Document and Entity Information
Document and Entity Information | 9 Months Ended |
Dec. 31, 2020 | |
Cover [Abstract] | |
Entity Registrant Name | PetVivo Holdings, Inc. |
Entity Central Index Key | 0001512922 |
Document Type | S-1/A |
Amendment Flag | true |
Amendment Description | Amendment No. 3 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business Flag | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Current Assets | |||
Cash and cash equivalents | $ 230,969 | $ 888 | $ 6,460 |
Restricted cash | 9,694 | ||
Accounts receivable | 2,250 | 1,000 | |
Equity sale proceeds receivable | 52,000 | ||
Investments - equity securities | 1,500 | 1,500 | |
Prepaid expenses - short term | 141,687 | 132,023 | 34,327 |
Inventory | 9,971 | 12,495 | |
Employee advance | 2,500 | ||
Total Current Assets | 386,377 | 197,105 | 55,782 |
Property and Equipment: | |||
Property and equipment | 339,917 | 221,493 | 149,802 |
Less: accumulated depreciation | (136,318) | (111,586) | (112,453) |
Total Property and Equipment, net | 203,599 | 109,907 | 37,349 |
Other Assets: | |||
Operating lease right-of-use | 164,350 | 148,693 | |
Deferred offering costs | 110,744 | ||
Trademark and patents, net | 25,769 | 58,611 | 589,817 |
Security deposit | 8,201 | 8,201 | 8,201 |
Total Other Assets | 309,064 | 215,505 | 598,018 |
Total Assets | 899,040 | 522,517 | 691,149 |
Current Liabilities | |||
Accounts payable and accrued expenses | 782,732 | 794,057 | 854,990 |
Accrued expenses - related party | 9,615 | 252,607 | 576,393 |
Convertible notes and accrued interest payable | 280,000 | ||
PPP loan - short term | 33,364 | ||
Notes payable and accrued interest | 40,969 | 15,095 | 18,831 |
Notes payable and accrued interest - related party | 34,466 | 61,255 | 85,752 |
Operating lease liability - short term | 26,450 | 24,791 | |
Total Current Liabilities | 1,207,596 | 1,147,805 | 1,535,966 |
Other Liabilities: | |||
PPP loan (net of current) | 5,561 | ||
Note payable and accrued interest - related party (net of current) | 15,360 | ||
Share-settled debt obligation - related party, net of debt discount | 194,579 | ||
Convertible notes and accrued interest payable | 286,981 | ||
Operating lease liability (net of current) | 137,900 | 123,901 | |
Total Other Liabilities | 353,400 | 410,882 | |
Total Liabilities | 1,560,996 | 1,558,687 | 1,535,966 |
Commitments and Contingencies | |||
Stockholders' Equity (Deficit): | |||
Preferred stock, par value $0.001 | |||
Common stock, par value $0.001 | 6,719 | 5,728 | 22,074 |
Common stock to be issued | 52,000 | 86,333 | |
Additional Paid-In Capital | 57,119,733 | 53,494,747 | 51,552,688 |
Accumulated Deficit | (57,788,408) | (54,588,645) | (52,505,912) |
Total Stockholders' Deficit | (661,956) | (1,036,170) | (844,817) |
Total Liabilities and Stockholders' Deficit | $ 899,040 | $ 522,517 | $ 691,149 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 |
Preferred stock, shares outstanding | 0 | 0 | 0 |
Preferred stock, shares issued | 0 | ||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 | 225,000,000 |
Common stock, shares outstanding | 6,718,979 | 5,727,965 | 19,867,200 |
Common stock, shares issued | 19,867,200 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||||||
Revenues | $ 507 | $ 500 | $ 7,303 | $ 500 | $ 3,588 | |
Inventory | 19,710 | 77,936 | ||||
Cost of Sales | 2,145 | 350 | 5,990 | 19,710 | 77,936 | |
Gross Profit (Loss) | 507 | (1,645) | 6,953 | (5,490) | (16,122) | (77,936) |
Operating Expenses: | ||||||
Sales and Marketing | 24,484 | 77,109 | 106,745 | 85,057 | 171,509 | 38,348 |
Research and Development | 30,265 | 4,768 | 30,265 | 11,900 | 12,672 | 200,982 |
Intangible Impairment | 8,353 | 28,038 | 23,930 | 28,038 | 31,272 | 103,800 |
General and Administrative: | ||||||
Depreciation and Amortization | 12,398 | 137,725 | 73,062 | 422,855 | 559,544 | 646,921 |
Other General and Administrative | 310,397 | 323,476 | 1,418,976 | 942,725 | 1,225,013 | 3,604,821 |
Total General and Administration | 322,795 | 461,201 | 1,492,038 | 1,365,580 | 1,784,557 | 4,251,742 |
Total Operating Expenses | 385,897 | 571,116 | 1,652,978 | 1,490,605 | 2,000,010 | 4,594,872 |
Operating Loss | (385,390) | (572,761) | (1,646,025) | (1,496,095) | (2,016,132) | (4,672,808) |
Other Income (Expense) | ||||||
Gain on Sale of Asset | 482 | 450 | (389) | |||
Gain on Settlement | 29,986 | 29,986 | 47,710 | |||
Gain on Debt Restructuring | 516 | |||||
Gain (Loss) on Debt Extinguishment | 366,903 | 366,903 | (81,738) | (81,738) | ||
Derivative Expense | (970,600) | (1,702,100) | ||||
Interest Expense | (48,666) | (8,418) | (219,539) | (23,855) | (32,185) | (84,950) |
Total Other Income (Expense) | (652,363) | 21,568 | (1,553,738) | (75,157) | (66,602) | (84,950) |
Net Loss before taxes | (1,037,753) | (551,193) | (3,199,763) | (1,571,252) | (2,082,734) | (4,757,758) |
Income Tax Provision | ||||||
Net Loss | $ (1,037,753) | $ (551,193) | $ (3,199,763) | $ (1,571,252) | $ (2,082,734) | $ (4,757,758) |
Net Loss Per Share: Basic and Diluted | $ (0.16) | $ (0.10) | $ (0.53) | $ (0.30) | $ (0.10) | $ (0.26) |
Weighted Average Common Shares Outstanding: Basic and Diluted | 6,442,549 | 5,525,011 | 6,006,382 | 5,170,499 | 21,222,359 | 18,451,797 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Common Stock to be Issued [Member] | Total |
Balance at Mar. 31, 2018 | $ 18,279 | $ 47,257,557 | $ (47,748,154) | $ 608,966 | $ 136,648 |
Balance, shares at Mar. 31, 2018 | 16,451,167 | ||||
Common stock issued | $ 1,005 | 6,079,721 | (608,966) | ||
Common stock issued, shares | 904,758 | ||||
Common stock sold | $ 1,111 | 398,754 | 399,865 | ||
Common stock sold, shares | 999,923 | ||||
Stock-based compensation | $ 27 | 1,556,509 | 86,333 | 1,642,869 | |
Stock-based compensation, shares | 24,384 | ||||
Stock granted for debt conversion | $ 849 | 386,863 | 387,712 | ||
Stock granted for debt conversion, shares | 763,921 | ||||
Common stock returned | (177,600) | (177,700) | |||
Common stock issued to replace shares to officer | $ 803 | 1,445,290 | 1,447,093 | ||
Common stock issued to replace shares to officer, shares | 723,047 | ||||
Common stock issued by officer | 77,354 | ||||
Net loss | (4,757,758) | (4,757,758) | |||
Balance at Mar. 31, 2019 | $ 4,967 | 51,569,795 | (52,505,912) | 86,333 | (844,817) |
Balance, shares at Mar. 31, 2019 | 4,966,801 | ||||
Stock-based compensation | 157,134 | 33,667 | 190,801 | ||
Stock-based compensation, shares | |||||
Net loss | (500,887) | (500,887) | |||
Balance at Jun. 30, 2019 | $ 4,967 | 51,726,929 | (53,006,799) | 120,000 | (1,154,903) |
Balance, shares at Jun. 30, 2019 | 4,966,801 | ||||
Balance at Mar. 31, 2019 | $ 4,967 | 51,569,795 | (52,505,912) | 86,333 | $ (844,817) |
Balance, shares at Mar. 31, 2019 | 4,966,801 | ||||
Common stock issued, shares | 652,466 | ||||
Net loss | $ (1,571,252) | ||||
Balance at Dec. 31, 2019 | $ 5,619 | 53,183,545 | (54,077,165) | 139,891 | (748,110) |
Balance, shares at Dec. 31, 2019 | 5,619,267 | ||||
Balance at Mar. 31, 2019 | $ 4,967 | 51,569,795 | (52,505,912) | 86,333 | (844,817) |
Balance, shares at Mar. 31, 2019 | 4,966,801 | ||||
Adjustment for 9-for-10 reverse stock split | $ (2,206) | 2,206 | |||
Adjustment for 9-for-10 reverse stock split, shares and 1-for-4 reverse split rounding, shares | 254 | ||||
Common stock issued | $ 78 | 86,255 | (86,333) | ||
Common stock issued, shares | 77,700 | 3,044,657 | |||
Common stock sold | $ 1,006 | 303,385 | 34,709 | $ 339,100 | |
Common stock sold, shares | 1,006,000 | ||||
Warrants sold | 34,609 | 17,291 | 51,900 | ||
Warrant conversions | $ 124 | (124) | |||
Warrant conversions, shares | 124,537 | ||||
Stock-based compensation | $ 540 | 962,138 | 962,678 | ||
Stock-based compensation, shares | 540,300 | ||||
Stock granted for settlement | $ 1,295 | 536,408 | 537,703 | ||
Stock granted for settlement, shares | 1,295,866 | ||||
Net loss | (2,082,734) | (2,082,734) | |||
Balance at Mar. 31, 2020 | $ 5,728 | 53,494,747 | (54,588,645) | 52,000 | (1,036,170) |
Balance, shares at Mar. 31, 2020 | 5,727,965 | ||||
Balance at Jun. 30, 2019 | $ 4,967 | 51,726,929 | (53,006,799) | 120,000 | (1,154,903) |
Balance, shares at Jun. 30, 2019 | 4,966,801 | ||||
Common stock issued | $ 19 | 119,881 | (120,000) | ||
Common stock issued, shares | 19,425 | ||||
Common stock sold | $ 90 | 99,910 | 100,000 | ||
Common stock sold, shares | 90,000 | ||||
Stock-based compensation | $ 8 | 135,270 | 102,000 | 237,278 | |
Stock-based compensation, shares | 7,574 | ||||
Stock granted for debt conversion | $ 324 | 537,379 | 537,703 | ||
Stock granted for debt conversion, shares | 323,967 | ||||
Net loss | (519,173) | (519,173) | |||
Balance at Sep. 30, 2019 | $ 5,408 | 52,619,469 | (53,525,972) | 102,000 | (799,095) |
Balance, shares at Sep. 30, 2019 | 5,407,767 | ||||
Balance at Jun. 30, 2019 | $ 4,967 | 51,726,929 | (53,006,799) | 120,000 | (1,154,903) |
Balance, shares at Jun. 30, 2019 | 4,966,801 | ||||
Balance at Dec. 31, 2019 | $ 5,619 | 53,183,545 | (54,077,165) | 139,891 | (748,110) |
Balance, shares at Dec. 31, 2019 | 5,619,267 | ||||
Balance at Sep. 30, 2019 | $ 5,408 | 52,619,469 | (53,525,972) | 102,000 | (799,095) |
Balance, shares at Sep. 30, 2019 | 5,407,767 | ||||
Common stock issued | $ 67 | 101,933 | (102,000) | ||
Common stock issued, shares | 67,500 | ||||
Common stock sold | $ 122 | 134,878 | 69,391 | 204,391 | |
Common stock sold, shares | 121,500 | ||||
Warrants sold | 34,609 | 34,609 | |||
Stock-based compensation | $ 22 | 292,656 | 70,500 | 363,178 | |
Stock-based compensation, shares | 22,500 | ||||
Net loss | (551,193) | (551,193) | |||
Balance at Dec. 31, 2019 | $ 5,619 | 53,183,545 | (54,077,165) | 139,891 | (748,110) |
Balance, shares at Dec. 31, 2019 | 5,619,267 | ||||
Balance at Mar. 31, 2020 | $ 5,728 | 53,494,747 | (54,588,645) | 52,000 | (1,036,170) |
Balance, shares at Mar. 31, 2020 | 5,727,965 | ||||
Common stock issued | $ 20 | 51,980 | (52,000) | ||
Common stock issued, shares | 20,000 | ||||
Warrants issued in conjunction with convertible debt | 91,500 | 91,500 | |||
Stock-based compensation | $ 30 | 183,214 | 183,244 | ||
Stock-based compensation, shares | 30,000 | ||||
Net loss | (814,008) | (814,008) | |||
Balance at Jun. 30, 2020 | $ 5,778 | 53,821,441 | (55,402,653) | (1,575,434) | |
Balance, shares at Jun. 30, 2020 | 5,777,965 | ||||
Balance at Mar. 31, 2020 | $ 5,728 | 53,494,747 | (54,588,645) | 52,000 | $ (1,036,170) |
Balance, shares at Mar. 31, 2020 | 5,727,965 | ||||
Common stock issued, shares | 991,014 | ||||
Stock-based compensation | $ 889,597 | ||||
Stock-based compensation, shares | |||||
Net loss | $ (3,199,763) | ||||
Balance at Dec. 31, 2020 | $ 6,719 | 57,119,733 | (57,788,408) | (661,956) | |
Balance, shares at Dec. 31, 2020 | 6,718,979 | ||||
Balance at Jun. 30, 2020 | $ 5,778 | 53,821,441 | (55,402,653) | (1,575,434) | |
Balance, shares at Jun. 30, 2020 | 5,777,965 | ||||
Common stock sold | $ 266 | 316,274 | 316,500 | ||
Common stock sold, shares | 226,071 | ||||
Stock-based compensation | $ 175 | 653,688 | 653,863 | ||
Stock-based compensation, shares | 174,752 | ||||
Stock granted for debt conversion | $ 25 | 25,357 | 25,382 | ||
Stock granted for debt conversion, shares | 25,003 | ||||
Cashless warrant exercises | $ 15 | (15) | |||
Cashless warrant exercises, shares | 15,257 | ||||
Net loss | (1,348,002) | (1,348,002) | |||
Balance at Sep. 30, 2020 | $ 6,219 | 54,816,745 | (56,750,655) | (1,927,691) | |
Balance, shares at Sep. 30, 2020 | 6,219,048 | ||||
Cash paid to exercise warrants | $ 202 | 449,791 | 449,993 | ||
Cash paid to exercise warrants, shares | 202,499 | ||||
1-for-4 reverse split rounding | $ 1 | (1) | |||
1-for-4 reverse split rounding, shares | 724 | ||||
Stock-based compensation - employees | 52,490 | 52,490 | |||
Stock issued for services - non-employees | 72,000 | 72,000 | |||
Stock granted for debt conversion | $ 264 | 1,728,741 | 1,729,005 | ||
Stock granted for debt conversion, shares | 263,568 | ||||
Cashless warrant exercises | $ 33 | (33) | |||
Cashless warrant exercises, shares | 33,140 | ||||
Net loss | (1,037,753) | (1,037,753) | |||
Balance at Dec. 31, 2020 | $ 6,719 | $ 57,119,733 | $ (57,788,408) | $ (661,956) | |
Balance, shares at Dec. 31, 2020 | 6,718,979 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) | Dec. 29, 2020 | Oct. 23, 2020 | Nov. 22, 2019 | Oct. 31, 2020 | Nov. 30, 2019 | Dec. 31, 2020 | Mar. 31, 2020 |
Statement of Stockholders' Equity [Abstract] | |||||||
Reverse stock split, description | On December 29, 2020, the Company effected a reverse stock split of all its outstanding common stock at a ratio of 1-for-4 shares. Pursuant to this reverse stock split, each four (4) shares of PetVivo's outstanding common stock, $.001 par value per share, was combined and converted into one (1) post-split outstanding shares of common stock, $.001 par value per share. This reverse stock split affected all PetVivo shareholders uniformly and accordingly did not alter any shareholder's percentage interest or ownership of PetVivo equity. Through the date of this filing, 724 shares of common stock have been issued due to rounding up of fractional shares. | The Company approved and declared a reverse stock split of all its outstanding common stock at a ratio of 1-for-4 shares; this reverse stock split was made effective on December 29, 2020. | The Company approved and declared a reverse stock split of all its outstanding common stock at a ratio of 9-for-10 shares. Pursuant to this reverse stock split, each ten (10) shares of PetVivo's outstanding common stock, $.001 par value per share, was combined and converted into nine (9) post-split outstanding shares of common stock, $.001 par value per share. This reverse stock split affected all PetVivo shareholders uniformly and accordingly will not alter any shareholder's percentage interest or ownership of PetVivo equity. Through the date of this filing, 254 shares of common stock have been issued due to rounding up of fractional shares. | Company approved a 1-for-4 reverse split of our outstanding shares of common stock that was made effective December 29, 2020; concurrently, the Company increased its authorized shares of common stock from 225,000,000 to 250,000,000; all share and per share data has been retroactively adjusted for this reverse split for all period presented. | The Company effected a 9-for-10 reverse split of our authorized and outstanding shares of common stock. Pursuant to this reverse stock split, each ten (10) shares of PetVivo's outstanding common stock, $.001 par value per share, was combined and converted into nine (9) post-split outstanding shares of common stock, $.001 par value per share | 1-for-4 reverse split | 9-for-10 reverse stock split. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net Loss | $ (3,199,763) | $ (1,571,252) | $ (2,082,734) | $ (4,757,758) |
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: | ||||
Derivative expense | 1,702,100 | |||
Stock-based compensation - employees | 889,597 | 791,256 | 863,012 | 1,642,869 |
Stock issued for services - non-employees | 72,000 | |||
Depreciation and amortization | 73,062 | 422,855 | 559,544 | 646,921 |
Amortization of debt discount | 173,174 | |||
Intangible impairment | 23,930 | 28,038 | 31,272 | 103,800 |
Gain (Loss) on Debt Extinguishment | (366,903) | 81,738 | 81,738 | |
Gain on debt restructuring | (516) | |||
Gain on settlement | (29,986) | (47,710) | ||
Gain on Sale of Asset | (482) | (450) | 389 | |
Common stock issued to replace shares to officer | 1,446,093 | |||
Common stock issued by officer on behalf of PetVivo | 77,354 | |||
Beneficial conversion feature | 66,248 | |||
Write-off of accounts receivable | 163 | |||
Common stock returned | (177,600) | |||
Changes in Operating Assets and Liabilities | ||||
Increase Decrease in inventory | (9,971) | 12,495 | 13,059 | |
Increase in prepaid expenses and employee advances | 4,470 | (14,379) | ||
Increase in prepaid expenses and deferred offering costs | (120,408) | (166,270) | ||
Increase in accounts receivable | (1,250) | (500) | (1,000) | |
Interest accrued on notes payable - related party | 7,011 | 4,314 | 5,504 | 9,201 |
Interest accrued on notes payable | 2,823 | 820 | 8,593 | |
Interest accrued on convertible notes payable | 37,150 | 18,537 | 25,518 | |
Increase (decrease) in accounts payable and accrued expense | (10,924) | (23,471) | (4,232) | 182,482 |
Increase (decrease) in accrued expenses - related party | (47,475) | 30,053 | 54,325 | 16,509 |
Net Cash Used In Operating Activities | (776,845) | (415,138) | (496,589) | (736,445) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Increase in investments | (1,500) | (1,500) | ||
Sale of equipment | 482 | 450 | 12,481 | |
Purchase of equipment | (118,424) | (1,000) | (32,791) | (27,119) |
Increase in patents and trademarks | (39,817) | (44,822) | (43,386) | (78,687) |
Decrease in security deposit | 1,999 | |||
Net Cash Used in Investing Activities | (157,759) | (46,872) | (65,196) | (103,807) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from stock and warrants sale | 339,000 | 399,865 | ||
Cash proceeds from common stock sold | 316,500 | 339,000 | ||
Cash proceeds from warrant exercises | 449,993 | |||
Equity sale proceeds receivable | 52,000 | |||
Proceeds from PPP note payable | 38,665 | |||
Proceeds from notes payable | 27,500 | |||
Proceeds from notes | 15,000 | 215,000 | ||
Proceeds from notes - related parties | 70,000 | |||
Proceeds from convertible notes | 322,500 | 280,000 | 280,000 | |
Repayments of convertible notes | (28,077) | (11,479) | (18,537) | |
Repayments of notes payable | (4,190) | (18,831) | (19,556) | (50,482) |
Repayments of notes payable - related party | (19,900) | (26,900) | (30,000) | (25,006) |
Net Cash Provided by Financing Activities | 1,154,991 | 561,790 | 565,907 | 609,377 |
Net increase (Decrease) in Cash and Restricted Cash | 220,387 | 99,780 | 4,122 | (230,875) |
Cash and Restricted Cash at Beginning of balance | 10,582 | 6,460 | 6,460 | 237,335 |
Cash and Restricted Cash at End of balance | 230,969 | 106,240 | 10,582 | 6,460 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||
Cash Paid During The Period For: Interest | 45,850 | 16,338 | 23,905 | 20,181 |
Cash Paid During The Period For: Stock granted for debt conversion | 1,729,005 | 387,712 | ||
Cash Paid During The Year For: Income taxes paid | ||||
SUPPLEMENTAL DISCLOSURE ON NON-CASH FINANCING AND INVESTING ACTIVITIES | ||||
Derivative treated as debt discount | 352,941 | 537,703 | ||
Share-settled debt obligation - related party debt modification | 196,000 | |||
Notes payable - related party converted into common stock | $ 25,382 | |||
Notes Payable interest converted into common stock | 4,280 | |||
Notes Payable interest converted into common stock - related parties | 1,722 | |||
Proceeds not received at balance sheet date pursuant to Stock and Warrant sales | 52,000 | |||
Leasehold improvements included in accounts payable | 67,372 | |||
Warrants converted | 124 | |||
Prepaid stock-based compensation for services | 99,664 | |||
Stock granted for debt conversions | 387,712 | |||
Stock granted pursuant to settlements | $ 537,703 |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Organization | 9 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Summary of Significant Accounting Policies and Organization | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (A) Organization and Description The Company is in the business of licensing and commercializing our proprietary medical devices and biomaterials for the treatment of afflictions and diseases in animals, initially for dogs and horses. The Company’s operations are conducted from its headquarter facilities in suburban Minneapolis, Minnesota. (B) Basis of Presentation PetVivo Holdings, Inc. (the “Company”) was incorporated in Nevada under a former name in 2009 and entered its current business in 2014 through a stock exchange reverse merger with PetVivo, Inc., a Minnesota corporation. This merger resulted in Minnesota PetVivo becoming a wholly-owned subsidiary of the Company. In April 2017, the Company acquired another Minnesota corporation, Gel-Del Technologies, Inc., through a statutory merger, which is also a wholly-owned subsidiary of the Company. In October 2020, the Company approved a 1-for-4 reverse split of our outstanding shares of common stock that was made effective December 29, 2020; concurrently, the Company increased its authorized shares of common stock from 225,000,000 to 250,000,000; all share and per share data has been retroactively adjusted for this reverse split for all period presented. The accompanying condensed consolidated financial statements are unaudited. These unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and pursuant to the rules and regulations of the SEC. Certain information and note disclosures, which are included in annual financial statements, have been omitted pursuant to these rules and regulations. We believe the disclosures made in these interim unaudited financial statements are adequate to make the information not misleading. Although these interim financial statements at December 31, 2020 and for the nine months ended December 31, 2020 and 2019 are unaudited, in the opinion of our management, such statements include all adjustments (consisting of normal recurring entries) necessary to present fairly our financial position, results of operations and cash flows for the periods presented. The results for the nine months ended December 31, 2020 are not necessarily indicative of the results to be expected for the year ended March 31, 2021 or for any future period. These unaudited interim financial statements should be read and considered in conjunction with our audited financial statements and the notes thereto for the year ended March 31, 2020, included in our annual report on Form 10-K filed with the SEC on June 29, 2020. (C) Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its two wholly-owned Minnesota corporations. All intercompany accounts have been eliminated upon consolidation. (D) Use of Estimates In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates. Significant estimates include collectability of accounts receivable, estimated useful lives and potential impairment of property and equipment and intangible assets, estimate of fair value of share-based payments and derivative instruments and recorded debt discount, estimate of fair value of lease liabilities and related right of use asset, valuation of deferred tax assets and valuation of in-kind contribution of services and interest. (E) Cash and Cash Equivalents The Company considers all highly-liquid, temporary cash investments with an original maturity of three months or less to be cash equivalents. At December 31, 2020, the Company had $230,969 in cash and no cash equivalents. At March 31, 2020, the Company had $10,582 in cash and restricted cash and no cash equivalents. (F) Concentration-Risk The Company maintains its cash with various financial institutions, which at times may exceed limits insured by the Federal Deposit Insurance Corporation (FDIC). At December 31, 2020, cash did not exceed the FDIC uninsured balances and management believes the Company is not exposed to any significant credit risk on cash. (G) Property & Equipment Property and equipment are recorded at cost less accumulated depreciation. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation is computed by the straight-line method (after taking into account their respective estimated residual values) over the asset’s estimated useful life of (3) years for equipment, (5) years for automobile, and (7) years for furniture and fixtures. (H) Patents and Trademarks The Company capitalizes direct costs for the maintenance and advancement of their patents and trademarks and amortizes these costs over the lesser of a useful life of 60 months or the life of the patent. We evaluate the recoverability of intangible assets periodically by taking into account events or circumstances that may warrant revised estimates of useful lives or that indicate the asset may be impaired. (I) Loss Per Share Basic loss per share is computed by dividing net loss by weighted average number of shares of common stock outstanding during each period. Diluted loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period. The Company has 1,124,803 warrants outstanding as of December 31, 2020 with varying exercise prices ranging from $1.20 to $15.56/share. The weighted average exercise price for these warrants is $1.99/share. These warrants are excluded from the weighted average number of shares because they are considered anti-dilutive. The Company had 1,305,111 warrants outstanding as of December 31, 2019, with varying exercise prices ranging from $1.20 to $15.56/share. The weighted average exercise price for these warrants was $2.16/share. These warrants are excluded from the weighted average number of shares because they are considered antidilutive. The Company uses the guidance in ASC 260 to determine if-converted loss per share. ASC 260 states that convertible securities should be considered exercised at the later date of the first day of the reporting period’s quarter or the inception date of the debt instrument. Also, the if-converted method shall not be applied for the purposes of computing diluted EPS if the effect would be antidilutive. At December 31, 2020, the Company had $280,000 in convertible notes principal and $-0- in interest outstanding; at December 31, 2019, the Company had $280,000 in convertible notes principal and $7,057 in interest outstanding; these notes mature in our fiscal quarter ended June 30, 2021. If converted, the $280,000 in outstanding principal and $-0- in accrued interest would convert into 96,924 shares of common stock at a rate of $2.89 per share. Also at December 31, 2020, the Company had a share-settled debt obligation with a related party wherein $196,000 in principal will be converted into units of one share of common stock and one warrant for a share of common stock with the exact number of units to be determined by the terms of an S-1 offering that as of this filing has yet to take place. See Note 8 to these financial statements for more information on the convertible notes discussed in this paragraph. (J) Revenue Recognition The Company recognizes revenue on arrangements in accordance with FASB ASC No. 606, “Revenue From Contracts With Customers.” Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. The Company adopted the guidance on April 1, 2018 using the cumulative catch-up transition method. This change in accounting did not have any material effect on the Company’s financial statements. The Company recognizes revenue related to our sales of Kush product to veterinarians when the performance obligation is met, which is when we have received an order and shipped the Kush product. (K) Research and Development The Company expenses research and development costs as incurred. (L) Fair Value of Financial Instruments The Company applies the accounting guidance under FASB ASC 820-10, “Fair Value Measurements,” The guidance also establishes a fair value hierarchy for measurements of fair value as follows: ● Level 1 - quoted market prices in active markets for identical assets or liabilities. ● Level 2 - inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 - unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s financial instruments consist of investments – equity securities receivable, notes payable and accrued interest, notes payable and accrued interest - related party, and convertible notes payable. The carrying amount of the Company’s financial instruments approximates their fair value as of December 31, 2020 and March 31, 2020, due to the short-term nature of these instruments and the Company’s borrowing rate of interest. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The valuation of the Company’s notes recorded at fair value is determined using Level 3 inputs, which consider (i) time value, (ii) current market and (iii) contractual prices. The Company measured its investments – equity securities receivable at fair value at December 31, 2020, and March 31, 2020, see Note 4 to the financial statements included in this Form 10-Q. The Company accounts for derivative instruments in accordance with Accounting Standards Codification 815, Derivatives and Hedging (“ASC 815”), which establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. ASC 815 requires that an entity recognize all derivatives as either assets or liabilities in the balance sheet and measure those instruments at fair value, which are in level 3 of the fair value hierarchy. If certain conditions are met, a derivative may be specifically designated as a hedge, the objective of which is to match the timing of gain or loss recognition on the hedging derivative with the recognition of (i) the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk or (ii) the earnings effect of the hedged forecasted transaction. For a derivative not designated as a hedging instrument, the gain or loss is recognized in income in the period of change. (M) Stock-Based Compensation – Employees and Non-Employees Equity Instruments Issued to Employees and Non-Employees for Acquiring Goods or Services On June 20, 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 is intended to reduce cost and complexity and to improve financial reporting for share-based payments to nonemployees (for example, service providers, external legal counsel, suppliers, etc.). Under the new standard, companies will no longer be required to value non-employee awards differently from employee awards. Meaning that companies will value all equity classified awards at their grant-date under ASC 718 and forgo revaluing the award after this date. The Company accounts for employee stock-based compensation the same as non-employee stock-based compensation. The fair value of share options and similar instruments is estimated on the date of grant using a Black-Scholes option-pricing valuation model. The ranges of assumptions for inputs are as follows: ● Expected term of share options and similar instruments: Pursuant to Paragraph 718-10-50-2(f)(2)(i) of the FASB Accounting Standards Codification the expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and holder’s expected exercise behavior into the fair value (or calculated value) of the instruments. The Company uses historical data to estimate holder’s expected exercise behavior. If the Company is a newly formed corporation or shares of the Company are thinly traded the contractual term of the share options and similar instruments is used as the expected term of share options and similar instruments as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term. ● Expected volatility of the entity’s shares and the method used to estimate it. Pursuant to ASC Paragraph 718-10-50-2(f)(2)(ii) a thinly-traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the Company to estimate the expected volatility of its share price, the appropriate industry sector index that it has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index. The Company uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility. If shares of a company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatility calculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market. ● Expected annual rate of quarterly dividends. An entity that uses a method that employs different dividend rates during the contractual term shall disclose the range of expected dividends used and the weighted-average expected dividends. The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the expected term of the share options and similar instruments. ● Risk-free rate(s). An entity that uses a method that employs different risk-free rates shall disclose the range of risk-free rates used. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the expected term of the share options and similar instruments. (N) Income Taxes The Company accounts for income taxes under Accounting Standards Codification (ASC) Topic 740. Deferred tax assets and liabilities are determined based upon differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company accounts for income taxes under Accounting Standards Codification (ASC) Topic 740. As required by ASC Topic 740, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company applied ASC Topic 740 to all tax positions for which the statute of limitations remained open. As a result of the implementation of ASC Topic 740, the Company did not recognize any change in the liability for unrecognized tax benefits. The Company is not currently under examination by any federal or state jurisdiction. The Company’s policy is to record tax-related interest and penalties as a component of operating expenses. (O) Inventory Inventories are recorded in accordance with ASC 330 and are stated at the lower of cost and net realizable value. We account for inventories using the first in first out (FIFO) methodology and capitalize costs on a project basis as they occur. The current marketed shelf life of our Kush inventory is 3 years. However, management reserves the right to review and adjust this as appropriate. (P) Recently Issued and Adopted Accounting Pronouncements In January 2017, the FASB issued ASU No. 2017-04, “Intangibles and Other (Topic 350): Simplifying the Test for Goodwill Impairment”, which eliminates the requirement to calculate the implied fair value of goodwill, but rather requires an entity to record an impairment charge based on the excess of a reporting unit’s carrying value over its fair value. This amendment is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. We adopted this ASU on April 1, 2020 and it did not have a material effect on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurements (Topic 820): Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this update modify the disclosure requirements on fair value measurements in Topic 820. The ASU is effective for the Registrants for fiscal years beginning after December 15, 2019, and interim periods therein. The Company adopted this ASU on April 1, 2020 and it did not have a material impact on the financial statements. All other newly issued accounting pronouncements but not yet effective have been deemed either immaterial or not applicable. | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (A) Organization and Description The Company is in the business of licensing and commercializing our proprietary medical devices and biomaterials for the treatment of afflictions and diseases in animals, initially for dogs and horses. The Company’s operations are conducted from its headquarter facilities in suburban Minneapolis, Minnesota. (B) Basis of Presentation PetVivo Holdings, Inc. (the “Company”) was incorporated in Nevada under a former name in 2009 and entered its current business in 2014 through a stock exchange reverse merger with PetVivo, Inc., a Minnesota corporation. This merger resulted in Minnesota PetVivo becoming a wholly-owned subsidiary of the Company. In April 2017, the Company acquired another Minnesota corporation, Gel-Del Technologies, Inc., through a statutory merger, which is also a wholly-owned subsidiary of the Company. In November 2019, the Company effected a 9-for-10 reverse split of our authorized and outstanding shares of common stock. Pursuant to this reverse stock split, each ten (10) shares of PetVivo’s outstanding common stock, $.001 par value per share, was combined and converted into nine (9) post-split outstanding shares of common stock, $.001 par value per share; 24,974,518 pre-reverse-split shares of common stock were combined during the 9-for-10 reverse split into 22,477,320 shares of post-reverse-split shares of common stock with 254 shares being issued for fractional shares through the date of the balance sheet. Accordingly, all references to number of shares of common stock and per share data have been adjusted retroactively where applicable to account for this reverse split. (C) Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its two wholly-owned Minnesota corporations, Gel-Del Technologies, Inc. and PetVivo, Inc. All intercompany accounts have been eliminated upon consolidation. (D) Use of Estimates In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates. Significant estimates include estimated useful lives and potential impairment of property and equipment, estimate of fair value of share-based payments and derivative instruments and recorded debt discount, valuation of deferred tax assets and valuation of in-kind contribution of services and interest. (E) Cash and Cash Equivalents The Company considers all highly-liquid, temporary cash investments with an original maturity of three months or less to be cash equivalents. At March 31, 2020, and March 31, 2019 the Company had no cash equivalents. (F) Concentration-Risk The Company maintains its cash with various financial institutions, which at times may exceed federally insured limits. As of March 31, 2020, the Company did not have any cash balances in excess of the federally insured limits. (H) Property & Equipment Property and equipment are recorded at cost. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation is computed by the straight-line method (after taking into account their respective estimated residual values) over the assets estimated useful life of (3) years for equipment, (5) years for automobile, and (7) years for furniture and fixtures. (I) Patents and Trademarks The Company capitalizes direct costs for the maintenance and advancement of their patents and trademarks and amortizes these costs over the lesser of a useful life of 60 months or the life of the patent. We evaluate the recoverability of intangible assets periodically by taking into account events or circumstances that may warrant revised estimates of useful lives or that indicate the asset may be impaired. (J) Loss Per Share Basic loss per share is computed by dividing net loss by weighted average number of shares of common stock outstanding during each period. Diluted loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period. The Company has 4,901,119 warrants outstanding as of March 31, 2020, with varying exercise prices ranging from $3.89 to $.30/share. The weighted average exercise price for these warrants is $.53/share. These warrants are excluded from the weighted average number of shares because they are considered antidilutive. The Company had 3,818,919 warrants outstanding as of March 31, 2019 with varying exercise prices ranging from $3.89 to $.33/share. The weighted average exercise price for these warrants was $.55/share. These warrants are excluded from the weighted average number of shares because they are considered antidilutive. The Company uses the guidance in Accounting Standards Codification # 260 (“ASC 260”) to determine if-converted loss per share. ASC 260 states that convertible securities should be considered exercised at the later date of the first day of the reporting period’s quarter or the inception date of the debt instrument. Also, the if-converted method shall not be applied for the purposes of computing diluted EPS if the effect would be antidilutive. At March 31, 2020, the Company had $280,000 in convertible notes and $6,981 in accrued interest outstanding, these notes mature in our fiscal quarter ended June 30, 2021; see Note 9 to these financial statements for more information on these convertible notes. If converted, the $286,981 in outstanding principal and accrued interest would convert into 397,359 shares of common stock at a rate of $.72 per share. (K) Revenue Recognition The Company will recognize revenue on arrangements in accordance with FASB ASC No. 606, “Revenue From Contracts With Customers”. Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. The Company adopted the guidance on April 1, 2018 using the cumulative catch-up transition method. This change in accounting did not have any material effect on the Company’s financial statements. (L) Research and Development The Company expenses research and development costs as incurred. (M) Fair Value of Financial Instruments The Company applies the accounting guidance under FASB ASC 820-10, “Fair Value Measurements”, as well as certain related FASB staff positions. This guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact business and considers assumptions that marketplace participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The guidance also establishes a fair value hierarchy for measurements of fair value as follows: ● Level 1 - quoted market prices in active markets for identical assets or liabilities. ● Level 2 - inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 - unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s financial instruments consist of accounts receivable, accounts payable, accrued expenses, accrued expenses – related parties, notes payable and accrued interest, and notes payable and accrued interest - related party, and others. The carrying amount of the Company’s financial instruments approximates their fair value as of March 31, 2020 and March 31, 2019, due to the short-term nature of these instruments and the Company’s borrowing rate of interest. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The valuation of the Company’s notes recorded at fair value is determined using Level 3 inputs, which consider (i) time value, (ii) current market and (iii) contractual prices. The Company had no assets and liabilities measured at fair value on a recurring basis at March 31, 2020 and March 31, 2019. (N) Stock-Based Compensation - Non-Employees Equity Instruments Issued to Parties Other Than Employees for Acquiring Goods or Services The Company accounts for equity instruments issued to parties other than employees for acquiring goods or services under guidance of Sub-topic 505-50 of the FASB Accounting Standards Codification (“Sub-topic 505-50”). Pursuant to ASC Section 505-50-30, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur. If the Company is a newly formed corporation or shares of the Company are thinly traded the use of share prices established in the Company’s most recent private placement memorandum (“PPM”), or weekly or monthly price observations would generally be more appropriate than the use of daily price observations as such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market. The fair value of share options and similar instruments is estimated on the date of grant using a Black-Scholes option-pricing valuation model. The ranges of assumptions for inputs are as follows: ● Expected term of share options and similar instruments: Pursuant to Paragraph 718-10-50-2(f)(2)(i) of the FASB Accounting Standards Codification the expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and holder’s expected exercise behavior into the fair value (or calculated value) of the instruments. The Company uses historical data to estimate holder’s expected exercise behavior. If the Company is a newly formed corporation or shares of the Company are thinly traded the contractual term of the share options and similar instruments is used as the expected term of share options and similar instruments as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term. ● Expected volatility of the entity’s shares and the method used to estimate it. Pursuant to ASC Paragraph 718-10-50-2(f)(2)(ii) a thinly-traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the Company to estimate the expected volatility of its share price, the appropriate industry sector index that it has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index. The Company uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility. If shares of a company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatility calculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market. ● Expected annual rate of quarterly dividends. An entity that uses a method that employs different dividend rates during the contractual term shall disclose the range of expected dividends used and the weighted-average expected dividends. The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the expected term of the share options and similar instruments. ● Risk-free rate(s). An entity that uses a method that employs different risk-free rates shall disclose the range of risk-free rates used. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the expected term of the share options and similar instruments. Pursuant to Paragraphs 505-50-25-8 and 505-50-25-9, an entity may grant fully vested, non-forfeitable equity instruments that are exercisable by the grantee only after a specified period of time if the terms of the agreement provide for earlier exercisability if the grantee achieves specified performance conditions. Any measured cost of the transaction shall be recognized in the same period(s) and in the same manner as if the entity had paid cash for the goods or services or used cash rebates as a sales discount instead of paying with, or using, the equity instruments. A recognized asset, expense, or sales discount shall not be reversed if a share option and similar instrument that the counterparty has the right to exercise expires unexercised. (O) Income Taxes The Company accounts for income taxes under Accounting Standards Codification (ASC) Topic 740. Deferred tax assets and liabilities are determined based upon differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. As required by ASC Topic 450, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. At the adoption date, the Company applied ASC Topic 740 to all tax positions for which the statute of limitations remained open. As a result of the implementation of ASC Topic 740, the Company did not recognize any change in the liability for unrecognized tax benefits. The Company is not currently under examination by any federal or state jurisdiction. The Company’s policy is to record tax-related interest and penalties as a component of operating expenses. (P) Inventory Inventories are recorded in accordance with ASC 330 and are stated at the lower of cost or net realizable value. We account for inventories using the first in first out (FIFO) methodology and capitalize costs on a project basis as they occur. The current marketed shelf life of our Kush inventory is 3 years. However, management reserves the right to review and adjust this as necessary. (Q) Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Topic 842 affects any entity that enters into a lease, with some specified scope exemptions. The guidance in this ASU supersedes Topic 840, Leases. The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use (“ROU”) asset representing its right to use the underlying asset for the lease term. The Company adopted Topic 842 on April 1, 2019 and resulted in a right of use asset and liability of $154,917. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles and Other (Topic 350): Simplifying the Test for Goodwill Impairment”, which eliminates the requirement to calculate the implied fair value of goodwill, but rather requires an entity to record an impairment charge based on the excess of a reporting unit’s carrying value over its fair value. This amendment is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In July 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, an accounting standard update to improve non-employee share-based payment accounting. The accounting standard update more closely aligns the accounting for employee and non-employee share-based payments. The accounting standards update is effective as of the beginning of 2019 with early adoption permitted. We have elected to adopt this standard as of April 1, 2018, the beginning of our 2019 fiscal year, with the main reason for adoption being comparability between both employee and non-employee share-based payments. The adoption of this standard did not have any material effect on the Company’s financial statements or any component of stockholder’s equity. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurements (Topic 820): Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this update modify the disclosure requirements on fair value measurements in Topic 820. The ASU is effective for the Registrants for fiscal years beginning after December 15, 2019, and interim periods therein. Early adoption is permitted. The Company is currently assessing the impact of this standard on their Financial Statements. All other newly issued accounting pronouncements but not yet effective have been deemed either immaterial or not applicable. |
Going Concern
Going Concern | 9 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Going Concern | NOTE 2 - GOING CONCERN The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The Company incurred net losses of $3,199,763 for the nine-month period ended December 31, 2020 and had net cash used in operating activities of $776,845 for the same period. Additionally, the Company has an accumulated deficit of $57,788,408, working capital deficit of $821,219, and a stockholders’ deficit of $661,956 at December 31, 2020. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of at least twelve months after the date of issuance on these consolidated financial statements. In view of these matters, the Company’s ability to continue as a going concern is dependent upon the Company’s ability to achieve a level of profitability and/or to obtain adequate financing through the issuance of debt or equity in order to finance its operations. Management intends to raise additional funds through a private placement or public offering of its equity securities; this is evidenced by the filing of Forms S-1 and S-1/A with the Securities and Exchange Commission on October 13, 2020, and December 31, 2020, respectively. Management believes that the actions presently being taken to further implement its business plan will enable the Company to continue as a going concern. While the Company believes in its viability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and raise additional funds. COVID-19 has had an impact on the global economy, which directly or indirectly may have an impact on our ability to continue as a going concern. These consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. | NOTE 12 - GOING CONCERN The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The Company incurred net losses of $2,082,734 for the year ended March 31, 2020 and had net cash used in operating activities of $496,589 for the same period. Additionally, the Company has an accumulated deficit of $54,588,646, working capital of ($950,700), and a stockholders’ deficit of $1,036,170, at March 31, 2020. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a period of at least twelve months after the date of issuance on these financial statements. In view of these matters, the Company’s ability to continue as a going concern is dependent upon the Company’s ability to achieve a level of profitability and/or to obtain adequate financing through the issuance of debt or equity in order to finance its operations. Management intends to raise additional funds either through a private placement or public offering of its equity securities. Management believes that the actions presently being taken to further implement its business plan will enable the Company to continue as a going concern. While the Company believes in its viability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and raise additional funds. COVID-19 has had an impact on the global economy, which directly or indirectly may have an impact on our ability to continue as a going concern. These financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Lease and Commitments
Lease and Commitments | 9 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Lease and Commitments | NOTE 3 – LEASE AND COMMITMENTS Rent expense for the three-month periods ended December 31, 2020 and December 31, 2019 were $13,343 and $13,434, respectively. Rent expense for the nine-month periods ended December 31, 2020 and December 31, 2019 were $40,479 and $37,679, respectively. The Company entered into an eighty-four-month lease for 3,577 square feet of newly constructed office, laboratory and warehouse space located in Edina, Minnesota on May 3, 2017. The Company resided in the facility starting in November of 2017. The base rent started as $2,078 per month with 2% increases annually and the Company is responsible for its proportional share of common space expenses, property taxes, and building insurance. The base rent as of December 31, 2020 is $2,162. This lease is terminable by the landlord if damage causes the property to no longer be utilized as an integrated whole and by the Company if damage causes the facility to be unusable for a period of 45 days. On January 8 th The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of December 31, 2020: Year Ended March 31, 2021 $ 6,614 2022 26,634 2023 27,167 2024 27,710 2025 28,265 Thereafter 48,305 $ 164,695 Less: Amount representing interest (345 ) Present value of lease liabilities $ 164,350 In compliance with ASC 842, the Company recognized, based on the extended lease term to November 2026 and a treasury rate of 0.12%, an operating lease right-to-use assets for approximately $189,600 and corresponding and equal operating lease liabilities for the lease of our facility in Edina, MN. As of December 31, 2020, the Company only had one operating lease so that the remaining lease term and weighted average discount rate are approximately 6 years and 0.12%, respectively. December 31, 2020 Present value of future base rent lease payments $ 164,350 Base rent payments included in prepaid expenses - Present value of future base rent lease payments – net $ 164,350 As of December 31, 2020, the present value of future base rent lease payments – net is classified between current and non-current assets and liabilities as follows: December 31, 2020 Operating lease right-of-use asset $ 164,350 Total operating lease assets 164,350 Operating lease current liability 26,450 Operating lease other liability 137,900 Total operating lease liabilities $ 164,350 Pursuant to a lease wherein our subsidiary, Gel-Del Technologies, Inc., was the lessee until and through the lease’s termination in fiscal year 2017-2018, the Company had recorded as of those fiscal years approximately $330,000 as a potential payable to the lessor, which this liability remains as of December 31, 2020 and is included in accounts payable. | NOTE 14 – LEASE AND COMMITMENTS Rent expense for the years ended March 31, 2020 and March 31, 2019 were $51,292 and $69,758, respectively. On July 2 nd The Company entered into an eighty-four-month lease for 3,577 square feet of newly constructed office, laboratory and warehouse space located in Edina, Minnesota on May 3, 2017. The Company resided in the facility starting in November of 2017. The base rent is $2,078 per month and the Company is responsible for its proportional share of common space expenses, property taxes, and building insurance. This lease is terminable by the landlord if damage causes the property to no longer be utilized as an integrated whole and by the Company if damage causes the facility to be unusable for a period of 45 days. The Company entered into a lease amendment whereby the lease term was extended through November of 2026 in exchange for a loan of $42,500 and a grant of $7,500 for lease improvements. Through the balance sheet date, the Company has received $15,000 in loan proceeds and expects to receive the remaining loan amount of $27,500 and grant amount of $7,500 if certain criteria are met relating to the build out of our Edina facility; some of these criteria are not contingent upon the Company’s performance. The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of March 31, 2020: Year Ended March 31, 2021 $ 24,936 2022 24,936 2023 24,936 2024 24,936 2025 24,936 Thereafter 29,092 $ 153,772 Less: Amount representing interest (5,080 ) Present value of lease liabilities $ 148,692 In compliance with ASC 842 the Company adopted new guidance in relation to lease accounting on April 1, 2019 whereby we recognized operating lease right-to-use assets and corresponding and equal operating lease liabilities for the lease of our facility in Edina, MN. As of March 31, 2020, planned future base rent lease payments total $153,772, which has been discounted to $148,693 using the 52-week treasury bill coupon equivalent discount rate of 2.18% and a present value model. As of March 31, 2020, the Company only had one operating lease so that the remaining lease term and weighted average discount rate are approximately 7 years and 2.18%, respectively. March 31, 2020 Present value of future base rent lease payments $ 148,692 Base rent payments included in prepaid expenses - Present value of future base rent lease payments – net $ 148,692 As of March 31, 2020, the present value of future base rent lease payments – net is classified between current and non-current assets and liabilities as follows: March 31, 2020 Operating lease right-of-use asset $ 148,693 Total operating lease assets 148,693 Operating lease current liability 24,791 Operating lease other liability 123,901 Total operating lease liabilities $ 148,692 Pursuant to a lease wherein our subsidiary, Gel-Del Technologies, Inc., was the lessee until the lease’s termination in 2017, the Company owes approximately $330,000 to the lessor as of March 31, 2020; this amount is included in accounts payable. |
Inventory
Inventory | 12 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventory | NOTE 2 – INVENTORY As of March 31, 2020 and March 31, 2019, respectively, the Company had approximately $50,000 and $78,000 of finished goods inventory; however, reserves of equal amounts for each respective period were taken because of the substantial doubt in the Company’s ability to utilize this inventory to obtain material sales, primarily due to (among other things) the fact the Company has not obtained controlled study data detailing the safe and effective use of Kush ® As of March 31, 2019, all of the Company’s finished goods inventory were in quarantine due to a contamination issue. During the year ended March 31, 2020, the Company released some inventory for sale and sample to the public. Total Inventory is broken out as follows: March 31, 2020 March 31, 2019 Finished Goods $ 50,357 $ 77,936 Reserve for Obsolete Inventory (50,357 ) (77,936 ) Work in Progress -0- -0- Manufacturing Supplies -0- 3,127 Raw Materials -0- 9,368 Total Inventory $ -0- $ 12,495 |
Investments - Equity Securities
Investments - Equity Securities | 9 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Mar. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | ||
Investments - Equity Securities | NOTE 4 – INVESTMENTS – EQUITY SECURITIES On June 28, 2019, the Company entered into a purchase agreement with a third-party to purchase 1,500,000 shares of Emerald Organic Products, Inc. (OTC Pink: “EMOR”) common stock for consideration of $1,500. The Company applied guidance from ASU No. 2016-01 Financial Instruments – Overall – Recognition and Measurement of Financial Assets and Financial Liabilities and ASC 820 to arrive at a fair value at December 31, 2020 of $1,500. The Company took into account many factors when determining the stock’s fair value including, but not limited to, the nature and duration of the restriction on the stock, the extent to which potential buyers would be limited by the restriction, and qualitative and quantitative factors specific to both the instrument and the issuer and risk of non-performance. | NOTE 3 – INVESTMENTS – EQUITY SECURITIES On June 28, 2019, the Company entered into a purchase agreement with a third-party to purchase 1,500,000 shares of Emerald Organic Products, Inc. (OTC Pink: “EMOR”) common stock for consideration of $1,500 in cash. The Company applied guidance from ASU No. 2016-01 Financial Instruments – Overall – Recognition and Measurement of Financial Assets and Financial Liabilities and ASC 820 to arrive at a fair value at March 31, 2020, of $1,500. The Company took into account many factors when determining the stock’s fair value including, but not limited to, the nature and duration of the restriction on the stock, the extent to which potential buyers would be limited by the restriction, and qualitative and quantitative factors specific to both the instrument and the issuer. |
Prepaid Expenses and Deferred O
Prepaid Expenses and Deferred Offering Costs | 9 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Mar. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid Expenses and Deferred Offering Costs | NOTE 5 – PREPAID EXPENSES AND DEFERRED OFFERING COSTS At December 31, 2020 and March 31, 2020, the Company had $252,431 and $132,023 in prepaid expenses and deferred offering costs, respectively. At December 31, 2020 the total prepaids amount of $252,431 was made up primarily of $141,687 in prepaid expenses – short term and $110,744 in deferred offering costs. Of the $141,687 classified as prepaid expenses – short term, approximately $73,000 is made up of advertising and marketing services yet to be performed, and $25,000 is made up of a deposit for our canine elbow osteoarthritis study to be performed by Colorado State University. The $110,744 classified as deferred offering expenses is entirely made up of legal costs incurred related to our S-1 and S-1/A filings with the Securities and Exchange Commission on October 13, 2020, and December 31, 2020, respectively, and will be recorded as a reduction of proceeds should we be successful in raising capital through this S-1 offering or expensed if not. | NOTE 6 – PREPAID EXPENSES As of March 31, 2020, the Company had approximately $132,023 in prepaid expenses recorded on our balance sheet, respectively, as follows: i) approximately $100,000 in marketing services; ii) approximately $10,000 in annual OTC listing license; and iii) approximately $6,000 in insurance costs. As of March 31, 2019, the Company had approximately $34,327 in prepaid expenses recorded on our balance sheet, respectively, as follows: i) approximately $10,000 in annual OTC listing license; ii) $2,000 in SEC filing service services; iii) $7,000 in insurance costs; and iv) $10,000 in legal services. |
Property and Equipment
Property and Equipment | 9 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Mar. 31, 2020 | |
Property and Equipment: | ||
Property and Equipment | NOTE 6 – PROPERTY AND EQUIPMENT The components of property and equipment were as follows: December 31, 2020 March 31, 2020 Leasehold improvements $ 177,184 $ 98,706 Furniture and office equipment 10,130 10,130 Production equipment 127,419 87,473 R&D equipment 25,184 25,184 Total, at cost 339,917 221,493 Accumulated depreciation (136,318 ) (111,586 ) Total, net $ 203,599 $ 109,907 During the three months ended December 31, 2020 and 2019, depreciation expense was $10,768 and $2,438, respectively. During the nine months ended December 31, 2020 and 2019, depreciation expense was $24,731 and $12,861, respectively. During the nine months ended December 31, 2020, the Company received cash proceeds in the amount of $482 related to an insurance claim processed during the three months ended March 31, 2020 for our modular cleanroom that was damaged during shipment to the buyer of the same. During the nine months ended December 31, 2019, the Company recognized $450 gain on sale of asset related to the sale of a piece of equipment that was originally purchased for $1,004, was fully depreciated at the time of the sale, and was sold for $450 in cash. | NOTE 4 –PROPERTY AND EQUIPMENT During fiscal years 2020 and 2019, depreciation expense was $16,224 and $8,342, respectively. During the year ended March 31, 2020, we recorded a loss on sale of assets in the amount of $389. The $389 loss on sale of assets was made up of the sale of assets with carrying books values totaling $12,870 sold for purchase prices totaling $12,481. During the fiscal year ended March 31, 2020, the Company also built onto its Edina manufacturing facility to include: (i) proper HVAC equipment valued at $64,000; (ii) proper cleanroom structural environment and walls valued at $13,657; and (iii) proper electrical capabilities valued at $8,947. The Company anticipates incurring approximately an additional $40,000 in facilities build-out expenses to obtain an operational manufacturing facility. The components of property and equipment were as follows: As of March 31 2020 2019 Leasehold improvements $ 98,706 $ 4,602 Furniture and office equipment 10,130 10,130 Production equipment 87,473 108,882 R&D equipment 25,184 26,188 Total, at cost 221,493 149,802 Accumulated depreciation (111,586 ) (112,453 ) Total net $ 109,907 $ 37,349 |
Trademarks and Patents, Net
Trademarks and Patents, Net | 9 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Trademarks and Patents, Net | NOTE 7 – TRADEMARKS AND PATENTS, NET The components of intangible assets, all of which are finite-lived, were as follows: December 31, 2020 March 31, 2020 Patents $ 3,836,911 $ 3,822,542 Trademarks 26,142 25,023 Total, at cost 3,863,053 3,847,565 Accumulated Amortization (3,837,284 ) (3,788,954 ) Total, net $ 25,769 $ 58,611 During the three-month periods ended December 31, 2020 and 2019, amortization expense was $1,629 and $134,283, respectively. During the nine-month periods ended December 31, 2020 and 2019, amortization expense was $48,331 and $408,994, respectively. During the three-month periods ended December 31, 2020 and 2019, intangible impairment expense was $8,353 and $28,038, respectively. During the nine-month periods ended December 31, 2020 and 2019, intangible impairment expense was $23,930 and $28,038, respectively. | NOTE 5 – INTANGIBLE ASSETS The components of intangible assets, all of which are finite-lived, were as follows: As of March 31 2020 2019 Patents $ 3,822,542 $ 3,820,374 Trademarks 25,023 22,829 Total at cost 3,847,565 3,843,203 Accumulated Amortization (3,788,954 ) (3,253,386 ) Total net $ 58,611 $ 589,817 During fiscal years 2020 and 2019, amortization expense was $543,320 and $638,579, respectively. The Company performed intangible impairment analyses throughout the year ended March 31, 2020 and concluded that approximately $31,000 (2019: $104,000) in patents needed to be impaired. We conducted these analyses pursuant to ASC 350 and ASC 360. |
Notes Payable and Convertible N
Notes Payable and Convertible Notes | 9 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Mar. 31, 2020 | |
Debt Disclosure [Abstract] | ||
Notes Payable and Convertible Notes | NOTE 8 – NOTES PAYABLE AND CONVERTIBLE NOTES At December 31, 2020, the Company is obligated for $129,720 in notes payable, notes payable – related parties and accrued interest and $280,000 in convertible notes payable. At March 31, 2020, the Company is obligated for $76,350 in notes payable and accrued interest and $286,981 in convertible notes payable and accrued interest. December 31, 2020 March 31, 2020 Notes Payable Convertible Notes Payable Notes Payable Convertible Notes Payable 1. Third Parties – Principal $ 79,634 $ 280,000 $ 15,000 $ 280,000 Third Parties – Interest 260 - 95 6,981 Third Parties – Total 79,894 280,000 15,095 286,981 2. Related Parties – Principal 49,826 - 59,642 - Related Parties – Interest - - 1,613 - Related Parties – Total 49,826 - 61,255 - Total $ 129,720 $ 280,000 $ 76,350 $ 286,981 Convertible Notes Payable The Company entered into a convertible note payable held by RedDiamond Partners, LLC (“RDCN”) on June 15, 2020, whereby the RDCN was convertible on or after January 15, 2021 and before maturity on March 15, 2021 at a rate of $1.12/share. The RDCN was issued in the principal amount of $352,941 with $52,941 being made up of a 15% Original Issue Discount (“OID”) and included a conversion feature. However, this conversion feature’s exercise contingency was only utilizable if triggered by the occurrence of an Event of Default, which included events that were outside the control of the Company (i.e. not based solely on the market for the Company’s stock or the Company’s own operations). Additionally, the RDCN accrued interest at a rate of 12.5% per annum, calculated on a 360-day-per-year-basis. This RDCN was issued alongside a warrant for purchase of 139,286 shares of Company common stock (“RDCN Warrants”) with a relative fair value of $91,500. Upon inception, the outstanding principal balance of the RDCN was reduced to $-0- by various discounts on the debt totaling ($352,941) as follows: i) the RDCN Warrants generated a discount on the debt of ($91,500) based on the relative fair value of the same; ii) $2,500 in investor legal costs was treated as a discount on the debt of ($2,500) since this was paid by the Company; iii) $52,941 of OID was treated as a discount on the debt of ($52,941); iv) a discount of ($206,000) was taken due to the conversion option being treated as a derivative. In evaluating the various instruments and their components within this transaction (including issuance of the RDCN and RDCN Warrants) for treatment as a derivative and the respective accounting treatment of the same, the Company referenced ASC 470 and ASC 815 in conjunction with interpretive guidance. In conjunction with the RDCN and RDCN Warrants issuances, the Company also paid $30,000 and issued 75,000 warrants (“Think Warrants”) valued at $31,500 using the Black-Scholes model to Think Equity for soliciting the RedDiamond Partners, LLC transaction. The total issuance costs paid to Think Equity of $61,500 of cash and warrants, which the Company recorded the relative fair value of $52,399 to expense since no further discount was available to be taken on the debt. As of December 31, 2020, the Company had $-0- in unamortized debt discount remaining and owed $-0- in principal and interest pursuant to the RDCN. For the three and nine months ended December 31, 2020, the Company amortized a pro-rata portion of the discount on the debt on a straight-line basis to interest expense in the amounts of $35,919 and $173,174, respectively. At October 26, 2020, the Company entered into a note conversion agreement that converted the then outstanding balance of $368,995 made up of $352,941 in principal and $16,054 in accrued interest into 263,568 shares of common stock at a rate of $1.40 per share when the market price of the stock was $6.56. The settlement relieved a derivative liability in the amount of $1,908,100, outstanding principal and interest of $368,995, and debt discount in the amount of ($181,187) in exchange for stock valued on the date of the settlement in the total amount of $1,729,005; this triggered a gain on debt extinguishment of $366,903. Please see Note 10 to these financial statements for more information on this conversion. At December 31, 2020 and March 31, 2020, the Company is/was obligated for several convertible notes payable held by accredited investors (“Accredited Investor Convertible Notes” or “AICN” or “AICNs”). At December 31, 2020 the total outstanding balance of these AICNs of $280,000 was made up of $280,000 in principal and $-0- in accrued interest. At March 31, 2020, the total outstanding balance of these AICNs of $286,981 was made up of $280,000 in principal and $6,981 in accrued interest. The Company entered into these AICNs during the quarter ended June 30, 2019. All of these AICNs mature during the quarter ended June 30, 2021, two years from their inception dates. These AICNs accrue interest at a rate of 10% annually. Accrued interest is due and payable each calendar quarter in cash. During the three and nine months ended December 31, 2020, the Company paid out $14,115 and $28,077, respectively, in accrued interest to these convertible note holders. During the three and nine months ended December 31, 2019, the Company paid out $-0- and $11,479, respectively, in accrued interest to these convertible note holders. These AICNs automatically convert into shares of common stock at a rate of $2.89 per share at the earlier of the maturity date or an uplist to a national securities exchange (e.g. NASDAQ or New York Stock Exchange) provided that the Company’s stock price is at least $3.47 at the time of the uplist. The AICN note holders have the right to convert their outstanding principal and interest into shares of the Company’s common stock at any time during their note’s term at $2.89 per share. No AICN note holders have converted their notes as of December 31, 2020. Convertible Notes Payable – Related Party At December 31, 2020 and March 31, 2020, the Company was not obligated for any related party convertible notes payable principal and accrued interest. However, the Company entered into notes payable with three directors on May 14, 2020, in the aggregate principal amount of $25,000. The notes with these three directors accrued interest at a rate of 6% annually, yielding a total amount of accrued interest of $382 at August 14, 2020, the maturity date, and on that date the total outstanding balance of $25,382 was converted at $1.02 per share into 25,003 shares of common stock valued at $25,383. Notes Payable On January 8 th At December 31, 2020, the Company was obligated for notes payable and accrued interest in the amounts of $40,969 and $-0-, respectively. At March 31, 2020, the Company was obligated for notes payable and accrued interest in the amounts of $15,000 and $95, respectively. During the three months ended December 31, 2020, the Company paid $559 in interest and $1,531 in principal pursuant to this note payable. PPP Loan Payable On May 1, 2020, the Company received $38,665 in loan proceeds pursuant to the Paycheck Protection Program enacted by the 2020 US Federal government Coronavirus Aid, Relief, and Economic Security Act. At December 31, 2020, the Company was obligated for the outstanding balance of $38,925, made up of $38,665 in principal and $260 in accrued interest. The principal and accrued interest may be forgivable and the Company has applied for forgiveness. The loan accrues interest at a rate of 1% per annum and matures on May 1, 2022; if not forgiven prior to December 1, 2020, the Company is required to pay monthly installments toward principal and interest until the note is paid in full. However, through the date of this filing we are awaiting review and further guidance from the loan issuer on our repayment status. Notes Payable – Related Party At December 31, 2020 and March 31, 2020, the Company was obligated for related party notes payable and accrued interest in the total amount of $49,826 and $61,255, respectively. The balance of $49,826 outstanding at December 31, 2020, is described as the Amendment to Promissory Note in the below Note 9 to these financial statements. | NOTE 9 – CONVERTIBLE NOTES PAYABLE At March 31, 2020, the Company is obligated for several convertible notes payable in the total amount of $286,981 made up of $280,000 in principal and $6,981 in interest. The Company entered into these convertible notes during the quarter ended June 30, 2019. All of these convertible notes mature during the quarter ended June 30, 2021, two years from their inception dates. These convertible notes accrue interest at a rate of 10%. Accrued interest is due and payable each calendar quarter in cash; during the years ended March 31, 2020 and 2019, the Company paid out $18,536 and $-0-, respectively, in accrued interest to these convertible note holders. These convertible notes automatically convert into shares of common stock at a rate of $.72 per share at the earlier of the maturity date or an uplist to a national securities exchange (e.g. Exchange or New York Stock Exchange) provided that the Company’s stock price is at least $.87 at the time of the uplist. The convertible note holders have the right to convert their outstanding principal and interest into shares of the Company’s common stock at any time during their note’s term at $.72 per share. No note holders have converted their notes through the date of this report. As of March 31, 2020, these convertible notes did not include a beneficial conversion feature. |
Share-settled Debt Obligation -
Share-settled Debt Obligation - Related Party | 9 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Mar. 31, 2020 | |
Related Party Transactions [Abstract] | ||
