Cover
Cover - shares | 3 Months Ended | |
Jun. 30, 2023 | Aug. 14, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 0-28034 | |
Entity Registrant Name | NORDICUS PARTNERS CORPORATION | |
Entity Central Index Key | 0001011060 | |
Entity Tax Identification Number | 04-3186647 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 3651 Lindell Road | |
Entity Address, Address Line Two | Suite D565 | |
Entity Address, City or Town | Las Vegas | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89103 | |
City Area Code | (424) | |
Local Phone Number | 256-8560 | |
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 | 10,796,248 |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 |
Current assets: | ||
Cash | $ 32,040 | $ 7,149 |
Receivable | 44,481 | |
Prepaids and other current assets | 775 | 770 |
Total current assets | 32,815 | 52,400 |
Website | 2,639 | 2,625 |
Investment in Myson, Inc. | 1,750,000 | |
Total Assets | 1,785,454 | 55,025 |
Current liabilities: | ||
Accounts payable and accrued expenses | 2,094 | 1,354 |
Total current liabilities | 23,153 | 27,367 |
Total Liabilities | 23,153 | 27,367 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock; $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding | ||
Common stock; $0.001 par value; 50,000,000 shares authorized; 10,796,248 and 8,296,248 shares issued; respectively | 10,796 | 8,296 |
Treasury stock, 1,534 shares at cost | (30,328) | (30,328) |
Common stock to be issued | 25,000 | |
Additional paid-in capital | 43,994,188 | 42,246,688 |
Accumulated other comprehensive income | 604 | 665 |
Accumulated deficit | (42,237,959) | (42,197,663) |
Total stockholders’ equity | 1,762,301 | 27,658 |
Total liabilities and stockholders’ equity | 1,785,454 | 55,025 |
Related Party [Member] | ||
Current liabilities: | ||
Accounts payable – related party | 7,173 | 12,127 |
Related party payable | $ 13,886 | $ 13,886 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Mar. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 10,796,248 | 8,296,248 |
Treasury stock, shares | 1,534 | 1,534 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating expenses: | ||
Officer compensation | $ 27,000 | |
Stock based compensation– related party | 5,009,771 | |
Professional fees | 19,925 | 9,004 |
General and administrative | 4,664 | 16,359 |
Total operating expenses | 51,589 | 5,035,134 |
Loss from operations | (51,589) | (5,035,134) |
Other income: | ||
Interest income | 1,913 | |
Other income | 9,380 | |
Total other income | 11,293 | |
Loss from operations before provision for income taxes | (40,296) | (5,035,134) |
Provision for income taxes | ||
Net loss | (40,296) | (5,035,134) |
Other comprehensive income: | ||
Foreign currency translation adjustment | (61) | |
Comprehensive Loss | $ (40,357) | $ (5,035,134) |
Net loss per common share - basic | $ 0 | $ (0.89) |
Net loss per common share - diluted | $ 0 | $ (0.89) |
Weighted average shared - basic | 8,570,973 | 5,681,248 |
Weighted average shared - diluted | 8,570,973 | 5,681,248 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] | Common Stock To Be Issued [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Mar. 31, 2022 | $ 5,681 | $ 33,944,605 | $ (33,725,447) | $ (30,328) | $ 194,511 | ||
Beginning balance, shares at Mar. 31, 2022 | 5,681,248 | ||||||
Net loss | (5,035,134) | (5,035,134) | |||||
Stock-based compensation - fair value of warrants– related party | 5,009,771 | 5,009,771 | |||||
Ending balance, value at Jun. 30, 2022 | $ 5,681 | 38,954,376 | (38,760,581) | (30,328) | 169,148 | ||
Ending balance, shares at Jun. 30, 2022 | 5,681,248 | ||||||
Beginning balance, value at Mar. 31, 2023 | $ 8,296 | 42,246,688 | (42,197,663) | (30,328) | 665 | 27,658 | |
Beginning balance, shares at Mar. 31, 2023 | 8,296,248 | ||||||
Shares issued for stock investment | $ 2,500 | 1,747,500 | 1,750,000 | ||||
Shares issued for stock investment, shares | 2,500,000 | ||||||
Exercise of warrants | 25,000 | 25,000 | |||||
Net loss | (40,296) | (61) | (40,357) | ||||
Ending balance, value at Jun. 30, 2023 | $ 10,796 | $ 43,994,188 | $ (42,237,959) | $ (30,328) | $ 25,000 | $ 604 | $ 1,762,301 |
Ending balance, shares at Jun. 30, 2023 | 10,796,248 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | |
Cash flows from operating activities: | |||
Net loss | $ (40,296) | $ (5,035,134) | |
