foreign jurisdictions in which the Company may license or sell its products. If the Company is denied such approvals or clearances or such approvals or clearances are delayed, it may have a material adverse impact on the Company’s results of operations, financial position and liquidity. The development of the Company’s product candidates could be further disrupted and adversely affected by the ongoing COVID-19 pandemic. The spread of SARS CoV-2 resulted in the Director General of the World Health Organization declaring COVID-19 a pandemic on March 11, 2020. The Company has assessed the impact COVID-19 may have on the Company’s business plans and its ability to conduct the preclinical studies and clinical trials as well as on the Company’s reliance on third-party manufacturing and our supply chain. The Company experienced significant delays in the supply chain for LungFit ® Cash and Cash Equivalents and Concentration of Credit Risk The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase and an investment in a U.S. government money market fund to be cash equivalents. The Company maintains its cash and cash equivalents in highly rated financial institutions in Israel, Ireland and the U.S., the balances of which, at times, may exceed federally insured limits. The Company has no off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other foreign hedging arrangements. As of March 31, 2021 and 2020 restricted cash consisted of $619,000 designated for a contract manufacturer. This cash is expected to be used for material and parts that require a long lead time. As of March 31, 2020, restricted cash also included $5,000,000 of cash in an escrow account from who were a part of the lenders long-term debt transaction. The following table is the reconciliation of the presentation and disclosure of financial instruments as shown on the Company’s consolidated statements of cash flows: March 31, 2021 March 31, 2020 Cash and cash equivalents $ 34,630,682 $ 19,829,275 Restricted cash 637,025 5,635,836 Total $ 35,267,707 $ 25,465,111 Revenue Recognition The Company recognizes revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. To determine revenue recognition for contracts with customers the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenue when (or as) we satisfy the performance obligation(s). At contract inception, the Company assesses the goods or services promised within each contract, assesses whether each promised good or service is distinct, and identifies those that are performance obligations. The Company uses judgment to determine: a) the number of performance obligations based on the determination under step (ii) above and whether those performance obligations are distinct from other performance obligations in the contract; b) the transaction price under step (iii) above; and c) the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price in step (iv) above. The Company uses judgment to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price. The transaction price is allocated to each performance obligation on an estimated stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under contract are satisfied. Where a portion of non-refundable up-front fees or other payments received are allocated to continuing performance obligations under the terms of a license arrangement, they are recorded as contract liabilities and recognized as revenue when (or as) the underlying performance obligation is satisfied. Grant receivable Under a collaboration arrangement with the Cystic Fibrosis Foundation, grant milestones are achieved subject to certain performance steps and requirements under a development program. Grant milestones are recorded as reimbursements against the applicable portion of the Company’s research and development expenses. Such reimbursements are reflected as a reduction of research and development expenses in the Company’s consolidated statements of operations, as the performing research and development services for reimbursement is not considered to be an ongoing component or central to the Company’s operations. Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. To date, the Company has viewed its operations and managed its business as one segment. Research and Development Research and development expenses are charged to the statement of operations as incurred. Research and development expenses include salaries, benefits, stock-based compensation and costs incurred by outside laboratories, manufacturers, clinical research organizations, consultants, and accredited facilities in connection with clinical trials and preclinical studies Research and development expenses are partially offset by the benefit of tax incentive payments for qualified research and development expenditures from the Australian tax authority (“AU Tax Rebates”). The Company does not record AU Tax Rebates until payment is received due to the uncertainty of receipt. To date, the Company has not received any AU Tax Rebates. Foreign Exchange Transactions The Company’s subsidiaries have operations in Israel, Ireland, and in Australia. The Company’s operations are in the United States and the U.S. dollar is the currency of the primary economic environment in which the Company operates and expects to continue to operate in the foreseeable future. The Company translated its non-U.S. operations’ assets and liabilities denominated in foreign currencies into U.S. dollars at current rates of exchange as of the balance sheet date and income and expense items at the average exchange rate for the reporting period. Translation adjustments resulting from exchange rate fluctuations as of March 31, 2021 and 2020 were not material. Gains or losses from foreign currency transactions are included in other income (expense) in the statement of operations as foreign currency exchange gain/(loss). Stock-Based Compensation The Company measures the cost of employee and non-employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. Fair value for restricted stock awards is valued using the closing price of the Company’s common stock on the date of grant. The grant date fair value is recognized over the period during which an employee and non-employee is required to provide service in exchange for the award – the requisite service period. The grant date fair value of is estimated using the Black-Scholes option pricing model. The risk-free interest rate assumptions were based upon the observed interest rates appropriate for the expected term of the equity instruments. The expected dividend yield was assumed to be zero as the Company has not paid any dividends since its inception and does not anticipate paying dividends in the foreseeable future. Due to the Company’s limited trading history, the Company utilizes weighting of its historical volatility and the implied volatility based on an aggregate of guideline companies. The Company uses the simplified method to estimate the expected term. Property and Equipment Property and equipment are stated at cost less accumulated depreciation and accumulated amortization. Depreciation and amortization is calculated using the straight-line method over the estimated useful life of the assets as follows: Computer equipment Three years Furniture and fixtures Seven years Clinical and medical equipment Five or Fifteen years Leasehold improvements Shorter of term of lease or estimated useful life of the asset Licensed Right to Use Technology Licensed right to use technology that is considered platform technology with alternative future uses is recorded as an intangible asset and is amortized on a straight-line method over its estimated useful life, determined to be thirteen years. See Note 15. The expected amortization expense for the next five years and thereafter is as follows for the year ended March 31,: 2022 $ 38,077 2023 38,077 2024 38,077 2025 38,077 2026 38,077 Thereafter 184,301 Total $ 374,686 Long-Lived Assets The Company assess the impairment of long-lived assets on an ongoing basis and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors the Company considers that could trigger an impairment review include the following: ● significant underperformance relative to expected historical or projected future operating results, ● significant changes in the manner of the Company’s use of the acquired assets or the strategy for its overall business, ● significant negative regulatory or economic trends, and ● significant technological changes, which would render the platform technology, equipment, and manufacturing processes obsolete. Recoverability of assets that will continue to be used in the Company’s operations is measured by comparing the carrying value to the future net undiscounted cash flows expected to be generated by the asset or asset group. Future undiscounted cash flows include estimates of future revenues, driven by market growth rates, and estimated future costs. There were no events during the reporting periods that were deemed to be a triggering event that would require an impairment assessment. Income Taxes The Company accounts for income taxes using the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rate is recognized in income or expense in the period that the change is effective. Tax benefits are recognized when it is probable that the deduction will be sustained. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will either expire before the Company is able to realize the benefit, or that future deductibility is uncertain. As of March 31, 2021, and 2020, the Company recorded a valuation allowance to the full extent of the Company’s net deferred tax assets since the likelihood of realization of the benefit does not meet the more likely than not threshold. The Company files U.S. federal, various state, and international income tax returns. Uncertain tax positions are reviewed on an ongoing basis and are adjusted in light of changing facts and circumstances. Such adjustment is reflected in the tax provision when appropriate . Net Income (Loss) Per Share Basic and diluted net loss per share attributable to common stockholders is computed by dividing the net loss and deemed dividend from a warrant modification to common stockholders by the weighted average number of shares of common stock outstanding for the period. The dilutive effect of outstanding options, warrants, restricted stock and other stock-based compensation awards is reflected in diluted net income (loss) per share by application of the treasury stock method. The calculation of diluted net income (loss) attributed to common stockholders per share excludes all anti-dilutive shares of common stock. For periods in which the Company has reported net losses, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, because such shares of common stock are not assumed to have been issued if their effect is anti-dilutive, see Note 9. Recently Issued Accounting Standards Adopted In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)” (“ASU 2018-15”). The amendments in ASU 2018-15 align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). As permitted by ASU 2018-15, the Company early-adopted this standard on a prospective basis, during the year ended March 31, 2021. The adoption did not have a material impact on the consolidated financial statements. Recently Issued Accounting Standards Not Yet Adopted In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”) as part of its initiative to reduce complexity in the accounting standards. ASU 2019-12 eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also clarifies and simplifies other aspects of the accounting for income taxes. ASU 2019-12 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. Early adoption is permitted. The Company does not anticipate the adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU No. 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): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and it also simplifies the diluted earnings per share calculation in certain areas. ASU 2020-06 is effective for the Company on December 1, 2022, Early adoption is permitted, but no earlier than December 1, 2021. The Company is currently evaluating the impact of ASU 2020-06 on its consolidated financial statements and related disclosures.

