LIQUIDATION BASIS OF ACCOUNTING

12 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

LIQUIDATION BASIS OF ACCOUNTING

NOTE 3 – LIQUIDATION BASIS OF ACCOUNTING

During September of 2024, Ampleo Turnaround and Restructuring, LLC was placed as the receiver over the Company’s assets due to its significant outstanding debt. Subsequently, during February of 2025, the receiver filed a motion to sell all of the Company’s assets to Streeterville and Bucktown Capital for an approximate credit bid of $35.7 million and $0.1 million in cash. The motion was approved by the court (overseeing the motion) on March 30, 2025 with title to the assets being transferred to the creditor on May 14, 2025. The Company believes that it continued to function as a going concern until the date the motion to sell its assets was approved by the court at which time its liquidation became imminent. Further, while the Company entered into an intellectual property and management agreement during March of 2026, the related license rights, preferred share issuances, creditor restructuring, and other closing matters had not yet been consummated as of the balance sheet date. As such, in accordance with ASC 205-30, the Company has presented i) a consolidated statement of net liabilities in liquidation as of both March 31, 2026 and March 31, 2025 and ii) a consolidated statement of changes in net liabilities in liquidation for the year ended March 31, 2026. The consolidated statements of net liabilities in liquidation and statement of changes of net liabilities in liquidation have been prepared using the liquidation basis of accounting.

As part of the liquidation, the Company transferred ownership of its revenue generating fixed assets and intangible assets on May 14, 2025 to two of its creditors (Streeterville and Buckstown) in exchange for the extinguishment of i) the restructured August and Senior notes and Buckstown line of credit. As of the date of this filing, the Company had limited assets available and was therefore uncertain as to the manner by which it expects to settle its remaining outstanding liabilities. However, in accordance with the intellectual property agreement, the Company hopes to settle its remaining outstanding liabilities in exchange for the issuance of newly authorized preferred shares.

Our consolidated statement of net liabilities in liquidation as of March 31, 2026 and March 31, 2025 reflects the following:

	●	No additional items were recognized, such as trademarks, that the Company might either sell in liquidation or use to settle its liabilities
	●	Liabilities have been recognized in accordance with the recognition provisions of other topics that otherwise would apply to those liabilities. As of March 31, 2026, our remaining liabilities were primarily comprised of i) accounts payable and accrued expenses to finance and legal service providers and former employees and ii) outstanding debt. Of the approximately $8.9 million in outstanding liabilities as of March 31, 2026 approximately $3.0 million was to related parties and was comprised of i) accrued salaries and ii) outstanding loans (including accrued interest).
	●	As of March 31, 2025, the intangible assets and fixed assets were recognized based on a settlement amount equal to the credit bid of approximately $35,800,000. As of March 31, 2026, intangible assets and fixed assets were fully de-recognized due to ownership of the assets being transferred to our creditors as of May 14, 2025.
	●	No additional costs expected to be incurred through the end of our liquidation were accrued as of March 31, 2026 as there has been limited activity subsequent to the balance sheet date. We do not expect to earn any additional income through the end of the liquidation period.