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Derivative Warrant Liabilities

12 Months Ended

Mar. 31, 2025

Derivative Warrant Liabilities [Abstract]

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