Quarterly report pursuant to Section 13 or 15(d)


9 Months Ended
Dec. 31, 2022
Share-based Payment Arrangement [Abstract]  
OPTIONS [Text Block]



Issuance of Options

On November 16, 2022, we granted an aggregate of 900,000 stock options to certain directors, officers and employees of the Company for the purchase of up to 900,000 shares of our common stock pursuant to our 2020 Equity Incentive Plan. Each stock option is exercisable at a price of US$0.25 per share until November 16, 2032. All of these stock options vest 50% on each of the first and second anniversary of their grant date. The Company valued the stock options (using Black-Scholes option-pricing model for common stock options and warrants) at an implied price of $0.22 or an aggregate value of $194,400 which will be expensed over the 2-year vesting period.  The Company recorded an expense of $8,100 in the three months ended December 31, 2022.

Forfeiture of Options

During the quarter, there were 948,000 options from 11 holders that were forfeited due to the Company’s reduced headcount. The forfeiture of these options resulted in a reversal of prior stock option expense in the amount of $394,044.  In addition, on November 16, 2022, the Company cancelled a previously issued granted to Mr. Aaron Keay, a director of the Company, of 750,000 stock options.  The Company reversed the prior expense of $14,187 during the three months ended December 31, 2022.