10-Q

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended December 31, 2021

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	46-5001940
(State of Incorporation)	(IRS Employer Identification No.)
623 17th Street Suite 4 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 ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). Yes ☒ 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 filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filed	☐
Non-accelerated Filer	☒	Smaller reporting company	☒
		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 ☒

As of February 14, 2022 the Registrant had 107,728,175 shares of common stock and no shares of Series A convertible preferred issued and outstanding.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION
Item 1.	Financial Statement (Unaudited)	3
	Unaudited Consolidated Balance Sheets as of December 31, 2021, and audited March 31, 2021	3
	Unaudited Consolidated Statements of Operations for the Three and Nine Months Ended December 31, 2021 and 2020	4
	Unaudited Consolidated Statements of Stockholders’ Deficit for the Three and Nine Months Ended December 31, 2021 and 2020	5
	Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended December 31, 2021 and 2020	6
	Notes to Unaudited Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3.	Quantitative and Qualitative Disclosures About Market Risks	18
Item 4.	Controls and Procedures	18
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	19
Item 1A.	Risk Factors	19
Item 2.	Unregistered Sales of Equity and Use of Proceeds	19
Item 3.	Default upon Senior Securities	19
Item 4.	Mine Safety Information	19
Item 5.	Other Information	19
Item 6.	Exhibits	20
SIGNATURES		21

2

PART I – FINANCIAL INFORMATION

ITEM: 1 FINANCIAL STATEMENT

NASCENT BIOTECH, INC.

CONSOLIDATED BALANCE SHEETS

	December 31, 2021			March 31, 2021
	(Unaudited)			(Audited)
ASSETS
Current assets:
Cash	$	1,737		$	1,435
Accounts receivable		750,000			750,000
Total current assets		751,737			751,435
Total assets	$	751,737		$	751,435
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable and accrued liabilities	$	788,834		$	636,831
Convertible note- net of discount		165,435			161,736
Derivative liability		95,238			302,156
Due to related parties		150,220			123,217
Total current liabilities		1,199,727			1,223,940
Total liabilities		1,199,727			1,223,940
Commitments and contingencies		-			-
Stockholders’ deficit:
Preferred stock, $0.001 par value, 50,000,000 authorized, none and 54,130 issued and outstanding, respectively		-			54
Common stock, $0.001 par value; 500,000,000 authorized, 107,728,175 and 104,834,083 issued and outstanding, respectively		107,728			104,834
Additional paid-in capital		17,859,481			17,774,023
Accumulated deficit		(18,415,199	)		(18,351,416	)
Total stockholders’ deficit		(447,990	)		(472,505	)
Total liabilities and stockholder’ deficit	$	751,737		$	751,435

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

3

NASCENT BIOTECH, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended December 31,						Nine Months Ended December 31,
	2021			2020			2021			2020
License fee income	$	1,000,000		$	-		$	1,000,000		$	-
Operating expenses:
Consulting		108,000			409,111		$	388,813			1,129,846
General and administrative expense		70,538			91,923			309,861			260,106
Research and development		190,487			53,903			343,398			277,338
Income (loss) from operations		630,975			(554,937	)		(42,072	)		(1,667,290	)
Other income (expense):
Interest income		-			1			10			4
Change in fair value of derivative liability		57,703			(73,810	)		373,585			566,220
Gain on debt settlement		-			-			5,000			-
Financing costs		-			(31,356	)		(101,150	)		(34,356	)
Debt discount interest		(86,314	)		(4,423	)		(287,979	)		(4,423	)
Interest expense		(5,041	)		(54,981	)		(11,177	)		(201,927	)
Total other income (expense)		(33,652	)		(164,570	)		(21,711	)		325,518
Net income (loss)	$	597,323		$	(719,507	)	$	(63,783	)	$	(1,341,772	)
Net loss per share, basic	$	0.01		$	(0.01	)	$	(0.00	)	$	(0.02	)
Net loss per share, dilutive	$	0.01		$	(0.01	)	$	(0.00	)	$	(0.02	)
Weighted average number of shares outstanding, basic		107,728,175			76,566,884			107,471,003			64,027,487
Weighted average number of shares outstanding, dilutive		112,358,175			76,566,884			107,471,003			64,027,487

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

4

NASCENT BIOTECH, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT

THREE AND SIX MONTHS ENDED DECEMBER 31, 2021 AND 2020

(Unaudited)

											Additional						Total
	Preferred Stock						Common Stock				Paid-In			Accumulated			Stockholders’
	Shares			Amount			Shares		Amount		Capital			Deficit			(Deficit)
Balance at March 31, 2020		60,000		$	60			44,890,262	$	44,890	$	13,916,995		$	(16,837,649	)	$	(2,875,704	)
Common stock issued for related parties for service		--			--			2,007,000		2,007		188,908			--			190,915
Common stock issued for AP- related parties		--			--			13,831,101		13,831		1,374,041			--			1,387,872
Common stock issued for AP settlement		--			--			35,715		36		4,964			--			5,000
Common stock issued for service		--			--			677,000		677		84,763			--			85,440
Common stock issued for preferred shares		(60,000	)		(60	)		1,352,529		1,354		11,717			--			13,011
Net loss		--			--			--		--		--			(203,971	)		(203,971	)
Balance at June 30, 2020		--			--			62,793,607		62,795		15,581,388			(17,041,620	)		(1,397,437	)
Preferred shares issued for cash		640,000			640			---		--		639,360			--			640,000
Preferred shares issued for debt		100,000			100			--		--		99,900			--			100,000
Common stock issued for service		--			--			728,572		728		43,423			--			44,151
Common stock issued for service-related parties		--			--			918,115		918		63,350			--			64,268
Common stock issued for convertible debt		--			--			2,677,397		1,677		147,323			--			150,000
Common stock issued for accounts payable		--			--			63,000		63		6,237			--			6,300
Net loss		--			--			--		--		--			(418,294	)		(418,294	)
Balance at September 30,2020		740,000			740			67,180,691		67,181		16,580,981			(17,495,914	)		(811,012	)
Common stock issued for service		--						245,902		246		14,754			--			15,000
Common stock issued for service- related party		--						4,784,460		4,784		219,244			--			224,028
Common stock issued for convertible debt		--						1,304,782		1,305		48,262			--			49,567
Common stock issued for conversion of preferred		(490,000	)		(490	)		17,814,319		17,814		(7,324	)		--			10,000
Net loss		--			--			--		--		--			(719,507	)		(719,507	)
Balance at December 31, 2020		250,000			250			91,330,154		91,330		16,855,917			(18,179,421	)		(1,231,924	)
Balance at March 31, 2021		54,130			54			104,834,083		104,834		17,774,023			(18,351,416	)		(472,505	)
Common stock issued to related parties		--			--			568,719		569		59,147			--			59,716
Common stock issued for service		--			--			50,000		50		5,200			--			5,250
Common stock issued for AP – related parties		--			--			307,010		307		23,025			--			23,332
Common stock issued for preferred shares		(54,130	)		(54	)		1,968,363		1,968		(1,914	)		--			--
Net loss		--			--			--		--		--			(450,076	)		(450,076	)
Balance at June 30, 2021		--			--			107,728,175		107,728		17,859,481			(18,801,492	)		(834,283	)
Net loss		--			--			--		--		--			(211,030	)		(211,030	)
Balance at September 30, 2021		--			--			107,728,175		107,728		17,859,481			(19,012,522	)		(1,045,313	)
Net income (loss)		--			--			--		--		--			597,323			597,323
Balance at December 31, 2021		--		$	--			107,728,175	$	107,728	$	17,859,481		$	(18,415,199	)	$	(447,990	)

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

5

NASCENT BIOTECH, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine Months Ended December 31,
	2021			2020
Cash flows from operating activities:
Net loss	$	(63,783	)	$	(1,341,772	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock based compensation – related parties		59,716			479,212
Stock-based compensation		5,250			144,591
(Gain) loss in fair value of derivative liability		(373,585	)		(566,220	)
Debt discount expense		287,979			178,652
Changes in operating assets and liabilities:
Accounts payable and accrued expenses		154,891			(26,294	)
Prepaid		-			(18,313	)
Due to related parties		50,335			311,598
Net cash provided by (used in) operating activities		120,803			(838,546	)
Cash flows from financing activities:
Proceeds from the sale of preferred shares for cash		-			640,000
Proceeds from convertible notes		200,000			200,000
Repayment of convertible notes		(320,500	)		-
Proceeds from notes payable		-			50,000
Net cash provided (used) by financing activities		(120,500	)		890,000
Net increase (decrease) in cash		303			51,454
Cash -beginning of year		1,434			3,218
Cash -end of period	$	1,737		$	54,672
SUPPLEMENT DISCLOSURES:
Interest paid	$	20,055		$	-
Income taxes paid	$	-		$	-
Non Cash Transactions
Common stock issued for conversion of preferred shares	$	1,968		$	23,560
Common stock issued for accrued expenses- related party	$	23,332		$	1,387,872
Common stock issued for accounts payable	$	-		$	11,300
Common stock issued for convertible debt	$	-		$	199,567
Common stock issued for notes payable	$	-		$	100,000

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

6

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 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 Phase 1 clinical stage biopharmaceutical company that focuses on biologic drug candidates that are being clinical tested for the treatment of brain and pancreatic cancer.

On March 31, 2017, the Company filed its IND submission with the United States Food and Drug Administration (FDA) for clearance to begin Phase I clinical trials. On December 7, 2018, the Company received a letter from the FDA allowing it to use a specific lot of drug substance to begin phase 1 clinical trial. On March 15, 2021, the Company opened phase one clinical trials. The trial is a dose escalation trial to determine toxicity levels of the drug with patients. As of December 31, 2021, the trials are open to the third cohort of patients with the dose escalation to 8.0mg/kg. Phase 1 of the trial will complete after the fourth cohort with dosage of 12mg/kg is completed. After its completion, the data will be submitted to the FDA for approval to commence phase 2 of the clinical trial studies.

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 nine months ended December 31, 2021 and 2020 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, 2021. 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.

Recent Accounting Pronouncements

In February 2016, the FASB issued ASU No. 2016-02, Leases. The main provisions of ASU No. 2016-02 require management to recognize lease assets and lease liabilities for all leases. ASU 2016-02 retains a distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous release’s guidance. The result of retaining a distinction between finance leases and operating leases is that under the lessee accounting model, the effect of leases in the statement of comprehensive income and the statement of cash flows is largely unchanged from previous U.S. GAAP. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements and related disclosures.

