Cover
Cover - shares | 9 Months Ended | |
Dec. 31, 2021 | Feb. 14, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Dec. 31, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 000-50547 | |
Entity Registrant Name | SUNDANCE STRATEGIES, INC. | |
Entity Central Index Key | 0001171838 | |
Entity Tax Identification Number | 88-0515333 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 4626 North 300 West | |
Entity Address, Address Line Two | Suite No. 365 | |
Entity Address, City or Town | Provo | |
Entity Address, State or Province | UT | |
Entity Address, Postal Zip Code | 84604 | |
City Area Code | (801) | |
Local Phone Number | 717-3935 | |
Title of 12(b) Security | Common Stock, $0.001 par value | |
Trading Symbol | SUND | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 41,348,441 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Dec. 31, 2021 | Mar. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 53,393 | $ 21,179 |
Prepaid expenses and other assets | 13,872 | 9,393 |
Total Current Assets | 67,265 | 30,572 |
Current Liabilities | ||
Accounts payable | 557,522 | 893,675 |
Accrued expenses | 315,336 | 215,443 |
Notes payable | 300,000 | |
Current portion of notes payable, related parties | 876,000 | 826,000 |
Stock repurchase payable | 400,000 | 400,000 |
Total Current Liabilities | 2,448,858 | 2,335,118 |
Long-Term Liabilities | ||
Accrued expenses | 621,132 | 495,708 |
Notes payable, related parties, net of current portion | 2,025,808 | 1,915,808 |
Total Long-Term Liabilities | 2,646,940 | 2,411,516 |
Total Liabilities | 5,095,798 | 4,746,634 |
Stockholders’ Deficit | ||
Preferred stock, authorized 10,000,000 shares, par value $0.001; -0- shares issued and outstanding | ||
Common stock, authorized 500,000,000 shares, par value $0.001; 41,348,441 and 40,108,441 shares issued and outstanding as of December 31, 2021 and March 31, 2021, respectively | 41,349 | 40,109 |
Additional paid in capital | 25,001,318 | 24,728,638 |
Accumulated deficit | (30,071,200) | (29,484,809) |
Total Stockholders’ Deficit | (5,028,533) | (4,716,062) |
Total Liabilities and Stockholders’ Deficit | $ 67,265 | $ 30,572 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2021 | Mar. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock par value | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 41,348,441 | 40,108,441 |
Common stock, shares outstanding | 41,348,441 | 40,108,441 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||||
Income from Investments | ||||
General and Administrative Expenses | 149,086 | 277,298 | 564,691 | 637,557 |
Loss from Operations | (149,086) | (277,298) | (564,691) | (637,557) |
Other Income (Expense) | ||||
Gain on extinguishment of debt | 26,458 | 26,458 | ||
Gain on settlement of liabilities | 285,192 | |||
Interest expense | (71,245) | (58,720) | (204,982) | (166,910) |
Financing expense | (10,200) | (170,000) | (97,761) | (285,230) |
Total Other Expense | (81,445) | (202,262) | (17,551) | (425,682) |
Loss Before Income Taxes | (230,531) | (479,560) | (582,242) | (1,063,239) |
Income Tax Provision (Benefit) | 4,149 | |||
Net Loss | $ (230,531) | $ (479,560) | $ (586,391) | $ (1,063,239) |
Loss per share - basic and diluted | $ (0.01) | $ (0.01) | $ (0.01) | $ (0.03) |
Weighted average shares outstanding - basic and diluted | 41,333,224 | 39,868,006 | 41,168,876 | 38,508,296 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Mar. 31, 2020 | $ 37,829 | $ 24,191,224 | $ (27,955,242) | $ (3,726,189) |
Beginning balance, shares at Mar. 31, 2020 | 37,828,441 | |||
Net loss | (251,086) | (251,086) | ||
Ending balance, value at Jun. 30, 2020 | $ 37,829 | 24,191,224 | (28,206,328) | (3,977,275) |
Ending balance, shares at Jun. 30, 2020 | 37,828,441 | |||
Beginning balance, value at Mar. 31, 2020 | $ 37,829 | 24,191,224 | (27,955,242) | (3,726,189) |
Beginning balance, shares at Mar. 31, 2020 | 37,828,441 | |||
Net loss | (1,063,239) | |||
Ending balance, value at Dec. 31, 2020 | $ 40,109 | 24,728,638 | (29,018,481) | (4,249,734) |
Ending balance, shares at Dec. 31, 2020 | 40,108,441 | |||
Beginning balance, value at Jun. 30, 2020 | $ 37,829 | 24,191,224 | (28,206,328) | (3,977,275) |
Beginning balance, shares at Jun. 30, 2020 | 37,828,441 | |||
Net loss | (332,593) | (332,593) | ||
Ending balance, value at Sep. 30, 2020 | $ 37,829 | 24,191,224 | (28,538,921) | (4,309,868) |
Ending balance, shares at Sep. 30, 2020 | 37,828,441 | |||
Common stock issued for consulting services | $ 280 | 5,964 | 6,244 | |
Common stock issued for consulting services, shares | 280,000 | |||
Common stock issued for director compensation | $ 1,500 | 31,950 | 33,450 | |
Common stock issued for director compensation, shares | 1,500,000 | |||
Common stock issued for cash | $ 500 | 499,500 | 500,000 | |
Common stock issued for cash, shares | 500,000 | |||
Net loss | (479,560) | (479,560) | ||
Ending balance, value at Dec. 31, 2020 | $ 40,109 | 24,728,638 | (29,018,481) | (4,249,734) |
Ending balance, shares at Dec. 31, 2020 | 40,108,441 | |||
Beginning balance, value at Mar. 31, 2021 | $ 40,109 | 24,728,638 | (29,484,809) | (4,716,062) |
Beginning balance, shares at Mar. 31, 2021 | 40,108,441 | |||
Common stock issued for director compensation | $ 1,200 | 54,240 | 55,440 | |
Common stock issued for director compensation, shares | 1,200,000 | |||
Net loss | (101,215) | (101,215) | ||
Ending balance, value at Jun. 30, 2021 | $ 41,309 | 24,782,878 | (29,586,024) | (4,761,837) |
Ending balance, shares at Jun. 30, 2021 | 41,308,441 | |||
Beginning balance, value at Mar. 31, 2021 | $ 40,109 | 24,728,638 | (29,484,809) | (4,716,062) |
Beginning balance, shares at Mar. 31, 2021 | 40,108,441 | |||
Net loss | (586,391) | |||
Ending balance, value at Dec. 31, 2021 | $ 41,349 | 25,001,318 | (30,071,200) | (5,028,533) |
Ending balance, shares at Dec. 31, 2021 | 41,348,441 | |||
Beginning balance, value at Jun. 30, 2021 | $ 41,309 | 24,782,878 | (29,586,024) | (4,761,837) |
Beginning balance, shares at Jun. 30, 2021 | 41,308,441 | |||
Stock-based compensation - director shares | 18,480 | 18,480 | ||
Net loss | (254,645) | (254,645) | ||
Ending balance, value at Sep. 30, 2021 | $ 41,309 | 24,801,358 | (29,840,669) | (4,998,002) |
Ending balance, shares at Sep. 30, 2021 | 41,308,441 | |||
Common stock and warrants issued for cash | $ 40 | 199,960 | 200,000 | |
Common stock and warrants issued for cash, shares | 40,000 | |||
Net loss | (230,531) | (230,531) | ||
Ending balance, value at Dec. 31, 2021 | $ 41,349 | $ 25,001,318 | $ (30,071,200) | $ (5,028,533) |
