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FINANCIAL INSTRUMENTS | 12 Months Ended
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Mar. 31, 2022
Disclosure of financial instruments [text block] [Abstract] |
FINANCIAL INSTRUMENTS |
| 21. | FINANCIAL INSTRUMENTS
The Company manages its exposure to financial risks, including liquidity risk, foreign exchange risk, interest rate risk, credit risk and equity price risk in accordance with its risk management framework. The Company’s Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management framework and reviews the Company’s policies on an ongoing basis. (a) Fair value The Company classifies its fair value measurements within a fair value hierarchy, which reflects the significance of the inputs used in making the measurements as defined in IFRS 13, Fair Value Measurement (“IFRS 13”). Level 1 – Unadjusted quoted prices at the measurement date for identical assets or liabilities in active markets. Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Unobservable inputs which are supported by little or no market activity. The following tables set forth the Company’s financial assets and liabilities that are measured at fair value level on a recurring basis within the fair value hierarchy as at March 31, 2022 and March 31, 2021. As required by IFRS 13, the assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
|  | Fair value as at March 31, 2022 |  |  |  |
Recurring measurements |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 113,302 |  |  | $ | - |  |  | $ | - |  |  | $ | 113,302 |
Short-term investments - money market instruments |  |  | 90,455 |  |  |  | - |  |  |  | - |  |  |  | 90,455 |
Investments in public companies |  |  | 13,916 |  |  |  | - |  |  |  | - |  |  |  | 13,916 |
Investments in private companies |  |  | - |  |  |  | - |  |  |  | 3,852 |  |  |  | 3,852 |
|  | Fair value as at March 31, 2021 |  |  |  |
Recurring measurements |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 118,735 |  |  | $ | - |  |  | $ | - |  |  | $ | 118,735 |
Short-term investments - money market instruments |  |  | 64,545 |  |  |  | - |  |  |  | - |  |  |  | 64,545 |
Investments in public companies |  |  | 13,444 |  |  |  | - |  |  |  | - |  |  |  | 13,444 |
Investments in private companies |  |  | - |  |  |  | - |  |  |  | 2,289 |  |  |  | 2,289 |
Financial assets classified within Level 3 are equity investments in private companies owned by the Company. Significant unobservable inputs are used to determine the fair value of the financial assets, which includes recent arm’s length transactions of the investee, the investee’s financial performance as well as any changes in planned milestones of the investees. Fair value of the other financial instruments excluded from the table above approximates their carrying amount as at March 31, 2022 and March 31, 2021, due to the short-term nature of these instruments. There were no transfers into or out of Level 3 during the year ended March 31, 2022 and 2021. (b) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its short-term business requirements. The Company has in place a planning and budgeting process to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis and its expansion plans. In the normal course of business, the Company enters into contracts that give rise to commitments for future minimum payments. The following summarizes the remaining contractual maturities of the Company’s financial liabilities.
|  | March 31, 2022 |  |  |  |  |  | March 31, 2021 |
|  | Within a year |  |  | 2-5 years |  |  | Total |  |  | Total |
Accounts payable and accrued liabilities |  | $ | 39,667 |  |  | $ | - |  |  | $ | 39,667 |  |  | $ | 30,298 |
Lease obligation |  |  | 677 |  |  |  | 666 |  |  |  | 1,343 |  |  |  | 1,741 |
|  | $ | 40,344 |  |  | $ | 666 |  |  | $ | 41,010 |  |  | $ | 32,039 |
(c) Foreign exchange risk The Company reports its financial statements in US dollars. The functional currency of the head office, Canadian subsidiaries and all intermediate holding companies is CAD and the functional currency of all Chinese subsidiaries is RMB. The functional currency of New Infini and its subsidiaries is USD. The Company is exposed to foreign exchange risk when the Company undertakes transactions and holds assets and liabilities in currencies other than its functional currencies. The Company currently does not engage in foreign exchange currency hedging. The Company’s exposure to currency risk affect net income is summarized as follows:
|  | March 31, 2022 |  |  | March 31, 2021 |
Financial assets denominated in U.S. Dollars |  | $ | 59,272 |  |  | $ | 58,610 |
Financial liabilities denominated in U.S. Dollars |  | $ | - |  |  | $ | 52 |
As at March 31, 2022, with other variables unchanged, a 10% strengthening (weakening) of the CAD against the USD would have decreased (increased) net income by approximately $6.0 million. (d) Interest rate risk The Company is exposed to interest rate risk on its cash equivalents and short term investments. As at March 31, 2022, all of its interest-bearing cash equivalents and short-term investments earn interest at market rates that are fixed to maturity or at variable interest rates with terms of less than one year. The Company monitors its exposure to changes in interest rates on cash equivalents and short term investments. Due to the short-term nature of these financial instruments, fluctuations in interest rates would not have a significant impact on the Company’s net income. (e) Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company is exposed to credit risk primarily associated to accounts receivable, due from related parties, cash and cash equivalents, and short-term investments. The carrying amount of assets included in the consolidated statement of financial position represents the maximum credit exposure. The Company undertakes credit evaluations on counterparties as necessary, requests deposits from customers prior to delivery, and has monitoring processes intended to mitigate credit risks. There were no material amounts in trade or other receivables which were past due on March 31, 2022 (at March 31, 2021 - $nil). (f) Equity price risk The Company holds certain marketable securities that will fluctuate in value as a result of trading on financial markets. As the Company’s marketable securities holdings are mainly in mining companies, the value will also fluctuate based on commodity prices. Based upon the Company’s portfolio as at March 31, 2022, a 10% increase (decrease) in the market price of the securities held, ignoring any foreign currency effects, would have resulted in an increase (decrease) to the net income and other comprehensive income of $1.2 million and $0.2 million, respectively.

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