Cover
Cover - shares | 3 Months Ended | |
Jun. 30, 2021 | Aug. 04, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 001-37487 | |
Entity Registrant Name | AETHLON MEDICAL, INC. | |
Entity Central Index Key | 0000882291 | |
Entity Tax Identification Number | 13-3632859 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 9635 GRANITE RIDGE DRIVE | |
Entity Address, Address Line Two | SUITE 100 | |
Entity Address, City or Town | SAN DIEGO | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92123 | |
City Area Code | 858 | |
Local Phone Number | 459-7800 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | AEMD | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 15,386,367 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Current assets | ||
Cash | $ 25,171,679 | $ 9,861,575 |
Accounts receivable | 131,966 | 149,082 |
Prepaid expenses and other current assets | 244,121 | 341,081 |
Total current assets | 25,547,766 | 10,351,738 |
Property and equipment, net | 187,821 | 160,976 |
Right-of-use lease asset | 15,722 | 40,363 |
Patents, net | 56,817 | 56,954 |
Restricted cash | 46,726 | 46,726 |
Deposits | 12,159 | 12,159 |
Total assets | 25,867,011 | 10,668,916 |
Current liabilities | ||
Accounts payable | 243,650 | 337,678 |
Due to related parties | 119,578 | 118,520 |
Deferred revenue | 114,849 | 114,849 |
Lease liability, current portion | 16,835 | 42,543 |
Other current liabilities | 636,387 | 761,636 |
Total current liabilities | 1,131,299 | 1,375,226 |
Stockholders’ Equity | ||
Common stock, par value $0.001 per share; 30,000,000 shares authorized; 15,386,367 and 12,150,597 shares issued and outstanding as of June 30, 2021 and March 31, 2021, respectively | 15,388 | 12,152 |
Additional paid-in capital | 146,868,766 | 129,331,542 |
Accumulated deficit | (122,010,393) | (119,913,090) |
Total Aethlon Medical, Inc. stockholders’ equity before noncontrolling interests | 24,873,761 | 9,430,604 |
Noncontrolling interests | (138,049) | (136,914) |
Total stockholders’ equity | 24,735,712 | 9,293,690 |
Total liabilities and stockholders’ equity | $ 25,867,011 | $ 10,668,916 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2021 | Mar. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock shares authorized | 30,000,000 | 30,000,000 |
Common stock issued | 15,386,367 | 12,150,597 |
Common stock outstanding | 15,386,367 | 12,150,597 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
REVENUES | ||
Government contract revenue | $ 131,966 | $ 0 |
OPERATING EXPENSES | ||
Professional fees | 583,469 | 564,284 |
Payroll and related expenses | 1,016,742 | 436,911 |
General and administrative | 630,068 | 409,223 |
Total operating expenses | 2,230,279 | 1,410,418 |
OPERATING LOSS | (2,098,313) | (1,410,418) |
OTHER EXPENSE | ||
Interest and other debt expenses | 125 | 728 |
Total other expense | 125 | 728 |
NET LOSS | (2,098,438) | (1,411,146) |
LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1,135) | (863) |
NET LOSS ATTRIBUTABLE TO AETHLON MEDICAL, INC. | $ (2,097,303) | $ (1,410,283) |
BASIC AND DILUTED LOSS PER COMMON SHARE | $ (0.16) | $ (0.15) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – BASIC AND DILUTED | 12,828,816 | 9,632,977 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance, value at Mar. 31, 2020 | $ 9,368 | $ 121,426,563 | $ (112,026,381) | $ (132,124) | $ 9,277,426 |
Beginning balance, shares at Mar. 31, 2020 | 9,366,873 | ||||
Issuances of common stock for cash under at the market program | $ 2,686 | 7,258,183 | 7,260,869 | ||
Issuances of common stock for cash under at the market program, shares | 2,685,600 | ||||
Stock-based compensation expense | 84,207 | 84,207 | |||
Net loss | (1,410,283) | (863) | (1,411,146) | ||
Ending balance, value at Jun. 30, 2020 | $ 12,072 | 128,744,684 | (113,436,664) | (132,987) | 15,187,105 |
Ending balance, shares at Jun. 30, 2020 | 12,070,393 | ||||
Issuance of common shares upon vesting of restricted stock units and net stock option exercise | $ 18 | (24,269) | (24,251) | ||
Issuance of common shares upon vesting of restricted stock units and net stock option exercise, shares | 17,920 | ||||
Beginning balance, value at Mar. 31, 2021 | $ 12,152 | 129,331,542 | (119,913,090) | (136,914) | 9,293,690 |
Beginning balance, shares at Mar. 31, 2021 | 12,150,597 | ||||
Issuances of common stock for cash under at the market program | $ 626 | 4,947,159 | 4,947,785 | ||
Issuances of common stock for cash under at the market program, shares | 626,000 | ||||
Issuances of common stock for cash in registered direct financing | $ 1,381 | 11,657,663 | 11,659,044 | ||
Issuances of common stock for cash in registered direct financing, shares | 1,380,555 | ||||
Issuances of common stock for cash under warrant exercises | $ 531 | 820,407 | 820,938 | ||
Issuances of common stock for cash under warrant exercises, shares | 531,167 | ||||
Issuances of common stock for cash under stock option exercises | $ 11 | 28,314 | 28,325 | ||
Issuances of common stock for cash under stock option exercises, shares | 11,562 | ||||
Issuances of common stock under cashless warrant exercises | $ 676 | (676) | |||
Issuances of common stock under cashless warrant exercises, shares | 675,554 | ||||
Issuance of common shares upon vesting of restricted stock units | $ 11 | (35,797) | (35,786) | ||
Issuance of common shares upon vesting of restricted stock units, shares | 10,932 | ||||
Stock-based compensation expense | 120,154 | 120,154 | |||
Net loss | (2,097,303) | (1,135) | (2,098,438) | ||
Ending balance, value at Jun. 30, 2021 | $ 15,388 | $ 146,868,766 | $ (122,010,393) | $ (138,049) | $ 24,735,712 |
Ending balance, shares at Jun. 30, 2021 | 15,386,367 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows used in operating activities: | ||
Net loss | $ (2,098,438) | $ (1,411,146) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 11,666 | 8,770 |
Stock based compensation | 120,154 | 84,207 |
Accretion of right-of-use lease asset | (1,067) | (188) |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 96,960 | 62,660 |
Accounts receivable | 17,116 | 0 |
Accounts payable and other current liabilities | (219,277) | (73,142) |
Deferred revenue | 206,729 | |
Due to related parties | 1,058 | 20,137 |
Net cash used in operating activities | (2,071,828) | (1,101,973) |
Cash flows used in investing activities: | ||
Purchases of property and equipment | (38,374) | (17,809) |
Net cash used in investing activities | (38,374) | (17,809) |
Cash flows provided by financing activities: | ||
