Document and Entity Information
Document and Entity Information - USD ($) | Apr. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 |
Details | |||
Registrant Name | Kyto Technology & Life Science, Inc. | ||
Registrant CIK | 0001164888 | ||
SEC Form | 10-K | ||
Period End date | Mar. 31, 2019 | ||
Fiscal Year End | --03-31 | ||
Trading Symbol | KBPH | ||
Tax Identification Number (TIN) | 651086538 | ||
Number of common stock shares outstanding | 5,836,832 | ||
Public Float | $ 1,040,256 | ||
Filer Category | Non-accelerated Filer | ||
Current with reporting | Yes | ||
Voluntary filer | No | ||
Well-known Seasoned Issuer | No | ||
Shell Company | false | ||
Small Business | true | ||
Emerging Growth Company | false | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Incorporation, State Country Name | Florida | ||
Entity File Number | 000-50390 | ||
Entity Address, Address Line One | 13050 Paloma Road | ||
Entity Address, City or Town | Los Altos Hills | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94022 | ||
Entity Address, Address Description | Address of Principal Executive Office | ||
City Area Code | 408 | ||
Local Phone Number | 313 5830 | ||
Phone Fax Number Description | Registrant’s telephone number, including area code | ||
Entity Listing, Description | COMMON STOCK, $0.0001 PAR VALUE | ||
Entity Listing, Par Value Per Share | $ 0.0001 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Current Assets | ||
Cash | $ 93,634 | $ 4 |
Receivables | 1,000 | 0 |
Prepaid & other current assets | 0 | 7,500 |
Total Current Assets | 94,634 | 7,504 |
Investments | 1,498,048 | 0 |
Total Assets | 1,592,682 | 7,504 |
Current Liabilities | ||
Accounts payable & accrued liabilities | 21,700 | 13,030 |
Accrued liabilities & loans - related party | 7,250 | 311,430 |
Total Current Liabilities | 28,950 | 324,460 |
Commitments and Contingencies | 0 | 0 |
Stockholders' Equity (Deficit) | ||
Common Stock, Value, Issued | 584 | 314 |
Additional paid-in capital | 31,561,501 | 32,063,476 |
Accumulated deficit | (32,610,853) | (32,380,746) |
Total Stockholders' Equity (Deficit) | 1,563,732 | (316,956) |
Total Liabilities and Stockholders' Equity (Deficit) | 1,592,682 | 7,504 |
Series A Preferred Stock | ||
Stockholders' Equity (Deficit) | ||
Preferred Stock, Value, Issued | 2,612,500 | 0 |
Series B Preferred Stock | ||
Stockholders' Equity (Deficit) | ||
Preferred Stock, Value, Issued | $ 0 | $ 0 |
Balance Sheets - Parenthetical
Balance Sheets - Parenthetical - $ / shares | Mar. 31, 2019 | Mar. 31, 2018 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 5,836,832 | 3,139,747 |
Common Stock, Shares, Outstanding | 5,836,832 | 3,139,747 |
Series A Preferred Stock | ||
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
Preferred Stock, Shares Authorized | 4,000,000 | 4,000,000 |
Preferred Stock, Shares Issued | 2,612,500 | 0 |
Preferred Stock, Shares Outstanding | 2,612,500 | 0 |
Series B Preferred Stock | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.80 | $ 0.80 |
Preferred Stock, Shares Authorized | 1,500,000 | 1,500,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Details | ||
Revenue from sale of services | $ 9,000 | $ 0 |
Operating Expenses | ||
General and administrative | 239,082 | 90,827 |
Total Operating Expenses | 239,082 | 90,827 |
Loss from Operations | (230,082) | (90,827) |
Interest expense, net | (25) | 0 |
Net Loss before taxes | (230,107) | (90,827) |
Net income (tax) benefit | 0 | 0 |
Net Loss | $ (230,107) | $ (90,827) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 4,768,369 | 3,139,747 |
Net loss per share - basic and diluted | $ (0.05) | $ (0.03) |
Statements of Shareholders' Equ
Statements of Shareholders' Equity (Deficit) - USD ($) | Preferred Class A | Preferred Class B | Common Stock | Additional Paid-in Capital | Retained Earnings | Total |
Equity Balance, Starting at Mar. 31, 2017 | $ 0 | $ 0 | $ 314 | $ 32,063,476 | $ (32,289,919) | $ (226,129) |
Shares Outstanding, Starting at Mar. 31, 2017 | 0 | 3,139,747 | ||||
Net Income (Loss) | $ 0 | 0 | $ 0 | 0 | (90,827) | (90,827) |
Shares Outstanding, Ending at Mar. 31, 2018 | 0 | 3,139,747 | ||||
Equity Balance, Ending at Mar. 31, 2018 | $ 0 | 0 | $ 314 | 32,063,476 | (32,380,746) | (316,956) |
Stock Issued During Period, Value, New Issues | $ 2,212,500 | 0 | $ 0 | (442,500) | 0 | 1,770,000 |
Stock Issued During Period, Shares, New Issues | 2,212,500 | 0 | ||||
Stock Issued During Period, Value, Conversion of Convertible Securities, Net of Adjustments | $ 400,000 | 0 | $ 0 | (80,000) | 0 | 320,000 |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 400,000 | 0 | ||||
Stock Issued During Period, Value, Stock Options Exercised | $ 0 | 0 | $ 270 | 15,912 | 0 | 16,182 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 2,697,085 | ||||
Compensation expense on stock options | $ 0 | 0 | $ 0 | 4,613 | 0 | 4,613 |
Net Income (Loss) | $ 0 | 0 | $ 0 | 0 | (230,107) | (230,107) |
Shares Outstanding, Ending at Mar. 31, 2019 | 2,612,500 | 5,836,832 | ||||
Equity Balance, Ending at Mar. 31, 2019 | $ 2,612,500 | $ 0 | $ 584 | $ 31,561,501 | $ (32,610,853) | $ 1,563,732 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOW FROM OPERATING ACTIVITIES | ||
Net loss | $ (230,107) | $ (90,827) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Loss on conversion of related party debt | 5,099 | 0 |
Option compensation expense | 4,613 | 0 |
Increase / (decrease) in operating assets and liabilities | ||
Receivables | (1,000) | 0 |
Prepaid & other current assets | 7,500 | (7,500) |
Related party liabilities | 0 | 64,000 |
Accounts payable and accrued liabilities | 8,670 | 3,008 |
Total cash (used in) operating activities | (205,225) | (31,319) |
CASH FLOW FROM INVESTING ACTIVITIES | ||
Purchase of equity investments | (1,498,048) | 0 |
