10-Q

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2018

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________ to ______________

Commission File Number: 000-55299

NASCENT BIOTECH INC

(Exact Name of Registrant as Specified in Its Charter)

Nevada	45-0612715
(State of Incorporation)	(IRS Employer Identification No.)
601 21st Street Suite 300, Vero Beach, FL	32960
(Address of Principal Executive Offices)	(Zip Code)

(612) 961-5656

(Registrant’s Telephone Number)

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) been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

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 large accelerated filer, an accelerated file, non-accelerated filer, or a smaller reporting company.

Large accelerated filer	¨	Accelerated filed	¨
Non-accelerated filer	¨	Smaller reporting company	x
		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 Exchange Act). Yes ¨ No x

As of November 2, 2018, the Registrant had 30,532,857 shares of common stock issued and outstanding.

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION
Item 1.	Financial Statement (Unaudited)	3
	Unaudited Consolidated Balance Sheets as of September 30, 2018, and March 31, 2018	3
	Unaudited Consolidated Statements of Operations for the Three and Six Months Ended September 30, 2018 and 2017	4
	Unaudited Consolidated Statements of Cash Flows for the Six Months Ended September 30, 2018 and 2017	5
	Notes to Unaudited Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	10
Item 3.	Quantitative and Qualitative Disclosures About Market Risks	12
Item 4.	Controls and Procedures	12
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	13
Item 1A.	Risk Factors	13
Item 2.	Unregistered Sales of Equity and Use of Proceeds	13
Item 3.	Default upon Senior Securities	13
Item 4.	Mine Safety Information	13
Item 5.	Other Information	13
Item 6.	Exhibits	14
SIGNATURES		15

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PART I – FINANCIAL INFORMATION

ITEM: 1 FINANCIAL STATEMENT

NASCENT BIOTECH, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	September 30, 2018			March 31, 2018
ASSETS
Current assets:
Cash and cash equivalents	$	110,172		$	116,994
Total current assets		110,172			116,994
Total assets	$	110,172		$	116,994
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	465,807		$	203,373
Due to related parties		35,000			--
Total current liabilities		500,807			203,373
Total liabilities		500,807			203,373
Stockholders’ (deficit):
Preferred stock, $0.001 par value, 10,000,000 authorized, none issued and outstanding	--			--
Common stock, $0.001 par value; 100,000,000 authorized, 30,532,857 and 27,753,365 issued and outstanding, respectively		30,533			27,754
Additional paid-in capital		11,821,138			11,350,456
Accumulated deficit		(12,242,306	)		(11,464,589	)
Total stockholders’ (deficit)		(390,635	)		(86,379	)
Total liabilities and stockholder’ (deficit)	$	110,172		$	116,994

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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NASCENT BIOTECH, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

As of September 30,

(Unaudited)

	Three Months						Six Months
	2018			2017			2018			2017
Operating expenses:
General and administrative expense	$	298,512		$	308,665		$	626,300		$	535,366
Research and development		39,500			249,561			151,439			321,409
Loss from operations		(338,012	)		(558,226	)		(777,739	)		(856,775	)
Other income (expense):
Interest income		14			28			22			47
Gain on change in fair value of derivative liability		--						--			346
Total other income (expense)		14			28			22			393
Net loss before income taxes		(337,998	)		(558,198	)		(777,717	)		(856,382	)
Net loss	$	(337,998	)	$	(558,198	)	$	(777,717	)	$	(856,382	)
Net loss per share, basic and diluted	$	(0.01	)	$	(0.02	)	$	(0.03	)	$	(0.03	)
Weighted average number of shares outstanding, basic and diluted		29,733,807			24,049,439			28,950,329			24,483,928

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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NASCENT BIOTECH, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Six Months Ended September 30,
	2018			2017
Cash flows from operating activities:
Net (loss)	$	(777,717	)	$	(856,382	)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of derivative liability		--			(346	)
Stock based compensation – related parties		85,476
Stock-based compensation		27,500			123,182
Option expense		19,200			21,824
Changes in operating assets and liabilities:
Accounts payable and accrued expenses		262,434			(34,111	)
Accrued expenses – related parties		35,000			--
License agreement liability		--			(6,000	)
Net cash used in operating activities		(348,107	)		(751,833	)
Cash flows from financing activities:
Common stock issued for exercise of warrants		83,285			1,928
Proceeds from sale of common stock and warrants		258,000			1,146,059
Net cash provided by financing activities		341,285			1,147,987
Net increase (decrease) in cash		(6,822	)		396,154
Cash and cash equivalents – beginning of year		116,994			129,806
Cash and cash equivalents – end of period	$	110,172		$	525,960
SUPPLEMENT DISCLOSURES:
Interest paid	$	--		$	--
Income taxes paid	$	--		$	--

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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NASCENT BIOTECH, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

NOTE 1 - ORGANIZATION AND NATURE OF OPERATIONS

Nascent Biotech, Inc. (“Nascent” or the “Company””) was incorporated on March 3, 2014 under the laws of the State of Nevada. The Company is actively developing its primary asset Pritumumab for the treatment of brain cancer and pancreatic cancer. Nascent is also actively researching other cancers that have a high probability of benefiting from the therapeutic effects of Pritumumab because they share a common target. Pritumumab has shown to be very effective at low doses in previous clinical studies in Japan. Nascent is a pre-clinical stage biopharmaceutical company that focuses on biologic drug candidates that are preparing for initial clinical testing for the treatment of brain and pancreatic cancer.

On March 31, 2017 the Company filed its IND submission with the Federal Drug Administration (FDA) for clearance to begin Phase I clinical trials. The Company is in the process of responding to additional data requests from the FDA requiring additional testing of the product and additional materials to answer specific questions from the FDA.

On April 1, 2018 the Company adopted ASC 606 (Revenue From Contracts with Customers) which is effective for annual and interim reporting periods after December 15, 2017. As the Company has no revenue during this period there is no impact from adoption.

NOTE 2 - BASIS OF PRESENTATION

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles. The Company has elected a fiscal year ending on March 31.