7

Basis of Presentation

The Company computes net loss per share in accordance with ASC 260, Earnings per Share, which requires presentation of both basic and diluted loss per share (“EPS”) on the face of the statement of operations. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of common shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including stock options and warrants, using the treasury stock method, convertible preferred stock, and convertible debt, using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all potentially dilutive common shares if their effect is antidilutive. As of December 31, 2021, the Company reported a net income for the quarter and the EPS was calculated on a diluted basis consisting of shares outstanding of 107,728,175, options of 930,000 and warrants of 3,700,000 for a total of 112,358,175.

We have identified the conversion features of certain of our convertible notes payable as derivatives. We estimate the fair value of the derivatives using the American Option Binomial Lattice pricing model. We estimate the fair value of the derivative liabilities at the inception of the financial instruments, at the date of conversions to equity and at each reporting date, recording a derivative liability, debt discount, and a gain or loss on change in derivative liabilities as applicable. These estimates are based on multiple inputs, including the market price of our stock, interest rates, our stock price volatility and variable conversion prices based on market prices as defined in the respective agreements. These inputs are subject to significant changes from period to period and to management's judgment; therefore, the estimated fair value of the derivative liabilities will fluctuate from period to period, and the fluctuation may be material.

Reclassification

Certain prior period amounts were reclassified to conform to the manner of presentation in the current period. The reclassifications have no effect on the net loss or stockholders deficit.

Revenue recognition 

In April 2016, the FASB issued ASU 2016–10 Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. The amendments in this Update do not change the core principle of the guidance in Topic 606. Rather, the amendments in this Update clarify the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. Topic 606 includes implementation guidance on (a) contracts with customers to transfer goods and services in exchange for consideration and (b) determining whether an entity’s promise to grant a license provides a customer with either a right to use the entity’s intellectual property (which is satisfied at a point in time) or a right to access the entity’s intellectual property (which is satisfied over time). The amendments are intended to render more detailed implementation guidance with the expectation to reduce the degree of judgement necessary to comply with Topic 606.

ASC Topic 606 prescribes a new five-step model entities should follow in order to recognize revenue in accordance with the core principle. These five steps are:

1.	Identify the contract(s) with a customer.
2.	Identify the performance obligations in the contract.
3.	Determine the transaction price.
4.	Allocate the transaction price to the performance obligations in the contract.
5.	Recognize revenue when (or as) the entity satisfied the performance obligations.

8

The Company implemented the transition using the modified retrospective method of transition. The funds are not earned on milestones that have not been reached per the contract. Based on the cut off treatment of the recognition of revenue per the milestones specific to the license agreements, the Company has determined that there are no adjustments in the value of the revenue recognized from these contracts.

The Company has one revenue stream, which is the milestone payments of the license agreement with BioRay Pharmaceutical which is not earned or billed until the milestone per the agreement is met.

Accounts receivable

Accounts receivables are carried at face value less any provisions for uncollectible amounts. Accounts receivable are receivables from a license agreement. No allowance for bad debt was considered necessary for the three and nine months ended December 31, 2021, and 2020, respectively.

Fair Value of Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents, accounts payable and accrued expenses and shareholder loans. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.

Financial assets and liabilities recorded at fair value in our condensed consolidated balance sheets are categorized based upon a fair value hierarchy established by GAAP, which prioritizes the inputs used to measure fair value into the following levels:

Level 1– Quoted market prices in active markets for identical assets or liabilities at the measurement date.

Level 2– Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable and can be corroborated by observable market data.

Level 3– Inputs reflecting management’s best estimates and assumptions of what market participants would use in pricing assets or liabilities at the measurement date. The inputs are unobservable in the market and significant to the valuation of the instruments.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

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 has a working capital deficit and has incurred losses from operations. The Company has received limited revenue through the sale of a license agreement to cover its operating costs 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.

9

NOTE 4 – RELATED PARTY TRANSACTIONS

On September 1, 2015, the Company entered five-year employment contracts with three of its officers and directors. One of the officers and director resigned as of September 30, 2020. 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 for the two active officers as of December 31, 2021:

Officer and Director	Initial Share Awards Under the Contracts		Additional Shares Earned to Maintain Ownership Percentage		Total Shares Earned
President		1,028,910		7,177,269		8,206,179
Chief Financial Officer		617,346		3,821,223		4,438,569
Total		1,646,256		10,998,492		12,644,748

On September 1, 2020, the Company entered five-year compensation agreements with two of its officers and directors. Under the terms of the agreements the Company issued shares of common stock to the officers and directors equaling 18% of the outstanding shares of the Company as additional future shares are issued. The officers and directors are entitled to additional future shares, so their aggregate ownership percentage remains at 18% of the future outstanding shares of the Company

Officer and Director	Fiscal Year Annualized Compensation Being Paid
President	$	250,000
Chief Financial Officer	$	180,000
Total	$	430,000

As of December 31, 2021, the Company accrued $150,220 due to related parties.

During the nine months ended December 31, 2020 four officers and directors were issued 7,709,575 shares of common stock with a value of $479,212 for service.

During the nine months period ended December 31, 2020 three officers of the Company converted $1,387,872 of accrued compensation into 13,831,101 shares of common stock of the Company.

During the nine month period ended December 31, 2020 the Company paid the related parties (three officers and directors) $89,000 in consulting fees in cash and accrued $193,333 of the consulting fees for a total of $282,333. In addition $14,000 in expenses were accrued for the related parties.

During the nine months ended December 31, 2021, three officers and directors were issued 568,719 shares of common stock with a value of $59,716 for service.

During the nine months period ended December 31, 2021 a director of the Company converted $23,332 of accrued compensation into 307,010 shares of common stock of the Company.

During the nine months period ended December 31, 2021, the Company issued 50,000 shares of common stock with a value of $5,250 for service.

10

During the nine months period ended December 31, 2021, 54,130 shares of preferred stock were converted into 1,968,363 shares of common stock. The conversion eliminated all outstanding convertible preferred shares.

NOTE 5 – EQUITY

Preferred

On July 25, 2019, the Company issued 110,000 shares of series A convertible preferred to one entity with a value of $110,000 for cash. Each share of series A preferred is convertible after 180 days to four shares of common stock or at the lowest of: (i) the fixed conversion price; (ii) the equitant of 70% of the lowest closing price for the 20 days prior to the conversion of the preferred shares plus 7% per annum interest.

During the nine months period ended December 31, 2020 the Company issued 740,000 shares of Series A preferred stock and 3,700,000 warrants; 640,000 for $640,000 in cash and $100,000 for debt. The stock is convertible into common stock at 10 cents per share or 50% of the lowest trading price, whichever is lower 5 days prior to conversion. The Company has the right to convert the shares nine months after the issuance. The warrants are convertible at $0.15 per share within two years of issuance. In addition the Company agreed to filing an S-1 by September 21, 2020 for the common stock to be converted and the underlying common shares for the warrants. The S-1 has not been filed.

During the nine months ended December 31, 2020 the Company issued 17,714,319 shares of common stock for the conversion of 490,000 shares of preferred stock and $8,400 in interest.

On April 1, 2021, 54,130 shares of preferred stock were converted into 1,968,363 shares of common stock. The conversion eliminated all outstanding convertible preferred shares.

Common

During the nine months ended December 31, 2020 the Company issued 98,715 shares of common stock with a value of $11,300 for settlement of accounts payable.

During the nine months ended December 31, 2020 the Company issued 1,651,474 shares of common stock with a value of $144,591 for service.

During the nine months ended December 31, 2020 the Company issued 19,166,848 shares of common stock for the conversion of 550,000 shares of preferred stock.

During the nine months ended December 31, 2020 three officers and a director were issued 7,709,575 shares of common stock with a value of $479,212 for service.

During the nine months ended December 31, 2020, the Company issued 3,982,179 shares of common stock for the conversion of $199,566 of convertible debt and fees.

During the nine months period ended December 31, 2020 three officers of the Company converted $1,387,872 of accrued compensation into 13,831,101 shares of common stock of the Company.

During the nine months ended December 31, 2021, three officers and directors were issued 568,719 shares of common stock with a value of $59,716 for service.

11

During the nine months period ended December 31, 2021, a director of the Company converted $23,332 of accrued compensation into 307,010 shares of common stock of the Company.

During the nine months ended December 31, 2021, the Company issued 50,000 shares of common stock with a value of $5,250 for service

NOTE 6– OPTIONS

As of December 31, 2021, there was no option expenses recognized by the Company and the balance of unrecognized option expense was zero. In addition 475,000 options expired for the resignation of an officer and director plus the termination of consultants holding options that were not converted in the required time period after termination.

The following sets forth the options granted and outstanding during the nine months ended December 31, 2021:

	Options			Weighted Average Exercise Price		Weighted Average Remaining Contract Life		Number of Options Exercisable			Intrinsic Value
Outstanding at March 31, 2021		1,405,000		$	0.34		4.80		1,405,000		$	--
Granted		--			--		--		--			--
Exercised
Expired		(475,000	)				--		(475,000	)		--
Outstanding at December 31, 2021		930,000		$	0.379		4.05		930,000		$	--

The weighted average remaining life and intrinsic value of the options as of December 31, 2021, was 4.05 years and zero, respectively.

NOTE 7 – WARRANTS

During the year ended March 31, 2021, the Company granted 3,700,000 warrants to four entities as part of the issuance of 740,000 Series A convertible preferred shares. The warrants expire in two years from grant date and are convertible into common stock at $0.15 per share. The warrants contain an anti-dilution clause which become effective if any instrument is issued after the warrant issuance is converted into common stock at a price lower than the warrant conversion price.

The Company used the Black Scholes Pricing model to estimate the fair value of the warrants as of grant date, using the following key inputs: market prices of the Company’s common stock at dates of grant between $0.08-0.11 per share, conversion price of $0.15, volatility of 312.5%-314.49% and discount rate of 0.14-0.16%. Based on the fair value of the common stock of $437,000 and value of the warrants of $349,605 the fair value of the warrants was calculated to be 41% of the total value or $303,000. During the year ended March 31, 2021, the valuation resulted in a deemed dividend from the down round calculation of $555,000.