Proceeds from the issuance of common stock, net | 17,456,092 | 7,260,869 |
Tax withholding payments or tax equivalent payments for net share settlement of restricted stock units | (35,786) | (24,251) |
Net cash provided by financing activities | 17,420,306 | 7,236,618 |
Net increase in cash | 15,310,104 | 6,116,836 |
Cash at beginning of period | 9,861,575 | 9,604,780 |
Cash at end of period | 25,171,679 | 15,721,616 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Issuance of common stock under cashless warrant exercises | 676 | 0 |
Par value of shares issued for vested restricted stock units | $ 11 | $ 18 |
NATURE OF BUSINESS AND BASIS OF
NATURE OF BUSINESS AND BASIS OF PRESENTATION ORGANIZATION | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
NATURE OF BUSINESS AND BASIS OF PRESENTATION ORGANIZATION | 1. NATURE OF BUSINESS AND BASIS OF PRESENTATION ORGANIZATION Aethlon Medical, Inc. and its subsidiary (collectively, “Aethlon”, the “Company”, “we” or “us”), is a medical technology company focused on developing products to diagnose and treat life and organ threatening diseases. The Aethlon Hemopurifier is a clinical-stage immunotherapeutic device designed to combat cancer and life-threatening viral infections. In cancer, the Hemopurifier is designed to deplete the presence of circulating tumor-derived exosomes that promote immune suppression, seed the spread of metastasis and inhibit the benefit of leading cancer therapies. The U.S. Food and Drug Administration, or FDA, has designated the Hemopurifier as a “Breakthrough Device” for two independent indications: · the treatment of individuals with advanced or metastatic cancer who are either unresponsive to or intolerant of standard of care therapy, and with cancer types in which exosomes have been shown to participate in the development or severity of the disease; and · the treatment of life-threatening viruses that are not addressed with approved therapies. We believe the Hemopurifier can be a substantial advance in the treatment of patients with advanced and metastatic cancer through the clearance of exosomes that promote the growth and spread of tumors through multiple mechanisms. We are currently preparing for the initiation of clinical trials in patients with advanced and metastatic cancers. We are initially focused on the treatment of solid tumors, including head and neck cancer, gastrointestinal cancers and other cancers. As we advance our clinical trials, we are in close contact with our clinical sites to navigate and assess the impact of the COVID-19 global pandemic on our clinical trials and current timelines. On October 4, 2019, the FDA approved our Investigational Device Exemption, or IDE, application to initiate an Early Feasibility Study, or EFS, of the Hemopurifier in patients with head and neck cancer in combination with standard of care pembrolizumab (Keytruda). The primary endpoint for the EFS, which will enroll 10 to12 subjects at a single center, will be safety, with secondary endpoints including measures of exosome clearance and characterization, as well as response and survival rates. This study, which is being conducted at the UPMC Hillman Cancer Center in Pittsburgh, PA, is in the process of recruiting and treating patients. We also believe the Hemopurifier can be a part of the broad-spectrum treatment of life-threatening highly glycosylated, or carbohydrate coated, viruses that are not addressed with an already approved treatment. In small-scale or early feasibility human studies, the Hemopurifier has been used to treat individuals infected with human immunodeficiency virus, or HIV, hepatitis-C, and Ebola. Additionally, in vitro, On June 17, 2020, the FDA approved a supplement to our open IDE for the Hemopurifier in viral disease to allow for the testing of the Hemopurifier in patients with SARS-CoV-2/COVID-19 in a New Feasibility Study. This study is designed to enroll up to 40 subjects at up to 20 centers in the U.S. Subjects will have established laboratory diagnosis of COVID-19, be admitted to an intensive care unit, or ICU, and will have acute lung injury and/or severe or life threatening disease, among other criteria. Endpoints for this study, in addition to safety, will include reduction in circulating virus as well as clinical outcomes (NCT # 04595903). The initial sites for this trial, Hoag Memorial Hospital Presbyterian in Newport Beach, CA, Hoag Hospital – Irvine in Irvine, CA, Loma Linda Hospital in Loma Linda, CA, and Cooper Medical in Camden, NJ, have completed clinical trial agreements, and have received IRB approval in the case of the Hoag hospitals, and are preparing to open for patient enrollment. Under Single Patient Emergency Use regulations, the Company has also treated two patients with COVID-19 with the Hemopurifier. We are also the majority owner of Exosome Sciences, Inc., or ESI, a company focused on the discovery of exosomal biomarkers to diagnose and monitor life-threatening diseases. Included among ESI’s activities is the advancement of a TauSome™ biomarker candidate to diagnose chronic traumatic encephalopathy, or CTE, in the living. ESI previously documented TauSome levels in former NFL players to be nine times higher than same age-group control subjects. Through ESI, we are also developing exosome based biomarkers in patients with, or at risk for, a number of cancers. We consolidate ESI’s activities in our consolidated financial statements. Successful outcomes of human trials will also be required by the regulatory agencies of certain foreign countries where we plan to sell the Hemopurifier. Some of our patents may expire before FDA approval or approval in a foreign country, if any, is obtained. However, we believe that certain patent applications and/or other patents issued more recently will help protect the proprietary nature of the Hemopurifier treatment technology. In addition to the foregoing, we are monitoring closely the impact of the COVID-19 global pandemic on our business and have taken steps designed to protect the health and safety of our employees while continuing our operations. Given the level of uncertainty regarding the duration and impact of the COVID-19 pandemic on capital markets and the U.S. economy, we are unable to assess the impact of the worldwide spread of SARS-CoV-2 and the resulting COVID-19 pandemic on our timelines and future access to capital. We are continuing to monitor the spread of COVID-19 and its potential impact on our