XML 73 R60.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONVERTIBLE PROMISSORY NOTES AND SHORT TERM LOANS (Details Narrative 2) - USD ($)
3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2023
Dec. 31, 2023
Dec. 31, 2021
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2021
Oct. 23, 2023
Nov. 30, 2022
Dec. 21, 2021
Issuance of debt             $ 11,756,563   $ 11,756,563 $ 11,375,690      
Face amount                       $ 364,000 $ 12,400,000
Debt conversion description               The redemption price was determined in accordance to the Series B note agreement, where the Company has an option to redeem the note at 115% of its principal value instead of converting the note upon receipt of a conversion notice. The difference between the redemption cash payment and the book value of the note redeemed, including the derivative liability associated to the note          
Proceeds from convertible debt               $ 2,355,318        
Accretion expense         $ 134,013              
Adjustment for amortization 17,102         49,393              
Series C Preferred Stock [Member]                          
Interest payable 184,911     $ 2,598   184,911   $ 2,598          
Warrant [Member] | Placement Agent [Member]                          
Placement agent fees description                   The Company was also obligated to issue warrants to the placement agent that have a 10-year term and cover 12% of funds raised for $8,925,550 (face value) of the notes (first series) and 2.5% of funds raised for the remaining $2,350,000 (face value) of notes (second series), with an exercise price that is 120% of the 20-day volume weighted average price of the Company’s common shares at the time final closing. On final closing, which occurred on January 8, 2021, the warrants’ exercise price was struck at $1.06 per share.      
Series C Notes [Member]                          
Issuance of debt   $ 205,000 $ 1,017,700 $ 590,000                  
Accrue interest   15.00%   15.00% 15.00%     15.00%          
Description of conversion terms for debt instrument         (i) seventy-five percent (75%) of the VWAP for the five (5) Trading Days prior to the Conversion Date, or (ii) eighty percent (80%) of the gross sale price per share of Common Stock (or conversion or exercise price per share of Common Stock of any Common Stock Equivalents) sold in a Qualified Financing     (i) seventy-five percent (75%) of the VWAP for the five (5) Trading Days prior to the Conversion Date, or (ii) eighty percent (80%) of the gross sale price per share of Common Stock (or conversion or exercise price per share of Common Stock of any Common Stock Equivalents) sold in a Qualified Financing          
Debt conversion description         the notes would convert into common stock at the applicable “Mandatory Conversion Price”, if either (i) on each of any twenty (20) consecutive Trading Days (the “Measurement Period”) (A) the closing price of the Common Stock on the applicable Trading Market is at least $18.00 per share and (B) the dollar value of average daily trades of the Common Stock on the applicable Trading Market is at least $400,000 per Trading Day; or (ii) upon the closing of a Qualified Financing, provided that the dollar value of average daily trades of the Common Stock on the applicable National Exchange on each of the ten (10) consecutive Trading Days following such closing is at least $400,000 per Trading Day. Mandatory Conversion Price means, in the case of a Mandatory Conversion under situation (i) above, seventy percent (70%) of the VWAP over the Measurement Period, or in the case of a Mandatory Conversion under situation (ii) above, eighty percent (80%) of the gross sale price per share of Common Stock (or conversion or exercise price per share of Common Stock of any Common Stock Equivalents) sold in a Qualified Financing     the notes would convert into common stock at the applicable “Mandatory Conversion Price”, if either (i) on each of any twenty (20) consecutive Trading Days (the “Measurement Period”) (A) the closing price of the Common Stock on the applicable Trading Market is at least $3.00 per share and (B) the dollar value of average daily trades of the Common Stock on the applicable Trading Market is at least $400,000 per Trading Day; or (ii) upon the closing of a Qualified Financing, provided that the dollar value of average daily trades of the Common Stock on the applicable National Exchange on each of the ten (10) consecutive Trading Days following such closing is at least $400,000 per Trading Day. Mandatory Conversion Price means, in the case of a Mandatory Conversion under situation (i) above, seventy percent (70%) of the VWAP over the Measurement Period, or in the case of a Mandatory Conversion under situation (ii) above, eighty percent (80%) of the gross sale price per share of Common Stock (or conversion or exercise price per share of Common Stock of any Common Stock Equivalents) sold in a Qualified Financing          
Proceeds from convertible debt           1,100,430   $ 501,000          
Debt issuance costs         207,361              
Debt instrument derivative liabilities         1,005,829   501,000          
Accretion expense               184,417          
Adjustment for amortization 139,568         320,434              
Debt instrument unamortized discount 1,471,345     $ 578,589   $ 1,471,345   $ 578,589          
Series C Notes [Member] | Note Holders [Member]                          
Exercise price                     $ 4.18    
Series C Notes [Member] | Placement Agents Warrants [Member]                          
Exercise price                     $ 2.09    
Series C Notes [Member] | Placement Agent [Member]                          
Placement agent fees description           The Company was obligated to pay the placement agent of the first series of Series C Notes a 10% cash fee for the face value of the notes   The Company was obligated to pay the placement agent of the first series of Series C Notes a 10% cash fee for the face value of the notes          
Series C Notes [Member] | Warrant [Member]                          
Placement agent fees description           The Company was obligated to issue warrants that accompany the convertible notes and provide 100% warrant coverage. The warrants have a 4-year term from date of issuance and an exercise price that is 200% of the 5-day volume weighted average price of the Company’s common shares at the time of final closing.   The Company was obligated to issue warrants that accompany the convertible notes and provide 100% warrant coverage. The warrants have a 4-year term from date of issuance and an exercise price that is 200% of the 5-day volume weighted average price of the Company’s common shares at the time final closing          
Series C Notes [Member] | Warrant [Member] | Placement Agent [Member]                          
Placement agent fees description         The Company was also obligated to issue warrants to the placement agent that have a 10-year term and cover 8% of face value of the notes, with an exercise price that equals to the 5-day volume weighted average price of the Company’s common shares at the time final closing     The Company was also obligated to issue warrants to the placement agent that have a 10-year term and cover 8% of face value of the notes, with an exercise price that equals to the 5-day volume weighted average price of the Company’s common shares at the time final closing          
Series C Notes [Member] | Accredited Investors [Member]                          
Face amount $ 1,812,700     $ 590,000   $ 1,812,700   $ 590,000