10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

Amendment No. 1

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

EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from: _____________ to _____________

KYTO TECHNOLOGY AND LIFE SCIENCE, INC.

(Exact name of registrant as specified in its charter)

delaware	000-50390	65-1086538
(State or Other Jurisdiction	(Commission	(I.R.S. Employer
of Incorporation)	File Number)	Identification No.)

13050 Paloma Road, Los Altos Hills, CA 94022

(Address of Principal Executive Office) (Zip Code)

(650) 204 7896

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Title of each class	Trading Symbol	Exchange
Common stock	KBPH	OTC QB

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

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 (ss. 232.405 of this chapter) during the preceding 12 (or for such shorter period that the registrant was required to submit such files). ☐Yes ☒ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☒
Emerging growth company	☐

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

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

13,287,621 Common Shares - $.01 Par Value - as of September 28, 2021

EXPLANATORY NOTE 

This Amendment No. 1 (the “Amendment”) to the Quarterly Report on Form 10-Q of KYTO TECHNOLOGY AND LIFE SCIENCE, INC (the “Company”) for the quarter ended June 30, 2021, originally filed with the Securities and Exchange Commission on October 01, 2021 (the “Original Form 10-Q”) is being filed to  complete the filing by tagging the Original Form 10-Q for iXBRL which not originally included as a result of technical difficulties

KYTO Technology and Life Science, Inc.

For the quarterly period ended June 30, 2021

INDEX

	PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	3
	Condensed Statements of Asset and Liabilities as of June 30, 2021 (Unaudited) and March 31, 2021	3
	Unaudited Condensed Statements of Operations for the Three Months Ended June 30, 2021 and 2020	4
	Unaudited Condensed Statements of Changes in Net Assets for the Three Months Ended June 30, 2021 and 2020	5
	Unaudited Condensed Statements of Cash Flows for the Three Months Ended June 30, 2021 and 2020	6
	Condensed Schedule of Investments as of June 30, 2021 (Unaudited) and March 31, 2021	7
	Notes to Unaudited Interim Condensed Financial Statements	12
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	25
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	29
Item 4.	Controls and Procedures.	29
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings.	30
Item 1A.	Risk Factors.	30
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	30
Item 3.	Defaults Upon Senior Securities.	30
Item 4.	Mine Safety Disclosures	30
Item 5.	Other Information	30
Item 6.	Exhibits	30
	Signatures	32

2

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Kyto Technology and Life Science, Inc.

Condensed Statements of Assets and Liabilities

	June 30,			March 31,
	2021			2021
	(Unaudited)
ASSETS
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	$	8,140,007		$	6,821,407
Cash		481,506			1,437,868
Deferred offering costs		170,889			169,891
Total Assets	$	8,792,402		$	8,429,166
LIABILITIES
Liabilities
Accounts payable and accrued liabilities	$	182,951		$	193,141
Accrued liabilities - related parties		72,205			51,420
Common stock subscription liability		-			1,191,442
Total Liabilities		255,156			1,436,003
Commitments and Contingencies (Note 3)
Net Assets
Preferred stock authorized but not designated, $.01 par value 19,800,000 shares, none issued and outstanding as of June 30, 2021 and March 31, 2021, respectively		-			-
Series A preferred convertible stock, $.01 par value, 4,200,000 shares designated, 4,200,000 issued and outstanding as of June 30, 2021 and March 31, 2021, respectively		42,001			42,001
Series B preferred convertible stock, $0.01 par value, 6,000,000 shares designated, 4,320,156 and 3,628,906 issued and outstanding as of June 30, 2021 and March 31, 2021, respectively		43,202			36,289
Common stock, $.01 par value, 40,000,000 shares authorized, 13,268,871 and 9,983,082 issued and outstanding as of June 30, 2021 and March 31 2021, respectively		132,689			99,831
Additional paid-in capital		41,610,332			39,772,228
Accumulated deficit		(33,290,978	)		(32,957,186	)
Total Net Assets		8,537,246			6,993,163
Total Liabilities and Net Assets	$	8,792,402		$	8,429,166

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

3

Kyto Technology and Life Science, Inc.

Condensed Statements of Operations

(Unaudited)

	For the three months ended June 30,
	2021			2020
INVESTMENT INCOME
Interest and other income	$	-		$	-
Total investment income		-			-
EXPENSES
Professional fees		166,954			12,938
Other operating expenses		219,838			25,930
Total expenses		386,792			38,868
Net investment loss		(386,792	)		(38,868	)
Net change in unrealized gain from investments		53,000			-
Net decrease in net assets resulting from operations	$	(333,792	)	$	(38,868	)
Loss per Common Share, Basic and Fully diluted
Net decrease in net assets resulting from operations per common share	$	(0.03	)	$	(0.01	)
Weighted average common shares outstanding		13,268,871			5,836,832

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

4

Kyto Technology and Life Science, Inc.

Condensed Statements of Changes in Net Assets

( Unaudited)

			Preferred A				Preferred B				Common		Additional
	Preferred A		Stock		Preferred B		Stock		Common		Stock		Paid-in		Accumulated
	Shares		Amount		Shares		Amount		Shares		Amount		Capital		Deficit			Total
Balance, March 31, 2020		4,200,000	$	42,001		812,500	$	8,125		5,836,832	$	58,368	$	35,943,369	$	(33,384,252	)	$	2,667,611
Net decrease in net assets resulting from operations																(38,868	)		(38,868	)
Sale of Series B Preferred stock at $0.80 per share						468,750		4,063						370,937					375,000
Compensation expense from stock options														1,048					1,048
Balance, June 30, 2020		4,200,000	$	42,001		1,281,250	$	12,188		5,836,832	$	58,368	$	36,315,354	$	(33,423,120	)	$	3,004,791
Balance, March 31, 2021		4,200,000	$	42,001		3,628,906	$	36,289		9,983,082	$	99,831	$	39,772,228	$	(32,957,186	)	$	6,993,163
Net decrease in net assets resulting from operations																(333,792	)		(333,792	)
Sale of Series B Preferred stock at $0.80 per share						691,250		6,913						546,089					553,002
Sale of common stock at $0.40 per share										3,285,789		32,858		1,281,458					1,314,316
Compensation expense from stock options														10,557					10,557
Balance, June 30, 2021		4,200,000	$	42,001		4,320,156	$	43,202		13,268,871	$	132,689	$	41,610,332	$	(33,290,978	)	$	8,537,246

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

5

Kyto Technology and Life Science, Inc.

Condensed Statements of Cash Flows

(Unaudited)

	Three months ended June 30,
	2021			2020
Operating activities:
Net decrease in net assets resulting from operations	$	(333,792	)	$	(38,868	)
Adjustments to reconcile net decrease in net assets resulting from operations to net cash used in operating activities
Net change in unrealized gain on investments		(53,000	)		-
Stock option compensation expenses		10,557			1,048
Change in operating assets and liabilities
Other current assets		-			500
Deferred fundraising expenses		(998	)		-
Accounts payable and accrued liabilities		(10,190	)		2,643
Accrued liabilities to related parties		20,785			2,250
Purchase of investments		(1,265,600	)		(250,000	)
Net cash used in operating activities		(1,632,238	)		(282,427	)
Cash flows from financing activities:
Sale of Common Stock		122,874			-
Sale of Series B Preferred stock		553,002			375,000
Net cash provided by financing activities		675,876			375,000
Net increase/(decrease) in cash		(956,362	)		92,573
Cash, beginning of period		1,437,868			33,756
Cash, end of period	$	481,506		$	126,329
Supplemental cash flow information
Interest paid	$	-		$	-
Taxes paid	$	800		$	800
Supplemental schedule of noncash financing activities:
Conversion of common stock subscription liability to common stock	$	1,191,442		$	-

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

6

Kyto Technology and Life Science, Inc.

Condensed Schedule of Investments as of June 30, 2021

(Unaudited)

Portfolio Company	Industry	Investment	Cost		Fair value		% of net assets (a)
Convertible loan investments
Abfero Pharmaceuticals Inc	Life science	Convertible Note, 6% due, December 2022	$	100,000	$	101,118		1.2%
Achelios Therapeutics Inc.	Life science	Convertible Note, 8% due, December 2021		100,000		123,167		1.4%
Achelios Therapeutics Inc.	Life science	Convertible Note, 8% due December 2021		25,000		29,532		0.3%
Achelios Therapeutics Inc.	Life science	Convertible Note, 8% due December 2021		50,000		55,578		0.7%
Achelios Therapeutics Inc.	Life science	Convertible Note Sidecar, 25% discount. No interest		50,000		50,000		0.6%
AOA DX Inc	Life science	Convertible Note, 4%, due May 2024		100,000		100,559		1.2%
Avisi Technologies Inc	Life science	Convertible Note, 8% due July 2022		50,000		53,671		0.6%
Basepaws Inc	Life science	Convertible Note, 1% due April 2020		50,000		162,444		1.9%
Beam Semiconductor Inc	Technology	Convertible Note, 8% due April 2022		150,000		174,033		2.0%
Beam Semiconductor Inc	Technology	Convertible Note, 8% due March 2021		50,000		55,282		0.6%
Beam Semiconductor Inc	Technology	Convertible Note, 8% due March 2022		100,000		101,688		1.2%
Corinnova Inc	Life science	Convertible Note, 6% due December 2024		100,000		103,699		1.2%
Cyberdontics Inc	Life science	Convertible Note, 8% due September 2022		30,000		34,366		0.4%
Cyberdontics Inc	Life science	Convertible Note, 8% due February 2023		35,000		38,751		0.5%
Cyberdontics Inc	Life science	Convertible Note, 0% no due date		35,000		36,995		0.4%
Deep Blue Medical Advances Inc	Life science	Convertible Note, 6% due June 2022		50,000		51,595		0.6%
Every Key Inc	Technology	Convertible Note, 5% due December 2023		100,000		107,767		1.3%
Identical Inc	Life science	Convertible Note, 2% due May 2022		100,000		101,271		1.2%
INBay Technology Inc	Technology	Convertible Note, 12% due October 2020		50,000		66,077		0.8%
INBay Technology Inc	Technology	Convertible Note, 12% due July 2021		30,000		37,121		0.4%
INBay Technology Inc	Technology	Convertible Note, 12% due February 2022		50,000		58,137		0.7%
INBay Technology Inc	Technology	Convertible Note, 12% due December 2022		40,000		42,748		0.5%
INBay Technology Inc	Technology	Convertible Note, 12% due December 2023		50,000		51,414		0.6%
Iris R&D Group Inc	Technology	Convertible Note, 8% May 2023		50,000		50,438		0.6%
Kiana Analytics Inc	Technology	Convertible Note, 3% December 2022		100,000		101,570		1.2%
Kitotech Medical Inc	Life science	Convertible Note, 6% due December 2020		100,000		244,629		2.9%
Kitotech Medical Inc	Life science	Convertible Note, 6% due November 2022		75,000		84,761		1.0%
Lifewave Biomedical Inc	Life science	Convertible Note, 6% due December 2020		30,000		33,279		0.4%
Lifewave Biomedical Inc	Life science	Convertible Note, 6% due December 2020		70,000		75,857		0.9%
Lifewave Biomedical Inc	Life science	Convertible Note, 6% due December 2021		50,000		50,403		0.6%
mmTron Inc	Technology	Convertible Note, 4% due April 2023		100,000		100,022		1.2%
Navaux Inc	Life science	Convertible Note, 6% due December 2023		60,000		61,933		0.7%
Neuro42 Inc.	Life science	Convertible Note, 8% due December 2023		50,000		51,556		0.6%
Octagon Therapeutics Inc	Life science	Convertible Note, 5% due June 2021		50,000		51,719		0.6%
Octagon Therapeutics Inc	Life science	Convertible Note, 5% due June 2021		50,000		51,589		0.6%
Perikinetics Inc	Life science	Convertible Note, 6% due May 2022		100,000		103,814		1.2%
Preview Medical Inc	Life science	Convertible Note, 7% due January 2023		100,000		103,184		1.2%
SageMedic Corp	Life science	Convertible Note, 8% April 2021 plus warrants		50,000		58,877		0.7%
SageMedic Corp	Life science	Convertible Note, 8% December 2022 plus warrants		75,000		78,436		0.9%
Sensing Electromagnetic Plus Corp	Technology	Convertible Note, Fully reserved		50,000		1		0.0%
Sensing Electromagnetic Plus Corp	Technology	Convertible Note, Fully reserved		11,048		1		0.0%
Single Pass Inc	Life science	Convertible Note, 6% April 2024		50,000		50,214		0.6%
Valfix Medical Inc	Life science	Convertible Note, 8% December 2021		50,000		53,507		0.6%
Xpan Inc	Life science	Convertible Note, 8% due March 2022		50,000		55,293		0.6%
Xpan Inc	Life science	Convertible Note, 8% due June 2022		25,000		27,044		0.3%
Xpan Inc	Life science	Convertible Note, 8% due June 2022		25,000		27,035		0.3%
Total convertible loan investments			$	2,866,048	$	3,252,175		38.1%
United States			$	2,046,048	$	2,342,246		27.4%
Canada				470,000		525,419		6.2%
Rest of World				350,000		384,510		4.5%
Total convertible loan investments			$	2,866,048	$	3,252,175		38.1%

Continued on next page

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

7

Continued from previous page

Kyto Technology and Life Science, Inc.

Condensed Schedule of Investments as of June 30, 2021

(Unaudited)

Portfolio Company	Industry	Investment	Cost		Fair value		% of net assets (a)
Preferred stock investments
Altis Biosystems	Life science	22,028 shares of Series Seed Preferred	$	50,000	$	50,000		0.6%
Astrocyte Pharmaceuticals Inc	Life science	260,756 shares of Series A Preferred		100,000		104,778		1.2%
Cnote Group, Inc	Fintech	84,655 shares of series Seed-2 Preferred (converted SAFE)		51,500		59,783		0.7%
Cnote Group, Inc	Fintech	93,807 shares of Series Seed-3 Preferred (converted note)		50,000		66,247		0.8%
Colabs Inc	Life science	147,058 shares of Series A-1 Preferred		50,000		50,000		0.6%
Connectus Services Ltd	Technology	31,348 shares of Series Seed Preferred		100,000		100,000		1.2%
Deep Blue Medical Advances Inc	Life science	10,474 shares of Series A Preferred		49,996		49,996		0.6%
Eumentis Thereapeutics Inc	Life science	85,009 shares of Series A Preferred		100,000		100,000		1.2%
FemtoDX Inc	Life science	42,436 shares of Series A Preferred		100,000		159,835		1.9%
Healionics Corporation	Life science	35,075 of Series A-1 Preferred		100,000		100,000		1.2%
i-Lumen Scientific Inc.	Life science	50,000 shares of Series A Preferred plus warrants		50,000		50,000		0.6%
i-Lumen Scientific Inc.	Life science	50,000 shares of Series A Preferred plus warrants		50,000		50,000		0.6%
Inhalon Biopharma Inc	Life science	18,843 shares of Series Seed Preferred		99,997		99,997		1.2%
Light Line Medical Inc	Life science	62,849 shares of Series Seed Preferred (converted note)		30,000		38,031		0.4%
Light Line Medical Inc	Life science	141,871 shares of Series Seed Preferred (converted note)		70,000		106,049		1.2%
Light Line Medical Inc	Life science	40,323 shares of Series Seed preferred		25,000		25,000		0.3%
Light Line Medical Inc	Life science	72,464 shares of Series A Preferred plus warants		50,000		50,000		0.6%
Lowell Therapeutics Inc	Life science	20,000 shares of Series A Preferred		50,000		50,000		0.6%
Lowell Therapeutics Inc	Life science	20,000 shares of Series A Preferred		50,000		50,000		0.6%
Makani Science Inc	Life science	172,413 shares of Series Seed Preferred		50,000		50,000		0.6%
Micronic Technologies Inc	Technology	51,929 shares of Series Seed-1 Preferred plus warrants		100,000		100,000		1.2%
Neuroflow Inc	Life science	98,684 shares of Series Seed -2 Preferred		150,000		224,998		2.6%
Neuroflow Inc	Life science	20,429 shares of Series B Preferred		100,000		212,497		2.5%
New View Surgical, Inc.	Life science	53,825 shares of Series A-1 Preferred		75,000		75,000		0.9%
Orion Biotechnology Inc	Life science	5,824 shares of Series A Preferred		100,000		100,000		1.2%
Otomagnetics Inc	Life science	16,538 shares of Series A-1 Preferred plus warrants		100,000		100,000		1.2%
Promaxo	Life science	104,248 shares of Series B-1 Preferred, (converted note)		250,000		531,738		6.2%
Seal Rock Therapeutics, Inc.	Life science	68,075 shares of Series Seed Preferred, (converted note)		78,000		80,329		0.9%
Shyft (FKA Crater Group Inc)	Technology	42,657 shares of Series A-1 Preferred (converted note)		51,500		97,940		1.1%
Shyft (FKA Crater Group Inc)	Technology	28,147 shares of Series A Preferred (converted note)		50,000		64,626		0.8%
Shyft (FKA Crater Group Inc)	Technology	21,774 shares of Series A-1 Preferred (plus warrants)		50,000		50,000		0.6%
Trellis Bioscience LLC	Life science	50,000 shares of Series B Preferred plus warrants		50,000		50,000		0.6%
Trellis Bioscience LLC	Life science	50,000 shares of Series B Preferred plus warrants		50,000		50,000		0.6%
Trellis Bioscience LLC	Life science	100,000 shares of Series B Preferred plus warrants		100,000		100,000		1.2%
Valfix Medical Inc	Life science	27,217 shares of Series Seed Preferred		50,000		50,000		0.6%
Visgenx Inc	Life science	7,833 shares of Series Seed-1 Preferred (converted note)		30,000		46,352		0.5%
Visgenx Inc	Life science	4,132 shares of Series Seed Preferred (converted note)		25,000		25,648		0.3%
Visgenx Inc	Life science	2,480 shares of Series Seed Preferred (converted note)		15,003		15,393		0.2%
Total Preferred stock investments			$	2,700,997	$	3,384,237		39.6%
United States			$	2,450,997	$	3,134,237		36.7%
Canada				200,000		200,000		2.3%
Rest of World				50,000		50,000		0.6%
Total Preferred stock investments			$	2,700,997	$	3,384,237		39.6%
Common stock investments
BendaRX Corp	Life science	12,500 Common shares	$	100,000	$	150,000		1.8%
BendaRX Corp	Life science	12,500 Common shares		100,000		150,000		1.8%
Boardwalk Tech	Technology	75,000 Common shares		65,600		65,600		0.8%
Boardwalk Tech	Technology	150,000 Common shares		73,500		91,995		1.1%
Sanaby Health Sponsor LLC	Life science	50,000 Common shares		100,000		100,000		1.2%
Total Common stock investments			$	439,100	$	557,595		6.5%
United States			$	239,100	$	257,595		3.0%
Canada				200,000		300,000		3.5%
Rest of World				-		-		0.0%
Total Common stock investments			$	439,100	$	557,595		6.5%
SAFE investments
Infinidome Ltd	Technology	SAFE	$	50,000	$	50,000		0.6%
Infinidome Ltd	Technology	SAFE		50,000		50,000		0.6%
Madorra Inc	Life science	SAFE		100,000		100,000		1.2%
Mitre Medical Corp	Life science	SAFE		75,000		75,000		0.9%
Mitre Medical Corp	Life science	SAFE		50,000		50,000		0.6%
Orion Biotechnology Inc.	Life science	SAFE		100,000		100,000		1.2%
Total SAFE investments			$	425,000	$	425,000		5.0%
United States				125,000		125,000		1.5%
Canada				100,000		100,000		1.2%
Rest of World				200,000		200,000		2.3%
Total SAFE investments			$	425,000	$	425,000		5.0%

Continued on next page

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

8

Continued from previous page

Kyto Technology and Life Science, Inc.

Condensed Schedule of Investments as of June 30, 2021

(Unaudited)

Portfolio Company	Industry		Investment	Cost		Fair value		% of net assets (a)
Other investments
Enduralock LLC	Technology		34.1 Series A-1 Ownership Units	$	30,000	$	30,000	0.4%
Enduralock LLC	Technology		39.7 Series A-1 Ownership Units		35,000		35,000	0.4%
Exodos Life Sciences LP	Life science		Class A-1 Preferred Ownership Units		206,000		206,000	2.4%
Green Sun Medical LLC	Life science		2,193 Class A-1 Ownership units		50,000		50,000	0.6%
Green Sun Medical LLC	Life science		1,096 Class A-1 Ownership units		25,000		25,000	0.3%
Green Sun Medical LLC	Life science		1,096 Class A-1 Ownership units		25,000		25,000	0.3%
Green Sun Medical LLC	Life science		4,386 Class A-1 Ownership units		100,000		100,000	1.2%
Riso Capital Fund I, LP	Technology		Ownership units		50,000		50,000	0.6%
Total other investments				$	521,000	$	521,000	6.1%
	United States			$	521,000	$	521,000	6.1%
	Canada				-		-	0.0%
	Rest of World				-		-	0.0%
Total other investments				$	521,000	$	521,000	6.1%
Total investments
United States					5,382,145		6,380,078	74.7%
Canada					970,000		1,125,419	13.2%
Rest of World					600,000		634,510	7.4%
Total other investments				$	6,952,145	$	8,140,007	95.3%
(a) based on total net assets of	$	8,537,246

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

9

Kyto Technology and Life Science, Inc.

Condensed Schedule of Investments as of March 31, 2021

(Unaudited)

Portfolio Company	Industry	Investment	Cost		Fair value		% of net assets (b)
Convertible loan investments
Achelios Therapeutics Inc.	Life science	Convertible Note, 8% due, December 2021	$	100,000	$	121,173		1.7%
Achelios Therapeutics Inc.	Life science	Convertible Note, 8% due December 2021		25,000		29,033		0.4%
Achelios Therapeutics Inc.	Life science	Convertible Note, 8% due December 2021		50,000		54,581		0.8%
Avisi Technologies Inc	Life science	Convertible Note, 8% due July 2022		50,000		52,674		0.8%
Basepaws Inc	Life science	Convertible Note, 1% due April 2020		50,000		162,319		2.3%
Beam Semiconductor Inc	Technology	Convertible Note, 8% due April 2022		150,000		171,041		2.4%
Beam Semiconductor Inc	Technology	Convertible Note, 8% due March 2021		50,000		54,285		0.8%
Corinnova Inc	Life science	Convertible Note, 6% due December 2024		100,000		102,318		1.5%
Cyberdontics Inc	Life science	Convertible Note, 8% due September 2022		30,000		33,768		0.5%
Cyberdontics Inc	Life science	Convertible Note, 8% due February 2023		35,000		38,053		0.5%
Cyberdontics Inc	Life science	Convertible Note, 0% no due date		35,000		36,296		0.5%
Deep Blue Medical Advances Inc	Life science	Convertible Note, 6% due June 2022		50,000		50,863		0.7%
Every Key Inc	Technology	Convertible Note, 5% due December 2023		100,000		106,521		1.5%
Identical Inc	Life science	Convertible Note, 2% due May 2022		100,000		100,844		1.4%
INBay Technology Inc	Technology	Convertible Note, 12% due October 2020		50,000		59,721		0.9%
INBay Technology Inc	Technology	Convertible Note, 12% due July 2021		30,000		34,149		0.5%
INBay Technology Inc	Technology	Convertible Note, 12% due February 2022		50,000		56,641		0.8%
INBay Technology Inc	Technology	Convertible Note, 12% due December 2022		40,000		41,552		0.6%
Kiana Analytics Inc	Technology	Convertible Note, 3% December 2022		100,000		100,847		1.4%
Kitotech Medical Inc	Life science	Convertible Note, 6% due December 2020		100,000		243,133		3.5%
Kitotech Medical Inc	Life science	Convertible Note, 6% due November 2022		75,000		83,738		1.2%
Lifewave Biomedical Inc	Life science	Convertible Note, 6% due December 2020		30,000		32,831		0.5%
Lifewave Biomedical Inc	Life science	Convertible Note, 6% due December 2020		70,000		74,810		1.1%
Navaux Inc	Life science	Convertible Note, 6% due December 2023		60,000		61,036		0.9%
Neuro42 Inc.	Life science	Convertible Note, 8% due December 2023		50,000		50,559		0.7%
Octagon Therapeutics Inc	Life science	Convertible Note, 5% due June 2021		50,000		51,110		0.7%
Octagon Therapeutics Inc	Life science	Convertible Note, 5% due June 2021		50,000		50,966		0.7%
Perikinetics Inc	Life science	Convertible Note, 6% due May 2022		100,000		102,318		1.5%
Preview Medical Inc	Life science	Convertible Note, 7% due January 2023		100,000		101,918		1.5%
SageMedic Corp	Life science	Convertible Note, 8% April 2021 plus warrants		50,000		57,879		0.8%
SageMedic Corp	Life science	Convertible Note, 8% December 2022 plus warrants		75,000		77,088		1.1%
Sensing Electromagnetic Plus Corp	Technology	Convertible Note, Fully reserved		50,000		1		0.0%
Sensing Electromagnetic Plus Corp	Technology	Convertible Note, Fully reserved		11,048		1		0.0%
Valfix Medical Inc	Life science	Convertible Note, 8% December 2021		50,000		52,510		0.8%
Xpan Inc	Life science	Convertible Note, 8% due March 2022		50,000		54,296		0.8%
Xpan Inc	Life science	Convertible Note, 8% due June 2022		25,000		26,545		0.4%
Xpan Inc	Life science	Convertible Note, 8% due June 2022		25,000		26,540		0.4%
Total Convertible loan investments			$	2,216,048	$	2,553,954		36.5%
United States			$	1,596,048	$	1,868,557		26.7%
Canada				370,000		407,561		5.8%
Rest of World				250,000		277,836		4.0%
Total Convertible loan investments			$	2,216,048	$	2,553,954		36.5%

Continued on next page

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

10

Continued from previous page

Kyto Technology and Life Science, Inc.

