6. TERM LOAN AND CREDIT AGREEMENT

Term Loan

On December 21, 2021, the Company entered into a Credit Agreement (the “Credit Agreement”) with SWK Funding LLC (the “Lender”), pursuant to which the Company borrowed approximately $12.4 million. The term loan matures on February 15, 2027 and bears interest at a variable rate equal to the applicable benchmark rate plus 10.5% per annum, subject to the terms of the Credit Agreement.

The loan is secured by substantially all of the Company’s assets, including certain intellectual property. Interest payments are payable quarterly in accordance with the terms of the Credit Agreement.

Pursuant to amendments negotiated with the Lender, principal repayments of $2.4 million ($600,000 per quarter) are scheduled during the final two years of the loan term. Accordingly, as of March 31, 2026, $14.68 million of the outstanding principal balance was classified as a current liability.

In November 2024, the Company entered into an amendment with the Lender pursuant to which it received additional term loan proceeds of approximately $635,000 and capitalized approximately $1.5 million of accrued interest into the outstanding principal balance. In connection with this amendment, the Company issued 600,000 warrants exercisable at $0.50 per share and agreed to increase the exit fee payable upon maturity of the facility. The Company also received waiver and forbearance relief relating to certain covenant defaults.

In December 2025, the Company entered into an additional forbearance agreement with the Lender and issued 120,000 warrants exercisable at $0.37 per share. Additionally, the Company issued 27,150 warrants exercisable at $2.21 per share in accordance with the terms of a previously executed warrant agreement. The warrants had an aggregate fair value of $38,078 and were recorded as additional debt discount.

During the year ended March 31, 2026, the Company made a scheduled principal repayment of $600,000 under the Credit Agreement.

As of March 31, 2026, the outstanding principal balance under the Credit Agreement was $15,270,932 (March 31, 2025 – $15,870,932). The related unamortized debt discount was $590,018 (March 31, 2025 – $1,199,372), resulting in a net carrying amount of $14,680,914 (March 31, 2025 – $14,671,560).

Debt discounts, including deferred financing costs, warrant-related discounts and other financing costs associated with the Credit Agreement, are amortized over the remaining term of the loan using the effective interest method. During the years ended March 31, 2026 and 2025, the Company recognized accretion and amortization expense of $647,433 and $356,778, respectively.

During the years ended March 31, 2026 and 2025, the Company recognized interest expense related to the Credit Agreement of $2,248,835 and $2,180,897, respectively.

As of March 31, 2026 and March 31, 2025, accrued interest payable related to the Credit Agreement was $677,310 and $404,621, respectively.

BIOTRICITY INC.

Notes to Consolidated Financial Statements

Years ended March 31, 2026 and 2025

(Expressed in US Dollars)