The accompanying unaudited interim consolidated financial statements of the Company for the six months ended September 30, 2018 and 2017 have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information in accordance with Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the year ended March 31, 2018. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position and the results of operations for the interim periods presented herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for any subsequent quarters or for an entire year.

NOTE 3 - GOING CONCERN

The Company’s consolidated financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company had incurred net losses since inception and after the year ended March 31, 2017 in which the Company posted net income from a license sale to a pharmaceutical company in China. The Company has no revenue to cover its operating costs and the Company will incur additional expenses in the future developing their product. These factors raise substantial doubt about the company’s ability to continue as a going concern. The Company engages in research and development activities that must be satisfied in cash secured through outside funding. The Company may offer noncash consideration and seek equity lines as a means of financing its operations. If the Company is unable to obtain revenue producing contracts or financing or if the revenue or financing it does obtain is insufficient to cover any operating losses it may incur, it may substantially curtail or terminate its operations or seek other business opportunities through strategic alliances, acquisitions or other arrangements that may dilute the interests of existing stockholders. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

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NOTE 4 - RELATED PARTY TRANSACTIONS

On September 1, 2015, the Company entered five-year employment contracts with three of its officers and directors. Under the terms of the agreements the Company issued shares of common stock to the officers and directors equaling 11% of the outstanding shares of the Company as of the date of the contracts. As additional future shares are issued, the officers and directors are entitled to additional shares so their aggregate ownership percentage remains at 11% of the outstanding shares of the Company. The following table sets forth the shares earned under these contracts as of September 30, 2018:

Officer and Director	Initial Share Awards Under the Contracts		Additional Shares Earned to Maintain Ownership Percentage		Total Shares Earned
President		1,028,910		498,060		1,526,970
Chief Financial Officer		617,346		298,826		916,172
Executive Vice President		617,346		298,826		916,172
Total		2,263,602		1,095,712		3,359,514

In addition, if the officers and directors are removed from the Company they are entitled to receive a cash severance payment per annum for each year of the term of the contract less salary payments received to date of termination. The table below sets forth the annual salary and annual severance amounts per the contracts:

Officer and Director	Fiscal Year Annualized Compensation Being Paid		Annual Severance per Contract if Terminated
President	$	186,000	$	250,000
Chief Financial Officer	$	132,000	$	180,000
Executive Vice President	$	84,000	$	140,000
Total	$	402,000	$	570,000

During the six month period ended September 30, 2017 the Company issued 486,451 shares of common stock to three officers and a director of the Company with a value of $123,182 for service.

During the six month period ended September 30, 2018 the Company issued 306,640 shares of common stock to three officers of the Company with a value of $85,476 for service.

During the six month period ended September 30, 2018 the Company paid a related party and Chairman of the Scientific Board $12,000 in consulting fees and accrued $3,000 of the fees. During the same period in 2017 the Company paid $30,000 to the same individual.

During the six month period ended September 30, 2018 the Company accrued $32,000 in fees due officers of the Company.

NOTE 5 - COMMON STOCK

During the six months ended September 30, 2017 the Company issued 3,274,455 shares of common stock and 1,911,223 warrants to 15 individuals for cash of $1,146,059.

During the six months ended September 30, 2017 the Company issued 78,572 shares of common stock to three individual exercising 78,572 warrants for cash of $1,928.

During the six month period ended September 30, 2017 the Company issued 486,451 shares of common stock to three officers and an independent director of the Company with a value of $123,182 for service.

During the six months ended September 30, 2018 the Company issued 737,142 shares of common stock plus 237,747 warrants to eight individuals for $258,000 in cash. The warrants vest immediately and terminate in one year with conversion price from $0.05-$0.50.

During the six months ended September 30, 2018 the Company issued 1,665,710 shares of common stock for the conversion of 1,665,710 warrants with a value of $83,285.

During the six month period ended September 30, 2018 the Company issued 70,000 shares of common stock of the Company to two individuals with a value of $27,500 for service.

During the six month period ended September 30, 2018 the Company issued 306,640 shares of common stock to three officers of the Company with a value of $85,476 for service.

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NOTE 6 - OPTIONS

During the six month period ended September 30, 2018, the Company expensed $19,200 related to its option awards. The unrecognized future balance to be expensed over the remaining vesting term of the options is $21,854 as of September 30, 2018.

The following sets forth the options granted and outstanding during the six months ended September 30, 2018:

	Options		Weighted Average Exercise Price		Weighted Average Remaining Contract Life		Number of Options Exercisable		Intrinsic Value
Outstanding at March 31, 2018		1,365,000	$	0.35		7.88		1,236,000	$	--
Granted		40,000		0.25		9.50		--		--
Exercised		--		--		--		--		--
Outstanding at September 30, 2018		1,405,000	$	0.34		7.44		1,296,000	$	--

The weighted average remaining life and intrinsic value of the options as of September 30, 2018, was 7.44 years and zero, respectively.

NOTE 7 - WARRANTS

During the six month period ended September 30, 2017, the Company issued 1,911,223 warrants along with 3,274,455 shares of common stock to 15 individuals for aggregate cash proceeds of $1,146,059. Each warrant is exercisable, within one years of the issuance, into one share of the Company’s common stock at $0.05 per share.

During the six month period ended September 30, 2017 three individual exercised 78,572 warrants into 78,572 shares of common stock with a value of $1,928 in cash. As of September 30, 2017, the Company had total outstanding warrants of 2,347,012.

During the six month period ended September 30, 2018, the Company issued 237,747 warrants with each warrant is exercisable, within one year of the issuance, into one share of the Company’s common stock at $0.05 to $0.50 per share.

During the six month period ended September 30, 2018 seventeen individual exercised 1,665,710 warrants into 1,665,710 shares of common stock with a value of $83,285 in cash. As of September 30, 2018, the Company had total outstanding warrants of 511,975.

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The weighted average remaining life and intrinsic value of the warrants as of September 30, 2018, was 0.50 years and $22,486 respectively.