Adjustments to reconcile net loss to net cash flows used in operating activities | |||
Stock-based compensation – related party | 5,009,771 | ||
Changes in assets and liabilities: | |||
Prepaid expenses | (19) | 1,750 | |
Receivables | 44,481 | ||
Accounts payable – related party | (4,954) | ||
Accounts payable and accrued expenses | 740 | (36,363) | |
Net cash used in operating activities | (48) | (59,976) | |
Cash flows from financing activities: | |||
Proceeds from exercise of warrants | 25,000 | ||
Net cash provided by financing activities | 25,000 | ||
Net change in cash | 24,952 | (59,976) | |
Effect of exchange rate on cash | (61) | ||
Cash at beginning of period | 7,149 | 245,945 | $ 245,945 |
Cash at end of period | 32,040 | 185,969 | $ 7,149 |
Supplemental disclosure of cash flow information: | |||
Income taxes paid | |||
Interest paid | |||
Supplemental disclosure of non-cash activity: | |||
Common stock issued for shares of Myson, Inc. | $ 1,750,000 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 3 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS Nordicus Partners Corporation (the “Company” “Nordicus”) was founded in 1993 as a subsidiary of PolyMedica Corporation. On January 31, 2020, we completed the sale of substantially all of our assets (the “Asset Sale”) for a total purchase price of $ 7,250,000 As a result of the Asset Sale, we ceased operating as a developer, manufacturer, marketer and seller of advanced polymers. Subsequent to the Closing Date, we became engaged in efforts to identify either an (i) operating company to acquire or merge with through an equity-based exchange transaction or (ii) investor interested in purchasing a majority interest in our common stock, whereby either transaction would likely result in a change in control. On October 12, 2021, we entered into a Stock Purchase Agreement (the “SPA”) with Reddington Partners LLC, a California limited liability company (“Reddington”) providing for the purchase of a total of 5,114,475 90 400,000 On March 3, 2020, we filed a Certificate of Amendment to the Company’s Certificate of Incorporation, which amendment was unanimously approved by our Board of Directors, to change our name AdvanSource Biomaterials Corporation to EKIMAS Corporation. Pursuant to the SPA, the Company effectuated a 1-for 50 reverse stock split 422,725 4,691,750 5,114,475 90 On February 23, 2023, the Company and Nordicus Partners A/S, a Danish stock corporation, consummated the transactions contemplated by that certain Contribution Agreement (the “Contribution Agreement”) by and among the Company, Nordicus, GK Partners, Henrik Rouf and Life Science Power House ApS (“LSPH”). GK Partners, Rouf and LSPH are collectively referred to herein as the “Sellers”, and each individually as a “Seller”). Pursuant to the Contribution Agreement the Sellers contributed, transferred, assigned and conveyed to the Company all right, title and interest in and to one hundred percent ( 100 2,500,000 0.001 100 On May 17, 2023, the Company changed its name to Nordicus Partners Corporation and its ticker symbol to NORD. On June 9, 2023, Tom Glaesner Larsen resigned from the Company’s board of directors, and the remaining board members appointed Henrik Keller as his replacement. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company’s unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company as of and for the three month period ending June 30, 2023, and not necessarily indicative of the results to be expected for the full year ending March 31, 2024. These unaudited financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2023. Use of Estimates The preparation of financial statements in conformity with 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 during the reporting period. Actual results could differ from those estimates. The Company’s accounting estimates include the collectability of receivables, useful lives of long-lived assets and recoverability of those assets, impairment in fair value of goodwill. Concentration of Credit Risk We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant credit risk on cash. Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no Principles of Consolidation The accompanying consolidated financial statements, includes the accounts of the Company and its wholly owned subsidiary, Nordicus Partners A/S. All significant intercompany transactions have been eliminated in consolidation. Translation Adjustment The accounts of the Company’s subsidiary are maintained in Danish krone. According to the Codification, all assets and liabilities were translated at the current exchange rate at respective balance sheets dates, members’ capital are translated at the historical rates and income statement items are translated at the average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income in accordance with the Comprehensive Income Topic of the Codification (ASC 220), as a component of Stockholders’ equity. Transaction gains and losses are reflected in the income statement. Comprehensive Income The Company uses SFAS 130 “Reporting Comprehensive Income” (ASC Topic 220). Comprehensive income is comprised of net income and all changes to the statements of Stockholders’ equity, except changes in paid-in capital and distributions to shareholders. Comprehensive income is included in net loss and foreign currency translation adjustments. Stock-based Compensation In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. Net Income (Loss) Per Common Share Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period. The weighted average number of common shares outstanding and potentially outstanding common shares assumes that the Company incorporated as of the beginning of the first period presented. As of June 30, 2023 and 2022, there were 6,610,000 5,860,000 Recently Issued Accounting Pronouncements The Company has implemented all new applicable accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3 - GOING CONCERN The Company’s financial statements have been prepared on a going concern basis, which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has not yet generated any revenue and has incurred losses since inception resulting in an accumulated deficit of $ 42,237,959 The ability to continue as a going concern is dependent upon the Company’s recent acquisition, its generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand, loans from third parties and/or private placement of common stock. The financial statements of the Company do not include any adjustments that may result from the outcome of these uncertainties. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4 - RELATED PARTY TRANSACTIONS Mr. Thomas Glasner Larsen is an affiliate of GK Partners and was a member of our board of directors from February 23, 2023, until his voluntary retirement on June 9, 2023. He was also a beneficial owner of a controlling interest in Nordicus Partners A/S until its acquisition by us on February 23, 2023. On April 11, 2022, effective April 1, 2022, we issued to GK Partners, for financial services, a warrant to immediately purchase up to 6,000,000 1.00 115,000 1.00 115,000 25,000 1.00 25,000 On February 23, 2023, pursuant to the Contribution Agreement by and among the Company, Nordicus Partners A/S, GK Partners ApS (“GK Partners”), Henrik Rouf and Life Science Power House ApS (“LSPH”), we issued 2,500,000 On June 20, 2023, the Company and GK Partners ApS (the “Seller”) entered into a Stock Purchase and Sale Agreement (the “Agreement”), under which the Seller sold to the Company 5,000,000 2,500,000 Mr. Bennett Yankowitz, our chief financial officer and a director, was affiliated with legal counsel who provided us with general legal services (the “Affiliate”). We recorded legal fees to the Affiliate of $ 10,924 11,557 7,713 2,217 As of March 31, 2023, the Company had a receivable of $ 44,481 On April 17, 2023, our Board of Directors approved an employment agreement for our chief executive officer, Henrik Rouf, and a consulting agreement for our chief financial officer, Bennett J. Yankowitz. Mr. Rouf’s employment agreement provides for a base salary of $ 72,000 one year Mr. Yankowitz’s consulting agreement provides for a base salary of $ 36,000 one year |
PREFERRED STOCK
PREFERRED STOCK | 3 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
PREFERRED STOCK | NOTE 5 - PREFERRED STOCK Preferred Stock We have authorized 5,000,000 0.001 500,000 500,000 |
COMMON STOCK TRANSACTIONS
COMMON STOCK TRANSACTIONS | 3 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
COMMON STOCK TRANSACTIONS | NOTE 6 - COMMON STOCK TRANSACTIONS On June 26, 2023, GK Partners exercised a portion of its warrant for 25,000 1.00 25,000 On June 20, 2023, the Company and GK Partners ApS entered into a Stock Purchase and Sale Agreement (the “Agreement”), under which the Seller sold to the Company 5,000,000 2,500,000 1,750,000 0.70 1.00 |