Total cash used in investing activities | (1,498,048) | 0 |
CASH FLOW FROM FINANCING ACTIVITIES | ||
Proceeds from sales of preferred stock | 1,770,000 | 0 |
Proceeds from exercise of options for common stock | 16,182 | 0 |
Advances from related party | 10,721 | 31,323 |
Total cash provided by financing activities | 1,796,903 | 31,323 |
Net increase in cash | 93,630 | 4 |
Cash, Beginning Balance | 4 | 0 |
Cash, Ending Balance | 93,634 | 4 |
Supplemental Cash Flow Information: | ||
Interest Paid | 25 | 0 |
Taxes Paid | 0 | 0 |
Non Cash Financing and Investing Activities | ||
Preferred shares issued for conversion of related party debt | $ 320,000 | $ 0 |
NOTE 1 - NATURE OF BUSINESS AND
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2019 | |
Notes | |
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (A) NATURE OF BUSINESS Kyto Technology and Life Science, Inc. was formed as a Florida corporation on March 5, 1999 under the name of B12 Inc. In August, 2002, the Company changed its name from B Twelve, Inc. to Kyto BioPharma Inc. and in May 2018, the name was changed again to Kyto Technology and Life Science, Inc. The Company was originally formed to acquire and develop innovative minimally toxic and non-immunosuppressive proprietary drugs for the treatment of cancer, arthritis, and other proliferate and autoimmune diseases and had been looking at a number of strategies to become active. In April, 2018, the Board adopted a new business plan focused on the development of early stage technology and life science businesses through early stage investment funding. The Company has recruited a number of experienced investment consultants from a network that includes angel investors, corporate managers, and successful entrepreneurs across a number of technology and life science products and markets and relies on input from these advisors in conducting due diligence and making investment decisions. In order to offset the risk in early stage investing, the Company works with angel investment groups and participates only after these groups have committed to invest and does not plan to invest more than $250,000 in any single investment. The Company plans to generate revenue from two sources: (i) the sale of advisory services to its target investments and (ii) realised gains from the sale of the businesses in which it has invested. Generally, it is expected that investments will be realised from an exit within a period of four years. (B) LIQUIDITY The Company has created a portfolio of minority investments in early-stage start-up companies and derives its revenue opportunity from the sale of those investments. Such sales are outside its control and depend on M&A transactions which may result in cash or equity proceeds. The Company currently has $388,000 in the bank and expects to secure an additional $300,000 within the next two months as a final call on sales of Series A Preferred stock units, as the marketing of a $3 million higher-valued Series B round is commenced with a target close date of October 2019. The average monthly expenses for the year ended March 31, 2019 were $22,000 per month so the Company has sufficient cash to fund its operations for the remainder of its financial year ended March 31, 2020 if it simply manages its existing investments. However it plans to ramp up monthly expenditure to an average of $48,000 per month to market and ensure the success of the Series B round, whereupon, if successful it will have sufficient funding for further investments and ongoing operations. In the event that the Series B close is delayed, management has two viable alternative options to ensure continuity of liquidity and ongoing operations: the ability to slow down expenditure or defer future investment opportunities to balance its cash flow accordingly. (C) The Company derives revenue from two sources: proceeds from the sale of investments and fees earned from the provision of financial advisory services to portfolio investment companies. As a minority, early-stage investor, the Company does not have the ability to manage the timing or acceptance of liquidity events that will realize its investments, nor the ability to predict when they may happen, although as a guideline, it would expect such events to occur around four years after its investments are made. The Company will book the revenue from investment activities upon completion of sale and receipt of net proceeds, after deducting related transaction expenses. The Company does not recognize any revenue from unrealized gains. The Company is in regular contact with the management of its portfolio investment companies and, from time to time, provides investment advice on a meeting or project basis under its advisory agreements. The services are invoiced, and the revenue recognized, upon completion. (D) INCOME TAXES The Company accounts for income taxes under the Financial Accounting Standards Accounting Standard Codification Topic 740 "Accounting for Income Taxes" ("Topic 740"). Under Topic 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the 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. Under Topic 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period, which includes the enactment date. (E) USE OF ESTIMATES In preparing financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the period presented. Actual results may differ from these estimates. Significant estimates during the fiscal year ended March 31, 2019 and 2018 include the valuation allowance of stock options and warrants. (F) CASH AND CASH EQUIVALENTS The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. There were no cash equivalents at March 31, 2019 and 2018, respectively. (G) CONCENTRATIONS The Company maintains its cash in bank checking and deposit accounts, which, at times, may exceed