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Material accounting policies (Tables) | 12 Months Ended
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Mar. 31, 2024
Material accounting policies |
Summary of change in accounting policy | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, | ​ | ​ |  | March 31,
​ | ​ | 2023 | ​ | Foreign | ​ | 2023
​ | ​ | Reported CAD | ​ | Currency | ​ | Restated USD
Change in presentation currency |  | $ |  | Translation |  | $
ASSETS | ​ |  | ​ |  | ​ |
Current assets | ​ |  | ​ |  | ​ |
Cash and cash equivalents | ​ | 1,805,765 | ​ | (471,485) | ​ | 1,334,280
Restricted cash | ​ | 40,000 | ​ | (10,444) | ​ | 29,556
Other receivables | ​ | 202,150 | ​ | (52,782) | ​ | 149,369
Prepaids | ​ | 104,276 | ​ | (27,226) | ​ | 77,050
Total current assets | ​ | 2,152,192 | ​ | (561,937) | ​ | 1,590,255
TOTAL ASSETS | ​ | 2,152,192 | ​ | (561,937) | ​ | 1,590,255
LIABILITIES | ​ |  | ​ |  | ​ |
Current liabilities | ​ |  | ​ |  | ​ |
Accounts payable and accrued liabilities | ​ | 2,423,467 | ​ | (632,767) | ​ | 1,790,700
TOTAL LIABILITIES | ​ | 2,423,467 | ​ | (632,767) | ​ | 1,790,700
EQUITY | ​ |  | ​ |  | ​ |
Net equity | ​ | (271,275) | ​ | 70,830 | ​ | (200,445)
NET DEFICIT | ​ | (271,275) | ​ | 70,830 | ​ | (200,445)
TOTAL LIABILITIES AND NET DEFICIT | ​ | 2,152,192 | ​ | (561,937) | ​ | 1,590,255
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, | ​ | ​ |  | March 31,
​ | ​ | 2022 | ​ | Foreign | ​ | 2022 Restated
​ | ​ | Reported CAD | ​ | Currency | ​ | USD
Change in presentation currency |  | $ |  | Translation |  | $
ASSETS | ​ |  | ​ |  |  |
Current assets | ​ |  | ​ |  |  |
Cash and cash equivalents | ​ | 2,191,095 | ​ | (437,658) |  | 1,753,437
Restricted cash | ​ | 40,000 | ​ | (7,990) |  | 32,010
Other receivables | ​ | 49,372 | ​ | (9,862) |  | 39,510
Prepaids | ​ | 6,729 | ​ | (1,344) |  | 5,385
Total current assets | ​ | 2,287,196 | ​ | (456,854) |  | 1,830,342
TOTAL ASSETS | ​ | 2,287,196 | ​ | (456,854) |  | 1,830,342
LIABILITIES | ​ |  | ​ |  |  |
Current liabilities | ​ |  | ​ |  |  |
Accounts payable and accrued liabilities | ​ | 164,500 | ​ | (32,858) |  | 131,642
TOTAL LIABILITIES | ​ | 164,500 | ​ | (32,858) |  | 131,642
EQUITY | ​ |  | ​ |  |  |
Net equity | ​ | 2,122,696 | ​ | (423,996) |  | 1,698,700
NET DEFICIT | ​ | 2,122,696 | ​ | (423,996) |  | 1,698,700
TOTAL LIABILITIES AND NET DEFICIT | ​ | 2,287,196 | ​ | (456,854) |  | 1,830,342
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, | ​ | ​ |  | March 31,
​ | ​ | 2023 | ​ | Foreign | ​ | 2023
​ | ​ | Reported CAD | ​ | Currency | ​ | Restated USD
Change in presentation currency |  | $ | ​ | Translation | ​ | $
Expenses | ​ |  | ​ |  | ​ |
Sales and marketing | ​ | 9,292 | ​ | (2,263) | ​ | 7,029
Research and development | ​ | 2,126,762 | ​ | (517,867) | ​ | 1,608,895
General and administrative | ​ | 484,382 | ​ | (117,947) | ​ | 366,435
Professional and consulting fees | ​ | 1,655,663 | ​ | (403,153) | ​ | 1,252,510
Loss before other items | ​ | (4,276,099) | ​ | (1,041,230) | ​ | (3,234,869)
Other items | ​ |  | ​ |  | ​ |
Interest income | ​ | 2,054 | ​ | (500) | ​ | 1,554
Foreign exchange gain | ​ | 35,574 | ​ | (8,662) | ​ | 26,912
NET LOSS | ​ | (4,238,471) | ​ | (1,050,392) | ​ | (3,206,403)
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | March 31, | ​ | ​ |  | March 31,
​ | ​ | 2023 | ​ | Foreign | ​ | 2023
​ | ​ | Reported CAD | ​ | Currency | ​ | Restated USD
Change in presentation currency | ​ | $ | ​ | Translation | ​ | $
Net loss | ​ | (4,238,471) | ​ | 1,032,068 | ​ | (3,206,403)
Non-cash adjustment: | ​ |  | ​ |  | ​ |
Share based compensation | ​ | 292,756 | ​ | (71,469) | ​ | 221,287
Foreign exchange | ​ | — | ​ | (84,499) | ​ | (84,499)
​ | ​ | ​ | ​ | ​ | ​ | ​
Changes in working capital: | ​ |  | ​ |  | ​ |
Other receivables | ​ | (152,778) | ​ | 42,920 | ​ | (109,858)
Prepaids | ​ | (97,547) | ​ | 25,882 | ​ | (71,665)
Accounts payable and accrued liabilities | ​ | 2,258,967 | ​ | (599,909) | ​ | 1,659,058
Cash used in operating activities | ​ | (1,937,073) | ​ | 344,993 | ​ | (1,592,080)
​ | ​ | ​ | ​ | ​ | ​ | ​
Proceeds received from Psyence Group Inc | ​ | 1,551,744 | ​ | (378,821) | ​ | 1,172,923
Cash provided from financing activities | ​ | 1,551,744 | ​ | (378,821) | ​ | 1,172,923
​ | ​ | ​ | ​ | ​ | ​ | ​
Change in cash and cash equivalents | ​ | (385,329) | ​ | (33,828) | ​ | (419,157)
Cash and cash equivalents, start of year | ​ | 2,191,095 | ​ | (437,658) | ​ | 1,753,437
Cash and cash equivalents, end of year | ​ | 1,805,765 | ​ | (471,486) | ​ | 1,334,280

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