Fair Value Measurement

Fair Value Measurement	12 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurement	NOTE 3 FAIR VALUE MEASUREMENT The Company’s financial instruments primarily include cash, cash equivalents, restricted cash, accounts payable, loan, loan payable and the Facility Agreement. Due to the short-term nature of these financial instruments, the carrying amounts of these assets and liabilities approximate their fair value. Long-term debt approximates fair value due to the prevailing market conditions for similar debt with remaining maturity and terms. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value. A fair value hierarchy has been established for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1 - quoted prices in active markets for identical assets or liabilities; Level 2 - inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; or Level 3 - unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Property and Equipment

Property and Equipment	12 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	NOTE 4 PROPERTY AND EQUIPMENT Property and equipment consist of the following: March 31, 2021 March 31, 2020 Clinical and medical equipment $ 1,074,353 $ 357,795 Computer equipment 152,052 73,982 Furniture and fixtures 133,170 53,895 Leasehold improvements 21,840 5,336 1,381,415 491,008 Accumulated depreciation and amortization (452,573 ) (279,671 ) $ 928,842 $ 211,337 Depreciation and amortization expense for the years ended March 31, 2021 and 2020 was $172,902 and $77,166, respectively.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Stockholders' Equity	NOTE 5 STOCKHOLDERS’ EQUITY On May 14, 2020, the Company entered into the New Stock Purchase Agreement, which replaced the former $20 million purchase agreement with LPC, dated August 10, 2018. The New Stock Purchase Agreement provides for the issuance of up to $40 million of the Company’s common stock which the Company may sell from time to time in its sole discretion to LPC over 36 months, provided that the closing price of the Company’s common stock is not below $0.25 per share and subject to certain other conditions and limitations set forth in the New Stock Purchase Agreement. Under both the new and former agreement, for the years ended March 31, 2021 and March 31, 2020, the Company received net proceeds of $11,583,189 and $7,745,012, respectively, from the sale of 1,975,511 and 1,420,000 shares of common stock, respectively. As of March 31, 2021, there was $29,269,991 available under the New Stock Purchase Agreement. On April 2, 2020, the Company entered into the ATM. Under the ATM, the Company may sell shares of its common stock having aggregate sales proceeds of up to $50,000,000 from time to time and at various prices, subject to the conditions and limitations in the sales agreement. If shares of the Company’s common stock are sold, there is a three percent fee paid to the sales agent. For the year ended March 31, 2021, the Company received net proceeds of $11,583,189 from the sale 1,961,201 shares of the Company’s common stock. As of March 31, 2021, there was $37,989,544 available under the ATM. On June 3, 2019, the Company entered into a stock purchase agreement with investors for the issuance of 1,583,743 shares of common stock. The Company raised net proceeds of $7,839,495. The Company’s CEO participated in this offering and invested $300,000 and received 58,253 shares of common stock, or $5.15 per share. In addition, certain directors and employees invested $610,000 for an aggregate of 118,254 shares of common stock, at a purchase price of $5.15 per share. On December 12, 2019, the Company closed on an underwritten offering (the “2019 Offering”) and concurrent private placement of 3,152,985 shares of common stock at $3.66 per share for net proceeds of $10,169,343. The shares of common stock issued in the 2019 Offering were registered under the Company’s shelf registration statement on Form S-3. 532,786 shares of common stock were sold in a private placement and subsequently registered under a registration statement on Form S-1 that was declared effective on January 23, 2020. In addition, the Company’s CEO invested $699,999 and received 190,437 shares of common stock at $3.66 per share. In addition, certain employees participated in this offering by investing $475,000 and receiving 129,781 shares of common stock at $3.66 per share. Stock to be Issued to a Vendor As of March 31, 2020, the Company was obligated to issue 30,000 shares of common stock to a vendor for services related to investor relations. The fair value of the liability as of March 31, 2020 was $240,000. In May 2020, 30,000 shares were issued at the fair value of $242,100. Such amount was transferred to stockholders’ equity. Issuance of Restricted Shares During the quarter ended December 31, 2020 and March 31, 2021, restricted stock was issued to officers, employees and consultants. The fair value for the restricted stock awards was valued at the closing price of the Company’s common stock on the date of grant. Restricted stock vests annually over five years. Stock based compensation related to these stock issuances for the years ended March 31, 2021 and 2020 was $1,349,178 and $895,040, respectively. A summary of the change in warrants options for the years ended March 31, 2020 and 2021 is as follows: Number Of Shares Weighted Average Grant Date Fair Value Unvested as of April 1, 2019 340,000 4.62 Granted 390,000 5.23 Vested (67,000 ) 4.62 Forfeited (16,200 ) 4.65 Unvested as of April 1, 2020 646,800 $ 4.99 Granted 62,000 5.81 Vested (154,600 ) 5.02 Unvested as of March 31, 2021 554,200 $ 5.07 Stock Option Plans The Company’s Third Amended and Restated 2013 Equity Incentive Plan (the “2013 Plan”) allows for awards to officers, directors, employees, and consultants of stock options, restricted stock units and restricted shares of the Company’s common stock. The vesting terms of the options issued under the 2013 Plan are generally four years and expires in ten years from the grant date. The 2013 Plan has 5,600,000 shares authorized for issuance which includes. 1On January 9, 2021, the Company’s Board of Directors approved an amendment to the 2013 Plan to increase the number of shares in the 2013 Plan by 1,500,000, which was approved by the Company’s stockholders at the 2021 annual stockholder meeting on March 4, 2021. As of March 31, 2021, 502,797 shares were available under the 2013 Plan. A summary of the change in options for the year ended March 31, 2020 and 2021 is as follows: Number Of Options Weighted Average Exercise Price - Options Weighted Average Remaining Contractual Life- Options Aggregate Intrinsic Value Options outstanding as of April 1, 2020 2,375,812 $ 4.48 9.2 7,952,643 Granted 815,000 5.51 Exercise (58,662 ) 3.59 Forfeited (78,561 ) 4.03 - Options outstanding as of March 31, 2020 3,053,589 4.77 8.4 $ 9,878,264 Granted 1,132,500 5.41 Exercise (2,340 ) 0.2 Forfeited (6,250 ) 4.80 - Outstanding as of March 31, 2021 4,177,499 $ 4.91 8.4 $ 2,609,100 Exercisable as of March 31, 2021 1,751,474 $ 4.59 7.4 $ 2,427,500 As of March 31, 2021, the Company had unrecognized stock-based compensation expense of approximately $7,63 million which is expected to be expensed over the weighted average remaining service period of 3.1 years. For the year ended March 31, 2021 and March 31, 2020, the weighted average fair value of options granted was $5.38 and $4.03 per share, respectively. The following was utilized to calculate the fair value of options on the date of grant: March 31, 2021 March 31, 2020 Risk -free interest rate 0.6 - 1.1 % 0.5% - 3.2 % Expected volatility 87.8 - 92.5 % 80.7 - 87.5 % Dividend yield 0 % 0 % Expected terms (in years) 6.25 5-10 The following summarizes the components of stock-based compensation expense which included stock options and restricted stock for the years ended March 31, 2021 and March 31, 2020: Year Ended March 31, 2021 2020 Research and development $ 2,012,579 $ 687,674 General and administrative 2,882,339 2,889,975 Total stock-based compensation expense $ 4,894,918 $ 3,577,649 On March 4, 2021, the stockholders approved the 2021 Employee Stock Purchase Plan “ESPP”. The purpose of the ESSP is to encourage and to enable eligible employees of the Company, through after-tax payroll deductions, to acquire proprietary interests in the Company through the purchase and ownership of shares of Stock. The EPPP is intended to benefit the Company and its stockholders by (a) incentivizing participants to contribute to the success of the Company and to operate and manage the Company’s business in a manner that will provide for the Company’s long-term growth and profitability and that will benefit its stockholders and other important stakeholders and (b) encouraging participants to remain in the employ of the Company. As of March 31, 2021, no shares were issued under the ESPP. Warrants A modification of the exercise price to the January 2017 and March 2017 investor warrants from $4.25 per share to $3.66 per share was triggered by the 2019 offering described above. As a result, the Company recognized the incremental value of $522,478 as a deemed dividend in the March 31, 2020 reporting period using the Black-Scholes pricing model with the following assumptions: Expected term in years 2.2 Volatility 87 % Dividend yield 0.0 % Risk-free interest rate 0.7 % A summary of the Company’s outstanding warrants as of March 31, 2021 are as follows: Warrant Holders Number Of Warrants Exercise Price Date of Expiration January 2017 offering – investors 2,977,232 $ 3.66 January 2022 (a) March 2017 offering – investors 68,330 $ 3.66 March 2022 (a) March 2017 offering - placement agent 7,541 $ 3.66 March 2022 (a) Third-party license agreement 208,333 $ 4.80 January 2024 March 2020 loan (see Note 12) 172,187 $ 7.26 March 2025 Total 3,433,623 (a) These warrants have down round protection. For the year March 31, 2021, and 2020, 1,585,565 and 985,694 warrants were exercised into common shares from the proceeds of $6,672,031 and $3,968,944 respectively. For the year ended March 31 2021 and 2020, warrant holders exercised 165,405 and 156,154 warrant shares on a cashless basis for 65,204 and 73,461 shares of common stock, respectively.

Other Current Assets Prepaid Ex

Other Current Assets Prepaid Expenses	12 Months Ended
	Mar. 31, 2021
Current Assets and Prepaid Expenses [Abstract]
Other Current Assets Prepaid Expenses	NOTE 6 OTHER CURRENT ASSETS PREPAID EXPENSES A summary of current assets and prepaid expenses as of March 31, 2021 and March 31, 2020 is as follows: March 31, 2021 March 31, 2020 Research and development $ 271,727 $ 266,510 Insurance 971,140 471,182 Professional - 156,259 Value added tax receivable 41,272 124,127 Other 245,957 131,728 Total $ 1,530,096 $ 1,149,806

Accrued Expenses

Accrued Expenses	12 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Accrued Expenses	NOTE 7 ACCRUED EXPENSES A summary of the accrued expenses as of March 31, 2021 and March 31, 2020 is as follows: March 31, 2021 March 31, 2020 Research and development $ 584,802 $ 484,756 Professional fees 708,800 476,638 Employee salaries and benefits 269,787 71,066 Other 241,549 65,074 Total $ 1,804,938 $ 1,097,534

Leases

Leases	12 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Leases	NOTE 8 LEASES On April 1, 2019, the Company early adopted ASU No. 2016-02, Leases (Topic 842), as amended (“ASU 2016-02”), which generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. During the year ended March 31, 2021, the Company entered into two new leases and cancelled a lease, which resulted in the recognition of operating lease liabilities and right-of-use assets of same amount of $1,777,192. The cancellation of the lease resulted in a derecognition of operating lease liabilities and right-of-use assets of $19,329 and $17,486, respectively. As a result of the cancellation, the Company recorded a gain of $1,843. The right-of use assets and operating lease liability are as follows: March 31, 2021 March 31, 2020 Right-of-use assets $ 1,860,885 $ 195,727 Operating lease liability short-term $ 113,141 $ 69,342 Operating lease liability long-term 1,789,461 131,581 Total $ 1,902,602 $ 200,923 Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the right-of-use asset may be required for items such as prepaid or accrued rent. The interest rate implicit in the Company’s leases is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. Operating lease expense is recognized on a straight-line basis over the lease term and is included in general and administrative and research development expenses. The Company has other operating lease agreements with commitments of less than one year or that are not significant. The Company elected the practical expedient option and as such these lease payments are expensed as incurred. Other Information For The Year Ended March 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: Cash paid $ 104,041 Right-of-use assets obtained in exchange for new operating lease liabilities: - Weighted-average remaining lease term — operating leases 9.1 years Weighted-average discount rate — operating leases 8.3 % Maturity of Lease Liabilities Operating Leases Payments remaining for the year ended March 31: 2022 $ 266,193 2023 328,475 2024 286,786 2025 277,451 2026 284,590 Thereafter 1,328,640 Total lease payments 2,772,135 Less: interest (869,533 ) Present value of lease liabilities $ 1,902,602

