Derivative Liabilities (Tables)

12 Months Ended

Mar. 31, 2021

Schedule of Derivative Liabilities

	Total
	$
Derivative liabilities as at March 31, 2020		1,144,733
Derivative fair value at issuance during fiscal 2021		41,749
Change in fair value of derivatives		(776,440	)
Derivative liabilities as at March 31, 2021	$	410,042

Schedule of Derivative Components Valuation Assumptions

The lattice methodology was used to value the derivative components, using the following assumptions:

	Assumptions
Dividend yield		12	%
Risk-free rate for term		0.63% – 0.61	%
Volatility		114.7% – to 121.5	%
Remaining terms (Years)		2.75 to 4.17
Stock price ($ per share)	$	0.650 and $2.396

Convertible Note [Member]

Schedule of Derivative Liabilities

Any noteholder and placement agent warrants that were issued after the finalization of exercise price was accounted for as equity.

	Total
	$
Derivative fair value at issuance
Series A notes (Note 5(b))		6,932,194
Series B notes (Note 5(b))		497,042
		7,429,236
Fair value change upon end of warrants derivative treatment (Note 5(b))		(82,444	)
Carrying amount of warrants transferred equity upon end of warrants derivative treatment (Note 5(b))		(3,937,664	)
Conversion to common shares (Note 5(b))		(225,284	)
Change in fair value of derivative liabilities		450,012
Balance at March 31, 2021		3,633,856

Schedule of Derivative Components Valuation Assumptions

The lattice methodology was used to value the preferred share derivative component, and the monte carlo methodology was used to value the convertible note and warrant derivative components, using the following assumptions:

	Warrants (before end of warrants derivative treatment)	Conversion and redemption features
Risk-free rate for term (%)	0.31 – 0.91	0.10 - 0.19
Volatility (%)	114.8 - 124.2	89.2 - 103.4
Remaining terms (Years)	3.0 – 10.0	0.77 – 1.0
Stock price ($ per share)	1.15 – 2.96	1.15 – 2.40