Cover
Cover - shares | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Jul. 27, 2023 | |
Entity Addresses [Line Items] | |||
Document Type | 20-F | ||
Amendment Flag | false | ||
Document Registration Statement | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Shell Company Report | false | ||
Document Period End Date | Mar. 31, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity File Number | 001-41386 | ||
Entity Registrant Name | OKYO Pharma Limited | ||
Entity Central Index Key | 0001849296 | ||
Entity Incorporation, State or Country Code | Y7 | ||
Entity Address, Address Line One | Martello Court | ||
Entity Address, Address Line Two | Admiral Park | ||
Entity Address, City or Town | St. Peter Port | ||
Entity Address, Country | GG | ||
Entity Address, Postal Zip Code | GY1 3HB | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Emerging Growth Company | true | ||
Elected Not To Use the Extended Transition Period | false | ||
Document Accounting Standard | International Financial Reporting Standards | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 25,553,274 | ||
Auditor Firm ID | 2814 | 1401 | |
Auditor Name | PKF Littlejohn LLP | Mazars LLP | |
Auditor Location | London, England | London, England | |
Business Contact [Member] | |||
Entity Addresses [Line Items] | |||
Entity Address, Address Line One | 107 Cheapside | ||
Entity Address, City or Town | London | ||
Entity Address, Country | GB | ||
Entity Address, Postal Zip Code | EC2V 6DN | ||
City Area Code | +44 | ||
Local Phone Number | 20 7495 2379 | ||
Contact Personnel Name | Chief Financial Officer |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 4,045,381 | $ 2,700,724 |
Current taxation receivable | 559,128 | 781,688 |
Other receivables | 592,195 | 812,956 |
Total current assets | 5,196,704 | 4,295,368 |
Property and Equipment, net | 7,216 | 5,225 |
Total non-current assets | 7,216 | 5,225 |
Total assets | 5,203,920 | 4,300,593 |
Current liabilities: | ||
Trade and other payables | 4,262,855 | 1,306,150 |
Related party payable | 779,191 | 47,041 |
Loan payable to related party | 2,215,111 | |
Total current liabilities | 7,257,157 | 1,353,191 |
Total liabilities | 7,257,157 | 1,353,191 |
Shareholders’ Equity: | ||
Share premium | 131,385,892 | 123,976,510 |
Share options reserve | 3,628,756 | 2,355,040 |
Warrants reserve | 82,376 | 53,413 |
Foreign currency translation reserve | (11,452,542) | (11,011,527) |
Retained deficit | (125,697,719) | (112,426,034) |
Total shareholders’ equity | (2,053,237) | 2,947,402 |
Total liabilities and shareholders’ equity | $ 5,203,920 | $ 4,300,593 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |||
Operating expenses: | |||||
Research and development | $ (6,337,698) | $ (1,609,558) | [1] | $ (348,347) | [1] |
Operating Expenses | (6,849,502) | (4,608,008) | [1] | (3,017,859) | [1] |
Total operating expenses | (13,187,200) | (6,217,566) | [1] | (3,366,206) | [1] |
Other income/(expense): | |||||
Finance income | [1] | [1] | |||
Finance expense | (96,687) | [1] | (1,123) | [1] | |
Impairment of loan | [1] | (11,172) | [1] | ||
Loss from operations before income taxes | (13,283,887) | (6,217,566) | [1] | (3,378,501) | [1] |
Income tax provision | 12,202 | 786,521 | [1] | 24,994 | [1] |
Loss for the year | (13,271,685) | (5,431,045) | [1] | (3,353,507) | [1] |
Other Comprehensive loss: | |||||
Exchange differences on translating foreign operations | (441,015) | (837,152) | [1] | 346,365 | [1] |
Comprehensive loss | $ (13,712,700) | $ (6,268,197) | [1] | $ (3,007,142) | [1] |
Basic loss per share attributable to common shareholders | $ (0.61) | $ (0.36) | [1] | $ (0.32) | [1] |
Diluted loss per share attributable to common shareholders | $ (0.61) | $ (0.36) | $ (0.32) | ||
[1]Refer to Note 2A and 18A |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) | Issued capital [member] | Other reserves [member] | Warrant Reserves [member] | Convertible loan note reserve [member] | Retained earnings [member] | Translation reserve [member] | Total | |
Balance at Mar. 31, 2020 | $ 112,079,984 | $ 93,441 | $ 639,903 | $ (102,432,702) | $ (10,520,740) | $ (140,114) | ||
Balance, shares at Mar. 31, 2020 | 636,297,049 | |||||||
IfrsStatementLineItems [Line Items] | ||||||||
Issue of share capital | $ 230,019 | 230,019 | ||||||
Issue of share capital, shares | 36,269,253 | |||||||
Options charge | 550,138 | 550,138 | ||||||
Options exercised | $ 15,870 | (1,515) | 1,515 | 15,870 | ||||
Options exercised, shares | 250,000 | |||||||
Options forfeiture | (5,751) | (5,751) | ||||||
Warrants charge | (138,305) | 221,311 | 83,006 | |||||
Convertible loan note conversion | (558,396) | 8,151,777 | 7,593,382 | |||||
Convertible loan note interest | 219,059 | (219,059) | ||||||
Convertible loan note conversion, shares | ||||||||
Total transactions | $ (450,811) | 542,872 | 221,311 | 8,370,836 | (217,544) | 8,466,664 | ||
Loss for the period | (3,353,507) | (3,353,507) | [1] | |||||
Currency translation | 346,365 | 346,365 | ||||||
Total comprehensive income | (3,353,507) | 346,365 | (3,007,142) | [1] | ||||
Balance at Mar. 31, 2021 | $ 111,629,173 | 636,313 | 861,214 | 8,370,836 | (106,003,753) | (10,174,375) | 5,319,408 | |
Balance, shares at Mar. 31, 2021 | 672,816,302 | |||||||
IfrsStatementLineItems [Line Items] | ||||||||
Options charge | 1,737,876 | 1,737,876 | ||||||
Options forfeiture | (19,149) | (19,149) | ||||||
Warrants charge | 61,721 | 61,721 | ||||||
Convertible loan note conversion | $ 8,876,397 | (8,876,397) | ||||||
Convertible loan note conversion, shares | 315,086,410 | |||||||
Total transactions | $ 12,347,337 | 1,718,727 | (807,801) | (8,370,836) | (991,236) | 3,896,191 | ||
Loss for the period | (5,431,045) | (5,431,045) | [1] | |||||
Currency translation | (837,152) | (837,152) | ||||||
Total comprehensive income | (5,431,045) | (837,152) | (6,268,197) | [1] | ||||
Convertible loan note and warrant interest | 546,318 | 444,918 | (991,236) | |||||
Currency translation on Convertible Loan note conversion | 654,833 | 654,833 | ||||||
Transfer between equity reserves | 594,190 | (594,190) | ||||||
Warrants Exercised | $ 3,470,940 | (2,010,030) | 1,460,910 | |||||
Warrants Exercised, shares | 386,512,756 | |||||||
Total transactions, shares | 701,599,166 | |||||||
Balance at Mar. 31, 2022 | $ 123,976,510 | 2,355,040 | 53,413 | (112,426,034) | (11,011,527) | 2,947,402 | ||
Balance, shares at Mar. 31, 2022 | 1,374,415,468 | |||||||
IfrsStatementLineItems [Line Items] | ||||||||
Options charge | 1,286,128 | 1,286,128 | ||||||
Options forfeiture | (12,412) | (12,412) | ||||||
Warrants charge | 28,963 | 28,963 | ||||||
Total transactions | 7,409,382 | 1,273,716 | 28,963 | 8,712,061 | ||||
Loss for the period | (13,271,685) | (13,271,685) | ||||||
Currency translation | (441,015) | (441,015) | ||||||
Total comprehensive income | (13,271,685) | (441,015) | (13,712,700) | |||||
Total transactions, shares | 284,376,881 | |||||||
Issuance of shares fundraising net | $ 7,323,354 | 7,323,354 | ||||||
Issuance of shares fundraising net, shares | 282,199,381 | |||||||
Expenses settled in shares | $ 86,028 | 86,028 | ||||||
Expenses settled in shares, shares | 2,177,500 | |||||||
Balance at Mar. 31, 2023 | $ 131,385,892 | $ 3,628,756 | $ 82,376 | $ (125,697,719) | $ (11,452,542) | $ (2,053,237) | ||
Balance, shares at Mar. 31, 2023 | 1,658,792,349 | |||||||
[1]Refer to Note 2A and 18A |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Loss from operations before income taxes | $ (13,283,887) | $ (6,217,566) | [1] | $ (3,378,501) | [1] |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||
Share option charge | 1,286,128 | 1,737,876 | 550,138 | ||
Warrant charge | 28,963 | 61,721 | 83,006 | ||
Forfeiture of options | (12,412) | (19,149) | (5,751) | ||
Depreciation of fixed assets | 3,797 | 2,331 | 1,510 | ||
Amortization of right of use asset | 11,601 | ||||
(Gain)/Loss on foreign exchange | 51,192 | (9,230) | 4,056 | ||
Expenses settled in shares | 86,028 | ||||
Impairment of loan to West African Minerals Ltd | 11,171 | ||||
Gain on disposal of right of use asset | (179) | (818) | |||
Net decrease/(increase) in related party receivables | 27,376 | (3,862) | |||
Net increase/(decrease) in related party payables | 814,319 | 48,900 | (46,311) | ||
Net (increase)/decrease in operating assets/other receivables | 167,718 | (802,154) | 208,931 | ||
Net (decrease)/increase in trade and other payables | 2,963,759 | (297,991) | 886,093 | ||
Cash inflow from taxation | 199,153 | 78,540 | |||
Net cash used in operating activities | (7,695,242) | (5,468,065) | (1,600,198) | ||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Acquisition of property, plant and equipment | (5,916) | (1,669) | (6,943) | ||
Loan to West African Minerals Ltd | (11,171) | ||||
Net cash used in investing activities | (5,916) | (1,669) | (18,114) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Proceeds from issuance of ordinary shares | 7,323,354 | 230,019 | |||
Proceeds from issuance of convertible loan notes | 7,593,380 | ||||
Processed from options exercised | 15,870 | ||||
Processed from warrants exercised | 2,153,270 | ||||
Loan from related party | 2,000,000 | ||||
Repayment of leasing liabilities | (12,331) | ||||
Net cash provided by financing activities | 9,323,354 | 2,153,270 | 7,826,938 | ||
Net (decrease)/increase in cash and cash equivalents | 1,622,196 | (3,316,464) | 6,208,627 | ||
Cash and cash equivalent, beginning of period | 2,700,724 | 6,889,329 | 235,485 | ||
Exchange difference | (277,539) | (872,141) | 445,217 | ||
Cash and cash equivalent, end of period | $ 4,045,381 | $ 2,700,724 | $ 6,889,329 | ||
[1]Refer to Note 2A and 18A |
Reporting Entity
Reporting Entity | 12 Months Ended |
Mar. 31, 2023 | |
Reporting Entity | |
Reporting Entity | Reporting Entity OKYO Pharma Limited (the “Company” or “OKYO”) is a company domiciled in Guernsey and listed on the main market on the NASDAQ Capital Market (NASDAQ: OKYO). The Company was previously dual listed with a standard listing on the main market of the London Stock Exchange (LSE: OKYO) until May 22nd, 2023. The Company is developing next-generation therapeutics to improve the lives of patients with inflammatory eye diseases and chronic pain. Our goal is to develop first in class drug candidates that prevent the disease instead of controlling it, and we achieve this through our collaboration with pioneer scientists in the field. The ultimate parent of the group is Panetta Partners Limited, incorporated in the British Virgin Islands. |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 12 Months Ended |
Mar. 31, 2023 | |
ACCOUNTING POLICIES | 2. ACCOUNTING POLICIES The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been applied consistently to all the years presented unless otherwise stated. Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), IFRIC interpretations and the Companies (Guernsey) Law 2008 as applicable to companies reporting under IFRS. Basis of measurement Going Concern The Group has experienced net losses and significant cash outflows from cash used in operating activities over the past years, and as of March 31, 2023, had an accumulated deficit of $ 125.7 109 13.3 7.7 The Directors have prepared cash flow projections that include the costs associated with the continued clinical trials and additional investment to fund that operation. On the basis of those projections, the directors conclude that the company will not be able to meet its liabilities as they fall due within the next 12 months from the date when these financial statements are issued. The cash balance as at 1 August 2023 is approximately $ 1 7.8 The Directors are however aware, through their own extensive experience in the sector, that this position is not uncommon in the context of a pre-revenue life sciences company principally involved in cash consuming research and development activity. The Directors took strategic advantage of the opportunity to dual list the Company on NASDAQ in May 2022 in order to be able to access potential liquidity in the US, which is generally a more favorable environment for life sciences companies to raise money and where there are more specialist investors focused on early-stage opportunities. The Company raised $2.5m as part of the NASDAQ IPO and more recently raised an additional $5.7m in March 2023 through a private placement to management, new and existing investors. The top line data for the clinical trial is expected in Q4 2023 and the Directors are taking steps to put engagements and plans into place to ensure that sufficient funds will be forthcoming. These steps include possible deferred payments of existing liabilities, working capital cost reductions and raising additional equity. Until and unless the Group and Company secures sufficient investment to fund their clinical pipeline, there is a material uncertainty that may cast significant doubt on the Group and Company’s ability to continue as a going concern, and therefore, that it may be unable to realize its assets and discharge its liabilities in the normal course of business. Despite this material uncertainty, the Directors conclude that it is appropriate to continue to adopt the going concern basis of accounting as the Directors are confident, based on the previous fund-raising history as well as additional measures being planned, that sufficient funds will be forthcoming and accordingly they have prepared these financial statements on a going concern basis. New and Revised Standards Standards in effect in 2023 There are no new IFRS standards, amendments to standards or interpretations that are mandatory for the financial year beginning on April 1, 2022, that are relevant to the Group or that have had any material impact in the year to March 31, 2023. New standards, amendments to standards and interpretations that are not yet effective, have been deemed by the Group as currently not relevant, and not likely to have a material impact on the Group, and hence are not listed here. Basis of consolidation Subsidiary undertakings are all entities over which the Group exercises control. The Group has control when it can demonstrate all of the following: (a) power over the investee; (b) exposure, or rights, to variable returns from its involvement with the investee; and (c) the ability to use its power over the investee to affect the amount of the investor’s return. The existence and effect of both current voting rights and potential voting rights that are currently exercisable or convertible are considered when assessing whether control of an entity is exercised. Subsidiaries are consolidated from the date at which the Group obtains control and are de-consolidated from the date at which control ceases. Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated upon consolidation. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the Board. The Board allocates resources to and assess the performance of the segments. The Board considers there to be only one operating segment being the research and development of biotechnological and pharmaceutical products. Taxation The tax credit for the year represents the total of current taxation and deferred taxation. The credit in respect of current taxation is based on the estimated taxable loss for the year. Taxable profit or loss for the year is based on the profit or loss as shown in the statement of comprehensive income, as adjusted for items of income or expenditure which are not deductible or chargeable for tax purposes. The current tax asset for the year is calculated using tax rates which have either been enacted or substantively enacted at the balance sheet date. Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and expected to apply when the related deferred tax is realised, or the deferred liability is settled. Deferred tax assets are recognised to the extent that it is probable that the future taxable profit will be available against which the temporary differences can be utilised. In the current year, Research and Development tax credits are not provided for and are recognized when received. This change in policy is as a result of the UK tax authority’s new regime of reviewing nearly every tax claim it receives. Prior to the current year, Research and Development tax credits were provided for the year that the costs were incurred. These were estimated based on eligible research and development expenditure. Any difference rebated are recognized when the cash is received from the UK tax authorities. Foreign currency translation Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency), which is Pounds sterling. The consolidated financial statements are presented in US dollars, which is the Group’s presentation currency. Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. The financial statements are translated into US dollars on the following basis: ● Assets and liabilities at the rate of exchange ruling at the year-end date. ● Profit and loss account items at the average rate of exchange for the year. Exchange differences arising from the translation of the net investment in foreign entities, borrowings and other currency instruments designated as hedges of such investments, are taken to equity (and recognized in the statement of comprehensive income) on consolidation. License fees Payments related to the acquisition of rights to a product or technology are capitalised as intangible assets if it is probable that future economic benefits from the asset will flow to the Group and the cost of the asset can be reliably measured. Payments made which provide the right to perform research are carefully evaluated to determine whether such payments are to fund research or acquire an asset. Licence fees expenses are recognised as incurred. Research and development All on-going research and development expenditure is currently expensed in the period in which it is incurred. Due to the regulatory environment inherent in the development of the Group’s products, the criteria for development costs to be recognised as an asset, as set out in IAS 38 ‘Intangible Assets’, are not met until a product has been granted regulatory approval and it is probable that future economic benefit will flow to the Group. The Group currently has no such qualifying expenditure. Financial instruments The Group classifies a financial instrument, or its component parts, as a financial liability, a financial asset or an equity instrument in accordance with the substance of the contractual arrangement and the definitions of a financial liability, a financial asset and an equity instrument. The Group evaluates the terms of the financial instrument to determine whether it contains an asset, a liability or an equity component. Such components shall be classified separately as financial assets, financial liabilities or equity instruments. A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. (a) Financial assets, initial recognition and measurement and subsequent measurement At initial recognition financial assets are measured at their fair value. Subsequent measurement depends on their classification. Financial assets such as receivables, cash and cash equivalents and deposits are subsequently measured at amortized cost using the effective interest method, less loss allowance. The Group does not hold any financial assets at fair value through profit or loss or fair value through other comprehensive income. (b) Financial liabilities, initial recognition and measurement and subsequent measurement At initial recognition, financial liabilities are measured at their fair value minus, if appropriate, any transaction costs that are directly attributable to the issue of the financial liability. All financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss. The Group’s financial liabilities include trade and other payables. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand. Impairment Impairment of financial assets measured at amortised cost At each reporting date the Group recognises a loss allowance for expected credit losses on financial assets measured at amortised cost. In establishing the appropriate amount of loss allowance to be recognised, the Group applies either the general approach or the simplified approach, depending on the nature of the underlying group of financial assets. General approach The general approach is applied to the impairment assessment of refundable lease deposits and other refundable lease contributions, restricted cash and cash and cash equivalents. Under the general approach the Group recognises a loss allowance for a financial asset at an amount equal to the 12-month expected credit losses, unless the credit risk on the financial asset has increased significantly since initial recognition, in which case a loss allowance is recognised at an amount equal to the lifetime expected credit losses. Simplified approach The simplified approach is applied to the impairment assessment of trade receivables. Under the simplified approach the Group always recognises a loss allowance for a financial asset at an amount equal to the lifetime expected credit losses. Impairment of non-financial assets i) Non-financial assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. ii) Non-financial assets are impaired when their carrying amount exceeds the recoverable amount. The recoverable amount is measured as the higher of fair value less cost of disposal and value in use. The value in use is calculated as being net projected cash flows based on financial forecasts discounted back to present value. Share capital Ordinary shares of the Company are classified as equity. Property, plant and equipment (i) Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Costs include expenditures that are directly attributable to the acquisition of the asset. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Gains and losses on disposal of an item of property, IT and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, IT and equipment, and are recognized in profit or loss. When revalued assets are sold, the amounts included in the revaluation reserve are transferred to retained earnings. (ii) Depreciation Depreciation is calculated on the depreciable amount, which is the cost of an asset, less its residual value. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful life of each part of an item of property, plant and equipment. The estimated useful lives for the current period and the comparative period are as follows: DISCLOSURE OF ESTIMATED USEFUL LIVES IT and equipment 3 Depreciation methods, useful lives and residual values are reviewed at each reporting date. Depreciation is allocated to the operating expenses line of the statement of comprehensive income. Leases All leases are accounted for by recognising a right-of-use asset and a lease liability except for: ● Leases of low value assets; and ● Leases with a duration of 12 months or less. The Group has leases for its offices. Each lease is reflected on the balance sheet as a right-of-use asset and a lease liability. The Group does not have any leases of low value assets. Variable lease payments which do not depend on an index or a rate (such as lease payments based on a percentage of Group sales) are excluded from the initial measurement of the lease liability and asset. The Group classifies its right-of-use assets in a consistent manner to its property, plant and equipment (see Note 10). At lease commencement date, the Group recognises a right-of-use asset and a lease liability in its consolidated statement of financial position. The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the Group, an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made in advance of the lease commencement date (net of any incentives received). The Group depreciates the right-of-use asset on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Group also assesses the right-of-use asset for impairment when such indicators exist. At the commencement date, the Group measures the lease liability at the present value of the lease payments unpaid at that date, discounted using the Group’s incremental borrowing rate because as the lease contracts are negotiated with third parties it is not possible to determine the interest rate that is implicit in the lease. The incremental borrowing rate is the estimated rate that the Group would have to pay to borrow the same amount over a similar term, and with similar security to obtain an asset of equivalent value. This rate is adjusted should the lessee entity have a different risk profile to that of the Group. Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable payments based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably certain to be exercised. Subsequent to initial measurement, the liability will be reduced by lease payments that are allocated between repayments of principal and finance costs. The finance cost is the amount that produces a constant periodic rate of interest on the remaining balance of the lease liability. Short term leases exempt from IFRS 16 are classified as operating leases. Payments made under operating leases are recognised in profit and loss on a straight-line basis over the term of the lease. Share based payments The calculation of the fair value of equity-settled share based awards and the resulting charge to the statement of comprehensive income requires assumptions to be made regarding future events and market conditions. These assumptions include the future volatility of the Company’s share price. These assumptions are then applied to a recognized valuation model in order to calculate the fair value of the awards. Where employees, Directors or advisers are rewarded using share based payments, the fair value of the employees’, Directors’ or advisers’ services are determined by reference to the fair value of the share options/warrants awarded. Their value is appraised at the date of grant and excludes the impact of any nonmarket vesting conditions (for example, profitability and sales growth targets). In accordance with IFRS 2, a charge is made to the statement of comprehensive income for all share-based payments including share options based upon the fair value of the instrument used and warrants issued in return for services. A corresponding credit is made to a share based payment reserve – options, in the case of options awarded to employees, Directors, advisers and other consultants. A corresponding credit is made to a share based payment reserve – warrants, in the case of warrants issued in return for services. Warrants Warrants are issued by the Group in return for services and as part of a financing transaction. Warrants issued in return for services. Warrants issued in return for services fall within scope of IFRS 2 and are classified as a share-based payment. The share-based payment is measured at fair value and charged to the Statement of comprehensive income. There is no remeasurement of fair value. Warrants issued as part of a financing transaction. Warrants issued as part of a financing transaction fall outside the scope of IFRS 2. These are classified as equity instruments because a fixed amount of cash is exchanged for a fixed amount of equity. The relative fair value is recognised within equity and is not remeasured. Classification of these instruments is governed by the so-called ‘fixed’ test for non-derivatives, and the ‘fixed for fixed’ test for derivatives. Under the fixed test, a non-derivative contract will qualify for equity classification only where there is no contractual obligation for the issuer to deliver a variable number of its own equity instruments. Under the fixed for fixed test, a derivative will qualify for equity classification only where it will be settled by the issuer exchanging a fixed amount of cash or another financial asset for a fixed number of its own equity instruments. Warrants issued by the Company as part of a financing transaction, are classified as equity instruments because a fixed amount of cash is exchanged for a fixed amount of equity of the Company. No other features exist that would result in financial liability classification. Convertible loan notes The Group issues Convertible loan notes which can be classified as equity or a liability depending on whether the fixed for fixed condition is met or not. Where the fixed for fixed condition is met The Group classifies convertible loan notes that meet the fixed for fixed condition as equity instruments and records the principal of the loan note as equity in a Convertible loan note reserve. The accrued interest on the principal amount is also recorded in the Convertible loan note reserve as it is convertible into equity. Upon redemption of the instrument and the issue of share capital, the amount is reclassified from the convertible loan note reserve to share capital and share premium. Fair Value Measurement Management have assessed the categorization of the fair value measurements using the IFRS 13 fair value hierarchy. Categorization within the hierarchy has been determined on the basis of the lowest level of input that is significant to the fair value measurement of the relevant asset as follows; Level 1 - valued using quoted prices in active markets for identical assets; Level 2 - valued by reference to valuation techniques using observable inputs other than quoted prices included within Level 1; Level 3 - valued by reference to valuation techniques using inputs that are not based on observable market data. 2A. RECLASSIFICATION OF PRIOR YEAR PRESENTATION Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. For a more accurate representation of research and development expenses, an adjustment has been made to the Consolidated statement of Operations and comprehensive loss for the years ended March 31, 2022, and March 31, 2021, to reclassify patent related expenditure to research and development expenses from operating expenses. The impact of the reclassification on the Group’s Consolidated statement of operations and comprehensive loss is as follows: SCHEDULE OF RECLASSIFICATION OF CONSOLIDATED STATEMENT OF OPERATIONS Consolidated statement of operations and comprehensive loss Year ending 31 March 2022 As Previously reported Adjustment As restated $ $ $ Research and development (1,301,178 ) (308,380 ) (1,609,558 ) Operating expenses (4,916,388 ) 308,380 (4,608,008 ) Total operating expenses (6,217,566 ) - (6,217,566 ) Total Comprehensive loss for the year (6,268,197 ) - (6,268,197 ) Consolidated statement of operations and comprehensive loss Year ending 31 March 2021 As Previously reported Adjustment As restated $ $ $ Research (173,821 ) (174,526 ) (348,347 ) Operating expenses (3,192,358 ) 174,526 (3,017,859 ) Total operating expenses (3,366,206 ) - (3,366,206 ) Total Comprehensive loss for the period (3,007,142 ) - (3,007,142 ) |
CRITICAL ACCOUNTING JUDGEMENTS
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY | 12 Months Ended |
Mar. 31, 2023 | |
Critical Accounting Judgements And Key Sources Of Estimation Uncertainty | |
CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY | 3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY The preparation of financial information in accordance with generally accepted accounting practice, in the case of the Group being IFRS as issued by the IASB, requires the directors to make estimates and judgements that affect the reported amount of assets, liabilities, income and expenditure and the disclosures made in the financial statements. Such estimates and judgements must be continually evaluated based on historical experience and other factors, including expectations of future events. The following are considered to be the key sources of estimation uncertainty : Share-based payments The Group accounts for share-based payment transactions for employees in accordance with IFRS 2 Share-based Payment, which requires the measurement of the cost of employee services received in exchange for the options on our ordinary shares, based on the fair value of the award on the grant date. The Directors selected the Black-Scholes-Merton option pricing model as the most appropriate method for determining the estimated fair value of our share-based awards without market conditions. For performance-based options that include vesting conditions relating to the market performance of our ordinary shares, a Monte Carlo pricing model was used in order to reflect the valuation impact of price hurdles that have to be met as conditions to vesting. The Group makes estimates as to the useful life of an option award, the expected price volatility of the underlying share, risk free interest rate for the term of the award and correlations and volatilities of the shares of peer group companies. The Group also makes estimates as to the vesting period for awards that have performance-based criteria. The resulting cost of an equity incentive award is recognised as expense over the requisite service period of the award, which is usually the vesting period. Compensation expense is recognised over the vesting period using the straight-line method. The assumptions used for estimating fair value for share-based payment transactions are disclosed in note 14 to our consolidated financial statements. |
OPERATING EXPENSES
OPERATING EXPENSES | 12 Months Ended |
Mar. 31, 2023 | |
OPERATING EXPENSES | 4. OPERATING EXPENSES Operating expenses are stated after charging: SCHEDULE OF OPERATING EXPENSES Group 2023 $ 2022 $ 2021 $ Year Ended March 31, Group 2023 $ 2022 $ 2021 $ Director fees including bonus (excluding Chairman’s bonus) 910,403 707,385 278,224 Chairman’s bonus 300,000 - 1,160,347 Auditor’s Remuneration (refer to Note 20) * 454,692 349,665 131,511 Legal and Professional fees 1,432,926 1,143,300 343,422 (Gain)/Loss on disposal of leases - (179 ) - FX Gains and losses 99,930 (13,577 ) 200,061 Depreciation 3,797 2,423 1,512 * This has been restated for presentational purposes only to include audit-related assurance services in addition to fees payable to the company’s auditors for the audit of the parent company (being OKYO Pharma Limited) and consolidated financial statements. Refer to note 20 where details of auditor’s remuneration has been disclosed. This has no impact on the primary financial statements. |
SEGMENTAL REPORTING
SEGMENTAL REPORTING | 12 Months Ended |
Mar. 31, 2023 | |
SEGMENTAL REPORTING | 5. SEGMENTAL REPORTING During the year under review management identified the Group’s only operating segment as the research and development of biotechnological and pharmaceutical products. This one segment is monitored, and strategic decisions are made based upon it and other non-financial data collated from industry intelligence. The form of financial reporting reported to the Board is consistent with those presented in the annual financial statements. |
