STOCKHOLDERS’ DEFICIENCY AND MEZZANINE EQUITY (Tables)
|
12 Months Ended |
Mar. 31, 2026 |
|---|
| Equity [Abstract] |
|
| SCHEDULE OF SERIES B PREFERRED STOCK FOR MEZZANINE EQUITY |
A
roll-forward of activity is presented below for the year ended March 31, 2026:
SCHEDULE OF SERIES B PREFERRED STOCK FOR MEZZANINE EQUITY
| | |
2026 | | |
2025 | |
| | |
$ | | |
$ | |
| Balance
beginning of year – March 31 | |
| 2,000,290 | | |
| 1,488,920 | |
| Balance
beginning of year | |
| 2,000,290 | | |
| 1,488,920 | |
| Net
proceeds received pursuant to the issuance of preferred shares | |
| - | | |
| 1,732,532 | |
| Recognition
of derivative liabilities (Note 8) | |
| - | | |
| (649,533 | ) |
| Redemption of convertible
preferred shares | |
| (114,326 | ) | |
| - | |
| Conversion
into common shares | |
| (171,488 | ) | |
| (571,629 | ) |
| Balance
end of year – March 31 | |
| 1,714,476 | | |
| 2,000,290 | |
| Balance
end of year | |
| 1,714,476 | | |
| 2,000,290 | |
|
| SCHEDULE OF WARRANTS OUTSTANDING |
Warrant
activity during the years ended March 31, 2026 and 2025 is indicated below:
SCHEDULE OF WARRANTS OUTSTANDING
| | |
Broker
Warrants | | |
Consultant
and Noteholder Warrants | | |
Warrants
Issued on Convertible Notes | | |
Total | |
| As at
March 31, 2024 | |
| 208,927 | | |
| 253,994 | | |
| 868,098 | | |
| 1,331,019 | |
| Expired/cancelled | |
| — | | |
| (15,000 | ) | |
| — | | |
| (15,000 | ) |
| Issued | |
| 600,000 | | |
| 1,200,000 | | |
| — | | |
| 1,800,000 | |
| As at March 31, 2025 | |
| 808,927 | | |
| 1,438,994 | | |
| 868,098 | | |
| 3,116,019 | |
| Beginning balance | |
| 808,927 | | |
| 1,438,994 | | |
| 868,098 | | |
| 3,116,019 | |
| | |
| | | |
| | | |
| | | |
| | |
| | |
| | | |
| | | |
| | | |
| | |
| Expired/cancelled | |
| — | | |
| — | | |
| — | | |
| — | |
| Issued | |
| 147,150 | | |
| — | | |
| — | | |
| 147,150 | |
| As at March 31, 2026 | |
| 956,077 | | |
| 1,438,994 | | |
| 868,098 | | |
| 3,263169 | |
| Ending balance | |
| 956,077 | | |
| 1,438,994 | | |
| 868,098 | | |
| 3,263169 | |
| | |
| | | |
| | | |
| | | |
| | |
| Exercise Price | |
| $0.37
to $37.56 | | |
| $0.43
to $14.40 | | |
$ | 4.18 | | |
| | |
| Expiration
Date | |
| August
2026 to October 2033 | | |
| March
2029 to December 2032 | | |
| October
2027 | | |
| | |
(g)
Stock based compensation
|
| SCHEDULE OF STOCK OPTION ACTIVITIES |
The
following table summarizes the stock option activities during the fiscal year ended March 31, 2026:
SCHEDULE OF STOCK OPTION ACTIVITIES
| | |
Number
of Options | | |
Weighted Average Exercise Price | | |
Weighted
Average Remaining Contractual Term
(years) | | |
Aggregate Intrinsic Value(1) | |
| | |
| | |
| | |
| | |
| |
| Outstanding
at March 31, 2025 | |
| 3,067,830 | | |
$ | 1.14 | | |
| 1.77 | | |
$ | 1,078,756 | |
| Adjustment
for rounding effect of Reverse Split | |
| — | | |
| — | | |
| — | | |
| — | |
| Granted | |
| — | | |
