Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2020 | Feb. 15, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | BIOTRICITY INC. | |
Entity Central Index Key | 0001630113 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 35,587,596 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
CURRENT ASSETS | ||
Cash | $ 3,324,190 | $ 949,848 |
Accounts receivable, net | 1,396,621 | 486,187 |
Inventory | 94,848 | 85,720 |
Deposits and other receivables | 126,579 | 137,074 |
Total current assets | 4,942,238 | 1,658,829 |
NON-CURRENT ASSETS | ||
Deposits | 33,000 | |
Long-term accounts receivable | 81,778 | 48,115 |
Operating lease right-of-use assets [Note 10] | 115,708 | 264,472 |
TOTAL ASSETS | 5,139,724 | 2,004,416 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities [Note 4] | 2,633,884 | 1,521,689 |
Convertible promissory notes and short term loans [Note 5] | 5,695,595 | 2,068,302 |
Operating lease obligations, current [Note 9] | 113,910 | 213,030 |
Total current liabilities | 8,443,389 | 3,803,021 |
NON CURRENT LIABILITIES | ||
Federally guaranteed loans [Note 6] | 1,570,900 | |
Derivative liabilities [Note 7] | 5,833,102 | 1,144,733 |
Operating lease obligations, long term [Note 9] | 57,055 | |
TOTAL LIABILITIES | 15,847,391 | 5,004,809 |
STOCKHOLDERS' DEFICIENCY | ||
Preferred stock, $0.001 par value, 10,000,000 authorized as at December 31 and March 31, 2020, respectively, 1 share issued and outstanding as at December 31 and March 31, 2020, respectively [Note 8] | 1 | 1 |
Common stock, $0.001 par value, 125,000,000 authorized as at December 31 and March 31, 2020, respectively. Issued and outstanding common shares: 34,576,797 and 32,593,769 as at December 31 and March 31, 2020, respectively, and exchangeable shares of 3,219,518 and 3,788,062 as at December 31 and March 31, 2020 [Note 8] | 37,797 | 36,382 |
Shares to be issued (339,500 and 178,750 shares of common stock as at December 31 and March 31, 2020, respectively) [Note 8] | 250,715 | 169,490 |
Additional paid-in-capital | 46,707,203 | 44,015,397 |
Accumulated other comprehensive loss | (670,060) | (857,307) |
Accumulated deficit | (57,033,331) | (46,364,364) |
TOTAL STOCKHOLDERS' DEFICIENCY | (10,707,667) | (3,000,393) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY | 5,139,724 | 2,004,416 |
Series A Preferred Stock [Member] | ||
STOCKHOLDERS' DEFICIENCY | ||
Preferred stock, $0.001 par value, 10,000,000 authorized as at December 31 and March 31, 2020, respectively, 1 share issued and outstanding as at December 31 and March 31, 2020, respectively [Note 8] | $ 8 | $ 8 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Mar. 31, 2020 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 1 | 1 |
Preferred stock, shares outstanding | 1 | 1 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 34,576,797 | 32,593,769 |
Common stock, shares outstanding | 34,576,797 | 32,593,769 |
Common stock, exchangeable shares outstanding | 3,219,518 | 3,788,062 |
Common stock, shares to be issued | 339,500 | 178,750 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000 | 20,000 |
Preferred stock, shares issued | 8,045 | 7,830 |
Preferred stock, shares outstanding | 8,045 | 7,830 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||||
REVENUE | $ 1,001,252 | $ 381,899 | $ 2,197,734 | $ 1,054,805 |
Cost of revenue | 508,877 | 100,782 | 1,120,435 | 327,084 |
NET REVENUE | 492,375 | 281,117 | 1,077,299 | 727,721 |
EXPENSES | ||||
General and administrative expenses [Notes 7, 8 and 9] | 3,688,868 | 2,179,928 | 9,675,299 | 6,292,225 |
Research and development expenses | 681,411 | 447,639 | 1,507,634 | 879,661 |
TOTAL OPERATING EXPENSES | 4,370,279 | 2,627,567 | 11,182,932 | 7,171,886 |
Other income [Note 3] | (8,637) | (25,604) | ||
Accretion and amortization expense [Note 5] | 380,692 | 26,058 | 722,795 | 26,058 |
Change in fair value of derivative liabilities [Note 6] | (349,714) | (1,503) | (783,193) | (1,503) |
NET LOSS BEFORE INCOME TAXES | (3,900,245) | (2,371,005) | (10,019,631) | (6,468,720) |
Income taxes | ||||
NET LOSS | (3,900,246) | (2,371,005) | (10,019,631) | (6,468,720) |
Less: Preferred Stock Dividends [Note 8] | 218,904 | 23,671 | 649,336 | 23,671 |
NET LOSS ATTRIBUTED TO COMMON STOCKHOLDERS | (4,119,149) | (2,394,676) | (10,668,968) | (6,492,391) |
Translation adjustment | 366,788 | (234,820) | 187,247 | (273,735) |
COMPREHENSIVE LOSS | $ (3,752,361) | $ (2,629,496) | $ (10,481,721) | $ (6,766,126) |
LOSS PER SHARE, BASIC AND DILUTED | $ (0.111) | $ (0.066) | $ (0.288) | $ (0.181) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | 37,256,315 | 36,176,520 | 37,038,957 | 35,826,398 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Deficiency (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | |
Preferred Stock [Member] | |||||
Balance | $ 9 | $ 1 | $ 9 | $ 1 | $ 1 |
Balance, shares | 8,046 | 1 | 7,831 | 1 | 1 |
Issuance of preferred stock | $ 6 | $ 6 | |||
Issuance of preferred stock, shares | 6,000 | 215 | 6,000 | ||
Net Issuance of shares for services | |||||
Net Issuance of shares for services, shares | |||||
Issuance of warrants for services | |||||
Issuance of warrants pursuant to promissory notes | |||||
Stock based compensation - ESOP | |||||
Translation adjustment | |||||
Derivative liabilities adjustment | |||||
Issuance of shares on exercise of warrants | |||||
Issuance of shares on exercise of warrants, shares | |||||
Issuance of shares for private placement | |||||
Issuance of shares for private placement, shares | |||||
Preferred stock dividends | |||||
Net loss before dividends | |||||
Net loss for the period | |||||
Balance | $ 9 | $ 7 | $ 9 | $ 7 | $ 9 |
Balance, shares | 8,046 | 6,001 | 8,046 | 6,001 | 7,831 |
Common Stock and Exchangeable Common Shares [Member] | |||||
Balance | $ 37,257 | $ 36,092 | $ 36,382 | $ 35,362 | $ 35,362 |
Balance, shares | 37,256,315 | 36,091,753 | 36,381,815 | 35,361,656 | 35,361,656 |
Issuance of preferred stock | |||||
Issuance of preferred stock, shares | |||||
Net Issuance of shares for services | $ 540 | $ 200 | $ 1,415 | $ 883 | |
Net Issuance of shares for services, shares | 540,000 | 200,000 | 1,414,500 | 882,512 | |
Issuance of warrants for services | |||||
Issuance of warrants pursuant to promissory notes | |||||
Stock based compensation - ESOP | |||||
Translation adjustment | |||||
Derivative liabilities adjustment | |||||
Issuance of shares on exercise of warrants | |||||
Issuance of shares on exercise of warrants, shares | |||||
Issuance of shares for private placement | $ 48 | ||||
Issuance of shares for private placement, shares | 47,585 | ||||
Preferred stock dividends | |||||
Net loss before dividends | |||||
Net loss for the period | |||||
Balance | $ 37,797 | $ 36,292 | $ 37,797 | $ 36,292 | $ 36,382 |
Balance, shares | 37,796,315 | 36,291,753 | 37,796,315 | 36,291,753 | 36,381,815 |
Shares to be Issued [Member] | |||||
Balance | $ 400,591 | $ 3,625 | $ 169,490 | $ 91,497 | $ 91,497 |
Balance, shares | 412,500 | 6,250 | 178,750 | 62,085 | 62,085 |
Issuance of preferred stock | |||||
Issuance of preferred stock, shares | |||||
Net Issuance of shares for services | $ (149,876) | $ 60,687 | $ 13,284 | $ (27,186) | |
Net Issuance of shares for services, shares | (73,000) | 96,328 | 63,250 | 40,493 | |
Issuance of warrants for services | |||||
Issuance of warrants pursuant to promissory notes | |||||
Stock based compensation - ESOP | |||||
Translation adjustment | |||||
Derivative liabilities adjustment | |||||
Issuance of shares on exercise of warrants | $ 67,941 | ||||
Issuance of shares on exercise of warrants, shares | 97,500 | ||||
Issuance of shares for private placement | |||||
Issuance of shares for private placement, shares | |||||
Preferred stock dividends | |||||
Net loss before dividends | |||||
Net loss for the period | |||||
Balance | $ 250,715 | $ 64,312 | $ 250,715 | $ 64,312 | $ 169,490 |
Balance, shares | 339,500 | 102,578 | 339,500 | 102,578 | 178,750 |
Additional Paid in Capital [Member] | |||||
Balance | $ 46,100,177 | $ 34,993,295 | $ 44,015,397 | $ 33,889,917 | $ 33,889,917 |
Issuance of preferred stock | 5,999,994 | 215,000 | 5,999,994 | ||
Net Issuance of shares for services | 519,916 | 97,800 | 1,862,857 | 579,151 | |
Issuance of warrants for services | 73,329 | 25,752 | 173,523 | 125,376 | |
Issuance of warrants pursuant to promissory notes | 68,057 | 68,057 | |||
Stock based compensation - ESOP | 13,781 | 155,702 | 482,175 | 649,587 | |
Translation adjustment | |||||
Derivative liabilities adjustment | (793,129) | (41,749) | (793,129) | ||
Issuance of shares on exercise of warrants | |||||
Issuance of shares for private placement | 28,518 | ||||
Preferred stock dividends | |||||
Net loss before dividends | |||||
Net loss for the period | |||||
Balance | 46,707,203 | 40,547,471 | 46,707,203 | 40,547,471 | 44,015,397 |
Accumulated Other Comprehensive (loss) Income [Member] | |||||
Balance | (1,036,848) | (793,878) | (857,307) | (754,963) | (754,963) |
Issuance of preferred stock | |||||
Net Issuance of shares for services | |||||
Issuance of warrants for services | |||||
Issuance of warrants pursuant to promissory notes | |||||
Stock based compensation - ESOP | |||||
Translation adjustment | 366,788 | (234,820) | 187,247 | (273,735) | |
Derivative liabilities adjustment | |||||
Issuance of shares on exercise of warrants | |||||
Issuance of shares for private placement | |||||
Preferred stock dividends | |||||
Net loss before dividends | |||||
Net loss for the period | |||||
Balance | (670,060) | (1,028,698) | (670,060) | (1,028,698) | (857,307) |
Accumulated Deficit [Member] | |||||
Balance | (52,914,182) | (39,137,210) | (46,364,364) | (35,039,496) | (35,039,496) |
Issuance of preferred stock | |||||
Net Issuance of shares for services | |||||
Issuance of warrants for services | |||||
Issuance of warrants pursuant to promissory notes | |||||
Stock based compensation - ESOP | |||||
Translation adjustment | |||||
Derivative liabilities adjustment | |||||
Issuance of shares on exercise of warrants | |||||
Issuance of shares for private placement | |||||
Preferred stock dividends | (218,904) | (649,336) | |||
Net loss before dividends | (3,900,245) | (10,019,631) | |||
Net loss for the period | (2,394,676) | (6,492,391) | |||
Balance | (57,033,331) | (41,531,886) | (57,033,331) | (41,531,886) | (46,364,364) |
Balance | (4,985,151) | (4,898,075) | (3,000,393) | (1,777,681) | (1,777,681) |
Issuance of preferred stock | 6,000,000 | 215,000 | 6,000,000 | ||
Net Issuance of shares for services | 370,580 | 158,687 | 1,877,556 | 552,848 | |
Issuance of warrants for services | 73,329 | 25,752 | 173,523 | 125,376 | |
Issuance of warrants pursuant to promissory notes | 68,057 | 68,057 | |||
Stock based compensation - ESOP | 13,781 | 155,702 | 482,175 | 649,587 | |
Translation adjustment | 366,788 | (234,820) | 187,247 | (273,735) | |
Derivative liabilities adjustment | (793,129) | (41,749) | (793,129) | ||
Issuance of shares on exercise of warrants | 67,941 | ||||
Issuance of shares for private placement | 28,566 | ||||
Preferred stock dividends | (218,904) | (649,336) | |||
Net loss before dividends | (3,900,245) | (10,019,631) | |||
Net loss for the period | (4,119,149) | (2,394,676) | (10,668,968) | (6,492,391) | |
Balance | $ (10,707,667) | $ (1,912,502) | $ (10,707,667) | $ (1,912,502) | $ (3,000,393) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net loss before dividends | $ (3,900,246) | $ (2,371,005) | $ (10,019,631) | $ (6,468,720) | |
Adjustments to reconcile net loss to net cash used in operations | |||||
Stock based compensation | 482,175 | 649,587 | |||
Issuance of shares for services | 1,877,556 | 552,848 | |||
Issuance of warrants for services | 173,523 | 125,376 | |||
Accretion and amortization expense | 380,692 | 26,058 | 722,795 | 26,058 | |
Change in fair value of derivative liabilities | (349,714) | (1,503) | (783,193) | (1,503) | |
Changes in operating assets and liabilities: | |||||
Accounts receivable | (944,097) | (420,431) | |||
Inventory | (9,128) | (73,651) | |||
Deposits and other receivables | 44,075 | 61,461 | |||
Accounts payable and accrued liabilities | 954,741 | 639,079 | |||
Net cash used in operating activities | (7,501,184) | (4,909,896) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Issuance of common shares, net | 28,565 | ||||
Issuance of preferred shares | 215,000 | 6,000,000 | |||
Proceeds from federally guaranteed loans | 1,570,900 | ||||
Proceeds from exercise of stock options and warrants | 67,941 | ||||
Proceeds from convertible promissory notes, net | 8,395,640 | 3,436,110 | |||
Proceeds from short term loans | 404,895 | ||||
Repayment of convertible promissory notes issued in prior years | (466,236) | ||||
Preferred stock dividends paid | (570,920) | ||||
Net cash provided by financing activities | 9,617,221 | 9,464,675 | |||
Effect of foreign currency translation | 258,305 | (264,664) | |||
Net increase (decrease) in cash during the period | 2,116,037 | 4,554,779 | |||
Cash, beginning of period | 949,848 | 63,647 | $ 63,647 | ||
Cash, end of period | $ 3,324,190 | $ 4,353,762 | $ 3,324,190 | $ 4,353,762 | $ 949,848 |
Nature of Operations
