# EDGAR Filing Document

**Accession Number:** 0001630113
**File Stem:** 0001641172-25-023709
**Filing Date:** 2025-8
**Character Count:** 182857
**Document Hash:** 0cd7f5b401224d7883812da7525ee1dc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-023709.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001641172-25-023709

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 71

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BIOTRICITY INC.
- **CENTRAL INDEX KEY:** 0001630113
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 472548273
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40761
- **FILM NUMBER:** 251214238

**BUSINESS ADDRESS:**
- **STREET 1:** 203 REDWOOD PARKWAY
- **STREET 2:** SUITE 600
- **CITY:** REDWOOD CITY
- **STATE:** CA
- **ZIP:** 94065
- **BUSINESS PHONE:** (650) 832-1626

**MAIL ADDRESS:**
- **STREET 1:** 203 REDWOOD PARKWAY
- **STREET 2:** SUITE 600
- **CITY:** REDWOOD CITY
- **STATE:** CA
- **ZIP:** 94065

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** METASOLUTIONS, INC.
- **DATE OF NAME CHANGE:** 20150107

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 10-Q**

(Mark One)

---

| | |
|:---|:---|
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|  | For the quarterly period ended June 30, 2025 |
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

---

For the period from ______________ to_______________

Commission file number: 001-40761

**BIOTRICITY INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Nevada** | **30-0983531** |
| State or other jurisdiction of <br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |

---

**203 Redwood Shores Parkway, Suite 600**

**Redwood City, California 94065**

(Address of principal executive offices)

(800) 590-4155

(Registrant's Telephone Number, Including Area Code)

Indicate by check whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act).

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act: None

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 26,567,769 shares of Common Stock, $0.001 par value, at August 13, 2025. As at that same date, the Company also has 160,672 Exchangeable Shares outstanding that convert directly into common shares, which when combined with its Common Stock produce an amount equivalent to 26,728,441 outstanding voting securities.

**BIOTRICITY INC.**

---

| | |
|:---|:---|
| **[Part I – Financial Information](#ar_001)** |  |
| **[Item 1 – Condensed Consolidated Interim Financial Statements](#ar_002)** | 3 |
| **[Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations](#ak_001)** | 44 |
| **[Item 3 – Quantitative and Qualitative Disclosures About Market Risk](#ak_002)** | 54 |
| **[Item 4 – Controls and Procedures](#ak_003)** | 54 |
| **[Part II – Other Information](#ak_004)** | 55 |
| **[Item 1 – Legal Proceedings](#ak_005)** | 55 |
| **[Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds](#ak_007)** | 55 |
| **[Item 3 – Defaults Upon Senior Securities](#ak_008)** | 55 |
| **[Item 4 – Mine Safety Disclosures](#ak_009)** | 55 |
| **[Item 5 – Other Information](#ak_010)** | 55 |
| **[Item 6 – Exhibits](#ak_011)** | 55 |
| **[Signatures](#ak_012)** | 56 |

---

**PART 1**

**FINANCIAL INFORMATION**

**Item 1 – Condensed Consolidated Interim Financial Statements**

---

| | |
|:---|:---|
| [Condensed Consolidated Interim Balance Sheets at June 30, 2025 (unaudited) and March 31, 2025 (audited)](#ar_003) | 4 |
| [Condensed Consolidated Interim Statements of Operations and Comprehensive Loss for the three months ended June 30, 2025 and 2024 (unaudited)](#ar_004) | 5 |
| [Condensed Consolidated Interim Statements of Mezzanine Equity and Stockholders' Deficiency for the three months ended June 30, 2025 and 2024 (unaudited)](#ar_005) | 6 |
| [Condensed Consolidated Interim Statements of Cash Flows for the three months ended June 30, 2025 and 2024 (unaudited)](#ar_006) | 8 |
| [Notes to the Condensed Consolidated Interim Financial Statements](#ar_007) | 9 |

---

**BIOTRICITY INC.**

**CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS**

**AS OF JUNE 30, 2025 (unaudited) AND MARCH 31, 2025 (audited)**

**(Expressed in US Dollars, unless otherwise noted)**

---

| |
|:---|
| **CURRENT ASSETS** |
| Cash |
| Accounts receivable, net |
| Inventory *[Note 3]* |
| Deposits and other receivables |
| **Total current assets** |
| Deposits and other receivables *[Note 10]* |
| Long-term accounts receivable |
| Property and equipment *[Note 12]* |
| Operating right of use assets *[Note 10]* |
| **TOTAL ASSETS** |
| **CURRENT LIABILITIES** |
| Accounts payable and accrued liabilities *[Note 4]* |
| Convertible promissory notes and short term loans *[Note 5]* |
| Term loan, current |
| Derivative liabilities *[Note 8]* |
| Advance from customers |
| Operating lease obligations, current *[Note 10]* |
| **Total current liabilities** |
| Federally guaranteed loans *[Note 7]* |
| Term loan *[Note 6]* |
| Derivative liabilities *[Note 8]* |
| Operating lease obligations |
| **TOTAL LIABILITIES** |
| **MEZZANINE EQUITY** |
| Series B Convertible Redeemable preferred stock, $0.001 and $0.001 par value, 600 and 600 shares authorized as of June 30, 2025 and March 31, 2025, respectively, 385 and 385 shares issued and outstanding as of June 30, 2025 and March 31, 2025, respectively [Note 9] |
| **STOCKHOLDERS' DEFICIENCY** |
| Preferred stock, $0.001 and $0.001 par value, 9,979,400 and 9,979,400 shares authorized as of June 30, 2025 and March 31, 2025, respectively, 1 and 1 share issued and outstanding as of June 30, 2025 and March 31, 2025 [Note 9] |
| Common stock, $0.001 and $0.001 par value, 125,000,000 and 125,000,000 shares authorized as at June 30, 2025 and March 31, 2025, respectively. Issued and outstanding common shares: 26,567,769 and 26,081,295 as at June 30, 2025 and March 31, 2025, respectively, and exchangeable shares of 160,672 and 160,672 outstanding as at June 30, 2025 and March 31, 2025, respectively [Note 9] |
| Shares to be issued 581,599 and 581,599 shares of common stock as at June 30, 2025 and March 31, 2025, respectively) [Note 9] |
| Additional paid-in-capital |
| Accumulated other comprehensive income |
| Accumulated deficit |
| **Total stockholders' deficiency** |
| **TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' DEFICIENCY** |

---

Commitments and contingencies *[Note 11]*

Subsequent events *[Note 13]*

*See accompanying notes to unaudited condensed consolidated interim financial statements*

 

