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EKIMAS CORPORATION
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3651 Lindell Road
Suite D565
Las Vegas
NV
89103
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<p id="xdx_806_eus-gaap--BusinessDescriptionAndBasisOfPresentationTextBlock_zibBVyU26PA4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.
<span id="xdx_824_z1JpfF7qagI9">Business Description</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 31, 2020 (the “Closing Date”), we completed the sale of substantially all of our assets (the “Asset Sale”)
for a total purchase price of $<span id="xdx_907_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pp0p0_c20200127__20200131__us-gaap--TypeOfArrangementAxis__custom--AssetPurchaseAgreementMember_zTkKCHjQ0m1k" title="Purchase price of asset">7,250,000</span> pursuant to an Asset Purchase Agreement entered into between us and Mitsubishi Chemical Performance
Polymers, Inc., a Delaware corporation (“MCPP”). Prior to the Closing Date, we developed and manufactured advanced polymer
materials which provide critical characteristics in the design and development of medical devices. Our biomaterials were marketed and
sold to medical device manufacturers who used our advanced polymers in devices designed for treating a broad range of anatomical sites
and disease states.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the Asset Sale, we ceased operating as a developer, manufacturer, marketer and seller of advanced polymers. Subsequent to
the Closing Date, we became engaged in efforts to identify an operating company to acquire or merge with through an equity-based exchange
transaction that would likely result in a change in control. As our efforts in engaging with an operating company subsequent to the Closing
Date has not yet commenced, our activities are subject to significant risks and uncertainties, including the need to raise additional
capital if we are unable to identify an operating company desiring to acquire or merge with us.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not own or lease any property and maintain a corporate address at 3651 Lindell Road, Las Vegas, Nevada.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
7250000
<p id="xdx_80C_eus-gaap--SubstantialDoubtAboutGoingConcernTextBlock_z03uU6WJ7LJ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2.
<span id="xdx_822_zPLa261mi4Nf">Liquidity and Going Concern</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
financial statements have been presented on the basis that we are a going concern, which contemplates the realization of assets and satisfaction
of liabilities in the normal course of business. During the three and nine months ended December 31, 2021, we reported a net loss of
approximately $<span id="xdx_902_eus-gaap--NetIncomeLoss_iN_pn3p0_di_c20211001__20211231_zKWDBPkKmiT7" title="Net loss">40,000</span> and $<span id="xdx_908_eus-gaap--NetIncomeLoss_iN_pn3p0_di_c20210401__20211231_z1abgNzMnwPf" title="Net loss">234,000</span>, respectively. Cash flows of approximately $<span id="xdx_904_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_pn3d_di_c20210401__20211231_z0mqpm4LcQR1">206,000</span> and $<span id="xdx_90B_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_pn3d_di_c20200401__20201231_ziHKZEQ5nWb8">272,000</span> were used in operations for the nine
months ended December 31, 2021 and 2020, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 12, 2021, we entered into a Stock Purchase Agreement (the “SPA”) with Reddington Partners LLC, a California limited
liability company (“Reddington”) providing for the sale of our common stock to Reddington in two tranches. Pursuant to the
SPA, our chief executive officer and three other stockholders (the “Principal Stockholders”) entered into Voting Agreements
with Reddington (the “Voting Agreements”).</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
sale of the first tranche of <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20211011__20211012__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zLXC48hfpOq9" title="Sale of shares">21,136,250</span> shares was consummated on October 12, 2021 (the “First Closing”). At the First Closing,
the Principal Stockholders entered into the Voting Agreements with Reddington, covering an aggregate of <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20211011__20211012__us-gaap--TypeOfArrangementAxis__custom--VotingAgreementMember__dei--LegalEntityAxis__custom--ReddingtonPartnersLLCMember_zevDJvo1Zqu1" title="Number of shares issued">4,434,240</span> shares. As a result
of these transactions, Reddington obtained ownership or voting power over a total of <span id="xdx_902_eus-gaap--InvestmentOwnedBalanceShares_iI_pid_c20211012__us-gaap--TypeOfArrangementAxis__custom--VotingAgreementMember__dei--LegalEntityAxis__custom--ReddingtonPartnersLLCMember_zdjCn7FfbrB8" title="Ownership shares">25,570,490</span> shares, constituting <span id="xdx_90F_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20211012__us-gaap--TypeOfArrangementAxis__custom--VotingAgreementMember__dei--LegalEntityAxis__custom--ReddingtonPartnersLLCMember_zLRIswEeE1Ck" title="Ownership percentage">51.8%</span> of the total
outstanding shares. Accordingly, Reddington became our majority stockholder.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the SPA, we will proceed to effectuate a <span id="xdx_903_eus-gaap--StockholdersEquityReverseStockSplit_c20211011__20211012__dei--LegalEntityAxis__custom--ReddingtonPartnersLLCMember_zzmqTyJlZemj">1-for
50 reverse stock split</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(the “Reverse Split”).
