Note 8 - RELATED PARTY TRANSACTIONS

12 Months Ended

Mar. 31, 2015

Disclosure Text Block [Abstract]

Note 8 - Related Party Transactions

Nemaura Pharma Limited (Pharma) and NDM Technologies Limited (NDM) are entities controlled by the Company’s majority shareholder, DFH Chowdhury  

Pharma has invoiced DDL and TCL for research and development services. In addition, certain operating expenses of DDL and TCL were incurred and paid by Pharma and NDM.  In accordance with the United States Securities and Exchange Commission (SEC) Staff Accounting Bulletin 55, these financial statements reflect all costs associated with the operations of DDL and TCL.  While certain costs incurred by Pharma and NDM are directly attributable to DDL and TCL, other costs were shared between the organizations.  In situations where the costs were shared, expense has been allocated between Pharma and NDM and DDL and TCL using a fixed percentage allocation.  Management believes the methodologies used are reasonable and that the costs allocated are not materially different from what they would have been had Pharma and NDM been unaffiliated entities.  DDL and TCL advanced Pharma certain amounts to cover a portion of the costs.  For the year ended March 31, 2014, he remaining amounts were contributed to the Company in the form of contributed services.

Following is a summary of activity between the Company and Pharma and NDM for the years ended March 31, 2015 and 2014.

	Year Ended March 31, 2015 ($)	Year Ended March 31, 2014 ($)
Balance due (to) Pharma and NDM at beginning of period	-	-
Amounts advanced to Pharma	567,633	325,092
Amounts received from  Pharma	(7,692)	(149,280)
Reduction in prepayments to Pharma for clinical trials	(257,441)	-
Amount invoiced by Pharma to DDL and TCL	(106,193)	(557,670)
Expenses paid by Pharma on behalf of DDL and TCL	134	(28,574)
Intellectual property costs paid by Pharma on behalf of DDL and TCL	(946)	(7,327)
Capital contribution by Pharma (excess of expenses paid over amounts advanced)	-	420,401
Foreign exchange differences	(2,990)	(2,642)
Net balance due from  Pharma and NDM at end of the period	192,505	-

Advances to Pharma as of March 31, 2015 includes $505,000 advanced in connection with the Company’s clinical trials of which approximately $257,000 has been expensed during the year. The remaining advances of approximately $248,000 are expected to be fully expensed in fiscal 2016, as clinical trials are completed. At March 31, 2015, the net balance due from Pharma is comprised of the remaining clinical trials advances of $248,000, net of $55,000 payable to Pharma for other amounts invoiced during the year.

In addition, the Company engaged a related party, One-E Consulting Limited, to provide certain consulting services in the amount of $4,453 related to the Company’s public listing transaction.  Bashir Timol serves as Strategic Director of One-E Consulting Limited.  Mr. Timol is also a Director of the Company.