10-Q

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2018

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to ______________

Commission File Number: 000-55299

NASCENT BIOTECH INC

(Exact Name of Registrant as Specified in Its Charter)

Nevada	45-0612715
(State of Incorporation)	(IRS Employer Identification No.)
601 21st Street Suite 300, Vero Beach, FL	32960
(Address of Principal Executive Offices)	(Zip Code)

(612) 961-5656

(Registrant’s Telephone Number)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated file, non-accelerated filer, or a smaller reporting company.

Large accelerated filer	¨	Accelerated filed	¨
Non-accelerated filer	¨	Smaller reporting company	x
		Emerging Growth Company	¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

As of August 6, 2018, the Registrant had 29,923,934 shares of common stock issued and outstanding.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION
Item 1.	Financial Statement (Unaudited)	3
	Unaudited Consolidated Balance Sheets as of June 30, 2018, and March 31, 2018	3
	Unaudited Consolidated Statements of Operations for the Three Months Ended June 30, 2018 and 2017	4
	Unaudited Consolidated Statements of Cash Flows for the Three Months Ended June 30, 2018 and 2017	5
	Notes to Unaudited Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	10
Item 3.	Quantitative and Qualitative Disclosures About Market Risks	12
Item 4.	Controls and Procedures	12
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	13
Item 1A.	Risk Factors	13
Item 2.	Unregistered Sales of Equity and Use of Proceeds	13
Item 3.	Default upon Senior Securities	13
Item 4.	Mine Safety Information	13
Item 5.	Other Information	13
Item 6.	Exhibits	14
SIGNATURES		15

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PART I – FINANCIAL INFORMATION

ITEM: 1 FINANCIAL STATEMENT

NASCENT BIOTECH, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	June 30, 2018			March 31, 2018
ASSETS
Current assets:
Cash and cash equivalents	$	49,141		$	116,994
Total current assets		49,141			116,994
Total assets	$	49,141		$	116,994
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	359,209		$	203,373
Due to related parties		22,000			--
Total current liabilities		381,209			203,373
Total liabilities		381,209			203,373
Stockholders’: (deficit)
Preferred stock, $0.001 par value, 10,000,000 authorized, none issued and outstanding	--			--
Common stock, $0.001 par value; 100,000,000 authorized, 28,543,295 and 27,753,365 issued and outstanding, respectively		28,544			27,754
Additional paid-in capital		11,543,696			11,350,456
Accumulated deficit		(11,904,308	)		(11,464,589	)
Total stockholders’ (deficit)		(332,068	)		(86,379	)
Total liabilities and stockholder’ (deficit)	$	49,141		$	11,994

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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NASCENT BIOTECH, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended June 30,
	2018			2017
Operating expenses:
General and administrative expense	$	327,788		$	266,549
Research and development		111,939			32,000
Income (loss) from operations		(439,727	)		(298,549	)
Other income (expense):
Interest income		8			19
Gain on change in fair value of derivative liability		--			346
Total other income (expense)		8			365
Net income (loss) before income taxes		(439,719	)		(298,184	)
Net income (loss)	$	(439,719	)	$	(298,184	)
Net income (loss) per share, basic and diluted	$	(0.02	)	$	(0.01	)
Weighted average number of shares outstanding, basic and diluted		28,164,587			23,808,750

The accompanying notes are an integral part of these unaudited consolidated financial statements.

4

NASCENT BIOTECH, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended June 30,
	2018			2017
Cash flows from operating activities:
Net (loss)	$	(439,719	)	$	(298,184	)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of derivative liability		--			(346	)
Stock based compensation – related parties		43,894
Stock-based compensation		27,500			22,746
Option expense		9,600			12,654
Changes in operating assets and liabilities:
Accounts payable and accrued expenses		155,836			57,049
Accrued expenses – related parties		22,000			--
License agreement liability		--			(2,000	)
Net cash used in operating activities		(180,889	)		(208,802	)
Cash flows from financing activities:
Common stock issued for exercise of warrants		18,036			714
Proceeds from sale of common stock and warrants		95,000			232,500
Net cash provided by financing activities		113,036			233,214
Net increase (decrease) in cash		(67,853	)		25,132
Cash and cash equivalents – beginning of year		116,994			129,806
Cash and cash equivalents – end of period	$	49,141		$	154,938
SUPPLEMENT DISCLOSURES:
Interest paid	$	--		$	--
Income taxes paid	$	--		$	--

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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NASCENT BIOTECH, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 1 - ORGANIZATION AND NATURE OF OPERATIONS

Nascent Biotech, Inc. (“Nascent” or the “Company””) was incorporated on March 3, 2014 under the laws of the State of Nevada. The Company is actively developing its primary asset Pritumumab for the treatment of brain cancer and pancreatic cancer. Nascent is also actively researching other cancers that have a high probability of benefiting from the therapeutic effects of Pritumumab because they share a common target. Pritumumab has shown to be very effective at low doses in previous clinical studies in Japan. Nascent is a pre-clinical stage biopharmaceutical company that focuses on biologic drug candidates that are preparing for initial clinical testing for the treatment of brain and pancreatic cancer.

On March 31, 2017 the Company filed its IND submission with the Federal Drug Administration (FDA) for clearance to begin Phase I clinical trials. The Company is in the process of responding to additional data requests from the FDA requiring additional testing of the product and additional materials to answer specific questions from the FDA.

On April 1, 2018 the Company adopted ASC 606 (Revenue From Contracts with Customers) which is effective for annual and interim reporting periods after December 15, 2017. As the Company has no revenue during this period there is no impact from adopting the disclosure.

NOTE 2 - BASIS OF PRESENTATION

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles. The Company has elected a fiscal year ending on March 31.

The accompanying unaudited interim consolidated financial statements of the Company for the three months ended June 30, 2018 and 2017 have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information in accordance with Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the year ended March 31, 2018. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position and the results of operations for the interim periods presented herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for any subsequent quarters or for an entire year.

