|6 Months Ended|
Sep. 30, 2019
|Derivative Instruments and Hedging Activities Disclosure [Abstract]|
The Company records the fair value of the conversion feature of the convertible debenture disclosed in Note 10 in accordance with ASC 815. The fair value of the derivative liability was calculated using a binomial option pricing model. The fair value of the derivative liability is revalued on each balance sheet date with corresponding gains and losses recorded in the consolidated statement of operations. During the three and six month periods ended September 30, 2019, the Company recorded a gain (loss) on the change in fair value of derivative liability of $65,547 (September 30, 2018- ($35,719) and ($71,407) (September 30, 2018 – ($180,866). As at September 30, 2019, the Company recorded a derivative liability of $502,993 (March 31, 2019 - $431,586).
The following inputs and assumptions were used to calculate the fair value of the conversion feature of the convertible debenture outstanding as at September 30, 2019 and March 31, 2019, assuming no expected dividends:
A summary of the changes in derivative liabilities for the three and six month periods is shown below:
The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef