STOCKHOLDERS’ EQUITY (DEFICIENCY) (Tables)

9 Months Ended

Dec. 31, 2022

Equity [Abstract]

SCHEDULE OF STOCK OPTION ACTIVITIES

Warrant issuances, exercises and expirations or cancellations during the three months ended December 31, 2022 and preceding periods resulted in warrants outstanding at the end of those respective periods as follows: 

	Broker and Other Warrants			Consultant Warrants			Warrants Issued on Conversion of Convertible Notes			Total
As at March 31, 2022		876,205			1,802,316			7,211,623			9,890,144
Less: Expired/cancelled		-			-			(1,563,980	)		(1,563,980	)
Less: Exercised		-			-			(11,792	)		(11,792	)
Add: Issued		-			53,827			-			53,827
As at June 30, 2022		876,205			1,856,143			5,635,851			8,368,199
Less: Expired/cancelled		(37,134	)		(114,583	)		-			(151,717	)
Less: Exercised		-			-			-			-
Add: Issued		-			118,282			-			118,282
As at September 30, 2022		839,071			1,859,842			5,635,851			8,334,764
Less: Expired/cancelled		-			(278,000	)		-			(278,000	)
Less: Exercised		-			-			(306,604	)		(306,604	)
Add: Issued		-			218,785			-			531,285
As at December 31, 2022		839,071			1,800,627			5,329,247			7,968,945
Exercise Price		$1.06 to $6.26			$0.45 to $3.15			$1.06 to $1.50
Expiration Date		August 2026 to January 2031			January 2023 to December 2032			January 2024 to February 2024

BIOTRICITY INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2022 (Unaudited)

(Expressed in US dollars)

g) Stock-based compensation

On February 2, 2016, the Board of Directors of the Company approved the Company’s 2016 Equity Incentive Plan (the “Plan”). The purpose of the Plan is to advance the interests of the Company and its stockholders by providing an incentive to attract, retain and reward persons performing services for the Company and by motivating such persons to contribute to the growth and profitability of the Company. The Plan seeks to achieve this purpose by providing for awards in the form of options, stock appreciation rights, restricted stock purchase rights, restricted stock bonuses, restricted stock units, performance shares, performance units and other stock-based awards.

The Plan shall continue in effect until its termination by the board of directors or committee formed by the board; provided, however, that all awards shall be granted, if at all, on or before the day immediately preceding the tenth (10^th) anniversary of the effective date. The maximum number of shares of stock that may be issued under the Plan shall be equal to 3,750,000 shares; provided that the maximum number of shares of stock that may be issued under the Plan pursuant to awards shall automatically and without any further Company or shareholder approval, increase on January 1 of each year for not more than 10 years from the effective date, so the number of shares that may be issued is an amount no greater than 20% of the Company’s outstanding shares of stock and shares of stock underlying any outstanding exchangeable shares as of such January 1; provided further that no such increase shall be effective if it would violate any applicable law or stock exchange rule or regulation, or result in adverse tax consequences to the Company or any participant that would not otherwise result but for the increase.

Based on the 2016 Option Plan, the Company is authorized to issue employee options with a 10-year term. On March 31, 2020, the Company’s Board of Directors approved the amendment of certain prior options grants, issued to current employees, previously issued with a 3-year term, such that the respective options issued under these agreements would have their term extended to 10 years. The Company revalued these options using a lattice model with an expected life of 10 years, risk free rates of 0.46% to 0.75%, stock price of $0.974 and expected volatility of 132.2%, in order to recognize the additional expense associated with the longer term and recognized a one-time charge of $1,600,515 in share-based compensation, with a corresponding adjustment to adjusted paid in capital.

During the three months ended June 30, 2022, the Company granted 10,180 of options with a weighted average remaining contractual life of 10 years. The Company recorded stock-based compensation of $149,190 in connection with ESOP 2016 Plan (June 30, 2021 - $155,851), under general and administrative expenses with corresponding credit to additional paid in capital.

During the three months ended September 30, 2022, the Company granted 3,757 of options with a weighted average remaining contractual life of 10 years. The Company recorded stock-based compensation of $153,338 in connection with ESOP 2016 Plan (September 30, 2021 - $169,778), under general and administrative expenses with corresponding credit to additional paid in capital.

During the three months ended December 31, 2022, the Company granted no new options. The Company recorded stock-based compensation of $63,125 in connection with ESOP 2016 Plan (December 31, 2021 - $100,650), under general and administrative expenses with corresponding credit to additional paid in capital.

BIOTRICITY INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2022 (Unaudited)

(Expressed in US dollars)

The following table summarizes the stock option activities of the Company to December 31, 2022:  

	Number of options			Weighted Average exercise price ($)
Outstanding as of March 31, 2022		7,409,714			2.3466
Granted		10,180			1.7700
Exercised		-			-
Outstanding as of June 30, 2022		7,419,894			2.3458
Granted		3,757			2.2700
Outstanding as of September 30, 2022		7,423,651			2.3457
Granted		-			-
Expired		(16,733	)		1.3671
Forfeited		(88,084	)		1,9710
Exercised		-			-
Outstanding as of December 31, 2022		7,318,834			2.3509

SCHEDULE OF STOCK OPTION ACTIVITIES

The following table summarizes the stock option activities of the Company to December 31, 2022:  

	Number of options			Weighted Average exercise price ($)
Outstanding as of March 31, 2022		7,409,714			2.3466
Granted		10,180			1.7700
Exercised		-			-
Outstanding as of June 30, 2022		7,419,894			2.3458
Granted		3,757			2.2700
Outstanding as of September 30, 2022		7,423,651			2.3457
Granted		-			-
Expired		(16,733	)		1.3671
Forfeited		(88,084	)		1,9710
Exercised		-			-
Outstanding as of December 31, 2022		7,318,834			2.3509

SCHEDULE OF FAIR VALUE OF OPTION GRANTED USING VALUATION ASSUMPTIONS

The fair value of each option granted is estimated at the time of grant using the Black Scholes model using the following assumptions, for each of the respective fiscal year:

	Fiscal Year 2023		Fiscal Year 2022
Exercise price ($)		1.77 – 2.27		2.40 – 3.98
Risk free interest rate (%)		3.00 – 4.06		0.34 – 2.32
Expected term (Years)		5 – 6.5		2.0 – 10.0
Expected volatility (%)		107.7 – 119.5		106.6 – 129.9
Expected dividend yield (%)		0.00		0.00
Fair value of option ($)		0.36 – 1.57		1.19 – 3.52
Expected forfeiture (attrition) rate (%)		0.00		0.00