Cover
Cover - shares | 3 Months Ended | |
Jun. 30, 2023 | Aug. 14, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 000-40761 | |
Entity Registrant Name | BIOTRICITY INC. | |
Entity Central Index Key | 0001630113 | |
Entity Tax Identification Number | 30-0983531 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 203 Redwood Shores Parkway | |
Entity Address, Address Line Two | Suite 600 | |
Entity Address, City or Town | Redwood City | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94065 | |
City Area Code | (650) | |
Local Phone Number | 832-1626 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Trading Symbol | BTCY | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 8,321,342 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 |
CURRENT ASSETS | ||
Cash | $ 51,433 | $ 570,460 |
Accounts receivable, net | 1,512,753 | 1,224,137 |
Inventories [Note 3] | 2,215,560 | 2,337,006 |
Deposits and other receivables | 620,932 | 588,599 |
Total current assets | 4,400,678 | 4,720,202 |
Deposits [Note 10] | 85,000 | 85,000 |
Long-term accounts receivable | 138,737 | 96,344 |
Property and equipment [Note 12] | 20,017 | 21,506 |
Operating right of use assets [Note 10] | 1,499,691 | 1,587,492 |
TOTAL ASSETS | 6,144,123 | 6,510,544 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities [Note 4] | 6,563,095 | 5,042,476 |
Convertible promissory notes and short term loans [Note 5] | 5,600,051 | 4,774,468 |
Term loan, current [Note 6] | 600,000 | |
Derivative liabilities [Note 8] | 1,984,781 | 1,008,216 |
Operating lease obligations, current [Note 10] | 349,616 | 335,608 |
Total current liabilities | 15,097,543 | 11,160,768 |
Federally guaranteed loans [Note 7] | 870,800 | 870,800 |
Term loan [Note 6] | 11,629,751 | 12,178,809 |
Derivative liabilities [Note 8] | 679,238 | 759,065 |
Operating lease obligations [Note 10] | 1,278,405 | 1,386,487 |
TOTAL LIABILITIES | 29,555,737 | 26,355,929 |
STOCKHOLDERS’ DEFICIENCY | ||
Common stock, $0.001 par value, 125,000,000 authorized as at June 30, 2023 and March 31, 2023. Issued and outstanding common shares: 51,047,864 as at June 30, 2023 and March 31, 2023, and exchangeable shares of 1,466,718 outstanding at June 30, 2023 and March 31, 2023 [Note 9] | 52,514 | 52,514 |
Shares to be issued, 23,723 shares of common stock as at June 30, 2023 and March 31, 2023 [Note 9] | 24,999 | 24,999 |
Additional paid-in-capital | 93,011,897 | 92,800,717 |
Accumulated other comprehensive loss | (328,627) | (152,797) |
Accumulated deficit | (116,172,404) | (112,570,825) |
TOTAL STOCKHOLDERS’ DEFICIENCY | (23,411,614) | (19,845,385) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | 6,144,123 | 6,510,544 |
Preferred Stock [Member] | ||
STOCKHOLDERS’ DEFICIENCY | ||
Preferred stock,value | 1 | 1 |
Series A Preferred Stock [Member] | ||
STOCKHOLDERS’ DEFICIENCY | ||
Preferred stock,value | $ 6 | $ 6 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Mar. 31, 2023 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 51,047,864 | 51,047,864 |
Common stock, shares outstanding | 51,047,864 | 51,047,864 |
Common stock, other shares outstanding | 1,466,718 | 1,466,718 |
Common stock shares to be issued | 23,723 | 23,723 |
Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 9,980,000 | 9,980,000 |
Preferred stock, shares issued | 1 | 1 |
Preferred stock, shares outstanding | 1 | 1 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000 | 20,000 |
Preferred stock, shares issued | 6,304 | 6,304 |
Preferred stock, shares outstanding | 6,304 | 6,304 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||
REVENUE | $ 3,020,765 | $ 2,056,052 |
Cost of Revenue | 1,104,061 | 830,923 |
GROSS PROFIT | 1,916,704 | 1,225,129 |
OPERATING EXPENSES | ||
Selling, general and administrative expenses | 3,520,215 | 4,492,615 |
Research and development expenses | 712,975 | 821,176 |
TOTAL OPERATING EXPENSES | 4,233,190 | 5,313,791 |
LOSS FROM OPERATIONS | (2,316,486) | (4,088,662) |
Interest expense | (660,512) | (388,388) |
Accretion and amortization expenses [Note 5,6] | (557,219) | (50,070) |
Change in fair value of derivative liabilities [Note 8] | 101,452 | (198,224) |
Gain (loss) upon convertible promissory notes conversion and redemption [Note 9] | 6,448 | (50,908) |
Other income | 13,435 | |
NET LOSS BEFORE INCOME TAXES | (3,412,882) | (4,776,252) |
Income taxes [Note 3] | ||
NET LOSS BEFORE DIVIDENDS | (3,412,882) | (4,776,252) |
Adjustment: Preferred Stock Dividends | (188,697) | (248,137) |
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | (3,601,579) | (5,024,389) |
Translation adjustment | (175,830) | 233,004 |
COMPREHENSIVE LOSS | $ (3,777,409) | $ (4,791,385) |
LOSS PER SHARE, BASIC | $ (0.069) | $ (0.098) |
LOSS PER SHARE, DILUTED | $ (0.069) | $ (0.098) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC | 52,514,582 | 51,440,944 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED | 52,514,582 | 51,440,944 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Deficiency (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Balance, | $ (19,845,385) | $ (2,144,736) |
Conversion of convertible notes into common shares [Note 9] | 457,026 | |
Preferred stock purchased back via cash [Note 8] | (285,427) | |
Issuance of shares for services [Note 9] | 7,500 | |
Exercise of warrants for cash [Note 9] | (30,000) | |
Issuance of warrants for services [Note 9] | 77,414 | |
Stock based compensation - ESOP [Note 9] | 211,180 | 149,190 |
Translation adjustment | (175,830) | 233,004 |
Net loss before dividends for the period | (3,412,882) | (4,776,252) |
Preferred stock dividends | (188,697) | (248,137) |
Balance, | (23,411,614) | (6,560,418) |
Preferred Stock [Member] | ||
Balance, | $ 7 | $ 8 |
Balance, shares | 6,305 | 7,201 |
Conversion of convertible notes into common shares [Note 9] | ||
Preferred stock purchased back via cash [Note 8] | ||
Preferred stock purchased back via cash, shares | (329) | |
Issuance of shares for services [Note 9] | ||
Exercise of warrants for cash [Note 9] | ||
Issuance of warrants for services [Note 9] | ||
Stock based compensation - ESOP [Note 9] | ||
Translation adjustment | ||
Net loss before dividends for the period | ||
Preferred stock dividends | ||
Balance, | $ 7 | $ 8 |
Balance, shares | 6,305 | 6,872 |
Common Stock [Member] | ||
Balance, | $ 52,514 | $ 51,277 |
Balance, shares | 52,514,582 | 51,277,040 |
Conversion of convertible notes into common shares [Note 9] | $ 405 | |
Conversion of convertible notes into common shares, shares | 404,545 | |
Preferred stock purchased back via cash [Note 8] | ||
Issuance of shares for services [Note 9] | $ 4 | |
Issuance of shares for services [Note 9], shares | 4,167 | |
Exercise of warrants for cash [Note 9] | ||
Issuance of warrants for services [Note 9] | ||
Stock based compensation - ESOP [Note 9] | ||
Translation adjustment | ||
Net loss before dividends for the period | ||
Preferred stock dividends | ||
Balance, | $ 52,514 | $ 51,686 |
Balance, shares | 52,514,582 | 51,685,752 |
Shares To Be Issued [Member] | ||
Balance, | $ 24,999 | $ 102,299 |
Balance, shares | 23,723 | 123,817 |
Conversion of convertible notes into common shares [Note 9] | ||
Preferred stock purchased back via cash [Note 8] | ||
Issuance of shares for services [Note 9] | ||
Exercise of warrants for cash [Note 9] | $ (30,000) | |
Exercise of warrants for cash [Note 9], shares | (28,302) | |
Issuance of warrants for services [Note 9] | ||
Stock based compensation - ESOP [Note 9] | ||
Translation adjustment | ||
Net loss before dividends for the period | ||
Preferred stock dividends | ||
Balance, | $ 24,999 | $ 72,299 |
Balance, shares | 23,723 | 95,515 |
Additional Paid-in Capital [Member] | ||
Balance, | $ 92,800,717 | $ 91,507,478 |
Conversion of convertible notes into common shares [Note 9] | 456,621 | |
Preferred stock purchased back via cash [Note 8] | (285,427) | |
Issuance of shares for services [Note 9] | 7,496 | |
Exercise of warrants for cash [Note 9] | ||
Issuance of warrants for services [Note 9] | 77,414 | |
Stock based compensation - ESOP [Note 9] | 211,180 | 149,190 |
Translation adjustment | ||
Net loss before dividends for the period | ||
Preferred stock dividends | ||
Balance, | 93,011,897 | 91,912,772 |
AOCI Attributable to Parent [Member] | ||
Balance, | (152,797) | (768,656) |
Conversion of convertible notes into common shares [Note 9] | ||
Preferred stock purchased back via cash [Note 8] | ||
Issuance of shares for services [Note 9] | ||
Exercise of warrants for cash [Note 9] | ||
Issuance of warrants for services [Note 9] | ||
Stock based compensation - ESOP [Note 9] | ||
Translation adjustment | (175,830) | 233,004 |
Net loss before dividends for the period | ||
Preferred stock dividends | ||
Balance, | (328,627) | (535,652) |
Retained Earnings [Member] | ||
Balance, | (112,570,825) | (93,037,142) |
Conversion of convertible notes into common shares [Note 9] | ||
Preferred stock purchased back via cash [Note 8] | ||
Issuance of shares for services [Note 9] | ||
Exercise of warrants for cash [Note 9] | ||
Issuance of warrants for services [Note 9] | ||
Stock based compensation - ESOP [Note 9] | ||
Translation adjustment | ||
Net loss before dividends for the period | (3,412,882) | (4,776,252) |
Preferred stock dividends | (188,697) | (248,137) |
Balance, | $ (116,172,404) | $ (98,061,531) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (3,412,882) | $ (4,776,252) |
Stock based compensation | 211,180 | 149,190 |
Issuance of shares for services | 7,500 | |
Issuance of warrants for services | 77,414 | |
Accretion and amortization expenses | 557,219 | 50,070 |
Change in fair value of derivative liabilities | (101,452) | 198,224 |
(Gain) loss upon convertible promissory notes conversion and redemption | (6,448) | 50,908 |
Property and equipment depreciation | 1,489 | 1,489 |
Non-cash lease expense | 87,801 | 47,547 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (331,009) | 179,758 |
Inventory | 121,446 | (588,130) |
Deposits and other receivables | (32,333) | (4,312) |
Accounts payable and accrued liabilities | 1,072,871 | 567,200 |
Net cash used in operating activities | (1,832,118) | (4,039,394) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Redemption of preferred shares | (328,904) | |
Exercise of warrants for cash | 12,500 | |
Proceeds from convertible notes, net | 855,538 | |
Repayment of short term loans and promissory notes, net | 479,656 | |
Preferred Stock Dividend | (6,049) | (516,817) |
Net cash provided by (used in) financing activities | 1,329,145 | (833,221) |
Net decrease in cash during the period | (502,973) | (4,872,615) |
Effect of foreign currency translation | (16,054) | 13,660 |
Cash, beginning of period | 570,460 | 12,066,929 |
Cash, end of period | 51,433 | 7,207,974 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 258,689 | 239,291 |
Taxes |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 3 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS | 1. NATURE OF OPERATIONS Biotricity Inc. (the “Company”) was incorporated under the laws of the State of Nevada on August 29, 2012. iMedical Innovations Inc. (“iMedical”) was incorporated on July 3, 2014, under the laws of the Province of Ontario, Canada and became a wholly-owned subsidiary of Biotricity through reverse take-over on February 2, 2016. Both the Company and iMedical are engaged in research and development activities within the remote monitoring segment of preventative care. They are focused on a realizable healthcare business model that has an existing market and commercialization pathway. As such, its efforts to date have been devoted to building and commercializing an ecosystem of technologies that enable access to this market. |
BASIS OF PRESENTATION, MEASUREM
BASIS OF PRESENTATION, MEASUREMENT AND CONSOLIDATION | 3 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION, MEASUREMENT AND CONSOLIDATION | 2. BASIS OF PRESENTATION, MEASUREMENT AND CONSOLIDATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) for interim financial information and the Securities and Exchange Commission (“SEC”) instructions to Form 10-Q and Article 8 of SEC Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete consolidated financial statements and should be read in conjunction with Biotricity’s audited consolidated financial statements for the years ended March 31, 2023 and 2022 and their accompanying notes. The accompanying unaudited condensed consolidated financial statements are expressed in United States dollars (“USD”). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of financial position and results of operations for the interim periods presented have been reflected herein. Operating results for the interim periods presented herein are not necessarily indicative of the results that may be expected for the year ending March 31, 2024. The Company’s fiscal year-end is March 31. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. Significant intercompany accounts and transactions have been eliminated. Reclassifications Certain amounts presented in the prior year period have been reclassified to conform to current period condensed consolidated financial statement presentation. Interest expense related to debt principal, previously recorded as a selling, general and administrative expense in the condensed consolidated statements of operations and comprehensive loss in the prior year, was reclassified as a non-operating expense. Going Concern, Liquidity and Basis of Presentation The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company is in the early stages of commercializing its first product and is concurrently in development mode, operating a research and development program in order to develop, obtain regulatory clearance for, and commercialize other proposed products. The Company has incurred recurring losses from operations, and as of June 30, 2023, had an accumulated deficit of $ 116,172,404 10,696,865 BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) Management anticipates the Company will continue on its revenue growth trajectory and improve its liquidity through continued business development and after additional equity or debt capitalization of the Company. On August 30, 2021, the Company completed an underwritten public offering of its common stock that concurrently facilitated its listing on the Nasdaq Capital Market. Prior to listing on the Nasdaq Capital Market, the Company had also filed a shelf Registration Statement on Form S-3 (No. 333-255544) with the Securities and Exchange Commission on April 27, 2021, which was declared effective on May 4, 2021. This facilitates better transactional preparedness when the Company seeks to issue equity or debt to potential investors, since it continues to allow the Company to offer its shares to investors only by means of a prospectus, including a prospectus supplement, which forms part of an effective registration statement. As such, the Company has developed and continues to pursue sources of funding that management believes will be sufficient to support the Company’s operating plan and alleviate any substantial doubt as to its ability to meet its obligations at least for a period of one year from the date of these consolidated financial statements. During the fiscal year ended March 31, 2021, the Company closed a number of private placement offerings of convertible notes, which raised net cash proceeds of $ 11,375,690 499,900 14,545,805 11,756,563 1,476,121 2,355,318 855,538 479,656 As we proceed with the commercialization of the Bioflux, Biotres, and Biocare product development, we expect to continue to devote significant resources on capital expenditures, as well as research and development costs and operations, marketing and sales expenditures. Based on the above facts and assumptions, we believe our existing cash, along with anticipated near-term financings, will be sufficient to continue to meet our needs for the next twelve months from the filing date of this report. However, we will need to seek additional debt or equity capital to respond to business opportunities and challenges, including our ongoing operating expenses, protecting our intellectual property, developing or acquiring new lines of business and enhancing our operating infrastructure. The terms of our future financings may be dilutive to, or otherwise adversely affect, holders of our common stock. We may also seek additional funds through arrangements with collaborators or other third parties. There can be no assurance we will be able to raise this additional capital on acceptable terms, or at all. If we are unable to obtain additional funding on a timely basis, we may be required to modify our operating plan and otherwise curtail or slow the pace of development and commercialization of our proposed product lines. In December 2019, a novel strain of coronavirus (COVID-19) emerged in Wuhan, Hubei Province, China and spread globally, causing significant disruption to the global and US economy. On March 20, 2020, the Company announced the precautionary measures taken as well as announcing the business impact related to the coronavirus (COVID-19) pandemic. Though its operations have since returned to a normal state, the extent to which the COVID-19 pandemic may continue to affect the economy and the Company’s operations may depend on future developments. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Revenue Recognition The Company adopted Accounting Standards Codification Topic 606, “ Revenue from Contracts with Customers BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) Both the Bioflux mobile cardiac telemetry device, and the Biotres device are wearable devices. The cardiac data that the devices monitor and collect is curated and analyzed by the Company’s proprietary algorithms and then securely communicated to a remote monitoring facility for electronic reporting and conveyance to the patient’s prescribing physician or other certified cardiac medical professional. Revenues earned are comprised of device sales revenues and technology fee revenues (technology as a service). The devices, together with their licensed software, are available for sale to the medical center or physician, who is responsible for the delivery of clinical diagnosis and therapy. The remote monitoring, data collection and reporting services performed by the technology culminate in a patient study that is generally billable when it is complete and is issued to the physician. In order to recognize revenue, management considers whether or not the following criteria are met: persuasive evidence of a commercial arrangement exists, and delivery has occurred or services have been rendered. For sales of devices, which are invoiced directly, additional revenue recognition criteria include that the price is fixed and determinable and collectability is reasonably assured; for device sales contracts with terms of more than one year, the Company recognizes any significant financing component as revenue over the contractual period using the effective interest method, and the associated interest income is reflected accordingly on the statement of operations and included in other income; for revenue that is earned based on customer usage of the proprietary software to render a patient’s cardiac study, the Company recognizes revenue when the study ends based on a fixed billing rate. Costs associated with providing the services are recorded as the service is provided regardless of whether or when revenue is recognized. The Company may also earn service-related revenue from contracts with other counterparties with which it consults. This contract work is separate and distinct from services provided to clinical customers, but may be with a reseller or other counterparties that are working to establish their operations in foreign jurisdictions or ancillary products or market segments in which the Company has expertise and may eventually conduct business. The Company recognized the following forms of revenue for the three months ending June 30, 2023 and 2022: SCHEDULE OF REVENUE RECOGNITION 2023 2022 $ $ Technology fees 2,768,918 1,889,982 Device sales 251,847 166,070 Revenue 3,020,765 2,056,052 Inventories Inventory is stated at the lower of cost and market value, cost being determined on a weighted average cost basis. Market value of our finished goods inventory and raw material inventory is determined based on its estimated net realizable value, which is generally the selling price less normally predictable costs of disposal and transportation. The Company records write-downs of inventory that is obsolete or in excess of anticipated demand or market value based on consideration of product lifecycle stage, technology trends, product development plans and assumptions about future demand and market conditions. Actual demand may differ from forecasted demand, and such differences may have a material effect on recorded inventory values. Inventory write-downs are charged to cost of revenue and establish a new cost basis for the inventory. SCHEDULE OF INVENTORIES June 30, 2023 March 31, 2023 $ $ Raw material 1,176,941 1,186,735 Finished goods 1,038,619 1,150,271 Inventories 2,215,560 2,337,006 BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) Significant accounting estimates and assumptions The preparation of the condensed consolidated financial statements requires the use of estimates and assumptions to be made in applying the accounting policies that affect the reported amounts of assets, liabilities, revenue and expenses and the disclosure of contingent assets and liabilities. The estimates and related assumptions are based on previous experiences and other factors considered reasonable under the circumstances, the results of which form the basis for making the assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Significant accounts that require estimates as the basis for determining the stated amounts include share-based compensation, impairment analysis and fair value of warrants, promissory notes, convertible notes and derivative liabilities. ● Fair value of stock options The Company measures the cost of equity-settled transactions with employees by reference to the fair value of equity instruments at the date at which they are granted. Estimating fair value for share-based payments requires determining the most appropriate valuation model for a grant of such instruments, which is dependent on the terms and conditions of the grant. The estimate also requires determining the most appropriate inputs to the Black-Scholes option pricing model, including the expected life of the instrument, risk-free rate, volatility, and dividend yield. ● Fair value of warrants In determining the fair value of the warrant issued for services and issue pursuant to financing transactions, the Company used the Black-Scholes option pricing model with the following assumptions: volatility rate, risk-free rate, and the remaining expected life of the warrants that are classified under equity. ● Fair value of derivative liabilities In determining the fair values of the derivative liabilities from the conversion and redemption features, the Company used Monte-Carlo and lattice models with the following assumptions: dividend yields, volatility, risk-free rate and the remaining expected life. Changes in those assumptions and inputs could in turn impact the fair value of the derivative liabilities and can have a material impact on the reported loss and comprehensive loss for the applicable reporting period. ● Functional currency Determining the appropriate functional currencies for entities in the Company requires analysis of various factors, including the currencies and country-specific factors that mainly influence labor, materials, and other operating expenses. ● Useful life of property and equipment The Company employs significant estimates to determine the estimated useful lives of property and equipment, considering industry trends such as technological advancements, past experience, expected use and review of asset useful lives. The Company makes estimates when determining depreciation methods, depreciation rates and asset useful lives, which requires considering industry trends and company-specific factors. The Company reviews depreciation methods, useful lives and residual values annually or when circumstances change and adjusts its depreciation methods and assumptions prospectively. BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) ● Provisions Provisions are recognized when the Company has a present obligation, legal or constructive, as a result of a previous event, if it is probable that the Company will be required to settle the obligation and a reliable estimate can be made of the obligation. The amount recognized is the best estimate of the expenditure required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligations. Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate of the expected future cash flows. ● Contingencies Contingencies can be either possible assets or possible liabilities arising from past events, which, by their nature, will be resolved only when one or more uncertain future events occur or fail to occur. The assessment of the existence and potential impact of contingencies inherently involves the exercise of significant judgment and the use of estimates regarding the outcome of future events. ● Inventory obsolescence Inventories are stated at the lower of cost and market value. Market value of our inventory, which is all purchased finished goods, is determined based on its estimated net realizable value, which is generally the selling price less normally predictable costs of disposal and transportation. The Company estimates net realizable value as the amount at which inventories are expected to be sold, taking into consideration fluctuations in retail prices less estimated costs necessary to make the sale. Inventories are written down to net realizable value when the cost of inventories is estimated to be unrecoverable due to obsolescence, damage, or declining selling prices. ● Income and other taxes The calculation of current and deferred income taxes requires the Company to make estimates and assumptions and to exercise judgment regarding the carrying values of assets and liabilities which are subject to accounting estimates inherent in those balances, the interpretation of income tax legislation across various jurisdictions, expectations about future operating results, the timing of reversal of temporary differences and possible audits of income tax filings by the tax authorities. In addition, when the Company incurs losses for income tax purposes, it assesses the probability of taxable income being available in the future based on its budgeted forecasts. These forecasts are adjusted to take into account certain non-taxable income and expenses and specific rules on the use of unused credits and tax losses. When the forecasts indicate that sufficient future taxable income will be available to deduct the temporary differences, a deferred tax asset is recognized for all deductible temporary differences. Changes or differences in underlying estimates or assumptions may result in changes to the current or deferred income tax balances on the consolidated balance sheets, a charge or credit to income tax expense included as part of net income (loss) and may result in cash payments or receipts. Judgment includes consideration of the Company’s future cash requirements in its tax jurisdictions. All income, capital and commodity tax filings are subject to audits and reassessments. Changes in interpretations or judgments may result in a change in the Company’s income, capital, or commodity tax provisions in the future. The amount of such a change cannot be reasonably estimated. ● Incremental borrowing rate for lease The determination of the Company’s lease obligation and right-of-use asset depends on certain assumptions, which include the selection of the discount rate. The discount rate is set by reference to the Company’s incremental borrowing rate. Significant assumptions are required to be made when determining which borrowing rates to apply in this determination. Changes in the assumptions used may have a significant effect on the Company’s consolidated financial statements. BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) Earnings (Loss) Per Share The Company has adopted the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 260-10 which provides for calculation of “basic” and “diluted” earnings per share. Basic loss per share of common stock is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted earnings or loss per share of common stock is computed similarly to basic earnings or loss per share except the weighted average shares outstanding are increased to include additional shares from the assumed exercise of any common stock equivalents, if dilutive. The Company’s warrants, options, convertible promissory notes, convertible preferred stock, shares to be issued and restricted stock awards while outstanding are considered common stock equivalents for this purpose. Diluted earnings is computed utilizing the treasury method for the warrants, stock options, shares to be issued and restricted stock awards. Diluted earnings with respect to the convertible promissory notes and convertible preferred stock utilizing the if-converted method was not applicable during the periods presented as no conditions required for conversion had occurred. No incremental common stock equivalents were included in calculating diluted loss per share because such inclusion would be anti-dilutive given the net loss reported for the periods presented. Cash Cash includes cash on hand and balances with banks. Foreign Currency Translation The functional currency of the Company’s Canadian-based subsidiary is the Canadian dollar and the US-based parent is the U.S. dollar. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the consolidated balance sheet date. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. All exchange gains or losses arising from translation of these foreign currency transactions are included in net income (loss) for the year. In translating the financial statements of the Company’s Canadian subsidiaries from their functional currency into the Company’s reporting currency of United States dollars, consolidated balance sheet accounts are translated using the closing exchange rate in effect at the balance sheet date and income and expense accounts are translated using an average exchange rate prevailing during the reporting period. Adjustments resulting from the translation, if any, are included in accumulated other comprehensive loss in stockholders’ deficiency. The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. Accounts Receivable Accounts receivable consists of amounts due to the Company from medical facilities, which receive reimbursement from institutions and third-party government and commercial payors and their related patients, as a result of the Company’s normal business activities. Accounts receivable is reported on the consolidated balance sheets net of an estimated allowance for doubtful accounts. The Company establishes an allowance for doubtful accounts for estimated uncollectible receivables based on historical experience, assessment of specific risk, review of outstanding invoices, and various assumptions and estimates that are believed to be reasonable under the circumstances, and recognizes the provision as a component of selling, general and administrative expenses. Uncollectible accounts are written off against the allowance after appropriate collection efforts have been exhausted and when it is deemed that a balance is uncollectible. BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) Fair Value of Financial Instruments ASC 820 defines fair value, establishes a framework for measuring fair value and expands required disclosure about fair value measurements of assets and liabilities. ASC 820-10 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820-10 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: ● Level 1 – Valuation based on quoted market prices in active markets for identical assets or liabilities. ● Level 2 – Valuation based on quoted market prices for similar assets and liabilities in active markets. ● Level 3 – Valuation based on unobservable inputs that are supported by little or no market activity, therefore requiring management’s best estimate of what market participants would use as fair value. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments or interest rates that are comparable to market rates. These financial instruments include cash, accounts receivable, deposits and other receivables, convertible promissory notes and short term loans, federally-guaranteed loans, term loans, accounts payable and accrued liabilities. The Company’s derivative liabilities are carried at fair values and are classified as Level 3 financial instruments. The Company’s bank accounts are maintained with financial institutions of reputable credit, therefore, bear minimal credit risk. The fair value of financial instruments measured on a recurring basis is as follows: SCHEDULE OF FAIR VALUE OF FINANCIAL INSTRUMENTS As of June 30, 2023 Description Total Level 1 Level 2 Level 3 Liabilities: Derivative liabilities, short-term $ 1,984,781 $ — $ — $ 1,984,781 Derivative liabilities, long-term 679,238 — — 679,238 Total liabilities at fair value $ 2,664,019 $ — $ — $ 2,664,019 As of March 31, 2023 Description Total Level 1 Level 2 Level 3 Liabilities: Derivative liabilities, short-term $ 1,008,216 $ — $ — $ 1,008,216 Derivative liabilities, long-term 759,065 — — 759,065 Total liabilities at fair value $ 1,767,281 $ — $ — $ 1,767,281 There were no transfers between fair value hierarchy levels during the three months ended June 30, 2023 and 2022. BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful lives of the assets. Maintenance and repairs are charged to expense as incurred, and improvements and betterments are capitalized. Depreciation of property and equipment is provided using the straight-line method for substantially all assets with estimated lives as follow: SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES Office equipment 5 years Leasehold improvement 5 years Impairment for Long-Lived Assets The Company applies the provisions of ASC Topic 360, Property, Plant, and Equipment Leases The Company is the lessee in a lease contract when the Company obtains the right to use the asset. Operating leases are included in the line items right-of-use asset, lease liabilities, current, and lease liabilities, long-term in the consolidated balance sheet. Right-of-use (“ROU”) asset represents the Company’s right to use an underlying asset for the lease term and lease obligations represent the Company’s obligations to make lease payments arising from the lease, both of which are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Leases with a lease term of 12 months or less at inception are not recorded on the consolidated balance sheets and are expensed on a straight-line basis over the lease term in the consolidated statements of operations and comprehensive loss. The Company determines the lease term by agreement with lessor. As the Company’s lease does not provide implicit interest rate, the Company uses the Company’s incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. Refer to Note 10 for further discussion. Income Taxes The Company accounts for income taxes in accordance with ASC 740. The Company provides for Federal, State and Provincial income taxes payable, as well as for those deferred because of the timing differences between reporting income and expenses for consolidated financial statement purposes versus tax purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recoverable or settled. The effect of a change in tax rates is recognized as income or expense in the period of the change. A valuation allowance is established, when necessary, to reduce deferred income tax assets to the amount that is more likely than not to be realized. Research and Development Research and development costs, which relate primarily to product and software development, are charged to operations as incurred. Under certain research and development arrangements with third parties, the Company may be required to make payments that are contingent on the achievement of specific developmental, regulatory and/or commercial milestones. Before a product receives regulatory approval, milestone payments made to third parties are expensed when the milestone is achieved . BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) Selling, General and Administrative Selling, general and administrative expenses consist primarily of personnel-related costs including stock-based compensation for personnel in functions not directly associated with research and