12

The weighted average remaining life and intrinsic value of the warrants as of December 31, 2021, was

	Warrants		Weighted Average Exercise Price		Weighted Average Remaining Contract Life		Intrinsic Value
Outstanding at March 31, 2020		-	$	0.00		0.00	$	-
Granted		3,700,000		0.15		2.00
Exercised		-		-		-		-
Expired		-		-		-		-
Outstanding at March 31, 2021		3,700,000	$	0.04		1.35	$	-
Granted		-		-		-		-
Exercised		-		-		-		-
Expired		-		-		-		-
Outstanding as of December 31, 2021		3,700,000	$	0.04		0.60	$	-

NOTE 8 - CONVERTIBLE DEBT

On May 7, 2020, the Company issued an 8% $50,000 one year convertible note. The note is convertible into common stock at the lesser of $0.20 per share or 80% of the lowest closing bid five days prior to conversion.

On July 7, 2020, $50,000 of the one-year convertible note payable was converted into 50,000 shares of series A preferred shares.

On October 28, 2020, the Company issued a $138,000 convertible note with an OID of $10,000. The note matures on October 28, 2021 and bears interest at 10% per annum. After 180 days the note may be converted into common stock of the Company at $0.04 per share or a 30% discount to the VWAP during the 20 days prior to conversion. The initial derivative was calculated using risk free interest of .18%, volatility of 212% and expected life of .50 years. On April 20, 2021, note was paid with the principal of $138,000, accrued interest of $6,805 and financing costs of $41,400.

On November 11, 2020, the Company issued a $82,500 convertible note with an OID of $7,500. The note matures on October 28,2021 with a fixed interest of 10%. After 180 days the note may be converted into common stock of the Company at a 35% discount to the lowest trading price during the 20 days prior to conversion. On April 22, 2021, the note was paid consisting of principal of $82,500, accrued interest of $8,250 and finance costs of $24,750.

On February 16, 2021, the Company issued a $100,000 convertible note with an OID of $5,000. The note matures on February 16, 2022, and bears fixed interest of 10%. After 180 days the note may be converted into common stock of the Company at a 30% discount to the lowest trading price during the 15 days prior to conversion. The initial derivative was calculated using risk free interest of .18%, volatility of 213% and expected life of 1.00 years. On August 16, 2021, the note was paid consisting of principal of $100,000, accrued interest of $5,000 and financing costs off $35,000.

On August 10, 2021, the Company issued a $200,000 convertible note. The note matures on February 10, 2022, and bears fixed interest of 10%. Within 180 days of issuance the note may be repaid at an escalating premium up to 125% of the face value of the note. After 180 days the note may be converted into common stock of the Company at $0.06 per share or a 25% discount to the lowest trading price during the 10 days prior to conversion. The initial derivative was calculated using risk free interest of .05%, volatility of 132% and expected life of 0.50 years. As of December 31, 2021 the derivative was calculated using risk free interest of 0.05%, volatility of 153% and expected life of .11. The outstanding balance due as of December 31, 2021 was $200,000 principal and interest accrued of $7,671.

13

NOTE 9 - FAIR VALUE MEASUREMENTS AND DERIVATIVE LIABILITIES

As defined in (Financial Accounting Standards Board ASC 820), fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilized the market data of similar entities in its industry or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. FASB ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).

The three levels of the fair value hierarchy are as follows:

Level – 1	Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities, and listed equities.
Level – 2	Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date and includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category generally include non-exchange-traded derivatives such as commodity swaps, interest rate swaps, options, and collars.
Level – 3	Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value

As of December 31, 2021, the Company believes the amounts reported for cash, payables, accrued liabilities and amounts due to related parties approximate their fair values due to the nature or duration of these instruments.

The following table represents the change in the fair value of the derivative liabilities during the nine months ended December 31 2021: 

	Level 1		Level 2		Level 3
Fair value of derivative liability as of March 31, 2021	$	-	$	-	$	302,156
Additions at fair value						166,667
Change in fair value of the derivative		-		-		(373,585	)
Balance at December 31, 2021	$	-	$	-	$	95,238

The estimated fair value of the derivative liabilities at December 31, 2021 was calculated using the Binomial Lattice pricing model with the following assumptions:

Risk-free interest rate	.05	%
Expected life in years	0.11
Dividend yield	0	%
Expected volatility	153.00	%

14

 NOTE 10 –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.

On June 29, 2021, the Company paid $25,000 of the outstanding balance. As of December 31, 2021, $299,960 was due for the annual maintenance fee, first patient dosage of phase 1 plus interest.

On March 9, 2020, the Board of Directors of the Company adopted an expense bonus program. Under the program, if an acquisition, merger or change in control is affected, 10% of the value of the transaction will be allocated to pay the expenses of the transaction including but not limited to legal, accounting, transfer fees and other miscellaneous expense. The balance of the fund after expenses will be allocated 20% to directors and 80% to officers and employees of the Company as allocated by the Chief Executive Officer and approved by the Board of Directors.

NOTE 11- LICENSE AGREEMENT

On March 31, 2021, the Company issued a license agreement for US $5,000,000 to BioRay Pharmaceutical Co, LTD, licensing Pritumumab internationally with the exclusion of North and Central America and the Caribbean Islands. Under the terms of the agreement the Company receives $250,000 upon signing of the agreement plus $750,000 with the start of the phase 1 clinical trials, which started in March 2021. In addition, the Company will receive $750,000 upon the enrollment of the 12th patient or the escalation to cohort 3 dosage level of 8.0 mg/kg, whichever is achieved first. Further payment of $2,500,000 will be received when the FDA approves the phase 2 clinical trials and $750,000 when the phase 2 clinical trials begin. Upon commercialization by the Licensee, the Company will receive a 9% royalty on net sales for 20 years. As of December 17, 2021 the Company had completed cohort 2 and escalated to cohort 3 at which milestone invoiced the licensee for the $750,000 payment.

NOTE 12 - SUBSEQUENT EVENTS

On February 9, 2022 the Company received the second milestone license payment of $750,000,

The Company has evaluated subsequent events to determine events occurring after December 31, 2021, through February 14, 2022 that would have a material impact on the Company’s financial results or require disclosure and have determined none exist other than those noted above in this footnote.

15

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 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 phase 1 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 is developing for the treatment of brain cancer and pancreatic cancer both of which we hold orphan drug status granted by the FDA.

In addition, Nascent is in collaboration with an academic partner, to assess the potential for pritumumab to be involved as both a treatment and a vaccine for the SARS-CoV-2 virus (responsible for COVID-19).

Overview

The Company is focused on developing pritumumab for the treatment of patients with brain cancer malignancies such as gliomas and astrocytomas. 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).

On March 31, 2017, the Company filed its IND submission with the United States Food and Drug Administration (FDA) for clearance to begin Phase I clinical trials. On December 7, 2018, the Company received a letter from the FDA allowing it to use a specific lot of drug substance to begin phase 1 clinical trial. The Company has commenced human clinical trials with a major oncology hospital for brain cancer, both primary and metastatic. As of December 17, 2021, the Company completed the second cohort of patients in the dose escalation trial for determining toxicity of the drug and opened cohort 3 enrollment for the phase 1 dose escalation trial.

In May of 2020, Nascent announced a research collaboration to study, both in vitro and in vivo (mouse models), the ability of pritumumab to block the SARS-Cov-2 virus from infecting cells. This notion has been raised by a published article in the scientific literature (Yu et al. Journal of Biomedical Science (2016) 23:14 DOI 10.1186/s12929-016-0234-7), which specifically mentioned cell surface vimentin (the protein to which pritumumab binds selectively) as a potential target in the treatment of conditions related to coronaviruses. These preliminary studies are on-going. Further, in May of 2020, Nascent announced a joint collaboration with Manhattan BioSolutions, Inc (NY, NY) to employ Manhattan’s platform, based on the recombinant Mycobacterium bovis Bacillus Calmette-Guerin (BCG) vaccine, but engineered to target SARS-CoV-2. BCG is a live non-pathogenic bacterium that stimulates diverse innate and adaptive immune responses and is well-known for its long safety track record as a tuberculosis vaccine. Thus, with these collaborations, Nascent is investigating the potential utility of pritumumab as both a treatment for COVID-19 and a preventive vaccine for COVID-19.

16

Results of Operations

The Company recorded revenue of $1,000,000 during the three and nine month periods ended December 31, 2021 and zero revenue for the three and nine months periods ended December 31, 2020. The revenue was from payments due at specific milestones per the license agreement.

Operating income (loss) for the three and nine month periods ended December 31, 2021 was net income of $630,975 and net loss of $42,072 compared to net losses of $554,937 and $1,667,290 for the same periods in 2020. Expenses decreased for the three and nine months ended December 31, 2021 over the same period in 2020 due primarily to an annual license fee and dosing fees of $150,000 and higher consulting costs for the same periods in 2020 over 2021. Consulting expense for the three and nine months periods ending December 31, 2021 was $108,000 and $388,813 compared to $409,111 and $1,129,846 for the same period in 2020. Research and development expense of $190,487 and $343,398 for the three and nine months periods ending December 31, 2021 were incurred compared to $53,903 and $277,338 in the same periods in 2020. Research and development, increases in the periods ended December 31, 2021 over 2020 were due to the phase 1 clinical trials beginning in 2021.

Total other income and expense incurred in the three and nine month periods ended December 31, 2021 was expense of $33,652 and $21,712, compared to other expense of $164,570 and other income of $325,518 in the same periodn 2020. Other expense in 2021 consisted of a gain on the change of fair value of $373,585 offset by interest expense of $97,491 discount interest of $201,665 and finance costs of $101,150 plus a gain on debt settlement of $5,000 from settling payments of accounts payable.

For the three and nine month periods ended December 31, 2021, the Company had net income was $597,323 for the three months and a net loss for the nine months of $63,783, compared to net losses of $719,507 and $1,341,772 for the same periods in 2020. The lower net loss for the nine months ended December 31, 2021 compared to the same period in 2020 was due to the license fee income of $1,000,000 in 2021.

Liquidity and Capital Resources

The Company’s liquidity and capital is dependent on the capital it can raise to continue the Company’s testing and clinical trials of its product. The Company projects it must raise approximately $10-15 million to complete its 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 December 31, 2021, the Company had negative working capital of $447,990. Current assets consist of cash of $1,737 and accounts receivable of $750,000 with current liabilities $1,199,727 consisting of accounts payable of $788,834, convertible notes, net of discount of $165,435 plus derivative liability of $95,238 and due related parties of $150,220. 

17

Net cash provided (used) by operating activities in the nine months period ended December 31, 2021 was net cash used $120,803 compared to net cash provided of $838,546 in the same period in 2020. The variance between the same periods in 2021 and 2020 was due primarily to a loss of $1,341,772 for the nine months ended December 31,2020 compared to a net loss of $63,783 during the same period in 20201. Other significant impacts on the difference between 2021 and 2020 included stock based compensation of $623,803 during the nine months ended December 31, 2020 compared to $66,966 during the same period in 2021, gain on fair value of $566,220 in 2020 compared to a gain of fair value of $373,585 in 2021, a decrease in due related parties from $311,598 in 2020 to $50,335 in 2021 and an change of accounts payable and accrued expense to $135,055 in 2021 compared to a reduction of $60,650 in accounts payable and accrued expenses in 2020.