EMPLOYEES INCLUDING OFFICERS, E
EMPLOYEES INCLUDING OFFICERS, EXECUTIVE AND NON-EXECUTIVE DIRECTORS | 12 Months Ended |
Mar. 31, 2023 | |
Employees Including Officers Executive And Non-executive Directors | |
EMPLOYEES INCLUDING OFFICERS, EXECUTIVE AND NON-EXECUTIVE DIRECTORS | 6. EMPLOYEES INCLUDING OFFICERS, EXECUTIVE AND NON-EXECUTIVE DIRECTORS DISCLOSURE OF EMPLOYEES COST AND NUMBER OF EMPLOYEES EXPLANATORY 2023 2022 2021 Year ended March 31, 2023 $ 2022 $ 2021 $ Group Staff costs comprised: Directors’ salaries 1,204,285 707,385 1,438,571 Wages and salaries 548,328 323,186 121,702 Social security costs 151,967 84,449 9,543 Recruitment costs 13,750 14,259 12,922 Total employee benefits expense 1,918,330 1,129,279 1,582,739 The average monthly number of employees, including directors, employed by the group during the years ending March 31, 2023, March 31, 2022, and March 31, 2021 were: Research and Development 2 2 1 Corporate and administration 6 5 5 8 7 6 The Group and Company made $ 6,510 2,622 2,904 |
REMUNERATION OF KEY MANAGEMENT
REMUNERATION OF KEY MANAGEMENT PERSONNEL | 12 Months Ended |
Mar. 31, 2023 | |
REMUNERATION OF KEY MANAGEMENT PERSONNEL | 7. REMUNERATION OF KEY MANAGEMENT PERSONNEL Directors of the Group and Company received the following remuneration during the years ending March 31 2023 and 2022: SCHEDULE OF REMUNERATION OF DIRECTORS Year ended March 31, 2023 2022 $’000 Directors’ Bonus Salary Share based payment expenses Directors’ Bonus Salary Share based payment expenses G. Cerrone (1) 145 300 - - 164 - - - G Jacob (2) - 217 433 834 - 75 350 1,579 W Simon 39 - - - 44 - - 1 K. Shailubhai (3) - - - - 18 - - (15 ) J Brancaccio (4) 39 - - 24 42 - - 20 B Denoyer (5) 39 - - 18 15 - - 4 260 517 433 876 283 75 350 1,589 Year ended March 31, $’000 2021 Directors Bonus Salary Share based G. Cerrone (1) (1) 35 1,160 - - G Jacob (2) (2) - 41 85 468 W Simon 42 - - 2 K. Shailubhai (3) (3) 37 - - 17 J Brancaccio (4) (4) 31 - - 16 G Macrae (6) (6) 13 - - - 158 1,201 85 503 (1) Gabriele Cerrone’s bonus awarded for $ 300 150 150 1,160 (2) Gary Jacob became an employee and Director of the Company on 7 January 2021 (3) K Shailubhai resigned as Director on 17 June 2021 (4) John Brancaccio was appointed as Director on 10 June 2020 (5) Bernard Denoyer was appointed as Director on 24 November 2021 (6) Gregor Macrae was appointed as Director on 18 December 2019 and resigned on 10 June 2020 The following share options were granted to Directors in the year: SCHEDULE OF SHARE OPTIONS GRANTED TO DIRECTORS 2023 2022 2021 Number of Number of Number of J Brancaccio 1,000,000 325,000 450,000 G Jacob 5,500,000 3,250,000 40,000,000 W Simon 400,000 - - B Denoyer 200,000 1,000,000 - 7,100,000 4,575,000 40,450,000 No director has yet benefitted from any increase in the value of share capital since issuance of the options and no director exercised share options in the year. The Key Management Personnel of the Group are members of the leadership team who have the authority and responsibility for planning, directing and controlling the activities of the Group either directly or indirectly. They include all Directors of the Board (executive and non-executive). Key Management Personnel compensation is set out below. SCHEDULE OF KEY MANAGEMENT PERSONNEL COMPENSATION 2023 2022 2021 $’000 $’000 $’000 Short-term employee benefits 1,500 1,026 1,455 Share based payments 1,273 1,815 515 Total 2,773 2,841 1,970 |
TAXATION
TAXATION | 12 Months Ended |
Mar. 31, 2023 | |
TAXATION | 8. TAXATION SCHEDULE OF TAX CREDIT PERIOD 2023 $ 2022 $ 2021 $ Year ended March 31, 2023 $ 2022 $ 2021 $ Group Current year tax (credit) - (509,282 ) (24,952 ) Adjustments in respect of prior periods (12,202 ) (277,239 ) (42 ) Deferred tax Origination and reversal of timing differences - - - Total tax (credit) for the period (12,202 ) (786,521 ) (24,994 ) The tax charge for the year is different from the standard rate of corporation tax in the United Kingdom of 19%. The difference can be reconciled as follows: Loss before taxation (13,283,888 ) (6,217,566 ) (3,378,501 ) Loss charged at standard rate of corporation tax 19% (2,523,939 ) (1,181,337 ) (641,915 ) Tax losses arising in the year not recognized 2,279,050 524,870 660,594 Tax losses surrendered for Research and Development - 667,335 - Expenses not deductible for taxation 241,985 370,306 - Tax increase from effect of capital allowances and depreciation 124 (3 ) (334 ) Research and Development tax claim - (509,282 ) (43,432 Research and Development enhanced expenditure - (377,187 ) - Research and Development tax credits claimed in respect of previous periods (12,202 ) (277,240 ) (42 ) Consolidation adjustment in relation to foreign exchange movements 2,780 (3,983 ) 135 ) Total tax (credit) for the period (12,202 ) (786,521 ) (24,994 ) No deferred tax asset has been recognized in respect of trading losses carried forward because of uncertainty as to when these losses will be recoverable. The Group has tax losses of $ 23,903,092 15,870,525 9,411,521 . |
FINANCE INCOME AND COSTS
FINANCE INCOME AND COSTS | 12 Months Ended |
Mar. 31, 2023 | |
FINANCE INCOME AND COSTS | 9. FINANCE INCOME AND COSTS SCHEDULE OF FINANCE COST 2023 $ 2022 $ 2021 $ Year ended March 31, 2023 $ 2022 $ 2021 $ Finance Income Interest income - - - Total finance income - - - Finance Expenses Interest expense on lease liabilities - - (1,122 ) Interest expense on related party loan (96,687 ) - - Total finance expenses (96,687 ) - (1,123 ) |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Mar. 31, 2023 | |
PROPERTY, PLANT AND EQUIPMENT | 10. PROPERTY, PLANT AND EQUIPMENT Details of the Group’s property, plant and equipment are as follows: SCHEDULE OF PROPERTY PLANT AND EQUIPMENT $ IT equipment Total Cost At 1 April 2022 9,779 9,779 Additions 5,916 5,916 Disposals - - Foreign exchange (380 ) (380 ) At 31 March 2023 15,315 15,315 Depreciation At 1 April 2022 4,554 4,554 Charge in year 3,797 3,797 Foreign exchange (252 ) (252 ) At 31 March 2023 8,099 8,099 Net Book Value as at 31 March 2023 7,216 7,216 $ IT equipment Total Cost At 1 April 2021 8,343 8,343 Additions 1,669 1,669 Disposals - - Foreign exchange (233 ) (233 ) At 31 March 2022 9,779 9,779 Depreciation At 1 April 2021 2,286 2,286 Charge in year 2,331 2,331 Foreign exchange (63 ) (63 ) At 31 March 2022 4,554 4,554 Net Book Value as at 31 March 2022 5,225 5,225 The Group’s property, plant and equipment is located in the following operating segments: SCHEDULE OF PROPERTY PLANT AND EQUIPMENT LOCATED OPERATING SEGMENT Group Net Book Value $ UK 3,433 US 3,783 Total 7,216 Property, plant and equipment 7,216 Group Net Book Value $ UK 2,937 US 2,289 Total 5,225 Property, plant and equipment 5,225 |
OTHER RECEIVABLES
OTHER RECEIVABLES | 12 Months Ended |
Mar. 31, 2023 | |
OTHER RECEIVABLES | 11. OTHER RECEIVABLES DISCLOSURE OF DETAILED TRADE AND OTHER RECEIVABLES EXPLANATORY $ 2023 2022 Year ended March 31, $ 2023 2022 Group Other receivables 340,848 19,130 VAT receivable 80,099 82,617 Prepayments 171,248 711,209 Trade and other receivables 592,195 812,956 There are no differences between the carrying amount and fair value of any of the trade and other receivables above. Prepayments includes no 639,635 |
TRADE AND OTHER PAYABLES
TRADE AND OTHER PAYABLES | 12 Months Ended |
Mar. 31, 2023 | |
TRADE AND OTHER PAYABLES | 12. TRADE AND OTHER PAYABLES DISCLOSURE OF DETAILED INFORMATION ABOUT PAYABLES AND ACCRUED LIABILITIES $000 2023 2022 Year ended March 31, $ 2023 2022 Group Trade payable 2,387,778 741,807 Accruals 1,545,410 457,773 Bonus accrual 329,667 106,570 Trade and other payables 4,262,855 1,306,150 |
CAPITAL AND RESERVES
CAPITAL AND RESERVES | 12 Months Ended |
Mar. 31, 2023 | |
CAPITAL AND RESERVES | 13. CAPITAL AND RESERVES Capital Management For the purpose of the Company’s capital management, capital includes called up share capital, share premium, share based payments for options, share based payments for warrants and all other equity reserves attributable to the equity holders of the parent as reflected in the statement of financial position. The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern and to maximise shareholder value through the optimisation of the debt and equity balance. The Company manages its capital to maximise the return to the shareholders through the optimisation of equity. The capital structure of the Company as at 31 March 2023 consists of equity attributable to equity holders of the Company, comprising issued capital, reserves and retained deficit as disclosed. The Company manages its capital structure and makes adjustments to it, in light of economic conditions and the strategy approved by shareholders. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares and release the Company’s share premium account. No changes were made in the objectives, policies or processes during the year ended 31 March 2023 and 31 March 2022. Share capital and premium The Company is authorized to issue an unlimited number of nil par value shares of a single class. The Company may issue fractional shares and a fractional share shall have the corresponding fractional rights, obligations and liabilities of a whole share of the same class or series of shares. Shares may be issued in one or more series of shares as the Directors may by resolution determine from time to time. Each share in the Company confers upon the shareholder: ● the right to one vote at a meeting of the shareholders or on any resolution of shareholders; ● the right to an equal share in any dividend paid by the Company; and ● the right to an equal share in the distribution of the surplus assets of the Company on its liquidation. The Company may by resolution of the Directors redeem, purchase or otherwise acquire all or any of the shares in the Company subject to regulations set out in the Company’s Articles of Incorporation. On May 22, 2023, there was a share consolidation of 65 to 1. Authorized The Company is authorized to issue an unlimited number of nil par value shares of a single class. SCHEDULE OF AUTHORIZED ISSUE UNLIMITED NUMBER OF PAR VALUE SHARES Shares Share capital Issued ordinary shares of US$0.00 each Number $ At 31 March 2021 672,816,302 111,629,173 Exercise of warrants 386.512.756 3,470,940 Conversion of CLN 315,086,410 8,876,397 At 31 March 2022 1,374,415,468 123,976,510 Issue of share (IPO) – May 2022 40,625,000 2,500,000 Issue of share (IPO) – Cost of fundraising – May 2022 - (742,979 ) Expenses settled in shares 2,177,500 86,028 Issue of share (IPO) – March 2023 241,574,381 5,741,335 Issue of share (IPO) – Cost of fundraising – March 2023 - (175,000 ) At 31 March 2023 1,658,792,349 131,385,892 Issuance of ordinary shares In May 2021, 36,363,636 0.0135 In May 2021, 72,000,000 0.0055 In May 2021, 76,605,760 0.004 In May 2021, 73,304,650 0.085 In May 2021, 39,605,760 0.004 In February 2022, 165,176,000 0.004 In February 2022, 238,543,360 In May 2022, 40,625,000 0.05 In February 2023, 2,177,500 0.03 In March 2023, 241,574,381 0.019 Share options reserve The share-based payment reserve for options represents the cost to issue share-based compensation, primarily share options, based on their grant date fair value. Share warrants reserve The share-based payment reserve for warrants represent the cost to issue warrants based on their grant date fair value. Convertible Loan Note reserve The convertible loan note reserve represents the proceeds received on issuance of convertible loan notes classified as equity instruments, accrued interest and any relative fair value adjustments. Retained Deficit reserve Retained deficit represent the cumulative profits/(losses) of the entity which have not been distributed to shareholders. Translation reserve The translation reserve represents the unrealised gains or losses from the foreign currency translation of Companies within the Group. Dividends The Directors paid no Transfer between equity reserves The company affected a transfer between reserves in equity in order to align the values of the equity reserves on a relative fair value basis. The total amount recorded in equity remains unaltered. |
SHARE OPTIONS AND WARRANTS
SHARE OPTIONS AND WARRANTS | 12 Months Ended |
Mar. 31, 2023 | |
SHARE OPTIONS AND WARRANTS | 14. SHARE OPTIONS AND WARRANTS Options The Company operates share-based payment arrangements to remunerate Directors and key employees in the form of a share option scheme. It also issues options in lieu of fees to key suppliers and collaborators. The exercise price of the option is normally equal to the market price of an ordinary share in the Company at the date of grant. Note that the information presented below does not reflect the 65 to 1 consolidation which took place after 31 March 2023. SCHEDULE OF OPTIONS OUTSTANDING AND WEIGHTED AVERAGE EXERCISE PRICE 2023 2022 Options Weighted Options Weighted Outstanding at 1 April 72,400,000 7.49 60,750,000 6.90 Granted 39,820,000 1.61 28,150,000 8.41 Forfeited (1,950,000 ) - (16,500,000 ) 5.91 Exercised - - - - Outstanding at 31 March 110,270,000 5.93 72,400,000 7.49 Exercisable at 31 March 35,155,666 6.79 14,437,500 7.36 2021 Options Weighted Outstanding at 1 April 19,500,000 5.58 Granted 42,250,000 7.31 Forfeited (750,000 ) 6.21 Exercised (250,000 ) 6.21 Outstanding at 31 March 60,750,000 6.90 Exercisable at 31 March 9,250,000 6.21 During the year ending 31 March 2023, no no The total outstanding fair value charge of the share option instruments is deemed to be approximately $ 1,649,386 2,072,515 1,273,716 1,718,727 12,412 19,149 The weighted average contractual life of options outstanding at March 31, 2023 is 5.73 7.77 Share options outstanding at the end of the year have the following expiry dates and exercise prices: SCHEDULE OF SHARE OPTIONS OUTSTANDING EXPIRY DATES AND EXERCISE PRICES Grant Date Expiry Date Exercise Price Share Options as at 31 March 2023 6 July 2018 6 July 2025 4.5 2,000 20 August 2020 19 August 2028 15.5 750 6 January 2021 5 January 2031 5 40,000 12 January 2021 11 January 2031 7.9 1,500 15 April 2021 15 April 2031 7.88 5,000 31 August 2021 31 August 2031 4.9 14,400 31 January 2022 30 January 2032 8.0 8,750 1 August 2022 31 July 2027 5.0 650 20 September 2022 19 September 2027 5.0 1,820 22 November 2022 23 November 2022 6.3 5,000 14 March 2023 13 March 2027 2.5 30,400 Total 110,270 Fair value of options granted The Directors have used the Black-Scholes option pricing model to estimate the fair value of most of the options applying the assumptions below. Historical volatility relies in part on the historical volatility of a group of peer companies that management believes is generally comparable to the Company and in part on the company’s own share price volatility. Where sufficient historical data is available, the Company uses its own share price to calculate volatility. The Company has not paid any dividends on share capital since its inception and does not anticipate paying dividends on its share capital in the foreseeable future. The Company has estimated a forfeiture rate of zero. The model inputs for options granted during the year ended 31 March 2023 valued under the Black Scholes Valuation model are: SCHEDULE OF SHARE BASED PAYMENT AWARD MODEL INPUTS OPTIONS GRANTED Grant Date 1 August 2022 20 September 2022 22 November 2022 14 March 2023 Grant date share price 5 p 5 p 6.3 p 2.5 p Exercise share price 5 p 5 p 6.3 p 2.5 p Vesting periods 25% each quarter 100% in one year Fully vested 25% over four years Risk free rate 1.47 % 3.26 % 3.16 % 3.2 % Expected volatility 81.2 % 81.8 % 68.3 % 125 % Option life 2 2 2 4 The model inputs for options granted during the year ended 31 March 2022 valued under the Black Scholes Valuation model are: Grant Date 15 April 2021 31 August 2021 31 January 2022 Grant date share price 7.7 p 4.9 p 4.8 p Exercise share price 7.9 p 4.9 p 8.0 p Vesting periods 25% each year 25% each year 1.25m options vest 33% each year and 7.5m options have developmental milestone performance conditions Risk free rate 0.35 % 0.30 % 0.97 % Expected volatility 80.20 % 77.7 % 83.0 % Option life 5 5 5 Warrants As part of the acquisition of the OK-101 project, the underlying scientific founders of the OK-101 Project (inukshuk Holdings), who will continue to be involved in the development of the Project, received 35,000,000 warrants as consideration. The warrants are exercisable at a price of 4.5 pence each and are split into four distinct tranches and each tranche becomes exercisable upon satisfaction of a specific developmental milestone. The warrants are currently exercisable until 17 July 2023 . In May 2019, warrants were granted over 36,363,636 1.35 In March 2020, warrants were granted over 40,000,000 0.55 0.012 39,400,000 In March 2020, warrants were granted over 35,825,130 0.55 In April 2020, warrants were granted over 36,174,870 0.55 In May 2020, warrants were granted over 909,090 2.75 In July 2020, warrants were granted over 750,000 14 In May 2021, warrants were granted over 76,605,760 0.4 39,605,760 37,000,000 0.012 36,445,000 In February 2022, warrants were granted over 165,176,000 0.4 165,176,000 0.012 162,698,360 No 147,969,396 1,045,332 147,969,396 242,716,000 238,543,360 SCHEDULE OF WARRANTS OUTSTANDING AND WEIGHTED AVERAGE EXERCISE PRICE 31 March 2023 31 March 2022 Warrants Weighted Average exercise price (cents) Warrants Weighted Average exercise price (cents) Outstanding at 1 April 36,659,090 6.11 185,022,726 2.1 Granted - - 241,781,760 0.5 Exercised - - (390,145,396 ) 0.7 Outstanding at 31 March 36,659,090 6.11 36,659,090 6.11 Exercisable at 31 March 909,090 3.40 1,659,090 10.30 The Directors have estimated the fair value of the warrants in services provided using the Black-Scholes valuation model based on the assumptions below. The model inputs for warrants granted during the year ended 31 March 2022 valued under the Black Scholes Valuation model included: SCHEDULE OF INPUTS FOR WARRANTS GRANTED 29 May 2020 Grant date share price 1.75 p Exercise share price 0.4 p Risk free rate 0.25 % Expected volatility 79.6 % Expected life 3 The remaining fair value of the warrant instruments is deemed to be approximately $ 11,194 43,348 28,963 61,721 |