Condensed Schedule of Investments as of March 31, 2021 - continued

(Unaudited)

Preferred stock investments
Altis Biosystems		Life science	22,028 shares of Series Seed Preferred	$	50,000	$	50,000	0.7%
Astrocyte Pharmaceuticals Inc		Life science	260,756 shares of Series A Preferred		100,000		100,000	1.4%
Cnote Group, Inc		Fintech	84,655 shares of series Seed-2 Preferred (converted SAFE)		51,500		59,783	0.9%
Cnote Group, Inc		Fintech	93,807 shares of Series Seed-3 Preferred (converted note)		50,000		66,247	0.9%
Colabs Inc		Life science	147,058 shares of Series A-1 Preferred		50,000		50,000	0.7%
Connectus Services Ltd		Technology	31,348 shares of Series Seed Preferred		100,000		100,000	1.4%
Deep Blue Medical Advances Inc		Life science	10,474 shares of Series A Preferred		49,997		49,997	0.7%
Eumentis Thereapeutics Inc		Life science	85,009 shares of Series A Preferred		100,000		100,000	1.4%
FemtoDX Inc		Life science	42,436 shares of Series A Preferred		100,000		159,835	2.3%
i-Lumen Scientific Inc.		Life science	50,000 shares of Series A Preferred plus warrants		50,000		50,000	0.7%
i-Lumen Scientific Inc.		Life science	50,000 shares of Series A Preferred plus warrants		50,000		50,000	0.7%
Inhalon Biopharma Inc		Life science	18,843 shares of Series Seed Preferred		99,997		99,997	1.4%
Light Line Medical Inc		Life science	62,849 shares of Series Seed Preferred (converted note)		30,000		38,031	0.5%
Light Line Medical Inc		Life science	141,871 shares of Series Seed Preferred (converted note)		70,000		106,049	1.5%
Light Line Medical Inc		Life science	40,323 shares of Series Seed preferred		25,000		25,000	0.4%
Light Line Medical Inc		Life science	72,464 shares of Series A Preferred plus warants		50,000		50,000	0.7%
Lowell Therapeutics Inc		Life science	20,000 shares of Series A Preferred		50,000		50,000	0.7%
Lowell Therapeutics Inc		Life science	20,000 shares of Series A Preferred		50,000		50,000	0.7%
Micronic Technologies Inc		Technology	51,929 shares of Series Seed-1 Preferred plus warrants		100,000		100,000	1.4%
Neuroflow Inc		Life science	98,684 shares of Series Seed -2 Preferred		150,000		224,998	3.2%
Neuroflow Inc		Life science	20,429 shares of Series B Preferred		100,000		212,497	3.0%
New View Surgical, Inc.		Life science	53,825 shares of Series A-1 Preferred		75,000		75,000	1.1%
Otomagnetics Inc		Life science	16,538 shares of Series A-1 Preferred plus warrants		100,000		100,000	1.4%
Promaxo		Life science	104,248 shares of Series B-1 Preferred, (converted note)		250,000		531,738	7.6%
Seal Rock Therapeutics, Inc.		Life science	68,075 shares of Series Seed Preferred, (converted note)		78,000		80,329	1.1%
Shyft (FKA Crater Group Inc)		Technology	42,657 shares of Series A-1 Preferred		51,500		97,940	1.4%
Shyft (FKA Crater Group Inc)		Technology	28,147 shares of Series A Preferred (converted note)		50,000		64,626	0.9%
Shyft (FKA Crater Group Inc)		Technology	21,774 shares of Series A-1 Preferred (converted note)		50,000		50,000	0.7%
Trellis Bioscience LLC		Life science	50,000 shares of Series B Preferred plus warrants		50,000		50,000	0.7%
Trellis Bioscience LLC		Life science	50,000 shares of Series B Preferred plus warrants		50,000		50,000	0.7%
Trellis Bioscience LLC		Life science	100,000 shares of Series B Preferred plus warrants		100,000		100,000	1.4%
Valfix Medical Inc		Life science	27,217 shares of Series Seed Preferred		50,000		50,000	0.7%
Visgenx Inc		Life science	7,833 shares of Series Seed-1 Preferred (converted note)		30,000		46,352	0.7%
Visgenx Inc		Life science	4,132 shares of Series Seed Preferred (converted note)		25,000		25,648	0.4%
Visgenx Inc		Life science	2,480 shares of Series Seed Preferred (converted note)		15,003		15,392	0.2%
Total Preferred stock investments				$	2,450,997	$	3,129,458	44.8%
United States				$	2,300,997	$	2,979,458	42.6%
Canada					100,000		100,000	1.4%
Rest of World					50,000		50,000	0.7%
Total Preferred stock investments				$	2,450,997	$	3,129,458	44.8%
Common stock investments
BendaRX Corp		Life science	12,500 Common shares	$	100,000	$	150,000	2.1%
BendaRX Corp		Life science	12,500 Common shares		100,000		150,000	2.1%
Boardwalk Tech		Technology	150,000 Common shares		73,500		91,995	1.3%
Total common stock investments				$	273,500	$	391,995	5.6%
United States				$	73,500	$	91,995	1.3%
Canada					200,000		300,000	4.3%
Rest of World					-		-	0.0%
Total common stock investments				$	273,500	$	391,995	5.6%
SAFE investments
Infinidome Ltd		Technology	SAFE	$	50,000	$	50,000	0.7%
Infinidome Ltd		Technology	SAFE		50,000		50,000	0.7%
Mitre Medical Corp		Life science	SAFE		75,000		75,000	1.1%
Mitre Medical Corp		Life science	SAFE		50,000		50,000	0.7%
Orion Biotechnology Inc.		Life science	SAFE		100,000		100,000	1.4%
Total SAFE investments				$	325,000	$	325,000	4.6%
United States				$	125,000	$	125,000	1.8%
Canada					100,000		100,000	1.4%
Rest of World					100,000		100,000	1.4%
Total SAFE investments				$	325,000	$	325,000	4.6%
Other investments
Enduralock LLC		Technology	34.1 Series A-1 Ownership Units	$	30,000	$	30,000	0.4%
Enduralock LLC		Technology	39.7 Series A-1 Ownership Units		35,000		35,000	0.5%
Exodos Life Sciences LP		Life science	Class A-1 Preferred Ownership Units		206,000		206,000	2.9%
Green Sun Medical LLC		Life science	2,193 Class A-1 Ownership units		50,000		50,000	0.7%
Green Sun Medical LLC		Life science	1,096 Class A-1 Ownership units		25,000		25,000	0.4%
Green Sun Medical LLC		Life science	1,096 Class A-1 Ownership units		25,000		25,000	0.4%
Riso Capital Fund I, LP		Technology	Ownership units		50,000		50,000	0.7%
Total other investments				$	421,000	$	421,000	6.0%
United States				$	421,000	$	421,000	6.0%
Canada					-		-	0.0%
Rest of World					-		-	0.0%
Total Other investments				$	421,000	$	421,000	6.0%
Total investments				$	5,686,545	$	6,821,407	97.5%
United States				$	4,516,545	$	5,486,010	78.4%
Canada					770,000		907,561	13.0%
Rest of World					400,000		427,836	6.1%
Total investments				$	5,686,545	$	6,821,407	97.5%
( b ) based on total net assets of	$	6,993,163

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

11

KYTO TECHNOLOGY AND LIFE SCIENCE INC.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

June 30, 2021

NOTE 1 – DESCRIPTION OF BUSINESS

Kyto Technology and Life Science, Inc. (the “Company”) was formed as a Florida corporation on March 5, 1999 under the name of B Twelve, Inc. In August, 2002, the Company changed its name from B Twelve, Inc. to Kyto BioPharma Inc. and in May 2018, the name was changed again to Kyto Technology and Life Science, Inc. In July 2019, the Company was re-incorporated as a Delaware company. The Company operates virtually, from public locations or the homes of its officers, and does not currently lease any office space.

The Company was originally formed to acquire and develop proprietary drugs for the treatment of cancer, arthritis, and other autoimmune diseases and had been evaluating a number of strategies. As of March 31, 2018, the Company had accumulated a deficit of $32,380,746 from all prior operations. In April 2018, the Board adopted a new business plan focused on the development of early-stage technology and life science businesses through early-stage investment funding. The Company has recruited a number of experienced investment consultants from a network that includes angel investors, corporate managers, sophisticated early-stage investors and successful entrepreneurs with experience across a number of technology and life science products and markets, and relies on input from these advisors in conducting due diligence and making investment decisions. In order to offset the risk in early-stage investing, the Company works with angel investment groups and other sophisticated investors and participates only after these groups have completed due diligence and committed to invest, in effect becoming lead investors. The Company then completes its own due diligence and invests under identical terms as the lead investors. The Company will do follow-on investments in existing portfolio companies, assuming adequate progress, when portfolio companies initiate new financing rounds. The Company currently does not typically invest more than $250,000 in any single investment. Generally, the Company’s investments represent less than 5% ownership interests, and the Company therefore has no effective control or influence over the management or commercial decisions of the companies in which it invests. The Company plans to generate revenue from realized gains from the sale of the businesses in which it has invested, or some or all of its shareholdings in those cases where portfolio companies go public. Generally, it is expected that investments will be realized from an exit within a period of four to five years following initial investment. Such exits or liquidity events are outside the Company’s control and depend on merger and acquisition (“M&A”) transactions or an initial public offering (“IPO”) which may result in cash or equity proceeds. Accordingly, it is difficult to forecast revenue, net income, and cash flow. Other than making its initial and, potentially, follow-on investments in its portfolio companies, the Company does not provide any financial support to any of its investees.

The Company has one regular employee – the CEO, Mr, Paul Russo. Prior to December 31, 2020, was acting as a consultant to the Company and did not receive contractual compensation for his services in the form of cash. As of January 1, 2021, Mr. Russo was engaged as an employee of the Company at a salary of $400,000 per annum of which 60% is paid monthly, and the balance deferred to be paid once the Company lists and starts trading on the Nasdaq exchange. The full terms of Mr. Russo’s employment are described in an engagement letter filed on Form 8-K on February 1, 2021, which was approved by the Compensation committee of the Board of Directors on that date. During the three months ended June 30, 2021, Mr. Russo received $80,000 gross payroll, no consulting fees and no options were granted. During the three months ended June 30, 2020, Mr. Russo received no payroll or consulting fees , and no options were granted to him.

12

The Company has created a portfolio of minority investments in early-stage start-up companies and derives its revenue opportunity from the sale of those investments. Such sales are outside the Company’s control and depend on M&A transactions or IPOs which may result in cash or equity proceeds. Accordingly, it is difficult to forecast revenue, net income, and cash flow. As of the date of this filing, the Company had approximately $500,000 of cash to cover its operating expenses, and new investment requirements and is continuing to raise additional funding on a recurring monthly basis. If successful, it will have sufficient funding for further investments and ongoing operations. However, there is no assurance that the Company will be able to raise sufficient cash to cover its requirements on attractive terms, if at all, and whether it will be able to continue as a going concern. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying condensed interim financial statements have been prepared assuming the Company will continue to operate as a going concern and do not include any adjustments that might result from the outcome of this uncertainty. Stay at home orders and general economic uncertainties arising out of the current Covid-19 epidemic have created additional delays and uncertainty. To date there has been no disruption to the Company’s business operations, although some of its portfolio investment companies report delays in their programs.

At March 31, 2020, management determined that the Company was an investment company for purposes of ASC 946 disclosure, and committed to follow the specialized accounting and reporting guidance contained therein. Accordingly, a new company, Kyto Investments, Inc. (“KI”) was incorporated in Delaware in December 2020 in preparation for a restructuring and an N-2 Registration Statement filed in March 2021 for review by the SEC. KI is an internally managed, closed-end investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). Immediately upon effectiveness of this N-2 Registration Statement, the Company will merge with KI and the Company will be the surviving entity. As of the completion of the merger, the Company will constitute a “successor issuer” for the purposes of Rule 414 under the Securities Act and may continue the current offering by filing post-effective amendments to the Registration Statements. Prior to the merger, the Company had fewer than 100 non affiliated investors and filed under the 1934 Act relying on exemption Rule 3( c )(1).

As a BDC, the Company will be required to comply with certain regulatory requirements. The Company also intends to elect to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Company is required to comply with additional regulatory requirements. The Company has prepared and submitted sequentially two N-2 Registration Statements to the SEC for review but has not yet received final approval of its registration as at the filing date of this report.

NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

(A) BASIS OF PRESENTATION

The accompanying unaudited condensed 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 condensed 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 condensed financial statements include all adjustments (consisting only of normal recurring adjustments), which the Company considers necessary, for a fair presentation of those financial statements. The results of operations and cash flows for the three months ended June 30, 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 the audited financial statements of the Company for the year ended March 31, 2021, included in the Annual Report on Form 10-K as filed with the Securities and Exchange Commission (the “SEC”) on August 10, 2021.

The Company’s condensed interim financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires the use of estimates, assumptions and the exercise of subjective judgment as to future uncertainties. Actual results could differ from those estimates, assumptions, and judgments. Significant items subject to such estimates will include determining the fair value of investments, revenue recognition, income tax uncertainties, stock-based compensation, and other contingencies.

The Company’s financial statements are prepared using the specialized accounting principles of Accounting Standards Codification Topic 946, Financial Services—Investment Companies (ASC Topic 946). In accordance with this specialized accounting guidance, the Company recognizes and carries all of its investments at fair value with changes in fair value recognized in earnings. Additionally, the Company will not apply consolidation or equity method of accounting to its investments. The Company carries its liabilities at amounts payable, net of unamortized premiums or discounts. The Company does not currently plan to elect to carry its liabilities at fair value. Net assets are calculated as the carrying amounts of assets, including the fair value of investments, less the carrying amounts of its liabilities.

13

(B) INVESTMENT TRANSACTIONS AND NET REALIZED AND UNREALIZED GAIN OR LOSS ON INVESTMENTS

The Company generates increases or decreases in its net assets from the sale of complete or partial investments following a merger or acquisition (“M&A”) transaction or restructuring or from the revaluation of portfolio company investments to recognize changes in their value, either upwards or downwards. As a minority, early-stage investor, the Company does not have the ability to manage the timing or acceptance of liquidity events that will realize its investments, nor the ability to predict when they may happen, although as a general guideline, it would expect such events to occur approximately four to five years after its investments are made. The Company will record the changes in value from investment activities upon completion of sale and receipt of net proceeds, after deducting related transaction expenses as realized gains or losses. Realized gains or losses on the sale of investments, or upon the determination that an investment balance, or portion thereof, is not recoverable, are calculated using the specific identification method. The Company measures realized gains or losses by calculating the difference between the net proceeds from the repayment or sale and the cost basis of the investment. Net change in unrealized appreciation or depreciation reflects the change in the fair values of the Company’s portfolio investments during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. The Company is in regular contact with the management of its portfolio investment companies to provide a basis for valuation changes or impairment reviews. The Company does not expect to receive interest and principal repayments on its convertible notes and generally expects these notes to convert into equity securities upon completion of qualified subsequent financings. Accrued interest is then recorded as an adjustment to fair value.

(C) INCOME TAXES

The Company accounts for income taxes under the Financial Accounting Standards Accounting Standard Codification Topic 740 “Accounting for Income Taxes” (“Topic 740”). Under Topic 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable 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 are expected to be recovered or settled. Under Topic 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period, which includes the enactment date.

(D) USE OF ESTIMATES

In preparing financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the period presented. Actual results may differ from these estimates.

Significant estimates during the three months ended June 30, 2021 and June 30, 2020 include the valuation of the investment portfolio, deferred tax assets, tax valuation allowance, stock options and warrants.

(E) CASH AND CASH EQUIVALENTS

The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. There were no cash equivalents at June 30, 2021 and March 31, 2021, respectively.

14

(F) CONCENTRATIONS

The Company maintains its cash in bank checking and deposit accounts, which, at times, may exceed federally insured limits. As of June 30, 2021 and March 31, 2021, the Company’s bank balance exceeded the federally insured limit by approximately $230,000 and $1.2 million, respectively. The Company has not experienced any losses in such accounts through June 30, 2021.

(G) STOCK-BASED COMPENSATION

Financial Accounting Standards Board Accounting Standards Codification Topic 718, “Stock Compensation” requires generally that all equity awards granted to employees and consultants be accounted for at fair value. This fair value is measured at grant date for stock settled awards, and at subsequent exercise or settlement for cash-settled awards. Under this method, the Company records an expense equal to the fair value of the options or warrants issued. The fair value is computed using the Black Scholes options pricing model. The Company granted 250,000 and 120,000 options to consultants and advisors during the three months ended June 30, 2021 and June 30, 2020, respectively.

(H) NET LOSS PER COMMON SHARE

In accordance with Statement of Financial Accounting Standards Accounting Standard Codification Topic 260, “Earnings per Share”, basic earnings per share is computed by dividing the net income less preferred dividends for the period by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net income less preferred dividends by the weighted average number of common shares outstanding including the effect of common stock equivalents. Common stock equivalents, consisting of preferred stock, stock options and warrants, have not been included in the calculation, as their effect is anti-dilutive for the periods presented. The following table sets out the number of shares used in calculating fully- diluted EPS using the if-converted method.

Class of shares	Three months ended June 30, 2021
Common Stock		13,268,871
Common stock subscribed not issued		-
Series A preferred stock		4,200,000	*
Series B preferred stock		4,320,156	*
Options		2,759,250	*
Warrants		1,596,667	*
Total shares used in calculating fully-diluted EPS		13,268,871

* These shares excluded from the calculation of fully-diluted EPS as the result would be anti-dilutive.

(I ) INVESTMENT AND VALUATION OF INVESTMENT AT FAIR VALUE

The Company reviews the performance of its investments based on available information, including management reports, press releases, web site announcements and progress reports, third party equity updates, management interviews and, where accessible, financial reports, to determine their current and future potential value and liquidity. In the event that Management considers the value of an investment to be impaired, the carrying value of the investment will be written down by an impairment charge to reflect Management’s estimated valuation. The Company recognized impairment of one of its investments which was written down by $61,046 in September 2019. The Company has not experienced any other impairment write-downs in any prior or subsequent periods.

The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures”, for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing US GAAP that require the use of fair value measurements which establishes a framework for measuring fair value and expands disclosure about such fair value measurements.

15

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is an exchange price notion under which fair value is the price in an orderly transaction between market participants to sell an asset or transfer a liability in the market in which the reporting entity would transact for the asset or liability.

The Company has established procedures to estimate the fair value of its investments which the Company’s board of directors has reviewed and approved. The Company will use observable market data to estimate the fair value of investments to the extent that market data is available. In the absence of quoted market prices in active markets, or quoted market prices for similar assets or in markets that are not active, the Company will use the valuation methodologies described below with unobservable data based on the best available information in the circumstances, which incorporates the Company’s assumptions about the factors that a market participant would use to value the asset.

For investments for which quoted market prices are not available, which will comprise most of our investment portfolio, fair value will be estimated by using the income, market, or back-solve approach. The income approach is based on the assumption that value is created by the expectation of future benefits discounted to a current value and the fair value estimate is the amount an investor would be willing to pay to receive those future benefits. The market approach compares recent comparable transactions to the investment. The back solve method involves comparing available data over a period of time and inferring a new valuation based on changes from a known starting point, for example the cost of an investment. Adjustments are made for any dissimilarity between the comparable transactions and the investments. These valuation methodologies involve a significant degree of judgment on the part of our management and board.

In determining the appropriate fair value of an investment using these approaches, the most significant information and assumptions may include, as applicable: available current market data, including relevant and applicable comparable market transactions, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the investment’s ability to make payments, its earnings and discounted cash flows, the markets in which the company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, the principal market and enterprise values, environmental factors, subsequent financings by the portfolio investment, among other factors.

The estimated fair values will not necessarily represent the amounts that may be ultimately realized due to the occurrence or nonoccurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of the valuation of the investments, the estimate of fair values may differ significantly from the value that would have been used had a broader market for the investments existed.

The authoritative accounting guidance prioritizes the use of market-based inputs over entity-specific inputs and establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation. The three levels of valuation hierarchy are defined as follows:

Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data

Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. Most of the Company’s investments are Level 3.

Critical accounting policies and practices are the policies that are both most important to the portrayal of our financial condition and results, and require management’s most difficult, subjective, or complex judgments, often as a result of the need to make estimates about matters that are inherently uncertain. These include estimates of the fair value of our Level 3 investments and other estimates that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements and the reported amounts of certain revenues and expenses during the reporting period. It is likely that changes in these estimates will occur in the near term. Our estimates are inherently subjective in nature and actual results could differ materially from such estimates. See “Note 1 – Significant Accounting Policies” to our financial statements as of March 31, 2021 as filed with the SEC on August 10, 2021, for further detail regarding our critical accounting policies and recently issued or adopted accounting pronouncements.

16

(J) RECENT ACCOUNTING PRONOUNCEMENTS

Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

(K) DEFERRED OFFERING COSTS

Since April 2019, the Company has conducted a series of sales of common and preferred stock to fund its ongoing investment program and cost of operations. Typically, it expects that this series, from start to finish, may take from six to nine months and in order to match the cost and benefits of this process, the Company adopted a policy of capitalizing direct expenses incurred in the course of fund raising, with the intention of netting accumulated expenses against proceeds from sale of equity, and reporting the net funds raised at the close. Direct expenses include legal fees, investor relations fees, investor roadshows and meeting expenses, and related filing and printing fees. At June 31, 2021, the Company had deferred $170,889 of such expenses, relating to the preparation and filing of an N-2 Registration Statement.

NOTE 3 – COMMITMENTS AND CONTINGENCIES

The Company has no commitments or contingencies as of the date of this filing.

NOTE 4 - RELATED PARTY TRANSACTIONS

At June 30, 2021 and March 31, 2021, the Company had accrued and owed $72,205 and $51,420, respectively, to officers of the Company for deferred payroll and consulting service fees.

At June 30, 2021, officers or directors of the Company held board positions at three portfolio companies: InBay Technology Inc., Exodos Life Sciences LP, and Achelios Therapeutics Inc.

NOTE 5 – INVESTMENTS

The following table summarizes the Company’s investment portfolio at June 30, 2021 and March 31, 2021.

	June 30, 2021				March 31, 2021
Number of portfolio companies		60				51
Fair value	$	8,140,007			$	6,821,407
Cost		6,952,145				5,686,545
% of portfolio at fair value
Convertible notes		3,252,175	40	%		2,553,954	37	%
Preferrred stock		3,384,237	42	%		3,129,458	46	%
Common stock		557,595	7	%		391,995	6	%
SAFE		425,000	5	%		325,000	5	%
Other ownership units		521,000	6	%		421,000	6	%
Total	$	8,140,007	100	%	$	6,821,407	100	%

17

Our investment portfolio represents approximately 95% of our net assets at June 30, 2021 and 98% at March 31, 2021. Investments in early-stage start up private operating entities are valued based on available metrics, such as relevant market multiples and comparable company valuations, company specific-financial data including subsequent financings, actual and projected results, and independent third-party valuation estimates.