**BIOTRICITY INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

**FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND 2024 (unaudited)**

**(Expressed in US Dollars)**

---

| |
|:---|
| **REVENUE** |
| Cost of Revenue |
| **GROSS PROFIT** |
| **OPERATING EXPENSES** |
| Selling, general and administrative expenses |
| Research and development expenses |
| **TOTAL OPERATING EXPENSES** |
| **(LOSS) PROFIT FROM OPERATIONS** |
| Interest expense**)** |
| Accretion and amortization expenses *[Note 5,6]***)** |
| Change in fair value of derivative liabilities *[Note 8]***)** |
| Gain (loss) upon convertible promissory notes conversion and redemption *[Note 9]* |
| Other income (expense) *[Note 9]* |
| **NET LOSS BEFORE INCOME TAXES)** |
| Income taxes *[Note 3]* |
| **NET LOSS BEFORE DIVIDENDS)** |
| Preferred Stock Dividends**)** |
| Deemed Dividends *[Note 9]* |
| **NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS)** |
| Translation adjustment |
| **COMPREHENSIVE LOSS** |
| **LOSS PER SHARE, BASIC AND DILUTED** |
| **WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING** |

---

*See accompanying notes to unaudited condensed consolidated interim financial statements*

**BIOTRICITY INC.**

**CONDENSED CONSOLIDATED INTERIM STATEMENTS OF MEZZANINE EQUITY AND STOCKHOLDERS' DEFICIENCY**

**FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND 2024 (unaudited)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Mezzanine**<br> **Equity** | **Mezzanine**<br> **Equity** | **Total Mezzanine Equity** | **Preferred<br> stock** | **Preferred<br> stock** | **Common stock and exchangeable common shares** | **Common stock and exchangeable common shares** | **Shares to be<br> Issued** | **Shares to be<br> Issued** | **Shares to be<br> Issued** | **Additional paid in capital** | **Accumulated other comprehensive income** |
|  | **Shares** | $ | **$** | $**Shares** | **Shares** | $**Shares** | **Shares** | $**Shares** | **Shares** | $ | $ | $ |
| **Balance, March 31, 2025** | 385 | 2000290 |  |  | 201 |  | 26241967 |  | 581599 | 284244 |  |  |
| Issuance of common shares against preferred shares settlement [Note 9] |  |  |  |  |  |  | 486474) |  |  |  |  |  |
| Stock based compensation - ESOP [Note 9] |  |  |  |  |  |  |  |  |  |  |  |  |
| Translation adjustment) |  |  |  |  |  |  |  |  |  |  |  |  |
| Net loss before dividends for the period) |  |  |  |  |  |  |  |  |  |  |  |  |
| Preferred stock dividends |  |  |  |  |  |  |  |  |  |  |  |  |
| **Balance, June 30, 2025** | **385** | **2000290** |  |  | **201** |  | **26728441** |  | **581599** | **284244** |  |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Mezzanine**<br> **Equity** | **Total Mezzanine Equity** | **Preferred<br> stock** | **Common stock and exchangeable common shares** | **Shares to be<br> Issued** | **Shares to be<br> Issued** | **Additional paid in capital** | **Accumulated other comprehensive income** |
|  | **Shares** | **$** | **Shares** | **Shares** | $**Shares** | **Shares** | $ | $ |
| **Balance, March 31, 2024** | **265** |  | **6305** | **9514440** |  | **344276** | **95723083** | **32378** |
| Issuance of mezzanine equity [Note 9] | 165 |  |  |  |  |  |  |  |
| Issuance of common shares from shares to be issued [Note 9] |  |  |  | 320321 |  | (320321) | 228466 |  |
| Issuance of common shares from at-the-market transaction [Note 9] |  |  |  | 97811 |  |  | 125129 |  |
| Conversion of mezzanine equity into common shares [Note 9] | (25)**)** |  |  | 345204 |  |  | 231377 |  |
| Conversion of preferred shares into common shares [Note 9] |  |  | (6104) | 8952170 |  |  | 4925756 |  |
| Conversion of convertible notes into common shares [Note 9] |  |  |  | 1344709 |  | 287802 | 1895464 |  |
| Issuance of shares for services [Note 9] |  |  |  | 70000 |  | 10000 | 53410 |  |
| Issuance of shares for settlement of accounts payable [Note 9] |  |  |  | 1000413 |  |  | 989408 |  |
| Stock based compensation - ESOP [Note 9] |  |  |  |  |  |  | 58978 |  |
| Translation adjustment |  |  |  |  |  |  |  | 23583 |
| Net loss before dividends for the period) |  |  |  |  |  |  |  |  |
| Preferred stock dividends) |  |  |  |  |  |  |  |  |
| Deemed Dividend [Note 9] |  |  |  |  |  |  |  |  |
| **Balance, June 30, 2024** | **405** |  | **201** | **21645068** |  | **321757** | **104231071** | **55961** |

---

*See accompanying notes to unaudited condensed consolidated interim financial statements*

 

**BIOTRICITY INC.**

**CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS**

**FOR THE THREE MONTHS ENDED JUNE 30, 2025 AND 2024 (UNAUDITED)**

**(Expressed in US Dollars)**

---

| |
|:---|
| **CASH FLOWS FROM OPERATING ACTIVITIES** |
| Net loss) |
| ***Adjustments to reconcile net loss to net cash used in operations:*** |
| Stock based compensation |
| Issuance of shares for services |
| Accretion and amortization expenses |
| Change in fair value of derivative liabilities |
| (Gain) loss upon convertible promissory notes conversion and redemption |
| Property and equipment depreciation |
| Non-cash lease expense |
| ***Changes in operating assets and liabilities:*** |
| Accounts receivable, net) |
| Inventory) |
| Deposits and other receivables) |
| Accounts payable and accrued liabilities |
| **Net cash used in operating activities** |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |
| Issuance of common shares, net |
| Issuance of preferred shares, net |
| Proceeds from convertable promissory notes and short term loan) |
| Preferred Stock Dividend |
| **Net cash provided by (used in) financing activities** |
| Net decrease in cash during the period) |
| Effect of foreign currency translation) |
| Cash, beginning of period |
| **Cash, end of period** |
| *Supplemental disclosure of cash flow information:* |
| Interest paid |
| Taxes |

---

*See accompanying notes to unaudited condensed consolidated interim financial statements*

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

**1. NATURE OF OPERATIONS**

Biotricity Inc. (formerly MetaSolutions, Inc.) (the "Company" or "Biotricity") 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 on February 2, 2016.

The Company (directly and through its subsidiary) is engaged in research and development activities within the remote monitoring segment of preventative care. It is focused on a realizable healthcare business model that has an existing market and commercialization pathway. As such, its efforts to date have been devoted to building and commercializing an ecosystem of technologies that enable access to this market.

**2. BASIS OF PRESENTATION, MEASUREMENT AND CONSOLIDATION**

The accompanying unaudited condensed consolidated interim 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 consolidated financial statements and should be read in conjunction with Biotricity's audited consolidated financial statements for the years ended March 31, 2024 and 2023 and their accompanying notes.

The accompanying unaudited condensed consolidated interim 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, 2025. The Company's fiscal year-end is March 31.

The unaudited condensed consolidated interim financial statements include the accounts of the Company and its wholly-owned subsidiary. Significant intercompany accounts and transactions have been eliminated.

*Reclassifications*

Certain amounts presented in the prior year period have been reclassified to confirm to current period consolidated interim financial statement presentation.

**Going Concern, Liquidity and Basis of Presentation**

The accompanying condensed consolidated interim financial statements have been prepared assuming that the Company will continue as a going concern. The Company is commercializing its first product ecosystem and is concurrently continuing in development mode, operating a research and development program in order to develop, obtain regulatory clearance for, and commercialize other proposed products. The Company has incurred recurring losses from operations, and as of June 30, 2025, had an accumulated deficit of $140,196,078 (2024: $139,441,785) and a working capital deficiency of $16,661,781 (2024 : $15,996,856). Those conditions raise substantial doubt about its ability to continue as a going concern for a period of one year from the issuance of these condensed consolidated interim financial statements. The condensed consolidated interim financial statements do not include adjustments that might result from the outcome of this uncertainty.

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

Management anticipates the Company will continue on its revenue growth trajectory and improve its liquidity through continued business development and additional equity and debt capitalization of the Company.

As we proceed with the commercialization of the Bioflux, Biocore, and Biocare product development, we expect to continue to devote significant resources on capital expenditures, as well as research and development costs and operations, marketing and sales expenditures.

Based on the above facts and assumptions, we believe our existing cash, along with anticipated near-term financings, will be sufficient to continue to meet our needs for the next twelve months from the filing date of this report. However, we will need to seek additional debt or equity capital to respond to business opportunities and challenges, including our ongoing operating expenses, protecting our intellectual property, developing or acquiring new lines of business and enhancing our operating infrastructure. The terms of our future financings may be dilutive to, or otherwise adversely affect, holders of our common stock. We may also seek additional funds through arrangements with collaborators or other third parties. There can be no assurance we will be able to raise this additional capital on acceptable terms, or at all. If we are unable to obtain additional funding on a timely basis, we may be required to modify our operating plan and otherwise curtail or slow the pace of development and commercialization of our proposed product lines.

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

**3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

*<u>Revenue Recognition</u>*

The Company adopted Accounting Standards Codification Topic 606, "Revenue from Contracts with Customers" ("ASC 606") on April 1, 2018. In accordance with ASC 606, revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services by applying the core principles – (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to performance obligations in the contract, and (5) recognize revenue as performance obligations are satisfied.

Both the Bioflux mobile cardiac telemetry device, and the Biocore device are wearable devices. The cardiac data that the devices monitor and collect is curated and analyzed by the Company's proprietary algorithms and then securely communicated to a remote monitoring facility for electronic reporting and conveyance to the patient's prescribing physician or other certified cardiac medical professional. Revenues earned are comprised of device sales revenues and technology fee revenues (technology as a service). The devices, together with their licensed software, are available for sale to the medical center or physician, who is responsible for the delivery of clinical diagnosis and therapy. The remote monitoring, data collection and reporting services performed by the technology culminate in a patient study that is generally billable when it is complete and is issued to the physician. In order to recognize revenue, management considers whether or not the following criteria are met: persuasive evidence of a commercial arrangement exists, and delivery has occurred or services have been rendered. For sales of devices, which are invoiced directly, additional revenue recognition criteria include that the price is fixed and determinable and collectability is reasonably assured; for device sales contracts with terms of more than one year, the Company recognizes any significant financing component as revenue over the contractual period using the effective interest method, and the associated interest income is reflected accordingly on the statement of operations and included in other income; for revenue that is earned based on customer usage of the proprietary software to render a patient's cardiac study, the Company recognizes revenue when the study ends based on a fixed billing rate. Costs associated with providing the services are recorded as the service is provided regardless of whether or when revenue is recognized.

The Company may also earn service-related revenue from contracts with other counterparties with which it consults. This contract work is separate and distinct from services provided to clinical customers, but may be with a reseller or other counterparties that are working to establish their operations in foreign jurisdictions or ancillary products or market segments in which the Company has expertise and may eventually conduct business.

The Company recognized the following forms of revenue for the three months ended June 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **$** | **$** |
| Technology fees | 3371392 | 3016250 |
| Device sales | 502601 | 185493 |
|  | 3873993 | 3201743 |

---

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

*<u>Inventories</u>*

Inventory is stated at the lower of cost and net realizable value, cost being determined on a weighted average cost basis. Market value of our finished goods inventory and raw material inventory is determined based on its estimated net realizable value, which is generally the selling price less normally predictable costs of disposal and transportation. The Company records write-downs of inventory that is obsolete or in excess of anticipated demand or market value based on consideration of product lifecycle stage, technology trends, product development plans and assumptions about future demand and market conditions. Actual demand may differ from forecasted demand, and such differences may have a material effect on recorded inventory values. Inventory write-downs are charged to cost of revenue and establish a new cost basis for the inventory.

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **March 31, 2025** |
|  | **$** | **$** |
| Raw material | 1015013 | 1225665 |
| Finished goods | 768413 | 329720 |
|  | 1783426 | 1555385 |

---

 

*<u>Significant accounting estimates and assumptions</u>*

The preparation of the condensed consolidated financial statements requires the use of estimates and assumptions to be made in applying the accounting policies that affect the reported amounts of assets, liabilities, revenue and expenses and the disclosure of contingent assets and liabilities. The estimates and related assumptions are based on previous experiences and other factors considered reasonable under the circumstances, the results of which form the basis for making the assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

Significant accounts that require estimates as the basis for determining the stated amounts include share-based compensation, impairment analysis and fair value of warrants, promissory notes, convertible notes and derivative liabilities:

● Fair
 value of stock options

The Company measures the cost of equity-settled transactions with employees by reference to the fair value of equity instruments at the date at which they are granted. Estimating fair value for share-based payments requires determining the most appropriate valuation model for a grant of such instruments, which is dependent on the terms and conditions of the grant. The estimate also requires determining the most appropriate inputs to the Black-Scholes option pricing model, including the expected life of the instrument, risk-free rate, volatility, and dividend yield.

● Fair
 value of warrants

In determining the fair value of the warrant issued for services and issue pursuant to financing transactions, the Company used the Black-Scholes option pricing model with the following assumptions: volatility rate, risk-free rate, and the remaining expected life of the warrants that are classified under equity.

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

● Fair
 value of derivative liabilities

In determining the fair values of the derivative liabilities from the conversion and redemption features, the Company used Monte-Carlo and lattice models with the following assumptions: dividend yields, volatility, risk-free rate and the remaining expected life. Changes in those assumptions and inputs could in turn impact the fair value of the derivative liabilities and can have a material impact on the reported loss and comprehensive loss for the applicable reporting period.

● Functional
 currency

Determining the appropriate functional currencies for entities in the Company requires analysis of various factors, including the currencies and country-specific factors that mainly influence labor, materials, and other operating expenses.

● Useful
 life of property and equipment

The Company employs significant estimates to determine the estimated useful lives of property and equipment, considering industry trends such as technological advancements, past experience, expected use and review of asset useful lives. The Company makes estimates when determining depreciation methods, depreciation rates and asset useful lives, which requires considering industry trends and company-specific factors. The Company reviews depreciation methods, useful lives and residual values annually or when circumstances change and adjusts its depreciation methods and assumptions prospectively.

