| Schedule of share capital |
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March 31, 2023 |
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March 31, 2022 |
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Number of shares |
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$ |
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Number of shares |
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$ |
Exchangeable Shares |
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Balance beginning of period |
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112,440 |
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$ |
113 |
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112,440 |
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$ |
113 |
Converted into common shares |
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(1,048) |
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(1) |
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— |
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— |
Balance at end of period |
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111,392 |
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|
112 |
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112,440 |
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113 |
Common Shares |
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Balance at beginning of the period |
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6,767,114 |
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6,766 |
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5,589,375 |
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5,589 |
Shares issued to exchangeable shareholders |
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1,048 |
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1 |
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— |
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— |
Shares issued on conversion of loans (a) |
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— |
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— |
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947,602 |
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|
947 |
Shares issued in lieu of services (b) |
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110,000 |
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110 |
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50,000 |
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50 |
Options exercised in conjunction with 2021 notes (c) |
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— |
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— |
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180,137 |
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180 |
Balance at end of the period |
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6,878,162 |
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6,877 |
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6,767,114 |
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6,766 |
Total Shares |
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6,989,554 |
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$ |
6,989 |
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6,879,554 |
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$ |
6,879 |
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(a) |
During the year ended March 31, 2022, the Company issued the remaining 1,408 shares of the Company’s common stock which were issued to the noteholders pursuant to the terms of the 2020 Convertible Notes as discussed in Note 6 above. Additionally, on March 31, 2022, the 2021 notes were converted into 946,194 shares of common stock of the Company as discussed in Note 6 above. During the year ended March 31, 2021, the principal and interest of $1.7 million associated with the 2020 Convertible notes were converted into 181,463 shares of common stock of the Company as discussed in Note 6 above.
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(b) |
During the year ended March 31, 2022, the Company issued 50,000 shares for expenses to support the Company’s investor relations strategy. During the year ended March 31, 2023, the Company issued 110,000 shares to a director of the Company in lieu of consulting services. The shares were valued based on the trading price of the Company’s common stock on the issuance date.
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(c) |
With the 2021 Notes as discussed in Note 6 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.
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