	As of June 30, 2021
	Fair Value		Valuation Approach/ Technique	Unobservable Inputs	Range/ Weighted Average
Convertible notes	$	3,252,175	Market approach	Precedent and follow-on transactions		N/A
Preferred stock in private companies		3,384,237	Market approach	Precedent and follow-on transactions		N/A
Common stock in private companies		400,000	Market approach	Precedent and follow-on transactions		N/A
SAFE		425,000	Market approach	Precedent and follow-on transactions		N/A
Other investments		521,000	Market approach	Precedent and follow-on transactions		N/A
Total Investments	$	7,982,412

	As of March 31, 2021
	Fair Value		Valuation Approach/ Technique	Unobservable Inputs	Range/ Weighted Average
Convertible notes	$	2,553,954	Market approach	Precedent and follow-on transactions		N/A
Preferred stock in private companies		3,129,458	Market approach	Precedent and follow-on transactions		N/A
Common stock in private companies		300,000	Market approach	Precedent and follow-on transactions		N/A
SAFE		325,000	Market approach	Precedent and follow-on transactions		N/A
Other investments		421,000	Market approach	Precedent and follow-on transactions		N/A
Total Investments	$	6,729,412

18

The following table presents fair value measurements of investments, by major class, as of June 30, 2021 and March 31, 2021, according to the fair value hierarchy:

	As of June 30, 2021
	Quoted prices in active markets for identical securities		Significant other observable inputs		Significant other inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Investments at Fair Value
Private Portfolio Companies
Convertible notes	$	-	$	-	$	3,252,175	$	3,252,175
Preferred stock		-		-		3,384,237		3,384,237
Common stock		-		-		400,000		400,000
SAFEs		-		-		425,000		425,000
Other ownership interests		-		-		521,000		521,000
		-		-		7,982,412		7,982,412
Public Portfolio Companies
Common stock		157,595		-		-		157,595
Total Investments at Fair value	$	157,595	$	-	$	7,982,412	$	8,140,007

	As of March 31, 2021
Description	Level 1		Level 2		Level 3		Total
March 31, 2021
Investments at Fair Value
Private Portfolio Companies
Convertible notes	$	-	$	-	$	2,553,954	$	2,553,954
Preferred stock		-		-		3,129,458		3,129,458
Common stock		-		-		300,000		300,000
SAFEs		-		-		325,000		325,000
Other ownership interests		-		-		421,000		421,000
		-		-		6,729,412		6,729,412
Public Portfolio Companies
Common stock		91,995		-		-		91,995
Total Investments at Fair value	$	91,995	$	-	$	6,729,412	$	6,821,407

As of June 30, 2021 and March 31, 2021, all our investments were treated as Level 3 with the exception of one which was invested in common stock of a public company and treated as Level 1.

Significant Unobservable Inputs for Level 3 Assets and Liabilities

In accordance with FASB ASC 820, Fair Value Management, the tables above provide quantitative information about the Company’s fair value measurements of its Level 3 assets as of June 30, 2021 and March 31, 2021. In addition to the techniques and inputs noted in the tables above, according to the Company’s valuation policy, the Company may also use other valuation techniques and methodologies when determining the Company’s fair value measurements. The tables below are not meant to be all-inclusive, but rather provide information on the significant Level 3 inputs as they relate to the Company’s fair value measurements. To the extent an unobservable input is not reflected in the tables below, such input is deemed insignificant with respect to the Company’s Level 3 fair value measurements. Significant changes in the inputs in isolation would result in a significant change in the fair value measurement, depending on the materiality of the investment.

We focus on making our investments in the United States, Canada, and Israel. All investments are made and reported in US dollars. Assets that are denominated in foreign currencies are translated into U.S. dollars at closing rates of exchange on the date of valuation. Transactions during the year are translated at the rate of exchange prevailing on the date of the transaction. The Company does not isolate that portion of results of operations resulting from the changes in foreign exchange rates on securities from fluctuations resulting from changes in market prices of such securities. Such foreign currency translation gains and losses are included in the net realized gains or losses from investments and net changes in unrealized gain or losses from investments on the statement of operations.

19

	America		Canada		Rest of World		Total
Fair value March 31, 2021	$	5,486,011	$	907,560	$	427,836	$	6,821,407
New investments		865,600		200,000		200,000		1,265,600
Proceeds from sale of investments		-		-		-		-
Realized gains		-		-		-		-
Change in value of investments		28,467		17,859		6,674		53,000
Fair value June 30, 2021	$	6,380,078	$	1,125,419	$	634,510	$	8,140,007

	America		Canada		Rest of World		Total
Fair value beginning of year March 31, 2020	$	2,170,499	$	245,000	$	250,000	$	2,665,499
New investments		200,000		50,000		-		250,000
Proceeds from sale of investments		-		-		-		-
Realized gains		-		-		-		-
Change in value of investments		-		-		-		-
Fair value June 30, 2020	$	2,370,499	$	295,000	$	250,000	$	2,915,499

Working on the experience of our technical advisors, we limit our investments to fintech, technology, and life sciences.

	Fintech		Technology		Life science		Total
Fair value March 31, 2021	$	126,030	$	1,394,318	$	5,301,059	$	6,821,407
New investments		-		365,600		900,000		1,265,600
Proceeds from sale of investments		-		-		-		-
Realized gains		-		-		-		-
Change in value of investments		-		21,541		31,459		53,000
Fair value June 30, 2021	$	126,030	$	1,781,459	$	6,232,518	$	8,140,007

	Fintech		Technology		Life science		Total
Fair value March 31, 2020	$	101,500	$	685,002	$	1,878,997	$	2,665,499
New investments		-		-		250,000		250,000
Proceeds from sale of investments		-		-		-		-
Realized gains		-		-		-		-
Change in value of investments		-		-		-		-
Fair value June 30, 2020	$	101,500	$	685,002	$	2,128,997	$	2,915,499

We invest in early-stage private companies developing products or solutions in the fields of fintech, technology and life sciences. Typically, we are investing in interest bearing notes that may be convertible into equity securities upon the completion of qualified subsequent financings, preferred stock, SAFEs or other forms of ownership. Typically notes carry a two year term, and are then rolled over for additional periods if no other maturity triggers have been achieved. If a convertible note investment were, in our judgment, to become impaired, we would reverse the accrued interest and adjust the valuation to reflect management’s assessment of fair value. If a convertible note investment exceeds its maturity date we usually would request the portfolio company to document an extension, as well as consider whether the overdue note, along with all other available performance data and management reviews lead us to consider whether there should be an adjustment in fair value to reflect impairment of the investment.

20

	Convertible notes		Preferred stock		Common stock		SAFEs		Other ownership interests		Total
Fair value March 31, 2021	$	2,553,954	$	3,129,458	$	391,995	$	325,000	$	421,000	$	6,821,407
Conversions into preferred stock		-		-		-		-		-		-
New investments		650,000		250,000		165,600		100,000		100,000		1,265,600
Proceeds from sale of investments		-		-		-		-		-		-
Realized gains		-		-		-		-		-		-
Change in value of investments		48,221		4,779		-		-		-		53,000
Fair value June 30, 2021	$	3,252,175	$	3,384,237	$	557,595	$	425,000	$	521,000	$	8,140,007

	Convertible notes		Preferred stock		Common stock		SAFEs		Other ownership interests		Total
Fair value March 31, 2020	$	1,528,002	$	701,497	$	126,500	$	73,500	$	236,000	$	2,665,499
Conversions into preferred stock		50,000		100,000		-		-		100,000		250,000
New investments		-		-		-		-		-		-
Proceeds from sale of investments		-		-		-		-		-		-
Realized gains		-		-		-		-		-		-
Change in value of investments		-		-		-		-		-		-
Fair value June 30, 2020	$	1,578,002	$	801,497	$	126,500	$	73,500	$	336,000	$	2,915,499

NOTE 6– EQUITY

(A) PREFERRED STOCK

Series A

The Company has sold 4,200,000 Series A Stock Units (“Units”) consisting of one share of Series A Preferred Stock and one warrant to purchase a share of Common Stock at $0.80 per share. The Units were sold in a private placement to accredited investors. The Series A Preferred Stock will be converted into shares of Common Stock upon listing of the Company on Nasdaq or NYSE. In the event of any liquidation or winding up of the Company, the holders of the Series A shall be entitled to receive in preference to the holders of shares of Common Stock a per share amount equal to two times (2 X) their original purchase price plus any declared but unpaid dividends (the Liquidation Preference). All share issuances and obligations are recognized on the books and stock register.

On March 2, 2021, in preparation for an intended IPO, the Company made an offer to all its preferred shareholders to protect them against the possibility that the IPO price might be less than their preferred stock price. Accordingly, Series A-1 and Series A-2 Preferred Stock were created, and the holders of Series A Preferred Stock were granted an opportunity to purchase shares of Common Stock at $0.40 per share. If shareholders purchased at least $6,000 of Common Stock, their Series A Preferred Stock were exchanged for Series A-1 which is guaranteed to convert into shares of Common Stock at the same price as the IPO price, and if shareholders purchased a pro-rated amount of Common Stock their Series A Preferred Stock were exchanged for Series A-2 Preferred Stock which in turn is convertible into shares of Common Stock at a discount of 10% to the IPO price. In all other respects the Series A-1 and Series A-2 Preferred Stock has the same rights and obligations as the Series A Preferred Stock. As of June 30, 2021, 1,437,500 shares of Series A Preferred Stock had been exchanged for Series A-1 Preferred Stock, and 2,212,500 shares of Series A Preferred Stock had been exchanged for Series A-2 Preferred Stock, respectively, leaving outstanding 550,000 shares of Series A Preferred Stock (“Series A”) designated at a par value of $0.01 per share.

21

Series B

There are also 6,000,000 shares of Series B Preferred Stock (“Series B”) authorized designated at a par value of $0.01 per share. The Series B can be converted into shares of Common Stock upon listing of the Company on Nasdaq. In the event of any liquidation or winding up of the Company, the holders of the Series B shall be entitled to receive in preference to the holders of Common Shares and Series A Preferred Stock, a per share amount equal to two times (2 X) their original purchase price plus any declared but unpaid dividends (the Liquidation Preference). The holders of Series B shall be entitled to receive out of any funds of the Corporation at a time legally available for the declaration of dividends, dividends at a cumulative rate of 10% under such terms and conditions as the Board shall prescribe, provided, however, that in the event dividends shall be declared, dividends on issued and outstanding Series B shall be payable before any dividends shall be declared or paid upon or set apart for the Common Stock. At June 30, 2021, the Company had sold 4,320,156 shares of Series B for proceeds of $3,456,124.

On March 2, 2021, in preparation for an intended future IPO, the Company made an offer to all its preferred shareholders to protect them against the possibility that the IPO price might be less than their preferred stock price. Accordingly, Series B-1 and Series B-2 Preferred Stock (“Series B-1” and “Series B-2”, respectively) were created, and the holders of the Series B were granted an opportunity to purchase shares of Common Stock at $0.40 per share. If shareholders purchased at least $6,000 of common stock, their Series B were exchanged for Series B-1 which is guaranteed to convert into shares of Common Stock at the same price as the IPO price, and if shareholders purchased a pro-rated amount of common stock their Series B were exchanged for Series B-2 which converts into shares of Common Stock at a discount of 10% to the IPO price. In all other respects, the Series B-1 and Series B-2 have the same rights and obligations as the Series B. At June 30, 2021, 1,857,656 shares of Series B had been exchanged for Series B-1, and 2,176,250 shares of Series B had been exchanged for Series B-2, respectively, leaving outstanding 286,250 shares of Series B.

The Company sold 691,250 shares of Series B-1 in the three months ended June 30, 2021 and is still selling Series B-1 shares as at the date of this report.

COMMON STOCK

The Company has authorized 40,000,000 shares of common stock at a par value of $0.01 per share. As of June 30, 2021, and March 31, 2021 a total of 13,268,871 and 9,983,082 shares of the Company’s common stock were issued and outstanding, respectively. During the three months ended June 30, 2021, the Company issued 307,178 shares of Common Stock for $122,876 in connection with the amendment of preferred stock described in section A above. Also, during the year ended March 31, 2021 a total of 2,978,611 shares of Common Stock were subscribed under this program for a total consideration of $1,191,442 which was accrued as stock subscription liability at March 31, 2021, pending final closing of the round which occurred in April 2021, at which time these shares were recognized as fully-issued shares of common stock.

D) STOCK OPTIONS

In April 2018, the Board approved the introduction of the Kyto Technology and Life Science, Inc. Incentive Stock Option Plan (“the 2018 Plan”) reserving 2,697,085 shares for issuance to employees, consultants and directors, with the objective of securing the benefit of services for stock options rather than cash salaries.

In July 2019, the Board approved the introduction of the Kyto Technology and Life Science 2019 Stock Option and Incentive Plan (“2019 Plan”), and reserved 2 million shares for issuance to directors, officers, consultants and advisors. Options granted under the 2019 Plan expire May 21, 2029.

22

In December 2020, the Board approved the introduction of the Kyto Technology and Life Science 2020 Non Qualified Stock Option Plan (“2020 Plan”), and reserved 2 million shares for issuance to directors, officers, consultants and advisors. Options granted under the 2020 Plan expire December 16, 2030.

During the three months ended June 30, 2021, and June 30, 2020, the Company issued a total of 250,000 and 120,000 non-qualified stock options, respectively, to consultants and advisors vesting over terms of two years.

	Number of options granted		Weighted average exercise price		Weighted average remaining life years
Outstanding March 31, 2021		2,634,250	$	0.05		8.13
Granted		250,000		0.07		9.82
Exercised		-		-		-
Cancelled		-		-		-
Outstanding June 30, 2021		2,884,250	$	0.05		8.53
Exercisable June 30, 2021		1,782,610	$	0.04		8.05

In connection with the grant of stock options the Company recognises the value of the related option expense using the Black Scholes model, with appropriate assumptions for option life, stock value, risk free interest rate, volatility, and cancellations.

	June 30, 2021			March 31, 2021
Stock Price at grant date	$	0.070			$ 0.033 - $ 0.078
Exercise Price	$	0.070			$ 0.033 - $ 0.078
Term in Years		0 - 2.00			0 - 2.00
Volatility assumed		196	%		71% - 196%
Annual dividend rate		0.0	%		0.0	%
Risk free discount rate		0.12	%		0.12% - 2.0%

The compensation expense calculated at time of grant is amortised over the vesting period for the options granted. During the three months ended June 30, 2021 and 2020, the Company amortized $10,557 and $1,048, respectively, as option expense. The intrinsic value of outstanding options at June 30, 2021 was $63,274, and $45,011 of the option expense upon grant remained unamortized at June 30, 2021 with a remaining vesting period of 1.39 years.

E) WARRANTS

In conjunction with the sale of stock Units, the Company issued 4,200,000 warrants to purchase common stock at a price of $1.20 per share for a period of three years. The Company values the warrants using the Black Scholes model, with appropriate assumptions for warrant life, stock value, risk free interest rate, and volatility.

23

	Number of warrants		Weighted average exercise price		Weighted average remaining life in years
Outstanding March 31, 2021		1,596,667	$	1.20		1.4
Granted		-
Exercised		-				-
Cancelled		-				-
Outstanding June 30, 2021		1,596,667	$	1.20		1.1
Exercisable June 30, 2021		1,596,667	$	1.20		1.1

The intrinsic value of outstanding warrants at June 30, 2021 was zero.

NOTE 7 – FINANCIAL HIGHLIGHTS

Per share data ( a)
	June 30, 2021			March 31, 2021
Net asset value	$	0.64		$	1.03
Net increase (decrease) in net assets	$	(0.03	)	$	0.06
Net unrealized gain (loss) on investments	$	0.00		$	0.18
Ratios and Supplemental Data
Net assets, end of period	$	8,537,246		$	6,993,163
Weighted average common shares outstanding, end of period		13,268,871			5,836,832
Total operating expenses/net assets		4.5	%		11.0	%
Net increase (decrease) in net assets		(3.9)	%		6.1	%
Total return		(0.9)	%		1.2	%

(a) Per share data is based on the weighted average number of common shares outstanding at the end of the period.

NOTE 8 - SUBSEQUENT EVENTS

Subsequent to June 30, 2021 the Company has sold $1,274,000 of shares of Series B-1 Preferred stock and issued 18,750 shares of Common Stock, and invested $952,000 in additional investments.

24

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATIONS

PLAN OF OPERATIONS

Kyto Technology and Life Science, Inc. (the “Company”) was formed as a Florida corporation on March 5, 1999 under the name of B Twelve, Inc. In August, 2002, the Company changed its name from B Twelve, Inc. to Kyto BioPharma Inc. and in May 2018, the name was changed again to Kyto Technology and Life Science, Inc. In July 2019, the Company was re-incorporated as a Delaware company. The Company operates virtually, from public locations or the homes of its officers, and does not currently lease any office space.

The Company was originally formed to acquire and develop proprietary drugs for the treatment of cancer, arthritis, and other autoimmune diseases and had been evaluating a number of strategies. As of March 31, 2018, the Company had accumulated a deficit of $32,380,746 from all prior operations. In April 2018, the Board adopted a new business plan focused on the development of early stage technology and life science businesses through early stage investment funding. The Company has recruited a number of experienced investment consultants from a network that includes angel investors, corporate managers, sophisticated early stage investors and successful entrepreneurs with experience across a number of technology and life science products and markets, and relies on input from these advisors in conducting due diligence and making investment decisions. In order to offset the risk in early-stage investing, the Company works with angel investment groups and other sophisticated investors and participates only after these groups have completed due diligence and committed to invest, in effect becoming lead investors. The Company then completes its own due diligence and invests under identical terms as the lead investors. The Company will do follow-on investments in existing portfolio companies, assuming adequate progress, when portfolio companies initiate new financing rounds. The Company currently does not typically invest more than $250,000 in any single investment. Generally, the Company’s investments represent less than 5% ownership interests, and the Company therefore has no effective control or influence over the management or commercial decisions of the companies in which it invests. The Company plans to generate revenue from realized gains from the sale of the businesses in which it has invested, or some or all of its shareholdings in those cases where portfolio companies go public. Generally, it is expected that investments will be realized from an exit within a period of four to five years following initial investment. Such exits or liquidity events are outside the Company’s control and depend on merger and acquisition (“M&A”) transactions or an initial public offering (“IPO”) which may result in cash or equity proceeds. Accordingly, it is difficult to forecast revenue, net income, and cash flow. Other than making its initial and, potentially, follow-on investments in its portfolio companies, the Company does not provide any financial support to any of its investees.

The Company has one regular employee – the CEO, Mr, Paul Russo. Prior to December 31, 2020, was acting as a consultant to the Company and did not receive contractual compensation for his services in the form of cash. As of January 1, 2021, Mr. Russo was engaged as an employee of the Company at a salary of $400,000 per annum of which 60% is paid monthly, and the balance deferred to be paid once the Company lists and starts trading on the Nasdaq exchange. The full terms of Mr. Russo’s employment are described in an engagement letter filed on Form 8-K on February 1, 2021, which was approved by the Compensation committee of the Board of Directors on that date. During the three months ended June 30, 2021, Mr. Russo received $80,000 gross payroll, no consulting fees and no options were granted. During the three months ended June 30, 2020, Mr. Russo received no payroll or consulting fees, and no options were granted to him.

The Company has created a portfolio of minority investments in early-stage start-up companies and derives its revenue opportunity from the sale of those investments. Such sales are outside the Company’s control and depend on M&A transactions or IPOs which may result in cash or equity proceeds. Accordingly, it is difficult to forecast revenue, net income, and cash flow. As of the date of this filing, the Company had approximately $600,000 of cash to cover its operating expenses, and new investment requirements and is continuing to raise additional funding on a recurring monthly basis. If successful, it will have sufficient funding for further investments and ongoing operations. However, there is no assurance that the Company will be able to raise sufficient cash to cover its requirements on attractive terms, if at all, and whether it will be able to continue as a going concern. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Stay at home orders and general economic uncertainties arising out of the current Covid-19 epidemic have created additional delays and uncertainty. To date there has been no disruption to the Company’s business operations, although some of its portfolio investment companies report delays in their programs.

25

At March 31, 2020, management determined that the Company was an investment company for purposes of ASC 946 disclosure, and committed to follow the specialized accounting and reporting guidance contained therein. Accordingly, a new company, Kyto Investments, Inc. (“KI”) was incorporated in Delaware in December 2020 in preparation for a restructuring and an N-2 Registration Statement filed in March 2021 for review by the SEC. KI is an internally managed, closed-end investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). Immediately upon effectiveness of this N-2 Registration Statement, the Company will merge with KI and the Company will be the surviving entity. As of the completion of the merger, the Company will constitute a “successor issuer” for the purposes of Rule 414 under the Securities Act and may continue the current offering by filing post-effective amendments to the Registration Statements. Prior to the merger, the Company had fewer than 100 non affiliated investors and filed under the 1934 Act relying on exemption Rule 3( c )(1).

As a BDC, the Company will be required to comply with certain regulatory requirements. The Company also intends to elect to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Company is required to comply with additional regulatory requirements. The Company has prepared and submitted sequentially two N-2 Registration Statements to the SEC for review but has not yet received final approval of its registration as at the filing date of this report.

Results of Operations

Revenue: In the three months ended June 30, 2021 and June 30, 2020, the Company reported no realized investment income as there were no liquidity events related to its investment portfolio. The Company reported $53,000 and $0 of unrealized gains from investments respectively, for the three months ended June 30, 2021 and 2020.

Professional fees: In the three months ended June 30, 2021 and June 30, 2020, the Company reported $166,954 and $12,938, respectively, of professional fees, mainly for legal and accounting services.

Other Operating expenses: Other operating expenses include payroll, consulting, and travel and conference fees associated with fund raising and review of investment deal-flow. In the three months ended June 30, 2021 and June 30, 2020, the Company incurred other operating expenses of $219,838 and $25,930, respectively.

For the three months ended June 30, 2021 and 2020, the Company’s net decrease in net assets resulting from operations was $333,792 and $38,868, respectively.

During the three months ended June 30, 2021, the Company was subject to shelter in place regulations imposed by the State of California in mitigation of the spread of the Corona 19 virus. Since the Company does not have any dedicated office space and works virtually from the homes of its officers, there was no major disruption in working routines which continued by video and teleconference. Uncertainty arising from Covid 19 created a slow down in the rate at which the Company was able to raise Series B funding, and thereby continue to make investments, however the Company did see a reduction in travel and investor relations expenses during the period. The Company has more than 60 discrete investments in a range of different industry and geographic segments, many of which are in the life science and medical space. While there is clearly a risk that our portfolio companies may be adversely affected in their ability to raise future funding or do business, there have been no management reports revealing major problems and some of our portfolio companies may actually benefit from new opportunities created. We believe that our policy of spreading our investments in relatively small amounts over a large number of portfolio companies helps mitigate some of the risk that might be suffered by any of our investments.

Liquidity and Capital Resources

The Company had net assets of $8,537,246 and $6,993,163 at June 30, 2021 and March 31, 2021, respectively. Cash was $481,506 and $1,437,868 at June 30, 2021 and March 31, 2021, respectively.

26

Cash from operating activities

The Company used net cash of $1,632,238 in operating activities during the three months ended June 30, 2021 compared to $282,427 used for the three months ended June 30, 2020. Main reasons for the higher level in 2021 were an increase in investments in portfolio companies and increased professional fees and operating expenses.

Cash from investing activities

No cash was used in investing activities.

Cash from financing activities

The Company had a net cash inflow from financing activities of $675,876 in the three months ended June 30, 2021 compared to $375,000 in the three months ended June 30, 2020. This inflow included $553,002 proceeds from the sale of Series B preferred stock, and $122,874 proceeds from the sale of common stock, respectively, in the three months ended June 30, 2021, compared to $375,000 from the sale of Series B preferred stock in the corresponding prior period.

The Company’s plan of operations for the next twelve months is to continue to focus its efforts on finding new sources of capital by means of private placements, and to use this capital to fund additional investments as they become available, and to cover operating expenses. The Company is planning to uplift from OTC to the NASDAQ market, and raise additional funding from an initial public offering (“IPO)” for which as an initial step it has submitted an N-2 filing to the SEC for review.

CRITICAL ACCOUNTING POLICIES

USE OF ESTIMATES

In preparing financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the period presented. Actual results may differ from these estimates.

Significant estimates at June 30, 2021 and March 31, 2021 include the valuation of investments, deferred tax assets, tax allowance, stock options and warrants.

INVESTMENT AND VALUATION OF INVESTMENT AT FAIR VALUE

The Company reviews the performance of the underlying investments based on available information, including management reports, press releases, web site announcements and progress reports, third party equity updates, subsequent financing transactions, management interviews and, where accessible, financial reports, to determine their current and future potential value and liquidity. In the event that Management considers the value of an investment to be impaired, the carrying value of the investment will be written down by an impairment charge to reflect Management’s estimated valuation. The Company recognized impairment of one of its investments which was written down by $61,046 in September, 2019. The Company has not experienced any other impairment write-downs in any prior or subsequent periods.

The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures”, for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing US GAAP that require the use of fair value measurements which establishes a framework for measuring fair value and expands disclosure about such fair value measurements.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is an exchange price notion under which fair value is the price in an orderly transaction between market participants to sell an asset or transfer a liability in the market in which the reporting entity would transact for the asset or liability.

27

The Company has established procedures to estimate the fair value of its investments which the Company’s board of directors has reviewed and approved. The Company will use observable market data to estimate the fair value of investments to the extent that market data is available. In the absence of quoted market prices in active markets, or quoted market prices for similar assets or in markets that are not active, the Company will use the valuation methodologies described below with unobservable data based on the best available information in the circumstances, which incorporates the company’s assumptions about the factors that a market participant would use to value the asset.

