COMMITMENTS AND CONTINGENCIES	9 Months Ended
Jun. 30, 2018
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	9. COMMITMENTS AND CONTINGENCIES License Agreements In November 2016, the Company entered into a license agreement with Profs. Falini and Martelli, wherein it obtained the exclusive rights related to the use or reformulation of Actinomycin D and intends to utilize these rights for the development of new product. In connection with this agreement, the Company was committed to paying milestone payments, the first being a EUR 50,000 payment to be paid six months after the agreement was signed. The payment was made to Profs. Falini and Martelli in June 2017. During the nine months ended June 30, 2018, the second milestone was achieved triggering a payment EUR 50,000. This was paid in March 2018. The specific timing of the remaining milestones cannot be predicted and depends upon research and clinical developments. The Company expects to incur further payments of EUR 400,000 in respect of this agreement once milestones are achieved. Lease Agreements In February 2018, the Company renewed its lease agreement with the same terms, with Bucks County Biotechnology Centre Inc in Doylestown Pennsylvania, where certain employees of the Company are based. The lease provides for annual basic lease payments from February 1, 2018 to January 31, 2019 of $13,480, plus and utility expense estimate of $237 per month. During the three and nine months ended June 30, 2018, the Company had incurred approximately $4,000 and $12,000 respectively, of rental expenses related to this and the prior agreement. Employment and Consultancy Agreements In October 2015, Rasna Therapeutics Ltd entered into a consultancy agreement with James Tripp in which he agreed to consult on clinical operations for a fee of $10,000 per calendar quarter. Mr. Tripp's consultancy agreement ended in May 2017 and all outstanding obligations were settled with him. In September 2016, the board of directors awarded Mr Tripp 125,000 options to vest over a 3 year period, with an exercise price of $0.40. Upon the end of Mr Tripp's consultancy agreement in May 2017, all options were forfeited. In October 2016, the Company entered into a consultancy agreement with Tiziano Lazzaretti in which he agreed to serve as Chief Financial Officer for a fee of $50,000 per year. This was increased to $80,000 a year in April 2017 by the Company's compensation committee. During the three and nine months ended June 30, 2018, the Company had incurred approximately $20,000 and $60,000 respectively, of consultancy expenses related to this agreement. An additional $13,333 has been prepaid for fees relating to July and August 2018. On May 24, 2017, the Company entered into an executive employment agreement with Kunwar Shailubhai to serve as Chief Executive Officer and Chief Scientific Officer for a renumeration of $300,000 per annum. Also included within the agreement is a performance related bonus of 35% of base salary. Based on Board discretion, it is not probable that this bonus will be paid out for the period October 1, 2017 to June 30, 2018, therefore no bonus has been accrued as of June 30, 2018. During the three and nine months ended June 30, 2018, the Company had incurred approximately $75,000 and $225,000 respectively, of salary expenses related to this appointment. In June 2017, the board of directors awarded Dr Shailubhai 1,700,000 options to vest over a 4 year period, with an exercise price of $0.85 and a fair value at grant date of $985,081. During the three and nine months ended June 30, 2018, the Company had incurred approximately $77,000 and $331,000 respectively, of expenses related to these options. The Company has entered a number of employment agreements commencing in January 2017. These agreements relate to clinical and non clinical employees, and are reviewable on an annual basis. The Company's committed to paying approximately $499,000 of salary and bonus expenses for the 12 month period to June 2019. Shared Services Agreement The Company has entered into a shared services agreement with Tiziana Life Sciences Plc. Under the terms of this agreement, the Company will be charged for shared services including payroll and rent for the Lexington Avenue premises, on a monthly basis based on allocated costs incurred. This agreement is effective from January 1, 2017. At June 30, 2018 $37,012 is due to Tiziana Life Sciences PLC. During the three and nine months ended June 30, 2018, the Company had incurred approximately $61,000 and $159,000 of payroll and $30,000 and $88,000 of rental expenses respectively, related to this agreement. During the three and nine months ended June 30, 2017, the Company had incurred approximately $19,000 and $130,000 of payroll and $23,000 and $84,000 of rental expenses respectively, related to this agreement. As at June 30, 2018, the Company had also prepaid $48,946 of payroll and $59,489 of rental expenses respectively for the period July to December 2018 related to this agreement. In addition to this, as at June 30, 2018, the Company is also owed $105,274 from Tiziana Life Sciences Plc. The majority of the $105,274 were a transfer of funds to Tiziana Life Sciences PLC that were repaid back to Rasna in July 2018. Other Commitments The Company may enter into certain licensing agreements for products currently under development. The Company may be obligated in future periods to make additional payments, which would become due and payable only upon the achievement of certain research and development, regulatory, and approval milestones. The specific timing of such milestones cannot be predicted and depend upon future discretionary research and clinical developments, as well as, regulatory agency actions. Further, under the terms of certain agreements the Company may be obligated to pay commercial milestones contingent upon the realization of sales revenues and sublicense revenues. Due to the long range nature of such commercial milestones, they are neither probable at this time nor predictable, and consequently are not considered contingent milestone payment amounts.