federally insured limits. As of March 31, 2019 and 2018, the Company did not have any deposits in excess of federally insured limits. The Company has not experienced any losses in such accounts through March 31, 2019 and 2018, respectively. (H) STOCK-BASED COMPENSATION Financial Accounting Standards Board Accounting Standards Codification Topic 718, Stock Compensation requires generally that all equity awards granted to employees be accounted for at fair value. This fair value is measured at grant date for stock settled awards, and at subsequent exercise or settlement for cash-settled awards. Under this method, the Company records an expense equal to the fair value of the options or warrants issued. The fair value is computed using the Black Scholes options pricing model. The Company did not grant any options or warrants prior to March 31, 2018. (I) NET LOSS PER COMMON SHARE In accordance with Statement of Financial Accounting Standards Accounting Standard Codification Topic 260, "Earnings per Share", basic earnings per share is computed by dividing the net income less preferred dividends for the period by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net income less preferred dividends by the weighted average number of common shares outstanding including the effect of common stock equivalents. Common stock equivalents, consisting of stock options and warrants, have not been included in the calculation, as their effect is anti-dilutive for the periods presented. (J) INVESTMENTS The Company carries investments at the lower of cost or fair market value. These investments are accounted for as cost method investments in accordance with ASC 325 as we own less than 20% of the voting securities and do not have the ability to exercise significant influence over operating and financial policies of the entities. The Company reviews the performance of the underlying investments to determine their current and future potential value and liquidity. In the event that Management considers the value of an investment to be impaired, the carrying value of the investment will be written down by an impairment charge to reflect Managements estimated valuation. (K) FAIR VALUE OF FINANCIAL INSTRUMENTS The Company adopted Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures, for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing US GAAP that require the use of fair value measurements which establishes a framework for measuring fair value and expands disclosure about such fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entitys own assumptions. (L) SIGNIFICANT RECENT ACCOUNTING PRONOUNCEMENTS Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements. |
NOTE 2 - COMMITMENTS AND CONTIN
NOTE 2 - COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Mar. 31, 2019 | |
Notes | |
NOTE 2 - COMMITMENTS AND CONTINGENCIES | NOTE 2 COMMITMENTS AND CONTINGENCIES The Company has no commitments or contingencies. |
NOTE 3 - RELATED PARTY TRANSACT
NOTE 3 - RELATED PARTY TRANSACTIONS | 12 Months Ended |
Mar. 31, 2019 | |
Notes | |
NOTE 3 - RELATED PARTY TRANSACTIONS | NOTE 3 RELATED PARTY TRANSACTIONS At March 31, 2018, a balance of $311,430 was payable to a director, chairman and major shareholder of the Company in respect of expenses and fees incurred by him on behalf of the Company. At June 30, 2018, a total of $314,901 of the related party loans and accrued liabilities were converted into 400,000 investment units (Units) consisting of 400,000 shares of Series A preferred stock, and 400,000 Warrants to purchase common stock at $1.20 per share. The units were valued at $0.80 per unit. (See Note 5.) The Company recorded a loss on conversion of related party debt of $5,099 and $0 respectively, during the years ended March 31, 2019 and March 31, 2018. Directors fees are also included in accrued liabilities related parties. Directors fees for the years ended March 31, 2019 and 2018 were $0 and $24,000 , respectively, and were included in general and administrative expense in the accompanying statements of operations. At March 31, 2019 and 2018, the Company had accrued and owed $2,250 and $0, respectively, to Paul Russo for car and telephone allowance. At March 31, 2019 and 2018, the Company had accrued and owed $5,000 and $0, respectively to Simon Westbrook for consulting fees. |
NOTE 4 - STOCKHOLDERS' DEFICIEN
NOTE 4 - STOCKHOLDERS' DEFICIENCY | 12 Months Ended |
Mar. 31, 2019 | |
Notes | |
NOTE 4 - STOCKHOLDERS' DEFICIENCY | NOTE 4 STOCKHOLDERS' DEFICIENCY STOCKHOLDERS DEFICIENCY As reflected in the accompanying financial statements, the Company has minimal revenues, a net loss of $230,107 , and an accumulated deficit of $32,610,853 at March 31, 2019. EARNINGS PER SHARE Basic earnings per share are computed by dividing earnings available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect per share amounts that would have resulted if dilutive potential common stock had been converted to common stock. Diluted net loss per share is not reported where the diluted earnings per share would be anti-dilutive. The following reconciles amounts reported in the financial statements for the years ended: 2019 2018 Net loss available to common shareholders $ (230,107) $ (90,827) Weighted average common shares outstanding 4,768,369 3,139,747 Basic and diluted net loss per share $ (0.05) $ (0.03) |
NOTE 5 - INCOME TAXES
NOTE 5 - INCOME TAXES | 12 Months Ended |
Mar. 31, 2019 | |
Notes | |