operations. The full extent to which the COVID-19 pandemic will impact our business, results of operations, financial condition, clinical trials, and preclinical research will depend on future developments that are highly uncertain, including actions taken to contain or treat COVID-19 and their effectiveness, as well as the economic impact on national and international markets. Our executive offices are located at 9635 Granite Ridge Drive, Suite 100, San Diego, California 92123. Our telephone number is (858) 459-7800. Our website address is www.aethlonmedical.com. Our common stock is listed on the Nasdaq Capital Market under the symbol “AEMD.” SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES During the three months ended June 30, 2021, there were no changes to our significant accounting policies as described in our Annual Report on Form 10-K for the fiscal year ended March 31, 2021. Basis of Presentation and Use of Estimates The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 8 of the Securities and Exchange Commission, or SEC Regulation S-X. Accordingly, they should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended March 31, 2021, included in the Company’s Annual Report on Form 10-K filed with the SEC on June 24, 2021. The accompanying unaudited condensed consolidated financial statements include the accounts of Aethlon Medical, Inc. and its majority-owned subsidiary. All significant inter-company transactions and balances have been eliminated in consolidation. The unaudited condensed consolidated financial statements contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the condensed consolidated financial statements as of and for the three months ended June 30, 2021, and the condensed consolidated statement of cash flows for the three months ended June 30, 2021. Estimates were made relating to useful lives of fixed assets, impairment of assets, share-based compensation expense and accruals for clinical trial and research and development expenses. Actual results could differ materially from those estimates. The accompanying condensed consolidated balance sheet at March 31, 2021 has been derived from the audited consolidated balance sheet at March 31, 2021, contained in the above referenced 10-K. The results of operations for the three months ended June 30, 2021 are not necessarily indicative of the results to be expected for the full year or any future interim periods. Reclassifications Certain prior year balances within the unaudited condensed consolidated financial statements have been reclassified to conform to the current year presentation. LIQUIDITY AND GOING CONCERN Management expects existing cash as of June 30, 2021 to be sufficient to fund the Company’s operations for at least twelve months from the issuance date of these condensed consolidated financial statements. Restricted Cash To comply with the terms of our new laboratory and office lease, we caused our bank to issue a standby letter of credit, or the L/C, in the amount of $ 46,726 |
LOSS PER COMMON SHARE
LOSS PER COMMON SHARE | 3 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
LOSS PER COMMON SHARE | 2. LOSS PER COMMON SHARE Basic loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period of computation. Diluted loss per share is computed similar to basic loss per share, except that the denominator is increased to include the number of additional dilutive common shares that would have been outstanding if potential common shares had been issued, if such additional common shares were dilutive. Since we had net losses for all periods presented, basic and diluted loss per share are the same, and additional potential common shares have been excluded, as their effect would be antidilutive. As of June 30, 2021 and 2020, an aggregate of 1,654,464 2,150,690 |
RESEARCH AND DEVELOPMENT EXPENS
RESEARCH AND DEVELOPMENT EXPENSES | 3 Months Ended |
Jun. 30, 2021 | |
Research and Development [Abstract] | |
RESEARCH AND DEVELOPMENT EXPENSES | 3. RESEARCH AND DEVELOPMENT EXPENSES Our research and development costs are expensed as incurred. We incurred research and development expenses during the three month periods ended June 30, 2021 and 2020, which are included in various operating expense line items in the accompanying condensed consolidated statements of operations. Our research and development expenses in those periods were as follows: Research and Development expenses June 30, June 30, 2021 2020 Three months ended $ 587,687 $ 377,167 |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Jun. 30, 2021 | |
Recent Accounting Pronouncements | |
RECENT ACCOUNTING PRONOUNCEMENTS | 4. RECENT ACCOUNTING PRONOUNCEMENTS On April 1, 2019, the Company adopted ASC Topic 842, Leases, utilizing the alternative transition method allowed for under this guidance. As a result, the Company recorded lease liabilities and right-of-use lease assets of $ 228,694 Topic 842 also allows lessees and lessors to elect certain practical expedients. The Company elected the following practical expedients: · Transitional practical expedients, which must be elected as a package and applied consistently to all of the Company’s leases: The Company need not reassess whether any expired or existing contracts are or contain leases. The Company need not reassess the lease classification for any expired or existing leases (that is, all existing leases that were classified as operating leases in accordance with the previous guidance will be classified as operating leases, and all existing leases that were classified as capital leases in accordance with the previous guidance will be classified as finance leases). The Company need not reassess initial direct costs for any existing leases. · Hindsight practical expedient. The Company elected the hindsight practical expedient in determining the lease term (that is, when considering lessee options to extend or terminate the lease and to purchase the underlying asset) and in assessing impairment of the Company’s right-of-use assets. |
EQUITY TRANSACTIONS IN THE THRE
EQUITY TRANSACTIONS IN THE THREE MONTHS ENDED JUNE 30, 2021 | 3 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
