Income Taxes (Tables)
|
12 Months Ended |
Mar. 31, 2026 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Summary of Net Loss Before Income Taxes |
Net loss before income taxes was generated as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended |
|
|
|
March 31, |
|
|
March 31, |
|
|
March 31, |
|
|
|
2026 |
|
|
2025 |
|
|
2024 |
|
|
|
|
|
|
(As Restated) |
|
|
(As Restated) |
|
Domestic - Canada |
|
$ |
(184,743 |
) |
|
$ |
(889,018 |
) |
|
$ |
(317,197 |
) |
Foreign - outside of Canada |
|
|
(78,142 |
) |
|
|
381,258 |
|
|
|
(190,569 |
) |
|
|
$ |
(262,885 |
) |
|
$ |
(507,760 |
) |
|
$ |
(507,766 |
) |
|
| Summary of Income Tax (Expense) Recovery |
The income tax (expense) recovery consists of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended |
|
|
|
March 31, |
|
|
March 31, |
|
|
March 31, |
|
|
|
2026 |
|
|
2025 |
|
|
2024 |
|
Current |
|
|
|
|
|
|
|
|
|
Domestic - Canada |
|
$ |
(96 |
) |
|
$ |
79 |
|
|
$ |
(462 |
) |
Foreign - outside of Canada |
|
|
109 |
|
|
|
(418 |
) |
|
|
194 |
|
|
|
$ |
13 |
|
|
$ |
(339 |
) |
|
$ |
(268 |
) |
Deferred |
|
|
|
|
|
|
|
|
|
Domestic - Canada |
|
$ |
(53 |
) |
|
$ |
(7,006 |
) |
|
$ |
(12,596 |
) |
Foreign - outside of Canada |
|
|
17 |
|
|
|
204 |
|
|
|
537 |
|
|
|
|
(36 |
) |
|
|
(6,802 |
) |
|
|
(12,059 |
) |
Income tax (expense) recovery |
|
$ |
(23 |
) |
|
$ |
(7,141 |
) |
|
$ |
(12,327 |
) |
|
| Summary of Reconciliation of Amount of Income Taxes Compared to Expected Income Taxes Calculated at Federal Statutory Income Tax Rate |
A reconciliation of the amount of income taxes reflected above compared to the expected income taxes calculated at the federal statutory income tax rate of 15% for the years ended March 31, 2026, 2025 and 2024 is as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended |
|
|
|
March 31, 2026 |
|
|
March 31, 2025 |
|
|
March 31, 2024 |
|
|
|
Amount |
|
|
Percent |
|
|
Amount |
|
|
Percent |
|
|
Amount |
|
|
Percent |
|
Canadian federal statutory rate |
|
$ |
39,433 |
|
|
|
15.0 |
% |
|
$ |
76,164 |
|
|
|
15.0 |
% |
|
$ |
76,165 |
|
|
|
15.0 |
% |
State and local income taxes, net of federal
income tax effect1 |
|
|
(65 |
) |
|
|
-0.2 |
% |
|
|
(2,966 |
) |
|
|
-3.9 |
% |
|
|
(5,286 |
) |
|
|
-6.9 |
% |
Acquisition costs |
|
|
(1,178 |
) |
|
|
-3.0 |
% |
|
|
(949 |
) |
|
|
-1.2 |
% |
|
|
(3,749 |
) |
|
|
-4.9 |
% |
Deconsolidation of subsidiaries |
|
|
- |
|
|
|
0.0 |
% |
|
|
- |
|
|
|
0.0 |
% |
|
|
(51,787 |
) |
|
|
-68.0 |
% |
Settlement of debt |
|
|
- |
|
|
|
0.0 |
% |
|
|
(4,715 |
) |
|
|
-6.2 |
% |
|
|
1,174 |
|
|
|
1.5 |
% |
Fair value of warrant derivative liability |
|
|
1,305 |
|
|
|
3.3 |
% |
|
|
13,386 |
|
|
|
17.6 |
% |
|
|
(5,462 |
) |
|
|
-7.2 |
% |
Other |
|
|
(1,123 |
) |
|
|
-2.8 |
% |
|
|
133 |
|
|
|
0.2 |
% |
|
|
(330 |
) |
|
|
-0.4 |
% |
Non-deductible and (non taxable) items |
|
|
(996 |
) |
|
|
-2.5 |
% |
|
|
7,855 |
|
|
|
10.3 |
% |
|
|
(60,154 |
) |
|
|
-79.0 |