Ending balance, shares at Dec. 31, 2021 | 41,348,441 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Activities | ||||
Net Loss | $ (230,531) | $ (479,560) | $ (586,391) | $ (1,063,239) |
Adjustments to reconcile to net cash used in operating activities: | ||||
Share based compensation - common stock | 73,920 | 39,694 | ||
Expense paid on behalf of Company by director | 7,000 | |||
Gain on settlement of liabilities | (285,192) | |||
Gain on extinguishment of debt | (26,458) | (26,458) | ||
Changes in operating assets and liabilities | ||||
Prepaid expenses and other assets | (4,479) | (10,063) | ||
Accounts payable | (50,961) | 193,796 | ||
Accrued expenses | 225,317 | 206,531 | ||
Net Cash used in Operating Activities | (627,786) | (652,739) | ||
Financing Activities | ||||
Proceeds from issuance of notes payable, related party | 160,000 | 284,300 | ||
Proceeds from issuance of Notes payable | 300,000 | |||
Common Stock Issued for Cash | 200,000 | 500,000 | ||
Proceeds from Paycheck Protection Program loan | 26,458 | |||
Net Cash provided by Financing Activities | 660,000 | 810,758 | ||
Net Change in Cash and Cash Equivalents | 32,214 | 158,019 | ||
Cash and Cash Equivalents at Beginning of Period | 21,179 | 28,784 | ||
Cash and Cash Equivalents at End of Period | $ 53,393 | $ 186,803 | 53,393 | 186,803 |
Supplemental disclosure of cash flow information: | ||||
Cash paid for interest | ||||
Cash paid for income taxes |
BASIS OF PRESENTATION, ORGANIZA
BASIS OF PRESENTATION, ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION, ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION, ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting and reflect the financial position, results of operations and cash flows of the Company. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2021, which was filed with the SEC on June 29, 2021. The results from operations for the three-month period ended December 31, 2021, are not necessarily indicative of the results that may be expected for the fiscal year ended March 31, 2022. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the Company’s financial statements and the accompanying notes. Actual results could materially differ from those estimates. Organization and Nature of Operations Sundance Strategies, Inc. (formerly known as Java Express, Inc.) was organized under the laws of the State of Nevada on December 14, 2001, and engaged in the retail selling of beverage products to the general public until these endeavors ceased in 2006; it had no material business operations from 2006, until its acquisition of ANEW LIFE, INC. (“ANEW LIFE”), a subsidiary of Sundance Strategies, Inc. (“Sundance Strategies”, “the Company”, “we” or “our”). Our historical business model has focused on purchasing or acquiring life insurance policies and residual interests in or financial products tied to life insurance policies, including notes, drafts, acceptances, open accounts receivable and other obligations representing part of or all of the sales price of insurance, life settlements and related insurance contracts being traded in the secondary marketplace, often referred to as the “life settlements market.” During the latter part of the fiscal year ended March 31, 2021, the Company began developing an additional business offering, providing professional services to specialty structured finance groups, bond issuers and life settlement aggregators. The Company has now assembled an experienced team from the life settlement marketplace, as well as from other areas such as financial services and public financial markets. As a professional services provider, the Company applies industry best practices to advise on the selection of specific portfolios of life insurance policies that are tailored to meet the needs of its clients. The Company’s clients may include bond issuers, bond investors, or other structured finance product issuers. The Company develops strategies and methodologies which include the acquisition of life insurance portfolios, then uses common structured finance techniques and proprietary analytics to structure bonds for issuances, including principal protected bonds. The Company’s goal is to deliver long-term value and profitability to shareholders by growing the Company’s professional services business and asset base, resulting in the ability to pay dividends to its shareholders. Most recently the Company began working closely with bond placement agents and aggregators to establish various aspects of a proprietary, investment grade bond offering. In this arrangement, the Company participates as the sole originator in the role of structuring and advising on the structure of the proprietary bond instrument. Included in the role of structuring financial assets, the Company uses proprietary analytics to establish the makeup of the rated instrument, including but not limited to, life settlement assets (life insurance policies) and managed cash, and implements a process of selective assembly of the underlying assets and cash management that will meet the policy requirements and analytics. The Company provides current and ongoing resources for all analytics, as well as advisement support for the investment and non-investment grade ratings for the managed asset pool and the managed cash accounts. In its advisory role, the Company is reimbursed for all expenses associated with the structuring and preparation of any bond offering, will receive an advisory payment upon the closing of any bond offering, and then will hold residual rights on the balance of assets once the bond is retired. During the quarter ended June 30, 2021, the Company and US Capital Global Securities LLC, an affiliate of US Capital Global, entered into an arrangement wherein the Company is the lead advisor and lead originator of tailored life insurance portfolios to be used in a life insurance-linked bond offering (“bond offering”) of between $ 250 500 40 Significant Accounting Policies There have been no changes to the significant accounting policies of the Company from the information provided in Note 2 of the Notes to Consolidated Financial Statements in the Company’s most recent Form 10-K, except as discussed below. Basic and Diluted Net Income (Loss) Per Common Share Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the periods presented using the treasury stock method. Diluted net loss per common share is computed by including common shares that may be issued subject to