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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
☒
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For the quarterly period ended: June 30, 2023
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: 001-38355
Nemaura Medical Inc. |
(Exact name of registrant as specified in its charter) |
|
nevada |
|
46-5027260 |
|
|
(State or other jurisdiction of incorporation or organization) |
|
(I.R.S. Employer Identification No.) |
|
|
57 West 57th Street
Manhattan, NY 10019 |
(Address of Principal Executive Offices) (Zip Code) |
|
646-416-8000 |
(Registrant’s Telephone Number, Including Area Code) |
|
N/A |
(Former name, former address and former fiscal year, if changed since last report) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock |
NMRD |
The Nasdaq Stock Market LLC |
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) has been subject to such filing requirements for the past 90 days. Yes ☒
No o
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
o
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 o |
|
Accelerated filer o |
Non-accelerated Filer ☒
|
|
Smaller reporting
company☒
Emerging growth company o
|
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 o
No ☒
The number of shares of common stock, par value $0.001 per share,
outstanding as of August 14, 2023 was 28,899,402.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q 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 "Exchange Act"). All statements, other than statements of historical fact, included in this Quarterly
Report on Form 10-Q regarding development of our strategy, future operations, future financial position, projected costs, prospects, plans
and objectives of management are forward-looking statements. Forward-looking statements may include, but are not limited to, statements
about:
- any statements of the plans, strategies and objectives of management for
future operations;
- any statements concerning proposed new products, services or developments;
- any statements regarding future economic conditions or performance;
- our ability to protect our intellectual property and operate our business
without infringing upon the intellectual property rights of others;
- our estimates regarding the sufficiency of our cash resources and our
need for additional funding;
- any statement that our business, financial condition and results of operations
may be materially adversely affected by global health epidemics, including the recent COVID-19 pandemic; and
- any statement regarding the effectiveness of our continuous temperature
monitoring system to assist with the diagnosis and monitoring of symptoms of COVID-19 or the effectiveness of our continuous lactate monitoring
system (CLM) to monitor disease progression in COVID -19 patients.
The words "believe," "anticipate," "design,"
"estimate," "plan," "predict," "seek," "expect," "intend," "may,"
"could," "should," "potential," "likely," "projects," "continue," "will,"
and "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements
contain these identifying words. Forward-looking statements reflect our current views with respect to future events, are based on assumptions
and are subject to risks and uncertainties. We cannot guarantee that we actually will achieve the plans, intentions or expectations expressed
in our forward-looking statements and you should not place undue reliance on these statements. There are a number of important factors
that could cause our actual results to differ materially from those indicated or implied by forward-looking statements. These factors
and the other cautionary statements made in this Quarterly Report on Form 10-Q should be read as being applicable to all related forward-looking
statements whenever they appear herein. Except as required by law, we do not assume any obligation to update any forward-looking statement.
We disclaim any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future
events or otherwise.
NEMAURA MEDICAL INC.
TABLE OF CONTENTS
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
NEMAURA MEDICAL INC. |
Condensed Consolidated Balance Sheets |
| |
| | |
| |
| |
June 30, (Unaudited) | | |
March 31,
| |
| |
2023 | | |
2023 | |
| |
| | |
| |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash | |
$ | 4,009,691 | | |
$ | 10,105,135 | |
Inventory | |
| 2,351,286 | | |
| 1,754,852 | |
Prepaid expenses and other receivables | |
| 467,016 | | |
| 357,934 | |
VAT Receivable | |
| 254,106 | | |
| 409,648 | |
Deposit on foreign exchange contract | |
| 390,713 | | |
| 909,666 | |
Total current assets | |
| 7,472,812 | | |
| 13,537,235 | |
| |
| | | |
| | |
Property and equipment, net of accumulated depreciation | |
| 629,007 | | |
| 641,906 | |
Intangible assets, net of accumulated amortization | |
| 348,214 | | |
| 384,092 | |
Total assets | |
$ | 8,450,033 | | |
$ | 14,563,233 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 256,950 | | |
$ | 326,641 | |
Other liabilities and accrued expenses | |
| 253,246 | | |
| 130,678 | |
Notes payable, current portion | |
| 16,967,686 | | |
| 16,942,500 | |
Payable to related parties | |
| 337,735 | | |
| 920,780 | |
Deferred revenue, current portion | |
| 127,140 | | |
| 123,640 | |
Foreign exchange contract derivative liability | |
| 507,648 | | |
| 731,730 | |
Warrant liability | |
| 3,204,000 | | |
| 3,092,000 | |
| |
| | | |
| | |
Total current liabilities | |
| 21,654,405 | | |
| 22,267,969 | |
| |
| | | |
| | |
Notes payable, non-current portion | |
| 119,477 | | |
| 3,087,651 | |
Deferred revenue, non-current portion | |
| 1,053,915 | | |
| 1,021,811 | |
Total liabilities | |
| 22,827,797 | | |
| 26,377,431 | |
| |
| | | |
| | |
Commitments and contingencies | |
| - | | |
| - | |
| |
| | | |
| | |
Stockholders’ deficit: | |
| | | |
| | |
| |
| | | |
| | |
Common stock, $0.001 par value, 42,000,000 shares authorized and 28,899,402 shares issued and outstanding at June 30, 2023 and March 31, 2023 | |
| 28,899 | | |
| 28,899 | |
Additional paid-in capital | |
| 40,991,377 | | |
| 40,991,377 | |
Accumulated deficit | |
| (54,478,365 | ) | |
| (51,875,211 | ) |
Accumulated other comprehensive loss | |
| (919,675 | ) | |
| (959,263 | ) |
Total stockholders’ deficit | |
| (14,377,764 | ) | |
| (11,814,198 | ) |
Total liabilities and stockholders’ deficit | |
$ | 8,450,033 | | |
$ | 14,563,233 | |
See notes to the unaudited condensed consolidated financial
statements.
NEMAURA MEDICAL INC.
|
Condensed Consolidated Statements of Operations and Comprehensive Loss |
(Unaudited)
|
| |
| | |
| |
| |
Three Months Ended June 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Sales | |
$ | — | | |
$ | — | |
Cost of Sales | |
| — | | |
| — | |
Gross Profit | |
| — | | |
| — | |
| |
| | | |
| | |
Operating expenses: | |
| | | |
| | |
Research and development | |
| 549,757 | | |
| 330,055 | |
General and administrative | |
| 1,508,467 | | |
| 1,267,251 | |
Total operating expenses | |
| 2,058,224 | | |
| 1,597,306 | |
| |
| | | |
| | |
Loss from operations | |
| (1,834,142 | ) | |
| (2,436,890 | ) |
| |
| | | |
| | |
Other income (expense) | |
| | | |
| | |
Interest expense | |
| (657,012 | ) | |
| (1,452,020 | ) |
Change in fair value of warrant liability | |
| (112,000 | ) | |
| — | |
Change in fair value of foreign exchange
contract derivative liability | |
| 224,082 | | |
| (839,584 | ) |
Net loss | |
| (2,603,154 | ) | |
| (3,888,910 | ) |
| |
| | | |
| | |
Other comprehensive loss: | |
| | | |
| | |
Foreign currency translation adjustment | |
| 39,588 | | |
| (444,937 | ) |
Comprehensive loss | |
$ | (2,563,566 | ) | |
$ | (4,333,847 | ) |
| |
| | | |
| | |
Net loss per share, basic and diluted | |
$ | (0.09 | ) | |
$ | (0.16 | ) |
Weighted average number of shares outstanding, basic and diluted | |
| 28,899,402 | | |
| 24,102,866 | |
See notes to the unaudited condensed consolidated
financial statements.
NEMAURA MEDICAL INC.
Condensed Consolidated Statements of Changes
in Stockholders’ Deficit
Three Months Ended June 30, 2023 and 2022 (Unaudited)
| |
| | |
| | |
| | |
| | |
| | |
| |
| |
Common Stock | |
| | |
| | |
| | |
| |
| |
Shares | | |
Amount | | |
Additional Paid-in Capital | | |
Accumulated Deficit | | |
Accumulated Other Comprehensive (Loss) Income | | |
Total Stockholders’ (Deficit) | |
Balance at March 31, 2023 | |
| 28,899,402 | | |
$ | 28,899 | | |
$ | 40,991,377 | | |
$ | (51,875,211 | ) | |
$ | (959,263 | ) | |
$ | (11,814,198 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Foreign currency translation adjustment | |
| — | | |
| — | | |
| — | | |
| — | | |
| 39,588 | | |
| 39,588 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| (2,603,154 | ) | |
| — | | |
| (2,603,154 | ) |
Balance at June 30, 2023 | |
| 28,899,402 | | |
$ | 28,899 | | |
$ | 40,991,377 | | |
$ | (54,478,365 | ) | |
$ | (919,675 | ) | |
$ | (14,377,764 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at March 31, 2022 | |
| 24,102,866 | | |
$ | 24,103 | | |
$ | 38,295,775 | | |
$ | (37,731,476 | ) | |
$ | (122,318 | ) | |
$ | 466,084 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Foreign currency translation adjustment | |
| — | | |
| — | | |
| — | | |
| — | | |
| (444,937 | ) | |
| (444,937 | ) |
Net loss | |
| — | | |
| — | | |
| — | | |
| (3,888,910 | ) | |
| — | | |
| (3,888,910 | ) |
Balance at June 30, 2022 | |
| 24,102,866 | | |
$ | 24,103 | | |
$ | 38,295,775 | | |
$ | (41,620,386 | ) | |
$ | (567,255 | ) | |
$ | (3,867,763 | ) |
See notes to the unaudited condensed consolidated
financial statements.
|
NEMAURA MEDICAL INC. |
Condensed Consolidated Statements of Cash Flows |
(Unaudited) |
| |
| | |
| |
| |
Three Months Ended June 30, | |
| |
2023 | | |
2022 | |
Cash Flows From Operating Activities: | |
| | | |
| | |
Net loss | |
$ | (2,603,154 | ) | |
$ | (3,888,910 | ) |
| |
| | | |
| | |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 98,085 | | |
| 98,792 | |
Amortization of debt discount | |
| 164,375 | | |
| — | |
Addition of PIK monitoring fee to note payable | |
| 492,637 | | |
| — | |
Accretion of debt discount | |
| — | | |
| 1,452,020 | |
Change in fair value of foreign exchange contract derivative liability. | |
| (224,082 | ) | |
| 839,584 | |
Change in fair value of warrant liability | |
| 112,000 | | |
| — | |
| |
| | | |
| | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Prepaid expenses and other receivables | |
| 565,413 | | |
| (355,329 | ) |
Inventory | |
| (596,434 | ) | |
| (137,386 | ) |
Accounts payable | |
| (69,691 | ) | |
| (43,609 | ) |
Receivable/payable to related parties | |
| (583,045 | ) | |
| (116,214 | ) |
Accrued expense and other liabilities | |
| 122,569 | | |
| (120,812 | ) |
Deferred revenue | |
| — | | |
| (112,279 | ) |
Net cash used in operating activities | |
| (2,521,327 | ) | |
| (2,384,143 | ) |
| |
| | | |
| | |
Cash Flows From Investing Activities: | |
| | | |
| | |
Capitalized patent costs | |
| — | | |
| (192,114 | ) |
Capitalized software development costs | |
| — | | |
| — | |
Purchase of property and equipment | |
| (29,206 | ) | |
| (25,598 | ) |
Net cash used in investing activities | |
| (29,206 | ) | |
| (217,712 | ) |
| |
| | | |
| | |
Cash Flows From Financing Activities: | |
| | | |
| | |
Proceeds from issuance of note payable | |
| — | | |
| 4,700,000 | |
Principal payments on notes payable | |
| (3,600,000 | ) | |
| (4,774,282 | ) |
Net cash used in financing activities | |
| (3,600,000 | ) | |
| (74,282 | ) |
| |
| | | |
| | |
| |
| | | |
| | |
Net decrease in cash | |
| (6,150,533 | ) | |
| (2,676,137 | ) |
Effect of exchange rate changes on cash | |
| 55,089 | | |
| (321,263 | ) |
Cash at beginning of period | |
| 10,105,135 | | |
| 17,749,233 | |
Cash at end of period | |
$ | 4,009,691 | | |
$ | 14,751,833 | |
See notes to the unaudited condensed consolidated financial
statements.
NEMAURA
MEDICAL INC.