development activities. Other significant costs include sales and marketing costs, investor relation and legal costs relating to corporate matters, professional fees for consultants assisting with business development and financial matters, and office and administrative expenses. Stock Based Compensation The Company accounts for share-based payments in accordance with the provision of ASC 718, which requires that all share-based payments issued to acquire goods or services, including grants of employee stock options, be recognized in the consolidated statements of operations and comprehensive loss based on their fair values, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Compensation expense related to share-based awards is recognized over the requisite service period, which is generally the vesting period. The Company accounts for stock based compensation awards issued to non-employees for services, as prescribed by ASC 718-10, at either the fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable, using the guidelines in ASC 505-50. The Company issues compensatory shares for services including, but not limited to, executive, management, accounting, operations, corporate communication, financial and administrative consulting services. Convertible Notes Payable and Derivative Instruments The Company has adopted the provisions of ASU 2017-11 to account for the down round features of warrants issued with private placements effective as of April 1, 2017. In doing so, warrants with a down round feature previously treated as derivative liabilities in the consolidated balance sheet and measured at fair value are henceforth treated as equity, with no adjustment for changes in fair value at each reporting period. Previously, the Company accounted for conversion options embedded in convertible notes in accordance with ASC 815. ASC 815 generally requires companies to bifurcate conversion options embedded in convertible notes from their host instruments and to account for them as free-standing derivative financial instruments. ASC 815 provides for an exception to this rule when convertible notes, as host instruments, are deemed to be conventional, as defined by ASC 815-40. The Company accounts for convertible notes deemed conventional and conversion options embedded in non-conventional convertible notes which qualify as equity under ASC 815, in accordance with the provisions of ASC 470-20, which provides guidance on accounting for convertible securities with beneficial conversion features. Accordingly, the Company records, as a discount to convertible notes, the intrinsic value of such conversion options based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt. Preferred Shares Extinguishments The Company accounted for preferred stock redemptions and conversions in accordance to ASU-260-10-S99. For preferred stock redemptions and conversion, the difference between the fair value of consideration transferred to the holders of the preferred stock and the carrying amount of the preferred stock is accounted as deemed dividend distribution and subtracted from net loss. BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments.” This pronouncement, along with subsequent ASUs issued to clarify provisions of ASU 2016-13, changes the impairment model for most financial assets and will require the use of an “expected loss” model for instruments measured at amortized cost. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. In developing the estimate for lifetime expected credit loss, entities must incorporate historical experience, current conditions, and reasonable and supportable forecasts. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019. On November 19, 2019, the FASB issued ASU No. 2019-10, Financial Instruments—Credit Losses (Topic 326), finalized various effective date delays for private companies, not-for-profit organizations, and certain smaller reporting companies applying the credit losses (CECL), the revised effective for fiscal years beginning after December 15, 2022. The Company adopted this guidance on April 1, 2023 and it did not have a significant impact on the Company’s consolidated financial statements. |
ACCOUNTS PAYABLE AND ACCRUED LI
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 3 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | 4. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES As at June 30, 2023 As at March 31, 2023 $ $ Trade and other payables 4,173,567 3,435,123 Accrued liabilities 2,389,528 1,607,353 Total 6,563,095 5,042,476 Trade and other payables and accrued liabilities as at June 30, 2023 and March 31, 2023 included $ 490,964 and $ 446,771 , respectively, due to a shareholder, who is a director and executive of the Company. BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) |
CONVERTIBLE PROMISSORY NOTES AN
CONVERTIBLE PROMISSORY NOTES AND SHORT TERM LOANS | 3 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE PROMISSORY NOTES AND SHORT TERM LOANS | 5. CONVERTIBLE PROMISSORY NOTES AND SHORT TERM LOANS Series A Convertible Promissory Notes : During the year ended March 31, 2021, the Company issued $ 11,275,500 12 For first series of Series A Notes, commencing six months following the Issuance Date, and at any time thereafter (provided the Holder has not received notice of the Company’s intent to prepay the note), at the sole election of the Holder, any amount of the outstanding principal and accrued interest of this note (the “Outstanding Balance”) could be converted into that number of shares of Common Stock equal to: (i) the Outstanding Balance divided by (ii) 75% of the volume weighted average price of the Common Stock for the 5 trading days prior to the Conversion Date (the conversion price). For the first series of Series A Notes, the notes would automatically convert into common stock (in each case, subject to the trading volume of the Company’s common stock being a minimum of $500,000 for each trading day in the 20 consecutive trading days immediately preceding the conversion date), upon the earlier to occur of (i) the Company’s common stock being listed on a national securities exchange, in which event the conversion price would be equal to 75% of the volume weighted average price of the common stock for the 20 trading days prior to the conversion date, or (ii) upon the closing of the Company’s next equity round of financing for gross proceeds of greater than $5,000,000, in which event the conversion price would be equal to 75% of the price per share of the common stock (or of the conversion price in the event of the sale of securities convertible into common stock) sold in such financing. The Company could, at its discretion redeem the notes for 115% of their face value plus accrued interest. For second series of Series A Notes, the notes could be converted into shares of common stock, at the option of the holder, commencing six months from issuance, at a conversion price equal to the lower of $ 4.00 75% of the volume weighted average price of the common stock for the five trading days prior to the conversion date For the second series of Series A Notes, the notes would automatically convert into common stock (in each case, subject to the trading volume of the Company’s common stock being a minimum of $500,000 for each trading day in the 20 consecutive trading days immediately preceding the conversion date), upon the earlier to occur of (i) the Company’s common stock being listed on a national securities exchange, in which event the conversion price would be equal to the lower of $4.00 per share or 75% of the volume weighted average price of the common stock for the 20 trading days prior to the conversion date, or (ii) upon the closing of the Company’s next equity round of financing for gross proceeds of greater than $5,000,000, in which event the conversion price would be equal to the lower of $4.00 per share or 75% of the price per share of the common stock (or of the conversion price in the event of the sale of securities convertible into common stock) sold in such financing. The Company could, at its discretion redeem the notes for 115% of their face value plus accrued interest. The Company was obligated to issue warrants that accompany the convertible notes and provide 50% warrant coverage. The warrants have a 3-year term from date of issuance and an exercise price that is 120% of the 20-day volume weighted average price of the Company’s common shares at the time final closing. The Company was obligated to pay the placement agent of the first series of Series A Notes a 12% cash fee for $8,925,500 (face value) of the notes and 2.5% cash fee and other sundry expenses for the remaining $2,350,000 (face value) of the notes. The Company was also obligated to issue warrants to the placement agent that have a 10-year term and cover 12% of funds raised for $8,925,550 (face value) of the notes (first series) and 2.5% of funds raised for the remaining $2,350,000 (face value) of notes (second series), with an exercise price that is 120% of the 20-day volume weighted average price of the Company’s common shares at the time final closing. On final closing, which occurred on January 8, 2021, the warrants’ exercise price was struck at $1.06 per share. BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) Prior to January 8, 2021 (final closing date), the Company determined that the conversion and redemption features contained in those Notes represented a single compound derivative liability that meets the requirements for liability classification under ASC 815. The Company accounted for these obligations by determining the fair value of the related derivative liabilities associated with the embedded conversion and redemption features. For the Series A Notes, The Company recognized debt issuance costs in the amount of $ 2,301,854 8,088,003 On December 30, 2022, the Company exchanged $ 500,000 121,500 621,500 12 75 December 30, 2023. During three months ended June 30, 2023, the Company recognized discount amortization of $ 15,836 33,557 During three months ended June 30, 2023, the Company recognized interest expense of $ 24,577 As of June 30, 2023, the Company recorded $ 99,489 Series B Convertible Notes In addition, during the year ended March 31, 2021, the Company also issued $ 1,312,500 Commencing six months following the issuance date, and at any time thereafter, subject to the Company’s Conversion Buyout clause, at the sole election of the holder, any amount of the outstanding principal and accrued interest of the note (the “outstanding balance”) could be converted into that number of shares of Common Stock equal to: (i) the outstanding balance divided by (ii) the Conversion Price. Partial conversions of the note shall have the effect of lowering the outstanding principal amount of the note. The holder may exercise such conversion right by providing written notice to the Company of such exercise in a form reasonably acceptable to the Company (a “conversion notice”). Conversion price means (subject in all cases to proportionate adjustment for stock splits, stock dividends, and similar transactions), seventy-five percent (75%) multiplied by the average of the three (3) lowest closing prices during the previous ten (10) trading days prior to the receipt of the conversion notice. The Series B Notes will automatically convert into common stock upon a merger, consolidation, exchange of shares, recapitalization, reorganization, as a result of which the Company’s common stock shall be changed into another class or classes of stock of the Company or another entity, or in the case of the sale of all or substantially all of the assets of the Company other than a complete liquidation of the Company. Within the first 180 days after the issuance date, the Company may, at its discretion redeem the notes for 115% of their face value plus accrued interest. The Company is obligated to issue warrants that accompany the convertible notes and provide 50% warrant coverage. 3 1.06 100,000 1.5 212,500 Net proceeds to the Company from convertible note issuances to March 31, 2021 amounted to $ 1,240,000 BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) The Company recognized debt issuance costs in the amount of $ 10,000 1,312,500 During the three months ended June 30, 2023, the Company recognized $ 1,669 86,532 During the three months ended June 30, 2023, the Company redeemed $ 50,327 60,392 6,448 50,327 16,513 In total, as at June 30, 2023,the Company had $ 200,000 107,393 Series C Convertible Notes During the three months ended June 30, 2023, the Company issued $ 1,017,700 590,000 1,607,700 The Series C Notes were sold under subscription agreements to accredited investors. The Notes mature one year from the final closing date of the offering and accrue interest at 15 For Series C Notes, commencing six months following the Issuance Date, and at any time thereafter, at the sole election of the Holder, any amount of the outstanding principal and accrued interest of this note (the “Conversion Amount”) could be converted into that number of shares of Common Stock equal to: the Conversion Amount divided by the “Optional Conversion Price”, which is defined as lower of (i) seventy-five percent (75%) of the VWAP for the five (5) Trading Days prior to the Conversion Date, or (ii) eighty percent (80%) of the gross sale price per share of Common Stock (or conversion or exercise price per share of Common Stock of any Common Stock Equivalents) sold in a Qualified Financing. For Series C Notes, “Mandatory Conversion” of the notes would convert into common stock at the applicable “Mandatory Conversion Price”, if either (i) on each of any twenty (20) consecutive Trading Days (the “Measurement Period”) (A) the closing price of the Common Stock on the applicable Trading Market is at least $3.00 per share and (B) the dollar value of average daily trades of the Common Stock on the applicable Trading Market is at least $400,000 per Trading Day; or (ii) upon the closing of a Qualified Financing, provided that the dollar value of average daily trades of the Common Stock on the applicable National Exchange on each of the ten (10) consecutive Trading Days following such closing is at least $400,000 per Trading Day. Mandatory Conversion Price means, in the case of a Mandatory Conversion under situation (i) above, seventy percent (70%) of the VWAP over the Measurement Period, or in the case of a Mandatory Conversion under situation (ii) above, eighty percent (80%) of the gross sale price per share of Common Stock (or conversion or exercise price per share of Common Stock of any Common Stock Equivalents) sold in a Qualified Financing. The Company was obligated to issue warrants that accompany the convertible notes and provide 100% warrant coverage. The warrants have a 4-year term from date of issuance and an exercise price that is 200% of the 5-day volume weighted average price of the Company’s common shares at the time final closing. The Company was obligated to pay the placement agent of the first series of Series C Notes a 10% cash fee for the face value of the notes. BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) The Company was also obligated to issue warrants to the placement agent that have a 10-year term and cover 8% of face value of the notes, with an exercise price that equals to the 5-day volume weighted average price of the Company’s common shares at the time final closing. As of June 30, 2023, the Company has not issued the investor warrants and placement agent warrants related to the Series C Notes. These warrants will be issued upon the final closing date of the Series C Notes. Net proceeds to the Company from Series C Notes issuance during the three months ended June 30, 2023 amounted to $ 915,930 Prior to the final closing date, the Company determined that the conversion features contained in those Note, as well as the obligations to issue investor warrants and placement agent warrants represented a single compound derivative liability that meets the requirements for liability classification under ASC 815. The Company accounted for these obligations by determining the fair value of the related derivative liabilities associated with the embedded conversion features, as well as the obligations related to investor warrant and placement agent warrant issuance. For the Series C Notes, the Company recognized debt issuance costs of $ 171,999 during the three months ended June 30, 2023 and treated these as debt discounts. The Company also recognized additional debt discount in the amount of $ 837,294 in connection with the recognition of derivative liabilities for the conversion features, investor warrants and placement agent warrants. The debt discounts are recorded as a contra liability against the convertible note, and are amortized and recognized as accretion expenses using the effective interest method over the remaining lives of the Notes. Since total debt discount amount cannot exceed total gross proceeds upon issuance, the Company recognized accretion expenses of $ 107,180 up front During the three months ended June 30, 2023, the Company recognized interest expense of $ 46,523 As of June 30, 2023, the Company recorded accrued interest in the amount of $ 49,121 During the three months ended June 30, 2023, the Company recognized discount amortization of $ 85,683 1,502,199 Other Convertible Notes On January 23, 2023, the Company issued $ 2,000,000 10 270,270 221,621 The conversion of the Other Convertible Notes is automatic upon a Qualified Financing which is in the control of the Company, or at maturity of the notes, upon mutual agreement by the note holder and the Company. Since the conversion is not in control of the holder of the note, the Company did not recognize a derivative liability in connection with the conversion option of the Other Convertible Notes. During the three months ended June 30, 2023, the Company recognized discount amortization of $ 55,254 131,150 Other Short-term loans, Promissory Notes and Financing Facilities In December 2022, the Company entered into a short-term bridge loan agreement with a collateralized merchant finance company that advanced gross proceeds of $ 400,000 9,999 40 13,995 560,000 143,498 2,893 3,250 BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) In December 2022, the Company also entered into a short term collateralized bridge loan agreement with a finance company that advanced gross proceeds of $ 800,000 