Nature of Operations | 9 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | 1. NATURE OF OPERATIONS Biotricity Inc. (formerly MetaSolutions, Inc.) (the “Company”) was incorporated under the laws of the State of Nevada on August 29, 2012. iMedical Innovations Inc. (“iMedical”) was incorporated on July 3, 2014 under the laws of the Province of Ontario, Canada and became a wholly-owned subsidiary of Biotricity through reverse take-over. Both the Company and iMedical are engaged in research and development activities within the remote monitoring segment of preventative care. They are focused on a realizable healthcare business model that has an existing market and commercialization pathway. As such, its efforts to date have been devoted in building technology that enables access to this market through the development of a tangible product. |
Basis of Presentation, Measurem
Basis of Presentation, Measurement and Consolidation | 9 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation, Measurement and Consolidation | 2. BASIS OF PRESENTATION, MEASUREMENT AND CONSOLIDATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) for interim financial information and the Securities and Exchange Commission (“SEC”) instructions to Form 10-Q and Article 8 of SEC Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements and should be read in conjunction with Biotricity’s audited consolidated financial statements for the years ended March 31, 2020 and 2019 and their accompanying notes. The accompanying unaudited condensed consolidated financial statements are expressed in United States dollars (“USD”). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of financial position and results of operations for the interim periods presented have been reflected herein. Operating results for the interim periods presented herein are not necessarily indicative of the results that may be expected for the year ending March 31, 2021. The Company’s fiscal year-end is March 31. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Significant intercompany accounts and transactions have been eliminated. Certain prior year amounts have been reclassified to conform to the current year’s presentation. Liquidity and Basis of Presentation The Company is an emerging growth firm, in the early stages of commercializing its first product. It is concurrently in development mode, operating a research and development program in order to develop an ecosystem of medical technologies, and, where required or deemed advisable, obtain regulatory approvals for, and commercialize other proposed products. The Company has incurred recurring losses from operations, and as at December 31, 2020, has an accumulated deficit of $57,033,331 and a working capital deficiency of $3,501,151. The Company launched its first commercial sales program as part of a limited market release, during the year ended March 31, 2019, using an experienced professional in-house sales team. A full market release ensued during the year ended March 31, 2020. Given the growth experienced in business volumes during the early stages of commercialization, management anticipates that this first product will generate an increasing amount of revenue, allowing the Company to improve its liquidity through continued business development, and issue additional equity or debt required to further capitalize the Company. The Company has developed and continues to pursue sources of funding that management believes, if successful, would be sufficient to support the Company’s operating plan and alleviate any substantial doubt as to its ability to meet its obligations at least for a period of one year from the date of these consolidated financial statements. The Company raised $3,030,620 in promissory notes and short term loans during the year ended March 31, 2020. From December 2019 to June 2020, the Company also issued 8,045 Series A preferred shares, issuing 6,100 of these for cash proceeds of $6,100,000; an additional 1,945 of these preferred shares were issued on conversion of $1,945,000 of promissory notes and accrued interest. The Company has also received a Coronavirus relief loan for economic support during COVID-19, including $1,570,900 received during the three months ended June 30, 2020 (see Note 6 – Federally Guaranteed Loans), which management believes is ultimately forgivable. In July 2020, the Company launched a further private placement offering of convertible notes, generating net cash proceeds of $6,095,640 by December 31, 2020 (Note 5), not including funds raised as part of additional closings related to this offering that occurred subsequent to December 31, 2020. The Company’s operating plan is predicated on a variety of assumptions including, but not limited to, the level of product demand, cost estimates, its ability to continue to raise additional financing and the state of the general economic environment in which the Company operates. There can be no assurance that these assumptions will prove to be accurate in all material respects, or that the Company will be able to successfully execute its operating plan. In the absence of additional appropriate financing, the Company may have to modify its operating plan or slow down the pace of development and commercialization of its proposed products. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Areas involving significant estimates and assumptions include: deferred income tax assets and related valuation allowance, accruals and valuation of derivatives, convertible promissory notes, stock options, and assumptions used in the going concern assessment. Actual results could differ from those estimates. These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in earnings in the period in which they become known. Earnings (Loss) Per Share The Company has adopted the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 260-10 which provides for calculation of “basic” and “diluted” earnings per share. Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity. Diluted earnings per share exclude all potentially dilutive shares if their effect is anti-dilutive. There were no potentially dilutive shares outstanding as at December 31, 2020 and 2019. Fair Value of Financial Instruments ASC 820 defines fair value, establishes a framework for measuring fair value and expands required disclosure about fair value measurements of assets and liabilities. ASC 820-10 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820-10 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: ● Level 1 – Valuation based on quoted market prices in active markets for identical assets or liabilities. ● Level 2 – Valuation based on quoted market prices for similar assets and liabilities in active markets. ● Level 3 – Valuation based on unobservable inputs that are supported by little or no market activity, therefore requiring management’s best estimate of what market participants would use as fair value. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments or interest rates that are comparable to market rates. These financial instruments include cash, accounts receivable, deposits and other receivables, convertible promissory notes, and accounts payable and accrued liabilities. The Company’s cash and derivative liabilities, which are carried at fair values, are classified as a Level 1 and Level 3, respectively. The Company’s bank accounts are maintained with financial institutions of reputable credit, therefore, bear minimal credit risk. Leases The Company is the lessee in a lease contract when the Company obtains the right to use the asset. Operating leases are included in the line items right-of-use asset, lease obligation, current, and lease obligation, long-term in the consolidated balance sheet. Right-of-use (“ROU”) asset represents the Company’s right to use an underlying asset for the lease term and lease obligations represent the Company’s obligations to make lease payments arising from the lease, both of which are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Leases with a lease term of 12 months or less at inception are not recorded on the consolidated balance sheet and are expensed on a straight-line basis over the lease term in our consolidated statement of income. The Company determines the lease term by agreement with lessor. As our lease do not provide an implicit interest rate, the Company uses the Company’s incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. Refer to Note 10 for further discussion. Government loan Loans that were received from the federal government, which contain certain operating conditions and with terms of over twelve months, are recorded by the Company as long term liabilities. Convertible Promissory Notes Payable and Derivative Instruments The Company has adopted the provisions of ASU 2017-11 to account for the down round features of warrants issued with private placements effective as of April 1, 2017. In doing so, warrants with a down round feature previously treated as derivative liabilities in the consolidated balance sheet and measured at fair value are henceforth treated as equity, with no adjustment for changes in fair value at each reporting period. Previously, the Company accounted for conversion options embedded in convertible notes in accordance with ASC 815. ASC 815 generally requires companies to bifurcate conversion options embedded in convertible notes from their host instruments and to account for them as free-standing derivative financial instruments. ASC 815 provides for an exception to this rule when convertible notes, as host instruments, are deemed to be conventional, as defined by ASC 815-40. The Company accounts for convertible notes deemed conventional and conversion options embedded in non-conventional convertible notes which qualify as equity under ASC 815, in accordance with the provisions of ASC 470-20, which provides guidance on accounting for convertible securities with beneficial conversion features. Accordingly, the Company records, as a discount to convertible notes, the intrinsic value of such conversion options based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments.” This pronouncement, along with subsequent ASUs issued to clarify provisions of ASU 2016-13, changes the impairment model for most financial assets and will require the use of an “expected loss” model for instruments measured at amortized cost. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. In developing the estimate for lifetime expected credit loss, entities must incorporate historical experience, current conditions, and reasonable and supportable forecasts. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019. On November 19, 2019, the FASB issued ASU No. 2019-10, Financial Instruments—Credit Losses (Topic 326), finalized various effective date delays for private companies, not-for-profit organizations, and certain smaller reporting companies applying the credit losses (CECL), the revised effective date is January 2023. In July 2019, the FASB issued ASU 2019-07, Codification Updates to SEC Sections. This ASU amends various SEC paragraphs pursuant to the issuance of SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization. One of the changes in the ASU requires a presentation of changes in stockholders’ equity in the form of a reconciliation, either as a separate financial statement or in the notes to the financial statements, for the current and comparative year-to-date interim periods. The Company presented changes in stockholders’ equity as separate financial statements for the current and comparative year-to-date interim periods beginning on April 1, 2019. The additional elements of the ASU did not have a material impact on the Company’s consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. ASU 2019-12 is effective for fiscal years beginning after December 15, 2021. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company is currently evaluating the impacts of the provisions of ASU 2019-12 on its financial condition, results of operations, and cash flows. In March 2020, the FASB issued ASU No. 2030-20 Codification Improvements to Financial Instruments, An Amendment of the FASB Accounting Standards Codification: a)in ASU No. 2016-01, b) in Subtopic 820-10, c) for depository and lending institutions clarification in disclosure requirements, d) in Subtopic 470-50, e) in Subtopic 820-10, f) Interaction of Topic 842 and Topic 326, g) Interaction of the guidance in Topic 326 and Subtopic 860-20.The amendments in this Update represent changes to clarify or improve the Codification. The amendments make the Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. For public business entities updates under the following paragraphs: a), b), d) and e) are effective upon issuance of this final update. The effective date for c) is for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company does not expect that the new guidance will significantly impact its consolidated financial statements. The Company continues to evaluate the impact of the new accounting pronouncement, including enhanced disclosure requirements, on our business processes, controls and systems. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 9 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | 4. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES As at As at Accounts payable 1,478,503 1,094,072 Accrued liabilities 1,155,381 427,617 2,633,884 1,521,689 Accounts payable as at December 31, 2020, and March 31, 2020 include 371,930 and 379,881, respectively, due to a shareholder and executive of the Company, primarily as a result of that individual’s role as an employee. These amounts are unsecured, non-interest bearing and payable on demand. As at December 31, 2020, included in accrued liabilities, dividends payable was $212,264 (March 31, 2020 - $77,927). |