Share-settled Debt Obligation - Related Party | NOTE 9 – SHARE-SETTLED DEBT OBLIGATION – RELATED PARTY At December 31, and March 31, 2020, respectively, the Company is obligated for $194,579 in share-settled debt obligation – related party made up of $196,000 in principal owed and ($1,421) in discount on the debt. During the three and nine months ended December 31, 2020 the Company amortized $1,421 in debt discount to interest expense. Effective September 1, 2020, the Company entered into two debt settlement agreements with David B. Masters, a director of the Company, pursuant to an Amendment to Promissory Note and a Promissory Note. The Amendment to Promissory Note extends, for up to an additional two years and under the same terms as originally entered into, the original promissory notes which were issued by Gel-Del Technologies, Inc., a wholly owned subsidiary of the Company, to Dr. Masters. Because this Amendment to Promissory Note simply extended the term over which the Company is required to pay back the outstanding balance this change has been treated as a debt modification. The outstanding principal of $59,642 and interest balance of $6,058 of the original promissory notes was $65,700 at the time of execution of the Amendment to Promissory Note; the terms of this Amendment to Promissory Note are interest accrual at a rate of 8% on an annual basis or 20% if the note is in default. The Amendment to Promissory Note requires monthly payments of $3,100 and a maturity date of June 30, 2022 provided however that if the Company shall achieve $1,500,000 in equity sales or achieve gross product sales of $1,500,000, the Company must pay the outstanding balance at that time. The Promissory Note was entered into with an effective date of September 1, 2020 in a principal amount of $195,000, which represented David Masters’ release of any claim to the $195,000 in past accrued salary he was owed, it accrues interest at a rate of 3% per annum, has a maturity date of August 31, 2022, and required payments of $4,000 per month beginning when the Company’s sale of products reach $3,500,000. The reclassification of the $195,000 was treated as a debt modification. A Settlement and General Release (“ Settlement Agreement On October 15, 2020, the Company entered into a note conversion agreement with David Masters whereby the Company and Mr. Masters both agreed to convert his note payable in the then outstanding balance of $193,158 made up of $192,500 in principal and $658 in accrued interest into common stock and warrants pursuant to terms identical to what is agreed upon in our S-1 offering currently being conducted. Pursuant to this conversion agreement the Company agreed to convert $196,000 made up of $192,500 in principal and a conversion fee of $3,500 and Mr. Masters agreed to forego the interest accrued in the amount of $658. The conversion fee of $3,500 was treated as a discount on the debt and the $658 was treated as a reduction of the discount on debt. Therefore, upon inception the convertible balance of $196,000 was reduced by a discount on the debt of 2,842. As of December 31, 2020, the outstanding balance of this share-settled debt obligation had not yet been converted and is recorded as a liability due to the fact the Company had not agreed to terms of our S-1 offering currently being conducted. At December 31, 2020, the Company was obligated for principal and accrued interest in the amounts of $-0- and $-0-, respectively, related to the Promissory Note and $49,826 and $-0-, respectively, related to the Amendment to Promissory Note. | NOTE 7 -RELATED PARTY NOTES PAYABLE At March 31, 2020, the Company is obligated for a related party note payable and accrued interest in the total amount of $61,255 (2019: $85,752); the maturity date of this note is April 30, 2020. As of the date of this filing we are in default on this note. The related party note payable terms are accrual of interest at eight percent annually with payments of $3,100 per month, which are applied to interest first, then principal. The terms also include a stipulation that if the Company receives additional financing during any 24-month period from the date of the note in the amount greater than $3,500,000, the Company will immediately pay the officer the principal amount of the note along with all interest due. During the year ended March 31, 2019, the Company entered into bridge note agreements with related parties totaling $70,000 in principal. Upon entering into these bridge note agreements, the note-holders were issued one warrant for every $2.00 in principal loaned to the Company. These warrants were exercisable at $1.11 for a term of three years and vested immediately. Pursuant to ASC 470 the relative fair value of the warrants attributable to a discount on the debt was $15,677. The note terms dictate 12% simple interest, compounding daily based on a 365-day year, paid out 6 months from the date of the note along with the principal amount loaned to the Company; these notes were to mature in calendar Q1 of 2019. The entire $70,000 in principal and $1,722 in accrued interest was converted into 215,166 shares of common stock at a rate of $.33 per share pursuant to bridge note conversion agreements in December of 2018. An additional $13,333 in equity issuance expense was recognized due to a beneficial conversion feature whereby $20,000 of the $70,000 in principal was converted at $.33 per share when the stock price on the date of the conversion agreement was $.55 per share. Also, pursuant to the bridge note conversion agreements, for every $2.00 in outstanding balance converted into equity the note-holder received one warrant exercisable at $.33 per share through December 31, 2018; 32,275 of these warrants were issued. The entire balance remaining in debt discount of $15,677 was charged to interest expense upon conversion of these notes. |
Notes Payable
Notes Payable | 12 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Notes Payable | NOTE 8 – NOTES PAYABLE At March 31, 2020, the Company is obligated for one note payable and accrued interest in the total amounts of $15,000 and $95, respectively. The note terms dictate 6.5% per annum on the unpaid outstanding principal per year from the date funds were first advanced, which was February 25, 2020. This note originated from a lease amendment whereby we extended our lease at our Edina facility for two years (see Note 14); if certain criteria are met, the Company is able to receive an additional $27,500 in loan proceeds pursuant to this promissory note agreement. At March 31, 2019, the Company was obligated for one note payable and accrued interest in the total amounts of $18,831 and $-0-, respectively. The note terms dictate 12% simple interest, compounding daily based on a 365-day year, paid out 6 months from the date of the note and the issuance of a detachable warrant for purchase of half of the principal amount in shares exercisable at $1.11 per share for a 3-year term. All debt discount associated with the warrants issued in conjunction with this note was charged to interest expense as of the maturity date of the note in February of 2019. Upon maturity of the note we entered into a note amendment whereby instead of paying out the entire outstanding balance of principal and interest, we were to pay an initial installment of $5,000 and then monthly payments of $3,000 until the amended maturity date of September 30, 2019, at which time the entire outstanding balance was paid. During the year ended March 31, 2019 the Company entered into bridge note agreements with several bridge note holders in the principal amount of $215,000. There were 96,750 detachable warrants issued in conjunction with bridge notes entered into in the year ending March 31, 2019. Pursuant to ASC 470 the relative fair value of the warrants attributable to a discount on the debt is $49,880; this amount was amortized to interest expense on a straight-line basis over the term of the loans. During the year ended March 31, 2019 and pursuant to bridge note conversion agreements, $150,000 in principal and $4,280 in accrued interest was converted into 462,838 shares of common stock at a rate of $.33 per share. Pursuant to the conversion of the notes, each note-holder who converted their note(s) received a warrant for purchase of half of the outstanding balance in shares exercisable at $.33 per share through December 31, 2018; 69,426 of these warrants were issued. An additional $33,822 in equity issuance expense was recognized due to a beneficial conversion feature whereby $50,734 in principal and interest was converted at $.33 per share when the stock price on the date of the conversion agreement was $.55 per share. During the year ended March 31, 2019, $46,169 in principal was repaid, and $4,313 in accrued interest was paid out. Each of the warrants issued pursuant to conversion of these notes, if exercised, qualified for 1 additional share of common stock transferred from a founder of the Company for every 3 shares received through exercising of these warrants; 30,016 shares were transferred to these note-holders by a founder. During the year ended March 31, 2019 the entire total of $49,880 in debt discount has been relieved to interest expense due to amortization and the conversions. |
Derivative Liability and Expens
Derivative Liability and Expense | 9 Months Ended |
Dec. 31, 2020 | |
Derivative Liability [Abstract] | |
Derivative Liability and Expense | NOTE 10 – DERIVATIVE LIABILITY AND EXPENSE The Company evaluates its convertible instruments, options, warrants or other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for under ASC Topic 815, “Derivatives and Hedging.” The result of this accounting treatment is that the fair value of the derivative is marked-to-market each balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statement of operation as other income (expense). Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date then that fair value is reclassified to equity. Equity instruments that are initially classified as equity that become subject to reclassification under ASC Topic 815 are reclassified to liabilities at the fair value of the instrument on the reclassification date. The Company used the following assumptions for determining the fair value of the conversion feature in the RDCN referenced in Note 8 to these consolidated financial statements, under the binomial pricing model at June 15, 2020, September 30, 2020, and October 26, 2020, the issuance, balance sheet, and conversion dates, respectively: June 15, 2020 September 30, 2020 October 26, 2020 Stock price on valuation date $ 1.68 $ 1.60 $ 6.56 Conversion price $ 1.12 $ 1.12 $ 1.12 Days to maturity 273 166 140 Weighted-average volatility* 367 % 327 % 197 % Risk-free rate .18 % .12 % .11 % The initial valuation of $526,800 at June 15, 2020, generated a discount on the debt of $206,000, which net the convertible note liability to $-0- and forced a recognition of derivative expense of $320,800 and a corresponding offset to derivative liability of $526,800. At September 30, 2020, the Company revalued the derivative liability to $937,500. At October 26, 2020, the Company revalued the derivative liability to $1,908,100. For the three months ended December 31, 2020 and 2019, the Company recognized $970,600 and $-0- to derivative expense, respectively. For the nine months ended December 31, 2020 and 2019, the Company recognized $1,702,100 and $-0- to derivative expense and derivative liability, respectively. On October 26, 2020, the Company entered into a conversion agreement whereby the RDCN was converted into 263,568 shares of common stock at a rate of $1.40 per share; this triggered a gain on extinguishment of debt in the amount of $366,903 as described in these financial statements’ Note 8. The Company recorded derivative liability transactions during the nine-month period ended December 31, 2020 as follows: Nine Months Ended December 31, 2020 Convertible note embedded derivative liability Balance at March 31, 2020 $ -0- Initial recognition of derivative liability 526,800 Change in fair value 21,400 Balance at June 30, 2020 $ 548,200 Change in fair value 389,300 Balance at September 30, 2020 $ 937,500 Change in fair value 970,600 Balance at October 26, 2020 $ 1,908,100 Conversion of note on October 26,2020 (1,908,100 ) Balance at December 31, 2020 $ -0- |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 9 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Mar. 31, 2020 | |
Payables and Accruals [Abstract] | ||
Accounts Payable and Accrued Expenses | NOTE 11 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES At December 31, 2020 and March 31, 2020, the Company is obligated to pay $782,732 and $794,057, respectively, in accounts payable and accrued expenses. Of the total at December 31, 2020, $555,960 is made up of accounts payable, while the $226,722 in accrued expenses mainly made up of past employee’s accrued salaries and related payroll taxes payable. Of the total at March 31, 2020 of $794,057, $556,653 is made up of accounts payable, while the $237,404 in accrued expenses is made up of past employee’s accrued salaries and related payroll taxes payable. The potential payroll taxes owed are not due until the accrued compensation has been paid. Since the Company has not paid these accrued wages, the Company has appropriately left the potential payroll taxes associated with these accrued wages unpaid. The Company has established an accrued liability for the potential taxes of approximately $14,198 and $22,025 at December 31, 2020 and March 31, 2020, respectively. | NOTE 10 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES At March 31, 2020, the Company is obligated to pay $794,057 (2019: $854,990) in accounts payable and accrued expenses. Of the total, $556,653 (2019: $524,273) is made up of accounts payable, while the $237,404 (2019: $330,717) in accrued expenses is made up of past employee’s accrued salaries and related payroll taxes payable. The Company has not paid the related payroll taxes, consisting primarily of Social Security and Medicare taxes. As a result, the Company has established an accrued liability for the unpaid salaries, along with related taxes of approximately $22,026 (2019: $58,124) at March 31, 2020 and 2019, respectively. |
Accrued Expenses - Related Part
Accrued Expenses - Related Party | 9 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Mar. 31, 2020 | |
Payables and Accruals [Abstract] | ||
Accrued Expenses - Related Party | NOTE 12 – ACCRUED EXPENSES – RELATED PARTY At December 31, 2020, the Company is obligated to pay $9,615 in accrued expenses due to related parties. The total amount is made up of paid time off accrued and owed to both John Lai and John Carruth in equal amounts of $4,807. During the quarter ended December 31, 2020, David Masters signed a settlement and general release giving up any right to his $195,000 in accrued salary – related party. In exchange for this settlement and general release, the Company granted David Masters a note with a principal amount of $195,000, which is described further in this Form 10-Q’s Note 9. At March 31, 2020, the Company was obligated to pay $252,607 in accrued expenses due to related parties. Of the total, $38,954 was made up of accounts payable, while $213,653 is made up of accrued salaries and potential payroll taxes payable. | NOTE 11–ACCRUED EXPENSES – RELATED PARTY At March 31, 2020, the Company was obligated to pay $252,607 in accrued expenses due to related parties. Of the total, $38,954 was made up of accounts payable, while $213,653 was made up of accrued salaries. At March 31, 2019, the Company is obligated to pay $576,393 in accrued expenses due to related parties. Of the total, $89,186 is made up of accounts payable, while $487,207 is made up of accrued salaries and payroll taxes payable. |
Common Stock and Warrants
Common Stock and Warrants | 9 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Mar. 31, 2020 | |
Equity [Abstract] | ||
Common Stock and Warrants | NOTE 13 - COMMON STOCK AND WARRANTS On October 23, 2020, the Company approved and declared a reverse stock split of all its outstanding common stock at a ratio of 1-for-4 shares; this reverse stock split was made effective on December 29, 2020. All references to number of shares and price per share data have been retroactively adjusted for this reverse stock split for all periods presented. Equity Incentive Plan On July 10, 2020, our Board of Directors unanimously approved the PetVivo Holdings, Inc “2020 Equity Incentive Plan” (the “2020 Plan”), subject to approval by our stockholders at the Regular Meeting of Stockholders held on September 22, 2020, when it was approved by our stockholders and became effective. The number of shares of our common stock available and that may be issued as awards under the 2020 Plan is 1,000,000 shares. Unless sooner terminated by the Board, the 2020 Plan will terminate at midnight on July 10, 2030. Eligible Participants Administration Shares Available for Awards ● the maximum aggregate number of shares of Common Stock granted as an Award to any Non-Employee Director in any one Plan Year will be 10,000 shares; provided that such limit will not apply to any election of a Non-Employee Director to receive shares of Common Stock in lieu of all or a portion of any annual Board, committee, chair or other retainer, or any meeting fees otherwise payable in cash. Types of Awards The 2020 Plan permits the following types of awards: stock options, stock appreciation rights, restricted stock awards, restricted stock units, deferred stock units, performance awards, non-employee director awards, other stock-based awards, and dividend equivalents. As of December 31, 2020, the Company has not awarded any shares pursuant to the 2020 Plan. Common Stock On December 29, 2020, the Company effected a reverse stock split of all its outstanding common stock at a ratio of 1-for-4 shares. Pursuant to this reverse stock split, each four (4) shares of PetVivo’s outstanding common stock, $.001 par value per share, was combined and converted into one (1) post-split outstanding shares of common stock, $.001 par value per share. This reverse stock split affected all PetVivo shareholders uniformly and accordingly did not alter any shareholder’s percentage interest or ownership of PetVivo equity. Through the date of this filing, 724 shares of common stock have been issued due to rounding up of fractional shares. During the nine-month period ended December 31, 2020 the Company issued 991,014 shares of common stock as follows: i) 30,000 shares valued at $40,680 and recorded in Stock-based compensation to a service provider for video marketing services over a 6-month term; ii) 20,000 shares with a relative value of $34,709 pursuant to a purchase of 20,000 units whereby a unit is made up of 1 share of common stock and ½ warrant. The value of $34,709 along with the relative value of the warrants associated with this transaction of $17,291 ($52,000 total) was recorded during the quarter ended March 31, 2020 to Common Stock Subscribed and moved to Additional Paid in Capital and Capital Stock upon receipt of funds and issuance of shares of common stock during the quarter ended June 30, 2020; iii) 12,500 shares valued at $22,000 on July 1, 2020 to two service providers as follows: a) 10,000 to a marketing and investor relations service provider valued at $17,600 that was recorded to stock-based compensation; and b) 2,500 to a legal service provider valued at $4,400 that was recorded to stock-based compensation; iv) 15,257 shares valued at $12,053 on July 24, 2020 to one warrant holder whereby this warrant holder converted on a cashless basis 25,000 warrants into 15,257 shares of common stock and the warrant had an exercise price of $1.20 per share; v) 226,071 shares during August and September of 2020 in exchange for $316,500 in cash to four accredited investors; vi) 162,252 shares valued at $486,755 to directors and officers on September 14, 2020 as bonuses for work over the past two years and recorded to stock-based compensation as follows: a. 33,619 to John Lai b. 26,217 to John Carruth c. 22,993 to John Dolan d. 10,789 to Gregory Cash e. 10,711 to David Deming f. 10,627 to Robert Rudelius g. 10,550 to Randy Meyer h. 9,302 to Jim Martin i. 9,300 to Scott Johnson j. 9,209 to Joseph Jasper k. 8,935 to David Masters vii) 25,003 shares valued at $25,383 to three directors on August 14, 2020, pursuant to their conversions of notes in the total outstanding balance amount of $25,382 made up of $25,000 in principal and $382 in accrued interest; these notes had a set conversion price of $1.02 per share. viii) 263,568 shares in October of 2020 pursuant to conversion of $368,995 in principal and accrued interest of the RDCN valued at $1,729,005 as outlined in this Form 10-Q’s Note 8; ix) 32,347 shares in October of 2020 pursuant to John Lai’s cashless exercise of a warrant for purchase of 42,188 shares of common stock at a strike price of $1.33/sh; x) 202,499 shares in October, November and December to 20 accredited investors pursuant to their exercising of warrants with strike prices of $2.22 for cash proceeds of $449,993 recorded to cash paid to exercise warrants; and xi) 793 shares in October of 2020 pursuant to a warrant holder’s cashless exercise of a warrant for purchase of 6,750 shares of common stock at a strike price of $4.44/sh. During the nine months ended December 31, 2019, the Company issued 652,466 shares of common stock as follows: i) 87,000 shares to John Lai pursuant to a Settlement Agreement whereby Mr. Lai agreed to release the Company of all claims through the date of the agreement, September 11, 2019, including accrued compensation he had earned in the amount of $116,000 and hold the shares for a period of at least 3 years; ii) 143,952 shares to Randall Meyer pursuant to a Settlement Agreement whereby Mr. Meyer agreed to release the Company of all claims through the date of the agreement, September 11, 2019, including accrued compensation he had earned in the amount of $191,936 and hold the shares for a period of at least 3 years; iii) 51,000 shares to John Dolan pursuant to a Settlement Agreement whereby Mr. Dolan agreed to release the Company of all claims through the date of the agreement, September 11, 2019, including accrued compensation he had earned in the amount of $68,000 and hold the shares for a period of at least 3 years; and iv) 42,014 shares to a former employee pursuant to a Settlement Agreement dated August 29, 2019, whereby this individual agreed to release the Company of all claims, including compensation earned in the amount of $80,029; and v) 27,000 shares valued at $120,000 to a service provider for production services provided during the one-year period ended July 13, 2019 and recognized over that period on a pro-rata basis; and vi) 90,000 shares on September 13, 2019, to one shareholder that the Company sold in exchange for $100,000; vii) 67,500 shares valued at $102,000 to a service provider on September 18, 2019, in exchange for 12 months of video production and marketing services; viii) 121,500 shares to various accredited investors in exchange for $135,000 in cash, which equates to a price per share of $.28/share; ix) 22,500 shares to service providers for investor relations services to be performed by Barry Kaplan Associates during the six-month period ending in April 2020; x) On December 9, 2019, the Company entered into an agreement whereby we agreed to issue 37,500 shares of common stock to a service provider, Launchpad IR, at $1.68/share for total consideration of $70,500, for investor relations services. These shares remained unissued at the balance sheet date, December 31, 2019; xi) On December 31, 2019, the Company received $104,000 in exchange for 40,000 units, which equates to $2.60/unit, whereby a unit is made up of one share of common stock and ½ warrant share wherein the common stock was recorded at its relative fair value of $69,391 and the warrants are described below in this Note 13’s “Warrants” subsection. These shares remained unissued at the balance sheet date, December 31, 2019. On October 31, 2019, the Company’s Board of Directors also approved a compensation plan for John Lai that included his retention of 150,000 escrowed shares that he never returned to the Company’s Treasury. John Lai (CEO, President & Director), Randall Meyer (Director), and John Dolan (Secretary & Director) are all related parties, and the reduction of $375,936 as outlined in the above Roman numerals i through iii was included in Accrued Expenses – Related Party. The settlement of $80,029 for a former employee’s accrued salary as outlined in the above Roman numeral iv was accounted for as a reduction of Accounts Payable and Accrued Expenses. A loss on extinguishment of debt was recorded in the amount of $81,738 related to these transactions as indicated in Roman numerals i through iv above. Warrants During the nine-month period ended December 31, 2020, the Company granted warrants to purchase a total of 240,632 shares of common stock valued at $443,098, including: i) warrants for 10,000 shares, valued at $17,291 using the Black-Scholes model, to one investor, whereby the value was recorded during the quarter ended March 31, 2020 to Common Stock Subscribed and moved to Additional Paid in Capital upon receipt of funds and issuance of warrants on April 6, 2020, and further whereas the warrants vested immediately upon issuance and are exercisable at $4.00 per share for 3 years from the grant date of April 6, 2020; ii) warrants for 72,596 shares, valued at $160,307 using the Black-Scholes model, to directors, officers and consultants at prices between $1.40 and 1.60 per share with a weighted average price per share of $1.52 per share; and iii) warrants for 158,036 shares, valued at $265,500 using the Black-Scholes model, to an investor and broker, whereby the relative value as described in Note 9 of $91,500 was recorded to Warrants issued in conjunction with convertible debt on the statement of equity; the warrants have a cashless warrant exercise feature, are exercisable at $1.40 per share for a term of five years from the date of the grant of June 15, 2020 and vested immediately. These warrants’ values were arrived at by using the Black-Scholes valuation model with the following assumptions: i) an expected volatility of the Company’s shares on the date of the grants of between approximately 350% and 433%, based on historical volatility. ii) risk-free rates identical to the U.S. Treasury 3-year and 5-year treasury bill rates on the date of the grants between 0.29% and 1.16%. During the nine months ended December 31, 2019, the Company granted warrants to purchase a total of 433,633 shares of common stock valued at $914,730 including: i) warrants for 413,633 shares, valued at $880,121 to directors and officers that vested immediately and over terms ending October 2022, and are exercisable over five-year terms between $1.33 and 2.22 per share; and viii) warrants for 20,000 shares, issued as a detachable warrant in purchased units with a relative fair value of $34,609, whereby an accredited investor purchased 40,000 units for $104,000 at a rate of $2.60/unit and a unit equates to one share of common stock and one-half warrant, and furthermore where the warrants are exercisable for a term of 3 years, have a strike price of $4.00/share and vested immediately. These warrants’ values were arrived at by using the Black-Scholes valuation model with the following assumptions: i) an expected volatility of the Company’s shares on the date of the grants ranging between approximately 313% and 361%, which was arrived at by taking the number of trading days during the year ended on the date of the grant multiplied by the standard deviation of the percentage change in the closing market price on a day-by-day basis; and ii) a risk-free rate identical to the U.S. Treasury 13-week treasury bill rate on the date of the grants between 2.30% and 1.51%. During the nine months ended December 31, 2019, the Company cancelled 81,000 warrants to purchase a total of 81,000 shares of common stock including: i) warrants for 67,500 shares, valued at $300,770 using the Black-Scholes model, $117,144 in expense of which had yet to be taken at the time of cancellation were cancelled pursuant to the terms of such warrants dictating cancellation upon the two-month anniversary of a cease of service; and ii) warrants for 13,500 shares that were never originally valued, were to be vested upon billing from service providers, and were cancelled due to termination of these relationships. A summary of warrant activity for the year ending March 31, 2020 and nine-month period ending December 31, 2020 is as follows: Number of Weighted- Warrants Weighted- Outstanding, March 31, 2019 954,745 2.20 758,759 2.16 Granted 476,425 2.07 Cashless warrant exercises (84,375 ) 1.27 Expired (22,500 ) 2.22 Canceled (99,000 ) 2.32 Outstanding, March 31, 2020 1,225,295 2.12 1,018,092 2.13 Issued in conjunction with convertible debt 158,036 1.40 Sold for cash 10,000 4.00 Issued and granted 72,596 1.52 Exercised for cash (202,499 ) 2.22 Cashless warrant exercises (116,125 ) 1.49 Expired (22,500 ) 7.56 Outstanding, December 31, 2020 1,124,803 1.99 1,100,306 1.87 At December 31, 2020, the range of warrant prices for shares under warrants and the weighted-average remaining contractual life is as follows: Warrants Outstanding Warrants Exercisable Range of Warrant Exercise Price Number of Warrants Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Number of Warrants Weighted- Average Exercise Price 1.20-2.00 696,190 1.36 4.61 850,568 1.34 2.01-4.00 320,438 2.39 3.67 134,813 2.62 4.01-10.00 108,175 4.94 1.75 114,925 4.91 Total 1,124,803 1.99 4.07 1,100,306 1.87 For the nine-month periods ended December 31, 2020 and 2019, the total stock-based compensation on all instruments was $889,597 and $791,256, respectively. It is expected that the Company will recognize expense after December 31, 2020 related to warrants issued, outstanding, and valued using the Black Scholes pricing model as of December 31, 2020 in the amount of approximately $287,000. | NOTE 13 – COMMON STOCK AND WARRANTS During the fiscal year ended March 31, 2020, the Company had several equity transactions as follows: Common Stock On November 22nd, 2019, the Company approved and declared a reverse stock split of all its outstanding common stock at a ratio of 9-for-10 shares. Pursuant to this reverse stock split, each ten (10) shares of PetVivo’s outstanding common stock, $.001 par value per share, was combined and converted into nine (9) post-split outstanding shares of common stock, $.001 par value per share. This reverse stock split affected all PetVivo shareholders uniformly and accordingly will not alter any shareholder’s percentage interest or ownership of PetVivo equity. Through the date of this filing, 254 shares of common stock have been issued due to rounding up of fractional shares. During fiscal year ended March 31, 2020 and to date, the Company issued an aggregate of 3,044,657 shares of unregistered common stock which included the following: i) 348,000 shares to John Lai (CEO, President & Director) pursuant to a Settlement Agreement whereby Mr. Lai agreed to release the Company of all claims through the date of the agreement, September 11, 2019, including accrued compensation he had earned in the amount of $116,000 and hold the shares for a period of at least 3 years; ii) 575,808 shares to Randall Meyer (Director) pursuant to a Settlement Agreement whereby Mr. Meyer agreed to release the Company of all claims through the date of the agreement, September 11, 2019, including accrued compensation he had earned in the amount of $191,936 and hold the shares for a period of at least 3 years; iii) 204,000 shares to John Dolan (Secretary & Director) pursuant to a Settlement Agreement whereby Mr. Dolan agreed to release the Company of all claims through the date of the agreement, September 11, 2019, including accrued compensation he had earned in the amount of $68,000 and hold the shares for a period of at least 3 years; and iv) 168,060 shares to a former employee pursuant to a Settlement Agreement dated August 29, 2019, whereby this individual agreed to release the Company of all claims, including compensation earned in the amount of $80,029; and v) 108,000 shares to a service provider for $120,000 worth of services provided during the one-year period ended July 13, 2019 and valued at $1.11/share over that period on a pro-rata basis; and vi) 360,000 shares to one shareholder that the Company sold in exchange for $100,000, which equates to a price per share of $.28/share; and vii) 270,000 shares to one service provider valued at $102,000 whereby this service provider agreed to provide video production, investor relations, and promotional services in exchange for 270,000 shares of common stock. The scope of services includes but is not limited to coordinating the airing of 96 commercials nationally on Bloomberg T.V. network and producing 12, monthly, 10-minute interviews; and viii) 486,000 shares to various accredited investors in exchange for $135,000 in cash, which equates to a price per share of $.28/share; and ix) 90,000 shares to service providers for $55,000 of investor relations and marketing services performed by Barry Kaplan Associates during the six-month period ending in April 2020; and x) 160,000 units in exchange for $104,000, which equates to $.65/unit, whereby a unit is made up of one share of common stock and 1/2 warrant share wherein the common stock was recorded at its relative fair value of $69,391 and the warrants are described below in this Form 10-K’s Note 13’s “Warrants” subsection; and xi) 150,000 shares of common stock to a service provider, Launchpad IR, at $.42/share for total consideration of $70,500, for investor relations services. xii) 63,141 shares of common stock to a former Director of the Company pursuant to a cashless conversion feature within the former Director’s warrant for 168,750 shares, equating to a conversion rate of .37:1.00; and xiii) 61,396 shares of common stock to a John Lai, the CEO of the Company, pursuant to a cashless conversion feature within his warrant for 168,750 shares, equating to a conversion rate of .36:1.00. The transactions outlined directly above and enumerated i) through iii) yielded a reduction of $375,936 in Accrued Expenses – Related Party that was owed and payable to them arising from services they provided in the past. The settlement of $80,029 explained in number iv above for a former employee’s accrued salary was accounted for as a reduction of Accounts Payable and Accrued Expenses. A loss on extinguishment of debt was recorded in the amount of $81,738 related to the transactions numbered i) through iv). On October 31, 2019, the Company’s Board of Directors also approved a compensation plan for John Lai that included his retention of 600,000 escrowed shares. After the balance sheet date of March 31, 2020, the Company sold and agreed to issue 80,000 units in exchange for $52,000, which equates to $.65/unit, whereby a unit is made up of one share of common stock and 1/2 warrant share wherein the common stock was recorded at its relative fair value of $34,709 and the 40,000 warrants are valued at $17,291 and are exercisable for 3 years from the date of the grant at $1.00/share. The $52,000 was recorded as a receivable at March 31, 2020 pursuant to ASC 310-10-S99-2, which permits the Company to record such a note as an asset if the note is collected prior to issuance of the financial statements; as outlined in Note 17, we received the funds pursuant to this sale prior to the issuance of this Annual Report on Form 10-K. Warrants During the year ended March 31, 2020, the Company granted 360,000 warrants to management team members that vest upon achieving certain performance conditions (milestones). These 360,000 warrants were valued using the Black Scholes valuation model at $199,982. On a quarterly basis, the Company evaluates the probability of these certain milestones being reached and recognizes expense relating to these warrants based on that probability and other criteria. As of March 31, 2020, these milestones were not met and were not probable to occur and as a result the Company recognized $-0- in expense related to these 360,000 warrants that may or may not vest pursuant to their respective milestones. During the year ended March 31, 2020, the Company granted warrants to purchase a total of 1,905,700 shares of common stock valued using the Black-Scholes model including: i) warrants for 270,000 shares, valued at $119,954, to three new Directors, Messrs. Scott Johnson, Gregory Cash, and James Martin, with 135,000 vested immediately and 135,000 vesting quarterly between August 2020 and May 2021, and exercisable over a five-year term at $.33/share; and ii) warrants for 220,500 shares, valued at $122,489, to John Dolan, whereby 40,500 were granted as a bonus and were vested immediately on the October 31, 2019 grant date, 90,000 that vest upon a performance-based milestone, and 90,000 that vest quarterly over three years starting on October 1, 2019; and whereby all of these warrants are exercisable for a five-year term at $.56/share; and iii) warrants for 540,000 shares, valued at $299,973, to John Lai, whereby 180,000 vest upon performance-based milestones and 360,000 vest quarterly over three years starting on October 1, 2019; and whereby all of these warrants are exercisable for a five-year term at $.56/share; and iv) warrants for 450,000 shares, valued at $249,997, to John Carruth, whereby 90,000 vest upon performance-based milestones and 360,000 vest quarterly over three years starting on October 1, 2019; and whereby all of these warrants are exercisable for a five-year term at $.56/share; and v) warrants for 41,250 shares, valued at $22,915, to David Deming, whereby they vest monthly during the eleven-month period ending August 31, 2020, have a strike price of $.49 and a five-year term; and vi) warrants for 79,397 shares, valued at $38,744, to John Lai, whereby they vested on December 31, 2019, have a strike price of $.50 and a five-year term; and vii) warrants for 15,880 shares, valued at $7,749, to John Dolan, whereby they vested on December 31, 2019, have a strike price of $.50 and a five-year term; and viii) warrants for 80,000 shares, issued as a detachable warrant in purchased units