existing rights with dilutive potential, when applicable. Potential dilutive common stock equivalents are primarily comprised of potential dilutive shares resulting from convertible debt agreements and common stock warrants. Potentially dilutive shares resulting from convertible debt agreements are evaluated using the if-converted method. Potentially dilutive securities are not included in the calculation of diluted net loss per share for the three and nine months ended December 31, 2021 and 2020, because to do so would be anti-dilutive. Potentially dilutive securities outstanding as of December 31, 2021 and 2020 are comprised of warrants convertible into 4,958,754 3,488,754 New Accounting Pronouncements Not Yet Adopted The Company has reviewed all recently issued, but not yet adopted, accounting standards, in order to determine their effects, if any, on its results of operations, financial position or cash flows. Based on that review, the Company believes that none of these pronouncements will have a significant effect on its financial statements. |
LIQUIDITY REQUIREMENTS
LIQUIDITY REQUIREMENTS | 9 Months Ended |
Dec. 31, 2021 | |
Liquidity Requirements | |
LIQUIDITY REQUIREMENTS | (2) LIQUIDITY REQUIREMENTS Since the Company’s inception on January 31, 2013, its operations have been primarily financed through sales of equity, debt financing from related parties and the issuance of notes payable and convertible debentures. As of December 31, 2021, the Company had $ 53,393 of cash assets, compared to $ 21,179 as of March 31, 2021. As of December 31, 2021, the Company had access to draw an additional $ 4,704,192 on the notes payable, related party (see Note 6) and $ 2,700,000 on the Convertible Debenture Agreement (See Note 7). For the nine months ended December 31, 2021, the Company’s average monthly operating expenses were approximately $ 50,000 , which includes salaries of our employees, consulting agreements and contract labor, general and administrative expenses and legal and accounting expenses. In addition to the monthly operating expenses, the Company continues to pursue other debt and equity financing opportunities, and as a result, financing expenses of $ 10,200 were incurred during the three months ended December 31, 2021. As management continues to explore additional financing alternatives, beginning January 1, 2022 the Company is expected to spend up to an additional $ 400,000 on these efforts. Outstanding Accounts Payable as of December 31, 2021 totaled $ 557,222 . Management has concluded that its existing capital resources and availability under its existing convertible debentures and debt agreements with related parties will be sufficient to fund its operating working capital requirements for at least the next 12 months, or through February 2023. Related parties have given assurance that their continued support, by way of either extensions of due dates, or increases in lines-of-credit, can be relied on. As mentioned above, the Company also continues to evaluate other debt and equity financing opportunities. The outbreak of COVID-19 originated in Wuhan, China, in December 2019 and has since spread to multiple countries, including the United States and several European countries. On March 11, 2020, the World Health Organization declared the outbreak a pandemic. The COVID-19 pandemic is affecting the United States and global economies and may affect the Company’s operations and those of third parties on which the Company relies. While the potential economic impact brought by, and the duration of, the COVID-19 pandemic is difficult to assess or predict, the impact of the COVID-19 pandemic on the global financial markets may reduce the Company’s ability to access capital, which could negatively impact the Company’s short-term and long-term liquidity. The ultimate impact of the COVID-19 pandemic is highly uncertain and subject to change. The Company does not yet know the full extent of potential delays or impacts on its business, financing or other activities or on healthcare systems or the global economy as a whole. However, these effects could have a material impact on the Company’s liquidity, capital resources, operations and business and those of the third parties on which we rely. The accompanying financial statements have been prepared on a going concern basis under which the Company is expected to be able to realize its assets and satisfy its liabilities in the normal course of business. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | (3) FAIR VALUE MEASUREMENTS As defined by ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”), fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also requires the consideration of differing levels of inputs in the determination of fair values. Those levels of input are summarized as follows: ● Level 1: Quoted prices in active markets for identical assets and liabilities. ● Level 2: Observable inputs other than Level 1 quoted prices, such as quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. ● Level 3: Unobservable inputs that are supported by little or no market activity. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques as well as instruments for which the determination of fair value requires significant management judgment or estimation. The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company did not have any transfers of assets and liabilities between Levels 1, 2 and 3 of the fair value measurement hierarchy during the nine months ended December 31, 2021 and 2020. Other Financial Instruments The Company’s recorded values of cash and cash equivalents, prepaid expenses and other assets, accounts payable and accrued liabilities approximate their fair values based on their short-term nature. The recorded values of the notes payable and convertible debenture approximate the fair values as the interest rate approximates market interest rates. |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 9 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | (4) STOCKHOLDERS’ EQUITY Common Stock On May 4, 2021, the Company issued 1,200,000 25 0.062 73,920 55,440 On October 29, 2021, the Company issued a private placement memorandum offering to raise up to $ 500,000 through the issuance of restricted shares of the Company’s common stock (par value $ 0.001 ) to qualified investors. On November 5, 2021, the Company received a subscription agreement from an investor, for 40,000 common shares at a purchase price of $ 5 per share, including 200,000 warrants