Stock Options

9 Months Ended

Dec. 31, 2023

Stock Options [Abstract]

Stock Options

16. 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, 2022		537,500			0.56		1.43		170,125
Granted		285,000			0.66		–		–
Forfeited		(337,500	)		0.18		–
Balance, March 31, 2023 and June 30, 2023		485,000			0.89		1.41		84,900
Granted		100,000			0.60		–		–
Balance, September 30, and December 31, 2023, vested and exercisable		585,000			0.84		1.22		108,400	*

(*) Value represents weighted average of those options in-the-money as at December 31, 2023.

Additional information regarding stock options outstanding as at December 31, 2023 is as follows:

Issued and Outstanding
Number of shares	Weighted average remaining contractual life (years)	Exercise price $
25,000	0.04	1.03
50,000	0.25	1.50
25,000	0.67	0.90
20,000	1.21	1.20
40,000	1.21	1.20
40,000	1.59	1.20
10,000	0.75	0.01
25,000	0.75	2.50
25,000	0.75	3.75
200,000	0.84	0.10
25,000	0.67	0.50
20,000	2.58	0.60
40,000	3.08	0.60
40,000	3.58	0.60
585,000

Unless otherwise noted, the Company estimates the fair value of its stock options using the Black-Scholes option pricing model, assuming no expected dividends, applying a risk-free interest rate of 4.54%, average expected life of 3.5 years and expected volatility 122%.

The estimated fair value of the stock options is recorded over the requisite period to vesting. For the three and nine months ended December 31, 2023, the fair value of $14,282 (2022 - $162,566) and $31,572 (2022 – 189,478) was recorded as salaries expense.