Net cash used in financing activities for the nine months period ended December 31, 2021 was $120,500 compared to net cash provided by financing activities of $890,000 in the same period in 2020. Cash used was a function of the repayment of three convertible notes totaling $320,500 in the nine months period ended December 31, 2021 offset by proceed from a convertible note of $200,000.

As of December 31, 2021, the Company had total assets of $751,737 and total liabilities of $1,199,727. Stockholders’ deficit as of December 31, 2021 was $447,990. This compares to a stockholders’ deficit of $472,505 as of March 31, 2021. Liabilities decrease in 2in the nine months periods ended December 31, 2021021 was due to the lower derivative liability offset by an increase in accounts payable and accrued expense.

NEED FOR ADDITIONAL FINANCING:

Our current capital needs are estimated to be approximately $10-15 million. This will take us through Phase II clinical trials which is scheduled to begin in mid-year 2022 subject to the completion of phase 1 and FDA approval to proceed to phase 2.

Off-Balance Sheet Arrangements

We had no off-balance sheet arrangements or guarantees of third party obligations as of December 31, 2021.

Inflation

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

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 December 31, 2021, 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 December 31, 2021 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 nine months ended December 31, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

18

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: UNREGISERED SALES OF EQUITY AND USE OF PROCEEDS.

During the nine months ended December 31, 2021, three officers and directors were issued 568,719 shares of common stock with a value of $59,716 for service.

During the nine months period ended December 31, 2021, a director of the Company converted $23,332 of accrued compensation into 307,010 shares of common stock of the Company.

During the nine months period ended December 31, 2021, the Company issued 50,000 shares of common stock with a value of $5,250 for service.

During the nine months period ended December 31, 2021, 54,130 shares of preferred stock were converted into 1,968,363 shares of common stock. The conversion eliminated all outstanding convertible preferred shares.

ITEM 3: DEFAULT ON SENIOR SECURITIES

None

ITEM 4: MINE SAFETY INFORMATION

None

ITEM 5: OTHER INFORMATION

None.

19

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 Principal Financial Officer 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 Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).

20

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: February 14, 2022	By:	/s/ Sean Carrick
		Sean Carrick
		Principal Executive Officer

21

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 December 31, 2021;
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: February 14, 2022

/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 December 31, 2021;
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: February 14, 2022

/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 December 31, 2021, 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: February 14, 2022

/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 December 31, 2021 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: February 14, 2022

/s/ Lowell Holden

Lowell Holden

Chief Financial Officer

(Principal Financial Officer

& Principal Accounting Officer)

XML

Cover - shares	9 Months Ended
	Dec. 31, 2021	Feb. 14, 2022
Cover [Abstract]
Entity Registrant Name	NASCENT BIOTECH INC
Entity Central Index Key	0001622057
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Dec. 31, 2021
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Entity Common Stock Shares Outstanding		107,728,175
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-55299
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	46-5001940
Entity Address Address Line 1	623 17th Street Suite 4
Entity Address City Or Town	Vero Beach
Entity Address State Or Province	FL
Entity Address Postal Zip Code	32960
City Area Code	612
Local Phone Number	961-5656
Entity Interactive Data Current	Yes

XML

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2021	Mar. 31, 2021
Current assets
Cash	$ 1,737	$ 1,435
Accounts receivable	750,000	750,000
Total current assets	751,737	751,435
Total assets	751,737	751,435
Current liabilities
Accounts payable and accrued liabilities	788,834	636,831
Convertible note net of discount	165,435	161,736
Derivative liability	95,238	302,156
Due to related parties	150,220	123,217
Total current liabilities	1,199,727	1,223,940
Total liabilities	1,199,727	1,223,940
Commitments and contingencies	0	0
Stockholders deficit
Preferred stock, 0.001 par value, 50,000,000 authorized, none and 54,130 issued and outstanding, respectively	0	54
Common stock, 0.001 par value; 500,000,000 authorized, 107,728,175 and 104,834,083 issued and outstanding, respectively	107,728	104,834
Additional paidin capital	17,859,481	17,774,023
Accumulated deficit	(18,415,199)	(18,351,416)
Total stockholders deficit	(447,990)	(472,505)
Total liabilities and stockholder deficit	$ 751,737	$ 751,435

XML

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Mar. 31, 2021
Stockholders deficit
Preferred stock shares par value	$ 0.001	$ 0.001
Preferred stock shares authorized	50,000,000	50,000,000
Preferred stock shares issued	0	54,130
Preferred stock shares outstanding	0	54,130
Common stock shares par value	$ 0.001	$ 0.001
Common stock shares authorized	500,000,000	500,000,000
Common stock shares issued	107,728,175	104,834,083
Common stock shares outstanding	107,728,175	104,834,083

XML

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
License fee income	$ 1,000,000	$ 0	$ 1,000,000	$ 0
Operating expenses
Consulting	108,000	409,111	388,813	1,129,846
General and administrative expense	70,538	91,923	309,861	260,106
Research and development	190,487	53,903	343,398	277,338
Income (loss) from operations	630,975	(554,937)	(42,072)	(1,667,290)
Other income (expense)
Interest income	0	1	10	4
Change in fair value of derivative liability	57,703	(73,810)	373,585	566,220
Gain on debt settlement	0	0	5,000	0
Financing costs	0	(31,356)	(101,150)	(34,356)
Debt discount interest	(86,314)	(4,423)	(287,979)	(4,423)
Interest expense	(5,041)	(54,981)	(11,177)	(201,927)
Total other income (expense)	(33,652)	(164,570)	(21,711)	325,518
Net income (loss)	$ 597,323	$ (719,507)	$ (63,783)	$ (1,341,772)
Net loss per share basic	$ 0.01	$ (0.01)	$ (0.00)	$ (0.02)
Net loss per share dilutive	$ 0.01	$ (0.01)	$ (0.00)	$ (0.02)
Weighted average number of shares outstanding basic	107,728,175	76,566,884	107,471,003	64,027,487
Weighted average number of shares outstanding dilutive	112,358,175	76,566,884	107,471,003	64,027,487

XML

CONSOLIDATED STATEMENTS OF STOCKHOLDERS DEFICIT (Unaudited) - USD ($)	Total	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Balance shares at Mar. 31, 2020		60,000	44,890,262
Balance amount at Mar. 31, 2020	$ (2,875,704)	$ 60	$ 44,890	$ 13,916,995	$ (16,837,649)
Common stock issued for related parties for service shares			2,007,000
Common stock issued for related parties for service amount	190,915		$ 2,007	188,908
Common stock issued for AP related parties shares			13,831,101
Common stock issued for AP related parties amount	1,387,872		$ 13,831	1,374,041
Common stock issued for AP settlement shares			35,715
Common stock issued for AP settlement amount	5,000		$ 36	4,964
Common stock issued for service shares			677,000
Common stock issued for service amount	85,440		$ 677	84,763
Common stock issued for preferred shares shares		(60,000)	1,352,529
Common stock issued for preferred shares amount	13,011	$ (60)	$ 1,354	11,717
Net loss	(203,971)				(203,971)
Balance shares at Jun. 30, 2020			62,793,607
Balance amount at Jun. 30, 2020	(1,397,437)		$ 62,795	15,581,388	(17,041,620)
Balance shares at Mar. 31, 2020		60,000	44,890,262
Balance amount at Mar. 31, 2020	(2,875,704)	$ 60	$ 44,890	13,916,995	(16,837,649)
Common stock issued for service amount	144,591
Net loss	(1,341,772)
Balance shares at Dec. 31, 2020		250,000	91,330,154
Balance amount at Dec. 31, 2020	(1,231,924)	$ 250	$ 91,330	16,855,917	(18,179,421)
Balance shares at Jun. 30, 2020			62,793,607
Balance amount at Jun. 30, 2020	(1,397,437)		$ 62,795	15,581,388	(17,041,620)
Common stock issued for service shares			728,572
Common stock issued for service amount	44,151		$ 728	43,423
Net loss	(418,294)				(418,294)
Preferred shares issued for cash shares		640,000
Preferred shares issued for cash amount	640,000	$ 640		639,360
Preferred shares issued for debt shares		100,000
Preferred shares issued for debt amount	100,000	$ 100		99,900
Common stock issued for servicerelated parties shares			918,115
Common stock issued for servicerelated parties amount	64,268		$ 918	63,350
Common stock issued for convertible debt shares			2,677,397
Common stock issued for convertible debt amount	150,000		$ 1,677	147,323
Common stock issued for accounts payable shares			63,000
Common stock issued for accounts payable amount	6,300		$ 63	6,237
Balance shares at Sep. 30, 2020		740,000	67,180,691
Balance amount at Sep. 30, 2020	(811,012)	$ 740	$ 67,181	16,580,981	(17,495,914)
Common stock issued for related parties for service shares			4,784,460
Common stock issued for related parties for service amount	224,028		$ 4,784	219,244
Common stock issued for service shares			245,902
Common stock issued for service amount	15,000		$ 246	14,754
Net loss	(719,507)				(719,507)
Common stock issued for convertible debt shares			1,304,782
Common stock issued for convertible debt amount	49,567		$ 1,305	48,262
Common stock issued for conversion of preferred shares		(490,000)	17,814,319
Common stock issued for conversion of preferred amount	10,000	$ (490)	$ 17,814	(7,324)
Balance shares at Dec. 31, 2020		250,000	91,330,154
Balance amount at Dec. 31, 2020	(1,231,924)	$ 250	$ 91,330	16,855,917	(18,179,421)
Balance shares at Mar. 31, 2021		54,130	104,834,083
Balance amount at Mar. 31, 2021	(472,505)	$ 54	$ 104,834	17,774,023	(18,351,416)
Common stock issued for AP related parties shares			307,010
Common stock issued for service shares			50,000
Common stock issued for service amount	5,250		$ 50	5,200
Common stock issued for preferred shares shares		(54,130)	1,968,363
Common stock issued for preferred shares amount		$ (54)	$ 1,968	(1,914)
Net loss	(450,076)				(450,076)
Common stock issued to related parties shares			568,719
Common stock issued to related parties amount	59,716		$ 569	59,147
Common stock issued for AP related parties amount	23,332		$ 307	23,025
Balance shares at Jun. 30, 2021			107,728,175
Balance amount at Jun. 30, 2021	(834,283)		$ 107,728	17,859,481	(18,801,492)
Balance shares at Mar. 31, 2021		54,130	104,834,083
Balance amount at Mar. 31, 2021	(472,505)	$ 54	$ 104,834	17,774,023	(18,351,416)
Common stock issued for service amount	5,250
Net loss	(63,783)
Balance shares at Dec. 31, 2021			107,728,175
Balance amount at Dec. 31, 2021	(447,990)		$ 107,728	17,859,481	(18,415,199)
Balance shares at Jun. 30, 2021			107,728,175
Balance amount at Jun. 30, 2021	(834,283)		$ 107,728	17,859,481	(18,801,492)
Net loss	(211,030)				(211,030)
Balance shares at Sep. 30, 2021			107,728,175
Balance amount at Sep. 30, 2021	(1,045,313)		$ 107,728	17,859,481	(19,012,522)
Net loss	597,323				597,323
Balance shares at Dec. 31, 2021			107,728,175
Balance amount at Dec. 31, 2021	$ (447,990)		$ 107,728	$ 17,859,481	$ (18,415,199)