WARRANTS
WARRANTS | 3 Months Ended |
Jun. 30, 2023 | |
Warrants | |
WARRANTS | NOTE 7 - WARRANTS On April 11, 2022, effective April 1, 2022, we issued to GK Partners ApS, for financial services, a warrant to immediately purchase up to 6,000,000 1.00 December 31, 2023 1.00 1.22 1.75 699.79 0.0 2.44 7,316,971 On November 28, 2022, we issued 1) to David Volpe a warrant to purchase 500,000 250,000 1.00 December 31, 2027 1.00 1.12 5 206 0.0 3.88 825,000 SCHEDULE OF WARRANT ACTIVITIES Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Contract Term Intrinsic Value Outstanding, March 31, 2023 6,635,000 $ 1.00 1.21 $ — Issued — $ — — Cancelled — $ — — Exercised (25,000 ) $ — — Outstanding, June 30, 2023 6,610,000 $ 1.00 0.96 $ — |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 - SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements except as follows: On July 26, 2023, GK Partners exercised a portion of its warrant for an additional 25,000 1.00 25,000 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company as of and for the three month period ending June 30, 2023, and not necessarily indicative of the results to be expected for the full year ending March 31, 2024. These unaudited financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2023. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with 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 during the reporting period. Actual results could differ from those estimates. The Company’s accounting estimates include the collectability of receivables, useful lives of long-lived assets and recoverability of those assets, impairment in fair value of goodwill. |
Concentration of Credit Risk | Concentration of Credit Risk We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant credit risk on cash. |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements, includes the accounts of the Company and its wholly owned subsidiary, Nordicus Partners A/S. All significant intercompany transactions have been eliminated in consolidation. |
Translation Adjustment | Translation Adjustment The accounts of the Company’s subsidiary are maintained in Danish krone. According to the Codification, all assets and liabilities were translated at the current exchange rate at respective balance sheets dates, members’ capital are translated at the historical rates and income statement items are translated at the average exchange rate for the period. The resulting translation adjustments are reported under other comprehensive income in accordance with the Comprehensive Income Topic of the Codification (ASC 220), as a component of Stockholders’ equity. Transaction gains and losses are reflected in the income statement. |
Comprehensive Income | Comprehensive Income The Company uses SFAS 130 “Reporting Comprehensive Income” (ASC Topic 220). Comprehensive income is comprised of net income and all changes to the statements of Stockholders’ equity, except changes in paid-in capital and distributions to shareholders. Comprehensive income is included in net loss and foreign currency translation adjustments. |
Stock-based Compensation | Stock-based Compensation In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. |
Net Income (Loss) Per Common Share | Net Income (Loss) Per Common Share Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period. The weighted average number of common shares outstanding and potentially outstanding common shares assumes that the Company incorporated as of the beginning of the first period presented. As of June 30, 2023 and 2022, there were 6,610,000 5,860,000 |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements The Company has implemented all new applicable accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
WARRANTS (Tables)
WARRANTS (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Warrants | |
SCHEDULE OF WARRANT ACTIVITIES | SCHEDULE OF WARRANT ACTIVITIES Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Contract Term Intrinsic Value Outstanding, March 31, 2023 6,635,000 $ 1.00 1.21 $ — Issued — $ — — Cancelled — $ — — Exercised (25,000 ) $ — — Outstanding, June 30, 2023 6,610,000 $ 1.00 0.96 $ — |
ORGANIZATION AND DESCRIPTION _2
