RELATED PARTY TRANSACTIONS

6 Months Ended

Sep. 30, 2020

Disclosure Text Block [Abstract]

Related Party Transactions

NOTE 4 – RELATED PARTY TRANSACTIONS

Nemaura Pharma Limited (“Pharma”), NDM Technologies Limited (“NDM”) and Black and White Health Care Limited (“B&W”) are entities controlled by the Company’s Chief Executive Officer, President, director and majority stockholder, Dewan F.H. Chowdhury.

These condensed consolidated financial statements are intended to reflect all costs associated with the operations of DDL and TCL. Pharma has a service agreement with DDL to undertake development, manufacture and regulatory approvals under Pharma’s ISO13485 accreditation. In lieu of these services, Pharma invoices DDL on a periodic basis for said services. Services are provided at cost plus a service surcharge amounting to less than 10% of the total costs incurred.

The table below provides a summary of activity between the Company and Pharma and NDM for the six months ended September 30, 2020 and 2019, and the year ended March 31, 2020. These amounts are unsecured, interest free, and payable on demand.

	Six Months Ended September 30, 2020 (unaudited) ($)		Six Months Ended September 30, 2019 (unaudited) ($)		Year Ended March 31, 2020 ($)
Liability due to related parties at beginning of period	830,093		964,679		964,679
Amounts invoiced by Pharma to DDL, NM and TCL (1)	698,300		966,425		1,800,517
Amounts invoiced by DDL to Pharma	(7,060	)	(814	)	(10,963	)
Amounts paid by DDL to Pharma	(1,388,874	)	(867,013	)	(1,897,222	)
Foreign exchange differences	21,074		(56,743	)	(26,918	)
Liability due to related parties at end of period	153,533		1,006,534		830,093

(1) These amounts are included primarily in research and development expenses charged to the Company by Pharma.

The Company has an $8 million unsecured senior credit facility made available from certain majority stockholders as of August 1, 2019. No draw down has been made against this facility to date.

The Company routinely reviews its condensed consolidated statements of cash flows presentation of related party transactions for financing or operating classification based on the underlying nature of the item and intended repayment.