Within two business days of the Reverse Split and satisfaction of the other conditions set forth in the SPA, Reddington will purchase
an additional tranche of shares of our common stock such that after the issuance thereof Reddington shall own 90% of the total issued
and outstanding shares of our common stock. As of the closing of the second tranche purchase (the “Second Closing”), the
Voting Agreements will terminate. As of the date of the filing of this quarterly report on Form 10-Q, the Reverse Split was not yet
effective.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purchase price for both tranches of shares is $<span id="xdx_90A_ecustom--PurchasePriceOfCommonShares_c20211011__20211012__dei--LegalEntityAxis__custom--ReddingtonPartnersLLCMember_zLRcMdxC2W2f" title="Purchase price of common shares">400,000</span>. At the First Closing, Reddington paid us $<span id="xdx_900_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20211011__20211012__dei--LegalEntityAxis__custom--ReddingtonPartnersLLCMember_zpoGTEodQeKj" title="Proceeds from issuance of stock">200,000</span>, of which $<span id="xdx_90E_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iI_c20211012__dei--LegalEntityAxis__custom--ReddingtonPartnersLLCMember__us-gaap--AwardTypeAxis__custom--FirstClosingDateMember_ztyZVdTgmeYb" title="Accrued and unpaid liabilities">100,000</span> was required
to be applied to the payment of our accrued and unpaid liabilities as of the First Closing date, and $<span id="xdx_90F_ecustom--WorkingCapital_iI_c20211012__dei--LegalEntityAxis__custom--ReddingtonPartnersLLCMember_zcicRADKT5la" title="Working capital">100,000</span> of which is for working
capital purposes. The remaining $<span id="xdx_90A_eus-gaap--EscrowDeposit_iI_c20211012__dei--LegalEntityAxis__custom--ReddingtonPartnersLLCMember_zheaqsmw14kk" title="Escrow deposit">200,000</span> was deposited to an escrow account with an independent escrow agent (the “Escrow Account”).
At the Second Closing, if the $<span id="xdx_90F_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iI_c20211012__dei--LegalEntityAxis__custom--ReddingtonPartnersLLCMember__us-gaap--AwardTypeAxis__custom--SecondClosingDateMember_zPNstLLpsgZh" title="Accrued and unpaid liabilities">100,000</span> designated to pay for accrued and unpaid liabilities was not sufficient, funds from the Escrow
Account will be used to pay the remainder of such liabilities. At the Second Closing, any funds remaining after the payment of the accrued
and unpaid liabilities, if any, and all funds in the Escrow Account, will be combined and used solely for a special one-time cash distribution
(the “Special Distribution”) to our stockholders of record as of October 11, 2021, net of any costs associated with making
the Special Distribution. Reddington and its Affiliates expressly waive any right to participate in the Special Distribution.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"/><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>EKIMAS
CORPORATION</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>DECEMBER
31, 2021</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>(UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
is seeking to identify an operating company for the purpose of effecting a merger or business combination, or to acquire assets or shares
of an entity actively engaged in a business that generates sustained revenues. We do not intend to restrict our consideration to any
particular business or industry segment. Because we have limited resources, the scope and number of suitable candidates to merge with
is relatively limited. Because we may participate in a business opportunity with a newly formed firm, a firm that is in the development
stage, or a firm that is entering a new phase of growth, we may incur further risk due to the inability of the target’s management
to have proven its abilities or effectiveness, or the lack of an established market for the target’s products or services, or the
inability to reach profitability in the next few years.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
business combination or transaction will likely result in a significant issuance of shares and substantial dilution to our present stockholders.
