v3.26.1
Financial Instruments - Fair Value Measurements
 12 Months Ended
Mar. 31, 2026
Financial Instruments - Fair Value Measurements [Abstract]  
Financial Instruments - Fair Value Measurements
29Financial Instruments - Fair Value Measurements

 

ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) defines fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability as against assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including the Company’s own credit risk.

 

The carrying value of financial instruments not carried at fair value by categories are as below:

 

    March 31,
2026		     March 31,
2025		  
As at   Carrying value     Carrying value  
Financial assets            
Cash and cash equivalents   $ 328,586     $ 1,077,275  
Accounts receivable     100,167       200,650  
Receivable from government authorities     -       187,458  
Long term investments     21,066       25,653  
Other financial assets     240,193       365,433  
Total assets   $ 690,012     $ 1,856,469  
Financial liabilities                
Accounts payable   $ 22,637,202     $ 12,548,582  
Debt     2,511,444       2,851,341  
Operating lease     827,414       1,118,737  
Finance lease     2,058,281       3,966,962  
Unsecured notes     811,178       -  
Convertible notes     451,348        -  
Other financial liabilities     1,289,771       1,611,602  
Total liabilities   $ 30,586,638     $ 22,097,224  

 

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis:

 

   March 31, 2026 
   Total Carrying
value		   Level 1   Level 2   Level 3 
Liabilities:                    
Atalaya Note  $6,554,074   $
-
   $
-
   $6,554,074 
   March 31, 2025 
   Total Carrying
value		   Level 1   Level 2   Level 3 
Assets:                
Assets held for sale  $267,293   $
      -
   $267,293   $
-
 
Liabilities:                    
Atalaya Note  $6,002,269   $
-
   $
-
   $6,002,269 

 

Level 2: The fair value of Assets held for sale not traded in an active market is determined using the quoted prices in markets that are not active or inputs other than the quoted prices that are observable either directly or indirectly considering all the relevant factors of assets.

 

The Company’s recurring Level 3 financial instruments within the Company’s fair value hierarchy as of March 31, 2026 consist of Company’s unsecured convertible note.

 

The changes in the fair value are summarized below:

 

   Unsecured
Convertible Note
(‘Atalaya Note’)		 
     
Balance as of April 1, 2024  $10,067,601 
Shares issued to Atalaya Note holders   (2,324,696)
Change in fair value of unsecured convertible note   (1,740,636)
Balance as of March 31, 2025  $6,002,269 
      
Balance as of April 1, 2025   6,002,269 
Change in fair value of unsecured convertible note   539,805 
Loss on litigation settlement   12,000 
Balance as of March 31, 2026  $6,554,074 

 

During the year ended March 31, 2026 and March 31, 2025 , there were no non-recurring fair value measure of assets or liabilities subsequent to initial recognition.