Fair Value of Financial Instruments

12 Months Ended

Mar. 31, 2025

Fair value measurement [Abstract]

Fair Value of Financial Instruments

Fair Value of Financial Instruments


			Accounting Policy Fair Value Hierarchy Financial instruments recorded at fair value are classified using a hierarchy that categorizes into three levels the inputs to valuation techniques used to measure fair value. The three levels of hierarchy are: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 - Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly; and Level 3 - Inputs for the asset or liability that are not based on observable market data. The individual fair values attributed to the different components of a financing transaction, notably marketable securities, derivative financial instruments, convertible debentures and loans, are determined using valuation techniques. The Company uses judgment to select the methods used to make certain assumptions and derive estimates. Significant judgment is also used when attributing fair values to each component of a transaction upon initial recognition, measuring fair values for certain instruments on a recurring basis and disclosing the fair values of financial instruments subsequently carried at amortized cost. These valuation estimates could be significantly different because of the use of judgment and the inherent uncertainty in estimating the fair value of instruments that are not quoted or observable in an active market. Financial instruments are measured either at fair value or at amortized cost. The table below lists the valuation methods used to determine fair value of each financial instrument.
						Fair Value Method
			Financial Instruments Measured at Fair Value
			Marketable securities			Closing market price of common shares as of the measurement date (Level 1)
			Derivatives			Closing market price (Level 1) or Black-Scholes, Binomial, Monte-Carlo & FINCAD valuation model (Level 2 or 3)
			Contingent consideration payable			Discounted cash flow model (Level 3)
			Other long term liability			Discounted cash flow model (level 3)
			Derivative liability			Closing market price of warrants (Level 1) or Kynex valuation model (Level 2)
			Financial Instruments Measured at Amortized Cost
			Cash and cash equivalents, restricted cash, accounts receivable			Carrying amount (approximates fair value due to short-term nature)
			Accounts payable and accrued liabilities, long-term liabilities			Carrying amount (approximates fair value due to short-term nature)
			Lease receivable, loans and borrowings, and lease liabilities.			Carrying value discounted at the effective interest rate approximates fair value

The carrying values of the financial instruments at March 31, 2025 are summarized in the following table:


			Amortized cost			FVTPL						Total
			$			$						$
Financial Assets
Cash and cash equivalents			137,921			—						137,921
Restricted cash			47,407			—						47,407
Accounts receivable, excluding sales taxes and lease receivable			37,798			—						37,798
Marketable securities			—			554						554


Lease receivable			6,841			—						6,841
Financial Liabilities
Accounts payable and accrued liabilities			73,605			—						73,605


Lease liabilities			42,876			—						42,876
Derivative liabilities			—			5,531						5,531
Other long term liabilities			498			—						498
Loans and borrowings			61,707			—						61,707

The following is a summary of financial instruments measured at fair value segregated based on the various levels of inputs:


			Notes			Level 1			Level 2			Level 3			Total
						$			$			$			$
As at March 31, 2025
Marketable securities			7			554			—			—			554


Other long term liability						498						47,597			48,095
Derivative liabilities			14(c), 15(e)			3,111			2,420			—			5,531

As at March 31, 2024
Marketable securities			—			4,036			—			—			4,036
Derivative asset						—			760			—			760

Other long term liability						591			—			45,519			46,110
Derivative liabilities			14(c), 15(e)			1,698			611			—			2,309

Other long term liability includes the put option arising from the acquisition of Bevo. The put option is valued using a Monte Carlo simulation model. The determination relies on forecasted information, of which the significant assumptions used within the model are revenue, cost of sales and operating expenses. As at March 31, 2025, the present value of the amount payable on exercise of the put option was $47.6 million (March 31, 2024 - $45.5 million) which is recorded in other long term liability in the consolidated statements of financial position. The change during the year ended March 31, 2025 of $2.1 million (year ended March 31, 2024 - $2.1 million) is recorded in deficit in the consolidated statements of changes in equity.