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SHARE OPTIONS AND WARRANTS (Tables) | 12 Months Ended
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Mar. 31, 2022
Share Options And Warrants |
SCHEDULE OF OPTIONS OUTSTANDING AND WEIGHTED AVERAGE EXERCISE PRICE | The Company operates share-based payment arrangements to remunerate Directors and key employees in the form of a share option scheme. It also issues options in lieu of fees to key suppliers and collaborators. The exercise price of the option is normally equal to the market price of an ordinary share in the Company at the date of grant. SCHEDULE OF OPTIONS OUTSTANDING AND WEIGHTED AVERAGE EXERCISE PRICE
|  | 2022 |  |  | 2021 |
|  | Options |  |  | Weighted Average exercise price (cents) |  |  | Options |  |  | Weighted Average exercise price (cents) |
Outstanding at 1 April |  |  | 60,750,000 |  |  |  | 6.90 |  |  |  | 19,500,000 |  |  |  | 5.58 |
Granted |  |  | 28,150,000 |  |  |  | 8.41 |  |  |  | 42,250,000 |  |  |  | 7.31 |
Forfeited |  |  | (16,500,000 | ) |  |  | 5.91 |  |  |  | (750,000 | ) |  |  | 6.21 |
Exercised |  |  | - |  |  |  | - |  |  |  | (250,000 | ) |  |  | 6.21 |
Outstanding at 31 March |  |  | 72,400,000 |  |  |  | 7.49 |  |  |  | 60,750,000 |  |  |  | 6.90 |
Exercisable at 31 March |  |  | 14,437,500 |  |  |  | 7.36 |  |  |  | 9,250,000 |  |  |  | 6.21 |
|  | 2020 |
|  | Weighted Average exercise price (cents) |  |  | Options |
Outstanding at 1 April |  |  | 5.58 |  |  |  | 23,000,000 |
Granted |  |  | - |  |  |  | - |
Forfeited |  |  | (5.58 | ) |  |  | (3,500,000 | )
Exercised |  |  | - |  |  |  | - |
Outstanding at 31 March |  |  | 5.58 |  |  |  | 19,500,000 |
Exercisable at 31 March |  |  | 5.58 |  |  |  | 4,875,000 |
SCHEDULE OF SHARE OPTIONS OUTSTANDING EXPIRY DATES AND EXERCISE PRICES | Share options outstanding at the end of the year have the following expiry dates and exercise prices: SCHEDULE OF SHARE OPTIONS OUTSTANDING EXPIRY DATES AND EXERCISE PRICES
Grant Date |  | Expiry Date |  | Exercise Price |  |  | Share Options as at 31 March 2022 (‘000) |
6 July 2018 |  | 6 July 2025 |  |  | 4.5p |  |  |  | 2,000 |
20 August 2020 |  | 19 August 2028 |  |  | 15.5p |  |  |  | 750 |
6 January 2021 |  | 5 January 2031 |  |  | 5p |  |  |  | 40,000 |
12 January 2021 |  | 11 January 2031 |  |  | 7.9p |  |  |  | 1,500 |
15 April 2021 |  | 15 April 2031 |  |  | 7.88p |  |  |  | 5,000 |
31 August 2021 |  | 31 August 2031 |  |  | 4.9p |  |  |  | 14,400 |
31 January 2022 |  | 30 January 2032 |  |  | 8.0p |  |  |  | 8,750 |
Total |  |  |  |  |  |  |  |  | 72,400 |
SCHEDULE OF SHARE BASED PAYMENT AWARD MODEL INPUTS OPTIONS GRANTED | The model inputs for options granted during the year ended 31 March 2022 valued under the Black Scholes Valuation model are: SCHEDULE OF SHARE BASED PAYMENT AWARD MODEL INPUTS OPTIONS GRANTED
|  |  |  |  | Grant Date |
|  | 15 April 2021 |  |  | 31 August 2021 |  |  | 31 January 2022 |
Grant date share price |  |  | 7.7 | p |  |  | 4.9 | p |  |  | 4.8 | p
Exercise share price |  |  | 7.9 | p |  |  | 4.9 | p |  |  | 8.0 | p
