Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.23.2
Consolidated Balance Sheets - USD ($)
Mar. 31, 2023
Mar. 31, 2022
Current assets    
Cash $ 216,465 $ 1,734,040
Accounts receivable 17,325 14,385
Escrow account 1,500,000
Inventory 25,725 69,170
Prepaid expenses 286,593 1,511,546
Deferred offering costs 1,336,263
Total current assets 1,882,371 4,829,141
Fixed assets, net 15,043,715 14,798,103
Other assets    
Construction-in-process 25,130 1,087,101
Patents, net 6,268,500 6,658,500
License Agreement, net 9,142,376 10,222,376
Right of Use asset 204,243 282,753
Deposits 20,633 20,633
Total other assets 15,660,882 18,271,363
Total assets 32,586,968 37,898,607
Current liabilities    
Accounts payable 3,510,206 2,802,787
Accrued interest 923,387 500,450
Accrued interest - related parties 219,542 203,520
Other accrued expenses 1,314,961 207,418
Accrued expenses - related parties 400,306 200,000
Short-term Promissory Note and Lines of credit 19,817 20,044
Restructured August note payable 2,400,000
Dividends payable 579,248 296,630
Derivative liability 13,101,000
Warrant liability 355,000 3,923,000
Lease Liability, current 87,804
Total current liabilities 11,221,783 21,846,261
Convertible debenture, less unamortized debt discount of $9,680,000 as of March 31, 2022 2,629,079
Restructured Senior note payable 21,290,000
Note payable, less current maturities 23,604 119,604
Lease Liability, non-current 125,189 286,253
Total liabilities 32,660,576 24,881,197
Commitments and contingencies (Note 17)
Stockholders’ deficit    
Series A Convertible Preferred stock, $0.0001 par value, 5,000,000 shares authorized, 5,000,000 shares issued and outstanding at March 31, 2023 and March 31, 2022 500 500
Common stock, $0.0001 par value, 900,000,000 shares authorized, 803,123,748 shares issued and outstanding at March 31, 2023 and 674,831,624 shares issued and 674,644,124 shares outstanding at March 31, 2022, respectively 80,377 67,500
Additional paid in capital 121,156,733 96,701,607
Stock to be issued 662,767 20,132,650
Subscription receivable (56,250)
Accumulated deficit (167,533,292) (150,036,023)
Total stockholders’ deficit (45,689,165) (33,133,766)
Total liabilities, mezzanine and stockholders’ deficit 32,586,968 37,898,607
Series E Redeemable Convertible Preferred Stock [Member]    
Current liabilities    
Temporary equity, value 2,003,557 2,539,176
Series F Redeemable Convertible Preferred Stock [Member]    
Current liabilities    
Temporary equity, value 43,612,000 43,612,000
Nonrelated Party [Member]    
Current liabilities    
Notes payable 671,100 96,000
Related Party [Member]    
Current liabilities    
Notes payable $ 740,412 $ 495,412