Notes to Condensed Consolidated Financial Statements
For the Three Months Ended June 30, 2023 and 2022
(Unaudited)
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Nemaura Medical Inc. (“Nemaura”
or the “Company”), through its operating subsidiaries, performs medical device research and manufacturing of a continuous
glucose monitoring system (“CGM”), named sugarBEAT®. The sugarBEAT®
device is a non-invasive, wireless device for use by persons with Type I and Type II diabetes and may also be used to screen pre-diabetic
patients. The sugarBEAT® device extracts analytes, such as glucose, to the surface of
the skin in a non-invasive manner where it is measured using unique sensors and interpreted using a unique algorithm.
Going Concern
The accompanying financial statements have been prepared
on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal
course of business. As reflected in the accompanying financial statements, for the three months ended June 30, 2023, the Company recorded
a net loss of $2,603,154 and used cash in operations of $2,521,327. These factors raise substantial doubt about the Company’s ability
to continue as a going concern within one year of the date that the financial statements are issued. In addition, the Company’s independent registered public accounting
firm in its report on the Company’s March 31, 2023 financial statements, raised substantial doubt about the Company’s ability
to continue as a going concern. The financial statements do not include
any adjustments that might be necessary if the Company is unable to continue as a going concern.
In evaluating the going concern
position of the company, management has considered potential funding providers and believes that financing to fund future operations
could be provided by equity and/or debt financing. Even if the Company is able to obtain additional financing, it may contain undue
restrictions on our operations, in the case of debt financing, or cause substantial dilution for our stockholders, in the case of
equity financing. Subsequent to June 30, 2023, on August 10, 2023, the Company agreed to issue a note payable for $7,810,000 and net
proceeds of $6,500,000 (see Note 5).
Basis
of Presentation
The accompanying unaudited condensed
consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC, and do not include all of the
information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial
statements. However, such information reflects all adjustments consisting of normal recurring accruals which are, in the opinion of
management, necessary for a fair presentation of the financial condition and results of operations for the interim periods. The
results for the three-months ended June 30, 2023 are not indicative of annual results. The accompanying unaudited condensed
consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the
instructions to Form 10-Q and Article 8 of Regulation S-X. These unaudited condensed consolidated financial statements should be
read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report
on Form 10-K for the year ended March 31, 2023, as filed with the SEC.
The accompanying unaudited condensed consolidated
financial statements include the accounts of the Company and the Company’s subsidiaries. References to “we”, “us”,
“our”, or the “Company” refer to Nemaura Medical Inc. and its consolidated subsidiaries. The unaudited condensed
consolidated financial statements are prepared in accordance with U.S. GAAP, and all significant intercompany balances and transactions
have been eliminated in consolidation.
The functional currency for the majority of
the Company’s operations is the Great Britain Pound Sterling (“GBP”), and the reporting currency is the U.S. Dollar
(“USD”). Financial statements for foreign subsidiaries are translated into USD using period end exchange rates for assets
and liabilities and average exchange rates for each period for revenue, costs and expenses.
Use of Estimates
The preparation of consolidated financial statements
in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues
and expenses during the periods presented. Significant estimates include the assumptions used in the accrual for potential liabilities,
the net realizable value of inventory, the valuation of debt and equity instruments, the fair value of derivative liabilities, valuation
of stock options issued for services, and deferred tax valuation allowances. Actual results may differ from those estimates.
Revenue Recognition
The Company recognizes revenue in accordance
with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue from
Contracts with Customers (“ASC 606”). The underlying principle of ASC 606 is to recognize revenue to depict the transfer of
goods or services to customers at the amount expected to be collected. ASC 606 creates a five-step model that requires entities to exercise
judgment when considering the terms of contract(s), which include (1) identifying the contract or agreement with a customer, (2) identifying
our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price
to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied.
Cash and cash equivalents
Cash and cash equivalents consists primarily of
cash deposits maintained in the United Kingdom (“UK”). We maintain cash balances in U.S. Dollar (“USD”), Great Britain Pound
Sterling (“GBP”), and the Euro. The following table, reported in USD, disaggregates our cash balances by currency
denomination:
Schedule of cash and cash equivalents | |
| | |
| |
| |
June 30, 2023 | | |
March 31, 2023 | |
Cash denominated in: | |
| | | |
| | |
USD | |
$ | 588,886 | | |
$ | 5,606,972 | |
GBP | |
| 3,353,373 | | |
| 4,446,720 | |
Euro | |
| 67,432 | | |
| 51,443 | |
Total | |
$ | 4,009,691 | | |
$ | 10,105,135 | |
Inventory
As of June 30, 2023 and March 31, 2023, inventory
consisted of the following:
Schedule of inventory | |
| | | |
| | |
| |
June
30, 2023 (unaudited) | | |
March
31, 2023 | |
| |
| | |
| |
Raw materials | |
$ | 2,200,933 | | |
$ | 1,586,777 | |
Finished goods | |
| 150,353 | | |
| 168,075 | |
Total Inventories | |
$ | 2,351,286 | | |
$ | 1,754,852 | |
Inventories are stated at
the lower of cost or net realizable value, with cost determined on a first-in, first-out (“FIFO”) basis. For the three-months
ended June 30, 2023 and 2022, there were no write-downs of inventory.
Research and development expenses
The Company charges research and development expenses
to operations as incurred. Research and development expenses primarily consist of salaries and related expenses for personnel and outside
contractor and consulting services. Other research and development expenses include the costs of materials and supplies used in research
and development, prototype manufacturing, clinical studies, related information technology and an allocation of facilities costs.
Loss per share
Basic loss per share is computed by dividing
the loss available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted loss
per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common
shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive.
Diluted loss per common share reflects the potential dilution that could occur if convertible debentures, options and warrants were to
be exercised or converted or otherwise resulted in the issuance of common stock that then shared in the earnings of the entity.
Since the effects of outstanding options and
warrants are anti-dilutive for the three months ended June 30, 2023 and the year ended March 31, 2023, shares of common stock underlying
these instruments have been excluded from the computation of loss per common share.
The following sets forth the number of shares
of common stock underlying outstanding options and warrants as of June 30, 2023 and June 30, 2022:
Schedule of common stock underlying outstanding options | |
| | |
| |
| |
| June 30, | | |
| June
30, | |
| |
| 2023 | | |
| 2022 | |
| |
| | | |
| | |
Warrants | |
| 6,369,304 | | |
| 1,135,753 | |
Stock options | |
| 40,000 | | |
| 40,000 | |
| |
| 6,409,304 | | |
| 1,175,753 | |
Stock-Based Compensation
The Company periodically issues share-based awards
to employees and non-employees and consultants for services rendered. Stock options vest and expire according to terms established at
the issuance date of each grant. Stock grants are measured at the grant date fair value. Stock-based compensation cost is measured at
fair value on the grant date and is generally recognized as a charge to operations ratably over the requisite service, or vesting, period.
The Company values its equity awards using the Black-Scholes
option-pricing model, and accounts for forfeitures when they occur. Use of the Black-Scholes option pricing model requires the input of
subjective assumptions, including expected volatility, expected term, and a risk-free interest rate. The expected volatility is based
on the historical volatility of the Company’s common stock, calculated utilizing a look-back period approximately equal to the contractual
life of the stock option being granted. The expected life of the stock option is calculated as the mid-point between the vesting period
and the contractual term (the “simplified method”). The risk-free interest rate is estimated using comparable published federal
funds rates.
Fair Value of Financial Instruments
The authoritative guidance with respect to fair value
established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels and
requires that assets and liabilities carried at fair value be classified and disclosed in one of three categories, as presented below.
Disclosure as to transfers in and out of Levels 1 and 2, and activity in Level 3 fair value measurements, is also required. Fair value
of a financial instrument is defined as the amount at which the instrument could be exchanged in a current transaction between willing
parties.
The three levels of the fair value hierarchy are as
follows:
Level 1 - Valuations based on unadjusted quoted prices
in active markets for identical assets or liabilities that the entity has the ability to access.
Level 2 - Valuations based on quoted prices for similar
assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable
data for substantially the full term of the assets or liabilities.
Level 3 - Valuations based on inputs that are unobservable,
supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
The Foreign exchange contract derivative liability
are valued using Level 2 fair values while the warrant liability are valued using Level 3 fair values.
The following table sets
forth by level, within the fair value hierarchy, the Company’s financial assets and liabilities at fair value as of June 30, 2023
and March 31, 2023:
Schedule of assets and liabilities at fair value | |
| | |
| | |
| | |
| |
| |
June
30, 2023 | |
| |
Level
1 | | |
Level
2 | | |
Level
3 | | |
Total | |
Assets | |
$ |
— | | |
$ |
— | | |
$ |
— | | |
$ |
— | |
Total assets | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | — | |
| |
| | | |
| | | |
| | | |
| | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Foreign exchange contract derivative liability | |
$ | — | | |
$ | 507,648 | | |
$ | — | | |
$ | 507,648 | |
Warrant derivative liability | |
| — | | |
| — | | |
| 3,204,000 | | |
| 3,204,000 | |
Total liabilities | |
$ | — | | |
$ | 507,648 | | |
$ | 3,204,000 | | |
$ | 3,711,648 | |
| |
| | |
| | |
| | |
| |
| |
March
31, 2023 | |
| |
Level
1 | | |
Level
2 | | |
Level
3 | | |
Total | |
Assets | |
$ |
— | | |
$ |
— | | |
$ |
— | | |
$ |
— | |
Total assets | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | — | |
| |
| | | |
| | | |
| | | |
| | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Foreign exchange contract derivative
liability | |
$ | — | | |
$ | 731,730 | | |
$ | — | | |
$ | 731,730 | |
Warrant derivative liability | |
| — | | |
| — | | |
| 3,092,000 | | |
| 3,092,000 | |
Total liabilities | |
$ | — | | |
$ | 731,730 | | |
$ | 3,092,000 | | |
$ | 3,823,730 | |
The following table provides
a roll-forward of the warrant derivative liability measured at fair value on a recurring basis using unobservable level 3 inputs for
the three months ended June 30, 2023:
Schedule of warrant derivative liability measured
at fair value on a recurring basis | |
| | |
Warrant derivative liability | |
| |
Balance as of beginning of period – March 31, 2023 | |
$ | 3,092,000 | |
Change in fair value of warrant derivative liability | |
$ | 112,000 | |
Balance as of end of period – June 30, 2023 | |
$ | 3,204,000 | |
As
of June 30, 2023 and March 31, 2023, the Company’s outstanding
warrants were treated as derivative liabilities and changes in the fair value were recognized in earnings (see Note 3).
The Company believes the
carrying amounts of certain financial instruments, including cash, accounts receivable, and accounts payable and accrued liabilities,
approximate fair value due to the short-term nature of such instruments and are excluded from the fair value tables above.
Reclassification
In presenting the Company’s condensed consolidated statement of operations for the three
months ended June 30, 2022, the Company presented $839,584
change in fair value of foreign exchange derivative liability as part of General and administrative expense. In presenting the
Company’s condensed consolidated statement of operations for the three months ended June 30, 2023, the Company has reclassified
the $839,584
to Other income (expense) in the accompanying condensed consolidated statement of operations for the three months ended June 30,
2022. The reclassification had no effect on the previously reported amounts for net loss, cash flows, or net loss per share for the three
months ended June 30, 2022, or financial position as of June 30, 2022.
Recent
accounting pronouncements
Management does not believe that any recently issued,
but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s unaudited
condensed consolidated financial statements.
NOTE 2 – RELATED PARTY TRANSACTIONS
DDL has a service agreement with Nemaura Pharma Limited
(“Pharma”), an entity controlled by the Company’s President and Chief Executive officer, to provide development, manufacture,
and regulatory approval process under Pharma’s ISO13485 accreditation. Pharma invoices DDL for these services on a cost-plus basis.
The table below provides a summary of activity between
the Company and Pharma for the three months ended June 30, 2023 and 2022.
Schedule of related party transactions | |
| | |
| |
| |
Three Months Ended June 30, 2023 (unaudited) | | |
Three
Months Ended June 30, 2022
(unaudited) | |
Due to (from) related parties at beginning of period | |
$ | 920,780 | | |
$ | (101,297 | ) |
Amounts invoiced by Pharma to DDL, NM and TCL, primarily relating to research and development expenses | |
| 1,514,497 | | |
| 949,713 | |
Amounts paid by DDL to Pharma | |
| (2,079,039 | ) | |
| (1,074,796 | ) |
Foreign exchange differences | |
| (18,503 | ) | |
| 8,870 | |
Due to (from) related parties at end of
period | |
$ | 337,735 | | |
$ | (217,510 | ) |
NOTE 3 – DERIVATIVE LIABILITIES
Warrant liability
In January 2023,
the Company completed an equity offering, which included the issuance of 4,796,206 warrants. Upon the occurrence of certain
transactions (“Fundamental Transactions,” as defined), the warrants provide for a value determined using a Black Scholes model
with inputs calculated as described in the warrant agreement which includes a 100% floor on the volatility input to be utilized. The Company
has determined that this provision introduces leverage to the holders of the warrants that could result in a value that would be greater
than the settlement amount of a fixed-for-fixed option on the Company’s own equity shares. Accordingly, pursuant to ASC 815, the
Company has classified the fair value of the warrants as a liability to be re-measured at the end of every reporting period with the change
in value reported in the statement of operations.