NOTE 5 - INCOME TAXES | NOTE 5 INCOME TAXES On December 22, 2017, the Tax Cuts and Jobs Act (the TCJA), which significantly modified U.S. corporate income tax law, was signed into law by President Trump. The TCJA contains significant changes to corporate income taxation, including but not limited to the reduction of the corporate income tax rate from a top marginal rate of 35% to a flat rate of 21%, limitation of the tax deduction for interest expense to 30% of earnings (except for certain small businesses), limitation of the deduction for net operating losses to 80% of current year taxable income and generally eliminating net operating loss carrybacks, allowing net operating losses to carryforward without expiration, one-time taxation of offshore earnings at reduced rates regardless of whether they are repatriated, elimination of U.S. tax on foreign earnings (subject to certain important exceptions), immediate deductions for certain new investments instead of deductions for depreciation expense over time, and modifying or repealing many business deductions and credits (including changes to the orphan drug tax credit and changes to the deductibility of research and experimental expenditures that will be effective in the future). The Company had no income tax provision for the years ended March 31, 2019 and 2018 because the Company had net operating losses for federal and state tax purposes. The net operating loss carryovers may be subject to annual limitations under Internal Revenue Code Section 382/383, and similar state provisions, should there be a greater than 50% ownership change as determined under the applicable income tax regulations. The amount of the limitation would be determined based on the value of the company immediately prior to the ownership change and subsequent ownership changes could further impact the amount of the annual limitation or eliminate them entirely. An ownership change pursuant to Section 382/383 may have occurred in the past or could happen in the future, such that the NOLs available for utilization could be significantly limited or eliminate them entirely. A reconciliation of the statutory federal income tax rate to the Companys effective tax rate is as follows: For the years ended March 31 2019 2018 Tax benefit at federal statutory rate (21.0)% (21.0)% State income taxes, net of federal benefit* (8.8)% (4.7)% Permanent differences - % -% Change in valuation allowance 29.8% 25.7% Effective income tax rate -% -% *nexus transferred to California in 2019 The Company has determined that a valuation allowance for the entire net deferred tax asset is required. A valuation allowance is required if, based on the weight of evidence, it is more likely than not that some or the entire portion of the deferred tax asset will not be realized. After consideration of all the evidence, management has determined that a full valuation allowance is necessary to reduce the deferred tax asset to zero. The tax effects of temporary differences that give rise to deferred tax assets and liabilities are presented below: For the years ended March 31 2019 2018 Net operating loss carryforwards $ 6,304,297 $ 6,898,057 Current year losses 230,107 90,827 Permanent differences - - Gross deferred tax assets $ 6,534,404 $ 6,988,884 Valuation allowance (6,534,404) (6,988,884) Deferred tax asset, net of valuation allowance $ - $ - At March 31, 2019 and 2018, the Company had net operating loss carry forwards for federal and state income tax purposes of approximately $6.5 million and $6.9 million, respectively. These loss carryforwards expire within fifteen to twenty years of the respective tax years and may be used to offset future taxable income through 2038. The TCJA, also introduces a limitation on the amount of NOLs that a corporation may deduct in a single tax year under section 172(a) equal to the lesser of the available NOL carryover or 80 percent of a taxpayers pre-NOL deduction taxable income (the 80-percent limitation). This limitation applies only to losses arising in tax years that begin after Dec. 31, 2017 based upon section 172(e)(1) of the amended statute. The utilization of the net operating loss carry forwards is dependent upon the ability to generate sufficient taxable income during the carry forward period. In addition, utilization of these carry forwards may be limited due to ownership changes rules, as defined in the Internal Revenue Code 382/383. The Company has not determined if an ownership change has occurred that would limit the use of the net operating losses or eliminate them entirely. The Companys tax returns are subject to examination by tax authorities beginning with the year ended March 31, 2015 (or the tax year ended March 31, 2013 if the Company were to utilize its NOLs). |
NOTE 6 - EQUITY
NOTE 6 - EQUITY | 12 Months Ended |
Mar. 31, 2019 | |
Notes | |
NOTE 6 - EQUITY | NOTE 6 EQUITY (A) PREFERRED STOCK As of March 31, 2019 and March 31, 2018, there are 4,000,000 shares of Series A preferred stock (Series A) authorized at a par value of $1.00 per share. The Company has outstanding 2,612,500 shares of Series A as a result of the sale during the year ended March 31, 2018 of 2,212,500 Units at $0.80 per Unit in a private placement to accredited investors for $2,212,500, and 400,000 Units for the conversion of $320,000 of related party debt. The Units consist of one Series A share and one warrant per Unit. The Series A can either be converted into Common Shares upon listing of the Company on Nasdaq or elect to receive $1.60 per share. In the event of any liquidation or winding up of the Company, the holders of the Series A shall be entitled to receive in preference to the holders of Common Shares a per share amount equal to two times (2 X) their original purchase price plus any declared but unpaid dividends (the Liquidation Preference). All share issuances and obligations are recognized on the books and stock register, however, as at the date of this report certificates have not been delivered as a result of administrative delays in transferring to the Companys selected stock transfer agent. On March 26, 2019 the Board approved resolutions to