Basic and Diluted Net Income (L

Basic and Diluted Net Income (Loss) Per Share of Common Stock	12 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Basic and Diluted Net Income (Loss) Per Share of Common Stock	NOTE 9 BASIC AND DILUTED NET INCOME (LOSS) PER SHARE OF COMMON STOCK The following potentially dilutive securities were not included in the calculation of diluted net income (loss) per share attributable to common stockholders because their effect would have been anti-dilutive for the periods presented: March 31, 2021 March 31, 2020 Common stock warrants 3,433,623 5,173,724 Common stock options 4,177,499 3,053,589 Restricted shares 554,200 646,800 Total 8,165,322 8,874,113

License Agreement

License Agreement	12 Months Ended
	Mar. 31, 2021
License Agreement
License Agreement	NOTE 10 LICENSE AGREEMENT On January 23, 2019, the Company entered into the Circassia Agreement with Circassia for PPHN and future related indications at concentrations of < This contract consisted of five performance obligations with only the following two obligations required prior to the termination of the License Agreement: ● Performance Obligation 1: non-exclusive transfer of functional intellectual property rights to Circassia, which includes: the consummation of the Circassia Agreement, which included significant pre-agreement negotiation and product specification, and the successful completion of the pre-submission meeting with the FDA. At this meeting, the FDA reinforced its assessment of the LungFit ® ● Performance Obligation 2: ongoing support associated with the PMA submission and regulatory approval by the FDA. This also includes development activities including manufacturing readiness process ahead of such approval. During the three months ended March 31, 2019, the Company met the first two milestones under the license agreement and received 17,572,815 shares of common stock valued at $9,987,295. This consideration was allocated to the first two performance obligations; one being the transfer of the intellectual property to Circassia, which was recognized at a point in time and was valued at $7,116,232 and the other being the ongoing support associated with the PMA submission and regulatory approval by the FDA, which was valued at $2,871,063 and was recorded as deferred revenue. The second performance obligation was recognized over a period of time; from the commencement of the agreement to when management expects to submit the PMA. License revenue of $873,190 and $1,390,104 associated with this second performance obligation has been recognized for the year ended March 31, 2021 and 2020, respectively. As of March 31, 2021, and 2020, deferred revenue was $0 and $873,190, respectively.

Grant Collaboraton Agreement

Grant Collaboraton Agreement	12 Months Ended
	Mar. 31, 2021
Grant Collaboraton Agreement
Grant Collaboraton Agreement	NOTE 11 GRANT COLLABORATON AGREEMENT On February 10, 2021, the Company received a grant for up to $2.17 million from the Cystic Fibrosis Foundation (“CFF”) to advance the clinical development of high concentration NO for the treatment of Nontuberculous Mycobacteria, or NTM pulmonary disease, which disproportionally affects CF patients. Under the terms of the agreement, the funding will be allocated to the ongoing LungFit ®

Long-term Loan

Long-term Loan	12 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Long-term Loan	NOTE 12 LONG-TERM LOAN On March 17, 2020, the Company entered into the Facility Agreement for up to $25,000,000 in five tranches of $5,000,000 per tranche. Such tranches are at the option of the Company; provided, however that the Company may only utilize tranches three through five following FDA approval of the LungFit ® In connection with the first tranche, the Company issued, in March 2020, warrants to the lenders for the purchase of 172,826 shares of the Company’s common stock at $7.26 per share. The warrants expire in five years. There are additional warrant issuances associated with each tranche. If the second tranche of $5 million is utilized by the Company, the warrants that will be issued is up to twenty five percent of its commitment value divided by the five-day volume-weighted average price (“VWAP”) prior to utilization date. For tranches three to five, if any of these tranches are utilized by the Company, the warrants that will be issued is up to ten percent of its commitment value divided by the five-day VWAP. The Company allocated the fair market value of the warrants at the date of grant to stockholders’ equity and reflected a debt discount of $594,979. Debt discount and debt issuance costs are amortized over the life of the loan. The Black-Scholes option pricing model used the following assumptions: Expected term in years 5.0 Volatility 87.5 % Dividend yield 0.0 % Risk-free interest rate 0.7 % A summary of the long-term loan balance is as follows: March 31, 2021 March 31, 2020 Face value of loan $ 5,000,000 $ 5,000,000 Debt discount (594,979 ) (594,979 ) Accretion of debt discount 123,493 4,562 Amortization of debt offering costs 14,750 545 Debt offering costs (71,063 ) (71,063 ) Total $ 4,472,201 $ 4,339,065 Maturity of Long-Term Loan March 31, 2021 2022 $ - 2023 - 2024 2,000,000 2025 3,000,000 Total $ 5,000,000

Loan Payable

Loan Payable	12 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Loan Payable	NOTE 13 LOAN PAYABLE As of March 31, 2021 and 2020 in connection with the Company’s insurance policy, a loan was used to finance part of the premium. The following details concerning each loan is as follows: March 31, 2021 March 31, 2020 Amount outstanding $ 556.514 $ 355.358 Monthly payments $ 70,396 $ 42,366 Number of monthly payments 9 9 Interest rate 2.4 % 4.3 % Due date November 2021 November 2020

Income Taxes

Income Taxes	12 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 14 INCOME TAXES As of March 31, 2021, the Company has approximately $38,258,000 and $18,526,000 of unused NOL carryforwards for federal tax purposes and for Israeli tax purpose, respectively. Net operating loss carryforwards of approximately $1,375,000, which were generated prior to March 2018 expire through 2037. The net operating loss of approximately $36,883,000 can be carried forward indefinitely, but limited to offset 80% of taxable income. The entire net operating loss for Israel can be carried forward indefinitely. The Company also has state net operating losses in the amount of approximately $38,896,000 expiring during the years from 2035 to 2041. Under Section 382 of the Internal Revenue Code of 1986, as amended, changes in the Company’s ownership may limit the amount of its net operating loss carryforwards that could be utilized annually to offset future taxable income, if any. This limitation would generally apply in the event of a cumulative change in ownership of the Company of more than 50% within a three-year period. The Company has not performed a study to assess whether an ownership change for purposes of Section 382 has occurred, or whether there have been multiple ownership changes since the Company’s inception, due to the significant costs and complexities associated with such study. Under Section 382 of the Internal Revenue Code of 1986, as amended, changes in the Company’s ownership may limit the amount of its net operating loss carryforwards that could be utilized annually to offset future taxable income, if any. This limitation would generally apply in the event of a cumulative change in ownership of the Company of more than 50% within a three-year period. The Company has not performed a study to assess whether an ownership change for purposes of Section 382 has occurred, or whether there have been multiple ownership changes since the Company’s inception, due to the significant costs and complexities associated with such study The components of net loss before the provision for income taxes are as follows: For the Year Ended March 31, 2021 For the Year Ended March 31, 2020 Domestic $ (21,417,016 ) $ (16,685,568 Foreign (1,457,715 ) (3,411,236 Total $ (22,874,731 ) $ (20,096,804 There is no provision for income taxes because the Company has historically incurred operating losses and maintains a full valuation allowance against its net deferred tax assets. The valuation allowance increased by approximately $6,678,000 during the year ended March 31, 2021. The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets were as follows: March 31, 2021 March 31, 2020 Net operating loss carry forward $ 15,121,000 $ 9,017,000 Research and development tax credits 939,000 524,000 Other (48,000 ) 71,000 Reserves and allowances - foreign - 6,000 Stock-based compensation 1,956,000 880,000 Capital loss carry forward 1,559,000 1,571,000 Research and development - foreign - 550,000 Deferred revenue - 241,000 Right-of-use asset (516,000 ) (56,000 ) Lease liability 527,000 56,000 Net deferred tax 19,538,000 12,860,000 Valuation allowance (19,538,000 ) (12,860,000 ) Net deferred tax asset $ - $ - A reconciliation of income tax expense calculated at the federal enacted statutory rate of 21% is as follows: March 31, 2021 March 31, 2020 Federal income tax at statutory rate (21.00 )% (21.00 )% State income tax, net of federal benefit (6.25 ) (7.08 ) Permanent items - 2.48 Change in valuation allowance 29.19 30.67 Research and development tax credits (1.82 ) (1.39 ) Other (0.12 ) (3.68 ) Effective income tax expense rate 0.00 % 0.00 %

