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Non-Controlling Interest

9 Months Ended

Dec. 31, 2022

Noncontrolling Interest [Abstract]

Non-Controlling Interest [Text Block]

NOTE 4 - Non-Controlling Interest

Non-controlling interest represents the portion of net assets that are not owned by the Company. The following table presents the continuity of the non-controlling interest reported in stockholders’ equity as of March 31, 2021 and 2022:

Balance, March 31, 2021	$	21,183,613
DTRC common stock issued		49,515,626
DTRC common stock issued for investment in mineral property		10,380,464
DTRC common stock issued upon conversion of debt		703,647
Stock-based compensation expense		19,592,502
Change in non-controlling interest		(34,185,108	)
Net loss attributable to non-controlling interest		(13,066,775	)
Issuance of stock for acquisition of NCI		(48,799,274	)
Elimination of NCI on acquisition		(5,324,695	)
Balance, March 31, 2022	$	-

On March 31, 2022, pursuant to the DTRC Transaction, the Company acquired the remaining outstanding shares of DTRC (the "acquisition of NCI"), whereby the Company issued 35,209,316 shares to DTRC’s stockholders for the acquisition of 35,209,316 DTRC shares not previously owned by the Company resulting in the Company owning 100% of DTRC upon the closing of the transaction.

The Company determined that each share issued pursuant to the DTRC Transaction had a fair value of $1.39, resulting in a $48,799,273 fair value of consideration, of which $35,209 was attributable to share capital and $48,764,065 attributable to additional paid-in capital. The purchase consideration was offset against the $54,123,969 NCI balance with $5,324,695 recorded to additional paid-in capital, being the difference between the fair value of the consideration paid and the carrying amount of the NCI on closing.

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- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-URI https://asc.fasb.org/topic&trid=2197479

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- References

No definition available.

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