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UNSECURED NOTES PAYABLE
 9 Months Ended
Dec. 31, 2022
Unsecured Notes Payable  
UNSECURED NOTES PAYABLE

NOTE 11. UNSECURED NOTES PAYABLE

 

The following is a roll-forward of current notes payable:

 

      
       
(In thousands)  iOx  Total
       
Balance, April 1, 2021  $150   $150 
Exchange of notes payable and accrued interest for iOx shares   (150)   (150)
Balance, March 31, 2022  $–   $– 
Exchange of notes payable and accrued interest for iOx shares        
Balance, December 31, 2022  $–   $– 

 

iOx Unsecured Notes Payable

 

In connection with the SalvaRx Acquisition in January 2019, the Company assumed $2.0 million of 7% convertible notes issued by iOx, a wholly-owned subsidiary of SalvaRx (the “Convertible Notes”), of which the Company holds $1.9 million. As a result of the SalvaRx Acquisition, iOx became a subsidiary of the Company during the year ended March 31, 2019. In accordance with IFRS 3, the fair value, including interest receivable, of the Convertible Notes were effectively settled against the note receivable upon the business combination.

 

On September 8, 2021, the Company, through SalvaRx, completed a settlement of loans (including interest) to and receivables from iOx for services rendered in exchange for 23,772 ordinary shares of iOx at a price of £162. Simultaneously, the Company entered into an agreement with Oxford Sciences Innovation, Plc (“OSI”), the holder of $0.15 million notes plus accrued interest under which OSI exchanged the notes plus accrued interest for 820 shares of iOx. The Company followed the guidance provided by an IFRS Discussion Group Public Meeting dated November 29, 2016, following the general tenets of IAS 39, “Financial Instruments: Recognition and Measurement,” and IFRIC 19, “Extinguishing Financial Liabilities with Equity Instruments,” and recorded the exchange at historical cost. Additionally, no profit or loss was recorded in connection with the exchange. As a result of these transactions, the Company, through SalvaRx, increased its ownership of iOx from 60.49% to 78.32%. See Note 18, “Related Party Transactions – Share Exchange Agreement – iOx,” for a further discussion.