The warrant liability was valued at the following
dates using a Black-Scholes model with the following assumptions:
Schedule of warrant liability | |
| | |
| |
| |
June 30, 2023 | | |
March 31, 2023 | |
Warrant liability: | |
| | | |
| | |
Stock price | |
$ | 0.93 | | |
$ | 0.90 | |
Risk-free interest rate | |
| 4.13 | % | |
| 3.60 | % |
Expected volatility | |
| 110 | % | |
| 108 | % |
Expected life (in years) | |
| 5.09 | | |
| 5.34 | |
Expected dividend yield | |
| — | | |
| — | |
Fair value of Warrant liability | |
$ | 3,204,000 | | |
$ | 3,092,000 | |
The risk-free rate is based on the U.S. Treasury yield curve in effect
at the time of grant. Expected volatility was determined based on the historical volatility data of the Company, and the expected term
of the warrants granted are determined based on the duration of time the warrants are expected to be outstanding. The dividend yield on
the Company’s warrants is assumed to be zero as the Company has not historically paid dividends.
Foreign exchange contract
liability
The Company is exposed to
the impact of foreign currency exchange fluctuations as a significant proportion of its expenses are denominated in GBP, and the Company’s
cash is in USD and GBP. In February 2021, the Company entered into a forward contract to sell USD and buy GBP. The contract meets the
definition of a derivative subject to the guidance of ASC 815, does not qualify for hedge accounting, and accordingly is recognized at
fair value, with changes in fair value recognized in earnings.
The term of the
contract is 25 months, beginning July, 2022, and ending August, 2024. The contract initially had a maximum notional amount of $6,250,000 (and
a maximum leveraged amount equal to two times the notional amount, or$12,500,000).
$250,000 of
the contractual notional amount is settled (expires) each month through August 2024. On
each monthly settlement date, if the USD/GBP spot rate is above $1.359, the Company has the right to convert $250,000 USD into GBP
at a fixed rate of $1.359. If the spot rate is between $1.359 and $1.319 on the settlement date, the Company has no obligations, but
can convert $250,000 USD into GBP at the spot rate. Finally, if the spot rate is below $1.319 on the monthly settlement date, the
Company is obligated to convert $500,000 USD (the settlement date leveraged amount) into GBP at the fixed rate of $1.359.
Alternatively, instead of selling $500,000 USD, the Company can pay the difference in the spot rate and the $1.359 exchange rate for
$500,000 USD (net settle) to the counterparty.
At June 30, 2023 and March 31, 2023, the fair value of the
foreign currency contract liability was valued as follows:
Schedule of fair value of the foreign currency contract liability | |
| | |
| |
| |
June
30, 2023 | | |
March
31, 2023 | |
Notional Amount | |
$ | 3,500,000 | | |
$ | 4,250,000 | |
Leveraged amount (used to determine fair value of contract liability) | |
$ | 7,000,000 | | |
$ | 8,500,000 | |
Expected remaining term (in months) | |
| 14 | | |
| 17 | |
| |
| | | |
| | |
Fair Value: | |
| | | |
| | |
Foreign currency contract liability | |
$ | 507,648 | | |
$ | 731,730 | |
The Company’s foreign currency forward
contracts are measured at fair value on a recurring basis and are classified as Level 2 fair value measurement. As of June 30, 2023,
and March 31, 2023, the Company has deposited $390,173
and $909,666,
respectively, as collateral with the counterparty related to the foreign currency forward contract.
NOTE 4 – NOTES PAYABLE
Schedule of notes payable | |
| | |
| |
| |
June
30,
2023 (unaudited) | | |
March 31,
2023
| |
| |
| | |
| |
Note Purchase Agreement 2 | |
$ | 12,119,477 | | |
$ | 14,772,293 | |
Note Purchase Agreement 3 | |
| 5,570,394 | | |
| 6,024,941 | |
Total notes payable | |
| 17,689,871 | | |
| 20,797,234 | |
Unamortized debt discount | |
| (602,708 | ) | |
| (767,083 | ) |
Notes payable, net of note discounts | |
| 17,087,163 | | |
| 20,030,151 | |
Current portion | |
| (16,967,686 | ) | |
| (16,942,500 | ) |
Non-current portion | |
$ | 119,477 | | |
$ | 3,087,651 | |
NOTE PURCHASE AGREEMENT 2
On February 8, 2021, the Company issued a
note payable (“Note Purchase Agreement 2”, “Note 2”) to a third-party investor. The note was for $24,015,000,
originally matured on February 9, 2023, and is secured by all the assets of the Company. The Company agreed to make principal payments
beginning in August 2021 of $400,000 monthly, which increased in February 2022 to $2,000,000 monthly. In addition, the Company is required
to accrue a monthly PIK fee equal to 0.833% of the outstanding balance, which is in substance interest at an annual rate of approximately
10%, that is added to the note principal each month.
In May 2022, Note 2 was amended to reduce
principal payments from $2,000,000
a month to $500,000
a month. In October 2022 Note 2 was again amended to extend the maturity from February 9, 2023 to July 1, 2024, and to increase
principal payments to $1,000,000
per month beginning in March 2023. In consideration, the Company agreed to pay aggregate fees of $2,304,539
to the investor which were added to the principal balance of Note 2.
NOTE PURCHASE AGREEMENT 3
On May 20, 2022, the Company issued a note
payable (“Note Purchase Agreement 3”) with a third-party investor. The note was for $6,015,000, matures on May 20, 2024,
and is secured by all the assets of the Company. The Company received cash proceeds of $4,700,000, resulting in a discount of $1,315,000
made up of an original issue discount (“OID”) of $1,000,000, commission of $300,000 that was paid from proceeds, and $15,000
to cover transaction expenses. In addition, the Company is required to accrue a monthly PIK fee equal to 0.833% of the outstanding balance,
which is in substance interest at an annual rate of approximately 10%, that is added to the note principal each month. The debt less
discount and transaction expenses will be accreted over the term of the note using the effective interest rate method.
March 31, 2023, the unamortized debt discount was $767,083. During the three-month period ended June 30, 2023, debt
discount amortization of $164,375 was recorded. At June 30, 2023, the unamortized debt discount was $602,708.
NOTE 5 – SUBSEQUENT EVENTS
Note Purchase Agreement
In August 2023, the Company agreed to issue
a secured promissory note (“Note Agreement 4”) in the original principal amount of $7,810,000, that matures in August 2025,
and is secured by substantially all the assets of the Company. The note carries an original issue discount (“OID”) of $1,300,000
(16.7%). In addition, a monitoring fee equal to 0.833% of the outstanding balance, which is in substance interest at an annual rate of
approximately 10%, will be automatically added to the note principal each month. Net proceeds of Note Agreement 4 will be $6,500,000,
after deducting $10,000 of transaction fees.
ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
You should read the following discussion in conjunction
with the Unaudited Condensed Consolidated Financial Statements and accompanying notes included elsewhere in this Quarterly Report on Form
10-Q. This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements.
The matters discussed in these forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual
results to differ materially from those made, projected, or implied in the forward-looking statements. See "Cautionary Statement
Concerning Forward-Looking Statements" below, and "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the fiscal
year ended March 31, 2023, as filed with the Securities and Exchange Commission, as the same may be updated from time to time, for a discussion
of the uncertainties, risks and assumptions associated with these statements.
Overview
Business Review and Outlook
It is management’s view that the Company
made good progress during and after the fiscal year ended March 31, 2023, and some of the key developments are listed as follows:
|
1. |
The Company continued to support its UK licensee with its endeavours to obtain reimbursement for the sensors in the UK. |
|
2. |
Advanced development of its BEATdiabetes offering in readiness for a commercial launch in due course. |
|
3. |
Entered into a term sheet with Eversana, an organisation with expertise in taking medicines, devices and digital healthcare products to market, with a view to entering into a future commercial agreement to support its launch of BEATdiabetes in the USA using proBEAT sensors. |
|
4. |
Continued development of its consumer metabolic health platform and potential deployment as a bolt-on service into existing metabolic and wellness programs. |
|
5. |
Supported its partner TP-MENA with the submission for registration of sugarBEAT in the Kingdom of Saudi Arabia (KSA). |
|
6. |
Received a provisional purchase order for 1.7 million sensors from its partner TPMENA in anticipation of product registration in the KSA. |
Management is working towards
fulfilling the remainder of the UK licensees’ initial orders and supporting MSW’s UK launch plans, and for potential
supplies to fulfill the provisional purchase order for the KSA from TPMENA. The company continues to also develop capabilities to
develop and service new channels of business across other geographic markets via the use of our BEAT platform. To this end the
company is now actively planning product launch in other territories that accept the CE mark registration. In addition, the company
is seeking to exploit its product platform in the consumer space. All of these avenues are expected to strengthen revenue generation
in future periods.
In line with this view, the Company
has taken the following actions during and after the fiscal year ended March 31, 2023:
• | | Increased headcount of production operatives; this will be phased in line with the volume
forecasts currently available, however the Company has also factored in an ability to scale further and faster should this be required. |
• | | Moved forward with placing phased orders for raw materials to ensure future product availability
to support both our UK Licensee while also providing for capacity to flex up further as other routes to market materialize in line with
management’s commercialization program. |
• | | Engaged with external third-party manufacturers with the ability to provide significant scale
up services for product manufacture moving forward. |
Affiliated Company Relationships
Pharma was incorporated in November 2005.
Through October 2013, all technology development and related transactions were incurred by Pharma. As new technology platforms were invented
and developed, additional companies were set up to contain these new technology platforms, and to aid in the process of raising further
investments to progress the development of these subsequent technologies. However, due to the small size of the operations, low number
of employees and laboratory and office space required, initially, certain costs were borne by Pharma and charged to DDL as required. On
April 4, 2018, a service agreement was put into place between Pharma and DDL which covered the development of sugarBEAT® under
Pharma’s ISO13485 Accreditation. In lieu of these services, Pharma invoices DDL on a periodic basis for said services. Services
are provided at cost plus a service surcharge amounting to less than 10% of the total costs incurred. This agreement includes all
aspects of the development, registration and manufacture of sugarBEAT®.
Full legal title and beneficial ownership
of the CE mark and all related intellectual property remains with Nemaura Medical under the terms of the service contract.
Dr. D.F.H. Chowdhury, the Company’s Chief
Executive Officer, President and Chairman of the Board, and Mr. Bashir Timol, a member of the Company’s Board of Directors, are
officers of Pharma. The current management at DDL, including Dr. D. F. H. Chowdhury allocate 15% - 20% of their time to oversee the current
operations at Pharma and will in due course implement a new management team in Pharma, and provide ongoing support in an advisory role.
Pharma is a drug delivery company, which means that its activities are entirely related to the administration of drugs to the body of
a human or animal subject. DDL is a diagnostic company, which means it is entirely focused on extracting molecules from the human or animal
subject and analyzing it to make a diagnosis or to monitor the level of a particular molecule such as glucose. These are two independent
businesses engaged in different activities, therefore there is no conflict of interest between the two and management does not see any
conflicts arising from the allocations of some of DDL management time to overseeing the operations of Pharma.
Payments made solely for work that Dr. D.
F. H. Chowdhury performs for Pharma in his capacity as manager are not charged to Nemaura Medical Inc. and are not included in our consolidated
financial statements.
COVID-19 Pandemic
The outbreak of COVID-19 in December 2019 has since
rapidly increased its exposure globally. On March 11, 2020, the World Health Organization declared the outbreak a pandemic. We continue
to monitor the impact of COVID-19 on our own operations and are working with our employees, suppliers, and other stakeholders to mitigate
the risks posed by its spread, but COVID-19 is not expected to have any long-term detrimental effect on the Company’s success. While
key suppliers have not always been accessible throughout the whole period of the outbreak, we have been able to be flexible in our priorities
and respond favorably to the challenges faced during this period. We also recognize that one of the consequences of this pandemic has
been a surge in the uptake of technologies for remote monitoring of patients and patient self-monitoring, which potentially enhances the
prospects for the Company, its CGM product and its planned digital healthcare offering.