CONVERTIBLE INSTRUMENTS CLASSIF
CONVERTIBLE INSTRUMENTS CLASSIFIED AS EQUITY | 12 Months Ended |
Mar. 31, 2023 | |
CONVERTIBLE INSTRUMENTS CLASSIFIED AS EQUITY | 15. CONVERTIBLE INSTRUMENTS CLASSIFIED AS EQUITY The Company has raised convertible equity finance via the issuance of convertible loan notes as per the table below. All notes are not convertible into cash and are convertible on the fourth anniversary of the date of issue of the Notes, or at the election of the noteholder on completion of the next non-qualifying equity financing or on the making of a takeover offer for the Company (as defined in the City Code on Takeovers and Mergers), and such election may be made on an immediate basis or conditional on any such takeover offer being declared, or becoming, unconditional. SCHEDULE OF ISSUANCE OF CONVERTIBLE LOAN Date Terms Amount $ 29 May 2020 ● 20 0.4 0.4 5 541,239 Fees relating to equity fundraise 29 May 2020 issued as CLN ● 20 0.4 0.4 5 32,474 27 July 2020 ● 2.15 8.5 4,506,446 17 August 2020 ● 2.15 8.5 1,882,641 3 September 2020 ● 2.15 8.5 663,055 Fees relating to all other equity fundraise issued as CLN ● 2.15 8.5 525,922 8,151,777 All noteholders were offered the option to convert during the year ended March 31, 2022 and any conversions took place on May 7, 2021 and February 21, 2022. Loan note holders were offered conversions including the full interest that would have been accrued had the note reached its full term. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Mar. 31, 2023 | |
FINANCIAL INSTRUMENTS | 16. FINANCIAL INSTRUMENTS The main risks arising from the Group’s financial instruments are liquidity risk, interest rate risk and credit risk. The Directors regularly review and agree policies for managing each of these risks which are summarized below. Liquidity risk The Group’s policy is to regularly monitor current and expected liquidity requirements to ensure that it maintains sufficient reserves of cash to meet its liquidity requirements in the short and long term. The Group ordinarily finances its activities through cash generated from by private and public offerings of equity and debt securities. The table below summarizes the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments: SUMMARY OF FINANCIAL LIABILITIES BASED ON CONTRACTUAL UNDISCOUNTED PAYMENTS $ Less than 3 3 to 12 Total Group 2023 $ Less than 3 3 to 12 Total Trade and other payables 990,870 1,461,937 2,452,807 Related party payables - 2,994,302 2,994,302 Total 990,870 4,456,239 4,456,239 $ Less than 3 3 to 12 Total Group 2022 $ Less than 3 3 to 12 Total Trade and other payables 649,624 92,186 741,810 Related party payables 47,041 - 47,041 Total 696,665 92,186 788,851 Credit risk Credit risk is managed on a Group basis. Credit risk arises principally from cash and cash equivalents and deposits with banks and financial institutions.as well as outstanding receivables. The Group reviews its banking arrangements carefully to minimize such risks and currently has no customers and therefore this risk is viewed as minimal. Management monitor loans between members of the Group as part of their internal reporting and assess outstanding receivables for ability to be repaid. Interest rate risk The Group has limited exposure to interest-rate risk arising from its bank deposits and convertible loan note instruments. These deposit accounts are held at variable interest rates based on Barclays Bank plc and Pennsylvania State Bank base rates. The Directors do not consider the impact of possible interest rate changes based on current market conditions to be material to the net result for the year or the equity position at the year-end for either the year ended 31 March 2023 or 31 March 2022. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Mar. 31, 2023 | |
RELATED PARTY TRANSACTIONS | 17. RELATED PARTY TRANSACTIONS All related party transactions occurred in the normal course of operations. Tiziana Life Sciences Ltd Tiziana Life Sciences Ltd is a related party as the entity is controlled by a person that has significant influence over the Group. The Company shares premises and other resources with Tiziana Life Sciences Ltd and there is a shared services agreement in place between the Company and Tiziana Life Sciences Ltd. As at 31 st 159,501 107,132 184,150 47,041 Tiziana Life Sciences Ltd also paid other invoices on behalf of the Company. As at March 31, 2023, Tiziana had paid $ 433,140 230,000 In August 2022, Tiziana Life Sciences Ltd issued a short-term credit facility to OKYO Pharma for $ 2 The loan is available for a period of 6 months upon first draw-down and carries an interest rate of 16 4 98,627 2,207,209 In February 2023, Tiziana Life Sciences Ltd issued an additional short-term credit facility to OKYO Pharma for $ 0.5 488,009 7,902 7,902 Directors At March 31, 2023, the Company owed Gabriele Cerrone $ 61,736 96,872 25,000 96,872 At March 31, 2023, the Company owed John Brancaccio $ 3,293 |
BASIC AND DILUTED LOSS PER SHAR
BASIC AND DILUTED LOSS PER SHARE | 12 Months Ended |
Mar. 31, 2023 | |
BASIC AND DILUTED LOSS PER SHARE | 18. BASIC AND DILUTED LOSS PER SHARE Basic loss per share is calculated by dividing the loss attributable to equity holders of the Group by the weighted average number of ordinary shares in issue during the year. In May 2023, the company delisted from the Main Market of the London Stock Exchange and carried out a share consolidation of 65 to 1. The weighted average number of ordinary shares in issue shown below has been retrospectively adjusted to reflect this share consolidation (see note 23 Post balance sheet events). SUMMARY OF INCOME AND SHARE DATA USED IN THE BASIC AND DILUTED LOSS PER SHARE COMPUTATIONS Year ended 2023 2022 (Loss) attributable to equity holders of the company ($) (13,271,685 ) (5,431,045 ) Weighted average number of ordinary shares in issue (adjusted) 22,257,058 15,064,813 Basic and dilutive loss per share (dollars per share) (0.61 ) (0.36 ) Year ended 2021 (Loss) attributable to equity holders of the company ($) (3,353,507 ) Weighted average number of ordinary shares in issue (adjusted) 10,350,271 Basic and dilutive loss per share (dollars per share) (0.32 ) As the Group is reporting a loss from continuing operations for the year then, in accordance with IAS 33, the share options are not considered dilutive because the exercise of the share options would have an anti-dilutive effect. The basic and diluted earnings per share as presented on the face of the Statement of comprehensive income are therefore identical. |
SHARE CONSOLIDATION
SHARE CONSOLIDATION | 12 Months Ended |
Mar. 31, 2023 | |
Share Consolidation | |
SHARE CONSOLIDATION | 18A. SHARE CONSOLIDATION In May 2023, the company delisted from the Main Market of the London Stock Exchange and carried out a share consolidation of 65 to 1 |
LEASES
LEASES | 12 Months Ended |
Mar. 31, 2023 | |
LEASES | 19. LEASES The Group is a lessee and does not have any leases as a lessor. All leases are accounted for by recognising a right-of-use asset and a lease liability except for: ● Leases of low value assets; and ● Leases with a duration of 12 months or less. The Group has leases for its offices. Each lease is reflected on the balance sheet as a right-of-use asset and a lease liability. The Group does not have leases of low value assets. Variable lease payments which do not depend on an index or a rate (such as lease payments based on a percentage of Group sales) are excluded from the initial measurement of the lease liability and asset. The Group classifies its right-of-use assets in a consistent manner to its property, plant and equipment. For leases over office buildings and factory premises the Group must keep those properties in a good state of repair and return the properties in their original condition at the end of the lease. During the year to March 31, 2022, the Group entered into new lease agreement on its existing office. The new leases has a term shorter than 12 months, so the Group has applied the exemption allowed by paragraph 5a in IFRS 16 in respect of short term leases. SCHEDULE OF RIGHT OF USE ASSETS AND LEASE LIABILITY Right-of-use assets Property At 1 April 2022 - Derecognition of right of use asset - Impact of Foreign exchange - At 31 March 2023 - $ At 1 April 2021 98,579 Derecognition of right of use asset (97,553 ) Impact of Foreign exchange (1,026 ) At 31 March 2022 - Lease Liabilities 31 March 2023 31 March 2022 $ $ At 1 April - 98,760 Lease Liabilities, beginning balance - 98,760 Interest expense - Lease payments - - Impact of foreign exchange - (1,207 ) Derecognition of lease liability - (97,553 ) Early Termination write off - - Additions - - Interest expense - - Lease payments - - Lease Liabilities, ending balance - - Operating leases At March 31, 2023 and March 31, 2022, the company had annual commitments under non-cancellable operating leases: SCHEDULE OF CONTRACTUAL MATURITIES OF LEASE LIABILITIES Operating leases which expire: 31 March 2023 31 March 2022 $ $ Within one year - 18,713 - 18,713 |
AUDITOR_S RENUMERATION
AUDITOR’S RENUMERATION | 12 Months Ended |
Mar. 31, 2023 | |
AUDITOR’S RENUMERATION | 20. AUDITOR’S RENUMERATION During the period, the group obtained the following services from the company’s auditors PKF, our independent registered public accounting firm and Mazars, our previous independent registered public accounting firm.: SCHEDULE OF COMPANY AUDITORS FEES Mazars LLP 31 March 2023 31 March 2022 31 March 2021 $ $ $ Fees payable to the company’s auditors for the audit of the parent company and consolidated financial statements 106,927 200,773 58,874 Fees payable to the company’s auditors for other services: Audit-related assurance services 227,208 148,892 72,637 Total auditor’s remuneration 334,135 349,665 131,511 PKF Littlejohn LLP 31 March 2023 31 March 2022 31 March 2021 $ $ $ Fees payable to the company’s auditors for the audit of the parent company and consolidated financial statements 120,557 - - Fees payable to the company’s auditors for other services: Audit-related assurance services - - - Total auditor’s remuneration 120,557 - - |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Mar. 31, 2023 | |
CASH AND CASH EQUIVALENTS | 21. CASH AND CASH EQUIVALENTS Cash and cash equivalents consist of the following: SCHEDULE OF CASH AND CASH EQUIVALENT 31 March 2023 31 March 2022 $ $ Cash at bank and in hand: GBP 471,974 2,400,817 USD 3,573,407 299,907 4,045,381 2,700,724 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Mar. 31, 2023 | |
COMMITMENTS AND CONTINGENCIES | 22. COMMITMENTS AND CONTINGENCIES The Group’s main financial commitments relate to the contractual payments in respect of its licensing agreements. Due to the uncertain nature of scientific research and development and the length of time required to reach commercialisation of the products of this research and development, pre-clinical, clinical and commercial milestone obligations are not detailed until there is a reasonable certainty that the obligation will become payable. Contractual commitments are detailed where amounts are known and certain. ● OK-101 – We are obligated to pay to On Target Therapeutics the following additional amounts in respect of the first licensed product or service which achieves the stated development milestones: (a) First Patient Enrolled in a Phase I Human Clinical trial $ 300,000 (b) First Patient Enrolled in a Phase II Human Clinical trial $ 600,000 (c) First Patient Enrolled in a Phase III Human Clinical trial $ 1,500,000 ● BAM8 – The Group are committed to paying an annual license maintenance fee until the first commercial sale. The annual license maintenance fee is $ 15,000 10,000 |
POST BALANCE SHEET EVENTS
POST BALANCE SHEET EVENTS | 12 Months Ended |
Mar. 31, 2023 | |
POST BALANCE SHEET EVENTS | 23. POST BALANCE SHEET EVENTS On May 22, 2023, the Company delisted from the standard segment of the Main Market of the London Stock Exchange and had a sole listing on the NASDAQ capital market. In conjunction with the delisting, there was a share consolidation of 65 to 1. The share consolidation has been reflected in our disclosures of basic and diluted loss per share as disclosed in note 18 in accordance with IAS 33. On June 6, 2023, the Company announced that patients are now being dosed in the randomized portion of the phase 2, multi-center, double-masked, placebo-controlled trial of topical ocular OK-101 to treat DED. On May 24, 2023, the Company extended the life of its outstanding warrants to July 12, 2026. All other terms remained unchanged. |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
Basis of preparation | Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), IFRIC interpretations and the Companies (Guernsey) Law 2008 as applicable to companies reporting under IFRS. |
Basis of measurement | Basis of measurement |
Going Concern | Going Concern The Group has experienced net losses and significant cash outflows from cash used in operating activities over the past years, and as of March 31, 2023, had an accumulated deficit of $ 125.7 109 13.3 7.7 The Directors have prepared cash flow projections that include the costs associated with the continued clinical trials and additional investment to fund that operation. On the basis of those projections, the directors conclude that the company will not be able to meet its liabilities as they fall due within the next 12 months from the date when these financial statements are issued. The cash balance as at 1 August 2023 is approximately $ 1 7.8 The Directors are however aware, through their own extensive experience in the sector, that this position is not uncommon in the context of a pre-revenue life sciences company principally involved in cash consuming research and development activity. The Directors took strategic advantage of the opportunity to dual list the Company on NASDAQ in May 2022 in order to be able to access potential liquidity in the US, which is generally a more favorable environment for life sciences companies to raise money and where there are more specialist investors focused on early-stage opportunities. The Company raised $2.5m as part of the NASDAQ IPO and more recently raised an additional $5.7m in March 2023 through a private placement to management, new and existing investors. The top line data for the clinical trial is expected in Q4 2023 and the Directors are taking steps to put engagements and plans into place to ensure that sufficient funds will be forthcoming. These steps include possible deferred payments of existing liabilities, working capital cost reductions and raising additional equity. Until and unless the Group and Company secures sufficient investment to fund their clinical pipeline, there is a material uncertainty that may cast significant doubt on the Group and Company’s ability to continue as a going concern, and therefore, that it may be unable to realize its assets and discharge its liabilities in the normal course of business. Despite this material uncertainty, the Directors conclude that it is appropriate to continue to adopt the going concern basis of accounting as the Directors are confident, based on the previous fund-raising history as well as additional measures being planned, that sufficient funds will be forthcoming and accordingly they have prepared these financial statements on a going concern basis. New and Revised Standards Standards in effect in 2023 There are no new IFRS standards, amendments to standards or interpretations that are mandatory for the financial year beginning on April 1, 2022, that are relevant to the Group or that have had any material impact in the year to March 31, 2023. New standards, amendments to standards and interpretations that are not yet effective, have been deemed by the Group as currently not relevant, and not likely to have a material impact on the Group, and hence are not listed here. |