Convertible Promissory Notes an
Convertible Promissory Notes and Short Term Loans | 9 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Convertible Promissory Notes and Short Term Loans | 5. CONVERTIBLE PROMISSORY NOTES AND SHORT TERM LOANS During the nine months ended December 31, 2020, the Company issued $7,040,500 (face value) in a series of convertible promissory notes (the “Series A Notes”) sold under subscription agreements to accredited investors. The Notes mature one year from the final closing date of the offering and accrue interest at 12% per annum. The Notes will automatically convert into common stock (in each case, subject to the trading volume of the Company’s common stock being a minimum of $500,000 for each trading day in the 20 consecutive trading days immediately preceding the conversion date), upon the earlier to occur of (i) the Company’s common stock being listed on a national securities exchange, in which event the conversion price will be equal to 75% of the volume weighted average price of the common stock for the 20 trading days prior to the conversion date, or (ii) upon the closing of the Company’s next equity round of financing for gross proceeds of greater than $5,000,000, in which event the conversion price will be equal to 75% of the price per share of the common stock (or of the conversion price in the event of the sale of securities convertible into common stock) sold in such financing. The Company may, at its discretion redeem the notes for 115% of their face value plus accrued interest. The Company is obligated to issue warrants that accompany the convertible notes and provide 50% warrant coverage. The warrants have a 3-year term from date of issuance and an exercise price that is 120% of the 20-day volume weighted average price of the Company’s common shares at the time final closing. The Company is obligated to pay the placement agent of the Notes a 12% cash fee. Net proceeds to the Company from convertible note issuances to December 31, 2020 amounted to $6,095,640 after payment of the placement agent fee. The Company is also obligated to issue warrants to the placement agent that have a 10-year term and cover 12% of funds raised, with an exercise price that is 120% of the 20-day volume weighted average price of the Company’s common shares at the time final closing. Both the noteholder and placement agent warrants will not be issued until final closing since their exercise price is variable and will not be struck until that date. The Company determined that the conversion and redemption features, investor warrants and placement agent warrants contained in those Notes represented a single compound derivative liability that meets the requirements for liability classification under ASC 815. The Company accounted for these obligations by determining the fair value of the related derivative liability associated with the embedded conversion and redemption features, as well as investor warrants and placement agent warrants. The initial fair value of the derivative liabilities generated as a result of issuing the Series A Notes that were issued until December 31, 2020 was $5,429,803 (Note 7). The Company recognized debt issuance costs in the amount of $1,676,198 and treated these as a deduction from the convertible note liabilities directly, as a contra-liability, and amortized the debt issuance cost over the term of the Notes. The Company recognized initial debt discount in the amount of $4,598,464 and accreted the interest over the remaining lives of those Notes. For the nine months ended December 31, 2020, the Company recorded amortization of debt issuance cost in the amount of $260,869, interest accretion for the debt discount in the amount of $461,926 as well as $160,958 interest accruals for those Notes. In connection with the foregoing, the Company relied upon the exemption from registration provided by Section 4(a)(2) under the Securities Act of 1933, as amended, for transactions not involving a public offering. Total $ Face value of convertible notes issued 7,040,500 Debt discount (4,598,464 ) Debt issuance costs (1,676,198 ) Day 1 value of convertible notes issued 765,838 Accretion of debt discount during nine months ended December 31, 2020 461,926 Amortization of debt issuance cost during nine months ended December 31, 2020 260,869 Total accretion and amortization expenses 722,795 Balance as at December 31, 2020 1,488,633 In addition, as at December 31, 2020, the Company had promissory notes outstanding of $450,065 (March 31, 2020 – $916,301). The promissory notes generally have a term of 1-year term, at interest rates of between 10%, and 12% with allowance for the Company to repay early, and the possibility to convert into equity on the basis of mutual consent. Management has evaluated the terms of these notes issued in prior years in accordance with the guidance provided by ASC 470 and ASC 815 and concluded that there is no derivative or beneficial conversion feature attached to these notes. As at December 31, 2020, the Company also had short term loan outstanding of $1,556,896 (March 31, 2020 – $1,152,001) and held funds in escrow for to be issued as convertible notes after December 31, 2020 in the amount of $2,200,000 (March 31, 2020 – nil) General and administrative expenses include interest expense on the above debt instruments of $109,699 and $37,456 for the nine months ended December 31, 2020 and 2019, respectively. |
Federally Guaranteed Loans
Federally Guaranteed Loans | 9 Months Ended |
Dec. 31, 2020 | |
Federally Guaranteed Loans | |
Federally Guaranteed Loans | 6. FEDERALLY GUARANTEED LOANS Economic Injury Disaster Loan (“EIDL”) In April 2020, the Company received $370,900 from the U.S. Small Business Administration (SBA) under the captioned program. The loan has a term of 30 years and an interest rate of 3.75%, without the requirement for payment in its first 12 months. The Company may prepay the loan without penalty at will. Payment Protection Program (“PPP”) Loan In May 2020, Biotricity received loan proceeds of $1.2 million (the “PPP Loan”) under the Paycheck Protection Program established by the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) administered by the U.S. Small Business Administration (“SBA”). The unsecured PPL Loan is evidenced by a promissory note (the “Note”), between the Company and the lending financial institution (the “Lender”). The Note has a two-year term, bears interest at the rate of 1.0% per annum, and may be prepaid at any time without payment of any premium. No payments of principal or interest were originally due during the six-month period beginning on the date of the Note (the “Deferral Period”), but the Payment Protection Flexibility Act of 2020 has effectively extended this period of no payments for the Company to the earliest of loan forgiveness or August 2021. The principal and accrued interest under the Note is forgivable under certain specified circumstances if the Company uses the PPP Loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and otherwise complies with PPP requirements. In order to obtain forgiveness of the PPP Loan, the Company must submit a request and provide satisfactory documentation regarding its compliance with applicable requirements. The Company must repay any unforgiven principal amount of the Note, with interest, on a monthly basis following the Deferral Period. The Company is using PPP Loan proceeds for qualifying expenses, though no assurance is provided that the Company will obtain forgiveness of the PPP Loan in whole or in part. |
Derivative Liabilities
Derivative Liabilities | 9 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Liabilities | 7. DERIVATIVE LIABILITIES On December 19, 2019 and January 9, 2020, the Company issued 7,830 Series A preferred shares; 6,000 of these were issued for cash proceeds of $6,000,000 and 1,830 of these were issued on conversion of $1,830,000 of promissory notes that had previously been issued for cash proceeds in October 2019. On May 22, 2020, another 215 Series A preferred shares were issued as a result of a combined transaction that included the conversion of $100,000 in promissory notes, and $15,000 in accrued interest thereon, for 115 preferred shares, as well as a purchase of 100 preferred shares for cash proceeds of $100,000. The Company therefore had 8,045 Series A preferred shares issued and outstanding as at December 31, 2020. The Company analyzed the compound features of variable conversion and redemption embedded in the preferred shares, for potential derivative accounting treatment on the basis of ASC 820 (Fair Value in Financial Instruments), ASC 815 (Accounting for Derivative Instruments and Hedging Activities), Emerging Issues Task Force (“EITF”) Issue No. 00–19 and EITF 07–05, and determined that the embedded derivatives should be bundled and valued as a single, compound embedded derivative, bifurcated from the underlying equity instrument, treated as a derivative liability, and measured at fair value. Total $ Derivative liabilities related to preferred shares as at March 31, 2019 - Derivative fair value at issuance 1,083,952 Change in fair value of derivatives 60,781 As at March 31, 2020 $ 1,144,733 Derivative fair value at issuance 41,749 Change in fair value of derivatives for the three months ended June 30, 2020 (204,142 ) Change in fair value of derivatives for the three months ended September 30, 2020 (178,988 ) Change in fair value of derivatives for the three months ended December 31, 2020 (214,663 ) Derivative liabilities related to preferred shares as at December 31, 2020 $ 588,699 The lattice methodology was used to value the derivative components embedded in the preferred shares, using the following assumptions: Assumptions Dividend yield 12 % Risk-free rate for term 0.62% – 1.14 % Volatility 111.7% – 113.4 % Remaining terms (Years) 0.01 – 1.0 Stock price ($ per share) $ 0.7383 For the nine months ended December 31, 2020 , pursuant to issuing $7,040,500 in convertible notes (Note 5) that have embedded conversion rights, redemption features and variable-priced investor warrants and placement agent warrants, the Company analyzed the compound features of variable conversion and redemption embedded in the convertible notes, for potential derivative accounting treatment on the basis of ASC 820 (Fair Value in Financial Instruments), ASC 815 (Accounting for Derivative Instruments and Hedging Activities), Emerging Issues Task Force (“EITF”) Issue No. 00–19 and EITF 07–05, and determined that the embedded derivatives should be bundled and valued as a single, compound embedded derivative, bifurcated from the underlying note, treated as a derivative liability, and measured at fair value. Total $ Derivative liabilities related to convertible notes as at March 31 and June 30, 2020 $ - Derivative fair value at issuance 2,590,317 Change in fair value of derivatives for the three months ended September 30, 2020 (50,349 ) As at September 30, 2020 $ 2,539,968 Derivative fair value at issuance 2.839.486 Change in fair value of derivatives for the three months ended December 31, 2020 (135,051 ) Derivative liabilities related to the convertible notes as at December 31, 2020 $ 5,244,403 The lattice methodology was used to value the derivative components embedded in the convertible notes, using the following range of assumptions: Assumptions Dividend yield 12 % Risk-free rate for term 0.62% – 1.14 % Volatility 98.5% – 125.3 % Remaining terms (Years) 0.01 – 10.0 Stock price ($ per share) $ 0.7241 – $1.14 |
Stockholders' Deficiency