For investments for which quoted market prices are not available, which will comprise most of our investment portfolio, fair value will be estimated by using the income or market approach. The income approach is based on the assumption that value is created by the expectation of future benefits discounted to a current value and the fair value estimate is the amount an investor would be willing to pay to receive those future benefits. The market approach compares recent comparable transactions to the investment. Adjustments are made for any dissimilarity between the comparable transactions and the investments. These valuation methodologies involve a significant degree of judgment on the part of our management and board.

In determining the appropriate fair value of an investment using these approaches, the most significant information and assumption may include, as applicable: available current market data, including relevant and applicable comparable market transactions, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparable, the principal market and enterprise values, environmental factors, financing transactions by the portfolio company, among other factors.

The estimated fair values will not necessarily represent the amounts that may be ultimately realized due to the occurrence or nonoccurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of the valuation of the investments, the estimate of fair values may differ significantly from the value that would have been used had a broader market for the investments existed.

The authoritative accounting guidance prioritizes the use of market-based inputs over entity-specific inputs and establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation. The three levels of valuation hierarchy are defined as follows:

Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data

Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. Most of our investments fall into this category.

RECENT ACCOUNTING PRONOUNCEMENTS

Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

OFF-BALANCE SHEET ARRANGEMENTS

As of the date of this Quarterly Report on Form 10-Q, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

IMPACT OF INFLATION

The Company does not foresee any implications being created by the current rate of inflation.

28

CONTRACTUAL OBLIGATION

The Company has no contractual obligations outside the normal course of business with its vendors, advisors, and consultants.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required for smaller reporting company.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that material information required to be disclosed in our periodic reports filed under the Securities Exchange Act of 1934, as amended, or 1934 Act, is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and to ensure that such information is accumulated and communicated to our management, including our chief executive officer/chief financial officer (principal financial officer) as appropriate, to allow timely decisions regarding required disclosure. During the three months ended June 30, 2021 we carried out an evaluation, under the supervision and with the participation of our management, including the principal executive officer and the principal financial officer (principal financial officer), of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rule 13(a)-15(e) under the 1934 Act. Based on this evaluation, because of the Company’s limited resources and limited number of employees, management concluded that our disclosure controls and procedures were ineffective as of June 30, 2021. Notwithstanding this conclusion, we believe that our unaudited condensed financial statements contained in this Quarterly Report fairly present our financial position, results of operations and cash flows for the periods covered thereby in all material respects.

Management’s Report on Internal Control over Financial Reporting

With the participation of our Chief Executive Officer and Chief Financial Officer (principal financial officer), our management conducted an evaluation of the effectiveness of our internal control over financial reporting as of June 30, 2021 based on the framework in Internal Controls—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”). Based on our evaluation and the material weaknesses described below, management concluded that the Company did not maintain effective internal control over financial reporting as of June 30, 2021 based on the COSO framework criteria. Management has identified control deficiencies regarding the lack of segregation of duties and the need for a stronger internal control environment. Management of the Company believes that these material weaknesses are due to the small size of the Company’s accounting staff. The small size of the Company’s accounting staff may prevent adequate controls in the future, such as segregation of duties, due to the cost/benefit of such remediation. To mitigate the current limited resources and limited employees, we rely heavily on direct management oversight of transactions, along with the use of external legal and accounting professionals. As we grow, we expect to increase our number of employees, which will enable us to implement adequate segregation of duties within the internal control framework. In addition, we have identified the following material weaknesses: (i) the Company utilizes accounting software that does not prevent erroneous or unauthorized changes to previous reporting periods and/or can be adjusted so as not to provide an adequate audit trail of entries made in the accounting software, and (ii) we have identified a material weakness in our internal controls relating to the accounting of transactions that are either highly complex and/or unusual in nature. In such instances, we seek to augment our internal accounting capabilities by obtaining assistance from third-parties who have greater expertise in such areas.

29

These control deficiencies could result in a misstatement of account balances that would result in a reasonable possibility that a material misstatement to our financial statements may not be prevented or detected on a timely basis. Accordingly, we have determined that these control deficiencies as described above together constitute a material weakness. However, management believes that despite our material weaknesses, our financial statements for the year ended June 30, 2021 are fairly stated, in all material respects, in accordance with US GAAP.

Limitations on Effectiveness of Controls and Procedures

Our management, including our Chief Executive Officer and Chief Financial Officer (principal financial officer), does not expect that our disclosure controls and procedures or our internal controls will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include, but are not limited to, the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None

ITEM 1A. RISK FACTORS.

Not required for smaller reporting company.

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

The Corporation filed a certificate of Designation in April 2021 for the issue of up to 3,200,000 shares of Series B-1 Preferred stock to accredited investors under Section 4(2) or Rule 506 of Regulation D of the Securities Act 1933. As of the filing date, the Corporation had sold a total of 3,200,000 shares of Series B-1 Preferred stock to accredited investors. The Company will use the net proceeds for investment purposes and operating expenses.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable

ITEM 5. OTHER INFORMATION

None

ITEM 6. EXHIBITS

Index to Exhibits on page 13

30

INDEX TO EXHIBITS

EXHIBIT NUMBER	DESCRIPTION
3 (i) (a)	Articles of Incorporation of Kyto BioPharma Inc.
3(i) (b)	Articles of Amendment changing name to Kyto Technology and Life Science Inc *
3(ii)	Bylaws of Kyto Technology and Life Science Inc. **
3.4	Delaware incorporation and revised articles of incorporation **
18.1	Auditors preferability letter re adoption of ASC 946***
31.1	Section 302 certification of principal executive officer and principal financial & accounting officer
32.1	Certification pursuant to 18 USC Section 1350 adopted pursuant to section 906 of the Sarbanes Oxley Act of 2002 of the principal executive officer and principal financial accounting officer
101.ins	Inline XBRL Instance Document*
101.sch	Inline XBRL Taxonomy Schema*
101.cal	Inline XBRL Taxonomy Calculation Linkbase*
101.def	Inline XBRL Taxonomy Definition Linkbase*
101.lab	Inline XBRL Taxonomy Label Linkbase*
101.pre	Inline XBRL Taxonomy Presentation Linkbase*
104	Cover Page Interactive Data File – (formatted in Inline XBRL and contained in Exhibit 101)*

*	Filed as Exhibit to Company’s Form 10-SB on September 12, 2003 with the Securities and Exchange Commission.
**	Previously filed with Form 8-K on July 17, 2019.
***	Filed as Exhibit with Form 10-K on July 2, 2020.

31

SIGNATURES

In accordance with 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.

Kyto Technology and Life Science, Inc.
By:	/s/ Paul Russo
	Paul Russo Chief Executive Officer, principal executive officer,

Date: October 06, 2021

SIGNATURES

In accordance with 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.

Kyto Technology and Life Science, Inc.
By:	/s/ Simon Westbrook
	Simon Westbrook Principal financial and accounting officer

Date: October 06, 2021

32

XML

Cover - shares	3 Months Ended
	Jun. 30, 2021	Sep. 28, 2021
Cover [Abstract]
Document Type	10-Q/A
Amendment Flag	true
Amendment Description	Amendment No. 1
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--03-31
Entity File Number	000-50390
Entity Registrant Name	KYTO TECHNOLOGY AND LIFE SCIENCE, INC.
Entity Central Index Key	0001164888
Entity Tax Identification Number	65-1086538
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	13050 Paloma Road
Entity Address, City or Town	Los Altos Hills
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94022
City Area Code	(650)
Local Phone Number	204 7896
Title of 12(b) Security	Common stock
Trading Symbol	KBPH
Entity Current Reporting Status	Yes
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,287,621

XML

Condensed Statements of Assets and Liabilities - USD ($)	Jun. 30, 2021	Mar. 31, 2021
ASSETS
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	$ 8,140,007	$ 6,821,407
Cash	481,506	1,437,868
Deferred offering costs	170,889	169,891
Total Assets	8,792,402	8,429,166
Liabilities
Accounts payable and accrued liabilities	182,951	193,141
Accrued liabilities - related parties	72,205	51,420
Common stock subscription liability		1,191,442
Total Liabilities	255,156	1,436,003
Commitments and Contingencies (Note 3)
Net Assets
Preferred stock, value
Common stock, $.01 par value, 40,000,000 shares authorized, 13,268,871 and 9,983,082 issued and outstanding as of June 30, 2021 and March 31 2021, respectively	132,689	99,831
Additional paid-in capital	41,610,332	39,772,228
Accumulated deficit	(33,290,978)	(32,957,186)
Total Net Assets	8,537,246	6,993,163
Total Liabilities and Net Assets	8,792,402	8,429,166
Series A Preferred Stock [Member]
Net Assets
Preferred stock, value	42,001	42,001
Series B Preferred Stock [Member]
Net Assets
Preferred stock, value	$ 43,202	$ 36,289

XML

Condensed Statements of Assets and Liabilities (Parenthetical) - USD ($)	Jun. 30, 2021	Mar. 31, 2021
Investments at fair value	$ 6,952,145	$ 5,686,545
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	19,800,000	19,800,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	40,000,000	40,000,000
Common Stock, Shares, Issued	13,268,871	9,983,082
Common Stock, Shares, Outstanding	13,268,871	9,983,082
Series A Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	4,200,000	4,200,000
Preferred Stock, Shares Issued	4,200,000	4,200,000
Preferred Stock, Shares Outstanding	4,200,000	4,200,000
Series B Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	6,000,000	6,000,000
Preferred Stock, Shares Issued	4,320,156	3,628,906
Preferred Stock, Shares Outstanding	4,320,156	3,628,906

XML

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
INVESTMENT INCOME
Interest and other income
Total investment income
EXPENSES
Professional fees	166,954	12,938
Other operating expenses	219,838	25,930
Total expenses	386,792	38,868
Net investment loss	(386,792)	(38,868)
Net change in unrealized gain from investments	53,000
Net decrease in net assets resulting from operations	$ (333,792)	$ (38,868)
Loss per Common Share, Basic and Fully diluted
Net decrease in net assets resulting from operations per common share	$ (0.03)	$ (0.01)
Weighted average common shares outstanding	13,268,871	5,836,832

XML

Condensed Statements of Changes in Net Assets (Unaudited) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Balance	$ 6,993,163	$ 2,667,611	$ 2,667,611
Net decrease in net assets resulting from operations	(333,792)	(38,868)
Sale of Series B Preferred stock at $0.80 per share	553,002	375,000
Sale of common stock at $0.40 per share	1,314,316
Compensation expense from stock options	10,557	1,048
Balance	8,537,246	3,004,791	6,993,163
Preferred Stock [Member]
Balance	$ 42,001	$ 42,001	$ 42,001
Balance, shares	4,200,000	4,200,000	4,200,000
Sale of Series B Preferred stock at $0.80 per share
Balance	$ 42,001	$ 42,001	$ 42,001
Balance, shares	4,200,000	4,200,000	4,200,000
Preferred B Stock [Member]
Balance	$ 36,289	$ 8,125	$ 8,125
Balance, shares	3,628,906	812,500	812,500
Sale of Series B Preferred stock at $0.80 per share	$ 6,913	$ 4,063
Sale of Series B Preferred stock at $0.80 per share, shares	691,250	468,750
Balance	$ 43,202	$ 12,188	$ 36,289
Balance, shares	4,320,156	1,281,250	3,628,906
Common Stock [Member]
Balance	$ 99,831	$ 58,368	$ 58,368
Balance, shares	9,983,082	5,836,832	5,836,832
Sale of Series B Preferred stock at $0.80 per share
Sale of common stock at $0.40 per share	$ 32,858
Sale of common stock $0.40 per share, shares	3,285,789
Balance	$ 132,689	$ 58,368	$ 99,831
Balance, shares	13,268,871	5,836,832	9,983,082
Additional Paid-in Capital [Member]
Balance	$ 39,772,228	$ 35,943,369	$ 35,943,369
Sale of Series B Preferred stock at $0.80 per share	546,089	370,937
Sale of common stock at $0.40 per share	1,281,458
Compensation expense from stock options	10,557	1,048
Balance	41,610,332	36,315,354	39,772,228
Retained Earnings [Member]
Balance	(32,957,186)	(33,384,252)	(33,384,252)
Net decrease in net assets resulting from operations	(333,792)	(38,868)
Balance	$ (33,290,978)	$ (33,423,120)	$ (32,957,186)

XML

Condensed Statements of Changes in Net Assets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2021	Jun. 30, 2020
Common Stock [Member]
Class of Stock [Line Items]
Sales of stock price per share	$ 0.40
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Sales of stock price per share	$ 0.80	$ 0.80

XML

Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities:
Net decrease in net assets resulting from operations	$ (333,792)	$ (38,868)
Adjustments to reconcile net decrease in net assets resulting from operations to net cash used in operating activities
Net change in unrealized gain on investments	(53,000)
Stock option compensation expenses	10,557	1,048
Change in operating assets and liabilities
Other current assets		500
Deferred fundraising expenses	(998)
Accounts payable and accrued liabilities	(10,190)	2,643
Accrued liabilities to related parties	20,785	2,250
Purchase of investments	(1,265,600)	(250,000)
Net cash used in operating activities	(1,632,238)	(282,427)
Cash flows from financing activities:
Sale of Common Stock	122,874
Sale of Series B Preferred stock	553,002	375,000
Net cash provided by financing activities	675,876	375,000
Net increase/(decrease) in cash	(956,362)	92,573
Cash, beginning of period	1,437,868	33,756
Cash, end of period	481,506	126,329
Supplemental cash flow information
Interest paid
Taxes paid	800	800
Supplemental schedule of noncash financing activities:
Conversion of common stock subscription liability to common stock	$ 1,191,442

