Stock Options

3 Months Ended

Jun. 30, 2022

Stock Options [Abstract]

Stock Options

12. Stock Options

The following table summarizes the continuity of stock options:

	Number of options			Weighted average exercise price $		Weighted average remaining contractual life (years)		Aggregate intrinsic value $
Balance, March 31, 2021		3,302,500			1.52		0.72		2,300,425
Granted		125,000			1.14
Exercised		(25,000	)		0.01
Forfeited		(2,865,000	)		1.70
Balance, March 31, 2022 and June 30, 2022		537,500			0.56		1.18		105,625
Balance, June 30, 2022, vested and exercisable		472,500			0.49		0.95		126,725

Additional information regarding stock options outstanding as at June 30, 2022 is as follows: 

Issued and Outstanding
Number of shares		Weighted  average remaining  contractual life (years)		Exercise  price $
	312,500		0.50		0.01
	25,000		0.04		2.26
	25,000		1.55		1.03
	50,000		1.75		1.50
	25,000		2.80		0.90
	20,000		2.96		1.20
	40,000		2.96		1.20
	40,000		3.34		1.20
	537,500

The estimated fair value of the stock options was being recorded over the requisite service period to vesting. For the three months ended June 30, 2022, the fair value of $17,718 (2021 - $13,788) was recorded as salaries expense. 

The fair values were estimated using the Black-Scholes option pricing model assuming no expected dividends or forfeitures and the following weighted average assumptions:

	Three months ended June 30, 2022
Risk-free interest rate		1.90	%
Expected life (in years)		3.12
Expected volatility		129	%