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net loss	$ (63,783)	$ (1,341,772)
Adjustments to reconcile net loss to net cash used in operating activities
Stock based compensation related parties	59,716	479,212
Stock-based compensation	5,250	144,591
(Gain) loss in fair value of derivative liability	(373,585)	(566,220)
Debt discount expense	287,979	178,652
Changes in operating assets and liabilities
Accounts payable and accrued expenses	154,891	(26,294)
Prepaid	0	(18,313)
Due to related parties	50,335	311,598
Net cash provided by (used in) operating activities	120,803	(838,546)
Cash flows from financing activities
Proceeds from the sale of preferred shares for cash	0	640,000
Proceeds from convertible notes	200,000	200,000
Repayment of convertible notes	(320,500)	0
Proceeds from notes payable	0	50,000
Net cash provided (used) by financing activities	(120,500)	890,000
Net increase (decrease) in cash	303	51,454
Cash beginning of year	1,434	3,218
Cash end of period	1,737	54,672
SUPPLEMENT DISCLOSURES
Interest paid	20,055	0
Income taxes paid	0	0
Non Cash Transactions
Common stock issued for conversion of preferred shares	1,968	23,560
Common stock issued for accrued expenses related party	23,332	1,387,872
Common stock issued for accounts payable	0	11,300
Common stock issued for convertible debt	0	199,567
Common stock issued for notes payable	$ 0	$ 100,000

XML

ORGANIZATION AND NATURE OF OPERATIONS

9 Months Ended

Dec. 31, 2021

ORGANIZATION AND NATURE OF OPERATIONS

ORGANIZATION AND NATURE OF OPERATIONS

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 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 Phase 1 clinical stage biopharmaceutical company that focuses on biologic drug candidates that are being clinical tested for the treatment of brain and pancreatic cancer.

On March 31, 2017, the Company filed its IND submission with the United States Food and Drug Administration (FDA) for clearance to begin Phase I clinical trials. On December 7, 2018, the Company received a letter from the FDA allowing it to use a specific lot of drug substance to begin phase 1 clinical trial. On March 15, 2021, the Company opened phase one clinical trials. The trial is a dose escalation trial to determine toxicity levels of the drug with patients. As of December 31, 2021, the trials are open to the third cohort of patients with the dose escalation to 8.0mg/kg. Phase 1 of the trial will complete after the fourth cohort with dosage of 12mg/kg is completed. After its completion, the data will be submitted to the FDA for approval to commence phase 2 of the clinical trial studies.

XML

BASIS OF PRESENTATION

9 Months Ended

Dec. 31, 2021

BASIS OF PRESENTATION

BASIS OF PRESENTATION

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 nine months ended December 31, 2021 and 2020 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, 2021. 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.

Recent Accounting Pronouncements

In February 2016, the FASB issued ASU No. 2016-02, Leases. The main provisions of ASU No. 2016-02 require management to recognize lease assets and lease liabilities for all leases. ASU 2016-02 retains a distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous release’s guidance. The result of retaining a distinction between finance leases and operating leases is that under the lessee accounting model, the effect of leases in the statement of comprehensive income and the statement of cash flows is largely unchanged from previous U.S. GAAP. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements and related disclosures.

Basis of Presentation

The Company computes net loss per share in accordance with ASC 260, Earnings per Share, which requires presentation of both basic and diluted loss per share (“EPS”) on the face of the statement of operations. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of common shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including stock options and warrants, using the treasury stock method, convertible preferred stock, and convertible debt, using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all potentially dilutive common shares if their effect is antidilutive. As of December 31, 2021, the Company reported a net income for the quarter and the EPS was calculated on a diluted basis consisting of shares outstanding of 107,728,175, options of 930,000 and warrants of 3,700,000 for a total of 112,358,175.

We have identified the conversion features of certain of our convertible notes payable as derivatives. We estimate the fair value of the derivatives using the American Option Binomial Lattice pricing model. We estimate the fair value of the derivative liabilities at the inception of the financial instruments, at the date of conversions to equity and at each reporting date, recording a derivative liability, debt discount, and a gain or loss on change in derivative liabilities as applicable. These estimates are based on multiple inputs, including the market price of our stock, interest rates, our stock price volatility and variable conversion prices based on market prices as defined in the respective agreements. These inputs are subject to significant changes from period to period and to management's judgment; therefore, the estimated fair value of the derivative liabilities will fluctuate from period to period, and the fluctuation may be material.

Reclassification

Certain prior period amounts were reclassified to conform to the manner of presentation in the current period. The reclassifications have no effect on the net loss or stockholders deficit.

Revenue recognition 

In April 2016, the FASB issued ASU 2016–10 Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. The amendments in this Update do not change the core principle of the guidance in Topic 606. Rather, the amendments in this Update clarify the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. Topic 606 includes implementation guidance on (a) contracts with customers to transfer goods and services in exchange for consideration and (b) determining whether an entity’s promise to grant a license provides a customer with either a right to use the entity’s intellectual property (which is satisfied at a point in time) or a right to access the entity’s intellectual property (which is satisfied over time). The amendments are intended to render more detailed implementation guidance with the expectation to reduce the degree of judgement necessary to comply with Topic 606.

ASC Topic 606 prescribes a new five-step model entities should follow in order to recognize revenue in accordance with the core principle. These five steps are:

1.	Identify the contract(s) with a customer.
2.	Identify the performance obligations in the contract.
3.	Determine the transaction price.
4.	Allocate the transaction price to the performance obligations in the contract.
5.	Recognize revenue when (or as) the entity satisfied the performance obligations.

The Company implemented the transition using the modified retrospective method of transition. The funds are not earned on milestones that have not been reached per the contract. Based on the cut off treatment of the recognition of revenue per the milestones specific to the license agreements, the Company has determined that there are no adjustments in the value of the revenue recognized from these contracts.

The Company has one revenue stream, which is the milestone payments of the license agreement with BioRay Pharmaceutical which is not earned or billed until the milestone per the agreement is met.

Accounts receivable

Accounts receivables are carried at face value less any provisions for uncollectible amounts. Accounts receivable are receivables from a license agreement. No allowance for bad debt was considered necessary for the three and nine months ended December 31, 2021, and 2020, respectively.

Fair Value of Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents, accounts payable and accrued expenses and shareholder loans. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.

Financial assets and liabilities recorded at fair value in our condensed consolidated balance sheets are categorized based upon a fair value hierarchy established by GAAP, which prioritizes the inputs used to measure fair value into the following levels:

Level 1– Quoted market prices in active markets for identical assets or liabilities at the measurement date.

Level 2– Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable and can be corroborated by observable market data.

Level 3– Inputs reflecting management’s best estimates and assumptions of what market participants would use in pricing assets or liabilities at the measurement date. The inputs are unobservable in the market and significant to the valuation of the instruments.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

XML

GOING CONCERN

9 Months Ended

Dec. 31, 2021

GOING CONCERN

NOTE 3 - GOING CONCERN

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 has a working capital deficit and has incurred losses from operations. The Company has received limited revenue through the sale of a license agreement to cover its operating costs 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.

XML

RELATED PARTY TRANSACTIONS

9 Months Ended

Dec. 31, 2021

GOING CONCERN

RELATED PARTY TRANSACTIONS

NOTE 4 – RELATED PARTY TRANSACTIONS

On September 1, 2015, the Company entered five-year employment contracts with three of its officers and directors. One of the officers and director resigned as of September 30, 2020. 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 for the two active officers as of December 31, 2021:

Officer and Director	Initial Share Awards Under the Contracts		Additional Shares Earned to Maintain Ownership Percentage		Total Shares Earned
President		1,028,910		7,177,269		8,206,179
Chief Financial Officer		617,346		3,821,223		4,438,569
Total		1,646,256		10,998,492		12,644,748

On September 1, 2020, the Company entered five-year compensation agreements with two of its officers and directors. Under the terms of the agreements the Company issued shares of common stock to the officers and directors equaling 18% of the outstanding shares of the Company as additional future shares are issued. The officers and directors are entitled to additional future shares, so their aggregate ownership percentage remains at 18% of the future outstanding shares of the Company

Officer and Director	Fiscal Year Annualized Compensation Being Paid
President	$	250,000
Chief Financial Officer	$	180,000
Total	$	430,000

As of December 31, 2021, the Company accrued $150,220 due to related parties.

During the nine months ended December 31, 2020 four officers and directors were issued 7,709,575 shares of common stock with a value of $479,212 for service.

During the nine months period ended December 31, 2020 three officers of the Company converted $1,387,872 of accrued compensation into 13,831,101 shares of common stock of the Company.

During the nine month period ended December 31, 2020 the Company paid the related parties (three officers and directors) $89,000 in consulting fees in cash and accrued $193,333 of the consulting fees for a total of $282,333. In addition $14,000 in expenses were accrued for the related parties.

During the nine months ended December 31, 2021, three officers and directors were issued 568,719 shares of common stock with a value of $59,716 for service.

During the nine months period ended December 31, 2021 a director of the Company converted $23,332 of accrued compensation into 307,010 shares of common stock of the Company.

During the nine months period ended December 31, 2021, the Company issued 50,000 shares of common stock with a value of $5,250 for service.

During the nine months period ended December 31, 2021, 54,130 shares of preferred stock were converted into 1,968,363 shares of common stock. The conversion eliminated all outstanding convertible preferred shares.