Stockholders' Deficiency | 9 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Deficiency | 8. STOCKHOLDERS’ DEFICIENCY a) Authorized stock As at December 31, 2020, the Company is authorized to issue 125,000,000 (March 31, 2020 – 125,000,000) shares of common stock ($0.001 par value) and 10,000,000 (March 31, 2020 – 10,000,000) shares of preferred stock ($0.001 par value). At December 31, 2020, there were 34,576,797 (March 31, 2020 – 32,593,769) shares of common stock issued and outstanding. Additionally, at December 31, 2020, there were 3,219,518 (March 31, 2020 – 3,788,062) outstanding exchangeable shares. There is currently one share of the Special Voting Preferred Stock issued and outstanding, held by one holder of record, which is the Trustee in accordance with the terms of the Trust Agreement. The Company has also issued a Series A preferred stock, $0.001 par value; 20,000 shares have been designated as authorized (as at December 31 and March 31, 2020); 8,045 and 7,830 preferred shares were issued and outstanding as at December 31 and March 31, 2020, respectively. b) Exchange Agreement On February 2, 2016, the Company was formed through reverse-take-over: ● The Company issued approximately 1.197 shares of its common stock in exchange for each common share of iMedical held by the iMedical shareholders who in general terms, are not residents of Canada (for the purposes of the Income Tax Act (Canada). Accordingly, the Company issued 13,376,947 shares; ● Shareholders of iMedical who in general terms, are Canadian residents (for the purposes of the Income Tax Act (Canada)) received approximately 1.197 Exchangeable Shares in the capital of Exchangeco in exchange for each common share of iMedical held. Accordingly, the Company issued 9,123,031 Exchangeable Shares; ● Each outstanding option to purchase common shares in iMedical (whether vested or unvested) was exchanged, without any further action or consideration on the part of the holder of such option, for approximately 1.197 economically equivalent replacement options with an inverse adjustment to the exercise price of the replacement option to reflect the exchange ratio of approximately 1.197:1; ● Each outstanding warrant to purchase common shares in iMedical was adjusted, in accordance with the terms thereof, such that it entitles the holder to receive approximately 1.197 shares of the common stock of the Company for each warrant, with an inverse adjustment to the exercise price of the warrants to reflect the exchange ratio of approximately 1.197:1 ● Each outstanding advisor warrant to purchase common shares in iMedical was adjusted, in accordance with the terms thereof, such that it entitles the holder to receive approximately 1.197 shares of the common stock of the Company for each advisor warrant, with an inverse adjustment to the exercise price of the Advisor Warrants to reflect the exchange ratio of approximately 1.197:1; and ● The outstanding 11% secured convertible promissory notes of iMedical were adjusted, in accordance with the adjustment provisions thereof, as and from closing, so as to permit the holders to convert (and in some circumstances permit the Company to force the conversion of) the convertible promissory notes into shares of the common stock of the Company at a 25% discount to purchase price per share in Biotricity’s next offering. Issuance of common stock, exchangeable shares and cancellation of shares in connection with the reverse takeover transaction as explained above represents recapitalization of capital retroactively adjusting the accounting acquirer’s legal capital to reflect the legal capital of the accounting acquiree. c) Share issuances Share issuances during the year ended March 31, 2020 On December 19, 2019, the Company issued 6,000 shares of Series A preferred stock in a private placement for gross proceeds of $6,000,000 (Note 7). The shares are convertible into common stock of the Company at a conversion price equal to the greater of $0.001 or a 15% discount to the 5-day volume weighted price at the time of conversion. The conversion rights commence 24 months after issuance, but conversion is limited to 5% of the aggregate purchase price of the holder on a monthly basis thereafter. Alternatively, the shares are convertible into common stock at a 15% discount to any qualified future common stock financing conducted by the Company. The Company may redeem the shares after 1 year for 110% of the purchase price plus accrued dividends. The preferred stock bears a dividend rate of 12% per annum. On January 9, 2020, the Company issued a further 1,830 of Series A preferred stock with same terms on conversion of $1,830,000 of promissory notes that had previously been issued for cash proceeds in 2019 (see Note 7). During the year ended March 31, 2020, the Company accrued dividends in amount of $257,927 and made a payment in amount of $180,000. In May and July 2019, the Company issued 47,585 shares of common stock under a registered offering outstanding in the previous fiscal year, which raised proceeds of $28,565. During the year ended March 31, 2019, the Company issued a total of 972,950 shares of common stock and recognized its obligations to issue a total of 178,750 shares of common stock to various consultants and advisors, with a cumulative fair value of $666,129 and $169,490, respectively, or $835,619 in total; these costs were recognized as general and administrative and research and development expenses, as applicable, in the statement of operations, with corresponding credit to common stock, shares to be issued, and additional paid-in-capital, respectively. During the year ended March 31, 2020, the Company also issued an aggregate of 525,023 shares of its common stock to investors as part of the one-for-one exchange of previously issued exchangeable shares into the Company’s Common Stock, which is a non-cash transaction. No options or warrants were exercised during this period. Share issuances during the three and nine months ended December 31, 2020 During the three months ended December 31, 2020, the Company issued an aggregate of 540,000 shares, pursuant to existing obligations related to services rendered by consultants and advisors, including 290,000 that were to be issued as part of obligations in the immediately preceding three-month period. Total fair value of these common shares, in the amount of $519,916, was determined by using the market date price on the date of issuance, recorded in general and administrative expenses and research and development expenses with corresponding credit to common stock and additional paid in capital. During the nine months ended December 31, 2020, the Company issued an aggregate of 1,414,500 shares, fair valued at $1,862,857. d) Shares to be issued As of December 31, 2020, the Company has recognized its contractual obligations to issue a total of 339,500 shares of common stock to advisors. The fair value of these shares amounted to $250,715 and has been expensed to general and administrative and research and development expenses in the consolidated statements of operations, with a corresponding credit to additional paid-in-capital. Included in shares to be issued after December 31, 2020 were 97,500 shares to be issued in order to complete the exercise of shares which was paid for in the preceding three month period ended September 30, 2020. The fair value of shares to be issued was determined by using the market price of the common stock as at the date of issuance. e) Warrant issuances and exercises Warrant issuances during the year ended March 31, 2020 During the year ended March 31, 2020, the Company issued 1,021,430 warrants, respectively, as compensation for advisor and consultant services and certain promissory noteholders, which were fair valued at $277,053. Warrants issued to advisors and consultants were expensed in general and administrative expenses and amounted to $184,637, for the year ended March 31, 2020. Warrants issued to promissory notes holders were credited to additional paid-in capital in amount of $92,416. Their fair value has been estimated using a multinomial lattice model with an expected life of 2 to 3 years, risk free rates of 0.22% to 1.71%, stock price of $0.52 to $0.974 and expected volatility of 114.3% to 132.2%. Warrant issuances during the three and nine months ended December 31, 2020 During the three months ended December 31, 2020, the Company issued 226,667 warrants as compensation for advisor and consultant services, which were fair valued at $73,729 and expensed in general and administrative expenses and research and development expenses, with a corresponding credit to additional paid in capital. Their fair value has been estimated using a multinomial lattice model with an expected life of 3 years, a risk free rate ranging from 0.198% to 0.783%, stock price of $0.7383 and expected volatility of 113.4% to 123.8%. During the nine months ended December 31, 2020, the Company issued 349,584 warrants as compensation for advisor and consultant services, which were fair valued at $173,523 and expensed in general and administrative expenses and research and development expenses, with a corresponding credit to additional paid in capital. Their fair value has been estimated using a multinomial lattice model with an expected life up to 3 years, a risk free rate ranging from 0.167% to 0.783%, stock price in the range of $0.7383 to $1.11 and expected volatility of 113.4% to 127.6%. Warrant exercises No warrants were exercised during the fiscal year ended March 31, 2020. During the three and nine months ended December 31, 2020, 97,500 warrants were exercised, with shares for this exercise accounted for as shares to be issued subsequent to December 31, 2020. Warrant issuances, exercises and expirations or cancellations during the three months ended December 31, 2020 and preceding periods resulted in warrants outstanding at the end of those respective periods as follows: Broker Consultant Warrants Private Total As at March 31, 2019 321,314 1,177,157 * 2,734,530 1,163,722 5,396,723 Less: Exercised - - - (458,196 ) (458,196 ) Less: Expired/cancelled - (5,000 ) - - (5,000 ) Add: Issued - 83,750 - - 83,750 As at June 30, 2019 321,314 1,255,907 * 2,734,530 705,526 5,017,277 Less: Exercised - - - - - Less: Expired/cancelled - (10,000 ) - - (10,000 ) Add: Issued - 311,350 - - 311,350 As at September 30, 2019 321,314 1,557,257 * 2,734,530 705,526 5,318,627 Less: Exercised - - - - - Less: Exercised - - - - - Less: Expired/cancelled - (35,000 ) - - (35,000 ) Add: Issued - 568,000 - - 568,000 As at December 31, 2019 321,314 2,090,257 * 2,734,530 705,526 5,851,627 Less: Exercised - - - - - Less: Expired/cancelled - (98,750 ) - - (98,750 ) Add: Issued - 208,333 - - 208,333 As at March 31, 2020 321,314 2,199,840 * 2,734,530 705,526 5,961,209 Less: Expired/cancelled (128,676 ) (65,000 ) (911,510 ) (705,526 ) (1,810,712 ) Add: Issued - 50,000 - - 50,000 As at June 30, 2020 192,638 2,184,840 * 1,823,020 - 4,200,497 Less: Exercised - (97,500 ) - - (97,500 ) Less: Expired/cancelled - (205,000 ) - - (205,000 ) Add: Issued - 72,917 - - 72,917 As at September 30, 2020 192,638 1,955,526 * 1,823,020 - 3,970,814 Less: Exercised - - - - - Less: Expired/cancelled - (36,250 ) - - (36,250 ) Add: Issued - 226,667 - - 226,667 As at December 31, 2020 192,638 2,145,673 * 1,823,020 - 4,161,330 Exercise Price $ 0.78-$3.00 $ 0.48-$3.69 2.00 3.00 Expiration Date December 2021 to October 2020 to March 2021 to not applicable *Consultant Warrants include warrants issued to directors and officers of the Company who were not members of the Company’s options plan at the time of issuance. As at December 31, 2020, Consultant Warrants include an aggregate of 788,806 warrants provided to an officer of the Company as compensation while not a member of any Company options plan. f) Stock-based compensation On February 2, 2016, the Board of Directors of the Company approved the Company’s 2016 Equity Incentive Plan (the “Plan”). The purpose of the Plan is to advance the interests of the Company and its stockholders by providing an incentive to attract, retain and reward persons performing services for the Company and by motivating such persons to contribute to the growth and profitability of the Company. The Plan seeks to achieve this purpose by providing for awards in the form of options, stock appreciation rights, restricted stock purchase rights, restricted stock bonuses, restricted stock units, performance shares, performance units and other stock-based awards. The Plan shall continue in effect until its termination by the board of directors or committee formed by the board; provided, however, that all awards shall be granted, if at all, on or before the day immediately preceding the tenth (10th) anniversary of the effective date. The maximum number of shares of stock that may be issued under the Plan shall be equal to 3,750,000 shares; provided that the maximum number of shares of stock that may be issued under the Plan pursuant to awards shall automatically and without any further Company or shareholder approval, increase on January 1 of each year for not more than 10 years from the effective date, so the number of shares that may be issued is an amount no greater than 20% of the Company’s outstanding shares of stock and shares of stock underlying any outstanding exchangeable shares as of such January 1; provided further that no such increase shall be effective if it would violate any applicable law or stock exchange rule or regulation, or result in adverse tax consequences to the Company or any participant that would not otherwise result but for the increase. Based on the 2016 Option Plan, the Company is authorized to issue employee options with a 10-year term. On March 31, 2020, the Company’s Board of Directors approved the amendment of certain prior options grants, issued to current employees, previously issued with a 3-year term, such that the respective options issued under these agreements would have their term extended to 10 years. The Company revalued these options using a lattice model with an expected life of 10 years, risk free rates of 0.46% to 0.75%, stock price of $0.974 and expected volatility of 132.2%, in order to recognize the additional expense associated with the longer term and recognized a one-time charge of $1,600,515 in share-based compensation, with a corresponding adjustment to adjusted paid in capital. During the year ended March 31, 2020, an additional 88,100 stock options were granted with a weighted average remaining contractual life from 2.76 to 9.51 years. The Company recorded stock-based compensation of $2,408,713 in connection with ESOP 2016 Plan under general and administrative expenses with corresponding credit to additional paid in capital. During the three and nine months ended December 31, 2020, the Company granted 519,033 and 2,376,480 of options, respectively (the latter included 1,400,000 options to an executive and director of the Company and an additional 367,647 options to another director). Their fair value has been estimated using a multinomial lattice model with an expected life of up to 6.5 years, a risk free rate ranging from 0.198% to 0.7832%, stock price of $0.7383, and expected volatility of 113.4% to 123.8%. The following table summarizes the stock option activities of the Company to December 31, 2020: Number of options Weighted average exercise price ($) Granted 4,147,498 3.2306 Exercised - - Outstanding as of March 31, 2018 4,147,498 3.2306 Granted 270,521 1.8096 Exercised - - Outstanding as of March 31, 2019 4,418,019 3.1436 Granted 88,100 0.7763 Expired (112,509 ) 2.723 Outstanding as of March 31, 2020 4,393,610 3.1069 Granted 2,376,480 0.9787 Exercised - - Outstanding as of December 31, 2020 6,770,089 2.3956 During the three and nine months ended December 31, 2020, the Company recorded stock-based compensation of $13,871 and $482,175, in connection with the 2016 equity incentive plan ($154,996 and $493,885 for the respective comparative periods ended December 31, 2019) under general and administrative expenses with a corresponding credit to additional paid in capital. multinomial |
