Quarterly report pursuant to Section 13 or 15(d)

Stock Options

v3.10.0.1
Stock Options
6 Months Ended
Sep. 30, 2018
Stock Options [Abstract]  
Stock Options
11. Stock Options

 

The following table summarizes the continuity of stock options issued and outstanding:

 

      Number of
options
    Weighted
average
exercise
price
$
    Aggregate
intrinsic
value
$
 
                     
  Balance, March 31, 2018     537,500       0.01       478,375  
  Granted     100,000       0.01          
  Exercised     (50,000 )     0.01          
                           
  Balance, September 30, 2018     587,500       0.01       1,110,375  

  

Additional information regarding stock options outstanding as at September 30, 2018 is as follows:

 

        Outstanding and exercisable  
  Range of 
exercise
prices 
$
    Number of
shares
    Weighted average
remaining contractual life (years)
    Weighted average 
exercise price 
$
 
    0.01       587,500       0.9       0.01  

   

On July 1, 2018, the Company granted 100,000 stock options to a consultant to the Company. The stock options are exercisable at $0.01 per share for a period of two years. The options were recorded at their fair value of $174,249 or $1.74 per option at the time of grant.

 

On September 26, 2017, the Company granted 175,000 stock options to a company controlled by a director of the Company. The stock options are exercisable at $0.01 per share for a two year term. These stock options were issued in exchange for management services previously accrued at $175,000 and have been recorded at their fair value of $78,165 as estimated using the Black-Scholes option pricing model assuming no expected dividends or forfeitures and the following weighted average assumptions:

 

The fairs values were estimated using the Black-Scholes option pricing model assuming no expected dividends or forfeitures and the following assumptions:

 

      Six months
ended
September 30, 
2018
    Six months
ended
September 30, 
2017
 
               
  Risk-free interest rate     2.53 %     1.45 %
  Expected life (in years)     2       2  
  Expected volatility     196 %     251 %

 

On July 17, 2018, the Company extended the life of 312,500 stock options previously granted to the Company’s President and Chief Executive Officer. The expiry date of the stock options was extended from July 18, 2018 to April 30, 2019. The extension of the stock options did not result in any incremental compensation cost. The fair value was estimated using the Black-Scholes option pricing model assuming no expected dividends or forfeitures.