32,000 40 29,556 13,999 1,120,000 366,662 11,200 9,600 920,000 944,000 968,000 1,000,000 1,088,000 In December 2022, the Company entered into a promissory note agreement with an individual investor that resulted in gross proceeds of $ 600,000 25 December 15, 2023 3 600,000 12,209 37,500 On December 30, 2022, the Company extinguished 306,604 warrants that were originally issued to Series A Convertible Note holders, and replaced these warrants with a new promissory note issued to the same warrant holder. The new promissory note has principal balance of $ 270,000 , stated interest of zero, and maturity date of December 31, 2023 . The fair value of this new promissory note was $ 248,479 as of the issuance date, which was calculated using a discount rate that was comparable to other loan issuance at the same time as well as the market bond rates at the time of the promissory note issuance. The difference between the fair value of the new note and its principal balance was $ 21,521 , and was recognized as a discount, and amortized via effective interest rate method. The Company compared the fair value of the extinguished warrants immediately prior to extinguishment against the fair value of the new promissory note issued. As of June 30, 2023, the obligation to repay the principal balance was waived and amount of principal outstanding on the note was $ 270,000 , and the remaining unamortized discount was $ Nil . During the three months ended June 30, 2023, the Company recognized $ 7,304 On March 29, 2023, the Company entered into an additional collateralized bridge loan agreement with a finance company that advanced gross proceeds of $ 300,000 12,000 40 5,250 11,083 420,000 246,773 8,400 3,600 345,000 354,000 363,000 375,000 During the three months ended June 30, 2023, the Company received and repaid various short-term promissory notes from individual lenders. As at June 30, 2023, the Company had outstanding principal of $ 104,710 3,784 In June 2023, the Company entered into a secured revolving account purchase credit and inventory financing facility (the “Revolving Facility”) with a revolving loan lender, pursuant to which the lender may from time to time purchase certain discrete account receivables from the Company (with full recourse) or may make loans and provide other financial accommodations, the payment of which are guaranteed and secured by certain assets of the Company. In assigning the selling accounts receivables to the revolving loan lender, the Company is receiving 85% of their value as an advance of its regular collection of those receivables, limited to $ 1.2 0.3 721,214 300,000 1,021,214 45,217 5,099 Total interest expense on the above convertible notes, short-term loan and promissory notes was $ 159,270 31,414 BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) |
TERM LOAN AND CREDIT AGREEMENT
TERM LOAN AND CREDIT AGREEMENT | 3 Months Ended |
Jun. 30, 2023 | |
Term Loan And Credit Agreement | |
TERM LOAN AND CREDIT AGREEMENT | 6. TERM LOAN AND CREDIT AGREEMENT Term Loan On December 21, 2021, the Company entered into a Credit Agreement (“Credit Agreement”) with SWK Funding LLC (“Lender’); as part of this, the Company has borrowed $ 12.4 December 21, 2026 10.5 February 15, 2022 Pursuant to the Credit Agreement, the Company will be required to make interest only payments for the first 24 months (which may be extended to 36 months under prescribed circumstances), after which payments will include principal amortization that accommodates a 40% balloon principal payment at maturity. Prepayment of amounts owing under the Credit Agreement are allowed under prescribed circumstances. 120,000 600,000 As part of the loan transaction, the Company paid legal and professional costs directly in connection to the debt financing in the amount of $ 50,000 Total costs directly in connection to the debt financing in the amount of $ 193,437 48,484 144,953 12,000,000 The Company also repaid $ 1,574,068 Total costs directly in connection to the loan and fair value of warrants was in the amount of $ 1,042,149 50,942 50,070 Total interest expense on the term loan for the three months ended June 30, 2023 and 2022 was $ 493,100 348,833 364,000 The Company had accrued interest payable of $ 547,714 239,614 The Company and Lender also entered into a Guarantee and Collateral Agreement (“Collateral Agreement”) wherein the Company agreed to secure the Credit Agreement with all of the Company’s assets. The Company and Lender also entered into an Intellectual Property Security Agreement dated December 21, 2021 (the “IP Security Agreement”) wherein the Credit Agreement is also secured by the Company’s right title and interest in the Company’s Intellectual Property. In connection with the Credit Agreement, the Company issued 57,536 198,713 At June 30, 2023, the Company was not in compliance with certain covenants of the term loan, for which it sought and received relief from the term loan lender. BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) |
FEDERALLY GUARANTEED LOAN
FEDERALLY GUARANTEED LOAN | 3 Months Ended |
Jun. 30, 2023 | |
Federally Guaranteed Loan | |
FEDERALLY GUARANTEED LOAN | 7. FEDERALLY GUARANTEED LOAN Economic Injury Disaster Loan (“EIDL”) In April 2020, the Company received $ 370,900 The loan has a term of 30 years 3.75 In May 2021, the Company received an additional $ 499,900 As of June 30, 2023, the Company recorded accrued interest of $ 62,716 65,247 Interest expense on the above loan was $ 8,141 52,374 |
DERIVATIVE LIABILITIES
DERIVATIVE LIABILITIES | 3 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE LIABILITIES | 8. DERIVATIVE LIABILITIES The Company analyzed the compound features of variable conversion and redemption embedded in the preferred shares instrument, for potential derivative accounting treatment on the basis of ASC 820 (Fair Value in Financial Instruments), ASC 815 (Accounting for Derivative Instruments and Hedging Activities), Emerging Issues Task Force (“EITF”) Issue No. 00–19 and EITF 07–05, and determined that the embedded derivatives should be bundled and valued as a single, compound embedded derivative, bifurcated from the underlying equity instrument, treated as a derivative liability, and measured at fair value. A roll-forward of activity is presented below for the three months ended June 30, 2023 and 2022: SCHEDULE OF DERIVATIVE LIABILITIES Fiscal Year 2024 Fiscal Year 2023 $ Derivative liabilities, beginning of period 759,065 352,402 New issuance — — Change in fair value of derivatives during period (79,827 ) 195,521 Reduction due to preferred shares redeemed — (10,605 ) Conversion to common shares Convertible note modification Convertible note redemption Derivative liabilities, end of period 679,238 537,318 The lattice methodology was used to value the derivative components, using the following assumptions during the three months ended June 30, 2023 and 2022: SCHEDULE OF DERIVATIVE COMPONENTS VALUATION ASSUMPTIONS Fiscal Year 2024 Fiscal Year 2023 Dividend yield (%) 12 12 Risk-free rate for term (%) 4.92 5.04 2.13 - 2.54 Volatility (%) 95.2 111.4 94.4 - 101.9 Remaining terms (Years) 0.50 2.01 1.50 3.01 Stock price ($ per share) 0.46 0.79 1.23 to 1.77 BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) In addition, the Company recorded derivative liabilities related to the conversion and redemption features of the convertible notes, as well as warrants that were issued in connection with the convertible notes (Note 5). Any noteholder and placement agent warrants that were issued after the finalization of exercise price was accounted for as equity. A roll-forward of activity is presented below for the three months ended June 30, 2023 and 2022: SCHEDULE OF DERIVATIVE LIABILITIES Fiscal Year 2024 Fiscal Year 2023 $ $ Balance beginning of period – March 31 1,008,216 520,747 New Issuance 1,014,703 — Conversion to common shares — (104,118 ) Change in fair value of derivative liabilities (21,625 ) 2,703 Convertible note modification — — Convertible note redemption (16,513 ) — Balance end of period – June 30 1,984,781 419,332 The Monte-Carlo methodology was used to value the convertible note and warrant derivative components during the three months ended June 30, 2023 and 2022, using the following assumptions: SCHEDULE OF DERIVATIVE COMPONENTS VALUATION ASSUMPTIONS Fiscal Year 2024 Fiscal Year 2023 Risk-free rate for term (%) 4.21 5.06 1.82 2.37 Volatility (%) 93.8 126.6 87.6 95.5 Remaining terms (Years) 0.25 1.49 0.50 0.63 Stock price ($ per share) 0.46 0.79 1.10 1.77 |
STOCKHOLDERS_ DEFICIENCY
STOCKHOLDERS’ DEFICIENCY | 3 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ DEFICIENCY | 9. STOCKHOLDERS’ DEFICIENCY (a) Authorized and Issued Stock As at June 30, 2023, the Company is authorized to issue 125,000,000 125,000,000 0.001 10,000,000 10,000,000 0.001 20,000 20,000 0.001 At June 30, 2023, common shares and shares directly exchangeable into equivalent common shares that were issued and outstanding totaled 52,514,582 52,514,582 51,047,864 51,047,864 1,466,718 1,466,718 6,304 6,304 There is also one share of the Special Voting Preferred Stock issued and outstanding held by one holder of record, which is the Trustee in accordance with the terms of the Trust Agreement and outstanding as at June 30, 2023 and March 31, 2023 (b ) Series (A) Preferred Stock The number of Series A Preferred Stock issued and outstanding as of June 30, 2023 and March 31, 2023 was 6,304 The Series A Preferred Stock is junior to the Company’s existing undesignated preferred stock, and unless otherwise set forth in the applicable certificate of designations, shall be junior to any future issuance of preferred stock. The purchase price (the “Purchase Price”) for the Series A Preferred Stock to date has been $ 1,000 BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) Preferred Stock Dividends Dividends shall be paid at the rate of 12 Conversion The Series A Preferred Stock is convertible into shares of common stock commencing 24 months after the issuance date of the Series A Preferred Stock. Upon which, on a monthly basis, up to 5 .001 15 Other Adjustments and Rights ● The Conversion Rate (and shares issuable upon conversion of the Series A Preferred Stock) will be appropriately adjusted to reflect stock splits, stock dividends business combinations and similar recapitalization. ● The Holders shall be entitled to a proportionate share of certain qualifying distributions on the same basis as if they were holders of the Company’s common stock on an as converted basis. Company Redemption The Company may redeem all or part of the outstanding Series A Preferred Stock after one year from the date of issuance by paying an amount equal to the aggregate Purchase Price paid, adjusted for any reduction in Series A Preferred Stock holdings, multiplied by 110 (c) Share issuances Share issuances during the three months ended June 30, 2023 None. Share issuances during the three months ended June 30, 2022 During the three months ended June 30, 2022, the Company issued 404,545 406,118 302,000 104,118 457,025 50,908 In addition, during the three months ended June 30, 2022, the Company issued 4,167 7,500 BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) (d) Shares to be issued Activity during the three months ended June 30, 2023 None. Activity during the three months ended June 30, 2022 During the three months ended June 30, 2022, the Company removed 40,094 11,792 42,500 12,500 (e) Warrant issuances, exercises and other activity Warrant exercises and issuances during the three months ended June 30, 2023 None. Warrant exercises and issuances during the three months ended June 30, 2022 During the three months ended June 30, 2022, the Company issued 53,827 77,414 Warrant activity during the three months ended June 30, 2023 is indicated below: SCHEDULE OF WARRANTS OUTSTANDING Broker Warrants Consultant and Noteholder Warrants Warrants Issued on Convertible Notes Total As at March 31, 2023 839,071 1,675,627 5,329,247 7,843,945 Expired/cancelled — (110,000 ) — (110,000 ) Exercised — — — — Issued — — — — As at June 30, 2023 839,071 1,565,627 5,329,247 7,733,944 Exercise Price $ 1.06 6.26 $ 0.45 2.94 $ 1.06 1.50 Expiration Date August 2026 to January 2031 Sept 2023 to Dec 2032 January 2024 to February 2024 (f) Stock-based compensation 2016 Equity Incentive Plan On February 2, 2016, the Board of Directors of the Company approved the Company’s 2016 Equity Incentive Plan (the “Plan”). The purpose of the Plan is to advance the interests of the Company and its stockholders by providing an incentive to attract, retain and reward persons performing services for the Company and by motivating such persons to contribute to the growth and profitability of the Company. The Plan seeks to achieve this purpose by providing for awards in the form of options, stock appreciation rights, restricted stock purchase rights, restricted stock bonuses, restricted stock units, performance shares, performance units and other stock-based awards. BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) The Plan shall continue in effect until its termination by the board of directors or committee formed by the board; provided, however, that all awards shall be granted, if at all, on or before the day immediately preceding the tenth (10th) anniversary of the effective date. The maximum number of shares of stock that may be issued under the Plan shall be equal to 3,750,000 During the three months ended June 30, 2023 and 2022, the Company granted 21,505 10,180 211,180 149,190 The following table summarizes the stock option activities during the three months ended June 30, 2023: SCHEDULE OF STOCK OPTION ACTIVITIES Number of Options Weighted Average Exercise Price Outstanding at March 31, 2023 7,587,909 $ 1.5487 Granted 21,505 $ 0.4650 Exercised — Expired (58,173 ) $ 1.2145 Forfeited — Outstanding at June 30, 2023 7,551,241 $ 1.5482 The fair value of each option granted is estimated at the time of grant using multi-nominal lattice model using the following assumptions, for each of the respective three month periods ended June 30: SCHEDULE OF FAIR VALUE OF OPTION GRANTED USING VALUATION ASSUMPTIONS 2023 2022 Exercise price ($) 0.47 1.77 Risk free interest rate (%) 3.85 3.00 3.01 Expected term (Years) 10.0 5.5 6.5 Expected volatility (%) 117.1 109.3 119.5 Expected dividend yield (%) 0.00 0.00 Fair value of option ($) 0.384 1.438 1.565 Expected forfeiture (attrition) rate (%) 0.00 0.00 2023 Equity Incentive Plan and the Employee Stock Purchase Plans On March 31, 2023, the Company adopted the 2023 Equity Incentive Plan (the “2023 Plan”). The 2023 Plan authorizes grants of equity-based and incentive cash awards to eligible participants designated by the 2023 Plan’s administrator. The 2023 Plan will be administered by the Compensation Committee of the Company’s Board of Directors (the “Board”). An aggregate of 5,000,000 BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) The Company also adopted the Employee Stock Purchase Plan (the “ESPP”). The ESPP allows eligible employees of the Company and the Company’s designated subsidiaries the ability to purchase shares of the Company’s Common Stock at a discount, subject to various limitations. Under the ESPP, employees will be granted the right to purchase Common Stock at a discount during a series of successive offerings, the duration and timing of which will be determined by the ESPP administrator (the “Administrator”). In no event can any single offering period be longer than 27 months. The purchase price (the “Purchase Price”) for each offering will be established by the Administrator. With respect to an offering under Section 423 of the Internal Revenue Code of 1986 (“Section 423 Offering”), in no case may such Purchase Price be less than the lesser of (i) an amount equal to 85 percent of the fair market value on the commencement date, or (ii) an amount not less than 85 percent of the fair market value the on the purchase date. In the event of financial hardship, an employee may withdraw from the ESPP by providing a request at least 20 Business Days before the end of the offering period (the “Offering Period”). Otherwise, the employee will be deemed to have exercised the purchase right in full as of such exercise date. Upon exercise, the employee will purchase the number of whole shares that the participant’s accumulated payroll deductions will buy at the Purchase Price. If an employee wants to decrease the rate of contribution, the employee must make a request at least 20 Business Days before the end of an Offering Period (or such earlier date as determined by the Administrator). An employee may not transfer any rights under the ESPP other than by will or the laws of descent and distribution. During a participant’s lifetime, purchase rights under the ESPP shall be exercisable only by the participant. There were no issuances under either the 2023 Plan or the ESPP as of June 30, 2023. |
OPERATING LEASE RIGHT-OF-USE AS
OPERATING LEASE RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONS | 3 Months Ended |
Jun. 30, 2023 | |
Operating Lease Right-of-use Assets And Lease Obligations | |