						Weighted
				Weighted		Average
				Average		Remaining
				Exercise		Contract		Intrinsic
	Warrants			Price		Life		Value
Outstanding at March 31, 2018		1,939,938		$	0.09		0.38	$	333,133
Granted		237,747			0.20		.87		--
Exercised		(1,665,710	)		0.05		--		--
Outstanding at September 30, 2018		511,975		$	0.28		0.50	$	22,486

NOTE 8 - LICENSE AGREEMENT

On September 13, 2016, the Company completed a license agreement with a company based in China to license the Company’s product for production and sales in China. Under the terms of the license agreement the initial payment of $600,000 was made by the licensee on March 30, 2016 to suspend negotiations with other license parties. The $600,000 payment was recorded in the prior year as deferred income. After it became nonrefundable when the license agreement was signed September 13, 2016 and the negotiation suspension period ceased, the Company recorded the revenue. On July 6, 2016, the Company received the balance of the license payment of $2,400,000 less taxes of 10% ($240,000). A payment of $5,000,000 less taxes of 10% will be received when the product is cleared by the China FDA for clinical trial and a payment of $8,000,000 less taxes of 10% upon approval for commercial use within the license territory. In addition, a royalty of 9% of net sales less taxes of 10% will be paid to the Company for a period of 20 years after approval for commercial use.

NOTE 9 - COMMITMENTS AND CONTINGENCIES

On September 30, 2016, the Company entered a cell line sales agreement with the product manufacturer. Under the terms of the agreement the Company is obligated to make future payments based on the milestones of its achievements. These future payments may be as followed;

1.	$100,000 upon the initiation (first dose/first patient) of the first Phase I clinical trial (or equivalent) of a Product;
2.	$225,000 upon the initiation (first dose/first patient) of the first Phase III clinical trial (or equivalent) of a Product
3.	$225,000 payable upon the first Biologics License Application approval (or equivalent) of a product.
4.	Annual maintenance fee upon completion of phase I manufacturing or the transfer of the cell line from Catalent’s control of $50,000;
5.	A contingent sales fee upon first commercial sale of a product of 1% of sales or $150,000 whichever is greater payable quarterly.

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ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERTIONS

This report contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. The Company’s actual results could differ materially from those set forth on the forward-looking statements because of the risks set forth in our filings with the Securities and Exchange Commission, general economic conditions, and changes in the assumptions used in making such forward looking statements.

Nascent Biotech, Inc (“Nascent” or the “Company”) was incorporated on March 3, 2014 under the laws of the State of Nevada. The Company is actively developing its primary asset Pritumumab for the treatment of brain cancer and pancreatic cancer. Nascent is also actively researching other cancers that have a high probability of benefiting from the therapeutic effects of Pritumumab because they share a common target. Pritumumab has shown to be very effective at low doses in previous clinical studies in Japan.

Nascent is a pre-clinical stage biopharmaceutical company that develops monoclonal antibodies for the treatment of various forms of cancer. The Company focuses on biologic drug candidates that are undergoing or have already completed initial clinical testing for the treatment of cancer and then seek to further develop those drug candidates for commercial use. Nascent currently own the license rights to a drug candidate, pritumumab, which the Company is developing for the treatment of brain cancer and pancreatic cancer both of which we hold orphan drug status granted by the FDA.

Overview

The Company is focused on developing pritumumab for the treatment of patients with brain cancer malignancies such as gliomas and astrocytomas. Pritumumab is a monoclonal antibody that has been tested on 249 brain cancer patients and reviewed by the Ministry of Health and Welfare in Japan. The objective of the Phase I and Phase II human clinical trial was to determine the safety of pritumumab in humans and its efficacy in eliminating tumors or reducing tumor size in patients with brain cancer. These clinical trials were conducted at 22 clinical sites within Japan during a 14-year time (1988 to 2002). Except for 17 patients that were treated for a period of four weeks in a Phase I (safety) study (1mg per week dosage), all patients were dosed at 1 mg, either once or twice per week, for 24 weeks, and were evaluated for both safety and efficacy. The sponsor of those trials was the Hagiwara Institute of Health (HIH). Manufacturing of Pritumumab was done by Japan Pharmaceutical Development Company-a pharmaceutical contract manufacturing company, and all pre-clinical development work was performed at HIH. At the end of the Phase II trial, the HIH was approved for expanded Phase III trials in humans; however, the founder of HIH passed away and the clinical development of Pritumumab was suspended. A concern at that time was the ability to manufacture enough pritumumab to continue clinical trials. The product has never been approved for sale in Japan or elsewhere. Current therapeutic strategies for brain cancer include the use of the chemotherapy, surgical intervention or radiation therapy. Because these treatments have marginal outcomes there exists a need to develop safer, more effective drugs. Temodar-the most commonly used Chemotherapeutic drug used to treat brain cancer, is attributed to only median rates of survival and many brain tumors are eligible for surgery. Moreover, even when removed, most brain tumors come back within one year post-operation. Today, with current standards of care, less than 60% of all brain cancer patients will live past the first year after diagnosis, and less than 35% of patients will live to five years. Glioblastoma, a particularly aggressive form of brain cancer that constitutes 42% of ALL brain and other nervous system cancers, has survival rates of 36.5% at 1 year and 5% at 5 years. (SEER Registry Data, September 15^th, 2016 (Central Brain Tumor Registry of the United States).

The Company has submitted its IND information to the FDA and is now responding to questions from the IND to get clearance.

Results of Operations

The Company recorded zero of revenue during the three and six month periods ended September 30, 2018, and 2017,respectively.

General and administrative expenses for the three and six month periods ended September 30, 2018 was $298,512 and $626,300 compared to $308,665 and $535,366 in 2017, respectively. This increase in expenses for the six months ended September 30, 2018 over the same period in 2017 was due to an increase in cost for IND filing of the Company in 2018.

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Research and development expenses for the three and six month periods ended September 30, 2018 was $39,500 and $151,439 compared to $249,561 and $321,409 in the same period in 2017, respectively. This decrease in expenses for the three and six months ended September 30, 2018 over the same period in 2017 reflected decreased testing required in the filing of the IND with the FDA.

Total other income incurred in the three and six month periods ended September 30, 2018 was $14 and $22, compared to other income of $28 and $47 in the same periods in 2017, respectively. Other income consisted of interest income from saving account for all periods.