exercisable at $ 5 per share, vested immediately upon issuance, with a five year . Proceeds to the Company totaled $ 200,000 . Warrants to Purchase Common Stock The following table summarizes the changes in warrants outstanding of the Company during the nine months ended December 31, 2021: SCHEDULE OF WARRANT OUTSTANDING Number of Warrants Weighted Average Exercise Price ($) Outstanding at March 31, 2021 3,488,754 $ 0.05 Granted 1,470,000 $ 1.44 Outstanding at December 31, 2021 4,958,754 $ 0.46 During the fiscal year ended March 31, 2021, the Company’s related party lenders consisting of: the Chairman of the Board of Directors and a stockholder, Radiant Life, LLC and Mr. Dickman, the holder of the related party unsecured promissory notes, all amended their agreements to provide each related party with common stock warrants upon the lender’s extension of a maturity due date or upon the loaning of additional monies. The number of warrants issued for an extension is based on the following formula: 10,000 warrants per month the due date is extended plus 1 warrant for every $2 of the principal balance outstanding (not including interest) at the time of the extension (rounded to the nearest whole warrant) . Upon the loaning of additional monies, the lender will also require 2 warrants for each dollar loaned. All warrants issued under these terms vested immediately upon issuance, have an exercise price of $ 0.05 and expire 5 years from the date of issuance. During the nine months ended December 31, 2021, the Company issued 200,000 20,000 On April 6, 2021, the Company borrowed $ 300,000 under an unsecured promissory note with Satco International, Ltd. (see Note 5). In conjunction with this note, the Company issued a warrant for 1,000,000 shares of common stock, vested immediately upon issuance, exercisable at $ 1.00 per share and expiring in 3 years from the date of the promissory note. The value of the warrants on the date of grant, as calculated by the Black-Scholes-Merton valuation model, was not significant. The inputs used in this calculation included a fair value of $ 0.062 per share, a risk-free rate of 0.35 %, volatility of 50.3 % and a dividend rate of 0 %. On July 29, 2021, the Company borrowed an additional $ 50,000 from Radiant Life, LLC, a related party. In conjunction with this specific loan event, a one-time agreement specifies that the associated warrants issued totaled 50,000 , vested immediately upon issuance, have an exercise price of $ 2.00 , and expire in 5 years. On November 5, 2021, the Company issued 40,000 5 200,000 5 five year 200,000 The following table summarizes the warrants issued and outstanding as of December 31, 2021: SCHEDULE OF WARRANTS ISSUED AND OUTSTANDING Exercise Warrants Outstanding Warrants Exercisable Weighted Average Remaining Contractual Life (Years) Proceeds to Company if Exercised ($) 0.05 3,708,754 3,708,754 3.68 185,438 1.00 1,000,000 1,000,000 2.27 1,000,000 2.00 50,000 50,000 4.59 100,000 5.00 200,000 200,000 4.85 1,000,000 4,958,754 4,958,754 2,285,438 The estimated fair value of the warrants on the date of grant, as calculated by the Black-Scholes-Merton valuation model, was not significant. The average remaining outstanding life of the warrants as of December 31, 2021, was 3.28 years. The shares of common stock issuable upon exercise of the warrants are not registered with the Securities and Exchange Commission and the holders of the warrants do not have registration rights with respect to the warrants or the underlying shares of common stock. |
NOTES PAYABLE
NOTES PAYABLE | 9 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | (5) NOTES PAYABLE On April 6, 2021, the Company borrowed $ 300,000 under an unsecured promissory note with Satco International, Ltd. 8 % annually and was due January 6, 2022 . Subsequent to December 31, 2021, the unsecured promissory note with Satco International, Ltd. was amended to extend the due date from January 6, 2022 to April 6, 2022 , or at the immediate time when alternative financing or other proceeds are received. This extension has no bearing on the warrants that were issued in conjunction with the original promissory note. This note is separate from the 8 % convertible debenture agreement that the Company has in place with Satco International, Ltd. (see note 7). In conjunction with this note, the Company issued warrants for 1,000,000 shares of common stock, exercisable at $ 1.00 per share and expiring in 3 years from the date of the promissory note. As of December 31, 2021, accrued interest on the note totaled $ 17,688 . |
NOTES PAYABLE, RELATED PARTY
NOTES PAYABLE, RELATED PARTY | 9 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE, RELATED PARTY | (6) NOTES PAYABLE, RELATED PARTY As of December 31, 2021, and March 31, 2021, the Company had borrowed $ 2,901,808 and $ 2,741,808 excluding accrued interest, respectively, from related parties. The interest associated with the Notes Payable, Related Party of $ 700,960 and $ 513,665 is recorded on the balance sheet as an Accrued Expense obligation at December 31, 2021 and March 31, 2021, respectively. Related Party Promissory Notes As of both December 31, 2021 and March 31, 2021, the Company owed $ 826,000 under the unsecured promissory notes from Mr. Glenn S. Dickman, a stockholder and member of the Board of Directors. The promissory notes bear interest at a rate of 8 % annually. The notes were due on November 30, 2021, and subsequent to December 31, 2021 was extended to October 31, 2022, or at the immediate time when alternative financing or other proceeds are received. During the nine months ended December 31, 2021, the Company neither borrowed any additional funds under this agreement nor made any principal repayments. As of December 31, 2021, accrued interest on the notes totaled $ 202,326 . In the event the Company completes a successful equity raise all principal and interest on the notes are due in full at that time. On July 29, 2021, the Company entered into an unsecured promissory note agreement with Radiant Life, LLC. This agreement was in conjunction with the Company borrowing $ 50,000 8 July 29, 2022 50,000 2.00 5 1,033 Related Party Note Payable and Line of Credit Agreements As of December 31, 2021 and March 31, 2021 1,066,300 1,056,300 The note was due November 30, 2022. Subsequent to December 31, 2021, the agreement was amended to extend the due date from November 30, 2022 to November 30, 2023, or at the immediate time when alternative financing or other proceeds are received. December 31, 2021 4,600,000 10,000 7.5 December 31, 2021 202,461 20,000 10,000 1,727,000 December 31, 2021 0.05 5 As of December 31, 2021 and March 31, 2021, the Company owed $ 959,508 859,508 2,130,000 The principal and interest on the note were due November 30, 2022. Subsequent to December 31, 2021, the agreement was amended to extend the due date from November 30, 2022 to November 30, 2023, or at the immediate time when alternative financing or other proceeds are received. 7.5 100,000 294,445 200,000 100,000 0.05 5 The total number of warrants issued to the related party lender, including the warrants issued in conjunction with the one-time lending event, was 829,754 December 31, 2021 |