Basis of consolidation | Basis of consolidation Subsidiary undertakings are all entities over which the Group exercises control. The Group has control when it can demonstrate all of the following: (a) power over the investee; (b) exposure, or rights, to variable returns from its involvement with the investee; and (c) the ability to use its power over the investee to affect the amount of the investor’s return. The existence and effect of both current voting rights and potential voting rights that are currently exercisable or convertible are considered when assessing whether control of an entity is exercised. Subsidiaries are consolidated from the date at which the Group obtains control and are de-consolidated from the date at which control ceases. Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated upon consolidation. Unrealised losses are also eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. |
Segment reporting | Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the Board. The Board allocates resources to and assess the performance of the segments. The Board considers there to be only one operating segment being the research and development of biotechnological and pharmaceutical products. |
Taxation | Taxation The tax credit for the year represents the total of current taxation and deferred taxation. The credit in respect of current taxation is based on the estimated taxable loss for the year. Taxable profit or loss for the year is based on the profit or loss as shown in the statement of comprehensive income, as adjusted for items of income or expenditure which are not deductible or chargeable for tax purposes. The current tax asset for the year is calculated using tax rates which have either been enacted or substantively enacted at the balance sheet date. Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and expected to apply when the related deferred tax is realised, or the deferred liability is settled. Deferred tax assets are recognised to the extent that it is probable that the future taxable profit will be available against which the temporary differences can be utilised. In the current year, Research and Development tax credits are not provided for and are recognized when received. This change in policy is as a result of the UK tax authority’s new regime of reviewing nearly every tax claim it receives. Prior to the current year, Research and Development tax credits were provided for the year that the costs were incurred. These were estimated based on eligible research and development expenditure. Any difference rebated are recognized when the cash is received from the UK tax authorities. |
Foreign currency translation | Foreign currency translation Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency), which is Pounds sterling. The consolidated financial statements are presented in US dollars, which is the Group’s presentation currency. Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. The financial statements are translated into US dollars on the following basis: ● Assets and liabilities at the rate of exchange ruling at the year-end date. ● Profit and loss account items at the average rate of exchange for the year. Exchange differences arising from the translation of the net investment in foreign entities, borrowings and other currency instruments designated as hedges of such investments, are taken to equity (and recognized in the statement of comprehensive income) on consolidation. |
License fees | License fees Payments related to the acquisition of rights to a product or technology are capitalised as intangible assets if it is probable that future economic benefits from the asset will flow to the Group and the cost of the asset can be reliably measured. Payments made which provide the right to perform research are carefully evaluated to determine whether such payments are to fund research or acquire an asset. Licence fees expenses are recognised as incurred. |
Research and development | Research and development All on-going research and development expenditure is currently expensed in the period in which it is incurred. Due to the regulatory environment inherent in the development of the Group’s products, the criteria for development costs to be recognised as an asset, as set out in IAS 38 ‘Intangible Assets’, are not met until a product has been granted regulatory approval and it is probable that future economic benefit will flow to the Group. The Group currently has no such qualifying expenditure. |
Financial instruments | Financial instruments The Group classifies a financial instrument, or its component parts, as a financial liability, a financial asset or an equity instrument in accordance with the substance of the contractual arrangement and the definitions of a financial liability, a financial asset and an equity instrument. The Group evaluates the terms of the financial instrument to determine whether it contains an asset, a liability or an equity component. Such components shall be classified separately as financial assets, financial liabilities or equity instruments. A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. (a) Financial assets, initial recognition and measurement and subsequent measurement At initial recognition financial assets are measured at their fair value. Subsequent measurement depends on their classification. Financial assets such as receivables, cash and cash equivalents and deposits are subsequently measured at amortized cost using the effective interest method, less loss allowance. The Group does not hold any financial assets at fair value through profit or loss or fair value through other comprehensive income. (b) Financial liabilities, initial recognition and measurement and subsequent measurement At initial recognition, financial liabilities are measured at their fair value minus, if appropriate, any transaction costs that are directly attributable to the issue of the financial liability. All financial liabilities are subsequently measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss. The Group’s financial liabilities include trade and other payables. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents comprise cash at bank and on hand. |
Impairment | Impairment Impairment of financial assets measured at amortised cost At each reporting date the Group recognises a loss allowance for expected credit losses on financial assets measured at amortised cost. In establishing the appropriate amount of loss allowance to be recognised, the Group applies either the general approach or the simplified approach, depending on the nature of the underlying group of financial assets. General approach The general approach is applied to the impairment assessment of refundable lease deposits and other refundable lease contributions, restricted cash and cash and cash equivalents. Under the general approach the Group recognises a loss allowance for a financial asset at an amount equal to the 12-month expected credit losses, unless the credit risk on the financial asset has increased significantly since initial recognition, in which case a loss allowance is recognised at an amount equal to the lifetime expected credit losses. Simplified approach The simplified approach is applied to the impairment assessment of trade receivables. Under the simplified approach the Group always recognises a loss allowance for a financial asset at an amount equal to the lifetime expected credit losses. Impairment of non-financial assets i) Non-financial assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. ii) Non-financial assets are impaired when their carrying amount exceeds the recoverable amount. The recoverable amount is measured as the higher of fair value less cost of disposal and value in use. The value in use is calculated as being net projected cash flows based on financial forecasts discounted back to present value. |
Share capital | Share capital Ordinary shares of the Company are classified as equity. |
Property, plant and equipment | Property, plant and equipment (i) Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Costs include expenditures that are directly attributable to the acquisition of the asset. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Gains and losses on disposal of an item of property, IT and equipment are determined by comparing the proceeds from disposal with the carrying amount of property, IT and equipment, and are recognized in profit or loss. When revalued assets are sold, the amounts included in the revaluation reserve are transferred to retained earnings. (ii) Depreciation Depreciation is calculated on the depreciable amount, which is the cost of an asset, less its residual value. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful life of each part of an item of property, plant and equipment. The estimated useful lives for the current period and the comparative period are as follows: DISCLOSURE OF ESTIMATED USEFUL LIVES IT and equipment 3 Depreciation methods, useful lives and residual values are reviewed at each reporting date. Depreciation is allocated to the operating expenses line of the statement of comprehensive income. |
Leases | Leases All leases are accounted for by recognising a right-of-use asset and a lease liability except for: ● Leases of low value assets; and ● Leases with a duration of 12 months or less. The Group has leases for its offices. Each lease is reflected on the balance sheet as a right-of-use asset and a lease liability. The Group does not have any leases of low value assets. Variable lease payments which do not depend on an index or a rate (such as lease payments based on a percentage of Group sales) are excluded from the initial measurement of the lease liability and asset. The Group classifies its right-of-use assets in a consistent manner to its property, plant and equipment (see Note 10). At lease commencement date, the Group recognises a right-of-use asset and a lease liability in its consolidated statement of financial position. The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the Group, an estimate of any costs to dismantle and remove the asset at the end of the lease, and any lease payments made in advance of the lease commencement date (net of any incentives received). The Group depreciates the right-of-use asset on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Group also assesses the right-of-use asset for impairment when such indicators exist. At the commencement date, the Group measures the lease liability at the present value of the lease payments unpaid at that date, discounted using the Group’s incremental borrowing rate because as the lease contracts are negotiated with third parties it is not possible to determine the interest rate that is implicit in the lease. The incremental borrowing rate is the estimated rate that the Group would have to pay to borrow the same amount over a similar term, and with similar security to obtain an asset of equivalent value. This rate is adjusted should the lessee entity have a different risk profile to that of the Group. Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed), variable payments based on an index or rate, amounts expected to be payable under a residual value guarantee and payments arising from options reasonably certain to be exercised. Subsequent to initial measurement, the liability will be reduced by lease payments that are allocated between repayments of principal and finance costs. The finance cost is the amount that produces a constant periodic rate of interest on the remaining balance of the lease liability. Short term leases exempt from IFRS 16 are classified as operating leases. Payments made under operating leases are recognised in profit and loss on a straight-line basis over the term of the lease. |
Share based payments | Share based payments The calculation of the fair value of equity-settled share based awards and the resulting charge to the statement of comprehensive income requires assumptions to be made regarding future events and market conditions. These assumptions include the future volatility of the Company’s share price. These assumptions are then applied to a recognized valuation model in order to calculate the fair value of the awards. Where employees, Directors or advisers are rewarded using share based payments, the fair value of the employees’, Directors’ or advisers’ services are determined by reference to the fair value of the share options/warrants awarded. Their value is appraised at the date of grant and excludes the impact of any nonmarket vesting conditions (for example, profitability and sales growth targets). In accordance with IFRS 2, a charge is made to the statement of comprehensive income for all share-based payments including share options based upon the fair value of the instrument used and warrants issued in return for services. A corresponding credit is made to a share based payment reserve – options, in the case of options awarded to employees, Directors, advisers and other consultants. A corresponding credit is made to a share based payment reserve – warrants, in the case of warrants issued in return for services. |
Warrants | Warrants Warrants are issued by the Group in return for services and as part of a financing transaction. Warrants issued in return for services. Warrants issued in return for services fall within scope of IFRS 2 and are classified as a share-based payment. The share-based payment is measured at fair value and charged to the Statement of comprehensive income. There is no remeasurement of fair value. Warrants issued as part of a financing transaction. Warrants issued as part of a financing transaction fall outside the scope of IFRS 2. These are classified as equity instruments because a fixed amount of cash is exchanged for a fixed amount of equity. The relative fair value is recognised within equity and is not remeasured. Classification of these instruments is governed by the so-called ‘fixed’ test for non-derivatives, and the ‘fixed for fixed’ test for derivatives. Under the fixed test, a non-derivative contract will qualify for equity classification only where there is no contractual obligation for the issuer to deliver a variable number of its own equity instruments. Under the fixed for fixed test, a derivative will qualify for equity classification only where it will be settled by the issuer exchanging a fixed amount of cash or another financial asset for a fixed number of its own equity instruments. Warrants issued by the Company as part of a financing transaction, are classified as equity instruments because a fixed amount of cash is exchanged for a fixed amount of equity of the Company. No other features exist that would result in financial liability classification. |
Convertible loan notes | Convertible loan notes The Group issues Convertible loan notes which can be classified as equity or a liability depending on whether the fixed for fixed condition is met or not. Where the fixed for fixed condition is met The Group classifies convertible loan notes that meet the fixed for fixed condition as equity instruments and records the principal of the loan note as equity in a Convertible loan note reserve. The accrued interest on the principal amount is also recorded in the Convertible loan note reserve as it is convertible into equity. Upon redemption of the instrument and the issue of share capital, the amount is reclassified from the convertible loan note reserve to share capital and share premium. |
Fair Value Measurement | Fair Value Measurement Management have assessed the categorization of the fair value measurements using the IFRS 13 fair value hierarchy. Categorization within the hierarchy has been determined on the basis of the lowest level of input that is significant to the fair value measurement of the relevant asset as follows; Level 1 - valued using quoted prices in active markets for identical assets; Level 2 - valued by reference to valuation techniques using observable inputs other than quoted prices included within Level 1; Level 3 - valued by reference to valuation techniques using inputs that are not based on observable market data. |
RECLASSIFICATION OF PRIOR YEAR PRESENTATION | 2A. RECLASSIFICATION OF PRIOR YEAR PRESENTATION Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. For a more accurate representation of research and development expenses, an adjustment has been made to the Consolidated statement of Operations and comprehensive loss for the years ended March 31, 2022, and March 31, 2021, to reclassify patent related expenditure to research and development expenses from operating expenses. The impact of the reclassification on the Group’s Consolidated statement of operations and comprehensive loss is as follows: SCHEDULE OF RECLASSIFICATION OF CONSOLIDATED STATEMENT OF OPERATIONS Consolidated statement of operations and comprehensive loss Year ending 31 March 2022 As Previously reported Adjustment As restated $ $ $ Research and development (1,301,178 ) (308,380 ) (1,609,558 ) Operating expenses (4,916,388 ) 308,380 (4,608,008 ) Total operating expenses (6,217,566 ) - (6,217,566 ) Total Comprehensive loss for the year (6,268,197 ) - (6,268,197 ) Consolidated statement of operations and comprehensive loss Year ending 31 March 2021 As Previously reported Adjustment As restated $ $ $ Research (173,821 ) (174,526 ) (348,347 ) Operating expenses (3,192,358 ) 174,526 (3,017,859 ) Total operating expenses (3,366,206 ) - (3,366,206 ) Total Comprehensive loss for the period (3,007,142 ) - (3,007,142 ) |
ACCOUNTING POLICIES (Tables)
ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
DISCLOSURE OF ESTIMATED USEFUL LIVES | The estimated useful lives for the current period and the comparative period are as follows: DISCLOSURE OF ESTIMATED USEFUL LIVES IT and equipment 3 |