● Provisions

Provisions are recognized when the Company has a present obligation, legal or constructive, as a result of a previous event, if it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the obligation. The amount recognized is the best estimate of the expenditure required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligations. Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate of the expected future cash flows.

● Contingencies

Contingencies can be either possible assets or possible liabilities arising from past events, which, by their nature, will be resolved only when one or more uncertain future events occur or fail to occur. The assessment of the existence and potential impact of contingencies inherently involves the exercise of significant judgment and the use of estimates regarding the outcome of future events.

● Inventory
 obsolescence

Inventories are stated at the lower of cost and market value. Market value of our inventory, which is all purchased finished goods, is determined based on its estimated net realizable value, which is generally the selling price less normally predictable costs of disposal and transportation. The Company estimates net realizable value as the amount at which inventories are expected to be sold, taking into consideration fluctuations in retail prices less estimated costs necessary to make the sale. Inventories are written down to net realizable value when the cost of inventories is estimated to be unrecoverable due to obsolescence, damage, or declining selling prices.

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

● Income
 and other taxes

The calculation of current and deferred income taxes requires the Company to make estimates and assumptions and to exercise judgment regarding the carrying values of assets and liabilities which are subject to accounting estimates inherent in those balances, the interpretation of income tax legislation across various jurisdictions, expectations about future operating results, the timing of reversal of temporary differences and possible audits of income tax filings by the tax authorities. In addition, when the Company incurs losses for income tax purposes, it assesses the probability of taxable income being available in the future based on its budgeted forecasts. These forecasts are adjusted to take into account certain non-taxable income and expenses and specific rules on the use of unused credits and tax losses.

When the forecasts indicate that sufficient future taxable income will be available to deduct the temporary differences, a deferred tax asset is recognized for all deductible temporary differences. Changes or differences in underlying estimates or assumptions may result in changes to the current or deferred income tax balances on the consolidated interim balance sheets, a charge or credit to income tax expense included as part of net income (loss) and may result in cash payments or receipts. Judgment includes consideration of the Company's future cash requirements in its tax jurisdictions. All income, capital and commodity tax filings are subject to audits and reassessments. Changes in interpretations or judgments may result in a change in the Company's income, capital, or commodity tax provisions in the future. The amount of such a change cannot be reasonably estimated.

● Incremental
 borrowing rate for lease

The determination of the Company's lease obligation and right-of-use asset depends on certain assumptions, which include the selection of the discount rate. The discount rate is set by reference to the Company's incremental borrowing rate. Significant assumptions are required to be made when determining which borrowing rates to apply in this determination. Changes in the assumptions used may have a significant effect on the Company's consolidated interim financial statements.

 

*<u>Earnings (Loss) Per Share</u>*

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 loss per share of common stock is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted earnings or loss per share of common stock is computed similarly to basic earnings or loss per share except the weighted average shares outstanding are increased to include additional shares from the assumed exercise of any common stock equivalents, if dilutive. The Company's warrants, options, convertible promissory notes, convertible preferred stock, shares to be issued and restricted stock awards while outstanding are considered common stock equivalents for this purpose. Diluted earnings are computed utilizing the treasury method for the warrants, stock options, shares to be issued and restricted stock awards. Diluted earnings with respect to the convertible promissory notes and convertible preferred stock utilizing the if-converted method were not applicable during the periods presented as no conditions required for conversion had occurred. No incremental common stock equivalents were included in calculating diluted loss per share because such inclusion would be anti-dilutive given the net loss reported for the periods presented.

*<u>Cash</u>*

Cash includes cash on hand and balances with banks.

As of June 30, 2025 and March 31, 2025, cash balance of US$306,176 and US$259,478 respectively, were at financial institutions in the United States that were not covered by the United States Deposit Protection Regulation.

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

*<u>Foreign Currency Translation</u>*

The functional currency of the Company's Canadian-based subsidiary is the Canadian dollar, and the US-based parent is the U.S. dollar. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the consolidated interim balance sheet date. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. All exchange gains or losses arising from translation of these foreign currency transactions are included in net income (loss) for the year. In translating the financial statements of the Company's Canadian subsidiaries from their functional currency into the Company's reporting currency of United States dollars, consolidated interim balance sheet accounts are translated using the closing exchange rate in effect at the balance sheet date and income and expense accounts are translated using an average exchange rate prevailing during the reporting period. Adjustments resulting from the translation, if any, are included in accumulated other comprehensive loss in stockholders' deficiency. The Company has not, to the date of these condensed consolidated interim financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.

*<u>Accounts Receivable</u>*

Accounts receivable consists of amounts due to the Company from medical facilities, which receive reimbursement from institutions and third-party government and commercial payors and their related patients, as a result of the Company's normal business activities. Accounts receivable is reported on the consolidated interim balance sheets net of an estimated allowance for doubtful accounts. The Company establishes an allowance for doubtful accounts for estimated uncollectible receivables based on historical experience, assessment of specific risk, review of outstanding invoices, and various assumptions and estimates that are believed to be reasonable under the circumstances, and recognizes the provision as a component of selling, general and administrative expenses. Uncollectible accounts are written off against the allowance after appropriate collection efforts have been exhausted and when it is deemed that a balance is uncollectible.

*<u>Customer Concentration</u>*

 

During the three months ended June 30, 2025, one customer comprised 23% of the total receivable, there was no such concentration risk during the previous three months ended June 30, 2024.

 

*<u>Fair Value of Financial Instruments</u>*

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.

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

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 short term loans, federally-guaranteed loans, term loans, accounts payable and accrued liabilities. The Company's derivative liabilities are carried at fair values and are classified as Level 3 financial instruments. The Company's bank accounts are maintained with financial institutions of reputable credit, therefore, bear minimal credit risk.

The fair value of financial instruments measured on a recurring basis is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** |
| Description | Total | Level 1 | Level 2 | Level 3 |
| Assets: |  |  |  |  |
| Cash | $391392 | $391392 | $— | $— |
| Total assets at fair value | $391392 | $391392 | $— | $— |
| Liabilities: |  |  |  |  |
| Derivative liabilities, short-term | $438162 | $— | $— | $438162 |
| Derivative liabilities, long-term | 1481522 |  |  | 1481522 |
| Total liabilities at fair value | $1919684 | $— | $— | $1919684 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
| Description | Total | Level 1 | Level 2 | Level 3 |
| Assets: |  |  |  |  |
| Cash | $365145 | $365145 | $— | $— |
| Total assets at fair value | $365145 | $365145 | $— | $— |
| Liabilities: |  |  |  |  |
| Derivative liabilities, short-term | $424200 | $— | $— | $242200 |
| Derivative liabilities, long-term | 1478717 |  |  | 1478717 |
| Total liabilities at fair value | $1902917 | $— | $— | $1902917 |

---

There were no transfers between fair value hierarchy levels during the three months ended June 30, 2025 and 2024.