CONVERTIBLE DEBENTURE AGREEMENT
CONVERTIBLE DEBENTURE AGREEMENT | 9 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE DEBENTURE AGREEMENT | (7) CONVERTIBLE DEBENTURE AGREEMENT The Company has entered into an 8 3,000,000 Per the agreement, the number of shares issuable at conversion shall be determined by the quotient obtained by dividing the outstanding principal and accrued and unpaid interest by 90% of the 90-day average closing price of the Company’s common stock from the date the notice of conversion is received; and the price at which the Debenture may be converted will be no lower than $ 1.00 June 2, 2016 July 5, 2021 note was amended to extend the due date from July 5, 2021 to November 30, 2021 , As of December 31, 2021 and March 31, 2021, the Company owed $ 0 124,225 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | (8) SUBSEQUENT EVENTS Subsequent to December 31, 2021, the following events transpired: The Company borrowed an additional $ 100,000 under the note payable and lines of credit agreement with Radiant Life, LLC and, in conjunction, issued 200,000 warrants. On January 1, 2022, the Company entered into a marketing and consulting agreement with Tradability, LLC (“Consultant”) that requires the Company to make an initial $ 100,000 400,000 400,000 1,000,000 10,000,000 1.00 2.50 500 100 500 On February 2, 2021 the unsecured promissory note with Satco International, Ltd. (see Note 5) was amended to extend the due date from January 6, 2022 to April 6, 2022, or at the immediate time when alternative financing or other proceeds are received. This extension has no bearing on the warrants that were issued in conjunction with the original promissory note. On February 7, 2022, the related party note payable and line of credit agreement with Radiant Life, LLC, an entity partially owned by the Chairman of the Board of Directors (see Note 5) was amended to extend the due date from November 30, 2022 to November 30, 2023, or at the immediate time when alternative financing or other proceeds are received. As per the provision outlined in Note 4, and in conjunction with the extension of the due date of the agreement, the Company also agreed to provide Radiant Life, LLC with warrants for 649,754 shares of common stock vested immediately upon issuance, with an exercise price of $0.05 per share and a 5 exercise window from the date of the extension agreement. On February 7, 2022, the related party note payable and line of credit agreement with the Chairman of the Board of Directors and a stockholder (see Note 5) was amended to extend the due date from November 30, 2022 to November 30, 2023 , or at the immediate time when alternative financing or other proceeds are received. As per the provision outlined in Note 4, and in conjunction with the extension of the due date of the agreement, the Company also agreed to provide the Chairman of the Board of Directors and a stockholder, with warrants for 653,150 shares of common stock, vested immediately upon issuance, with an exercise price of $ 0.05 per share and a 5 -year exercise window from the date of the extension agreement. On February 8, 2022, the Company agreed to amend the 8% convertible debenture agreement with Satco International, Ltd. (see Note 7) to extend the due date and conversion rights from November 30, 2022 to November 30, 2023 On February 10, 2022, the unsecured promissory notes from Mr. Glenn S. Dickman, a stockholder and member of the Board of Directors (see Note 5) were amended to extend the due date from November 30, 2022 to October 31, 2022, or at the immediate time when alternative financing or other proceeds are received. As per the provision outlined in Note 4, and in conjunction with the extension of the due date of the promissory notes, the Company also agreed to provide Mr. Dickman with warrants for 488,583 shares of common stock, vested immediately upon issuance, with an exercise price of $0.05 per share and a 5 -year exercise window from the date of the extension agreement. |
BASIS OF PRESENTATION, ORGANI_2
BASIS OF PRESENTATION, ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basic and Diluted Net Income (Loss) Per Common Share | Basic and Diluted Net Income (Loss) Per Common Share Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding during the periods presented using the treasury stock method. Diluted net loss per common share is computed by including common shares that may be issued subject to existing rights with dilutive potential, when applicable. Potential dilutive common stock equivalents are primarily comprised of potential dilutive shares resulting from convertible debt agreements and common stock warrants. Potentially dilutive shares resulting from convertible debt agreements are evaluated using the if-converted method. Potentially dilutive securities are not included in the calculation of diluted net loss per share for the three and nine months ended December 31, 2021 and 2020, because to do so would be anti-dilutive. Potentially dilutive securities outstanding as of December 31, 2021 and 2020 are comprised of warrants convertible into 4,958,754 3,488,754 |
New Accounting Pronouncements | New Accounting Pronouncements Not Yet Adopted The Company has reviewed all recently issued, but not yet adopted, accounting standards, in order to determine their effects, if any, on its results of operations, financial position or cash flows. Based on that review, the Company believes that none of these pronouncements will have a significant effect on its financial statements. |
STOCKHOLDERS_ EQUITY (Tables)
STOCKHOLDERS’ EQUITY (Tables) | 9 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
