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SHARE CAPITAL | 12 Months Ended
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Mar. 31, 2025
Disclosure of classes of share capital [abstract] |
SHARE CAPITAL [Text Block] | 12. SHARE CAPITAL (a) Share Capital The Company is authorised to issue an unlimited number of common shares, with no par value. During the year ended March 31, 2025, the Company completed a private placement in which a total of 2,361,500 units were issued at $1.30 per unit for gross proceeds of $3,069,950. Each unit consisted of one common share and one-half of one common share purchase warrant with each whole warrant exercisable at $3.00 per a period of two years. Unit issue costs associated with this private placement totaled $73,624. During the year ended March 31, 2025, the Company issued 1,312,751 common shares in connection with the exercise of 1,700,000 options (2024: 1,527,696 common shares on exercise of 2,000,000 options). The carrying value of the options, being $375,000 (2024: $645,000), was removed from share-based payment reserve and added to share capital. Of the 1,700,000 (2023: 2,000,000) options exercised, 1,250,000 (2024: 1,900,000) were exercised using a "cashless" exercise method whereby 387,249 (2024: 472,304) fewer shares were issued than exercised as compensation for the $534,500 (2024: $958,000) that would have otherwise been received by the Company upon exercise. During the year ended March 31, 2025, the Company also purchased, and subsequently cancelled, 102,900 (2024: 245,100) of its own common shares at a cost of $142,866 (2024: $408,853). (b) Share Purchase Warrants Details of share purchase warrants outstanding as at March 31, 2025 are as follows:
|  | Exercise |  |  | Grant Date |  |  | March 31, |
|  | Price |  |  | Fair Value |  |  | 2025 |
Expiry Date |  | $ |  |  | $ |  |  | # |
August 19, 2026 |  | 3.00 |  |  | 89,737 |  |  | 1,180,750 |
The following is a summary of warrants activity for the year ended March 31, 2025:
|  | Year ended March 31, 2025 |
|  | Number |  |  | Weighted average exercise price |
|  |  |  |  | $ |
Balance, beginning of year |  | - |  |  | - |
Granted |  | 1,180,750 |  |  | 3.00 |
Exercised |  | - |  |  | - |
Expired |  | - |  |  | - |
Balance, end of year |  | 1,180,750 |  |  | 3.00 |
The grant date fair value of these warrants was $0.08. The fair value of these warrants was estimated on the grant date using the Black-Scholes option pricing model with the following assumptions: expected dividend yield of 0%; expected volatility of 49%; risk-free interest rate of 3.3%; and expected life of 2 years. The Company had no share purchase warrants outstanding as of March 31, 2024. (c) Stock Options and Share-Based Payment Reserve During the year ended March 31, 2025, the Company issued 2,000,000 stock options to a number of consultants, employees and directors at exercise prices ranging from $1.42 to $1.52. The grant date fair value of these stock options was $1,802,247. The vesting period for the stock options issued was as follows: 621,250 at the date of issuance; 661,250 after 12 months from the date of issuance; 621,250 after 24 months from the date of issuance; and 96,250 after 36 months from the date of issuance. In addition, during the year ended March 31, 2025, the Company's subsidiary, Triera Biosciences Ltd. ("Triera"), issued 5,000 stock options to a consultant at an exercise price of $1.00. The grant date fair value of these stock options was determined to be trivial and no stock-based compensation was recorded in relation to these options. The vesting period for the Triera stock options issued was as follows: 1,667 on June 1, 2024; 1,667 on June 1, 2025; and 1,666 on June 1, 2026. During the year ended