increase the authorized share capital from 2 million to 4 million Series A Preferred Shares, and the number of units to be sold in the private placement from 3 million to 4 million, subject to demand and investment requirements as determined from time to time by the Board. There are also 1,500,000 shares of Series B preferred stock (Series B) authorized at a par value of $0.80 per share. No Series B was issued or outstanding as at March 31, 2019 or March 31, 2018. The Series B can either be converted into Common Shares upon listing of the Company on Nasdaq or elect to receive $1.60 per share. In the event of any liquidation or winding up of the Company, the holders of the Series B shall be entitled to receive in preference to the holders of Common Shares and Series A, a per share amount equal to two times (2 X) their original purchase price plus any declared but unpaid dividends (the Liquidation Preference) (B) COMMON STOCK The Company has authorized 100,000,000 shares of common stock at a par value of $0.0001 per share. As of March 31, 2019, and March 31, 2018 a total of 5,836,832 and 3,139,747 shares of the Companys common stock were issued and outstanding, respectively. (C) PRIVATE PLACEMENT In April 2018, in a non-brokered private placement, as extended and amended from time to time, the Company offered accredited investors an opportunity to purchase a minimum of 875,000 and maximum of 3,000,000 Units. These Units consist of one Series A (convertible into one common share) and one warrant (exercisable into one common share at $1.20 per share for a period of three years). The Preferred Shares can be converted into Common Shares upon listing of the Company on NASDAQ, or redeemed for $1.60 per share. In the event of any liquidation or winding up of the Company, the holders of preferred shares shall be entitled to receive in preference to the holders of Common Shares a per share amount equal to (2x) the Original Purchase price plus any declared but unpaid dividends (Liquidation preference). The Units are priced at $0.80 per unit. In April 2018, a total of $320,000 of related party loans and accrued liabilities were converted into Units consisting of 400,000 shares of Series A, and 400,000 Warrants to purchase common stock at $1.20 per share. Additionally, since April 2018, the Company has sold 2,212,500 investment units to accredited investors in a private placement for $1,770,000 in cash. (D) STOCK OPTIONS In April 2018, the Company approved the introduction of the Kyto Technology and Life Science, Inc. Incentive Stock Option Plan for the benefit of employees, consultants and directors, with the objective of securing the benefit of services for stock options rather than cash salaries. In the year ended March 31, 2018, the Company granted a total of 2,697,085 options at an exercise price of $0.006 per share. During the year ended March 31, 2019, 2,697,085 options vested upon the closing of the private placement and were exercised for $16,182. Number of options Weighted average exercise price $ Weighted average remaining life in years Outstanding March 31, 2018 - - - Granted 2,697,085 - 1 Exercised (2,697,085) - 1 Cancelled - - - Outstanding March 31, 2019 - - - Exercisable March 31, 2019 - - - In connection with the grant of stock options the Company recognises the value of the related option expense using the Black Scholes model , with appropriate assumptions for option life, stock value, risk free interest rate, volatility, and cancellations. The assumptions used for options granted in the year ended March 31, 2019 were as follows: Stock Price at grant date $ 0.006 Exercise Price $ 0.006 Term in Years 1.00 Volatility assumed 73.0% Annual dividend rate 0.0% Risk free discount rate 1.79% The compensation expense calculated at time of grant is amortised over the vesting period for the options granted. During the year ended March 31, 2019, the Company amortised $4,613 as option expense. (E) WARRANTS In conjunction with the sale of stock Units, the Company issued 2,612,200 warrants to purchase common stock at a price of $1.20 per share for a period of three years. The Company values the warrants Number of warrants Weighted average exercise price $ Weighted average remaining life in years Outstanding March 31, 2018 - - - Granted 2,612,500 1.20 3.00 Exercised - - - Cancelled - - - Outstanding March 31, 2019 2,612,500 1.20 2.41 Exercisable March 31, 2019 2,612,500 - 2.41 At March 31, 2019 the value of the warrants was $0 as the Company did not bifurcate the value of Series A and warrants within the Units sold. There were no warrants issued or outstanding at March 31, 2018. |
NOTE 7 - SUBSEQUENT EVENTS
NOTE 7 - SUBSEQUENT EVENTS | 12 Months Ended |
Mar. 31, 2019 | |
Notes | |
NOTE 7 - SUBSEQUENT EVENTS | NOTE 7 SUBSEQUENT EVENTS Since March 31, 2019, the Company has raised $525,000 from the sale of 656,250 Series A preferred stock units through private placements. Since March 31, 2019, the Company has invested $123,500 in two additional investment opportunities. In April 2019, the Board authorized and paid a bonus of $50,000 to the chief executive officer in recognition of his success in fund raising. |
NOTE 1 - NATURE OF BUSINESS A_2
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (A) NATURE OF BUSINESS (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Policies | |
