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Material accounting policies (Tables)

12 Months Ended

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