% |
Federal statutory tax rate differential |
|
|
(155 |
) |
|
|
-0.4 |
% |
|
|
1,135 |
|
|
|
1.5 |
% |
|
|
6,697 |
|
|
|
8.8 |
% |
Divestiture of subsidiaries |
|
|
- |
|
|
|
0.0 |
% |
|
|
- |
|
|
|
0.0 |
% |
|
|
(16,069 |
) |
|
|
-21.1 |
% |
Other |
|
|
366 |
|
|
|
0.9 |
% |
|
|
(2,866 |
) |
|
|
-3.8 |
% |
|
|
266 |
|
|
|
0.3 |
% |
The Netherlands |
|
|
211 |
|
|
|
0.5 |
% |
|
|
(1,731 |
) |
|
|
-2.3 |
% |
|
|
(9,106 |
) |
|
|
-12.0 |
% |
Federal statutory tax rate differential |
|
|
10,725 |
|
|
|
27.2 |
% |
|
|
1,538 |
|
|
|
2.0 |
% |
|
|
6,982 |
|
|
|
9.2 |
% |
Valuation Allowance |
|
|
(21,076 |
) |
|
|
-53.4 |
% |
|
|
(2,892 |
) |
|
|
-3.8 |
% |
|
|
(15,772 |
) |
|
|
-20.7 |
% |
Other |
|
|
325 |
|
|
|
0.8 |
% |
|
|
(143 |
) |
|
|
-0.2 |
% |
|
|
(1,127 |
) |
|
|
-1.5 |
% |
Germany |
|
|
(10,026 |
) |
|
|
-25.4 |
% |
|
|
(1,497 |
) |
|
|
-2.0 |
% |
|
|
(9,917 |
) |
|
|
-13.0 |
% |
Federal statutory tax rate differential |
|
|
- |
|
|
|
0.0 |
% |
|
|
(11,570 |
) |
|
|
-15.2 |
% |
|
|
(3,865 |
) |
|
|
-5.1 |
% |
Divestiture of subsidiaries |
|
|
- |
|
|
|
0.0 |
% |
|
|
28,905 |
|
|
|
38.0 |
% |
|
|
9,663 |
|
|
|
12.7 |
% |
United Kingdom |
|
|
- |
|
|
|
0.0 |
% |
|
|
17,335 |
|
|
|
22.8 |
% |
|
|
5,798 |
|
|
|
7.6 |
% |
Federal statutory tax rate differential |
|
|
252 |
|
|
|
0.6 |
% |
|
|
869 |
|
|
|
1.1 |
% |
|
|
15,783 |
|
|
|
20.7 |
% |
Valuation Allowance |
|
|
(259 |
) |
|
|
-0.7 |
% |
|
|
(3,091 |
) |
|
|
-4.1 |
% |
|
|
(27,995 |
) |
|
|
-36.8 |
% |
Deconsolidation of subsidiaries |
|
|
- |
|
|
|
0.0 |
% |
|
|
43,365 |
|
|
|
56.9 |
% |
|
|
(7,348 |
) |
|
|
-9.6 |
% |
United States of America |
|
|
(7 |
) |
|
|
0.0 |
% |
|
|
41,143 |
|
|
|
53.9 |
% |
|
|
(19,560 |
) |
|
|
-25.7 |
% |
Other foreign jurisdictions |
|
|
482 |
|
|
|
1.2 |
% |
|
|
1,723 |
|
|
|
2.3 |
% |
|
|
4,932 |
|
|
|
6.5 |
% |
Foreign Tax Effects |
|
|
(9,340 |
) |
|
|
-23.7 |
% |
|
|
56,973 |
|
|
|
74.7 |
% |
|
|
(27,853 |
) |
|
|
-36.6 |
% |
Change in valuation allowances |
|
|
(22,485 |
) |
|
|
-57.0 |
% |
|
|
(90,220 |
) |
|
|
-118.5 |
% |
|
|
55,468 |
|
|
|
72.8 |
% |
Other |
|
|
(1,544 |
) |
|
|
-3.9 |
% |
|
|
(90 |
) |
|
|
-0.1 |
% |
|
|
(1,209 |
) |
|
|
-1.6 |
% |
Reversal of tax recorded in OCI |
|
|
- |
|
|
|
0.0 |
% |
|
|
(3,203 |
) |
|
|
-4.2 |
% |
|
|
(5,830 |
) |
|
|
-7.7 |
% |
Non-taxable portion of capital gains and
losses |
|
|
(5,026 |
) |
|
|
-12.7 |
% |
|
|
(51,654 |
) |
|
|
-67.8 |
% |
|
|
(43,628 |
) |
|
|
-57.3 |
% |
Other adjustments |
|
|
(6,570 |
) |
|
|
-16.7 |
% |
|
|
(54,947 |
) |
|
|
-72.1 |
% |
|
|
(50,667 |
) |
|
|
-66.5 |
% |
Income tax (expense) recovery |
|
$ |
(23 |
) |
|
|
-0.1 |
% |
|
$ |
(7,141 |
) |
|
|
-9.4 |
% |
|
$ |
(12,327 |
) |
|
|
-16.2 |
% |
1 Canadian provincial income taxes paid are 100% attributed to Ontario. |
|
|
| Summary of Significant Components of Deferred Income Tax Assets (Liabilities) |
Significant components of deferred income tax assets (liabilities) consist of the following:
