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WARRANT LIABILITY | 12 Months Ended
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Mar. 31, 2026
Warrant Liability |
WARRANT LIABILITY | NOTE 11. WARRANT LIABILITY On August 15, 2024, the Company effected a reverse stock split of its ordinary shares at a ratio of 1-for-20. The number of warrants and exercise price information herein have been retroactively adjusted to reflect the impact of the reverse stock split. See Note 1 “Nature of Operations” and Note 17, “Capital Stock and Reserves” for further discussion on the reverse stock split. The following table summarizes the changes in the warrant liability during the fiscal years ended March 31, 2026, 2025, and 2024:
Schedule of changes in the warrant liability |  |  |  |  |  |  |  |  |  |  |  |
|  | Exercise Price |  | Warrants |  | Fair Value Balance
|  |  |  |  |  |  |  |  |  |  | In 000’$ |
Fair value of warrants at issuance on October 3, 2023: |  |  |  |  |  |  |  |  |  |  |  |
Class B Warrants |  | $ | 45.20 |  |  |  | 157,895 |  |  |  | 3,537 |
Class C Warrants |  | $ | 45.20 |  |  |  | 157,895 |  |  |  | 4,663 |
Placement Agent Warrants |  | $ | 47.50 |  |  |  | 7,896 |  |  |  | 232 |
Change in fair value of warrant liability |  |  |  |  |  |  | - |  |  |  | (6,868 | )
Warrant liability as of April 1, 2024 |  | $ | - |  |  |  | 323,686 |  |  | $ | 1,564 |
Change in fair value of warrant liability |  |  |  |  |  |  | - |  |  |  | 388 |
Warrant liability as of March 31, 2025 |  |  |  |  |  |  | 323,686 |  |  | $ | 1,952 |
Fair value of warrants at issuance on January 27, 2026: |  |  |  |  |  |  |  |  |  |  |  |
Placement Agent Warrants |  | $ | 1.25 |  |  |  | 1,050,000 |  |  |  | 1,123 |
Change in fair value of warrant liability |  |  |  |  |  |  | - |  |  |  | (2,883 | )
Warrant liability as of March 31, 2026 |  |  |  |  |  |  | 1,373,686 |  |  | $ | 192 |
Series B Warrants A fair value of $22.40 per each Series B Warrant was estimated at the issue date of October 3, 2023. A fair value of $0.00 and $5.65 per each warrant has been identified as of March 31, 2026 and 2025, respectively. The inputs associated with calculating the fair value are reflected below.
Schedule of inputs associated with calculating the fair value |  |  |  |  |  |  |  |  |  |  |  |
|  | October 3, 2023 |  | March 31, 2025 |  | March 31, 2026
Exercise price |  | $ | 45.20 |  |  | $ | 45.20 |  |  | $ | 45.20 |
Share price |  | $ | 39.40 |  |  | $ | 9.25 |  |  | $ | 0.32 |
Expected life (years) |  |  | 3.01 |  |  |  | 1.51 |  |  |  | 0.51 |
Expected volatility |  |  | 90.4 | % |  |  | 207.73 | % |  |  | 85.00 | %
Risk-free interest rate |  |  | 4.95 | % |  |  | 3.96 | % |  |  | 3.65 | %
Dividend yield |  |  | - |  |  |  | - |  |  |  | - |
Series C Warrants A fair value of $29.60 per each Series C Warrant was estimated at the issue date of October 3, 2023. A fair value of $0.00 and $6.40 per each warrant has been identified as of March 31, 2026 and 2025, respectively. The inputs associated with calculating the fair value are reflected below.
Schedule of fair value |  |  |  |  |  |  |  |  |  |  |  |
|  | October 3, 2023 |  | March 31, 2025 |  | March 31, 2026
Exercise price |  | $ | 45.20 |  |  | $ | 45.20 |  |  | $ | 45.20 |
Share price |  | $ | 39.40 |  |  | $ | 9.25 |  |  | $ | 0.32 |
Expected life (years) |  |  | 5.00 |  |  |  | 3.51 |  |  |  | 2.51 |
Expected volatility |  |  | 100.7 | % |  |  | 152.01 | % |  |  | 95.00 | %
Risk-free interest rate |  |  | 4.80 | % |  |  | 3.91 | % |  |  | 3.73 | %
Dividend yield |  |  | - |  |  |  | - |  |  |  | - |
2023 Placement Agent Warrants A fair value of $29.40 per each 2023 Placement Agent Warrant was estimated at the issue date of October 3, 2023. A fair value of $0.00 and $6.34 per each warrant has been identified as of March 31, 2026 and 2025, respectively. The inputs associated with calculating the fair value are reflected below.
Schedule of Placement agent warrants |  |  |  |  |  |  |  |  |  |  |  |
|  | October 3, 2023 |  | March 31, 2025 |  | March 31, 2026
Exercise price |  | $ | 47.60 |  |  | $ | 47.50 |  |  | $ | 47.50 |
Share price |  | $ | 39.40 |  |  | $ | 9.25 |  |  | $ | 0.32 |
Expected life (years) |  |  | 4.99 |  |  |  | 3.51 |  |  |  | 2.51 |
Expected volatility |  |  | 100.7 | % |  |  | 152.01 | % |  |  | 95.00 | %
Risk-free interest rate |  |  | 4.80 | % |  |  | 3.91 | % |  |  | 3.73 | %
Dividend yield |  |  | - |  |  |  | - |  |  |  | - |
2026 Placement Agent Warrants A fair value of $1.07 per each 2026 Placement Agent Warrant was estimated at the issue date of January 19, 2026. A fair value of $0.18 per each warrant has been identified as of March 31, 2026. The inputs associated with calculating the fair value are reflected below.
Schedule of 2026 placement agent warrants |  |  |  |  |  |  |  |
|  | January 19, 2026 |  | March 31, 2026
Exercise price |  | $ | 1.25 |  |  | $ | 1.25 |
Share price |  | $ | 1.30 |  |  | $ | 0.32 |
Expected life (years) |  |  | 5.0 |  |  |  | 4.79 |
Expected volatility |  |  | 115.00 | % |  |  | 105.00 | %
Risk-free interest rate |  |  | 3.68 | % |  |  | 3.83 | %
Dividend yield |  |  | - |  |  |  | - |

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