v3.26.1
Fair Value Measurements
 3 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements [Text Block]

25. Fair Value Measurements

The fair values of investments were measured using the net asset value or a market approach. The investments measured at fair value are classified into one of the three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values, with the designation based upon the lowest level of input that is significant to the fair value measurement.  The three levels of the fair value hierarchy are:

Level 1 Inputs: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date.

Level 2 Inputs: Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.

Level 3 Inputs: Unobservable inputs for the asset or liability (Unobservable inputs reflect management's assumptions on how market participants would price the asset or liability based on the information available).

Valuation of Assets that use Level 2 Inputs ("Level 2 Assets").  The fair value of Level 2 Assets would use the quoted price from the exchanges which the Company most frequently uses, with no adjustment.

At the year end the Company classified its financial assets into the following levels:

    As at June 30, 2026     As at March 31, 2026  
Assets   Level 1     Level 2     Level 3     Level 1     Level 2     Level 3  
Cash $ -   $ 208,039   $ -   $ -   $ 23,113   $ -  
(i) Digital currencies (Note 6)   11,248     -     -     10,822     -     -  
(ii) Investments (Note 4)   7,637     -     3,221     6,624     -     3,117  
Derivative asset (Note 10)   -     30,994     -     -     606     -  
  $ 18,885   $ 239,033   $ 3,221   $ 17,446   $ 23,719   $ 3,117  
                                     
Liabilities                                    
Warrant liability $ -   $ -   $ 2,154   $ -   $ -   $ 413  
  $ -   $ -   $ 2,154   $ -   $ -   $ 413  

(i)  The fair value of the Company's digital assets are determined by the price at 12:00 AM CET per coinbase.com.

(ii) The Company's investments classified as level 3 fair value measurements consist of investments in preferred stock, convertible notes and common stock.  For the Company's common stock investments:

  • Various Black Scholes models were utilized; and
  • A prior transaction approach was used for others; some adjusted.

A verified prior transaction is initially given 100% weighting in a fair value conclusion (if completed at arm's length), but subsequently such weighting is adjusted based on the merits of newly observed data.  As a result, in the absence of disconfirming data, an unadjusted prior transaction price may not be considered "stale" for months or, in some cases, years.

Level 3 Continuity

The following is a reconciliation of Level 3 assets and liabilities:

Level 3 Continuity  

Fair value at

June 30, 2026

    

Fair value at

March 31, 2026

  
Investments            
Balance, at April 1 $ 3,117   $ 3,120  
Additions   -     725  
Transfer to Level 1   -     (725 )
Foreign exchange   (4 )   6  
Change in fair value   108     (9 )
Balance, at June 30 $ 3,221   $ 3,117  
             
Warrant liability            
Balance, at April 1 $ 413   $ 760  
Change in fair value   1,741     (347 )
Balance, at June 30 $ 2,154   $ 413  

In addition to assets and liabilities that are measured at fair value on a recurring basis, the Company also measures certain assets and liabilities at fair value on a non-recurring basis. The Company's long-lived assets, including intangible assets, operating lease right-of-use assets, and property, plant and equipment, are measured at fair value when there is an indication of impairment and the carrying amount exceeds the asset's projected undiscounted cash flows.

These assets are measured at fair value only when an impairment loss is recognized. The carrying amounts of cash, amounts receivable, net, other receivables, and accounts payable and accrued expenses are a reasonable approximation of their fair value due to their short-term maturity or they are valued using the income approach valuation technique.