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Jun. 30, 2018

COMMITMENTS AND CONTINGENCIES [Abstract]

9. COMMITMENTS AND CONTINGENCIES

License Agreements

In November 2016, the Company entered into a license agreement with Profs. Falini and Martelli, wherein it obtained the exclusive rights related to the use or reformulation of Actinomycin D and intends to utilize these rights for the development of new product. In connection with this agreement, the Company was committed to paying milestone payments, the first being a EUR 50,000 payment to be paid six months after the agreement was signed. The payment was made to Profs. Falini and Martelli in June 2017.

During the nine months ended June 30, 2018, the second milestone was achieved triggering a payment EUR 50,000. This was paid in March 2018.

The specific timing of the remaining milestones cannot be predicted and depends upon research and clinical developments. The Company expects to incur further payments of EUR 400,000 in respect of this agreement once milestones are achieved.

Lease Agreements

In February 2018, the Company renewed its lease agreement with the same terms, with Bucks County Biotechnology Centre Inc in Doylestown Pennsylvania, where certain employees of the Company are based. The lease provides for annual basic lease payments from February 1, 2018 to January 31, 2019 of $13,480, plus and utility expense estimate of $237 per month. During the three and nine months ended June 30, 2018, the Company had incurred approximately $4,000 and $12,000 respectively, of rental expenses related to this and the prior agreement.

Employment and Consultancy Agreements

In October 2015, Rasna Therapeutics Ltd entered into a consultancy agreement with James Tripp in which he agreed to consult on clinical operations for a fee of $10,000 per calendar quarter. Mr. Tripp's consultancy agreement ended in May 2017 and all outstanding obligations were settled with him.

In September 2016, the board of directors awarded Mr Tripp 125,000 options to vest over a 3 year period, with an exercise price of $0.40. Upon the end of Mr Tripp's consultancy agreement in May 2017, all options were forfeited.

In October 2016, the Company entered into a consultancy agreement with Tiziano Lazzaretti in which he agreed to serve as Chief Financial Officer for a fee of $50,000 per year. This was increased to $80,000 a year in April 2017 by the Company's compensation committee. During the three and nine months ended June 30, 2018, the Company had incurred approximately $20,000 and $60,000 respectively, of consultancy expenses related to this agreement. An additional $13,333 has been prepaid for fees relating to July and August 2018.

On May 24, 2017, the Company entered into an executive employment agreement with Kunwar Shailubhai to serve as Chief Executive Officer and Chief Scientific Officer for a renumeration of $300,000 per annum. Also included within the agreement is a performance related bonus of 35% of base salary. Based on Board discretion, it is not probable that this bonus will be paid out for the period October 1, 2017 to June 30, 2018, therefore no bonus has been accrued as of June 30, 2018. During the three and nine months ended June 30, 2018, the Company had incurred approximately $75,000 and $225,000 respectively, of salary expenses related to this appointment.

In June 2017, the board of directors awarded Dr Shailubhai 1,700,000 options to vest over a 4 year period, with an exercise price of $0.85 and a fair value at grant date of $985,081. During the three and nine months ended June 30, 2018, the Company had incurred approximately $77,000 and $331,000 respectively, of expenses related to these options.

The Company has entered a number of employment agreements commencing in January 2017. These agreements relate to clinical and non clinical employees, and are reviewable on an annual basis. The Company's committed to paying approximately $499,000 of salary and bonus expenses for the 12 month period to June 2019.

Shared Services Agreement

The Company has entered into a shared services agreement with Tiziana Life Sciences Plc. Under the terms of this agreement, the Company will be charged for shared services including payroll and rent for the Lexington Avenue premises, on a monthly basis based on allocated costs incurred. This agreement is effective from January 1, 2017. At June 30, 2018 $37,012 is due to Tiziana Life Sciences PLC. During the three and nine months ended June 30, 2018, the Company had incurred approximately $61,000 and $159,000 of payroll and $30,000 and $88,000 of rental expenses respectively, related to this agreement. During the three and nine months ended June 30, 2017, the Company had incurred approximately $19,000 and $130,000 of payroll and $23,000 and $84,000 of rental expenses respectively, related to this agreement.

As at June 30, 2018, the Company had also prepaid $48,946 of payroll and $59,489 of rental expenses respectively for the period July to December 2018 related to this agreement.

In addition to this, as at June 30, 2018, the Company is also owed $105,274 from Tiziana Life Sciences Plc. The majority of the $105,274 were a transfer of funds to Tiziana Life Sciences PLC that were repaid back to Rasna in July 2018.

Other Commitments

The Company may enter into certain licensing agreements for products currently under development. The Company may be obligated in future periods to make additional payments, which would become due and payable only upon the achievement of certain research and development, regulatory, and approval milestones. The specific timing of such milestones cannot be predicted and depend upon future discretionary research and clinical developments, as well as, regulatory agency actions. Further, under the terms of certain agreements the Company may be obligated to pay commercial milestones contingent upon the realization of sales revenues and sublicense revenues. Due to the long range nature of such commercial milestones, they are neither probable at this time nor predictable, and consequently are not considered contingent milestone payment amounts.