with a relative fair value of $34,609, whereby an accredited investor purchased 160,000 units for $104,000 at a rate of $.65/unit and a unit equates to one share of common stock and one-half warrant, and furthermore where the warrants are exercisable for a term of 3 years, have a strike price of $1.00/share and are vested immediately; and ix) warrants to several directors for service to the Company, issued and vested on December 31, 2019, with a strike price of $.49/share, and exercisable for a five-year term as follows: a) To Gregory Cash, 7,059 warrants, valued at $3,445; and b) To Robert Rudelius, 5,735 warrants, valued at $2,799; and c) To Scott Johnson, 4,852 warrants, valued at $2,368; and d) To Randall Meyer, 4,852 warrants, valued at $2,368; and e) To David Deming, 4,412 warrants, valued at $2,153; and f) To James Martin, 4,412 warrants, valued at $2,153; and g) To Joseph Jasper, 3,528 warrants, valued at $1,722; and h) To David Masters, 2,647 warrants, valued at $1,292. x) warrants for 98,093 shares, valued at $11,967, to John Lai, whereby they vested on March 31, 2020, have a strike price of $.32 and a five-year term; and xi) warrants for 35,314 shares, valued at $4,308, to John Dolan, whereby they vested on March 31, 2020, have a strike price of $.32 and a five-year term; and xii) warrants to several directors for service to the Company, issued and vested on March 31, 2020, with a strike price of $.32/share, and exercisable for a five-year term as follows: a) To Gregory Cash, 6,867 warrants, valued at $838; and b) To Robert Rudelius, 6,376 warrants, valued at $778; and c) To Scott Johnson, 4,415 warrants, valued at $539; and d) To Randall Meyer, 4,415 warrants, valued at $539; and e) To David Deming, 4,905 warrants, valued at $598; and f) To James Martin, 4,905 warrants, valued at $598; and g) To Joseph Jasper, 3,924 warrants, valued at $479; and h) To David Masters, 1,962 warrants, valued at $239. During the year ended March 31, 2020, the Company cancelled warrants to purchase a total of 396,000 shares of common stock including: i) warrants for 270,000 shares, valued at $300,770 using the Black-Scholes model, $117,144 in expense of which had yet to be taken at the time of cancellation were cancelled pursuant to the terms of such warrants dictating cancellation upon the two-month anniversary of a cease of service; and ii) warrants for 54,000 shares that were never originally valued, were to be vested upon billing from service providers, and were cancelled because those services were never received; and iii) warrants for 36,000 shares, valued at $68,000 using the Black-Scholes model, $17,000 in expense of which had yet to be taken at the time of cancellation were cancelled pursuant to the holder’s service agreement’s term lapsing and requisite clauses contained therein; and iv) warrants for 36,000 shares, valued at $68,000 using the Black-Scholes model, $-0- in expense of which had yet to be taken at the time of cancellation were cancelled pursuant to the holder’s service agreement’s term lapsing and requisite clauses contained therein. During the year ended March 31, 2020, the Company had warrants to purchase a total of 90,000 shares of common stock expire including: i) warrants for 90,000 shares, valued at $49,996 using the Black-Scholes model, $49,996 in expense of which had yet to be taken at the time of expiration, held by John Lai, but had not vested pursuant to the performance milestones included in the same. During the year ended March 31, 2020, the Company had warrants to purchase a total of 337,500 shares of common stock converted on a cashless basis including: i) warrants for 168,750 shares, valued at $56,223 using the Black-Scholes model, $-0- in expense of which had yet to be taken at the time of conversion, held and converted by John Lai into 61,396 shares of common stock at a conversion rate of .36:1.00; and ii) warrants for 168,750 shares, valued at $102,807 using the Black-Scholes model, $-0- in expense of which had yet to be taken at the time of conversion were converted into 63,141 shares of common stock at a conversion rate of .37:1.00 by a former director of the Company. Common Stock Issued The Company issued a total of 904,759 shares of common stock (adjusted for the stock split that occurred during fiscal year 2020) during the fiscal year ended March 31, 2019 pursuant to agreements entered into in previous years as follows: i) 382,759 shares pursuant to conversions of $181,966 in debt; $66,230 was converted into 85,153 shares at $.78 per share and $115,736 was converted into 297,606 shares at $.39 per share; ii) 279,000 shares pursuant to subscription agreements for $310,000 in cash; iii) 54,000 shares pursuant to a warrant exercise agreement for $60,000 in cash; iv) 9,000 shares valued at $1.67 per share to a service provider for management consulting services rendered in the amount of $15,000; v) 180,000 shares valued based on the stock price on the date of the issuance on June 7, 2017 at $.23 per share for total consideration of $42,000 to the Company’s former CEO, Wesley Hayne, for serving in that capacity. Common Stock Returned During the fiscal year ended March 31, 2019, upon the departure of the former CEO Wesley Hayne, 540,000 shares held in escrow were returned to John Lai and a reduction of expense and corresponding reduction of additional paid in capital was recorded in the amount of ($177,600), which was based on the $.33 share price at the time of original valuation. Common Stock Sold During the fiscal year ended March 31, 2019, the Company i) issued 299,507 shares of common stock to several accredited investors in consideration of $166,393 in cash pursuant to warrant exercises; ii) issued 700,415 shares of common stock to several accredited investors in consideration of $233,472 in cash pursuant to discounted warrant exercise agreements whereby the company offered all warrant holders the option to exercise their warrants at $.33 per share and they would receive 1 share for every 3 shares received pursuant to the discounted warrant exercise agreement from John Lai, the President of the Company. Stock-Based Compensation Granted During the fiscal year ended March 31, 2019, the Company issued 24,384 shares of common stock to two service providers as follows: i) 1,884 shares of common stock valued at $2,700 for website services; ii) 22,500 shares of common stock valued at $24,750 for marketing services. Also, stock-based compensation expense was recognized pursuant to several warrants’ vesting periods in the amount of $1,449,348 as follows: i) $99,882 in expense pursuant to vesting of warrants granted to service providers; ii) $258,031 in expense pursuant to vesting of warrants granted to advisors; iii) $780,181 in expense pursuant to vesting of warrants granted to directors; iv) $161,750 in expense pursuant to vesting of warrants granted to employees; v) $149,505 in expense pursuant to vesting of warrants granted to officers. There were also several warrants granted in conjunction with bridge notes that were entered into during the fiscal year ended March 31, 2019 that led to recognition of $14,181 in stock-based compensation expense. Also, warrants granted in conjunction with these bridge notes led to the setup and subsequent amortization of a debt discount to interest expense in the amount of $65,557 with the offset recorded in additional paid in capital. Finally, pursuant to a manufacturing and production agreement with CytoMedical Design Group (“CMDG”) the Company had granted but not issued CMDG 77,700 shares of common stock valued at $86,333 which had been recorded to general and administrative expense with an offset to stock to be issued during the fiscal year ended March 31, 2019. Stock Granted for Debt Conversion During the fiscal year ended March 31, 2019, the Company issued 85,916 shares of common stock to a third party to convert their accounts payable in the amount of $95,462. We also issued 678,006 shares of common stock pursuant to conversions of bridge notes with principal and accrued interest in the total amount of $226,002; some of these conversions took place on a date when the stock price was publicly-quoted at a price higher than that of the conversion price, which led to expense recognized due to these beneficial conversion features with an offset to additional paid in capital in the amount of $66,248. Common Stock Issued to Replace Shares to Officer During the fiscal year ended March 31, 2019, the Company issued 723,047 shares of common stock valued at $1,446,093 to John Lai, the Company’s President, to replace shares he had previously given up as follows: i) 292,251 shares of common stock valued at $584,501; these shares were issued to replace 292,251 shares given to a third party by John Lai in order to secure funding in 2015; this transaction is included in Common stock issued to replace shares to officer on the statement of equity; ii) 430,796 shares of common stock valued at $861,592; these shares were issued to virtually restore 450,000 shares of common stock John lost to escrow pursuant to its terms. Common Stock Issued by Officer During the fiscal year ended March 31, 2019, the Company recognized $77,354 in stock-based compensation expense with an offset to additional paid in capital pursuant to stock transfer agreements whereby John Lai transferred 1 share for every 3 shares warrant holders received pursuant to their discounted warrant exercises entered into in December of 2018 during our discounted warrant exercise offering; this is explained more in the below section titled Warrant Grants. Warrant Grants During the fiscal year ended March 31, 2019, the Company granted warrants to purchase a total of 1,782,478 shares of common stock including: i) warrants for 72,000 shares to two advisory board members for service, vested semi-annually over two years, and exercisable over a five-year term at $1.11/share and valued at $70,434; ii) warrants for 207,000 shares to John Carruth, the Company’s Acting CFO at the time, in consideration of his employment, vested quarterly over two years, with a strike price of $.33 per share and exercisable over a five-year term and valued at $69,072; iii) warrants for 27,000 shares to a lawyer for general legal counsel, fully-vested and exercisable over a five-year term at $1.11/share valued at $52,818; iv) warrants for 54,000 shares to various information technology service providers for IT services, vested as billed, exercisable over a five-year term, which are valued as earned and have not yet been earned; v) warrants for 270,000 shares to three new Directors in consideration of their service, vested quarterly over two years, and exercisable over a five-year term at $1.11/share and valued at $259,920; vi) warrants for 128,250 shares to several note holders pursuant to their bridge note agreements, vested immediately, and exercisable over a three-year term at $1.11/share and valued at $85,218; vii) warrants for 101,728 shares to several note holders pursuant to their conversion of notes into equity, vested immediately, exercisable through December 31, 2018 at $.33/share and valued at $11,170; viii) warrants for 922,501 shares to several board members, valued at $561,910, vested immediately, for a term of ten years with a strike price of $.30/share and a one-time protection against a reverse split whereby the strike price will not be adjusted upon combination of outstanding shares of stock, as follows: i) Sheryll Grisewood 168,750 ii) David Merrill 168,750 iii) John Dolan 168,750 iv) David Deming 84,375 v) Peter Vezmar 84,375 vi) Joseph Jasper 84,375 vii) Robert Rudelius 78,750 viii) David Masters 42,188 ix) Randall Meyer 42,188 Also, during the year ended March 31, 2019, the Company reduced the strike price of 528,750 warrants for members of the board of directors to $.33 per share. They also reduced the strike price of 72,000 warrants to $.33 per share issued to John Carruth, the Acting CFO at the time. Pursuant to ASC 718-20-35-3 the Company did not realize any additional expense associated with these reductions in strike price, as the change in fair value of these instruments was not in excess of the original instrument. During the fiscal year ended March 31, 2019, the Company cancelled previous grants of warrants to purchase 90,000 shares of common stock including: i) warrants for 54,000 shares from a service provider due to the termination of a contract pursuant to its terms that were valued at $102,000; ii) warrants for 36,000 shares from a former advisory board member due to the termination of a contract that were valued at $68,000. During December 2018 the Company offered its warrant-holders the option to exercise their warrants at a discounted rate of $.33 per share if exercised within 15 days of the offer date. Pursuant to this discounted warrant exercise agreement (“DWEA”), warrant-holders were entitled to 1 share issued by way of stock transfer from a founder of the Company for every 3 shares received pursuant to the DWEA. Several warrant-holders entered into such agreements whereby they received 610,369 shares of newly-issued common stock and 203,456 shares of common stock from John Lai, a founder of the Company, in exchange for $203,456 in cash. During December 2018, the Company offered its note-holders the option to convert their notes and receive 1 warrant for every $2.00 in outstanding balance of principal and interest converted. There were 101,729 of these warrants issued; 11,680 expired on December 31, 2018 and the remaining 90,049 were exercised in exchange for $30,016 in cash. Pursuant to these exercised warrants, each warrant-holder received 1 share of common stock from a founder, John Lai; the total number of shares transferred by John Lai to these warrant-holders was 30,016 shares, which were valued at $11,759. A summary of warrant activity for fiscal years ending March 31, 2019 and 2020 is as follows: Number of Warrants Weighted-Average Exercise Price Warrants Exercisable Weighted-Average Exercisable Price Outstanding, March 31, 2018 33,138,046 .66 2,190,241 .63 Granted 1,782,478 .46 Exercised (999,925 ) .40 Expired (11,680 ) .33 Cancelled (90,000 ) 1.11 Outstanding, March 31, 2019 3,818,909 .55 3,036,036 .54 Granted 1,905,700 .52 Cashless Conversions (337,500 ) .32 Expired (90,000 ) .56 Cancelled (396,000 ) .58 Outstanding, March 31, 2020 4,901,119 .55 4,072,369 .53 Warrants Outstanding Warrants Exercisable Range of Warrant Exercise Price Number of Warrants Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Number of Warrants Weighted- Average Exercise Price .30-.50 2,299,701 .38 5.48 2,434.701 .33 .51-1.00 2,105,739 .57 2.92 1,141,989 .59 1.01-3.50 495,679 1.42 2.36 496,579 1.42 Total 4,901,119 .53 4.06 4,072,369 .53 The Company granted warrants during the fiscal years ended March 31, 2020 and 2019 based on the following ranges: Fiscal Year Ended March 31, 2020 2019 Stock price on valuation date $ .12-$.56 $ .27-$2.00 Exercise price $ .32-$.56 $ .330-$1.67 Term (years) .003-10 .003-10 Weighted-average volatility* 348 % 238 % Risk-free rate 1.5% - 2.4 % 1.7% - 2.4 % *Weighted-average volatility disclosed as opposed to a range The fair value of each warrant award is estimated on the date of grant using a Black-Scholes valuation model that uses the assumptions noted in the table above. Because the Black-Scholes valuation model incorporates ranges of assumptions for inputs, those ranges are disclosed in the table above. Implied volatilities are based on historical volatility of the Company’s stock. No reserve is taken for warrants granted that we estimate will not vest as there is not enough historical data to come to a reasonable estimation of the same. The risk-free rate for periods within the contractual lives of the warrants is based on the 13-week U.S. Treasury bill rates in effect at the time of grants. For the years ended March 31, 2020 and 2019, the total stock-based compensation on all instruments was $962,678 and $1,642,869, respectively. It is expected that the Company will recognize expense after March 31, 2020 related to warrants issued, outstanding, and valued using the Black Scholes pricing model as of March 31, 2020 in the amount of approximately $500,000. Additionally, the Company has approximately $150,000 of expense to recognize for warrants with potential future milestones. |
Gain on Settlements
Gain on Settlements | 12 Months Ended |
Mar. 31, 2020 | |
Health Care Organizations [Abstract] | |
Gain on Settlements | NOTE 15 – GAIN ON SETTLEMENTS During the fiscal year ended March 31, 2020, the Company had recognized $47,710 in gain on settlements pursuant to several transactions as follows: i) $29,986 pursuant to a settlement of an invoice for $39,986 whereby we paid $10,000 in cash and the remainder was forgiven; ii) $13,033 pursuant to a conversion of $25,000 in accrued compensation owed to John Lai into warrants valued at $11,967 using the Black-Scholes model (see Note 13); and iii) $4,692 pursuant to a conversion of $9,000 in accrued compensation owed to John Dolan into warrants valued at $4,308 using the Black-Scholes model (see Note 13). |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 16 – INCOME TAXES The following table presents the net deferred tax assets as of March 31, 2020 and 2019: 2020 2019 Net operating loss carryforwards: Federal $ (3,467,533 ) $ (3,801,404 ) State (1,618,182 ) (1,773,989 ) Total net operating loss carryforwards (5,085,714 ) (5,575,393 ) Total deferred tax assets (5,085,714 ) (5,575,393 ) Valuation allowance 5,085,714 5,575,393 Net deferred tax assets $ – $ – Current income taxes are based upon the year’s income taxable for federal and state tax reporting purposes. Deferred income taxes (benefits) are provided for certain income and expenses, which are recognized in different periods for tax and financial reporting purposes. Deferred tax assets and liabilities are computed for differences between the financial statements and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the period in which the differences are expected to affect taxable income. The Company’s deferred income taxes arise from the temporary differences between financial statement and income tax recognition of net operating losses. These loss carryovers would be limited under the Internal Revenue Code should a significant change in ownership occur within a three-year period. At March 31, 2020 and 2019, respectively, the Company had net operating loss carryforwards of approximately $16,500,000 and $18,100,000. The deferred tax assets arising from the net operating loss carryforwards are approximately $5,100,000 and $5,600,000 as of March 31, 2020 and 2019, respectively. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, the projected future taxable income and tax planning strategies in making this assessment. Based on management’s analysis, they concluded not to retain a deferred tax asset since it is uncertain whether the Company can utilize this asset in future periods. Therefore, they have established a full reserve against this asset. The change in the valuation allowance during the years ended March 31, 2020 and 2019 was approximately ($489,679) and $1,325,021, respectively. The net operating loss carryforwards, if not utilized, generally expire twenty years from the date the loss was incurred, beginning in 2021, and losses incurred after 2018 are carried forward indefinitely and subject to annual limitations for federal and Minnesota purposes. Of the approximately $16,500,000 in net operating loss carryforwards, approximately $7,000,000 has been accumulated in our pre-merger operating subsidiary, Gel-Del Technologies, Inc. IRC 382 provides guidance around whether or not the Company is able to utilize the pre-merger Gel-Del Technologies, Inc. net operating loss of approximately $7,000,000. Management is currently analyzing whether or not these pre-merger dollars will be allowable if our deferred tax asset is ever realized. A reconciliation of the expected tax computed at the U.S. statutory federal income tax rate and current Minnesota tax rate to the total benefit for income taxes at March 31, 2020 and 2019 is as follows: 2020 2019 Expected federal tax at 21% $ (5,085,714 ) (5,575,393 ) Valuation allowance 5,085,714 5,575,393 Provision for income taxes $ – $ – The Company’s continuing practice is to recognize interest and/or penalties related to income tax matters in income tax expense. As of March 31, 2020 and 2019, the Company had no accrued interest and penalties related to uncertain tax positions. The Company is subject to taxation in the U.S. and Minnesota. Our tax years for 2017 and forward are subject to examination by tax authorities. The Company is not currently under examination by any tax authority. Management has evaluated tax positions in accordance with FASB ASC 740, and has not identified any tax positions, other than those discussed above, that require disclosure. |
Subsequent Events
Subsequent Events | 9 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Mar. 31, 2020 | |
Subsequent Events [Abstract] | ||
Subsequent Events | NOTE 14 – SUBSEQUENT EVENTS On January 4, 2021, the Company issued John Lai 38,516 shares pursuant to his cashless exercise of 42,188 warrants with a strike price of $1.33 per share. On January 15, 2021, the Company received a conversion notice from one of its convertible note holders whereby they converted $50,000 in convertible note principal and $205 in accrued interest into 17,379 shares of common stock at a conversion rate of $2.89/share. On January 29, 2021, one warrant holder exercised their warrant for 17,188 shares with a strike price of $1.20 per share on a cashless basis and received 15,629 shares pursuant to the same. On February 9, 2021, one warrant holder exercised their warrant for 9,000 shares with a strike price of $4.44 per share on a cashless basis and received 5,163 shares pursuant to the same. | NOTE 17 – SUBSEQUENT EVENTS On June 8, 2020, the Company’s Board of Directors approved a change to the Equity Compensation Plan whereby the accrued compensation may be paid in cash or converted into warrants at a set rate of $.35 with a gross up of 125% starting in the quarter ended June 30, 2020. The number of securities remaining available for future issuance under our equity compensation plans is now 262,767. Before the balance sheet date of March 31, 2020, the Company entered into an agreement to sell units to an investor for $52,000; after the balance sheet date of March 31, 2020, the Company received proceeds from the sale of units in the amount of $52,000 priced at $.65/unit whereby a unit is made of 1 share of common stock and ½ warrant and whereby a warrant is exercisable for $1.00 per share of common stock and exercisable for a term of 3 years and vested immediately. As of the balance sheet date of March 31, 2020, $52,000 was recorded to equity sale proceeds receivable. On April 10, 2020, the Company entered into an agreement with a social media marketing service provider to provide various consulting, marketing and other various services for a 6-month term ending on October 10, 2020, in exchange for 120,000 shares of PetVivo common stock. On May 14, 2020, the Company approved a convertible note offering to directors of the Company whereby Scott Johnson and James Martin both purchased $10,000 each in principal while Gregory Cash purchased $5,000 in principal for a total of $25,000. The terms of the convertible notes are 90 days with interest accrued at 6% and convertible at the VWAP on the date of the notes, all of which were May 14, 2020, making the conversion price $.2538/share. The Company retains the right to prepay these notes if it so chooses, otherwise they automatically convert upon maturity at the end of their 90-day periods. On June 8, 2020, the Company approved issuance of a warrant for 90,000 shares of common stock to John Lai valued at $27,524 using the Black-Scholes model, exercisable at $.556 per share for a term that ends on October 31, 2020, and vests upon certain performance milestones. As indicated in Note 7 to these financial statements, at March 31, 2020, the Company was obligated for a related party note payable and accrued interest in the total amount of $61,255; the maturity date of this note was April 30, 2020. As of the date of this filing we are in default on this note. The related party note payable terms are accrual of interest at eight percent annually with payments of $3,100 per month, which are applied to interest first, then principal. The terms also include a stipulation that if the Company receives additional financing during any 24-month period from the date of the note in the amount greater than $3,500,000, the Company will immediately pay the officer the principal amount of the note along with all interest due. On June 15, 2020, PetVivo Holdings, Inc. (the “ Company, we us our company Purchase Agreement Notes Warrants Common Stock The issued Note matures on March 15, 2021. However, we have the right to redeem all or a portion of the Notes on ten days prior written notice, during which time the holder of the Notes may convert the principal amount and all accrued interest on the Notes into Common Stock as discussed below. The Notes bear interest at the rate of 12.5% per annum and are convertible into shares of Common Stock at a conversion price equal to $0.28 per share or, upon the occurrence and during the continuance of an Event of Default (as defined in the Notes), if lower, at a conversion price equal to 70% of the lowest daily VWAP of the Common Stock during the 15 consecutive trading days immediately preceding the applicable conversion date. However, the holder of the Notes will not have the right to convert any portion of the Notes if the holder, together with its affiliates, would beneficially own in excess of 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to its conversion and under no circumstances may convert the Notes if the investor, together with its affiliates, would beneficially own in excess of 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to its conversion. The Warrants are exercisable to purchase shares of Common Stock for a purchase price of $0.35 per share, subject to adjustment, at any time on or prior to June 15, 2025, and may be exercised on a cashless basis if the shares of Common Stock underlying the Warrants are not then registered under the Securities Act. In connection with this transaction, the Company entered into an Engagement Agreement (the “ Engagement Agreement (the “ Placement Agent Placement Agent Warrants The Placement Agent Warrants are exercisable, in whole or in part, commencing on the issuance date and have an exercise period of five years. In the event that there is not an effective registration statement permitting for the resale of the shares underlying the Placement Agent Warrants, the Placement Agent Warrants shall be exercisable on a cashless basis. There are significant restrictions pursuant to FINRA Rule 5110 against transferring the Placement Agent’s Warrants and the shares issuable upon exercise of the Placement Agent Warrants The foregoing descriptions of the terms of the Purchase Agreement, the Notes and the Warrants do not purport to be complete and are qualified in their entirety by reference to the full text of the Purchase Agreement, the Notes and the Warrants. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Organization (Policies) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Organization and Description | (A) Organization and Description The Company is in the business of licensing and commercializing our proprietary medical devices and biomaterials for the treatment of afflictions and diseases in animals, initially for dogs and horses. The Company’s operations are conducted from its headquarter facilities in suburban Minneapolis, Minnesota. | (A) Organization and Description The Company is in the business of licensing and commercializing our proprietary medical devices and biomaterials for the treatment of afflictions and diseases in animals, initially for dogs and horses. The Company’s operations are conducted from its headquarter facilities in suburban Minneapolis, Minnesota. |
Basis of Presentation | (B) Basis of Presentation PetVivo Holdings, Inc. (the “Company”) was incorporated in Nevada under a former name in 2009 and entered its current business in 2014 through a stock exchange reverse merger with PetVivo, Inc., a Minnesota corporation. This merger resulted in Minnesota PetVivo becoming a wholly-owned subsidiary of the Company. In April 2017, the Company acquired another Minnesota corporation, Gel-Del Technologies, Inc., through a statutory merger, which is also a wholly-owned subsidiary of the Company. In October 2020, the Company approved a 1-for-4 reverse split of our outstanding shares of common stock that was made effective December 29, 2020; concurrently, the Company increased its authorized shares of common stock from 225,000,000 to 250,000,000; all share and per share data has been retroactively adjusted for this reverse split for all period presented. The accompanying condensed consolidated financial statements are unaudited. These unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and pursuant to the rules and regulations of the SEC. Certain information and note disclosures, which are included in annual financial statements, have been omitted pursuant to these rules and regulations. We believe the disclosures made in these interim unaudited financial statements are adequate to make the information not misleading. Although these interim financial statements at December 31, 2020 and for the nine months ended December 31, 2020 and 2019 are unaudited, in the opinion of our management, such statements include all adjustments (consisting of normal recurring entries) necessary to present fairly our financial position, results of operations and cash flows for the periods presented. The results for the nine months ended December 31, 2020 are not necessarily indicative of the results to be expected for the year ended March 31, 2021 or for any future period. These unaudited interim financial statements should be read and considered in conjunction with our audited financial statements and the notes thereto for the year ended March 31, 2020, included in our annual report on Form 10-K filed with the SEC on June 29, 2020. | (B) Basis of Presentation PetVivo Holdings, Inc. (the “Company”) was incorporated in Nevada under a former name in 2009 and entered its current business in 2014 through a stock exchange reverse merger with PetVivo, Inc., a Minnesota corporation. This merger resulted in Minnesota PetVivo becoming a wholly-owned subsidiary of the Company. In April 2017, the Company acquired another Minnesota corporation, Gel-Del Technologies, Inc., through a statutory merger, which is also a wholly-owned subsidiary of the Company. In November 2019, the Company effected a 9-for-10 reverse split of our authorized and outstanding shares of common stock. Pursuant to this reverse stock split, each ten (10) shares of PetVivo’s outstanding common stock, $.001 par value per share, was combined and converted into nine (9) post-split outstanding shares of common stock, $.001 par value per share; 24,974,518 pre-reverse-split shares of common stock were combined during the 9-for-10 reverse split into 22,477,320 shares of post-reverse-split shares of common stock with 254 shares being issued for fractional shares through the date of the balance sheet. Accordingly, all references to number of shares of common stock and per share data have been adjusted retroactively where applicable to account for this reverse split. |
Principles of Consolidation | (C) Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its two wholly-owned Minnesota corporations. All intercompany accounts have been eliminated upon consolidation. | (C) Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its two wholly-owned Minnesota corporations, Gel-Del Technologies, Inc. and PetVivo, Inc. All intercompany accounts have been eliminated upon consolidation. |
Use of Estimates | (D) Use of Estimates In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates. Significant estimates include collectability of accounts receivable, estimated useful lives and potential impairment of property and equipment and intangible assets, estimate of fair value of share-based payments and derivative instruments and recorded debt discount, estimate of fair value of lease liabilities and related right of use asset, valuation of deferred tax assets and valuation of in-kind contribution of services and interest. | (D) Use of Estimates In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates. Significant estimates include estimated useful lives and potential impairment of property and equipment, estimate of fair value of share-based payments and derivative instruments and recorded debt discount, valuation of deferred tax assets and valuation of in-kind contribution of services and interest. |
Cash and Cash Equivalents | (E) Cash and Cash Equivalents The Company considers all highly-liquid, temporary cash investments with an original maturity of three months or less to be cash equivalents. At December 31, 2020, the Company had $230,969 in cash and no cash equivalents. At March 31, 2020, the Company had $10,582 in cash and restricted cash and no cash equivalents. | (E) Cash and Cash Equivalents The Company considers all highly-liquid, temporary cash investments with an original maturity of three months or less to be cash equivalents. At March 31, 2020, and March 31, 2019 the Company had no cash equivalents. |
Concentration-Risk | (F) Concentration-Risk The Company maintains its cash with various financial institutions, which at times may exceed limits insured by the Federal Deposit Insurance Corporation (FDIC). At December 31, 2020, cash did not exceed the FDIC uninsured balances and management believes the Company is not exposed to any significant credit risk on cash. | (F) Concentration-Risk The Company maintains its cash with various financial institutions, which at times may exceed federally insured limits. As of March 31, 2020, the Company did not have any cash balances in excess of the federally insured limits. |
Property & Equipment | (G) Property & Equipment Property and equipment are recorded at cost less accumulated depreciation. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation is computed by the straight-line method (after taking into account their respective estimated residual values) over the asset’s estimated useful life of (3) years for equipment, (5) years for automobile, and (7) years for furniture and fixtures. | (H) Property & Equipment Property and equipment are recorded at cost. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation is computed by the straight-line method (after taking into account their respective estimated residual values) over the assets estimated useful life of (3) years for equipment, (5) years for automobile, and (7) years for furniture and fixtures. |
Patents and Trademarks | (H) Patents and Trademarks The Company capitalizes direct costs for the maintenance and advancement of their patents and trademarks and amortizes these costs over the lesser of a useful life of 60 months or the life of the patent. We evaluate the recoverability of intangible assets periodically by taking into account events or circumstances that may warrant revised estimates of useful lives or that indicate the asset may be impaired. | (I) Patents and Trademarks The Company capitalizes direct costs for the maintenance and advancement of their patents and trademarks and amortizes these costs over the lesser of a useful life of 60 months or the life of the patent. We evaluate the recoverability of intangible assets periodically by taking into account events or circumstances that may warrant revised estimates of useful lives or that indicate the asset may be impaired. |
Loss Per Share | (I) Loss Per Share Basic loss per share is computed by dividing net loss by weighted average number of shares of common stock outstanding during each period. Diluted loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period. The Company has 1,124,803 warrants outstanding as of December 31, 2020 with varying exercise prices ranging from $1.20 to $15.56/share. The weighted average exercise price for these warrants is $1.99/share. These warrants are excluded from the weighted average number of shares because they are considered anti-dilutive. The Company had 1,305,111 warrants outstanding as of December 31, 2019, with varying exercise prices ranging from $1.20 to $15.56/share. The weighted average exercise price for these warrants was $2.16/share. These warrants are excluded from the weighted average number of shares because they are considered antidilutive. The Company uses the guidance in ASC 260 to determine if-converted loss per share. ASC 260 states that convertible securities should be considered exercised at the later date of the first day of the reporting period’s quarter or the inception date of the debt instrument. Also, the if-converted method shall not be applied for the purposes of computing diluted EPS if the effect would be antidilutive. At December 31, 2020, the Company had $280,000 in convertible notes principal and $-0- in interest outstanding; at December 31, 2019, the Company had $280,000 in convertible notes principal and $7,057 in interest outstanding; these notes mature in our fiscal quarter ended June 30, 2021. If converted, the $280,000 in outstanding principal and $-0- in accrued interest would convert into 96,924 shares of common stock at a rate of $2.89 per share. Also at December 31, 2020, the Company had a share-settled debt obligation with a related party wherein $196,000 in principal will be converted into units of one share of common stock and one warrant for a share of common stock with the exact number of units to be determined by the terms of an S-1 offering that as of this filing has yet to take place. See Note 8 to these financial statements for more information on the convertible notes discussed in this paragraph. | (J) Loss Per Share Basic loss per share is computed by dividing net loss by weighted average number of shares of common stock outstanding during each period. Diluted loss per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during the period. The Company has 4,901,119 warrants outstanding as of March 31, 2020, with varying exercise prices ranging from $3.89 to $.30/share. The weighted average exercise price for these warrants is $.53/share. These warrants are excluded from the weighted average number of shares because they are considered antidilutive. The Company had 3,818,919 warrants outstanding as of March 31, 2019 with varying exercise prices ranging from $3.89 to $.33/share. The weighted average exercise price for these warrants was $.55/share. These warrants are excluded from the weighted average number of shares because they are considered antidilutive. The Company uses the guidance in Accounting Standards Codification # 260 (“ASC 260”) to determine if-converted loss per share. ASC 260 states that convertible securities should be considered exercised at the later date of the first day of the reporting period’s quarter or the inception date of the debt instrument. Also, the if-converted method shall not be applied for the purposes of computing diluted EPS if the effect would be antidilutive. At March 31, 2020, the Company had $280,000 in convertible notes and $6,981 in accrued interest outstanding, these notes mature in our fiscal quarter ended June 30, 2021; see Note 9 to these financial statements for more information on these convertible notes. If converted, the $286,981 in outstanding principal and accrued interest would convert into 397,359 shares of common stock at a rate of $.72 per share. |