SCHEDULE OF RECLASSIFICATION OF CONSOLIDATED STATEMENT OF OPERATIONS | The impact of the reclassification on the Group’s Consolidated statement of operations and comprehensive loss is as follows: SCHEDULE OF RECLASSIFICATION OF CONSOLIDATED STATEMENT OF OPERATIONS Consolidated statement of operations and comprehensive loss Year ending 31 March 2022 As Previously reported Adjustment As restated $ $ $ Research and development (1,301,178 ) (308,380 ) (1,609,558 ) Operating expenses (4,916,388 ) 308,380 (4,608,008 ) Total operating expenses (6,217,566 ) - (6,217,566 ) Total Comprehensive loss for the year (6,268,197 ) - (6,268,197 ) Consolidated statement of operations and comprehensive loss Year ending 31 March 2021 As Previously reported Adjustment As restated $ $ $ Research (173,821 ) (174,526 ) (348,347 ) Operating expenses (3,192,358 ) 174,526 (3,017,859 ) Total operating expenses (3,366,206 ) - (3,366,206 ) Total Comprehensive loss for the period (3,007,142 ) - (3,007,142 ) |
OPERATING EXPENSES (Tables)
OPERATING EXPENSES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
SCHEDULE OF OPERATING EXPENSES | Operating expenses are stated after charging: SCHEDULE OF OPERATING EXPENSES Group 2023 $ 2022 $ 2021 $ Year Ended March 31, Group 2023 $ 2022 $ 2021 $ Director fees including bonus (excluding Chairman’s bonus) 910,403 707,385 278,224 Chairman’s bonus 300,000 - 1,160,347 Auditor’s Remuneration (refer to Note 20) * 454,692 349,665 131,511 Legal and Professional fees 1,432,926 1,143,300 343,422 (Gain)/Loss on disposal of leases - (179 ) - FX Gains and losses 99,930 (13,577 ) 200,061 Depreciation 3,797 2,423 1,512 * This has been restated for presentational purposes only to include audit-related assurance services in addition to fees payable to the company’s auditors for the audit of the parent company (being OKYO Pharma Limited) and consolidated financial statements. Refer to note 20 where details of auditor’s remuneration has been disclosed. This has no impact on the primary financial statements. |
EMPLOYEES INCLUDING OFFICERS,_2
EMPLOYEES INCLUDING OFFICERS, EXECUTIVE AND NON-EXECUTIVE DIRECTORS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Employees Including Officers Executive And Non-executive Directors | |
DISCLOSURE OF EMPLOYEES COST AND NUMBER OF EMPLOYEES EXPLANATORY | DISCLOSURE OF EMPLOYEES COST AND NUMBER OF EMPLOYEES EXPLANATORY 2023 2022 2021 Year ended March 31, 2023 $ 2022 $ 2021 $ Group Staff costs comprised: Directors’ salaries 1,204,285 707,385 1,438,571 Wages and salaries 548,328 323,186 121,702 Social security costs 151,967 84,449 9,543 Recruitment costs 13,750 14,259 12,922 Total employee benefits expense 1,918,330 1,129,279 1,582,739 The average monthly number of employees, including directors, employed by the group during the years ending March 31, 2023, March 31, 2022, and March 31, 2021 were: Research and Development 2 2 1 Corporate and administration 6 5 5 8 7 6 |
REMUNERATION OF KEY MANAGEMEN_2
REMUNERATION OF KEY MANAGEMENT PERSONNEL (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
SCHEDULE OF REMUNERATION OF DIRECTORS | Directors of the Group and Company received the following remuneration during the years ending March 31 2023 and 2022: SCHEDULE OF REMUNERATION OF DIRECTORS Year ended March 31, 2023 2022 $’000 Directors’ Bonus Salary Share based payment expenses Directors’ Bonus Salary Share based payment expenses G. Cerrone (1) 145 300 - - 164 - - - G Jacob (2) - 217 433 834 - 75 350 1,579 W Simon 39 - - - 44 - - 1 K. Shailubhai (3) - - - - 18 - - (15 ) J Brancaccio (4) 39 - - 24 42 - - 20 B Denoyer (5) 39 - - 18 15 - - 4 260 517 433 876 283 75 350 1,589 Year ended March 31, $’000 2021 Directors Bonus Salary Share based G. Cerrone (1) (1) 35 1,160 - - G Jacob (2) (2) - 41 85 468 W Simon 42 - - 2 K. Shailubhai (3) (3) 37 - - 17 J Brancaccio (4) (4) 31 - - 16 G Macrae (6) (6) 13 - - - 158 1,201 85 503 (1) Gabriele Cerrone’s bonus awarded for $ 300 150 150 1,160 (2) Gary Jacob became an employee and Director of the Company on 7 January 2021 (3) K Shailubhai resigned as Director on 17 June 2021 (4) John Brancaccio was appointed as Director on 10 June 2020 (5) Bernard Denoyer was appointed as Director on 24 November 2021 (6) Gregor Macrae was appointed as Director on 18 December 2019 and resigned on 10 June 2020 |
SCHEDULE OF SHARE OPTIONS GRANTED TO DIRECTORS | The following share options were granted to Directors in the year: SCHEDULE OF SHARE OPTIONS GRANTED TO DIRECTORS 2023 2022 2021 Number of Number of Number of J Brancaccio 1,000,000 325,000 450,000 G Jacob 5,500,000 3,250,000 40,000,000 W Simon 400,000 - - B Denoyer 200,000 1,000,000 - 7,100,000 4,575,000 40,450,000 |
SCHEDULE OF KEY MANAGEMENT PERSONNEL COMPENSATION | SCHEDULE OF KEY MANAGEMENT PERSONNEL COMPENSATION 2023 2022 2021 $’000 $’000 $’000 Short-term employee benefits 1,500 1,026 1,455 Share based payments 1,273 1,815 515 Total 2,773 2,841 1,970 |
TAXATION (Tables)
TAXATION (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
SCHEDULE OF TAX CREDIT PERIOD | SCHEDULE OF TAX CREDIT PERIOD 2023 $ 2022 $ 2021 $ Year ended March 31, 2023 $ 2022 $ 2021 $ Group Current year tax (credit) - (509,282 ) (24,952 ) Adjustments in respect of prior periods (12,202 ) (277,239 ) (42 ) Deferred tax Origination and reversal of timing differences - - - Total tax (credit) for the period (12,202 ) (786,521 ) (24,994 ) The tax charge for the year is different from the standard rate of corporation tax in the United Kingdom of 19%. The difference can be reconciled as follows: Loss before taxation (13,283,888 ) (6,217,566 ) (3,378,501 ) Loss charged at standard rate of corporation tax 19% (2,523,939 ) (1,181,337 ) (641,915 ) Tax losses arising in the year not recognized 2,279,050 524,870 660,594 Tax losses surrendered for Research and Development - 667,335 - Expenses not deductible for taxation 241,985 370,306 - Tax increase from effect of capital allowances and depreciation 124 (3 ) (334 ) Research and Development tax claim - (509,282 ) (43,432 Research and Development enhanced expenditure - (377,187 ) - Research and Development tax credits claimed in respect of previous periods (12,202 ) (277,240 ) (42 ) Consolidation adjustment in relation to foreign exchange movements 2,780 (3,983 ) 135 ) Total tax (credit) for the period (12,202 ) (786,521 ) (24,994 ) |
FINANCE INCOME AND COSTS (Table
FINANCE INCOME AND COSTS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
SCHEDULE OF FINANCE COST | SCHEDULE OF FINANCE COST 2023 $ 2022 $ 2021 $ Year ended March 31, 2023 $ 2022 $ 2021 $ Finance Income Interest income - - - Total finance income - - - Finance Expenses Interest expense on lease liabilities - - (1,122 ) Interest expense on related party loan (96,687 ) - - Total finance expenses (96,687 ) - (1,123 ) |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
SCHEDULE OF PROPERTY PLANT AND EQUIPMENT | Details of the Group’s property, plant and equipment are as follows: SCHEDULE OF PROPERTY PLANT AND EQUIPMENT $ IT equipment Total Cost At 1 April 2022 9,779 9,779 Additions 5,916 5,916 Disposals - - Foreign exchange (380 ) (380 ) At 31 March 2023 15,315 15,315 Depreciation At 1 April 2022 4,554 4,554 Charge in year 3,797 3,797 Foreign exchange (252 ) (252 ) At 31 March 2023 8,099 8,099 Net Book Value as at 31 March 2023 7,216 7,216 $ IT equipment Total Cost At 1 April 2021 8,343 8,343 Additions 1,669 1,669 Disposals - - Foreign exchange (233 ) (233 ) At 31 March 2022 9,779 9,779 Depreciation At 1 April 2021 2,286 2,286 Charge in year 2,331 2,331 Foreign exchange (63 ) (63 ) At 31 March 2022 4,554 4,554 Net Book Value as at 31 March 2022 5,225 5,225 |
SCHEDULE OF PROPERTY PLANT AND EQUIPMENT LOCATED OPERATING SEGMENT | The Group’s property, plant and equipment is located in the following operating segments: SCHEDULE OF PROPERTY PLANT AND EQUIPMENT LOCATED OPERATING SEGMENT Group Net Book Value $ UK 3,433 US 3,783 Total 7,216 Property, plant and equipment 7,216 Group Net Book Value $ UK 2,937 US 2,289 Total 5,225 Property, plant and equipment 5,225 |
OTHER RECEIVABLES (Tables)
OTHER RECEIVABLES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
DISCLOSURE OF DETAILED TRADE AND OTHER RECEIVABLES EXPLANATORY | DISCLOSURE OF DETAILED TRADE AND OTHER RECEIVABLES EXPLANATORY $ 2023 2022 Year ended March 31, $ 2023 2022 Group Other receivables 340,848 19,130 VAT receivable 80,099 82,617 Prepayments 171,248 711,209 Trade and other receivables 592,195 812,956 |
TRADE AND OTHER PAYABLES (Table
TRADE AND OTHER PAYABLES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
DISCLOSURE OF DETAILED INFORMATION ABOUT PAYABLES AND ACCRUED LIABILITIES | DISCLOSURE OF DETAILED INFORMATION ABOUT PAYABLES AND ACCRUED LIABILITIES $000 2023 2022 Year ended March 31, $ 2023 2022 Group Trade payable 2,387,778 741,807 Accruals 1,545,410 457,773 Bonus accrual 329,667 106,570 Trade and other payables 4,262,855 1,306,150 |
CAPITAL AND RESERVES (Tables)
CAPITAL AND RESERVES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
SCHEDULE OF AUTHORIZED ISSUE UNLIMITED NUMBER OF PAR VALUE SHARES | The Company is authorized to issue an unlimited number of nil par value shares of a single class. SCHEDULE OF AUTHORIZED ISSUE UNLIMITED NUMBER OF PAR VALUE SHARES Shares Share capital Issued ordinary shares of US$0.00 each Number $ At 31 March 2021 672,816,302 111,629,173 Exercise of warrants 386.512.756 3,470,940 Conversion of CLN 315,086,410 8,876,397 At 31 March 2022 1,374,415,468 123,976,510 Issue of share (IPO) – May 2022 40,625,000 2,500,000 Issue of share (IPO) – Cost of fundraising – May 2022 - (742,979 ) Expenses settled in shares 2,177,500 86,028 Issue of share (IPO) – March 2023 241,574,381 5,741,335 Issue of share (IPO) – Cost of fundraising – March 2023 - (175,000 ) At 31 March 2023 1,658,792,349 131,385,892 |
SHARE OPTIONS AND WARRANTS (Tab
SHARE OPTIONS AND WARRANTS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
SCHEDULE OF OPTIONS OUTSTANDING AND WEIGHTED AVERAGE EXERCISE PRICE | The Company operates share-based payment arrangements to remunerate Directors and key employees in the form of a share option scheme. It also issues options in lieu of fees to key suppliers and collaborators. The exercise price of the option is normally equal to the market price of an ordinary share in the Company at the date of grant. Note that the information presented below does not reflect the 65 to 1 consolidation which took place after 31 March 2023. SCHEDULE OF OPTIONS OUTSTANDING AND WEIGHTED AVERAGE EXERCISE PRICE 2023 2022 Options Weighted Options Weighted Outstanding at 1 April 72,400,000 7.49 60,750,000 6.90 Granted 39,820,000 1.61 28,150,000 8.41 Forfeited (1,950,000 ) - (16,500,000 ) 5.91 Exercised - - - - Outstanding at 31 March 110,270,000 5.93 72,400,000 7.49 Exercisable at 31 March 35,155,666 6.79 14,437,500 7.36 2021 Options Weighted Outstanding at 1 April 19,500,000 5.58 Granted 42,250,000 7.31 Forfeited (750,000 ) 6.21 Exercised (250,000 ) 6.21 Outstanding at 31 March 60,750,000 6.90 Exercisable at 31 March 9,250,000 6.21 |
SCHEDULE OF SHARE OPTIONS OUTSTANDING EXPIRY DATES AND EXERCISE PRICES | Share options outstanding at the end of the year have the following expiry dates and exercise prices: SCHEDULE OF SHARE OPTIONS OUTSTANDING EXPIRY DATES AND EXERCISE PRICES Grant Date Expiry Date Exercise Price Share Options as at 31 March 2023 6 July 2018 6 July 2025 4.5 2,000 20 August 2020 19 August 2028 15.5 750 6 January 2021 5 January 2031 5 40,000 12 January 2021 11 January 2031 7.9 1,500 15 April 2021 15 April 2031 7.88 5,000 31 August 2021 31 August 2031 4.9 14,400 31 January 2022 30 January 2032 8.0 8,750 1 August 2022 31 July 2027 5.0 650 20 September 2022 19 September 2027 5.0 1,820 22 November 2022 23 November 2022 6.3 5,000 14 March 2023 13 March 2027 2.5 30,400 Total 110,270 |
SCHEDULE OF SHARE BASED PAYMENT AWARD MODEL INPUTS OPTIONS GRANTED | The model inputs for options granted during the year ended 31 March 2023 valued under the Black Scholes Valuation model are: SCHEDULE OF SHARE BASED PAYMENT AWARD MODEL INPUTS OPTIONS GRANTED Grant Date 1 August 2022 20 September 2022 22 November 2022 14 March 2023 Grant date share price 5 p 5 p 6.3 p 2.5 p Exercise share price 5 p 5 p 6.3 p 2.5 p Vesting periods 25% each quarter 100% in one year Fully vested 25% over four years Risk free rate 1.47 % 3.26 % 3.16 % 3.2 % Expected volatility 81.2 % 81.8 % 68.3 % 125 % Option life 2 2 2 4 The model inputs for options granted during the year ended 31 March 2022 valued under the Black Scholes Valuation model are: Grant Date 15 April 2021 31 August 2021 31 January 2022 Grant date share price 7.7 p 4.9 p 4.8 p Exercise share price 7.9 p 4.9 p 8.0 p Vesting periods 25% each year 25% each year 1.25m options vest 33% each year and 7.5m options have developmental milestone performance conditions Risk free rate 0.35 % 0.30 % 0.97 % Expected volatility 80.20 % 77.7 % 83.0 % Option life 5 5 5 |
SCHEDULE OF WARRANTS OUTSTANDING AND WEIGHTED AVERAGE EXERCISE PRICE | SCHEDULE OF WARRANTS OUTSTANDING AND WEIGHTED AVERAGE EXERCISE PRICE 31 March 2023 31 March 2022 Warrants Weighted Average exercise price (cents) Warrants Weighted Average exercise price (cents) Outstanding at 1 April 36,659,090 6.11 185,022,726 2.1 Granted - - 241,781,760 0.5 Exercised - - (390,145,396 ) 0.7 Outstanding at 31 March 36,659,090 6.11 36,659,090 6.11 Exercisable at 31 March 909,090 3.40 1,659,090 10.30 |
SCHEDULE OF INPUTS FOR WARRANTS GRANTED | SCHEDULE OF INPUTS FOR WARRANTS GRANTED 29 May 2020 Grant date share price 1.75 p Exercise share price 0.4 p Risk free rate 0.25 % Expected volatility 79.6 % Expected life 3 |
CONVERTIBLE INSTRUMENTS CLASS_2
CONVERTIBLE INSTRUMENTS CLASSIFIED AS EQUITY (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
SCHEDULE OF ISSUANCE OF CONVERTIBLE LOAN | SCHEDULE OF ISSUANCE OF CONVERTIBLE LOAN Date Terms Amount $ 29 May 2020 ● 20 0.4 0.4 5 541,239 Fees relating to equity fundraise 29 May 2020 issued as CLN ● 20 0.4 0.4 5 32,474 27 July 2020 ● 2.15 8.5 4,506,446 17 August 2020 ● 2.15 8.5 1,882,641 3 September 2020 ● 2.15 8.5 663,055 Fees relating to all other equity fundraise issued as CLN ● 2.15 8.5 525,922 8,151,777 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
SUMMARY OF FINANCIAL LIABILITIES BASED ON CONTRACTUAL UNDISCOUNTED PAYMENTS | The table below summarizes the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments: SUMMARY OF FINANCIAL LIABILITIES BASED ON CONTRACTUAL UNDISCOUNTED PAYMENTS $ Less than 3 3 to 12 Total Group 2023 $ Less than 3 3 to 12 Total Trade and other payables 990,870 1,461,937 2,452,807 Related party payables - 2,994,302 2,994,302 Total 990,870 4,456,239 4,456,239 $ Less than 3 3 to 12 Total Group 2022 $ Less than 3 3 to 12 Total Trade and other payables 649,624 92,186 741,810 Related party payables 47,041 - 47,041 Total 696,665 92,186 788,851 |
BASIC AND DILUTED LOSS PER SH_2
BASIC AND DILUTED LOSS PER SHARE (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
SUMMARY OF INCOME AND SHARE DATA USED IN THE BASIC AND DILUTED LOSS PER SHARE COMPUTATIONS | Basic loss per share is calculated by dividing the loss attributable to equity holders of the Group by the weighted average number of ordinary shares in issue during the year. In May 2023, the company delisted from the Main Market of the London Stock Exchange and carried out a share consolidation of 65 to 1. The weighted average number of ordinary shares in issue shown below has been retrospectively adjusted to reflect this share consolidation (see note 23 Post balance sheet events). SUMMARY OF INCOME AND SHARE DATA USED IN THE BASIC AND DILUTED LOSS PER SHARE COMPUTATIONS Year ended 2023 2022 (Loss) attributable to equity holders of the company ($) (13,271,685 ) (5,431,045 ) Weighted average number of ordinary shares in issue (adjusted) 22,257,058 15,064,813 Basic and dilutive loss per share (dollars per share) (0.61 ) (0.36 ) Year ended 2021 (Loss) attributable to equity holders of the company ($) (3,353,507 ) Weighted average number of ordinary shares in issue (adjusted) 10,350,271 Basic and dilutive loss per share (dollars per share) (0.32 ) |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
SCHEDULE OF RIGHT OF USE ASSETS AND LEASE LIABILITY | SCHEDULE OF RIGHT OF USE ASSETS AND LEASE LIABILITY Right-of-use assets Property At 1 April 2022 - Derecognition of right of use asset - Impact of Foreign exchange - At 31 March 2023 - $ At 1 April 2021 98,579 Derecognition of right of use asset (97,553 ) Impact of Foreign exchange (1,026 ) At 31 March 2022 - Lease Liabilities 31 March 2023 31 March 2022 $ $ At 1 April - 98,760 Lease Liabilities, beginning balance - 98,760 Interest expense - Lease payments - - Impact of foreign exchange - (1,207 ) Derecognition of lease liability - (97,553 ) Early Termination write off - - Additions - - Interest expense - - Lease payments - - Lease Liabilities, ending balance - - |
SCHEDULE OF CONTRACTUAL MATURITIES OF LEASE LIABILITIES | At March 31, 2023 and March 31, 2022, the company had annual commitments under non-cancellable operating leases: SCHEDULE OF CONTRACTUAL MATURITIES OF LEASE LIABILITIES Operating leases which expire: 31 March 2023 31 March 2022 $ $ Within one year - 18,713 - 18,713 |
AUDITOR_S RENUMERATION (Tables)