NOTE 3 - GOING CONCERN

The Company’s consolidated financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company had incurred net losses since inception until the year ended March 31, 2017 in which the Company posted net income from a license sale to a pharmaceutical company in China. The Company has a source of revenue to cover its operating costs, however the source of revenue is not predictable, and the Company will incur additional expenses in the future developing their product. These factors raise substantial doubt about the company’s ability to continue as a going concern. The Company engages in research and development activities that must be satisfied in cash secured through outside funding. The Company may offer noncash consideration and seek equity lines as a means of financing its operations. If the Company is unable to obtain revenue producing contracts or financing or if the revenue or financing it does obtain is insufficient to cover any operating losses it may incur, it may substantially curtail or terminate its operations or seek other business opportunities through strategic alliances, acquisitions or other arrangements that may dilute the interests of existing stockholders. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

NOTE 4 - RELATED PARTY TRANSACTIONS

On September 1, 2015, the Company entered five-year employment contracts with three of its officers and directors. Under the terms of the agreements the Company issued shares of common stock to the officers and directors equaling 11% of the outstanding shares of the Company as of the date of the contracts. As additional future shares are issued, the officers and directors are entitled to additional shares so their aggregate ownership percentage remains at 11% of the outstanding shares of the Company. The following table sets forth the shares earned under these contracts as of June 30, 2018:

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Officer and Director	Initial Share Awards Under the Contracts		Additional Shares Earned to Maintain Ownership Percentage		Total Shares Earned
President		1,028,910		398,582		1,427,492
Chief Financial Officer		617,346		239,139		856,485
Executive Vice President		617,346		239,139		856,485
Total		2,263,602		876,860		3,140,462

In addition, if the officers and directors are removed from the Company they are entitled to receive a cash severance payment per annum for each year of the term of the contract less salary payments received to date of termination. The table below sets forth the annual salary and annual severance amounts per the contracts:

Officer and Director	Fiscal Year Annualized Compensation Being Paid		Annual Severance per Contract if Terminated
President	$	186,000	$	250,000
Chief Financial Officer	$	132,000	$	180,000
Executive Vice President	$	84,000	$	140,000
Total	$	402,000	$	570,000

During the three month period ended June 30, 2017 the Company issued 75,820 shares of common stock to three officers of the Company with a value of $22,746 for service.

During the three month period ended June 30, 2018 the Company issued 87,788 shares of common stock to three officers of the Company with a value of $43,894 for service.

During the three month period ended June 30, 2018 the Company paid a related party and Chairman of the Scientific Board $9,000 in consulting fees and accrued $6,000 of the fees. During the same period in 2017 the Company paid $15,000 to the same individual

During the three month period ended June 30, 2018 the Company accrued $16,000 in fees due two officers of the Company.

NOTE 5 - COMMON STOCK

During April 2017 the Company issued 664,285 shares of common stock and 332,143 warrants to two individuals for cash of $232,500.

On June 22, 2017 the Company issued 14,286 shares of common stock to one individual exercising 14,286 warrants for cash of $714.

During the three months period ended June 30, 2017 the Company issued 75,820 shares of common stock to three officers of the Company with a value of $22,746 for service.

During the three month period ended June 30, 2018 the Company issued 87,788 shares of common stock to three officers of the Company with a value of $43,894 for service.

During the three month period ended June 30, 2018 the Company issued 360,714 shares of common stock to three warrant holders of the Company with a value of $18,036 for the exercise of 360,714 warrants.

During the three month period ended June 30, 2018 the Company issued 70,000 shares of common stock of the Company to two individuals with a value of $27,500 for service.

During the three month period ended June 30, 2018 the Company issued 271,428 shares of common stock and 121,329 warrants of the Company for cash of $95,000.

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NOTE 6 - OPTIONS

During the three month period ended June 30, 2018, the Company expensed $9,600 related to its option awards. The unrecognized future balance to be expensed over the remaining vesting term of the options is $31,454 as of June 30, 2018.

The following sets forth the options granted and outstanding during the three months ended June 30, 2018:

	Options		Weighted Average Exercise Price		Weighted Average Remaining Contract Life		Number of Options Exercisable		Intrinsic Value
Outstanding at March 31, 2018		1,365,000	$	0.35		7.88		1,236,000	$	--
Granted		40,000		0.25		9.75		--		--
Exercised		--		--		--		--		--
Outstanding at June 30, 2018		1,405,000	$	0.34		7.69		1,296,000	$	179,840

The weighted average remaining life and intrinsic value of the options as of June 30, 2018, was 7.69 years and 179,840, respectively.

NOTE 7 - WARRANTS

During the three month period ended June 30, 2017, the Company issued 332,143 warrants along with 664,285 shares of common stock to two individuals with an aggregate value of $232,500 for cash. Each warrant is exercisable within one years of the issuance date into one share of the Company’s common stock at $0.05 per share.

As of June 30, 2017 one individual converted 14,286 warrants into 14,286 shares of common stock with a value of $714 in cash.

During the three month period ended June 30, 2018, the Company issued 121,329 warrants with each warrant is exercisable, within one year of the issuance, into one share of the Company’s common stock at $0.05 per share. (See Note 5: Common Stock)

During the three month period ended June 30, 2018 three individual exercised 360,714 warrants into 360,714 shares of common stock with a value of $18,036 in cash. As of June 30, 2018, the Company had total outstanding warrants of 1,700,409.

The weighted average remaining life and intrinsic value of the warrants as of June 30, 2018, was 0.25 years and $640,405, respectively.

