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Financial Instruments and Financial Risk Management | 12 Months Ended
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Mar. 31, 2025
Financial Instruments and Financial Risk Management [Abstract] |
Financial instruments and financial risk management | 21. Financial instruments and financial risk management a) Financial instrument classification and fair value measurement Financial instruments that are recorded at fair value on the consolidated statements of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value of hierarchy has the following levels:
| ● | Level 1 – quoted prices in active markets for identical financial instruments.
| ● | Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in the markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.
| ● | Level 3 – valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
The table below presents the carrying value of the Company’s financial instruments:
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Investment in Psyence Labs Ltd |  |  | - |  |  |  | 745,000 |  |  |  | - |  |  |  | 745,000 |
Derivative warrant liabilities – public warrants |  |  | 200,096 |  |  |  | - |  |  |  | - |  |  |  | 200,096 |
Balance, March 31, 2025 |  |  | 200,096 |  |  |  | 745,000 |  |  |  | - |  |  |  | 945,096 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Derivative warrant liabilities – private warrants |  |  | - |  |  |  | 26,608 |  |  |  | - |  |  |  | 26,608 |
Derivative warrant liabilities – public warrants |  |  | 875,000 |  |  |  | - |  |  |  | - |  |  |  | 875,000 |
Convertible notes |  |  | - |  |  |  | - |  |  |  | 7,657,397 |  |  |  | 7,657,397 |
NCAC Sponsor promissory note |  |  | - |  |  |  | - |  |  |  | 1,474,256 |  |  |  | 1,474,256 |
PGI promissory note |  |  | - |  |  |  | - |  |  |  | 1,316,236 |  |  |  | 1,316,236 |
Balance, March 31, 2024 |  |  | 875,000 |  |  |  | 26,608 |  |  |  | 10,447,889 |  |  |  | 11,349,497 |
The face value of the other financial instruments approximates the fair value due to the short-term maturity nature of the financial instruments. There were no transfers in and out of level 3 during the year. b) Risk management In the normal course of business, the Company is exposed to a variety of financial risks: credit risk, liquidity risk, foreign exchange risk and interest rate risk. These financial risks are subject to normal credit standards, financial controls, risk management as well as monitoring. The Company’s Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management framework. Credit risk Credit risk arises from cash and cash equivalents held with banks. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing counterparty credit risk is to prevent losses on financial assets. The Company minimizes the credit risk of cash and cash equivalents by depositing with only reputable financial institutions. Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk through an ongoing review of future commitments and cash balances available. Historically, the Company’s main source of funding has been through investments from its parent. The Company’s access to financing is uncertain. There can be no assurance of continued access to significant equity or debt funding. The following table set forth the maturity of the contractual obligations as at March 31, 2025 and after
|  | Carrying Amount |  |  | Contractual Cash Flows |  |  | Less than 1 year |  |  | Between 1 and 3 years |
Accounts payable & accrued liabilities |  |  | 394,270 |  |  |  | 394,270 |  |  |  | 394,270 |  |  |  | - |
Total contractual obligations |  |  | 394,270 |  |  |  | 394,270 |  |  |  | 394,270 |  |  |  | - |
Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company has no significant interest-bearing assets or liabilities and therefore its income and operating cash flows are substantially independent of changes in market interest rates. Foreign exchange risk Foreign currency risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because they are denominated in currencies that differ from the respective functional currency. As at March 31, 2025, a 10% fluctuation in foreign exchange rates would result in a $8,861 impact to net loss and comprehensive loss.

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- Definition The disclosure of the entity's financial risk management practices and policies. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2024-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_10_e&doctype=Standard -URIDate 2024-03-27 + Details
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