(A) NATURE OF BUSINESS | (A) NATURE OF BUSINESS Kyto Technology and Life Science, Inc. was formed as a Florida corporation on March 5, 1999 under the name of B12 Inc. In August, 2002, the Company changed its name from B Twelve, Inc. to Kyto BioPharma Inc. and in May 2018, the name was changed again to Kyto Technology and Life Science, Inc. The Company was originally formed to acquire and develop innovative minimally toxic and non-immunosuppressive proprietary drugs for the treatment of cancer, arthritis, and other proliferate and autoimmune diseases and had been looking at a number of strategies to become active. In April, 2018, the Board adopted a new business plan focused on the development of early stage technology and life science businesses through early stage investment funding. The Company has recruited a number of experienced investment consultants from a network that includes angel investors, corporate managers, and successful entrepreneurs across a number of technology and life science products and markets and relies on input from these advisors in conducting due diligence and making investment decisions. In order to offset the risk in early stage investing, the Company works with angel investment groups and participates only after these groups have committed to invest and does not plan to invest more than $250,000 in any single investment. The Company plans to generate revenue from two sources: (i) the sale of advisory services to its target investments and (ii) realised gains from the sale of the businesses in which it has invested. Generally, it is expected that investments will be realised from an exit within a period of four years. |
NOTE 1 - NATURE OF BUSINESS A_3
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (B) LIQUIDITY (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Policies | |
(B) LIQUIDITY | (B) LIQUIDITY The Company has created a portfolio of minority investments in early-stage start-up companies and derives its revenue opportunity from the sale of those investments. Such sales are outside its control and depend on M&A transactions which may result in cash or equity proceeds. The Company currently has $388,000 in the bank and expects to secure an additional $300,000 within the next two months as a final call on sales of Series A Preferred stock units, as the marketing of a $3 million higher-valued Series B round is commenced with a target close date of October 2019. The average monthly expenses for the year ended March 31, 2019 were $22,000 per month so the Company has sufficient cash to fund its operations for the remainder of its financial year ended March 31, 2020 if it simply manages its existing investments. However it plans to ramp up monthly expenditure to an average of $48,000 per month to market and ensure the success of the Series B round, whereupon, if successful it will have sufficient funding for further investments and ongoing operations. In the event that the Series B close is delayed, management has two viable alternative options to ensure continuity of liquidity and ongoing operations: the ability to slow down expenditure or defer future investment opportunities to balance its cash flow accordingly. |
NOTE 1 - NATURE OF BUSINESS A_4
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (C) REVENUE RECOGNITION (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Policies | |
(C) REVENUE RECOGNITION | (C) The Company derives revenue from two sources: proceeds from the sale of investments and fees earned from the provision of financial advisory services to portfolio investment companies. As a minority, early-stage investor, the Company does not have the ability to manage the timing or acceptance of liquidity events that will realize its investments, nor the ability to predict when they may happen, although as a guideline, it would expect such events to occur around four years after its investments are made. The Company will book the revenue from investment activities upon completion of sale and receipt of net proceeds, after deducting related transaction expenses. The Company does not recognize any revenue from unrealized gains. The Company is in regular contact with the management of its portfolio investment companies and, from time to time, provides investment advice on a meeting or project basis under its advisory agreements. The services are invoiced, and the revenue recognized, upon completion. |
NOTE 1 - NATURE OF BUSINESS A_5
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (D) INCOME TAXES (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Policies | |
(D) INCOME TAXES | (D) INCOME TAXES The Company accounts for income taxes under the Financial Accounting Standards Accounting Standard Codification Topic 740 "Accounting for Income Taxes" ("Topic 740"). Under Topic 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the 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. Under Topic 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period, which includes the enactment date. |
NOTE 1 - NATURE OF BUSINESS A_6
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (E) USE OF ESTIMATES (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Policies | |
(E) USE OF ESTIMATES | (E) USE OF ESTIMATES In preparing financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the period presented. Actual results may differ from these estimates. Significant estimates during the fiscal year ended March 31, 2019 and 2018 include the valuation allowance of stock options and warrants. |
NOTE 1 - NATURE OF BUSINESS A_7
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (F) CASH AND CASH EQUIVALENTS (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Policies | |
(F) CASH AND CASH EQUIVALENTS | (F) CASH AND CASH EQUIVALENTS The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. There were no cash equivalents at March 31, 2019 and 2018, respectively. |
NOTE 1 - NATURE OF BUSINESS A_8
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (G) CONCENTRATIONS (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Policies | |
(G) CONCENTRATIONS | (G) CONCENTRATIONS The Company maintains its cash in bank checking and deposit accounts, which, at times, may exceed federally insured limits. As of March 31, 2019 and 2018, the Company did not have any deposits in excess of federally insured limits. The Company has not experienced any losses in such accounts through March 31, 2019 and 2018, respectively. |
