OVERVIEW

The following discussion should be read in conjunction with our audited financial statements and the related notes for the years ended March 31, 2022 and March 31, 2021 that appear elsewhere in this annual report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include but are not limited to those discussed below and elsewhere in this annual report, particularly in the section entitled "Risk Factors".

Our consolidated financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.





Results of Operations

The following summary of our results of operations should be read in conjunction with our consolidated financial statements for the years ended March 31, 2022 and 2021, which are included herein.





Expenses

Operating expenses for the year ended March 31, 2022 were $1,457,052 including research and development costs of $197,406 clinical trials of $332,289, general and administrative expenses of $379,424 and consulting of $547,933 compared to the year ended March 31, 2021 in which our operating expenses were $2,150,368 with research and development costs of $321,938, consulting of $1,469,171 and general and administrative costs of $359,259, representing a decrease of $693,316 in operating expenses in fiscal 2022 over 2021.

Other expense totaled $13,338 for the year ended March 31, 2022 compared to other income of $441,601 for the same period in 2021. Other income consisted of change in fair value of $468,823, Original debt discount to interest of $287,979, interest expense of $48,044 and finance costs of $151,150 in the year ended March 31, 2022 compared to interest expense of $269,382, gain in debt forgiveness of $151,308, finance costs of $19,411, original debt discount to interest of $67,205 and a change in fair value of $646,705 for the same period in 2021.






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Revenue, Net Income and Loss

The Company recorded revenue of $1,000,000 from the initial payment from the sale of a license agreement during the year ended March 31, 2022 and $750,000 in revenue in the same period in 2021.

Our net loss for the year ended March 31, 2021 was $470,390 compared to a net loss of $958,767 during the year ended March 31, 2021. The decrease in net loss is due to the license payments of $1,000,000 compared to the initial license payment of $750,000 in 2021, plus lower consulting expenses in the year ended March 31, 2022 over 2021.

Our operations to date have been financed by the sale of our common stock and initial payments of a licenses sale. Our largest expenses to date have been research and development, IND filings and tests required for the filing and consulting fees. The research and development in 2022 decreased from research and development costs in 2021, however we have incurred clinical trial expenses of $332,289 in 2022 over none in 2021.

We do not anticipate generating revenues in the foreseeable future other than future licenses sales or additional payments from licenses in effect, and any revenues that we generate may not be sufficient to cover our operating expenses. If we do not succeed in raising additional capital, we may have to cease operations and you may lose your entire investment.

Liquidity and Capital Resources

At March 31, 2022 we had cash of $94,414 and prepaid of $11,000 compared to cash of $1,435 and a receivable of $750,000 in 2021. Our accounts payable and accrued expense at March 31, 2022 was $776,891 consisting of $704,891 in accounts payable and $72,000 in accrued expense as compared to $636,831 in accounts payable as of March 31, 2021 consisting of accounts payable of $538,395 and accrued expense of $98,436 in the same period in 2021 plus convertible notes of $161,736,notes payable of $50,000, due related parties of $123,217 and derivative liability of $302,156 for total current liabilities of $1,223,940.

We have limited revenues from a license sale to satisfy our ongoing liabilities, however it is not known how much and the timing of the receipts of revenue. Our auditors have issued a going concern opinion. Unless we secure additional equity or debt financing, of which there can be no assurance, we may not be able to continue any operations.





Working Capital

Our total current assets, as of March 31, 2022, consisted of $105,414 in cash and prepaid as compared to total current assets of $751,435 consisting of cash of $1,435 and accounts receivable of $750,000 as of March 31, 2021. The decrease in current assets was due to the receivable from an initial payment from a license agreement in 2021 collected in 2022.

Our total current liabilities as of March 31, 2022 were $776,8915 as compared to total current liabilities of $1,223,940 as of March 31, 2021. The decrease in current liabilities in the year ended March 31, 2022 over the same period in 2021 was primarily attributed to due related parties of $123,217,derivative liability decrease to $302,156 and note payable of $50,000 in 2021compared to just the accounts payable of $776,891 in 2022.

