v3.25.4
Shareholders Equity (Tables)
 6 Months Ended 12 Months Ended
Sep. 30, 2025
Mar. 31, 2025
Equity [Abstract]    
Schedule of Weighted-Average Common Shares Outstanding

Weighted-average Common Shares Outstanding

 

 

   2025   2024   2025   2024 
(in thousands, except per share amounts)  For the Three Months
Ended September 30,		   For the Six Months Ended September 30, 2025 
   2025   2024   2025   2024 
Net income (loss)  $2,978   $16,717   $4,663   $7,059 
Weighted average number of shares:                    
Issued common shares at beginning of period   271,338    242,596    268,993    211,381 
Effect of common shares issued during period   15,638    146    10,066    22,597 
Weighted average number of shares, basic:   286,976    242,742    279,059    233,978 
Assumed exercise of warrants   -    1,863    -    5,065 
Assumed exercise of stock options   -    1,679    756    3,596 
Assumed exercise of restricted shares   4,656    -    4,325    - 
Weighted average number of shares, diluted:   291,632    246,284    284,140    242,639 
Net income (loss) per share, basic  $0.01   $0.07   $0.02   $0.03 
Net income (loss) per share, diluted  $0.01   $0.07   $0.02   $0.03 

Weighted-average Common Shares Outstanding

 

 

   2025   2024 
(in thousands, except per share amounts)  For the Year Ended March 31, 
   2025   2024 
Net loss   (3,516)   (8,510)
Weighted average number of shares:          
Issued common shares at beginning of period   211,381    195,436 
Effect of common shares issued during period   27,050    8,780 
Weighted average number of shares basic and diluted:   238,431    204,216 
Net loss per share, basic and diluted  $(0.01)  $(0.04)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Anti-dilutive common share equivalents excluded from the computation of diluted net loss per share for the three and six months ended September 30, 2025 and 2024 are as follows (in thousands):

 

   2025   2024   2025   2024 
   For the Three Months
Ended September 30,		   For the Six Months Ended September 30, 2025 
   2025   2024   2025   2024 
Warrants to purchase common shares   97,740    41,682    97,740    38,479 
Options to purchase common shares   7,799    10,404    7,042    3,928 
Restricted share units   3,700    3,927    4,031    8,488 
Antidilutive securities excluded from computation of earnings per share, amount   109,239    56,013    108,813    50,895 

Anti-dilutive common share equivalents excluded from the computation of diluted net loss per share for the years ended March 31, 2025 and 2024 are as follows (in thousands):

 

   2025   2024 
   For the Year Ended March 31, 
   2025   2024 
Warrants to purchase common shares   69,629    13,424 
Options to purchase common shares   12,283    10,569 
Antidilutive securities excluded from computation of earnings per share, amount   81,912    23,993 
Schedule of Share-Based Payment Arrangement, Option, Activity

 

   Options  

Weighted-

Average

Exercise

  

Weighted-

Average

Exercise

 
   Outstanding   Price   Life (years) 
   (thousands)   (CAD$)     
Balance as of March 31, 2025   12,283   $1.04    3.1 
Granted   -    -    - 
Forfeited   (4,485)   1.20      
Balance as of September 30, 2025   7,798   $0.61    1.1 

 

   Options  

Weighted-

Average

Exercise

  

Weighted-

Average

Exercise

 
   Outstanding   Price   Life (years) 
   (thousands)   (CAD$)     
Balance as of March 31, 2024   10,569    1.28    2.9 
Granted   2,864    1.12      
Forfeited   (1,150)   0.89      
Balance as of March 31, 2025   12,283   $1.04    3.1 
Schedule of Share-Based Payment Arrangement, Warrants, Activity

The Company has historically issued warrants utilizing CAD$ for the strike price as the Company’s principle public listing of common shares is reported on the Canadian Securities Exchange utilizing CAD$. The following table summarizes information regarding the warrants including the historical CAD$ strike prices during the periods ended September 30, 2025 and 2024:

 

   Warrants  

Weighted-

Average

Exercise

  

Weighted-

Average

Exercise

 
   Outstanding   Price   Life (years) 
   (thousands)   (CAD$)     
Balance as of March 31, 2025   69,629   $0.82    2.2 
Granted   28,111    0.37    2.9 
Exercised   -    -      
Expired   -    -      
Balance as of September 30, 2025   97,740   $0.69    2.9 

 

   Warrants Outstanding   Weighted Average Exercise Price   Weighted Average Exercise Life (Years) 
   (thousands)   (CAD$)     
Balance as of March 31, 2024   13,424   $1.09    1.2 
Granted   30,120    0.96    3.85 
Balance as of September 30, 2024   43,544   $1.00    3.55 

The Company has historically issued warrants utilizing CAD$ for the strike price as the Company’s principle public listing of common shares is reported on the Canadian Securities Exchange utilizing CAD$. The following table summarizes information regarding the warrants including the historical CAD$ strike prices during the years ended March 31, 2025 and 2024:

  

   Warrants  

Weighted-

Average

Exercise

  

Weighted-

Average

Exercise

 
   Outstanding   Price   Life (years) 
   (thousands)   (CAD$)     
Balance as of March 31, 2023   3,756   $3.46    0.8 
Granted   13,424    1.09      
Exercised   (423)   0.58      
Expired   (3,333)   3.83    1.2 
Balance as of March 31, 2024   13,424    1.09      
Granted   56,205    0.82      
Balance as of March 31, 2025   69,629   $0.82    2.2 
Schedule of Fair Value of Options, By Following Weighted Average Assumptions

 

  
As of September 30,		 
   2025   2024 
Risk-free interest rate   2.5%   3.7%
Expected volatility   120%   126%
Expected life (years)   2.9    2.0 
Expected dividend yield   0.0%   0.0%

The fair value of the options was estimated using the Black-Scholes option pricing model with the following weighted average assumptions:

  

   2025   2024 
   For the Year Ended March 31, 
   2025   2024 
Risk-free interest rate   2.9%   3.3%
Expected volatility   132%   126%
Expected life (years)   3.13    4.4 
Expected dividend yield   0.0%   0.0%
Schedule of Fair Value of Warrants, By Following Weighted Average Assumptions  

 

   For the Year Ended March 31, 
   2025   2024 
Risk-free interest rate   2.5%   3.9%
Expected volatility   143%   114%
Expected life (years)   2.17    2.0 
Expected dividend yield   0.0%   0.0%