For the three and six month periods ended September 30, 2018, our net loss was $337,998 and $777,717 compared to a net loss of $558,198 and $856,382 for the same periods in 2017. The difference between the periods in 2018 and 2017 relates to lower research and development costs along with higher general and administrative costs preparing the IND re submission.

Liquidity and Capital Resources

The Company’s liquidity and capital is dependent on the capital it can raise to continue the Company’s development and testing of its product. The Company projects it must raise approximately $10-15 million to complete its Phase I and Phase II clinical studies.

There are no agreements or understandings about future loans by or with the officers, directors, principals, affiliates, or shareholders of the Company. The Company will continue to raise outside capital through loans, equity sales and possible licensing agreements. These factors raise substantial doubt about the company’s ability to continue as a going concern

At September 30, 2018, the Company had negative working capital of $390,635. Current assets consist of cash of $110,172. Current liabilities as of the same date were $500,807 consisting of accounts payable of which approximately $270,000 was cost overrun on the IND submission.

Net cash used in operating activities in the six months period ended September 30, 2018 was $348,107 compared to net cash used of $751,833 in the same period in 2017. The variance between the same periods in 2018 and 2017 relates mainly change in accounts payable of $297,434 in 2018.

Net cash provided by financing activities for the six month period ended September 30, 2018 was $341,285 compared to $1,147,987 in the same period in 2017. Cash provided was a result of the conversion of warrants to common stock of $83,285 and from the sale of common stock of $258,000 for the six months period in 2018.

As of September 30, 2018, the Company had total assets of $110,172 and total liabilities of $500,807. Stockholders’ deficit as of September 30, 2018 was $390,635. This compares to a stockholders’ deficit of $86,379 as of March 31, 2018. Liabilities increased in 2018 due mainly to an increase in accounts payable during this period versus the same period in 2017.

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NEED FOR ADDITIONAL FINANCING:

Our current capital needs are estimated to be approximately $10-15 million. This will take us through Phase I/II clinical trials which are scheduled to begin in the fourth quarter 2019.

Off-Balance Sheet Arrangements

We had no off-balance sheet arrangements or guarantees of third party obligations at September 30, 2018.

Inflation

We believe that inflation has not had a significant impact on our operations since inception.

ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

Not applicable.

ITEM 4: CONTROLS AND PROCEDURES

Under the supervision and the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation as of September 30, 2018, of the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended. Based on this evaluation, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures were not effective as of September 30, 2018, Such conclusion reflects the identification of material weakness as follows: (1) lack of accounting proficiency of our chief executive officer who is our sole officer and our principal accounting officer which has resulted in a reliance on part-time outside consultants to perform substantially all of our accounting functions, (2) a lack of adequate segregation of duties and necessary corporate accounting resources in our financial reporting process and accounting function, and (3) lack of control procedures that include multiple levels of review. Until we can remedy these material weaknesses, we have engaged third party consultants and accounting firm to assist with financial reporting.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the three months ended September 30, 2018 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

ITEM 1: LEGAL PROCEEDINGS

None

ITEM 1A: RISK FACTORS

There have been no material changes to Nascent Biotech’s risk factors as previously disclosed in our most recent Form 10-K filing.

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

During the six months ended September 30, 2018 the Company issued 737,142 shares of common stock plus 237,747 warrants to eight individuals for $258,000 in cash. The warrants vest immediately and terminate in one year with conversion price from $0.05-$0.50.

During the six months ended September 30, 2018 the Company issued 1,665,710 shares of common stock for the conversion of 1,665,710 warrants with a value of $83,285.

During the six month period ended September 30, 2018 the Company issued 70,000 shares of common stock of the Company to two individuals with a value of $27,500 for service.

During the six month period ended September 30, 2018 the Company issued 306,640 shares of common stock to three officers of the Company with a value of $85,476 for service.

ITEM 4: MINE SAFETY INFORMATION

None

ITEM 5: OTHER INFORMATION

None.

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ITEM 6: EXHIBITS

Exhibit No.	Description
31.1	Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of CFO Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101	XBRL Interactive Data Files

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SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	NASCENT BIOTECH, INC.
Dated: November 2, 2018	By:	/s/ Sean Carrick
		Sean Carrick
		Principal Executive Officer

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EX-31.1

EXHIBIT 31.1

OFFICER’S CERTIFICATE PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Sean Carrick, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Nascent Biotech, Inc. (the “registrant”) for the period ending September 30, 2018;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d – 15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end to the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: November 2, 2018	By:	/s/ Sean Carrick
		Sean Carrick
		President
		(Principal Executive Officer)

EX-31.2

EXHIBIT 31.2

OFFICER’S CERTIFICATE PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Lowell Holden, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q of Nascent Biotech, Inc. (the “registrant”) for the period ending September 30, 2018;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d – 15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end to the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: November 2, 2018	By:	/s/ Lowell Holden
		Lowell Holden
		Chief Financial Officer
		(Principal Financial Officer & Principal Accounting Officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATE PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report (the “Report”) on the Form 10-Q of Nascent Biotech, Inc. (the “Company”) for the period ended September 30, 2018, as filed with the Securities and Exchange Commission on the date hereof, I, Sean Carrick, Chief Executive Officer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

1.	The Report fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities and Exchange Act of 1934 (15 U.S.C. 78m or 78o (d)), as amended; and
2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

  

Date: November 2, 2018	By:	/s/ Sean Carrick
		Sean Carrick
		President
		(Principal Executive Officer)

EX-32.2

EXHIBIT 32.2

CERTIFICATE PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report (the “Report”) on the Form 10-Q of Nascent Biotech, Inc. (the “Company”) for the period ended September 30, 2018, as filed with the Securities and Exchange Commission on the date hereof, I, Lowell Holden, Chief Financial Officer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

1.	The Report fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities and Exchange Act of 1934 (15 U.S.C. 78m or 78o (d)), as amended; and
2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

Date: November 2, 2018	By:	/s/ Lowell Holden
		Lowell Holden
		Chief Financial Officer (Principal Financial Officer & Principal Accounting Officer)