EQUITY TRANSACTIONS IN THE THREE MONTHS ENDED JUNE 30, 2021 | 5. EQUITY TRANSACTIONS IN THE THREE MONTHS ENDED JUNE 30, 2021 Common Stock Sales Agreement with H.C. Wainwright & Co., LLC On March 22, 2021, we entered into an At the Market Offering Agreement, or the Offering Agreement, with H.C. Wainwright & Co., LLC, or Wainwright, as sales agent, pursuant to which we may offer and sell shares of our common stock, from time to time as set forth in the Offering Agreement. The offering was registered under the , pursuant to our shelf registration statement on Form pursuant to which we may offer and sell shares of common stock having an aggregate offering price of up to $5,080,000 from time to time. Subject to the terms and conditions set forth in the Offering Agreement, Wainwright agreed to use its commercially reasonable efforts consistent with its normal trading and sales practices to sell the shares under the Offering Agreement from time to time, based upon our instructions. We provided Wainwright with customary indemnification rights under the Offering Agreement, and Wainwright is entitled to a commission at a fixed rate equal to three percent of the gross proceeds per share sold. In addition, we agreed to reimburse Wainwright for certain specified expenses in connection with entering into the Offering Agreement. The Offering Agreement will terminate upon the written termination by either party as permitted thereunder. Sales of the shares, if any, under the Offering Agreement will be made in transactions that are deemed to be “at the market offerings” as defined in Rule 415 under the Securities Act, including sales made by means of ordinary brokers’ transactions, including on the Nasdaq Capital Market, at market prices or as otherwise agreed with Wainwright. We have no obligation under the Offering Agreement to sell any of the shares, and, at any time, we may suspend offers under the Offering Agreement or terminate the agreement. In the three months ended June 30, 2021, we raised aggregate net proceeds under the Offering Agreement described above of $ 4,947,785 126,922 2,154 626,000 7.90 Registered Direct Financing In the three months ended June 30, 2021, we sold an aggregate of 1,380,555 9.00 11,659,044 Warrant Exercises In the three months ended June 30, 2021, pursuant to the exercise of outstanding warrants to purchase 531,167 820,938 Also in the three months ended June 30, 2021, pursuant to the exercise of 874,664 675,554 199,110 Stock Option Exercises In the three months ended June 30, 2021, former employees paid us an aggregate of $ 28,325 11,562 Restricted Stock Unit Grants In 2012, as amended through October 30, 2020, our Board of Directors established the Non-Employee Directors Compensation Program, to provide for cash and equity compensation for persons serving as non-employee directors of the Company. Under this program, each new director receives either stock options or a grant of restricted stock units, or RSUs, as well as an annual grant of RSUs at the beginning of each fiscal year. The RSUs are subject to vesting and represent the right to be issued on a future date shares of our common stock upon vesting. On April 1, 2021, pursuant to the terms of the Company’s 2012 Non-Employee Directors Compensation Program, as amended, or the Directors Plan, the Compensation Committee of the Board granted RSUs under the Company’s 2020 Equity Incentive Plan, or 2020 Plan, to each non-employee director of the Company. The Director’s Plan provides for a grant of $50,000 worth of RSUs at the beginning of each fiscal year, priced at the average for the closing prices for the five days preceding and including the date of grant, or $2.06 per share as of April 1, 2021. Each eligible director was granted an RSU in the amount of 24,295 In June 2021, 18,221 7,289 35,786 RSUs outstanding that have vested as of, and are expected to vest subsequent to, June 30, 2021 are as follows: Schedule of RSU activity Number of RSUs Vested – Expected to vest 54,664 Total 54,664 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 6. RELATED PARTY TRANSACTIONS During the three months ended June 30, 2021, we accrued unpaid fees of $ 52,000 Due to related parties June 30, 2021 March 31, 2021 Accrued Board fees $ 52,000 $ 52,000 Accrued vacation to all employees 67,578 66,520 Total due to related parties $ 119,578 $ 118,520 |
OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES | 3 Months Ended |
Jun. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
OTHER CURRENT LIABILITIES | 7. OTHER CURRENT LIABILITIES Other current liabilities were comprised of the following items: Other Current Liabilities June 30, March 31, 2021 2021 Accrued separation expenses for former executive (see Note 12) $ 167,743 $ 284,270 Accrued professional fees 468,644 477,366 Total other current liabilities $ 636,387 $ 761,636 |
STOCK COMPENSATION
STOCK COMPENSATION | 3 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
STOCK COMPENSATION | 8. STOCK COMPENSATION The following tables summarize share-based compensation expenses relating to RSUs and stock options and the effect on basic and diluted loss per common share during the three month periods ended June 30, 2021 and 2020: Share-based compensation expense relating to RSUs Three Months Three Months Vesting of stock options and restricted stock units $ 120,154 $ 84,207 Total stock-based compensation expense $ 120,154 $ 84,207 Weighted average number of common shares outstanding – basic and diluted 12,828,816 9,632,977 Basic and diluted loss per common share attributable to stock-based compensation expense $ (0.01 ) $ (0.01 ) All of the stock-based compensation expense recorded during the three months ended June 30, 2021 and 2020, which totaled $ 120,154 84,207 We review share-based compensation on a quarterly basis for changes to the estimate of expected award forfeitures based on actual forfeiture experience. The cumulative effect of adjusting the forfeiture rate for all expense amortization is recognized in the period the forfeiture estimate is changed. The effect of forfeiture adjustments for the three months ended June 30, 2021 was insignificant. Stock Option Activity During the three months ended June 30, 2021, we issued a stock option grant to our CEO for the purchase of 266,888 5.17 We did not issue any stock options during the three months ended June 30, 2020. Options outstanding that have vested as of June 30, 2021 and options that are expected to vest subsequent to June 30, 2021 are as follows: Options outstanding that have vested and are expected to vest Number of Weighted Weighted Vested 87,210 $ 8.83 8.29 Expected to vest 926,449 $ 2.76 9.43 Total 1,013,659 A summary of stock option activity during the three months ended June 30, 2021 is presented below: Schedule of stock option activity Amount Range of Weighted Stock options outstanding at March 31, 2021 844,089 $ 1.28 - 142.50 $ 3.07 Exercised (11,562 ) $ 2.45 $ 2.45 Granted 266,888 $ 5.17 $ 5.17 Cancelled/Expired (85,756 ) $ 2.45 - 18.75 $ 7.22 Stock options outstanding at June 30, 2021 1,013,659 $ 1.28 - 142.50 $ 2.76 Stock options exercisable at June 30, 2021 87,210 $ 1.28 - 142.50 $ 8.83 On June 30, 2021, our stock options had an intrinsic value of approximately $ 1,664,000 4.92 At June 30, 2021, there was approximately $ 3,722,000 7.7 |