March 31, 2024, the Company issued 1,250,000 stock options to a number of consultants, employees and directors at exercise prices ranging from $1.75 to $2.24. The grant date fair value of these stock options was $1,545,175. The vesting period for the stock options issued was as follows: 416,667 at the date of issuance; 350,000 after 6 months from the date of issuance; 416,667 after 12 months from the date of issuance; and 66,667 after 24 months from the date of issuance. In addition, during the year ended March 31, 2024, the Company's subsidiary, Triera Biosciences Ltd. ("Triera"), issued 195,000 stock options to a number of directors and officers at an exercise price of $5.00. The grant date fair value of these stock options was determined to be trivial and no stock-based compensation was recorded in relation to these options. The vesting period for the Triera stock options issued was as follows: 65,000 at the date of issuance; 65,000 after 6 months from the date of issuance; and 65,000 after 12 months from the date of issuance. In February 2024, the Company repriced the Triera stock options, reducing the exercise price from $5.00 per share to $1.00 per share. All other terms and conditions of these options remained unchanged. The grant date fair value of the stock options was calculated using the Black-Scholes option pricing model. A summary of the inputs used to value the options issued during the years ended March 31 is presented below:
| Triera | The Company
| Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2025 | Mar 31, 2024
Expected dividend yield | 0% | 0% | 0% | 0%
Expected volatility | 98% to 120% | 98% to 120% | 62% to 77% | 70% to 90%
Expected forfeiture rate | 0% | 0% | 7% | 5%
Risk-free interest rate | 4.50% | 3.90% | 4.0% to 4.5% | 3.6% to 4.5%
Expected life | 3 years | 3 to 5 years | 3 to 5 years | 3 to 5 years
The Company's computation of expected volatility for the years ended March 31, 2025 and 2024 is based on the Company's market close price over a prior period equal to the expected life of the options except for the volatility of the Triera options which is based on a comparable publicly traded company. The Company applies the fair value method of accounting for share-based payment awards to directors, officers, employees and non-employees. Accordingly, the following amounts have been recognised as compensation expense and under capital stock as share-based payment reserve:
|  | Year |  |  | Year |
|  | Ended |  |  | Ended |
|  | March 31, |  |  | March 31, |
|  | 2025 |  |  | 2024 |
|  | $ |  |  | $ |
Share-based compensation expense |  | 1,529,934 |  |  | 1,786,453 |
Stock option and share-based payment activity of the Company for the years ended March 31, 2025 and March 31, 2024 are summarised as follows:
|  | Year ended |  |  | Year ended |
|  | March 31, 2025 |  |  | March 31, 2024 |
|  |  |  |  | Weighted |  |  |  |  |  | Weighted |
|  |  |  |  | average |  |  |  |  |  | average |
|  | Number |  |  | exercise price |  |  | Number |  |  | exercise price |
|  |  |  |  | $ |  |  |  |  |  | $ |
Balance, beginning of year |  | 7,098,334 |  |  | 2.37 |  |  | 8,673,334 |  |  | 2.03 |
Granted |  | 2,000,000 |  |  | 1.52 |  |  | 1,250,000 |  |  | 2.03 |
Exercised |  | (1,700,000 | ) |  | 0.45 |  |  | (2,000,000 | ) |  | 0.54 |
Expired |  | (1,275,000 | ) |  | 3.84 |  |  | (825,000 | ) |  | 2.72 |
Balance, end of year |  | 6,123,334 |  |  | 2.32 |  |  | 7,098,334 |  |  | 2.37 |
At March 31, 2025, outstanding options to acquire common shares of the Company were as follows:
|  | Options Outstanding |  |  | Options Exercisable |
|  |  |  |  | Weighted |  |  | Weighted |  |  |  |  |  | Weighted |
|  | Number |  |  | Average |  |  | Average |  |  | Number |  |  | Average |