XML

EQUITY

9 Months Ended

Dec. 31, 2021

EQUITY

EQUITY

NOTE 5 – EQUITY

Preferred

On July 25, 2019, the Company issued 110,000 shares of series A convertible preferred to one entity with a value of $110,000 for cash. Each share of series A preferred is convertible after 180 days to four shares of common stock or at the lowest of: (i) the fixed conversion price; (ii) the equitant of 70% of the lowest closing price for the 20 days prior to the conversion of the preferred shares plus 7% per annum interest.

During the nine months period ended December 31, 2020 the Company issued 740,000 shares of Series A preferred stock and 3,700,000 warrants; 640,000 for $640,000 in cash and $100,000 for debt. The stock is convertible into common stock at 10 cents per share or 50% of the lowest trading price, whichever is lower 5 days prior to conversion. The Company has the right to convert the shares nine months after the issuance. The warrants are convertible at $0.15 per share within two years of issuance. In addition the Company agreed to filing an S-1 by September 21, 2020 for the common stock to be converted and the underlying common shares for the warrants. The S-1 has not been filed.

During the nine months ended December 31, 2020 the Company issued 17,714,319 shares of common stock for the conversion of 490,000 shares of preferred stock and $8,400 in interest.

On April 1, 2021, 54,130 shares of preferred stock were converted into 1,968,363 shares of common stock. The conversion eliminated all outstanding convertible preferred shares.

Common

During the nine months ended December 31, 2020 the Company issued 98,715 shares of common stock with a value of $11,300 for settlement of accounts payable.

During the nine months ended December 31, 2020 the Company issued 1,651,474 shares of common stock with a value of $144,591 for service.

During the nine months ended December 31, 2020 the Company issued 19,166,848 shares of common stock for the conversion of 550,000 shares of preferred stock.

During the nine months ended December 31, 2020 three officers and a director were issued 7,709,575 shares of common stock with a value of $479,212 for service.

During the nine months ended December 31, 2020, the Company issued 3,982,179 shares of common stock for the conversion of $199,566 of convertible debt and fees.

During the nine months period ended December 31, 2020 three officers of the Company converted $1,387,872 of accrued compensation into 13,831,101 shares of common stock of the Company.

During the nine months ended December 31, 2021, three officers and directors were issued 568,719 shares of common stock with a value of $59,716 for service.

During the nine months period ended December 31, 2021, a director of the Company converted $23,332 of accrued compensation into 307,010 shares of common stock of the Company.

During the nine months ended December 31, 2021, the Company issued 50,000 shares of common stock with a value of $5,250 for service

XML

OPTIONS

9 Months Ended

Dec. 31, 2021

OPTIONS

OPTIONS

NOTE 6– OPTIONS

As of December 31, 2021, there was no option expenses recognized by the Company and the balance of unrecognized option expense was zero. In addition 475,000 options expired for the resignation of an officer and director plus the termination of consultants holding options that were not converted in the required time period after termination.

The following sets forth the options granted and outstanding during the nine months ended December 31, 2021:

	Options			Weighted Average Exercise Price		Weighted Average Remaining Contract Life		Number of Options Exercisable			Intrinsic Value
Outstanding at March 31, 2021		1,405,000		$	0.34		4.80		1,405,000		$	--
Granted		--			--		--		--			--
Exercised
Expired		(475,000	)				--		(475,000	)		--
Outstanding at December 31, 2021		930,000		$	0.379		4.05		930,000		$	--

The weighted average remaining life and intrinsic value of the options as of December 31, 2021, was 4.05 years and zero, respectively.

XML

WARRANTS

9 Months Ended

Dec. 31, 2021

WARRANTS

WARRANTS

NOTE 7 – WARRANTS

During the year ended March 31, 2021, the Company granted 3,700,000 warrants to four entities as part of the issuance of 740,000 Series A convertible preferred shares. The warrants expire in two years from grant date and are convertible into common stock at $0.15 per share. The warrants contain an anti-dilution clause which become effective if any instrument is issued after the warrant issuance is converted into common stock at a price lower than the warrant conversion price.

The Company used the Black Scholes Pricing model to estimate the fair value of the warrants as of grant date, using the following key inputs: market prices of the Company’s common stock at dates of grant between $0.08-0.11 per share, conversion price of $0.15, volatility of 312.5%-314.49% and discount rate of 0.14-0.16%. Based on the fair value of the common stock of $437,000 and value of the warrants of $349,605 the fair value of the warrants was calculated to be 41% of the total value or $303,000. During the year ended March 31, 2021, the valuation resulted in a deemed dividend from the down round calculation of $555,000.

The weighted average remaining life and intrinsic value of the warrants as of December 31, 2021, was

	Warrants		Weighted Average Exercise Price		Weighted Average Remaining Contract Life		Intrinsic Value
Outstanding at March 31, 2020		-	$	0.00		0.00	$	-
Granted		3,700,000		0.15		2.00
Exercised		-		-		-		-
Expired		-		-		-		-
Outstanding at March 31, 2021		3,700,000	$	0.04		1.35	$	-
Granted		-		-		-		-
Exercised		-		-		-		-
Expired		-		-		-		-
Outstanding as of December 31, 2021		3,700,000	$	0.04		0.60	$	-

XML

CONVERTIBLE DEBT

9 Months Ended

Dec. 31, 2021

CONVERTIBLE DEBT

CONVERTIBLE DEBT

NOTE 8 - CONVERTIBLE DEBT

On May 7, 2020, the Company issued an 8% $50,000 one year convertible note. The note is convertible into common stock at the lesser of $0.20 per share or 80% of the lowest closing bid five days prior to conversion.

On July 7, 2020, $50,000 of the one-year convertible note payable was converted into 50,000 shares of series A preferred shares.

On October 28, 2020, the Company issued a $138,000 convertible note with an OID of $10,000. The note matures on October 28, 2021 and bears interest at 10% per annum. After 180 days the note may be converted into common stock of the Company at $0.04 per share or a 30% discount to the VWAP during the 20 days prior to conversion. The initial derivative was calculated using risk free interest of .18%, volatility of 212% and expected life of .50 years. On April 20, 2021, note was paid with the principal of $138,000, accrued interest of $6,805 and financing costs of $41,400.

On November 11, 2020, the Company issued a $82,500 convertible note with an OID of $7,500. The note matures on October 28,2021 with a fixed interest of 10%. After 180 days the note may be converted into common stock of the Company at a 35% discount to the lowest trading price during the 20 days prior to conversion. On April 22, 2021, the note was paid consisting of principal of $82,500, accrued interest of $8,250 and finance costs of $24,750.

On February 16, 2021, the Company issued a $100,000 convertible note with an OID of $5,000. The note matures on February 16, 2022, and bears fixed interest of 10%. After 180 days the note may be converted into common stock of the Company at a 30% discount to the lowest trading price during the 15 days prior to conversion. The initial derivative was calculated using risk free interest of .18%, volatility of 213% and expected life of 1.00 years. On August 16, 2021, the note was paid consisting of principal of $100,000, accrued interest of $5,000 and financing costs off $35,000.

On August 10, 2021, the Company issued a $200,000 convertible note. The note matures on February 10, 2022, and bears fixed interest of 10%. Within 180 days of issuance the note may be repaid at an escalating premium up to 125% of the face value of the note. After 180 days the note may be converted into common stock of the Company at $0.06 per share or a 25% discount to the lowest trading price during the 10 days prior to conversion. The initial derivative was calculated using risk free interest of .05%, volatility of 132% and expected life of 0.50 years. As of December 31, 2021 the derivative was calculated using risk free interest of 0.05%, volatility of 153% and expected life of .11. The outstanding balance due as of December 31, 2021 was $200,000 principal and interest accrued of $7,671.

XML

FAIR VALUE MEASUREMENTS AND DERIVATIVE LIABILITIES

9 Months Ended

Dec. 31, 2021

FAIR VALUE MEASUREMENTS AND DERIVATIVE LIABILITIES

FAIR VALUE MEASUREMENTS AND DERIVATIVE LIABILITIES

NOTE 9 - FAIR VALUE MEASUREMENTS AND DERIVATIVE LIABILITIES

As defined in (Financial Accounting Standards Board ASC 820), fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilized the market data of similar entities in its industry or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. FASB ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).

The three levels of the fair value hierarchy are as follows:

Level – 1	Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities, and listed equities.
Level – 2	Pricing inputs are other than quoted prices in active markets included in level 1, which are either directly or indirectly observable as of the reported date and includes those financial instruments that are valued using models or other valuation methodologies. These models are primarily industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors, and current market and contractual prices for the underlying instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace throughout the full term of the instrument, can be derived from observable data or are supported by observable levels at which transactions are executed in the marketplace. Instruments in this category generally include non-exchange-traded derivatives such as commodity swaps, interest rate swaps, options, and collars.
Level – 3	Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value

As of December 31, 2021, the Company believes the amounts reported for cash, payables, accrued liabilities and amounts due to related parties approximate their fair values due to the nature or duration of these instruments.

The following table represents the change in the fair value of the derivative liabilities during the nine months ended December 31 2021: 

	Level 1		Level 2		Level 3
Fair value of derivative liability as of March 31, 2021	$	-	$	-	$	302,156
Additions at fair value						166,667
Change in fair value of the derivative		-		-		(373,585	)
Balance at December 31, 2021	$	-	$	-	$	95,238

The estimated fair value of the derivative liabilities at December 31, 2021 was calculated using the Binomial Lattice pricing model with the following assumptions:

Risk-free interest rate	.05	%
Expected life in years	0.11
Dividend yield	0	%
Expected volatility	153.00	%

XML

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Dec. 31, 2021

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

 NOTE 10 –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.

On June 29, 2021, the Company paid $25,000 of the outstanding balance. As of December 31, 2021, $299,960 was due for the annual maintenance fee, first patient dosage of phase 1 plus interest.

On March 9, 2020, the Board of Directors of the Company adopted an expense bonus program. Under the program, if an acquisition, merger or change in control is affected, 10% of the value of the transaction will be allocated to pay the expenses of the transaction including but not limited to legal, accounting, transfer fees and other miscellaneous expense. The balance of the fund after expenses will be allocated 20% to directors and 80% to officers and employees of the Company as allocated by the Chief Executive Officer and approved by the Board of Directors.