WARRANTS
WARRANTS | 3 Months Ended |
Jun. 30, 2021 | |
Warrants | |
WARRANTS | 9. WARRANTS During the three months ended June 30, 2021 and 2020, we did not issue any warrants. A summary of warrant activity during the three months ended June 30, 2021 is presented below: Schedule of Warrant Activity Amount Range of Weighted Warrants outstanding at March 31, 2021 1,991,973 $ 1.50 - 99.00 $ 5.23 Exercised (1,206,721 ) $ 1.50 – 2.50 $ 2.21 Cancelled/Expired (199,111 ) $ 1.50 – 2.75 $ 2.74 Warrants outstanding at June 30, 2021 586,141 $ 1.50 – 99.00 $ 12.28 Warrants exercisable at June 30, 2021 586,141 $ 1.50 – 99.00 $ 12.28 |
GOVERNMENT CONTRACTS AND RELATE
GOVERNMENT CONTRACTS AND RELATED REVENUE RECOGNITION | 3 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
GOVERNMENT CONTRACTS AND RELATED REVENUE RECOGNITION | 10. GOVERNMENT CONTRACTS AND RELATED REVENUE RECOGNITION We entered into the following contracts with the National Cancer Institute, or NCI, part of the National Institutes of Health, or NIH, over the past two years: Phase 2 Melanoma Cancer Contract On September 12, 2019, the NCI awarded to us an SBIR Phase II Award Contract, for NIH/NCI Topic 359, entitled “A Device Prototype for Isolation of Melanoma Exosomes for Diagnostics and Treatment Monitoring”, or the Award Contract. The Award Contract amount is $ 1,860,561 The work to be performed pursuant to this Award Contract will focus on melanoma exosomes. This work follows from our completion of a Phase I contract for the Topic 359 solicitation that ran from September 2017 through June 2018, as described below. Following on the Phase I work, the deliverables in the Phase II program involve the design and testing of a pre-commercial prototype of a more advanced version of the exosome isolation platform. We recorded $ 114,849 We did not record any government contract revenue during the three months ended June 30, 2020 as we did not achieve certain milestones for that period. Subaward with University of Pittsburgh In 2020, we entered into a cost reimbursable subaward arrangement with the University of Pittsburgh in connection with an NIH contract entitled “Depleting Exosomes to Improve Responses to Immune Therapy in HNNCC.” Our share of the award is $ 256,750 17,117 |
SEGMENTS
SEGMENTS | 3 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
SEGMENTS | 11. SEGMENTS We operate our businesses principally through two reportable segments: Aethlon, which represents our therapeutic business activities, and ESI, which represents our diagnostic business activities. Our reportable segments have been determined based on the nature of the potential products being developed. We record discrete financial information for ESI and our chief operating decision maker reviews ESI’s operating results in order to make decisions about resources to be allocated to the ESI segment and to assess its performance. Aethlon’s revenue is generated primarily from government contracts to date and ESI does not yet have any revenues. We have not included any allocation of corporate overhead to the ESI segment. The following tables set forth certain information regarding our segments: Schedule of segment activity Three Months Ended June 30, 2021 2020 Revenues: Aethlon $ 131,966 $ – ESI – – Total Revenues $ 131,966 $ – Operating Losses: Aethlon $ (2,092,638 ) $ (1,406,103 ) ESI (5,675 ) (4,315 ) Total Operating Loss $ (2,098,313 ) $ (1,410,418 ) Net Losses: Aethlon $ (2,092,763 ) $ (1,406,831 ) ESI (5,675 ) (4,315 ) Net Loss Before Non-Controlling Interests $ (2,098,438 ) $ (1,411,146 ) Cash: Aethlon $ 25,171,482 $ 15,721,419 ESI 197 197 Total Cash $ 25,171,679 $ 15,721,616 Total Assets: Aethlon $ 25,866,814 $ 16,427,057 ESI 197 197 Total Assets $ 25,867,011 $ 16,427,254 Capital Expenditures: Aethlon $ 38,374 $ 17,809 ESI – – Capital Expenditures $ 38,374 $ 17,809 Depreciation and Amortization: Aethlon $ 11,666 $ 8,770 ESI – – Total Depreciation and Amortization $ 11,666 $ 8,770 Interest Expense: Aethlon $ (125 ) $ (728 ) ESI – – Total Interest Expense $ (125 ) $ (728 ) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 12. COMMITMENTS AND CONTINGENCIES CONTRACTUAL OBLIGATIONS AND COMMITMENTS There have been no material changes to our contractual obligations and commitments outside the ordinary course of business from those disclosed under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations-Contractual Obligations and Commitments” as contained in our Annual Report on Form 10-K for the year ended March 31, 2021, filed by us with the SEC on June 24, 2021. SEPARATION AGREEMENT On October 30, 2020, we entered into a Separation Agreement with Timothy Rodell, M.D., our former Chief Executive Officer, or the Separation Agreement. Under the Separation Agreement, we agreed to pay Dr. Rodell a total of $ 444,729 The total expense accrued at June 30, 2021 relating to the Separation Agreement, was $ 167,743 LEASE COMMITMENTS We currently lease approximately 2,600 square feet of executive office space at 9635 Granite Ridge Drive, Suite 100, San Diego , We also rent approximately 1,700 square feet of laboratory space at 11585 Sorrento Valley Road, Suite 109, San Diego, California 92121 at the rate of $6,148 per month on a one-year lease that originally was to expire on November 30, 2020. In December 2020, we entered into a short-term lease extension running from December 1, 2020 through the completion date of our construction of our planned new laboratory space which is adjacent to our current laboratory. Rent expense, which is included in general and administrative expenses, approximated $ 48,000 44,000 Future minimum lease payments under the Granite Ridge Lease as of June 30, 2021, are as follows: Lease commitments July 1, 2021 through August 31, 2021 $ 16,835 Less: discount - Total lease liability $ 16,835 During the fiscal year ended March 31, 2020, we adopted ASU Topic 842 on April 1, 2019 utilizing the alternative transition method allowed for under this guidance. As a result, we