$ | — | | |
| — | | |
| — | |
| Cancelled | |
| — | | |
| — | | |
| — | | |
| — | |
| Expired | |
| (14,192 | ) | |
$ | — | | |
| — | | |
| — | |
| Forfeited | |
| (4,975 | ) | |
$ | — | | |
| — | | |
| — | |
| Outstanding
at March 31, 2026 | |
| 3,048,663 | | |
$ | 1.13 | | |
| 6.01 | | |
$ | 0 | |
| Vested
and expected to vest at March 31, 2026* | |
| 3,048,663 | | |
$ | 1.13 | | |
| 6.01 | | |
$ | 0 | |
| Vested
and exercisable at March 31, 2026* | |
| 2,749,295 | | |
$ | 1.14 | | |
| 5.75 | | |
$ | 0 | |
| (1) |
The
aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value
of our common stock as of March 31, 2026 and fair value of common stock adjusted. |
| * |
This
includes 1,200,000 options granted to employees from the 2023 Equity Incentive Plan, discussed below. |
The
following table summarizes the stock option activities during the fiscal year ended March 31, 2025:
| | |
Number
of Options | | |
Weighted Average Exercise Price | | |
Weighted
Average Remaining Contractual Term
(years) | | |
Aggregate Intrinsic Value(1) | |
| | |
| | |
| | |
| | |
| |
| Outstanding
at March 31, 2024 | |
| 1,239,873 | | |
$ | 9.39 | | |
| 5.35 | | |
$ | 9,705,937 | |
| Adjustment
for rounding effect of Reverse Split | |
| - | | |
| - | | |
| - | | |
| - | |
| Granted | |
| 2,836,176 | | |
$ | 0.5 | | |
| 0.02 | | |
| - | |
| Cancelled | |
| (931,000 | ) | |
| 9.32 | | |
| 4.24 | | |
| - | |
| Expired | |
| (57,582 | ) | |
$ | 0.56 | | |
| 0.17 | | |
| - | |
| Forfeited | |
| (19,637 | ) | |
$ | 0.37 | | |
| 2.34 | | |
| - | |
| Outstanding
at March 31, 2025 | |
| 3,067,830 | | |
$ | 1.14 | | |
| 1.77 | | |
$ | 1,078,756 | |
| Vested
and expected to vest at March 31, 2025* | |
| 3,067,830 | | |
$ | 1.14 | | |
| 1.77 | | |
$ | 1,078,756 | |
| Vested
and exercisable at March 31, 2025* | |
| 2,611,411 | | |
$ | 1.17 | | |
| 0.43 | | |
$ | 805,181 | |
| (1) |
The
aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value
of our common stock as of March 31, 2025 and fair value of common stock adjusted. |
| * |
This
includes 1,200,000 options granted to employees from the 2023 Equity Incentive Plan, discussed below. |
|
| SCHEDULE OF FAIR VALUE OF OPTION GRANTED USING VALUATION ASSUMPTIONS |
The
fair value of each option granted is estimated at the time of grant using multi-nominal lattice model using the following assumptions,
for each of the respective years ended March 31:
SCHEDULE OF FAIR VALUE OF OPTION GRANTED USING VALUATION ASSUMPTIONS
| | |
2026 | | |
2025 | |
| Exercise
price ($) | |
| NA | | |
| 0.43-0.43 | |
| Risk
free interest rate (%) | |
| NA | | |
| 4.24-4.33 | |
| Expected
term (Years) | |
| NA | | |
| 1.46-5.00 | |
| Expected
volatility (%) | |
| NA | | |
| 113.97-142.22 | |
| Expected
dividend yield (%) | |
| NA | | |
| 0.00 | |
| Fair
value of option ($) | |
| NA | | |
| -1.097-1.360 | |
| Expected
forfeiture (attrition) rate (%) | |
| NA | | |
| 0.00 | |
|