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						Weighted
				Weighted		Average
				Average		Remaining
				Exercise		Contract		Intrinsic
	Warrants			Price		Life		Value
Outstanding at March 31, 2018		1,939,794		$	0.09		0.38	$	333,133
Granted		121,329			0.05		.96		--
Exercised		(360,714	)		0.05		--		--
Outstanding at June 30, 2018		1,700,409		$	0.10		0.25	$	640,405

NOTE 8 - LICENSE AGREEMENT

On September 13, 2016, the Company completed a license agreement with a company based in China to license the Company’s product for production and sales in China. Under the terms of the license agreement the initial payment of $600,000 was made by the licensee on March 30, 2016 to suspend negotiations with other license parties. The $600,000 payment was recorded in the prior year as deferred income. After it became nonrefundable when the license agreement was signed September 13, 2016 and the negotiation suspension period ceased, the Company recorded the revenue. On July 6, 2016, the Company received the balance of the license payment of $2,400,000 less taxes of 10% ($240,000). A payment of $5,000,000 less taxes of 10% will be received when the product is cleared by the China FDA for clinical trial and a payment of $8,000,000 less taxes of 10% upon approval for commercial use within the license territory. In addition, a royalty of 9% of net sales less taxes of 10% will be paid to the Company for a period of 20 years after approval for commercial use.

NOTE 9 - COMMITMENTS AND CONTINGENCIES

On September 30, 2016, the Company entered a cell line sales agreement with the product manufacturer. Under the terms of the agreement the Company is obligated to make future payments based on the milestones of its achievements. These future payments may be as followed;

1.	$100,000 upon the initiation (first dose/first patient) of the first Phase I clinical trial (or equivalent) of a Product;
2.	$225,000 upon the initiation (first dose/first patient) of the first Phase III clinical trial (or equivalent) of a Product
3.	$225,000 payable upon the first Biologics License Application approval (or equivalent) of a product.
4.	Annual maintenance fee upon completion of phase I manufacturing or the transfer of the cell line from Catalent’s control of $50,000;
5.	A contingent sales fee upon first commercial sale of a product of 1% of sales or $150,000 whichever is greater payable quarterly.

NOTE 10 - SUBSEQUENT EVENTS

During July 2018 the Company issued 465,714 shares of common stock plus 116,418 warrants to five individuals for $163,000 in cash. The warrants vest immediately and terminate in one year with conversion price from $0.05-$0.50.

During July 2018 the Company issued 914,925 shares of common stock for the conversion of 914,624 warrants

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ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERTIONS

This report contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. The Company’s actual results could differ materially from those set forth on the forward-looking statements because of the risks set forth in our filings with the Securities and Exchange Commission, general economic conditions, and changes in the assumptions used in making such forward looking statements.

Nascent Biotech, Inc (“Nascent” or the “Company”) was incorporated on March 3, 2014 under the laws of the State of Nevada. The Company is actively developing its primary asset Pritumumab for the treatment of brain cancer and pancreatic cancer. Nascent is also actively researching other cancers that have a high probability of benefiting from the therapeutic effects of Pritumumab because they share a common target. Pritumumab has shown to be very effective at low doses in previous clinical studies in Japan.

Nascent is a pre-clinical stage biopharmaceutical company that develops monoclonal antibodies for the treatment of various forms of cancer. The Company focuses on biologic drug candidates that are undergoing or have already completed initial clinical testing for the treatment of cancer and then seek to further develop those drug candidates for commercial use. Nascent currently own the license rights to a drug candidate, pritumumab, which the Company is developing for the treatment of brain cancer and pancreatic cancer both of which we hold orphan drug status granted by the FDA.

Overview

The Company is focused on developing pritumumab for the treatment of patients with brain cancer malignancies such as gliomas and astrocytomas. Pritumumab is a monoclonal antibody that has been tested on 249 brain cancer patients and reviewed by the Ministry of Health and Welfare in Japan. The objective of the Phase I and Phase II human clinical trial was to determine the safety of pritumumab in humans and its efficacy in eliminating tumors or reducing tumor size in patients with brain cancer. These clinical trials were conducted at 22 clinical sites within Japan during a 14-year time (1988 to 2002). Except for 17 patients that were treated for a period of four weeks in a Phase I (safety) study (1mg per week dosage), all patients were dosed at 1 mg, either once or twice per week, for 24 weeks, and were evaluated for both safety and efficacy. The sponsor of those trials was the Hagiwara Institute of Health (HIH). Manufacturing of Pritumumab was done by Japan Pharmaceutical Development Company-a pharmaceutical contract manufacturing company, and all pre-clinical development work was performed at HIH. At the end of the Phase II trial, the HIH was approved for expanded Phase III trials in humans; however, the founder of HIH passed away and the clinical development of Pritumumab was suspended. A concern at that time was the ability to manufacture enough pritumumab to continue clinical trials. The product has never been approved for sale in Japan or elsewhere. Current therapeutic strategies for brain cancer include the use of the chemotherapy, surgical intervention or radiation therapy. Because these treatments have marginal outcomes there exists a need to develop safer, more effective drugs. Temodar-the most commonly used Chemotherapeutic drug used to treat brain cancer, is attributed to only median rates of survival and many brain tumors are eligible for surgery. Moreover, even when removed, most brain tumors come back within one year post-operation. Today, with current standards of care, less than 60% of all brain cancer patients will live past the first year after diagnosis, and less than 35% of patients will live to five years. Glioblastoma, a particularly aggressive form of brain cancer that constitutes 42% of ALL brain and other nervous system cancers, has survival rates of 36.5% at 1 year and 5% at 5 years. (SEER Registry Data, September 15^th, 2016 (Central Brain Tumor Registry of the United States).

The Company has submitted its IND information to the FDA and is now responding to questions from the IND to get clearance.

10

Results of Operations

The Company recorded zero of revenue during the three month periods ended June 30, 2018,and 2017,respectively.

General and administrative expenses for the three 2017 month periods ended June 30, 2018 was $327,788 compared to $266,549 in 2017, respectively. This increase in expenses for the three 2017 months ended June 30, 2018 over the same period in 2017 was due to an increase in cost for IND filing of the Company in 2018.

Research and development expenses for the three 2017 month periods ended June 30, 2018 was $111,939 compared to $32,000 in the same period in 2017, respectively. This increase in expenses for the three months ended June 30, 2018 over the same period in 2017 reflected increased testing required in the filing of the IND with the FDA.

