• Filing Date: 2019-06-14
  • Form Type: 10-K
  • Description: Annual report
v3.19.2
ORGANIZATION, PRINCIPAL ACTIVITIES AND MANAGEMENT'S PLANS
12 Months Ended
Mar. 31, 2019
Disclosure Text Block [Abstract]  
ORGANIZATION, PRINCIPAL ACTIVITIES AND MANAGEMENT'S PLANS

NOTE 1 – ORGANIZATION, PRINCIPAL ACTIVITIES AND MANAGEMENT’S PLANS

Nemaura Medical Inc. (“Nemaura” or the “Company”), through its operating subsidiaries, performs medical device research and manufacturing of a continuous glucose monitoring system (“CGM”), named sugarBEAT. The sugarBEAT device is a non-invasive, wireless device for use by persons with Type I and Type II diabetes and may also be used to screen pre-diabetic patients. The sugarBEAT device extracts analytes, such as glucose, to the surface of the skin in a non-invasive manner where it is measured using unique sensors and interpreted using a unique algorithm.

 

Nemaura is a Nevada holding company organized in 2013. Nemaura owns one hundred percent (100%) of Region Green Limited, a British Virgin Islands corporation (“RGL”) formed on December 12, 2013. RGL owns one hundred percent (100%) of the stock in Dermal Diagnostic (Holdings) Limited, an England and Wales corporation (“DDHL”) formed on December 11, 2013, which in turn owns one hundred percent (100%) of Dermal Diagnostics Limited, an England and Wales corporation formed on January 20, 2009 (“DDL”), and one hundred percent (100%) of Trial Clinic Limited, an England and Wales corporation formed on January 12, 2011 (“TCL”).

 

DDL is a diagnostic medical device company headquartered in Loughborough, Leicestershire, England, and is engaged in the discovery, development and commercialization of diagnostic medical devices. The Company’s initial focus has been on the development of the sugarBEAT device, which consists of a disposable patch containing a sensor, and a non-disposable miniature electronic watch with a re-chargeable power source, which is designed to enable trending or tracking of blood glucose levels. All the Company’s operations and assets are located in England.

 

The following diagram illustrates Nemaura’s corporate and shareholder structure as of March 31, 2019:

 

 

Nemaura Medical Inc.

Nevada Corporation

 
           
 

Region Green Limited

British Virgin Islands Corporation

 
           
 

Dermal Diagnostics (Holdings) Limited

England and Wales Corporation

 
           
           

Dermal Diagnostics Limited

England and Wales Corporation

   

Trial Clinic Limited

England and Wales Corporation

 

The Company was incorporated in 2013 since which period there has been recurring losses from operations and an accumulated deficit of $13,425,879 as of March 31, 2019. These operations have resulted in the successful completion of clinical programs to support a European CE mark approval, as well as a US Food and Drug Administration submission. The Company expects to continue to incur losses from operations until revenues are generated through licensing fees or product sales. However, given the completion of the requisite clinical programs, these losses are expected to be reduced over time. Management has entered into licensing agreements with unrelated third parties relating to the United Kingdom, Europe, Qatar, all countries in the Gulf Cooperation Council, Management has evaluated the expected expenses to be incurred along with its available cash and has determined that the Company has the ability to continue as a going concern for at least one year subsequent to the date of issuance of these consolidated financial statements. The Company has $3,740,664 of readily available cash on hand at March 31, 2019.

 

Management's strategic plans include the following:

 

  obtaining further regulatory approval for the sugarBEAT device in other countries such as the USA;

 

  pursuing additional capital raising opportunities, in addition to the Equity Distribution Agreement entered into on October 19, 2018 by the Company and Maxim pursuant to which the Company may offer and sell, from time to time, through Maxim, up to $20,000,000 in shares of the Company’s common stock.

 

  exploring licensing opportunities; and

 

  developing the sugarBEAT device for commercialization for other applications.