11. WARRANT LIABILITY

12 Months Ended

Mar. 31, 2023

Notes

11. WARRANT LIABILITY

11.  WARRANT LIABILITY

In conjunction with the issuance of the Convertible Promissory Notes with Crown Bridge Partners, LLC on November 21, 2019 and August 11, 2020, the Company issued, with each Note, 1,100,000 warrants with an exercise price of $1.00 and a term of five years. On July 7, 2022, these warrants were fully settled by the Company.

These warrants are subject to down round and other anti-dilution protections. These warrants are classified as a liability since there is a possibility during the life of these warrants the Company will not have enough authorized shares available if these warrants are exercised.

The inputs into the Black-Scholes models are as follows:

	March 31, 2022
Closing share price	$0.0052
Conversion price	$1.00 - $0.10
Risk free rate	2.35 – 2.45%
Expected volatility	171 – 182%
Dividend yield	0%
Expected life (years)	2.65– 3.36

Continuity of the Fair value of the Warrant Liabilities	Year Ended March 31, 2023	Year Ended March 31, 2022
Opening	$184	$12,669
Issue of 18,325,500 shares of common stock for the settlement of warrants at fair value	-	(1,515)
Decrease in fair value	(184)	(10,970)
Closing	$0	$184