Results of Operations
Comparative Results for the Three Months Ended
June 30, 2023 and 2022
Revenue
There was no revenue recognized in the three month
period ended June 30, 2023. There was also no revenue recognised in the three months ended June 30, 2022. Revenue is recognized as goods
are dispatched and invoiced to our customer. Given lead times on manufacture, no goods were dispatched during the quarter ended June 30,
2023.
Research and Development Expenses
Research
and development (“R&D”) expenses were $549,012 and $330,055 for the three months ended June 30, 2023 and 2022, respectively.
This amount consisted primarily of expenditures on wages and sub-contractor activities incurred for improvements made to the sugarBEAT®
device.
General and Administrative Expenses
General and administrative expenses were $1,508,467
and $1,267,251 for the three months ended June 30, 2023 and 2022, respectively. These expenses consisted of fees for legal, professional,
consultancy, audit services, investor relations, insurance, advertising and general and operational wages.
As the Company continues to scale up to service its
existing order book, it is expected that general and administrative expenses will continue to increase in a similar way moving forward,
as the business transitions to a more operational focused base that will encompass an increase in functional expenses relating to production,
sales, marketing, customer service, as well as enhancements to other existing functions.
Other Comprehensive Loss
For the three month periods ended June 30, 2023 and
2022 other comprehensive income saw a gain of $39,589 and loss of $444,937, respectively, arising from foreign currency translation adjustments.
Liquidity and Capital Resources
We have experienced net losses and negative cash flows
from operations since our inception. We have sustained cumulative losses of $54,478,365 as of June 30, 2023. We have historically financed
our operations through a combination of debt and equity funding.
As of June 30, 2023, the Company had a working capital
deficiency of ($14,181,593), which included cash balances of $4,009,691 and current notes payable of $16,967,686. The Company reported
a net loss for the three month periods ended June 30, 2023 and 2022 of $2,603,154 and $3,979,297, respectively.
Subsequent to June 30, 2023, on August 10,
2023, the Company agreed to issue a secured note payable for $7,810,000 and net proceeds of $6,500,000.
At June 30, 2022, the Company had net working
capital deficiency of ($375,486) which included cash balances of $14,751,833 and current notes payable of $16,186,387.
Going Concern
The accompanying financial statements have been prepared
on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal
course of business. As reflected in the accompanying financial statements, for the three months ended June 30, 2023, the Company recorded
a net loss of $2,603,154 and used cash in operations of $2,521,327. These factors raise substantial doubt about the Company’s ability
to continue as a going concern within one year of the date that the financial statements are issued. In addition, the Company’s
independent registered public accounting firm in its report on the Company’s March 31, 2023 financial statements, raised substantial
doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might
be necessary if the Company is unable to continue as a going concern.
In evaluating the going concern position of
the company, management has considered potential funding providers and believes that financing to fund future operations could be provided
by equity and/or debt financing. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our
operations, in the case of debt financing, or cause substantial dilution for our stockholders, in the case of equity financing.
Cash Flows
Net cash used in operating activities for the three
months ended June 30, 2023 was $2,521,327, reflecting a net loss of $2,603,154, which includes accretion of debt discount expense and
accrued interest totaling $657,012, the mark-to-market charge booked in relation to the revaluation of the foreign currency forward contracts
of $224,082 and the depreciation and amortization charge of $98,085.
Cash was also impacted by increases in inventory of
$596,434, which was directly driven as a result of commercial scale up.
Prepayments dropped by $565,413, which was a result
of the amounts paid to Hamilton Court, our forward contract provider, plus by savings on other prepayments.
There was a $69,691 reduction in accounts payable
during the three months ended June 30, 2023 but increases in other liabilities and accrued expenses of $122,569. The related party payable
balance dropped by $583,045.
Net cash used
in operating activities for the three months ended June 30, 2022 was $2,384,143, reflecting a net loss of $3,888,910, adjusted for the
add back of the non-cash amortization of debt discount expense of $1,452,020, the mark-to-market charge recorded in relation to the foreign
currency forward contracts of $839,584 and the depreciation and amortization charge of $98,792. Cash was also impacted by increases in
inventory of $137,386, which was directly driven as a result of the commercial scale up.
Prepayments
increased by $355,329, which was also a direct result of amounts paid to our USD forward contract provider partially offset by a movement
on value added tax debtor of $143,000. There was also a $43,609 decrease in accounts payable during the fiscal period, with
decreases seen in both other liabilities and accrued expenses of $120,812.
Net cash used in investing activities for the three
months ended June 30, 2023, was $29,206, which was from the purchase of property and equipment driven by the procurement to support the
transition to operational production.
Net cash used in investing activities for the three
months ended June 30, 2022, was $217,712, which reflected patent filing costs of $25,598, the purchase of property and equipment of $192,114
driven by the procurement to support the transition to operational production.
Net cash used in financing activities for the three
months ended June 30, 2023 was $3,600,000, for the scheduled re-payment of notes payable.
Net cash used in financing activities for the
three months ended June 30, 2022 was $74,282, comprising $4,700,000 from proceeds of long term debt offset by $4,774,282 for the scheduled
repayments of notes payable.
Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements, including
unrecorded derivative instruments that have or are reasonably likely to have a current or future material effect on our financial condition,
changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.
Critical Accounting Policies and Estimates
When we prepare our unaudited condensed consolidated
financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”),
we must make estimates and assumptions about future events that affect the amounts we report. Certain of these estimates result from judgements
that can be subjective and complex. As a result of that subjectivity and complexity, and because we continuously evaluate these estimates
and assumptions based on a variety of factors, actual results could materially differ from our estimates and assumptions if changes in
one or more factors require us to make accounting adjustments. We believe our critical accounting policies affect our more significant
judgments and estimates used in the preparation of the unaudited condensed consolidated financial statements. For further discussion of
our critical accounting policies, see Note 2.
During the three month period ended June 30, 2023,
we have made no material changes or additions with regard to such policies and estimates.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not applicable
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
We have established
disclosure controls and procedures to ensure that the information required to be disclosed by the Company in the reports that it files
or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified
in the rules and forms of the Securities and Exchange Commission and that such information is accumulated and communicated to the officers
who certify the Company's financial reports and to other members of senior management and the Board of Directors as appropriate to allow
timely decisions regarding required disclosure.
The Company’s Chief Executive Officer / Chief
Financial Officer have evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e)
and 15d-15(e) under the Exchange Act) as of June 30, 2023. Based on their evaluation, the Chief Executive Officer and Chief Financial
Officer have concluded that as of June 30, 2023 our disclosure controls and procedures were not effective as of June 30, 2023. As of June
30, 2023, management’s assessment identified the following material weaknesses in the Company’s internal control over financial
reporting:
We continue to have a material weakness in our
internal control over financial reporting as disclosed in the 2022 Form 10-K, in that the Company did not design and maintain
effective controls over (i) accounting for the foreign currency balance for a mark-to-market contract; and (ii) accounting for
certain debt issuance costs in the computation of the effective interest rate for a loan note mainly due to lack of adequate
technical expertise. Management is developing and implementing remediation plans to address the material weaknesses.
Changes in Internal Control Over Financial Reporting
There have been no changes in our internal control
over financial reporting during our most recent three months ended June 30, 2023, that have
materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Limitations on Effectiveness
of Controls and Procedures
In designing and evaluating
the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated,
cannot provide absolute assurance that the objectives of the controls system are met, and no evaluation of controls can provide absolute
assurance that all control issues and instances of fraud, if any, within a company have been detected. In addition, the design of disclosure
controls and procedures must reflect the fact that there are resource constraints and that management is required to apply judgment in
evaluating the benefits of possible controls and procedures relative to their costs.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
None.
ITEM 1A. RISK FACTORS
There have been no material changes
to the risk factors disclosed in the Company’s Annual Report on Form 10-K for the year ended March 31, 2023, filed with the SEC
on July 13, 2023.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
None
ITEM 6. EXHIBITS
The exhibits listed on the Exhibit Index below are
filed as part of this report.
* Filed herewith.
** Furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
|
NEMAURA MEDICAL INC. |
|
|
|
Date: August 14, 2023 |
By: |
/s/ Dewan F.H. Chowdhury |
|
|
Dewan F.H. Chowdhury Chief Executive Officer, Interim Chief Financial Officer, and President (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer) |
|
|
|
|
|
|
Exhibit 31.1
Certifications
I, Dewan F.H. Chowdhury, certify that:
|
1. |
I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 of Nemaura Medical Inc.; |
|
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 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 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 of 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 controls over financial reporting. |
Date: August 14, 2023 |
By: |
/s/ Dewan F.H. Chowdhury |
|
|
Chief Executive Officer, Interim Chief Financial Officer, and President (Principal Executive Officer) |
Exhibit 31.2
Certifications
I, Dewan F.H. Chowdhury, certify that:
|
1. |
I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 of Nemaura Medical Inc.; |
|
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 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 of 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 controls over financial reporting. |
Date: August 14, 2023 |
By: |
|
|
|
/s/ Dewan F.H. Chowdhury |
|
|
Dewan F.H. Chowdhury Chief Executive Officer, Interim Chief Financial Officer, and President (Principal Financial Officer) |
Exhibit 32.1
CERTIFICATION
Pursuant to 18 U.S.C. 1350 as adopted by
Section 906 of the Sarbanes-Oxley Act of 2002
The undersigned, Dewan F.H. Chowdhury, Chief
Executive Officer, President and Interim Chief Financial Officer of Nemaura Medical Inc. (the “Company”), has executed this
certification in connection with the filing with the Securities and Exchange Commission of the Company’s Quarterly Report on Form 10-Q
for the fiscal quarter ended June 30, 2023 (the “Report”).
The undersigned hereby certifies that:
1. |
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. |
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of the operation of the Company |
Date: August 14, 2023 |
/s/ Dewan F.H. Chowdhury |
|
Dewan F.H. Chowdhury Chief Executive Officer, Interim Chief Financial Officer, and President (Principal Executive Officer and Principal Financial Officer) |
|
|
v3.23.2
Cover - shares
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3 Months Ended |
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Jun. 30, 2023 |
Aug. 14, 2023 |
Cover [Abstract] |
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Document Type |
10-Q
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Amendment Flag |
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false
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Document Period End Date |
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Document Fiscal Period Focus |
Q1
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Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--03-31
|
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Entity File Number |
001-38355
|
|
Entity Registrant Name |
Nemaura Medical Inc.
