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OTHER ITEMS
6 Months Ended
Sep. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
OTHER ITEMS

NOTE 7 – OTHER ITEMS

 

(a) COVID-19 Pandemic

 

The outbreak of COVID-19 in December 2019 has since rapidly increased its exposure globally. On March 11, 2020, the World Health Organization declared the outbreak a pandemic. We continue to monitor the impact of COVID-19 on our own operations and are working with our employees, suppliers and other stakeholders to mitigate the risks posed by its spread, COVID-19 is not expected to have any long-term detrimental effect on the Company’s success. While key suppliers have not been accessible throughout the whole period of the outbreak, we have been able to be flexible in our priorities and respond favorably to the challenges faced during the outbreak. We have also seen a surge in the uptake of technologies for remote monitoring of patients and patient self-monitoring, which potentially enhances the prospects for the Company, its CGM product and its planned digital healthcare offering.

 

(b) Management consultancy agreements

 

During the six month period ended September 30, 2021 and 2020, the Company did not issue any restricted common stock to management consultants; the stock-based compensation expense during the three month period ended September 30, 2020 of $59,000 related to the release of prepayments and accrued expenses.

 

(c) Investor relations agreements

The Company has entered into contracts with several investor relations specialists to help support the ongoing financing activities of the business.

 

During the six month periods ended September 30, 2021, and 2020, fees paid for services associated with investor relations across various different providers were $323,000 and $388,000, respectively.

 

(d) Commitments and contingencies

 

As a consequence of the services provided to the Company by Pharma, the Company issued a guarantee in favour of a key third party Pharma supplier, who is only used to support Pharma’s arrangements with the Company, to secure certain materials that are currently subject to shortages brought on as a result of COVID-19. This provides for the Company to make payment against any outstanding invoices unto a value of $250,000 should Pharma be unable. This guarantee arrangement is scheduled to extend out to June 2022.

 

(e) Subsequent events

 

Nothing noted