RELATED PARTY TRANSACTIONS
 9 Months Ended
Dec. 31, 2018
Disclosure Text Block [Abstract]  
Related Party Transactions

NOTE 5 – RELATED PARTY TRANSACTIONS

 

Nemaura Pharma Limited (Pharma) and NDM Technologies Limited (NDM) are entities controlled by the Company’s chief executive officer and majority shareholder, Dewan F.H. Chowdhury.

 

In accordance with the United States Securities and Exchange Commission (SEC) Staff Accounting Bulletin 55, these financial statements are intended to reflect all costs associated with the operations of DDL and TCL.  Pharma has a service agreement with DDL, to undertake development, manufacture and regulatory approvals under Pharma’s ISO13485 Accreditation. In lieu of these services, DDL invoices Pharma on a periodic basis for said services. Services are provided at cost plus a service surcharge amounting to less than 10% of the total costs incurred. 

Following is a summary of activity between the Company and Pharma and NDM for the nine months ended December 31, 2018 and 2017. These amounts are unsecured, interest free, and payable on demand.

 

   

Three Months Ended

December 31, 2018

(unaudited)

($)

    

Three Months Ended

December 31, 2017

(unaudited)

($)

    

Nine Months Ended

December 31, 2018

(unaudited)

($)

    

Nine Months Ended

December 31, 2017

(unaudited)

($)

    

Year Ended

March 31, 2018

($)

  
Balance due from (to) Pharma and NDM at beginning of period     (642,513 )     (507,376 )     (613,818 )     (687,609 )     (687,609 )
Amounts invoiced by Pharma to DDL, NM and TCL (1)     (389,329 )     (314,706 )     (1,539,114 )     (554,464 )     (842,739 )
Amounts repaid by DDL to Pharma     92,025       -       1,130,755       440,266       1,096,767  
Amounts paid by DDL on behalf of Pharma     -       -       -       19,889       19,889  
Amounts received from Pharma     -       -       -       -       (145,214 )
Foreign exchange differences     21,023       (4,228 )     103,383       (44,392 )     (54,912 )
Balance due to Pharma and NDM at end of the period     (918,794 )     (826,310 )     (918,794 )     (826,310 )     (613,818 )

 

  (1) These amounts are included primarily in research and development expenses charged to the Company by Pharma.

 

The Company routinely reviews its statement of cash flows presentation of related party transactions for financing or operating classification based on the underlying nature of the item and intended repayment.