NOTE 1 - NATURE OF BUSINESS A_9
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (H) STOCK-BASED COMPENSATION (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Policies | |
(H) STOCK-BASED COMPENSATION | (H) STOCK-BASED COMPENSATION Financial Accounting Standards Board Accounting Standards Codification Topic 718, Stock Compensation requires generally that all equity awards granted to employees be accounted for at fair value. This fair value is measured at grant date for stock settled awards, and at subsequent exercise or settlement for cash-settled awards. Under this method, the Company records an expense equal to the fair value of the options or warrants issued. The fair value is computed using the Black Scholes options pricing model. The Company did not grant any options or warrants prior to March 31, 2018. |
NOTE 1 - NATURE OF BUSINESS _10
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (I) NET LOSS PER COMMON SHARE (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Policies | |
(I) NET LOSS PER COMMON SHARE | (I) NET LOSS PER COMMON SHARE In accordance with Statement of Financial Accounting Standards Accounting Standard Codification Topic 260, "Earnings per Share", basic earnings per share is computed by dividing the net income less preferred dividends for the period by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net income less preferred dividends by the weighted average number of common shares outstanding including the effect of common stock equivalents. Common stock equivalents, consisting of stock options and warrants, have not been included in the calculation, as their effect is anti-dilutive for the periods presented. |
NOTE 1 - NATURE OF BUSINESS _11
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (J) INVESTMENTS (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Policies | |
(J) INVESTMENTS | (J) INVESTMENTS The Company carries investments at the lower of cost or fair market value. These investments are accounted for as cost method investments in accordance with ASC 325 as we own less than 20% of the voting securities and do not have the ability to exercise significant influence over operating and financial policies of the entities. The Company reviews the performance of the underlying investments to determine their current and future potential value and liquidity. In the event that Management considers the value of an investment to be impaired, the carrying value of the investment will be written down by an impairment charge to reflect Managements estimated valuation. |
NOTE 1 - NATURE OF BUSINESS _12
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (K) FAIR VALUE OF FINANCIAL INSTRUMENTS (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Policies | |
(K) FAIR VALUE OF FINANCIAL INSTRUMENTS | (K) FAIR VALUE OF FINANCIAL INSTRUMENTS The Company adopted Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 820, Fair Value Measurements and Disclosures, for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing US GAAP that require the use of fair value measurements which establishes a framework for measuring fair value and expands disclosure about such fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entitys own assumptions. |
NOTE 1 - NATURE OF BUSINESS _13
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (L) SIGNIFICANT RECENT ACCOUNTING PRONOUNCEMENTS (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Policies | |
(L) SIGNIFICANT RECENT ACCOUNTING PRONOUNCEMENTS | (L) SIGNIFICANT RECENT ACCOUNTING PRONOUNCEMENTS Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements. |
NOTE 4 - STOCKHOLDERS' DEFICI_2
NOTE 4 - STOCKHOLDERS' DEFICIENCY: Schedule of Earnings per Share (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Tables/Schedules | |
Schedule of Earnings per Share | 2019 2018 Net loss available to common shareholders $ (230,107) $ (90,827) Weighted average common shares outstanding 4,768,369 3,139,747 Basic and diluted net loss per share $ (0.05) $ (0.03) |
NOTE 5 - INCOME TAXES_ Schedule
NOTE 5 - INCOME TAXES: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Tables/Schedules | |
Schedule of Effective Income Tax Rate Reconciliation | For the years ended March 31 2019 2018 Tax benefit at federal statutory rate (21.0)% (21.0)% State income taxes, net of federal benefit* (8.8)% (4.7)% Permanent differences - % -% Change in valuation allowance 29.8% 25.7% Effective income tax rate -% -% *nexus transferred to California in 2019 |
NOTE 5 - INCOME TAXES_ Schedu_2
NOTE 5 - INCOME TAXES: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | For the years ended March 31 2019 2018 Net operating loss carryforwards $ 6,304,297 $ 6,898,057 Current year losses 230,107 90,827 Permanent differences - - Gross deferred tax assets $ 6,534,404 $ 6,988,884 Valuation allowance (6,534,404) (6,988,884) Deferred tax asset, net of valuation allowance $ - $ - |
NOTE 6 - EQUITY_ Schedule of Op
NOTE 6 - EQUITY: Schedule of Options Vested (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Tables/Schedules | |
Schedule of Options Vested | Number of options Weighted average exercise price $ Weighted average remaining life in years Outstanding March 31, 2018 - - - Granted 2,697,085 - 1 Exercised (2,697,085) - 1 Cancelled - - - Outstanding March 31, 2019 - - - Exercisable March 31, 2019 - - - |
NOTE 6 - EQUITY_ Schedule of Fa
NOTE 6 - EQUITY: Schedule of Fair Value Assumptions - Stock Options (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Tables/Schedules | |
Schedule of Fair Value Assumptions - Stock Options | Stock Price at grant date $ 0.006 Exercise Price $ 0.006 Term in Years 1.00 Volatility assumed 73.0% Annual dividend rate 0.0% Risk free discount rate 1.79% |