XML

LICENSE AGREEMENT

9 Months Ended

Dec. 31, 2021

LICENSE AGREEMENT

LICENSE AGREEMENT

NOTE 11- LICENSE AGREEMENT

On March 31, 2021, the Company issued a license agreement for US $5,000,000 to BioRay Pharmaceutical Co, LTD, licensing Pritumumab internationally with the exclusion of North and Central America and the Caribbean Islands. Under the terms of the agreement the Company receives $250,000 upon signing of the agreement plus $750,000 with the start of the phase 1 clinical trials, which started in March 2021. In addition, the Company will receive $750,000 upon the enrollment of the 12th patient or the escalation to cohort 3 dosage level of 8.0 mg/kg, whichever is achieved first. Further payment of $2,500,000 will be received when the FDA approves the phase 2 clinical trials and $750,000 when the phase 2 clinical trials begin. Upon commercialization by the Licensee, the Company will receive a 9% royalty on net sales for 20 years. As of December 17, 2021 the Company had completed cohort 2 and escalated to cohort 3 at which milestone invoiced the licensee for the $750,000 payment.

XML

SUBSEQUENT EVENTS

9 Months Ended

Dec. 31, 2021

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 12 - SUBSEQUENT EVENTS

On February 9, 2022 the Company received the second milestone license payment of $750,000,

The Company has evaluated subsequent events to determine events occurring after December 31, 2021, through February 14, 2022 that would have a material impact on the Company’s financial results or require disclosure and have determined none exist other than those noted above in this footnote.

XML

BASIS OF PRESENTATION (Policies)

9 Months Ended

Dec. 31, 2021

BASIS OF PRESENTATION

Recent Accounting Pronouncements

In February 2016, the FASB issued ASU No. 2016-02, Leases. The main provisions of ASU No. 2016-02 require management to recognize lease assets and lease liabilities for all leases. ASU 2016-02 retains a distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous release’s guidance. The result of retaining a distinction between finance leases and operating leases is that under the lessee accounting model, the effect of leases in the statement of comprehensive income and the statement of cash flows is largely unchanged from previous U.S. GAAP. The amendments in this ASU are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements and related disclosures.

Basis of Presentation

The Company computes net loss per share in accordance with ASC 260, Earnings per Share, which requires presentation of both basic and diluted loss per share (“EPS”) on the face of the statement of operations. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of common shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including stock options and warrants, using the treasury stock method, convertible preferred stock, and convertible debt, using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all potentially dilutive common shares if their effect is antidilutive. As of December 31, 2021, the Company reported a net income for the quarter and the EPS was calculated on a diluted basis consisting of shares outstanding of 107,728,175, options of 930,000 and warrants of 3,700,000 for a total of 112,358,175.

We have identified the conversion features of certain of our convertible notes payable as derivatives. We estimate the fair value of the derivatives using the American Option Binomial Lattice pricing model. We estimate the fair value of the derivative liabilities at the inception of the financial instruments, at the date of conversions to equity and at each reporting date, recording a derivative liability, debt discount, and a gain or loss on change in derivative liabilities as applicable. These estimates are based on multiple inputs, including the market price of our stock, interest rates, our stock price volatility and variable conversion prices based on market prices as defined in the respective agreements. These inputs are subject to significant changes from period to period and to management's judgment; therefore, the estimated fair value of the derivative liabilities will fluctuate from period to period, and the fluctuation may be material.

Reclassification

Certain prior period amounts were reclassified to conform to the manner of presentation in the current period. The reclassifications have no effect on the net loss or stockholders deficit.

Revenue recognition

In April 2016, the FASB issued ASU 2016–10 Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. The amendments in this Update do not change the core principle of the guidance in Topic 606. Rather, the amendments in this Update clarify the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. Topic 606 includes implementation guidance on (a) contracts with customers to transfer goods and services in exchange for consideration and (b) determining whether an entity’s promise to grant a license provides a customer with either a right to use the entity’s intellectual property (which is satisfied at a point in time) or a right to access the entity’s intellectual property (which is satisfied over time). The amendments are intended to render more detailed implementation guidance with the expectation to reduce the degree of judgement necessary to comply with Topic 606.

ASC Topic 606 prescribes a new five-step model entities should follow in order to recognize revenue in accordance with the core principle. These five steps are:

1.	Identify the contract(s) with a customer.
2.	Identify the performance obligations in the contract.
3.	Determine the transaction price.
4.	Allocate the transaction price to the performance obligations in the contract.
5.	Recognize revenue when (or as) the entity satisfied the performance obligations.

The Company implemented the transition using the modified retrospective method of transition. The funds are not earned on milestones that have not been reached per the contract. Based on the cut off treatment of the recognition of revenue per the milestones specific to the license agreements, the Company has determined that there are no adjustments in the value of the revenue recognized from these contracts.

The Company has one revenue stream, which is the milestone payments of the license agreement with BioRay Pharmaceutical which is not earned or billed until the milestone per the agreement is met.

Accounts receivable

Accounts receivables are carried at face value less any provisions for uncollectible amounts. Accounts receivable are receivables from a license agreement. No allowance for bad debt was considered necessary for the three and nine months ended December 31, 2021, and 2020, respectively.

Fair Value of Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents, accounts payable and accrued expenses and shareholder loans. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.

Financial assets and liabilities recorded at fair value in our condensed consolidated balance sheets are categorized based upon a fair value hierarchy established by GAAP, which prioritizes the inputs used to measure fair value into the following levels:

Level 1– Quoted market prices in active markets for identical assets or liabilities at the measurement date.

Level 2– Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable and can be corroborated by observable market data.

Level 3– Inputs reflecting management’s best estimates and assumptions of what market participants would use in pricing assets or liabilities at the measurement date. The inputs are unobservable in the market and significant to the valuation of the instruments.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

XML

RELATED PARTY TRANSACTIONS (Tables)

9 Months Ended

Dec. 31, 2021

RELATED PARTY TRANSACTIONS (Tables)

Schedule of shares earned by related party

Schedule of annual salary and annual severance amounts

Officer and Director	Fiscal Year Annualized Compensation Being Paid
President	$	250,000
Chief Financial Officer	$	180,000
Total	$	430,000

XML

OPTIONS (Tables)

9 Months Ended

Dec. 31, 2021

OPTIONS

Schedule of Summary of stock options aoutstanding

	Options			Weighted Average Exercise Price		Weighted Average Remaining Contract Life		Number of Options Exercisable			Intrinsic Value
Outstanding at March 31, 2021		1,405,000		$	0.34		4.80		1,405,000		$	--
Granted		--			--		--		--			--
Exercised
Expired		(475,000	)				--		(475,000	)		--
Outstanding at December 31, 2021		930,000		$	0.379		4.05		930,000		$	--

XML

WARRANTS (Tables)

9 Months Ended

Dec. 31, 2021

WARRANTS

Schedule of Summary of warrants outstanding

	Warrants		Weighted Average Exercise Price		Weighted Average Remaining Contract Life		Intrinsic Value
Outstanding at March 31, 2020		-	$	0.00		0.00	$	-
Granted		3,700,000		0.15		2.00
Exercised		-		-		-		-
Expired		-		-		-		-
Outstanding at March 31, 2021		3,700,000	$	0.04		1.35	$	-
Granted		-		-		-		-
Exercised		-		-		-		-
Expired		-		-		-		-
Outstanding as of December 31, 2021		3,700,000	$	0.04		0.60	$	-

XML

FAIR VALUE MEASUREMENTS AND DERIVATIVE LIABILITIES (Tables)

9 Months Ended

Dec. 31, 2021

WARRANTS

Schedule of estimated fair value

	Level 1		Level 2		Level 3
Fair value of derivative liability as of March 31, 2021	$	-	$	-	$	302,156
Additions at fair value						166,667
Change in fair value of the derivative		-		-		(373,585	)
Balance at December 31, 2021	$	-	$	-	$	95,238

Schedule of summarize of change in the fair value of the derivative liabilities

Risk-free interest rate	.05	%
Expected life in years	0.11
Dividend yield	0	%
Expected volatility	153.00	%

XML

BASIS OF PRESENTATION (Details Narrative)	Dec. 31, 2021 shares
BASIS OF PRESENTATION
Options	930,000
Shares outstnading	107,728,175
Warrants	3,700,000
Total shares	112,358,175

XML

RELATED PARTY TRANSACTIONS (Details)	9 Months Ended
	Dec. 31, 2021 shares
Initial Share Awards Under the Contracts	1,646,256
Additional Shares Earned to Maintain Ownership Percentage	10,998,492
Total Shares Earned	12,644,748
President [Member]
Initial Share Awards Under the Contracts	1,028,910
Additional Shares Earned to Maintain Ownership Percentage	7,177,269
Total Shares Earned	8,206,179
Chief Financial Officer [Member]
Initial Share Awards Under the Contracts	617,346
Additional Shares Earned to Maintain Ownership Percentage	3,821,223
Total Shares Earned	4,438,569

XML

RELATED PARTY TRANSACTIONS (Details 1)	12 Months Ended
	Mar. 31, 2021 USD ($)
Fiscal Year Annualized Compensation Being Paid	$ 430,000
President [Member]
Fiscal Year Annualized Compensation Being Paid	250,000
Chief Financial Officer [Member]
Fiscal Year Annualized Compensation Being Paid	$ 180,000

XML

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended				9 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Due to Related Party					$ 150,220		$ 123,217
Debt Conversion, Converted Instrument, Shares Issued					1,968,363
Preferred stock, shares issued upon conversion					54,130
Common stock shares issued for services, shares					50,000	1,651,474
Common stock shares issued for services, amount	$ 5,250	$ 15,000	$ 44,151	$ 85,440	$ 5,250	$ 144,591
Common stock issued for accrued expenses- related party					$ 23,332	$ 1,387,872
September 1, 2020 [Member]
Officers and directors employment agreement terms, description					Under the terms of the agreements the Company issued shares of common stock to the officers and directors equaling 18% of the outstanding shares of the Company as additional future shares are issued. The officers and directors are entitled to additional future shares, so their aggregate ownership percentage remains at 18% of the future outstanding shares of the Company
Officer And Director [Member]
Consulting fees in cash					$ 89,000
Accrued Fees					193,333
Consulting Fees Total					282,333
Accrued Expence For the Relared Party					$ 14,000
Four Officers and Director [Member]
Common stock shares issued for services, shares					568,719	7,709,575
Common stock shares issued for services, amount					$ 59,716	$ 479,212
Three Officers And Director [Member] | September 1, 2015 [Member]
Officers and directors employment agreement terms, description					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.
Three Officers [Member]
Common stock issued for accrued expenses- related party						$ 1,387,872
Common stock shares issued for compensation						13,831,101
Director [Member]
Common stock issued for accrued expenses- related party					$ 23,332
Common stock shares issued for compensation					307,010

