v3.26.1
WARRANTS (Tables)
 9 Months Ended 12 Months Ended
Dec. 31, 2025
Mar. 31, 2025
Warrants    
SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS

The total fair value of Broker Units was $45,361, estimated using the Black-Scholes option pricing model with the following weighted average assumptions:

 

   CAD$   $ 
Share price at grant date  $3.04   $2.21 
Risk-free interest rate   2.59%   2.59%
Expected life   3 years    3 years 
Expected volatility   118.4%   118.4%
Expected dividends   Nil    Nil 
Grant date fair value per warrant  $1.85   $1.34 
 

The total fair value of these Warrants was $2,774,214 and the Broker Units was $644,058, estimated using the Black-Scholes option pricing model with the following weighted average assumptions:

 

   CAD$   $ 
Share price at grant date  $4.88   $3.46 
Risk-free interest rate   2.39%   2.39%
Expected life   3 years    3 years 
Expected volatility   118.4%   118.4%
Expected dividends   Nil    Nil 
Grant date fair value per warrant  $3.29   $2.33 
  

The total fair value of these Compensation Warrants was $660,900, estimated using the Black-Scholes option pricing model with the following weighted average assumptions:

 

   CAD$   $ 
Share price at grant date  $11.46   $8.38 
Risk-free interest rate   2.72%   2.72%
Expected life   3 years    3 years 
Expected volatility   120.6%   120.6%
Expected dividends   Nil    Nil 
Grant date fair value per warrant  $8.20   $5.99 
  

The total fair value of these Compensation Warrants was $495,635, estimated using the Black-Scholes option pricing model with the following weighted average assumptions:

 

   CAD$   $ 
Share price at grant date  $13.20   $9.52 
Risk-free interest rate   2.61%   2.61%
Expected life   3 years    3 years 
Expected volatility   123.9%   123.9%
Expected dividends   Nil    Nil 
Grant date fair value per warrant  $9.78   $7.05 
 

The total fair value of the compensation warrants was $920,786, estimated using the Black-Scholes option pricing model with the following weighted average assumptions:

 

   CAD$   $ 
Share price at grant date  $46.17   $32.20 
Risk-free interest rate   2.88%   2.88%
Expected life   3 years    3 years 
Expected volatility   121.6%   121.6%
Expected dividends   Nil    Nil 
Grant date fair value per warrant  $33.31   $23.23 
The total fair value of the broker warrants was $165,518, estimated using the Black-Scholes option pricing model with the following weighted average assumptions:

 

   CAD$   $ 
Weighted average share price at grant date  $12.35   $8.87 
Weighted average risk-free interest rate   3.01%   3.01%
Expected life   3 years    3 years 
Expected volatility   100%   100%
Expected dividends   Nil    Nil 
Weighted average grant date fair value per warrant  $7.32   $5.25 

 The total fair value of the broker warrants was $58,290, estimated using the Black-Scholes option pricing model with the following weighted average assumptions:

 

   CAD$   $ 
Weighted average share price at grant date  $13.23   $9.49 
Weighted average risk-free interest rate   3.05%   3.05%
Expected life   3 years    3 years 
Expected volatility   100%   100%
Expected dividends   Nil    Nil 
Weighted average grant date fair value per warrant  $8.01   $5.74 
 The total fair value of the broker warrants was $134,813, estimated using the Black-Scholes option pricing model with the following weighted average assumptions:

 

   CAD$   $ 
Weighted average share price at grant date  $19.71   $14.53 
Weighted average risk-free interest rate   2.90%   2.90%
Expected life   3 years    3 years 
Expected volatility   100%   100%
Expected dividends   Nil    Nil 
Weighted average grant date fair value per warrant  $11.54   $8.51 

 The total fair value of the broker warrants was $181,394, estimated using the Black-Scholes option pricing model with the following weighted average assumptions:

 

   CAD$   $ 
Weighted average share price at grant date  $27.54   $19.97 
Weighted average risk-free interest rate   4.25%   4.25%
Expected life   2 years    2 years 
Expected volatility   100%   100%
Expected dividends   Nil    Nil 
Weighted average grant date fair value per warrant  $14.12   $10.32 