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 15 COMMITMENTS AND CONTINGENCIES License Agreements On October 22, 2013, the Company entered into a patent license agreement (the “CareFusion Agreement”) with SensorMedics Corporation, a subsidiary of CareFusion Corp. (“CareFusion”), pursuant to which the Company agreed to pay to CareFusion a non-refundable upfront fee of $150,000 that is credited against future royalty payments, and is obligated to pay 5% royalties of any licensed product net sales, but at least $50,000 per annum during the term of the agreement. As of March 31, 2021, the Company has not paid any royalties to CareFusion since the Company has not received any revenues from the technology associated with the license under the CareFusion Agreement. The term of the CareFusion Agreement extends through the life of applicable patents and may be terminated by either party with 60 days’ prior written notice in the event of a breach of the CareFusion Agreement, and may be terminated unilaterally by CareFusion with 30 days’ prior written notice in the event that the Company does not meet certain milestones. In August 2015, BA Ltd. entered into an Option Agreement (the “Option Agreement”) with Pulmonox whereby BA Ltd. acquired the option to purchase certain intellectual property assets and rights. On January 13, 2017, the Company exercised the Option and paid $500,000 to Pulmonox. The Company becomes obligated to make certain one-time development and sales milestone payments to Pulmonox, commencing with the date on which the Company receive regulatory approval for the commercial sale of the first product candidate qualifying under the Option Agreement. These milestone payments are capped at a total of $87 million across three separate and distinct indications that fall under the agreement, with the majority of them, approximately $83 million, being sales-related based on cumulative sales milestones for each of the three products. On January 31, 2018, the Company entered into the NitricGen Agreement to acquire a global, exclusive, transferable license and associated assets including intellectual property, know-how, trade secrets and confidential information from NitricGen related to the LungFit ® ® ® Employment Agreements Certain agreements between the Company and its officers contain a change of control provision for payment of severance arrangements. Supply Agreement and Purchase Order In August 2020, the Company entered into a supply agreement expiring on December 31, 2024. The agreement will renew automatically for successive three-year periods unless and until the Company provides twelve months’ notice of intent not to renew. In July 2020, the Company placed a non-cancellable purchase order and the outstanding amount remaining under the purchase order as of March 31, 2021 is approximately $1,054,000 with this supplier. Contingencies On March 16, 2018, Empery Asset Master, Ltd., Empery Tax Efficient, LP and Empery Tax Efficient II, LP, (collectively, “Empery”), filed a complaint in the NY Supreme Court (the “NY Supreme Court”), relating to the notice of adjustment of both the exercise price of and the number of warrant shares issuable under warrants issued to Empery in January 2017 (the “Empery Suit”). The Empery Suit alleges that, as a result of certain circumstances in connection with the Company’s February 2018 offering, the 166,672 warrants issued to Empery in January 2017 provide for adjustments to both the exercise price of the warrants and the number of warrant shares issuable upon such exercise. Empery seeks monetary damages and declaratory relief under theories of breach of contract or contract reformation. While the Company believes that it has complied with the applicable protective features of the 2017 Warrants and properly adjusted the exercise price, if Empery were to prevail on all claims, the new adjusted total number of warrant shares could be as follows: 319,967 warrant shares for Empery Asset Master, Ltd., 159,869 warrant shares for Empery Tax Efficient, LP and 252,672 warrant shares for Empery Tax Efficient II, LP, and the exercise price could be reduced from $3.66 to $1.57 per share. On March 9, 2020, the Company filed a motion for summary judgment, which was denied by order of the NY Supreme Court entered on August 20, 2020, except for the second claim for relief for declaratory judgment which was dismissed as moot. On October 1, 2020, the Company filed a Notice of Appeal and appeal of the NY Supreme Court’s denial of summary judgment remains pending. Trial of this matter was conducted from April 19, 2021 to April 21, 2021, and a decision was reserved pending post-trial briefing of various issues, to be fully submitted by June 30, 2021. While the Company asserted at trial and continues to asset several meritorious defenses against the claims, the ultimate resolution of the matter, if unfavorable, could result in a material loss. In addition to Empery, there are 1,139,220 2017 Warrants outstanding held by investors who did not participate in the February 2018 financing transaction. Any further adjustments to the 2017 Warrants pursuant to their antidilution provisions may result in additional dilution to the interests of the Company’s stockholders and may adversely affect the market price of the Company’s common stock. The antidilution provisions may also limit the Company’s ability to obtain additional financing on terms favorable to it.

Subsequent Events

Subsequent Events	12 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	NOTE 16 SUBSEQENT EVENTS On May 25, 2021, the Company and Circassia Limited entered into a Settlement Agreement resolving all claims by and between both parties and mutually terminating the Circassia agreement disclosed in Note 10. Pursuant to the terms of the Settlement Agreement, the Company agreed to pay Circassia $10.5 million in three installments, the first being a payment of $2.5 million to Circassia within fifteen (15) days following FDA approval of the LungFit ® ®