recorded lease liabilities and right-of-use lease assets of $ 228,694 In December 2020, we entered into an agreement to lease approximately 2,823 square feet of office space and 1,807 square feet of laboratory space. The agreement carries a term of 63 months and we will commence paying rent when we take occupancy of those spaces, which is expected to occur in the second half of 2021. Upon taking occupancy of the space, we will record lease liabilities and right-of-use lease assets related to this agreement on our balance sheet. We estimate that the present value of the contractual payments under the lease agreement to be approximately $ 806,000 In addition, the new lease agreement required us to post a standby letter of credit in favor of the landlord in the amount of $ 46,726 LEGAL MATTERS From time to time, claims are made against us in the ordinary course of business, which could result in litigation. Claims and associated litigation are subject to inherent uncertainties and unfavorable outcomes could occur, such as monetary damages, fines, penalties or injunctions prohibiting us from selling one or more products or engaging in other activities. The occurrence of an unfavorable outcome in any specific period could have a material adverse effect on our results of operations for that period or future periods. We are not presently a party to any pending or threatened legal proceedings. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 13. SUBSEQUENT EVENTS Management has evaluated events subsequent to June 30, 2021 through the date that the accompanying condensed consolidated financial statements were filed with the SEC for transactions and other events which may require adjustment of and/or disclosure in such financial statements. |
NATURE OF BUSINESS AND BASIS _2
NATURE OF BUSINESS AND BASIS OF PRESENTATION ORGANIZATION (Policies) | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Use of Estimates | Basis of Presentation and Use of Estimates The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 8 of the Securities and Exchange Commission, or SEC Regulation S-X. Accordingly, they should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended March 31, 2021, included in the Company’s Annual Report on Form 10-K filed with the SEC on June 24, 2021. The accompanying unaudited condensed consolidated financial statements include the accounts of Aethlon Medical, Inc. and its majority-owned subsidiary. All significant inter-company transactions and balances have been eliminated in consolidation. The unaudited condensed consolidated financial statements contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the condensed consolidated financial statements as of and for the three months ended June 30, 2021, and the condensed consolidated statement of cash flows for the three months ended June 30, 2021. Estimates were made relating to useful lives of fixed assets, impairment of assets, share-based compensation expense and accruals for clinical trial and research and development expenses. Actual results could differ materially from those estimates. The accompanying condensed consolidated balance sheet at March 31, 2021 has been derived from the audited consolidated balance sheet at March 31, 2021, contained in the above referenced 10-K. The results of operations for the three months ended June 30, 2021 are not necessarily indicative of the results to be expected for the full year or any future interim periods. |
Reclassifications | Reclassifications Certain prior year balances within the unaudited condensed consolidated financial statements have been reclassified to conform to the current year presentation. |
LIQUIDITY AND GOING CONCERN | LIQUIDITY AND GOING CONCERN Management expects existing cash as of June 30, 2021 to be sufficient to fund the Company’s operations for at least twelve months from the issuance date of these condensed consolidated financial statements. |
Restricted Cash | Restricted Cash To comply with the terms of our new laboratory and office lease, we caused our bank to issue a standby letter of credit, or the L/C, in the amount of $ 46,726 |
RESEARCH AND DEVELOPMENT EXPE_2
RESEARCH AND DEVELOPMENT EXPENSES (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Research and Development [Abstract] | |
Research and Development expenses | Research and Development expenses June 30, June 30, 2021 2020 Three months ended $ 587,687 $ 377,167 |
EQUITY TRANSACTIONS IN THE TH_2
EQUITY TRANSACTIONS IN THE THREE MONTHS ENDED JUNE 30, 2021 (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of RSU activity | Schedule of RSU activity Number of RSUs Vested – Expected to vest 54,664 Total 54,664 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Due to related parties | Due to related parties June 30, 2021 March 31, 2021 Accrued Board fees $ 52,000 $ 52,000 Accrued vacation to all employees 67,578 66,520 Total due to related parties $ 119,578 $ 118,520 |
OTHER CURRENT LIABILITIES (Tabl
OTHER CURRENT LIABILITIES (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | Other Current Liabilities June 30, March 31, 2021 2021 Accrued separation expenses for former executive (see Note 12) $ 167,743 $ 284,270 Accrued professional fees 468,644 477,366 Total other current liabilities $ 636,387 $ 761,636 |
STOCK COMPENSATION (Tables)
STOCK COMPENSATION (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Share-based compensation expense relating to RSUs | Share-based compensation expense relating to RSUs Three Months Three Months Vesting of stock options and restricted stock units $ 120,154 $ 84,207 Total stock-based compensation expense $ 120,154 $ 84,207 Weighted average number of common shares outstanding – basic and diluted 12,828,816 9,632,977 Basic and diluted loss per common share attributable to stock-based compensation expense $ (0.01 ) $ (0.01 ) |
Options outstanding that have vested and are expected to vest | Options outstanding that have vested and are expected to vest Number of Weighted Weighted Vested 87,210 $ 8.83 8.29 Expected to vest 926,449 $ 2.76 9.43 Total 1,013,659 |
Schedule of stock option activity | Schedule of stock option activity Amount Range of Weighted Stock options outstanding at March 31, 2021 844,089 $ 1.28 - 142.50 $ 3.07 Exercised (11,562 ) $ 2.45 $ 2.45 Granted 266,888 $ 5.17 $ 5.17 Cancelled/Expired (85,756 ) $ 2.45 - 18.75 $ 7.22 Stock options outstanding at June 30, 2021 1,013,659 $ 1.28 - 142.50 $ 2.76 Stock options exercisable at June 30, 2021 87,210 $ 1.28 - 142.50 $ 8.83 |