SCHEDULE OF WARRANT OUTSTANDING | The following table summarizes the changes in warrants outstanding of the Company during the nine months ended December 31, 2021: SCHEDULE OF WARRANT OUTSTANDING Number of Warrants Weighted Average Exercise Price ($) Outstanding at March 31, 2021 3,488,754 $ 0.05 Granted 1,470,000 $ 1.44 Outstanding at December 31, 2021 4,958,754 $ 0.46 |
SCHEDULE OF WARRANTS ISSUED AND OUTSTANDING | The following table summarizes the warrants issued and outstanding as of December 31, 2021: SCHEDULE OF WARRANTS ISSUED AND OUTSTANDING Exercise Warrants Outstanding Warrants Exercisable Weighted Average Remaining Contractual Life (Years) Proceeds to Company if Exercised ($) 0.05 3,708,754 3,708,754 3.68 185,438 1.00 1,000,000 1,000,000 2.27 1,000,000 2.00 50,000 50,000 4.59 100,000 5.00 200,000 200,000 4.85 1,000,000 4,958,754 4,958,754 2,285,438 |
BASIS OF PRESENTATION, ORGANI_3
BASIS OF PRESENTATION, ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Antidilutive securities | 4,958,754 | 3,488,754 | |
US Capital Global Securities LLC [Member] | Bond Offering [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Percentage of cash received on offering | 40.00% | ||
US Capital Global Securities LLC [Member] | Bond Offering [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cash received from offering | $ 250 | ||
US Capital Global Securities LLC [Member] | Bond Offering [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cash received from offering | $ 500 |
LIQUIDITY REQUIREMENTS (Details
LIQUIDITY REQUIREMENTS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | |
Liquidity Requirements | |||||
Cash and cash equivalents, at carrying value | $ 53,393 | $ 53,393 | $ 21,179 | ||
Additional borrowing capacity from related party notes payable | 4,704,192 | 4,704,192 | |||
Additional borrowing capacity from convertible debenture agreement | 2,700,000 | 2,700,000 | |||
Operating expenses | 50,000 | ||||
Financing interest expense | 10,200 | $ 170,000 | 97,761 | $ 285,230 | |
Additional financing alternatives | 400,000 | ||||
Accounts payable, current | $ 557,222 | $ 557,222 |
SCHEDULE OF WARRANT OUTSTANDING
SCHEDULE OF WARRANT OUTSTANDING (Details) | 9 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Number of Warrants Outstanding, Ending Balance | 4,958,754 |
Warrant [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Number of Warrants Outstanding, Beginning Balance | 3,488,754 |
Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 0.05 |
Number of Warrants, Granted | 1,470,000 |
Weighted Average Exercise Price, Granted | $ / shares | $ 1.44 |
Number of Warrants Outstanding, Ending Balance | 4,958,754 |
Weighted Average Exercise Price, Ending Balance | $ / shares | $ 0.46 |
SCHEDULE OF WARRANTS ISSUED AND
SCHEDULE OF WARRANTS ISSUED AND OUTSTANDING (Details) | 9 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Warrant Outstanding | 4,958,754 |
Warrants Exercisable | 4,958,754 |
Proceeds from Warrant Exercised | $ | $ 2,285,438 |
Exercise Price One [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Warrant Exercise Price | $ / shares | $ 0.05 |
Warrant Outstanding | 3,708,754 |
Warrants Exercisable | 3,708,754 |
Weighted Average Remaining Contractual Life (Years) | 3 years 8 months 4 days |
Proceeds from Warrant Exercised | $ | $ 185,438 |
Exercise Price Two [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Warrant Exercise Price | $ / shares | $ 1 |
Warrant Outstanding | 1,000,000 |
Warrants Exercisable | 1,000,000 |
Weighted Average Remaining Contractual Life (Years) | 2 years 3 months 7 days |
Proceeds from Warrant Exercised | $ | $ 1,000,000 |
Exercise Price Three [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Warrant Exercise Price | $ / shares | $ 2 |
Warrant Outstanding | 50,000 |
Warrants Exercisable | 50,000 |
Weighted Average Remaining Contractual Life (Years) | 4 years 7 months 2 days |
Proceeds from Warrant Exercised | $ | $ 100,000 |
Exercise Price Four [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Warrant Exercise Price | $ / shares | $ 5 |
Warrant Outstanding | 200,000 |
Warrants Exercisable | 200,000 |
Weighted Average Remaining Contractual Life (Years) | 4 years 10 months 6 days |
Proceeds from Warrant Exercised | $ | $ 1,000,000 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | Nov. 05, 2021 | May 04, 2021 | Oct. 29, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | Dec. 01, 2021 | Nov. 02, 2021 | Jul. 29, 2021 | Apr. 06, 2021 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Compensation expense | $ 73,920 | $ 39,694 | ||||||||||
Issuance of restricted shares | $ 500,000 | |||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | ||||||||||
Warrant term | 3 years 3 months 10 days | |||||||||||
Proceeds from issuance of common stock | $ 200,000 | $ 500,000 | ||||||||||
Issuance of warrants | 50,000 | |||||||||||
Unsecured Promissory Note [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Warrant exercisable price per share | $ 1 | |||||||||||
Warrant term | 3 years | |||||||||||
Issuance of warrants | 1,000,000 | |||||||||||
Notes payable | $ 50,000 | $ 300,000 | ||||||||||
Warrant [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Notes payable | $ 100,000 | |||||||||||
Common Stock [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Number of common stock issued of compensation | 1,200,000 | 1,500,000 | ||||||||||
Issuance of restricted shares | $ 500 | |||||||||||
Common stock issued | 40,000 | 500,000 | ||||||||||
Purchase price per shares | $ 5 | |||||||||||
Warrant exercisable price per share | $ 5 | |||||||||||
Warrant term | 5 years | |||||||||||
Proceeds from issuance of common stock | $ 200,000 | |||||||||||
Issuance of warrants | 200,000 | |||||||||||
Radiant Life LLC [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Warrant term | 5 years | |||||||||||
Radiant Life LLC [Member] | Unsecured Promissory Note [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Warrant exercise price per share | $ 2 | |||||||||||
Radiant Life LLC [Member] | Warrant [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Issuance of warrants | 200,000 | 200,000 | ||||||||||
Radian Life LLC [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Warrant term | 5 years | 5 years | ||||||||||
Warrant exercise price per share | $ 0.05 | $ 2 | ||||||||||
Issuance of warrants | 50,000 | |||||||||||
Due from related parties | $ 50,000 | |||||||||||
Investors [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Common stock, par value | $ 0.001 | |||||||||||
Subscription Agreements [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Common stock issued | 40,000 | |||||||||||