|
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Entity Central Index Key |
0001602078
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Entity Tax Identification Number |
46-5027260
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Entity Incorporation, State or Country Code |
NV
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Entity Address, Address Line One |
57 West 57th Street
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Entity Address, City or Town |
Manhattan
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Entity Address, State or Province |
NY
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Entity Address, Postal Zip Code |
10019
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City Area Code |
646
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Local Phone Number |
416-8000
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Title of 12(b) Security |
Common Stock
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Trading Symbol |
NMRD
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Security Exchange Name |
NASDAQ
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Yes
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v3.23.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Current assets: |
|
|
Cash |
$ 4,009,691
|
$ 10,105,135
|
Inventory |
2,351,286
|
1,754,852
|
Prepaid expenses and other receivables |
467,016
|
357,934
|
VAT Receivable |
254,106
|
409,648
|
Deposit on foreign exchange contract |
390,713
|
909,666
|
Total current assets |
7,472,812
|
13,537,235
|
Property and equipment, net of accumulated depreciation |
629,007
|
641,906
|
Intangible assets, net of accumulated amortization |
348,214
|
384,092
|
Total assets |
8,450,033
|
14,563,233
|
Current liabilities: |
|
|
Accounts payable |
256,950
|
326,641
|
Other liabilities and accrued expenses |
253,246
|
130,678
|
Notes payable, current portion |
16,967,686
|
16,942,500
|
Payable to related parties |
337,735
|
920,780
|
Deferred revenue, current portion |
127,140
|
123,640
|
Foreign exchange contract derivative liability |
507,648
|
731,730
|
Warrant liability |
3,204,000
|
3,092,000
|
Total current liabilities |
21,654,405
|
22,267,969
|
Notes payable, non-current portion |
119,477
|
3,087,651
|
Deferred revenue, non-current portion |
1,053,915
|
1,021,811
|
Total liabilities |
22,827,797
|
26,377,431
|
Commitments and contingencies |
|
|
Stockholders’ deficit: |
|
|
Common stock, $0.001 par value, 42,000,000 shares authorized and 28,899,402 shares issued and outstanding at June 30, 2023 and March 31, 2023 |
28,899
|
28,899
|
Additional paid-in capital |
40,991,377
|
40,991,377
|
Accumulated deficit |
(54,478,365)
|
(51,875,211)
|
Accumulated other comprehensive loss |
(919,675)
|
(959,263)
|
Total stockholders’ deficit |
(14,377,764)
|
(11,814,198)
|
Total liabilities and stockholders’ deficit |
$ 8,450,033
|
$ 14,563,233
|
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v3.23.2
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|
Jun. 30, 2023 |
Mar. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value per share |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
42,000,000
|
42,000,000
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28,899,402
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28,899,402
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28,899,402
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v3.23.2
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|
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
Sales |
$ 0
|
$ 0
|
Cost of Sales |
0
|
0
|
Gross Profit |
0
|
0
|
Operating expenses: |
|
|
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549,757
|
330,055
|
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1,508,467
|
1,267,251
|
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2,058,224
|
1,597,306
|
Loss from operations |
(1,834,142)
|
(2,436,890)
|
Other income (expense) |
|
|
Interest expense |
(657,012)
|
(1,452,020)
|
Change in fair value of warrant liability |
(112,000)
|
0
|
Net loss |
(2,603,154)
|
(3,888,910)
|
Other comprehensive loss: |
|
|
Foreign currency translation adjustment |
39,588
|
(444,937)
|
Comprehensive loss |
$ (2,563,566)
|
$ (4,333,847)
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v3.23.2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - $ / shares
|
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
Earnings per share, basic |
$ (0.09)
|
$ (0.16)
|
Earnings per share, diluted |
$ (0.09)
|
$ (0.16)
|
Weighted average number of shares outstanding, basic |
28,899,402
|
24,102,866
|
Weighted average number of shares outstanding, diluted |
28,899,402
|
24,102,866
|
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v3.23.2
Condensed Consolidated Statements of Changes in Stockholders' Deficit - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Total |
Beginning balance, value at Mar. 31, 2022 |
$ 24,103
|
$ 38,295,775
|
$ (37,731,476)
|
$ (122,318)
|
$ 466,084
|
Beginning Balance, Shares at Mar. 31, 2022 |
24,102,866
|
|
|
|
|
Foreign currency translation adjustment |
|
|
|
(444,937)
|
(444,937)
|
Net loss |
|
|
(3,888,910)
|
|
(3,888,910)
|
Ending balance, value at Jun. 30, 2022 |
$ 24,103
|
38,295,775
|
(41,620,386)
|
(567,255)
|
(3,867,763)
|
Ending Balance, Shares at Jun. 30, 2022 |
24,102,866
|
|
|
|
|
Beginning balance, value at Mar. 31, 2023 |
$ 28,899
|
40,991,377
|
(51,875,211)
|
(959,263)
|
(11,814,198)
|
Beginning Balance, Shares at Mar. 31, 2023 |
28,899,402
|
|
|
|
|
Foreign currency translation adjustment |
|
|
|
39,588
|
39,588
|
Net loss |
|
|
(2,603,154)
|
|
(2,603,154)
|
Ending balance, value at Jun. 30, 2023 |
$ 28,899
|
$ 40,991,377
|
$ (54,478,365)
|
$ (919,675)
|
$ (14,377,764)
|
Ending Balance, Shares at Jun. 30, 2023 |
28,899,402
|
|
|
|
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash Flows From Operating Activities: |
|
|
Net loss |
$ (2,603,154)
|
$ (3,888,910)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation and amortization |
98,085
|
98,792
|
Amortization of debt discount |
164,375
|
0
|
Addition of PIK monitoring fee to note payable |
492,637
|
0
|
Accretion of debt discount |
0
|
1,452,020
|
Change in fair value of foreign exchange contract derivative liability. |
(224,082)
|
839,584
|
Change in fair value of warrant liability |
112,000
|
0
|
Changes in operating assets and liabilities: |
|
|
Prepaid expenses and other receivables |
565,413
|
(355,329)
|
Inventory |
(596,434)
|
(137,386)
|
Accounts payable |
(69,691)
|
(43,609)
|
Receivable/payable to related parties |
(583,045)
|
(116,214)
|
Accrued expense and other liabilities |
122,569
|
(120,812)
|
Deferred revenue |
0
|
(112,279)
|
Net cash used in operating activities |
(2,521,327)
|
(2,384,143)
|
Cash Flows From Investing Activities: |
|
|
Capitalized patent costs |
0
|
(192,114)
|
Capitalized software development costs |
0
|
0
|
Purchase of property and equipment |
(29,206)
|
(25,598)
|
Net cash used in investing activities |
(29,206)
|
(217,712)
|
Cash Flows From Financing Activities: |
|
|
Proceeds from issuance of note payable |
0
|
4,700,000
|
Principal payments on notes payable |
(3,600,000)
|
(4,774,282)
|
Net cash used in financing activities |
(3,600,000)
|
(74,282)
|
Net decrease in cash |
(6,150,533)
|
(2,676,137)
|
Effect of exchange rate changes on cash |
55,089
|
(321,263)
|
Cash at beginning of period |
10,105,135
|
17,749,233
|
Cash at end of period |
$ 4,009,691
|
$ 14,751,833
|
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
Nemaura Medical Inc. (“Nemaura”
or the “Company”), through its operating subsidiaries, performs medical device research and manufacturing of a continuous
glucose monitoring system (“CGM”), named sugarBEAT®. The sugarBEAT®
device is a non-invasive, wireless device for use by persons with Type I and Type II diabetes and may also be used to screen pre-diabetic
patients. The sugarBEAT® device extracts analytes, such as glucose, to the surface of
the skin in a non-invasive manner where it is measured using unique sensors and interpreted using a unique algorithm.
Going Concern
The accompanying financial statements have been prepared
on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal
course of business. As reflected in the accompanying financial statements, for the three months ended June 30, 2023, the Company recorded
a net loss of $2,603,154 and used cash in operations of $2,521,327. These factors raise substantial doubt about the Company’s ability
to continue as a going concern within one year of the date that the financial statements are issued. In addition, the Company’s independent registered public accounting
firm in its report on the Company’s March 31, 2023 financial statements, raised substantial doubt about the Company’s ability
to continue as a going concern. The financial statements do not include
any adjustments that might be necessary if the Company is unable to continue as a going concern.
In evaluating the going concern
position of the company, management has considered potential funding providers and believes that financing to fund future operations
could be provided by equity and/or debt financing. Even if the Company is able to obtain additional financing, it may contain undue
restrictions on our operations, in the case of debt financing, or cause substantial dilution for our stockholders, in the case of
equity financing. Subsequent to June 30, 2023, on August 10, 2023, the Company agreed to issue a note payable for $7,810,000 and net
proceeds of $6,500,000 (see Note 5).
Basis
of Presentation
The accompanying unaudited condensed
consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC, and do not include all of the
information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial
statements. However, such information reflects all adjustments consisting of normal recurring accruals which are, in the opinion of
management, necessary for a fair presentation of the financial condition and results of operations for the interim periods. The
results for the three-months ended June 30, 2023 are not indicative of annual results. The accompanying unaudited condensed
consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the
instructions to Form 10-Q and Article 8 of Regulation S-X. These unaudited condensed consolidated financial statements should be
read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report
on Form 10-K for the year ended March 31, 2023, as filed with the SEC.
The accompanying unaudited condensed consolidated
financial statements include the accounts of the Company and the Company’s subsidiaries. References to “we”, “us”,
“our”, or the “Company” refer to Nemaura Medical Inc. and its consolidated subsidiaries. The unaudited condensed
consolidated financial statements are prepared in accordance with U.S. GAAP, and all significant intercompany balances and transactions
have been eliminated in consolidation.
The functional currency for the majority of
the Company’s operations is the Great Britain Pound Sterling (“GBP”), and the reporting currency is the U.S. Dollar
(“USD”). Financial statements for foreign subsidiaries are translated into USD using period end exchange rates for assets
and liabilities and average exchange rates for each period for revenue, costs and expenses.
Use of Estimates
The preparation of consolidated financial statements
in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues
and expenses during the periods presented. Significant estimates include the assumptions used in the accrual for potential liabilities,
the net realizable value of inventory, the valuation of debt and equity instruments, the fair value of derivative liabilities, valuation
of stock options issued for services, and deferred tax valuation allowances. Actual results may differ from those estimates.
Revenue Recognition
The Company recognizes revenue in accordance
with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue from
Contracts with Customers (“ASC 606”). The underlying principle of ASC 606 is to recognize revenue to depict the transfer of
goods or services to customers at the amount expected to be collected. ASC 606 creates a five-step model that requires entities to exercise
judgment when considering the terms of contract(s), which include (1) identifying the contract or agreement with a customer, (2) identifying
our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price
to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied.
Cash and cash equivalents
Cash and cash equivalents consists primarily of
cash deposits maintained in the United Kingdom (“UK”). We maintain cash balances in U.S. Dollar (“USD”), Great Britain Pound
Sterling (“GBP”), and the Euro. The following table, reported in USD, disaggregates our cash balances by currency
denomination:
Schedule of cash and cash equivalents | |
| | |
| |
| |
June 30, 2023 | | |
March 31, 2023 | |
Cash denominated in: | |
| | | |
| | |
USD | |
$ | 588,886 | | |
$ | 5,606,972 | |
GBP | |
| 3,353,373 | | |
| 4,446,720 | |
Euro | |
| 67,432 | | |
| 51,443 | |
Total | |
$ | 4,009,691 | | |
$ | 10,105,135 | |
Inventory
As of June 30, 2023 and March 31, 2023, inventory
consisted of the following:
Schedule of inventory | |
| | | |
| | |
| |
June
30, 2023 (unaudited) | | |
March
31, 2023 | |
| |
| | |
| |
Raw materials | |
$ | 2,200,933 | | |
$ | 1,586,777 | |
Finished goods | |
| 150,353 | | |
| 168,075 | |
Total Inventories | |
$ | 2,351,286 | | |
$ | 1,754,852 | |
Inventories are stated at
the lower of cost or net realizable value, with cost determined on a first-in, first-out (“FIFO”) basis. For the three-months
ended June 30, 2023 and 2022, there were no write-downs of inventory.
Research and development expenses
The Company charges research and development expenses
to operations as incurred. Research and development expenses primarily consist of salaries and related expenses for personnel and outside
contractor and consulting services. Other research and development expenses include the costs of materials and supplies used in research
and development, prototype manufacturing, clinical studies, related information technology and an allocation of facilities costs.
Loss per share
Basic loss per share is computed by dividing
the loss available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted loss
per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common
shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive.
Diluted loss per common share reflects the potential dilution that could occur if convertible debentures, options and warrants were to
be exercised or converted or otherwise resulted in the issuance of common stock that then shared in the earnings of the entity.
Since the effects of outstanding options and
warrants are anti-dilutive for the three months ended June 30, 2023 and the year ended March 31, 2023, shares of common stock underlying
these instruments have been excluded from the computation of loss per common share.
The following sets forth the number of shares
of common stock underlying outstanding options and warrants as of June 30, 2023 and June 30, 2022:
Schedule of common stock underlying outstanding options | |
| | |
| |
| |
| June 30, | | |
| June
30, | |
| |
| 2023 | | |
| 2022 | |
| |
| | | |
| | |
Warrants | |
| 6,369,304 | | |
| 1,135,753 | |
Stock options | |
| 40,000 | | |
| 40,000 | |
| |
| 6,409,304 | | |
| 1,175,753 | |
Stock-Based Compensation
The Company periodically issues share-based awards
to employees and non-employees and consultants for services rendered. Stock options vest and expire according to terms established at
the issuance date of each grant. Stock grants are measured at the grant date fair value. Stock-based compensation cost is measured at
fair value on the grant date and is generally recognized as a charge to operations ratably over the requisite service, or vesting, period.
The Company values its equity awards using the Black-Scholes
option-pricing model, and accounts for forfeitures when they occur. Use of the Black-Scholes option pricing model requires the input of
subjective assumptions, including expected volatility, expected term, and a risk-free interest rate. The expected volatility is based
on the historical volatility of the Company’s common stock, calculated utilizing a look-back period approximately equal to the contractual
life of the stock option being granted. The expected life of the stock option is calculated as the mid-point between the vesting period
and the contractual term (the “simplified method”). The risk-free interest rate is estimated using comparable published federal
funds rates.