OPERATING LEASE RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONS | 10. OPERATING LEASE RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONS The Company has one operating lease primarily for office and administration. During December 2021, the Company entered into a new lease agreement. The Company paid $ 85,000 When measuring the lease obligations, the Company discounted lease payments using its incremental borrowing rate. The weighted-average-rate applied was 11.4 3.42 3.67 SCHEDULE OF OPERATING LEASES OBLIGATIONS 2023 2022 Right of Use Asset $ $ Beginning balance at March 31 1,587,492 1,242,700 New leases — — Amortization (87,801 ) (50,531 ) Ending balance at June 30 1,499,691 1,192,169 2023 2022 Lease Liability $ $ Beginning balance at March 31 1,722,095 1,330,338 New leases — — Repayment and interest accretion, net (94,074 ) (49,510 ) Ending balance at June 30 1,628,021 1,280,828 BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) June 30, 2023 March 31, 2023 Lease Liability $ $ Current portion of operating lease liability 349,616 335,608 Noncurrent portion of operating lease liability 1,278,405 1,386,487 The operating lease expense was $ 138,734 121,735 141,105 86,279 The following table represents the contractual undiscounted cash flows for lease obligations as at June 30, 2023: SCHEDULE OF CONTRACTUAL UNDISCOUNTED CASH FLOWS FOR LEASE OBLIGATION Calendar year $ Calendar year $ 2023 253,109 2024 552,293 2025 600,288 2026 565,359 Total undiscounted lease liability 1,971,049 Less imputed interest (343,028 ) Total 1,628,021 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 11. COMMITMENTS AND CONTINGENCIES There are no claims against the Company that were assessed as significant, which were outstanding as at June 30, 2023 or March 31, 2023 and, consequently, no provision for such has been recognized in the condensed consolidated financial statements. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 3 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | 12. PROPERTY AND EQUIPMENT During the three months ended June 30, 2023 and 2022, the Company did not purchase any property and equipment. The Company recognized depreciation expense for these assets in the amount of $ 1,489 SCHEDULE OF PROPERTY AND EQUIPMENT Cost Office equipment Leasehold improvement Total $ $ $ Balance at March 31, 2023 16,839 12,928 29,767 Additions — — — Disposals — — — Balance at June 30, 2023 16,839 12,928 29,767 Accumulated depreciation Office equipment Leasehold improvement Total $ $ $ Balance at March 31, 2023 4,675 3,586 8,261 Depreciation for the period 844 645 1,489 Disposals — — — Balance at June 30, 2023 5,519 4,231 9,750 Net book value Balance at March 31, 2023 12,164 9,432 21,506 Balance at June 30, 2023 11,321 8,697 20,017 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 13. SUBSEQUENT EVENTS The Company’s management has evaluated subsequent events during the period from July 1 to August 14, 2023, the date the condensed consolidated financial statements were issued, pursuant to the requirements of ASC 855, and has determined the following material subsequent events: ● On June 29, 2023, the Company filed a Certificate of Amendment to its Amended and Restated Articles of Incorporation to effect a one-for-six (1-for-6) share consolidation (the “Reverse Split”). The Reverse Split became effective on July 3, 2023. As a result of the Reverse Split, every six shares of the Company’s issued and outstanding common stock were automatically converted into one share of common stock, without any change in the par value per share and began trading on a post-Reverse Split basis under the Company’s existing trading symbol, “BTCY,” when the market opened on July 3, 2023. A total of approximately 8,508,052 shares of common stock were issued and outstanding immediately after the Reverse Split. 20,846 ● The Company issued a further $ 105,000 15% ● The Company also sold 36,897 123,347 119,285 3% ● The Company financed a further $ 0.5 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Revenue Recognition | Revenue Recognition The Company adopted Accounting Standards Codification Topic 606, “ Revenue from Contracts with Customers BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) Both the Bioflux mobile cardiac telemetry device, and the Biotres device are wearable devices. The cardiac data that the devices monitor and collect is curated and analyzed by the Company’s proprietary algorithms and then securely communicated to a remote monitoring facility for electronic reporting and conveyance to the patient’s prescribing physician or other certified cardiac medical professional. Revenues earned are comprised of device sales revenues and technology fee revenues (technology as a service). The devices, together with their licensed software, are available for sale to the medical center or physician, who is responsible for the delivery of clinical diagnosis and therapy. The remote monitoring, data collection and reporting services performed by the technology culminate in a patient study that is generally billable when it is complete and is issued to the physician. In order to recognize revenue, management considers whether or not the following criteria are met: persuasive evidence of a commercial arrangement exists, and delivery has occurred or services have been rendered. For sales of devices, which are invoiced directly, additional revenue recognition criteria include that the price is fixed and determinable and collectability is reasonably assured; for device sales contracts with terms of more than one year, the Company recognizes any significant financing component as revenue over the contractual period using the effective interest method, and the associated interest income is reflected accordingly on the statement of operations and included in other income; for revenue that is earned based on customer usage of the proprietary software to render a patient’s cardiac study, the Company recognizes revenue when the study ends based on a fixed billing rate. Costs associated with providing the services are recorded as the service is provided regardless of whether or when revenue is recognized. The Company may also earn service-related revenue from contracts with other counterparties with which it consults. This contract work is separate and distinct from services provided to clinical customers, but may be with a reseller or other counterparties that are working to establish their operations in foreign jurisdictions or ancillary products or market segments in which the Company has expertise and may eventually conduct business. The Company recognized the following forms of revenue for the three months ending June 30, 2023 and 2022: SCHEDULE OF REVENUE RECOGNITION 2023 2022 $ $ Technology fees 2,768,918 1,889,982 Device sales 251,847 166,070 Revenue 3,020,765 2,056,052 |
Inventories | Inventories Inventory is stated at the lower of cost and market value, cost being determined on a weighted average cost basis. Market value of our finished goods inventory and raw material inventory is determined based on its estimated net realizable value, which is generally the selling price less normally predictable costs of disposal and transportation. The Company records write-downs of inventory that is obsolete or in excess of anticipated demand or market value based on consideration of product lifecycle stage, technology trends, product development plans and assumptions about future demand and market conditions. Actual demand may differ from forecasted demand, and such differences may have a material effect on recorded inventory values. Inventory write-downs are charged to cost of revenue and establish a new cost basis for the inventory. SCHEDULE OF INVENTORIES June 30, 2023 March 31, 2023 $ $ Raw material 1,176,941 1,186,735 Finished goods 1,038,619 1,150,271 Inventories 2,215,560 2,337,006 BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) |
Significant accounting estimates and assumptions | Significant accounting estimates and assumptions The preparation of the condensed consolidated financial statements requires the use of estimates and assumptions to be made in applying the accounting policies that affect the reported amounts of assets, liabilities, revenue and expenses and the disclosure of contingent assets and liabilities. The estimates and related assumptions are based on previous experiences and other factors considered reasonable under the circumstances, the results of which form the basis for making the assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. Significant accounts that require estimates as the basis for determining the stated amounts include share-based compensation, impairment analysis and fair value of warrants, promissory notes, convertible notes and derivative liabilities. ● Fair value of stock options The Company measures the cost of equity-settled transactions with employees by reference to the fair value of equity instruments at the date at which they are granted. Estimating fair value for share-based payments requires determining the most appropriate valuation model for a grant of such instruments, which is dependent on the terms and conditions of the grant. The estimate also requires determining the most appropriate inputs to the Black-Scholes option pricing model, including the expected life of the instrument, risk-free rate, volatility, and dividend yield. ● Fair value of warrants In determining the fair value of the warrant issued for services and issue pursuant to financing transactions, the Company used the Black-Scholes option pricing model with the following assumptions: volatility rate, risk-free rate, and the remaining expected life of the warrants that are classified under equity. ● Fair value of derivative liabilities In determining the fair values of the derivative liabilities from the conversion and redemption features, the Company used Monte-Carlo and lattice models with the following assumptions: dividend yields, volatility, risk-free rate and the remaining expected life. Changes in those assumptions and inputs could in turn impact the fair value of the derivative liabilities and can have a material impact on the reported loss and comprehensive loss for the applicable reporting period. ● Functional currency Determining the appropriate functional currencies for entities in the Company requires analysis of various factors, including the currencies and country-specific factors that mainly influence labor, materials, and other operating expenses. ● Useful life of property and equipment The Company employs significant estimates to determine the estimated useful lives of property and equipment, considering industry trends such as technological advancements, past experience, expected use and review of asset useful lives. The Company makes estimates when determining depreciation methods, depreciation rates and asset useful lives, which requires considering industry trends and company-specific factors. The Company reviews depreciation methods, useful lives and residual values annually or when circumstances change and adjusts its depreciation methods and assumptions prospectively. BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) ● Provisions Provisions are recognized when the Company has a present obligation, legal or constructive, as a result of a previous event, if it is probable that the Company will be required to settle the obligation and a reliable estimate can be made of the obligation. The amount recognized is the best estimate of the expenditure required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligations. Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate of the expected future cash flows. ● Contingencies Contingencies can be either possible assets or possible liabilities arising from past events, which, by their nature, will be resolved only when one or more uncertain future events occur or fail to occur. The assessment of the existence and potential impact of contingencies inherently involves the exercise of significant judgment and the use of estimates regarding the outcome of future events. ● Inventory obsolescence Inventories are stated at the lower of cost and market value. Market value of our inventory, which is all purchased finished goods, is determined based on its estimated net realizable value, which is generally the selling price less normally predictable costs of disposal and transportation. The Company estimates net realizable value as the amount at which inventories are expected to be sold, taking into consideration fluctuations in retail prices less estimated costs necessary to make the sale. Inventories are written down to net realizable value when the cost of inventories is estimated to be unrecoverable due to obsolescence, damage, or declining selling prices. ● Income and other taxes The calculation of current and deferred income taxes requires the Company to make estimates and assumptions and to exercise judgment regarding the carrying values of assets and liabilities which are subject to accounting estimates inherent in those balances, the interpretation of income tax legislation across various jurisdictions, expectations about future operating results, the timing of reversal of temporary differences and possible audits of income tax filings by the tax authorities. In addition, when the Company incurs losses for income tax purposes, it assesses the probability of taxable income being available in the future based on its budgeted forecasts. These forecasts are adjusted to take into account certain non-taxable income and expenses and specific rules on the use of unused credits and tax losses. When the forecasts indicate that sufficient future taxable income will be available to deduct the temporary differences, a deferred tax asset is recognized for all deductible temporary differences. Changes or differences in underlying estimates or assumptions may result in changes to the current or deferred income tax balances on the consolidated balance sheets, a charge or credit to income tax expense included as part of net income (loss) and may result in cash payments or receipts. Judgment includes consideration of the Company’s future cash requirements in its tax jurisdictions. All income, capital and commodity tax filings are subject to audits and reassessments. Changes in interpretations or judgments may result in a change in the Company’s income, capital, or commodity tax provisions in the future. The amount of such a change cannot be reasonably estimated. ● Incremental borrowing rate for lease The determination of the Company’s lease obligation and right-of-use asset depends on certain assumptions, which include the selection of the discount rate. The discount rate is set by reference to the Company’s incremental borrowing rate. Significant assumptions are required to be made when determining which borrowing rates to apply in this determination. Changes in the assumptions used may have a significant effect on the Company’s consolidated financial statements. BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) |
Earnings (Loss) Per Share | Earnings (Loss) Per Share The Company has adopted the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 260-10 which provides for calculation of “basic” and “diluted” earnings per share. Basic loss per share of common stock is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted earnings or loss per share of common stock is computed similarly to basic earnings or loss per share except the weighted average shares outstanding are increased to include additional shares from the assumed exercise of any common stock equivalents, if dilutive. The Company’s warrants, options, convertible promissory notes, convertible preferred stock, shares to be issued and restricted stock awards while outstanding are considered common stock equivalents for this purpose. Diluted earnings is computed utilizing the treasury method for the warrants, stock options, shares to be issued and restricted stock awards. Diluted earnings with respect to the convertible promissory notes and convertible preferred stock utilizing the if-converted method was not applicable during the periods presented as no conditions required for conversion had occurred. No incremental common stock equivalents were included in calculating diluted loss per share because such inclusion would be anti-dilutive given the net loss reported for the periods presented. |
Cash | Cash Cash includes cash on hand and balances with banks. |
Foreign Currency Translation | Foreign Currency Translation The functional currency of the Company’s Canadian-based subsidiary is the Canadian dollar and the US-based parent is the U.S. dollar. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the consolidated balance sheet date. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. All exchange gains or losses arising from translation of these foreign currency transactions are included in net income (loss) for the year. In translating the financial statements of the Company’s Canadian subsidiaries from their functional currency into the Company’s reporting currency of United States dollars, consolidated balance sheet accounts are translated using the closing exchange rate in effect at the balance sheet date and income and expense accounts are translated using an average exchange rate prevailing during the reporting period. Adjustments resulting from the translation, if any, are included in accumulated other comprehensive loss in stockholders’ deficiency. The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. |
Accounts Receivable | Accounts Receivable Accounts receivable consists of amounts due to the Company from medical facilities, which receive reimbursement from institutions and third-party government and commercial payors and their related patients, as a result of the Company’s normal business activities. Accounts receivable is reported on the consolidated balance sheets net of an estimated allowance for doubtful accounts. The Company establishes an allowance for doubtful accounts for estimated uncollectible receivables based on historical experience, assessment of specific risk, review of outstanding invoices, and various assumptions and estimates that are believed to be reasonable under the circumstances, and recognizes the provision as a component of selling, general and administrative expenses. Uncollectible accounts are written off against the allowance after appropriate collection efforts have been exhausted and when it is deemed that a balance is uncollectible. BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC 820 defines fair value, establishes a framework for measuring fair value and expands required disclosure about fair value measurements of assets and liabilities. ASC 820-10 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820-10 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: ● Level 1 – Valuation based on quoted market prices in active markets for identical assets or liabilities. ● Level 2 – Valuation based on quoted market prices for similar assets and liabilities in active markets. ● Level 3 – Valuation based on unobservable inputs that are supported by little or no market activity, therefore requiring management’s best estimate of what market participants would use as fair value. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments or interest rates that are comparable to market rates. These financial instruments include cash, accounts receivable, deposits and other receivables, convertible promissory notes and short term loans, federally-guaranteed loans, term loans, accounts payable and accrued liabilities. The Company’s derivative liabilities are carried at fair values and are classified as Level 3 financial instruments. The Company’s bank accounts are maintained with financial institutions of reputable credit, therefore, bear minimal credit risk. The fair value of financial instruments measured on a recurring basis is as follows: SCHEDULE OF FAIR VALUE OF FINANCIAL INSTRUMENTS As of June 30, 2023 Description Total Level 1 Level 2 Level 3 Liabilities: Derivative liabilities, short-term $ 1,984,781 $ — $ — $ 1,984,781 Derivative liabilities, long-term 679,238 — — 679,238 Total liabilities at fair value $ 2,664,019 $ — $ — $ 2,664,019 As of March 31, 2023 Description Total Level 1 Level 2 Level 3 Liabilities: Derivative liabilities, short-term $ 1,008,216 $ — $ — $ 1,008,216 Derivative liabilities, long-term 759,065 — — 759,065 Total liabilities at fair value $ 1,767,281 $ — $ — $ 1,767,281 There were no transfers between fair value hierarchy levels during the three months ended June 30, 2023 and 2022. BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful lives of the assets. Maintenance and repairs are charged to expense as incurred, and improvements and betterments are capitalized. Depreciation of property and equipment is provided using the straight-line method for substantially all assets with estimated lives as follow: SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES Office equipment 5 years Leasehold improvement 5 years |
