Common Stock

12 Months Ended

Mar. 31, 2021

Common Stock [Abstract]

Common Stock

15. Common Stock

Common stock issued during the year ended March 31, 2021:

(a) On July 17, 2020, the Company issued 50,000 shares of common stock with an aggregate value of $69,500 to a former officer of the Company as per the terms of an employment settlement agreement.

(b) On August 6, 2020, the Company issued 50,000 shares of common stock with a fair value of $62,500 pursuant to a conversion of $20,000 in principal and $42,550 in derivative liability relating to the November 10, 2015 convertible debenture. The fair value of the common stock was determined based on closing price of the Company’s common stock of $1.25 per share. This transaction resulted in a gain on extinguishment of debt of $50.

(c) On August 31, 2020, 175,000 stock options were exercised by a director of the Company at the exercise price of $0.01 per share with an aggregate value of $1,750. The Company issued 175,000 shares of common stock from the treasury.

(d) On September 28, 2020, the Company issued 95,239 shares of common stock with an aggregate value of $95,239 under the terms of a sales commission agreement.

(e)	On October 19, 2020, the Company issued 525,000 shares of common stock with an aggregate value of $577,500 as part of the acquisition of Innoergy.
(f)	On October 19, 2020, the Company issued 100,000 shares of common stock with an aggregate value of $100,000 to a former director in recognition.

(g)

On January 11, 2021, the Company issued 228, 980 shares of common stock with a fair value of $354,921 pursuant to a conversion of $10,000 in principal and $344,921 in derivative liability relating to the November 10, 2015 convertible debenture. The fair value of the common stock was determined based on closing price of the Company’s common stock of $1.55 per share. This transaction resulted in a gain of debt of $3,077.

(g)

On March 30, 2021, the Company issued 106,375 shares of common stock with a fair value of $222,304 for investor relations.

Common stock issued during the year ended March 31, 2020:

(a) On December 17, 2019, the Company issued 25,000 common shares, at $2.94 per share, to a former officer of the Company in settlement of stock options and any compensation otherwise due. The shares had an aggregate value of $73,500, which was recorded as employee compensation in the period.

(b) In February 14, 2020, 125,000 common shares in the Company with an estimated fair value of $368,750 or $2.95 per share were issued as part of the acquisition of Engin (See note 7).

(c) In February 14 2020, 16,532 common shares of the Company were issued to employees in the Company’s sales division as compensation with a fair value of $3.00 per share.