WARRANTS (Tables)
WARRANTS (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Warrants | |
Schedule of Warrant Activity | Schedule of Warrant Activity Amount Range of Weighted Warrants outstanding at March 31, 2021 1,991,973 $ 1.50 - 99.00 $ 5.23 Exercised (1,206,721 ) $ 1.50 – 2.50 $ 2.21 Cancelled/Expired (199,111 ) $ 1.50 – 2.75 $ 2.74 Warrants outstanding at June 30, 2021 586,141 $ 1.50 – 99.00 $ 12.28 Warrants exercisable at June 30, 2021 586,141 $ 1.50 – 99.00 $ 12.28 |
SEGMENTS (Tables)
SEGMENTS (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of segment activity | Schedule of segment activity Three Months Ended June 30, 2021 2020 Revenues: Aethlon $ 131,966 $ – ESI – – Total Revenues $ 131,966 $ – Operating Losses: Aethlon $ (2,092,638 ) $ (1,406,103 ) ESI (5,675 ) (4,315 ) Total Operating Loss $ (2,098,313 ) $ (1,410,418 ) Net Losses: Aethlon $ (2,092,763 ) $ (1,406,831 ) ESI (5,675 ) (4,315 ) Net Loss Before Non-Controlling Interests $ (2,098,438 ) $ (1,411,146 ) Cash: Aethlon $ 25,171,482 $ 15,721,419 ESI 197 197 Total Cash $ 25,171,679 $ 15,721,616 Total Assets: Aethlon $ 25,866,814 $ 16,427,057 ESI 197 197 Total Assets $ 25,867,011 $ 16,427,254 Capital Expenditures: Aethlon $ 38,374 $ 17,809 ESI – – Capital Expenditures $ 38,374 $ 17,809 Depreciation and Amortization: Aethlon $ 11,666 $ 8,770 ESI – – Total Depreciation and Amortization $ 11,666 $ 8,770 Interest Expense: Aethlon $ (125 ) $ (728 ) ESI – – Total Interest Expense $ (125 ) $ (728 ) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lease commitments | Lease commitments July 1, 2021 through August 31, 2021 $ 16,835 Less: discount - Total lease liability $ 16,835 |
NATURE OF BUSINESS AND BASIS _3
NATURE OF BUSINESS AND BASIS OF PRESENTATION ORGANIZATION (Details Narrative) | Jun. 30, 2021USD ($) |
Restricted Cash [Member] | |
Cash and Cash Equivalents [Line Items] | |
Security deposit | $ 46,726 |
LOSS PER COMMON SHARE (Details
LOSS PER COMMON SHARE (Details Narrative) - shares | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||
Antidilutive shares | 1,654,464 | 2,150,690 |
RESEARCH AND DEVELOPMENT EXPE_3
RESEARCH AND DEVELOPMENT EXPENSES (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Research and Development [Abstract] | ||
Research and development expense | $ 587,687 | $ 377,167 |
RECENT ACCOUNTING PRONOUNCEME_2
RECENT ACCOUNTING PRONOUNCEMENTS (Details Narrative) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 | Apr. 02, 2020 | Apr. 01, 2019 |
Recent Accounting Pronouncements | ||||
Right-of-use lease asset | $ 15,722 | $ 40,363 | $ 228,694 | $ 228,694 |
Lease liability | $ 228,694 |
EQUITY TRANSACTIONS (Details -
EQUITY TRANSACTIONS (Details - RSU's outstanding) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Jun. 30, 2021shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSU's vested | 0 |
RSU's expected to vest | 54,664 |
Total RSU's outstanding | 54,664 |
EQUITY TRANSACTIONS IN THE TH_3
EQUITY TRANSACTIONS IN THE THREE MONTHS ENDED JUNE 30, 2021 (Details Narrative) - USD ($) | Apr. 02, 2021 | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Subsidiary, Sale of Stock [Line Items] | ||||
[custom:WarrantsCancelled] | 199,110 | |||
Payments to satify tax withholding | $ 35,786 | $ 24,251 | ||
Equity Option [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Stock issued for exercise of options, shares | $ 28,325 | |||
Stock issued for exercise of options, value | 11,562 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Conversion of Stock, Shares Converted | 18,221 | |||
Restricted Stock Units (RSUs) [Member] | Non Employee Directors [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Stock cancelled in exchange for withholding tax, shares | 7,289 | |||
Payments to satify tax withholding | $ 35,786 | |||
Restricted Stock Units (RSUs) [Member] | Plan 2020 [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 24,295 | |||
Common Stock [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Conversion of Stock, Shares Issued | 18,221 | |||
Warrants [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Issuances of common stock for cash under warrant exercises, shares | 531,167 | |||
Issuances of common stock for cash under warrant exercises | $ 820,938 | |||
Warrants Cashless Basis [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
[custom:WarrantsExercisedCashlessBasis] | 874,664 | |||
[custom:StockIssuedFromExerciseOfWarrantsCashlessBasis] | 675,554 | |||
Maxim Group L L C [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Share price | $ 9 | $ 9 | ||
Maxim Group L L C [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Stock Issued During Period, Value, New Issues | $ 11,659,044 | |||
Stock issued new, shares issued | 1,380,555 | |||
Offering Agreement [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Stock Issued During Period, Value, New Issues | $ 4,947,785 | |||
Stock issued new, shares issued | 626,000 | |||
Stock sale - average price per share | $ 7.90 | |||
Offering Agreement [Member] | Hc Wainwright [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Payment of commissions | $ 126,922 | |||
Payment of stock issuance costs | $ 2,154 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Related Party Transaction [Line Items] | ||
Due to related parties | $ 119,578 | $ 118,520 |
Accrued Board Fees [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 52,000 | 52,000 |
Accrued Vacation [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | $ 67,578 | $ 66,520 |
RELATED PARTY TRANSACTIONS (D_2
RELATED PARTY TRANSACTIONS (Details Narrative) | Jun. 30, 2021USD ($) |
Related Party Transactions [Abstract] | |
[custom:AccruedDirectorFees-0] | $ 52,000 |
OTHER CURRENT LIABILITIES (Deta
OTHER CURRENT LIABILITIES (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Other Liabilities Disclosure [Abstract] | ||
Accrued separation expenses for former executive (see Note 12) | $ 167,743 | $ 284,270 |
Accrued professional fees | 468,644 | 477,366 |
Total other current liabilities | $ 636,387 | $ 761,636 |
STOCK COMPENSATION (Details - S
STOCK COMPENSATION (Details - Stock compensation) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Interim Period, Costs Not Allocable [Line Items] | ||
Total stock-based compensation expense | $ 120,154 | $ 84,207 |
Weighted average number of common shares outstanding- basic and diluted | 12,828,816 | 9,632,977 |
Basic and diluted loss per common share attributable to stock-based compensation expense | $ (0.16) | $ (0.15) |