Lease
Lease | 9 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease | 9. LEASE The Company has one operating lease primarily for office and administration. The Company adopted ASC 842 – Leases using the modified retrospective cumulative catch-up approach beginning on April 1, 2019. Under this approach, the Company did not restate its comparative amounts and recognized a right-of-use asset equal to the present value of the future lease payments. The Company elected to apply the practical expedient to only transition contracts which were previously identified as leases and elected to not recognize right-of-use assets and lease obligations for leases of low value assets. When measuring the lease obligations, the Company discounted lease payments using its incremental borrowing rate at April 1, 2019. The weighted-average-rate applied is 10%. $ Operating lease right-of-use asset - initial recognition 413,236 Amortization (297,528 ) Balance at December 31, 2020 115,708 Operating lease obligation - initial recognition 413,236 Repayment and interest accretion (299,326 ) Balance at December 31, 2020 113,910 Current portion of operating lease obligation 113,910 Noncurrent portion of operating lease obligation - The operating lease expense was $54,284 and $163,752, respectively for the three and nine months ended December 31, 2020, and was included in the general and administrative expenses. The following table represents the contractual undiscounted cash flows for lease obligations as at December 31, 2020. $ Less than one year 115,059 Beyond one year - Total undiscounted lease obligations 115,059 |
Contingencies
Contingencies | 9 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 10. CONTINGENCIES There are no unrecognized claims against the company that were assessed as significant, which were outstanding as at December 31, 2020 and, consequently, no additional provision for such has been recognized in the consolidated financial statements during the three and nine months then ended. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. SUBSEQUENT EVENTS The Company’s management has evaluated subsequent events up to February 15, 2021, the date the condensed consolidated financial statements were issued, pursuant to the requirements of ASC 855 and has determined the following material subsequent events: From January 1 to February 15, 2021, the Company entered into subscription agreements with accredited investors for the sale to the investors of Notes in the aggregate principal amount of $4.58 million, in further closings of its 12% convertible note offering to accredited investors. In January 2021, exchangeable shareholders holding 329,540 exchangeable shares exchanged these for an equivalent number of common shares of the Company. Also, in January 2021, the Company issued 339,500 common shares as compensation for services provided by contractors, in full satisfaction of its obligations of shares to be issued as recorded at December 31, 2020. On February 10, 2021, the Company issued 341,759 common shares to convertible noteholders on conversion of notes with a face value of $289,000, together with accrued interest thereon. On February 11, 2021, the Company submitted its application for a 510(k) clearance from the FDA for its Biotres patch solution, which will be a novel product in the field of Holter monitoring. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Areas involving significant estimates and assumptions include: deferred income tax assets and related valuation allowance, accruals and valuation of derivatives, convertible promissory notes, stock options, and assumptions used in the going concern assessment. Actual results could differ from those estimates. These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in earnings in the period in which they become known. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share The Company has adopted the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 260-10 which provides for calculation of “basic” and “diluted” earnings per share. Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity. Diluted earnings per share exclude all potentially dilutive shares if their effect is anti-dilutive. There were no potentially dilutive shares outstanding as at December 31, 2020 and 2019. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC 820 defines fair value, establishes a framework for measuring fair value and expands required disclosure about fair value measurements of assets and liabilities. ASC 820-10 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820-10 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: ● Level 1 – Valuation based on quoted market prices in active markets for identical assets or liabilities. ● Level 2 – Valuation based on quoted market prices for similar assets and liabilities in active markets. ● Level 3 – Valuation based on unobservable inputs that are supported by little or no market activity, therefore requiring management’s best estimate of what market participants would use as fair value. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments or interest rates that are comparable to market rates. These financial instruments include cash, accounts receivable, deposits and other receivables, convertible promissory notes, and accounts payable and accrued liabilities. The Company’s cash and derivative liabilities, which are carried at fair values, are classified as a Level 1 and Level 3, respectively. The Company’s bank accounts are maintained with financial institutions of reputable credit, therefore, bear minimal credit risk. |
Leases | Leases The Company is the lessee in a lease contract when the Company obtains the right to use the asset. Operating leases are included in the line items right-of-use asset, lease obligation, current, and lease obligation, long-term in the consolidated balance sheet. Right-of-use (“ROU”) asset represents the Company’s right to use an underlying asset for the lease term and lease obligations represent the Company’s obligations to make lease payments arising from the lease, both of which are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. Leases with a lease term of 12 months or less at inception are not recorded on the consolidated balance sheet and are expensed on a straight-line basis over the lease term in our consolidated statement of income. The Company determines the lease term by agreement with lessor. As our lease do not provide an implicit interest rate, the Company uses the Company’s incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. Refer to Note 10 for further discussion. |
Government Loan | Government loan Loans that were received from the federal government, which contain certain operating conditions and with terms of over twelve months, are recorded by the Company as long term liabilities. |
Convertible Promissory Notes Payable and Derivative Instruments | Convertible Promissory Notes Payable and Derivative Instruments The Company has adopted the provisions of ASU 2017-11 to account for the down round features of warrants issued with private placements effective as of April 1, 2017. In doing so, warrants with a down round feature previously treated as derivative liabilities in the consolidated balance sheet and measured at fair value are henceforth treated as equity, with no adjustment for changes in fair value at each reporting period. Previously, the Company accounted for conversion options embedded in convertible notes in accordance with ASC 815. ASC 815 generally requires companies to bifurcate conversion options embedded in convertible notes from their host instruments and to account for them as free-standing derivative financial instruments. ASC 815 provides for an exception to this rule when convertible notes, as host instruments, are deemed to be conventional, as defined by ASC 815-40. The Company accounts for convertible notes deemed conventional and conversion options embedded in non-conventional convertible notes which qualify as equity under ASC 815, in accordance with the provisions of ASC 470-20, which provides guidance on accounting for convertible securities with beneficial conversion features. Accordingly, the Company records, as a discount to convertible notes, the intrinsic value of such conversion options based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments.” This pronouncement, along with subsequent ASUs issued to clarify provisions of ASU 2016-13, changes the impairment model for most financial assets and will require the use of an “expected loss” model for instruments measured at amortized cost. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. In developing the estimate for lifetime expected credit loss, entities must incorporate historical experience, current conditions, and reasonable and supportable forecasts. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019. On November 19, 2019, the FASB issued ASU No. 2019-10, Financial Instruments—Credit Losses (Topic 326), finalized various effective date delays for private companies, not-for-profit organizations, and certain smaller reporting companies applying the credit losses (CECL), the revised effective date is January 2023. In July 2019, the FASB issued ASU 2019-07, Codification Updates to SEC Sections. This ASU amends various SEC paragraphs pursuant to the issuance of SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization. One of the changes in the ASU requires a presentation of changes in stockholders’ equity in the form of a reconciliation, either as a separate financial statement or in the notes to the financial statements, for the current and comparative year-to-date interim periods. The Company presented changes in stockholders’ equity as separate financial statements for the current and comparative year-to-date interim periods beginning on April 1, 2019. The additional elements of the ASU did not have a material impact on the Company’s consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. ASU 2019-12 is effective for fiscal years beginning after December 15, 2021. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company is currently evaluating the impacts of the provisions of ASU 2019-12 on its financial condition, results of operations, and cash flows. In March 2020, the FASB issued ASU No. 2030-20 Codification Improvements to Financial Instruments, An Amendment of the FASB Accounting Standards Codification: a)in ASU No. 2016-01, b) in Subtopic 820-10, c) for depository and lending institutions clarification in disclosure requirements, d) in Subtopic 470-50, e) in Subtopic 820-10, f) Interaction of Topic 842 and Topic 326, g) Interaction of the guidance in Topic 326 and Subtopic 860-20.The amendments in this Update represent changes to clarify or improve the Codification. The amendments make the Codification easier to understand and easier to apply by eliminating inconsistencies and providing clarifications. For public business entities updates under the following paragraphs: a), b), d) and e) are effective upon issuance of this final update. The effective date for c) is for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company does not expect that the new guidance will significantly impact its consolidated financial statements. The Company continues to evaluate the impact of the new accounting pronouncement, including enhanced disclosure requirements, on our business processes, controls and systems. |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | As at As at Accounts payable 1,478,503 1,094,072 Accrued liabilities 1,155,381 427,617 2,633,884 1,521,689 |