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation These consolidated financial statements include the accounts of the Company and the accounts of its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation of the accompanying financial statements.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States (“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 date of the financial statements and the reported amounts of revenues and expenses for the reporting period. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its significant estimates and assumptions including expense recognition and accrual assumptions under consulting and clinical trial agreements, stock-based compensation, impairment assessments, warrant fair value, and the determination of valuation allowance requirements on deferred tax attributes.
Liquidity Risks and Uncertainties	Liquidity Risks and Uncertainties The Company has incurred operating losses in each year since inception. For the year ended March 31, 2021, the Company used $19.6 million in cash to fund operating activities and has accumulated losses of $80.5 million. However, the Company has cash, cash equivalents and restricted cash of approximately $35.3 million as of March 31, 2021. Management estimates that based on the current business plan, such cash and equivalents will be sufficient to fund its operations for at least one year from the date of filing these financial statements. The Company’s future capital needs and the adequacy of its available funds beyond one year from the date of filing these financial statements will depend on many factors, including, but not necessarily limited to, the cost and time necessary for the development, clinical studies and certification or regulatory approval of the Company’s product candidates, as well as the commercial success of the Company’s product candidates that receive market approval by the FDA. The Company may be required to raise additional funds through sale of equity or debt securities or through strategic collaboration and/or licensing agreements in order to fund operations until it is able to generate enough product or royalty revenues, if any. Such financing may not be available on acceptable terms, or at all, and the Company’s failure to raise capital when needed could have a material adverse effect its strategic objectives, results of operations and financial condition. The Company’s access to capital and liquidity currently includes the following: a) an At-The-Market Equity Offering Sales Agreement (the “ATM”) for $50 million of which $37,989,544 remains as of March 31, 2021, see Note 5. b) a $25 million unsecured loan with certain lenders pursuant to the Facility Agreement (as defined below). The Company has drawn down the first of five tranches of $5 million and has the ability to draw down an additional $5 million tranche at any time prior March 17, 2022 as well as the ability to draw down the remaining $15 million in three subsequent tranches after FDA approval of LungFit ® c) a $40 million stock purchase agreement (the “New Stock Purchase Agreement”) of which $29,269,991 remains available as of March 31, 2021 with Lincoln Park Capital Fund, LLC (“LPC”), which replaced the former $20 million purchase agreement with LPC, dated August 10, 2018. The New Stock Purchase Agreement provides for issuances through May 2023 at the Company’s discretion, see Note 5.
Other Risks and Uncertainties	Other Risks and Uncertainties The Company is subject to risks common to medical device companies including, but not limited to, new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, product liability, and the uncertainty of new medical device market acceptance and financing. The Company is dependent on third party suppliers and manufacturers which, in some cases are single-source including two third-party contract manufacturers who have completed a substantial portion of the commercial manufacturing process for our LungFit ® There can be no assurance that the Company’s product will be accepted in the marketplace, nor can there be any assurance that any future products can be developed or manufactured at an acceptable cost and with appropriate performance characteristics, or that such products will be successfully marketed, if at all. The Company’s products require approval or clearance from the FDA prior to commencing commercial sales in the United States. There can be no assurance that the Company’s products will receive all of the required approvals or clearances. Approvals or clearances are also required in foreign jurisdictions in which the Company may license or sell its products. If the Company is denied such approvals or clearances or such approvals or clearances are delayed, it may have a material adverse impact on the Company’s results of operations, financial position and liquidity. The development of the Company’s product candidates could be further disrupted and adversely affected by the ongoing COVID-19 pandemic. The spread of SARS CoV-2 resulted in the Director General of the World Health Organization declaring COVID-19 a pandemic on March 11, 2020. The Company has assessed the impact COVID-19 may have on the Company’s business plans and its ability to conduct the preclinical studies and clinical trials as well as on the Company’s reliance on third-party manufacturing and our supply chain. The Company experienced significant delays in the supply chain for LungFit ®
Cash and Cash Equivalents and Concentration of Credit Risk	Cash and Cash Equivalents and Concentration of Credit Risk The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase and an investment in a U.S. government money market fund to be cash equivalents. The Company maintains its cash and cash equivalents in highly rated financial institutions in Israel, Ireland and the U.S., the balances of which, at times, may exceed federally insured limits. The Company has no off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other foreign hedging arrangements. As of March 31, 2021 and 2020 restricted cash consisted of $619,000 designated for a contract manufacturer. This cash is expected to be used for material and parts that require a long lead time. As of March 31, 2020, restricted cash also included $5,000,000 of cash in an escrow account from the lenders long-term debt. The following table is the reconciliation of the presentation and disclosure of financial instruments as shown on the Company’s consolidated statements of cash flows: March 31, 2021 March 31, 2020 Cash and cash equivalents $ 34,630,682 $ 19,829,275 Restricted cash 637,025 5,635,836 Total $ 35,267,707 $ 25,465,111
Revenue Recognition	Revenue Recognition The Company recognizes revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. To determine revenue recognition for contracts with customers the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenue when (or as) we satisfy the performance obligation(s). At contract inception, the Company assesses the goods or services promised within each contract, assesses whether each promised good or service is distinct, and identifies those that are performance obligations. The Company uses judgment to determine: a) the number of performance obligations based on the determination under step (ii) above and whether those performance obligations are distinct from other performance obligations in the contract; b) the transaction price under step (iii) above; and c) the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price in step (iv) above. The Company uses judgment to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price. The transaction price is allocated to each performance obligation on an estimated stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under contract are satisfied. Where a portion of non-refundable up-front fees or other payments received are allocated to continuing performance obligations under the terms of a license arrangement, they are recorded as contract liabilities and recognized as revenue when (or as) the underlying performance obligation is satisfied.
Grant Receivable	Grant receivable Under a collaboration arrangement with the Cystic Fibrosis Foundation, grant milestones are achieved subject to certain performance steps and requirements under a development program. Grant milestones are recorded as reimbursements against the applicable portion of the Company’s research and development expenses. Such reimbursements reflected as a reduction of research and development expenses in the Company’s consolidated statements of operations, as the Company considers performing research and development services for reimbursement to be an ongoing component of its operations.
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. To date, the Company has viewed its operations and managed its business as one segment.
Research and Development	Research and Development Research and development expenses are charged to the statement of operations as incurred. Research and development expenses include salaries, benefits, stock-based compensation and costs incurred by outside laboratories, manufacturers, clinical research organizations, consultants, and accredited facilities in connection with clinical trials and preclinical studies Research and development expenses are partially offset by the benefit of tax incentive payments for qualified research and development expenditures from the Australian tax authority (“AU Tax Rebates”). The Company does not record AU Tax Rebates until payment is received due to the uncertainty of receipt. To date, the Company has not received any AU Tax Rebates.
Foreign Exchange Transactions	Foreign Exchange Transactions The Company’s subsidiaries have operations in Israel, Ireland, and in Australia. The Company’s operations are in the United States and the U.S. dollar is the currency of the primary economic environment in which the Company operates and expects to continue to operate in the foreseeable future. The Company translated its non-U.S. operations’ assets and liabilities denominated in foreign currencies into U.S. dollars at current rates of exchange as of the balance sheet date and income and expense items at the average exchange rate for the reporting period. Translation adjustments resulting from exchange rate fluctuations as of March 31, 2021 and 2020 were not material. Gains or losses from foreign currency transactions are included in other income (expense) in the statement of operations as foreign currency exchange gain/(loss).
Stock-Based Compensation	Stock-Based Compensation The Company measures the cost of employee and non-employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. Fair value for restricted stock awards is valued using the closing price of the Company’s common stock on the date of grant. The grant date fair value is recognized over the period during which an employee and non-employee is required to provide service in exchange for the award – the requisite service period. The grant date fair value of is estimated using the Black-Scholes option pricing model. The risk-free interest rate assumptions were based upon the observed interest rates appropriate for the expected term of the equity instruments. The expected dividend yield was assumed to be zero as the Company has not paid any dividends since its inception and does not anticipate paying dividends in the foreseeable future. Due to the Company’s limited trading history, the Company utilizes weighting of its historical volatility and the implied volatility based on an aggregate of guideline companies. The Company uses the simplified method to estimate the expected term.
Property and Equipment	Property and Equipment Property and equipment are stated at cost less accumulated depreciation and accumulated amortization. Depreciation and amortization is calculated using the straight-line method over the estimated useful life of the assets as follows: Computer equipment Three years Furniture and fixtures Seven years Clinical and medical equipment Five or Fifteen years Leasehold improvements Shorter of term of lease or estimated useful life of the asset
Licensed Right to Use Technology	Licensed Right to Use Technology Licensed right to use technology that is considered platform technology with alternative future uses is recorded as an intangible asset and is amortized on a straight-line method over its estimated useful life, determined to be thirteen years. See Note 15. The expected amortization expense for the next five years and thereafter is as follows for the year ended March 31,: 2022 $ 38,077 2023 38,077 2024 38,077 2025 38,077 2026 38,077 Thereafter 184,301 Total $ 374,686
Long Lived Assets	Long-Lived Assets The Company assess the impairment of long-lived assets on an ongoing basis and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Factors the Company considers that could trigger an impairment review include the following: ● significant underperformance relative to expected historical or projected future operating results, ● significant changes in the manner of the Company’s use of the acquired assets or the strategy for its overall business, ● significant negative regulatory or economic trends, and ● significant technological changes, which would render the platform technology, equipment, and manufacturing processes obsolete. Recoverability of assets that will continue to be used in the Company’s operations is measured by comparing the carrying value to the future net undiscounted cash flows expected to be generated by the asset or asset group. Future undiscounted cash flows include estimates of future revenues, driven by market growth rates, and estimated future costs. There were no events during the reporting periods that were deemed to be a triggering event that would require an impairment assessment.
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rate is recognized in income or expense in the period that the change is effective. Tax benefits are recognized when it is probable that the deduction will be sustained. A valuation allowance is established when it is more likely than not that all or a portion of a deferred tax asset will either expire before the Company is able to realize the benefit, or that future deductibility is uncertain. As of March 31, 2021, and 2020, the Company recorded a valuation allowance to the full extent of the Company’s net deferred tax assets since the likelihood of realization of the benefit does not meet the more likely than not threshold. The Company files U.S. federal, various state, and international income tax returns. Uncertain tax positions are reviewed on an ongoing basis and are adjusted in light of changing facts and circumstances. Such adjustment is reflected in the tax provision when appropriate .
Net Income (Loss) Per Share	Net Income (Loss) Per Share Basic and diluted net loss per share attributable to common stockholders is computed by dividing the net loss and deemed dividend from a warrant modification to common stockholders by the weighted average number of shares of common stock outstanding for the period. The dilutive effect of outstanding options, warrants, restricted stock and other stock-based compensation awards is reflected in diluted net income (loss) per share by application of the treasury stock method. The calculation of diluted net income (loss) attributed to common stockholders per share excludes all anti-dilutive shares of common stock. For periods in which the Company has reported net losses, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, because such shares of common stock are not assumed to have been issued if their effect is anti-dilutive, see Note 9.
Recently Issued Accounting Standards Adopted	Recently Issued Accounting Standards Adopted In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)” (“ASU 2018-15”). The amendments in ASU 2018-15 align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). As permitted by ASU 2018-15, the Company early-adopted this standard on a prospective basis, during the year ended March 31, 2021. The adoption did not have a material impact on the consolidated financial statements.
Recently Issued Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards Not Yet Adopted In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”) as part of its initiative to reduce complexity in the accounting standards. ASU 2019-12 eliminates certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also clarifies and simplifies other aspects of the accounting for income taxes. ASU 2019-12 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. Early adoption is permitted. The Company does not anticipate the adoption of this guidance to have a material impact on its consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU No. 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): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and it also simplifies the diluted earnings per share calculation in certain areas. ASU 2020-06 is effective for the Company on December 1, 2022, Early adoption is permitted, but no earlier than December 1, 2021. The Company is currently evaluating the impact of ASU 2020-06 on its consolidated financial statements and related disclosures.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents and Restricted Cash	The following table is the reconciliation of the presentation and disclosure of financial instruments as shown on the Company’s consolidated statements of cash flows: March 31, 2021 March 31, 2020 Cash and cash equivalents $ 34,630,682 $ 19,829,275 Restricted cash 637,025 5,635,836 Total $ 35,267,707 $ 25,465,111
Schedule of Property and Equipment Useful Life of Assets	Depreciation and amortization is calculated using the straight-line method over the estimated useful life of the assets as follows: Computer equipment Three years Furniture and fixtures Seven years Clinical and medical equipment Five or Fifteen years Leasehold improvements Shorter of term of lease or estimated useful life of the asset
Schedule of Future Expected Amortization Expense	The expected amortization expense for the next five years and thereafter is as follows for the year ended March 31,: 2022 $ 38,077 2023 38,077 2024 38,077 2025 38,077 2026 38,077 Thereafter 184,301 Total $ 374,686

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consist of the following: March 31, 2021 March 31, 2020 Clinical and medical equipment $ 1,074,353 $ 357,795 Computer equipment 152,052 73,982 Furniture and fixtures 133,170 53,895 Leasehold improvements 21,840 5,336 1,381,415 491,008 Accumulated depreciation and amortization (452,573 ) (279,671 ) $ 928,842 $ 211,337

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Schedule of Change in Warrants Options	A summary of the change in warrants options for the years ended March 31, 2020 and 2021 is as follows: Number Of Shares Weighted Average Grant Date Fair Value Unvested as of April 1, 2019 340,000 4.62 Granted 390,000 5.23 Vested (67,000 ) 4.62 Forfeited (16,200 ) 4.65 Unvested as of April 1, 2020 646,800 $ 4.99 Granted 62,000 5.81 Vested (154,600 ) 5.02 Unvested as of March 31, 2021 554,200 $ 5.07
Schedule of Option Activity	A summary of the change in options for the year ended March 31, 2020 and 2021 is as follows: Number Of Options Weighted Average Exercise Price - Options Weighted Average Remaining Contractual Life- Options Aggregate Intrinsic Value Options outstanding as of April 1, 2020 2,375,812 $ 4.48 9.2 7,952,643 Granted 815,000 5.51 Exercise (58,662 ) 3.59 Forfeited (78,561 ) 4.03 - Options outstanding as of March 31, 2020 3,053,589 4.77 8.4 $ 9,878,264 Granted 1,132,500 5.41 Exercise (2,340 ) 0.2 Forfeited (6,250 ) 4.80 - Outstanding as of March 31, 2021 4,177,499 $ 4.91 8.4 $ 2,609,100 Exercisable as of March 31, 2021 1,751,474 $ 4.59 7.4 $ 2,427,500
Schedule of Assumption of Black-Scholes Option Pricing Model	The following was utilized to calculate the fair value of options on the date of grant: March 31, 2021 March 31, 2020 Risk -free interest rate 0.6 - 1.1 % 0.5% - 3.2 % Expected volatility 87.8 - 92.5 % 80.7 - 87.5 % Dividend yield 0 % 0 % Expected terms (in years) 6.25 5-10
Schedule of Stock-based Compensation Expense	The following summarizes the components of stock-based compensation expense which included stock options and restricted stock for the years ended March 31, 2021 and March 31, 2020: Year Ended March 31, 2021 2020 Research and development $ 2,012,579 $ 687,674 General and administrative 2,882,339 2,889,975 Total stock-based compensation expense $ 4,894,918 $ 3,577,649
Schedule of Assumption of Black-Scholes Option Pricing Model of Warrants	As a result, the Company recognized the incremental value of $522,478 as a deemed dividend in the March 31, 2020 reporting period using the Black-Scholes pricing model with the following assumptions: Expected term in years 2.2 Volatility 87 % Dividend yield 0.0 % Risk-free interest rate 0.7 %
Summary of Company's Outstanding Warrants	A summary of the Company’s outstanding warrants as of March 31, 2021 are as follows: Warrant Holders Number Of Warrants Exercise Price Date of Expiration January 2017 offering – investors 2,977,232 $ 3.66 January 2022 (a) March 2017 offering – investors 68,330 $ 3.66 March 2022 (a) March 2017 offering - placement agent 7,541 $ 3.66 March 2022 (a) Third-party license agreement 208,333 $ 4.80 January 2024 March 2020 loan (see Note 12) 172,187 $ 7.26 March 2025 Total 3,433,623 (a) These warrants have down round protection.