AUDITOR’S RENUMERATION (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
SCHEDULE OF COMPANY AUDITORS FEES | During the period, the group obtained the following services from the company’s auditors PKF, our independent registered public accounting firm and Mazars, our previous independent registered public accounting firm.: SCHEDULE OF COMPANY AUDITORS FEES Mazars LLP 31 March 2023 31 March 2022 31 March 2021 $ $ $ Fees payable to the company’s auditors for the audit of the parent company and consolidated financial statements 106,927 200,773 58,874 Fees payable to the company’s auditors for other services: Audit-related assurance services 227,208 148,892 72,637 Total auditor’s remuneration 334,135 349,665 131,511 PKF Littlejohn LLP 31 March 2023 31 March 2022 31 March 2021 $ $ $ Fees payable to the company’s auditors for the audit of the parent company and consolidated financial statements 120,557 - - Fees payable to the company’s auditors for other services: Audit-related assurance services - - - Total auditor’s remuneration 120,557 - - |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
SCHEDULE OF CASH AND CASH EQUIVALENT | Cash and cash equivalents consist of the following: SCHEDULE OF CASH AND CASH EQUIVALENT 31 March 2023 31 March 2022 $ $ Cash at bank and in hand: GBP 471,974 2,400,817 USD 3,573,407 299,907 4,045,381 2,700,724 |
DISCLOSURE OF ESTIMATED USEFUL
DISCLOSURE OF ESTIMATED USEFUL LIVES (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Computer equipment [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful lives | 3 years |
SCHEDULE OF RECLASSIFICATION OF
SCHEDULE OF RECLASSIFICATION OF CONSOLIDATED STATEMENT OF OPERATIONS (Details) - USD ($) | 12 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |||
IfrsStatementLineItems [Line Items] | |||||
Research | $ (6,337,698) | $ (1,609,558) | [1] | $ (348,347) | [1] |
Operating expenses | (6,849,502) | (4,608,008) | [1] | (3,017,859) | [1] |
Total operating expenses | (13,187,200) | (6,217,566) | [1] | (3,366,206) | [1] |
Comprehensive loss | $ (13,712,700) | (6,268,197) | [1] | (3,007,142) | [1] |
Previously Reported [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Research | (1,301,178) | (173,821) | |||
Operating expenses | (4,916,388) | (3,192,358) | |||
Total operating expenses | (6,217,566) | (3,366,206) | |||
Comprehensive loss | (6,268,197) | (3,007,142) | |||
Adjustment [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Research | (308,380) | (174,526) | |||
Operating expenses | 308,380 | 174,526 | |||
Total operating expenses | |||||
Comprehensive loss | |||||
[1]Refer to Note 2A and 18A |
SCHEDULE OF OPERATING EXPENSES
SCHEDULE OF OPERATING EXPENSES (Details) - USD ($) | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | ||
Director fees including bonus (excluding Chairman’s bonus) | $ 910,403 | $ 707,385 | $ 278,224 | |
Chairman’s bonus | 300,000 | 1,160,347 | ||
Auditor’s Remuneration (refer to Note 20) | [1] | 454,692 | 349,665 | 131,511 |
Legal and Professional fees | 1,432,926 | 1,143,300 | 343,422 | |
(Gain)/Loss on disposal of leases | (179) | |||
FX Gains and losses | 99,930 | (13,577) | 200,061 | |
Depreciation | $ 3,797 | $ 2,423 | $ 1,512 | |
[1]This has been restated for presentational purposes only to include audit-related assurance services in addition to fees payable to the company’s auditors for the audit of the parent company (being OKYO Pharma Limited) and consolidated financial statements. Refer to note 20 where details of auditor’s remuneration has been disclosed. This has no impact on the primary financial statements. |
ACCOUNTING POLICIES (Details Na
ACCOUNTING POLICIES (Details Narrative) - USD ($) | 5 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Aug. 01, 2023 | Mar. 31, 2020 | Dec. 31, 2018 | |||
IfrsStatementLineItems [Line Items] | |||||||||
Accumulated deficit | $ 125,697,719 | $ 112,426,034 | $ 109,000,000 | ||||||
Net loss | 13,271,685 | 5,431,045 | [1] | $ 3,353,507 | [1] | ||||
Net cash used in operating activities | 7,695,242 | 5,468,065 | 1,600,198 | ||||||
Cash | $ 4,045,381 | $ 2,700,724 | $ 6,889,329 | $ 235,485 | |||||
Non-adjusting event [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Cash | $ 1,000,000 | ||||||||
Rate of cash burn/spend | $ 7,800,000 | ||||||||
[1]Refer to Note 2A and 18A |
DISCLOSURE OF EMPLOYEES COST AN
DISCLOSURE OF EMPLOYEES COST AND NUMBER OF EMPLOYEES EXPLANATORY (Details) | 12 Months Ended | ||
Mar. 31, 2023 USD ($) Integer | Mar. 31, 2022 USD ($) Integer | Mar. 31, 2021 USD ($) Integer | |
IfrsStatementLineItems [Line Items] | |||
Directors’ salaries | $ 1,204,285 | $ 707,385 | $ 1,438,571 |
Wages and salaries | 548,328 | 323,186 | 121,702 |
Social security costs | 151,967 | 84,449 | 9,543 |
Recruitment costs | 13,750 | 14,259 | 12,922 |
Total employee benefits expense | $ 1,918,330 | $ 1,129,279 | $ 1,582,739 |
Total number of employees | Integer | 8 | 7 | 6 |
Research and development [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total number of employees | Integer | 2 | 2 | 1 |
Corporate and administration [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total number of employees | Integer | 6 | 5 | 5 |
EMPLOYEES INCLUDING OFFICERS,_3
EMPLOYEES INCLUDING OFFICERS, EXECUTIVE AND NON-EXECUTIVE DIRECTORS (Details Narrative) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Employees Including Officers Executive And Non-executive Directors | |||
Pension contribution | $ 6,510 | $ 2,622 | $ 2,904 |
SCHEDULE OF REMUNERATION OF DIR
SCHEDULE OF REMUNERATION OF DIRECTORS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Directors' fees | $ 260 | $ 283 | $ 158 |
Bonus | 517 | 75 | 1,201 |
Salary | 433 | 350 | 85 |
Share based payment expenses | 876 | 1,589 | 503 |
G Cerrone [member] | |||
IfrsStatementLineItems [Line Items] | |||
Directors' fees | 145 | 164 | 35 |
Bonus | 300 | 1,160 | |
Salary | |||
Share based payment expenses | |||
G Jacob [member] | |||
IfrsStatementLineItems [Line Items] | |||
Directors' fees | |||
Bonus | 217 | 75 | 41 |
Salary | 433 | 350 | 85 |
Share based payment expenses | 834 | 1,579 | 468 |
W Simon [member] | |||
IfrsStatementLineItems [Line Items] | |||
Directors' fees | 39 | 44 | 42 |
Bonus | |||
Salary | |||
Share based payment expenses | 1 | 2 | |
K Shailubhai [member] | |||
IfrsStatementLineItems [Line Items] | |||
Directors' fees | 18 | 37 | |
Bonus | |||
Salary | |||
Share based payment expenses | (15) | 17 | |
J Brancaccio [member] | |||
IfrsStatementLineItems [Line Items] | |||
Directors' fees | 39 | 42 | 31 |
Bonus | |||
Salary | |||
Share based payment expenses | 24 | 20 | 16 |
B Denoyer [member] | |||
IfrsStatementLineItems [Line Items] | |||
Directors' fees | 39 | 15 | |
Bonus | |||
Salary | |||
Share based payment expenses | $ 18 | $ 4 | |
GMacrae [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Directors' fees | 13 | ||
Bonus | |||
Salary | |||
Share based payment expenses |
SCHEDULE OF REMUNERATION OF D_2
SCHEDULE OF REMUNERATION OF DIRECTORS (Details) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Bonus awarded | $ 150 | ||
G Cerrone [member] | |||
IfrsStatementLineItems [Line Items] | |||
Bonus awarded | $ 300 | $ 150 | $ 1,160 |
SCHEDULE OF SHARE OPTIONS GRANT
SCHEDULE OF SHARE OPTIONS GRANTED TO DIRECTORS (Details) - shares | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Number of options | 39,820,000 | 28,150,000 | 42,250,000 |
Directors [member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of options | 7,100,000 | 4,575,000 | 40,450,000 |
Directors [member] | J Brancaccio [member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of options | 1,000,000 | 325,000 | 450,000 |
Directors [member] | G Jacob [member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of options | 5,500,000 | 3,250,000 | 40,000,000 |
Directors [member] | W Simon [member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of options | 400,000 | ||
Directors [member] | B Denoyer [member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of options | 200,000 | 1,000,000 |
SCHEDULE OF KEY MANAGEMENT PERS
SCHEDULE OF KEY MANAGEMENT PERSONNEL COMPENSATION (Details) - Key management personnel of entity or parent [member] - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Short-term employee benefits | $ 1,500 | $ 1,026 | $ 1,455 |
Share based payments | 1,273 | 1,815 | 515 |
Total | $ 2,773 | $ 2,841 | $ 1,970 |
SCHEDULE OF TAX CREDIT PERIOD (
SCHEDULE OF TAX CREDIT PERIOD (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Current year tax (credit) | $ (509,282) | $ (24,952) | |
Adjustments in respect of prior periods | (12,202) | (277,239) | (42) |
Origination and reversal of timing differences | |||
Total tax (credit) for the period | (12,202) | (786,521) | (24,994) |
Loss before taxation | (13,283,888) | (6,217,566) | (3,378,501) |
Loss charged at standard rate of corporation tax 19% | (2,523,939) | (1,181,337) | (641,915) |
Tax losses arising in the year not recognized | 2,279,050 | 524,870 | 660,594 |
Tax losses surrendered for Research and Development | 667,335 | ||
Expenses not deductible for taxation | 241,985 | 370,306 | |
Tax increase from effect of capital allowances and depreciation | 124 | (3) | (334) |
Research and Development tax claim | (509,282) | (43,432) | |
Research and Development enhanced expenditure | (377,187) | ||
Research and Development tax credits claimed in respect of previous periods | (12,202) | (277,240) | (42) |
Consolidation adjustment in relation to foreign exchange movements | $ 2,780 | $ (3,983) | $ 135 |
SCHEDULE OF TAX CREDIT PERIOD_2
SCHEDULE OF TAX CREDIT PERIOD (Details) (Parenthetical) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Corporation tax rate | 19% | 19% | 19% |
SCHEDULE OF FINANCE COST (Detai
SCHEDULE OF FINANCE COST (Details) - USD ($) | 12 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |||
Interest income | |||||
Total finance income | [1] | [1] | |||
Interest expense on lease liabilities | (1,122) | ||||
Interest expense on related party loan | (96,687) | ||||
Total finance expenses | $ (96,687) | [1] | $ (1,123) | [1] | |
[1]Refer to Note 2A and 18A |
SCHEDULE OF PROPERTY PLANT AND
SCHEDULE OF PROPERTY PLANT AND EQUIPMENT (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Property and equipment, cost, beginning balance | $ 9,779 | $ 8,343 |
Additions | 5,916 | 1,669 |
Disposals | ||
Foreign exchange | (380) | (233) |
Property and equipment, cost, ending balance | 15,315 | 9,779 |
Depreciation, beginning balance | 4,554 | 2,286 |
Charge in year | 3,797 | 2,331 |
Foreign exchange | (252) | (63) |
Depreciation, ending balance | 8,099 | 4,554 |
Depreciation, net book value | 7,216 | 5,225 |
IT equipment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Property and equipment, cost, beginning balance | 9,779 | 8,343 |
Additions | 5,916 | 1,669 |
Disposals | ||
Foreign exchange | (380) | (233) |
Property and equipment, cost, ending balance | 15,315 | 9,779 |
Depreciation, beginning balance | 4,554 | 2,286 |
Charge in year | 3,797 | 2,331 |
Foreign exchange | (252) | (63) |
Depreciation, ending balance | 8,099 | 4,554 |
Depreciation, net book value | $ 7,216 | $ 5,225 |
SCHEDULE OF PROPERTY PLANT AN_2
SCHEDULE OF PROPERTY PLANT AND EQUIPMENT LOCATED OPERATING SEGMENT (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | ||
Property, plant and equipment | $ 7,216 | $ 5,225 |
UK [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | ||
Property, plant and equipment | 3,433 | 2,937 |
US [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | ||
Property, plant and equipment | $ 3,783 | $ 2,289 |
DISCLOSURE OF DETAILED TRADE AN
DISCLOSURE OF DETAILED TRADE AND OTHER RECEIVABLES EXPLANATORY (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Other receivables | $ 340,848 | $ 19,130 |
VAT receivable | 80,099 | 82,617 |
Prepayments | 171,248 | 711,209 |
Trade and other receivables | $ 592,195 | $ 812,956 |
TAXATION (Details Narrative)
TAXATION (Details Narrative) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Tax effect of tax losses | $ 23,903,092 | $ 15,870,525 | $ 9,411,521 |
DISCLOSURE OF DETAILED INFORMAT
DISCLOSURE OF DETAILED INFORMATION ABOUT PAYABLES AND ACCRUED LIABILITIES (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Trade payable | $ 2,387,778 | $ 741,807 |
Accruals | 1,545,410 | 457,773 |
Bonus accrual | 329,667 | 106,570 |
Trade and other payables | $ 4,262,855 | $ 1,306,150 |
SCHEDULE OF AUTHORIZED ISSUE UN
SCHEDULE OF AUTHORIZED ISSUE UNLIMITED NUMBER OF PAR VALUE SHARES (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Balance | $ 2,947,402 | $ 5,319,408 | $ (140,114) |
Exercise of warrants | 1,460,910 | ||
Expenses settled in shares | 86,028 | ||
Balance | $ (2,053,237) | $ 2,947,402 | $ 5,319,408 |
Issued capital [member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance, shares | 1,374,415,468 | 672,816,302 | 636,297,049 |
Balance | $ 123,976,510 | $ 111,629,173 | $ 112,079,984 |
Exercise of warrants, shares | 386,512,756 | ||
Exercise of warrants | $ 3,470,940 | ||
Conversion of CLN, shares | 315,086,410 | ||
Conversion of CLN | $ 8,876,397 | ||
Issue of share (IPO) - May 2022, shares | 40,625,000 | ||
Issue of share (IPO) - May 2022 | $ 2,500,000 | ||
Issue of share (IPO) - Cost of fundraising - May 2022, shares | |||
Issue of share (IPO) - Cost of fundraising - May 2022 | $ (742,979) | ||
Expenses settled in shares | 2,177,500 | ||
Expenses settled in shares, value | $ 86,028 | ||
Issue of share (IPO) - March 2023, shares | 241,574,381 | ||
Issue of share (IPO) - March 2023 | $ 5,741,335 | ||
Issue of share (IPO) - Cost of fundraising - March 2023, shares | |||
Issue of share (IPO) - Cost of fundraising - March 2023 | $ (175,000) | ||
Balance, shares | 1,658,792,349 | 1,374,415,468 | 672,816,302 |
Balance | $ 131,385,892 | $ 123,976,510 | $ 111,629,173 |
OTHER RECEIVABLES (Details Narr
OTHER RECEIVABLES (Details Narrative) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Prepayments receivables | $ 0 | $ 639,635 |
SCHEDULE OF OPTIONS OUTSTANDING
SCHEDULE OF OPTIONS OUTSTANDING AND WEIGHTED AVERAGE EXERCISE PRICE (Details) | 12 Months Ended | ||
Mar. 31, 2023 shares $ / shares | Mar. 31, 2022 shares $ / shares | Mar. 31, 2021 shares $ / shares | |
Beginning balance, Options outstanding | shares | 72,400,000 | 60,750,000 | 19,500,000 |
Beginning balance, weighted average exercise price | $ / shares | $ 7.49 | $ 6.90 | $ 5.58 |
Options, Granted | shares | 39,820,000 | 28,150,000 | 42,250,000 |
Weighted average exercise price granted | $ / shares | $ 1.61 | $ 8.41 | $ 7.31 |
Options, Forfeited | shares | (1,950,000) | (16,500,000) | (750,000) |
Weighted average exercise price forfeited | $ / shares | $ 5.91 | $ 6.21 | |
Options, Exercised | shares | (250,000) | ||
Weighted average exercise price exercised | $ / shares | $ 6.21 | ||
Ending balance, Options outstanding | shares | 110,270,000 | 72,400,000 | 60,750,000 |
Ending balance, weighted average exercise price | $ / shares | $ 5.93 | $ 7.49 | $ 6.90 |
Options, Exercisable | shares | 35,155,666 | 14,437,500 | 9,250,000 |
Weighted average exercise price exercisable | $ / shares | $ 6.79 | $ 7.36 | $ 6.21 |
CAPITAL AND RESERVES (Details N
CAPITAL AND RESERVES (Details Narrative) | Mar. 31, 2023 USD ($) shares | Mar. 31, 2023 £ / shares | Feb. 28, 2023 shares £ / shares | May 31, 2022 shares £ / shares | Mar. 31, 2022 USD ($) shares | Feb. 28, 2022 shares $ / shares | May 31, 2021 shares $ / shares | Mar. 31, 2021 shares | Mar. 31, 2020 shares |
IfrsStatementLineItems [Line Items] | |||||||||
Number of ordinary shares issued | 110,270,000 | 72,400,000 | 60,750,000 | 19,500,000 | |||||
Payment of dividend | $ | $ 0 | $ 0 | |||||||
Ordinary shares [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of ordinary shares issued, per share | £ / shares | £ 0.019 | £ 0.03 | £ 0.05 | ||||||
Loan notes [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of ordinary shares issued | 165,176,000 | 76,605,760 | |||||||
Number of ordinary shares issued, per share | $ / shares | $ 0.004 | $ 0.004 | |||||||
Loan notes one [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of ordinary shares issued | 73,304,650 | ||||||||
Number of ordinary shares issued, per share | $ / shares | $ 0.085 | ||||||||
Warrant reserve [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of ordinary shares issued | 241,574,381 | 2,177,500 | 40,625,000 | 238,543,360 | 36,363,636 | ||||
Number of ordinary shares issued, per share | $ / shares | $ 0.0135 | ||||||||
Warrant reserve one [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of ordinary shares issued | 72,000,000 | ||||||||
Number of ordinary shares issued, per share | $ / shares | $ 0.0055 | ||||||||
Warrant reserve two [member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Number of ordinary shares issued | 39,605,760 | ||||||||
Number of ordinary shares issued, per share | $ / shares | $ 0.004 |
SCHEDULE OF SHARE OPTIONS OUTST
SCHEDULE OF SHARE OPTIONS OUTSTANDING EXPIRY DATES AND EXERCISE PRICES (Details) | 12 Months Ended | ||||||||||
Mar. 14, 2023 $ / shares | Nov. 22, 2022 $ / shares | Sep. 20, 2022 $ / shares | Aug. 01, 2022 $ / shares | Jan. 31, 2022 $ / shares | Aug. 31, 2021 $ / shares | Apr. 15, 2021 $ / shares | Mar. 31, 2023 shares $ / shares | Mar. 31, 2022 shares | Mar. 31, 2021 shares | Mar. 31, 2020 shares | |
IfrsStatementLineItems [Line Items] | |||||||||||
