Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v3.22.4
Stockholders' Equity
9 Months Ended
Dec. 31, 2022
Stockholders' Equity  
Stockholders' Equity

6.    Stockholders’ Equity

Common Stock Authorized

December 31, 2022

March 31, 2022

    

Number of shares

    

$

    

Number of shares

    

$

Exchangeable Shares

  

  

  

 

Balance beginning of period

 

112,440

$

113

112,440

$

113

Converted into common shares

 

(1,048)

(1)

Balance at end of period

 

111,392

112

112,440

113

Common Shares

 

Balance at beginning of the period

 

6,767,114

6,766

5,589,375

5,589

Shares issued on conversion of loans (a)

 

947,602

947

Shares issued for in lieu of services (b)

50,000

50

Options exercised in conjunction with 2021 Notes (c)

180,137

180

Exchangeable shares converted into common shares

1,048

1

Balance at end of the period

 

6,768,162

6,767

6,767,114

6,766

Total Shares

 

6,879,554

$

6,879

6,879,554

$

6,879

(a)

During the year ended March 31, 2022, the Company issued 1,408 shares of the Company’s common stock to existing noteholders pursuant to the terms of their convertible notes purchased in 2020. Additionally, on March 31, 2022, the 2021 notes were converted into 946,194 shares of common stock of the Company as discussed in Note 4 above.

(b)

During the year ended March 31, 2022, the Company issued 50,000 shares for expenses to support the Company’s investor relations strategy. The shares were valued based on the trading price of the Company’s common stock on the issuance date.

(c)

With the 2021 Notes as discussed in Note 4 above, in July 2021, $0.6 million of the outstanding principal and accrued and unpaid interest under the term loan agreement was applied towards the purchase price to exercise 180,137 outstanding options of certain debtholders. The outstanding options were valued based on the predetermined exercise price of the stock options.

Special Voting Preferred Share

In February 2015, the Company entered into a voting and exchange trust agreement (the “Trust Agreement”). Pursuant to the Trust Agreement, the Company issued one Special Voting Preferred Share to a Trustee, and the parties created a trust for the Trustee to hold the Special Voting Preferred Share for the benefit of the holders of the Exchangeable Shares of a subsidiary of the Company. The Special Voting Preferred Share entitles the Trustee to exercise the number of votes equal to the number of Exchangeable Shares outstanding on a one-for-one basis during the term of the Trust Agreement. The Special Voting Preferred Share is not entitled to receive any dividends or to receive any assets of the Company upon liquidation and is not convertible into shares of common stock of the Company. The voting rights of the Special Voting Preferred Share will terminate pursuant to and in accordance with the Trust Agreement and the Special Voting Preferred Share will be automatically cancelled.