XML

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2018	Nov. 02, 2018
Document And Entity Information
Entity Registrant Name	NASCENT BIOTECH INC.
Entity Central Index Key	0001622057
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		30,532,857
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2019
Entity Emerging Growth Company	false
Entity Small Business	true

XML

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2018	Mar. 31, 2018
Current assets:
Cash and cash equivalents	$ 110,172	$ 116,994
Total current assets	110,172	116,994
Total assets	110,172	116,994
Current liabilities:
Accounts payable and accrued liabilities	465,807	203,373
Due to related parties	35,000
Total current liabilities	500,807	203,373
Total liabilities	500,807	203,373
Stockholders' (deficit):
Preferred stock, $0.001 par value, 10,000,000 authorized, none issued and outstanding
Common stock, $0.001 par value; 100,000,000 authorized, 30,532,857 and 27,753,365 issued and outstanding, respectively	30,533	27,754
Additional paid-in capital	11,821,138	11,350,456
Accumulated deficit	(12,242,306)	(11,464,589)
Total stockholders' (deficit)	(390,635)	(86,379)
Total liabilities and stockholder' (deficit)	$ 110,172	$ 116,994

XML

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2018	Mar. 31, 2018
Stockholders': (deficit)
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, authorized shares	10,000,000	10,000,000
Preferred stock, issued shares	0	0
Preferred stock, outstanding shares	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized shares	100,000,000	100,000,000
Common stock, issued shares	30,532,857	27,753,365
Common stock, outstanding shares	30,532,857	27,753,365

XML

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Operating expenses:
General and administrative expense	$ 298,512	$ 308,665	$ 626,300	$ 535,366
Research and development	39,500	249,561	151,439	321,409
Loss from operations	(338,012)	(558,226)	(777,739)	(856,775)
Other income (expense):
Interest income	14	28	22	47
Gain on change in fair value of derivative liability				346
Total other income (expense)	14	28	22	393
Net loss before income taxes	(337,998)	(558,198)	(777,717)	(856,382)
Net loss	$ (337,998)	$ (558,198)	$ (777,717)	$ (856,382)
Net loss per share, basic and diluted	$ (0.01)	$ (0.02)	$ (0.03)	$ (0.03)
Weighted average number of shares outstanding, basic and diluted	29,733,807	24,049,439	28,950,329	24,483,928

XML

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net (loss)	$ (777,717)	$ (856,382)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of derivative liability		(346)
Stock based compensation - related parties	85,476
Stock-based compensation	27,500	123,182
Option expense	19,200	21,824
Changes in operating assets and liabilities:
Accounts payable and accrued expenses	262,434	(34,111)
Accrued expenses - related parties	35,000
License agreement liability		(6,000)
Net cash used in operating activities	(348,107)	(751,833)
Cash flows from financing activities:
Common stock issued for exercise of warrants	83,285	1,928
Proceeds from sale of common stock and warrants	258,000	1,146,059
Net cash provided by financing activities	341,285	1,147,987
Net increase (decrease) in cash	(6,822)	396,154
Cash and cash equivalents - beginning of year	116,994	129,806
Cash and cash equivalents - end of period	110,172	525,960
SUPPLEMENT DISCLOSURES:
Interest paid
Income taxes paid

XML

ORGANIZATION AND NATURE OF OPERATIONS

6 Months Ended

Sep. 30, 2018

Notes to Financial Statements

NOTE 1 - ORGANIZATION AND NATURE OF OPERATIONS

Nascent Biotech, Inc. (“Nascent” or the “Company””) was incorporated on March 3, 2014 under the laws of the State of Nevada. The Company is actively developing its primary asset Pritumumab for the treatment of brain cancer and pancreatic cancer. Nascent is also actively researching other cancers that have a high probability of benefiting from the therapeutic effects of Pritumumab because they share a common target. Pritumumab has shown to be very effective at low doses in previous clinical studies in Japan. Nascent is a pre-clinical stage biopharmaceutical company that focuses on biologic drug candidates that are preparing for initial clinical testing for the treatment of brain and pancreatic cancer.

On March 31, 2017 the Company filed its IND submission with the Federal Drug Administration (FDA) for clearance to begin Phase I clinical trials. The Company is in the process of responding to additional data requests from the FDA requiring additional testing of the product and additional materials to answer specific questions from the FDA.

On April 1, 2018 the Company adopted ASC 606 (Revenue From Contracts with Customers) which is effective for annual and interim reporting periods after December 15, 2017. As the Company has no revenue during this period there is no impact from adoption.

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BASIS OF PRESENTATION

6 Months Ended

Sep. 30, 2018

Notes to Financial Statements

NOTE 2 - BASIS OF PRESENTATION

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles. The Company has elected a fiscal year ending on March 31.

The accompanying unaudited interim consolidated financial statements of the Company for the six months ended September 30, 2018 and 2017 have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information in accordance with Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the year ended March 31, 2018. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position and the results of operations for the interim periods presented herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for any subsequent quarters or for an entire year.

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GOING CONCERN

6 Months Ended

Sep. 30, 2018

Notes to Financial Statements

NOTE 3 - GOING CONCERN

The Company’s consolidated financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company had incurred net losses since inception and after the year ended March 31, 2017 in which the Company posted net income from a license sale to a pharmaceutical company in China. The Company has no revenue to cover its operating costs and the Company will incur additional expenses in the future developing their product. These factors raise substantial doubt about the company’s ability to continue as a going concern. The Company engages in research and development activities that must be satisfied in cash secured through outside funding. The Company may offer noncash consideration and seek equity lines as a means of financing its operations. If the Company is unable to obtain revenue producing contracts or financing or if the revenue or financing it does obtain is insufficient to cover any operating losses it may incur, it may substantially curtail or terminate its operations or seek other business opportunities through strategic alliances, acquisitions or other arrangements that may dilute the interests of existing stockholders. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