Total other income incurred in the three 2017 month periods ended June 30, 2018 was $8, compared to other income of 365 in the same period in 2017, respectively. Change in fair value derivative liability showed a gain of $346 for the three months period in 2017 compared to zero for the three months period in 2018.

For the three month periods ended June 30, 2018, our net loss was $439,719 compared to a net loss of $298,184 for the same period in 2017. The difference between the periods in 2018 and 2017 relates to higher research and development costs along with higher general and administrative costs preparing the IND re submission.

Liquidity and Capital Resources

The Company’s liquidity and capital is dependent on the capital it can raise to continue the Company’s development and testing of its product. The Company projects it must raise approximately $10-15 million to complete its Phase I and Phase II clinical studies.

There are no agreements or understandings about future loans by or with the officers, directors, principals, affiliates, or shareholders of the Company. The Company will continue to raise outside capital through loans, equity sales and possible licensing agreements. These factors raise substantial doubt about the company’s ability to continue as a going concern.

At June 30, 2018, the Company had negative working capital of $332,068. Current assets consist of cash of $49,141. Current liabilities as of the same date were $381,209 consisting of accounts payable of which approximately $200,000 was cost overrun on the IND submission from questions asked and further tests required by the FDA from our March 31, 2018 submission.

Net cash used in operating activities in the three month period ended June 30, 2018 was $180,889 compared to net cash used of $208,802 in the same period in 2017. The variance between the same periods in 2018 and 2017 relates mainly change in accounts payable of $98,788 in 2017.

Net cash provided by financing activities for the three month period ended June 30, 2018 was $113,036 compared to $233,214 in the same period in 2017. Cash provided was a result of the conversion of warrants to common stock of $18,036 and from the sale of common stock of $95,000 for the three months period in 2018.

As of June 30, 2018, the Company had total assets of $49,141 and total liabilities of $381,209. Stockholders’ deficit as of June 30, 2018 was $332,068. This compares to a stockholders’ deficit of $86,379 as of March 31, 2018. Liabilities increased in 2018 due mainly to an increase in accounts payable during this period versus the same period in 2017.

NEED FOR ADDITIONAL FINANCING:

Our current capital needs are estimated to be approximately $10-15 million. This will take us through Phase I/II clinical trials which are scheduled to begin in the third calendar quarter of 2018.

Off-Balance Sheet Arrangements

We had no off-balance sheet arrangements or guarantees of third party obligations at June 30, 2018.

Inflation

We believe that inflation has not had a significant impact on our operations since inception.

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ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

Not applicable.

ITEM 4: CONTROLS AND PROCEDURES

Under the supervision and the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation as of June 30, 2018, of the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended. Based on this evaluation, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were not effective as of June 30, 2018, Such conclusion reflects the identification of material weakness as follows: (1) lack of accounting proficiency of our chief executive officer who is our sole officer and our principal accounting officer which has resulted in a reliance on part-time outside consultants to perform substantially all of our accounting functions, (2) a lack of adequate segregation of duties and necessary corporate accounting resources in our financial reporting process and accounting function, and (3) lack of control procedures that include multiple levels of review. Until we can remedy these material weaknesses, we have engaged third party consultants and accounting firm to assist with financial reporting.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the three months ended June 30, 2018 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

ITEM 1: LEGAL PROCEEDINGS

None

ITEM 1A: RISK FACTORS

There have been no material changes to Nascent Biotech’s risk factors as previously disclosed in our most recent Form 10-K filing.

ITEM 2: SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

During the three month period ended June 30, 2018 the Company issued 87,788 shares of common stock to three officers of the Company with a value of $43,894 for service.

During the three month period ended June 30, 2018 the Company issued 360,714 shares of common stock to three warrant holders of the Company with a value of $18,036 for the conversion of 360,714 warrants.

During the three month period ended June 30, 2018 the Company issued 70,000 shares of common stock of the Company to two individuals with a value of $27,500 for service.

During the three month period ended June 30, 2018 the Company issued 271,428 shares of common stock and 121,329 warrants of the Company with a value of $95,000 in cash.

ITEM 3: DEFAULTS UPON SENIOR SECURITIES.

None

ITEM 4: MINE SAFETY INFORMATION

None

ITEM 5: OTHER INFORMATION

None.

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ITEM 6: EXHIBITS

Exhibit No.	Description
31.1	Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of CFO Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101	XBRL Interactive Data Files

 

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SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	NASCENT BIOTECH, INC.
Dated: August 6, 2018	By:	/s/ Sean Carrick
		Sean Carrick Principal Executive Officer

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EX-31.1

EXHIBIT 31.1

OFFICER’S CERTIFICATE PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Sean Carrick, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Nascent Biotech, Inc. (the “registrant”) for the period ending June 30, 2018;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d – 15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end to the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: August 6, 2018	By:	/s/ Sean Carrick
		Sean Carrick President (Principal Executive Officer)

EX-31.2

EXHIBIT 31.2

OFFICER’S CERTIFICATE PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Lowell Holden, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Nascent Biotech, Inc. (the “registrant”) for the period ending June 30, 2018;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d – 15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end to the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: August 6, 2018	By:	/s/ Lowell Holden
		Lowell Holden Chief Financial Officer (Principal Financial Officer & Principal Accounting Officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATE PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report (the “Report”) on the Form 10-Q of Nascent Biotech, Inc. (the “Company”) for the period ended June 30, 2018, as filed with the Securities and Exchange Commission on the date hereof, I, Sean Carrick, Chief Executive Officer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

1.	The Report fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities and Exchange Act of 1934 (15 U.S.C. 78m or 78o (d)), as amended; and
2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

Date: August 6, 2018	By:	/s/ Sean Carrick
		Sean Carrick President (Principal Executive Officer)

EX-32.2

EXHIBIT 32.2

CERTIFICATE PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report (the “Report”) on the Form 10-Q of Nascent Biotech, Inc. (the “Company”) for the period ended June 30, 2018 as filed with the Securities and Exchange Commission on the date hereof, I, Lowell Holden, Chief Financial Officer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

1.	The Report fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities and Exchange Act of 1934 (15 U.S.C. 78m or 78o (d)), as amended; and
2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