As of March 31, 2022 the Company's negative working capital was $671,477 compared to negative working capital of $472,505 as of March 31, 2021. The lower negative working capital of $198,972 from 2021 to 2022 can be attributed accounts receivable of $750,000 in 2021 over 2022, offset by lower total liabilities of $447,049 as of March 31, 2022 over the same period in 2021.





Cash Flows



Operating Activities

Cash provided by operating activities was $413,480 for the fiscal year ended March 31, 2022 compared to cash used in operating activities of $986,784 for the fiscal year ended March 31, 2021. The increase in cash provided by operating activities as of March 31, 2022 is attributed mainly to collection of accounts receivable of $750,000, and accrual of amounts due related parties decreased of $123,217 in 2022 over 2021.





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Investing Activities

Cash used in investing activities was zero for the fiscal years ended March 31, 2022 and 2021.





Financing Activities

Cash used in financing activities during the fiscal year ended March 31, 2022 was $320,500 compared to cash provided by financing activities of $985,000 for the fiscal year ended March 31, 2021. The cash provided by financing activities in 2021 was due to the sale of preferred shares for $640,000, proceeds from convertible note of $295,000 and proceeds from note payable of $50,000 compared to proceeds from convertible notes of $200,000 offset by repayment of convertible notes of $520,500 in the year ended March 31, 2022





Cash Requirements

We will require additional funds to fund our budgeted expenses over the next 12 months. These funds may be raised through equity financing, debt financing, or other sources, which may result in further dilution in the equity ownership of our shares. There is still no assurance that we will be able to maintain operations at a level sufficient for investors to obtain returns on their investments in our common stock. Further, we may continue to be unprofitable. We need to raise additional funds in the immediate future in order to proceed with our budgeted expenses including the clinical trials of our product.





Going Concern

The financial statements accompanying this report have been prepared on a going concern basis, which implies that our company will continue to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company has limited licenses revenues and has not paid any dividends and is unlikely to pay dividends or generate earnings in the immediate or foreseeable future. The continuation of our company as a going concern is dependent upon the continued financial support from our shareholders, the ability of our company to obtain necessary equity financing to achieve our operating objectives, and the attainment of profitable operations. As of March 31, 2022, our company has accumulated deficit of $18,821,806 and a working capital deficit of $671,477. We do not have sufficient working capital to enable us to carry out our stated plan of operation for the next twelve months.

Due to the uncertainty of our ability to meet our current operating expenses and the capital requirements noted below in their report on the financial statements for the year ended March 31, 2022 our independent auditors, included an explanatory paragraph regarding concerns about our ability to continue as a going concern. Our financial statements contain additional note disclosures describing the circumstances that lead to this disclosure by our independent auditors.

The continuation of our business is dependent upon us raising additional financial support. The issuance of additional equity securities by us could result in a significant dilution in the equity interests of our current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments.





Future Financings

We will require additional financing of an estimated $20,000,000 to enable us to proceed with our plan of operations, including completion of our phase 1 and phase 2 clinical trials plus presentation of data to the FDA to proceed to phase 3 clinical trials. These cash requirements are more than our current cash and working capital resources. Accordingly, we will require additional financing to continue operations and to repay our liabilities. There is no assurance that any party will advance additional funds to us to enable us to sustain our plan of operations or to repay our liabilities.

We anticipate continuing to rely on equity sales of our common stock to continue to fund our business operations. Issuances of additional shares will result in dilution to our existing stockholders. There is no assurance that we will achieve any additional sales of our equity securities or arrange for debt or other financing to fund our planned business activities.






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We presently do not have any arrangements for additional financing for the expansion of our exploration operations, and no potential lines of credit or sources of financing are currently available for proceeding with our plan of operations.

If we are unable to raise the funds that we require to execute our plan of operation, we intend to scale back our operations commensurately with the funds available to us.

Off-Balance Sheet Arrangements

We currently have no off-balance sheet arrangements.

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