Note 6 - Capital Transactions

12 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Equity [Text Block]

Note 6 – Capital Transactions

Year ended March 31, 2024

Warrants

During the year ended March 31, 2024, the Company extended the expiration date and temporarily repriced 92,657,209 unexpired investor warrants effective as of September 1, 2023. In addition, the Company reinstated 23,006,492 previously expired warrants exercisable at $0.01 per share and recognized $278,315 as a deemed dividend related to the reissuance of these warrants and in accordance with ASC 470, this amount was recorded through additional paid in capital and accumulated deficit as a deemed dividend.

During the year ended March 31, 2024, there were 3,490,834 expired warrants at an original exercise price of $0.10, 4,295,500 expired warrants at an original exercise price of $0.60, 300,000 expired warrants at an original exercise price of $0.04, and 2,456,750 expired warrants at an original exercise price of $0.10. 

During the year ended March 31, 2024, the Company accepted the exercise of 25,348,467 warrants at $0.01 per share of common stock, for gross cash proceeds of $253,529, and recorded brokerage fees of $17,752.

During the year ended March 31, 2024, the Company repurchased 1,150,000 common shares for $0.

Year Ended March 31, 2023

Sale of Common Stock and Warrants

On  May 9, 2022 the Company entered into a Placement Agent's Agreement with its brokers for the private placement of up to $565,000 in units at a price of $0.03 per unit. For each unit purchased, the investor will receive one share of the Company's common stock and one warrant to purchase one share of the Company's common stock at a price of $0.10 for a period of five years. On  September 9, 2022, the Company entered into the Amendment to the Placement Agent's Agreement which extended the placement to  November 30, 2022 and increased the amount to $2,000,000, all other terms remaining the same.  During the year ended  March 31, 2023, the Company received $1,483,350 under the private placement, net of brokerage fees of $221,650, and issued 56,835,004 shares of its common stock and 56,835,004 warrants to purchase one share of the Company's common stock at $0.10 for five years.

As the result of the units sold to date under the private placement, the Company will issue its brokers 5,416,834 compensation warrants to purchase one share of the Company's common stock at $0.03 per share for a period of five years. The Company valued the compensation warrants at $0.0273 or $147,879 using the Black-Scholes model.

Warrants Outstanding

Presented below is a summary of the Company’s warrant activity, exclusive of warrants held by employees (Note 7), for the years ended March 31, 2024 and 2023:

	Warrants Outstanding
	Number of Shares			Exercise Price
Outstanding at March 31, 2022		75,124,673
Warrants issued		56,835,004			0.10
Warrants exercised		-
Warrants expired/cancelled)		(9,201,000	)	$0.08	-	$0.10
Outstanding at March 31, 2023		122,758,677
Warrants issued (including reinstated)		23,006,492			$0.01
Warrants exercised		(25,348,467	)		$0.01
Warrants expired/cancelled		(38,337,538	)	$0.01	-	$0.60
Outstanding at March 31, 2024		82,079,164