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
March 31, |
|
|
|
2026 |
|
|
2025 |
|
Deferred income tax assets |
|
|
|
|
|
|
Property, plant and equipment |
|
$ |
74,028 |
|
|
$ |
74,392 |
|
Intangible assets |
|
|
30,263 |
|
|
|
17,483 |
|
Inventory reserves and write-downs |
|
|
5,584 |
|
|
|
5,587 |
|
Other reserves and accruals |
|
|
6,501 |
|
|
|
2,792 |
|
Losses carried forward |
|
|
1,184,939 |
|
|
|
1,176,913 |
|
Equity method investments and other financial assets |
|
|
113,359 |
|
|
|
106,570 |
|
Deferred financing costs |
|
|
7,581 |
|
|
|
11,439 |
|
Unrealized losses |
|
|
62,211 |
|
|
|
68,877 |
|
Other |
|
|
32,069 |
|
|
|
10,698 |
|
Gross deferred income tax assets |
|
|
1,516,535 |
|
|
|
1,474,751 |
|
Valuation allowances |
|
|
(1,508,750 |
) |
|
|
(1,474,467 |
) |
Total deferred income tax assets, net |
|
$ |
7,785 |
|
|
$ |
284 |
|
|
|
|
|
|
|
|
Deferred income tax liabilities |
|
|
|
|
|
|
Property, plant and equipment |
|
$ |
(1,849 |
) |
|
$ |
- |
|
Intangible assets |
|
|
(7,394 |
) |
|
|
- |
|
Deferred financing costs |
|
|
(5,506 |
) |
|
|
- |
|
Other |
|
|
(973 |
) |
|
|
- |
|
Total deferred income tax liabilities |
|
|
(15,722 |
) |
|
|
- |
|
Net deferred income tax assets (liabilities) |
|
$ |
(7,937 |
) |
|
$ |
284 |
|
|
| Schedule Of Cash Income Taxes Paid By Jurisdiction |
The cash income taxes paid by jurisdiction are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years ended |
|
|
|
March 31, |
|
|
March 31, |
|
|
March 31, |
|
|
|
2026 |
|
|
2025 |
|
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
Canadian federal |
|
$ |
- |
|
|
$ |
(104 |
) |
|
$ |
(5,706 |
) |
Canadian provincial1 |
|
|
- |
|
|
|
(24 |
) |
|
|
- |
|
Foreign |
|
|
|
|
|
|
|
|
|
Australia |
|
|
307 |
|
|
|
254 |
|
|
|
- |
|
Germany |
|
|
(325 |
) |
|
|
529 |
|
|
|
485 |
|
Netherlands |
|
|
162 |
|
|
|
- |
|
|
|
(195 |
) |
USA |
|
|
- |
|
|
|
- |
|
|
|
1,260 |
|
Total foreign |
|
|
144 |
|
|
|
783 |
|
|
|
1,550 |
|
|
|
$ |
144 |
|
|
$ |
655 |
|
|
$ |
(4,156 |
) |
1 Canadian provincial income taxes paid are 100% attributed to Ontario |
|
|
| Summary of Losses Carried Forward Available to Reduce Future Years' Taxable Income |
As at March 31, 2026, the Company has the following losses carried forward available to reduce future years’ taxable income, which losses expire as follows:
|
|
|
|
|
Expiring within 5 years |
|
$ |
1,864 |
|
Expiring between 5 and 10 years |
|
|
12,629 |
|
Expiring between 10 and 15 years |
|
|
853,917 |
|
Expiring between 15 and 20 years |
|
|
2,313,166 |
|
Indefinite |
|
|
581,948 |
|
|
|
$ |
3,763,524 |
|
|
|
|
|
|
Total in Canada |
|
$ |
3,179,713 |
|
Total in United States |
|
|
505,295 |
|
Total in Europe |
|
|
78,516 |
|
|
|
$ |
3,763,524 |
|
|
|
|
|
|
Total operating losses |
|
$ |
3,763,524 |
|
Total capital losses (carried forward indefinitely) |
|
|
1,427,322 |
|
|
|
$ |
5,190,846 |
|
|