XML

Condensed Schedule of Investments (Unaudited) - USD ($)	Jun. 30, 2021	Mar. 31, 2021
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 6,952,145	$ 5,686,545
Investment owned, at fair value	$ 8,140,007	$ 6,821,407
Investment owned, percent of net assets	95.30%	97.50%
UNITED STATES
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 5,382,145	$ 4,516,545
Investment owned, at fair value	$ 6,380,078	$ 5,486,010
Investment owned, percent of net assets	74.70%	78.40%
CANADA
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 970,000	$ 770,000
Investment owned, at fair value	$ 1,125,419	$ 907,560
Investment owned, percent of net assets	13.20%	13.00%
Rest of World [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 600,000	$ 400,000
Investment owned, at fair value	$ 634,510	$ 427,836
Investment owned, percent of net assets	7.40%	6.10%
Convertible Debt Securities [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 2,866,048	$ 2,216,048
Investment owned, at fair value	$ 3,252,175	$ 2,553,954
Investment owned, percent of net assets	38.10%	36.50%
Convertible Debt Securities [Member] | UNITED STATES
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 2,046,048	$ 1,596,048
Investment owned, at fair value	$ 2,342,246	$ 1,868,557
Investment owned, percent of net assets	27.40%	26.70%
Convertible Debt Securities [Member] | CANADA
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 470,000	$ 370,000
Investment owned, at fair value	$ 525,419	$ 407,561
Investment owned, percent of net assets	6.20%	5.80%
Convertible Debt Securities [Member] | Rest of World [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 350,000	$ 250,000
Investment owned, at fair value	$ 384,510	$ 277,836
Investment owned, percent of net assets	4.50%	4.00%
Preferred Investments [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 2,700,997	$ 2,450,997
Investment owned, at fair value	$ 3,384,237	$ 3,129,458
Investment owned, percent of net assets	39.60%	44.80%
Preferred Investments [Member] | UNITED STATES
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 2,450,997	$ 2,300,997
Investment owned, at fair value	$ 3,134,237	$ 2,979,458
Investment owned, percent of net assets	36.70%	42.60%
Preferred Investments [Member] | CANADA
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 200,000	$ 100,000
Investment owned, at fair value	$ 200,000	$ 100,000
Investment owned, percent of net assets	2.30%	1.40%
Preferred Investments [Member] | Rest of World [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 50,000	$ 50,000
Investment owned, percent of net assets	0.60%	0.70%
Common Stock Investments [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 439,100	$ 273,500
Investment owned, at fair value	$ 557,595	$ 391,995
Investment owned, percent of net assets	6.50%	5.60%
Common Stock Investments [Member] | UNITED STATES
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 239,100	$ 73,500
Investment owned, at fair value	$ 257,595	$ 91,995
Investment owned, percent of net assets	3.00%	1.30%
Common Stock Investments [Member] | CANADA
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 200,000	$ 200,000
Investment owned, at fair value	$ 300,000	$ 300,000
Investment owned, percent of net assets	3.50%	4.30%
Common Stock Investments [Member] | Rest of World [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost
Investment owned, at fair value
Investment owned, percent of net assets	0.00%	0.00%
SAFE Investments [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 425,000	$ 325,000
Investment owned, at fair value	$ 425,000	$ 325,000
Investment owned, percent of net assets	5.00%	4.60%
SAFE Investments [Member] | UNITED STATES
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 125,000	$ 125,000
Investment owned, at fair value	$ 125,000	$ 125,000
Investment owned, percent of net assets	1.50%	1.80%
SAFE Investments [Member] | CANADA
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 100,000	$ 100,000
Investment owned, at fair value	$ 100,000	$ 100,000
Investment owned, percent of net assets	1.20%	1.40%
SAFE Investments [Member] | Rest of World [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 200,000	$ 100,000
Investment owned, at fair value	$ 200,000	$ 100,000
Investment owned, percent of net assets	2.30%	1.40%
Other Investments [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 521,000	$ 421,000
Investment owned, at fair value	$ 521,000	$ 421,000
Investment owned, percent of net assets	6.10%	6.00%
Other Investments [Member] | UNITED STATES
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 521,000	$ 421,000
Investment owned, at fair value	$ 521,000	$ 421,000
Investment owned, percent of net assets	6.10%	6.00%
Other Investments [Member] | CANADA
Summary of Investment Holdings [Line Items]
Investment owned, at cost
Investment owned, at fair value
Investment owned, percent of net assets	0.00%	0.00%
Other Investments [Member] | Rest of World [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost
Investment owned, at fair value
Investment owned, percent of net assets	0.00%	0.00%
Life Science [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at fair value	$ 6,232,518	$ 5,301,059
Technology [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at fair value	1,781,459	1,394,318
Fintech [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at fair value	126,030	126,030
Abfero Pharmaceuticals Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due Decemeber 2022 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	100,000
Investment owned, at fair value	$ 101,118
Investment owned, percent of net assets	1.20%
Achelios Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due Decemeber 2021 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 100,000	100,000
Investment owned, at fair value	$ 123,167	$ 121,173
Investment owned, percent of net assets	1.40%	1.70%
Achelios Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due Decemeber 2021 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 25,000	$ 25,000
Investment owned, at fair value	$ 29,532	$ 29,033
Investment owned, percent of net assets	0.30%	0.40%
Achelios Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Notes 8% Due Decemeber 2021 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 55,578	$ 54,581
Investment owned, percent of net assets	0.70%	0.80%
Achelios Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note Sidecar 25% Discount No Interest [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000
Investment owned, at fair value	$ 50,000
Investment owned, percent of net assets	0.60%
AOA DX Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 4% Due May 2024 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 100,000
Investment owned, at fair value	$ 100,559
Investment owned, percent of net assets	1.20%
Avisi Technologies Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due July 2022 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 53,671	$ 52,674
Investment owned, percent of net assets	0.60%	0.80%
Basepaws Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 1% Due April 2020 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 162,444	$ 162,319
Investment owned, percent of net assets	1.90%	2.30%
Beam Semi Conductor Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due April 2022 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 150,000	$ 150,000
Investment owned, at fair value	$ 174,033	$ 171,041
Investment owned, percent of net assets	2.00%	2.40%
Beam Semi Conductor Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due March 2021 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 55,282	$ 54,285
Investment owned, percent of net assets	0.60%	0.80%
Beam Semi Conductor Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due March 2022 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 100,000
Investment owned, at fair value	$ 101,688
Investment owned, percent of net assets	1.20%
Corinnova Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due December 2024 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 100,000	$ 100,000
Investment owned, at fair value	$ 103,699	$ 102,318
Investment owned, percent of net assets	1.20%	1.50%
Cyberdontics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due September 2022 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 30,000	$ 30,000
Investment owned, at fair value	$ 34,366	$ 33,768
Investment owned, percent of net assets	0.40%	0.50%
Cyberdontics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due February 2023 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 35,000	$ 35,000
Investment owned, at fair value	$ 38,751	$ 38,053
Investment owned, percent of net assets	0.50%	0.50%
Cyberdontics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 0% On Due Date [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 35,000	$ 35,000
Investment owned, at fair value	$ 36,995	$ 36,296
Investment owned, percent of net assets	0.40%	0.50%
Deep Blue Medical Advances Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due June 2022 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 51,595	$ 50,863
Investment owned, percent of net assets	0.60%	0.70%
Deep Blue Medical Advances Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stock [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 49,996	$ 49,997
Investment owned, at fair value	$ 49,996	$ 49,997
Investment owned, percent of net assets	0.60%	0.70%
Every Key Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 5% Due December 2023 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 100,000	$ 100,000
Investment owned, at fair value	$ 107,767	$ 106,521
Investment owned, percent of net assets	1.30%	1.50%
Identical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 2% Due May 2022 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 100,000	$ 100,000
Investment owned, at fair value	$ 101,271	$ 100,844
Investment owned, percent of net assets	1.20%	1.40%
INBay Technonlogy Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 12% Due October 2020 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 66,077	$ 59,721
Investment owned, percent of net assets	0.80%	0.90%
INBay Technonlogy Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 12% Due July 2021 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 30,000	$ 30,000
Investment owned, at fair value	$ 37,121	$ 34,149
Investment owned, percent of net assets	0.40%	0.50%
INBay Technonlogy Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 12% Due February 2022 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 58,137	$ 56,641
Investment owned, percent of net assets	0.70%	0.80%
INBay Technonlogy Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 12% Due December 2022 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 40,000	$ 40,000
Investment owned, at fair value	$ 42,748	$ 41,552
Investment owned, percent of net assets	0.50%	0.60%
INBay Technonlogy Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 12% Due December 2023 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000
Investment owned, at fair value	$ 51,414
Investment owned, percent of net assets	0.60%
Iris R&D Group Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due May 2023 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000
Investment owned, at fair value	$ 50,438
Investment owned, percent of net assets	0.60%
Kiana Analytics [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 3% Due December 2022 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 100,000	$ 100,000
Investment owned, at fair value	$ 101,570	$ 100,847
Investment owned, percent of net assets	1.20%	1.40%
Kiotech Medical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due December 2020 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 100,000	$ 100,000
Investment owned, at fair value	$ 244,629	$ 243,133
Investment owned, percent of net assets	2.90%	3.50%
Kiotech Medical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due November 2022 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 75,000	$ 75,000
Investment owned, at fair value	$ 84,761	$ 83,738
Investment owned, percent of net assets	1.00%	1.20%
Lifewave Biomedical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due December 2020 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 30,000	$ 30,000
Investment owned, at fair value	$ 33,279	$ 32,831
Investment owned, percent of net assets	0.40%	0.50%
Lifewave Biomedical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due December 2020 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 70,000	$ 70,000
Investment owned, at fair value	$ 75,857	$ 74,810
Investment owned, percent of net assets	0.90%	1.10%
Lifewave Biomedical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due December 2021 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000
Investment owned, at fair value	$ 50,403
Investment owned, percent of net assets	0.60%
mmTron Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 4% Due April 2023 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 100,000
Investment owned, at fair value	$ 100,022
Investment owned, percent of net assets	1.20%
Navaux Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due December 2023 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 60,000	$ 60,000
Investment owned, at fair value	$ 61,933	$ 61,036
Investment owned, percent of net assets	0.70%	0.90%
Neuro 42 Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due December 2023 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 51,556	$ 50,559
Investment owned, percent of net assets	0.60%	0.70%
Octagon Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 5% Due June 2021 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 51,719	$ 51,110
Investment owned, percent of net assets	0.60%	0.70%
Octagon Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 5% Due June 2021 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 51,589	$ 50,966
Investment owned, percent of net assets	0.60%	0.70%
Perikinetics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due May 2022 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 100,000	$ 100,000
Investment owned, at fair value	$ 103,814	$ 102,318
Investment owned, percent of net assets	1.20%	1.50%
Preview Medical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 7% Due January 2023 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 100,000	$ 100,000
Investment owned, at fair value	$ 103,184	$ 101,918
Investment owned, percent of net assets	1.20%	1.50%
Sage Medic Corp [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due April 2021 Plus Warrants [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 58,877	$ 57,879
Investment owned, percent of net assets	0.70%	0.80%
Sage Medic Corp [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due December 2022 Plus Warrants [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 75,000	$ 75,000
Investment owned, at fair value	$ 78,436	$ 77,088
Investment owned, percent of net assets	0.90%	1.10%
Sensing Electromagnetic Plus Corp [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note Fully Reserved [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 1	$ 1
Investment owned, percent of net assets	0.00%	0.00%
Sensing Electromagnetic Plus Corp [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note Fully Reserved [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 11,048	$ 11,048
Investment owned, at fair value	$ 1	$ 1
Investment owned, percent of net assets	0.00%	0.00%
Single Pass Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% April 2024 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000
Investment owned, at fair value	$ 50,214
Investment owned, percent of net assets	0.60%
Valfix Medical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% December 2021 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 53,507	$ 52,510
Investment owned, percent of net assets	0.60%	0.80%
Valfix Medical Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 50,000	$ 50,000
Investment owned, percent of net assets	0.60%	0.70%
Xpan Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due June 2022 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 25,000	$ 25,000
Investment owned, at fair value	$ 27,044	$ 26,545
Investment owned, percent of net assets	0.30%	0.40%
Xpan Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due June 2022 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 25,000	$ 25,000
Investment owned, at fair value	$ 27,035	$ 26,540
Investment owned, percent of net assets	0.30%	0.40%
Xpan Inc [Member] | Life Science [Member] | Corporate Note Securities [Member] | Convertible Note 8% Due March 2022 [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 55,293	$ 54,296
Investment owned, percent of net assets	0.60%	0.80%
Altis Biosystems [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 50,000	$ 50,000
Investment owned, percent of net assets	0.60%	0.70%
Astrocyte Pharmaceuticals Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stock [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 100,000	$ 100,000
Investment owned, at fair value	$ 104,778	$ 100,000
Investment owned, percent of net assets	1.20%	1.40%
Cnote Group, Inc [Member] | Fintech [Member] | Preferred Investments [Member] | Series Seed-2 Preferred [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 51,500	$ 51,500
Investment owned, at fair value	$ 59,783	$ 59,783
Investment owned, percent of net assets	0.70%	0.90%
Cnote Group, Inc [Member] | Fintech [Member] | Preferred Investments [Member] | Series Seed-3 Preferred [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 66,247	$ 66,247
Investment owned, percent of net assets	0.80%	0.90%
Colabs Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A-1 Preferred [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 50,000	$ 50,000
Investment owned, percent of net assets	0.60%	0.70%
Connectus Services Ltd [Member] | Technology [Member] | Preferred Investments [Member] | Series Seed Preferred [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 100,000	$ 100,000
Investment owned, at fair value	$ 100,000	$ 100,000
Investment owned, percent of net assets	1.20%	1.40%
Eumentis Thereapeutics Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stock [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 100,000	$ 100,000
Investment owned, at fair value	$ 100,000	$ 100,000
Investment owned, percent of net assets	1.20%	1.40%
FemtoDX Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stock [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 100,000	$ 100,000
Investment owned, at fair value	$ 159,835	$ 159,835
Investment owned, percent of net assets	1.90%	2.30%
Healionics Corporation [Member] | Life Science [Member] | Preferred Investments [Member] | Series A-1 Preferred [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 100,000
Investment owned, at fair value	$ 100,000
Investment owned, percent of net assets	1.20%
i-Lumen Scientific Inc. [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Plus Warrants [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 50,000	$ 50,000
Investment owned, percent of net assets	0.60%	0.70%
i-Lumen Scientific Inc. [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Plus Warrants [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 50,000	$ 50,000
Investment owned, percent of net assets	0.60%	0.70%
Inhalon Biopharma Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 99,997	$ 99,997
Investment owned, at fair value	$ 99,997	$ 99,997
Investment owned, percent of net assets	1.20%	1.40%
Light Line Medical Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 25,000	$ 25,000
Investment owned, at fair value	$ 25,000	$ 25,000
Investment owned, percent of net assets	0.30%	0.40%
Light Line Medical Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Plus Warrants [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 50,000	$ 50,000
Investment owned, percent of net assets	0.60%	0.70%
Light Line Medical Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred (Converted Note) [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 30,000	$ 30,000
Investment owned, at fair value	$ 38,031	$ 38,031
Investment owned, percent of net assets	0.40%	0.50%
Light Line Medical Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred (Converted Note) [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 70,000	$ 70,000
Investment owned, at fair value	$ 106,049	$ 106,049
Investment owned, percent of net assets	1.20%	1.50%
Lowell Therapeutics Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stock [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 50,000	$ 50,000
Investment owned, percent of net assets	0.60%	0.70%
Lowell Therapeutics Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stocks [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 50,000	$ 50,000
Investment owned, percent of net assets	0.60%	0.70%
Makani Science Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000
Investment owned, at fair value	$ 50,000
Investment owned, percent of net assets	0.60%
Micronic Technologies Inc [Member] | Technology [Member] | Preferred Investments [Member] | Series Seed-1 Preferred Plus Warrants [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 100,000	$ 100,000
Investment owned, at fair value	$ 100,000	$ 100,000
Investment owned, percent of net assets	1.20%	1.40%
Neuroflow Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed-2 Preferred [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 150,000	$ 150,000
Investment owned, at fair value	$ 224,998	$ 224,998
Investment owned, percent of net assets	2.60%	3.20%
Neuroflow Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series B Preferred Stock [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 100,000	$ 100,000
Investment owned, at fair value	$ 212,497	$ 212,497
Investment owned, percent of net assets	2.50%	3.00%
New View Surgical, Inc. [Member] | Life Science [Member] | Preferred Investments [Member] | Series A-1 Preferred [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 75,000	$ 75,000
Investment owned, at fair value	$ 75,000	$ 75,000
Investment owned, percent of net assets	0.90%	1.10%
Orion Biotechnology Inc. [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stock [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 100,000
Investment owned, at fair value	$ 100,000
Investment owned, percent of net assets	1.20%
Orion Biotechnology Inc. [Member] | Life Science [Member] | SAFE Investments [Member] | SAFE [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 100,000	$ 100,000
Investment owned, at fair value	$ 100,000	$ 100,000
Investment owned, percent of net assets	1.20%	1.40%
Otomagnetics Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A-1 Preferred Plus Warrants [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 100,000	$ 100,000
Investment owned, at fair value	$ 100,000	$ 100,000
Investment owned, percent of net assets	1.20%	1.40%
Promaxo [Member] | Life Science [Member] | Preferred Investments [Member] | Series B-1 Preferred, (Converted Note) [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 250,000	$ 250,000
Investment owned, at fair value	$ 531,738	$ 531,738
Investment owned, percent of net assets	6.20%	7.60%
Seal Rock Therapeutics, Inc. [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred (Converted Note) [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 78,000	$ 78,000
Investment owned, at fair value	$ 80,329	$ 80,329
Investment owned, percent of net assets	0.90%	1.10%
Shyft (FKA Crater Group Inc) [Member] | Technology [Member] | Preferred Investments [Member] | Series A-1 Preferred [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 51,500	$ 51,500
Investment owned, at fair value	$ 97,940	$ 97,940
Investment owned, percent of net assets	1.10%	1.40%
Shyft (FKA Crater Group Inc) [Member] | Technology [Member] | Preferred Investments [Member] | Series A Preferred (Converted Note) [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 64,626	$ 64,626
Investment owned, percent of net assets	0.80%	0.90%
Shyft (FKA Crater Group Inc) [Member] | Technology [Member] | Preferred Investments [Member] | Series A-1 Preferred (Converted Note) [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 50,000	$ 50,000
Investment owned, percent of net assets	0.60%	0.70%
Trellis Bioscience LLC [Member] | Life Science [Member] | Preferred Investments [Member] | Series B Preferred Plus Warrants [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 50,000	$ 50,000
Investment owned, percent of net assets	0.60%	0.70%
Trellis Bioscience LLC [Member] | Life Science [Member] | Preferred Investments [Member] | Series B Preferred Plus Warrants [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 50,000	$ 50,000
Investment owned, percent of net assets	0.60%	0.70%
Trellis Bioscience LLC [Member] | Life Science [Member] | Preferred Investments [Member] | Series B Preferred Plus Warrant [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 100,000	$ 100,000
Investment owned, at fair value	$ 100,000	$ 100,000
Investment owned, percent of net assets	1.20%	1.40%
Visgenx Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred (Converted Note) [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 25,000	$ 25,000
Investment owned, at fair value	$ 25,648	$ 25,648
Investment owned, percent of net assets	0.30%	0.40%
Visgenx Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred (Converted Note) [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 15,003	$ 15,003
Investment owned, at fair value	$ 15,393	$ 15,392
Investment owned, percent of net assets	0.20%	0.20%
Visgenx Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed-1 Preferred (Converted Note) [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 30,000	$ 30,000
Investment owned, at fair value	$ 46,352	$ 46,352
Investment owned, percent of net assets	0.50%	0.70%
BendaRX Corp [Member] | Life Science [Member] | Common Stock Investments [Member] | Common Stock [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 100,000	$ 100,000
Investment owned, at fair value	$ 150,000	$ 150,000
Investment owned, percent of net assets	1.80%	2.10%
BendaRX Corp [Member] | Life Science [Member] | Common Stock Investments [Member] | Common Stock [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 100,000	$ 100,000
Investment owned, at fair value	$ 150,000	$ 150,000
Investment owned, percent of net assets	1.80%	2.10%
Boardwalk Tech [Member] | Life Science [Member] | Common Stock Investments [Member] | Common Stock [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 65,600	$ 73,500
Investment owned, at fair value	$ 65,600	$ 91,995
Investment owned, percent of net assets	0.80%	1.30%
Boardwalk Tech [Member] | Life Science [Member] | Common Stock Investments [Member] | Common Stock [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 73,500
Investment owned, at fair value	$ 91,995
Investment owned, percent of net assets	1.10%
Sanaby Health Sponsor LLC [Member] | Life Science [Member] | Common Stock Investments [Member] | Common Stock [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 100,000
Investment owned, at fair value	$ 100,000
Investment owned, percent of net assets	1.20%
Infinidome Ltd [Member] | Technology [Member] | SAFE Investments [Member] | SAFE [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 50,000	$ 50,000
Investment owned, percent of net assets	0.60%	0.70%
Infinidome Ltd [Member] | Technology [Member] | SAFE Investments [Member] | SAFE [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 50,000	$ 50,000
Investment owned, percent of net assets	0.60%	0.70%
Madorra Inc [Member] | Life Science [Member] | SAFE Investments [Member] | SAFE [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 100,000
Investment owned, at fair value	$ 100,000
Investment owned, percent of net assets	1.20%
Mitre Medical Corp [Member] | Life Science [Member] | SAFE Investments [Member] | SAFE [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 75,000	$ 75,000
Investment owned, at fair value	$ 75,000	$ 75,000
Investment owned, percent of net assets	0.90%	1.10%
Mitre Medical Corp [Member] | Life Science [Member] | SAFE Investments [Member] | SAFE [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 50,000	$ 50,000
Investment owned, percent of net assets	0.60%	0.70%
Enduralock LLC [Member] | Technology [Member] | Other Investments [Member] | Series A-1 Ownership Units [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 30,000	$ 30,000
Investment owned, at fair value	$ 30,000	$ 30,000
Investment owned, percent of net assets	0.40%	0.40%
Enduralock LLC [Member] | Technology [Member] | Other Investments [Member] | Series A-1 Ownership Units [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 35,000	$ 35,000
Investment owned, at fair value	$ 35,000	$ 35,000
Investment owned, percent of net assets	0.40%	0.50%
Exodos Life Sciences LP [Member] | Life Science [Member] | Other Investments [Member] | Class A-1 Preferred Ownership Units [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 206,000	$ 206,000
Investment owned, at fair value	$ 206,000	$ 206,000
Investment owned, percent of net assets	2.40%	2.90%
Green Sun Medical LLC [Member] | Life Science [Member] | Other Investments [Member] | Class A-1 Preferred Ownership Units [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 50,000	$ 50,000
Investment owned, percent of net assets	0.60%	0.70%
Green Sun Medical LLC [Member] | Life Science [Member] | Other Investments [Member] | Class A-1 Preferred Ownership Units [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 25,000	$ 25,000
Investment owned, at fair value	$ 25,000	$ 25,000
Investment owned, percent of net assets	0.30%	0.40%
Green Sun Medical LLC [Member] | Life Science [Member] | Other Investments [Member] | Class A1 Preferred Ownership Units [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 25,000	$ 25,000
Investment owned, at fair value	$ 25,000	$ 25,000
Investment owned, percent of net assets	0.30%	0.40%
Green Sun Medical LLC [Member] | Life Science [Member] | Other Investments [Member] | Class A1 Preferred Ownership Units [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 100,000
Investment owned, at fair value	$ 100,000
Investment owned, percent of net assets	1.20%
Riso Capital Fund I, LP [Member] | Technology [Member] | Other Investments [Member] | Ownership Units [Member]
Summary of Investment Holdings [Line Items]
Investment owned, at cost	$ 50,000	$ 50,000
Investment owned, at fair value	$ 50,000	$ 50,000
Investment owned, percent of net assets	0.60%	0.70%

XML

Condensed Schedule of Investments (Unaudited) (Parenthetical) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021
Short-term Debt [Line Items]
Total Net Assets	$ 8,537,246	$ 6,993,163
Common Stock [Member]
Short-term Debt [Line Items]
Total Net Assets	$ 132,689	$ 99,831
Abfero Pharmaceuticals Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due Decemeber 2022 [Member]
Short-term Debt [Line Items]
Interest percentage	6.00%
Maturity date	2022-12
Achelios Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due Decemeber 2021 [Member]
Short-term Debt [Line Items]
Interest percentage	8.00%	8.00%
Maturity date		2021-12
Achelios Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due Decemeber 2021 [Member]
Short-term Debt [Line Items]
Interest percentage	8.00%	8.00%
Maturity date	2021-12	2021-12
Achelios Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Notes 8% Due Decemeber 2021 [Member]
Short-term Debt [Line Items]
Interest percentage	8.00%	8.00%
Maturity date	2021-12	2021-12
Achelios Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note Sidecar 25% Discount No Interest [Member]
Short-term Debt [Line Items]
Debt discount percentage	25.00%
AOA DX Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 4% Due May 2024 [Member]
Short-term Debt [Line Items]
Interest percentage	4.00%
Maturity date	2024-05
Avisi Technologies Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due July 2022 [Member]
Short-term Debt [Line Items]
Interest percentage	8.00%	8.00%
Maturity date	2022-07	2022-07
Basepaws Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 1% Due April 2020 [Member]
Short-term Debt [Line Items]
Interest percentage	1.00%	1.00%
Maturity date	2020-04	2020-04
Beam Semi Conductor Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due April 2022 [Member]
Short-term Debt [Line Items]
Interest percentage	8.00%	8.00%
Maturity date	2022-04	2022-04
Beam Semi Conductor Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due March 2021 [Member]
Short-term Debt [Line Items]
Interest percentage	8.00%	8.00%
Maturity date	2021-03	2021-03
Beam Semi Conductor Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due March 2022 [Member]
Short-term Debt [Line Items]
Interest percentage	8.00%
Maturity date	2022-03
Corinnova Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due December 2024 [Member]
Short-term Debt [Line Items]
Interest percentage	6.00%	6.00%
Maturity date	2024-12	2024-12
Cyberdontics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due September 2022 [Member]
Short-term Debt [Line Items]
Interest percentage	8.00%	8.00%
Maturity date	2022-09	2022-09
Cyberdontics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due February 2023 [Member]
Short-term Debt [Line Items]
Interest percentage	8.00%	8.00%
Maturity date	2023-02	2023-02
Cyberdontics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 0% On Due Date [Member]
Short-term Debt [Line Items]
Interest percentage	0.00%	0.00%
Deep Blue Medical Advances Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due June 2022 [Member]
Short-term Debt [Line Items]
Interest percentage	6.00%	6.00%
Maturity date	2022-06	2022-06
Deep Blue Medical Advances Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stock [Member]
Short-term Debt [Line Items]
Number of shares	10,474	10,474
Every Key Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 5% Due December 2023 [Member]
Short-term Debt [Line Items]
Interest percentage	5.00%	5.00%
Maturity date	2023-12	2023-12
Identical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 2% Due May 2022 [Member]
Short-term Debt [Line Items]
Interest percentage	2.00%	2.00%
Maturity date	2022-05	2022-05
INBay Technonlogy Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 12% Due October 2020 [Member]
Short-term Debt [Line Items]
Interest percentage	12.00%	12.00%
Maturity date	2020-10	2020-10
INBay Technonlogy Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 12% Due July 2021 [Member]
Short-term Debt [Line Items]
Interest percentage	12.00%	12.00%
Maturity date	2021-07	2021-07
INBay Technonlogy Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 12% Due February 2022 [Member]
Short-term Debt [Line Items]
Interest percentage	12.00%	12.00%
Maturity date	2022-02	2022-02
INBay Technonlogy Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 12% Due December 2022 [Member]
Short-term Debt [Line Items]
Interest percentage	12.00%	12.00%
Maturity date	2022-12	2022-12
INBay Technonlogy Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 12% Due December 2023 [Member]
Short-term Debt [Line Items]
Interest percentage	12.00%
Maturity date	2023-12
Iris R&D Group Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due May 2023 [Member]
Short-term Debt [Line Items]
Interest percentage	8.00%
Maturity date	2023-05
Kiana Analytics [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 3% Due December 2022 [Member]
Short-term Debt [Line Items]
Interest percentage	3.00%	3.00%
Maturity date	2022-12	2022-12
Kiotech Medical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due December 2020 [Member]
Short-term Debt [Line Items]
Interest percentage	6.00%	6.00%
Maturity date	2020-12	2020-12
Kiotech Medical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due November 2022 [Member]
Short-term Debt [Line Items]
Interest percentage	6.00%	6.00%
Maturity date	2022-11	2022-11
Lifewave Biomedical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due December 2020 [Member]
Short-term Debt [Line Items]
Interest percentage	6.00%	6.00%
Maturity date	2020-12	2020-12
Lifewave Biomedical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due December 2020 [Member]
Short-term Debt [Line Items]
Interest percentage	6.00%	6.00%
Maturity date	2020-12	2020-12
Lifewave Biomedical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due December 2021 [Member]
Short-term Debt [Line Items]
Interest percentage	6.00%
Maturity date	2021-12
mmTron Inc [Member] | Technology [Member] | Convertible Debt Securities [Member] | Convertible Note 4% Due April 2023 [Member]
Short-term Debt [Line Items]
Interest percentage	4.00%
Maturity date	2023-04
Navaux Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due December 2023 [Member]
Short-term Debt [Line Items]
Interest percentage	6.00%	6.00%
Maturity date	2023-12	2023-12
Neuro 42 Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due December 2023 [Member]
Short-term Debt [Line Items]
Interest percentage	8.00%	8.00%
Maturity date	2023-12	2023-12
Octagon Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 5% Due June 2021 [Member]
Short-term Debt [Line Items]
Interest percentage	5.00%	5.00%
Maturity date	2021-06	2021-06
Octagon Therapeutics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 5% Due June 2021 [Member]
Short-term Debt [Line Items]
Interest percentage	5.00%	5.00%
Maturity date	2021-06	2021-06
Perikinetics Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% Due May 2022 [Member]
Short-term Debt [Line Items]
Interest percentage	6.00%	6.00%
Maturity date	2022-05	2022-05
Preview Medical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 7% Due January 2023 [Member]
Short-term Debt [Line Items]
Interest percentage	7.00%	7.00%
Maturity date	2023-01	2023-01
Sage Medic Corp [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due April 2021 Plus Warrants [Member]
Short-term Debt [Line Items]
Interest percentage	8.00%	8.00%
Maturity date	2021-04	2021-04
Sage Medic Corp [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due December 2022 Plus Warrants [Member]
Short-term Debt [Line Items]
Interest percentage	8.00%	8.00%
Maturity date	2022-12	2022-12
Single Pass Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 6% April 2024 [Member]
Short-term Debt [Line Items]
Interest percentage	6.00%
Maturity date	2024-04
Valfix Medical Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% December 2021 [Member]
Short-term Debt [Line Items]
Interest percentage	8.00%	8.00%
Maturity date	2021-12	2021-12
Valfix Medical Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred [Member]
Short-term Debt [Line Items]
Number of shares	27,217	27,217
Xpan Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due June 2022 [Member]
Short-term Debt [Line Items]
Interest percentage	8.00%	8.00%
Maturity date	2022-06	2022-06
Xpan Inc [Member] | Life Science [Member] | Convertible Debt Securities [Member] | Convertible Note 8% Due June 2022 [Member]
Short-term Debt [Line Items]
Interest percentage	8.00%	8.00%
Maturity date	2022-06	2022-06
Xpan Inc [Member] | Life Science [Member] | Corporate Note Securities [Member] | Convertible Note 8% Due March 2022 [Member]
Short-term Debt [Line Items]
Interest percentage	8.00%	8.00%
Maturity date	2022-03	2022-03
Altis Biosystems [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred [Member]
Short-term Debt [Line Items]
Number of shares	22,028	22,028
Astrocyte Pharmaceuticals Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stock [Member]
Short-term Debt [Line Items]
Number of shares	260,756	260,756
Cnote Group, Inc [Member] | Fintech [Member] | Preferred Investments [Member] | Series Seed-2 Preferred [Member]
Short-term Debt [Line Items]
Number of shares	84,655	84,655
Cnote Group, Inc [Member] | Fintech [Member] | Preferred Investments [Member] | Series Seed-3 Preferred [Member]
Short-term Debt [Line Items]
Number of shares	93,807	93,807
Colabs Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A-1 Preferred [Member]
Short-term Debt [Line Items]
Number of shares	147,058	147,058
Connectus Services Ltd [Member] | Technology [Member] | Preferred Investments [Member] | Series Seed Preferred [Member]
Short-term Debt [Line Items]
Number of shares	31,348	31,348
Eumentis Thereapeutics Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stock [Member]
Short-term Debt [Line Items]
Number of shares	85,009	85,009
FemtoDX Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stock [Member]
Short-term Debt [Line Items]
Number of shares	42,436	42,436
Healionics Corporation [Member] | Life Science [Member] | Preferred Investments [Member] | Series A-1 Preferred [Member]
Short-term Debt [Line Items]
Number of shares	35,075
i-Lumen Scientific Inc. [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Plus Warrants [Member]
Short-term Debt [Line Items]
Number of shares	50,000	50,000
i-Lumen Scientific Inc. [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Plus Warrants [Member]
Short-term Debt [Line Items]
Number of shares	50,000	50,000
Inhalon Biopharma Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred [Member]
Short-term Debt [Line Items]
Number of shares	18,843	18,843
Light Line Medical Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred [Member]
Short-term Debt [Line Items]
Number of shares	40,323	40,323
Light Line Medical Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Plus Warrants [Member]
Short-term Debt [Line Items]
Number of shares	72,464	72,464
Light Line Medical Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred (Converted Note) [Member]
Short-term Debt [Line Items]
Number of shares	62,849	62,849
Light Line Medical Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred (Converted Note) [Member]
Short-term Debt [Line Items]
Number of shares	141,871	141,871
Lowell Therapeutics Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stock [Member]
Short-term Debt [Line Items]
Number of shares	20,000	20,000
Lowell Therapeutics Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stocks [Member]
Short-term Debt [Line Items]
Number of shares	20,000	20,000
Makani Science Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred [Member]
Short-term Debt [Line Items]
Number of shares	172,413
Micronic Technologies Inc [Member] | Technology [Member] | Preferred Investments [Member] | Series Seed-1 Preferred Plus Warrants [Member]
Short-term Debt [Line Items]
Number of shares	51,929	51,929
Neuroflow Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed-2 Preferred [Member]
Short-term Debt [Line Items]
Number of shares	98,684	98,684
Neuroflow Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series B Preferred Stock [Member]
Short-term Debt [Line Items]
Number of shares	20,429	20,429
New View Surgical, Inc. [Member] | Life Science [Member] | Preferred Investments [Member] | Series A-1 Preferred [Member]
Short-term Debt [Line Items]
Number of shares	53,825	53,825
Orion Biotechnology Inc. [Member] | Life Science [Member] | Preferred Investments [Member] | Series A Preferred Stock [Member]
Short-term Debt [Line Items]
Number of shares	5,824
Otomagnetics Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series A-1 Preferred Plus Warrants [Member]
Short-term Debt [Line Items]
Number of shares	16,538	16,538
Promaxo [Member] | Life Science [Member] | Preferred Investments [Member] | Series B-1 Preferred, (Converted Note) [Member]
Short-term Debt [Line Items]
Number of shares	104,248	104,248
Seal Rock Therapeutics, Inc. [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred (Converted Note) [Member]
Short-term Debt [Line Items]
Number of shares	68,075	68,075
Shyft (FKA Crater Group Inc) [Member] | Technology [Member] | Preferred Investments [Member] | Series A-1 Preferred [Member]
Short-term Debt [Line Items]
Number of shares	42,657	42,657
Shyft (FKA Crater Group Inc) [Member] | Technology [Member] | Preferred Investments [Member] | Series A Preferred (Converted Note) [Member]
Short-term Debt [Line Items]
Number of shares	28,147	28,147
Shyft (FKA Crater Group Inc) [Member] | Technology [Member] | Preferred Investments [Member] | Series A-1 Preferred (Converted Note) [Member]
Short-term Debt [Line Items]
Number of shares	21,774	21,774
Trellis Bioscience LLC [Member] | Life Science [Member] | Preferred Investments [Member] | Series B Preferred Plus Warrants [Member]
Short-term Debt [Line Items]
Number of shares	50,000	50,000
Trellis Bioscience LLC [Member] | Life Science [Member] | Preferred Investments [Member] | Series B Preferred Plus Warrants [Member]
Short-term Debt [Line Items]
Number of shares	50,000	50,000
Trellis Bioscience LLC [Member] | Life Science [Member] | Preferred Investments [Member] | Series B Preferred Plus Warrant [Member]
Short-term Debt [Line Items]
Number of shares	100,000	100,000
Visgenx Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred (Converted Note) [Member]
Short-term Debt [Line Items]
Number of shares	4,132	4,132
Visgenx Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed Preferred (Converted Note) [Member]
Short-term Debt [Line Items]
Number of shares	2,480	2,480
Visgenx Inc [Member] | Life Science [Member] | Preferred Investments [Member] | Series Seed-1 Preferred (Converted Note) [Member]
Short-term Debt [Line Items]
Number of shares	7,833	7,833
BendaRX Corp [Member] | Life Science [Member] | Common Stock Investments [Member] | Common Stock [Member]
Short-term Debt [Line Items]
Number of shares	12,500	12,500
BendaRX Corp [Member] | Life Science [Member] | Common Stock Investments [Member] | Common Stock [Member]
Short-term Debt [Line Items]
Number of shares	12,500	12,500
Boardwalk Tech [Member] | Life Science [Member] | Common Stock Investments [Member] | Common Stock [Member]
Short-term Debt [Line Items]
Number of shares	75,000	150,000
Boardwalk Tech [Member] | Life Science [Member] | Common Stock Investments [Member] | Common Stock [Member]
Short-term Debt [Line Items]
Number of shares	150,000
Sanaby Health Sponsor LLC [Member] | Life Science [Member] | Common Stock Investments [Member] | Common Stock [Member]
Short-term Debt [Line Items]
Number of shares	50,000
Enduralock LLC [Member] | Technology [Member] | Other Investments [Member] | Series A-1 Ownership Units [Member]
Short-term Debt [Line Items]
Number of shares	34.1	34.1
Enduralock LLC [Member] | Technology [Member] | Other Investments [Member] | Series A-1 Ownership Units [Member]
Short-term Debt [Line Items]
Number of shares	39.7	39.7
Green Sun Medical LLC [Member] | Life Science [Member] | Other Investments [Member] | Class A-1 Preferred Ownership Units [Member]
Short-term Debt [Line Items]
Number of shares	2,193	2,193
Green Sun Medical LLC [Member] | Life Science [Member] | Other Investments [Member] | Class A-1 Preferred Ownership Units [Member]
Short-term Debt [Line Items]
Number of shares	1,096	1,096
Green Sun Medical LLC [Member] | Life Science [Member] | Other Investments [Member] | Class A1 Preferred Ownership Units [Member]
Short-term Debt [Line Items]
Number of shares	1,096	1,096
Green Sun Medical LLC [Member] | Life Science [Member] | Other Investments [Member] | Class A1 Preferred Ownership Units [Member]
Short-term Debt [Line Items]
Number of shares	4,386

XML

DESCRIPTION OF BUSINESS

3 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

DESCRIPTION OF BUSINESS

NOTE 1 – DESCRIPTION OF BUSINESS

Kyto Technology and Life Science, Inc. (the “Company”) was formed as a Florida corporation on March 5, 1999 under the name of B Twelve, Inc. In August, 2002, the Company changed its name from B Twelve, Inc. to Kyto BioPharma Inc. and in May 2018, the name was changed again to Kyto Technology and Life Science, Inc. In July 2019, the Company was re-incorporated as a Delaware company. The Company operates virtually, from public locations or the homes of its officers, and does not currently lease any office space.