Other Current Assets Prepaid _2

Other Current Assets Prepaid Expenses (Tables)	12 Months Ended
	Mar. 31, 2021
Current Assets and Prepaid Expenses [Abstract]
Schedule of Current Assets and Prepaid Expenses	A summary of current assets and prepaid expenses as of March 31, 2021 and March 31, 2020 is as follows: March 31, 2021 March 31, 2020 Research and development $ 271,727 $ 266,510 Insurance 971,140 471,182 Professional - 156,259 Value added tax receivable 41,272 124,127 Other 245,957 131,728 Total $ 1,530,096 $ 1,149,806

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Summary of Accrued Expenses	A summary of the accrued expenses as of March 31, 2021 and March 31, 2020 is as follows: March 31, 2021 March 31, 2020 Research and development $ 584,802 $ 484,756 Professional fees 708,800 476,638 Employee salaries and benefits 269,787 71,066 Other 241,549 65,074 Total $ 1,804,938 $ 1,097,534

Leases (Tables)

Leases (Tables)	12 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Schedule of Operating Lease Liability	The right-of use assets and operating lease liability are as follows: March 31, 2021 March 31, 2020 Right-of-use assets $ 1,860,885 $ 195,727 Operating lease liability short-term $ 113,141 $ 69,342 Operating lease liability long-term 1,789,461 131,581 Total $ 1,902,602 $ 200,923
Schedule of Lease Other Information	The Company elected the practical expedient option and as such these lease payments are expensed as incurred. Other Information For The Year Ended March 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: Cash paid $ 104,041 Right-of-use assets obtained in exchange for new operating lease liabilities: - Weighted-average remaining lease term — operating leases 9.1 years Weighted-average discount rate — operating leases 8.3 %
Schedule of Maturity of Lease Liabilities	Maturity of Lease Liabilities Operating Leases Payments remaining for the year ended March 31: 2022 $ 266,193 2023 328,475 2024 286,786 2025 277,451 2026 284,590 Thereafter 1,328,640 Total lease payments 2,772,135 Less: interest (869,533 ) Present value of lease liabilities $ 1,902,602

Basic and Diluted Net Income _2

Basic and Diluted Net Income (Loss) Per Share of Common Stock (Tables)	12 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Potential Anti-Dilutive Securities	The following potentially dilutive securities were not included in the calculation of diluted net income (loss) per share attributable to common stockholders because their effect would have been anti-dilutive for the periods presented: March 31, 2021 March 31, 2020 Common stock warrants 3,433,623 5,173,724 Common stock options 4,177,499 3,053,589 Restricted shares 554,200 646,800 Total 8,165,322 8,874,113

Long-term Loan (Tables)

Long-term Loan (Tables)	12 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Black-Scholes Model Assumption of Warrants	The Black-Scholes option pricing model used the following assumptions: Expected term in years 5.0 Volatility 87.5 % Dividend yield 0.0 % Risk-free interest rate 0.7 %
Schedule of Long-term Loan	A summary of the long-term loan balance as of March 31, 2021 and 2020 is as follows: March 31, 2021 March 31, 2020 Face value of loan $ 5,000,000 $ 5,000,000 Debt discount (594,979 ) (594,979 ) Accretion of debt discount 123,493 4,562 Amortization of debt offering costs 14,750 545 Debt offering costs (71,063 ) (71,063 ) Total $ 4,472,201 $ 4,339,065
Schedule of Maturity of Long-term Loan	Maturity of Long-Term Loan March 31, 2021 2022 $ - 2023 - 2024 2,000,000 2025 3,000,000 Total $ 5,000,000

Loan Payable (Tables)

Loan Payable (Tables)	12 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Loan Payable	The following details concerning each loan is as follows: March 31, 2021 March 31, 2020 Amount outstanding $ 556.514 $ 355.358 Monthly payments $ 70,396 $ 42,366 Number of monthly payments 9 9 Interest rate 2.4 % 4.3 % Due date November 2021 November 2020

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Profit (Loss) Before Taxes	The components of net loss before the provision for income taxes are as follows: For the Year Ended March 31, 2021 For the Year Ended March 31, 2020 Domestic $ (21,417,016 ) $ (16,685,568 Foreign (1,457,715 ) (3,411,236 Total $ (22,874,731 ) $ (20,096,804
Schedule of Deferred Tax Asset/Liability	The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets were as follows: March 31, 2021 March 31, 2020 Net operating loss carry forward $ 15,121,000 $ 9,017,000 Research and development tax credits 939,000 524,000 Other (48,000 ) 71,000 Reserves and allowances - foreign - 6,000 Stock-based compensation 1,956,000 880,000 Capital loss carry forward 1,559,000 1,571,000 Research and development - foreign - 550,000 Deferred revenue - 241,000 Right-of-use asset (516,000 ) (56,000 ) Lease liability 527,000 56,000 Net deferred tax 19,538,000 12,860,000 Valuation allowance (19,538,000 ) (12,860,000 ) Net deferred tax asset $ - $ -
Schedule of Statutory US Federal Effective Tax Rate	A reconciliation of income tax expense calculated at the federal enacted statutory rate of 21% is as follows: March 31, 2021 March 31, 2020 Federal income tax at statutory rate (21.00 )% (21.00 )% State income tax, net of federal benefit (6.25 ) (7.08 ) Permanent items - 2.48 Change in valuation allowance 29.19 30.67 Research and development tax credits (1.82 ) (1.39 ) Other (0.12 ) (3.68 ) Effective income tax expense rate 0.00 % 0.00 %

Significant Accounting Polici_4

Significant Accounting Policies (Details Narrative)	Aug. 10, 2018USD ($)	Mar. 31, 2021USD ($)Number	Mar. 31, 2020USD ($)
Cash used in operating activities		$ (19,639,376)	$ (15,250,049)
Accumulated losses		(80,461,807)	(57,587,076)
Cash and equivalents		35,267,707	$ 25,465,111
Proceeds from issuance of equity		50,000,000
Remaining for issuance of equity		$ 37,989,544
Number of operating segment | Number		1
Intangible asset useful life		13 years
Contract Manufacturer [Member]
Restricted cash		$ 619,000
Lenders Long-term Debt [Member]
Restricted cash included cash escrow		5,000,000
Loan Facility Agreement [Member]
Unsecured loan		25,000,000
Facility Agreement [Member] | After PMA Filing [Member]
Unsecured loan		15,000,000
Facility Agreement [Member] | Five Tranche [Member]
Unsecured loan		5,000,000
Facility Agreement [Member] | Tranche [Member]
Unsecured loan		5,000,000
New Purchase Agreement [Member] | Lincoln Park Capital Fund, LLC [Member]
Proceeds from issuance of common stock	$ 20,000,000	40,000,000
Remaining available issuance of common stock		$ 29,269,991
Purchase agreement, description		a $40 million stock purchase agreement (the "New Stock Purchase Agreement") of which $29,269,991 remains available as of March 31, 2021 with Lincoln Park Capital Fund, LLC ("LPC"), which replaced the former $20 million purchase agreement with LPC, dated August 10, 2018. The New Stock Purchase Agreement provides for issuances through May 2023 at the Company's discretion, see Note 5.

Significant Accounting Polici_5

Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 34,630,682	$ 19,829,275
Restricted cash	637,025	5,635,836
Total	$ 35,267,707	$ 25,465,111

Significant Accounting Polici_6

Significant Accounting Policies - Schedule of Property and Equipment Useful Life of Assets (Details)	12 Months Ended
	Mar. 31, 2021
Computer Equipment [Member]
Estimated useful life of assets	3 years
Furniture and Fixtures [Member]
Estimated useful life of assets	7 years
Clinical and Medical Equipment [Member]
Estimated useful life of assets, description	Five or Fifteen years
Clinical and Medical Equipment [Member] | Minimum [Member]
Estimated useful life of assets	5 years
Clinical and Medical Equipment [Member] | Maximum [Member]
Estimated useful life of assets	15 years
Leasehold Improvements [Member]
Estimated useful life of assets, description	Shorter of term of lease or estimated useful life of the asset

Significant Accounting Polici_7

Significant Accounting Policies - Schedule of Future Expected Amortization Expense (Details)	Mar. 31, 2021USD ($)
Accounting Policies [Abstract]
2022	$ 38,077
2023	38,077
2024	38,077
2025	38,077
2026	38,077
Thereafter	184,301
Total	$ 374,686

Property and Equipment (Details

Property and Equipment (Details Narrative) - USD ($)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 172,902	$ 77,166

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Property and equipment, gross	$ 1,381,415	$ 491,008
Accumulated depreciation and amortization	(452,573)	(279,671)
Property and equipment, net	928,842	211,337
Clinical and Medical Equipment [Member]
Property and equipment, gross	1,074,353	357,795
Computer Equipment [Member]
Property and equipment, gross	152,052	73,982
Furniture and Fixtures [Member]
Property and equipment, gross	133,170	53,895
Leasehold Improvements [Member]
Property and equipment, gross	$ 21,840	$ 5,336