*<u>Property and Equipment</u>*

Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful lives of the assets. Maintenance and repairs are charged to expense as incurred, and improvements and betterments are capitalized. Depreciation of property and equipment is provided using the straight-line method for substantially all assets with estimated lives as follow:

Office equipment 5 years <br> Leasehold improvement 5 years

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

*<u>Impairment for Long-Lived Assets</u>*

The Company applies the provisions of ASC Topic 360, *Property, Plant, and Equipment*, which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. ASC 360 requires impairment losses to be recorded on long-lived assets, including right-of-use assets, used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets' carrying amounts. In that event, a loss is recognized based on the amount by which the carrying amount exceeds the fair value of the long-lived assets. Loss on long-lived assets to be disposed of is determined in a similar manner, except that fair values are reduced for the cost of disposal. Based on its review at June 30, 2025 and March 31, 2025, the Company believes there was no impairment of its long-lived assets.

*<u>Leases</u>*

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 Operating right of use assets, Operating lease obligations, current, and Operating lease obligations, long-term in the consolidated interim 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 interim balance sheet and are expensed on a straight-line basis over the lease term in the consolidated interim statement of operations and comprehensive loss. The Company determines the lease term by agreement with lessor. As the Company's lease does not provide 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.

*<u>Income Taxes</u>*

The Company accounts for income taxes in accordance with ASC 740. The Company provides for Federal, State and Provincial income taxes payable, as well as for those deferred because of the timing differences between reporting income and expenses for consolidated interim financial statement purposes versus tax purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recoverable or settled. The effect of a change in tax rates is recognized as income or expense in the period of the change. A valuation allowance is established, when necessary, to reduce deferred income tax assets to the amount that is more likely than not to be realized.

*<u>Research and Development</u>*

Research and development costs, which relate primarily to product and software development, are charged to operations as incurred. Under certain research and development arrangements with third parties, the Company may be required to make payments that are contingent on the achievement of specific developmental, regulatory and/or commercial milestones. Before a product receives regulatory approval, milestone payments made to third parties are expensed when the milestone is achieved**.** Milestone payments made to third parties after regulatory approval is received are capitalized and amortized over the estimated useful life of the approved product.

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

*<u>Selling, General and Administrative</u>*

Selling, general and administrative expenses consist primarily of personnel-related costs including stock-based compensation for personnel in functions not directly associated with research and development activities. Other significant costs include sales and marketing costs, investor relations and legal costs relating to corporate matters, professional fees for consultants assisting with business development and financial matters, and office and administrative expenses.

*<u>Stock Based Compensation</u>*

The Company accounts for share-based payments in accordance with the provision of ASC 718, which requires that all share-based payments issued to acquire goods or services, including grants of employee stock options, be recognized in the consolidated interim statements of operations and comprehensive loss based on their fair values, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Compensation expense related to share-based awards is recognized over the requisite service period, which is generally the vesting period.

The Company accounts for stock based compensation awards issued to non-employees for services, as prescribed by ASC 718-10, at either the fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable, using the guidelines in ASC 505-50. The Company issues compensatory shares for services including, but not limited to, executive, management, accounting, operations, corporate communication, financial and administrative consulting services.

*<u>Convertible Notes Payable and Derivative Instruments</u>*

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 interim 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.

*<u>Series B Convertible Preferred Stock</u>*

The Series B convertible preferred stock ("Series B Preferred Stock") was accounted for as mezzanine equity and the embedded conversion and redemption features was accounted for as derivative liabilities with change in fair value at each reporting period end charged to the consolidated interim statement of operation and comprehensive loss in accordance with ASC 480 and ASC 815.

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

*<u>Preferred Shares Extinguishments</u>*

The Company accounted for preferred stock redemptions and conversions in accordance to ASU-260-10-S99. For preferred stock redemptions and conversion, the difference between the fair value of consideration transferred to the holders of the preferred stock and the carrying amount of the preferred stock is accounted as deemed dividend distribution and subtracted from net loss.

*<u>Segment Information</u>*

Operating segments are defined as components of an entity where discrete financial information is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. The Company has identified its Chief Executive Officer ("CEO") as the chief operating decision maker ("CODM"). The Company operates in one operating segment. The Company's CODM allocates resources and assesses performance at the consolidated level. The Company's property and equipment and operating right of use lease asset are in the United States as of June 30, 2025 and 2024.

The CODM uses net loss for purposes of making operating decisions, allocating resources, and evaluating financial performance. Significant expenses include non-cash stock-based compensation, depreciation and amortization, and write-off of property and equipment, which are reflected in the Consolidated interim Statements of Cash Flows.

The long-lived assets outside of U.S. are not material as of June 30, 2025. The measure of segment assets is reported on the balance sheet as total consolidated assets. Refer to the Consolidated Interim Balance Sheets as of June 30, 2025 and 2024 for total consolidated assets.

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

*<u>Recently Issued Accounting Pronouncements</u>*

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income (Subtopic 220-40): Expense Disaggregation Disclosures. This update requires public business entities to disclose, in the notes to financial statements, specific information about certain costs and expenses to provide more detailed insights into the nature of expense components. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact of this standard on its financial reporting and disclosures.

On November 26, 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. This amendment clarifies the accounting for certain settlements of convertible debt instruments that occur at terms different from the original contractual conversion terms, specifically addressing whether such settlements should be accounted for as induced conversions or extinguishments. The standard is effective for all entities for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of adopting ASU 2024-04 on its financial condition, results of operations, and cash flows. The Company continues to evaluate the impact of the new accounting pronouncement, including enhanced disclosure requirements, on our business processes, controls and systems.

The Company continues to evaluate the impact of the new accounting pronouncement, including enhanced disclosure requirements, on our business processes, controls and systems, however there is no new accounting pronouncement for this quarter.

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

**4. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES**

---

| | | |
|:---|:---|:---|
|  | **As at** **June 30, 2025** | **As at March 31, 2025** |
|  | **$** | **$** |
| Trade and other payables | 4674048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4602309 |
| Accrued liabilities | 3154020 | 3034293 |
| Deferred revenue | 28707 | 25322 |
| Total | 7856775 | 7661924 |

---

Trade and other payables and accrued liabilities as at June 30, 2025 and March 31, 2025 included $443,566 and $373,744, respectively, due to a shareholder, who is a director and executive of the Company.

**5. CONVERTIBLE PROMISSORY NOTES AND SHORT TERM LOANS**

***Series A Convertible Promissory Notes****:*

During the year ended March 31, 2021, the Company issued $11,275,500 (face value) in two 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.

For the first series of Series A Notes, commencing six months following the Issuance Date, and at any time thereafter (provided the Holder has not received notice of the Company's intent to prepay the note), at the sole election of the Holder, any amount of the outstanding principal and accrued interest of this note (the "Outstanding Balance") could be converted into that number of shares of Common Stock equal to: (i) the Outstanding Balance divided by (ii) 75% of the volume weighted average price of the Common Stock for the 5 trading days prior to the Conversion Date (the conversion price).