Convertible Promissory Notes _2
Convertible Promissory Notes and Short Term Loans (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Convertible Promissory Notes and Short Term Loans | In connection with the foregoing, the Company relied upon the exemption from registration provided by Section 4(a)(2) under the Securities Act of 1933, as amended, for transactions not involving a public offering. Total $ Face value of convertible notes issued 7,040,500 Debt discount (4,598,464 ) Debt issuance costs (1,676,198 ) Day 1 value of convertible notes issued 765,838 Accretion of debt discount during nine months ended December 31, 2020 461,926 Amortization of debt issuance cost during nine months ended December 31, 2020 260,869 Total accretion and amortization expenses 722,795 Balance as at December 31, 2020 1,488,633 |
Derivative Liabilities (Tables)
Derivative Liabilities (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Schedule of Derivative Liabilities | The Company analyzed the compound features of variable conversion and redemption embedded in the preferred shares, for potential derivative accounting treatment on the basis of ASC 820 (Fair Value in Financial Instruments), ASC 815 (Accounting for Derivative Instruments and Hedging Activities), Emerging Issues Task Force (“EITF”) Issue No. 00–19 and EITF 07–05, and determined that the embedded derivatives should be bundled and valued as a single, compound embedded derivative, bifurcated from the underlying equity instrument, treated as a derivative liability, and measured at fair value. Total $ Derivative liabilities related to preferred shares as at March 31, 2019 - Derivative fair value at issuance 1,083,952 Change in fair value of derivatives 60,781 As at March 31, 2020 $ 1,144,733 Derivative fair value at issuance 41,749 Change in fair value of derivatives for the three months ended June 30, 2020 (204,142 ) Change in fair value of derivatives for the three months ended September 30, 2020 (178,988 ) Change in fair value of derivatives for the three months ended December 31, 2020 (214,663 ) Derivative liabilities related to preferred shares as at December 31, 2020 $ 588,699 |
Schedule of Derivative Components Valuation Assumptions | The lattice methodology was used to value the derivative components embedded in the preferred shares, using the following assumptions: Assumptions Dividend yield 12 % Risk-free rate for term 0.62% – 1.14 % Volatility 111.7% – 113.4 % Remaining terms (Years) 0.01 – 1.0 Stock price ($ per share) $ 0.7383 |
Convertible Notes [Member] | |
Schedule of Derivative Liabilities | Total $ Derivative liabilities related to convertible notes as at March 31 and June 30, 2020 $ - Derivative fair value at issuance 2,590,317 Change in fair value of derivatives for the three months ended September 30, 2020 (50,349 ) As at September 30, 2020 $ 2,539,968 Derivative fair value at issuance 2.839.486 Change in fair value of derivatives for the three months ended December 31, 2020 (135,051 ) Derivative liabilities related to the convertible notes as at December 31, 2020 $ 5,244,403 |
Schedule of Derivative Components Valuation Assumptions | The lattice methodology was used to value the derivative components embedded in the convertible notes, using the following range of assumptions: Assumptions Dividend yield 12 % Risk-free rate for term 0.62% – 1.14 % Volatility 98.5% – 125.3 % Remaining terms (Years) 0.01 – 10.0 Stock price ($ per share) $ 0.7241 – $1.14 |
Stockholders' Deficiency (Table
Stockholders' Deficiency (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Schedule of Warrants Outstanding | Warrant issuances, exercises and expirations or cancellations during the three months ended December 31, 2020 and preceding periods resulted in warrants outstanding at the end of those respective periods as follows: Broker Consultant Warrants Private Total As at March 31, 2019 321,314 1,177,157 * 2,734,530 1,163,722 5,396,723 Less: Exercised - - - (458,196 ) (458,196 ) Less: Expired/cancelled - (5,000 ) - - (5,000 ) Add: Issued - 83,750 - - 83,750 As at June 30, 2019 321,314 1,255,907 * 2,734,530 705,526 5,017,277 Less: Exercised - - - - - Less: Expired/cancelled - (10,000 ) - - (10,000 ) Add: Issued - 311,350 - - 311,350 As at September 30, 2019 321,314 1,557,257 * 2,734,530 705,526 5,318,627 Less: Exercised - - - - - Less: Exercised - - - - - Less: Expired/cancelled - (35,000 ) - - (35,000 ) Add: Issued - 568,000 - - 568,000 As at December 31, 2019 321,314 2,090,257 * 2,734,530 705,526 5,851,627 Less: Exercised - - - - - Less: Expired/cancelled - (98,750 ) - - (98,750 ) Add: Issued - 208,333 - - 208,333 As at March 31, 2020 321,314 2,199,840 * 2,734,530 705,526 5,961,209 Less: Expired/cancelled (128,676 ) (65,000 ) (911,510 ) (705,526 ) (1,810,712 ) Add: Issued - 50,000 - - 50,000 As at June 30, 2020 192,638 2,184,840 * 1,823,020 - 4,200,497 Less: Exercised - (97,500 ) - - (97,500 ) Less: Expired/cancelled - (205,000 ) - - (205,000 ) Add: Issued - 72,917 - - 72,917 As at September 30, 2020 192,638 1,955,526 * 1,823,020 - 3,970,814 Less: Exercised - - - - - Less: Expired/cancelled - (36,250 ) - - (36,250 ) Add: Issued - 226,667 - - 226,667 As at December 31, 2020 192,638 2,145,673 * 1,823,020 - 4,161,330 Exercise Price $ 0.78-$3.00 $ 0.48-$3.69 2.00 3.00 Expiration Date December 2021 to October 2020 to March 2021 to not applicable *Consultant Warrants include warrants issued to directors and officers of the Company who were not members of the Company’s options plan at the time of issuance. As at December 31, 2020, Consultant Warrants include an aggregate of 788,806 warrants provided to an officer of the Company as compensation while not a member of any Company options plan. |
2016 Equity Incentive Plan [Member] | |
Schedule of Stock Option Activities | The following table summarizes the stock option activities of the Company to December 31, 2020: Number of options Weighted average exercise price ($) Granted 4,147,498 3.2306 Exercised - - Outstanding as of March 31, 2018 4,147,498 3.2306 Granted 270,521 1.8096 Exercised - - Outstanding as of March 31, 2019 4,418,019 3.1436 Granted 88,100 0.7763 Expired (112,509 ) 2.723 Outstanding as of March 31, 2020 4,393,610 3.1069 Granted 2,376,480 0.9787 Exercised - - Outstanding as of December 31, 2020 6,770,089 2.3956 |
Lease (Tables)
Lease (Tables) | 9 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Operating Leases Obligations | $ Operating lease right-of-use asset - initial recognition 413,236 Amortization (297,528 ) Balance at December 31, 2020 115,708 Operating lease obligation - initial recognition 413,236 Repayment and interest accretion (299,326 ) Balance at December 31, 2020 113,910 Current portion of operating lease obligation 113,910 Noncurrent portion of operating lease obligation - |
Schedule of Contractual Undiscounted Cash Flows for Lease Obligation | The following table represents the contractual undiscounted cash flows for lease obligations as at December 31, 2020. $ Less than one year 115,059 Beyond one year - Total undiscounted lease obligations 115,059 |
Basis of Presentation, Measur_2
Basis of Presentation, Measurement and Consolidation (Details Narrative) - USD ($) | May 22, 2020 | Jan. 09, 2020 | Jan. 09, 2020 | Dec. 19, 2019 | Oct. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 |
Accumulated deficit | $ (57,033,331) | $ (46,364,364) | ||||||||
Working capital deficit | (3,501,151) | |||||||||
Issuance value of debt, outstanding | $ 7,040,500 | |||||||||
Preferred stock, shares issued | 1 | 1 | ||||||||
Proceeds from preferred stock | $ 215,000 | $ 6,000,000 | ||||||||
Proceeds from convertible notes payable | $ 8,395,640 | $ 3,436,110 | ||||||||
Coronavirus Relief Loan [Member] | ||||||||||
Funds raised | $ 1,570,900 | |||||||||
Series A Preferred Stock [Member] | ||||||||||
Preferred stock, shares issued | 215 | 7,830 | 7,830 | 7,830 | 8,045 | 8,045 | 8,045 | 7,830 | ||
Number of common shares issued, shares | 6,000 | 6,000 | 6,100 | |||||||
Proceeds from preferred stock | $ 6,000,000 | $ 6,000,000 | $ 6,100,000 | |||||||
Proceeds from convertible notes payable | $ 100,000 | |||||||||
Promissory Note and Short-Term Loans [Member] | ||||||||||
Issuance value of debt, outstanding | $ 3,030,620 | |||||||||
Promissory Notes [Member] | ||||||||||
Issuance value of debt, outstanding | $ 916,301 | |||||||||
Conversion of stock, shares | 1,830 | 1,830 | 1,945 | |||||||
Proceeds from convertible notes payable | $ 1,830,000 | $ 1,945,000 | ||||||||
Convertible Note [Member] | ||||||||||
Proceeds from convertible notes payable | $ 6,095,640 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - shares | 9 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | ||
Potentially dilutive shares outstanding |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details Narrative) - USD ($) | Dec. 31, 2020 | Mar. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 371,930 | $ 379,881 |
Dividend payable | $ 212,264 | $ 77,927 |
Accounts Payable and Accrued _4
Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($) | Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 |
Payables and Accruals [Abstract] | |||
Accounts payable | $ 1,478,503 | $ 1,094,072 | |
Accrued liabilities | 1,155,381 | 427,617 | |
Accounts payable and accrued liabilities | $ 2,633,884 | $ 1,521,689 | $ 1,521,689 |
Convertible Promissory Notes _3
Convertible Promissory Notes and Short Term Loans (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | |
Debt discount | $ 4,598,464 | $ 4,598,464 | |||
Interest accretion debt discount | 260,869 | ||||
Issuance value of debt, outstanding | 7,040,500 | 7,040,500 | |||
General and administrative expenses | 3,688,868 | $ 2,179,928 | 9,675,299 | $ 6,292,225 | |
Interest Expense [Member] | |||||
General and administrative expenses | 109,699 | $ 37,456 | |||
Placement Agent [Member] | |||||
Fair value of derivative liability | 5,429,803 | 5,429,803 | |||
New Series Convertible [Member] | |||||
Issuance of convertible notes | $ 7,040,500 | $ 6,095,640 | |||
Debt interest rate | 12.00% | 12.00% | |||
Debt instruement description | The Notes will automatically convert into common stock (in each case, subject to the trading volume of the Company's common stock being a minimum of $500,000 for each trading day in the 20 consecutive trading days immediately preceding the conversion date), upon the earlier to occur of (i) the Company's common stock being listed on a national securities exchange, in which event the conversion price will be equal to 75% of the volume weighted average price of the common stock for the 20 trading days prior to the conversion date, or (ii) upon the closing of the Company's next equity round of financing for gross proceeds of greater than $5,000,000, in which event the conversion price will be equal to 75% of the price per share of the common stock (or of the conversion price in the event of the sale of securities convertible into common stock) sold in such financing. | The notes accrue interest at 12% per annum and automatically convert into common shares of the Company at the time of its next qualified equity financing of greater than $5 million; the notes are also convertible at the of option of the noteholder 6 months after the final closing; automatic conversion requires a minimum stock trading volume in order for the Company to exercise that right. The Company may, at its disretion redeem the notes for 115% of their face value plus accrued interest. The Company is obligated to issue warrants that are accompany the convertible notes and provide 50% warrant coverage. | |||
Notes converted to common stock | $ 5,000,000 | ||||
Reddemable convertible notes percentage | 115.00% | 115.00% | |||
Warrant coverage rate | 50.00% | 50.00% | |||
Warrants term | 3 years | 3 years | |||
Cash fee percentage | 12.00% | ||||
Debt issuance cost | $ 1,676,198 | ||||
Debt discount | $ 4,598,464 | 4,598,464 | |||
Amortization of debt issuance cost | 260,869 | ||||
Interest accretion debt discount | 461,926 | ||||
Accrual of notes | $ 160,958 | $ 160,958 | |||
New Series Convertible [Member] | Placement Agent [Member] | |||||
Debt instruement description | Net proceeds to the Company from convertible note issuances to December 31, 2020 amounted to $2,905,760 after payment of the placement agent fee. The Company is also obligated to issue warrants to the placement agent that have a 10-year term and cover 12% of funds raised, with an exercise price that is 120% of the 20-day volume weighted average price of the Company's common shares at the time final closing. | ||||
Warrants term | 10 years | 10 years | |||
Promissory Notes [Member] | |||||
Issuance value of debt, outstanding | $ 450,065 | $ 450,065 | |||
Debt instrument term | 1 year | ||||
Promissory Notes [Member] | Minimum [Member] | |||||
Debt interest rate | 10.00% | 10.00% | |||
Promissory Notes [Member] | Maximum [Member] | |||||
Debt interest rate | 12.00% | 12.00% | |||
Promissory Notes [Member] | |||||
Issuance value of debt, outstanding | $ 916,301 | ||||
Short Term [Member] | |||||