Fair Value of Financial Instruments
The authoritative guidance with respect to fair value
established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels and
requires that assets and liabilities carried at fair value be classified and disclosed in one of three categories, as presented below.
Disclosure as to transfers in and out of Levels 1 and 2, and activity in Level 3 fair value measurements, is also required. Fair value
of a financial instrument is defined as the amount at which the instrument could be exchanged in a current transaction between willing
parties.
The three levels of the fair value hierarchy are as
follows:
Level 1 - Valuations based on unadjusted quoted prices
in active markets for identical assets or liabilities that the entity has the ability to access.
Level 2 - Valuations based on quoted prices for similar
assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable
data for substantially the full term of the assets or liabilities.
Level 3 - Valuations based on inputs that are unobservable,
supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
The Foreign exchange contract derivative liability
are valued using Level 2 fair values while the warrant liability are valued using Level 3 fair values.
The following table sets
forth by level, within the fair value hierarchy, the Company’s financial assets and liabilities at fair value as of June 30, 2023
and March 31, 2023:
Schedule of assets and liabilities at fair value | |
| | |
| | |
| | |
| |
| |
June
30, 2023 | |
| |
Level
1 | | |
Level
2 | | |
Level
3 | | |
Total | |
Assets | |
$ |
— | | |
$ |
— | | |
$ |
— | | |
$ |
— | |
Total assets | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | — | |
| |
| | | |
| | | |
| | | |
| | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Foreign exchange contract derivative liability | |
$ | — | | |
$ | 507,648 | | |
$ | — | | |
$ | 507,648 | |
Warrant derivative liability | |
| — | | |
| — | | |
| 3,204,000 | | |
| 3,204,000 | |
Total liabilities | |
$ | — | | |
$ | 507,648 | | |
$ | 3,204,000 | | |
$ | 3,711,648 | |
| |
| | |
| | |
| | |
| |
| |
March
31, 2023 | |
| |
Level
1 | | |
Level
2 | | |
Level
3 | | |
Total | |
Assets | |
$ |
— | | |
$ |
— | | |
$ |
— | | |
$ |
— | |
Total assets | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | — | |
| |
| | | |
| | | |
| | | |
| | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Foreign exchange contract derivative
liability | |
$ | — | | |
$ | 731,730 | | |
$ | — | | |
$ | 731,730 | |
Warrant derivative liability | |
| — | | |
| — | | |
| 3,092,000 | | |
| 3,092,000 | |
Total liabilities | |
$ | — | | |
$ | 731,730 | | |
$ | 3,092,000 | | |
$ | 3,823,730 | |
The following table provides
a roll-forward of the warrant derivative liability measured at fair value on a recurring basis using unobservable level 3 inputs for
the three months ended June 30, 2023:
Schedule of warrant derivative liability measured
at fair value on a recurring basis | |
| | |
Warrant derivative liability | |
| |
Balance as of beginning of period – March 31, 2023 | |
$ | 3,092,000 | |
Change in fair value of warrant derivative liability | |
$ | 112,000 | |
Balance as of end of period – June 30, 2023 | |
$ | 3,204,000 | |
As
of June 30, 2023 and March 31, 2023, the Company’s outstanding
warrants were treated as derivative liabilities and changes in the fair value were recognized in earnings (see Note 3).
The Company believes the
carrying amounts of certain financial instruments, including cash, accounts receivable, and accounts payable and accrued liabilities,
approximate fair value due to the short-term nature of such instruments and are excluded from the fair value tables above.
Reclassification
In presenting the Company’s condensed consolidated statement of operations for the three
months ended June 30, 2022, the Company presented $839,584
change in fair value of foreign exchange derivative liability as part of General and administrative expense. In presenting the
Company’s condensed consolidated statement of operations for the three months ended June 30, 2023, the Company has reclassified
the $839,584
to Other income (expense) in the accompanying condensed consolidated statement of operations for the three months ended June 30,
2022. The reclassification had no effect on the previously reported amounts for net loss, cash flows, or net loss per share for the three
months ended June 30, 2022, or financial position as of June 30, 2022.
Recent
accounting pronouncements
Management does not believe that any recently issued,
but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s unaudited
condensed consolidated financial statements.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.23.2
RELATED PARTY TRANSACTIONS
|
3 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS |
NOTE 2 – RELATED PARTY TRANSACTIONS
DDL has a service agreement with Nemaura Pharma Limited
(“Pharma”), an entity controlled by the Company’s President and Chief Executive officer, to provide development, manufacture,
and regulatory approval process under Pharma’s ISO13485 accreditation. Pharma invoices DDL for these services on a cost-plus basis.
The table below provides a summary of activity between
the Company and Pharma for the three months ended June 30, 2023 and 2022.
Schedule of related party transactions | |
| | |
| |
| |
Three Months Ended June 30, 2023 (unaudited) | | |
Three
Months Ended June 30, 2022
(unaudited) | |
Due to (from) related parties at beginning of period | |
$ | 920,780 | | |
$ | (101,297 | ) |
Amounts invoiced by Pharma to DDL, NM and TCL, primarily relating to research and development expenses | |
| 1,514,497 | | |
| 949,713 | |
Amounts paid by DDL to Pharma | |
| (2,079,039 | ) | |
| (1,074,796 | ) |
Foreign exchange differences | |
| (18,503 | ) | |
| 8,870 | |
Due to (from) related parties at end of
period | |
$ | 337,735 | | |
$ | (217,510 | ) |
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.2
DERIVATIVE LIABILITIES
|
3 Months Ended |
Jun. 30, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
DERIVATIVE LIABILITIES |
NOTE 3 – DERIVATIVE LIABILITIES
Warrant liability
In January 2023,
the Company completed an equity offering, which included the issuance of 4,796,206 warrants. Upon the occurrence of certain
transactions (“Fundamental Transactions,” as defined), the warrants provide for a value determined using a Black Scholes model
with inputs calculated as described in the warrant agreement which includes a 100% floor on the volatility input to be utilized. The Company
has determined that this provision introduces leverage to the holders of the warrants that could result in a value that would be greater
than the settlement amount of a fixed-for-fixed option on the Company’s own equity shares. Accordingly, pursuant to ASC 815, the
Company has classified the fair value of the warrants as a liability to be re-measured at the end of every reporting period with the change
in value reported in the statement of operations.
The warrant liability was valued at the following
dates using a Black-Scholes model with the following assumptions:
Schedule of warrant liability | |
| | |
| |
| |
June 30, 2023 | | |
March 31, 2023 | |
Warrant liability: | |
| | | |
| | |
Stock price | |
$ | 0.93 | | |
$ | 0.90 | |
Risk-free interest rate | |
| 4.13 | % | |
| 3.60 | % |
Expected volatility | |
| 110 | % | |
| 108 | % |
Expected life (in years) | |
| 5.09 | | |
| 5.34 | |
Expected dividend yield | |
| — | | |
| — | |
Fair value of Warrant liability | |
$ | 3,204,000 | | |
$ | 3,092,000 | |
The risk-free rate is based on the U.S. Treasury yield curve in effect
at the time of grant. Expected volatility was determined based on the historical volatility data of the Company, and the expected term
of the warrants granted are determined based on the duration of time the warrants are expected to be outstanding. The dividend yield on
the Company’s warrants is assumed to be zero as the Company has not historically paid dividends.
Foreign exchange contract
liability
The Company is exposed to
the impact of foreign currency exchange fluctuations as a significant proportion of its expenses are denominated in GBP, and the Company’s
cash is in USD and GBP. In February 2021, the Company entered into a forward contract to sell USD and buy GBP. The contract meets the
definition of a derivative subject to the guidance of ASC 815, does not qualify for hedge accounting, and accordingly is recognized at
fair value, with changes in fair value recognized in earnings.
The term of the
contract is 25 months, beginning July, 2022, and ending August, 2024. The contract initially had a maximum notional amount of $6,250,000 (and
a maximum leveraged amount equal to two times the notional amount, or$12,500,000).
$250,000 of
the contractual notional amount is settled (expires) each month through August 2024. On
each monthly settlement date, if the USD/GBP spot rate is above $1.359, the Company has the right to convert $250,000 USD into GBP
at a fixed rate of $1.359. If the spot rate is between $1.359 and $1.319 on the settlement date, the Company has no obligations, but
can convert $250,000 USD into GBP at the spot rate. Finally, if the spot rate is below $1.319 on the monthly settlement date, the
Company is obligated to convert $500,000 USD (the settlement date leveraged amount) into GBP at the fixed rate of $1.359.
Alternatively, instead of selling $500,000 USD, the Company can pay the difference in the spot rate and the $1.359 exchange rate for
$500,000 USD (net settle) to the counterparty.
At June 30, 2023 and March 31, 2023, the fair value of the
foreign currency contract liability was valued as follows:
Schedule of fair value of the foreign currency contract liability | |
| | |
| |
| |
June
30, 2023 | | |
March
31, 2023 | |
Notional Amount | |
$ | 3,500,000 | | |
$ | 4,250,000 | |
Leveraged amount (used to determine fair value of contract liability) | |
$ | 7,000,000 | | |
$ | 8,500,000 | |
Expected remaining term (in months) | |
| 14 | | |
| 17 | |
| |
| | | |
| | |
Fair Value: | |
| | | |
| | |
Foreign currency contract liability | |
$ | 507,648 | | |
$ | 731,730 | |
The Company’s foreign currency forward
contracts are measured at fair value on a recurring basis and are classified as Level 2 fair value measurement. As of June 30, 2023,
and March 31, 2023, the Company has deposited $390,173
and $909,666,
respectively, as collateral with the counterparty related to the foreign currency forward contract.
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v3.23.2
NOTES PAYABLE
|
3 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE |
NOTE 4 – NOTES PAYABLE
Schedule of notes payable | |
| | |
| |
| |
June
30,
2023 (unaudited) | | |
March 31,
2023
| |
| |
| | |
| |
Note Purchase Agreement 2 | |
$ | 12,119,477 | | |
$ | 14,772,293 | |
Note Purchase Agreement 3 | |
| 5,570,394 | | |
| 6,024,941 | |
Total notes payable | |
| 17,689,871 | | |
| 20,797,234 | |
Unamortized debt discount | |
| (602,708 | ) | |
| (767,083 | ) |
Notes payable, net of note discounts | |
| 17,087,163 | | |
| 20,030,151 | |
Current portion | |
| (16,967,686 | ) | |
| (16,942,500 | ) |
Non-current portion | |
$ | 119,477 | | |
$ | 3,087,651 | |
NOTE PURCHASE AGREEMENT 2
On February 8, 2021, the Company issued a
note payable (“Note Purchase Agreement 2”, “Note 2”) to a third-party investor. The note was for $24,015,000,
originally matured on February 9, 2023, and is secured by all the assets of the Company. The Company agreed to make principal payments
beginning in August 2021 of $400,000 monthly, which increased in February 2022 to $2,000,000 monthly. In addition, the Company is required
to accrue a monthly PIK fee equal to 0.833% of the outstanding balance, which is in substance interest at an annual rate of approximately
10%, that is added to the note principal each month.
In May 2022, Note 2 was amended to reduce
principal payments from $2,000,000
a month to $500,000
a month. In October 2022 Note 2 was again amended to extend the maturity from February 9, 2023 to July 1, 2024, and to increase
principal payments to $1,000,000
per month beginning in March 2023. In consideration, the Company agreed to pay aggregate fees of $2,304,539
to the investor which were added to the principal balance of Note 2.
NOTE PURCHASE AGREEMENT 3
On May 20, 2022, the Company issued a note
payable (“Note Purchase Agreement 3”) with a third-party investor. The note was for $6,015,000, matures on May 20, 2024,
and is secured by all the assets of the Company. The Company received cash proceeds of $4,700,000, resulting in a discount of $1,315,000
made up of an original issue discount (“OID”) of $1,000,000, commission of $300,000 that was paid from proceeds, and $15,000
to cover transaction expenses. In addition, the Company is required to accrue a monthly PIK fee equal to 0.833% of the outstanding balance,
which is in substance interest at an annual rate of approximately 10%, that is added to the note principal each month. The debt less
discount and transaction expenses will be accreted over the term of the note using the effective interest rate method.
March 31, 2023, the unamortized debt discount was $767,083. During the three-month period ended June 30, 2023, debt
discount amortization of $164,375 was recorded. At June 30, 2023, the unamortized debt discount was $602,708.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.2
SUBSEQUENT EVENTS
|
3 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE 5 – SUBSEQUENT EVENTS
Note Purchase Agreement
In August 2023, the Company agreed to issue
a secured promissory note (“Note Agreement 4”) in the original principal amount of $7,810,000, that matures in August 2025,
and is secured by substantially all the assets of the Company. The note carries an original issue discount (“OID”) of $1,300,000
(16.7%). In addition, a monitoring fee equal to 0.833% of the outstanding balance, which is in substance interest at an annual rate of
approximately 10%, will be automatically added to the note principal each month. Net proceeds of Note Agreement 4 will be $6,500,000,
after deducting $10,000 of transaction fees.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
3 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Going Concern |
Going Concern
The accompanying financial statements have been prepared
on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal
course of business. As reflected in the accompanying financial statements, for the three months ended June 30, 2023, the Company recorded
a net loss of $2,603,154 and used cash in operations of $2,521,327. These factors raise substantial doubt about the Company’s ability
to continue as a going concern within one year of the date that the financial statements are issued. In addition, the Company’s independent registered public accounting
firm in its report on the Company’s March 31, 2023 financial statements, raised substantial doubt about the Company’s ability
to continue as a going concern. The financial statements do not include
any adjustments that might be necessary if the Company is unable to continue as a going concern.
In evaluating the going concern
position of the company, management has considered potential funding providers and believes that financing to fund future operations
could be provided by equity and/or debt financing. Even if the Company is able to obtain additional financing, it may contain undue
restrictions on our operations, in the case of debt financing, or cause substantial dilution for our stockholders, in the case of
equity financing. Subsequent to June 30, 2023, on August 10, 2023, the Company agreed to issue a note payable for $7,810,000 and net
proceeds of $6,500,000 (see Note 5).
|
Basis of Presentation |
Basis
of Presentation
The accompanying unaudited condensed
consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC, and do not include all of the
information and footnotes required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial
statements. However, such information reflects all adjustments consisting of normal recurring accruals which are, in the opinion of
management, necessary for a fair presentation of the financial condition and results of operations for the interim periods. The
results for the three-months ended June 30, 2023 are not indicative of annual results. The accompanying unaudited condensed
consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the
instructions to Form 10-Q and Article 8 of Regulation S-X. These unaudited condensed consolidated financial statements should be
read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report
on Form 10-K for the year ended March 31, 2023, as filed with the SEC.
The accompanying unaudited condensed consolidated
financial statements include the accounts of the Company and the Company’s subsidiaries. References to “we”, “us”,
“our”, or the “Company” refer to Nemaura Medical Inc. and its consolidated subsidiaries. The unaudited condensed
consolidated financial statements are prepared in accordance with U.S. GAAP, and all significant intercompany balances and transactions
have been eliminated in consolidation.
The functional currency for the majority of
the Company’s operations is the Great Britain Pound Sterling (“GBP”), and the reporting currency is the U.S. Dollar
(“USD”). Financial statements for foreign subsidiaries are translated into USD using period end exchange rates for assets
and liabilities and average exchange rates for each period for revenue, costs and expenses.
|
Use of Estimates |
Use of Estimates
The preparation of consolidated financial statements
in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues
and expenses during the periods presented. Significant estimates include the assumptions used in the accrual for potential liabilities,
the net realizable value of inventory, the valuation of debt and equity instruments, the fair value of derivative liabilities, valuation
of stock options issued for services, and deferred tax valuation allowances. Actual results may differ from those estimates.
|
Revenue Recognition |
Revenue Recognition
The Company recognizes revenue in accordance
with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue from
Contracts with Customers (“ASC 606”). The underlying principle of ASC 606 is to recognize revenue to depict the transfer of
goods or services to customers at the amount expected to be collected. ASC 606 creates a five-step model that requires entities to exercise
judgment when considering the terms of contract(s), which include (1) identifying the contract or agreement with a customer, (2) identifying
our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price
to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied.
|
Cash and cash equivalents |
Cash and cash equivalents
Cash and cash equivalents consists primarily of
cash deposits maintained in the United Kingdom (“UK”). We maintain cash balances in U.S. Dollar (“USD”), Great Britain Pound
Sterling (“GBP”), and the Euro. The following table, reported in USD, disaggregates our cash balances by currency
denomination:
Schedule of cash and cash equivalents | |
| | |
| |
| |
June 30, 2023 | | |
March 31, 2023 | |
Cash denominated in: | |
| | | |
| | |
USD | |
$ | 588,886 | | |
$ | 5,606,972 | |
GBP | |
| 3,353,373 | | |
| 4,446,720 | |
Euro | |
| 67,432 | | |
| 51,443 | |
Total | |
$ | 4,009,691 | | |
$ | 10,105,135 | |
|
Inventory |
Inventory
As of June 30, 2023 and March 31, 2023, inventory
consisted of the following:
Schedule of inventory | |
| | | |
| | |
| |
June
30, 2023 (unaudited) | | |
March
31, 2023 | |
| |
| | |
| |
Raw materials | |
$ | 2,200,933 | | |
$ | 1,586,777 | |
Finished goods | |
| 150,353 | | |
| 168,075 | |
Total Inventories | |
$ | 2,351,286 | | |
$ | 1,754,852 | |
Inventories are stated at
the lower of cost or net realizable value, with cost determined on a first-in, first-out (“FIFO”) basis. For the three-months
ended June 30, 2023 and 2022, there were no write-downs of inventory.
|
Research and development expenses |
Research and development expenses
The Company charges research and development expenses
to operations as incurred. Research and development expenses primarily consist of salaries and related expenses for personnel and outside
contractor and consulting services. Other research and development expenses include the costs of materials and supplies used in research
and development, prototype manufacturing, clinical studies, related information technology and an allocation of facilities costs.
|
Loss per share |
Loss per share
Basic loss per share is computed by dividing
the loss available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted loss
per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common
shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive.
Diluted loss per common share reflects the potential dilution that could occur if convertible debentures, options and warrants were to
be exercised or converted or otherwise resulted in the issuance of common stock that then shared in the earnings of the entity.
Since the effects of outstanding options and
warrants are anti-dilutive for the three months ended June 30, 2023 and the year ended March 31, 2023, shares of common stock underlying
these instruments have been excluded from the computation of loss per common share.
The following sets forth the number of shares
of common stock underlying outstanding options and warrants as of June 30, 2023 and June 30, 2022:
Schedule of common stock underlying outstanding options | |
| | |
| |
| |
| June 30, | | |
| June
30, | |
| |
| 2023 | | |
| 2022 | |
| |
| | | |
| | |
Warrants | |
| 6,369,304 | | |
| 1,135,753 | |
Stock options | |
| 40,000 | | |
| 40,000 | |
| |
| 6,409,304 | | |
| 1,175,753 | |
|
Stock-Based Compensation |
Stock-Based Compensation
The Company periodically issues share-based awards
to employees and non-employees and consultants for services rendered. Stock options vest and expire according to terms established at
the issuance date of each grant. Stock grants are measured at the grant date fair value. Stock-based compensation cost is measured at
fair value on the grant date and is generally recognized as a charge to operations ratably over the requisite service, or vesting, period.
The Company values its equity awards using the Black-Scholes
option-pricing model, and accounts for forfeitures when they occur. Use of the Black-Scholes option pricing model requires the input of
subjective assumptions, including expected volatility, expected term, and a risk-free interest rate. The expected volatility is based
on the historical volatility of the Company’s common stock, calculated utilizing a look-back period approximately equal to the contractual
life of the stock option being granted. The expected life of the stock option is calculated as the mid-point between the vesting period
and the contractual term (the “simplified method”). The risk-free interest rate is estimated using comparable published federal
funds rates.
|
Fair Value of Financial Instruments |
Fair Value of Financial Instruments
The authoritative guidance with respect to fair value
established a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels and
requires that assets and liabilities carried at fair value be classified and disclosed in one of three categories, as presented below.
Disclosure as to transfers in and out of Levels 1 and 2, and activity in Level 3 fair value measurements, is also required. Fair value
of a financial instrument is defined as the amount at which the instrument could be exchanged in a current transaction between willing
parties.
The three levels of the fair value hierarchy are as
follows:
Level 1 - Valuations based on unadjusted quoted prices
in active markets for identical assets or liabilities that the entity has the ability to access.
Level 2 - Valuations based on quoted prices for similar
assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable
data for substantially the full term of the assets or liabilities.
Level 3 - Valuations based on inputs that are unobservable,
supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
The Foreign exchange contract derivative liability
are valued using Level 2 fair values while the warrant liability are valued using Level 3 fair values.
The following table sets
forth by level, within the fair value hierarchy, the Company’s financial assets and liabilities at fair value as of June 30, 2023
and March 31, 2023:
Schedule of assets and liabilities at fair value | |
| | |
| | |
| | |
| |
| |
June
30, 2023 | |
| |
Level
1 | | |
Level
2 | | |
Level
3 | | |
Total | |
Assets | |
$ |
— | | |
$ |
— | | |
$ |
— | | |
$ |
— | |
Total assets | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | — | |
| |
| | | |
| | | |
| | | |
| | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Foreign exchange contract derivative liability | |
$ | — | | |
$ | 507,648 | | |
$ | — | | |
$ | 507,648 | |
Warrant derivative liability | |
| — | | |
| — | | |
| 3,204,000 | | |
| 3,204,000 | |
Total liabilities | |
$ | — | | |
$ | 507,648 | | |
$ | 3,204,000 | | |
$ | 3,711,648 | |
| |
| | |
| | |
| | |
| |
| |
March
31, 2023 | |
| |
Level
1 | | |
Level
2 | | |
Level
3 | | |
Total | |
Assets | |
$ |
— | | |
$ |
— | | |
$ |
— | | |
$ |
— | |
Total assets | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | — | |
| |
| | | |
| | | |
| | | |
| | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Foreign exchange contract derivative
liability | |
$ | — | | |
$ | 731,730 | | |
$ | — | | |
$ | 731,730 | |
Warrant derivative liability | |
| — | | |
| — | | |
| 3,092,000 | | |
| 3,092,000 | |
Total liabilities | |
$ | — | | |
$ | 731,730 | | |
$ | 3,092,000 | | |
$ | 3,823,730 | |
The following table provides
a roll-forward of the warrant derivative liability measured at fair value on a recurring basis using unobservable level 3 inputs for
the three months ended June 30, 2023:
Schedule of warrant derivative liability measured
at fair value on a recurring basis | |
| | |
Warrant derivative liability | |
| |
Balance as of beginning of period – March 31, 2023 | |
$ | 3,092,000 | |
Change in fair value of warrant derivative liability | |
$ | 112,000 | |
Balance as of end of period – June 30, 2023 | |
$ | 3,204,000 | |
As
of June 30, 2023 and March 31, 2023, the Company’s outstanding
warrants were treated as derivative liabilities and changes in the fair value were recognized in earnings (see Note 3).
The Company believes the
carrying amounts of certain financial instruments, including cash, accounts receivable, and accounts payable and accrued liabilities,
approximate fair value due to the short-term nature of such instruments and are excluded from the fair value tables above.
|
Reclassification |
Reclassification
In presenting the Company’s condensed consolidated statement of operations for the three
months ended June 30, 2022, the Company presented $839,584
change in fair value of foreign exchange derivative liability as part of General and administrative expense. In presenting the
Company’s condensed consolidated statement of operations for the three months ended June 30, 2023, the Company has reclassified
the $839,584
to Other income (expense) in the accompanying condensed consolidated statement of operations for the three months ended June 30,
2022. The reclassification had no effect on the previously reported amounts for net loss, cash flows, or net loss per share for the three
months ended June 30, 2022, or financial position as of June 30, 2022.
|
Recent accounting pronouncements |
Recent
accounting pronouncements
Management does not believe that any recently issued,
but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s unaudited
condensed consolidated financial statements.