Revenue Recognition | (J) Revenue Recognition The Company recognizes revenue on arrangements in accordance with FASB ASC No. 606, “Revenue From Contracts With Customers.” Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. The Company adopted the guidance on April 1, 2018 using the cumulative catch-up transition method. This change in accounting did not have any material effect on the Company’s financial statements. The Company recognizes revenue related to our sales of Kush product to veterinarians when the performance obligation is met, which is when we have received an order and shipped the Kush product. | (K) Revenue Recognition The Company will recognize revenue on arrangements in accordance with FASB ASC No. 606, “Revenue From Contracts With Customers”. Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. The Company adopted the guidance on April 1, 2018 using the cumulative catch-up transition method. This change in accounting did not have any material effect on the Company’s financial statements. |
Research and Development | (K) Research and Development The Company expenses research and development costs as incurred. | (L) Research and Development The Company expenses research and development costs as incurred. |
Fair Value of Financial Instruments | (L) Fair Value of Financial Instruments The Company applies the accounting guidance under FASB ASC 820-10, “Fair Value Measurements,” The guidance also establishes a fair value hierarchy for measurements of fair value as follows: ● Level 1 - quoted market prices in active markets for identical assets or liabilities. ● Level 2 - inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 - unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s financial instruments consist of investments – equity securities receivable, notes payable and accrued interest, notes payable and accrued interest - related party, and convertible notes payable. The carrying amount of the Company’s financial instruments approximates their fair value as of December 31, 2020 and March 31, 2020, due to the short-term nature of these instruments and the Company’s borrowing rate of interest. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The valuation of the Company’s notes recorded at fair value is determined using Level 3 inputs, which consider (i) time value, (ii) current market and (iii) contractual prices. The Company measured its investments – equity securities receivable at fair value at December 31, 2020, and March 31, 2020, see Note 4 to the financial statements included in this Form 10-Q. The Company accounts for derivative instruments in accordance with Accounting Standards Codification 815, Derivatives and Hedging (“ASC 815”), which establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. ASC 815 requires that an entity recognize all derivatives as either assets or liabilities in the balance sheet and measure those instruments at fair value, which are in level 3 of the fair value hierarchy. If certain conditions are met, a derivative may be specifically designated as a hedge, the objective of which is to match the timing of gain or loss recognition on the hedging derivative with the recognition of (i) the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk or (ii) the earnings effect of the hedged forecasted transaction. For a derivative not designated as a hedging instrument, the gain or loss is recognized in income in the period of change. | (M) Fair Value of Financial Instruments The Company applies the accounting guidance under FASB ASC 820-10, “Fair Value Measurements”, as well as certain related FASB staff positions. This guidance defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact business and considers assumptions that marketplace participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The guidance also establishes a fair value hierarchy for measurements of fair value as follows: ● Level 1 - quoted market prices in active markets for identical assets or liabilities. ● Level 2 - inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 - unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s financial instruments consist of accounts receivable, accounts payable, accrued expenses, accrued expenses – related parties, notes payable and accrued interest, and notes payable and accrued interest - related party, and others. The carrying amount of the Company’s financial instruments approximates their fair value as of March 31, 2020 and March 31, 2019, due to the short-term nature of these instruments and the Company’s borrowing rate of interest. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The valuation of the Company’s notes recorded at fair value is determined using Level 3 inputs, which consider (i) time value, (ii) current market and (iii) contractual prices. The Company had no assets and liabilities measured at fair value on a recurring basis at March 31, 2020 and March 31, 2019. |
Stock-Based Compensation - Employees and Non-Employees | (M) Stock-Based Compensation – Employees and Non-Employees Equity Instruments Issued to Employees and Non-Employees for Acquiring Goods or Services On June 20, 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 is intended to reduce cost and complexity and to improve financial reporting for share-based payments to nonemployees (for example, service providers, external legal counsel, suppliers, etc.). Under the new standard, companies will no longer be required to value non-employee awards differently from employee awards. Meaning that companies will value all equity classified awards at their grant-date under ASC 718 and forgo revaluing the award after this date. The Company accounts for employee stock-based compensation the same as non-employee stock-based compensation. The fair value of share options and similar instruments is estimated on the date of grant using a Black-Scholes option-pricing valuation model. The ranges of assumptions for inputs are as follows: ● Expected term of share options and similar instruments: Pursuant to Paragraph 718-10-50-2(f)(2)(i) of the FASB Accounting Standards Codification the expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and holder’s expected exercise behavior into the fair value (or calculated value) of the instruments. The Company uses historical data to estimate holder’s expected exercise behavior. If the Company is a newly formed corporation or shares of the Company are thinly traded the contractual term of the share options and similar instruments is used as the expected term of share options and similar instruments as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term. ● Expected volatility of the entity’s shares and the method used to estimate it. Pursuant to ASC Paragraph 718-10-50-2(f)(2)(ii) a thinly-traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the Company to estimate the expected volatility of its share price, the appropriate industry sector index that it has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index. The Company uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility. If shares of a company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatility calculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market. ● Expected annual rate of quarterly dividends. An entity that uses a method that employs different dividend rates during the contractual term shall disclose the range of expected dividends used and the weighted-average expected dividends. The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the expected term of the share options and similar instruments. ● Risk-free rate(s). An entity that uses a method that employs different risk-free rates shall disclose the range of risk-free rates used. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the expected term of the share options and similar instruments. | (N) Stock-Based Compensation - Non-Employees Equity Instruments Issued to Parties Other Than Employees for Acquiring Goods or Services The Company accounts for equity instruments issued to parties other than employees for acquiring goods or services under guidance of Sub-topic 505-50 of the FASB Accounting Standards Codification (“Sub-topic 505-50”). Pursuant to ASC Section 505-50-30, all transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. The measurement date used to determine the fair value of the equity instrument issued is the earlier of the date on which the performance is complete or the date on which it is probable that performance will occur. If the Company is a newly formed corporation or shares of the Company are thinly traded the use of share prices established in the Company’s most recent private placement memorandum (“PPM”), or weekly or monthly price observations would generally be more appropriate than the use of daily price observations as such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market. The fair value of share options and similar instruments is estimated on the date of grant using a Black-Scholes option-pricing valuation model. The ranges of assumptions for inputs are as follows: ● Expected term of share options and similar instruments: Pursuant to Paragraph 718-10-50-2(f)(2)(i) of the FASB Accounting Standards Codification the expected term of share options and similar instruments represents the period of time the options and similar instruments are expected to be outstanding taking into consideration of the contractual term of the instruments and holder’s expected exercise behavior into the fair value (or calculated value) of the instruments. The Company uses historical data to estimate holder’s expected exercise behavior. If the Company is a newly formed corporation or shares of the Company are thinly traded the contractual term of the share options and similar instruments is used as the expected term of share options and similar instruments as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term. ● Expected volatility of the entity’s shares and the method used to estimate it. Pursuant to ASC Paragraph 718-10-50-2(f)(2)(ii) a thinly-traded or nonpublic entity that uses the calculated value method shall disclose the reasons why it is not practicable for the Company to estimate the expected volatility of its share price, the appropriate industry sector index that it has selected, the reasons for selecting that particular index, and how it has calculated historical volatility using that index. The Company uses the average historical volatility of the comparable companies over the expected contractual life of the share options or similar instruments as its expected volatility. If shares of a company are thinly traded the use of weekly or monthly price observations would generally be more appropriate than the use of daily price observations as the volatility calculation using daily observations for such shares could be artificially inflated due to a larger spread between the bid and asked quotes and lack of consistent trading in the market. ● Expected annual rate of quarterly dividends. An entity that uses a method that employs different dividend rates during the contractual term shall disclose the range of expected dividends used and the weighted-average expected dividends. The expected dividend yield is based on the Company’s current dividend yield as the best estimate of projected dividend yield for periods within the expected term of the share options and similar instruments. ● Risk-free rate(s). An entity that uses a method that employs different risk-free rates shall disclose the range of risk-free rates used. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods within the expected term of the share options and similar instruments. Pursuant to Paragraphs 505-50-25-8 and 505-50-25-9, an entity may grant fully vested, non-forfeitable equity instruments that are exercisable by the grantee only after a specified period of time if the terms of the agreement provide for earlier exercisability if the grantee achieves specified performance conditions. Any measured cost of the transaction shall be recognized in the same period(s) and in the same manner as if the entity had paid cash for the goods or services or used cash rebates as a sales discount instead of paying with, or using, the equity instruments. A recognized asset, expense, or sales discount shall not be reversed if a share option and similar instrument that the counterparty has the right to exercise expires unexercised. |
Income Taxes | (N) Income Taxes The Company accounts for income taxes under Accounting Standards Codification (ASC) Topic 740. Deferred tax assets and liabilities are determined based upon differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company accounts for income taxes under Accounting Standards Codification (ASC) Topic 740. As required by ASC Topic 740, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company applied ASC Topic 740 to all tax positions for which the statute of limitations remained open. As a result of the implementation of ASC Topic 740, the Company did not recognize any change in the liability for unrecognized tax benefits. The Company is not currently under examination by any federal or state jurisdiction. The Company’s policy is to record tax-related interest and penalties as a component of operating expenses. | (O) Income Taxes The Company accounts for income taxes under Accounting Standards Codification (ASC) Topic 740. Deferred tax assets and liabilities are determined based upon differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. As required by ASC Topic 450, the Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. At the adoption date, the Company applied ASC Topic 740 to all tax positions for which the statute of limitations remained open. As a result of the implementation of ASC Topic 740, the Company did not recognize any change in the liability for unrecognized tax benefits. The Company is not currently under examination by any federal or state jurisdiction. The Company’s policy is to record tax-related interest and penalties as a component of operating expenses. |
Inventory | (O) Inventory Inventories are recorded in accordance with ASC 330 and are stated at the lower of cost and net realizable value. We account for inventories using the first in first out (FIFO) methodology and capitalize costs on a project basis as they occur. The current marketed shelf life of our Kush inventory is 3 years. However, management reserves the right to review and adjust this as appropriate. | (P) Inventory Inventories are recorded in accordance with ASC 330 and are stated at the lower of cost or net realizable value. We account for inventories using the first in first out (FIFO) methodology and capitalize costs on a project basis as they occur. The current marketed shelf life of our Kush inventory is 3 years. However, management reserves the right to review and adjust this as necessary. |
Recently Issued and Adopted Accounting Pronouncements | (P) Recently Issued and Adopted Accounting Pronouncements In January 2017, the FASB issued ASU No. 2017-04, “Intangibles and Other (Topic 350): Simplifying the Test for Goodwill Impairment”, which eliminates the requirement to calculate the implied fair value of goodwill, but rather requires an entity to record an impairment charge based on the excess of a reporting unit’s carrying value over its fair value. This amendment is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. We adopted this ASU on April 1, 2020 and it did not have a material effect on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurements (Topic 820): Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this update modify the disclosure requirements on fair value measurements in Topic 820. The ASU is effective for the Registrants for fiscal years beginning after December 15, 2019, and interim periods therein. The Company adopted this ASU on April 1, 2020 and it did not have a material impact on the financial statements. All other newly issued accounting pronouncements but not yet effective have been deemed either immaterial or not applicable. | (Q) Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Topic 842 affects any entity that enters into a lease, with some specified scope exemptions. The guidance in this ASU supersedes Topic 840, Leases. The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use (“ROU”) asset representing its right to use the underlying asset for the lease term. The Company adopted Topic 842 on April 1, 2019 and resulted in a right of use asset and liability of $154,917. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles and Other (Topic 350): Simplifying the Test for Goodwill Impairment”, which eliminates the requirement to calculate the implied fair value of goodwill, but rather requires an entity to record an impairment charge based on the excess of a reporting unit’s carrying value over its fair value. This amendment is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted. We do not expect the adoption of this ASU to have a material effect on our consolidated financial statements. In July 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, an accounting standard update to improve non-employee share-based payment accounting. The accounting standard update more closely aligns the accounting for employee and non-employee share-based payments. The accounting standards update is effective as of the beginning of 2019 with early adoption permitted. We have elected to adopt this standard as of April 1, 2018, the beginning of our 2019 fiscal year, with the main reason for adoption being comparability between both employee and non-employee share-based payments. The adoption of this standard did not have any material effect on the Company’s financial statements or any component of stockholder’s equity. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurements (Topic 820): Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this update modify the disclosure requirements on fair value measurements in Topic 820. The ASU is effective for the Registrants for fiscal years beginning after December 15, 2019, and interim periods therein. Early adoption is permitted. The Company is currently assessing the impact of this standard on their Financial Statements. All other newly issued accounting pronouncements but not yet effective have been deemed either immaterial or not applicable. |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Total Inventory is broken out as follows: March 31, 2020 March 31, 2019 Finished Goods $ 50,357 $ 77,936 Reserve for Obsolete Inventory (50,357 ) (77,936 ) Work in Progress -0- -0- Manufacturing Supplies -0- 3,127 Raw Materials -0- 9,368 Total Inventory $ -0- $ 12,495 |
Lease and Commitments (Tables)
Lease and Commitments (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Schedule of Maturity Analysis of Operating Lease Liabilities | The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of December 31, 2020: Year Ended March 31, 2021 $ 6,614 2022 26,634 2023 27,167 2024 27,710 2025 28,265 Thereafter 48,305 $ 164,695 Less: Amount representing interest (345 ) Present value of lease liabilities $ 164,350 | The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of March 31, 2020: Year Ended March 31, 2021 $ 24,936 2022 24,936 2023 24,936 2024 24,936 2025 24,936 Thereafter 29,092 $ 153,772 Less: Amount representing interest (5,080 ) Present value of lease liabilities $ 148,692 |
Schedule of Future Lease Payments | December 31, 2020 Present value of future base rent lease payments $ 164,350 Base rent payments included in prepaid expenses - Present value of future base rent lease payments – net $ 164,350 | March 31, 2020 Present value of future base rent lease payments $ 148,692 Base rent payments included in prepaid expenses - Present value of future base rent lease payments – net $ 148,692 |
Schedule of Present Value of Future Lease Payments Between Current and Non-current Assets and Liabilities | As of December 31, 2020, the present value of future base rent lease payments – net is classified between current and non-current assets and liabilities as follows: December 31, 2020 Operating lease right-of-use asset $ 164,350 Total operating lease assets 164,350 Operating lease current liability 26,450 Operating lease other liability 137,900 Total operating lease liabilities $ 164,350 | As of March 31, 2020, the present value of future base rent lease payments – net is classified between current and non-current assets and liabilities as follows: March 31, 2020 Operating lease right-of-use asset $ 148,693 Total operating lease assets 148,693 Operating lease current liability 24,791 Operating lease other liability 123,901 Total operating lease liabilities $ 148,692 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Mar. 31, 2020 | |
Property and Equipment: | ||
Schedule of Property and Equipment | The components of property and equipment were as follows: December 31, 2020 March 31, 2020 Leasehold improvements $ 177,184 $ 98,706 Furniture and office equipment 10,130 10,130 Production equipment 127,419 87,473 R&D equipment 25,184 25,184 Total, at cost 339,917 221,493 Accumulated depreciation (136,318 ) (111,586 ) Total, net $ 203,599 $ 109,907 | The components of property and equipment were as follows: As of March 31 2020 2019 Leasehold improvements $ 98,706 $ 4,602 Furniture and office equipment 10,130 10,130 Production equipment 87,473 108,882 R&D equipment 25,184 26,188 Total, at cost 221,493 149,802 Accumulated depreciation (111,586 ) (112,453 ) Total net $ 109,907 $ 37,349 |
Trademarks and Patents, Net (Ta
Trademarks and Patents, Net (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Schedule of Intangible Assets | The components of intangible assets, all of which are finite-lived, were as follows: December 31, 2020 March 31, 2020 Patents $ 3,836,911 $ 3,822,542 Trademarks 26,142 25,023 Total, at cost 3,863,053 3,847,565 Accumulated Amortization (3,837,284 ) (3,788,954 ) Total, net $ 25,769 $ 58,611 | The components of intangible assets, all of which are finite-lived, were as follows: As of March 31 2020 2019 Patents $ 3,822,542 $ 3,820,374 Trademarks 25,023 22,829 Total at cost 3,847,565 3,843,203 Accumulated Amortization (3,788,954 ) (3,253,386 ) Total net $ 58,611 $ 589,817 |
Notes Payable and Convertible_2
Notes Payable and Convertible Notes (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Convertible Notes Payable and Accrued Interest | At March 31, 2020, the Company is obligated for $76,350 in notes payable and accrued interest and $286,981 in convertible notes payable and accrued interest. December 31, 2020 March 31, 2020 Notes Payable Convertible Notes Payable Notes Payable Convertible Notes Payable 1. Third Parties – Principal $ 79,634 $ 280,000 $ 15,000 $ 280,000 Third Parties – Interest 260 - 95 6,981 Third Parties – Total 79,894 280,000 15,095 286,981 2. Related Parties – Principal 49,826 - 59,642 - Related Parties – Interest - - 1,613 - Related Parties – Total 49,826 - 61,255 - Total $ 129,720 $ 280,000 $ 76,350 $ 286,981 |
Derivative Liability and Expe_2
Derivative Liability and Expense (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Derivative Liability [Abstract] | |
Schedule of Derivative Liability Assumptions | The Company used the following assumptions for determining the fair value of the conversion feature in the RDCN referenced in Note 8 to these consolidated financial statements, under the binomial pricing model at June 15, 2020, September 30, 2020, and October 26, 2020, the issuance, balance sheet, and conversion dates, respectively: June 15, 2020 September 30, 2020 October 26, 2020 Stock price on valuation date $ 1.68 $ 1.60 $ 6.56 Conversion price $ 1.12 $ 1.12 $ 1.12 Days to maturity 273 166 140 Weighted-average volatility* 367 % 327 % 197 % Risk-free rate .18 % .12 % .11 % |
Schedule of Derivative Liability | The Company recorded derivative liability transactions during the nine-month period ended December 31, 2020 as follows: Nine Months Ended December 31, 2020 Convertible note embedded derivative liability Balance at March 31, 2020 $ -0- Initial recognition of derivative liability 526,800 Change in fair value 21,400 Balance at June 30, 2020 $ 548,200 Change in fair value 389,300 Balance at September 30, 2020 $ 937,500 Change in fair value 970,600 Balance at October 26, 2020 $ 1,908,100 Conversion of note on October 26,2020 (1,908,100 ) Balance at December 31, 2020 $ -0- |
Common Stock and Warrants (Tabl
Common Stock and Warrants (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Mar. 31, 2020 | |
Equity [Abstract] | ||
Schedule of Warrant Activity | A summary of warrant activity for the year ending March 31, 2020 and nine-month period ending December 31, 2020 is as follows: Number of Weighted- Warrants Weighted- Outstanding, March 31, 2019 954,745 2.20 758,759 2.16 Granted 476,425 2.07 Cashless warrant exercises (84,375 ) 1.27 Expired (22,500 ) 2.22 Canceled (99,000 ) 2.32 Outstanding, March 31, 2020 1,225,295 2.12 1,018,092 2.13 Issued in conjunction with convertible debt 158,036 1.40 Sold for cash 10,000 4.00 Issued and granted 72,596 1.52 Exercised for cash (202,499 ) 2.22 Cashless warrant exercises (116,125 ) 1.49 Expired (22,500 ) 7.56 Outstanding, December 31, 2020 1,124,803 1.99 1,100,306 1.87 | A summary of warrant activity for fiscal years ending March 31, 2019 and 2020 is as follows: Number of Warrants Weighted-Average Exercise Price Warrants Exercisable Weighted-Average Exercisable Price Outstanding, March 31, 2018 33,138,046 .66 2,190,241 .63 Granted 1,782,478 .46 Exercised (999,925 ) .40 Expired (11,680 ) .33 Cancelled (90,000 ) 1.11 Outstanding, March 31, 2019 3,818,909 .55 3,036,036 .54 Granted 1,905,700 .52 Cashless Conversions (337,500 ) .32 Expired (90,000 ) .56 Cancelled (396,000 ) .58 Outstanding, March 31, 2020 4,901,119 .55 4,072,369 .53 |
Schedule of Range of Warrant Prices | At December 31, 2020, the range of warrant prices for shares under warrants and the weighted-average remaining contractual life is as follows: Warrants Outstanding Warrants Exercisable Range of Warrant Exercise Price Number of Warrants Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Number of Warrants Weighted- Average Exercise Price 1.20-2.00 696,190 1.36 4.61 850,568 1.34 2.01-4.00 320,438 2.39 3.67 134,813 2.62 4.01-10.00 108,175 4.94 1.75 114,925 4.91 Total 1,124,803 1.99 4.07 1,100,306 1.87 | Warrants Outstanding Warrants Exercisable Range of Warrant Exercise Price Number of Warrants Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Number of Warrants Weighted- Average Exercise Price .30-.50 2,299,701 .38 5.48 2,434.701 .33 .51-1.00 2,105,739 .57 2.92 1,141,989 .59 1.01-3.50 495,679 1.42 2.36 496,579 1.42 Total 4,901,119 .53 4.06 4,072,369 .53 |
Schedule of Warrants Granted Assumptions | The Company granted warrants during the fiscal years ended March 31, 2020 and 2019 based on the following ranges: Fiscal Year Ended March 31, 2020 2019 Stock price on valuation date $ .12-$.56 $ .27-$2.00 Exercise price $ .32-$.56 $ .330-$1.67 Term (years) .003-10 .003-10 Weighted-average volatility* 348 % 238 % Risk-free rate 1.5% - 2.4 % 1.7% - 2.4 % *Weighted-average volatility disclosed as opposed to a range |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets | The following table presents the net deferred tax assets as of March 31, 2020 and 2019: 2020 2019 Net operating loss carryforwards: Federal $ (3,467,533 ) $ (3,801,404 ) State (1,618,182 ) (1,773,989 ) Total net operating loss carryforwards (5,085,714 ) (5,575,393 ) Total deferred tax assets (5,085,714 ) (5,575,393 ) Valuation allowance 5,085,714 5,575,393 Net deferred tax assets $ – $ – |
Schedule of Provision for Income Taxes | A reconciliation of the expected tax computed at the U.S. statutory federal income tax rate and current Minnesota tax rate to the total benefit for income taxes at March 31, 2020 and 2019 is as follows: 2020 2019 Expected federal tax at 21% $ (5,085,714 ) (5,575,393 ) Valuation allowance 5,085,714 5,575,393 Provision for income taxes $ – $ – |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Organization (Details Narrative) - USD ($) | Dec. 29, 2020 | Oct. 23, 2020 | Nov. 22, 2019 | Oct. 31, 2020 | Nov. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 |
Reverse stock split, description | On December 29, 2020, the Company effected a reverse stock split of all its outstanding common stock at a ratio of 1-for-4 shares. Pursuant to this reverse stock split, each four (4) shares of PetVivo's outstanding common stock, $.001 par value per share, was combined and converted into one (1) post-split outstanding shares of common stock, $.001 par value per share. This reverse stock split affected all PetVivo shareholders uniformly and accordingly did not alter any shareholder's percentage interest or ownership of PetVivo equity. Through the date of this filing, 724 shares of common stock have been issued due to rounding up of fractional shares. | The Company approved and declared a reverse stock split of all its outstanding common stock at a ratio of 1-for-4 shares; this reverse stock split was made effective on December 29, 2020. | The Company approved and declared a reverse stock split of all its outstanding common stock at a ratio of 9-for-10 shares. Pursuant to this reverse stock split, each ten (10) shares of PetVivo's outstanding common stock, $.001 par value per share, was combined and converted into nine (9) post-split outstanding shares of common stock, $.001 par value per share. This reverse stock split affected all PetVivo shareholders uniformly and accordingly will not alter any shareholder's percentage interest or ownership of PetVivo equity. Through the date of this filing, 254 shares of common stock have been issued due to rounding up of fractional shares. | Company approved a 1-for-4 reverse split of our outstanding shares of common stock that was made effective December 29, 2020; concurrently, the Company increased its authorized shares of common stock from 225,000,000 to 250,000,000; all share and per share data has been retroactively adjusted for this reverse split for all period presented. | The Company effected a 9-for-10 reverse split of our authorized and outstanding shares of common stock. Pursuant to this reverse stock split, each ten (10) shares of PetVivo's outstanding common stock, $.001 par value per share, was combined and converted into nine (9) post-split outstanding shares of common stock, $.001 par value per share | 1-for-4 reverse split | 9-for-10 reverse stock split. | |||
Common stock, shares authorized | 225,000,000 | 250,000,000 | 250,000,000 | 250,000,000 | 225,000,000 | |||||
Increased in authorized shares of common stock due to adjusted for reverse split | 250,000,000 | |||||||||
Cash | $ 230,969 | $ 230,969 | $ 10,582 | |||||||
Cash equivalents | ||||||||||
Restricted cash | $ 10,582 | |||||||||
Debt instrument maturity date | Apr. 30, 2020 | Apr. 30, 2020 | ||||||||
Conversion of debt into common stock amount | $ 4,692 | |||||||||
Share-settled debt obligation with a related party | $ 196,000 | |||||||||
Accrued interest | 6,981 | |||||||||
Assets and liabilities measured at fair value | ||||||||||
Income tax likelihood percentage | Greater than 50 percent | Greater than 50 percent | ||||||||
Inventory terms | 3 years | 3 years | ||||||||
Convertible Notes [Member] | ||||||||||
Convertible notes outstanding | 280,000 | $ 280,000 | 280,000 | $ 280,000 | ||||||
Convertible notes interest outstanding | $ 0 | $ 0 | $ 7,057 | |||||||
Debt instrument maturity date | Jun. 30, 2021 | Jun. 30, 2021 | ||||||||
Conversion of debt into common stock amount | $ 280,000 | $ 286,981 | ||||||||
Conversion of debt into common stock shares | 96,924 | 397,359 | ||||||||
Conversion price per share | $ 2.89 | $ 2.89 | $ 0.72 | |||||||
Accrued interest | $ 6,981 | |||||||||
Warrant [Member] | ||||||||||
Warrants outstanding | 1,124,803 | 1,305,111 | 4,901,119 | 3,818,919 | ||||||
Weighted average, exercise price | $ 1.99 | $ 2.16 | ||||||||
Conversion of debt into common stock shares | 30,016 | |||||||||
Warrant [Member] | Minimum [Member] | ||||||||||
Warrant exercise price | 1.20 | 1.20 | 15.56 | $ 0.30 | $ 0.33 | |||||
Warrant [Member] | Maximum [Member] | ||||||||||
Warrant exercise price | $ 15.56 | $ 15.56 | $ 1.20 | $ 3.89 | $ 3.89 | |||||
Patents and Trademarks [Member] | ||||||||||
Estimated useful life of intangible asset | 60 months | 60 months | ||||||||
Equipment [Member] | ||||||||||
Estimated useful life of assets | 3 years | 3 years | ||||||||
Automobile [Member] | ||||||||||
Estimated useful life of assets | 5 years | 5 years | ||||||||
Furniture and Fixtures [Member] | ||||||||||
Estimated useful life of assets | 7 years | 7 years |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Organization (Details Narrative) (10-K) - USD ($) | Dec. 29, 2020 | Oct. 23, 2020 | Nov. 22, 2019 | Oct. 31, 2020 | Nov. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Apr. 02, 2020 | Jan. 08, 2020 |
Reverse stock split, description | On December 29, 2020, the Company effected a reverse stock split of all its outstanding common stock at a ratio of 1-for-4 shares. Pursuant to this reverse stock split, each four (4) shares of PetVivo's outstanding common stock, $.001 par value per share, was combined and converted into one (1) post-split outstanding shares of common stock, $.001 par value per share. This reverse stock split affected all PetVivo shareholders uniformly and accordingly did not alter any shareholder's percentage interest or ownership of PetVivo equity. Through the date of this filing, 724 shares of common stock have been issued due to rounding up of fractional shares. | The Company approved and declared a reverse stock split of all its outstanding common stock at a ratio of 1-for-4 shares; this reverse stock split was made effective on December 29, 2020. | The Company approved and declared a reverse stock split of all its outstanding common stock at a ratio of 9-for-10 shares. Pursuant to this reverse stock split, each ten (10) shares of PetVivo's outstanding common stock, $.001 par value per share, was combined and converted into nine (9) post-split outstanding shares of common stock, $.001 par value per share. This reverse stock split affected all PetVivo shareholders uniformly and accordingly will not alter any shareholder's percentage interest or ownership of PetVivo equity. Through the date of this filing, 254 shares of common stock have been issued due to rounding up of fractional shares. | Company approved a 1-for-4 reverse split of our outstanding shares of common stock that was made effective December 29, 2020; concurrently, the Company increased its authorized shares of common stock from 225,000,000 to 250,000,000; all share and per share data has been retroactively adjusted for this reverse split for all period presented. | The Company effected a 9-for-10 reverse split of our authorized and outstanding shares of common stock. Pursuant to this reverse stock split, each ten (10) shares of PetVivo's outstanding common stock, $.001 par value per share, was combined and converted into nine (9) post-split outstanding shares of common stock, $.001 par value per share | 1-for-4 reverse split | 9-for-10 reverse stock split. | |||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||
Common stock, shares outstanding | 22,477,320 | 6,718,979 | 6,718,979 | 5,727,965 | 19,867,200 | |||||||
Fractional shares issued due to reverse stock split | 254 | |||||||||||
Cash equivalents | ||||||||||||
Federal cash insured | ||||||||||||
Accrued interest | $ 6,981 | |||||||||||
Debt instrument maturity date | Apr. 30, 2020 | Apr. 30, 2020 | ||||||||||
Conversion of debt into common stock amount | $ 4,692 | |||||||||||
Assets and liabilities measured at fair value | ||||||||||||
Income tax likelihood percentage | Greater than 50 percent | Greater than 50 percent | ||||||||||
Inventory terms | 3 years | 3 years | ||||||||||
Right of use of assets | 164,350 | $ 164,350 | $ 148,693 | $ 189,600 | ||||||||
Operating lease liability net of discount | 164,350 | 164,350 | 148,692 | |||||||||
Accounting Standards Update 2016-02 [Member] | ||||||||||||
Right of use of assets | $ 154,917 | |||||||||||
Operating lease liability net of discount | $ 154,917 | |||||||||||
Convertible Notes [Member] | ||||||||||||
Convertible notes outstanding | $ 280,000 | $ 280,000 | $ 280,000 | 280,000 | ||||||||
Accrued interest | $ 6,981 | |||||||||||
Debt instrument maturity date | Jun. 30, 2021 | Jun. 30, 2021 | ||||||||||
Conversion of debt into common stock amount | $ 280,000 | $ 286,981 | ||||||||||
Conversion of debt into common stock shares | 96,924 | 397,359 | ||||||||||
Conversion price per share | $ 2.89 | $ 2.89 | $ 0.72 | |||||||||
