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Derivative Warrant Liabilities | 12 Months Ended
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Mar. 31, 2025
Derivative Warrant Liabilities [Abstract] |
Derivative warrant liabilities | 10. Derivative warrant liabilities The Company has two classes of warrant liabilities outstanding: Public Warrants and Private Warrants. As of March 31, 2025, there were 20,762 warrants issued and outstanding, consisting of 19,808 Public Warrants and 954 Private Warrants (March 31, 2024 – 20,912 Public Warrants and 954 Private Warrants). Each warrant is exercisable to purchase one common share at a price of $6,874.13 per share. During the year ended March 31, 2025, the Company entered into the Warrant Exchange Agreement. Pursuant to the Warrant Exchange Agreement, the Company issued to the Holder 1,104 Common Shares in exchange for the surrender and cancellation of 1,104 Public Warrants held by the Holder. The warrants exchange resulted in a loss of $185,064 which was recorded in the consolidated statements of income/(loss) and comprehensive income/(loss). Public Warrants: The fair value of the Public Warrants is determined based on the observable market price, as they continue to be traded on the Nasdaq under the symbol “PBMWW.” Changes in fair value during the years ended March 31, 2025 and March 31, 2024, have been recognized in the consolidated statements of income/(loss) and comprehensive income/(loss). Private Warrants: The Company utilizes a Black-Scholes options valuation model to value the private warrants at each reporting period, using the following main assumptions:
|  | Warrant Inputs at March 31, 2025 |  |  | Warrant Inputs at March 31, 2024 |
Share price |  | $ | 4.78 |  |  | $ | 681.44 |
Expected dividend yield |  |  | Nil |  |  |  | Nil |
Exercise price |  | $ | 6,874.13 |  |  | $ | 6,874.13 |
Risk-free interest rate |  |  | 4.21 | % |  |  | 4.21 | %
Expected life |  |  | 4.00 |  |  |  | 5.00 |
Expected volatility |  |  | 59.98 | % |  |  | 59.98 | %
Expiry date |  |  | January 25, 2029 |  |  |  | January 25, 2029 |
At March 31, 2025 the fair value of the Public and Private Warrants was $200,096 (March 31, 2024 - $875,000) and $nil (March 31, 2024 - $26,608), respectively. A fair value loss of $694,516 was recognized on the consolidated statements of income/(loss) and comprehensive income/(loss). The expected volatility was based on implied volatility of the Public Warrants. As at March 31, 2025, the derivative warrant liability was $200,096 (March 31, 2024 – $901,608 ) reconciled as follows:
Derivative warrant liability – Public and Private Warrants |  | Number |  |  | Amount ($) |
At listing January 25, 2024 |  |  | 21,866 |  |  |  | 595,358 |
Fair value loss |  |  | - |  |  |  | 306,250 |
Opening balance April 1, 2024 |  |  | 21,866 |  |  |  | 901,608 |
Warrant exchange |  |  | (1,104 | ) |  |  | (6,996 | )
Fair value gain |  |  | - |  |  |  | (694,516 | )
Balance as at March 31, 2025 |  |  | 20,762 |  |  |  | 200,096 |
Warrant transactions and the number of warrants outstanding are summarized as follows:
|  | Public Warrants |  |  | Private Warrants |
|  | Number of Warrants |  |  | Weighted Average Exercise Price |  |  | Number of Warrants |  |  | Weighted Average Exercise Price |
Balance, April 1, 2023 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Issued |  |  | 20,912 |  |  | $ | 6,874.13 |  |  |  | 954 |  |  | $ | 6,874.13 |
Balance, March 31, 2024 |  |  | 20,912 |  |  | $ | 6,874.13 |  |  |  | 954 |  |  | $ | 6,874.13 |
Warrant exchange |  |  | (1,104 | ) |  | $ | 6,874.13 |  |  |  | - |  |  | $ | 6,874.13 |
Balance, March 31, 2025 |  |  | 19,808 |  |  | $ | 6,874.13 |  |  |  | 954 |  |  | $ | 6,874.13 |
The following warrants were outstanding and exercisable at March 31, 2025:
Issue Date |  | Expiry Date |  | Exercise Price |  |  | Number of Warrants Outstanding |  |  | Number of Warrants Exercisable |
January 25, 2024 |  | January 25, 2029 |  | $ | 6,874.13 |  |  |  | 20,762 |  |  |  | 20,762 |

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