Date: August 6, 2018	By:	/s/ Lowell Holden
		Lowell Holden Chief Financial Officer (Principal Financial Officer & Principal Accounting Officer)

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Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2018	Aug. 06, 2018
Document And Entity Information
Entity Registrant Name	NASCENT BIOTECH INC.
Entity Central Index Key	0001622057
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		29,923,934
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2019

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CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2018	Mar. 31, 2018
Current assets:
Cash and cash equivalents	$ 49,141	$ 116,994
Total current assets	49,141	116,994
Total assets	49,141	116,994
Current liabilities:
Accounts payable and accrued liabilities	359,209	203,373
Due to related parties	22,000
Total current liabilities	381,209	203,373
Total liabilities	381,209	203,373
Stockholders': (deficit)
Preferred stock, $0.001 par value, 10,000,000 authorized, none issued and outstanding
Common stock, $0.001 par value; 100,000,000 authorized, 28,543,295 and 27,753,365 issued and outstanding, respectively	28,544	27,754
Additional paid-in capital	11,543,696	11,350,456
Accumulated deficit	(11,904,308)	(11,464,589)
Total stockholders' (deficit)	(332,068)	(86,379)
Total liabilities and stockholder' (deficit)	$ 49,141	$ 11,994

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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2018	Mar. 31, 2018
Stockholders': (deficit)
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, authorized shares	10,000,000	10,000,000
Preferred stock, issued shares	0	0
Preferred stock, outstanding shares	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized shares	100,000,000	100,000,000
Common stock, issued shares	28,543,295	27,753,365
Common stock, outstanding shares	28,543,295	27,753,365

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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating expenses:
General and administrative expense	$ 327,788	$ 266,549
Research and development	111,939	32,000
Income (loss) from operations	(439,727)	(298,549)
Other income (expense):
Interest income	8	19
Gain on change in fair value of derivative liability		346
Total other income (expense)	8	365
Net income (loss) before income taxes	(439,719)	(298,184)
Net income (loss)	$ (439,719)	$ (298,184)
Net income (loss) per share, basic and diluted	$ (0.02)	$ (0.01)
Weighted average number of shares outstanding, basic and diluted	28,164,587	23,808,750

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net (loss)	$ (439,719)	$ (298,184)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of derivative liability		(346)
Stock based compensation - related parties	43,894
Stock-based compensation	27,500	22,746
Option expense	9,600	12,654
Changes in operating assets and liabilities:
Accounts payable and accrued expenses	155,836	57,049
Accrued expenses - related parties	22,000
License agreement liability		(2,000)
Net cash used in operating activities	(180,889)	(208,802)
Cash flows from financing activities:
Common stock issued for exercise of warrants	18,036	714
Proceeds from sale of common stock and warrants	95,000	232,500
Net cash provided by financing activities	113,036	233,214
Net increase (decrease) in cash	(67,853)	25,132
Cash and cash equivalents - beginning of year	116,994	129,806
Cash and cash equivalents - end of period	49,141	154,938
SUPPLEMENT DISCLOSURES:
Interest paid
Income taxes paid

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ORGANIZATION AND NATURE OF OPERATIONS

3 Months Ended

Jun. 30, 2018

Notes to Financial Statements

NOTE 1 - ORGANIZATION AND NATURE OF OPERATIONS

Nascent Biotech, Inc. (“Nascent” or the “Company””) was incorporated on March 3, 2014 under the laws of the State of Nevada. The Company is actively developing its primary asset Pritumumab for the treatment of brain cancer and pancreatic cancer. Nascent is also actively researching other cancers that have a high probability of benefiting from the therapeutic effects of Pritumumab because they share a common target. Pritumumab has shown to be very effective at low doses in previous clinical studies in Japan. Nascent is a pre-clinical stage biopharmaceutical company that focuses on biologic drug candidates that are preparing for initial clinical testing for the treatment of brain and pancreatic cancer.

On March 31, 2017 the Company filed its IND submission with the Federal Drug Administration (FDA) for clearance to begin Phase I clinical trials. The Company is in the process of responding to additional data requests from the FDA requiring additional testing of the product and additional materials to answer specific questions from the FDA.

On April 1, 2018 the Company adopted ASC 606 (Revenue From Contracts with Customers) which is effective for annual and interim reporting periods after December 15, 2017. As the Company has no revenue during this period there is no impact from adopting the disclosure.

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BASIS OF PRESENTATION

3 Months Ended

Jun. 30, 2018

Notes to Financial Statements

NOTE 2 - BASIS OF PRESENTATION

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles. The Company has elected a fiscal year ending on March 31.

The accompanying unaudited interim consolidated financial statements of the Company for the three months ended June 30, 2018 and 2017 have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information in accordance with Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the year ended March 31, 2018. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position and the results of operations for the interim periods presented herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for any subsequent quarters or for an entire year.

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GOING CONCERN

3 Months Ended

Jun. 30, 2018

Notes to Financial Statements

NOTE 3 - GOING CONCERN

The Company’s consolidated financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company had incurred net losses since inception until the year ended March 31, 2017 in which the Company posted net income from a license sale to a pharmaceutical company in China. The Company has a source of revenue to cover its operating costs, however the source of revenue is not predictable, and the Company will incur additional expenses in the future developing their product. These factors raise substantial doubt about the company’s ability to continue as a going concern. The Company engages in research and development activities that must be satisfied in cash secured through outside funding. The Company may offer noncash consideration and seek equity lines as a means of financing its operations. If the Company is unable to obtain revenue producing contracts or financing or if the revenue or financing it does obtain is insufficient to cover any operating losses it may incur, it may substantially curtail or terminate its operations or seek other business opportunities through strategic alliances, acquisitions or other arrangements that may dilute the interests of existing stockholders. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