Impairment for Long-Lived Assets | Impairment for Long-Lived Assets The Company applies the provisions of ASC Topic 360, Property, Plant, and Equipment |
Leases | Leases The Company is the lessee in a lease contract when the Company obtains the right to use the asset. Operating leases are included in the line items right-of-use asset, lease liabilities, current, and lease liabilities, long-term in the consolidated balance sheet. Right-of-use (“ROU”) asset represents the Company’s right to use an underlying asset for the lease term and lease obligations represent the Company’s obligations to make lease payments arising from the lease, both of which are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Leases with a lease term of 12 months or less at inception are not recorded on the consolidated balance sheets and are expensed on a straight-line basis over the lease term in the consolidated statements of operations and comprehensive loss. The Company determines the lease term by agreement with lessor. As the Company’s lease does not provide implicit interest rate, the Company uses the Company’s incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. Refer to Note 10 for further discussion. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with ASC 740. The Company provides for Federal, State and Provincial income taxes payable, as well as for those deferred because of the timing differences between reporting income and expenses for consolidated financial statement purposes versus tax purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recoverable or settled. The effect of a change in tax rates is recognized as income or expense in the period of the change. A valuation allowance is established, when necessary, to reduce deferred income tax assets to the amount that is more likely than not to be realized. |
Research and Development | Research and Development Research and development costs, which relate primarily to product and software development, are charged to operations as incurred. Under certain research and development arrangements with third parties, the Company may be required to make payments that are contingent on the achievement of specific developmental, regulatory and/or commercial milestones. Before a product receives regulatory approval, milestone payments made to third parties are expensed when the milestone is achieved . BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) |
Selling, General and Administrative | Selling, General and Administrative Selling, general and administrative expenses consist primarily of personnel-related costs including stock-based compensation for personnel in functions not directly associated with research and development activities. Other significant costs include sales and marketing costs, investor relation and legal costs relating to corporate matters, professional fees for consultants assisting with business development and financial matters, and office and administrative expenses. |
Stock Based Compensation | Stock Based Compensation The Company accounts for share-based payments in accordance with the provision of ASC 718, which requires that all share-based payments issued to acquire goods or services, including grants of employee stock options, be recognized in the consolidated statements of operations and comprehensive loss based on their fair values, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Compensation expense related to share-based awards is recognized over the requisite service period, which is generally the vesting period. The Company accounts for stock based compensation awards issued to non-employees for services, as prescribed by ASC 718-10, at either the fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable, using the guidelines in ASC 505-50. The Company issues compensatory shares for services including, but not limited to, executive, management, accounting, operations, corporate communication, financial and administrative consulting services. |
Convertible Notes Payable and Derivative Instruments | Convertible Notes Payable and Derivative Instruments The Company has adopted the provisions of ASU 2017-11 to account for the down round features of warrants issued with private placements effective as of April 1, 2017. In doing so, warrants with a down round feature previously treated as derivative liabilities in the consolidated balance sheet and measured at fair value are henceforth treated as equity, with no adjustment for changes in fair value at each reporting period. Previously, the Company accounted for conversion options embedded in convertible notes in accordance with ASC 815. ASC 815 generally requires companies to bifurcate conversion options embedded in convertible notes from their host instruments and to account for them as free-standing derivative financial instruments. ASC 815 provides for an exception to this rule when convertible notes, as host instruments, are deemed to be conventional, as defined by ASC 815-40. The Company accounts for convertible notes deemed conventional and conversion options embedded in non-conventional convertible notes which qualify as equity under ASC 815, in accordance with the provisions of ASC 470-20, which provides guidance on accounting for convertible securities with beneficial conversion features. Accordingly, the Company records, as a discount to convertible notes, the intrinsic value of such conversion options based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt. |
Preferred Shares Extinguishments | Preferred Shares Extinguishments The Company accounted for preferred stock redemptions and conversions in accordance to ASU-260-10-S99. For preferred stock redemptions and conversion, the difference between the fair value of consideration transferred to the holders of the preferred stock and the carrying amount of the preferred stock is accounted as deemed dividend distribution and subtracted from net loss. BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments.” This pronouncement, along with subsequent ASUs issued to clarify provisions of ASU 2016-13, changes the impairment model for most financial assets and will require the use of an “expected loss” model for instruments measured at amortized cost. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. In developing the estimate for lifetime expected credit loss, entities must incorporate historical experience, current conditions, and reasonable and supportable forecasts. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019. On November 19, 2019, the FASB issued ASU No. 2019-10, Financial Instruments—Credit Losses (Topic 326), finalized various effective date delays for private companies, not-for-profit organizations, and certain smaller reporting companies applying the credit losses (CECL), the revised effective for fiscal years beginning after December 15, 2022. The Company adopted this guidance on April 1, 2023 and it did not have a significant impact on the Company’s consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
SCHEDULE OF REVENUE RECOGNITION | The Company recognized the following forms of revenue for the three months ending June 30, 2023 and 2022: SCHEDULE OF REVENUE RECOGNITION 2023 2022 $ $ Technology fees 2,768,918 1,889,982 Device sales 251,847 166,070 Revenue 3,020,765 2,056,052 |
SCHEDULE OF INVENTORIES | SCHEDULE OF INVENTORIES June 30, 2023 March 31, 2023 $ $ Raw material 1,176,941 1,186,735 Finished goods 1,038,619 1,150,271 Inventories 2,215,560 2,337,006 |
SCHEDULE OF FAIR VALUE OF FINANCIAL INSTRUMENTS | The fair value of financial instruments measured on a recurring basis is as follows: SCHEDULE OF FAIR VALUE OF FINANCIAL INSTRUMENTS As of June 30, 2023 Description Total Level 1 Level 2 Level 3 Liabilities: Derivative liabilities, short-term $ 1,984,781 $ — $ — $ 1,984,781 Derivative liabilities, long-term 679,238 — — 679,238 Total liabilities at fair value $ 2,664,019 $ — $ — $ 2,664,019 As of March 31, 2023 Description Total Level 1 Level 2 Level 3 Liabilities: Derivative liabilities, short-term $ 1,008,216 $ — $ — $ 1,008,216 Derivative liabilities, long-term 759,065 — — 759,065 Total liabilities at fair value $ 1,767,281 $ — $ — $ 1,767,281 |
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES | SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES Office equipment 5 years Leasehold improvement 5 years |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES As at June 30, 2023 As at March 31, 2023 $ $ Trade and other payables 4,173,567 3,435,123 Accrued liabilities 2,389,528 1,607,353 Total 6,563,095 5,042,476 |
DERIVATIVE LIABILITIES (Tables)
DERIVATIVE LIABILITIES (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Debt Instrument [Line Items] | |
SCHEDULE OF DERIVATIVE LIABILITIES | SCHEDULE OF DERIVATIVE LIABILITIES Fiscal Year 2024 Fiscal Year 2023 $ Derivative liabilities, beginning of period 759,065 352,402 New issuance — — Change in fair value of derivatives during period (79,827 ) 195,521 Reduction due to preferred shares redeemed — (10,605 ) Conversion to common shares Convertible note modification Convertible note redemption Derivative liabilities, end of period 679,238 537,318 |
SCHEDULE OF DERIVATIVE COMPONENTS VALUATION ASSUMPTIONS | The lattice methodology was used to value the derivative components, using the following assumptions during the three months ended June 30, 2023 and 2022: SCHEDULE OF DERIVATIVE COMPONENTS VALUATION ASSUMPTIONS Fiscal Year 2024 Fiscal Year 2023 Dividend yield (%) 12 12 Risk-free rate for term (%) 4.92 5.04 2.13 - 2.54 Volatility (%) 95.2 111.4 94.4 - 101.9 Remaining terms (Years) 0.50 2.01 1.50 3.01 Stock price ($ per share) 0.46 0.79 1.23 to 1.77 |
Convertible Debt [Member] | |
Debt Instrument [Line Items] | |
SCHEDULE OF DERIVATIVE LIABILITIES | SCHEDULE OF DERIVATIVE LIABILITIES Fiscal Year 2024 Fiscal Year 2023 $ $ Balance beginning of period – March 31 1,008,216 520,747 New Issuance 1,014,703 — Conversion to common shares — (104,118 ) Change in fair value of derivative liabilities (21,625 ) 2,703 Convertible note modification — — Convertible note redemption (16,513 ) — Balance end of period – June 30 1,984,781 419,332 |
SCHEDULE OF DERIVATIVE COMPONENTS VALUATION ASSUMPTIONS | The Monte-Carlo methodology was used to value the convertible note and warrant derivative components during the three months ended June 30, 2023 and 2022, using the following assumptions: SCHEDULE OF DERIVATIVE COMPONENTS VALUATION ASSUMPTIONS Fiscal Year 2024 Fiscal Year 2023 Risk-free rate for term (%) 4.21 5.06 1.82 2.37 Volatility (%) 93.8 126.6 87.6 95.5 Remaining terms (Years) 0.25 1.49 0.50 0.63 Stock price ($ per share) 0.46 0.79 1.10 1.77 |
STOCKHOLDERS_ DEFICIENCY (Table
STOCKHOLDERS’ DEFICIENCY (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
SCHEDULE OF WARRANTS OUTSTANDING | Warrant activity during the three months ended June 30, 2023 is indicated below: SCHEDULE OF WARRANTS OUTSTANDING Broker Warrants Consultant and Noteholder Warrants Warrants Issued on Convertible Notes Total As at March 31, 2023 839,071 1,675,627 5,329,247 7,843,945 Expired/cancelled — (110,000 ) — (110,000 ) Exercised — — — — Issued — — — — As at June 30, 2023 839,071 1,565,627 5,329,247 7,733,944 Exercise Price $ 1.06 6.26 $ 0.45 2.94 $ 1.06 1.50 Expiration Date August 2026 to January 2031 Sept 2023 to Dec 2032 January 2024 to February 2024 |
SCHEDULE OF STOCK OPTION ACTIVITIES | The following table summarizes the stock option activities during the three months ended June 30, 2023: SCHEDULE OF STOCK OPTION ACTIVITIES Number of Options Weighted Average Exercise Price Outstanding at March 31, 2023 7,587,909 $ 1.5487 Granted 21,505 $ 0.4650 Exercised — Expired (58,173 ) $ 1.2145 Forfeited — Outstanding at June 30, 2023 7,551,241 $ 1.5482 |
SCHEDULE OF FAIR VALUE OF OPTION GRANTED USING VALUATION ASSUMPTIONS | The fair value of each option granted is estimated at the time of grant using multi-nominal lattice model using the following assumptions, for each of the respective three month periods ended June 30: SCHEDULE OF FAIR VALUE OF OPTION GRANTED USING VALUATION ASSUMPTIONS 2023 2022 Exercise price ($) 0.47 1.77 Risk free interest rate (%) 3.85 3.00 3.01 Expected term (Years) 10.0 5.5 6.5 Expected volatility (%) 117.1 109.3 119.5 Expected dividend yield (%) 0.00 0.00 Fair value of option ($) 0.384 1.438 1.565 Expected forfeiture (attrition) rate (%) 0.00 0.00 |
OPERATING LEASE RIGHT-OF-USE _2
OPERATING LEASE RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONS (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Operating Lease Right-of-use Assets And Lease Obligations | |
SCHEDULE OF OPERATING LEASES OBLIGATIONS | SCHEDULE OF OPERATING LEASES OBLIGATIONS 2023 2022 Right of Use Asset $ $ Beginning balance at March 31 1,587,492 1,242,700 New leases — — Amortization (87,801 ) (50,531 ) Ending balance at June 30 1,499,691 1,192,169 2023 2022 Lease Liability $ $ Beginning balance at March 31 1,722,095 1,330,338 New leases — — Repayment and interest accretion, net (94,074 ) (49,510 ) Ending balance at June 30 1,628,021 1,280,828 BIOTRICITY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2023 (Unaudited) (Expressed in US dollars) June 30, 2023 March 31, 2023 Lease Liability $ $ Current portion of operating lease liability 349,616 335,608 Noncurrent portion of operating lease liability 1,278,405 1,386,487 |
SCHEDULE OF CONTRACTUAL UNDISCOUNTED CASH FLOWS FOR LEASE OBLIGATION | The following table represents the contractual undiscounted cash flows for lease obligations as at June 30, 2023: SCHEDULE OF CONTRACTUAL UNDISCOUNTED CASH FLOWS FOR LEASE OBLIGATION Calendar year $ Calendar year $ 2023 253,109 2024 552,293 2025 600,288 2026 565,359 Total undiscounted lease liability 1,971,049 Less imputed interest (343,028 ) Total 1,628,021 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF PROPERTY AND EQUIPMENT | SCHEDULE OF PROPERTY AND EQUIPMENT Cost Office equipment Leasehold improvement Total $ $ $ Balance at March 31, 2023 16,839 12,928 29,767 Additions — — — Disposals — — — Balance at June 30, 2023 16,839 12,928 29,767 Accumulated depreciation Office equipment Leasehold improvement Total $ $ $ Balance at March 31, 2023 4,675 3,586 8,261 Depreciation for the period 844 645 1,489 Disposals — — — Balance at June 30, 2023 5,519 4,231 9,750 Net book value Balance at March 31, 2023 12,164 9,432 21,506 Balance at June 30, 2023 11,321 8,697 20,017 |
SCHEDULE OF REVENUE RECOGNITION
SCHEDULE OF REVENUE RECOGNITION (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Product Information [Line Items] | ||
Revenue | $ 3,020,765 | $ 2,056,052 |
Technology Fees [Member] | ||
Product Information [Line Items] | ||
Revenue | 2,768,918 | 1,889,982 |
Device Sales [Member] | ||
Product Information [Line Items] | ||
Revenue | $ 251,847 | $ 166,070 |
SCHEDULE OF INVENTORIES (Detail
SCHEDULE OF INVENTORIES (Details) - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 |
Accounting Policies [Abstract] | ||
Raw material | $ 1,176,941 | $ 1,186,735 |
Finished goods | 1,038,619 | 1,150,271 |
Inventories | $ 2,215,560 | $ 2,337,006 |
SCHEDULE OF FAIR VALUE OF FINAN
SCHEDULE OF FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 |
Platform Operator, Crypto-Asset [Line Items] | ||
Derivative liabilities, short-term | $ 1,984,781 | $ 1,008,216 |
Derivative liabilities, long-term | 679,238 | 759,065 |
Total liabilities at fair value | 2,664,019 | 1,767,281 |
Fair Value, Inputs, Level 1 [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Derivative liabilities, short-term | ||
Derivative liabilities, long-term | ||
Total liabilities at fair value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Derivative liabilities, short-term | ||
Derivative liabilities, long-term | ||
Total liabilities at fair value | ||
Fair Value, Inputs, Level 3 [Member] | ||
Platform Operator, Crypto-Asset [Line Items] | ||
Derivative liabilities, short-term | 1,984,781 | 1,008,216 |
Derivative liabilities, long-term | 679,238 | 759,065 |
Total liabilities at fair value | $ 2,664,019 | $ 1,767,281 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES (Details) | Jun. 30, 2023 |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Leasehold improvement | 5 years |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Leasehold improvement | 5 years |
BASIS OF PRESENTATION, MEASUR_2
BASIS OF PRESENTATION, MEASUREMENT AND CONSOLIDATION (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Short-Term Debt [Line Items] | |||||
Accumulated deficit | $ 116,172,404 | $ 112,570,825 | |||
Working capital deficiency | 10,696,865 | ||||
Proceeds from issuance of debt | $ 11,756,563 | $ 11,375,690 | |||
Proceeds from issuance initial public offering | 14,545,805 | ||||
Proceeds from short term debt | 1,476,121 | ||||
Debt conversion converted instrument amount | 855,538 | $ 2,355,318 | |||
Repayment of short term loans and promissory notes, net | $ 479,656 | ||||
Economic Injury Disaster Loan [Member] | |||||
Short-Term Debt [Line Items] | |||||
Proceeds from issuance of debt | $ 499,900 |
SCHEDULE OF ACCOUNTS PAYABLE AN
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 |