For the first series of Series A Notes, the notes would 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 would 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 would 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 could, at its discretion, redeem the notes for 115% of their face value plus accrued interest.

For the second series of Series A Notes, the notes could be converted into shares of common stock, at the option of the holder, commencing six months from issuance, at a conversion price equal to the lower of $24.00 per share or 75% of the volume weighted average price of the common stock for the five trading days prior to the conversion date.

For the second series of Series A Notes, the notes would 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 would be equal to the lower of $24.00 per share or 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 would be equal to the lower of $24.00 per share or 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 could, at its discretion, redeem the notes for 115% of their face value plus accrued interest.

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

The Company was 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 was obligated to pay the placement agent of the first series of Series A Notes a 12% cash fee for $8,925,500 (face value) of the notes and 2.5% cash fee and other sundry expenses for the remaining $2,350,000 (face value) of the notes.

The Company was also obligated to issue warrants to the placement agent that have a 10-year term and cover 12% of funds raised for $8,925,550 (face value) of the notes (first series) and 2.5% of funds raised for the remaining $2,350,000 (face value) of notes (second series), 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. On final closing, which occurred on January 8, 2021, the warrants' exercise price was struck at $6.36 per share.

Prior to January 8, 2021 (final closing date), the Company determined that the conversion and redemption features 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 liabilities associated with the embedded conversion and redemption features.

For the Series A Notes, The Company recognized debt issuance costs in the amount of $2,301,854 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 also recognized initial debt discount in the amount of $8,088,003 and accreted the interest over the remaining lives of those Notes. The debt issuance costs were fully amortized by March 31, 2022.

On December 30, 2022, the Company exchanged $500,000 of Series A Notes along with its outstanding interest accrual of $121,500 into a new convertible note with the same note holder. The new convertible note has principal of $621,500, stated interest rate of 12% per annum, as well as option to convert outstanding principal and accrued interest at the conversion price, calculated at 75% multiplied by the average of the three lowest closing prices during the previous ten trading days prior to the receipt of the conversion notice. The new convertible note matured on December 30, 2023.

During the year ended March 31 2025,, all of the Series A notes had been converted into common shares, with the exception of notes held by two investors, with a remaining face value in the amount of $821,000.

During the year ended March 31, 2025, the Company recognized discount amortization of $nil (2024: $49,393) as accretion and amortization expense. As of March 31, 2024, the discount on Series A convertible notes was fully amortized.

As of March 31, 2025, and March 31, 2024, the Company recorded $272,342 and $173,762, respectively, of interest accruals for the Series A Notes.

During the years ended March 31, 2025, and March 31, 2024, the Company recognized interest expense in the amount of $98,580 and $98,850, respectively.

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

During the three months ended June 30, 2025, and June 30, 2024, the Company recognized discount amortization of $ nil as accretion and amortization expense. As of June 30, 2025, the discount on Series A convertible notes was fully amortized.

As of June 30, 2025, and March 31, 2025, the Company recorded $296,919 and $272,342, respectively, of interest accruals for the Series A Notes.

During the three months ended June 30, 2025, and June 30, 2024, the Company recognized interest expense in the amount of $24,577 and $20,567, respectively, on Series A convertible notes.

***Series B Convertible Notes***

During the year ended March 31, 2021, the Company also issued $1,312,500 (face value) of convertible promissory notes ("Series B Notes") to various accredited investors.

Commencing six months following the issuance date, and at any time thereafter, subject to the Company's Conversion Buyout clause, at the sole election of the holder, any amount of the outstanding principal and accrued interest of the note (the "outstanding balance") could be converted into that number of shares of Common Stock equal to: (i) the outstanding balance divided by (ii) the Conversion Price. Partial conversions of the note shall have the effect of lowering the outstanding principal amount of the note. The holder may exercise such conversion right by providing written notice to the Company of such exercise in a form reasonably acceptable to the Company (a "conversion notice"). Conversion price means (subject in all cases to proportionate adjustment for stock splits, stock dividends, and similar transactions), seventy-five percent (75%) multiplied by the average of the three (3) lowest closing prices during the previous ten (10) trading days prior to the receipt of the conversion notice.

The Series B Notes will automatically convert into common stock upon a merger, consolidation, exchange of shares, recapitalization, reorganization, as a result of which the Company's common stock shall be changed into another class or classes of stock of the Company or another entity, or in the case of the sale of all or substantially all of the assets of the Company other than a complete liquidation of the Company. Within the first 180 days after the issuance date, 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 $6.36 per share for 100,000 warrant shares and $9.0 per share for 35,417 warrant shares.

Net proceeds to the Company from convertible note issuances to March 31, 2021 amounted to $1,240,000 after the original issuance discount as well as payment of the financing related fees. The Company determined that the conversion and redemption features contained in the Series B 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.

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

The Company recognized debt issuance costs in the amount of $10,000 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 Series B Notes. The Company recognized initial debt discount in the amount of $1,312,500 and accreted the interest over the remaining lives of those notes. The debt issuance costs were fully amortized by March 31, 2022.

During the year ended March 31, 2022, $472,500 (face value) of Series B Notes were converted into 34,586 common shares. As at March 31, 2022, $840,000 of Series B Notes remained unconverted and outstanding, which was equal to the face value of the relevant convertible notes.

During the year ended March 31, 2023, $555,600 (face value) of Series B Notes were converted into 126,833 common shares (Note 9 d).

During the year ended March 31, 2023, $126,680 (face value) of Series B Notes were redeemed by cash payment of $145,682. The redemption price was determined in accordance to the Series B note agreement, where the Company has an option to redeem the note at 115% of its principal value instead of converting the note upon receipt of a conversion notice. The difference between the redemption cash payment and the book value of the note redeemed, including the derivative liability associated to the note, was $24,408, and was recognized as a gain upon convertible note repayment.

During the year ended March 31, 2024, the Company redeemed $135,710 of Series B Notes, through a cash payment of $162,851. A gain on redemption $18,540 was recognized as a result of this redemption, representing the difference between the cash payment and the face value of Series B Notes redeemed net of the related derivative liabilities ($45,681 for the year ended March 31, 2024).

During the year ended March 31, 2025, the Company redeemed $22,009 of Series B Notes, through a cash payment of $25,342. A gain on redemption $8,320 was recognized as a result of this redemption, representing the difference between the cash payment and the face value of Series B Notes redeemed net of the related derivative liabilities ($8,320 for the year ended March 31, 2025).

As of June 30, 2025, there were no Series B Notes outstanding

As of June 30, 2025, and March 31, 2025, the Company recorded accrued interest in the amount of $88,881 and $88,881, respectively, related to the Series B Notes.

During the three months ended June 30, 2025, and June 30, 2024, the Company recognized interest expense in the amount of $nil and $219, respectively.

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

***Series C Convertible Notes***

The Company has issued Series C Notes in total of $1,812,700 (face value) by March 31, 2024, with net proceeds of $1,100,430 after payment of the relevant financing related fees.