|  | Outstanding |  |  | Remaining |  |  | Exercise |  |  | Outstanding |  |  | Exercise |
Range of exercise Prices |  | as at Mar 31, |  |  | Contractual |  |  | Price |  |  | as at Mar 31, |  |  | Price |
CAD$ |  | 2025 |  |  | Life (years) |  |  | CAD$ |  |  | 2025 |  |  | CAD$ |
$0.40 - $1.00 |  | 633,334 |  |  | 0.28 |  | $ | 0.55 |  |  | 633,334 |  | $ | 0.55 |
$1.01 - $4.00 |  | 4,465,000 |  |  | 2.75 |  | $ | 2.12 |  |  | 3,135,416 |  | $ | 2.37 |
$4.01 - $5.67 |  | 1,025,000 |  |  | 1.79 |  | $ | 4.27 |  |  | 1,025,000 |  | $ | 4.27 |
Totals |  | 6,123,334 |  |  | 2.33 |  | $ | 2.32 |  |  | 4,793,750 |  | $ | 2.54 |
At March 31, 2024, outstanding options to acquire common shares of the Company were as follows:
|  | Options Outstanding |  |  | Options Exercisable |
|  |  |  |  | Weighted |  |  | Weighted |  |  |  |  |  | Weighted |
|  | Number |  |  | Average |  |  | Average |  |  | Number |  |  | Average |
|  | Outstanding |  |  | Remaining |  |  | Exercise |  |  | Outstanding |  |  | Exercise |
Range of exercise Prices |  | as at Mar 31, |  |  | Contractual |  |  | Price |  |  | as at Mar 31, |  |  | Price |
CAD$ |  | 2024 |  |  | Life (years) |  |  | CAD$ |  |  | 2024 |  |  | CAD$ |
$0.40 - $1.00 |  | 2,333,334 |  |  | 0.79 |  | $ | 0.48 |  |  | 2,333,334 |  | $ | 0.48 |
$1.01 - $4.00 |  | 3,025,000 |  |  | 2.52 |  | $ | 2.63 |  |  | 2,316,667 |  | $ | 2.81 |
$4.01 - $5.67 |  | 1,740,000 |  |  | 2.04 |  | $ | 4.46 |  |  | 1,740,000 |  | $ | 4.46 |
Totals |  | 7,098,334 |  |  | 1.84 |  | $ | 2.37 |  |  | 6,390,001 |  | $ | 2.41 |
Stock option and share-based payment activity of the Company's subsidiary, Triera, for the years ended March 31, 2025 and March 31, 2024 are summarised as follows:
|  | Year ended |  |  | Year ended |
|  | March 31, 2025 |  |  | March 31, 2024 |
|  |  |  |  | Weighted |  |  |  |  |  | Weighted |
|  |  |  |  | average |  |  |  |  |  | average |
|  | Number |  |  | exercise price |  |  | Number |  |  | exercise price |
|  |  |  |  | $ |  |  |  |  |  | $ |
Balance, beginning of year |  | 195,000 |  |  | 1.00 |  |  | - |  |  | - |
Granted |  | 5,000 |  |  | 1.00 |  |  | 195,000 |  |  | 1.00 |
Exercised |  | - |  |  | - |  |  | - |  |  | - |
Expired |  | (10,000 | ) |  | 1.00 |  |  | - |  |  | - |
Balance, end of year |  | 190,000 |  |  | 1.00 |  |  | 195,000 |  |  | 1.00 |
At March 31, 2025, outstanding options to acquire common shares of the Company's subsidiary, Triera, were as follows:
|  | Options Outstanding |  |  | Options Exercisable |
|  |  |  |  | Weighted |  |  | Weighted |  |  |  |  |  | Weighted |
|  | Number |  |  | Average |  |  | Average |  |  | Number |  |  | Average |
|  | Outstanding |  |  | Remaining |  |  | Exercise |  |  | Outstanding |  |  | Exercise |
Range of exercise Prices |  | as at Mar 31, |  |  | Contractual |  |  | Price |  |  | as at Mar 31, |  |  | Price |
CAD$ |  | 2025 |  |  | Life (years) |  |  | CAD$ |  |  | 2025 |  |  | CAD$ |
$0.00 - $1.00 |  | 200,000 |  |  | 3.22 |  | $ | 1.00 |  |  | 196,666 |  | $ | 1.00 |
At March 31, 2024, outstanding options to acquire common shares of the Company's subsidiary, Triera, were as follows:
|  | Options Outstanding |  |  | Options Exercisable |
|  |  |  |  | Weighted |  |  | Weighted |  |  |  |  |  | Weighted |
|  | Number |  |  | Average |  |  | Average |  |  | Number |  |  | Average |
|  | Outstanding |  |  | Remaining |  |  | Exercise |  |  | Outstanding |  |  | Exercise |
Range of exercise Prices |  | as at Mar 31, |  |  | Contractual |  |  | Price |  |  | as at Mar 31, |  |  | Price |
CAD$ |  | 2024 |  |  | Life (years) |  |  | CAD$ |  |  | 2024 |  |  | CAD$ |
$0.00 - $1.00 |  | 195,000 |  |  | 4.25 |  | $ | 1.00 |  |  | 65,000 |  | $ | 1.00 |

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