Stockholders' Equity (Details N

Stockholders' Equity (Details Narrative) - USD ($)	Jan. 09, 2021	May 14, 2020	Apr. 02, 2020	Jan. 23, 2020	Dec. 12, 2019	Jun. 03, 2019	May 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2017	Jan. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock issued, value								$ 11,855,456
Stock-based compensation								$ 4,894,918	$ 3,577,649
Weighted average remaining service period								8 years 4 months 24 days	8 years 4 months 24 days
Weighted average fair value of options granted								$ 5.41	$ 5.51
2013 Incentive Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options vesting terms								4 years
Options vesting terms, description								The vesting terms of the options issued under the 2013 Plan are generally four years and expires in ten years from the grant date.
Common stock, shares available for future issuance								5,600,000
Available shares								502,797
Increase in number of shares	1,500,000
Stock options amendment description	On January 9, 2021, the Company's board approved an amendment to the 2013 Plan to increase the number of shares in the Plan by 1,500,000, which was approved by the shareholder pursuant to the 2021 annual stockholder meeting on March 4, 2021.
December 2019 Equity Offering [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants exercise price											$ 4.25
2019 Offering [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants exercise price										$ 3.66
Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation								$ 1,349,178	$ 895,040
Unvested Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock based compensation expense								$ 7,630,900
Weighted average remaining service period								3 years 1 month 6 days
Weighted average fair value of options granted								$ 5.38	$ 4.03
Warrants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental value of warrant								$ 522,478
Warrants exercised								1,585,565	985,694
Proceeds from warrants exercise								$ 6,672,031	$ 3,968,944
Warrant exercised on a cashless basis								165,405	156,154
Share issued upon warrant exercise								65,204	73,461
Vendor [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares issued services							30,000		30,000
Fair value of liability							$ 242,100		$ 240,000
Officers, Employees and Consultants [Member] | Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options vesting terms								5 years
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock issued								1,961,201
Number of common stock issued, value								$ 196
Common Stock [Member] | Private Placement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock				532,786
CEO [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase shares of common stock					$ 699,999
Sale of stock price per share					$ 3.66
Number of common stock issued						58,253
Number of common stock issued, value						$ 300,000
Shares issued price per share						$ 5.15
Number of shares purchased					190,437
Directors and Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock issued						118,254
Number of common stock issued, value						$ 610,000
Shares issued price per share						$ 5.15
Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase shares of common stock					$ 475,000
Sale of stock price per share					$ 3.66
Number of shares purchased					129,781
New Stock Purchase Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase shares of common stock		$ 40,000,000
Sale of stock price per share		$ 0.25
Proceeds from issuance of stock								$ 11,583,189	$ 7,745,012
Sale of stock								1,975,511	1,420,000
Purchase Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase shares of common stock		$ 20,000,000
Purchase Agreement [Member] | Investors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of stock						$ 7,839,495
Number of common stock issued						1,583,743
LPC New Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available under agreement, value								$ 29,269,991
At-The-Market Equity Offering [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase shares of common stock			$ 50,000,000
Sale of stock price per share								$ 1,961,201
Proceeds from issuance of stock			$ 50,000,000					$ 11,583,189
Shares available under agreement, value								$ 37,989,544
Underwritten Offering and Concurrent Private Placement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock price per share					$ 3.66
Proceeds from issuance of stock					$ 10,169,343
Number of common stock issued					3,152,985

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Change in Warrants Options (Details) - $ / shares	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Equity [Abstract]
Unvested Number of Shares, Beginning balance	646,800	340,000
Number of Shares, Granted	62,000	390,000
Number of Shares, Vested	(154,600)	(67,000)
Number of Shares, Forfeited		(16,200)
Unvested Number of Shares, Ending balance	554,200	646,800
Weighted Average Grant Date Fair Value, Beginning balance	$ 4.99	$ 4.62
Weighted Average Grant Date Fair Value, Granted	5.81	5.23
Weighted Average Grant Date Fair Value, Vested	5.02	4.62
Weighted Average Grant Date Fair Value, Forfeited		4.65
Weighted Average Grant Date Fair Value, Ending balance	$ 5.07	$ 4.99

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Option Activity (Details) - USD ($)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Equity [Abstract]
Number of Options, Outstanding at beginning of period	3,053,589	2,375,812
Number of Options, Granted	1,132,500	815,000
Number of Options, Exercise	(2,340)	(58,662)
Number of Options, Forfeited	(6,250)	(78,561)
Number of Options, Outstanding at end of period	4,177,499	3,053,589
Number of Options, Exercisable at end of period	1,751,474
Weighted Average Exercise Price - Options, Outstanding at beginning of period	$ 4.77	$ 4.48
Weighted Average Exercise Price - Options, Granted	5.41	5.51
Weighted Average Exercise Price - Options, Exercise	0.2	3.59
Weighted Average Exercise Price - Options, Forfeited	4.80	4.03
Weighted Average Exercise Price - Options, Outstanding at end of period	4.91	$ 4.77
Weighted Average Exercise Price - Options, Exercisable at end of period	$ 4.59
Weighted Average Remaining Contractual Life - Options, Outstanding at beginning of period	8 years 4 months 24 days	9 years 2 months 12 days
Weighted Average Remaining Contractual Life - Options, Granted	0 years	0 years
Weighted Average Remaining Contractual Life - Options, Forfeited	0 years	0 years
Weighted Average Remaining Contractual Life - Options, Outstanding at end of period	8 years 4 months 24 days	8 years 4 months 24 days
Weighted Average Remaining Contractual Life - Options, Exercisable at end of period	7 years 4 months 24 days
Aggregate Intrinsic Value, Outstanding at beginning of period	$ 9,878,264	$ 7,952,643
Aggregate Intrinsic Value, Outstanding at end of period	2,609,100	$ 9,878,264
Aggregate Intrinsic Value, Exercisable at end of period	$ 2,427,500

Stockholders' Equity - Schedu_3

Stockholders' Equity - Schedule of Assumption of Black-Scholes Option Pricing Model (Details)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Dividend yield	0.00%	0.00%
Expected term (in years)	6 years 2 months 30 days
Minimum [Member]
Risk-free interest rate	0.60%	0.50%
Expected volatility	87.80%	80.70%
Expected term (in years)		5 years
Maximum [Member]
Risk-free interest rate	1.10%	3.20%
Expected volatility	92.50%	87.50%
Expected term (in years)		10 years

Stockholders' Equity - Schedu_4

Stockholders' Equity - Schedule of Stock-based Compensation Expense (Details) - USD ($)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based compensation expense	$ 4,894,918	$ 3,577,649
Research and Development [Member]
Share-based compensation expense	2,012,579	687,674
General and Administrative [Member]
Share-based compensation expense	$ 2,882,339	$ 2,889,975

Stockholders' Equity - Schedu_5

Stockholders' Equity - Schedule of Assumption of Black-Scholes Option Pricing Model of Warrants (Details)	Mar. 31, 2021
Expected Term [Member]
Warrant term	2 years 2 months 12 days
Volatility [Member]
Warrants measurement input	87
Dividend Yield [Member]
Warrants measurement input	0
Risk Free Interest Rate [Member]
Warrants measurement input	0.7

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Company's Outstanding Warrants (Details)	12 Months Ended
	Mar. 31, 2021$ / sharesshares
Number of Warrants	3,433,623
Third Party License Agreement [Member]
Number of Warrants	208,333
Exercise Price | $ / shares	$ 4.80
Date of Expiration	January 2024
January 2017 [Member] | Investors [Member]
Number of Warrants	2,977,232
Exercise Price | $ / shares	$ 3.66
Date of Expiration	January 2022	[1]
March 2017 [Member] | Investors [Member]
Number of Warrants	68,330
Exercise Price | $ / shares	$ 3.66
Date of Expiration	March 2022	[1]
March 2017 [Member] | Placement Agent [Member]
Number of Warrants	7,541
Exercise Price | $ / shares	$ 3.66
Date of Expiration	March 2022	[1]
March 2020 [Member] | Loan [Member]
Number of Warrants	172,187
Exercise Price | $ / shares	$ 7.26
Date of Expiration	March 2025
[1]	These warrants have down round protection.

Other Current Assets Prepaid _3

Other Current Assets Prepaid Expenses - Schedule of Current Assets and Prepaid Expenses (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Prepaid expenses	$ 1,530,096	$ 1,149,806
Research and Development [Member]
Prepaid expenses	271,727	266,510
Insurance [Member]
Prepaid expenses	971,140	471,182
Professional [Member]
Prepaid expenses		156,259
Value Added Tax Receivable [Member]
Prepaid expenses	41,272	124,127
Other [Member]
Prepaid expenses	$ 245,957	$ 131,728

Accrued Expenses - Summary of A

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Payables and Accruals [Abstract]
Research and development	$ 584,802	$ 484,756
Professional fees	708,800	476,638
Employee salaries and benefits	269,787	71,066
Other	241,549	65,074
Total	$ 1,804,938	$ 1,097,534

Leases (Details Narrative)

Leases (Details Narrative) - USD ($)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating lease liabilities	$ 1,902,602	$ 200,923
Operating lease right-of-use assets	1,860,885	$ 195,727
Gain on lease	1,843
New Lease and Cancelled Lease [Member]
Operating lease liabilities	1,536,367
Operating lease right-of-use assets	1,536,367
Cancellation of Lease [Member]
Operating lease liabilities	19,329
Operating lease right-of-use assets	$ 17,486

Leases - Schedule of Operating

Leases - Schedule of Operating Lease Liability (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Right- of- use assets	$ 1,860,885	$ 195,727
Operating lease liability short-term	113,141	69,342
Operating lease liability long-term	1,789,461	131,581
Total operating lease liability	$ 1,902,602	$ 200,923

Leases - Schedule of Lease Othe

Leases - Schedule of Lease Other Information (Details)	12 Months Ended
	Mar. 31, 2021USD ($)
Leases [Abstract]
Cash paid	$ 104,041
Weighted-average remaining lease term - operating leases	9 years 1 month 6 days
Weighted-average discount rate - operating leases	8.30%

Leases - Schedule of Maturity o

Leases - Schedule of Maturity of Lease Liabilities (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Present value of lease liabilities	$ 1,902,602	$ 200,923
Maturity of Lease Liabilities [Member]
2022	266,193
2023	328,475
2024	286,786
2025	277,451
2026	284,590
Thereafter	1,328,640
Total lease payments	2,772,135
Less: interest	(869,533)
Present value of lease liabilities	$ 1,902,602