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) - USD ($) | 3 Months Ended | ||||||
Feb. 23, 2023 | Mar. 15, 2022 | Mar. 11, 2022 | Oct. 12, 2021 | Jan. 31, 2020 | Jun. 30, 2023 | Mar. 31, 2023 | |
Total cash consideration | $ 1,750,000 | ||||||
Common stock, par value | $ 0.001 | $ 0.001 | |||||
Contribution Agreement [Member] | |||||||
Stock issued during period, shares, new issues | 2,500,000 | ||||||
Percentage of outstanding common stock | 100% | ||||||
Common stock, par value | $ 0.001 | ||||||
Contribution Agreement [Member] | Nordicus Partners A/S [Member] | |||||||
Subsidiary, ownership percentage | 100% | ||||||
Reddington Partners LLC [Member] | Stock Purchase Agreement [Member] | |||||||
Stock issued during period, shares, new issues | 5,114,475 | ||||||
Percentage of outstanding common stock | 90% | ||||||
Total cash consideration | $ 400,000 | ||||||
Reverse stock split | 1-for 50 reverse stock split | ||||||
Reddington Partners LLC [Member] | Stock Purchase Agreement [Member] | First Closing [Member] | |||||||
Stock issued during period, shares, new issues | 422,725 | ||||||
Reddington Partners LLC [Member] | Stock Purchase Agreement [Member] | Second Closing [Member] | |||||||
Stock issued during period, shares, new issues | 4,691,750 | ||||||
Asset Purchase Agreement [Member] | |||||||
Purchase price of asset | $ 7,250,000 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | |
Accounting Policies [Abstract] | |||
Cash equivalents | $ 0 | $ 0 | |
Antidilutive securities | 6,610,000 | 5,860,000 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 42,237,959 | $ 42,197,663 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | |||||||||
Jun. 26, 2023 | Jun. 20, 2023 | Apr. 17, 2023 | Feb. 23, 2023 | Feb. 14, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Nov. 28, 2022 | Apr. 11, 2022 | |
Related Party Transaction [Line Items] | ||||||||||
Total proceeds | $ 1,750,000 | |||||||||
Receivable | $ 44,481 | |||||||||
Mr. Bennett Yankowitz [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Legal fees | 10,924 | $ 11,557 | ||||||||
Due to related party | 7,713 | 2,217 | ||||||||
GK Partners [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Receivable | $ 44,481 | |||||||||
Mr.Rouf [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Salary payment | $ 72,000 | |||||||||
Agreement term | 1 year | |||||||||
Mr. Yankowitz [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Salary payment | $ 36,000 | |||||||||
Agreement term | 1 year | |||||||||
GK Partners [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Total proceeds | $ 25,000 | $ 1,750,000 | $ 115,000 | |||||||
Stock Issued During Period, Shares, New Issues | 2,500,000 | |||||||||
GK Partners [Member] | Restricted Stock [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Shares issued | 2,500,000 | |||||||||
Myson, Inc. [Member] | Restricted Stock [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Shares issued | 5,000,000 | |||||||||
Common Stock [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Total proceeds | $ 2,500 | |||||||||
Stock Issued During Period, Shares, New Issues | 2,500,000 | |||||||||
Common Stock [Member] | GK Partners [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Warrant to purchase shares | 6,000,000 | |||||||||
Exercise price per share | $ 1 | |||||||||
Warrant [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Exercise price per share | $ 1 | |||||||||
Warrant [Member] | GK Partners [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Warrant to purchase shares | 25,000 | 115,000 | 6,000,000 | |||||||
Exercise price per share | $ 1 | $ 1 | $ 1 | $ 1 |
PREFERRED STOCK (Details Narrat
PREFERRED STOCK (Details Narrative) - $ / shares | 3 Months Ended | |
Jun. 30, 2023 | Mar. 31, 2023 | |
Class of Stock [Line Items] | ||
Preferred stock shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares issued and redeemed | 500,000 | |
Series A Junior Participating Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock shares authorized | 500,000 |
COMMON STOCK TRANSACTIONS (Deta
COMMON STOCK TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | |||||
Jun. 26, 2023 | Jun. 20, 2023 | Feb. 14, 2023 | Jun. 30, 2023 | Nov. 28, 2022 | Apr. 11, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Shares issued for stock investment | $ 1,750,000 | |||||