 
SCHEDULE OF WARRANTS OUTSTANDING

Warrants outstanding as at December 31, 2025 are summarized below:

 

   Number of warrants   Weighted Average
Exercise Price (CAD$)		  

Exercise Price

(USD$ equivalent) (1)

 
Balance, March 31, 2024   878,061   $41.10   $29.99 
Issued   1,340,158    40.16    29.30 
Exercised   (122,993)   24.09    17.58 
Expired   (2)   21.60    15.76 
Balance, March 31, 2025   2,095,224   $41.50   $30.28 
Issued   3,023,944    8.84    6.45 
Expired   (368,303)   26.54    19.36 
Balance, December 31, 2025   4,750,865   $21.87   $15.96 

 

(1)Converted at balance sheet rate.

Warrants outstanding as at March 31, 2025 are summarized below:

 

SCHEDULE OF WARRANTS OUTSTANDING

   Number of warrants   Weighted Average Exercise Price (CAD$)  

Exercise Price

(USD$
equivalent) (1)

 
Balance, March 31, 2023   969,941   $26.73   $18.59 
Issued   338,319    75.03    52.19 
Exercised   (430,199)   35.38    24.61 
Balance, March 31, 2024   878,061   $41.10   $28.59 
Issued   1,340,158    40.16    27.93 
Exercised   (122,993)   24.09    16.76 
Expired   (2)   21.60    15.02 
Balance, March 31, 2025   2,095,224   $41.50   $28.86 

 

(1)Converted at balance sheet rate.
SCHEDULE OF OUTSTANDING SHARE PURCHASE WARRANTS EXPIRE

As of December 31, 2025, the Company’s outstanding share purchase warrants expire as follows:

 

Expiry date  Weighted Average Remaining Contractual Life in Years   Exercise Price (CAD$)  

Exercise Price

(USD$ equivalent) (1)

   Outstanding 
April 15, 2026   0.29    10.80    7.88    46,296 
April 17, 2026   0.29    27.00    19.70    3,348 
April 29, 2026   0.33    27.00    19.70    6,618 
May 16, 2026   0.37    27.00    19.70    1,702 
July 6, 2026   0.51    55.35    40.38    29,227 
July 6, 2026   0.51    68.85    50.23    294,694 
August 15, 2026   0.62    27.00    19.70    45,496 
August 17, 2026   0.63    40.50    29.55    126,853 
August 30, 2026   0.66    40.50    29.55    43,062 
September 17, 2026   0.71    40.50    29.55    12,494 
December 22, 2026   0.98    32.40    23.64    809 
January 8, 2027   1.02    40.50    29.55    28 
June 20, 2027   1.47    40.50    29.55    255,185 
September 26, 2027   1.74    21.60    15.76    10,562 
September 26, 2027   1.74    32.40    23.64    114,354 
November 8, 2027   1.85    13.50    9.85    14,444 
November 8, 2027   1.85    18.90    13.79    85,699 
November 15, 2027   1.87    13.50    9.85    2,229 
November 15, 2027   1.87    18.90    13.79    15,290 
December 9, 2027   1.94    13.50    9.85    3,707 
December 9, 2027   1.94    18.90    13.79    28,519 
January 9, 2028   2.02    52.92    38.61    235,906 
January 9, 2028   2.02    42.39    30.93    26,420 
February 25, 2028   2.15    52.92    38.61    257,312 
March 9, 2028   2.19    18.90    13.79    66,667 
April 28, 2028   2.33    15.00    10.94    458,333 
April 28, 2028   2.33    12.00    8.76    70,334 
July 11, 2028   2.53    11.50    8.39    614,153 
November 6, 2028   2.85    6.00    4.38    186,667 
November 6, 2028   2.85    7.00    5.11    1,236,667 
December 18, 2028   2.97    3.04    2.22    23,026 
December 18, 2028   2.97    7.00    5.11    434,764 
    2.24   $21.87   $15.96    4,750,865 

 

Notes:

(1)Converted at balance sheet rate.
(2)Warrants expiring July 6, 2026

Pre-Consolidation Exercise Terms: 1 Warrant + CAD$2.55 ($1.86 at balance sheet rate) = 1 Class A Subordinate Voting share.