The Series C Notes were sold under subscription agreements to accredited investors. The Notes mature one year from the final closing date of the offering and accrue interest at 15% per annum.

For Series C Notes, commencing six months following the Issuance Date, and at any time thereafter, at the sole election of the Holder, any amount of the outstanding principal and accrued interest of this note (the "Conversion Amount") could be converted into that number of shares of Common Stock equal to: the Conversion Amount divided by the "Optional Conversion Price", which is defined as lower of (i) seventy-five percent (75%) of the VWAP for the five (5) Trading Days prior to the Conversion Date, or (ii) eighty percent (80%) of the gross sale price per share of Common Stock (or conversion or exercise price per share of Common Stock of any Common Stock Equivalents) sold in a Qualified Financing.

For Series C Notes, "Mandatory Conversion," the notes would convert into common stock at the applicable "Mandatory Conversion Price", if either (i) on each of any twenty (20) consecutive Trading Days (the "Measurement Period") (A) the closing price of the Common Stock on the applicable Trading Market is at least $18.00 per share and (B) the dollar value of average daily trades of the Common Stock on the applicable Trading Market is at least $400,000 per Trading Day; or (ii) upon the closing of a Qualified Financing, provided that the dollar value of average daily trades of the Common Stock on the applicable National Exchange on each of the ten (10) consecutive Trading Days following such closing is at least $400,000 per Trading Day. Mandatory Conversion Price means, in the case of a Mandatory Conversion under situation (i) above, seventy percent (70%) of the VWAP over the Measurement Period, or in the case of a Mandatory Conversion under situation (ii) above, eighty percent (80%) of the gross sale price per share of Common Stock (or conversion or exercise price per share of Common Stock of any Common Stock Equivalents) sold in a Qualified Financing.

The Company was obligated to issue warrants that accompany the convertible notes and provide 100% warrant coverage. The warrants have a 4-year term from date of issuance and an exercise price that is 200% of the 5-day volume weighted average price of the Company's common shares at the time of final closing.

The Company was obligated to pay the placement agent of the first series of Series C Notes a 10% cash fee for the face value of the notes.

The Company was also obligated to issue warrants to the placement agent that have a 10-year term and cover 8% of face value of the notes, with an exercise price that equals to the 5-day volume weighted average price of the Company's common shares at the time final closing.

Prior to the final closing date (October 23, 2023), the Company determined that the conversion features contained in those Note, as well as the obligations to issue investor warrants and placement agent warrants 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 liabilities associated with the embedded conversion features, as well as the obligations related to investor warrant and placement agent warrant issuance. Subsequently, the exercise price of all warrants was concluded and locked to $4.18 and $2.09, respectively, for the note holder and placement agent warrants, as of the final closing date October 23, 2023. Since the exercise price was no longer a variable, the Company concluded that the noteholder and placement agent warrants should no longer be accounted for as a derivative liability in accordance with ASC 815 guidelines related to equity indexation and classification. The derivative liabilities related to those warrants were therefore marked to market as of October 23, 2023 and then transferred to equity (collectively, "End of warrants derivative treatment") in the amount of $1,278,786 (Note 8).

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

For the Series C Notes, the Company recognized debt issuance costs of $207,361 during the year ended March 31, 2024 and treated these as debt discounts. The Company also recognized additional debt discount in the amount of $1,005,829 in connection with the recognition of derivative liabilities for the conversion features, investor warrants and placement agent warrants. The debt discounts are recorded as a contra liability against the convertible note and are amortized and recognized as accretion expenses using the effective interest method over the remaining lives of the Notes.

During the three months ended June 30, 2025, and June 30, 2024, the Company recognized discount amortization of $nil and $867,091, respectively, on Series C Notes as accretion and amortization expense. As of June 30, 2025, and March 31, 2025, the remaining unamortized discount on Series C convertible notes was $nil.

During the three months ended June 30, 2025, there were no conversions of convertible notes into common shares or shares to be issued. Accordingly, no debt settlements or related gains/losses upon conversion were recognized during the period.

During the three months ended June 30, 2025, convertible notes with a face value of $25,000 and accrued interest of $6,826, were redeemed for a cash payment of $31,826. The Company recorded a $8,433 gain on redemption related to the conversion, representing the difference between the value of the debt settled and the cash payment value.

As of June 30, 2025, and March 31, 2025, the Company recorded accrued interest in the amount of $53,594 and $53,188, respectively, related to the Series C Notes.

During the three months ended June 30, 2025, and June 30, 2024, the Company recognized interest expense in the amounts of $406 and $36,754, respectively.

***Convertible Preferred Notes***

The Company entered into a convertible preferred note financing on September 25, 2023 and issued a convertible note ("Preferred Note") for a principal amount of $1,000,000. The Preferred Note matures on the eighteen (18) month anniversary of the issuance date, or if there will be more than one closing pursuant to a qualified offering as defined in the financing agreement, the eighteen (18) month anniversary of the last closing date of the offering (the "Maturity Date"). The Preferred Note bears interest at a fixed rate of 12% which is payable in cash monthly.

The Company also issued a Preferred Note on October 25, 2023 in the principal amount of $250,000. The Preferred Note matures on the eighteen month anniversary of the issuance date, or if there will be more than one closing pursuant to a qualified offering as defined in the financing agreement, the eighteen month anniversary of the last closing date of the offering. The Preferred Note bears interest at a fixed rate of 12%, which is payable in cash quarterly.

The Company issued a further Preferred Note in January 2024 for a principal amount of $114,303. The Preferred Note matures on the twenty-four (24) month anniversary of the issuance date, or if there will be more than one closing pursuant to a qualified offering as defined in the financing agreement, the twenty-four month anniversary of the last closing date of the offering. The Preferred Note bears interest at a fixed rate of 8% which is payable in cash quarterly.

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

The Company also issued a Preferred Note on June 17, 2024, for a principal amount of $300,000. The Preferred Note matures on the eighteen (18) month anniversary of the issuance date, or if there will be more than one closing pursuant to a qualified offering as defined in the financing agreement, the eighteen month anniversary of the last closing date of the offering (the "Maturity Date"). The Preferred Note bears no interest.

During the year ended March 31, 2025, the Company issued $1,985,000 in unsecured convertible promissory notes to private investors; $100,000 of the notes mature on their six-month anniversary of issuance and bear interest of 20%; $710,000 of the notes mature on their twenty four-month anniversary of issuance and bear interest of 10%; and $1,175,000 of the notes mature on their eighteen-month anniversary of issuance and bear no interest; all of the notes have conversion features that require the mutual consent of the investor and the Company. Since the conversion is not in control of the holder of the note, the Company did not recognize a derivative liability in connection with the conversion option of the Other Convertible Notes.

