SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
12 Months Ended |
Mar. 31, 2024 |
|---|
| Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
| SCHEDULE OF ESTIMATED USEFUL LIVES |
SCHEDULE
OF ESTIMATED USEFUL LIVES
| Buildings |
|
39 years |
| Machinery and Equipment |
|
7 – 10 years |
| Vehicles |
|
10 years |
| Furniture and Fixtures |
|
3 – 10 years |
|
| SCHEDULE OF SALES MILESTONE |
The
Sales Milestones are:
SCHEDULE OF SALES MILESTONE
| Year 3 |
|
$ |
250,000 Royalty |
| Year 4 |
|
$ |
375,000 Royalty |
| Year 5 |
|
$ |
625,000 Royalty |
| Year 6 |
|
$ |
875,000 Royalty |
| All subsequent years |
|
$ |
1,000,000 Royalty |
|
| SCHEDULE OF REVENUE RECOGNITION |
SCHEDULE
OF REVENUE RECOGNITION
| |
|
March 31, 2024 |
|
|
March 31, 2023 |
|
| |
|
Years ended |
|
| |
|
March 31, 2024 |
|
|
March 31, 2023 |
|
| |
|
|
|
|
|
|
| Shrimp sales |
|
$ |
146,301 |
|
|
$ |
238,685 |
|
| Technology and equipment services |
|
|
300,000 |
|
|
|
— |
|
| Total revenues |
|
$ |
446,301 |
|
|
$ |
238,685 |
|
|
| Promissory Note [Member] |
|
| Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
| SCHEDULE OF RESTRUCTURED AUGUST AND SENIOR NOTES PAYABLE AT FAIR VALUE |
Restructured
August and Senior Notes Payable
SCHEDULE
OF RESTRUCTURED AUGUST AND SENIOR NOTES PAYABLE AT FAIR VALUE
| |
|
March 31, 2024 |
|
|
March 31, 2023 |
|
| Restructured notes payable fair value at beginning of year |
|
$ |
23,690,000 |
|
|
$ |
- |
|
| Fair value of Promissory Notes upon Restructuring Agreement |
|
|
- |
|
|
|
20,847,867 |
|
| Reclass of accrued interest |
|
|
907,634 |
|
|
|
- |
|
| Change in fair value |
|
|
5,162,366 |
|
|
|
2,842,133 |
|
| Restructured Notes Payable fair value at end of year |
|
$ |
29,760,000 |
|
|
$ |
23,690,000 |
|
|
| Warrant [Member] |
|
| Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
| SUMMARY OF ACTIVITY OF DERIVATIVES AT FAIR VALUE |
Warrant
liability
SUMMARY
OF ACTIVITY OF DERIVATIVES AT FAIR VALUE
| |
|
March 31, 2024 |
|
|
March 31, 2023 |
|
| Warrant liability balance at beginning of year |
|
$ |
355,000 |
|
|
$ |
3,923,000 |
|
| Change in fair value |
|
|
(331,000 |
) |
|
|
(3,568,000 |
) |
| Balance at end of year |
|
$ |
24,000 |
|
|
$ |
355,000 |
|
|
| Derivative [Member] |
|
| Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] |
|
| SCHEDULE OF RESTRUCTURED AUGUST AND SENIOR NOTES PAYABLE AT FAIR VALUE |
The
following is a summary of activity of Level 3 liabilities during the years ended March 31, 2024 and 2023
Warrant
liability
SUMMARY
OF ACTIVITY OF DERIVATIVES AT FAIR VALUE
| |
|
March 31, 2024 |
|
|
March 31, 2023 |
|
| Warrant liability balance at beginning of year |
|
$ |
355,000 |
|
|
$ |
3,923,000 |
|
| Change in fair value |
|
|
(331,000 |
) |
|
|
(3,568,000 |
) |
| Balance at end of year |
|
$ |
24,000 |
|
|
$ |
355,000 |
|
|