GK Partners [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Shares issued for stock investment | $ 25,000 | $ 1,750,000 | $ 115,000 | |||
Share price per share | $ 0.70 | |||||
GK Partners [Member] | Restricted Stock [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Shares issued | 2,500,000 | |||||
Myson, Inc. [Member] | Restricted Stock [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Shares issued | 5,000,000 | |||||
Warrant [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Exercise price per share | $ 1 | |||||
Warrant [Member] | GK Partners [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Warrant to purchase shares | 25,000 | 115,000 | 6,000,000 | |||
Exercise price per share | $ 1 | $ 1 | $ 1 | $ 1 |
SCHEDULE OF WARRANT ACTIVITIES
SCHEDULE OF WARRANT ACTIVITIES (Details) - Warrant [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Mar. 31, 2023 | |
Number of Warrants, Beginning balance | 6,635,000 | |
Weighted Average Exercise Price, Beginning balance | $ 1 | |
Weighted Average Remaining Contractual term,Outstanding | 11 months 15 days | 1 year 2 months 15 days |
Intrinsic Value, Beginning balance | ||
Number of Warrants, Issued | ||
Warrants Outstanding, Cancelled | ||
Number of Warrants, Exercised | (25,000) | |
Number of Warrants, Ending balance | 6,610,000 | 6,635,000 |
Weighted Average Exercise Price, Ending balance | $ 1 | $ 1 |
Intrinsic Value, Ending balances |
WARRANTS (Details Narrative)
WARRANTS (Details Narrative) | 3 Months Ended | 12 Months Ended | ||||||
Nov. 28, 2022 $ / shares shares | Apr. 11, 2022 $ / shares shares | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2023 USD ($) | Jun. 26, 2023 $ / shares shares | Jun. 20, 2023 $ / shares | Feb. 14, 2023 $ / shares shares | |
Stock based compensation | $ | $ 5,009,771 | |||||||
Total stock based compensation | $ | $ 825,000 | |||||||
Measurement Input, Exercise Price [Member] | ||||||||
Warrant measurement input | 1 | |||||||
Measurement Input, Share Price [Member] | ||||||||
Price per share | $ 1.12 | |||||||
Measurement Input, Expected Term [Member] | ||||||||
Expected term | 5 years | |||||||
Measurement Input, Price Volatility [Member] | ||||||||
Warrant measurement input | 206 | |||||||
Measurement Input, Expected Dividend Rate [Member] | ||||||||
Warrant measurement input | 0 | |||||||
Measurement Input, Risk Free Interest Rate [Member] | ||||||||
Warrant measurement input | 3.88 | |||||||
GK Partners [Member] | ||||||||
Price per share | $ 0.70 | |||||||
Stock based compensation | $ | $ 7,316,971 | |||||||
GK Partners [Member] | Measurement Input, Exercise Price [Member] | ||||||||
Warrant measurement input | 1 | |||||||
GK Partners [Member] | Measurement Input, Share Price [Member] | ||||||||
Price per share | $ 1.22 | |||||||
GK Partners [Member] | Measurement Input, Expected Term [Member] | ||||||||
Expected term | 1 year 9 months | |||||||
GK Partners [Member] | Measurement Input, Price Volatility [Member] | ||||||||
Warrant measurement input | 699.79 | |||||||
GK Partners [Member] | Measurement Input, Expected Dividend Rate [Member] | ||||||||
Warrant measurement input | 0 | |||||||
GK Partners [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||||
Warrant measurement input | 2.44 | |||||||
Warrant [Member] | ||||||||
Exercise price per share | $ 1 | |||||||
Exercise price per share | Dec. 31, 2027 | Dec. 31, 2023 | ||||||
Warrant [Member] | David Volpe [Member] | ||||||||
Warrant to purchase shares | shares | 500,000 | |||||||
Warrant [Member] | Bennett J. Yankowitz [Member] | ||||||||
Warrant to purchase shares | shares | 250,000 | |||||||
Warrant [Member] | GK Partners [Member] | ||||||||
Warrant to purchase shares | shares | 6,000,000 | 25,000 | 115,000 | |||||
Exercise price per share | $ 1 | $ 1 | $ 1 | $ 1 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Warrant [Member] - USD ($) | Jul. 26, 2023 | Jun. 26, 2023 | Jun. 20, 2023 | Feb. 14, 2023 | Nov. 28, 2022 | Apr. 11, 2022 |
Subsequent Event [Line Items] | ||||||
Exercise price per share | $ 1 | |||||
GK Partners [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Warrant to purchase shares | 25,000 | 115,000 | 6,000,000 | |||
Exercise price per share | $ 1 | $ 1 | $ 1 | $ 1 | ||
GK Partners [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Warrant to purchase shares | 25,000 | |||||
Exercise price per share | $ 1 | |||||
Proceeds from warrants | $ 25,000 |