Post-Consolidation Exercise Terms: 27 Warrants + CAD$68.85 ($50.23 at balance sheet rate) = 1 New Class A Subordinate Voting share.

For presentation purposes, the Company divided the total outstanding warrants by 27 to reflect 1 warrant + CAD$68.85 ($50.23 at balance sheet rate) = 1 New Class A Subordinate Voting share.

As of March 31, 2025, the Company’s outstanding share purchase warrants expire as follows:

 

Expiry date  Weighted Average Remaining Contractual Life in Years   Exercise Price (CAD$)  

Exercise Price

(USD$
equivalent) (1)

   Outstanding 
April 3, 2025   0.01    32.40    22.54    117 
April 20, 2025   0.05    32.40    22.54    194 
June 2, 2025   0.17    32.40    22.54    1,149 
June 16, 2025   0.21    32.40    22.54    1,017 
July 10, 2025   0.28    32.40    22.54    98 
August 15, 2025   0.38    32.40    22.54    8,279 
August 15, 2025   0.38    21.60    15.02    42,663 
August 15, 2025 (2)   0.38    27.00    18.78    360,098 
August 25, 2025   0.40    32.40    22.54    184 
April 15, 2026   1.04    10.80    7.51    46,296 
April 17, 2026   1.05    27.00    18.78    3,348 
April 29, 2026   1.08    27.00    18.78    6,618 
May 16, 2026   1.13    27.00    18.78    1,702 
July 6, 2026   1.27    55.35    38.50    29,227 
July 6, 2026 (3)   1.27    68.85    47.89    294,694 
August 17, 2026   1.38    40.50    28.17    126,853 
August 30, 2026   1.42    40.50    28.17    43,062 
September 17, 2026   1.47    40.50    28.17    12,494 
December 22, 2026   1.73    32.40    22.54    809 
January 8, 2027   1.78    40.50    28.17    28 
June 20, 2027   2.22    40.50    28.17    255,185 
September 26, 2027   2.49    21.60    15.02    10,562 
September 26, 2027   2.49    32.40    22.54    114,354 
November 8, 2027   2.61    13.50    9.39    14,444 
November 8, 2027   2.61    18.90    13.15    85,699 
November 15, 2027   2.63    13.50    9.39    2,229 
November 15, 2027   2.63    18.90    13.15    15,290 
December 9, 2027   2.69    13.50    9.39    3,707 
December 9, 2027   2.69    18.90    13.15    28,519 
January 9, 2028   2.78    52.92    36.81    235,906 
January 9, 2028   2.78    42.39    29.49    26,420 
February 25, 2028   2.91    52.92    36.81    257,312 
March 9, 2028   2.94    18.90    13.15    66,667 
    1.83   $41.50    28.86    2,095,224 

 

Notes:

 

(1)Converted at balance sheet rate.

 

(2)Warrants expiring August 15, 2025:

 

Pre-Consolidation exercise terms: 1 warrant + CAD$1.00 ($0.6956 at balance sheet rate) = 1 Class A Subordinate Voting share.

 

Post-Consolidation Exercise Terms: 27 Warrants + CAD$27.00 ($18.78 at balance sheet rate) = 1 New Class A Subordinate Voting share.

 

For presentation purposes, the Company divided the total outstanding warrants by 27 to reflect 1 warrant + CAD$27.00 ($18.78 at balance sheet rate) = 1 New Class A Subordinate Voting share.

 

(3)Warrants expiring July 6, 2026

 

Pre-Consolidation Exercise Terms: 1 Warrant + CAD$2.55 ($1.77 at balance sheet rate) = 1 Class A Subordinate Voting share.

 

Post-Consolidation Exercise Terms: 27 Warrants + CAD$68.85 (47.89 at balance sheet rate) = 1 New Class A Subordinate Voting share.

 

For presentation purposes, the Company divided the total outstanding warrants by 27 to reflect 1 warrant + CAD$68.85 (47.89 at balance sheet rate) = 1 New Class A Subordinate Voting share.

 

 

VERSES AI INC.

Notes to the Consolidated Financial Statements

For the years ended March 31, 2025 and 2024

(Expressed in United States dollars)