Non-Controlling Interest

12 Months Ended

Mar. 31, 2022

NOTE 4 - Non-Controlling Interest

Non-controlling interest represents the portion of net assets in consolidated entities that are not owned by the Company. The following table presents the continuity of non-controlling interest reported in stockholders' equity as of March 31, 2021 and 2022:

Balance, March 31, 2020	$	-
Acquisition of DTRC		25,444,979
Payment of cash dividend by DTRC		(4,357,246	)
Change in non-controlling interest		(1,396,034	)
DTRC common stock issued for investment in mineral property		1,320,000
Stock-based compensation expense		121,385
Debt discount on notes payable - related party		86,026
DTRC common stock issued upon exercise of options		455,000
Net loss attributable to non-controlling interest		(490,497	)
Balance, March 31, 2021	$	21,183,613
DTRC common stock issued		49,515,626
DTRC common stock issued for investment in mineral property		10,380,464
DTRC common stock issued upon conversion of debt		703,647
Stock-based compensation expense		19,592,502
Change in non-controlling interest		(34,185,108	)
Net loss attributable to non-controlling interest		(13,066,775	)
Issuance of stock for acquisition of NCI		(48,799,274	)
Elimination of NCI on acquisition		(5,324,695	)
Balance, March 31, 2022	$	-

In October 2020, the Company acquired 49.42% of the DTRC common stock outstanding. In March 2021, the Company and DTRC effected the second and final closing whereby the Company increased its interest in DTRC from 49.42% to 63.42%. As of March 31, 2021, there were no further changes to the Company's ownership of DTRC.

On March 31, 2022, pursuant to the DTRC Transaction, the Company acquired the remaining outstanding shares of Dakota (the "acquisition of NCI"), whereby the Company issued 35,208,729 shares to DTRC's stockholders for the acquisition of 35,208,729 DTRC shares not previously owned by the Company resulting in the Company owning 100% of DTRC upon the closing of the transaction.

The Company determined that each share issued pursuant to the DTRC Transaction had a fair value of $1.39, resulting in a $48,799,273 fair value of consideration, of which $35,209 was attributable to share capital, $48,764,065 attributable to additional paid-in capital. The purchase consideration was offset against the $54,123,969 NCI balance with $5,324,695 recorded to additional paid-in capital, being the difference between the fair value of the consideration paid and the carrying amount of the NCI on closing.