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RELATED PARTY TRANSACTIONS

6 Months Ended

Sep. 30, 2018

Notes to Financial Statements

NOTE 4 - RELATED PARTY TRANSACTIONS

On September 1, 2015, the Company entered five-year employment contracts with three of its officers and directors. Under the terms of the agreements the Company issued shares of common stock to the officers and directors equaling 11% of the outstanding shares of the Company as of the date of the contracts. As additional future shares are issued, the officers and directors are entitled to additional shares so their aggregate ownership percentage remains at 11% of the outstanding shares of the Company. The following table sets forth the shares earned under these contracts as of September 30, 2018:

Officer and Director	Initial Share Awards Under the Contracts		Additional Shares Earned to Maintain Ownership Percentage		Total Shares Earned
President		1,028,910		498,060		1,526,970
Chief Financial Officer		617,346		298,826		916,172
Executive Vice President		617,346		298,826		916,172
Total		2,263,602		1,095,712		3,359,514

In addition, if the officers and directors are removed from the Company they are entitled to receive a cash severance payment per annum for each year of the term of the contract less salary payments received to date of termination. The table below sets forth the annual salary and annual severance amounts per the contracts:

Officer and Director	Fiscal Year Annualized Compensation Being Paid		Annual Severance per Contract if Terminated
President	$	186,000	$	250,000
Chief Financial Officer	$	132,000	$	180,000
Executive Vice President	$	84,000	$	140,000
Total	$	402,000	$	570,000

During the six month period ended September 30, 2017 the Company issued 486,451 shares of common stock to three officers and a director of the Company with a value of $123,182 for service.

During the six month period ended September 30, 2018 the Company issued 306,640 shares of common stock to three officers of the Company with a value of $85,476 for service.

During the six month period ended September 30, 2018 the Company paid a related party and Chairman of the Scientific Board $12,000 in consulting fees and accrued $3,000 of the fees. During the same period in 2017 the Company paid $30,000 to the same individual.

During the six month period ended September 30, 2018 the Company accrued $32,000 in fees due officers of the Company.

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COMMON STOCK

6 Months Ended

Sep. 30, 2018

Notes to Financial Statements

NOTE 5 - COMMON STOCK

During the six months ended September 30, 2017 the Company issued 3,274,455 shares of common stock and 1,911,223 warrants to 15 individuals for cash of $1,146,059.

During the six months ended September 30, 2017 the Company issued 78,572 shares of common stock to three individual exercising 78,572 warrants for cash of $1,928.

During the six month period ended September 30, 2017 the Company issued 486,451 shares of common stock to three officers and an independent director of the Company with a value of $123,182 for service.

During the six months ended September 30, 2018 the Company issued 737,142 shares of common stock plus 237,747 warrants to eight individuals for $258,000 in cash. The warrants vest immediately and terminate in one year with conversion price from $0.05-$0.50.

During the six months ended September 30, 2018 the Company issued 1,665,710 shares of common stock for the conversion of 1,665,710 warrants with a value of $83,285.

During the six month period ended September 30, 2018 the Company issued 70,000 shares of common stock of the Company to two individuals with a value of $27,500 for service.

During the six month period ended September 30, 2018 the Company issued 306,640 shares of common stock to three officers of the Company with a value of $85,476 for service.

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OPTIONS

6 Months Ended

Sep. 30, 2018

Notes to Financial Statements

NOTE 6 - OPTIONS

During the six month period ended September 30, 2018, the Company expensed $19,200 related to its option awards. The unrecognized future balance to be expensed over the remaining vesting term of the options is $21,854 as of September 30, 2018.

The following sets forth the options granted and outstanding during the six months ended September 30, 2018:

	Options		Weighted Average Exercise Price		Weighted Average Remaining Contract Life		Number of Options Exercisable		Intrinsic Value
Outstanding at March 31, 2018		1,365,000	$	0.35		7.88		1,236,000	$	--
Granted		40,000		0.25		9.50		--		--
Exercised		--		--		--		--		--
Outstanding at September 30, 2018		1,405,000	$	0.34		7.44		1,296,000	$	--

The weighted average remaining life and intrinsic value of the options as of September 30, 2018, was 7.44 years and zero, respectively.

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WARRANTS

6 Months Ended

Sep. 30, 2018

Notes to Financial Statements

NOTE 7 - WARRANTS

During the six month period ended September 30, 2017, the Company issued 1,911,223 warrants along with 3,274,455 shares of common stock to 15 individuals for aggregate cash proceeds of $1,146,059. Each warrant is exercisable, within one years of the issuance, into one share of the Company’s common stock at $0.05 per share.

During the six month period ended September 30, 2017 three individual exercised 78,572 warrants into 78,572 shares of common stock with a value of $1,928 in cash. As of September 30, 2017, the Company had total outstanding warrants of 2,347,012.

During the six month period ended September 30, 2018, the Company issued 237,747 warrants with each warrant is exercisable, within one year of the issuance, into one share of the Company’s common stock at $0.05 to $0.50 per share.

During the six month period ended September 30, 2018 seventeen individual exercised 1,665,710 warrants into 1,665,710 shares of common stock with a value of $83,285 in cash. As of September 30, 2018, the Company had total outstanding warrants of 511,975.

The weighted average remaining life and intrinsic value of the warrants as of September 30, 2018, was 0.50 years and $22,486 respectively.

						Weighted
				Weighted		Average
				Average		Remaining
				Exercise		Contract		Intrinsic
	Warrants			Price		Life		Value
Outstanding at March 31, 2018		1,939,938		$	0.09		0.38	$	333,133
Granted		237,747			0.20		.87		--
Exercised		(1,665,710	)		0.05		--		--
Outstanding at September 30, 2018		511,975		$	0.28		0.50	$	22,486

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LICENSE AGREEMENT

6 Months Ended

Sep. 30, 2018

Notes to Financial Statements

NOTE 8 - LICENSE AGREEMENT

On September 13, 2016, the Company completed a license agreement with a company based in China to license the Company’s product for production and sales in China. Under the terms of the license agreement the initial payment of $600,000 was made by the licensee on March 30, 2016 to suspend negotiations with other license parties. The $600,000 payment was recorded in the prior year as deferred income. After it became nonrefundable when the license agreement was signed September 13, 2016 and the negotiation suspension period ceased, the Company recorded the revenue. On July 6, 2016, the Company received the balance of the license payment of $2,400,000 less taxes of 10% ($240,000). A payment of $5,000,000 less taxes of 10% will be received when the product is cleared by the China FDA for clinical trial and a payment of $8,000,000 less taxes of 10% upon approval for commercial use within the license territory. In addition, a royalty of 9% of net sales less taxes of 10% will be paid to the Company for a period of 20 years after approval for commercial use.