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RELATED PARTY TRANSACTIONS

3 Months Ended

Jun. 30, 2018

Notes to Financial Statements

NOTE 4 - RELATED PARTY TRANSACTIONS

On September 1, 2015, the Company entered five-year employment contracts with three of its officers and directors. Under the terms of the agreements the Company issued shares of common stock to the officers and directors equaling 11% of the outstanding shares of the Company as of the date of the contracts. As additional future shares are issued, the officers and directors are entitled to additional shares so their aggregate ownership percentage remains at 11% of the outstanding shares of the Company. The following table sets forth the shares earned under these contracts as of June 30, 2018:

Officer and Director	Initial Share Awards Under the Contracts		Additional Shares Earned to Maintain Ownership Percentage		Total Shares Earned
President		1,028,910		398,582		1,427,492
Chief Financial Officer		617,346		239,139		856,485
Executive Vice President		617,346		239,139		856,485
Total		2,263,602		876,860		3,140,462

In addition, if the officers and directors are removed from the Company they are entitled to receive a cash severance payment per annum for each year of the term of the contract less salary payments received to date of termination. The table below sets forth the annual salary and annual severance amounts per the contracts:

Officer and Director	Fiscal Year Annualized Compensation Being Paid		Annual Severance per Contract if Terminated
President	$	186,000	$	250,000
Chief Financial Officer	$	132,000	$	180,000
Executive Vice President	$	84,000	$	140,000
Total	$	402,000	$	570,000

During the three month period ended June 30, 2017 the Company issued 75,820 shares of common stock to three officers of the Company with a value of $22,746 for service.

During the three month period ended June 30, 2018 the Company issued 87,788 shares of common stock to three officers of the Company with a value of $43,894 for service.

During the three month period ended June 30, 2018 the Company paid a related party and Chairman of the Scientific Board $9,000 in consulting fees and accrued $6,000 of the fees. During the same period in 2017 the Company paid $15,000 to the same individual

During the three month period ended June 30, 2018 the Company accrued $16,000 in fees due two officers of the Company.

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COMMON STOCK

3 Months Ended

Jun. 30, 2018

Notes to Financial Statements

NOTE 5 - COMMON STOCK

During April 2017 the Company issued 664,285 shares of common stock and 332,143 warrants to two individuals for cash of $232,500.

On June 22, 2017 the Company issued 14,286 shares of common stock to one individual exercising 14,286 warrants for cash of $714.

During the three months period ended June 30, 2017 the Company issued 75,820 shares of common stock to three officers of the Company with a value of $22,746 for service.

During the three month period ended June 30, 2018 the Company issued 87,788 shares of common stock to three officers of the Company with a value of $43,894 for service.

During the three month period ended June 30, 2018 the Company issued 360,714 shares of common stock to three warrant holders of the Company with a value of $18,036 for the exercise of 360,714 warrants.

During the three month period ended June 30, 2018 the Company issued 70,000 shares of common stock of the Company to two individuals with a value of $27,500 for service.

During the three month period ended June 30, 2018 the Company issued 271,428 shares of common stock and 121,329 warrants of the Company for cash of $95,000.

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OPTIONS

3 Months Ended

Jun. 30, 2018

Notes to Financial Statements

NOTE 6 - OPTIONS

During the three month period ended June 30, 2018, the Company expensed $9,600 related to its option awards. The unrecognized future balance to be expensed over the remaining vesting term of the options is $31,454 as of June 30, 2018.

The following sets forth the options granted and outstanding during the three months ended June 30, 2018:

	Options		Weighted Average Exercise Price		Weighted Average Remaining Contract Life		Number of Options Exercisable		Intrinsic Value
Outstanding at March 31, 2018		1,365,000	$	0.35		7.88		1,236,000	$	--
Granted		40,000		0.25		9.75		--		--
Exercised		--		--		--		--		--
Outstanding at June 30, 2018		1,405,000	$	0.34		7.69		1,296,000	$	179,840

The weighted average remaining life and intrinsic value of the options as of June 30, 2018, was 7.69 years and 179,840, respectively.

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WARRANTS

3 Months Ended

Jun. 30, 2018

Notes to Financial Statements

NOTE 7 - WARRANTS

During the three month period ended June 30, 2017, the Company issued 332,143 warrants along with 664,285 shares of common stock to two individuals with an aggregate value of $232,500 for cash. Each warrant is exercisable within one years of the issuance date into one share of the Company’s common stock at $0.05 per share.

As of June 30, 2017 one individual converted 14,286 warrants into 14,286 shares of common stock with a value of $714 in cash.

During the three month period ended June 30, 2018, the Company issued 121,329 warrants with each warrant is exercisable, within one year of the issuance, into one share of the Company’s common stock at $0.05 per share. (See Note 5: Common Stock)

During the three month period ended June 30, 2018 three individual exercised 360,714 warrants into 360,714 shares of common stock with a value of $18,036 in cash. As of June 30, 2018, the Company had total outstanding warrants of 1,700,409.

The weighted average remaining life and intrinsic value of the warrants as of June 30, 2018, was 0.25 years and $640,405, respectively. 

						Weighted
				Weighted		Average
				Average		Remaining
				Exercise		Contract		Intrinsic
	Warrants			Price		Life		Value
Outstanding at March 31, 2018		1,939,794		$	0.09		0.38	$	333,133
Granted		121,329			0.05		.96		--
Exercised		(360,714	)		0.05		--		--
Outstanding at June 30, 2018		1,700,409		$	0.10		0.25	$	640,405

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LICENSE AGREEMENT

3 Months Ended

Jun. 30, 2018

Notes to Financial Statements

NOTE 8 - LICENSE AGREEMENT

On September 13, 2016, the Company completed a license agreement with a company based in China to license the Company’s product for production and sales in China. Under the terms of the license agreement the initial payment of $600,000 was made by the licensee on March 30, 2016 to suspend negotiations with other license parties. The $600,000 payment was recorded in the prior year as deferred income. After it became nonrefundable when the license agreement was signed September 13, 2016 and the negotiation suspension period ceased, the Company recorded the revenue. On July 6, 2016, the Company received the balance of the license payment of $2,400,000 less taxes of 10% ($240,000). A payment of $5,000,000 less taxes of 10% will be received when the product is cleared by the China FDA for clinical trial and a payment of $8,000,000 less taxes of 10% upon approval for commercial use within the license territory. In addition, a royalty of 9% of net sales less taxes of 10% will be paid to the Company for a period of 20 years after approval for commercial use.