Basic and Diluted Net Income _3

Basic and Diluted Net Income (Loss) Per Share of Common Stock - Schedule of Potential Anti-Dilutive Securities (Details) - shares	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Total	8,165,322	8,874,113
Common Stock Warrants [Member]
Total	3,433,623	5,173,724
Common Stock Options [Member]
Total	4,177,499	3,053,589
Restricted Shares [Member]
Total	554,200	646,800

License Agreement (Details Narr

License Agreement (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2021	Mar. 31, 2020
Deferred revenue			$ 873,190
License revenues		873,190	1,390,104
License Agreement [Member]
First two milestone ordinary shares	17,572,815
First two milestone ordinary shares, value	$ 9,987,295
Deferred revenue		0	873,190
License revenues		$ 873,190	$ 1,390,104
License Agreement [Member] | Second Obligation [Member]
Deferred revenue	2,871,063
License Agreement [Member] | Intellectual Property [Member] | First Obligation [Member]
Revenue allocated to performance obligations	$ 7,116,232

Grant Collaboraton Agreement (D

Grant Collaboraton Agreement (Details Narrative) - Cystic Fibrosis Foundation [Member]	Feb. 10, 2021USD ($)
Amount receivable from agreement	$ 2,170,000
Net sale, percentage	10.00%

Long-term Loan (Details Narrati

Long-term Loan (Details Narrative) - USD ($)	Mar. 17, 2020	Mar. 31, 2021	Mar. 31, 2020
Debt instrument, interest rate, stated percentage		2.40%	4.30%
Interest expenses		$ 641,626	$ 30,543
Facility Agreement [Member] | Lenders [Member]
Proceeds from loan		3,160,000
Interest expenses		316,000	$ 12,100
Facility Agreement [Member] | Lenders [Member] | Warrant [Member]
Warrants to purchase			172,826
Warrants exercise price			$ 7.26
Warrants expire term			5 years
Fair value of warrant		$ 59,497
Facility Agreement [Member] | Lenders [Member] | Five Tranches [Member]
Loan	$ 25,000,000
Debt instrument, interest rate, stated percentage	10.00%
Debt instrument, interest rate, effective percentage	13.30%
Debt instrument, maturity date, description	Each tranche shall be repaid in installments commencing June 15, 2023 with all amounts outstanding under any tranche due on March 17, 2025.
Facility Agreement [Member] | Lenders [Member] | Tranches [Member]
Loan	$ 5,000,000
Facility Agreement [Member] | Lenders [Member] | Second Tranche [Member]
Loan	$ 5,000,000
Warrants description	The warrants that will be issued is up to twenty five percent of its commitment value divided by the five day volume weighed average price "(VWAP") prior to utilization date. For tranches three to five, if any of these tranches are utilized by the Company, the warrants that will be issued is up to ten percent of its commitment value divided by the five day VWAP.

Long-term Loan - Schedule of Bl

Long-term Loan - Schedule of Black-Scholes Model Assumption of Warrants (Details)	Mar. 31, 2021
Expected Term [Member]
Warrants outstanding, term	2 years 2 months 12 days
Expected Term [Member] | Facility Agreement Loan [Member]
Warrants outstanding, term	5 years
Volatility [Member]
Warrants outstanding, measurement input	87
Volatility [Member] | Facility Agreement Loan [Member]
Warrants outstanding, measurement input	87.5
Dividend Yield [Member]
Warrants outstanding, measurement input	0
Dividend Yield [Member] | Facility Agreement Loan [Member]
Warrants outstanding, measurement input	0
Risk Free Interest Rate [Member]
Warrants outstanding, measurement input	0.7
Risk Free Interest Rate [Member] | Facility Agreement Loan [Member]
Warrants outstanding, measurement input	0.7

Long-term Loan - Schedule of Lo

Long-term Loan - Schedule of Long-term Loan (Details) - USD ($)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Disclosure [Abstract]
Face value of loan	$ 5,000,000	$ 5,000,000
Debt discount	(594,979)	(594,979)
Accretion of debt discount	123,493	4,562
Amortization of debt offering costs	14,750	545
Debt offering costs	(71,063)	(71,063)
Total	$ 4,472,201	$ 4,339,065

Long-term Loan - Schedule of Ma

Long-term Loan - Schedule of Maturity of Long-term Loan (Details)	Mar. 31, 2021USD ($)
Debt Disclosure [Abstract]
2022
2023
2024	2,000,000
2025	3,000,000
Total	$ 5,000,000

Loan Payable - Schedule of Loan

Loan Payable - Schedule of Loan Payable (Details)	12 Months Ended
	Mar. 31, 2021USD ($)Number	Mar. 31, 2020USD ($)Number
Debt Disclosure [Abstract]
Amount outstanding	$ 556,514	$ 335,358
Monthly payments	$ 70,396	$ 42,366
Number of monthly payments | Number	9	9
Debt interest rate	2.40%	4.30%
Due date	2021-11	2020-11

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Ownership percentage		50.00%
Operating loss carryforward expire description		March 2018 expire through 2037
Valuation allowances increased		$ 6,678,000
Corporate tax rate	21.00%	21.00%
March 2018 Expire Through 2037 [Member]
Net operating loss carry forward		$ 1,375,000
No Expiration [Member]
Net operating loss carry forward	$ 36,883,000
Israel Tax Authority [Member]
Net operating loss carry forward	18,526,000
Federal [Member]
Net operating loss carry forward	$ 38,258,000
State [Member]
Net operating loss carry forward		$ 38,896,000
Operating loss carryforward expire description	Expiring during the years 2035 to 2041

Income Taxes - Schedule of Prof

Income Taxes - Schedule of Profit (Loss) Before Taxes (Details) - USD ($)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Domestic	$ (21,417,016)	$ (16,685,568)
Foreign	(1,457,715)	(3,411,236)
Total	$ (22,874,731)	$ (20,096,804)

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Asset/Liability (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Net operating loss carry forward	$ 15,121,000	$ 9,017,000
Research and development tax credits	939,000	524,000
Other	(48,000)	71,000
Reserves and allowances - foreign		6,000
Stock-based compensation	1,956,000	880,000
Capital loss carry forward	1,559,000	1,571,000
Research and development - foreign		550,000
Deferred revenue		241,000
Right-of-use asset	(516,000)	(56,000)
Lease liability	527,000	56,000
Net deferred tax	19,538,000	12,860,000
Valuation allowance	(19,538,000)	(12,860,000)
Net deferred tax asset

Income Taxes - Schedule of Stat

Income Taxes - Schedule of Statutory US Federal Effective Tax Rate (Details)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Taxes - Schedule Of Statutory Us Federal Effective Tax Rate
Federal income tax at statutory rate	(21.00%)	(21.00%)
State income tax, net of federal benefit	(6.25%)	(7.08%)
Permanent items		2.48%
Change in valuation allowance	29.19%	30.67%
Research and development tax credits	(1.82%)	(1.39%)
Other	(0.12%)	(3.68%)
Effective income tax expense rate	0.00%	0.00%

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative)	Jan. 31, 2018USD ($)shares	Jan. 13, 2017USD ($)	Sep. 07, 2016USD ($)	Oct. 22, 2013USD ($)	Aug. 31, 2020	Mar. 31, 2021USD ($)shares	Jul. 31, 2020USD ($)	Mar. 16, 2018$ / sharesshares
Operating lease						$ 104,041
Warrant [Member]
Warrants issued | shares								166,672
2017 Warrants [Member] | Minimum [Member]
Warrants exercise price | $ / shares								$ 3.66
2017 Warrants [Member] | Maximum [Member]
Warrants exercise price | $ / shares								$ 1.57
Suplier [Member]
Purchase payable, commitments							$ 0
NitricGen, Inc [Member]
Future payments based on certain milestones	$ 2,000,000
Empery Asset Master, Ltd [Member] | 2017 Warrants [Member]
Warrants exercised | shares						1,139,220		319,967
Empery Tax Efficient, LP [Member] | 2017 Warrants [Member]
Warrants exercised | shares								159,869
Empery Tax Efficient II, LP [Member] | 2017 Warrants [Member]
Warrants exercised | shares								252,672
Patent License Agreement [Member] | CareFusion [Member]
Non-refundable upfront fee				$ 150,000
Royalty percentage				0.05
Payment to royalties				$ 50,000
Option Agreement [Member]
Acquisition cost to purchase intellectual property assets and rights			$ 25,000
Payments for development and milestone payment		$ 500,000
Milestone payments		87,000,000
Sales related milestones payments		$ 83,000,000
Execution Agreement [Member]
Future payments based on certain milestones	1,800,000
Execution Agreement [Member] | After Six Months [Member]
Future payments based on certain milestones	1,500,000
Execution Agreement [Member] | NitricGen, Inc [Member]
Payment to royalties	100,000
Future payments based on certain milestones	$ 100,000
Options to purchase common stock | shares	100,000
Options to purchase common stock, value	$ 295,000
Supply Agreement [Member]
Agreement expiring date					Dec. 31, 2024
Agreement renewal term					3 years

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - Circassia Limited [Member] - Settlement Agreement [Member] - Subsequent Event [Member]	May 25, 2021USD ($)
Payment to royalties	$ 10,500,000
Description for initial payment due	On May 25, 2021, the Company and Circassia Limited entered into a Settlement Agreement resolving all claims by and between both parties and mutually terminating the Circassia agreement disclosed in Note 10. Pursuant to the terms of the Settlement Agreement, the Company agreed to pay Circassia $10.5 million in three installments, the first being a payment of $2.5 million to Circassia within fifteen (15) days following FDA approval of the LungFit® PH (the "Initial Payment Due Date"). Thereafter, the Company shall pay $3.5 million to Circassia on the first anniversary of the Initial Payment Due Date and $4.5 million on the second anniversary of the Initial Payment Due Date. Additionally, beginning in year three post-approval, Circassia will receive a quarterly royalty payment equal to 5% of LungFit® PH net sales in the US. This royalty will terminate once the aggregate payment reaches $6.0 million.