Payables and Accruals [Abstract] | ||
Trade and other payables | $ 4,173,567 | $ 3,435,123 |
Accrued liabilities | 2,389,528 | 1,607,353 |
Total | $ 6,563,095 | $ 5,042,476 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details Narrative) - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 |
Payables and Accruals [Abstract] | ||
Other Accounts Payable and Accrued Liabilities | $ 490,964 | $ 446,771 |
CONVERTIBLE PROMISSORY NOTES _2
CONVERTIBLE PROMISSORY NOTES AND SHORT TERM LOANS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 29, 2023 | Jan. 23, 2023 | Dec. 30, 2022 | Dec. 21, 2021 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Nov. 30, 2022 | |
Short-Term Debt [Line Items] | ||||||||||||
Issuance of debt | $ 11,756,563 | $ 11,375,690 | ||||||||||
Deferred finance costs | $ 193,437 | |||||||||||
Adjustment for amortization | $ 15,836 | |||||||||||
Interest expense | $ 660,512 | $ 388,388 | ||||||||||
Face value | $ 12,400,000 | $ 364,000 | ||||||||||
Warrant shares | 57,536 | 57,536 | ||||||||||
Proceeds from convertible debt | $ 855,538 | |||||||||||
Gains losses on extinguishment of debt | 6,448 | (50,908) | ||||||||||
Accretion Expense | 557,219 | 50,070 | ||||||||||
Gross proceeds | $ 1,476,121 | |||||||||||
Maturity date | Dec. 21, 2026 | |||||||||||
Revolving credit conversion to term loan, description | In assigning the selling accounts receivables to the revolving loan lender, the Company is receiving 85% of their value as an advance of its regular collection of those receivables, limited to $1.2 million in financing, and expects to receive the remaining balance as part of normal collection activities. The inventory financing provided by this facility was limited to the lower of $0.3 million, or a 40% maximum of inventory balances. The Revolving Facility was accounted for as a secured borrowing. As of June 30, 2023, the Company had drawn $721,214 in accounts receivable financing and $300,000 in inventory financing with aggregate principal outstanding of $1,021,214. | |||||||||||
Financing receivable revolving converted to term loan | $ 1,200,000 | 1,200,000 | ||||||||||
Inventory financing facilities | 300,000 | 300,000 | ||||||||||
Increase decrease in accounts receivable | 721,214 | 331,009 | (179,758) | |||||||||
Line of credit facility annual principal payment | 1,021,214 | |||||||||||
Interest expense other | 45,217 | |||||||||||
Loan processing fee | 5,099 | |||||||||||
Interest expense | 159,270 | $ 31,414 | ||||||||||
Other Convertible Notes Payable [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Debt instrument interest rate stated percentage | 10% | |||||||||||
Convertible notes payable | $ 2,000,000 | |||||||||||
Convertible notes payable | 270,270 | |||||||||||
Convertible notes payable | $ 221,621 | |||||||||||
Notes Payable, Other Payables [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Unamortized discount | 131,150 | 131,150 | ||||||||||
Adjustment for amortization | 55,254 | |||||||||||
Series A Preferred Stock [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Convertible notes payable remaining | 200,000 | 200,000 | ||||||||||
Series B Preferred Stock [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Convertible notes payable remaining | 107,393 | 107,393 | ||||||||||
Series C Preferred Stock [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Interest expense | 46,523 | |||||||||||
Interest payable | 49,121 | 49,121 | ||||||||||
Conversion Notice [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Debt conversion description | The holder may exercise such conversion right by providing written notice to the Company of such exercise in a form reasonably acceptable to the Company (a “conversion notice”). Conversion price means (subject in all cases to proportionate adjustment for stock splits, stock dividends, and similar transactions), seventy-five percent (75%) multiplied by the average of the three (3) lowest closing prices during the previous ten (10) trading days prior to the receipt of the conversion notice. | |||||||||||
Series A Convertible Note Holders [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Warrant shares | 306,604 | |||||||||||
Warrant [Member] | Placement Agent [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Placement agent fees description | The Company was also obligated to issue warrants to the placement agent that have a 10-year term and cover 12% of funds raised for $8,925,550 (face value) of the notes (first series) and 2.5% of funds raised for the remaining $2,350,000 (face value) of notes (second series), with an exercise price that is 120% of the 20-day volume weighted average price of the Company’s common shares at the time final closing. On final closing, which occurred on January 8, 2021, the warrants’ exercise price was struck at $1.06 per share. | |||||||||||
Two Series A Notes [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Issuance of debt | $ 11,275,500 | |||||||||||
Debt instrument interest rate stated percentage | 12% | |||||||||||
Two Series A Notes [Member] | Warrant [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Placement agent fees description | The Company was obligated to issue warrants that accompany the convertible notes and provide 50% warrant coverage. The warrants have a 3-year term from date of issuance and an exercise price that is 120% of the 20-day volume weighted average price of the Company’s common shares at the time final closing. | |||||||||||
Series A Notes One [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Description of conversion terms for debt instrument | (i) the Outstanding Balance divided by (ii) 75% of the volume weighted average price of the Common Stock for the 5 trading days prior to the Conversion Date (the conversion price). | |||||||||||
Debt conversion description | the notes would automatically convert into common stock (in each case, subject to the trading volume of the Company’s common stock being a minimum of $500,000 for each trading day in the 20 consecutive trading days immediately preceding the conversion date), upon the earlier to occur of (i) the Company’s common stock being listed on a national securities exchange, in which event the conversion price would be equal to 75% of the volume weighted average price of the common stock for the 20 trading days prior to the conversion date, or (ii) upon the closing of the Company’s next equity round of financing for gross proceeds of greater than $5,000,000, in which event the conversion price would be equal to 75% of the price per share of the common stock (or of the conversion price in the event of the sale of securities convertible into common stock) sold in such financing. The Company could, at its discretion redeem the notes for 115% of their face value plus accrued interest. | |||||||||||
Series A Notes One [Member] | Placement Agent [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Placement agent fees description | The Company was obligated to pay the placement agent of the first series of Series A Notes a 12% cash fee for $8,925,500 (face value) of the notes and 2.5% cash fee and other sundry expenses for the remaining $2,350,000 (face value) of the notes. | |||||||||||
Series A Notes Two [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Description of conversion terms for debt instrument | 75% of the volume weighted average price of the common stock for the five trading days prior to the conversion date | |||||||||||
Debt conversion description | the notes would automatically convert into common stock (in each case, subject to the trading volume of the Company’s common stock being a minimum of $500,000 for each trading day in the 20 consecutive trading days immediately preceding the conversion date), upon the earlier to occur of (i) the Company’s common stock being listed on a national securities exchange, in which event the conversion price would be equal to the lower of $4.00 per share or 75% of the volume weighted average price of the common stock for the 20 trading days prior to the conversion date, or (ii) upon the closing of the Company’s next equity round of financing for gross proceeds of greater than $5,000,000, in which event the conversion price would be equal to the lower of $4.00 per share or 75% of the price per share of the common stock (or of the conversion price in the event of the sale of securities convertible into common stock) sold in such financing. The Company could, at its discretion redeem the notes for 115% of their face value plus accrued interest. | |||||||||||
Conversion price | $ 4 | |||||||||||
Series A Notes [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Deferred finance costs | 2,301,854 | |||||||||||
Unamortized discount | 33,557 | 33,557 | 8,088,003 | |||||||||
Series A Note [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Principal amount | $ 500,000 | |||||||||||
Interest expense | 24,577 | |||||||||||
Interest payable | 99,489 | 99,489 | ||||||||||
New Convertible Note [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Debt instrument interest rate stated percentage | 12% | |||||||||||
Principal amount | $ 621,500 | |||||||||||
Debt instrument accrued interest | $ 121,500 | |||||||||||
Debt instrument interest rate during period | 75% | |||||||||||
Debt instrument maturity date | December 30, 2023. | |||||||||||
Series B Notes [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Debt conversion description | The Series B Notes will automatically convert into common stock upon a merger, consolidation, exchange of shares, recapitalization, reorganization, as a result of which the Company’s common stock shall be changed into another class or classes of stock of the Company or another entity, or in the case of the sale of all or substantially all of the assets of the Company other than a complete liquidation of the Company. Within the first 180 days after the issuance date, the Company may, at its discretion redeem the notes for 115% of their face value plus accrued interest. The Company is obligated to issue warrants that accompany the convertible notes and provide 50% warrant coverage. | |||||||||||
Deferred finance costs | 10,000 | |||||||||||
Unamortized discount | $ 1,312,500 | |||||||||||
Proceeds from convertible debt | $ 1,240,000 | |||||||||||
Series B Notes [Member] | Accredited Investors [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Face value | $ 1,312,500 | |||||||||||
Series B Notes [Member] | Warrant [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Warrants and rights outstanding term | 3 years | |||||||||||
Series B Notes [Member] | Warrant One [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Exercise price | $ 1.06 | |||||||||||
Warrant shares | 100,000 | |||||||||||
Series B Notes [Member] | Warrant Two [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Exercise price | $ 1.5 | |||||||||||
Warrant shares | 212,500 | |||||||||||
Series B Note [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Interest expense | 1,669 | |||||||||||
Interest payable | 86,532 | 86,532 | ||||||||||
Face value | 50,327 | 50,327 | ||||||||||
Redemption of convertible notes | 50,327 | |||||||||||
Payment redeemed cash | 60,392 | |||||||||||
Gains losses on extinguishment of debt | 6,448 | |||||||||||
Derivative liabilities | $ 16,513 | 16,513 | ||||||||||
Series C Notes [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Issuance of debt | $ 1,017,700 | |||||||||||
Debt instrument interest rate stated percentage | 15% | 15% | ||||||||||
Description of conversion terms for debt instrument | (i) seventy-five percent (75%) of the VWAP for the five (5) Trading Days prior to the Conversion Date, or (ii) eighty percent (80%) of the gross sale price per share of Common Stock (or conversion or exercise price per share of Common Stock of any Common Stock Equivalents) sold in a Qualified Financing. | |||||||||||
Debt conversion description | the notes would convert into common stock at the applicable “Mandatory Conversion Price”, if either (i) on each of any twenty (20) consecutive Trading Days (the “Measurement Period”) (A) the closing price of the Common Stock on the applicable Trading Market is at least $3.00 per share and (B) the dollar value of average daily trades of the Common Stock on the applicable Trading Market is at least $400,000 per Trading Day; or (ii) upon the closing of a Qualified Financing, provided that the dollar value of average daily trades of the Common Stock on the applicable National Exchange on each of the ten (10) consecutive Trading Days following such closing is at least $400,000 per Trading Day. Mandatory Conversion Price means, in the case of a Mandatory Conversion under situation (i) above, seventy percent (70%) of the VWAP over the Measurement Period, or in the case of a Mandatory Conversion under situation (ii) above, eighty percent (80%) of the gross sale price per share of Common Stock (or conversion or exercise price per share of Common Stock of any Common Stock Equivalents) sold in a Qualified Financing. | |||||||||||
Deferred finance costs | $ 171,999 | $ 171,999 | ||||||||||
Unamortized discount | 1,502,199 | 1,502,199 | ||||||||||
Adjustment for amortization | 85,683 | |||||||||||
Proceeds from convertible debt | 915,930 | |||||||||||
[custom:DebtInstrumentDerivativeLiabilities-0] | 837,294 | 837,294 | ||||||||||
Accretion Expense | 107,180 | |||||||||||
Series C Notes [Member] | Accredited Investors [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Face value | 1,607,700 | $ 1,607,700 | $ 590,000 | |||||||||
Series C Notes [Member] | Placement Agent [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Placement agent fees description | The Company was obligated to pay the placement agent of the first series of Series C Notes a 10% cash fee for the face value of the notes. | |||||||||||
Series C Notes [Member] | Warrant [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Placement agent fees description | The Company was obligated to issue warrants that accompany the convertible notes and provide 100% warrant coverage. The warrants have a 4-year term from date of issuance and an exercise price that is 200% of the 5-day volume weighted average price of the Company’s common shares at the time final closing. | |||||||||||
Series C Notes [Member] | Warrant [Member] | Placement Agent [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Placement agent fees description | The Company was also obligated to issue warrants to the placement agent that have a 10-year term and cover 8% of face value of the notes, with an exercise price that equals to the 5-day volume weighted average price of the Company’s common shares at the time final closing. | |||||||||||
Short-term Bridge Loan Agreement [Member] | Collateralized Merchant Finance Company [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Deferred finance costs | $ 9,999 | |||||||||||
Unamortized discount | 2,893 | $ 2,893 | ||||||||||
Principal amount | 143,498 | 560,000 | 143,498 | |||||||||
Adjustment for amortization | 3,250 | |||||||||||
Gross proceeds | $ 400,000 | |||||||||||
Debt instrument term | 280 days | |||||||||||
Debt instrument periodic payment | $ 13,995 | |||||||||||
Short-term Bridge Loan Agreement [Member] | Finance Company [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Deferred finance costs | 32,000 | |||||||||||
Gross proceeds | 800,000 | |||||||||||
Short-term Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Unamortized discount | 11,200 | 11,200 | ||||||||||
Principal amount | 366,662 | $ 1,120,000 | 366,662 | |||||||||
Adjustment for amortization | 9,600 | |||||||||||
Debt instrument term | 280 days | 280 days | ||||||||||
Debt instrument periodic payment | $ 29,556 | |||||||||||
Short-term Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | Repay With In Thirty Days [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Repayments of debt | 920,000 | |||||||||||
Short-term Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | Repay With In Sixty Days [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Repayments of debt | 944,000 | |||||||||||
Short-term Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | Repay With In Ninety Days [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Repayments of debt | 968,000 | |||||||||||
Short-term Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | Repay With In One Twenty Days [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Repayments of debt | 1,000,000 | |||||||||||
Short-term Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | Repay With In One Fifty Days [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Repayments of debt | 1,088,000 | |||||||||||
Short-term Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | First Four Weeks [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Debt instrument periodic payment | 13,999 | |||||||||||
Promissory Note Agreement [Member] | Individual Investor [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Principal amount | 600,000 | $ 600,000 | 600,000 | |||||||||
Debt instrument interest rate during period | 25% | |||||||||||
Interest expense | 37,500 | |||||||||||
Interest payable | 12,209 | 12,209 | ||||||||||
Maturity date | Dec. 15, 2023 | |||||||||||
Early payment penalty provision percentage | 3% | |||||||||||
New Promissory Note [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Unamortized discount | ||||||||||||
Principal amount | 270,000 | 270,000 | ||||||||||
Adjustment for amortization | 7,304 | |||||||||||
Face value | $ 270,000 | |||||||||||
Maturity date | Dec. 31, 2023 | |||||||||||
Debt Instrument, Fair Value Disclosure | $ 248,479 | |||||||||||
[custom:AdjustmentCarryingValueAndPrincipalAmount-0] | $ 21,521 | |||||||||||
Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Deferred finance costs | $ 12,000 | |||||||||||
Unamortized discount | 8,400 | 8,400 | ||||||||||
Principal amount | 420,000 | 246,773 | 246,773 | |||||||||
Adjustment for amortization | 3,600 | |||||||||||
Gross proceeds | 300,000 | |||||||||||
Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | Repay With Thirty Days [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Repayments of debt | 345,000 | |||||||||||
Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | Repay With Sixty Days [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Repayments of debt | 354,000 | |||||||||||
Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | Repay With Ninety Days [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Repayments of debt | 363,000 | |||||||||||
Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | Repay With One Twenty Days [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Repayments of debt | 375,000 | |||||||||||
Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | First Four Weeks [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Debt instrument periodic payment | 5,250 | |||||||||||
Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | Remaining Thirty Six Weeks [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Debt instrument periodic payment | $ 11,083 | |||||||||||
Short-Term Debt [Member] | ||||||||||||
Short-Term Debt [Line Items] | ||||||||||||
Face value | 104,710 | 104,710 | ||||||||||
Short term borrowings | $ 3,784 | $ 3,784 |
TERM LOAN AND CREDIT AGREEMENT
TERM LOAN AND CREDIT AGREEMENT (Details Narrative) - USD ($) | 3 Months Ended | ||||
Dec. 21, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Nov. 30, 2022 | |
Cash and Cash Equivalents [Line Items] | |||||
Face amount | $ 12,400,000 | $ 364,000 | |||
Maturity date | Dec. 21, 2026 | ||||
Accrue interest | 10.50% | ||||
Debt instrument date | Feb. 15, 2022 | ||||
Debt instrument payment terms | Pursuant to the Credit Agreement, the Company will be required to make interest only payments for the first 24 months (which may be extended to 36 months under prescribed circumstances), after which payments will include principal amortization that accommodates a 40% balloon principal payment at maturity. Prepayment of amounts owing under the Credit Agreement are allowed under prescribed circumstances. | ||||
Origination fee | $ 120,000 | ||||
Exit fees | 600,000 | ||||
Debt financing | 193,437 | ||||
Professional fee | 48,484 | ||||
Fee amount | 144,953 | ||||
Gross proceeds | 12,000,000 | ||||
Repayment of short term debt | 1,574,068 | ||||
Fair value of warrants | 1,042,149 | ||||
Amortization of debt discount expense | $ 50,942 | $ 50,070 | |||
Total interest expense | 660,512 | 388,388 | |||
Interest payable current | $ 547,714 | $ 239,614 | |||
Warrants issued | 57,536 | ||||
Issuance of warrants | 198,713 | ||||
Term Loan [Member] | |||||
Cash and Cash Equivalents [Line Items] | |||||
Total interest expense | $ 493,100 | $ 348,833 | |||
Cash [Member] | |||||
Cash and Cash Equivalents [Line Items] | |||||
Debt financing | $ 50,000 |
FEDERALLY GUARANTEED LOAN (Deta
FEDERALLY GUARANTEED LOAN (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
Dec. 21, 2021 | May 31, 2021 | Apr. 30, 2020 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | |
Short-Term Debt [Line Items] | ||||||
Company received an additional | $ 12,000,000 | |||||
Interest expense | $ 660,512 | $ 388,388 | ||||
Economic Injury Disaster Loan [Member] | ||||||
Short-Term Debt [Line Items] | ||||||
Company received an additional | $ 499,900 | $ 370,900 | ||||
Debt instrument description | The loan has a term of 30 years and an interest rate of 3.75% per annum, without the requirement for payment in its first 12 months | |||||
Debt instrument term | 30 years | |||||
Interest rate | 3.75% | |||||
Accrued interest | 62,716 | $ 65,247 | ||||
Interest expense | $ 8,141 | $ 52,374 |
SCHEDULE OF DERIVATIVE LIABILIT
SCHEDULE OF DERIVATIVE LIABILITIES (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Instrument [Line Items] | ||
Balance beginning of period – March 31 | $ 759,065 | $ 352,402 |
New Issuance | ||
Change in fair value of derivative liabilities | (79,827) | 195,521 |
Reduction due to preferred shares redeemed | (10,605) | |
Balance end of period – June 30 | 679,238 | 537,318 |
Convertible Debt [Member] | ||
Debt Instrument [Line Items] | ||
Balance beginning of period – March 31 | 1,008,216 | 520,747 |
New Issuance | 1,014,703 | |
Change in fair value of derivative liabilities | (21,625) | 2,703 |
Conversion to common shares | (104,118) | |
Convertible note modification | ||
Convertible note redemption | (16,513) | |
Balance end of period – June 30 | $ 1,984,781 | $ 419,332 |
SCHEDULE OF DERIVATIVE COMPONEN
SCHEDULE OF DERIVATIVE COMPONENTS VALUATION ASSUMPTIONS (Details) | 3 Months Ended | |
Jun. 30, 2023 $ / shares | Jun. 30, 2022 $ / shares | |
Minimum [Member] | ||
Derivative [Line Items] | ||
Stock price | $ 0.46 | $ 1.23 |
Minimum [Member] | Convertible Note and Warrant Derivative [Member] | ||
Derivative [Line Items] | ||
Stock price | 0.46 | 1.10 |
Maximum [Member] | ||
Derivative [Line Items] | ||
Stock price | 0.79 | 1.77 |
Maximum [Member] | Convertible Note and Warrant Derivative [Member] | ||
Derivative [Line Items] | ||
Stock price | $ 0.79 | $ 1.77 |
Measurement Input, Expected Dividend Rate [Member] | ||
Derivative [Line Items] | ||
Derivative liability, measurement input | 12 | 12 |
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Derivative liability, measurement input | 4.92 | 2.13 |
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | Convertible Note and Warrant Derivative [Member] | ||
Derivative [Line Items] | ||
Derivative liability, measurement input | 4.21 | 1.82 |
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Derivative liability, measurement input | 5.04 | 2.54 |
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | Convertible Note and Warrant Derivative [Member] | ||
Derivative [Line Items] | ||
Derivative liability, measurement input | 5.06 | 2.37 |
Measurement Input, Price Volatility [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Derivative liability, measurement input | 95.2 | 94.4 |
Measurement Input, Price Volatility [Member] | Minimum [Member] | Convertible Note and Warrant Derivative [Member] | ||
Derivative [Line Items] | ||
Derivative liability, measurement input | 93.8 | 87.6 |
Measurement Input, Price Volatility [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Derivative liability, measurement input | 111.4 | 101.9 |
Measurement Input, Price Volatility [Member] | Maximum [Member] | Convertible Note and Warrant Derivative [Member] | ||
Derivative [Line Items] | ||
Derivative liability, measurement input | 126.6 | 95.5 |
Measurement Input, Expected Term [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Remaining terms | 6 months | 1 year 6 months |
Measurement Input, Expected Term [Member] | Minimum [Member] | Convertible Note and Warrant Derivative [Member] | ||
Derivative [Line Items] | ||
Remaining terms | 3 months | 6 months |
Measurement Input, Expected Term [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Remaining terms | 2 years 3 days | 3 years 3 days |
Measurement Input, Expected Term [Member] | Maximum [Member] | Convertible Note and Warrant Derivative [Member] | ||
Derivative [Line Items] | ||
Remaining terms | 1 year 5 months 26 days | 7 months 17 days |
SCHEDULE OF WARRANTS OUTSTANDIN
SCHEDULE OF WARRANTS OUTSTANDING (Details) | 3 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
As at March 31, 2023 | 7,843,945 |
Expired/cancelled | (110,000) |
Exercised | |
Issued | |
As at June 30, 2023 | 7,733,944 |
Broker Warrants [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
As at March 31, 2023 | 839,071 |
Expired/cancelled | |
Exercised | |
Issued | |
As at June 30, 2023 | 839,071 |
Expiration Date | August 2026 to January 2031 |
Broker Warrants [Member] | Minimum [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Exercise Price | $ / shares | $ 1.06 |
Broker Warrants [Member] | Maximum [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Exercise Price | $ / shares | $ 6.26 |
Consultant Warrants [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
As at March 31, 2023 | 1,675,627 |
Expired/cancelled | (110,000) |
Exercised | |
Issued | |
As at June 30, 2023 | 1,565,627 |
Expiration Date | Sept 2023 to Dec 2032 |
Consultant Warrants [Member] | Minimum [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Exercise Price | $ / shares | $ 0.45 |
Consultant Warrants [Member] | Maximum [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Exercise Price | $ / shares | $ 2.94 |
Warrants Issued on Conversion of Convertible Notes [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
As at March 31, 2023 | 5,329,247 |
Expired/cancelled | |
Exercised | |
Issued | |
As at June 30, 2023 | 5,329,247 |
Expiration Date | January 2024 to February 2024 |
Warrants Issued on Conversion of Convertible Notes [Member] | Minimum [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Exercise Price | $ / shares | $ 1.06 |
Warrants Issued on Conversion of Convertible Notes [Member] | Maximum [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Exercise Price | $ / shares | $ 1.50 |
SCHEDULE OF STOCK OPTION ACTIVI
SCHEDULE OF STOCK OPTION ACTIVITIES (Details) | 3 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Weighted average exercise price, ending outstanding | $ / shares | $ 0.384 |
Equity Option [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of options, beginning outstanding | 7,587,909 |
Weighted average exercise price, beginning outstanding | $ / shares | $ 1.5487 |
Number of options, granted | 21,505 |
Weighted average exercise price, granted | $ / shares | $ 0.4650 |
Number of options, exercised | |
Number of options, expired | (58,173) |
Weighted average exercise price, expired | $ / shares | $ 1.2145 |
Number of options, forfeited | |
Number of options, ending outstanding | 7,551,241 |
Weighted average exercise price, ending outstanding | $ / shares | $ 1.5482 |
SCHEDULE OF FAIR VALUE OF OPTIO
SCHEDULE OF FAIR VALUE OF OPTION GRANTED USING VALUATION ASSUMPTIONS (Details) - $ / shares | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Exercise price | $ 0.47 | $ 1.77 |
Risk free interest rate | 3.85% | |
Risk free interest rate, minimum | 3% | |
Risk free interest rate, maximum | 3.01% | |
Expected term | 10 years | |
Expected volatility | 117.10% | |
Expected volatility, minimum | 109.30% | |
Expected volatility, maximum | 119.50% | |
Expected dividend yield | 0% | 0% |
Fair value of option | $ 0.384 | |
Expected forfeiture (attrition) rate | 0% | 0% |
Minimum [Member] | ||
Expected term | 5 years 6 months | |
Fair value of option | $ 1.438 | |
Maximum [Member] | ||
Expected term | 6 years 6 months | |
Fair value of option | $ 1.565 |
STOCKHOLDERS_ DEFICIENCY (Detai
STOCKHOLDERS’ DEFICIENCY (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Feb. 02, 2016 | |
Class of Stock [Line Items] | ||||
Common stock shares authorized | 125,000,000 | 125,000,000 | ||
Common stock, par value | $ 0.001 | $ 0.001 | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||
Preferred stock, par value | $ 0.001 | $ 0.001 | ||
Common stock, shares issued | 51,047,864 | 51,047,864 | ||
Common stock, other shares, outstanding | 1,466,718 | 1,466,718 | ||
Special voting rights | There is also one share of the Special Voting Preferred Stock issued and outstanding held by one holder of record, which is the Trustee in accordance with the terms of the Trust Agreement and outstanding as at June 30, 2023 and March 31, 2023 | |||
Debt instrument redemption price percentage | 110% | |||
Common shares for services received | 4,167 | |||
Common shares for services received, value | $ 7,500 | |||
Stock-based compensation | $ 211,180 | $ 149,190 | ||
2016 Equity Incentive Plan [Member] | ||||
Class of Stock [Line Items] | ||||
Share based payment award number of shares authorized | 3,750,000 | |||
Stock options granted | 21,505 | 10,180 | ||
Stock-based compensation | $ 211,180 | $ 149,190 | ||
2023 Equity Incentive Plan [Member] | ||||
Class of Stock [Line Items] | ||||
Share based payment award number of shares available for issuance | 5,000,000 | |||
Selling, General and Administrative Expenses [Member] | ||||
Class of Stock [Line Items] | ||||
Warrants and rights outstanding | $ 77,414 | |||
Warrant [Member] | ||||
Class of Stock [Line Items] | ||||
Stock issued during period shares warrants exercised | 11,792 | |||
Stock issued during period value warrants exercise | $ 12,500 | |||
Issuance of Common Shares [Member] | ||||
Class of Stock [Line Items] | ||||
Number shares removed previously to be issued | 40,094 | |||
Issuance of Common Shares [Member] | Minimum [Member] | ||||
Class of Stock [Line Items] | ||||
Cancellation of to be issued shares | $ 42,500 | |||
Convertible Promissory Notes [Member] | ||||
Class of Stock [Line Items] | ||||
Stock issued during period share conversion of convertible securities | 404,545 | |||
Debts instrument settlement amount | $ 406,118 | |||
Convertible notes payable | 302,000 | |||
Carrying amount of conversion and redemption | 104,118 | |||
Debt instrument fair value | 457,025 | |||
Loss on conversion of convertible promissory notes | $ 50,908 | |||
Shareholders [Member] | Exchange Agreement [Member] | ||||
Class of Stock [Line Items] | ||||
Stock issued during period shares new issues | 52,514,582 | 52,514,582 | ||
Executive [Member] | Warrant [Member] | ||||
Class of Stock [Line Items] | ||||
Stock issued during period shares new issues | 53,827 | |||
Series A Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock, shares authorized | 20,000 | 20,000 | ||
Preferred stock, par value | $ 0.001 | $ 0.001 | ||
Preferred stock, shares outstanding | 6,304 | 6,304 | ||
Preferred stock, shares issued | 6,304 | 6,304 | ||
Preferred stock, liquidation preference | $ 1,000 | |||
Preferred stock dividend rate percentage | 12% | |||
Debt instrument redemption price percentage | 5% | |||
Preferred stock convertible conversion price | $ 0.001 | |||
Volume weighted average price percentage | 15% |
SCHEDULE OF OPERATING LEASES OB
SCHEDULE OF OPERATING LEASES OBLIGATIONS (Details) - USD ($) | 3 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | |
Operating Lease Right-of-use Assets And Lease Obligations | |||
Operating lease right-of-use asset, beginning balance | $ 1,587,492 | $ 1,242,700 | |
New leases | |||
Amortization | (87,801) | (50,531) | |
Operating lease right-of-use asset, ending balance | 1,499,691 | 1,192,169 | |
Operating lease liability, beginning balance | 1,722,095 | 1,330,338 | |
New leases | |||
Repayment and interest accretion, net | (94,074) | (49,510) | |
Operating lease liability, ending balance | 1,628,021 | 1,280,828 | |
Current portion of operating lease liability | 349,616 | 335,608 | $ 335,608 |
Noncurrent portion of operating lease liability | $ 1,278,405 | $ 1,386,487 | $ 1,386,487 |
SCHEDULE OF CONTRACTUAL UNDISCO
SCHEDULE OF CONTRACTUAL UNDISCOUNTED CASH FLOWS FOR LEASE OBLIGATION (Details) - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 |
Operating Lease Right-of-use Assets And Lease Obligations | ||||
2023 | $ 253,109 | |||
2024 | 552,293 | |||
2025 | 600,288 | |||
2026 | 565,359 | |||
Total undiscounted lease liability | 1,971,049 | |||
Less imputed interest | (343,028) | |||
Total | $ 1,628,021 | $ 1,722,095 | $ 1,280,828 | $ 1,330,338 |
OPERATING LEASE RIGHT-OF-USE _3
OPERATING LEASE RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONS (Details Narrative) - USD ($) | 3 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | Dec. 31, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Weighted average rate | 11.40% | 11.40% | ||
Weighted average remaining lease term | 3 years 5 months 1 day | 3 years 8 months 1 day | ||
Operating cash flows from operating leases | $ 141,105 | $ 86,279 | ||
Selling, General and Administrative Expenses [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Operating lease expense | $ 138,734 | $ 121,735 | ||
New Lease Agreement [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Lease deposit liability | $ 85,000 |
SCHEDULE OF PROPERTY AND EQUI_2
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Cost, beginning balance | $ 29,767 | |
Additions | ||
Disposals | ||
Cost, ending balance | 29,767 | |
Accumulated depreciation, beginning balance | 8,261 | |
Depreciation | 1,489 | $ 1,489 |
Disposals | ||
Accumulated depreciation, ending balance | 9,750 | |
Net book value, beginning balance | 21,506 | |
Net book value, ending balance | 20,017 | |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost, beginning balance | 16,839 | |
Additions | ||
Disposals | ||
Cost, ending balance | 16,839 | |
Accumulated depreciation, beginning balance | 4,675 | |
Depreciation | 844 | |
Disposals | ||
Accumulated depreciation, ending balance | 5,519 | |
Net book value, beginning balance | 12,164 | |
Net book value, ending balance | 11,321 | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost, beginning balance | 12,928 | |
Additions | ||
Disposals | ||
Cost, ending balance | 12,928 | |
Accumulated depreciation, beginning balance | 3,586 | |
Depreciation | 645 | |
Disposals | ||
Accumulated depreciation, ending balance | 4,231 | |
Net book value, beginning balance | 9,432 | |
Net book value, ending balance | $ 8,697 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expenses | $ 1,489 | $ 1,489 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jul. 29, 2023 | Aug. 14, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Jul. 19, 2023 | |
Subsequent Event [Line Items] | ||||||
Issuance of debt | $ 11,756,563 | $ 11,375,690 | ||||
Number of shares issued | 4,167 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Number of shares issued | 36,897 | |||||
Proceeds from issuance of common stock | $ 123,347 | |||||
Net proceeds from issuance of common stock | $ 119,285 | |||||
Placement fee percentage | 3% | |||||
Proceeds from factoring facility | $ 500,000 | |||||
Subsequent Event [Member] | Certificate Agreements [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Reverse stock split | On June 29, 2023, the Company filed a Certificate of Amendment to its Amended and Restated Articles of Incorporation to effect a one-for-six (1-for-6) share consolidation (the “Reverse Split”). The Reverse Split became effective on July 3, 2023. As a result of the Reverse Split, every six shares of the Company’s issued and outstanding common stock were automatically converted into one share of common stock, without any change in the par value per share and began trading on a post-Reverse Split basis under the Company’s existing trading symbol, “BTCY,” when the market opened on July 3, 2023. A total of approximately 8,508,052 shares of common stock were issued and outstanding immediately after the Reverse Split. | |||||
Shares issued | 20,846 | |||||
Subsequent Event [Member] | Subscription Agreements [Member] | Series C Convertible Notes [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Issuance of debt | $ 105,000 | |||||
Accrue interest | 15% |