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SHARE OPTIONS AND WARRANTS | 12 Months Ended
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Mar. 31, 2022
Share Options And Warrants |
SHARE OPTIONS AND WARRANTS |
14. | SHARE OPTIONS AND WARRANTS
Options 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 |
During the year ending 31 March 2022, no options were exercised. During the year ending 31 March 2021, 250,000 options were exercised. The total outstanding fair value charge of the share option instruments is deemed to be approximately $2,072,515 (2021: $2,682,050). A share-based payment charge for the year of $1,718,727 (2021: $545,582) has been expensed in the statement of comprehensive income. The share based payment charge in the year to March 31, 2022 includes a forfeiture of $19,149. The weighted average contractual life of options outstanding at March 31, 2022 is 7.77 years. (2021: 8.07 years). 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 |
Fair value of options granted The Directors have used the Black-Scholes option pricing model to estimate the fair value of most of the options applying the assumptions below. Historical volatility relies in part on the historical volatility of a group of peer companies that management believes is generally comparable to the Company. The Company has not paid any dividends on share capital since its inception and does not anticipate paying dividends on its share capital in the foreseeable future. The Company has estimated a forfeiture rate of zero. 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 |
Warrants As part of the acquisition of the OK-101 project, the underlying scientific founders of the OK-101 Project (inukshuk Holdings), who will continue to be involved in the development of the Project, received 35,000,000 warrants as consideration. The warrants are exercisable at a price of 4.5 pence each and are split into four distinct tranches and each tranche becomes exercisable upon satisfaction of a specific developmental milestone. The warrants are exercisable until 17 July 2023. In May 2019, warrants were granted over 36,363,636 shares at an exercise price of 1.35p per share in connection with a private placement. These warrants were exercised in May 2021. In March 2020, warrants were granted over 40,000,000 shares at an exercise price of 0.55p per share in connection with a private placement. These warrants were exercised on a cashless basis in February 2022 (post a price reduction offer to 0.012p), resulting in the issuance of 39,400,000 shares. In March 2020, warrants were granted over 35,825,130 shares at an exercise price of 0.55p per share in connection with a private placement. These warrants were exercised in May 2021. In April 2020, warrants were granted over 36,174,870 shares at an exercise price of 0.55p per share in connection with a private placement. These warrants were exercised in May 2021. In May 2020, warrants were granted over 909,090 shares at an exercise price of 2.75p per share in in lieu of professional fees. The warrants are exercisable until 21 May 2023. In July 2020, warrants were granted over 750,000 shares at an exercise price of 14p per share in in lieu of broker fees. The warrants are exercisable until 20 July 2022. In May 2021, warrants were granted over 76,605,760 shares at an exercise price of 0.4p per share in connection with the conversion of convertible loan notes. 39,605,760 were exercised immediately and the remaining 37,000,000 were exercised on a cashless basis in February 2022 (post a price reduction offer to 0.012p), resulting in the issuance of 36,445,000 shares. In February 2022, warrants were granted over 165,176,000 shares at an exercise price of 0.4p per share in connection with the conversion of convertible loan notes. 165,176,000 were exercised on a cashless basis in February 2022(post a price reduction offer to 0.012p), resulting in the issuance of 162,698,360 shares. In summary, during the year, 147,969,396 warrants were exercised for proceeds of £1,045,332, resulting in the issuance of 147,969,396 shares. 242,716,000 warrants were also exercised on a cashless basis resulting in the issuance of 238,543,360 shares. 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 |
The Directors have estimated the fair value of the warrants in services provided using the Black-Scholes valuation model based on the assumptions below. The model inputs for warrants granted during the year ended 31 March 2022 valued under the Black Scholes Valuation model included: 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 |
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
The remaining fair value of the warrant instruments is deemed to be approximately $43,348 (2021: $108,873). For the consideration warrants, the charge has been expensed over the vesting period. For all other warrants, the charge has been expensed over the service period. A share-based payment charge for the year of $61,721 (2021: $81,914) has been expensed in the statement of comprehensive income.

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