Vesting periods |  |  | 25% each year |  |  |  | 25% each year |  |  |  | 1.25m options vest 33% each year and 7.5m options have developmental milestone performance conditions |
Risk free rate |  |  | 0.35 | % |  |  | 0.30 | % |  |  | 0.97 | %
Expected volatility |  |  | 80.20 | % |  |  | 77.7 | % |  |  | 83.0 | %
Option life |  |  | 5 years |  |  |  | 5 years |  |  |  | 5 years |
The model inputs for options granted during the year ended 31 March 2021 valued under the Black Scholes Valuation model included:
|  | 20 August 2020 |  |  | 6 January 2021 |  |  | 12 January 2021 |
Grant date share price |  |  | 15.5 | p |  |  | 0.8 | p |  |  | 0.79 | p
Exercise share price |  |  | 15.5 | p |  |  | 0.5 | p |  |  | 0.79 | p
Vesting periods |  |  | 25% each year |  |  |  | 25% each year |  |  |  | 33% in 6 months and 67% in 1 year |
Risk free rate |  |  | 0.15 | % |  |  | -0.01 | % |  |  | 0.4%, 0.6 | %
Expected volatility |  |  | 77.4 | % |  |  | 77.5 | % |  |  | 66.7%, 83.7 | %
Expected option life |  |  | 5 years |  |  |  | 5 years |  |  |  | 6 months to 1 year |
SCHEDULE OF WARRANTS OUTSTANDING AND WEIGHTED AVERAGE EXERCISE PRICE | SCHEDULE OF WARRANTS OUTSTANDING AND WEIGHTED AVERAGE EXERCISE PRICE
|  | 31 March 2022 |  |  | 31 March 2021 |
|  | Warrants |  |  | Weighted Average exercise price (cents) |  |  | Warrants |  |  | Weighted Average exercise price (cents) |
Outstanding at 1 April |  |  | 185,022,726 |  |  |  | 2.1 |  |  |  | 147,188,766 |  |  |  | 2.1 |
Granted |  |  | 241,781,760 |  |  |  | 0.5 |  |  |  | 37,833,960 |  |  |  | 1.2 |
Exercised |  |  | (390,145,396 | ) |  |  | 0.7 |  |  |  | - |  |  |  | - |
Outstanding at 31 March |  |  | 36,659,090 |  |  |  | 6.11 |  |  |  | 185,022,726 |  |  |  | 2.1 |
Exercisable at 31 March |  |  | 1,659,090 |  |  |  | 10.30 |  |  |  | 149,568,181 |  |  |  | 1.1 |
SCHEDULE OF INPUTS FOR WARRANTS GRANTED | SCHEDULE OF INPUTS FOR WARRANTS GRANTED
|  | 29 May 2020 |
Grant date share price |  |  | 1.75 | p
Exercise share price |  |  | 0.4 | p
Risk free rate |  |  | 0.25 | %
Expected volatility |  |  | 79.6 | %
Expected life |  |  | 3 years |
SCHEDULE OF FAIR VALUE OF WARRANTS IN SERVICES | The Directors have estimated the fair value of the warrants in services provided during the year ending 31 March 2021 using the Black-Scholes valuation model based on the assumptions below. SCHEDULE OF FAIR VALUE OF WARRANTS IN SERVICES
|  | July 2020 |  | May 2020 |  | April 2020
Grant date share price |  |  | 8.3p |  | 2.8p |  | 1.8p
Exercise share price |  |  | 14p |  | 2.8p |  | 0.5p
Vesting periods |  |  | Fully vested |  | 50% of these warrants shall only vest if the 5-day VWAP of the Company exceeds a 100% premium to the Exercise Price, and the remainder shall only vest if the 5-day VWAP of the Company exceeds a 200% premium to the Exercise Price (conditions have been met) |  | Fully vested
Risk free rate |  |  | 0.68% |  | 0.95% |  | 0.22%
Expected volatility |  |  | 88.1% |  | 79.6% |  | 82.4%
Expected life |  |  | 2 years |  | 3 years |  | 5 years

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