Warrant [Member] | ||||||||||||
Warrants outstanding | 1,124,803 | 1,305,111 | 4,901,119 | 3,818,919 | ||||||||
Weighted average, exercise price | $ 0.53 | $ 0.55 | ||||||||||
Conversion of debt into common stock shares | 30,016 | |||||||||||
Warrant [Member] | Maximum [Member] | ||||||||||||
Warrant exercise price | 15.56 | $ 15.56 | $ 1.20 | 3.89 | $ 3.89 | |||||||
Warrant [Member] | Minimum [Member] | ||||||||||||
Warrant exercise price | $ 1.20 | $ 1.20 | $ 15.56 | $ 0.30 | $ 0.33 | |||||||
Patents and Trademarks [Member] | ||||||||||||
Estimated useful life of intangible asset | 60 months | 60 months | ||||||||||
Equipment [Member] | ||||||||||||
Estimated useful life of assets | 3 years | 3 years | ||||||||||
Automobile [Member] | ||||||||||||
Estimated useful life of assets | 5 years | 5 years | ||||||||||
Furniture and Fixtures [Member] | ||||||||||||
Estimated useful life of assets | 7 years | 7 years | ||||||||||
Pre-Reverse Split [Member] | ||||||||||||
Common stock, par value | $ 0.001 | |||||||||||
Common stock, shares outstanding | 24,974,518 |
Inventory (Details Narrative) (
Inventory (Details Narrative) (10-K) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Finished goods inventory | $ 50,357 | $ 77,936 |
Inventory [Member] | ||
Finished goods inventory | $ 50,000 | $ 78,000 |
Inventory - Schedule of Invento
Inventory - Schedule of Inventory (Details) (10-K) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Inventory Disclosure [Abstract] | |||
Finished Goods | $ 50,357 | $ 77,936 | |
Reserve for Obsolete Inventory | (50,357) | (77,936) | |
Work in Progress | 0 | 0 | |
Manufacturing Supplies | 0 | 3,127 | |
Raw Materials | $ 0 | 9,368 | |
Total Inventory | $ 9,971 | $ 12,495 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||
Net loss | $ (1,037,753) | $ (1,348,002) | $ (814,008) | $ (551,193) | $ (519,173) | $ (500,887) | $ (3,199,763) | $ (1,571,252) | $ (2,082,734) | $ (4,757,758) | |
Net cash used in operating activities | (776,845) | (415,138) | (496,589) | (736,445) | |||||||
Accumulated deficit | (57,788,408) | (57,788,408) | (54,588,645) | (52,505,912) | |||||||
Working capital | (821,219) | (821,219) | 950,700 | ||||||||
Stockholders' deficit | $ (661,956) | $ (1,927,691) | $ (1,575,434) | $ (748,110) | $ (799,095) | $ (1,154,903) | $ (661,956) | $ (748,110) | $ (1,036,170) | $ (844,817) | $ 136,648 |
Going Concern (Details Narrat_2
Going Concern (Details Narrative) (10-K) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||
Net loss | $ (1,037,753) | $ (1,348,002) | $ (814,008) | $ (551,193) | $ (519,173) | $ (500,887) | $ (3,199,763) | $ (1,571,252) | $ (2,082,734) | $ (4,757,758) | |
Net cash used in operating activities | (776,845) | (415,138) | (496,589) | (736,445) | |||||||
Accumulated deficit | (57,788,408) | (57,788,408) | (54,588,645) | (52,505,912) | |||||||
Working capital | (821,219) | (821,219) | 950,700 | ||||||||
Stockholders' deficit | $ (661,956) | $ (1,927,691) | $ (1,575,434) | $ (748,110) | $ (799,095) | $ (1,154,903) | $ (661,956) | $ (748,110) | $ (1,036,170) | $ (844,817) | $ 136,648 |
Lease and Commitments (Details
Lease and Commitments (Details Narrative) | May 03, 2017USD ($)ft² | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Jan. 08, 2020USD ($) | Jul. 13, 2018ft² |
Rent expense | $ 2,078 | $ 13,343 | $ 13,434 | $ 40,479 | $ 37,679 | $ 51,292 | $ 69,758 | ||
Area of land | ft² | 3,577 | 1,000 | |||||||
Base rent | $ 2,078 | 2,162 | $ 2,162 | ||||||
Annual increase in rent | 0.02 | ||||||||
Unusable period | 45 days | ||||||||
Lease term description | Company entered into a lease amendment whereby agreed to extend the lease term through November of 2026 | ||||||||
Operating lease, right-use of asset | 164,350 | $ 164,350 | 148,693 | $ 189,600 | |||||
Operating lease payment | $ 164,695 | $ 164,695 | $ 153,772 | ||||||
Operating lease discount rate | 0.12% | 0.12% | 2.18% | ||||||
Weighted average remaining lease term | 6 years | 6 years | 7 years | ||||||
Weighted average discount rate | 0.12% | 0.12% | 2.18% | ||||||
Gel-Del Technologies, Inc [Member] | |||||||||
Operating lease payment | $ 330,000 | $ 330,000 | $ 330,000 |
Lease and Commitments - Schedul
Lease and Commitments - Schedule of Maturity Analysis of Operating Lease Liabilities (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
2021 | $ 6,614 | $ 24,936 |
2022 | 26,634 | 24,936 |
2023 | 27,167 | 24,936 |
2024 | 27,710 | 24,936 |
2025 | 28,265 | 24,936 |
Thereafter | 48,305 | 29,092 |
Total | 164,695 | 153,772 |
Less: Amount representing interest | (345) | (5,080) |
Present value of lease liabilities | $ 164,350 | $ 148,692 |
Lease and Commitments - Sched_2
Lease and Commitments - Schedule of Future Lease Payments (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Present value of future base rent lease payments | $ 164,350 | $ 148,692 |
Base rent payments included in prepaid expenses | ||
Present value of future base rent lease payments - net | $ 164,350 | $ 148,692 |
Lease and Commitments - Sched_3
Lease and Commitments - Schedule of Present Value of Future Lease Payments Between Current and Non-current Assets and Liabilities (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 | Jan. 08, 2020 | Mar. 31, 2019 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Operating lease right-of-use asset | $ 164,350 | $ 148,693 | ||
Total operating lease assets | 164,350 | 148,693 | $ 189,600 | |
Operating lease current liability | 26,450 | 24,791 | ||
Operating lease other liability | 137,900 | 123,901 | ||
Total operating lease liabilities | $ 164,350 | $ 148,692 |
Investments - Equity Securiti_2
Investments - Equity Securities (Details Narrative) - USD ($) | Jun. 28, 2020 | Jun. 28, 2019 | Dec. 31, 2020 | Mar. 31, 2020 |
Fair value of investments | $ 1,500 | |||
Purchase Agreement [Member] | Emerald Organic Products Inc [Member] | ||||
Number of shares purchased for acquisition | 1,500,000 | 1,500,000 | ||
Value of shares purchased for acquisition | $ 1,500 | $ 1,500 | ||
Fair value of investments | $ 1,500 |
Investments - Equity Securiti_3
Investments - Equity Securities (Details Narrative) (10-K) - USD ($) | Jun. 28, 2020 | Jun. 28, 2019 | Dec. 31, 2020 | Mar. 31, 2020 |
Fair value of investments | $ 1,500 | |||
Purchase Agreement [Member] | Emerald Organic Products Inc [Member] | ||||
Number of shares purchased for acquisition | 1,500,000 | 1,500,000 | ||
Value of shares purchased for acquisition | $ 1,500 | $ 1,500 | ||
Fair value of investments | $ 1,500 |
Prepaid Expenses and Deferred_2
Prepaid Expenses and Deferred Offering Costs (Details Narrative) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Prepaid expenses and deferred offering costs | $ 252,431 | $ 132,023 | |
Prepaid expenses - short term | 141,687 | 132,023 | $ 34,327 |
Deferred offering costs | 110,744 | ||
Advertising and Marketing Services [Member] | |||
Prepaid expenses - short term | 73,000 | ||
Deposit for Canine Elbow Osteoarthritis Study [Member] | |||
Prepaid expenses - short term | $ 25,000 |
Prepaid Expenses (Details Narra
Prepaid Expenses (Details Narrative) (10-K) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Prepaid Expenses | $ 141,687 | $ 132,023 | $ 34,327 |
Marketing Services [Member] | |||
Prepaid Expenses | 100,000 | ||
OTC Listing License [Member] | |||
Prepaid Expenses | 10,000 | 10,000 | |
Insurance Costs [Member] | |||
Prepaid Expenses | $ 6,000 | 7,000 | |
SEC Filing Service [Member] | |||
Prepaid Expenses | 2,000 | ||
Legal Service [Member] | |||
Prepaid Expenses | $ 10,000 |
Property and Equipment (Details
Property and Equipment (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Property and Equipment: | ||||||
Depreciation expense | $ 10,768 | $ 2,438 | $ 24,731 | $ 12,861 | $ 16,224 | $ 8,342 |
Proceeds from sale of equipment | $ 482 | 450 | $ 12,481 | |||
Gain on sale of piece of equipment | 450 | |||||
Original purchase price of an equipment | $ 1,004 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Total, at cost | $ 339,917 | $ 221,493 | $ 149,802 |
Accumulated depreciation | (136,318) | (111,586) | (112,453) |
Total, net | 203,599 | 109,907 | 37,349 |
Leasehold Improvements [Member] | |||
Total, at cost | 177,184 | 98,706 | 4,602 |
Furniture and Office Equipment [Member] | |||
Total, at cost | 10,130 | 10,130 | 10,130 |
Production Equipment [Member] | |||
Total, at cost | 127,419 | 87,473 | 108,882 |
R&D Equipment [Member] | |||
Total, at cost | $ 25,184 | $ 25,184 | $ 26,188 |
Property and Equipment (Detai_2
Property and Equipment (Details Narrative) (10-K) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Depreciation expense | $ 10,768 | $ 2,438 | $ 24,731 | $ 12,861 | $ 16,224 | $ 8,342 |
Loss on sale of assets | 389 | |||||
Sale of assets | 12,870 | |||||
Proceeds from sale of equipment | $ 482 | $ 450 | 12,481 | |||
Facilities build-out expenses | 40,000 | |||||
Edina Manufacturing [Member] | HVAC Equipment [Member] | ||||||
Built onto expenses | 64,000 | |||||
Edina Manufacturing [Member] | Cleanroom Structural Environment [Member] | ||||||
Built onto expenses | 13,657 | |||||
Edina Manufacturing [Member] | Electrical Capabilities [Member] | ||||||
Built onto expenses | $ 8,947 |
Property and Equipment - Sche_2
Property and Equipment - Schedule of Property and Equipment (Details) (10-K) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Total, at cost | $ 339,917 | $ 221,493 | $ 149,802 |
Accumulated depreciation | (136,318) | (111,586) | (112,453) |
Total, net | 203,599 | 109,907 | 37,349 |
Leasehold Improvements [Member] | |||
Total, at cost | 177,184 | 98,706 | 4,602 |
Furniture and Office Equipment [Member] | |||
Total, at cost | 10,130 | 10,130 | 10,130 |
Production Equipment [Member] | |||
Total, at cost | 127,419 | 87,473 | 108,882 |
R&D Equipment [Member] | |||
Total, at cost | $ 25,184 | $ 25,184 | $ 26,188 |
Trademarks and Patents, Net (De
Trademarks and Patents, Net (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||
Amortization expense | $ 1,629 | $ 134,283 | $ 48,331 | $ 408,994 | $ 543,320 | $ 638,579 |
Intangible impairment expense | $ 8,353 | $ 28,038 | $ 23,930 | $ 28,038 | $ 31,272 | $ 103,800 |
Trademarks and Patents, Net - S
Trademarks and Patents, Net - Schedule of Intangible Assets (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Patents | $ 3,836,911 | $ 3,822,542 | $ 3,820,374 |
Trademarks | 26,142 | 25,023 | 22,829 |
Total, at cost | 3,863,053 | 3,847,565 | 3,843,203 |
Accumulated Amortization | (3,837,284) | (3,788,954) | (3,253,386) |
Total, net | $ 25,769 | $ 58,611 | $ 589,817 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) (10-K) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||
Amortization expense | $ 1,629 | $ 134,283 | $ 48,331 | $ 408,994 | $ 543,320 | $ 638,579 |
Intangible impairment expense | $ 8,353 | $ 28,038 | $ 23,930 | $ 28,038 | $ 31,272 | $ 103,800 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) (10-K) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Patents | $ 3,836,911 | $ 3,822,542 | $ 3,820,374 |
Trademarks | 26,142 | 25,023 | 22,829 |
Total, at cost | 3,863,053 | 3,847,565 | 3,843,203 |
Accumulated Amortization | (3,837,284) | (3,788,954) | (3,253,386) |
Total, net | $ 25,769 | $ 58,611 | $ 589,817 |
Notes Payable and Convertible_3
Notes Payable and Convertible Notes (Details Narrative) - USD ($) | Oct. 26, 2020 | Oct. 26, 2020 | Aug. 14, 2020 | May 02, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Oct. 30, 2020 | Jun. 30, 2020 | May 14, 2020 | Jan. 08, 2020 |
Notes payable | $ 129,720 | $ 129,720 | $ 129,720 | $ 76,350 | $ 42,500 | ||||||||||||
Convertible Notes payable | 280,000 | 280,000 | $ 280,000 | $ 286,981 | |||||||||||||
Convertible notes maturity date | Apr. 30, 2020 | Apr. 30, 2020 | |||||||||||||||
Accrued interest | $ 6,981 | ||||||||||||||||
Convertible notes accrued interest rate | 8.00% | 6.00% | |||||||||||||||
Number of warrants purchase | 1,905,700 | ||||||||||||||||
Discount on debt | 1,421 | 1,421 | |||||||||||||||
Unamortized Debt Discount | (1,421) | (1,421) | $ (1,421) | ||||||||||||||
Interest expenses | 35,919 | 173,174 | |||||||||||||||
Derivative liability | $ 1,908,100 | $ 1,908,100 | 0 | $ 937,500 | 0 | 0 | $ 0 | $ 548,200 | |||||||||
Debt conversion stock valued | 1,729,005 | $ 387,712 | |||||||||||||||
Gain (Loss) on Debt Extinguishment | (366,903) | $ (366,903) | 81,738 | 81,738 | |||||||||||||
Value of common stock issued | 1,729,005 | $ 25,382 | $ 537,703 | 387,712 | |||||||||||||
Conversion price per share description | These AICNs automatically convert into shares of common stock at a rate of $2.89 per share at the earlier of the maturity date or an uplist to a national securities exchange (e.g. NASDAQ or New York Stock Exchange) provided that the Company's stock price is at least $3.47 at the time of the uplist. The AICN note holders have the right to convert their outstanding principal and interest into shares of the Company's common stock at any time during their note's term at $2.89 per share. | ||||||||||||||||
Notes payable, current | 40,969 | 40,969 | $ 40,969 | 15,095 | 18,831 | ||||||||||||
Accrued interest, current | 0 | 0 | 0 | 95 | |||||||||||||
Accrued interest paid | 559 | 45,850 | 16,338 | 23,905 | 20,181 | ||||||||||||
Repayments of notes payable | 1,531 | 4,190 | 18,831 | 19,556 | $ 50,482 | ||||||||||||
Proceeds from PPP note payable | 38,665 | ||||||||||||||||
Note payable and accrued interest - related party | 49,826 | 49,826 | 49,826 | 61,255 | |||||||||||||
Three Directors [Member] | |||||||||||||||||
Conversion price per share | $ 1.02 | ||||||||||||||||
Accrued interest | $ 382 | ||||||||||||||||
Debt Principal | $ 25,000 | ||||||||||||||||
Note Conversion Agreement [Member] | |||||||||||||||||
Convertible Notes payable | $ 368,995 | $ 368,995 | |||||||||||||||
Conversion price per share | $ 1.40 | $ 1.40 | |||||||||||||||
Accrued interest | $ 16,054 | $ 16,054 | |||||||||||||||
Debt Principal | 352,941 | 352,941 | |||||||||||||||
Unamortized Debt Discount | $ (181,187) | $ (181,187) | |||||||||||||||
Stock price | $ 6.56 | $ 6.56 | |||||||||||||||
Derivative liability | $ 1,908,100 | $ 1,908,100 | |||||||||||||||
Debt principal and accrued interest | 368,995 | $ 368,995 | |||||||||||||||
Debt conversion stock valued | 1,729,005 | ||||||||||||||||
Gain (Loss) on Debt Extinguishment | $ 366,903 | ||||||||||||||||
Shares of common stock issued | 263,568 | ||||||||||||||||
Paycheck Protection Program [Member] | |||||||||||||||||
Convertible notes maturity date | May 1, 2022 | ||||||||||||||||
Convertible notes accrued interest rate | 1.00% | ||||||||||||||||
Debt Principal | $ 38,665 | ||||||||||||||||
Accrued interest, current | 260 | ||||||||||||||||
Proceeds from PPP note payable | 38,665 | ||||||||||||||||
Outstanding balance | $ 38,925 | ||||||||||||||||
15% OID Convertible Note [Member] | |||||||||||||||||
Discount on debt | (52,941) | ||||||||||||||||
Total Debt issuance cost | 61,500 | ||||||||||||||||
Convertible Note Payable [Member] | Three Directors [Member] | |||||||||||||||||
Conversion price per share | $ 1.02 | ||||||||||||||||
Accrued interest | $ 382 | ||||||||||||||||
Convertible notes accrued interest rate | 6.00% | ||||||||||||||||
Debt Principal | $ 25,000 | ||||||||||||||||
Outstanding balance | $ 25,382 | ||||||||||||||||
Shares of common stock issued | 25,003 | ||||||||||||||||
Value of common stock issued | $ 25,383 | ||||||||||||||||
Convertible Note Payable [Member] | Paid-Out Accrued Interest [Member] | |||||||||||||||||
Payment of convertible debt | 14,115 | $ 0 | 28,077 | $ 11,479 | |||||||||||||
Convertible Note Payable [Member] | Derivative [Member] | |||||||||||||||||
Discount on debt | (206,000) | ||||||||||||||||
Convertible Note Payable [Member] | Investor [Member] | |||||||||||||||||
Discount on debt | (2,500) | ||||||||||||||||
Convertible Note Payable [Member] | Think Equity [Member] | |||||||||||||||||
Discount on debt | (52,399) | ||||||||||||||||
Payment of convertible debt | $ 31,500 | ||||||||||||||||
Convertible Note Payable [Member] | Think Warrants [Member] | |||||||||||||||||
Number of Warrants issued | 75,000 | ||||||||||||||||
Accredited convertible Notes [Member] | |||||||||||||||||
Convertible Notes payable | 280,000 | 280,000 | $ 280,000 | 286,981 | |||||||||||||
Accrued interest | 0 | 0 | 0 | 6,981 | |||||||||||||
Debt Principal | 280,000 | 280,000 | 280,000 | $ 280,000 | |||||||||||||
Amended Promissory Note [Member] | |||||||||||||||||
Accrued interest | 0 | 0 | 0 | ||||||||||||||
Debt Principal | 49,826 | 49,826 | 49,826 | ||||||||||||||
RedDiamond Partners, LLC [Member] | |||||||||||||||||
Convertible Notes payable | $ 352,941 | $ 352,941 | $ 352,941 | ||||||||||||||
Convertible notes maturity date | Mar. 15, 2021 | ||||||||||||||||
Conversion price per share | $ 1.40 | $ 1.40 | $ 1.12 | $ 1.12 | $ 1.12 | ||||||||||||
Accrued interest | $ 52,941 | $ 52,941 | $ 52,941 | ||||||||||||||
Original issue discount percentage | 15.00% | 15.00% | 15.00% | ||||||||||||||
Convertible notes accrued interest rate | 12.50% | 12.50% | 12.50% | ||||||||||||||
Number of warrants purchase | 139,286 | 139,286 | 139,286 | ||||||||||||||
Warrants purchase Amount | $ 91,500 | $ 91,500 | $ 91,500 | ||||||||||||||
Debt Principal | 352,941 | 352,941 | 352,941 | ||||||||||||||
Discount on debt | (91,500) | ||||||||||||||||
Payment of convertible debt | 30,000 | ||||||||||||||||
Unamortized Debt Discount | 0 | 0 | 0 | ||||||||||||||
Owed amount | $ 0 | $ 0 | $ 0 | ||||||||||||||
Debt principal and accrued interest | $ 368,995 | ||||||||||||||||
Gain (Loss) on Debt Extinguishment | $ 366,903 | ||||||||||||||||
Shares of common stock issued | 263,568 |
Notes Payable and Convertible_4
Notes Payable and Convertible Notes - Schedule of Convertible Notes Payable and Accrued Interest (Details) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
Interest | $ 6,981 | |
Notes Payable [Member] | ||
Total | $ 129,720 | 76,350 |
Notes Payable [Member] | Related Party [Member] | ||
Debt Principal | 49,826 | 59,642 |
Interest | 1,613 | |
Total | 49,826 | 61,255 |
Notes Payable [Member] | Third parties [Member] | ||
Debt Principal | 79,634 | 15,000 |
Interest | 260 | 95 |
Total | 79,894 | 15,095 |
Convertible Note Payable [Member] | ||
Total | 280,000 | 286,981 |
Convertible Note Payable [Member] | Related Party [Member] | ||
Debt Principal | ||
Interest | ||
Total | ||
Convertible Note Payable [Member] | Third parties [Member] | ||
Debt Principal | 280,000 | 280,000 |
Interest | 6,981 | |
Total | $ 280,000 | $ 286,981 |
Convertible Notes Payable (Deta
Convertible Notes Payable (Details Narrative) (10-K) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Jan. 08, 2020 | |
Convertible notes payable | $ 280,000 | $ 286,981 | ||
Accrued interest | $ 6,981 | |||
Convertible notes maturity date | Apr. 30, 2020 | Apr. 30, 2020 | ||
Convertible notes accrued interest rate | 8.00% | 6.00% | ||
Conversion price per share description | These AICNs automatically convert into shares of common stock at a rate of $2.89 per share at the earlier of the maturity date or an uplist to a national securities exchange (e.g. NASDAQ or New York Stock Exchange) provided that the Company's stock price is at least $3.47 at the time of the uplist. The AICN note holders have the right to convert their outstanding principal and interest into shares of the Company's common stock at any time during their note's term at $2.89 per share. | |||
Convertible Notes Payable [Member] | ||||
Convertible notes and accrued interest payable | $ 286,981 | |||
Convertible notes payable | 280,000 | |||
Accrued interest | $ 6,981 | |||
Convertible notes maturity date | Jun. 30, 2021 | |||
Convertible notes accrued interest rate | 10.00% | |||
Increase in ccrued interest | $ 18,536 | $ 0 | ||
Conversion price per share description | These convertible notes automatically convert into shares of common stock at a rate of $.72 per share at the earlier of the maturity date or an uplist to a national securities exchange (e.g. Exchange or New York Stock Exchange) provided that the Company's stock price is at least $.87 at the time of the uplist. The convertible note holders have the right to convert their outstanding principal and interest into shares of the Company's common stock at any time during their note's term at $.72 per share. | |||
Conversion price per share | $ 0.72 | |||
Stock price | $ 0.87 |
Related Party Notes Payable (De
Related Party Notes Payable (Details Narrative) (10-K) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Jan. 08, 2020 | Dec. 31, 2019 | |
Notes payable and accrued interest | $ 61,255 | $ 85,752 | ||||
Debt instrument maturity date | Apr. 30, 2020 | Apr. 30, 2020 | ||||
Debt interest rate | 8.00% | 6.00% | ||||
Annual monthly payments | $ 3,100 | |||||
Debt term | 24 months | |||||
Proceeds from related party debt | 70,000 | |||||
Debt discount | $ 1,421 | |||||
Debt conversion amount | 4,692 | |||||
Minimum [Member] | ||||||
Proceeds from related party debt | $ 3,500,000 | |||||
Warrant [Member] | ||||||
Debt discount | $ 49,880 | |||||
Debt conversion shares | 30,016 | |||||
Warrant [Member] | Minimum [Member] | ||||||
Warrant exercise price | $ 1.20 | $ 0.30 | $ 0.33 | $ 15.56 | ||
Stock price | $ 0.12 | $ 0.27 | ||||
Bridge Note Agreements With related Parties [Member] | ||||||
Debt principal amount | $ 70,000 | |||||
Debt description | Upon entering into these bridge note agreements, the note-holders were issued one warrant for every $2.00 in principal loaned to the Company. | |||||
Debt conversion amount | $ 70,000 | |||||
Accrued interest | $ 1,722 | |||||
Debt conversion shares | 215,166 | |||||
Debt conversion price per share | $ 0.33 | |||||
Bridge Note Agreements With related Parties [Member] | Warrant [Member] | ||||||
Debt description | The note terms dictate 12% simple interest, compounding daily based on a 365-day year, paid out 6 months from the date of the note along with the principal amount loaned to the Company. | |||||
Warrant exercise price | $ 1.11 | |||||
Debt discount | $ 15,677 | |||||
Debt maturity date, description | These notes were to mature in calendar Q1 of 2019. | |||||
Conversion Agreements With related Parties [Member] | ||||||
Debt principal amount | $ 70,000 | |||||
Debt conversion amount | $ 20,000 | |||||
Debt conversion price per share | $ 0.33 | |||||
Equity issuance expense | $ 13,333 | |||||
Stock price | $ 0.55 | |||||
Note-Holder [Member] | ||||||
Warrant exercise price | $ 0.33 | |||||
Debt discount | $ 15,677 | |||||
Debt conversion price per share | $ 2 | |||||
Warrant issued shares | 32,275 |
Share-settled Debt Obligation_2
Share-settled Debt Obligation - Related Party (Detail Narrative) - USD ($) | Oct. 15, 2020 | Sep. 02, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Mar. 31, 2020 | Jan. 08, 2020 |
Share-settled debt obligation - related party | $ 194,579 | $ 194,579 | $ 194,579 | ||||
Unamortized discount on debt | (1,421) | (1,421) | (1,421) | ||||
Discount on debt | 1,421 | 1,421 | |||||
Accrued Interest | 6,981 | ||||||
Notes payable | 129,720 | 129,720 | $ 129,720 | $ 76,350 | $ 42,500 | ||
Debt interest rate | 8.00% | 6.00% | |||||
Debt instrument maturity date | Apr. 30, 2020 | Apr. 30, 2020 | |||||
Annual monthly payments | $ 3,100 | ||||||
Debt conversion amount | $ 4,692 | ||||||
Amended Promissory Note [Member] | |||||||
Notes payable principle Amount | 49,826 | 49,826 | $ 49,826 | ||||
Accrued Interest | 0 | 0 | 0 | ||||
Amended Promissory Note [Member] | David B Masters [Member] | |||||||
Notes payable principle Amount | $ 59,642 | ||||||
Additional term | 2 years | ||||||
Accrued Interest | $ 6,058 | ||||||
Notes payable | $ 65,700 | 195,000 | 195,000 | 195,000 | |||
Debt interest rate | 8.00% | ||||||
Debt default interest rate | 20.00% | ||||||
Debt instrument maturity date | Jun. 30, 2022 | ||||||
Annual monthly payments | $ 3,100 | ||||||
Debt instrument convenient gross proceeds from product sale | 1,500,000 | ||||||
Debt instrument convenient proceeds from equity sales | 1,500,000 | ||||||
Promissory Note [Member] | |||||||
Notes payable principle Amount | 0 | 0 | 0 | ||||
Accrued Interest | 0 | 0 | 0 | ||||
Promissory Note [Member] | David B Masters [Member] | |||||||
Notes payable principle Amount | $ 192,500 | $ 195,000 | |||||
Accrued Interest | 658 | ||||||
Debt interest rate | 3.00% | ||||||
Debt instrument maturity date | Aug. 31, 2022 | ||||||
Annual monthly payments | $ 4,000 | ||||||
Debt instrument convenient gross proceeds from product sale | 3,500,000 | ||||||
Debt modification | $ 195,000 | ||||||
Debt principal and accrued interest | 193,158 | ||||||
Debt conversion amount | 196,000 | ||||||
Conversion fee | $ 3,500 | ||||||
Maximum [Member] | |||||||
Notes payable principle Amount | $ 196,000 | $ 196,000 | $ 196,000 |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) (10-K) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Jan. 08, 2020 | Mar. 31, 2018 | |
Notes payable | $ 129,720 | $ 129,720 | $ 76,350 | $ 42,500 | |||
Accrued interest | $ 6,981 | ||||||
Debt interest rate | 8.00% | 6.00% | |||||
Debt instrument maturity date | Apr. 30, 2020 | Apr. 30, 2020 | |||||
Proceeds from loan | $ 15,000 | ||||||
Monthly payment for installments | 3,100 | ||||||
Debt discount | 1,421 | $ 1,421 | |||||
Debt conversion amount | 4,692 | ||||||
Repayments of notes payable | $ 1,531 | $ 4,190 | $ 18,831 | 19,556 | $ 50,482 | ||
Warrant [Member] | |||||||
Debt discount | $ 49,880 | ||||||
Debt conversion shares | 30,016 | ||||||
Warrant issued conversion, description | Each of the warrants issued pursuant to conversion of these notes, if exercised, qualified for 1 additional share of common stock transferred from a founder of the Company for every 3 shares received through exercising of these warrants | ||||||
Bridge Note Agreements With Note Holders [Member] | |||||||
Notes payable | $ 215,000 | ||||||
Bridge Note Agreements [Member] | Warrant [Member] | |||||||
Warrant exercise price | $ 1.11 | ||||||
Warrant issued shares | 96,750 | ||||||
Debt discount | $ 49,880 | ||||||
Bridge Note Conversion Agreements [Member] | |||||||
Accrued interest | 4,280 | ||||||
Debt conversion amount | $ 150,000 | ||||||
Debt conversion shares | 462,838 | ||||||
Debt conversion price per share | $ 0.33 | ||||||
Bridge Note Conversion Agreements [Member] | Warrant [Member] | |||||||
Warrant exercise price | $ 0.33 | ||||||
Warrant issued shares | 69,426 | ||||||
Conversion Agreements [Member] | Warrant [Member] | |||||||
Warrant exercise price | $ 0.33 | ||||||
One Note Payable [Member] | |||||||
Notes payable | 15,000 | $ 18,831 | |||||
Accrued interest | $ 95 | $ 0 | |||||
Debt interest rate | 6.50% | 12.00% | |||||
Debt instrument maturity date | Feb. 25, 2020 | Sep. 30, 2019 | |||||
Proceeds from loan | $ 27,500 | ||||||
Debt description | The note terms dictate 12% simple interest, compounding daily based on a 365-day year, paid out 6 months from the date of the note and the issuance of a detachable warrant for purchase of half of the principal amount in shares exercisable at $1.11 per share for a 3-year term. | ||||||
Warrant exercise price | $ 1.11 | ||||||
Detachable warrant term | 3 years | ||||||
Debt maturity date description | All debt discount associated with the warrants issued in conjunction with this note was charged to interest expense as of the maturity date of the note in February of 2019. | ||||||
Initial payment for installments | $ 5,000 | ||||||
Monthly payment for installments | 3,000 | ||||||
Note Payable [Member] | |||||||
Accrued interest | 4,313 | ||||||
Debt conversion amount | $ 50,734 | ||||||
Debt conversion price per share | $ 0.33 | ||||||
Equity issuance expense | $ 33,822 | ||||||
Repayments of notes payable | $ 46,169 | ||||||
Note Payable [Member] | Conversion Agreements [Member] | |||||||
Debt conversion price per share | $ 0.55 |
Derivative Liability and Expe_3
Derivative Liability and Expense (Details Narrative) - USD ($) | Oct. 26, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 15, 2020 |
Recognition of derivative liability | $ 526,800 | |||||||||
Discount on debt | 206,000 | |||||||||
Convertible note embeded derivative liability | $ 0 | |||||||||
Derivative expense | 320,800 | |||||||||
Corresponding offset to derivative liability | 526,800 | 526,800 | ||||||||
Derivative liability | $ 1,908,100 | 0 | 0 | $ 0 | $ 937,500 | $ 548,200 | ||||
Derivative Expense | 970,600 | 1,702,100 | ||||||||
Gain (Loss) on Debt Extinguishment | $ (366,903) | $ (366,903) | $ 81,738 | $ 81,738 | ||||||
RedDiamond Partners, LLC [Member] | ||||||||||
Shares of common stock issued | 263,568 | |||||||||
Conversion price per share | $ 1.40 | $ 1.12 | $ 1.12 | |||||||
Gain (Loss) on Debt Extinguishment | $ 366,903 |
Derivative Liability and Expe_4
Derivative Liability and Expense - Schedule of Derivative Liability Assumptions (Details) | Oct. 26, 2020Integer$ / shares | Jun. 15, 2020Integer$ / shares | Sep. 30, 2020Integer$ / shares |
Stock price on valuation date | $ / shares | $ 6.56 | $ 1.68 | $ 1.60 |
Conversion price | $ / shares | $ 1.12 | $ 1.12 | $ 1.12 |
Days to maturity | 140 days | 273 days | 166 days |
Weighted-average Volatility [Member] | |||
Derivative liability measurement input, percentage | Integer | 197 | 367 | 327 |
Risk-free Rate [Member] | |||
Derivative liability measurement input, percentage | Integer | 0.11 | 0.18 | 0.12 |
Derivative Liability and Expe_5
Derivative Liability and Expense - Schedule of Derivative Liability (Details) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Oct. 26, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Liability [Abstract] | ||||||||
Beginning balance | $ 937,500 | $ 1,908,100 | $ 937,500 | $ 548,200 | $ 0 | $ 0 | ||
Initial recognition of derivative liability | 526,800 | |||||||
Change in fair value | 970,600 | (970,600) | 389,300 | 21,400 | (1,702,100) | |||
Conversion of note | (1,908,100) | |||||||
Ending balance | $ 1,908,100 | $ 0 | $ 0 | $ 937,500 | $ 548,200 | $ 0 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Details Narrative) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Payables and Accruals [Abstract] | |||
Accounts payable and accrued expenses | $ 782,732 | $ 794,057 | $ 854,990 |
Accounts payable | 555,960 | 556,653 | 524,273 |
Accrued salaries and payroll taxes | 226,722 | 237,404 | $ 330,717 |
Accrued liability for the potential taxes | $ 14,198 | $ 22,025 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses (Details Narrative) (10-K) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Payables and Accruals [Abstract] | |||
Accounts payable and accrued expenses | $ 782,732 | $ 794,057 | $ 854,990 |
Accounts payable | 555,960 | 556,653 | 524,273 |
Accrued salaries and related payroll taxes payable | $ 226,722 | 237,404 | 330,717 |
Accrued liabilities | $ 22,026 | $ 58,124 |
Accrued Expenses - Related Pa_2
Accrued Expenses - Related Party (Details Narrative) - USD ($) | Dec. 31, 2020 | Sep. 02, 2020 | Mar. 31, 2020 | Jan. 08, 2020 | Mar. 31, 2019 |
Accrued expenses, related party | $ 9,615 | $ 252,607 | $ 576,393 | ||
Notes payable | 129,720 | 76,350 | $ 42,500 | ||
Accounts payable | 555,960 | 556,653 | 524,273 | ||
Accrued salaries and payroll taxes payable | 226,722 | 237,404 | 330,717 | ||
Amended Promissory Note [Member] | David B Masters [Member] | |||||
Notes payable | 195,000 | $ 65,700 | |||
Claim on past accrued salary | 195,000 | ||||
Related Party [Member] | |||||
Accrued expenses, related party | 9,615 | 252,607 | 576,393 | ||
Accounts payable | 38,954 | 89,186 | |||
Accrued salaries and payroll taxes payable | $ 213,653 | $ 487,207 | |||
Related Party [Member] | John Lai and John Carruth [Member] | |||||
Accrued expenses, related party | $ 4,807 |
Accrued Expenses - Related Pa_3
Accrued Expenses - Related Party (Details Narrative) (10-K) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Accrued expenses, related party | $ 9,615 | $ 252,607 | $ 576,393 |
Accounts payable | 555,960 | 556,653 | 524,273 |
Accrued salaries and payroll taxes payable | 226,722 | 237,404 | 330,717 |
Related Party [Member] | |||
Accrued expenses, related party | $ 9,615 | 252,607 | 576,393 |
Accounts payable | 38,954 | 89,186 | |
Accrued salaries and payroll taxes payable | $ 213,653 | $ 487,207 |
Common Stock and Warrants (Deta
Common Stock and Warrants (Details Narrative) | Dec. 29, 2020 | Oct. 31, 2020$ / sharesshares | Oct. 30, 2020USD ($)$ / sharesshares | Oct. 26, 2020USD ($)$ / shares | Oct. 23, 2020 | Sep. 14, 2020USD ($)shares | Aug. 14, 2020USD ($)$ / sharesshares | Jul. 24, 2020USD ($)$ / sharesshares | Jul. 10, 2020shares | Jul. 02, 2020USD ($)shares | Jun. 15, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)Integer$ / sharesshares | Dec. 09, 2019USD ($)$ / sharesshares | Nov. 22, 2019 | Sep. 18, 2019USD ($)shares | Sep. 13, 2019USD ($)shares | Jul. 13, 2019USD ($)$ / sharesshares | Dec. 31, 2020USD ($)Integer$ / sharesshares | Oct. 31, 2020$ / sharesshares | Nov. 30, 2019 | Dec. 31, 2020USD ($)Integer$ / sharesshares | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)Integer$ / sharesshares | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Apr. 30, 2020shares | Dec. 31, 2020USD ($)Integer$ / sharesshares | Dec. 31, 2019USD ($)Integer$ / sharesshares | Sep. 30, 2019USD ($) | Dec. 31, 2020USD ($)Integer$ / sharesshares | Dec. 31, 2019USD ($)Integer$ / sharesshares | Mar. 31, 2020USD ($)$ / sharesshares | Mar. 31, 2019USD ($)$ / sharesshares |
Reverse stock split, description | On December 29, 2020, the Company effected a reverse stock split of all its outstanding common stock at a ratio of 1-for-4 shares. Pursuant to this reverse stock split, each four (4) shares of PetVivo's outstanding common stock, $.001 par value per share, was combined and converted into one (1) post-split outstanding shares of common stock, $.001 par value per share. This reverse stock split affected all PetVivo shareholders uniformly and accordingly did not alter any shareholder's percentage interest or ownership of PetVivo equity. Through the date of this filing, 724 shares of common stock have been issued due to rounding up of fractional shares. | The Company approved and declared a reverse stock split of all its outstanding common stock at a ratio of 1-for-4 shares; this reverse stock split was made effective on December 29, 2020. | The Company approved and declared a reverse stock split of all its outstanding common stock at a ratio of 9-for-10 shares. Pursuant to this reverse stock split, each ten (10) shares of PetVivo's outstanding common stock, $.001 par value per share, was combined and converted into nine (9) post-split outstanding shares of common stock, $.001 par value per share. This reverse stock split affected all PetVivo shareholders uniformly and accordingly will not alter any shareholder's percentage interest or ownership of PetVivo equity. Through the date of this filing, 254 shares of common stock have been issued due to rounding up of fractional shares. | Company approved a 1-for-4 reverse split of our outstanding shares of common stock that was made effective December 29, 2020; concurrently, the Company increased its authorized shares of common stock from 225,000,000 to 250,000,000; all share and per share data has been retroactively adjusted for this reverse split for all period presented. | The Company effected a 9-for-10 reverse split of our authorized and outstanding shares of common stock. Pursuant to this reverse stock split, each ten (10) shares of PetVivo's outstanding common stock, $.001 par value per share, was combined and converted into nine (9) post-split outstanding shares of common stock, $.001 par value per share | 1-for-4 reverse split | 9-for-10 reverse stock split. | ||||||||||||||||||||||||||||
Number of shares issued | 991,014 | 652,466 | 3,044,657 | ||||||||||||||||||||||||||||||||
Value of shares issued | $ | |||||||||||||||||||||||||||||||||||
Number of shares issued for compensation | |||||||||||||||||||||||||||||||||||
Value of shares issued for compensation | $ | $ 653,863 | $ 183,244 | 363,178 | $ 237,278 | $ 190,801 | $ 889,597 | $ 962,678 | 1,642,869 | |||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 1,905,700 | 1,905,700 | |||||||||||||||||||||||||||||||||
Conversion of notes | $ | $ 4,692 | ||||||||||||||||||||||||||||||||||
Accrued interest | $ | $ 6,981 | 6,981 | |||||||||||||||||||||||||||||||||
Shares issued description | 20,000 shares with a relative value of $34,709 pursuant to a purchase of 20,000 units whereby a unit is made up of 1 share of common stock and ½ warrant. The value of $34,709 along with the relative value of the warrants associated with this transaction of $17,291 ($52,000 total) was recorded during the quarter ended March 31, 2020 to Common Stock Subscribed and moved to Additional Paid in Capital and Capital Stock upon receipt of funds and issuance of shares of common stock during the quarter ended June 30, 2020; | ||||||||||||||||||||||||||||||||||
Value of stock sold | $ | 339,100 | 399,865 | |||||||||||||||||||||||||||||||||
Fair value of warrants | $ | $ 91,500 | ||||||||||||||||||||||||||||||||||
Number of shares issued for services | 67,500 | 27,000 | |||||||||||||||||||||||||||||||||
Number of shares issued for services, value | $ | $ 102,000 | $ 120,000 | |||||||||||||||||||||||||||||||||
Gain loss on debt extinguishment | $ | $ 366,903 | 366,903 | $ (81,738) | (81,738) | |||||||||||||||||||||||||||||||
Warrant expense recognized | $ | 287,000 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | $ | $ 889,597 | $ 791,256 | |||||||||||||||||||||||||||||||||
Share price per share | $ / shares | $ 1.11 | ||||||||||||||||||||||||||||||||||
Minimum [Member] | Expected Volatility [Member] | |||||||||||||||||||||||||||||||||||
Warrant measurement inputs | Integer | 313 | 350 | 350 | 313 | 350 | 313 | 350 | 313 | |||||||||||||||||||||||||||
Minimum [Member] | Risk-Free Interest [Member] | |||||||||||||||||||||||||||||||||||
Warrant measurement inputs | Integer | 2.30 | 0.29 | 0.29 | 2.30 | 0.29 | 2.30 | 0.29 | 2.30 | |||||||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||||||||||||||
Debt Principal | $ | $ 196,000 | $ 196,000 | $ 196,000 | $ 196,000 | |||||||||||||||||||||||||||||||
Maximum [Member] | Expected Volatility [Member] | |||||||||||||||||||||||||||||||||||