XML

EQUITY (Details Narrative) - USD ($)		1 Months Ended	3 Months Ended				9 Months Ended
	Jul. 07, 2020	Jul. 25, 2019	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021
Common stock shares issued for services, shares							50,000	1,651,474
Common stock issued for accounts payable, shares								98,715
Common stock issued for accounts payable								$ 11,300
Common stock issued for convertible debt, shares								3,982,179
Common stock shares value for services, amount			$ 5,250	$ 15,000	$ 44,151	$ 85,440	$ 5,250	$ 144,591
Common stock issued for convertible debt, amount								199,566
Common stock issued for accrued expenses- related party							23,332	1,387,872
Debt Conversion, Converted Instrument, Amount							$ 0	$ 100,000
Preferred stock, shares issued							0		54,130
April 1, 2021 [Member]
Common stock issued for accounts payable, shares							54,130
Preferred stock, shares issued during period							1,968,363
Preferred [Member]
Common stock issued for accounts payable, shares								550,000
Preferred stock, shares issued during period								740,000
Debt Conversion, Converted Instrument, Warrants Issued								3,700,000
Debt Conversion, Converted Instrument, Amount								$ 100,000
Debt Conversion, Converted Instrument, Cash								$ 640,000
Debt Conversion, Converted Instrument, Converted Shares								640,000
Debt Conversion, Converted Instrument, Conversion price								$ 0.15
Series A Convertible Preferred Stock [Member]
Common stock issued for accounts payable, shares								490,000
Preferred stock, shares issued during period								17,714,319
Debt Conversion, Converted Instrument, Amount	$ 50,000
Preferred Stock, Interest								$ 8,400
Preferred stock, shares issued		110,000
Conversion description		Each share of series A preferred is convertible after 180 days to four shares of common stock or at the lowest of: (i) the fixed conversion price; (ii) the equitant of 70% of the lowest closing price for the 20 days prior to the conversion of the preferred shares plus 7% per annum interest.
Preferred stock shares, value		$ 110,000
Four Officers and Director [Member]
Common stock shares issued for services, shares							568,719	7,709,575
Common stock shares value for services, amount							$ 59,716	$ 479,212
Three Officers [Member]
Common stock shares issued for compensation								13,831,101
Common stock issued for accrued expenses- related party								$ 1,387,872
Director [Member]
Common stock shares issued for compensation							307,010
Common stock issued for accrued expenses- related party							$ 23,332

XML

OPTIONS (Details) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2021
Options
Number of option exercisable, Beginning	1,405,000
Number of option exercisable, Expired	(475,000)
Number of option exercisable, Ending	930,000
Weighted average exercise price
Weighted average exercise price, Beginning	$ 0.34
Weighted average exercise price, Granted	0
Weighted average exercise price, Exercised	0
Weighted average exercise price, Expired	0
Weighted average exercise price, Ending	$ 0.379
Weighted Average Remaining Contract Life
Weighted Average Remaining Contract life, Beginning	4 years 9 months 18 days
Weighted Average Remaining Contract life, Ending	4 years 18 days
Number of option exercisable
Outstanding option, Beginning	1,405,000
Outstanding option, Expired	(475,000)
Outstanding option, Ending	930,000
Intrinsic value
Intrinsic value, Granted	$ 0
Intrinsic value, Exercised	0	$ 0
Intrinsic value, Ending	$ 0

XML

OPTIONS (Details Narrative)	9 Months Ended
	Dec. 31, 2021 USD ($)
OPTIONS (Details)
Options expired that were not converted in the required time period after termination	$ 475,000
Intrinsic value, Ending	$ 0
Weighted average remaining life and intrinsic value	4 years 18 days

XML

WARRANTS (Details) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2021
Number of warrants
Outstanding warrants, Beginning	3,700,000	0
Outstanding warrants, granted	0	3,700,000
Outstanding warrants, Expired	0	0
Outstanding warrants, Exercised	0	0
Outstanding warrants, Ending	3,700,000	3,700,000
Weighted average exercise price
Weighted average exercise price, Beginning	$ 0.04	$ 0.00
Weighted average exercise price, Granted	0	0.15
Weighted average exercise price, Expired	0	0
Weighted average exercise price, Exercised	0	0
Weighted average exercise price, Ending	$ 0.04	$ 0.04
Weighted Average Remaining Contract Life
Weighted Average Remaining Contract life, Beginning	1 year 4 months 6 days
Weighted Average Remaining Contract life, Granted		2 years
Weighted Average Remaining Contract life, Ending	1 year 4 months 6 days	7 months 6 days
Intrinsic value
Intrinsic value, Beginning		$ 0
Intrinsic value, Granted	$ 0
Intrinsic value, Exercised	0	0
Intrinsic value, Expired	0	0
Intrinsic value, Ending	$ 0	$ 0

XML

WARRANTS (Details Narrative) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2021
Deemed dividend from down round		$ 555,000
Volatility rate	153.00%
Warrant [Member]
Exercise price of warrants	$ 0.15
Fair value of warrants	$ 349,605
Total value of warrant	303,000
Fair value of common stock	$ 437,000
Warrants conversion price	$ 0.15
Warrants descriptions		the Company granted 3,700,000 warrants to four entities as part of the issuance of 740,000 Series A convertible preferred shares
Maximum [Member] | Warrant [Member]
Exercise price of warrants	$ 0.11
Volatility rate	314.49%
Discount rate	0.16%
Minimum [Member] | Warrant [Member]
Exercise price of warrants	$ 0.08
Volatility rate	312.50%
Discount rate	0.14%

XML

CONVERTIBLE DEBT (Details Narrative) - USD ($)					1 Months Ended				9 Months Ended
	Aug. 10, 2021	Nov. 11, 2020	Jul. 07, 2020	May 07, 2020	Aug. 16, 2021	Apr. 20, 2021	Feb. 16, 2021	Oct. 28, 2020	Dec. 31, 2021	Dec. 31, 2020
Repayment of debt									$ 320,500	$ 0
Common stock shares issued upon conversion of debt									54,130
Debt instrument converted amount									$ 0	$ 100,000
Risk free interest rate									0.05%
8% Convertible Note [Member]
Convertible debt				$ 50,000
Conversion price, Description				The note is convertible into common stock at the lesser of $0.20 per share or 80% of the lowest closing bid five days prior to conversion
Series A Convertible Preferred Stock [Member]
Financing cost		$ 24,750			$ 35,000	$ 41,400
Repayment of debt		82,500			100,000	138,000
Accrued interest		82,500			$ 5,000	$ 6,805			$ 7,671
Common stock shares issued upon conversion of debt			50,000
Debt instrument converted amount			$ 50,000
Convertible debt	$ 200,000	$ 82,500					$ 100,000	$ 138,000	$ 200,000
Conversion price, Description		After 180 days the note may be converted into common stock of the Company at a 35% discount to the lowest trading price during the 20 days prior to conversion.					After 180 days the note may be converted into common stock of the Company at a 30% discount to the lowest trading price during the 15 days prior to conversion. The initial derivative was calculated using risk free interest of .18%, volatility of 213% and expected life of 1.00 years	After 180 days the note may be converted into common stock of the Company at $0.04 per share or a 30% discount to the VWAP during the 20 days prior to conversion. The initial derivative was calculated using risk free interest of .18%, volatility of 212% and expected life of .50 years
Debt instrument original issue discount		$ 7,500					$ 5,000	$ 10,000
Risk free interest rate	0.05%	10.00%					10.00%		0.05%
Expected volatility	132.00%								153.00%
Debt maturity date	Feb. 10, 2022	Oct. 28, 2021					Feb. 16, 2022	Oct. 28, 2021
Interest rate	10.00%							10.00%

XML

FAIR VALUE MEASUREMENTS AND DERIVATIVE LIABILITIES (Details)	9 Months Ended
	Dec. 31, 2021 USD ($)
Fair Value, Inputs, Level 1 [Member]
Begnning Balance	$ 0
Change in fair value of the derivative	0
Ending Balance	0
Fair Value, Inputs, Level 2 [Member]
Begnning Balance	0
Change in fair value of the derivative	0
Ending Balance	0
Fair Value, Inputs, Level 3 [Member]
Begnning Balance	302,156
Additions at fair value	166,667
Change in fair value of the derivative	(373,585)
Ending Balance	$ 95,238

XML

FAIR VALUE MEASUREMENTS AND DERIVATIVE LIABILITIES (Details 1)	9 Months Ended
	Dec. 31, 2021
LICENSE AGREEMENT
Risk-free interest rate	0.05%
Dividend yield	0.00%
Expected life in years	1 month 9 days
Expected volatility	153.00%

XML

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)		1 Months Ended	9 Months Ended
	Mar. 09, 2020	Sep. 30, 2016	Dec. 31, 2021	Jun. 29, 2021
Merger, description	Under the program, if an acquisition, merger or change in control is affected, 10% of the value of the transaction will be allocated to pay the expenses of the transaction including but not limited to legal, accounting, transfer fees and other miscellaneous expense. The balance of the fund after expenses will be allocation 20% to directors and 80% to officers and employees of the Company as allocated by the Chief Executive Officer and approved by the Board of Directors
Annual Maintenance			$ 299,960
Notes payable, outstanding balance				$ 25,000
Investment description		A contingent sales fee upon first commercial sale of a product of 1% of sales or $150,000 whichever is greater payable quarterly
First BLA [Member]
Future payments		$ 225,000
First Phase III clinical trial [Member]
Future payments		225,000
First Phase I clinical trial [Member]
Future payments		100,000
Annual maintenance fee		$ 50,000

XML

LICENSE AGREEMENT (Details Narrative) - BioRay Pharmaceutical Co LTD [Member] - USD ($)	1 Months Ended
	Mar. 31, 2021	Dec. 31, 2021
Agreement description	Under the terms of the agreement the Company receives $250,000 upon signing of the agreement plus $750,000 with the start of the phase 1 clinical trials, which started in March 2021. In addition, the Company will receive $750,000 upon the enrollment of the 12th patient or the escalation to cohort 3 dosage level of 8.0 mg/kg, whichever is achieved first. Further payment of $2,500,000 will be received when the FDA approves the phase 2 clinical trials and $750,000 when the phase 2 clinical trials begin.
Issuance of license agreement	$ 5,000,000
License Payment		$ 750,000
Royalty rate	9.00%
Net sales	20 years

XML

SUBSEQUENT EVENTS (Details Narrative)	Feb. 09, 2022 USD ($)
SUBSEQUENT EVENTS
License Payment	$ 750,000