It is expected that if a transaction is consummated, although no such transaction is assured, then the closing of such a transaction
will result in a change in control and such transaction would be expected to be accounted for as a reverse merger, with the operating
company being considered the legal acquiree and accounting acquirer, and we would be considered the legal acquirer and the accounting
acquiree. As a result, at and subsequent to closing of any such transaction, the financial statements of the operating company would
become our financial statements for all periods presented.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we have investigated certain opportunities to determine whether they would have the potential to add value to us for the benefit of our
stockholders, we have not yet entered into any binding arrangements to merge with an operating company and there can be no assurance
that we will ever identify an opportunity that could result in the consummation of merger or other business combination. As a result
of the limited retained funds and uncertainty in consummating a possible merger or business combination, we expect our funds will not
be sufficient to meet our needs for more than twelve months from the date of issuance of these financial statements. Accordingly, management
believes there is substantial doubt about our ability to continue as a going concern.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
-40000
-234000
-206000
-272000
21136250
4434240
25570490
0.518
1-for
50 reverse stock split
400000
200000
100000
100000
200000
100000
<p id="xdx_80E_ecustom--InterimFinancialStatementsAndBasisOfPresentationDisclosureTextBlock_zGHEovsJsk67" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3.
<span id="xdx_82B_zROiwl6Yvvri">Interim Financial Statements and Basis of Presentation</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying unaudited financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S.
GAAP”) for interim financial information with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, these
unaudited financial statements do not include all of the information and disclosures required by U.S. GAAP for complete financial statements.
In the opinion of management, the accompanying unaudited financial statements include all adjustments (consisting only of normal recurring
adjustments), which we consider necessary, for a fair presentation of those financial statements. The results of operations three and
nine months ended December 31, 2021 and cash flows for the nine months ended December 31, 2021 may not necessarily be indicative of results
that may be expected for any succeeding quarter or for the entire fiscal year. The information contained in this quarterly report on
Form 10-Q should be read in conjunction with our audited financial statements included in our annual report on Form 10-K, as of and for
the fiscal year ended March 31, 2021 as filed with the Securities and Exchange Commission (the “SEC”).</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments, which are evaluated
on an ongoing basis, and that affect the amounts reported in our unaudited financial statements and accompanying notes. Management bases
its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the
results of which form the basis for making judgments about the carrying values of assets and liabilities and the amounts of expenses
that are not readily apparent from other sources. Actual results could differ from those estimates and judgments.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
significant accounting policies are described in Note 3 to the audited financial statements as of March 31, 2021 which are included in
our Annual Report on Form 10-K as filed with the SEC on September 22, 2021.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_804_eus-gaap--NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock_zCGqpbcfchzg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4.
<span id="xdx_824_zT0CMM1Ow3Ah">Recent Accounting Pronouncements</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that
may have an impact on our accounting and reporting. We believe that such recently issued accounting pronouncements and other authoritative
guidance for which the effective date is in the future either will not have an impact on our accounting or reporting or that such impact
will not be material to our financial position, results of operations and cash flows when implemented.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>EKIMAS
CORPORATION</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>DECEMBER
31, 2021</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>(UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p>
<p id="xdx_802_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zqef79xeSbP5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5.
<span id="xdx_825_zsGK2TLR0CF5">Related Party Transactions</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Michael Adams, our former chief executive officer, was a non-employee consultant and holder of approximately <span id="xdx_90C_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MichaelAdamsMember_zlXT4sKciLFe" title="Debt instrument, interest rate">6.3%</span> of our outstanding
common stock as of December 31, 2021. During the three and nine months ended December 31, 2021, Mr. Adams earned approximately $<span id="xdx_90F_eus-gaap--ProfessionalFees_pp0p0_c20211001__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MichaelAdamsMember_zLH6LLWDRF95" title="Consulting fees">12,000</span>
and $<span id="xdx_901_eus-gaap--ProfessionalFees_pp0p0_c20210401__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MichaelAdamsMember_zYFeyr4F5UWh" title="Consulting fees">66,000</span> in consulting fees and was reimbursed $<span id="xdx_908_eus-gaap--OperatingCostsAndExpenses_pp0p0_c20211001__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MichaelAdamsMember_zNBl3ePIEwei" title="Office expenses">2,000</span> and approximately $<span id="xdx_90C_eus-gaap--OperatingCostsAndExpenses_pp0p0_c20210401__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MichaelAdamsMember_zfpPCqTo4Sm8" title="Office expenses">19,000</span> for office expenses and car allowance. During the