Purchase price per shares | $ 5 | |||||||||||
Warrant exercisable | 200,000 | |||||||||||
Warrant exercisable price per share | $ 5 | |||||||||||
Warrant term | 5 years | |||||||||||
Proceeds from issuance of common stock | $ 200,000 | |||||||||||
Notes Payable and Lines of Credit Agree [Member] | Radiant Life LLC [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Warrant or right, reason for issuance, description | The number of warrants issued for an extension is based on the following formula: 10,000 warrants per month the due date is extended plus 1 warrant for every $2 of the principal balance outstanding (not including interest) at the time of the extension (rounded to the nearest whole warrant) | |||||||||||
Restricted Stock [Member] | Private Placement Offering [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Issuance of restricted shares | $ 500,000 | |||||||||||
Director [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Number of common stock issued of compensation | 1,200,000 | |||||||||||
Percentage of stock awards vested | 25.00% | |||||||||||
Fair value assumptions, share price | $ 0.062 | |||||||||||
Compensation expense | $ 73,920 | $ 55,440 | ||||||||||
Board of Directors [Member] | Warrant [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Issuance of warrants | 20,000 | |||||||||||
Mr. Dickman [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Fair value assumptions, share price | $ 0.062 | |||||||||||
Fair value assumptions, risk free interest rate | 0.35% | |||||||||||
Fair value assumptions, expected volatility rate | 50.30% | |||||||||||
Fair value assumptions, expected dividend rate | 0.00% |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | Jul. 29, 2021 | Apr. 06, 2021 | Feb. 28, 2022 | Dec. 31, 2021 |
Short-term Debt [Line Items] | ||||
Issuance of warrants | 50,000 | |||
Warrant term | 3 years 3 months 10 days | |||
Accrued interest | $ 17,688 | |||
8% Convertible Debenture Agreement [Member] | Satco International, Ltd., [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt instrument interest rate | 8.00% | |||
Debt maturity date | Jun. 2, 2016 | |||
Subsequent Event [Member] | 8% Convertible Debenture Agreement [Member] | Satco International, Ltd., [Member] | ||||
Short-term Debt [Line Items] | ||||
Maturity date description | January 6, 2022 to April 6, 2022 | |||
Unsecured Promissory Note [Member] | ||||
Short-term Debt [Line Items] | ||||
Notes payable | $ 50,000 | $ 300,000 | ||
Debt instrument interest rate | 8.00% | 8.00% | ||
Debt maturity date | Jul. 29, 2022 | Jan. 6, 2022 | ||
Issuance of warrants | 1,000,000 | |||
Warrant exercisable price per share | $ 1 | |||
Warrant term | 3 years | |||
Accrued interest | $ 202,326 | |||
Convertible Debenture [Member] | ||||
Short-term Debt [Line Items] | ||||
Debt instrument interest rate | 8.00% |
NOTES PAYABLE, RELATED PARTY (D
NOTES PAYABLE, RELATED PARTY (Details Narrative) - USD ($) | Jul. 29, 2021 | Apr. 06, 2021 | Feb. 28, 2022 | Dec. 31, 2021 | Feb. 14, 2022 | Dec. 01, 2021 | Mar. 31, 2021 |
Short-term Debt [Line Items] | |||||||
Notes payable, related parties | $ 2,901,808 | $ 2,741,808 | |||||
Accrued interest | $ 17,688 | ||||||
Issuance of warrants | 50,000 | ||||||
Warrant term | 3 years 3 months 10 days | ||||||
Warrant [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Note payable | $ 100,000 | ||||||
Notes Payable and Lines of Credit Agreement [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Notes payable, related parties | 1,066,300 | 1,056,300 | |||||
Notes Payable and Lines of Credit Agreement [Member] | Maximum [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Note payable | $ 4,600,000 | ||||||
Notes Payable and Lines of Credit Agreement [Member] | Extended Maturity [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Maturity date description | The note was due November 30, 2022. Subsequent to December 31, 2021, the agreement was amended to extend the due date from November 30, 2022 to November 30, 2023, or at the immediate time when alternative financing or other proceeds are received. | ||||||
Line of Credit Agreement [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Warrant exercise price per share | $ 0.05 | ||||||
Repayments of related party debt | $ 10,000 | ||||||
Line of Agreement [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Issuance of warrants | 20,000 | ||||||
Line of Credit [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Note payable | $ 10,000 | ||||||
Radiant Life LLC [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Warrant term | 5 years | ||||||
Radiant Life LLC [Member] | Warrant [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Issuance of warrants | 200,000 | 200,000 | |||||
Radiant Life LLC [Member] | Notes Payable and Lines of Credit Agreement [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Notes payable, related parties | $ 959,508 | $ 859,508 | |||||
Note payable | $ 100,000 | ||||||
Radiant Life LLC [Member] | Notes Payable and Lines of Credit Agreement [Member] | The Company's NIBS [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Debt instrument interest rate | 7.50% | ||||||
Radiant Life LLC [Member] | Notes Payable and Lines of Credit Agreement [Member] | Maximum [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Note payable | $ 2,130,000 | ||||||
Radiant Life LLC [Member] | Notes Payable and Lines of Credit Agreement [Member] | Extended Maturity [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Maturity date description | The principal and interest on the note were due November 30, 2022. Subsequent to December 31, 2021, the agreement was amended to extend the due date from November 30, 2022 to November 30, 2023, or at the immediate time when alternative financing or other proceeds are received. | ||||||
Radian Life LLC [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Issuance of warrants | 50,000 | ||||||
Warrant exercise price per share | $ 2 | $ 0.05 | |||||
Warrant term | 5 years | 5 years | |||||
Radian Life LLC [Member] | Notes Payable and Lines of Credit Agreement [Member] | The Company's NIBS [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Accrued interest | $ 202,461 | ||||||
The Company's NIBS [Member] | Notes Payable and Lines of Credit Agreement [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Accrued interest | $ 294,445 | ||||||
Warrant exercise price per share | $ 0.05 | ||||||
Warrant term | 5 years | ||||||