The Company was originally formed to acquire and develop proprietary drugs for the treatment of cancer, arthritis, and other autoimmune diseases and had been evaluating a number of strategies. As of March 31, 2018, the Company had accumulated a deficit of $32,380,746 from all prior operations. In April 2018, the Board adopted a new business plan focused on the development of early-stage technology and life science businesses through early-stage investment funding. The Company has recruited a number of experienced investment consultants from a network that includes angel investors, corporate managers, sophisticated early-stage investors and successful entrepreneurs with experience across a number of technology and life science products and markets, and relies on input from these advisors in conducting due diligence and making investment decisions. In order to offset the risk in early-stage investing, the Company works with angel investment groups and other sophisticated investors and participates only after these groups have completed due diligence and committed to invest, in effect becoming lead investors. The Company then completes its own due diligence and invests under identical terms as the lead investors. The Company will do follow-on investments in existing portfolio companies, assuming adequate progress, when portfolio companies initiate new financing rounds. The Company currently does not typically invest more than $250,000 in any single investment. Generally, the Company’s investments represent less than 5% ownership interests, and the Company therefore has no effective control or influence over the management or commercial decisions of the companies in which it invests. The Company plans to generate revenue from realized gains from the sale of the businesses in which it has invested, or some or all of its shareholdings in those cases where portfolio companies go public. Generally, it is expected that investments will be realized from an exit within a period of four to five years following initial investment. Such exits or liquidity events are outside the Company’s control and depend on merger and acquisition (“M&A”) transactions or an initial public offering (“IPO”) which may result in cash or equity proceeds. Accordingly, it is difficult to forecast revenue, net income, and cash flow. Other than making its initial and, potentially, follow-on investments in its portfolio companies, the Company does not provide any financial support to any of its investees.

The Company has one regular employee – the CEO, Mr, Paul Russo. Prior to December 31, 2020, was acting as a consultant to the Company and did not receive contractual compensation for his services in the form of cash. As of January 1, 2021, Mr. Russo was engaged as an employee of the Company at a salary of $400,000 per annum of which 60% is paid monthly, and the balance deferred to be paid once the Company lists and starts trading on the Nasdaq exchange. The full terms of Mr. Russo’s employment are described in an engagement letter filed on Form 8-K on February 1, 2021, which was approved by the Compensation committee of the Board of Directors on that date. During the three months ended June 30, 2021, Mr. Russo received $80,000 gross payroll, no consulting fees and no options were granted. During the three months ended June 30, 2020, Mr. Russo received no payroll or consulting fees , and no options were granted to him.

The Company has created a portfolio of minority investments in early-stage start-up companies and derives its revenue opportunity from the sale of those investments. Such sales are outside the Company’s control and depend on M&A transactions or IPOs which may result in cash or equity proceeds. Accordingly, it is difficult to forecast revenue, net income, and cash flow. As of the date of this filing, the Company had approximately $500,000 of cash to cover its operating expenses, and new investment requirements and is continuing to raise additional funding on a recurring monthly basis. If successful, it will have sufficient funding for further investments and ongoing operations. However, there is no assurance that the Company will be able to raise sufficient cash to cover its requirements on attractive terms, if at all, and whether it will be able to continue as a going concern. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying condensed interim financial statements have been prepared assuming the Company will continue to operate as a going concern and do not include any adjustments that might result from the outcome of this uncertainty. Stay at home orders and general economic uncertainties arising out of the current Covid-19 epidemic have created additional delays and uncertainty. To date there has been no disruption to the Company’s business operations, although some of its portfolio investment companies report delays in their programs.

At March 31, 2020, management determined that the Company was an investment company for purposes of ASC 946 disclosure, and committed to follow the specialized accounting and reporting guidance contained therein. Accordingly, a new company, Kyto Investments, Inc. (“KI”) was incorporated in Delaware in December 2020 in preparation for a restructuring and an N-2 Registration Statement filed in March 2021 for review by the SEC. KI is an internally managed, closed-end investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). Immediately upon effectiveness of this N-2 Registration Statement, the Company will merge with KI and the Company will be the surviving entity. As of the completion of the merger, the Company will constitute a “successor issuer” for the purposes of Rule 414 under the Securities Act and may continue the current offering by filing post-effective amendments to the Registration Statements. Prior to the merger, the Company had fewer than 100 non affiliated investors and filed under the 1934 Act relying on exemption Rule 3( c )(1).

As a BDC, the Company will be required to comply with certain regulatory requirements. The Company also intends to elect to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Company is required to comply with additional regulatory requirements. The Company has prepared and submitted sequentially two N-2 Registration Statements to the SEC for review but has not yet received final approval of its registration as at the filing date of this report.

XML

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

(A) BASIS OF PRESENTATION

The accompanying unaudited condensed 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 condensed 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 condensed financial statements include all adjustments (consisting only of normal recurring adjustments), which the Company considers necessary, for a fair presentation of those financial statements. The results of operations and cash flows for the three months ended June 30, 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 the audited financial statements of the Company for the year ended March 31, 2021, included in the Annual Report on Form 10-K as filed with the Securities and Exchange Commission (the “SEC”) on August 10, 2021.

The Company’s condensed interim financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires the use of estimates, assumptions and the exercise of subjective judgment as to future uncertainties. Actual results could differ from those estimates, assumptions, and judgments. Significant items subject to such estimates will include determining the fair value of investments, revenue recognition, income tax uncertainties, stock-based compensation, and other contingencies.

The Company’s financial statements are prepared using the specialized accounting principles of Accounting Standards Codification Topic 946, Financial Services—Investment Companies (ASC Topic 946). In accordance with this specialized accounting guidance, the Company recognizes and carries all of its investments at fair value with changes in fair value recognized in earnings. Additionally, the Company will not apply consolidation or equity method of accounting to its investments. The Company carries its liabilities at amounts payable, net of unamortized premiums or discounts. The Company does not currently plan to elect to carry its liabilities at fair value. Net assets are calculated as the carrying amounts of assets, including the fair value of investments, less the carrying amounts of its liabilities.

(B) INVESTMENT TRANSACTIONS AND NET REALIZED AND UNREALIZED GAIN OR LOSS ON INVESTMENTS

The Company generates increases or decreases in its net assets from the sale of complete or partial investments following a merger or acquisition (“M&A”) transaction or restructuring or from the revaluation of portfolio company investments to recognize changes in their value, either upwards or downwards. As a minority, early-stage investor, the Company does not have the ability to manage the timing or acceptance of liquidity events that will realize its investments, nor the ability to predict when they may happen, although as a general guideline, it would expect such events to occur approximately four to five years after its investments are made. The Company will record the changes in value from investment activities upon completion of sale and receipt of net proceeds, after deducting related transaction expenses as realized gains or losses. Realized gains or losses on the sale of investments, or upon the determination that an investment balance, or portion thereof, is not recoverable, are calculated using the specific identification method. The Company measures realized gains or losses by calculating the difference between the net proceeds from the repayment or sale and the cost basis of the investment. Net change in unrealized appreciation or depreciation reflects the change in the fair values of the Company’s portfolio investments during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. The Company is in regular contact with the management of its portfolio investment companies to provide a basis for valuation changes or impairment reviews. The Company does not expect to receive interest and principal repayments on its convertible notes and generally expects these notes to convert into equity securities upon completion of qualified subsequent financings. Accrued interest is then recorded as an adjustment to fair value.

(C) INCOME TAXES

The Company accounts for income taxes under the Financial Accounting Standards Accounting Standard Codification Topic 740 “Accounting for Income Taxes” (“Topic 740”). Under Topic 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable 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 are expected to be recovered or settled. Under Topic 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period, which includes the enactment date.

(D) USE OF ESTIMATES

In preparing financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the period presented. Actual results may differ from these estimates.

Significant estimates during the three months ended June 30, 2021 and June 30, 2020 include the valuation of the investment portfolio, deferred tax assets, tax valuation allowance, stock options and warrants.

(E) CASH AND CASH EQUIVALENTS

The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. There were no cash equivalents at June 30, 2021 and March 31, 2021, respectively.

(F) CONCENTRATIONS

The Company maintains its cash in bank checking and deposit accounts, which, at times, may exceed federally insured limits. As of June 30, 2021 and March 31, 2021, the Company’s bank balance exceeded the federally insured limit by approximately $230,000 and $1.2 million, respectively. The Company has not experienced any losses in such accounts through June 30, 2021.

(G) STOCK-BASED COMPENSATION

Financial Accounting Standards Board Accounting Standards Codification Topic 718, “Stock Compensation” requires generally that all equity awards granted to employees and consultants be accounted for at fair value. This fair value is measured at grant date for stock settled awards, and at subsequent exercise or settlement for cash-settled awards. Under this method, the Company records an expense equal to the fair value of the options or warrants issued. The fair value is computed using the Black Scholes options pricing model. The Company granted 250,000 and 120,000 options to consultants and advisors during the three months ended June 30, 2021 and June 30, 2020, respectively.

(H) NET LOSS PER COMMON SHARE

In accordance with Statement of Financial Accounting Standards Accounting Standard Codification Topic 260, “Earnings per Share”, basic earnings per share is computed by dividing the net income less preferred dividends for the period by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net income less preferred dividends by the weighted average number of common shares outstanding including the effect of common stock equivalents. Common stock equivalents, consisting of preferred stock, stock options and warrants, have not been included in the calculation, as their effect is anti-dilutive for the periods presented. The following table sets out the number of shares used in calculating fully- diluted EPS using the if-converted method.

Class of shares	Three months ended June 30, 2021
Common Stock		13,268,871
Common stock subscribed not issued		-
Series A preferred stock		4,200,000	*
Series B preferred stock		4,320,156	*
Options		2,759,250	*
Warrants		1,596,667	*
Total shares used in calculating fully-diluted EPS		13,268,871

* These shares excluded from the calculation of fully-diluted EPS as the result would be anti-dilutive.

(I ) INVESTMENT AND VALUATION OF INVESTMENT AT FAIR VALUE

The Company reviews the performance of its investments based on available information, including management reports, press releases, web site announcements and progress reports, third party equity updates, management interviews and, where accessible, financial reports, to determine their current and future potential value and liquidity. In the event that Management considers the value of an investment to be impaired, the carrying value of the investment will be written down by an impairment charge to reflect Management’s estimated valuation. The Company recognized impairment of one of its investments which was written down by $61,046 in September 2019. The Company has not experienced any other impairment write-downs in any prior or subsequent periods.

The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures”, for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing US GAAP that require the use of fair value measurements which establishes a framework for measuring fair value and expands disclosure about such fair value measurements.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is an exchange price notion under which fair value is the price in an orderly transaction between market participants to sell an asset or transfer a liability in the market in which the reporting entity would transact for the asset or liability.

The Company has established procedures to estimate the fair value of its investments which the Company’s board of directors has reviewed and approved. The Company will use observable market data to estimate the fair value of investments to the extent that market data is available. In the absence of quoted market prices in active markets, or quoted market prices for similar assets or in markets that are not active, the Company will use the valuation methodologies described below with unobservable data based on the best available information in the circumstances, which incorporates the Company’s assumptions about the factors that a market participant would use to value the asset.

For investments for which quoted market prices are not available, which will comprise most of our investment portfolio, fair value will be estimated by using the income, market, or back-solve approach. The income approach is based on the assumption that value is created by the expectation of future benefits discounted to a current value and the fair value estimate is the amount an investor would be willing to pay to receive those future benefits. The market approach compares recent comparable transactions to the investment. The back solve method involves comparing available data over a period of time and inferring a new valuation based on changes from a known starting point, for example the cost of an investment. Adjustments are made for any dissimilarity between the comparable transactions and the investments. These valuation methodologies involve a significant degree of judgment on the part of our management and board.

In determining the appropriate fair value of an investment using these approaches, the most significant information and assumptions may include, as applicable: available current market data, including relevant and applicable comparable market transactions, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the investment’s ability to make payments, its earnings and discounted cash flows, the markets in which the company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, the principal market and enterprise values, environmental factors, subsequent financings by the portfolio investment, among other factors.

The estimated fair values will not necessarily represent the amounts that may be ultimately realized due to the occurrence or nonoccurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of the valuation of the investments, the estimate of fair values may differ significantly from the value that would have been used had a broader market for the investments existed.

The authoritative accounting guidance prioritizes the use of market-based inputs over entity-specific inputs and establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation. The three levels of valuation hierarchy are defined as follows:

Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data

Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. Most of the Company’s investments are Level 3.

Critical accounting policies and practices are the policies that are both most important to the portrayal of our financial condition and results, and require management’s most difficult, subjective, or complex judgments, often as a result of the need to make estimates about matters that are inherently uncertain. These include estimates of the fair value of our Level 3 investments and other estimates that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements and the reported amounts of certain revenues and expenses during the reporting period. It is likely that changes in these estimates will occur in the near term. Our estimates are inherently subjective in nature and actual results could differ materially from such estimates. See “Note 1 – Significant Accounting Policies” to our financial statements as of March 31, 2021 as filed with the SEC on August 10, 2021, for further detail regarding our critical accounting policies and recently issued or adopted accounting pronouncements.

(J) RECENT ACCOUNTING PRONOUNCEMENTS

Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

(K) DEFERRED OFFERING COSTS

Since April 2019, the Company has conducted a series of sales of common and preferred stock to fund its ongoing investment program and cost of operations. Typically, it expects that this series, from start to finish, may take from six to nine months and in order to match the cost and benefits of this process, the Company adopted a policy of capitalizing direct expenses incurred in the course of fund raising, with the intention of netting accumulated expenses against proceeds from sale of equity, and reporting the net funds raised at the close. Direct expenses include legal fees, investor relations fees, investor roadshows and meeting expenses, and related filing and printing fees. At June 31, 2021, the Company had deferred $170,889 of such expenses, relating to the preparation and filing of an N-2 Registration Statement.

XML

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 3 – COMMITMENTS AND CONTINGENCIES

The Company has no commitments or contingencies as of the date of this filing.

XML

RELATED PARTY TRANSACTIONS

3 Months Ended

Jun. 30, 2021

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 4 - RELATED PARTY TRANSACTIONS

At June 30, 2021 and March 31, 2021, the Company had accrued and owed $72,205 and $51,420, respectively, to officers of the Company for deferred payroll and consulting service fees.

At June 30, 2021, officers or directors of the Company held board positions at three portfolio companies: InBay Technology Inc., Exodos Life Sciences LP, and Achelios Therapeutics Inc.

XML

INVESTMENTS

3 Months Ended

Jun. 30, 2021

Investments, All Other Investments [Abstract]

INVESTMENTS

NOTE 5 – INVESTMENTS

The following table summarizes the Company’s investment portfolio at June 30, 2021 and March 31, 2021.

	June 30, 2021				March 31, 2021
Number of portfolio companies		60				51
Fair value	$	8,140,007			$	6,821,407
Cost		6,952,145				5,686,545
% of portfolio at fair value
Convertible notes		3,252,175	40	%		2,553,954	37	%
Preferrred stock		3,384,237	42	%		3,129,458	46	%
Common stock		557,595	7	%		391,995	6	%
SAFE		425,000	5	%		325,000	5	%
Other ownership units		521,000	6	%		421,000	6	%
Total	$	8,140,007	100	%	$	6,821,407	100	%

Our investment portfolio represents approximately 95% of our net assets at June 30, 2021 and 98% at March 31, 2021. Investments in early-stage start up private operating entities are valued based on available metrics, such as relevant market multiples and comparable company valuations, company specific-financial data including subsequent financings, actual and projected results, and independent third-party valuation estimates.

	As of June 30, 2021
	Fair Value		Valuation Approach/ Technique	Unobservable Inputs	Range/ Weighted Average
Convertible notes	$	3,252,175	Market approach	Precedent and follow-on transactions		N/A
Preferred stock in private companies		3,384,237	Market approach	Precedent and follow-on transactions		N/A
Common stock in private companies		400,000	Market approach	Precedent and follow-on transactions		N/A
SAFE		425,000	Market approach	Precedent and follow-on transactions		N/A
Other investments		521,000	Market approach	Precedent and follow-on transactions		N/A
Total Investments	$	7,982,412

	As of March 31, 2021
	Fair Value		Valuation Approach/ Technique	Unobservable Inputs	Range/ Weighted Average
Convertible notes	$	2,553,954	Market approach	Precedent and follow-on transactions		N/A
Preferred stock in private companies		3,129,458	Market approach	Precedent and follow-on transactions		N/A
Common stock in private companies		300,000	Market approach	Precedent and follow-on transactions		N/A
SAFE		325,000	Market approach	Precedent and follow-on transactions		N/A
Other investments		421,000	Market approach	Precedent and follow-on transactions		N/A
Total Investments	$	6,729,412

The following table presents fair value measurements of investments, by major class, as of June 30, 2021 and March 31, 2021, according to the fair value hierarchy:

	As of June 30, 2021
	Quoted prices in active markets for identical securities		Significant other observable inputs		Significant other inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Investments at Fair Value
Private Portfolio Companies
Convertible notes	$	-	$	-	$	3,252,175	$	3,252,175
Preferred stock		-		-		3,384,237		3,384,237
Common stock		-		-		400,000		400,000
SAFEs		-		-		425,000		425,000
Other ownership interests		-		-		521,000		521,000
		-		-		7,982,412		7,982,412
Public Portfolio Companies
Common stock		157,595		-		-		157,595
Total Investments at Fair value	$	157,595	$	-	$	7,982,412	$	8,140,007

	As of March 31, 2021
Description	Level 1		Level 2		Level 3		Total
March 31, 2021
Investments at Fair Value
Private Portfolio Companies
Convertible notes	$	-	$	-	$	2,553,954	$	2,553,954
Preferred stock		-		-		3,129,458		3,129,458
Common stock		-		-		300,000		300,000
SAFEs		-		-		325,000		325,000
Other ownership interests		-		-		421,000		421,000
		-		-		6,729,412		6,729,412
Public Portfolio Companies
Common stock		91,995		-		-		91,995
Total Investments at Fair value	$	91,995	$	-	$	6,729,412	$	6,821,407

As of June 30, 2021 and March 31, 2021, all our investments were treated as Level 3 with the exception of one which was invested in common stock of a public company and treated as Level 1.

Significant Unobservable Inputs for Level 3 Assets and Liabilities

In accordance with FASB ASC 820, Fair Value Management, the tables above provide quantitative information about the Company’s fair value measurements of its Level 3 assets as of June 30, 2021 and March 31, 2021. In addition to the techniques and inputs noted in the tables above, according to the Company’s valuation policy, the Company may also use other valuation techniques and methodologies when determining the Company’s fair value measurements. The tables below are not meant to be all-inclusive, but rather provide information on the significant Level 3 inputs as they relate to the Company’s fair value measurements. To the extent an unobservable input is not reflected in the tables below, such input is deemed insignificant with respect to the Company’s Level 3 fair value measurements. Significant changes in the inputs in isolation would result in a significant change in the fair value measurement, depending on the materiality of the investment.

We focus on making our investments in the United States, Canada, and Israel. All investments are made and reported in US dollars. Assets that are denominated in foreign currencies are translated into U.S. dollars at closing rates of exchange on the date of valuation. Transactions during the year are translated at the rate of exchange prevailing on the date of the transaction. The Company does not isolate that portion of results of operations resulting from the changes in foreign exchange rates on securities from fluctuations resulting from changes in market prices of such securities. Such foreign currency translation gains and losses are included in the net realized gains or losses from investments and net changes in unrealized gain or losses from investments on the statement of operations.

	America		Canada		Rest of World		Total
Fair value March 31, 2021	$	5,486,011	$	907,560	$	427,836	$	6,821,407
New investments		865,600		200,000		200,000		1,265,600
Proceeds from sale of investments		-		-		-		-
Realized gains		-		-		-		-
Change in value of investments		28,467		17,859		6,674		53,000
Fair value June 30, 2021	$	6,380,078	$	1,125,419	$	634,510	$	8,140,007

	America		Canada		Rest of World		Total
Fair value beginning of year March 31, 2020	$	2,170,499	$	245,000	$	250,000	$	2,665,499
New investments		200,000		50,000		-		250,000
Proceeds from sale of investments		-		-		-		-
Realized gains		-		-		-		-
Change in value of investments		-		-		-		-
Fair value June 30, 2020	$	2,370,499	$	295,000	$	250,000	$	2,915,499

Working on the experience of our technical advisors, we limit our investments to fintech, technology, and life sciences.

	Fintech		Technology		Life science		Total
Fair value March 31, 2021	$	126,030	$	1,394,318	$	5,301,059	$	6,821,407
New investments		-		365,600		900,000		1,265,600
Proceeds from sale of investments		-		-		-		-
Realized gains		-		-		-		-
Change in value of investments		-		21,541		31,459		53,000
Fair value June 30, 2021	$	126,030	$	1,781,459	$	6,232,518	$	8,140,007

	Fintech		Technology		Life science		Total
Fair value March 31, 2020	$	101,500	$	685,002	$	1,878,997	$	2,665,499
New investments		-		-		250,000		250,000
Proceeds from sale of investments		-		-		-		-
Realized gains		-		-		-		-
Change in value of investments		-		-		-		-
Fair value June 30, 2020	$	101,500	$	685,002	$	2,128,997	$	2,915,499

We invest in early-stage private companies developing products or solutions in the fields of fintech, technology and life sciences. Typically, we are investing in interest bearing notes that may be convertible into equity securities upon the completion of qualified subsequent financings, preferred stock, SAFEs or other forms of ownership. Typically notes carry a two year term, and are then rolled over for additional periods if no other maturity triggers have been achieved. If a convertible note investment were, in our judgment, to become impaired, we would reverse the accrued interest and adjust the valuation to reflect management’s assessment of fair value. If a convertible note investment exceeds its maturity date we usually would request the portfolio company to document an extension, as well as consider whether the overdue note, along with all other available performance data and management reviews lead us to consider whether there should be an adjustment in fair value to reflect impairment of the investment.