Warrant measurement inputs | Integer | 361 | 433 | 433 | 361 | 433 | 361 | 433 | 361 | |||||||||||||||||||||||||||
Maximum [Member] | Risk-Free Interest [Member] | |||||||||||||||||||||||||||||||||||
Warrant measurement inputs | Integer | 1.51 | 1.16 | 1.16 | 1.51 | 1.16 | 1.51 | 1.16 | 1.51 | |||||||||||||||||||||||||||
Warrants [Member] | |||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 81,000 | 81,000 | 81,000 | 81,000 | |||||||||||||||||||||||||||||||
Fair value of warrants | $ | $ 69,391 | ||||||||||||||||||||||||||||||||||
Warrant granted to purchase shares of common stock | 240,632 | 433,633 | |||||||||||||||||||||||||||||||||
Warrant granted to purchase shares of common stock, value | $ | $ 443,098 | $ 914,730 | |||||||||||||||||||||||||||||||||
Cancellation of warrants to purchase common stock | 81,000 | ||||||||||||||||||||||||||||||||||
Share price per share | $ / shares | $ 0.65 | $ 0.65 | |||||||||||||||||||||||||||||||||
Warrant [Member] | |||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 67,500 | 270,000 | 67,500 | 67,500 | 67,500 | 270,000 | 1,782,478 | ||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 300,770 | $ 300,770 | $ 300,770 | $ 300,770 | $ 300,770 | $ 300,770 | |||||||||||||||||||||||||||||
Warrant granted to purchase shares of common stock | 476,425 | ||||||||||||||||||||||||||||||||||
Cancellation of warrants to purchase common stock | 396,000 | ||||||||||||||||||||||||||||||||||
Warrant expense recognized | $ | $ 117,144 | $ 117,144 | |||||||||||||||||||||||||||||||||
Warrant [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 15.56 | $ 1.20 | $ 1.20 | $ 0.30 | $ 15.56 | $ 1.20 | $ 15.56 | $ 1.20 | $ 15.56 | $ 0.30 | $ 0.33 | ||||||||||||||||||||||||
Warrant [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 1.20 | $ 15.56 | $ 15.56 | 3.89 | $ 1.20 | $ 15.56 | $ 1.20 | $ 15.56 | $ 1.20 | $ 3.89 | $ 3.89 | ||||||||||||||||||||||||
Warrant One [Member] | |||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 90,000 | ||||||||||||||||||||||||||||||||||
Warrant granted to purchase shares of common stock | 1,905,700 | 1,782,478 | |||||||||||||||||||||||||||||||||
Cancellation of warrants to purchase common stock | 13,500 | 54,000 | |||||||||||||||||||||||||||||||||
Accrued Expenses - Related Party [Member] | |||||||||||||||||||||||||||||||||||
Reduction in accrued compensation | $ | $ 375,936 | $ 375,936 | |||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Expenses [Member] | |||||||||||||||||||||||||||||||||||
Reduction in accrued compensation | $ | $ 80,029 | $ 80,029 | |||||||||||||||||||||||||||||||||
20 Accredited Investor [Member] | |||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 202,499 | 202,499 | 202,499 | 202,499 | |||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 2.22 | $ 2.22 | $ 2.22 | $ 2.22 | |||||||||||||||||||||||||||||||
Warrant granted to purchase shares of common stock, value | $ | $ 449,993 | ||||||||||||||||||||||||||||||||||
Warrant Holder's [Member] | |||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 6,750 | 6,750 | |||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 4.44 | $ 4.44 | |||||||||||||||||||||||||||||||||
Warrant granted to purchase shares of common stock | 793 | ||||||||||||||||||||||||||||||||||
Accredited Investors [Member] | |||||||||||||||||||||||||||||||||||
Number of shares issued for services | 121,500 | ||||||||||||||||||||||||||||||||||
Number of shares issued for services, value | $ | $ 135,000 | ||||||||||||||||||||||||||||||||||
Investor [Member] | |||||||||||||||||||||||||||||||||||
Number of shares issued for services | 22,500 | ||||||||||||||||||||||||||||||||||
Investor and Broker [Member] | |||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 158,036 | ||||||||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 265,500 | ||||||||||||||||||||||||||||||||||
Value of warrant vested | $ | $ 91,500 | ||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 1.40 | ||||||||||||||||||||||||||||||||||
Warrants exercise term | 5 years | ||||||||||||||||||||||||||||||||||
RedDiamond Partners, LLC [Member] | |||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 139,286 | 139,286 | 139,286 | 139,286 | |||||||||||||||||||||||||||||||
Debt Principal | $ | $ 352,941 | $ 352,941 | $ 352,941 | $ 352,941 | |||||||||||||||||||||||||||||||
Debt principal and accrued interest | $ | $ 368,995 | ||||||||||||||||||||||||||||||||||
Accrued interest | $ | $ 52,941 | $ 52,941 | $ 52,941 | $ 52,941 | |||||||||||||||||||||||||||||||
Conversion price | $ / shares | $ 1.40 | $ 1.12 | $ 1.12 | $ 1.12 | $ 1.12 | ||||||||||||||||||||||||||||||
Number of shares issued for conversion | 263,568 | ||||||||||||||||||||||||||||||||||
Number of shares issued for conversion, value | $ | $ 1,729,005 | ||||||||||||||||||||||||||||||||||
Gain loss on debt extinguishment | $ | $ (366,903) | ||||||||||||||||||||||||||||||||||
Launchpad IR [Member] | |||||||||||||||||||||||||||||||||||
Number of shares issued for services | 37,500 | 150,000 | |||||||||||||||||||||||||||||||||
Number of shares issued for services, value | $ | $ 70,500 | $ 70,500 | |||||||||||||||||||||||||||||||||
Share price per share | $ / shares | $ 1.68 | $ 0.42 | $ 0.42 | ||||||||||||||||||||||||||||||||
One Share of Common Stock and 1/2 Warrant Share [Member] | |||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 40,000 | 20,000 | 40,000 | 40,000 | 40,000 | 20,000 | |||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 104,000 | $ 34,709 | $ 104,000 | $ 104,000 | $ 104,000 | $ 34,709 | |||||||||||||||||||||||||||||
Number of stock sold | 80,000 | ||||||||||||||||||||||||||||||||||
Value of stock sold | $ | $ 52,000 | ||||||||||||||||||||||||||||||||||
Fair value of warrants | $ | $ 69,391 | 34,709 | $ 34,709 | ||||||||||||||||||||||||||||||||
Warrant transaction cost | $ | $ 17,291 | ||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 2.60 | $ 1 | $ 2.60 | $ 2.60 | $ 2.60 | $ 1 | |||||||||||||||||||||||||||||
Warrants exercise term | 3 years | 3 years | |||||||||||||||||||||||||||||||||
Video Marketing Services [Member] | |||||||||||||||||||||||||||||||||||
Number of shares issued for compensation | 30,000 | ||||||||||||||||||||||||||||||||||
Value of shares issued for compensation | $ | $ 40,680 | ||||||||||||||||||||||||||||||||||
Two Service Provider [Member] | |||||||||||||||||||||||||||||||||||
Number of shares issued for services | 12,500 | 24,384 | |||||||||||||||||||||||||||||||||
Number of shares issued for services, value | $ | $ 22,000 | ||||||||||||||||||||||||||||||||||
Marketing and Investor Relations Service Provider [Member] | |||||||||||||||||||||||||||||||||||
Number of shares issued for services | 10,000 | ||||||||||||||||||||||||||||||||||
Number of shares issued for services, value | $ | $ 17,600 | ||||||||||||||||||||||||||||||||||
Legal Service Provider [Member] | |||||||||||||||||||||||||||||||||||
Number of shares issued for services | 2,500 | ||||||||||||||||||||||||||||||||||
Number of shares issued for services, value | $ | $ 4,400 | ||||||||||||||||||||||||||||||||||
One Warrant Holder [Member] | |||||||||||||||||||||||||||||||||||
Number of shares issued | 15,257 | ||||||||||||||||||||||||||||||||||
Value of shares issued | $ | $ 12,053 | ||||||||||||||||||||||||||||||||||
Warrants converted on cashless basis | 25,000 | ||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 1.20 | ||||||||||||||||||||||||||||||||||
Four Accredited Investors [Member] | |||||||||||||||||||||||||||||||||||
Number of shares issued | 226,071 | ||||||||||||||||||||||||||||||||||
Value of shares issued | $ | $ 316,500 | ||||||||||||||||||||||||||||||||||
Directors and Officers [Member] | |||||||||||||||||||||||||||||||||||
Number of shares issued for compensation | 162,252 | ||||||||||||||||||||||||||||||||||
Value of shares issued for compensation | $ | $ 486,755 | ||||||||||||||||||||||||||||||||||
Directors and Officers [Member] | Warrants [Member] | |||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 413,633 | 413,633 | 413,633 | 413,633 | |||||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 880,121 | $ 880,121 | $ 880,121 | $ 880,121 | |||||||||||||||||||||||||||||||
Warrants exercise term | 5 years | 5 years | 5 years | 5 years | |||||||||||||||||||||||||||||||
Directors and Officers [Member] | Warrants [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 1.33 | $ 1.33 | $ 1.33 | $ 1.33 | |||||||||||||||||||||||||||||||
Directors and Officers [Member] | Warrants [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 2.22 | $ 2.22 | $ 2.22 | $ 2.22 | |||||||||||||||||||||||||||||||
John Lai [Member] | |||||||||||||||||||||||||||||||||||
Number of shares issued | 42,188 | ||||||||||||||||||||||||||||||||||
Number of shares issued for compensation | 33,619 | ||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 540,000 | 540,000 | |||||||||||||||||||||||||||||||||
Conversion of notes | $ | $ 13,033 | ||||||||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 299,973 | $ 299,973 | |||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 1.33 | $ 0.56 | $ 0.56 | ||||||||||||||||||||||||||||||||
Warrant granted to purchase shares of common stock | 32,347 | ||||||||||||||||||||||||||||||||||
Number of escrowed shares | 150,000 | ||||||||||||||||||||||||||||||||||
John Lai [Member] | Warrants [Member] | |||||||||||||||||||||||||||||||||||
Number of shares issued | 61,396 | ||||||||||||||||||||||||||||||||||
John Lai [Member] | Warrant [Member] | |||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 98,093 | 98,093 | |||||||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 11,967 | $ 11,967 | |||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 0.32 | $ 0.32 | |||||||||||||||||||||||||||||||||
John Lai [Member] | Warrant One [Member] | |||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 90,000 | 90,000 | |||||||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 49,996 | $ 49,996 | |||||||||||||||||||||||||||||||||
John Lai [Member] | Settlement Agreement [Member] | |||||||||||||||||||||||||||||||||||
Number of shares issued for compensation | 87,000 | 348,000 | |||||||||||||||||||||||||||||||||
Value of shares issued for compensation | $ | $ 116,000 | $ 116,000 | |||||||||||||||||||||||||||||||||
Shares holding term | 3 years | 3 years | |||||||||||||||||||||||||||||||||
John Carruth [Member] | |||||||||||||||||||||||||||||||||||
Number of shares issued for compensation | 26,217 | ||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 450,000 | 450,000 | |||||||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 249,997 | $ 249,997 | |||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 0.56 | $ 0.56 | |||||||||||||||||||||||||||||||||
John Carruth [Member] | Warrant [Member] | |||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 207,000 | ||||||||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 69,072 | ||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 0.33 | ||||||||||||||||||||||||||||||||||
John Dolan [Member] | |||||||||||||||||||||||||||||||||||
Number of shares issued for compensation | 22,993 | ||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 220,500 | 220,500 | |||||||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 122,489 | $ 122,489 | |||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 0.56 | $ 0.56 | |||||||||||||||||||||||||||||||||
John Dolan [Member] | Warrant [Member] | |||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 35,314 | 35,314 | |||||||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 4,308 | $ 4,308 | |||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 0.32 | $ 0.32 | |||||||||||||||||||||||||||||||||
John Dolan [Member] | Settlement Agreement [Member] | |||||||||||||||||||||||||||||||||||
Number of shares issued for compensation | 51,000 | 204,000 | |||||||||||||||||||||||||||||||||
Value of shares issued for compensation | $ | $ 68,000 | $ 68,000 | |||||||||||||||||||||||||||||||||
Shares holding term | 3 years | 3 years | |||||||||||||||||||||||||||||||||
Gregory Cash [Member] | |||||||||||||||||||||||||||||||||||
Number of shares issued for compensation | 10,789 | ||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 7,059 | 7,059 | |||||||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 3,445 | $ 3,445 | |||||||||||||||||||||||||||||||||
Gregory Cash [Member] | Warrant [Member] | |||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 6,867 | 6,867 | |||||||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 838 | $ 838 | |||||||||||||||||||||||||||||||||
David Deming [Member] | |||||||||||||||||||||||||||||||||||
Number of shares issued for compensation | 10,711 | ||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 41,250 | 41,250 | |||||||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 22,915 | $ 22,915 | |||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 0.49 | $ 0.49 | |||||||||||||||||||||||||||||||||
David Deming [Member] | Warrant [Member] | |||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 4,905 | 4,905 | |||||||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 598 | $ 598 | |||||||||||||||||||||||||||||||||
Robert Rudelius [Member] | |||||||||||||||||||||||||||||||||||
Number of shares issued for compensation | 10,627 | ||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 5,735 | 5,735 | |||||||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 2,799 | $ 2,799 | |||||||||||||||||||||||||||||||||
Robert Rudelius [Member] | Warrant [Member] | |||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 6,376 | 6,376 | |||||||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 778 | $ 778 | |||||||||||||||||||||||||||||||||
Randy Meyer [Member] | |||||||||||||||||||||||||||||||||||
Number of shares issued for compensation | 10,550 | ||||||||||||||||||||||||||||||||||
Jim Martin [Member] | |||||||||||||||||||||||||||||||||||
Number of shares issued for compensation | 9,302 | ||||||||||||||||||||||||||||||||||
Scott Johnson [Member] | |||||||||||||||||||||||||||||||||||
Number of shares issued for compensation | 9,300 | ||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 4,852 | 4,852 | |||||||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 2,368 | $ 2,368 | |||||||||||||||||||||||||||||||||
Scott Johnson [Member] | Warrant [Member] | |||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 4,415 | 4,415 | |||||||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 539 | $ 539 | |||||||||||||||||||||||||||||||||
Joseph Jasper [Member] | |||||||||||||||||||||||||||||||||||
Number of shares issued for compensation | 9,209 | ||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 3,528 | 3,528 | |||||||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 1,722 | $ 1,722 | |||||||||||||||||||||||||||||||||
Joseph Jasper [Member] | Warrant [Member] | |||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 3,924 | 3,924 | |||||||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 479 | $ 479 | |||||||||||||||||||||||||||||||||
David Masters [Member] | |||||||||||||||||||||||||||||||||||
Number of shares issued for compensation | 8,935 | ||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 2,647 | 2,647 | |||||||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 1,292 | $ 1,292 | |||||||||||||||||||||||||||||||||
David Masters [Member] | Warrant [Member] | |||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 1,962 | 1,962 | |||||||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 239 | $ 239 | |||||||||||||||||||||||||||||||||
Three Directors [Member] | |||||||||||||||||||||||||||||||||||
Conversion of notes | $ | $ 25,382 | ||||||||||||||||||||||||||||||||||
Debt Principal | $ | 25,000 | ||||||||||||||||||||||||||||||||||
Accrued interest | $ | $ 382 | ||||||||||||||||||||||||||||||||||
Conversion price | $ / shares | $ 1.02 | ||||||||||||||||||||||||||||||||||
Number of shares issued for conversion | 25,003 | ||||||||||||||||||||||||||||||||||
Number of shares issued for conversion, value | $ | $ 25,383 | ||||||||||||||||||||||||||||||||||
Randall Meyer [Member] | |||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 4,852 | 4,852 | |||||||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 2,368 | $ 2,368 | |||||||||||||||||||||||||||||||||
Randall Meyer [Member] | Warrant [Member] | |||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 4,415 | 4,415 | |||||||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 539 | $ 539 | |||||||||||||||||||||||||||||||||
Randall Meyer [Member] | Settlement Agreement [Member] | |||||||||||||||||||||||||||||||||||
Number of shares issued for compensation | 143,952 | 575,808 | |||||||||||||||||||||||||||||||||
Value of shares issued for compensation | $ | $ 191,936 | $ 191,936 | |||||||||||||||||||||||||||||||||
Shares holding term | 3 years | 3 years | |||||||||||||||||||||||||||||||||
Former Employee [Member] | Settlement Agreement [Member] | |||||||||||||||||||||||||||||||||||
Number of shares issued for compensation | 42,014 | 168,060 | |||||||||||||||||||||||||||||||||
Value of shares issued for compensation | $ | $ 80,029 | $ 80,029 | |||||||||||||||||||||||||||||||||
One Shareholder [Member] | |||||||||||||||||||||||||||||||||||
Number of stock sold | 90,000 | 360,000 | |||||||||||||||||||||||||||||||||
Value of stock sold | $ | $ 100,000 | $ 100,000 | |||||||||||||||||||||||||||||||||
One Investor [Member] | Warrants [Member] | |||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 10,000 | 10,000 | |||||||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 17,291 | $ 17,291 | |||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 4 | $ 4 | |||||||||||||||||||||||||||||||||
Warrants exercise term | 3 years | 3 years | |||||||||||||||||||||||||||||||||
Directors, Officers and Consultants [Member] | Warrants [Member] | |||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 72,596 | 72,596 | 72,596 | 72,596 | |||||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 160,307 | $ 160,307 | $ 160,307 | $ 160,307 | |||||||||||||||||||||||||||||||
Directors, Officers and Consultants [Member] | Warrants [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 1.40 | $ 1.40 | $ 1.40 | $ 1.40 | |||||||||||||||||||||||||||||||
Directors, Officers and Consultants [Member] | Warrants [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | 1.60 | 1.60 | 1.60 | 1.60 | |||||||||||||||||||||||||||||||
Directors, Officers and Consultants [Member] | Warrants [Member] | Weighted Average [Member] | |||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 1.52 | $ 1.52 | $ 1.52 | $ 1.52 | |||||||||||||||||||||||||||||||
Accredited Investors [Member] | One Share of Common Stock and 1/2 Warrant Share [Member] | Warrants [Member] | |||||||||||||||||||||||||||||||||||
Number of shares issued for compensation | 20,000 | ||||||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 40,000 | 40,000 | 40,000 | 40,000 | |||||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ | $ 104,000 | $ 104,000 | $ 104,000 | $ 104,000 | |||||||||||||||||||||||||||||||
Fair value of warrants | $ | $ 34,609 | ||||||||||||||||||||||||||||||||||
Warrants exercise price | $ / shares | $ 4 | $ 4 | $ 4 | $ 4 | |||||||||||||||||||||||||||||||
Warrants exercise term | 3 years | 3 years | 3 years | 3 years | |||||||||||||||||||||||||||||||
Share price per share | $ / shares | $ 2.60 | $ 2.60 | $ 2.60 | $ 2.60 | |||||||||||||||||||||||||||||||
2020 Equity Incentive Plan [Member] | |||||||||||||||||||||||||||||||||||
Number of shares authorized | 1,000,000 | ||||||||||||||||||||||||||||||||||
Expiration date | Jul. 10, 2030 | ||||||||||||||||||||||||||||||||||
Shares issued | |||||||||||||||||||||||||||||||||||
2020 Equity Incentive Plan [Member] | Nonemployee Director [Member] | |||||||||||||||||||||||||||||||||||
Maximum number of shares per employee | 10,000 |
Common Stock and Warrants - Sch
Common Stock and Warrants - Schedule of Warrant Activity (Details) - Warrant [Member] - $ / shares | 9 Months Ended | 12 Months Ended |
Dec. 31, 2020 | Mar. 31, 2020 | |
Number of Warrants, Outstanding, Beginning Balance | 1,225,295 | 954,745 |
Number of Warrants, Granted | 476,425 | |
Number of Warrants, Cashless warrant exercises | (116,125) | (84,375) |
Number of Warrants, Expired | (22,500) | (22,500) |
Number of Warrants, Canceled | (99,000) | |
Number of Warrants, Issued in conjunction with convertible debt | 158,036 | |
Number of Warrants, Sold for cash | 10,000 | |
Number of Warrants, Issued and granted | 72,596 | |
Number of Warrants, Exercised for cash | (202,499) | |
Number of Warrants, Outstanding, Ending Balance | 1,124,803 | 1,225,295 |
Weighted-Average Exercise Price, Outstanding, Beginning Balance | $ 2.12 | $ 2.20 |
Weighted-Average Exercise Price, Granted | 2.07 | |
Weighted-Average Exercise Price, Cashless warrant exercises | 1.49 | 1.27 |
Weighted-Average Exercise Price, Expired | 7.56 | 2.22 |
Weighted-Average Exercise Price, Canceled | 2.32 | |
Weighted-Average Exercise Price, Issued in conjunction with convertible debt | 1.40 | |
Weighted-Average Exercise Price, Sold for cash | 4 | |
Weighted-Average Exercise Price, Issued and granted | 1.52 | |
Weighted-Average Exercise Price, Exercised for cash | 2.22 | |
Weighted-Average Exercise Price, Outstanding, Ending Balance | $ 1.99 | $ 2.12 |
Warrants Exercisable, Outstanding, Beginning Balance | 1,018,092 | 758,759 |
Warrants Exercisable, Outstanding, Ending Balance | 1,100,306 | 1,018,092 |
Weighted-Average Exercisable Price, Outstanding, Beginning Balance | $ 2.13 | $ 2.16 |
Weighted-Average Exercisable Price, Outstanding, Ending Balance | $ 1.87 | $ 2.13 |
Common Stock and Warrants - S_2
Common Stock and Warrants - Schedule of Range of Warrant Prices (Details) - $ / shares | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Warrant [Member] | ||||
Number of Warrants, Outstanding | 1,124,803 | |||
Weighted-Average Exercise Price, outstanding | $ 1.99 | $ 2.12 | $ 2.20 | |
Weighted-Average Remaining Contractual Life (Years), Outstanding | 4 years 26 days | |||
Number of Warrants, Exercisable | 1,100,306 | 1,018,092 | 758,759 | |
Weighted-Average Exercise Price, Exercisable | $ 1.87 | $ 2.13 | $ 2.16 | |
Minimum [Member] | Warrant [Member] | ||||
Range of Warrant Exercise Price | 1.20 | 0.30 | $ 15.56 | 0.33 |
Maximum [Member] | Warrant [Member] | ||||
Range of Warrant Exercise Price | $ 15.56 | 3.89 | $ 1.20 | $ 3.89 |
Range One [Member] | ||||
Number of Warrants, Outstanding | 696,190 | |||
Range One [Member] | Warrant [Member] | ||||
Weighted-Average Exercise Price, outstanding | $ 1.36 | $ 0.38 | ||
Weighted-Average Remaining Contractual Life (Years), Outstanding | 4 years 7 months 10 days | 5 years 5 months 23 days | ||
Number of Warrants, Exercisable | 850,568 | 2,434,701 | ||
Weighted-Average Exercise Price, Exercisable | $ 1.34 | $ 0.33 | ||
Range One [Member] | Minimum [Member] | ||||
Range of Warrant Exercise Price | 1.20 | |||
Range One [Member] | Maximum [Member] | ||||
Range of Warrant Exercise Price | $ 2 | |||
Range Two [Member] | ||||
Number of Warrants, Outstanding | 320,438 | |||
Range Two [Member] | Warrant [Member] | ||||
Weighted-Average Exercise Price, outstanding | $ 2.39 | $ 0.57 | ||
Weighted-Average Remaining Contractual Life (Years), Outstanding | 3 years 8 months 2 days | 2 years 11 months 1 day | ||
Number of Warrants, Exercisable | 134,813 | 1,141,989 | ||
Weighted-Average Exercise Price, Exercisable | $ 2.62 | $ 0.59 | ||
Range Two [Member] | Minimum [Member] | ||||
Range of Warrant Exercise Price | 2.01 | |||
Range Two [Member] | Maximum [Member] | ||||
Range of Warrant Exercise Price | $ 4 | |||
Range Three [Member] | ||||
Number of Warrants, Outstanding | 108,175 | |||
Range Three [Member] | Warrant [Member] | ||||
Weighted-Average Exercise Price, outstanding | $ 4.94 | $ 1.42 | ||
Weighted-Average Remaining Contractual Life (Years), Outstanding | 1 year 9 months | 2 years 4 months 9 days | ||
Number of Warrants, Exercisable | 114,925 | 496,579 | ||
Weighted-Average Exercise Price, Exercisable | $ 4.91 | $ 1.42 | ||
Range Three [Member] | Minimum [Member] | ||||
Range of Warrant Exercise Price | 4.01 | |||
Range Three [Member] | Maximum [Member] | ||||
Range of Warrant Exercise Price | $ 10 |
Common Stock and Warrants (De_2
Common Stock and Warrants (Details Narrative) (10-K) - USD ($) | Dec. 29, 2020 | Oct. 30, 2020 | Oct. 23, 2020 | Sep. 14, 2020 | Jul. 02, 2020 | Dec. 31, 2019 | Dec. 09, 2019 | Nov. 22, 2019 | Oct. 31, 2019 | Sep. 18, 2019 | Sep. 13, 2019 | Jul. 13, 2019 | Oct. 31, 2020 | Nov. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Apr. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 |
Equity, reverse stock split, description | On December 29, 2020, the Company effected a reverse stock split of all its outstanding common stock at a ratio of 1-for-4 shares. Pursuant to this reverse stock split, each four (4) shares of PetVivo's outstanding common stock, $.001 par value per share, was combined and converted into one (1) post-split outstanding shares of common stock, $.001 par value per share. This reverse stock split affected all PetVivo shareholders uniformly and accordingly did not alter any shareholder's percentage interest or ownership of PetVivo equity. Through the date of this filing, 724 shares of common stock have been issued due to rounding up of fractional shares. | The Company approved and declared a reverse stock split of all its outstanding common stock at a ratio of 1-for-4 shares; this reverse stock split was made effective on December 29, 2020. | The Company approved and declared a reverse stock split of all its outstanding common stock at a ratio of 9-for-10 shares. Pursuant to this reverse stock split, each ten (10) shares of PetVivo's outstanding common stock, $.001 par value per share, was combined and converted into nine (9) post-split outstanding shares of common stock, $.001 par value per share. This reverse stock split affected all PetVivo shareholders uniformly and accordingly will not alter any shareholder's percentage interest or ownership of PetVivo equity. Through the date of this filing, 254 shares of common stock have been issued due to rounding up of fractional shares. | Company approved a 1-for-4 reverse split of our outstanding shares of common stock that was made effective December 29, 2020; concurrently, the Company increased its authorized shares of common stock from 225,000,000 to 250,000,000; all share and per share data has been retroactively adjusted for this reverse split for all period presented. | The Company effected a 9-for-10 reverse split of our authorized and outstanding shares of common stock. Pursuant to this reverse stock split, each ten (10) shares of PetVivo's outstanding common stock, $.001 par value per share, was combined and converted into nine (9) post-split outstanding shares of common stock, $.001 par value per share | 1-for-4 reverse split | 9-for-10 reverse stock split. | |||||||||||||||||||||||
Number of shares issued | 991,014 | 652,466 | 3,044,657 | |||||||||||||||||||||||||||
Number of shaes issued for compensaton | ||||||||||||||||||||||||||||||
Number of shaes issued for compensaton, value | $ 653,863 | $ 183,244 | $ 363,178 | $ 237,278 | $ 190,801 | $ 889,597 | $ 962,678 | $ 1,642,869 | ||||||||||||||||||||||
Number of shares issued for services | 67,500 | 27,000 | ||||||||||||||||||||||||||||
Number of shares issued for services, value | $ 102,000 | $ 120,000 | ||||||||||||||||||||||||||||
Shares issued price per share | $ 1.11 | |||||||||||||||||||||||||||||
Number of stock sold, value | 339,100 | 399,865 | ||||||||||||||||||||||||||||
Fair value of warrants | 91,500 | |||||||||||||||||||||||||||||
Gain (loss) on debt extinguishment | $ 366,903 | 366,903 | $ (81,738) | $ (81,738) | ||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 1,905,700 | 1,905,700 | 1,905,700 | |||||||||||||||||||||||||||
Warrant expense recognized | 287,000 | |||||||||||||||||||||||||||||
Debt conversion amount | $ 4,692 | |||||||||||||||||||||||||||||
Shares issued for cash, value | ||||||||||||||||||||||||||||||
Proceeds from warrants exercise | 449,993 | |||||||||||||||||||||||||||||
Stock-based compensation | 889,597 | 791,256 | ||||||||||||||||||||||||||||
Interest expense | 48,666 | 8,418 | 219,539 | 23,855 | 32,185 | 84,950 | ||||||||||||||||||||||||
General and administrative expense | 322,795 | $ 461,201 | 1,492,038 | 1,365,580 | 1,784,557 | 4,251,742 | ||||||||||||||||||||||||
Accrued interest | $ 6,981 | $ 6,981 | 6,981 | |||||||||||||||||||||||||||
Additional paid in capital | 57,119,733 | $ 53,494,747 | $ 53,494,747 | 57,119,733 | 53,494,747 | 51,552,688 | ||||||||||||||||||||||||
Shares of warrants exercised, value | $ 449,993 | |||||||||||||||||||||||||||||
Stock-based compensation | $ 889,597 | 791,256 | 863,012 | $ 1,642,869 | ||||||||||||||||||||||||||
Expense related to warrants issued and outstanding | 500,000 | |||||||||||||||||||||||||||||
Expense related to warrants with potential future milestones | 150,000 | |||||||||||||||||||||||||||||
Website Services [Member] | ||||||||||||||||||||||||||||||
Number of shares issued for services | 1,884 | |||||||||||||||||||||||||||||
Number of shares issued for services, value | $ 2,700 | |||||||||||||||||||||||||||||
Marketing Services [Member] | ||||||||||||||||||||||||||||||
Number of shares issued for services | 22,500 | |||||||||||||||||||||||||||||
Number of shares issued for services, value | $ 24,750 | |||||||||||||||||||||||||||||
Management Consulting Services [Member] | ||||||||||||||||||||||||||||||
Vesting of warrants | 1,449,348 | |||||||||||||||||||||||||||||
Service Providers [Member] | ||||||||||||||||||||||||||||||
Vesting of warrants | 99,882 | |||||||||||||||||||||||||||||
Third - Party [Member] | Management Consulting [Member] | ||||||||||||||||||||||||||||||
Number of shares issued for services | 9,000 | |||||||||||||||||||||||||||||
Number of shares issued for services, value | $ 15,000 | |||||||||||||||||||||||||||||
Shares issued price per share | $ 1.67 | |||||||||||||||||||||||||||||
Several Accredited Investor [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 299,507 | |||||||||||||||||||||||||||||
Proceeds from warrants exercise | $ 166,393 | |||||||||||||||||||||||||||||
Accrued Expenses - Related Party [Member] | ||||||||||||||||||||||||||||||
Reduction in accrued compensation | 375,936 | 375,936 | ||||||||||||||||||||||||||||
Accounts Payable and Accrued Expenses [Member] | ||||||||||||||||||||||||||||||
Reduction in accrued compensation | $ 80,029 | $ 80,029 | ||||||||||||||||||||||||||||
Unregistered Common Stock [Member] | ||||||||||||||||||||||||||||||
Number of shares issued | 3,044,657 | |||||||||||||||||||||||||||||
Warrants [Member] | ||||||||||||||||||||||||||||||
Shares issued price per share | $ 0.65 | $ 0.65 | $ 0.65 | |||||||||||||||||||||||||||
Number of exchange of shares | 160,000 | |||||||||||||||||||||||||||||
Number of exchange of shares, value | $ 104,000 | |||||||||||||||||||||||||||||
Fair value of warrants | $ 69,391 | |||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 81,000 | 81,000 | 81,000 | 81,000 | ||||||||||||||||||||||||||
Cancellation of warrants to purchase common stock | 81,000 | |||||||||||||||||||||||||||||
Warrants One [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 90,000 | 90,000 | 90,000 | |||||||||||||||||||||||||||
Detachable Warrant [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 80,000 | 80,000 | 80,000 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 34,609 | $ 34,609 | $ 34,609 | |||||||||||||||||||||||||||
Warrants exercise price | $ 1 | $ 1 | $ 1 | |||||||||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 67,500 | 270,000 | 67,500 | 270,000 | 67,500 | 67,500 | 270,000 | 1,782,478 | ||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 300,770 | $ 300,770 | $ 300,770 | $ 300,770 | $ 300,770 | $ 300,770 | $ 300,770 | |||||||||||||||||||||||
Warrant expense recognized | $ 117,144 | $ 117,144 | ||||||||||||||||||||||||||||
Cancellation of warrants to purchase common stock | 396,000 | |||||||||||||||||||||||||||||
Conversion of shares | 30,016 | |||||||||||||||||||||||||||||
Warrants outstanding | 1,124,803 | 1,124,803 | ||||||||||||||||||||||||||||
Warrant [Member] | Several Board Members [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 922,501 | |||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 561,910 | |||||||||||||||||||||||||||||
Warrants exercise price | $ 0.30 | |||||||||||||||||||||||||||||
Shares exercisable term | 10 years | |||||||||||||||||||||||||||||
Warrant One [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 90,000 | |||||||||||||||||||||||||||||
Cancellation of warrants to purchase common stock | 13,500 | 54,000 | ||||||||||||||||||||||||||||
Warrant Two [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 36,000 | 36,000 | 36,000 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 68,000 | $ 68,000 | $ 68,000 | |||||||||||||||||||||||||||
Cancellation of warrants to purchase common stock | 17,000 | |||||||||||||||||||||||||||||
Warrant Three [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 36,000 | 36,000 | 36,000 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 68,000 | $ 68,000 | $ 68,000 | |||||||||||||||||||||||||||
Expenses for cancellation of warrants | $ 0 | |||||||||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||||||||
Number of shares issued | 20,000 | 67,500 | 19,425 | 77,700 | 904,758 | |||||||||||||||||||||||||
Number of shaes issued for compensaton | 174,752 | 30,000 | 22,500 | 7,574 | 540,300 | 24,384 | ||||||||||||||||||||||||
Number of shaes issued for compensaton, value | $ 175 | $ 30 | $ 22 | $ 8 | $ 540 | $ 27 | ||||||||||||||||||||||||
Number of stock sold | 999,923 | |||||||||||||||||||||||||||||
Number of stock sold, value | $ 1,111 | |||||||||||||||||||||||||||||
Debt conversion amount | 181,966 | |||||||||||||||||||||||||||||
Shares issued for cash, value | $ 20 | $ 67 | $ 19 | $ 78 | 1,005 | |||||||||||||||||||||||||
Stock-based compensation | 14,181 | |||||||||||||||||||||||||||||
Interest expense | $ 65,557 | |||||||||||||||||||||||||||||
Shares of warrants exercised | 202,499 | |||||||||||||||||||||||||||||
Shares of warrants exercised, value | $ 202 | |||||||||||||||||||||||||||||
Common Stock Issued [Member] | ||||||||||||||||||||||||||||||
Number of shares issued | 382,759 | |||||||||||||||||||||||||||||
Conversion of shares | 85,153 | |||||||||||||||||||||||||||||
Debt conversion amount | $ 66,230 | |||||||||||||||||||||||||||||
Debt conversion price per share | $ 0.78 | |||||||||||||||||||||||||||||
Common Stock Issued 1 [Member] | ||||||||||||||||||||||||||||||
Conversion of shares | 297,606 | |||||||||||||||||||||||||||||
Debt conversion amount | $ 115,736 | |||||||||||||||||||||||||||||
Debt conversion price per share | $ 0.39 | |||||||||||||||||||||||||||||
Common Stock Issued to Replace Shares to Officer [Member] | ||||||||||||||||||||||||||||||
Number of shares issued | 430,796 | |||||||||||||||||||||||||||||
Shares issued for cash, value | $ 861,592 | |||||||||||||||||||||||||||||
Common Stock Issued to Replace Shares to Officer [Member] | Third - Party [Member] | ||||||||||||||||||||||||||||||
Number of shares issued | 292,251 | |||||||||||||||||||||||||||||
Shares issued for cash, value | $ 584,501 | |||||||||||||||||||||||||||||
One Share of Common Stock and 1/2 Warrant Share [Member] | ||||||||||||||||||||||||||||||
Number of stock sold | 80,000 | |||||||||||||||||||||||||||||
Number of stock sold, value | $ 52,000 | |||||||||||||||||||||||||||||
Sale of stock price per share | $ 0.65 | $ 0.65 | $ 0.65 | |||||||||||||||||||||||||||
Fair value of warrants | $ 69,391 | $ 34,709 | $ 34,709 | |||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 40,000 | 20,000 | 40,000 | 20,000 | 40,000 | 40,000 | 20,000 | |||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 104,000 | $ 34,709 | $ 104,000 | $ 34,709 | $ 104,000 | $ 104,000 | $ 34,709 | |||||||||||||||||||||||
Warrants exercise term | 3 years | 3 years | 3 years | |||||||||||||||||||||||||||
Warrants exercise price | $ 2.60 | $ 1 | $ 2.60 | $ 1 | $ 2.60 | $ 2.60 | $ 1 | |||||||||||||||||||||||
Receivables | $ 52,000 | $ 52,000 | $ 52,000 | |||||||||||||||||||||||||||
Cashless Conversion [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 337,500 | 337,500 | 337,500 | |||||||||||||||||||||||||||
Cashless Conversion [Member] | Warrant One [Member] | ||||||||||||||||||||||||||||||
Conversion rate, description | Conversion rate of .36:1.00. | |||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 168,750 | 168,750 | 168,750 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 56,223 | $ 56,223 | $ 56,223 | |||||||||||||||||||||||||||
Expenses for cancellation of warrants | $ 0 | |||||||||||||||||||||||||||||
Conversion of shares | 61,396 | |||||||||||||||||||||||||||||
Cashless Conversion [Member] | Warrant Two [Member] | ||||||||||||||||||||||||||||||
Conversion rate, description | Conversion rate of .37:1.00 | |||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 168,750 | 168,750 | 168,750 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 102,807 | $ 102,807 | $ 102,807 | |||||||||||||||||||||||||||
Expenses for cancellation of warrants | $ 0 | |||||||||||||||||||||||||||||
Conversion of shares | 63,141 | |||||||||||||||||||||||||||||
Common Stock John Lost to Escrow [Member] | Common Stock Issued to Replace Shares to Officer [Member] | ||||||||||||||||||||||||||||||
Number of shares issued | 450,000 | |||||||||||||||||||||||||||||
Launchpad IR [Member] | ||||||||||||||||||||||||||||||
Number of shares issued for services | 37,500 | 150,000 | ||||||||||||||||||||||||||||
Number of shares issued for services, value | $ 70,500 | $ 70,500 | ||||||||||||||||||||||||||||
Shares issued price per share | $ 1.68 | $ 0.42 | $ 0.42 | $ 0.42 | ||||||||||||||||||||||||||
CytoMedical Design Group [Member] | Common Stock [Member] | ||||||||||||||||||||||||||||||
Shares granted but not issued | 77,700 | |||||||||||||||||||||||||||||
General and administrative expense | $ 86,333 | |||||||||||||||||||||||||||||
John Lai [Member] | ||||||||||||||||||||||||||||||
Number of shares issued | 42,188 | |||||||||||||||||||||||||||||
Number of shaes issued for compensaton | 33,619 | |||||||||||||||||||||||||||||