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COMMITMENTS AND CONTINGENCIES

3 Months Ended

Jun. 30, 2018

Notes to Financial Statements

NOTE 9 - COMMITMENTS AND CONTINGENCIES

On September 30, 2016, the Company entered a cell line sales agreement with the product manufacturer. Under the terms of the agreement the Company is obligated to make future payments based on the milestones of its achievements. These future payments may be as followed;

1.	$100,000 upon the initiation (first dose/first patient) of the first Phase I clinical trial (or equivalent) of a Product;
2.	$225,000 upon the initiation (first dose/first patient) of the first Phase III clinical trial (or equivalent) of a Product
3.	$225,000 payable upon the first Biologics License Application approval (or equivalent) of a product.
4.	Annual maintenance fee upon completion of phase I manufacturing or the transfer of the cell line from Catalent’s control of $50,000;
5.	A contingent sales fee upon first commercial sale of a product of 1% of sales or $150,000 whichever is greater payable quarterly.

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SUBSEQUENT EVENTS

3 Months Ended

Jun. 30, 2018

Notes to Financial Statements

NOTE 10 - SUBSEQUENT EVENTS

During July 2018 the Company issued 465,714 shares of common stock plus 116,418 warrants to five individuals for $163,000 in cash. The warrants vest immediately and terminate in one year with conversion price from $0.05-$0.50.

During July 2018 the Company issued 914,925 shares of common stock for the conversion of 914,624 warrants.

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RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Jun. 30, 2018

Related Party Transactions

Contracts shares earned

Officer and Director	Initial Share Awards Under the Contracts		Additional Shares Earned to Maintain Ownership Percentage		Total Shares Earned
President		1,028,910		398,582		1,427,492
Chief Financial Officer		617,346		239,139		856,485
Executive Vice President		617,346		239,139		856,485
Total		2,263,602		876,860		3,140,462

Annual salary and annual severance amounts per the contracts of related party

Officer and Director	Fiscal Year Annualized Compensation Being Paid		Annual Severance per Contract if Terminated
President	$	186,000	$	250,000
Chief Financial Officer	$	132,000	$	180,000
Executive Vice President	$	84,000	$	140,000
Total	$	402,000	$	570,000

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OPTIONS (Tables)

3 Months Ended

Jun. 30, 2018

Options

Summary of options granted and outstanding

	Options		Weighted Average Exercise Price		Weighted Average Remaining Contract Life		Number of Options Exercisable		Intrinsic Value
Outstanding at March 31, 2018		1,365,000	$	0.35		7.88		1,236,000	$	--
Granted		40,000		0.25		9.75		--		--
Exercised		--		--		--		--		--
Outstanding at June 30, 2018		1,405,000	$	0.34		7.69		1,296,000	$	179,840

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WARRANTS (Tables)

3 Months Ended

Jun. 30, 2018

Warrants

Warrants exercised

						Weighted
				Weighted		Average
				Average		Remaining
				Exercise		Contract		Intrinsic
	Warrants			Price		Life		Value
Outstanding at March 31, 2018		1,939,794		$	0.09		0.38	$	333,133
Granted		121,329			0.05		.96		--
Exercised		(360,714	)		0.05		--		--
Outstanding at June 30, 2018		1,700,409		$	0.10		0.25	$	640,405

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ORGANIZATION AND NATURE OF OPERATIONS (Details Narrative)	3 Months Ended
	Jun. 30, 2018
Organization And Nature Of Operations
Date of Incorporation	Mar. 03, 2014
State of Incorporation	Nevada

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RELATED PARTY TRANSACTIONS (Details)	3 Months Ended
	Jun. 30, 2018 shares
Initial Share Awards Under the Contracts	2,263,602
Additional Shares Earned to Maintain Ownership Percentage	876,860
Total Shares Earned	3,140,462
President [Member]
Initial Share Awards Under the Contracts	1,028,910
Additional Shares Earned to Maintain Ownership Percentage	398,582
Total Shares Earned	1,427,492
Chief Financial Officer [Member]
Initial Share Awards Under the Contracts	617,346
Additional Shares Earned to Maintain Ownership Percentage	239,139
Total Shares Earned	856,485
Executive Vice President [Member]
Initial Share Awards Under the Contracts	617,346
Additional Shares Earned to Maintain Ownership Percentage	239,139
Total Shares Earned	856,485

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RELATED PARTY TRANSACTIONS (Details 1)	3 Months Ended
	Jun. 30, 2018 USD ($)
Fiscal year annualized compensation being paid	$ 402,000
Annual Severance per Contract if Terminated	570,000
President [Member]
Fiscal year annualized compensation being paid	186,000
Annual Severance per Contract if Terminated	250,000
Chief Financial Officer [Member]
Fiscal year annualized compensation being paid	132,000
Annual Severance per Contract if Terminated	180,000
Executive Vice President [Member]
Fiscal year annualized compensation being paid	84,000
Annual Severance per Contract if Terminated	$ 140,000

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RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Related party and Chairman of the Scientific Board [Member]
Consulting fees	$ 9,000	$ 15,000
Accrued fees	$ 6,000
Three Officers [Member]
Common shares issued for services, shares	87,788	75,820
Common shares issued for services, value	$ 43,894	$ 22,746
Three Officers And Director [Member] | September 1, 2015 [Member]
Officers and directors employment agreement terms, description	the Company entered five-year employment contracts with three of its officers and directors. Under the terms of the agreements the Company issued shares of common stock to the officers and directors equaling 11% of the outstanding shares of the Company as of the date of the contracts. As additional future shares are issued, the officers and directors are entitled to additional shares so their aggregate ownership percentage remains at 11% of the outstanding shares of the Company.
Two Officers [Member]
Accrued fees	$ 16,000