Subsequent Event [Member] | Radiant Life LLC [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Notes payable, related parties | $ 100,000 | ||||||
Issuance of warrants | 200,000 | ||||||
Unsecured Promissory Note [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Accrued interest | $ 202,326 | ||||||
Debt instrument interest rate | 8.00% | 8.00% | |||||
Note payable | $ 50,000 | $ 300,000 | |||||
Debt maturity date | Jul. 29, 2022 | Jan. 6, 2022 | |||||
Issuance of warrants | 1,000,000 | ||||||
Warrant term | 3 years | ||||||
Unsecured Promissory Note [Member] | Radiant Life LLC [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Warrant exercise price per share | $ 2 | ||||||
Unsecured Note Payable [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Interest received | 1,033 | ||||||
Related Party [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Accrued interest | $ 700,960 | $ 513,665 | |||||
Mr. Glenn S. Dickman [Member] | Unsecured Promissory Note [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Notes payable, related parties | $ 826,000 | ||||||
Debt instrument interest rate | 8.00% | ||||||
Mr. Glenn S. Dickman [Member] | Unsecured Promissory Note [Member] | Subsequent Event [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Maturity date description | The notes were due on November 30, 2021, and subsequent to December 31, 2021 was extended to October 31, 2022, or at the immediate time when alternative financing or other proceeds are received. | ||||||
Related Party Lender [Member] | Notes Payable and Lines of Credit Agreement [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Issuance of warrants | 1,727,000 | ||||||
Lender [Member] | |||||||
Short-term Debt [Line Items] | |||||||
Issuance of warrants | 829,754 |
CONVERTIBLE DEBENTURE AGREEME_2
CONVERTIBLE DEBENTURE AGREEMENT (Details Narrative) - USD ($) | 9 Months Ended | |
Dec. 31, 2021 | Mar. 31, 2021 | |
Debt Instrument [Line Items] | ||
Amount payable | $ 0 | $ 0 |
Accrued interest | $ 124,225 | $ 124,225 |
8% Convertible Debenture Agreement [Member] | Satco International, Ltd., [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 8.00% | |
Description of convertible terms of conversion | Per the agreement, the number of shares issuable at conversion shall be determined by the quotient obtained by dividing the outstanding principal and accrued and unpaid interest by 90% of the 90-day average closing price of the Company’s common stock from the date the notice of conversion is received; and the price at which the Debenture may be converted will be no lower than $1.00 per share. | |
Debt convertible conversion price per share | $ 1 | |
Debt maturity date | Jun. 2, 2016 | |
8% Convertible Debenture Agreement [Member] | Satco International, Ltd., [Member] | Extended Maturity [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity date | Jul. 5, 2021 | |
8% Convertible Debenture Agreement [Member] | Satco International, Ltd., [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Debt borrowing amount | $ 3,000,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) | Feb. 10, 2022$ / sharesshares | Feb. 08, 2022 | Feb. 07, 2022$ / sharesshares | Jan. 02, 2022USD ($)$ / sharesshares | Jan. 02, 2022Integer | Feb. 14, 2022USD ($)shares | Dec. 31, 2021USD ($) | Jul. 29, 2021shares | Mar. 31, 2021USD ($) |
Subsequent Event [Line Items] | |||||||||
Notes payable releated party | $ | $ 2,901,808 | $ 2,741,808 | |||||||
Number of securities called by warrants or rights | shares | 50,000 | ||||||||
Warrant term | 3 years 3 months 10 days | ||||||||
Radiant Life LLC [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Warrant term | 5 years | ||||||||
Subsequent Event [Member] | Kraig R [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of securities called by warrants or rights | shares | 649,754 | ||||||||
Maturity date description | extend the due date from November 30, 2022 to November 30, 2023, or at the immediate time when alternative financing or other proceeds are received. | ||||||||
Exercise price of warrants or rights | $ / shares | $ 0.05 | ||||||||
Warrant term | 5 years | ||||||||
Subsequent Event [Member] | Board of Directors [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of securities called by warrants or rights | shares | 653,150 | ||||||||
Maturity date description | extend the due date from November 30, 2022 to November 30, 2023 | ||||||||
Exercise price of warrants or rights | $ / shares | $ 0.05 | ||||||||
Warrant term | 5 years | 5 years | |||||||
Subsequent Event [Member] | Mr. Dickman [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Number of securities called by warrants or rights | shares | 488,583 | ||||||||
Maturity date description | extend the due date from November 30, 2022 to October 31, 2022, or at the immediate time when alternative financing or other proceeds are received. | ||||||||
Exercise price of warrants or rights | $ / shares | $ 0.05 | ||||||||
Subsequent Event [Member] | Consulting Agreement [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Payments to Acquire Loans Held-for-investment | $ | $ 100,000 | ||||||||
Proceeds from issuance of upon contingent milestones | $ | 400,000 | ||||||||
Subsequent Event [Member] | Consulting Agreement [Member] | Maximum [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Repayment of related party debt | $ | $ 400,000 | ||||||||
Stock option granted | shares | 10,000,000 | ||||||||
Share based compensation exercise price per share | $ / shares | $ 2.50 | ||||||||
Proceeds from non fungible token | $ | $ 500,000,000 | ||||||||
Subsequent Event [Member] | Consulting Agreement [Member] | Minimum [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Stock option granted | shares | 1,000,000 | ||||||||
Share based compensation exercise price per share | $ / shares | $ 1 | ||||||||
Number of milestone non fungible | Integer | 500 | ||||||||
Proceeds from non fungible token | $ | $ 100,000,000 | ||||||||
Subsequent Event [Member] | Radiant Life LLC [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Notes payable releated party | $ | $ 100,000 | ||||||||
Number of securities called by warrants or rights | shares | 200,000 | ||||||||
Subsequent Event [Member] | Satco International, Ltd., [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Debt instrument, interest rate, basis for effective rate | On February 8, 2022, the Company agreed to amend the 8% convertible debenture agreement with Satco International, Ltd. (see Note 7) to extend the due date and conversion rights from November 30, 2022 to November 30, 2023 |