	Convertible notes		Preferred stock		Common stock		SAFEs		Other ownership interests		Total
Fair value March 31, 2021	$	2,553,954	$	3,129,458	$	391,995	$	325,000	$	421,000	$	6,821,407
Conversions into preferred stock		-		-		-		-		-		-
New investments		650,000		250,000		165,600		100,000		100,000		1,265,600
Proceeds from sale of investments		-		-		-		-		-		-
Realized gains		-		-		-		-		-		-
Change in value of investments		48,221		4,779		-		-		-		53,000
Fair value June 30, 2021	$	3,252,175	$	3,384,237	$	557,595	$	425,000	$	521,000	$	8,140,007

	Convertible notes		Preferred stock		Common stock		SAFEs		Other ownership interests		Total
Fair value March 31, 2020	$	1,528,002	$	701,497	$	126,500	$	73,500	$	236,000	$	2,665,499
Conversions into preferred stock		50,000		100,000		-		-		100,000		250,000
New investments		-		-		-		-		-		-
Proceeds from sale of investments		-		-		-		-		-		-
Realized gains		-		-		-		-		-		-
Change in value of investments		-		-		-		-		-		-
Fair value June 30, 2020	$	1,578,002	$	801,497	$	126,500	$	73,500	$	336,000	$	2,915,499

XML

EQUITY

3 Months Ended

Jun. 30, 2021

Equity [Abstract]

EQUITY

NOTE 6– EQUITY

(A) PREFERRED STOCK

Series A

The Company has sold 4,200,000 Series A Stock Units (“Units”) consisting of one share of Series A Preferred Stock and one warrant to purchase a share of Common Stock at $0.80 per share. The Units were sold in a private placement to accredited investors. The Series A Preferred Stock will be converted into shares of Common Stock upon listing of the Company on Nasdaq or NYSE. In the event of any liquidation or winding up of the Company, the holders of the Series A shall be entitled to receive in preference to the holders of shares of Common Stock a per share amount equal to two times (2 X) their original purchase price plus any declared but unpaid dividends (the Liquidation Preference). All share issuances and obligations are recognized on the books and stock register.

On March 2, 2021, in preparation for an intended IPO, the Company made an offer to all its preferred shareholders to protect them against the possibility that the IPO price might be less than their preferred stock price. Accordingly, Series A-1 and Series A-2 Preferred Stock were created, and the holders of Series A Preferred Stock were granted an opportunity to purchase shares of Common Stock at $0.40 per share. If shareholders purchased at least $6,000 of Common Stock, their Series A Preferred Stock were exchanged for Series A-1 which is guaranteed to convert into shares of Common Stock at the same price as the IPO price, and if shareholders purchased a pro-rated amount of Common Stock their Series A Preferred Stock were exchanged for Series A-2 Preferred Stock which in turn is convertible into shares of Common Stock at a discount of 10% to the IPO price. In all other respects the Series A-1 and Series A-2 Preferred Stock has the same rights and obligations as the Series A Preferred Stock. As of June 30, 2021, 1,437,500 shares of Series A Preferred Stock had been exchanged for Series A-1 Preferred Stock, and 2,212,500 shares of Series A Preferred Stock had been exchanged for Series A-2 Preferred Stock, respectively, leaving outstanding 550,000 shares of Series A Preferred Stock (“Series A”) designated at a par value of $0.01 per share.

Series B

There are also 6,000,000 shares of Series B Preferred Stock (“Series B”) authorized designated at a par value of $0.01 per share. The Series B can be converted into shares of Common Stock upon listing of the Company on Nasdaq. In the event of any liquidation or winding up of the Company, the holders of the Series B shall be entitled to receive in preference to the holders of Common Shares and Series A Preferred Stock, a per share amount equal to two times (2 X) their original purchase price plus any declared but unpaid dividends (the Liquidation Preference). The holders of Series B shall be entitled to receive out of any funds of the Corporation at a time legally available for the declaration of dividends, dividends at a cumulative rate of 10% under such terms and conditions as the Board shall prescribe, provided, however, that in the event dividends shall be declared, dividends on issued and outstanding Series B shall be payable before any dividends shall be declared or paid upon or set apart for the Common Stock. At June 30, 2021, the Company had sold 4,320,156 shares of Series B for proceeds of $3,456,124.

On March 2, 2021, in preparation for an intended future IPO, the Company made an offer to all its preferred shareholders to protect them against the possibility that the IPO price might be less than their preferred stock price. Accordingly, Series B-1 and Series B-2 Preferred Stock (“Series B-1” and “Series B-2”, respectively) were created, and the holders of the Series B were granted an opportunity to purchase shares of Common Stock at $0.40 per share. If shareholders purchased at least $6,000 of common stock, their Series B were exchanged for Series B-1 which is guaranteed to convert into shares of Common Stock at the same price as the IPO price, and if shareholders purchased a pro-rated amount of common stock their Series B were exchanged for Series B-2 which converts into shares of Common Stock at a discount of 10% to the IPO price. In all other respects, the Series B-1 and Series B-2 have the same rights and obligations as the Series B. At June 30, 2021, 1,857,656 shares of Series B had been exchanged for Series B-1, and 2,176,250 shares of Series B had been exchanged for Series B-2, respectively, leaving outstanding 286,250 shares of Series B.

The Company sold 691,250 shares of Series B-1 in the three months ended June 30, 2021 and is still selling Series B-1 shares as at the date of this report.

COMMON STOCK

The Company has authorized 40,000,000 shares of common stock at a par value of $0.01 per share. As of June 30, 2021, and March 31, 2021 a total of 13,268,871 and 9,983,082 shares of the Company’s common stock were issued and outstanding, respectively. During the three months ended June 30, 2021, the Company issued 307,178 shares of Common Stock for $122,876 in connection with the amendment of preferred stock described in section A above. Also, during the year ended March 31, 2021 a total of 2,978,611 shares of Common Stock were subscribed under this program for a total consideration of $1,191,442 which was accrued as stock subscription liability at March 31, 2021, pending final closing of the round which occurred in April 2021, at which time these shares were recognized as fully-issued shares of common stock.

D) STOCK OPTIONS

In April 2018, the Board approved the introduction of the Kyto Technology and Life Science, Inc. Incentive Stock Option Plan (“the 2018 Plan”) reserving 2,697,085 shares for issuance to employees, consultants and directors, with the objective of securing the benefit of services for stock options rather than cash salaries.

In July 2019, the Board approved the introduction of the Kyto Technology and Life Science 2019 Stock Option and Incentive Plan (“2019 Plan”), and reserved 2 million shares for issuance to directors, officers, consultants and advisors. Options granted under the 2019 Plan expire May 21, 2029.

In December 2020, the Board approved the introduction of the Kyto Technology and Life Science 2020 Non Qualified Stock Option Plan (“2020 Plan”), and reserved 2 million shares for issuance to directors, officers, consultants and advisors. Options granted under the 2020 Plan expire December 16, 2030.

During the three months ended June 30, 2021, and June 30, 2020, the Company issued a total of 250,000 and 120,000 non-qualified stock options, respectively, to consultants and advisors vesting over terms of two years.

	Number of options granted		Weighted average exercise price		Weighted average remaining life years
Outstanding March 31, 2021		2,634,250	$	0.05		8.13
Granted		250,000		0.07		9.82
Exercised		-		-		-
Cancelled		-		-		-
Outstanding June 30, 2021		2,884,250	$	0.05		8.53
Exercisable June 30, 2021		1,782,610	$	0.04		8.05

In connection with the grant of stock options the Company recognises the value of the related option expense using the Black Scholes model, with appropriate assumptions for option life, stock value, risk free interest rate, volatility, and cancellations.

	June 30, 2021			March 31, 2021
Stock Price at grant date	$	0.070			$ 0.033 - $ 0.078
Exercise Price	$	0.070			$ 0.033 - $ 0.078
Term in Years		0 - 2.00			0 - 2.00
Volatility assumed		196	%		71% - 196%
Annual dividend rate		0.0	%		0.0	%
Risk free discount rate		0.12	%		0.12% - 2.0%

The compensation expense calculated at time of grant is amortised over the vesting period for the options granted. During the three months ended June 30, 2021 and 2020, the Company amortized $10,557 and $1,048, respectively, as option expense. The intrinsic value of outstanding options at June 30, 2021 was $63,274, and $45,011 of the option expense upon grant remained unamortized at June 30, 2021 with a remaining vesting period of 1.39 years.

E) WARRANTS

In conjunction with the sale of stock Units, the Company issued 4,200,000 warrants to purchase common stock at a price of $1.20 per share for a period of three years. The Company values the warrants using the Black Scholes model, with appropriate assumptions for warrant life, stock value, risk free interest rate, and volatility.

	Number of warrants		Weighted average exercise price		Weighted average remaining life in years
Outstanding March 31, 2021		1,596,667	$	1.20		1.4
Granted		-
Exercised		-				-
Cancelled		-				-
Outstanding June 30, 2021		1,596,667	$	1.20		1.1
Exercisable June 30, 2021		1,596,667	$	1.20		1.1

The intrinsic value of outstanding warrants at June 30, 2021 was zero.

XML

FINANCIAL HIGHLIGHTS

3 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

FINANCIAL HIGHLIGHTS

NOTE 7 – FINANCIAL HIGHLIGHTS

Per share data ( a)
	June 30, 2021			March 31, 2021
Net asset value	$	0.64		$	1.03
Net increase (decrease) in net assets	$	(0.03	)	$	0.06
Net unrealized gain (loss) on investments	$	0.00		$	0.18
Ratios and Supplemental Data
Net assets, end of period	$	8,537,246		$	6,993,163
Weighted average common shares outstanding, end of period		13,268,871			5,836,832
Total operating expenses/net assets		4.5	%		11.0	%
Net increase (decrease) in net assets		(3.9)	%		6.1	%
Total return		(0.9)	%		1.2	%

(a) Per share data is based on the weighted average number of common shares outstanding at the end of the period.

XML

SUBSEQUENT EVENTS

3 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 8 - SUBSEQUENT EVENTS

Subsequent to June 30, 2021 the Company has sold $1,274,000 of shares of Series B-1 Preferred stock and issued 18,750 shares of Common Stock, and invested $952,000 in additional investments.

XML

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

(A) BASIS OF PRESENTATION

(A) BASIS OF PRESENTATION

The accompanying unaudited condensed 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 condensed 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 condensed financial statements include all adjustments (consisting only of normal recurring adjustments), which the Company considers necessary, for a fair presentation of those financial statements. The results of operations and cash flows for the three months ended June 30, 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 the audited financial statements of the Company for the year ended March 31, 2021, included in the Annual Report on Form 10-K as filed with the Securities and Exchange Commission (the “SEC”) on August 10, 2021.

The Company’s condensed interim financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires the use of estimates, assumptions and the exercise of subjective judgment as to future uncertainties. Actual results could differ from those estimates, assumptions, and judgments. Significant items subject to such estimates will include determining the fair value of investments, revenue recognition, income tax uncertainties, stock-based compensation, and other contingencies.

The Company’s financial statements are prepared using the specialized accounting principles of Accounting Standards Codification Topic 946, Financial Services—Investment Companies (ASC Topic 946). In accordance with this specialized accounting guidance, the Company recognizes and carries all of its investments at fair value with changes in fair value recognized in earnings. Additionally, the Company will not apply consolidation or equity method of accounting to its investments. The Company carries its liabilities at amounts payable, net of unamortized premiums or discounts. The Company does not currently plan to elect to carry its liabilities at fair value. Net assets are calculated as the carrying amounts of assets, including the fair value of investments, less the carrying amounts of its liabilities.

(B) INVESTMENT TRANSACTIONS AND NET REALIZED AND UNREALIZED GAIN OR LOSS ON INVESTMENTS

(B) INVESTMENT TRANSACTIONS AND NET REALIZED AND UNREALIZED GAIN OR LOSS ON INVESTMENTS

The Company generates increases or decreases in its net assets from the sale of complete or partial investments following a merger or acquisition (“M&A”) transaction or restructuring or from the revaluation of portfolio company investments to recognize changes in their value, either upwards or downwards. As a minority, early-stage investor, the Company does not have the ability to manage the timing or acceptance of liquidity events that will realize its investments, nor the ability to predict when they may happen, although as a general guideline, it would expect such events to occur approximately four to five years after its investments are made. The Company will record the changes in value from investment activities upon completion of sale and receipt of net proceeds, after deducting related transaction expenses as realized gains or losses. Realized gains or losses on the sale of investments, or upon the determination that an investment balance, or portion thereof, is not recoverable, are calculated using the specific identification method. The Company measures realized gains or losses by calculating the difference between the net proceeds from the repayment or sale and the cost basis of the investment. Net change in unrealized appreciation or depreciation reflects the change in the fair values of the Company’s portfolio investments during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. The Company is in regular contact with the management of its portfolio investment companies to provide a basis for valuation changes or impairment reviews. The Company does not expect to receive interest and principal repayments on its convertible notes and generally expects these notes to convert into equity securities upon completion of qualified subsequent financings. Accrued interest is then recorded as an adjustment to fair value.

(C) INCOME TAXES

(C) INCOME TAXES

The Company accounts for income taxes under the Financial Accounting Standards Accounting Standard Codification Topic 740 “Accounting for Income Taxes” (“Topic 740”). Under Topic 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable 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 are expected to be recovered or settled. Under Topic 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period, which includes the enactment date.

(D) USE OF ESTIMATES

(D) USE OF ESTIMATES

In preparing financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the period presented. Actual results may differ from these estimates.

Significant estimates during the three months ended June 30, 2021 and June 30, 2020 include the valuation of the investment portfolio, deferred tax assets, tax valuation allowance, stock options and warrants.

(E) CASH AND CASH EQUIVALENTS

(E) CASH AND CASH EQUIVALENTS

The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. There were no cash equivalents at June 30, 2021 and March 31, 2021, respectively.

(F) CONCENTRATIONS

(F) CONCENTRATIONS

The Company maintains its cash in bank checking and deposit accounts, which, at times, may exceed federally insured limits. As of June 30, 2021 and March 31, 2021, the Company’s bank balance exceeded the federally insured limit by approximately $230,000 and $1.2 million, respectively. The Company has not experienced any losses in such accounts through June 30, 2021.

(G) STOCK-BASED COMPENSATION

(G) STOCK-BASED COMPENSATION

Financial Accounting Standards Board Accounting Standards Codification Topic 718, “Stock Compensation” requires generally that all equity awards granted to employees and consultants be accounted for at fair value. This fair value is measured at grant date for stock settled awards, and at subsequent exercise or settlement for cash-settled awards. Under this method, the Company records an expense equal to the fair value of the options or warrants issued. The fair value is computed using the Black Scholes options pricing model. The Company granted 250,000 and 120,000 options to consultants and advisors during the three months ended June 30, 2021 and June 30, 2020, respectively.

(H) NET LOSS PER COMMON SHARE

(H) NET LOSS PER COMMON SHARE

In accordance with Statement of Financial Accounting Standards Accounting Standard Codification Topic 260, “Earnings per Share”, basic earnings per share is computed by dividing the net income less preferred dividends for the period by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net income less preferred dividends by the weighted average number of common shares outstanding including the effect of common stock equivalents. Common stock equivalents, consisting of preferred stock, stock options and warrants, have not been included in the calculation, as their effect is anti-dilutive for the periods presented. The following table sets out the number of shares used in calculating fully- diluted EPS using the if-converted method.

Class of shares	Three months ended June 30, 2021
Common Stock		13,268,871
Common stock subscribed not issued		-
Series A preferred stock		4,200,000	*
Series B preferred stock		4,320,156	*
Options		2,759,250	*
Warrants		1,596,667	*
Total shares used in calculating fully-diluted EPS		13,268,871

* These shares excluded from the calculation of fully-diluted EPS as the result would be anti-dilutive.

(I ) INVESTMENT AND VALUATION OF INVESTMENT AT FAIR VALUE

(I ) INVESTMENT AND VALUATION OF INVESTMENT AT FAIR VALUE

The Company reviews the performance of its investments based on available information, including management reports, press releases, web site announcements and progress reports, third party equity updates, management interviews and, where accessible, financial reports, to determine their current and future potential value and liquidity. In the event that Management considers the value of an investment to be impaired, the carrying value of the investment will be written down by an impairment charge to reflect Management’s estimated valuation. The Company recognized impairment of one of its investments which was written down by $61,046 in September 2019. The Company has not experienced any other impairment write-downs in any prior or subsequent periods.

The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures”, for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing US GAAP that require the use of fair value measurements which establishes a framework for measuring fair value and expands disclosure about such fair value measurements.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is an exchange price notion under which fair value is the price in an orderly transaction between market participants to sell an asset or transfer a liability in the market in which the reporting entity would transact for the asset or liability.

The Company has established procedures to estimate the fair value of its investments which the Company’s board of directors has reviewed and approved. The Company will use observable market data to estimate the fair value of investments to the extent that market data is available. In the absence of quoted market prices in active markets, or quoted market prices for similar assets or in markets that are not active, the Company will use the valuation methodologies described below with unobservable data based on the best available information in the circumstances, which incorporates the Company’s assumptions about the factors that a market participant would use to value the asset.

For investments for which quoted market prices are not available, which will comprise most of our investment portfolio, fair value will be estimated by using the income, market, or back-solve approach. The income approach is based on the assumption that value is created by the expectation of future benefits discounted to a current value and the fair value estimate is the amount an investor would be willing to pay to receive those future benefits. The market approach compares recent comparable transactions to the investment. The back solve method involves comparing available data over a period of time and inferring a new valuation based on changes from a known starting point, for example the cost of an investment. Adjustments are made for any dissimilarity between the comparable transactions and the investments. These valuation methodologies involve a significant degree of judgment on the part of our management and board.

In determining the appropriate fair value of an investment using these approaches, the most significant information and assumptions may include, as applicable: available current market data, including relevant and applicable comparable market transactions, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the investment’s ability to make payments, its earnings and discounted cash flows, the markets in which the company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, the principal market and enterprise values, environmental factors, subsequent financings by the portfolio investment, among other factors.

The estimated fair values will not necessarily represent the amounts that may be ultimately realized due to the occurrence or nonoccurrence of future circumstances that cannot be reasonably determined. Because of the inherent uncertainty of the valuation of the investments, the estimate of fair values may differ significantly from the value that would have been used had a broader market for the investments existed.

The authoritative accounting guidance prioritizes the use of market-based inputs over entity-specific inputs and establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation. The three levels of valuation hierarchy are defined as follows:

Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data

Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. Most of the Company’s investments are Level 3.

Critical accounting policies and practices are the policies that are both most important to the portrayal of our financial condition and results, and require management’s most difficult, subjective, or complex judgments, often as a result of the need to make estimates about matters that are inherently uncertain. These include estimates of the fair value of our Level 3 investments and other estimates that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements and the reported amounts of certain revenues and expenses during the reporting period. It is likely that changes in these estimates will occur in the near term. Our estimates are inherently subjective in nature and actual results could differ materially from such estimates. See “Note 1 – Significant Accounting Policies” to our financial statements as of March 31, 2021 as filed with the SEC on August 10, 2021, for further detail regarding our critical accounting policies and recently issued or adopted accounting pronouncements.

(J) RECENT ACCOUNTING PRONOUNCEMENTS

(J) RECENT ACCOUNTING PRONOUNCEMENTS

Management does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the accompanying financial statements.

(K) DEFERRED OFFERING COSTS

(K) DEFERRED OFFERING COSTS

Since April 2019, the Company has conducted a series of sales of common and preferred stock to fund its ongoing investment program and cost of operations. Typically, it expects that this series, from start to finish, may take from six to nine months and in order to match the cost and benefits of this process, the Company adopted a policy of capitalizing direct expenses incurred in the course of fund raising, with the intention of netting accumulated expenses against proceeds from sale of equity, and reporting the net funds raised at the close. Direct expenses include legal fees, investor relations fees, investor roadshows and meeting expenses, and related filing and printing fees. At June 31, 2021, the Company had deferred $170,889 of such expenses, relating to the preparation and filing of an N-2 Registration Statement.

XML

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SCHEDULE OF EARNINGS PER SHARE

Class of shares	Three months ended June 30, 2021
Common Stock		13,268,871
Common stock subscribed not issued		-
Series A preferred stock		4,200,000	*
Series B preferred stock		4,320,156	*
Options		2,759,250	*
Warrants		1,596,667	*
Total shares used in calculating fully-diluted EPS		13,268,871

* These shares excluded from the calculation of fully-diluted EPS as the result would be anti-dilutive.

XML

INVESTMENTS (Tables)

3 Months Ended

Jun. 30, 2021

Investments, All Other Investments [Abstract]

SUMMARY OF INVESTMENT PORTFOLIO

The following table summarizes the Company’s investment portfolio at June 30, 2021 and March 31, 2021.

	June 30, 2021				March 31, 2021
Number of portfolio companies		60				51
Fair value	$	8,140,007			$	6,821,407
Cost		6,952,145				5,686,545
% of portfolio at fair value
Convertible notes		3,252,175	40	%		2,553,954	37	%
Preferrred stock		3,384,237	42	%		3,129,458	46	%
Common stock		557,595	7	%		391,995	6	%
SAFE		425,000	5	%		325,000	5	%
Other ownership units		521,000	6	%		421,000	6	%
Total	$	8,140,007	100	%	$	6,821,407	100	%

SCHEDULE OF INVESTMENTS

	As of June 30, 2021
	Fair Value		Valuation Approach/ Technique	Unobservable Inputs	Range/ Weighted Average
Convertible notes	$	3,252,175	Market approach	Precedent and follow-on transactions		N/A
Preferred stock in private companies		3,384,237	Market approach	Precedent and follow-on transactions		N/A
Common stock in private companies		400,000	Market approach	Precedent and follow-on transactions		N/A
SAFE		425,000	Market approach	Precedent and follow-on transactions		N/A
Other investments		521,000	Market approach	Precedent and follow-on transactions		N/A
Total Investments	$	7,982,412

	As of March 31, 2021
	Fair Value		Valuation Approach/ Technique	Unobservable Inputs	Range/ Weighted Average
Convertible notes	$	2,553,954	Market approach	Precedent and follow-on transactions		N/A
Preferred stock in private companies		3,129,458	Market approach	Precedent and follow-on transactions		N/A
Common stock in private companies		300,000	Market approach	Precedent and follow-on transactions		N/A
SAFE		325,000	Market approach	Precedent and follow-on transactions		N/A
Other investments		421,000	Market approach	Precedent and follow-on transactions		N/A
Total Investments	$	6,729,412

SCHEDULE OF INVESTMENTS AT FAIR VALUE MEASUREMENTS OF INVESTMENTS

The following table presents fair value measurements of investments, by major class, as of June 30, 2021 and March 31, 2021, according to the fair value hierarchy:

	As of June 30, 2021
	Quoted prices in active markets for identical securities		Significant other observable inputs		Significant other inputs
Description	(Level 1)		(Level 2)		(Level 3)		Total
Investments at Fair Value
Private Portfolio Companies
Convertible notes	$	-	$	-	$	3,252,175	$	3,252,175
Preferred stock		-		-		3,384,237		3,384,237
Common stock		-		-		400,000		400,000
SAFEs		-		-		425,000		425,000
Other ownership interests		-		-		521,000		521,000
		-		-		7,982,412		7,982,412
Public Portfolio Companies
Common stock		157,595		-		-		157,595
Total Investments at Fair value	$	157,595	$	-	$	7,982,412	$	8,140,007

	As of March 31, 2021
Description	Level 1		Level 2		Level 3		Total
March 31, 2021
Investments at Fair Value
Private Portfolio Companies
Convertible notes	$	-	$	-	$	2,553,954	$	2,553,954
Preferred stock		-		-		3,129,458		3,129,458
Common stock		-		-		300,000		300,000
SAFEs		-		-		325,000		325,000
Other ownership interests		-		-		421,000		421,000
		-		-		6,729,412		6,729,412
Public Portfolio Companies
Common stock		91,995		-		-		91,995
Total Investments at Fair value	$	91,995	$	-	$	6,729,412	$	6,821,407

SCHEDULE OF INVESTMENTS IN UNREALIZED GAIN OR LOSSES FOREIGN EXCHANGE RATES ON SECURITIES

	America		Canada		Rest of World		Total
Fair value March 31, 2021	$	5,486,011	$	907,560	$	427,836	$	6,821,407
New investments		865,600		200,000		200,000		1,265,600
Proceeds from sale of investments		-		-		-		-
Realized gains		-		-		-		-
Change in value of investments		28,467		17,859		6,674		53,000
Fair value June 30, 2021	$	6,380,078	$	1,125,419	$	634,510	$	8,140,007

	America		Canada		Rest of World		Total
Fair value beginning of year March 31, 2020	$	2,170,499	$	245,000	$	250,000	$	2,665,499
New investments		200,000		50,000		-		250,000
Proceeds from sale of investments		-		-		-		-
Realized gains		-		-		-		-
Change in value of investments		-		-		-		-
Fair value June 30, 2020	$	2,370,499	$	295,000	$	250,000	$	2,915,499

Working on the experience of our technical advisors, we limit our investments to fintech, technology, and life sciences.