NOTE 6 - EQUITY_ Schedule of Wa
NOTE 6 - EQUITY: Schedule of Warrants (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Tables/Schedules | |
Schedule of Warrants | Number of warrants Weighted average exercise price $ Weighted average remaining life in years Outstanding March 31, 2018 - - - Granted 2,612,500 1.20 3.00 Exercised - - - Cancelled - - - Outstanding March 31, 2019 2,612,500 1.20 2.41 Exercisable March 31, 2019 2,612,500 - 2.41 |
NOTE 1 - NATURE OF BUSINESS _14
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (A) NATURE OF BUSINESS (Details) | 12 Months Ended |
Mar. 31, 2019 | |
Entity Incorporation, State Country Name | Florida |
Entity Incorporation, Date of Incorporation | Mar. 5, 1999 |
Entity Information, Former Legal or Registered Name | Kyto BioPharma Inc. |
Previous Name | |
Entity Information, Former Legal or Registered Name | B Twelve, Inc. |
NOTE 3 - RELATED PARTY TRANSA_2
NOTE 3 - RELATED PARTY TRANSACTIONS (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Details | ||
Accrued liabilities & loans - related party | $ 7,250 | $ 311,430 |
Gain (Loss) on Extinguishment of Debt | (5,099) | 0 |
Directors' fees | $ 0 | $ (24,000) |
NOTE 4 - STOCKHOLDERS' DEFICI_3
NOTE 4 - STOCKHOLDERS' DEFICIENCY (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Details | ||
Net Loss | $ (230,107) | $ (90,827) |
Accumulated deficit | $ (32,610,853) | $ (32,380,746) |
NOTE 4 - STOCKHOLDERS' DEFICI_4
NOTE 4 - STOCKHOLDERS' DEFICIENCY: Schedule of Earnings per Share (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Details | ||
Net loss available to common shareholders | $ (230,107) | $ (90,827) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 4,768,369 | 3,139,747 |
Basic and diluted net loss per share | $ (0.05) | $ (0.03) |
NOTE 5 - INCOME TAXES_ Schedu_3
NOTE 5 - INCOME TAXES: Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Details | |||
Federal Statutory Rate | (21.00%) | (21.00%) | |
State Taxes Rate | [1] | (8.80%) | (4.70%) |
Change in valuation allowance | 29.80% | 25.70% | |
Effective Tax Rate | 0.00% | 0.00% | |
[1] | nexus transferred to California in 2019 |
NOTE 5 - INCOME TAXES_ Schedu_4
NOTE 5 - INCOME TAXES: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Details | ||
Net operating loss carryforwards | $ 6,304,297 | $ 6,898,057 |
Current year losses | 230,107 | 90,827 |
Permanent differences | 0 | 0 |
Gross deferred tax assets | 6,534,404 | 6,988,884 |
Valuation allowance | (6,534,404) | (6,988,884) |
Deferred tax asset, net of valuation allowance | $ 0 | $ 0 |
NOTE 6 - EQUITY (Details)
NOTE 6 - EQUITY (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,563,732 | $ (316,956) | $ (226,129) |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | |
Common Stock, Shares, Issued | 5,836,832 | 3,139,747 | |
Common Stock, Shares, Outstanding | 5,836,832 | 3,139,747 | |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used | Black Scholes model | ||
Preferred Stock | |||
Shares, Outstanding | 2,612,500 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 2,612,500 | ||
Series A Preferred Stock | |||
Preferred Stock, Shares Authorized | 4,000,000 | 4,000,000 | |
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 | |
Preferred Stock, Shares Issued | 2,612,500 | 0 | |
Preferred Stock, Shares Outstanding | 2,612,500 | 0 | |
Preferred Stock, Value, Issued | $ 2,612,500 | $ 0 | |
Series B Preferred Stock | |||
Preferred Stock, Shares Authorized | 1,500,000 | 1,500,000 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.80 | $ 0.80 | |
Preferred Stock, Shares Issued | 0 | 0 | |
Preferred Stock, Shares Outstanding | 0 | 0 | |
Preferred Stock, Value, Issued | $ 0 | $ 0 |
NOTE 6 - EQUITY_ Schedule of _2
NOTE 6 - EQUITY: Schedule of Options Vested (Details) - Stock Options - $ / shares | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 0 years | 0 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,697,085 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (2,697,085) | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 0 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 0 | $ 0 | $ 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 0 years |
NOTE 6 - EQUITY_ Schedule of _3
NOTE 6 - EQUITY: Schedule of Fair Value Assumptions - Stock Options (Details) - Stock Options | 12 Months Ended |
Mar. 31, 2019$ / shares | |
Stock Price at grant date | $ 0.006 |
Exercise Price | $ 0.006 |
Term in Years | 1 year |
Volatility assumed | 73.00% |
Annual dividend rate | 0.00% |
Risk free discount rate | 1.79% |
NOTE 6 - EQUITY_ Schedule of _4
NOTE 6 - EQUITY: Schedule of Warrants (Details) - Warrants - $ / shares | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Beginning Balance | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 0 years | 2 years 4 months 28 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,612,500 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 1.20 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 0 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 2,612,500 | 0 | 2,612,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 1.20 | $ 0 | $ 1.20 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 2,612,500 | 2,612,500 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 4 months 28 days |
NOTE 7 - SUBSEQUENT EVENTS (Det
NOTE 7 - SUBSEQUENT EVENTS (Details) | 12 Months Ended |
Mar. 31, 2019USD ($) | |
Event 1 | |
Subsequent Event, Description | Company has raised $525,000 from the sale of 656,250 Series A preferred stock units |
Event 2 | |
Subsequent Event, Description | Company has invested $123,500 |
Event 3 | |
Subsequent Event, Description | Board authorized and paid a bonus |
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 50,000 |