Quarterly report pursuant to Section 13 or 15(d)

Stock Options

v3.20.2
Stock Options
6 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
Stock Options
15. Stock Options

The following table summarizes the continuity of stock options:


    Number of
options
    Weighted average exercise price
$
    Weighted average remaining contractual life (years)     Aggregate intrinsic value
$
 
Balance, March 31, 2019     3,452,500       1.41       2.3       5,481,125  
                                 
Granted     75,000       1.99                  
Forfeited     (150,000 )     0.63                  
Balance, March 31, 2020     3,377,500       1.46       1.49       6,045,000  
                                 
Exercised     (175,000 )     0.01                  
                                 
Balance, September 30, 2020     3,202,500       1.54       1.13        

Additional information regarding stock options outstanding at September 30, 2020 is as follows: 


Exercisable  
Number of shares     Weighted
average
remaining
contractual life
(years)
    Range of
Exercise price
$
 
  312,500       0.92       0.01  
  2,865,000       1.14       1.70  
  25,000       1.79       2.26  
                     
  3,202,500                  

The estimated fair value of the stock options was being recorded over the requisite service period to vesting. For the three and six months ended September 30, 2020, the fair value was $nil (September 30, 2019 - $36,347) and $60,822 (September 30, 2019 - $50,175)


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


    Three months ended
September 30,
2020
    Three months ended
September 30,
2019
 
Risk-free interest rate     2.13 %     1.94 %
Expected life (in years)     3.0       2.5  
Expected volatility     169 %     110 %