three and nine months ended December 31, 2020, Mr. Adams earned approximately $<span id="xdx_906_eus-gaap--ProfessionalFees_pp0p0_c20201001__20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MichaelAdamsMember_zhcnu4Dbnfk5" title="Consulting fees">16,000</span> and $<span id="xdx_906_eus-gaap--ProfessionalFees_pp0p0_c20200401__20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MichaelAdamsMember_zcmIvb2Vuvoj" title="Consulting fees">51,000</span> in consulting fees and was reimbursed
approximately $<span id="xdx_903_eus-gaap--OperatingCostsAndExpenses_pp0p0_c20201001__20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MichaelAdamsMember_zjWKI0bwbrZ8" title="Office expenses">5,000</span> and $<span id="xdx_90B_eus-gaap--OperatingCostsAndExpenses_pp0p0_c20200401__20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MichaelAdamsMember_zgXh35NsEeXa" title="Office expenses">19,000</span> for office expenses. As of December 31, 2021 and March 31, 2021, there was $<span id="xdx_90C_eus-gaap--RelatedPartyTransactionDueFromToRelatedPartyCurrent_iI_pn3p0_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MichaelAdamsMember_zbjPnrp6MOHa" title="Payable to related party">0</span> and approximately $<span id="xdx_907_eus-gaap--RelatedPartyTransactionDueFromToRelatedPartyCurrent_iI_pn3p0_c20210331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MichaelAdamsMember_znCpYbOipjef" title="Payable to related party">17,000</span>,
respectively, payable to Mr. Adams in consideration of his consulting services and reimbursable expenses and allowances. In connection
with the First Closing of the Stock Purchase Agreement which we entered into with Reddington Partners LLC on October 12, 2021 (Notes
2 and 9), Mr. Adams resigned as our chief executive officer and sole director, and Mr. Bennett J. Yankowitz was appointed as our chief
executive officer and sole director.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the three and nine months ended December 30, 2021, Mr. Yankowitz, our chief executive officer and sole director, was affiliated with
legal counsel who provided us with general legal services (the “Affiliate”). We recorded legal fees paid to the Affiliate
of approximately $<span id="xdx_90D_eus-gaap--ProfessionalFees_pn3p0_c20211001__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MrYankowitzMember_zlHI9CAewMM" title="Professional fees">6,000</span> and $<span id="xdx_903_eus-gaap--ProfessionalFees_pn3p0_c20210401__20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MrYankowitzMember_zXtxCnMKZ4q" title="Professional fees">6,000</span> for the three and nine months ended December 31, 2021, respectively. As of December 31, 2021 and March
31, 2021 we had approximately $<span id="xdx_90B_eus-gaap--RelatedPartyTransactionDueFromToRelatedPartyCurrent_iI_pn3p0_c20211231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MrYankowitzMember_zM9n19FZaC18" title="Payable to related party">6,000</span> and $<span id="xdx_904_eus-gaap--RelatedPartyTransactionDueFromToRelatedPartyCurrent_iI_pn3p0_c20210331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MrYankowitzMember_z1R3hiYXw6Va" title="Payable to related party">0</span>, respectively, payable to the Affiliate. Mr. Yankowitz does not receive cash compensation
for acting as our chief executive officer and sole director.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
0.063
12000
66000
2000
19000
16000
51000
5000
19000
0
17000
6000
6000
6000
0
<p id="xdx_803_ecustom--TransactionFeeTextBlock_zlfkYgwljjf4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6.
<span id="xdx_826_zldJboJsuKU6">Transaction Fee</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 20, 2021, we received a $<span id="xdx_90C_eus-gaap--Cash_iI_pp0p0_c20210520_z02hrWTaUbn8" title="Cash deposit">22,000</span> cash deposit (the “Deposit”) in connection with a non-binding arrangement entered into
with a private company having an interest in a potential business combination with us. On August 12, 2021, we were notified by the private
company of their intent to terminate the arrangement. The arrangement provided that the Deposit was refundable, net of all reasonable
legal, advisory and regulatory fees incurred by us. Our legal, advisory and regulatory fees exceeded the amount of the Deposit, accordingly,
there was no refund due to the private company.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
22000
<p id="xdx_807_eus-gaap--EarningsPerShareTextBlock_zVQE5dMYVvq2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7.
<span id="xdx_821_z644dCKe1sgf">Loss Per Share</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period.
Diluted loss per common share is based upon the weighted-average common shares outstanding during the period plus additional weighted-average
common equivalent shares outstanding during the period. Common equivalent shares result from the assumed exercise of outstanding stock
options and warrants, the proceeds of which are then assumed to have been used to repurchase outstanding common stock using the treasury
stock method. In addition, the numerator is adjusted for any changes in loss that would result from the assumed conversion of potential
shares. There were <span id="xdx_902_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_do_c20211001__20211231_zTqdGhE2Beh8"><span id="xdx_902_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_do_c20210401__20211231_zpIji8pWDw61"><span id="xdx_90D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_do_c20200401__20201231_zFM6CcO90BC8"><span id="xdx_906_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_do_c20201001__20201231_z0QCYiELD6C9" title="Anti-dilutive shares">no</span></span></span></span> potentially dilutive shares for the three and nine months ended December 31, 2021 and 2020.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
0
0
0
0
<p id="xdx_805_eus-gaap--IncomeTaxDisclosureTextBlock_zDcfP7v5sJn6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8.
<span id="xdx_821_zUYHyOwspmr4">Income Taxes</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are required to file federal and state income tax returns in the United States. The preparation of these tax returns requires us to interpret
the applicable tax laws and regulations in effect in such jurisdictions, which could affect the amount of tax paid by us. In consultation
with our tax advisors, we base our tax returns on interpretations that are believed to be reasonable under the circumstances. The tax
returns, however, are subject to routine reviews by the various federal and state taxing authorities in the jurisdictions in which we
file tax returns. As part of these reviews, a taxing authority may disagree with respect to the income tax positions taken by us (“uncertain
tax positions”) and, therefore, may require us to pay additional taxes. As required under applicable accounting rules, we accrue
an amount for our estimate of additional income tax liability, including interest and penalties, which we could incur as a result of
the ultimate or effective resolution of the uncertain tax positions. We account for income taxes using the asset and liability method.
Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributed to
differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred
tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary
differences and carry-forwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change
in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established when necessary
to reduce deferred tax assets to amounts expected to be realized.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>EKIMAS
CORPORATION</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>DECEMBER
31, 2021</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>(UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of
the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future
taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal
of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
had <span id="xdx_906_eus-gaap--IncomeTaxCreditsAndAdjustments_pp0p0_do_c20200401__20201231_z4SCTZhKfL0b" title="Income tax credits"><span id="xdx_90F_eus-gaap--IncomeTaxCreditsAndAdjustments_pp0p0_do_c20201001__20201231_zqkCtl7ljZTl" title="Income tax credits"><span id="xdx_90C_eus-gaap--IncomeTaxCreditsAndAdjustments_pp0p0_do_c20210401__20211231_zSu4w7pxnJBe" title="Income tax credits"><span id="xdx_90B_eus-gaap--IncomeTaxCreditsAndAdjustments_pp0p0_do_c20211001__20211231_ze0YGcf0DYB6" title="Income tax credits">no</span></span></span></span> income tax credits for the three and nine months ended December 31, 2021 and 2020. The effective tax rates during each of the
three and nine months ended December 31, 2021 and 2020 was <span id="xdx_904_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20200401__20201231_zlpGBgO1XBsc" title="Effective income tax rate"><span id="xdx_903_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20201001__20201231_zsqXew67edQ6" title="Effective income tax rate"><span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20210401__20211231_z1gfON1PJS1i" title="Effective income tax rate"><span id="xdx_905_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20211001__20211231_zxGHPeTtMf3c" title="Effective income tax rate">27.0%</span></span></span></span>. We have estimated our provision for income taxes in accordance with
the Tax Act and guidance available as of the date of this filing but have kept the full valuation allowance.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
0
0
0
0
0.270
0.270
0.270
0.270
<p id="xdx_80A_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zxYgoPtH19c3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9.
<span id="xdx_82B_zTkOchaBOzW8">Stockholders’ Equity</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Preferred
Stock</i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have authorized <span id="xdx_90C_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20211231_z5Z7Uzs1amed" title="Preferred stock shares authorized">5,000,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares,
$<span id="xdx_908_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20211231_zC3iOlgV6Vll" title="Preferred stock par or stated value per share">0.001</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">par
value, Preferred Stock (the Preferred Stock”) of which <span id="xdx_90B_ecustom--IssuedAndRedeemedShares_pid_c20210401__20211231_z2YYrQnlIQNk" title="Number of shares issued and redeemed shares">500,000
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares have been issued and redeemed, and
therefore are not considered outstanding. In addition, <span id="xdx_90C_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20211231__us-gaap--StatementClassOfStockAxis__custom--SerieAJuniorPreferredStockMember_zJCud6YfkbW8" title="Preferred stock shares authorized">500,000
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of Preferred Stock have been designated
as Series A Junior Participating Preferred Stock (the “Junior Preferred Stock”) with the designations and the powers, preferences
and rights, and the qualifications, limitations and restrictions specified in the Certificate of Designation of the Junior Preferred
Stock filed with the Delaware Department of State on January 28, 2008. Such number of shares may be increased or decreased by resolution
of the Board of Directors; provided, that no decrease shall reduce the number of shares of Junior Preferred Stock to a number less than
the number of shares then outstanding plus the number of shares reserved for issuance upon the exercise of outstanding options, rights
or warrants or upon the conversion of any outstanding securities issued by us that is convertible into Junior Preferred Stock. As of
December 31, 2021, there was <span id="xdx_90A_eus-gaap--PreferredStockSharesOutstanding_iI_pid_do_c20211231__us-gaap--StatementClassOfStockAxis__custom--SerieAJuniorPreferredStockMember_zG0X9hcS1kRe">no
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Junior Preferred Stock issued or outstanding.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Common
Stock</i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 12, 2021, we entered into a Stock Purchase Agreement (the “SPA”) with Reddington Partners LLC, a California limited
liability company (“Reddington”) providing for the sale of our common stock to Reddington in two tranches. Pursuant to the
SPA, our chief executive officer and three other stockholders (the “Principal Stockholders”) entered into Voting Agreements
with Reddington (the “Voting Agreements”).</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
sale of the first tranche of <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20211011__20211012__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zM5xH4CS7V35">21,136,250
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares was consummated on October 12, 2021 (the
“First Closing”). At the First Closing, the Principal Stockholders entered into the Voting Agreements with Reddington, covering
an aggregate of <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20211011__20211012__us-gaap--TypeOfArrangementAxis__custom--VotingAgreementMember__dei--LegalEntityAxis__custom--ReddingtonPartnersLLCMember_zeGlc77iFfz9">4,434,240
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares. As a result of these transactions, Reddington
obtained ownership or voting power over a total of <span id="xdx_900_eus-gaap--InvestmentOwnedBalanceShares_iI_pid_c20211012__us-gaap--TypeOfArrangementAxis__custom--VotingAgreementMember__dei--LegalEntityAxis__custom--ReddingtonPartnersLLCMember_zJeKOe1VU3G6">25,570,490
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares, constituting <span id="xdx_90C_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20211012__us-gaap--TypeOfArrangementAxis__custom--VotingAgreementMember__dei--LegalEntityAxis__custom--ReddingtonPartnersLLCMember_zoiOZZibUT0e">51.8%
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the total outstanding shares, which excluded
all treasury shares held or retired by us. Accordingly, Reddington became our majority stockholder.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the SPA, we will proceed to effectuate a <span id="xdx_90A_eus-gaap--StockholdersEquityReverseStockSplit_c20211011__20211012__dei--LegalEntityAxis__custom--ReddingtonPartnersLLCMember_zBLB27TgalUc">1-for
50 reverse stock split</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(the “Reverse Split”).
Within two business days of the Reverse Split and satisfaction of the other conditions set forth in the SPA, Reddington will purchase
an additional tranche of shares of our common stock such that after the issuance thereof Reddington shall own 90% of the total issued
and outstanding shares of our common stock. As of the closing of the second tranche purchase (the “Second Closing”), the
Voting Agreements will terminate. As of the date of the filing of this quarterly report on Form 10-Q, the Reverse Split was not yet
effective.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>EKIMAS
CORPORATION</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>DECEMBER
31, 2021</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>(UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purchase price for both tranches of shares is $<span id="xdx_90E_ecustom--PurchasePriceOfCommonShares_c20211011__20211012__dei--LegalEntityAxis__custom--ReddingtonPartnersLLCMember_zm1rq8PeOBMh" title="Purchase price of common shares">400,000</span>. At the First Closing, Reddington paid us $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20211011__20211012__dei--LegalEntityAxis__custom--ReddingtonPartnersLLCMember_z7gaCM8rWQEh" title="Proceeds from issuance of stock">200,000</span>, of which $<span id="xdx_903_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iI_c20211012__dei--LegalEntityAxis__custom--ReddingtonPartnersLLCMember__us-gaap--AwardTypeAxis__custom--FirstClosingDateMember_ztHyDZARzx85" title="Accrued and unpaid liabilities">100,000</span> was required
to be applied to the payment of our accrued and unpaid liabilities as of the First Closing date, and $<span id="xdx_90E_ecustom--WorkingCapital_iI_c20211012__dei--LegalEntityAxis__custom--ReddingtonPartnersLLCMember_zv1MoOhF4Rm7" title="Working capital">100,000</span> of which is for working
capital purposes. The remaining $<span id="xdx_90A_eus-gaap--EscrowDeposit_iI_c20211012__dei--LegalEntityAxis__custom--ReddingtonPartnersLLCMember_zVKYUz6hjHv7">200,000</span> was deposited to an escrow account with an independent escrow agent (the “Escrow Account”).
At the Second Closing, if the $<span id="xdx_90F_eus-gaap--AccruedLiabilitiesAndOtherLiabilities_iI_c20211012__dei--LegalEntityAxis__custom--ReddingtonPartnersLLCMember__us-gaap--AwardTypeAxis__custom--SecondClosingDateMember_zjI1NCzCdSO9">100,000</span> designated to pay for accrued and unpaid liabilities was not sufficient, funds from the Escrow
Account will be used to pay the remainder of such liabilities. At the Second Closing, any funds remaining after the payment of the accrued
and unpaid liabilities, if any, and all funds in the Escrow Account, will be combined and used solely for a special one-time cash distribution
(the “Special Distribution”) to our stockholders of record as of October 11, 2021, net of any costs associated with making
the Special Distribution. Reddington and its Affiliates expressly waive any right to participate in the Special Distribution.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
shares of common stock sold to Reddington were and will be sold in reliance upon the exemption from securities registration afforded
by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506(b) of Regulation D under
the Securities Act, based in part on the representations of Reddington. There were no sales commissions paid pursuant to this transaction.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have <span id="xdx_90C_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20211231_zBGplAdOQ2Nf">50,000,000</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares
of our common stock authorized. As of December 31, 2021 and March 31, 2021, we have <span id="xdx_909_eus-gaap--CommonStockSharesIssued_iI_c20211231_z4Ds0vwr60V7">49,475,313</span> shares and <span id="xdx_90F_eus-gaap--CommonStockSharesIssued_iI_c20210331_zkAZQkb4YBoc">28,339,063</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of our common
stock issued, respectively, and <span id="xdx_905_eus-gaap--CommonStockSharesOutstanding_iI_c20211231_zSQLX5VGzY64">49,398,621</span> shares and <span id="xdx_90B_eus-gaap--CommonStockSharesOutstanding_iI_c20210331_zNZCwg7S87y8">28,262,371
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares of our common stock outstanding, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Treasury
Stock and Other Transactions</i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September 2001, the Board of Directors adopted a share repurchase program authorizing the repurchase of up to <span id="xdx_908_eus-gaap--StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased_iI_pid_c20010930__us-gaap--TypeOfArrangementAxis__custom--StockRepurchaseProgramMember_zllN4VoBzvDa" title="Number of shares authorized for repurchase">250,000</span> of our shares of
common stock. In September 2004, the Board of Directors authorized the purchase of an additional <span id="xdx_90B_eus-gaap--StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased_iI_pid_c20040930__us-gaap--TypeOfArrangementAxis__custom--StockRepurchaseProgramMember_zBN6rfpZFDu3" title="Number of shares authorized for repurchase">500,000</span> shares of common stock. Since
September 2001, we have repurchased a total of <span id="xdx_90A_eus-gaap--StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased_iI_pid_c20211231__us-gaap--TypeOfArrangementAxis__custom--StockRepurchaseProgramMember_zvwELR5IoEKc">251,379</span> shares under the share repurchase program, leaving <span id="xdx_904_eus-gaap--StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased_iI_pid_c20210930__us-gaap--TypeOfArrangementAxis__custom--StockRepurchaseProgramMember_z3nqarYfC2y9" title="Number of shares remaining to be repurchase">498,621</span> shares remaining to
purchase under the share repurchase program. <span id="xdx_90E_eus-gaap--StockRepurchasedAndRetiredDuringPeriodShares_do_c20210401__20211231_zQ6TyiQygnnc"><span id="xdx_904_eus-gaap--StockRepurchasedAndRetiredDuringPeriodShares_do_c20200401__20201231_z1bBgD20rlb4"><span id="xdx_90A_eus-gaap--StockRepurchasedAndRetiredDuringPeriodShares_do_c20211001__20211231_zVnFL3qyjoMh" title="Shares repurchased"><span id="xdx_901_eus-gaap--StockRepurchasedAndRetiredDuringPeriodShares_do_c20201001__20201231_z2EAweRyRdY4" title="Shares repurchased">No</span></span></span></span> repurchases were made during the three and nine months ended December 31, 2021 and 2020.
The share repurchase program authorizes repurchases from time to time in open market transactions, through privately negotiated transactions,
block transactions or otherwise, at times and prices deemed appropriate by management, and is not subject to an expiration date.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Stockholder
Rights Plan</i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board of Directors approved the adoption of a stockholder rights plan (the “Rights Plan”) under which all stockholders of
record as of February 8, 2008 will receive rights to purchase shares of the Junior Preferred Stock (the “Rights”). The Rights
will be distributed as a dividend. Initially, the Rights will attach to, and trade with, our common stock. Subject to the terms, conditions
and limitations of the Rights Plan, the Rights will become exercisable if (among other things) a person or group acquires 15% or more
of our common stock. Upon such an event, and payment of the purchase price, each Right (except those held by the acquiring person or
group) will entitle the holder to acquire shares of our common stock (or the economic equivalent thereof) having a value equal to twice
the purchase price. Our Board of Directors may redeem the Rights prior to the time they are triggered. In the event of an unsolicited
attempt to acquire us, the Rights Plan is intended to facilitate the full realization of our stockholder value and the fair and equal
treatment of all of our stockholders. The Rights Plan does not prevent a takeover attempt.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
5000000
0.001
500000
500000
0
21136250
4434240
25570490
0.518
1-for
50 reverse stock split
400000
200000
100000
100000
200000
100000
50000000
49475313
28339063
49398621
28262371
250000
500000
251379
498621
0
0
0
0
<p id="xdx_806_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zno7XEkWohWg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10.
<span id="xdx_82B_zui70qda7Hob">Stock Options</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 14, 2017, our board of directors approved and adopted the 2017 Non-Qualified Equity Incentive Plan (the “2017 Plan”),
which authorized the grant of non-qualified stock options exercisable into a maximum of <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20170813__20170814__us-gaap--PlanNameAxis__custom--TwoThousandAndSeventeenNonQualifiedEquityIncentivePlanMember__srt--TitleOfIndividualAxis__custom--BoardOfDirectorsMember__srt--RangeAxis__srt--MaximumMember_zTk7tb7w468j" title="Share based payment, grants in period, shares">7,000,000</span> shares of our common stock. From August
17, 2017 through December 13, 2018, the board of directors approved the grant of stock options to certain directors, employees and a
consultant which were immediately vested and exercisable into a total of <span id="xdx_901_ecustom--NumberOfStockOptionsVestedAndExercisable_pid_c20170816__20181213__us-gaap--PlanNameAxis__custom--TwoThousandAndSeventeenNonQualifiedEquityIncentivePlanMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--DirectorsCertainEmployeesAndAConsultantMember_zrNzr3Yi0Kma" title="Number of stock options vested and exercisable">6,550,000</span> shares of our common stock. During December 2019,
all stock options granted pursuant to the 2017 Plan were exercised through both cash payment and cashless exercise as provided in the
2017 Plan. There were <span id="xdx_901_eus-gaap--SharesOutstanding_iI_do_c20211231__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_zpeqN1jzQEb3"><span id="xdx_901_eus-gaap--SharesOutstanding_iI_do_c20210331__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--StockOptionMember_z5mGnUS5oBBi">no</span></span> stock options outstanding pursuant to the 2017 Plan as of December 31, 2021 and March 31, 2021. As of December
31, 2021 and March 31, 2021, there were <span id="xdx_908_ecustom--NumberOfSharesAvailableToGrant_iI_pid_c20211231__us-gaap--PlanNameAxis__custom--TwoThousandAndSeventeenNonQualifiedEquityIncentivePlanMember_zRE6GRqQHTM3" title="Number of shares available to grant"><span id="xdx_90D_ecustom--NumberOfSharesAvailableToGrant_iI_pid_c20210331__us-gaap--PlanNameAxis__custom--TwoThousandAndSeventeenNonQualifiedEquityIncentivePlanMember_zZnEJTOJgMMf">450,000</span></span> shares available to grant pursuant to the 2017 Plan and no options outstanding or exercisable.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font: 10pt Times New Roman, Times, Serif"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>EKIMAS
CORPORATION</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>DECEMBER
31, 2021</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font: 10pt Times New Roman, Times, Serif"><b>(UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
7000000
6550000
0
0
450000
450000
<p id="xdx_803_eus-gaap--LegalMattersAndContingenciesTextBlock_zAa38JQU6PN5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11.
<span id="xdx_823_zurHbRe8TYw9">Legal Proceedings</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not the subject of any pending legal proceedings; and to the knowledge of management, no proceedings are presently contemplated against
us by any federal, state or local governmental agency. Further, to the knowledge of management, no director or executive officer is party
to any action in which any has an interest adverse to us.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_80D_eus-gaap--SubsequentEventsTextBlock_zqrLY8l91Lub" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12.
<span id="xdx_82C_zFITnlZtbnpb">Subsequent Events</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"/>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"/>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">We evaluated all events
or transactions that occurred after the balance sheet date through the date when we filed these financial statements and we determined
that we did not have any other material recognizable subsequent events.</p>