Exercise Price | $ / shares | $ 2.5 | $ 6.3 | $ 5 | $ 5 | $ 8 | $ 4.9 | $ 7.9 | ||||
Share Options, Outstanding | shares | 110,270,000 | 72,400,000 | 60,750,000 | 19,500,000 | |||||||
6 July 2018 [member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Expiration date of outstanding | Jul. 06, 2025 | ||||||||||
Exercise Price | $ / shares | $ 4.5 | ||||||||||
Share Options, Outstanding | shares | 2,000,000 | ||||||||||
20 August 2020 [member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Expiration date of outstanding | Aug. 19, 2028 | ||||||||||
Exercise Price | $ / shares | $ 15.5 | ||||||||||
Share Options, Outstanding | shares | 750,000 | ||||||||||
6 January 2021 [member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Expiration date of outstanding | Jan. 05, 2031 | ||||||||||
Exercise Price | $ / shares | $ 5 | ||||||||||
Share Options, Outstanding | shares | 40,000,000 | ||||||||||
12 January 2021 [member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Expiration date of outstanding | Jan. 11, 2031 | ||||||||||
Exercise Price | $ / shares | $ 7.9 | ||||||||||
Share Options, Outstanding | shares | 1,500,000 | ||||||||||
15 April 2021 [member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Expiration date of outstanding | Apr. 15, 2031 | ||||||||||
Exercise Price | $ / shares | $ 7.88 | ||||||||||
Share Options, Outstanding | shares | 5,000,000 | ||||||||||
31 August 2021 [member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Expiration date of outstanding | Aug. 31, 2031 | ||||||||||
Exercise Price | $ / shares | $ 4.9 | ||||||||||
Share Options, Outstanding | shares | 14,400,000 | ||||||||||
31 January 2022 [member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Expiration date of outstanding | Jan. 30, 2032 | ||||||||||
Exercise Price | $ / shares | $ 8 | ||||||||||
Share Options, Outstanding | shares | 8,750,000 | ||||||||||
1 August 2022 [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Expiration date of outstanding | Jul. 31, 2027 | ||||||||||
Exercise Price | $ / shares | $ 5 | ||||||||||
Share Options, Outstanding | shares | 650,000 | ||||||||||
20 September 2022 [member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Expiration date of outstanding | Sep. 19, 2027 | ||||||||||
Exercise Price | $ / shares | $ 5 | ||||||||||
Share Options, Outstanding | shares | 1,820,000 | ||||||||||
22 November 2022 [member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Expiration date of outstanding | Nov. 23, 2022 | ||||||||||
Exercise Price | $ / shares | $ 6.3 | ||||||||||
Share Options, Outstanding | shares | 5,000,000 | ||||||||||
14 March 2023 [member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Expiration date of outstanding | Mar. 13, 2027 | ||||||||||
Exercise Price | $ / shares | $ 2.5 | ||||||||||
Share Options, Outstanding | shares | 30,400,000 |
SCHEDULE OF SHARE BASED PAYMENT
SCHEDULE OF SHARE BASED PAYMENT AWARD MODEL INPUTS OPTIONS GRANTED (Details) - $ / shares | Mar. 14, 2023 | Nov. 22, 2022 | Sep. 20, 2022 | Aug. 01, 2022 | Jan. 31, 2022 | Aug. 31, 2021 | Apr. 15, 2021 |
Grant date share price | $ 2.5 | $ 6.3 | $ 5 | $ 5 | $ 4.8 | $ 4.9 | $ 7.7 |
Exercise share price | $ 2.5 | $ 6.3 | $ 5 | $ 5 | $ 8 | $ 4.9 | $ 7.9 |
Vesting periods | 25% over four years | Fully vested | 100% in one year | 25% each quarter | 1.25m options vest 33% each year and 7.5m options have developmental milestone performance conditions | 25% each year | 25% each year |
Risk free rate | 3.20% | 3.16% | 3.26% | 1.47% | 0.97% | 0.30% | 0.35% |
Expected volatility | 125% | 68.30% | 81.80% | 81.20% | 83% | 77.70% | 80.20% |
Option life | 4 years | 2 years | 2 years | 2 years | 5 years | 5 years | 5 years |
SCHEDULE OF WARRANTS OUTSTANDIN
SCHEDULE OF WARRANTS OUTSTANDING AND WEIGHTED AVERAGE EXERCISE PRICE (Details) | 12 Months Ended | |
Mar. 31, 2023 shares $ / shares | Mar. 31, 2022 shares $ / shares | |
IfrsStatementLineItems [Line Items] | ||
Warrants granted | 147,969,396 | |
Warrants exercised | 147,969,396 | |
Warrant reserve [member] | ||
IfrsStatementLineItems [Line Items] | ||
Warrants outstanding, beginning balance | 36,659,090 | 185,022,726 |
Weighted average exercise price, outstanding beginning balance | $ / shares | $ 6.11 | $ 2.1 |
Warrants granted | 241,781,760 | |
Weighted average exercise price, granted | $ / shares | $ 0.5 | |
Warrants exercised | (390,145,396) | |
Weighted average exercise price, exercised | $ / shares | $ 0.7 | |
Warrants outstanding, ending balance | 36,659,090 | 36,659,090 |
Weighted average exercise price, outstanding ending balance | $ / shares | $ 6.11 | $ 6.11 |
Warrants exercisable | 909,090 | 1,659,090 |
Weighted average exercise price, exercisable | $ / shares | $ 3.40 | $ 10.30 |
SCHEDULE OF INPUTS FOR WARRANTS
SCHEDULE OF INPUTS FOR WARRANTS GRANTED (Details) - $ / shares | Mar. 14, 2023 | Nov. 22, 2022 | Sep. 20, 2022 | Aug. 01, 2022 | Jan. 31, 2022 | Aug. 31, 2021 | Apr. 15, 2021 | May 29, 2020 |
IfrsStatementLineItems [Line Items] | ||||||||
Exercise share price | $ 2.5 | $ 6.3 | $ 5 | $ 5 | $ 8 | $ 4.9 | $ 7.9 | |
Risk free rate | 3.20% | 3.16% | 3.26% | 1.47% | 0.97% | 0.30% | 0.35% | |
Warrant reserve [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Grant date share price | $ 1.75 | |||||||
Exercise share price | $ 0.4 | |||||||
Risk free rate | 25% | |||||||
Expected volatility | 79.60% | |||||||
Expected life | 3 years |
SCHEDULE OF ISSUANCE OF CONVERT
SCHEDULE OF ISSUANCE OF CONVERTIBLE LOAN (Details) | 12 Months Ended |
Mar. 31, 2023 USD ($) $ / shares | |
IfrsStatementLineItems [Line Items] | |
Issue of convertible instruments | $ | $ 8,151,777 |
29 May 2020 [member] | |
IfrsStatementLineItems [Line Items] | |
Interest rate | 20% |
Conversion price per share | $ 0.4 |
Warrant exercise per share | $ 0.4 |
Debt term | 5 years |
Issue of convertible instruments | $ | $ 541,239 |
Fees relating to equity fundraise 29 May 2020 issued as CLN [member] | |
IfrsStatementLineItems [Line Items] | |
Interest rate | 20% |
Conversion price per share | $ 0.4 |
Warrant exercise per share | $ 0.4 |
Debt term | 5 years |
Issue of convertible instruments | $ | $ 32,474 |
27 July 2020 [member] | |
IfrsStatementLineItems [Line Items] | |
Interest rate | 2.15% |
Conversion price per share | $ 8.5 |
Issue of convertible instruments | $ | $ 4,506,446 |
17 August 2020 [member] | |
IfrsStatementLineItems [Line Items] | |
Interest rate | 2.15% |
Conversion price per share | $ 8.5 |
Issue of convertible instruments | $ | $ 1,882,641 |
03 September 2022 [member] | |
IfrsStatementLineItems [Line Items] | |
Interest rate | 2.15% |
Conversion price per share | $ 8.5 |
Issue of convertible instruments | $ | $ 663,055 |
Fees relating to all other equity fundraise issued as CLN [member] | |
IfrsStatementLineItems [Line Items] | |
Interest rate | 2.15% |
Conversion price per share | $ 8.5 |
Issue of convertible instruments | $ | $ 525,922 |
SUMMARY OF FINANCIAL LIABILITIE
SUMMARY OF FINANCIAL LIABILITIES BASED ON CONTRACTUAL UNDISCOUNTED PAYMENTS (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Trade and other payables | $ 2,452,807 | $ 741,810 |
Related party payables | 2,994,302 | 47,041 |
Total | 4,456,239 | 788,851 |
Less Than Three [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables | 990,870 | 649,624 |
Related party payables | 47,041 | |
Total | 990,870 | 696,665 |
Three to Twelve Months [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade and other payables | 1,461,937 | 92,186 |
Related party payables | 2,994,302 | |
Total | $ 4,456,239 | $ 92,186 |
SHARE OPTIONS AND WARRANTS (Det
SHARE OPTIONS AND WARRANTS (Details Narrative) | 1 Months Ended | 12 Months Ended | |||||||||
Feb. 28, 2022 shares $ / shares | May 31, 2021 shares $ / shares | Jul. 31, 2020 shares $ / shares | May 31, 2020 shares $ / shares | Apr. 30, 2020 shares $ / shares | Mar. 31, 2020 shares $ / shares | May 31, 2019 shares $ / shares | Mar. 31, 2023 USD ($) shares $ / shares | Mar. 31, 2022 USD ($) shares $ / shares | Mar. 31, 2022 GBP (£) shares | Mar. 31, 2021 shares | |
IfrsStatementLineItems [Line Items] | |||||||||||
Number of option were exercised | 250,000 | ||||||||||
Fair value charge of share option instruments deemed | $ | $ 1,649,386 | $ 2,072,515 | |||||||||
Share based payment charge | $ | 1,273,716 | 1,718,727 | |||||||||
Share based payment charge forfeiture | $ | $ 12,412 | $ 19,149 | |||||||||
Weighted average contractual life of options outstanding | 5 years 8 months 23 days | 7 years 9 months 7 days | 7 years 9 months 7 days | ||||||||
Warrants granted | 147,969,396 | 147,969,396 | |||||||||
Warrants exercised | 147,969,396 | 147,969,396 | |||||||||
Warrants exercised on cashless basic | 242,716,000 | ||||||||||
Warrants exercised on issuances | 238,543,360 | ||||||||||
Number of warrants granted or exercised | 0 | ||||||||||
Proceeds from warrants exercised | £ | £ 1,045,332 | ||||||||||
Convertible loan notes [member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Warrants granted | 76,605,760 | ||||||||||
Weighted average exercise price, granted | $ / shares | $ 0.4 | ||||||||||
Warrants exercised | 39,605,760 | ||||||||||
Warrants exercised on cashless basic | 37,000,000 | ||||||||||
Warrants exercised on price reduction offer | $ / shares | $ 0.012 | ||||||||||
Warrants exercised on issuances | 36,445,000 | ||||||||||
Convertible loan notes one [member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Warrants granted | 165,176,000 | ||||||||||
Weighted average exercise price, granted | $ / shares | $ 0.4 | ||||||||||
Warrants exercised | 165,176,000 | ||||||||||
Warrants exercised on price reduction offer | $ / shares | $ 0.012 | ||||||||||
Warrants exercised on issuances | 162,698,360 | ||||||||||
Lieu of professional fees [member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Warrants granted | 909,090 | ||||||||||
Weighted average exercise price, granted | $ / shares | $ 2.75 | ||||||||||
Lieu of broker-fees [member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Warrants granted | 750,000 | ||||||||||
Weighted average exercise price, granted | $ / shares | $ 14 | ||||||||||
Warrant reserve [member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Share based payment charge | $ | $ 28,963 | $ 61,721 | |||||||||
Consideration paid (received) | $ | $ 35,000,000 | ||||||||||
[custom:WarrantsExercisablePricePerShare] | $ / shares | $ 4.5 | ||||||||||
[custom:WarrantsExercisableDate] | Jul. 17, 2023 | ||||||||||
Warrants granted | 241,781,760 | 241,781,760 | |||||||||
Weighted average exercise price, granted | $ / shares | $ 0.5 | ||||||||||
Warrants exercised | (390,145,396) | (390,145,396) | |||||||||
Fair value of warrants | $ | $ 11,194 | $ 43,348 | |||||||||
Private placements [member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Warrants granted | 39,400,000 | 36,174,870 | 40,000,000 | 36,363,636 | |||||||
Weighted average exercise price, granted | $ / shares | $ 0.012 | $ 0.55 | $ 0.55 | $ 1.35 | |||||||
Private placements one [member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Warrants granted | 35,825,130 | ||||||||||
Weighted average exercise price, granted | $ / shares | $ 0.55 |
SUMMARY OF INCOME AND SHARE DAT
SUMMARY OF INCOME AND SHARE DATA USED IN THE BASIC AND DILUTED LOSS PER SHARE COMPUTATIONS (Details) - USD ($) | 12 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |||
(Loss) attributable to equity holders of the company | $ (13,271,685) | $ (5,431,045) | $ (3,353,507) | ||
Weighted average number of ordinary shares in issue | 22,257,058 | 15,064,813 | 10,350,271 | ||
Basic loss per share | $ (0.61) | $ (0.36) | [1] | $ (0.32) | [1] |
Dilutive loss per share | $ (0.61) | $ (0.36) | $ (0.32) | ||
[1]Refer to Note 2A and 18A |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 5 Months Ended | 12 Months Ended | |||||
Feb. 28, 2023 | Apr. 30, 2023 | Aug. 31, 2022 | May 31, 2022 | Mar. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Aug. 31, 2023 | |
IfrsStatementLineItems [Line Items] | ||||||||
Settlement of liabilities on behalf of entity by related party, related party transactions | $ 433,140 | |||||||
Non-adjusting event [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Settlement of liabilities by entity on behalf of related party, related party transactions | $ 230,000 | |||||||
Tiziana Life Sciences Ltd [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Accrued interest | $ 98,627 | 98,627 | ||||||
Borrowing due amount | 2,207,209 | 2,207,209 | ||||||
Tiziana Life Sciences Ltd [member] | Shortterm Credit Facility [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Maximum borrowing capacity amount | $ 2,000,000 | |||||||
Description of borrowing interest rates | The loan is available for a period of 6 months upon first draw-down and carries an interest rate of 16% per annum, with additional default interest of 4% if the loan is not repaid after the 6-month period. | |||||||
Interest rate | 16% | |||||||
Tiziana Life Sciences Ltd [member] | Additional Shortterm Credit Facility [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Maximum borrowing capacity amount | $ 500,000 | |||||||
Additional interest rate | 4% | |||||||
Accrued interest | 7,902 | 7,902 | ||||||
Borrowings | 488,009 | 488,009 | ||||||
Repayment of principal of borrowings | 7,902 | 7,902 | ||||||
Tiziana Life Sciences Ltd [member] | Service agreement [member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Service received related party transaction | 159,501 | $ 107,132 | ||||||
Amounts payable related party transaction | 184,150 | $ 184,150 | $ 47,041 | |||||
Gabriele Cerrone [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Directors fees | $ 96,872 | $ 61,736 | ||||||
Number of ADS's purchased | 25,000 | |||||||
Market cost of depositary shares | $ 96,872 | |||||||
John Brancaccio [Member] | ||||||||
IfrsStatementLineItems [Line Items] | ||||||||
Directors fees | $ 3,293 |
SHARE CONSOLIDATION (Details Na
SHARE CONSOLIDATION (Details Narrative) | 1 Months Ended |
May 31, 2023 | |
Share Consolidation | |
Adjustment of share consolidation | 65 to 1 |
SCHEDULE OF RIGHT OF USE ASSETS
SCHEDULE OF RIGHT OF USE ASSETS AND LEASE LIABILITY (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Right-of-use assets, balance as at the end of the year | $ 98,579 | |
Derecognition of right of use asset | (97,553) | |
Impact of Foreign exchange | (1,026) | |
Right-of-use assets, balance as at the end of the year | ||
Lease Liabilities, beginning balance | 98,760 | |
Interest expense | ||
Lease payments | ||
Impact of foreign exchange | (1,207) | |
Derecognition of lease liability | (97,553) | |
Early Termination write off | ||
Additions | ||
Interest expense | ||
Lease payments | ||
Lease Liabilities, ending balance |
SCHEDULE OF CONTRACTUAL MATURIT
SCHEDULE OF CONTRACTUAL MATURITIES OF LEASE LIABILITIES (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Within one year | $ 18,713 | |
Not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Within one year | $ 18,713 |
SCHEDULE OF COMPANY AUDITORS FE
SCHEDULE OF COMPANY AUDITORS FEES (Details) - USD ($) | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | ||
Reserve Quantities [Line Items] | ||||
Total auditor’s remuneration | [1] | $ 454,692 | $ 349,665 | $ 131,511 |
Mazars LLP [Member] | ||||
Reserve Quantities [Line Items] | ||||
Fees payable to the company’s auditors for the audit of the parent company and consolidated financial statements | 106,927 | 200,773 | 58,874 | |
Audit-related assurance services | 227,208 | 148,892 | 72,637 | |
Total auditor’s remuneration | 334,135 | 349,665 | 131,511 | |
PKF Littlejohn LLP [Member] | ||||
Reserve Quantities [Line Items] | ||||
Fees payable to the company’s auditors for the audit of the parent company and consolidated financial statements | 120,557 | |||
Audit-related assurance services | ||||
Total auditor’s remuneration | $ 120,557 | |||
[1]This has been restated for presentational purposes only to include audit-related assurance services in addition to fees payable to the company’s auditors for the audit of the parent company (being OKYO Pharma Limited) and consolidated financial statements. Refer to note 20 where details of auditor’s remuneration has been disclosed. This has no impact on the primary financial statements. |
SCHEDULE OF CASH AND CASH EQUIV
SCHEDULE OF CASH AND CASH EQUIVALENT (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Cash at bank and in hand | $ 4,045,381 | $ 2,700,724 |
GBP [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Cash at bank and in hand | 471,974 | 2,400,817 |
USD [member] | ||
IfrsStatementLineItems [Line Items] | ||
Cash at bank and in hand | $ 3,573,407 | $ 299,907 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | 12 Months Ended |
Mar. 31, 2023 USD ($) | |
IfrsStatementLineItems [Line Items] | |
Annual license maintenance fee | $ 15,000 |
Annual license maintenance fee, therafter | 10,000 |
Phase I Human Clinical Trial [member] | |
IfrsStatementLineItems [Line Items] | |
Amount of licensed product or service | 300,000 |
Phase II Human Clinical Trial [member] | |
IfrsStatementLineItems [Line Items] | |
Amount of licensed product or service | 600,000 |
Phase III Human Clinical Trial [member] | |
IfrsStatementLineItems [Line Items] | |
Amount of licensed product or service | $ 1,500,000 |