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COMMON STOCK (Details Narrative) - USD ($)	1 Months Ended		3 Months Ended
	Jun. 22, 2017	Apr. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Common shares issued, shares			271,428
Common shares issued, amount			$ 95,000
Warrants granted			121,329	121,329
Three Warrant Holders [Member]
Common shares issued, shares			360,714
Common shares issued, amount			$ 18,036
Warrants exercised			360,714
Two Individuals [Member]
Common shares issued, shares		664,285
Common shares issued, amount		$ 232,500
Warrants granted		332,143
Common shares issued for services, shares			70,000
Common shares issued for services, value			$ 27,500
One Individuals [Member]
Common shares issued, shares	14,286			14,286
Common shares issued, amount	$ 714			$ 714
Warrants granted				14,286
Warrants exercised	14,286
Three Officers [Member]
Common shares issued for services, shares			87,788	75,820
Common shares issued for services, value			$ 43,894	$ 22,746

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OPTIONS (Details)	3 Months Ended
	Jun. 30, 2018 USD ($) $ / shares shares
Weighted average remaining contract life, Ending	7 years 8 months 9 days
Option [Member]
Outstanding option shares, Beginning	1,365,000
Option granted	40,000
Option exercised
Outstanding option shares, Ending	1,405,000
Weighted average exercise price, Beginning | $ / shares	$ 0.35
Granted | $ / shares	0.25
Exercised | $ / shares
Weighted average exercise price, Ending | $ / shares	$ 0.34
Weighted average remaining contract life, Beginning	7 years 10 months 17 days
Weighted average remaining contract life granted	9 years 9 months
Weighted average remaining contract life, Ending	7 years 8 months 9 days
Number of options exercisable Beginning balance	1,236,000
Granted
Exercised
Number of options exercisable ending balance	1,296,000
Intrinsic value, Beginning | $
Granted | $
Exercised | $
Intrinsic value, Ending | $	$ 179,840

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OPTIONS (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Options Details Narrative Abstract
Option expense	$ 9,600	$ 12,654
Unrecognized future balance to be expensed	$ 31,454
Weighted average remaining life option	7 years 8 months 9 days
Weighted average intrinsic value option	$ 179,840

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WARRANTS (Details) - USD ($)	3 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Warrants granted, shares	121,329	121,329
Weighted average remaining contract life, Ending	2 months 30 days
Warrant [Member]
Outstanding option shares, Beginning	1,939,794
Warrants granted, shares	121,329
Warrants exercised, shares	(360,714)
Outstanding option shares, Ending	1,700,409
Weighted average exercise price, Beginning	$ 0.09
Granted	0.05
Exercised	0.05
Weighted average exercise price, Ending	$ 0.10
Weighted average remaining contract life, Beginning	4 months 17 days
Weighted average, granted	11 months 15 days
Weighted average remaining contract life, Ending	2 months 30 days
Intrinsic value, Beginning	$ 333,133
Intrinsic value granted
Intrinsic value exercised
Intrinsic value, Ending	$ 640,405

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WARRANTS (Details Narrative) - USD ($)	1 Months Ended		3 Months Ended
	Jun. 22, 2017	Apr. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Warrants excisable period				1 year
Common shares issued, shares			271,428
Common shares issued, amount			$ 95,000
Warrants granted, shares			121,329	121,329
Exercise price				$ 0.05
Weighted average remaining contract life			2 months 30 days
Intrinsic value			$ 640,405
Outstanding warrants			1,700,409
One Individual [Member]
Common shares issued, shares	14,286			14,286
Common shares issued, amount	$ 714			$ 714
Warrants granted, shares				14,286
Two Individuals [Member]
Company issued warrants, shares				332,143
Common shares issued for cash, shares				664,285
Common shares issued for cash, amount				$ 232,500
Warrants excisable period				1 year
Warrants issued per share				$ 0.05
Common shares issued, shares		664,285
Common shares issued, amount		$ 232,500
Warrants granted, shares		332,143
Three Individuals [Member]
Common shares issued, shares			360,714
Common shares issued, amount			$ 18,036
Warrants granted, shares			360,714

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LICENSE AGREEMENT (Details Narrative) - USD ($)

3 Months Ended

Jun. 30, 2018

Sep. 13, 2016

Jul. 06, 2016

Mar. 30, 2016

Deferred revenue

$ 600,000

September 13, 2016 [Member]

Description of royalty percentage

In addition, a royalty of 9% of net sales less taxes of 10% will be paid to the Company for a period of 20 years after approval for commercial use.

Transaction One [Member]

Initial payment

$ 600,000

Transaction Two [Member]

Initial payment

$ 2,400,000

Tax rate

10.00%

Transaction Three [Member]

Initial payment

$ 5,000,000

Tax rate

10.00%

Transaction Four [Member]

Initial payment

$ 8,000,000

Tax rate

10.00%

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COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)

3 Months Ended

Jun. 30, 2018

Jun. 30, 2017

Contingent sales fee description

First commercial sale of a product of 1% of sales or $150,000 whichever is greater payable quarterly.

first Phase I clinical trial [Member]

Future payments

$ 100,000

Annual maintenance fee

$ 50,000

first Phase III clinical trial [Member]

Future payments

$ 225,000

first Biologics License [Member]

Future payments

$ 225,000

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SUBSEQUENT EVENTS (Details Narrative) - USD ($)	1 Months Ended
	Jul. 31, 2018	Jun. 30, 2018	Mar. 31, 2018
Common stock, shares issued		28,543,295	27,753,365
Subsequent Event [Member]
Common stock, shares issued	914,925
Warrants exercised	914,624
Subsequent Event [Member] | Five Individuals [Member]
Common stock, shares issued	465,714
Warrants issued	116,418
Common stock and warrants issued value	$ 163,000
Vesting period	1 year
Subsequent Event [Member] | Five Individuals [Member] | Minimum [Member]
Conversion price	0.05
Subsequent Event [Member] | Five Individuals [Member] | Maximum [Member]
Conversion price	0.50