Vesting Options [Member] | ||
Interim Period, Costs Not Allocable [Line Items] | ||
Total stock-based compensation expense | $ 120,154 | $ 84,207 |
Share Based Compensation [Member] | ||
Interim Period, Costs Not Allocable [Line Items] | ||
Basic and diluted loss per common share attributable to stock-based compensation expense | $ (0.01) | $ (0.01) |
STOCK COMPENSATION (Details - O
STOCK COMPENSATION (Details - Options vested and expected to vest) - Equity Option [Member] | 3 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options vested | 87,210 |
Weighted average exercise price options vested | $ / shares | $ 8.83 |
Weighted average remaining contractual term options vested | 8 years 3 months 14 days |
Options expected to vest | 926,449 |
Weighted average exercise price options expected to vest | $ / shares | $ 2.76 |
Weighted average remaining contractual term options expected to vest | 9 years 5 months 4 days |
Total options outstanding | 1,013,659 |
STOCK COMPENSATION (Details -_2
STOCK COMPENSATION (Details - Option activity) - Options Held [Member] | 3 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock options Outstanding, beginning balance | shares | 844,089 |
Range of exercise prices, Option beginning | 1.28 - 142.50 |
Outstanding, Weighted Average Exercise Price, beginning price | $ / shares | $ 3.07 |
Stock options exercised | shares | (11,562) |
Range of exercise prices, Option Exercised | 2.45 |
Exercised, Weighted Average Exercise Price | $ / shares | $ 2.45 |
Stock options granted | shares | 266,888 |
Range of exercise prices, Option Granted | 5.17 |
Granted, Weighted Average Exercise Price | $ / shares | $ 5.17 |
Stock options cancelled/forfeited | shares | (85,756) |
Range of exercise prices, Option cancelled/expired | 2.45 - 18.75 |
Cancelled/Forfeited, Weighted Average Exercise Price | $ / shares | $ 7.22 |
Stock options outstanding, ending balance | shares | 1,013,659 |
Range of exercise prices, Option ending | 1.28 - 142.50 |
Outstanding Weighted Average Exercise Price, ending price | $ / shares | $ 2.76 |
Stock options exercisable | shares | 87,210 |
Range of exercise prices, Option exercisable | 1.28 - 142.50 |
Exercisable, Weighted Average Exercise Price | $ / shares | $ 8.83 |
STOCK COMPENSATION (Details Nar
STOCK COMPENSATION (Details Narrative) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock based compensation | $ 120,154 | $ 84,207 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 1,664,000 | |
Unrecognized compensation costs | $ 3,722,000 | |
Unrecognized compensation cost amortization period | 7 years 8 months 12 days | |
Options Held [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share price | $ 5.17 | |
Share price | $ 4.92 | |
Equity 2020 Plan [Member] | C E O [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options granted | 266,888 | |
Share price | $ 5.17 |
WARRANTS (Details)
WARRANTS (Details) - Warrant [Member] | 3 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Warrants Outstanding, Beginning | shares | 1,991,973 |
Range of Exercise Price Outstanding, Beginning | 1.50 - 99.00 |
Weighted Average Exercise Price Outstanding, Beginning | $ / shares | $ 5.23 |
Number of Warrants Cancelled/Expired | shares | (1,206,721) |
Range of Exercise Price, Exercised | 1.50 – 2.50 |
Weighted Average Exercise Price, Exercised | $ / shares | $ 2.21 |
Number of Warrants Cancelled/Expired | shares | (199,111) |
Range of Exercise Price Cancelled/Expired | 1.50 – 2.75 |
Weighted Average Exercise Price Cancelled/Expired | $ / shares | $ 2.74 |
Number of Warrants Outstanding, Ending | shares | 586,141 |
Range of Exercise Price Outstanding, Ending | 1.50 – 99.00 |
Weighted Average Exercise Price Outstanding, Ending | $ / shares | $ 12.28 |
Number of Warrants Exercisable, Ending | shares | 586,141 |
Range of Exercise Price Exercisable | 1.50 – 99.00 |
Weighted Average Exercise Price Exercisable | $ / shares | $ 12.28 |
GOVERNMENT CONTRACTS AND RELA_2
GOVERNMENT CONTRACTS AND RELATED REVENUE RECOGNITION (Details Narrative) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Revenue | $ 131,966 | $ 0 |
Melanoma Cancer Contract Phase 2 [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Award Contract amount | 1,860,561 | |
Contract revenue | 114,849 | |
Subaward With University Of Pittsburgh [Member] | ||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Award Contract amount | 256,750 | |
Revenue | $ 17,117 |
SEGMENTS (Details)
SEGMENTS (Details) - USD ($) | 3 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 131,966 | $ 0 | |
Operating Losses | (2,098,313) | (1,410,418) | |
Net Losses | (2,098,438) | (1,411,146) | |
Cash | 25,171,679 | 15,721,616 | $ 9,861,575 |
Total Assets | 25,867,011 | 16,427,254 | $ 10,668,916 |
Capital Expenditures | 38,374 | 17,809 | |
Depreciation and Amortization | 11,666 | 8,770 | |
Interest Expense | (125) | (728) | |
Aethlon [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 131,966 | 0 | |
Operating Losses | (2,092,638) | (1,406,103) | |
Net Losses | (2,092,763) | (1,406,831) | |
Cash | 25,171,482 | 15,721,419 | |
Total Assets | 25,866,814 | 16,427,057 | |
Capital Expenditures | 38,374 | 17,809 | |
Depreciation and Amortization | 11,666 | 8,770 | |
Interest Expense | (125) | (728) | |
E S I [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Operating Losses | (5,675) | (4,315) | |
Net Losses | (5,675) | (4,315) | |
Cash | 197 | 197 | |
Total Assets | 197 | 197 | |
Capital Expenditures | 0 | 0 | |
Depreciation and Amortization | 0 | 0 | |
Interest Expense | $ 0 | $ 0 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details - Rent) - Granite Ridge [Member] | Jun. 30, 2021USD ($) |
Total lease payments | $ 16,835 |
Less: Discount | 0 |
Total lease liability | $ 16,835 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 8 Months Ended | ||||
Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Mar. 31, 2021 | Apr. 02, 2020 | Apr. 01, 2019 | |
Repurchase Agreement Counterparty [Line Items] | |||||||
Rent expense | $ 48,000 | $ 44,000 | |||||
Right-of-use lease asset | 15,722 | $ 15,722 | $ 40,363 | $ 228,694 | $ 228,694 | ||
Lease liability | $ 228,694 | ||||||
Lease Agreement [Member] | |||||||
Repurchase Agreement Counterparty [Line Items] | |||||||
Lease payment | $ 806,000 | ||||||
Letter of credit | 46,726 | 46,726 | |||||
Timothy Rodell [Member] | |||||||
Repurchase Agreement Counterparty [Line Items] | |||||||
Lease payment | 444,729 | ||||||
Accrued expenses | $ 167,743 | $ 167,743 |