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of cash and cash equivalents |
Schedule of cash and cash equivalents | |
| | |
| |
| |
June 30, 2023 | | |
March 31, 2023 | |
Cash denominated in: | |
| | | |
| | |
USD | |
$ | 588,886 | | |
$ | 5,606,972 | |
GBP | |
| 3,353,373 | | |
| 4,446,720 | |
Euro | |
| 67,432 | | |
| 51,443 | |
Total | |
$ | 4,009,691 | | |
$ | 10,105,135 | |
|
Schedule of inventory |
Schedule of inventory | |
| | | |
| | |
| |
June
30, 2023 (unaudited) | | |
March
31, 2023 | |
| |
| | |
| |
Raw materials | |
$ | 2,200,933 | | |
$ | 1,586,777 | |
Finished goods | |
| 150,353 | | |
| 168,075 | |
Total Inventories | |
$ | 2,351,286 | | |
$ | 1,754,852 | |
|
Schedule of common stock underlying outstanding options |
Schedule of common stock underlying outstanding options | |
| | |
| |
| |
| June 30, | | |
| June
30, | |
| |
| 2023 | | |
| 2022 | |
| |
| | | |
| | |
Warrants | |
| 6,369,304 | | |
| 1,135,753 | |
Stock options | |
| 40,000 | | |
| 40,000 | |
| |
| 6,409,304 | | |
| 1,175,753 | |
|
Schedule of assets and liabilities at fair value |
Schedule of assets and liabilities at fair value | |
| | |
| | |
| | |
| |
| |
June
30, 2023 | |
| |
Level
1 | | |
Level
2 | | |
Level
3 | | |
Total | |
Assets | |
$ |
— | | |
$ |
— | | |
$ |
— | | |
$ |
— | |
Total assets | |
$ | — | | |
$ | — | | |
$ | — | | |
$ | — | |
| |
| | | |
| | | |
| | | |
| | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Foreign exchange contract derivative liability | |
$ | — | | |
$ | 507,648 | | |
$ | — | | |
$ | 507,648 | |
Warrant derivative liability | |
| — | | |
| — | | |
| 3,204,000 | | |
| 3,204,000 | |
Total liabilities | |
$ | — | | |
$ | 507,648 | | |
$ | 3,204,000 | | |
$ | 3,711,648 | |
|
Schedule of warrant derivative liability measured at fair value on a recurring basis |
Schedule of warrant derivative liability measured
at fair value on a recurring basis | |
| | |
Warrant derivative liability | |
| |
Balance as of beginning of period – March 31, 2023 | |
$ | 3,092,000 | |
Change in fair value of warrant derivative liability | |
$ | 112,000 | |
Balance as of end of period – June 30, 2023 | |
$ | 3,204,000 | |
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v3.23.2
RELATED PARTY TRANSACTIONS (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
Schedule of related party transactions |
Schedule of related party transactions | |
| | |
| |
| |
Three Months Ended June 30, 2023 (unaudited) | | |
Three
Months Ended June 30, 2022
(unaudited) | |
Due to (from) related parties at beginning of period | |
$ | 920,780 | | |
$ | (101,297 | ) |
Amounts invoiced by Pharma to DDL, NM and TCL, primarily relating to research and development expenses | |
| 1,514,497 | | |
| 949,713 | |
Amounts paid by DDL to Pharma | |
| (2,079,039 | ) | |
| (1,074,796 | ) |
Foreign exchange differences | |
| (18,503 | ) | |
| 8,870 | |
Due to (from) related parties at end of
period | |
$ | 337,735 | | |
$ | (217,510 | ) |
|
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v3.23.2
DERIVATIVE LIABILITIES (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
Schedule of warrant liability |
Schedule of warrant liability | |
| | |
| |
| |
June 30, 2023 | | |
March 31, 2023 | |
Warrant liability: | |
| | | |
| | |
Stock price | |
$ | 0.93 | | |
$ | 0.90 | |
Risk-free interest rate | |
| 4.13 | % | |
| 3.60 | % |
Expected volatility | |
| 110 | % | |
| 108 | % |
Expected life (in years) | |
| 5.09 | | |
| 5.34 | |
Expected dividend yield | |
| — | | |
| — | |
Fair value of Warrant liability | |
$ | 3,204,000 | | |
$ | 3,092,000 | |
|
Schedule of fair value of the foreign currency contract liability |
Schedule of fair value of the foreign currency contract liability | |
| | |
| |
| |
June
30, 2023 | | |
March
31, 2023 | |
Notional Amount | |
$ | 3,500,000 | | |
$ | 4,250,000 | |
Leveraged amount (used to determine fair value of contract liability) | |
$ | 7,000,000 | | |
$ | 8,500,000 | |
Expected remaining term (in months) | |
| 14 | | |
| 17 | |
| |
| | | |
| | |
Fair Value: | |
| | | |
| | |
Foreign currency contract liability | |
$ | 507,648 | | |
$ | 731,730 | |
|
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v3.23.2
NOTES PAYABLE (Tables)
|
3 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of notes payable |
Schedule of notes payable | |
| | |
| |
| |
June
30,
2023 (unaudited) | | |
March 31,
2023
| |
| |
| | |
| |
Note Purchase Agreement 2 | |
$ | 12,119,477 | | |
$ | 14,772,293 | |
Note Purchase Agreement 3 | |
| 5,570,394 | | |
| 6,024,941 | |
Total notes payable | |
| 17,689,871 | | |
| 20,797,234 | |
Unamortized debt discount | |
| (602,708 | ) | |
| (767,083 | ) |
Notes payable, net of note discounts | |
| 17,087,163 | | |
| 20,030,151 | |
Current portion | |
| (16,967,686 | ) | |
| (16,942,500 | ) |
Non-current portion | |
$ | 119,477 | | |
$ | 3,087,651 | |
|
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details ) - USD ($)
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Total cash and cash equivalents |
$ 4,009,691
|
$ 10,105,135
|
United States of America, Dollars |
|
|
Total cash and cash equivalents |
588,886
|
5,606,972
|
United Kingdom, Pounds |
|
|
Total cash and cash equivalents |
3,353,373
|
4,446,720
|
Euro Member Countries, Euro |
|
|
Total cash and cash equivalents |
$ 67,432
|
$ 51,443
|
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($)
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Accounting Policies [Abstract] |
|
|
Raw materials |
$ 2,200,933
|
$ 1,586,777
|
Finished goods |
150,353
|
168,075
|
Total Inventories |
$ 2,351,286
|
$ 1,754,852
|
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - shares
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Warrant outstanding |
6,409,304
|
1,175,753
|
Warrants [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Warrant outstanding |
6,369,304
|
1,135,753
|
Stock Options [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Warrant outstanding |
40,000
|
40,000
|
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS (Details 3) - USD ($)
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Platform Operator, Crypto-Asset [Line Items] |
|
|
Foreign exchange contract liability |
$ 507,648
|
$ 731,730
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Total assets |
0
|
0
|
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0
|
0
|
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0
|
0
|
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0
|
0
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Total assets |
0
|
0
|
Foreign exchange contract liability |
507,648
|
731,730
|
Warrant derivative liability |
0
|
0
|
Total liabilities |
507,648
|
731,730
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Total assets |
0
|
0
|
Foreign exchange contract liability |
0
|
0
|
Warrant derivative liability |
3,204,000
|
3,092,000
|
Total liabilities |
3,204,000
|
3,092,000
|
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member] |
|
|
Platform Operator, Crypto-Asset [Line Items] |
|
|
Total assets |
0
|
0
|
Foreign exchange contract liability |
507,648
|
731,730
|
Warrant derivative liability |
3,204,000
|
3,092,000
|
Total liabilities |
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|
$ 3,823,730
|
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS (Details 4) - Fair Value, Inputs, Level 3 [Member]
|
3 Months Ended |
Jun. 30, 2023
USD ($)
|
Platform Operator, Crypto-Asset [Line Items] |
|
Warrant derivative liability, beginning balance |
$ 3,092,000
|
Change in fair value of warrant derivative liability |
112,000
|
Warrant derivative liability, ending balance |
$ 3,204,000
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v3.23.2
RELATED PARTY TRANSACTIONS (Details) - USD ($)
|
3 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Related Party Transactions [Abstract] |
|
|
Due (to)/from related parties at beginning of year |
$ 920,780
|
$ (101,297)
|
Amounts invoiced by Pharma to DDL, NM and TCL primarily relating to research and development expenses |
1,514,497
|
949,713
|
Amounts repaid by DDL to Pharma |
(2,079,039)
|
(1,074,796)
|
Foreign exchange differences |
(18,503)
|
8,870
|
Due to (from) related parties at end of year |
$ 337,735
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$ (217,510)
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v3.23.2
DERIVATIVE LIABILITIES (Details 1) - USD ($)
|
3 Months Ended |
12 Months Ended |
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
|
|
Notional amount |
$ 3,500,000
|
$ 4,250,000
|
$ 6,250,000
|
Leveraged amount (used to determine fair value of contract liability) |
$ 7,000,000
|
$ 8,500,000
|
$ 12,500,000
|
Expected remaining term (in months) |
14 years
|
17 years
|
|
Foreign currency contract liability |
$ 507,648
|
$ 731,730
|
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v3.23.2
DERIVATIVE LIABILITIES (Details Narrative) - USD ($)
|
1 Months Ended |
3 Months Ended |
12 Months Ended |
|
Jan. 31, 2023 |
Jun. 30, 2023 |
Mar. 31, 2022 |
Mar. 31, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
|
|
|
Warrants issued |
4,796,206
|
|
|
|
Volatility interest rate |
100.00%
|
|
|
|
Notional amount |
|
$ 3,500,000
|
$ 6,250,000
|
$ 4,250,000
|
Leveraged amount |
|
$ 7,000,000
|
12,500,000
|
8,500,000
|
Contractual notional amount |
|
|
$ 250,000
|
|
Description of conversion terms for debt instrument |
|
On
each monthly settlement date, if the USD/GBP spot rate is above $1.359, the Company has the right to convert $250,000 USD into GBP
at a fixed rate of $1.359. If the spot rate is between $1.359 and $1.319 on the settlement date, the Company has no obligations, but
can convert $250,000 USD into GBP at the spot rate. Finally, if the spot rate is below $1.319 on the monthly settlement date, the
Company is obligated to convert $500,000 USD (the settlement date leveraged amount) into GBP at the fixed rate of $1.359.
Alternatively, instead of selling $500,000 USD, the Company can pay the difference in the spot rate and the $1.359 exchange rate for
$500,000 USD (net settle) to the counterparty.
|
|
|
Deposit on foreign exchange contract |
|
$ 390,173
|
|
$ 909,666
|
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v3.23.2
NOTES PAYABLE (Details) - USD ($)
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Short-Term Debt [Line Items] |
|
|
Notes payable, net of note discounts |
$ 17,087,163
|
$ 20,030,151
|
Total notes payable |
17,689,871
|
20,797,234
|
Unamortized debt discount |
(602,708)
|
(767,083)
|
Current portion |
(16,967,686)
|
(16,942,500)
|
Non-current portion |
119,477
|
3,087,651
|
Note Purchase Agreement 2 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable, net of note discounts |
12,119,477
|
14,772,293
|
Note Purchase Agreement 3 [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Notes payable, net of note discounts |
$ 5,570,394
|
$ 6,024,941
|
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v3.23.2
NOTES PAYABLE (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
12 Months Ended |
|
|
|
|
May 20, 2022 |
Feb. 08, 2021 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Mar. 31, 2023 |
Oct. 31, 2022 |
May 31, 2022 |
Apr. 30, 2022 |
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Debt instrument periodic payment |
|
|
|
|
$ 250,000
|
|
|
|
|
Debt discount |
|
|
$ 17,689,871
|
|
|
$ 20,797,234
|
|
|
|
Debt discount amortization |
|
|
602,708
|
|
|
$ 767,083
|
|
|
|
Debt discount amortization |
|
|
$ 164,375
|
$ 0
|
|
|
|
|
|
Secured Note [Member] | Investor [Member] | Note Purchase Agreement 2 [Member] |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Principal amount |
|
$ 24,015,000
|
|
|
|
|
$ 1,000,000
|
$ 500,000
|
$ 2,000,000
|
Maturity date |
|
Feb. 09, 2023
|
|
|
|
|
|
|
|
Debt instrument periodic payment |
|
$ 400,000
|
|
|
|
|
|
|
|
Debt instrument increased periodic payment |
|
$ 2,000,000
|
|
|
|
|
|
|
|
Interest rate |
|
10.00%
|
|
|
|
|
|
|
|
Aggregate fees |
|
|
|
|
|
|
$ 2,304,539
|
|
|
Secured Note [Member] | Investor [Member] | Note Purchase Agreement 3 [Member] |
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
Principal amount |
$ 6,015,000
|
|
|
|
|
|
|
|
|
Maturity date |
May 20, 2024
|
|
|
|
|
|
|
|
|
Interest rate |
10.00%
|
|
|
|
|
|
|
|
|
Cash proceeds |
$ 4,700,000
|
|
|
|
|
|
|
|
|
Debt discount |
1,315,000
|
|
|
|
|
|
|
|
|
Debt discount amortization |
1,000,000
|
|
|
|
|
|
|
|
|
Commissions paid |
300,000
|
|
|
|
|
|
|
|
|
Transaction expenses |
$ 15,000
|
|
|
|
|
|
|
|
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