Common Stock

12 Months Ended

Mar. 31, 2023

Common Stock [Abstract]

Common Stock

16. Common Stock

Common stock issued during the year ended March 31, 2023

On February 6, 2023, the Company issued 250,000 shares of common stock with an aggregate value of $162,500 as part of the consideration for intellectual property transferred from McClelland Management Inc. to the Company under the terms of an IP transfer deed dated January 4, 2023. A further 250,000 shares will be issued in January 2024 and 250,000 shares in January 2025. At the reporting date the 500,000 shares have been accounted as equity and added to the Additional paid-in capital balance for the amount of $325,000.

Common stock issued and repurchased during the year ended March 31, 2022:

(a) On August 25, 2021, 25,000 stock options were exercised by an employee of the Company at the exercise price of $0.01 per share with an aggregate value of $250. The Company issued 25,000 shares of common stock.

(b) On August 31, 2021, 11,321 common shares of the Company were issued to an employee in the Company’s as compensation with a fair value of $2.12 per share totaling $24,000.

(c) For the year ended March 31, 2022, the Company implemented a share repurchase program and repurchased 56,162 shares with total value of $99,754.