Issuance value of debt, outstanding | $ 1,556,896 | $ 1,556,896 | 1,152,001 | ||
Funds held in escrow to be issued as convertible notes | $ 2,200,000 | $ 2,200,000 |
Convertible Promissory Notes _4
Convertible Promissory Notes and Short Term Loans - Schedule of Convertible Promissory Notes and Short Term Loans (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Disclosure [Abstract] | ||||
Face value of convertible notes issued | $ 7,040,500 | $ 7,040,500 | ||
Debt discount | (4,598,464) | (4,598,464) | ||
Debt issuance costs | (1,676,198) | (1,676,198) | ||
Day 1 value of convertible notes issued | 765,838 | 765,838 | ||
Accretion of debt discount | 461,926 | |||
Amortization of debt issuance cost | 260,869 | |||
Total accretion and amortization expenses | 380,692 | $ 26,058 | 722,795 | $ 26,058 |
Balance as at December 31, 2020 | $ 1,488,633 | $ 1,488,633 |
Federally Guaranteed Loans (Det
Federally Guaranteed Loans (Details Narrative) - USD ($) | 1 Months Ended | |
May 31, 2020 | Apr. 30, 2020 | |
Captioned Program Program [Member] | US Small Business Administration [Member] | ||
Loan received | $ 370,900 | |
Debt instrument term | 30 years | |
Interest rate | 3.75% | |
Description debt instrument term | The loan has a term of 30 years and an interest rate of 3.75%, without the requirement for payment in its first 12 months. | |
Payment Protection Program [Member] | ||
Loan received | $ 1,200,000 | |
Interest rate | 1.00% | |
Description on loan | The Note has a two-year term, bears interest at the rate of 1.0% per annum, and may be prepaid at any time without payment of any premium. No payments of principal or interest are due during the six-month period beginning on the date of the Note (the "Deferral Period"). The principal and accrued interest under the Note is forgivable under certain specified circumstances if the Company uses the PPP Loan proceeds for eligible purposes, including payroll, benefits, rent and utilities, and otherwise complies with PPP requirements. In order to obtain forgiveness of the PPP Loan, the Company must submit a request and provide satisfactory documentation regarding its compliance with applicable requirements. The Company must repay any unforgiven principal amount of the Note, with interest, on a monthly basis following the Deferral Period. |
Derivative Liabilities (Details
Derivative Liabilities (Details Narrative) - USD ($) | May 22, 2020 | Jan. 09, 2020 | Jan. 09, 2020 | Dec. 19, 2019 | Oct. 31, 2019 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 |
Preferred stock, shares issued | 1 | 1 | |||||||
Proceeds from preferred stock | $ 215,000 | $ 6,000,000 | |||||||
Proceeds from convertible notes payable | $ 8,395,640 | $ 3,436,110 | |||||||
Preferred stock, shares outstanding | 1 | 1 | |||||||
Promissory Notes [Member] | |||||||||
Conversion of stock, shares | 1,830 | 1,830 | 1,945 | ||||||
Proceeds from convertible notes payable | $ 1,830,000 | $ 1,945,000 | |||||||
Convertible Notes [Member] | |||||||||
Issuance of convertible notes | $ 7,040,500 | ||||||||
Series A Preferred Stock [Member] | |||||||||
Preferred stock, shares issued | 215 | 7,830 | 7,830 | 7,830 | 8,045 | 8,045 | 7,830 | ||
Number of common shares issued, shares | 6,000 | 6,000 | 6,100 | ||||||
Proceeds from preferred stock | $ 6,000,000 | $ 6,000,000 | $ 6,100,000 | ||||||
Proceeds from convertible notes payable | $ 100,000 | ||||||||
Preferred stock, shares outstanding | 8,045 | 7,830 | |||||||
Preferred Stock [Member] | |||||||||
Preferred stock, shares issued | 115 | ||||||||
Number of common shares issued, shares | 100 | ||||||||
Proceeds from preferred stock | $ 100,000 | ||||||||
Accrued interest | $ 15,000 |
Derivative Liabilities - Schedu
Derivative Liabilities - Schedule of Derivative Liabilities (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Convertible Notes [Member] | ||||
Derivative liabilities, beginning balance | $ 2,539,968 | |||
Derivative fair value at issuance | $ 2,839,486 | 2,590,317 | ||
Change in fair value of derivatives | (50,349) | |||
Change in fair value of derivatives during the nine month ended December 31, 2020 | (135,051) | |||
Derivative liabilities, ending balance | 5,244,403 | 2,539,968 | ||
Preferred Stock [Member] | ||||
Derivative liabilities, beginning balance | 1,144,733 | |||
Derivative fair value at issuance | 41,749 | 1,083,952 | ||
Change in fair value of derivatives | (214,663) | $ (178,988) | $ (204,142) | 60,781 |
Derivative liabilities, ending balance | $ 588,699 | $ 1,144,733 |
Derivative Liabilities - Sche_2
Derivative Liabilities - Schedule of Derivative Components Valuation Assumptions (Details) | 9 Months Ended |
Dec. 31, 2020$ / shares | |
Stock price | $ 0.7383 |
Minimum [Member] | Convertible Notes [Member] | |
Stock price | 0.7241 |
Maximum [Member] | Convertible Notes [Member] | |
Stock price | $ 1.14 |
Dividend Yield [Member] | |
Derivative liability, measurement input | 12 |
Dividend Yield [Member] | Convertible Notes [Member] | |
Derivative liability, measurement input | 12 |
Risk-Free Rate for Term [Member] | Minimum [Member] | |
Derivative liability, measurement input | 0.62 |
Risk-Free Rate for Term [Member] | Minimum [Member] | Convertible Notes [Member] | |
Derivative liability, measurement input | 0.62 |
Risk-Free Rate for Term [Member] | Maximum [Member] | |
Derivative liability, measurement input | 1.14 |
Risk-Free Rate for Term [Member] | Maximum [Member] | Convertible Notes [Member] | |
Derivative liability, measurement input | 1.14 |
Volatility [Member] | Minimum [Member] | |
Derivative liability, measurement input | 111.7 |
Volatility [Member] | Minimum [Member] | Convertible Notes [Member] | |
Derivative liability, measurement input | 98.5 |
Volatility [Member] | Maximum [Member] | |
Derivative liability, measurement input | 113.4 |
Volatility [Member] | Maximum [Member] | Convertible Notes [Member] | |
Derivative liability, measurement input | 125.3 |
Remaining Terms (Years) [Member] | Minimum [Member] | |
Derivative liability, remaining term (Years) | 4 days |
Remaining Terms (Years) [Member] | Minimum [Member] | Convertible Notes [Member] | |
Derivative liability, remaining term (Years) | 4 days |
Remaining Terms (Years) [Member] | Maximum [Member] | |
Derivative liability, remaining term (Years) | 1 year |
Remaining Terms (Years) [Member] | Maximum [Member] | Convertible Notes [Member] | |
Derivative liability, remaining term (Years) | 10 years |
Stockholders' Deficiency (Detai
Stockholders' Deficiency (Details Narrative) - USD ($) | Jan. 09, 2020 | Jan. 09, 2020 | Dec. 19, 2019 | Feb. 02, 2016 | Feb. 02, 2016 | Mar. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | May 31, 2019 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Mar. 30, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | May 22, 2020 | Mar. 31, 2017 |
Common stock, shares authorized | 125,000,000 | 125,000,000 | 125,000,000 | 125,000,000 | |||||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |||||||||||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||||
Common stock, shares issued | 32,593,769 | 34,576,797 | 34,576,797 | 32,593,769 | |||||||||||||||||
Common stock, shares outstanding | 32,593,769 | 34,576,797 | 34,576,797 | 32,593,769 | |||||||||||||||||
Exchangeable shares outstanding | 3,788,062 | 3,219,518 | 3,219,518 | 3,788,062 | |||||||||||||||||
Preferred stock, shares issued | 1 | 1 | 1 | 1 | |||||||||||||||||
Preferred shares outstanding | 1 | 1 | 1 | 1 | |||||||||||||||||
Number of common shares issued, value | $ 28,566 | ||||||||||||||||||||
General and administrative and research and development expenses | $ 3,688,868 | $ 2,179,928 | $ 9,675,299 | 6,292,225 | |||||||||||||||||
Accrued preferred stock dividends | $ 257,927 | ||||||||||||||||||||
Dividends paid | $ 180,000 | ||||||||||||||||||||
Issuance of shares for services, value | 370,580 | 158,687 | 1,877,556 | 552,848 | |||||||||||||||||
Research and development expenses | $ 681,411 | 447,639 | $ 1,507,634 | 879,661 | |||||||||||||||||
Stock price | $ 0.588 | $ 0.76 | $ 0.76 | $ 0.588 | |||||||||||||||||
Stock based compensation | $ 482,175 | 649,587 | |||||||||||||||||||
2016 Equity Incentive Plan [Member] | |||||||||||||||||||||
Number of common stock option exercise | |||||||||||||||||||||
Stock price | 0.974 | $ 0.974 | |||||||||||||||||||
Number of options authorized to issue | 3,750,000 | 3,750,000 | |||||||||||||||||||
Options exercise price | $ 3.1069 | $ 2.3956 | $ 2.3956 | $ 3.1069 | $ 3.1436 | $ 3.2306 | $ 3.2306 | ||||||||||||||
Plan description | The maximum number of shares of stock that may be issued under the Plan shall be equal to 3,750,000 shares; provided that the maximum number of shares of stock that may be issued under the Plan pursuant to awards shall automatically and without any further Company or shareholder approval, increase on January 1 of each year for not more than 10 years from the effective date, so the number of shares that may be issued is an amount no greater than 20% of the Company's outstanding shares of stock and shares of stock underlying any outstanding exchangeable shares as of such January 1; provided further that no such increase shall be effective if it would violate any applicable law or stock exchange rule or regulation, or result in adverse tax consequences to the Company or any participant that would not otherwise result but for the increase. | ||||||||||||||||||||
Number of options granted | 519,033 | 2,376,480 | 88,100 | 270,521 | |||||||||||||||||
Number of options granted, exercise price | $ 0.9787 | $ 0.7763 | |||||||||||||||||||
Stock based compensation | $ 13,871 | $ 154,996 | $ 482,175 | $ 493,885 | $ 2,408,713 | ||||||||||||||||
Minimum [Member] | 2016 Equity Incentive Plan [Member] | |||||||||||||||||||||
Risk free rate | 0.46% | 0.198% | |||||||||||||||||||
Expected volatility | 113.40% | ||||||||||||||||||||
Weighted average remaining contractual life | 6 years 6 months | 2 years 9 months 3 days | |||||||||||||||||||
Maximum [Member] | 2016 Equity Incentive Plan [Member] | |||||||||||||||||||||
Risk free rate | 0.75% | 0.7832% | |||||||||||||||||||
Expected volatility | 123.80% | ||||||||||||||||||||
Weighted average remaining contractual life | 9 years 6 months 3 days | ||||||||||||||||||||
Issuance of Common Shares [Member] | |||||||||||||||||||||
Number of common shares issued, shares | 1,414,500 | 972,950 | |||||||||||||||||||
Number of common shares issued, value | $ 1,862,857 | $ 666,129 | |||||||||||||||||||
General and administrative and research and development expenses | $ 519,916 | $ 835,619 | |||||||||||||||||||
Fair value of common share | 791,000 | ||||||||||||||||||||
Fair value of common share, value | $ 1,063,754 | ||||||||||||||||||||
Issuance of Common Shares [Member] | Advisor [Member] | |||||||||||||||||||||
Number of common shares issued, shares | 339,500 | ||||||||||||||||||||
Number of common shares issued, value | $ 250,715 | ||||||||||||||||||||
Number of common stock option exercise | 97,500 | ||||||||||||||||||||
Promissory Notes [Member] | |||||||||||||||||||||
Conversion of stock, shares | 1,830 | 1,830 | 1,945 | ||||||||||||||||||
Conversion of stock | $ 1,830,000 | ||||||||||||||||||||
Promissory Notes [Member] | |||||||||||||||||||||
Proceeds from issuance of warrants | $ 92,416 | ||||||||||||||||||||
Warrant [Member] | |||||||||||||||||||||
Number of common stock option exercise | 97,500 | ||||||||||||||||||||
Registered Offering [Member] | |||||||||||||||||||||
Number of common shares issued, shares | 47,585 | 47,585 | |||||||||||||||||||
Proceeds from private offering | $ 28,565 | $ 28,565 | |||||||||||||||||||
Various Consultants and Advisors [Member] | Issuance of Common Shares [Member] | |||||||||||||||||||||
Number of common shares issued, shares | 178,750 | ||||||||||||||||||||
Number of common shares issued, value | $ 169,490 | ||||||||||||||||||||
Investors [Member] | Common Stock [Member] | |||||||||||||||||||||
Number of common shares issued, shares | 540,000 | 525,023 | |||||||||||||||||||
Number of shares issued for services | 290,000 | ||||||||||||||||||||
Advisor and Consultant [Member] | |||||||||||||||||||||
General and administrative and research and development expenses | $ 184,637 | ||||||||||||||||||||
Number of common stock compensation for services | 1,021,430 | ||||||||||||||||||||
Number of common stock compensation for services, value | $ 277,053 | ||||||||||||||||||||
Advisor and Consultant [Member] | Warrant [Member] | Minimum [Member] | |||||||||||||||||||||
Expected life | 2 years | ||||||||||||||||||||
Risk free rate | 0.22% | ||||||||||||||||||||
Stock price | $ 0.52 | $ 0.7383 | $ 0.7383 | $ 0.52 | |||||||||||||||||
Expected volatility | 114.30% | ||||||||||||||||||||
Advisor and Consultant [Member] | Warrant [Member] | Maximum [Member] | |||||||||||||||||||||
Expected life | 3 years | ||||||||||||||||||||
Risk free rate | 1.71% | ||||||||||||||||||||
Stock price | $ 0.974 | $ 1.11 | 1.11 | $ 0.974 | |||||||||||||||||
Expected volatility | 132.20% | ||||||||||||||||||||
Advisor and Consultant [Member] | |||||||||||||||||||||
Number of common stock compensation for services | 226,667 | ||||||||||||||||||||
Number of common stock compensation for services, value | $ 73,729 | ||||||||||||||||||||