Retention of escrowed shares | 600,000 | |||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 540,000 | 540,000 | 540,000 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 299,973 | $ 299,973 | $ 299,973 | |||||||||||||||||||||||||||
Warrants exercise price | $ 1.33 | $ 0.56 | $ 0.56 | $ 0.56 | ||||||||||||||||||||||||||
Shares exercisable term | 5 years | |||||||||||||||||||||||||||||
Debt conversion amount | $ 13,033 | |||||||||||||||||||||||||||||
John Lai [Member] | Warrants [Member] | ||||||||||||||||||||||||||||||
Number of shares issued | 61,396 | |||||||||||||||||||||||||||||
Number of warrant shares | 168,750 | |||||||||||||||||||||||||||||
Conversion rate, description | Conversion rate of .36:1.00. | |||||||||||||||||||||||||||||
John Lai [Member] | Warrants One [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 79,397 | 79,397 | 79,397 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 38,744 | $ 38,744 | $ 38,744 | |||||||||||||||||||||||||||
Warrants exercise price | $ 0.50 | $ 0.50 | $ 0.50 | |||||||||||||||||||||||||||
Shares exercisable term | 5 years | |||||||||||||||||||||||||||||
John Lai [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 98,093 | 98,093 | 98,093 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 11,967 | $ 11,967 | $ 11,967 | |||||||||||||||||||||||||||
Warrants exercise price | $ 0.32 | $ 0.32 | $ 0.32 | |||||||||||||||||||||||||||
Shares exercisable term | 5 years | |||||||||||||||||||||||||||||
John Lai [Member] | Warrant One [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 90,000 | 90,000 | 90,000 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 49,996 | $ 49,996 | $ 49,996 | |||||||||||||||||||||||||||
Expenses for cancellation of warrants | $ 49,996 | |||||||||||||||||||||||||||||
John Lai [Member] | Common Stock Issued to Replace Shares to Officer [Member] | ||||||||||||||||||||||||||||||
Number of shares issued | 723,047 | |||||||||||||||||||||||||||||
Shares issued for cash, value | $ 1,446,093 | |||||||||||||||||||||||||||||
John Lai [Member] | Vest Upon Performance-Based Milestone [Member] | ||||||||||||||||||||||||||||||
Number of shares vested | 180,000 | |||||||||||||||||||||||||||||
John Lai [Member] | Vest Quarterly Over Three Years [Member] | October 1, 2019 [Member] | ||||||||||||||||||||||||||||||
Number of shares vested | 360,000 | |||||||||||||||||||||||||||||
Randall Meyer [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 4,852 | 4,852 | 4,852 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 2,368 | $ 2,368 | $ 2,368 | |||||||||||||||||||||||||||
Randall Meyer [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 4,415 | 4,415 | 4,415 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 539 | $ 539 | $ 539 | |||||||||||||||||||||||||||
Warrants outstanding | 42,188 | |||||||||||||||||||||||||||||
John Dolan [Member] | ||||||||||||||||||||||||||||||
Number of shaes issued for compensaton | 22,993 | |||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 220,500 | 220,500 | 220,500 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 122,489 | $ 122,489 | $ 122,489 | |||||||||||||||||||||||||||
Warrants exercise price | $ 0.56 | $ 0.56 | $ 0.56 | |||||||||||||||||||||||||||
Number of shares vested | 40,500 | |||||||||||||||||||||||||||||
Shares exercisable term | 5 years | |||||||||||||||||||||||||||||
John Dolan [Member] | Warrants One [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 15,880 | 15,880 | 15,880 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 7,749 | $ 7,749 | $ 7,749 | |||||||||||||||||||||||||||
Warrants exercise price | $ 0.50 | $ 0.50 | $ 0.50 | |||||||||||||||||||||||||||
Shares exercisable term | 5 years | |||||||||||||||||||||||||||||
John Dolan [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 35,314 | 35,314 | 35,314 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 4,308 | $ 4,308 | $ 4,308 | |||||||||||||||||||||||||||
Warrants exercise price | $ 0.32 | $ 0.32 | $ 0.32 | |||||||||||||||||||||||||||
Shares exercisable term | 5 years | |||||||||||||||||||||||||||||
Warrants outstanding | 168,750 | |||||||||||||||||||||||||||||
John Dolan [Member] | Granted as a Bonus [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 40,500 | |||||||||||||||||||||||||||||
John Dolan [Member] | Vest Upon Performance-Based Milestone [Member] | ||||||||||||||||||||||||||||||
Number of shares vested | 90,000 | |||||||||||||||||||||||||||||
John Dolan [Member] | Vest Quarterly Over Three Years [Member] | October 1, 2019 [Member] | ||||||||||||||||||||||||||||||
Number of shares vested | 90,000 | |||||||||||||||||||||||||||||
One Shareholder [Member] | ||||||||||||||||||||||||||||||
Number of stock sold | 90,000 | 360,000 | ||||||||||||||||||||||||||||
Number of stock sold, value | $ 100,000 | $ 100,000 | ||||||||||||||||||||||||||||
Sale of stock price per share | 0.28 | 0.28 | $ 0.28 | |||||||||||||||||||||||||||
One Service Provider [Member] | ||||||||||||||||||||||||||||||
Number of shares issued for services | 270,000 | |||||||||||||||||||||||||||||
Number of shares issued for services, value | $ 102,000 | |||||||||||||||||||||||||||||
Various Accredited Investors [Member] | ||||||||||||||||||||||||||||||
Number of stock sold | 486,000 | |||||||||||||||||||||||||||||
Number of stock sold, value | $ 135,000 | |||||||||||||||||||||||||||||
Sale of stock price per share | $ 0.28 | $ 0.28 | $ 0.28 | |||||||||||||||||||||||||||
Investor Relations Services [Member] | Barry Kaplan Associates [Member] | Forecast [Member] | ||||||||||||||||||||||||||||||
Number of shares issued for services | 90,000 | |||||||||||||||||||||||||||||
Number of shares issued for services, value | $ 55,000 | |||||||||||||||||||||||||||||
Director [Member] | ||||||||||||||||||||||||||||||
Number of shares issued | 63,141 | |||||||||||||||||||||||||||||
Number of warrant shares | 168,750 | |||||||||||||||||||||||||||||
Conversion rate, description | Conversion rate of .37:1.00. | |||||||||||||||||||||||||||||
Management Team Members [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 360,000 | 360,000 | 360,000 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 199,982 | $ 199,982 | $ 199,982 | |||||||||||||||||||||||||||
Warrant expense recognized | $ 0 | |||||||||||||||||||||||||||||
Three New Directors [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 270,000 | 270,000 | 270,000 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 119,954 | $ 119,954 | $ 119,954 | |||||||||||||||||||||||||||
Three New Directors [Member] | August 2020 and May 2021 [Member] | ||||||||||||||||||||||||||||||
Warrants exercise price | $ 0.33 | $ 0.33 | $ 0.33 | |||||||||||||||||||||||||||
Number of shares vested | 135,000 | |||||||||||||||||||||||||||||
Shares exercisable term | 5 years | |||||||||||||||||||||||||||||
Three New Directors [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 270,000 | |||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 259,920 | |||||||||||||||||||||||||||||
Warrants exercise price | $ 1.11 | |||||||||||||||||||||||||||||
Shares exercisable term | 5 years | |||||||||||||||||||||||||||||
Scott Johnson [Member] | ||||||||||||||||||||||||||||||
Number of shaes issued for compensaton | 9,300 | |||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 4,852 | 4,852 | 4,852 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 2,368 | $ 2,368 | $ 2,368 | |||||||||||||||||||||||||||
Number of shares vested | 135,000 | |||||||||||||||||||||||||||||
Scott Johnson [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 4,415 | 4,415 | 4,415 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 539 | $ 539 | $ 539 | |||||||||||||||||||||||||||
Gregory Cash [Member] | ||||||||||||||||||||||||||||||
Number of shaes issued for compensaton | 10,789 | |||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 7,059 | 7,059 | 7,059 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 3,445 | $ 3,445 | $ 3,445 | |||||||||||||||||||||||||||
Number of shares vested | 135,000 | |||||||||||||||||||||||||||||
Gregory Cash [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 6,867 | 6,867 | 6,867 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 838 | $ 838 | $ 838 | |||||||||||||||||||||||||||
James Martin [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 4,412 | 4,412 | 4,412 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 2,153 | $ 2,153 | $ 2,153 | |||||||||||||||||||||||||||
Number of shares vested | 135,000 | |||||||||||||||||||||||||||||
James Martin [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 4,905 | 4,905 | 4,905 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 598 | $ 598 | $ 598 | |||||||||||||||||||||||||||
John Carruth [Member] | ||||||||||||||||||||||||||||||
Number of shaes issued for compensaton | 26,217 | |||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 450,000 | 450,000 | 450,000 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 249,997 | $ 249,997 | $ 249,997 | |||||||||||||||||||||||||||
Warrants exercise price | $ 0.56 | $ 0.56 | $ 0.56 | |||||||||||||||||||||||||||
Shares exercisable term | 5 years | |||||||||||||||||||||||||||||
John Carruth [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 207,000 | |||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 69,072 | |||||||||||||||||||||||||||||
Warrants exercise price | $ 0.33 | |||||||||||||||||||||||||||||
Shares exercisable term | 5 years | |||||||||||||||||||||||||||||
John Carruth [Member] | Vest Upon Performance-Based Milestone [Member] | ||||||||||||||||||||||||||||||
Number of shares vested | 90,000 | |||||||||||||||||||||||||||||
John Carruth [Member] | Vest Quarterly Over Three Years [Member] | October 1, 2019 [Member] | ||||||||||||||||||||||||||||||
Number of shares vested | 360,000 | |||||||||||||||||||||||||||||
David Deming [Member] | ||||||||||||||||||||||||||||||
Number of shaes issued for compensaton | 10,711 | |||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 41,250 | 41,250 | 41,250 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 22,915 | $ 22,915 | $ 22,915 | |||||||||||||||||||||||||||
Warrants exercise price | $ 0.49 | $ 0.49 | $ 0.49 | |||||||||||||||||||||||||||
Shares exercisable term | 5 years | |||||||||||||||||||||||||||||
David Deming [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 4,905 | 4,905 | 4,905 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 598 | $ 598 | $ 598 | |||||||||||||||||||||||||||
Warrants outstanding | 84,375 | |||||||||||||||||||||||||||||
David Deming [Member] | Issued For Services [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 4,412 | 4,412 | 4,412 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 2,153 | $ 2,153 | $ 2,153 | |||||||||||||||||||||||||||
Accredited Investors [Member] | Detachable Warrant [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 160,000 | 160,000 | 160,000 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 104,000 | $ 104,000 | $ 104,000 | |||||||||||||||||||||||||||
Warrants exercise price | $ 0.65 | $ 0.65 | $ 0.65 | |||||||||||||||||||||||||||
Shares exercisable term | 3 years | |||||||||||||||||||||||||||||
Accredited Investors [Member] | One Share of Common Stock and 1/2 Warrant Share [Member] | Warrants [Member] | ||||||||||||||||||||||||||||||
Number of shaes issued for compensaton | 20,000 | |||||||||||||||||||||||||||||
Shares issued price per share | $ 2.60 | $ 2.60 | $ 2.60 | $ 2.60 | ||||||||||||||||||||||||||
Fair value of warrants | $ 34,609 | |||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 40,000 | 40,000 | 40,000 | 40,000 | ||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 104,000 | $ 104,000 | $ 104,000 | $ 104,000 | ||||||||||||||||||||||||||
Warrants exercise term | 3 years | 3 years | 3 years | 3 years | ||||||||||||||||||||||||||
Warrants exercise price | $ 4 | $ 4 | $ 4 | $ 4 | ||||||||||||||||||||||||||
Several Directors of the Company [Member] | ||||||||||||||||||||||||||||||
Warrants exercise price | 0.49 | 0.49 | $ 0.49 | |||||||||||||||||||||||||||
Several Directors of the Company [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrants exercise price | $ 0.32 | $ 0.32 | $ 0.32 | |||||||||||||||||||||||||||
Shares exercisable term | 5 years | |||||||||||||||||||||||||||||
Robert Rudelius [Member] | ||||||||||||||||||||||||||||||
Number of shaes issued for compensaton | 10,627 | |||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 5,735 | 5,735 | 5,735 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 2,799 | $ 2,799 | $ 2,799 | |||||||||||||||||||||||||||
Robert Rudelius [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 6,376 | 6,376 | 6,376 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 778 | $ 778 | $ 778 | |||||||||||||||||||||||||||
Warrants outstanding | 78,750 | |||||||||||||||||||||||||||||
Joseph Jasper [Member] | ||||||||||||||||||||||||||||||
Number of shaes issued for compensaton | 9,209 | |||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 3,528 | 3,528 | 3,528 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 1,722 | $ 1,722 | $ 1,722 | |||||||||||||||||||||||||||
Joseph Jasper [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 3,924 | 3,924 | 3,924 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 479 | $ 479 | $ 479 | |||||||||||||||||||||||||||
Warrants outstanding | 84,375 | |||||||||||||||||||||||||||||
David Masters [Member] | ||||||||||||||||||||||||||||||
Number of shaes issued for compensaton | 8,935 | |||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 2,647 | 2,647 | 2,647 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 1,292 | $ 1,292 | $ 1,292 | |||||||||||||||||||||||||||
David Masters [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 1,962 | 1,962 | 1,962 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 239 | $ 239 | $ 239 | |||||||||||||||||||||||||||
Warrants outstanding | 42,188 | |||||||||||||||||||||||||||||
Former CEO [Member] | ||||||||||||||||||||||||||||||
Number of shaes issued for compensaton | 180,000 | |||||||||||||||||||||||||||||
Number of shaes issued for compensaton, value | $ 42,000 | |||||||||||||||||||||||||||||
Shares issued price per share | $ 0.23 | |||||||||||||||||||||||||||||
Two Service Provider [Member] | ||||||||||||||||||||||||||||||
Number of shares issued for services | 12,500 | 24,384 | ||||||||||||||||||||||||||||
Number of shares issued for services, value | $ 22,000 | |||||||||||||||||||||||||||||
Advisors [Member] | ||||||||||||||||||||||||||||||
Vesting of warrants | 258,031 | |||||||||||||||||||||||||||||
Directors [Member] | ||||||||||||||||||||||||||||||
Vesting of warrants | 780,181 | |||||||||||||||||||||||||||||
Employees [Member] | ||||||||||||||||||||||||||||||
Vesting of warrants | 161,750 | |||||||||||||||||||||||||||||
Officers [Member] | ||||||||||||||||||||||||||||||
Vesting of warrants | 149,505 | |||||||||||||||||||||||||||||
Third - Party [Member] | Common Stock [Member] | ||||||||||||||||||||||||||||||
Number of shares issued | 678,006 | |||||||||||||||||||||||||||||
Conversion of shares | 85,916 | |||||||||||||||||||||||||||||
Debt conversion amount | $ 95,462 | |||||||||||||||||||||||||||||
Accrued interest | 226,002 | |||||||||||||||||||||||||||||
Additional paid in capital | 66,248 | |||||||||||||||||||||||||||||
Warrant Holders [Member] | Common Stock [Member] | ||||||||||||||||||||||||||||||
Stock-based compensation | $ 77,354 | |||||||||||||||||||||||||||||
Two Advisory Board Members [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 72,000 | |||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 70,434 | |||||||||||||||||||||||||||||
Warrants exercise price | $ 1.11 | |||||||||||||||||||||||||||||
Shares exercisable term | 5 years | |||||||||||||||||||||||||||||
Lawyer [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 27,000 | |||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 52,818 | |||||||||||||||||||||||||||||
Warrants exercise price | $ 1.11 | |||||||||||||||||||||||||||||
Shares exercisable term | 5 years | |||||||||||||||||||||||||||||
Information Technology Service Providers [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 54,000 | |||||||||||||||||||||||||||||
Shares exercisable term | 5 years | |||||||||||||||||||||||||||||
Sheryll Grisewood [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrants outstanding | 168,750 | |||||||||||||||||||||||||||||
David Merrill [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrants outstanding | 168,750 | |||||||||||||||||||||||||||||
Peter Vezmar [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrants outstanding | 84,375 | |||||||||||||||||||||||||||||
Board of Directors [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Number of warrants reduced | 528,750 | |||||||||||||||||||||||||||||
Share price | $ 0.33 | |||||||||||||||||||||||||||||
CFO [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Number of warrants reduced | 72,000 | |||||||||||||||||||||||||||||
Share price | $ 0.33 | |||||||||||||||||||||||||||||
Service Provider [Member] | Warrant One [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 54,000 | 54,000 | 54,000 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 102,000 | $ 102,000 | $ 102,000 | |||||||||||||||||||||||||||
Former Advisory [Member] | Warrant One [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 36,000 | 36,000 | 36,000 | |||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 68,000 | $ 68,000 | $ 68,000 | |||||||||||||||||||||||||||
Warrants Holders [Member] | Warrant One [Member] | ||||||||||||||||||||||||||||||
Number of shares issued | 203,456 | |||||||||||||||||||||||||||||
Warrants exercise price | $ 0.33 | $ 0.33 | $ 0.33 | |||||||||||||||||||||||||||
Conversion of shares | 610,369 | |||||||||||||||||||||||||||||
Shares issued for cash, value | $ 203,456 | |||||||||||||||||||||||||||||
Note Holders [Member] | ||||||||||||||||||||||||||||||
Shares of warrants exercised | 30,016 | |||||||||||||||||||||||||||||
Shares of warrants exercised, value | $ 11,759 | |||||||||||||||||||||||||||||
Note Holders [Member] | Warrant One [Member] | ||||||||||||||||||||||||||||||
Warrants exercise price | $ 2 | |||||||||||||||||||||||||||||
Warrants outstanding | 101,729 | |||||||||||||||||||||||||||||
Warrant shares expired | 11,680 | |||||||||||||||||||||||||||||
Shares of warrants exercised | 90,049 | |||||||||||||||||||||||||||||
Shares of warrants exercised, value | $ 30,016 | |||||||||||||||||||||||||||||
Settlement Agreement [Member] | John Lai [Member] | ||||||||||||||||||||||||||||||
Number of shaes issued for compensaton | 87,000 | 348,000 | ||||||||||||||||||||||||||||
Number of shaes issued for compensaton, value | $ 116,000 | $ 116,000 | ||||||||||||||||||||||||||||
Shares holding term | 3 years | 3 years | ||||||||||||||||||||||||||||
Settlement Agreement [Member] | Randall Meyer [Member] | ||||||||||||||||||||||||||||||
Number of shaes issued for compensaton | 143,952 | 575,808 | ||||||||||||||||||||||||||||
Number of shaes issued for compensaton, value | $ 191,936 | $ 191,936 | ||||||||||||||||||||||||||||
Shares holding term | 3 years | 3 years | ||||||||||||||||||||||||||||
Settlement Agreement [Member] | John Dolan [Member] | ||||||||||||||||||||||||||||||
Number of shaes issued for compensaton | 51,000 | 204,000 | ||||||||||||||||||||||||||||
Number of shaes issued for compensaton, value | $ 68,000 | $ 68,000 | ||||||||||||||||||||||||||||
Shares holding term | 3 years | 3 years | ||||||||||||||||||||||||||||
Settlement Agreement [Member] | Former Employee [Member] | ||||||||||||||||||||||||||||||
Number of shaes issued for compensaton | 42,014 | 168,060 | ||||||||||||||||||||||||||||
Number of shaes issued for compensaton, value | $ 80,029 | $ 80,029 | ||||||||||||||||||||||||||||
Subscription Agreement [Member] | ||||||||||||||||||||||||||||||
Number of shares issued | 279,000 | |||||||||||||||||||||||||||||
Shares issued for cash, value | $ 310,000 | |||||||||||||||||||||||||||||
Warrant Exercise Agreement [Member] | ||||||||||||||||||||||||||||||
Number of shares issued | 54,000 | |||||||||||||||||||||||||||||
Shares issued for cash, value | $ 60,000 | |||||||||||||||||||||||||||||
Escrow Agreement [Member] | John Lai and Wesley Hayne [Member] | ||||||||||||||||||||||||||||||
Shares issued price per share | $ 0.33 | |||||||||||||||||||||||||||||
Number of shares returned | 540,000 | |||||||||||||||||||||||||||||
Reduction in additional paid in capital | $ 177,600 | |||||||||||||||||||||||||||||
Warrant Exercise Agreements [Member] | Several Accredited Investor [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 700,415 | |||||||||||||||||||||||||||||
Warrants exercise price | $ 0.33 | |||||||||||||||||||||||||||||
Proceeds from warrants exercise | $ 233,472 | |||||||||||||||||||||||||||||
Bridge Note Agreements [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 128,250 | |||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 85,218 | |||||||||||||||||||||||||||||
Warrants exercise price | $ 1.11 | |||||||||||||||||||||||||||||
Shares exercisable term | 3 years | |||||||||||||||||||||||||||||
Conversion Agreements [Member] | Warrant [Member] | ||||||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 101,728 | |||||||||||||||||||||||||||||
Warrant to purchase of common stock, value | $ 11,170 | |||||||||||||||||||||||||||||
Warrants exercise price | $ 0.33 |
Common Stock and Warrants - S_3
Common Stock and Warrants - Schedule of Warrant Activity (Details) (10-K) - Warrant [Member] - $ / shares | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Number of Warrants, Outstanding, Beginning Balance | 3,818,909 | 33,138,046 |
Number of Warrants, Granted | 1,905,700 | 1,782,478 |
Number of Warrants, Exercised | (999,925) | |
Number of Warrants, Cashless Conversions | (337,500) | |
Number of Warrants, Expired | (90,000) | (11,680) |
Number of Warrants, Cancelled | (396,000) | (90,000) |
Number of Warrants, Outstanding, Ending Balance | 4,901,119 | 3,818,909 |
Weighted-Average Exercise Price, Outstanding, Beginning Balance | $ 0.55 | $ 0.66 |
Weighted-Average Exercise Price, Granted | 0.52 | 0.46 |
Weighted-Average Exercise Price, Cashless Conversions | 0.32 | |
Weighted-Average Exercise Price, Exercised | 0.40 | |
Weighted-Average Exercise Price, Expired | 0.56 | 0.33 |
Weighted-Average Exercise Price, Cancelled | 0.58 | 1.11 |
Weighted-Average Exercise Price, Outstanding, Ending Balance | $ 0.55 | $ 0.55 |
Warrants Exercisable, Outstanding, Beginning Balance | 3,036,036 | 2,190,241 |
Warrants Exercisable, Outstanding, Ending Balance | 4,072,369 | 3,036,036 |
Weighted-Average Exercisable Price, Outstanding, Beginning Balance | $ 0.54 | $ 0.63 |
Weighted-Average Exercisable Price, Outstanding, Ending Balance | $ 0.53 | $ 0.54 |
Common Stock and Warrants - S_4
Common Stock and Warrants - Schedule of Range of Warrant Prices (Details) (10-K) - Warrant [Member] - $ / shares | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | |
Number of Warrants, Outstanding | 1,124,803 | 1,225,295 | 954,745 |
Weighted-Average Exercise Price, outstanding | $ 1.99 | $ 2.12 | $ 2.20 |
Weighted-Average Remaining Contractual Life (Years), Outstanding | 4 years 26 days | ||
Number of Warrants, Exercisable | 1,100,306 | 1,018,092 | 758,759 |
Weighted-Average Exercise Price, Exercisable | $ 1.87 | $ 2.13 | $ 2.16 |
Range One [Member] | |||
Range of Warrant Exercise Price, Lower limit | 0.30 | ||
Range of Warrant Exercise Price, Upper limit | $ 0.50 | ||
Number of Warrants, Outstanding | 2,299,701 | ||
Weighted-Average Exercise Price, outstanding | $ 1.36 | $ 0.38 | |
Weighted-Average Remaining Contractual Life (Years), Outstanding | 4 years 7 months 10 days | 5 years 5 months 23 days | |
Number of Warrants, Exercisable | 850,568 | 2,434,701 | |
Weighted-Average Exercise Price, Exercisable | $ 1.34 | $ 0.33 | |
Range Two [Member] | |||
Range of Warrant Exercise Price, Lower limit | 0.51 | ||
Range of Warrant Exercise Price, Upper limit | $ 1 | ||
Number of Warrants, Outstanding | 2,105,739 | ||
Weighted-Average Exercise Price, outstanding | $ 2.39 | $ 0.57 | |
Weighted-Average Remaining Contractual Life (Years), Outstanding | 3 years 8 months 2 days | 2 years 11 months 1 day | |
Number of Warrants, Exercisable | 134,813 | 1,141,989 | |
Weighted-Average Exercise Price, Exercisable | $ 2.62 | $ 0.59 | |
Range Three [Member] | |||
Range of Warrant Exercise Price, Lower limit | 1.01 | ||
Range of Warrant Exercise Price, Upper limit | $ 3.50 | ||
Number of Warrants, Outstanding | 495,679 | ||
Weighted-Average Exercise Price, outstanding | $ 4.94 | $ 1.42 | |
Weighted-Average Remaining Contractual Life (Years), Outstanding | 1 year 9 months | 2 years 4 months 9 days | |
Number of Warrants, Exercisable | 114,925 | 496,579 | |
Weighted-Average Exercise Price, Exercisable | $ 4.91 | $ 1.42 | |
Exercise Price Range [Member] | |||
Number of Warrants, Outstanding | 4,901,119 | ||
Weighted-Average Exercise Price, outstanding | $ 0.53 | ||
Weighted-Average Remaining Contractual Life (Years), Outstanding | 4 years 22 days | ||
Number of Warrants, Exercisable | 4,072,369 | ||
Weighted-Average Exercise Price, Exercisable | $ 0.53 |
Common Stock and Warrants - S_5
Common Stock and Warrants - Schedule of Warrants Granted Assumptions (Details) (10-K) - Warrant [Member] - $ / shares | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Weighted-average volatility | [1] | 348.00% | 238.00% |
Risk-free rate, minimum | 1.50% | 1.70% | |
Risk-free rate, maximum | 2.40% | 2.40% | |
Minimum [Member] | |||
Stock price on valuation date | $ 0.12 | $ 0.27 | |
Exercise price | $ 0.32 | $ 0.330 | |
Term (years) | 11 days | 11 days | |
Maximum [Member] | |||
Stock price on valuation date | $ 0.56 | $ 2 | |
Exercise price | $ 0.56 | $ 1.67 | |
Term (years) | 10 years | 10 years | |
[1] | Weighted-average volatility disclosed as opposed to a range |
Lease and Commitments (Detail_2
Lease and Commitments (Details Narrative) (10-K) | Jul. 13, 2018ft² | Jul. 02, 2018USD ($) | May 03, 2017USD ($)ft² | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2020USD ($)Integer | Mar. 31, 2019USD ($) |
Rent expense | $ 2,078 | $ 13,343 | $ 13,434 | $ 40,479 | $ 37,679 | $ 51,292 | $ 69,758 | ||
Labour costs | $ 2,000 | ||||||||
Agreement term | 1 year | 7 years 4 days | |||||||
Area of land | ft² | 1,000 | 3,577 | |||||||
Loan amount | 42,500 | ||||||||
Grant for lease improvements | 7,500 | ||||||||
Proceeds from loans | 15,000 | ||||||||
Operating lease payment | 164,695 | 164,695 | 153,772 | ||||||
Operating lease liability net of discount | $ 164,350 | $ 164,350 | $ 148,692 | ||||||
Operating lease discount rate | 0.12% | 0.12% | 2.18% | ||||||
Number of operating lease | Integer | 1 | ||||||||
Weighted average remaining lease term | 6 years | 6 years | 7 years | ||||||
Weighted average discount rate | 0.12% | 0.12% | 2.18% | ||||||
Edina Facility [Member] | |||||||||
Loan amount | $ 27,500 | ||||||||
Grant for lease improvements | 7,500 | ||||||||
Gel-Del Technologies, Inc [Member] | |||||||||
Operating lease payment | $ 330,000 | $ 330,000 | $ 330,000 |
Lease and Commitments - Sched_4
Lease and Commitments - Schedule of Maturity Analysis of Operating Lease Liabilities (Details) (10-K) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
2021 | $ 6,614 | $ 24,936 |
2022 | 26,634 | 24,936 |
2023 | 27,167 | 24,936 |
2024 | 27,710 | 24,936 |
2025 | 28,265 | 24,936 |
Thereafter | 48,305 | 29,092 |
Total | 164,695 | 153,772 |
Less: Amount representing interest | (345) | (5,080) |
Present value of lease liabilities | $ 164,350 | $ 148,692 |
Lease and Commitments - Sched_5
Lease and Commitments - Schedule of Future Lease Payments (Details) (10-K) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Present value of future base rent lease payments | $ 164,350 | $ 148,692 |
Base rent payments included in prepaid expenses | ||
Present value of future base rent lease payments - net | $ 164,350 | $ 148,692 |
Lease and Commitments - Sched_6
Lease and Commitments - Schedule of Present Value of Future Lease Payments Between Current and Non-current Assets and Liabilities (Details) (10-K) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 | Jan. 08, 2020 | Mar. 31, 2019 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Operating lease right-of-use asset | $ 164,350 | $ 148,693 | ||
Total operating lease assets | 164,350 | 148,693 | $ 189,600 | |
Operating lease current liability | 26,450 | 24,791 | ||
Operating lease other liability | 123,901 | |||
Total operating lease liabilities | $ 164,350 | $ 148,692 |
Gain on Settlements (Details Na
Gain on Settlements (Details Narrative) (10-K) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Gain on Settlements | $ 29,986 | $ 29,986 | $ 47,710 | ||
Settlement of invoice | 39,986 | ||||
Cash paid | $ 230,969 | 10,582 | |||
Debt conversion amount | 4,692 | ||||
Accrued compensation | 9,000 | ||||
Warrants [Member] | |||||
Warrants value | 4,308 | ||||
John Lai [Member] | |||||
Debt conversion amount | 13,033 | ||||
Accrued compensation | 25,000 | ||||
John Lai [Member] | Warrants [Member] | |||||
Warrants value | $ 11,967 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) (10-K) - USD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net operating loss carry forwards | $ 16,500,000 | $ 18,100,000 |
Deferred tax assets | 5,085,714 | 5,575,393 |
Change in the valuation allowance | $ (489,679) | 1,325,021 |
Net operating loss carry forwards, expiration period | The net operating loss carryforwards, if not utilized, generally expire twenty years from the date the loss was incurred, beginning in 2021, and losses incurred after 2018 are carried forward indefinitely and subject to annual limitations for federal and Minnesota purposes. | |
Accrued interest and penalties related to uncertain tax positions | ||
Gel-Del Technologies, Inc [Member] | ||
Net operating loss carry forwards | 7,000,000 | |
Accumulated pre-merger operting loss carryforwards | $ 7,000,000 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets (Details) (10-K) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards: Federal | $ (3,467,533) | $ (3,801,404) |
Net operating loss carryforwards: State | (1,618,182) | (1,773,989) |
Total net operating loss carryforwards | (5,085,714) | (5,575,393) |
Total deferred tax assets | (5,085,714) | (5,575,393) |
Valuation allowance | 5,085,714 | 5,575,393 |
Net deferred tax assets |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes (Details) (10-K) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||||||
Expected federal tax at 21% | $ (5,085,714) | $ (5,575,393) | ||||
Valuation allowance | 5,085,714 | 5,575,393 | ||||
Provision for income taxes |
Income Taxes - Schedule of Pr_2
Income Taxes - Schedule of Provision for Income Taxes (Details) (10-K) (Parenthetical) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate, percentage | 21.00% | 21.00% |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | Feb. 09, 2021 | Jan. 29, 2021 | Jan. 15, 2021 | Jan. 04, 2021 | Oct. 30, 2020 | Jul. 24, 2020 | Jun. 27, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Jun. 08, 2020 | Apr. 02, 2020 |
Number of shares issued | 991,014 | 652,466 | 3,044,657 | |||||||||
Debt conversion amount | $ 4,692 | |||||||||||
Accrued interest | $ 6,981 | |||||||||||
John Lai [Member] | ||||||||||||
Number of shares issued | 42,188 | |||||||||||
Warrants exercise price | $ 1.33 | $ 0.56 | ||||||||||
Debt conversion amount | $ 13,033 | |||||||||||
One Warrant Holder [Member] | ||||||||||||
Number of shares issued | 15,257 | |||||||||||
Warrants exercise price | $ 1.20 | |||||||||||
Subsequent Event [Member] | ||||||||||||
Number of shares issued | 1 | |||||||||||
Warrants exercise price | $ 0.35 | $ 1 | ||||||||||
Debt conversion amount | $ 50,000 | |||||||||||
Debt Principal | 205 | |||||||||||
Accrued interest | $ 17,379 | |||||||||||
Conversion price | $ 2.89 | |||||||||||
Subsequent Event [Member] | John Lai [Member] | ||||||||||||
Number of shares issued | 38,516 | |||||||||||
Cashless warrant exercises, shares | 42,188 | |||||||||||
Warrants exercise price | $ 1.33 | $ 0.556 | ||||||||||
Subsequent Event [Member] | One Warrant Holder [Member] | ||||||||||||
Warrants exercise price | $ 4.44 | $ 1.20 | ||||||||||
Warrants exercised shares | 9,000 | 17,188 | ||||||||||
Warrant exercised outstanding | 5,163 | 15,629 |
Subsequent Events (Details Na_2
Subsequent Events (Details Narrative) (10-K) | Jan. 04, 2021$ / sharesshares | Oct. 30, 2020$ / sharesshares | Jun. 15, 2020USD ($)Integer$ / sharesshares | Jun. 08, 2020USD ($)$ / sharesshares | Jun. 08, 2020USD ($)$ / sharesshares | May 14, 2020USD ($)$ / shares | Apr. 10, 2020shares | Mar. 30, 2020USD ($) | Jun. 27, 2020USD ($)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)shares | Mar. 31, 2020USD ($)$ / sharesshares | Mar. 31, 2019USD ($)$ / shares | Jan. 15, 2021USD ($)$ / shares | Apr. 02, 2020$ / shares | Jan. 08, 2020 | Jul. 13, 2019$ / shares |
Number of securities remaining available for future issuance | shares | 1,905,700 | ||||||||||||||||
Number of shares issued | shares | 991,014 | 652,466 | 3,044,657 | ||||||||||||||
Proceeds from sale of equity | $ 339,000 | $ 399,865 | |||||||||||||||
Debt interest rate | 8.00% | 6.00% | |||||||||||||||
Notes payable and accrued interest - related party | $ 61,255 | 85,752 | |||||||||||||||
Annual monthly payments | $ 3,100 | ||||||||||||||||
Debt term | 24 months | ||||||||||||||||
Proceeds from related party debt | $ 70,000 | ||||||||||||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||
Proceeds from common stock | $ 316,500 | $ 339,000 | |||||||||||||||
Debt instrument maturity date | Apr. 30, 2020 | Apr. 30, 2020 | |||||||||||||||
Purchase price per share | $ / shares | $ 1.11 | ||||||||||||||||
Minimum [Member] | |||||||||||||||||
Proceeds from related party debt | $ 3,500,000 | ||||||||||||||||
Investor [Member] | |||||||||||||||||
Proceeds from sale of units | $ 52,000 | ||||||||||||||||
Director [Member] | |||||||||||||||||
Number of shares issued | shares | 63,141 | ||||||||||||||||
Debt conversion, description | Conversion rate of .37:1.00. | ||||||||||||||||
John Lai [Member] | |||||||||||||||||
Warrants exercise price | $ / shares | $ 1.33 | $ 0.56 | |||||||||||||||
Number of securities remaining available for future issuance | shares | 540,000 | ||||||||||||||||
Number of shares issued | shares | 42,188 | ||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||
Warrants exercise price | $ / shares | $ 0.35 | $ 0.35 | $ 1 | ||||||||||||||
Gross up warrants percentage | 125.00% | ||||||||||||||||
Number of securities remaining available for future issuance | shares | 262,767 | 262,767 | |||||||||||||||
Proceeds from sale of units | $ 52,000 | ||||||||||||||||
Sale of unit per price | $ / shares | $ 0.65 | ||||||||||||||||
Number of shares issued | shares | 1 | ||||||||||||||||
Warrant exercisable term | 3 years | ||||||||||||||||
Proceeds from sale of equity | $ 52,000 | ||||||||||||||||
Number of shares of common stock issued on exchange | shares | 120,000 | ||||||||||||||||
Debt Principal | $ 205 | ||||||||||||||||
Debt conversion price per share | $ / shares | $ 2.89 | ||||||||||||||||
Subsequent Event [Member] | Securities Purchase Agreement [Member] | |||||||||||||||||
Debt interest rate | 12.50% | ||||||||||||||||
Debt conversion price per share | $ / shares | $ 0.28 | ||||||||||||||||
Debt instrument maturity date | Mar. 15, 2021 | ||||||||||||||||
Conversion price, percentage | 0.70 | ||||||||||||||||
Trading days | Integer | 15 | ||||||||||||||||
Debt conversion, description | The holder of the Notes will not have the right to convert any portion of the Notes if the holder, together with its affiliates, would beneficially own in excess of 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to its conversion and under no circumstances may convert the Notes if the investor, together with its affiliates, would beneficially own in excess of 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to its conversion. | ||||||||||||||||
Purchase price per share | $ / shares | $ 0.35 | ||||||||||||||||
Subsequent Event [Member] | Engagement Agreement [Member] | Fordham Financial Management, Inc [Member] | |||||||||||||||||
Warrants exercise price | $ / shares | $ 0.35 | ||||||||||||||||
Number of shares issued | shares | 75,000 | ||||||||||||||||
Cash fee percentage | 10.00% | ||||||||||||||||
Warrants to pruchase percentage | 10.00% | ||||||||||||||||
Subsequent Event [Member] | Director [Member] | |||||||||||||||||
Debt face amount | $ 10,000 | ||||||||||||||||
Cash purchased | 5,000 | ||||||||||||||||
Debt Principal | $ 25,000 | ||||||||||||||||
Debt interest rate | 6.00% | ||||||||||||||||
Debt conversion price per share | $ / shares | $ 0.2538 | ||||||||||||||||
Subsequent Event [Member] | John Lai [Member] | |||||||||||||||||
Warrants exercise price | $ / shares | $ 1.33 | $ 0.556 | $ 0.556 | ||||||||||||||
Number of securities remaining available for future issuance | shares | 90,000 | 90,000 | |||||||||||||||
Number of shares issued | shares | 38,516 | ||||||||||||||||
Warrants outstanding | $ 27,524 | $ 27,524 | |||||||||||||||
Warrant term | Oct. 31, 2020 | ||||||||||||||||
Subsequent Event [Member] | Two Tranches [Member] | Securities Purchase Agreement [Member] | |||||||||||||||||
Number of securities remaining available for future issuance | shares | 1,114,286 | ||||||||||||||||
Debt Principal | $ 705,882 | ||||||||||||||||
Debt interest rate | 15.00% | ||||||||||||||||
Common stock, par value | $ / shares | $ 0.001 | ||||||||||||||||
Subsequent Event [Member] | First Tranches [Member] | Securities Purchase Agreement [Member] | |||||||||||||||||
Number of securities remaining available for future issuance | shares | 557,143 | ||||||||||||||||
Debt Principal | $ 352,941 | ||||||||||||||||
Proceeds from common stock | $ 300,000 | ||||||||||||||||
Original issue discount rate | 15.00% | ||||||||||||||||
Subsequent Event [Member] | Second Tranches [Member] | Securities Purchase Agreement [Member] | |||||||||||||||||
Number of securities remaining available for future issuance | shares | 557,143 | ||||||||||||||||
Debt Principal | $ 352,941 | ||||||||||||||||
Proceeds from common stock | $ 300,000 | ||||||||||||||||
Original issue discount rate | 15.00% |