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COMMITMENTS AND CONTINGENCIES

6 Months Ended

Sep. 30, 2018

Notes to Financial Statements

NOTE 9 - COMMITMENTS AND CONTINGENCIES

On September 30, 2016, the Company entered a cell line sales agreement with the product manufacturer. Under the terms of the agreement the Company is obligated to make future payments based on the milestones of its achievements. These future payments may be as followed;

1.	$100,000 upon the initiation (first dose/first patient) of the first Phase I clinical trial (or equivalent) of a Product;
2.	$225,000 upon the initiation (first dose/first patient) of the first Phase III clinical trial (or equivalent) of a Product
3.	$225,000 payable upon the first Biologics License Application approval (or equivalent) of a product.
4.	Annual maintenance fee upon completion of phase I manufacturing or the transfer of the cell line from Catalent’s control of $50,000;
5.	A contingent sales fee upon first commercial sale of a product of 1% of sales or $150,000 whichever is greater payable quarterly.

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RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Sep. 30, 2018

Related Party Transactions

Contracts shares earned

Officer and Director	Initial Share Awards Under the Contracts		Additional Shares Earned to Maintain Ownership Percentage		Total Shares Earned
President		1,028,910		498,060		1,526,970
Chief Financial Officer		617,346		298,826		916,172
Executive Vice President		617,346		298,826		916,172
Total		2,263,602		1,095,712		3,359,514

Annual salary and annual severance amounts per the contracts of related party

Officer and Director	Fiscal Year Annualized Compensation Being Paid		Annual Severance per Contract if Terminated
President	$	186,000	$	250,000
Chief Financial Officer	$	132,000	$	180,000
Executive Vice President	$	84,000	$	140,000
Total	$	402,000	$	570,000

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OPTIONS (Tables)

6 Months Ended

Sep. 30, 2018

Option [Member]

Summary of stock options and warrants outstanding

	Options		Weighted Average Exercise Price		Weighted Average Remaining Contract Life		Number of Options Exercisable		Intrinsic Value
Outstanding at March 31, 2018		1,365,000	$	0.35		7.88		1,236,000	$	--
Granted		40,000		0.25		9.50		--		--
Exercised		--		--		--		--		--
Outstanding at September 30, 2018		1,405,000	$	0.34		7.44		1,296,000	$	--

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WARRANTS (Tables)

6 Months Ended

Sep. 30, 2018

Warrant [Member]

Summary of stock options and warrants outstanding

						Weighted
				Weighted		Average
				Average		Remaining
				Exercise		Contract		Intrinsic
	Warrants			Price		Life		Value
Outstanding at March 31, 2018		1,939,938		$	0.09		0.38	$	333,133
Granted		237,747			0.20		.87		--
Exercised		(1,665,710	)		0.05		--		--
Outstanding at September 30, 2018		511,975		$	0.28		0.50	$	22,486

XML

ORGANIZATION AND NATURE OF OPERATIONS (Details Narrative)	6 Months Ended
	Sep. 30, 2018
Organization And Nature Of Operations
Date of Incorporation	Mar. 03, 2014
State of Incorporation	Nevada

XML

RELATED PARTY TRANSACTIONS (Details)	6 Months Ended
	Sep. 30, 2018 shares
Initial Share Awards Under the Contracts	2,263,602
Additional Shares Earned to Maintain Ownership Percentage	1,095,712
Total Shares Earned	3,359,514
President [Member]
Initial Share Awards Under the Contracts	1,028,910
Additional Shares Earned to Maintain Ownership Percentage	498,060
Total Shares Earned	1,526,970
Chief Financial Officer [Member]
Initial Share Awards Under the Contracts	617,346
Additional Shares Earned to Maintain Ownership Percentage	298,826
Total Shares Earned	916,172
Executive Vice President [Member]
Initial Share Awards Under the Contracts	617,346
Additional Shares Earned to Maintain Ownership Percentage	298,826
Total Shares Earned	916,172

XML

RELATED PARTY TRANSACTIONS (Details 1)	6 Months Ended
	Sep. 30, 2018 USD ($)
Fiscal year annualized compensation being paid	$ 402,000
Annual Severance per Contract if Terminated	570,000
President [Member]
Fiscal year annualized compensation being paid	186,000
Annual Severance per Contract if Terminated	250,000
Chief Financial Officer [Member]
Fiscal year annualized compensation being paid	132,000
Annual Severance per Contract if Terminated	180,000
Executive Vice President [Member]
Fiscal year annualized compensation being paid	84,000
Annual Severance per Contract if Terminated	$ 140,000

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RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Related party and Chairman of the Scientific Board [Member]
Consulting fees	$ 12,000	$ 30,000
Accrued fees	3,000
Officers [Member]
Accrued fees	$ 32,000
Three Officers [Member]
Common shares issued for services, shares	306,640
Common shares issued for services, value	$ 85,476
Three Officers and Director [Member]
Common shares issued for services, shares		486,451
Common shares issued for services, value		$ 123,182
Three Officers And Director [Member] | September 1, 2015 [Member]
Officers and directors employment agreement terms, description	the Company entered five-year employment contracts with three of its officers and directors. Under the terms of the agreements the Company issued shares of common stock to the officers and directors equaling 11% of the outstanding shares of the Company as of the date of the contracts. As additional future shares are issued, the officers and directors are entitled to additional shares so their aggregate ownership percentage remains at 11% of the outstanding shares of the Company.