Expected life | 3 years | ||||||||||||||||||||
Advisor and Consultant [Member] | Warrant [Member] | |||||||||||||||||||||
Stock price | $ 0.7383 | $ 0.7383 | |||||||||||||||||||
Advisor and Consultant [Member] | Warrant [Member] | Minimum [Member] | |||||||||||||||||||||
Risk free rate | 0.198% | ||||||||||||||||||||
Expected volatility | 113.40% | ||||||||||||||||||||
Advisor and Consultant [Member] | Warrant [Member] | Maximum [Member] | |||||||||||||||||||||
Risk free rate | 0.783% | ||||||||||||||||||||
Expected volatility | 123.80% | ||||||||||||||||||||
Advisor and Consultant [Member] | |||||||||||||||||||||
Number of common stock compensation for services | 349,584 | ||||||||||||||||||||
Number of common stock compensation for services, value | $ 173,523 | ||||||||||||||||||||
Advisor and Consultant [Member] | Warrant [Member] | Minimum [Member] | |||||||||||||||||||||
Risk free rate | 0.167% | ||||||||||||||||||||
Expected volatility | 113.40% | ||||||||||||||||||||
Advisor and Consultant [Member] | Warrant [Member] | Maximum [Member] | |||||||||||||||||||||
Expected life | 3 years | ||||||||||||||||||||
Risk free rate | 0.783% | ||||||||||||||||||||
Expected volatility | 127.60% | ||||||||||||||||||||
Officer [Member] | |||||||||||||||||||||
Consultant warrants shares | 788,806 | 788,806 | |||||||||||||||||||
Board of Director [Member] | 2016 Equity Incentive Plan [Member] | |||||||||||||||||||||
Number of common stock compensation for services, value | $ 1,600,515 | ||||||||||||||||||||
Expected life | 10 years | ||||||||||||||||||||
Expected volatility | 132.20% | ||||||||||||||||||||
Weighted average remaining contractual life | 10 years | ||||||||||||||||||||
Director of Company [Member] | |||||||||||||||||||||
Number of options granted | 1,400,000 | ||||||||||||||||||||
Another Director [Member] | |||||||||||||||||||||
Number of options granted | 367,647 | ||||||||||||||||||||
Exchange Agreement [Member] | |||||||||||||||||||||
Percentage of common stock issued and outstanding | 90.00% | ||||||||||||||||||||
Common stock exchange description | 1.197 shares of its common stock in exchange for each common share | ||||||||||||||||||||
Number of common shares issued, shares | 13,376,947 | ||||||||||||||||||||
Exchange Agreement [Member] | 11% Secured Convertible Promissory Notes [Member] | |||||||||||||||||||||
Conversion description | The outstanding 11% secured convertible promissory notes of the Company were adjusted, in accordance with the adjustment provisions thereof, as and from closing, so as to permit the holders to convert (and in some circumstances permit the Company to force the conversion of) the convertible promissory notes into shares of the common stock of Biotricity at a 25% discount to purchase price per share in Biotricity's next offering. | ||||||||||||||||||||
Discount percentage for purchase price per shares | 25.00% | ||||||||||||||||||||
Exchange Agreement [Member] | Warrant [Member] | |||||||||||||||||||||
Common stock exchange description | 1.197 shares of the common stock of Biotricity for each Warrant, with an inverse adjustment to the exercise price of the Warrants to reflect the exchange ratio of approximately 1.197:1 | ||||||||||||||||||||
Exchange ratio | 1.197:1 | ||||||||||||||||||||
Exchange Agreement [Member] | Advisor Warrant [Member] | |||||||||||||||||||||
Common stock exchange description | 1.197 shares of the common stock of Biotricity for each Advisor Warrant, with an inverse adjustment to the exercise price of the Advisor Warrants to reflect the exchange ratio of approximately 1.197:1 | ||||||||||||||||||||
Exchange ratio | 1.197:1 | ||||||||||||||||||||
Exchange Agreement [Member] | Options [Member] | |||||||||||||||||||||
Common stock exchange description | 1.197 economically equivalent replacement options with an inverse adjustment to the exercise price of the replacement option to reflect the exchange ratio of approximately 1.197:1 | ||||||||||||||||||||
Exchange ratio | 1.197:1 | ||||||||||||||||||||
Exchange Agreement [Member] | Exchangeco [Member] | |||||||||||||||||||||
Common stock exchange description | |||||||||||||||||||||
Number of exchangeable shares issued | |||||||||||||||||||||
Issuance of Employee Options [Member] | 2016 Equity Incentive Plan One [Member] | |||||||||||||||||||||
Stock price | $ 0.7383 | $ 0.7383 | |||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||||
Preferred stock, shares authorized | 20,000 | 20,000 | 20,000 | 20,000 | |||||||||||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||||||||||||||||
Preferred stock, shares issued | 7,830 | 7,830 | 7,830 | 7,830 | 8,045 | 8,045 | 8,045 | 7,830 | 215 | ||||||||||||
Preferred shares outstanding | 7,830 | 8,045 | 8,045 | 7,830 | |||||||||||||||||
Number of common shares issued, shares | 6,000 | 6,000 | 6,100 | ||||||||||||||||||
Series A Preferred Stock [Member] | Securities Purchase Agreement [Member] | |||||||||||||||||||||
Number of exchangeable shares issued | 6,000 | ||||||||||||||||||||
Proceeds from private offering | $ 6,000,000 | ||||||||||||||||||||
Preferred stock, conversion method on issuance, description | The shares are convertible into common stock of the Company at a conversion price equal to the greater of $0.001 or a 15% discount to the 5-day volume weighted price at the time of conversion. The conversion rights commence 24 months after issuance, but conversion is limited to 5% of the aggregate purchase price of the holder on a monthly basis thereafter. Alternatively, the shares are convertible into common stock at a 15% discount to any qualified future common stock financing conducted by the Company. The Company may redeem the shares after 1 year for 110% of the purchase price plus accrued dividends. The preferred stock bears a dividend rate of 12% per annum |
Stockholders' Deficiency - Sche
Stockholders' Deficiency - Schedule of Warrants Outstanding (Details) - $ / shares | 3 Months Ended | |||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | ||
Warrants outstanding, Beginning balance | 3,970,814 | 4,200,497 | 5,961,209 | 5,851,627 | 5,318,627 | 5,017,277 | 5,396,723 | |
Warrants outstanding, Exercised | (97,500) | (458,196) | ||||||
Warrants outstanding, Expired/cancelled | (36,250) | (205,000) | (1,810,712) | (98,750) | (35,000) | (10,000) | (5,000) | |
Warrants outstanding, Issued | 226,667 | 72,917 | 50,000 | 208,333 | 568,000 | 311,350 | 83,750 | |
Warrants outstanding, Ending balance | 4,161,330 | 3,970,814 | 4,200,497 | 5,961,209 | 5,851,627 | 5,318,627 | 5,017,277 | |
Broker Warrants [Member] | ||||||||
Warrants outstanding, Beginning balance | 192,638 | 192,638 | 321,314 | 321,314 | 321,314 | 321,314 | 321,314 | |
Warrants outstanding, Exercised | ||||||||
Warrants outstanding, Expired/cancelled | (128,676) | |||||||
Warrants outstanding, Issued | ||||||||
Warrants outstanding, Ending balance | 192,638 | 192,638 | 192,638 | 321,314 | 321,314 | 321,314 | 321,314 | |
Broker Warrants [Member] | Minimum [Member] | ||||||||
Exercise Price | $ 0.78 | |||||||
Expiration Date | Dec. 31, 2021 | |||||||
Broker Warrants [Member] | Maximum [Member] | ||||||||
Exercise Price | $ 3 | |||||||
Expiration Date | Apr. 30, 2022 | |||||||
Consultant and Noteholder Warrants [Member] | ||||||||
Warrants outstanding, Beginning balance | [1] | 1,955,526 | 2,184,840 | 2,199,840 | 2,090,257 | 1,557,257 | 1,255,907 | 1,177,157 |
Warrants outstanding, Exercised | (97,500) | |||||||
Warrants outstanding, Expired/cancelled | (36,250) | (205,000) | (65,000) | (98,750) | (35,000) | (10,000) | (5,000) | |
Warrants outstanding, Issued | 226,667 | 72,917 | 50,000 | 208,333 | 568,000 | 311,350 | 83,750 | |
Warrants outstanding, Ending balance | [1] | 2,145,673 | 1,955,526 | 2,184,840 | 2,199,840 | 2,090,257 | 1,557,257 | 1,255,907 |
Consultant and Noteholder Warrants [Member] | Minimum [Member] | ||||||||
Exercise Price | $ 0.48 | |||||||
Expiration Date | Oct. 30, 2020 | |||||||
Consultant and Noteholder Warrants [Member] | Maximum [Member] | ||||||||
Exercise Price | $ 3.69 | |||||||
Expiration Date | Jun. 30, 2030 | |||||||
Warrants Issued on Conversion of Convertible Notes [Member] | ||||||||
Warrants outstanding, Beginning balance | 1,823,020 | 1,823,020 | 2,734,530 | 2,734,530 | 2,734,530 | 2,734,530 | 2,734,530 | |
Warrants outstanding, Exercised | ||||||||
Warrants outstanding, Expired/cancelled | (911,510) | |||||||
Warrants outstanding, Issued | ||||||||
Warrants outstanding, Ending balance | 1,823,020 | 1,823,020 | 1,823,020 | 2,734,530 | 2,734,530 | 2,734,530 | 2,734,530 | |
Private Placement Warrants [Member] | ||||||||
Warrants outstanding, Beginning balance | 705,526 | 705,526 | 705,526 | 705,526 | 1,163,722 | |||
Warrants outstanding, Exercised | (458,196) | |||||||
Warrants outstanding, Expired/cancelled | (705,526) | |||||||
Warrants outstanding, Issued | ||||||||
Warrants outstanding, Ending balance | 705,526 | 705,526 | 705,526 | 705,526 | ||||
Exercise Price | $ 3 | |||||||
Warrants Issued on Conversion of Convertible Notes [Member] | ||||||||
Exercise Price | $ 2 | |||||||
Warrants Issued on Conversion of Convertible Notes [Member] | Minimum [Member] | ||||||||
Expiration Date | Mar. 31, 2021 | |||||||
Warrants Issued on Conversion of Convertible Notes [Member] | Maximum [Member] | ||||||||
Expiration Date | Nov. 30, 2022 | |||||||
[1] | Consultant Warrants include warrants issued to directors and officers of the Company who were not members of the Company's options plan at the time of issuance. As at December 31, 2020, Consultant Warrants include an aggregate of 788,806 warrants provided to an officer of the Company as compensation while not a member of any Company options plan. |
Stockholders' Deficiency - Sc_2
Stockholders' Deficiency - Schedule of Warrants Outstanding (Details) (Parenthetical) | 9 Months Ended |
Dec. 31, 2020USD ($) | |
Consultant and Noteholder Warrants [Member] | Directors and Officers [Member] | |
Officer compensation | $ 788,806 |
Stockholders' Deficiency (Equit
Stockholders' Deficiency (Equity) - Schedule of Stock Option Activities (Details) - 2016 Equity Incentive Plan [Member] - $ / shares | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Number of options outstanding, Beginning balance | 4,393,610 | 4,418,019 | 4,147,498 | 4,147,498 | |
Number of options outstanding, Granted | 519,033 | 2,376,480 | 88,100 | 270,521 | |
Number of options outstanding, Expired | (112,509) | ||||
Number of options outstanding, Exercised | |||||
Number of options outstanding, Ending balance | 6,770,089 | 6,770,089 | 4,393,610 | 4,418,019 | 4,147,498 |
Weighted average exercise price, Beginning balance | $ 3.1069 | $ 3.1436 | $ 3.2306 | $ 3.2306 | |
Weighted average exercise price, Granted | 0.9787 | 0.7763 | |||
Weighted average exercise price, Expired | 2.723 | ||||
Weighted average exercise price, Exercised | 1.8096 | ||||
Weighted average exercise price, Ending balance | $ 2.3956 | $ 2.3956 | $ 3.1069 | $ 3.1436 | $ 3.2306 |
Lease (Details Narrative)
Lease (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2020 | Apr. 02, 2019 | |
Operating lease, weighted average rate | 10.00% | ||
General and Administrative Expense [Member] | |||
Operating lease expense | $ 54,284 | $ 163,752 |
Leases - Schedule of Operating
Leases - Schedule of Operating Leases Obligations (Details) - USD ($) | 9 Months Ended | |
Dec. 31, 2020 | Mar. 31, 2020 | |
Operating lease right-of-use asset - initial recognition | $ 264,472 | |
Balance at December 31, 2020 | 115,708 | |
Current portion of operating lease obligation | 113,910 | $ 213,030 |
Noncurrent portion of operating lease obligation | $ 57,055 | |
ASC 842 [Member] | ||
Operating lease right-of-use asset - initial recognition | 413,236 | |
Amortization | (297,528) | |
Balance at December 31, 2020 | 115,708 | |
Operating lease obligation - initial recognition | 413,236 | |
Repayment and interest accretion | (299,326) | |
Balance at December 31, 2020 | 113,910 | |
Current portion of operating lease obligation | 113,910 | |
Noncurrent portion of operating lease obligation |
Operating Lease Right-Of-Use As
Operating Lease Right-Of-Use Assets and Lease Obligations - Schedule of Contractual Undiscounted Cash Flows for Lease Obligation (Details) | Dec. 31, 2020USD ($) |
Total undiscounted lease obligations | $ 115,059 |
Less Than One Year [Member] | |
Total undiscounted lease obligations | 115,059 |
Beyond One Year [Member] | |
Total undiscounted lease obligations |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | Feb. 10, 2021 | Jan. 31, 2021 | Dec. 31, 2019 | Feb. 15, 2021 | Dec. 31, 2020 |
Issuance value of debt, outstanding | $ 7,040,500 | ||||
Number of common stock shares issued, value | $ 28,566 | ||||
Subsequent Event [Member] | |||||
Number of exchangeable shares | 329,540 | ||||
Number of common shares issued for services, shares | 339,500 | ||||
Subsequent Event [Member] | Convertible Noteholders [Member] | |||||
Number of common stock shares issued | 341,759 | ||||
Number of common stock shares issued, value | $ 289,000 | ||||
Subsequent Event [Member] | Subscription Agreements [Member] | Accredited Investors [Member] | |||||
Issuance value of debt, outstanding | $ 4,580,000 | ||||
Interest rate | 12.00% |