	Fintech		Technology		Life science		Total
Fair value March 31, 2021	$	126,030	$	1,394,318	$	5,301,059	$	6,821,407
New investments		-		365,600		900,000		1,265,600
Proceeds from sale of investments		-		-		-		-
Realized gains		-		-		-		-
Change in value of investments		-		21,541		31,459		53,000
Fair value June 30, 2021	$	126,030	$	1,781,459	$	6,232,518	$	8,140,007

	Fintech		Technology		Life science		Total
Fair value March 31, 2020	$	101,500	$	685,002	$	1,878,997	$	2,665,499
New investments		-		-		250,000		250,000
Proceeds from sale of investments		-		-		-		-
Realized gains		-		-		-		-
Change in value of investments		-		-		-		-
Fair value June 30, 2020	$	101,500	$	685,002	$	2,128,997	$	2,915,499

SCHEDULE OF ADJUSTMENT IN FAIR VALUE TO REFLECT IMPAIRMENT OF INVESTMENT

	Convertible notes		Preferred stock		Common stock		SAFEs		Other ownership interests		Total
Fair value March 31, 2021	$	2,553,954	$	3,129,458	$	391,995	$	325,000	$	421,000	$	6,821,407
Conversions into preferred stock		-		-		-		-		-		-
New investments		650,000		250,000		165,600		100,000		100,000		1,265,600
Proceeds from sale of investments		-		-		-		-		-		-
Realized gains		-		-		-		-		-		-
Change in value of investments		48,221		4,779		-		-		-		53,000
Fair value June 30, 2021	$	3,252,175	$	3,384,237	$	557,595	$	425,000	$	521,000	$	8,140,007

	Convertible notes		Preferred stock		Common stock		SAFEs		Other ownership interests		Total
Fair value March 31, 2020	$	1,528,002	$	701,497	$	126,500	$	73,500	$	236,000	$	2,665,499
Conversions into preferred stock		50,000		100,000		-		-		100,000		250,000
New investments		-		-		-		-		-		-
Proceeds from sale of investments		-		-		-		-		-		-
Realized gains		-		-		-		-		-		-
Change in value of investments		-		-		-		-		-		-
Fair value June 30, 2020	$	1,578,002	$	801,497	$	126,500	$	73,500	$	336,000	$	2,915,499

XML

EQUITY (Tables)

3 Months Ended

Jun. 30, 2021

Equity [Abstract]

SCHEDULE OF OPTIONS VESTED

	Number of options granted		Weighted average exercise price		Weighted average remaining life years
Outstanding March 31, 2021		2,634,250	$	0.05		8.13
Granted		250,000		0.07		9.82
Exercised		-		-		-
Cancelled		-		-		-
Outstanding June 30, 2021		2,884,250	$	0.05		8.53
Exercisable June 30, 2021		1,782,610	$	0.04		8.05

SCHEDULE OF FAIR VALUE ASSUMPTIONS - STOCK OPTIONS

In connection with the grant of stock options the Company recognises the value of the related option expense using the Black Scholes model, with appropriate assumptions for option life, stock value, risk free interest rate, volatility, and cancellations.

	June 30, 2021			March 31, 2021
Stock Price at grant date	$	0.070			$ 0.033 - $ 0.078
Exercise Price	$	0.070			$ 0.033 - $ 0.078
Term in Years		0 - 2.00			0 - 2.00
Volatility assumed		196	%		71% - 196%
Annual dividend rate		0.0	%		0.0	%
Risk free discount rate		0.12	%		0.12% - 2.0%

SCHEDULE OF WARRANTS

	Number of warrants		Weighted average exercise price		Weighted average remaining life in years
Outstanding March 31, 2021		1,596,667	$	1.20		1.4
Granted		-
Exercised		-				-
Cancelled		-				-
Outstanding June 30, 2021		1,596,667	$	1.20		1.1
Exercisable June 30, 2021		1,596,667	$	1.20		1.1

XML

FINANCIAL HIGHLIGHTS (Tables)

3 Months Ended

Jun. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SCHEDULE OF FINANCIAL HIGHLIGHTS

Per share data ( a)
	June 30, 2021			March 31, 2021
Net asset value	$	0.64		$	1.03
Net increase (decrease) in net assets	$	(0.03	)	$	0.06
Net unrealized gain (loss) on investments	$	0.00		$	0.18
Ratios and Supplemental Data
Net assets, end of period	$	8,537,246		$	6,993,163
Weighted average common shares outstanding, end of period		13,268,871			5,836,832
Total operating expenses/net assets		4.5	%		11.0	%
Net increase (decrease) in net assets		(3.9)	%		6.1	%
Total return		(0.9)	%		1.2	%

(a) Per share data is based on the weighted average number of common shares outstanding at the end of the period.

XML

DESCRIPTION OF BUSINESS (Details Narrative) - USD ($)		3 Months Ended
	Jan. 02, 2021	Jun. 30, 2021	Jun. 30, 2020	Oct. 01, 2021	Mar. 31, 2021	Mar. 31, 2018
Accumulated deficit		$ (33,290,978)			$ (32,957,186)	$ 32,380,746
Ownership percentage		5.00%
Cash		$ 481,506			$ 1,437,868
Subsequent Event [Member]
Cash				$ 500,000
Chief Executive Officer [Member]
Employee salary	$ 400,000
Percentage of salary	60.00%
Payroll related expense, gross		80,000	$ 0
Consulting fees		$ 0	$ 0
Number of options granted		0	0
Maximum [Member]
Investment by company		$ 250,000

XML

SCHEDULE OF EARNINGS PER SHARE (Details)	3 Months Ended
	Jun. 30, 2021 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total used in calculating fully-diluted EPS	13,268,871
Common Stock Issued [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total used in calculating fully-diluted EPS	13,268,871
Series A Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total used in calculating fully-diluted EPS	4,200,000	[1]
Series B Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total used in calculating fully-diluted EPS	4,320,156	[1]
Share-based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total used in calculating fully-diluted EPS	2,759,250	[1]
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total used in calculating fully-diluted EPS	1,596,667	[1]

[1] These shares excluded from the calculation of fully-diluted EPS as the result would be anti-dilutive.

XML

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Cash equivalents		$ 0		$ 0
Cash balance exceeds FDIC insured amount		230,000		$ 1,200,000
Impairment of investment	$ 61,046
Deferred offering cost		$ 170,889
Consultants [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Number of options granted		250,000	250,000
Advisors [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Number of options granted		120,000	120,000

XML

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Jun. 30, 2021	Mar. 31, 2021
Related Party Transactions [Abstract]
Related party accrued and owed	$ 72,205	$ 51,420

XML

SUMMARY OF INVESTMENT PORTFOLIO (Details)	Jun. 30, 2021 USD ($) Integer	Apr. 29, 2021 USD ($)	Mar. 31, 2021 USD ($) Integer	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)
Net Investment Income [Line Items]
Number of portfolio companies | Integer	60		51
Investment Owned, at Fair Value	$ 8,140,007		$ 6,821,407	$ 2,915,499	$ 2,665,499
Investment Owned, at Cost	$ 6,952,145		$ 5,686,545
Percentage of investment portfolio	100.00%		100.00%
Convertible Debt Securities [Member]
Net Investment Income [Line Items]
Investment Owned, at Fair Value	$ 3,252,175		$ 2,553,954	1,578,002	1,528,002
Investment Owned, at Cost	$ 2,866,048		$ 2,216,048
Percentage of investment portfolio	40.00%		37.00%
Preferred Stock [Member]
Net Investment Income [Line Items]
Investment Owned, at Fair Value	$ 3,384,237		$ 3,129,458	801,497	701,497
Percentage of investment portfolio	42.00%		46.00%
Common Stock [Member]
Net Investment Income [Line Items]
Investment Owned, at Fair Value	$ 557,595	$ 391,995	$ 391,995	126,500	126,500
Percentage of investment portfolio	7.00%		6.00%
SAFE [Member]
Net Investment Income [Line Items]
Investment Owned, at Fair Value	$ 425,000		$ 325,000	73,500	73,500
Percentage of investment portfolio	5.00%		5.00%
Other Ownership Units [Member]
Net Investment Income [Line Items]
Investment Owned, at Fair Value	$ 521,000		$ 421,000	$ 336,000	$ 236,000
Percentage of investment portfolio	6.00%		6.00%

XML

SCHEDULE OF INVESTMENTS (Details) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	$ 8,140,007	$ 6,821,407	$ 2,915,499	$ 2,665,499
Convertible Debt Securities [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	3,252,175	2,553,954	1,578,002	1,528,002
Common Stock in Private Companies [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	400,000	300,000
SAFE [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	425,000	325,000	$ 73,500	$ 73,500
Other Investments [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	521,000	421,000
Investment Fair Value [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	7,982,412	6,729,412
Investment Fair Value [Member] | Convertible Debt Securities [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	$ 3,252,175	$ 2,553,954
Valuation Approach/ Technique	Market approach	Market approach
Unobservable Inputs	Precedent and follow-on transactions	Precedent and follow-on transactions
Range/ Weighted Average	N/A	N/A
Investment Fair Value [Member] | Preferred Stock in Private Companies [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	$ 3,384,237	$ 3,129,458
Valuation Approach/ Technique	Market approach	Market approach
Unobservable Inputs	Precedent and follow-on transactions	Precedent and follow-on transactions
Range/ Weighted Average	N/A	N/A
Investment Fair Value [Member] | Common Stock in Private Companies [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	$ 400,000	$ 300,000
Valuation Approach/ Technique	Market approach	Market approach
Unobservable Inputs	Precedent and follow-on transactions	Precedent and follow-on transactions
Range/ Weighted Average	N/A	N/A
Investment Fair Value [Member] | SAFE [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	$ 425,000	$ 325,000
Valuation Approach/ Technique	Market approach	Market approach
Unobservable Inputs	Precedent and follow-on transactions	Precedent and follow-on transactions
Range/ Weighted Average	N/A	N/A
Investment Fair Value [Member] | Other Investments [Member]
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	$ 521,000	$ 421,000
Valuation Approach/ Technique	Market approach	Market approach
Unobservable Inputs	Precedent and follow-on transactions	Precedent and follow-on transactions
Range/ Weighted Average	N/A	N/A

XML

SCHEDULE OF INVESTMENTS AT FAIR VALUE MEASUREMENTS OF INVESTMENTS (Details) - USD ($)	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	$ 8,140,007	$ 6,821,407	$ 2,915,499	$ 2,665,499
Convertible Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	3,252,175	2,553,954	1,578,002	1,528,002
Preferred Stock [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	3,384,237	3,129,458	801,497	701,497
Common Stock in Private Companies [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	400,000	300,000
SAFE [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	425,000	325,000	$ 73,500	$ 73,500
Other Investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	521,000	421,000
Private Portfolio Companies [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	7,982,412	6,729,412
Common Stock in Public Companies [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	157,595	91,995
Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	157,595	91,995
Fair Value, Inputs, Level 1 [Member] | Convertible Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)
Fair Value, Inputs, Level 1 [Member] | Preferred Stock [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)
Fair Value, Inputs, Level 1 [Member] | Common Stock in Private Companies [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)
Fair Value, Inputs, Level 1 [Member] | SAFE [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)
Fair Value, Inputs, Level 1 [Member] | Other Investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)
Fair Value, Inputs, Level 1 [Member] | Private Portfolio Companies [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)
Fair Value, Inputs, Level 1 [Member] | Common Stock in Public Companies [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	157,595	91,995
Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)
Fair Value, Inputs, Level 2 [Member] | Convertible Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)
Fair Value, Inputs, Level 2 [Member] | Preferred Stock [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)
Fair Value, Inputs, Level 2 [Member] | Common Stock in Private Companies [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)
Fair Value, Inputs, Level 2 [Member] | SAFE [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)
Fair Value, Inputs, Level 2 [Member] | Other Investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)
Fair Value, Inputs, Level 2 [Member] | Private Portfolio Companies [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)
Fair Value, Inputs, Level 2 [Member] | Common Stock in Public Companies [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)
Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	7,982,412	6,729,412
Fair Value, Inputs, Level 3 [Member] | Convertible Debt Securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	3,252,175	2,553,954
Fair Value, Inputs, Level 3 [Member] | Preferred Stock [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	3,384,237	3,129,458
Fair Value, Inputs, Level 3 [Member] | Common Stock in Private Companies [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	400,000	300,000
Fair Value, Inputs, Level 3 [Member] | SAFE [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	425,000	325,000
Fair Value, Inputs, Level 3 [Member] | Other Investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	521,000	421,000
Fair Value, Inputs, Level 3 [Member] | Private Portfolio Companies [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	7,982,412	6,729,412
Fair Value, Inputs, Level 3 [Member] | Common Stock in Public Companies [Member]
Defined Benefit Plan Disclosure [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)

XML

SCHEDULE OF INVESTMENTS IN UNREALIZED GAIN OR LOSSES FOREIGN EXCHANGE RATES ON SECURITIES (Details) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Fair value, beginning	$ 6,821,407	$ 2,665,499
New investments	1,265,600	250,000
Proceeds from sale of investments
Realized gains
Change in value of investments	53,000
Fair value, ending	8,140,007	2,915,499
Fintech [Member]
Fair value, beginning	126,030	101,500
New investments
Proceeds from sale of investments
Realized gains
Change in value of investments
Fair value, ending	126,030	101,500
Technology [Member]
Fair value, beginning	1,394,318	685,002
New investments	365,600
Proceeds from sale of investments
Realized gains
Change in value of investments	21,541
Fair value, ending	1,781,459	685,002
Life Science [Member]
Fair value, beginning	5,301,059	1,878,997
New investments	900,000	250,000
Proceeds from sale of investments
Realized gains
Change in value of investments	31,459
Fair value, ending	6,232,518	2,128,997
America [Member]
Fair value, beginning	5,486,011	2,170,499
New investments	865,600	200,000
Proceeds from sale of investments
Realized gains
Change in value of investments	28,467
Fair value, ending	6,380,078	2,370,499
CANADA
Fair value, beginning	907,560	245,000
New investments	200,000	50,000
Proceeds from sale of investments
Realized gains
Change in value of investments	17,859
Fair value, ending	1,125,419	295,000
Rest of World [Member]
Fair value, beginning	427,836	250,000
New investments	200,000
Proceeds from sale of investments
Realized gains
Change in value of investments	6,674
Fair value, ending	$ 634,510	$ 250,000

XML

SCHEDULE OF ADJUSTMENT IN FAIR VALUE TO REFLECT IMPAIRMENT OF INVESTMENT (Details) - USD ($)	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Net Investment Income [Line Items]
Fair value, beginning	$ 6,821,407	$ 2,665,499
Conversions into preferred stock		250,000
New investments	1,265,600	250,000
Proceeds from sale of investments
Realized gains
Change in value of investments	53,000
Fair value, ending	8,140,007	2,915,499
Convertible Debt Securities [Member]
Net Investment Income [Line Items]
Fair value, beginning	2,553,954	1,528,002
Conversions into preferred stock		50,000
New investments	650,000
Proceeds from sale of investments
Realized gains
Change in value of investments	48,221
Fair value, ending	3,252,175	1,578,002
Preferred Stock [Member]
Net Investment Income [Line Items]
Fair value, beginning	3,129,458	701,497
Conversions into preferred stock		100,000
New investments	250,000
Proceeds from sale of investments
Realized gains
Change in value of investments	4,779
Fair value, ending	3,384,237	801,497
Common Stock [Member]
Net Investment Income [Line Items]
Fair value, beginning	391,995	126,500
Conversions into preferred stock
New investments	165,600
Proceeds from sale of investments
Realized gains
Change in value of investments
Fair value, ending	557,595	126,500
SAFE [Member]
Net Investment Income [Line Items]
Fair value, beginning	325,000	73,500
Conversions into preferred stock
New investments	100,000
Proceeds from sale of investments
Realized gains
Change in value of investments
Fair value, ending	425,000	73,500
Other Ownership Units [Member]
Net Investment Income [Line Items]
Fair value, beginning	421,000	236,000
Conversions into preferred stock		100,000
New investments	100,000
Proceeds from sale of investments
Realized gains
Change in value of investments
Fair value, ending	$ 521,000	$ 336,000

XML

INVESTMENTS (Details Narrative)	Jun. 30, 2021	Mar. 31, 2021
Investments, All Other Investments [Abstract]
Investment owned, percent of net assets approximate value	95.00%
Percentage of net asset		98.00%

XML

SCHEDULE OF OPTIONS VESTED (Details)	3 Months Ended
	Jun. 30, 2021 $ / shares shares
Equity [Abstract]
Number of options granted outstanding, Beginning balance | shares	2,634,250
Weighted average exercise price outstanding, Beginning balance | $ / shares	$ 0.05
Weighted average remaining life years, Beginning years	8 years 1 month 17 days
Number of options granted | shares	250,000
Weighted average exercise price granted | $ / shares	$ 0.07
Weighted average remaining life years granted	9 years 9 months 25 days
Number of options Exercised | shares
Weighted average exercise price Exercised | $ / shares
Number of options Cancelled | shares
Weighted average exercise price Cancelled | $ / shares
Number of options granted outstanding, Ending balance | shares	2,884,250
Weighted average exercise price outstanding, Ending balance | $ / shares	$ 0.05
Weighted average remaining life years, Ending years	8 years 6 months 10 days
Number of options granted Exercisable | shares	1,782,610
Weighted average exercise price Exercisable | $ / shares	$ 0.04
Weighted average remaining life years Exercisable	8 years 18 days

XML

SCHEDULE OF FAIR VALUE ASSUMPTIONS - STOCK OPTIONS (Details) - $ / shares	3 Months Ended	12 Months Ended
	Jun. 30, 2021	Mar. 30, 2021	Mar. 31, 2021
Stock Price at grant date	$ 0.070
Exercise Price	$ 0.070
Volatility assumed	196.00%
Annual dividend rate	0.00%	0.00%
Risk free discount rate	0.12%
Minimum [Member]
Stock Price at grant date			$ 0.033
Exercise Price			0.033
Term in Years	0 years	0 years
Volatility assumed		71.00%
Risk free discount rate		0.12%
Maximum [Member]
Stock Price at grant date			0.078
Exercise Price			$ 0.078
Term in Years	2 years	2 years
Volatility assumed		196.00%
Risk free discount rate		2.00%

XML

SCHEDULE OF WARRANTS (Details) - Warrant [Member]	3 Months Ended
	Jun. 30, 2021 $ / shares shares
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of warrants outstanding, Beginning balance	1
Weighted average exercise price outstanding, Beginning balance | $ / shares	$ 1
Weighted average remaining life years, Beginning years	1 year 4 months 24 days
Number of warrants granted
Number of warrants Exercised
Number of warrants Cancelled
Number of warrants outstanding, Beginning balance	1,596,667
Weighted average exercise price outstanding, Beginning balance | $ / shares	$ 1
Weighted average remaining life years, Ending years	1 year 1 month 6 days
Number of warrants Exercisable	1,596,667
Weighted average exercise price Exercisable | $ / shares	$ 1
Weighted average remaining life years Exercisable	1 year 1 month 6 days

XML

EQUITY (Details Narrative) - USD ($)				3 Months Ended
	Mar. 02, 2021	Jul. 31, 2019	Apr. 30, 2018	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Common stock par value				$ 0.01		$ 0.01
Preferred Stock, Par or Stated Value Per Share				$ 0.01		$ 0.01
Preferred Stock, Shares Authorized				19,800,000		19,800,000
Common Stock, Shares Authorized				40,000,000		40,000,000
Common Stock, Shares, Issued				13,268,871		9,983,082
Common Stock, Shares, outstanding				13,268,871		9,983,082
Share issued during period, value				$ 553,002	$ 375,000
Common stock subscription, shares						2,978,611
Common stock subscription, value						$ 1,191,442
Amortized stock option expense				10,557	1,048
outstanding stock options intrinsic value				$ 63,274	45,011
Remaining contractual term				1 year 4 months 20 days
Intrinsic value of outstanding warrants				$ 0
2018 Stock Option And Incentive Plan [Member]
Class of Stock [Line Items]
Reserving stock option issuance			2,697,085
2019 Stock Option And Incentive Plan [Member]
Class of Stock [Line Items]
Number of stock option grant		2,000,000
Expiration date		May 21, 2029
2020 Stock Option and Incentive Plan [Member]
Class of Stock [Line Items]
Number of stock option grant							2,000,000
Common Stock [Member]
Class of Stock [Line Items]
Sale of stock price per share				$ 0.40
Share issued during period, value
Number of warrant issued				4,200,000
Number of warrant exercise price				$ 1.20
Warrant terms				3 years
Common Stock [Member] | Amendment of Preferred Stock [Member]
Class of Stock [Line Items]
Share issued during period stock exchanged, shares				307,178
Share issued during period, value				$ 122,876
Non-Qualified Stock Options [Member]
Class of Stock [Line Items]
Stock options number of shares				250,000	120,000
Vesting terms				2 years	2 years
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Sale of stock, shares				4,200,000
Sale of stock price per share				$ 0.80
Excess outstanding shares				550,000
Preferred Stock, Par or Stated Value Per Share				$ 0.01		$ 0.01
Preferred Stock, Shares Authorized				4,200,000		4,200,000
Series A-1 Preferred Stock [Member]
Class of Stock [Line Items]
Common stock par value				$ 0.40
Share purchased value				$ 6,000
Share issued during period stock exchanged, shares				1,437,500
Series A-1 and Series A-2 Preferred Stock [Member] | IPO [Member]
Class of Stock [Line Items]
Purchased share discount percentage				10.00%
Series A-2 Preferred Stock [Member]
Class of Stock [Line Items]
Share issued during period stock exchanged, shares				2,212,500
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Sale of stock, shares				4,320,156
Sale of stock price per share				$ 0.80	$ 0.80
Excess outstanding shares				286,250
Preferred Stock, Par or Stated Value Per Share				$ 0.01		$ 0.01
Preferred Stock, Shares Authorized				6,000,000		6,000,000
Dividends percentage				10.00%
Proceeds from issuance of sale of stock				$ 3,456,124
Series B Preferred Stock [Member] | Common Stock [Member]
Class of Stock [Line Items]
Common stock par value	$ 0.40
Series B-1 Preferred Stock [Member]
Class of Stock [Line Items]
Sale of stock, shares				691,250
Share purchased value	$ 6,000
Share issued during period stock exchanged, shares				1,857,656
Series B-1 And Series B-2 [Member] | IPO [Member]
Class of Stock [Line Items]
Purchased share discount percentage	10.00%
Series B-2 Preferred Stock [Member]
Class of Stock [Line Items]
Share issued during period stock exchanged, shares				2,176,250

XML

SCHEDULE OF FINANCIAL HIGHLIGHTS (Details) - USD ($)		3 Months Ended	12 Months Ended
		Jun. 30, 2021	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net asset value	[1]	$ 0.64	$ 1.03
Net increase (decrease) in net assets	[1]	(0.03)	0.06
Net unrealized gain (loss) on investments	[1]	$ 0.00	$ 0.18
Net asset, end of period		$ 8,537,246	$ 6,993,163
Weighted average common shares outstanding, end of period		13,268,871	5,836,832
Total operating expenses/net assets		4.50%	11.00%
Net increase (decrease) in net assets		(3.90%)	6.10%
Total return		(0.90%)	1.20%

[1] Per share data is based on the weighted average number of common shares outstanding at the end of the period.

XML

SUBSEQUENT EVENTS (Details Narrative) - USD ($)		3 Months Ended
	Sep. 28, 2021	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Mar. 31, 2020
Subsequent Event [Line Items]
Number of stock issued value		$ 553,002	$ 375,000
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)		$ 8,140,007	2,915,499	$ 6,821,407	$ 2,665,499
Common Stock [Member]
Subsequent Event [Line Items]
Number of stock issued value
Series B-1 Preferred Stock [Member]
Subsequent Event [Line Items]
Sale of Series B Preferred stock at $0.80 per share, shares		1,857,656
Subsequent Event [Member]
Subsequent Event [Line Items]
Investments at fair value (cost of $6,952,145 and $5,686,545, respectively)	$ 952,000
Subsequent Event [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Sale of Series B Preferred stock at $0.80 per share, shares	18,750
Subsequent Event [Member] | Series B-1 Preferred Stock [Member]
Subsequent Event [Line Items]
Number of stock issued value	$ 1,274,000