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COMMON STOCK (Details Narrative) - USD ($)	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Warrant [Member]
Common shares issued, shares	1,665,710
Common shares issued, amount	$ 83,285
Warrants granted, shares	237,747
Warrants exercised	(1,665,710)
Conversion of warrants	1,665,710
Minimum [Member] | Warrant [Member]
Conversion price	$ 0.50
Maximum [Member] | Warrant [Member]
Conversion price	$ 0.05
Three Individuals [Member]
Common shares issued, shares		78,572
Common shares issued, amount		$ 1,928
Warrants exercised		78,572
Three Officers [Member]
Common shares issued for services, shares	306,640
Common shares issued for services, value	$ 85,476
Two Individuals [Member]
Common shares issued for services, shares	70,000
Common shares issued for services, value	$ 27,500
Eight Individuals [Member]
Common shares issued, shares	737,142
Common shares issued, amount	$ 258,000
Warrants granted, shares	237,747
Common stock description	<p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The warrants vest immediately and terminate in one year with conversion price from $0.05-$0.50.</font></p>
Eight Individuals [Member] | Minimum [Member]
Conversion price	$ 0.05
Eight Individuals [Member] | Maximum [Member]
Conversion price	$ 0.50
Three Officers and Director [Member]
Common shares issued for services, shares		486,451
Common shares issued for services, value		$ 123,182
Fifteen Individuals [Member]
Common shares issued, shares		3,274,455
Common shares issued, amount		$ 1,146,059
Warrants granted, shares		1,911,223

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OPTIONS (Details)	6 Months Ended
	Sep. 30, 2018 USD ($) $ / shares shares
Outstanding option shares, Ending	511,975
Weighted average remaining contract life, Ending	7 years 5 months 9 days
Option [Member]
Outstanding option shares, Beginning	1,365,000
Option granted	40,000
Option exercised
Outstanding option shares, Ending	1,405,000
Weighted average exercise price, Beginning | $ / shares	$ 0.35
Granted | $ / shares	0.25
Exercised | $ / shares
Weighted average exercise price, Ending | $ / shares	$ 0.34
Weighted average remaining contract life, Beginning	7 years 10 months 17 days
Weighted average remaining contract life granted	9 years 6 months
Weighted average remaining contract life, Ending	7 years 5 months 9 days
Number of options exercisable Beginning balance	1,236,000
Granted
Exercised
Number of options exercisable ending balance	1,296,000
Intrinsic value, Beginning | $
Granted | $
Exercised | $
Intrinsic value, Ending | $

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OPTIONS (Details Narrative) - USD ($)	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Options
Option expense	$ 19,200	$ 21,824
Unrecognized future balance to be expensed	$ 21,854
Weighted average remaining life	7 years 5 months 9 days
Weighted average intrinsic value	$ 0

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WARRANTS (Details)	6 Months Ended
	Sep. 30, 2018 USD ($) $ / shares shares
Outstanding option shares, Ending	511,975
Warrant [Member]
Outstanding option shares, Beginning	1,939,938
Warrants granted, shares	237,747
Warrants exercised, shares	(1,665,710)
Outstanding option shares, Ending	511,975
Weighted average exercise price, Beginning | $ / shares	$ 0.09
Granted | $ / shares	0.20
Exercised | $ / shares	0.05
Weighted average exercise price, Ending | $ / shares	$ 0.28
Weighted average remaining contract life, Beginning	4 months 17 days
Weighted average, granted	10 months 14 days
Weighted average remaining contract life, Ending	6 months
Intrinsic value, Beginning | $	$ 333,133
Intrinsic value granted | $
Intrinsic value exercised | $
Intrinsic value, Ending | $	$ 22,486

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WARRANTS (Details Narrative) - USD ($)	6 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Mar. 31, 2018
Outstanding warrants	511,975
Warrant [Member]
Warrants exercisable period	1 year
Common shares issued, shares	1,665,710
Common shares issued, amount	$ 83,285
Conversion of warrants	1,665,710
Warrants exercised	(1,665,710)
Warrants granted, shares	237,747
Weighted average remaining contract life	6 months
Intrinsic value	$ 22,486
Outstanding warrants	511,975		1,939,938
Warrant [Member] | Maximum [Member]
Conversion price	$ 0.05
Warrant [Member] | Minimum [Member]
Conversion price	$ 0.50
Three Individual [Member]
Outstanding warrants		2,347,012
Seventeen Individuals [Member]
Common shares issued, shares	1,665,710
Common shares issued, amount	$ 83,285
Conversion of warrants	1,665,710
Fifteen Individuals [Member]
Warrants exercisable period		1 year
Warrants issued per share		$ 0.05
Common shares issued, shares		3,274,455
Common shares issued, amount		$ 1,146,059
Warrants granted, shares		1,911,223
Three Individuals [Member]
Common shares issued, shares		78,572
Common shares issued, amount		$ 1,928
Warrants exercised		78,572

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LICENSE AGREEMENT (Details Narrative) - USD ($)	6 Months Ended
	Sep. 30, 2018	Sep. 13, 2016	Jul. 06, 2016	Mar. 30, 2016
Deferred revenue				$ 600,000
September 13, 2016 [Member]
Description of royalty percentage	<p style="margin: 0pt; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In addition, a royalty of 9% of net sales less taxes of 10% will be paid to the Company for a period of 20 years after approval for commercial use.</font></p> <p style="margin: 0pt; text-align: justify"></p>
Transaction One [Member]
Initial payment		$ 600,000
Transaction Two [Member]
Initial payment			$ 2,400,000
Tax rate			10.00%
Transaction Three [Member]
Initial payment			$ 5,000,000
Tax rate			10.00%
Transaction Four [Member]
Initial payment			$ 8,000,000
Tax rate			10.00%

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COMMITMENTS AND CONTINGENCIES (Details Narrative)	6 Months Ended
	Sep. 30, 2016 USD ($)
Contingent sales fee description	<p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">First commercial sale of a product of 1% of sales or $150,000 whichever is greater payable quarterly.</font></p>
first Phase I clinical trial [Member]
Future payments	$ 100,000
Annual maintenance fee	50,000
first Phase III clinical trial [Member]
Future payments	225,000
first Biologics License [Member]
Future payments	$ 225,000