During the three months ended June 30, 2025, the Company issued $850,000 in unsecured convertible promissory notes to private investors; $nil of the notes mature on their six-month anniversary of issuance and bear interest of nil%; $500,000 of the notes mature on their twenty four-month anniversary of issuance and bear interest of 12%; $250,000 of the notes mature on their twenty four-month anniversary of issuance and bear 10% interest and $100,000 of the notes mature on their twenty four-month anniversary of issuance and bear 10.5% interest; all of the notes have conversion features except for $200,000 notes, that require the mutual consent of the investor and the Company. Since the conversion is not in control of the holder of the note, the Company did not recognize a derivative liability in connection with the conversion option of the Other Convertible Notes. In addition, during the period, the Company repaid in full the $100,000 unsecured convertible promissory note issued in the prior fiscal year that matured on its six-month anniversary, including all accrued interest thereon

As of June 30, 2025, and March 31, 2025, the Company recorded accrued interest in the amount of $28,461 and $36,163, respectively, related to the Preferred Notes.

During the three months ended June 30, 2025 and 2024, the Company recognized interest expense in the amount of $53,803 and $38,513, respectively.

***Other Convertible Notes***

On January 23, 2023, the Company issued $2,000,000 (face value) in convertible preferred notes ("the Notes") to an accredited investor. The Notes mature 18 months from the issuance date. This note bears interest rate at a fixed rate of 10% in the form of stock with a strike price equal to the closing stock price on the note issuance date. Therefore, the Company issued 45,045 shares of common stock in lieu of interest on this convertible note. These shares were valued at $221,621 and were recognized as a deferred cost on the convertible note, recorded as a contra liability against the convertible note, and were amortized and recognized as accretion expense using the effective interest rate method over the remaining lives of the Notes.

The conversion of the Notes is automatic upon a Qualified Financing which is in the control of the Company, or at maturity of the notes, upon mutual agreement by the noteholder and the Company. Since the conversion is not in control of the holder of the note, the Company did not recognize a derivative liability in connection with the conversion option of the Notes.

As of June 30, 2025, and March 31, 2025, respectively, the discount on Other Convertible Notes was fully amortized.

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

***Other Short-term loans and Promissory Notes***

In December 2022, the Company entered into a short-term bridge loan agreement with a collateralized merchant finance company that advanced gross proceeds of $400,000, prior to the deduction of issuance costs in the amount of $9,999. The issuance costs were recognized as a debt discount and amortized via the effective interest method. The term of the finance agreement is 40 weeks. The Company is required to make weekly payments of $13,995 ($560,000 in the aggregate). As of June 30, 2025, and March 31, 2025, respectively, the principal was fully repaid and discount for this loan was fully amortized.

In December 2022, the Company also entered into a short-term collateralized bridge loan agreement with a finance company that advanced gross proceeds of $800,000, prior to the deduction of issuance costs in the amount of $32,000. The issuance costs were recognized as a debt discount and amortized via the effective interest method. The term of this second agreement is 40 weeks. The Company is required to make weekly payments of $29,556 ($13,999 for the first four weeks, and $1,120,000 in the aggregate). As of June 30, 2025, the principal was fully repaid and discount for this loan was fully amortized.

In December 2022, the Company entered into a promissory note agreement with an individual investor that resulted in gross proceeds of $600,000 (the "Principal Amount"). The note has a fixed rate of interest at 25% per annum payable monthly on the first day of every month. This promissory note matured on December 15, 2023, when the Principal Amount became due. The note has various default provisions which would, if triggered, result in the acceleration of the Principal Amount plus any accrued and unpaid interest. The note also has a 3% early payment penalty provision. As of June 30, 2025, and March 31, 2025 the amount of principal outstanding on the note was $600,000, and accrued interest outstanding on the note was $12,620 and $12,723, respectively. The note continues to accrue interest, and no repayment demand notification was received from noteholder. During the three months ended June 30, 2025, and June 30, 2024, the Company recorded interest expense in the amount of $37,397 and $37,397, respectively, related to the promissory note.

On December 30, 2022, the Company extinguished 51,101 warrants that were originally issued to Series A Convertible Noteholders and replaced these warrants with a new promissory note issued to the same warrant holder. The new promissory note has principal balance of $270,000, stated interest of zero, and maturity date of December 31, 2023. The fair value of this new promissory note was $248,479 as of the issuance date, which was calculated using a discount rate that was comparable to other loan issuance at the same time as well as the market bond rates at the time of the promissory note issuance. The difference between the fair value of the new note and its principal balance was $21,521, and was recognized as a discount, and amortized via effective interest rate method. The Company compared the fair value of the extinguished warrants immediately prior to extinguishment against the fair value of the new promissory note issued. During the year ended March 31, 2025, the obligation to repay the principal balance at the original maturity date was waived for a finance charge of $50,000, which the Company recorded as interest expense in the in the statement of operations. As of June 30, 2025, and March 31, 2025, the amount of principal outstanding on the note was $270,000, and the remaining unamortized discount was $nil. During the three months ended June 30, 2025, and June 30, 2024, the Company recognized amortization of discount on this promissory note in the amounts of $ nil, as accretion and amortization expenses. As of June 30, 2025, and March 31, 2025, the Company recorded accrued interest in the amount of $50,000 related to this promissory note.

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

On March 29, 2023, the Company entered into an additional collateralized bridge loan agreement with a finance company that advanced gross proceeds of $300,000, prior to the deduction of issuance costs in the amount of $12,000. The issuance costs were recognized as a debt discount and would be amortized via the effective interest method. The term of this agreement is 40 weeks. The Company is required to make weekly payments of $5,250 for the first four weeks, and $11,083 for the remaining 36 weeks, which is $420,000 in aggregate. On July 18, 2023, the Company entered into an amendment with the finance company and increased total proceeds borrowed to $700,000. The proceeds from the amended loan balance were netted against previously outstanding balance of the loan, along with an issuance cost in the amount of $28,000. The term of this new loan agreement is 40 weeks. The Company is required to make weekly payments of $24,500, which is $980,000 in aggregate. The Company accounted for this amendment as a debt extinguishment and recognized a loss on the amendment of $59,161 in other expenses. The issuance costs on the amended loan were recognized as a debt discount and would be amortized via the effective interest method. During the three months ended June 30, 2025, there was no activity related to the collateralized bridge loan agreement entered into in the prior fiscal year, as the loan was fully repaid during the year ended March 31, 2025. During the three months ended June 30, 2024, net repayments under the agreement amounted to $147,000.

In June 2023, the Company entered into a secured revolving account purchase credit and inventory financing facility (the "Revolving Facility") with a revolving loan lender, pursuant to which the lender may from time to time purchase certain discrete account receivables from the Company (with full recourse) or may make loans and provide other financial accommodations, the payment of which are guaranteed and secured by certain assets of the Company. In assigning the selling accounts receivables to the revolving loan lender, the Company is receiving 85% of their value as an advance of its regular collection of those receivables, limited to $1.2 million in financing, and expects to receive the remaining balance as part of normal collection activities. The inventory financing provided by this facility was limited to the lower of $0.3 million, or a 40% maximum of inventory balances. The Revolving Facility was accounted for as a secured borrowing. As of June 30, 2025, and March 31, 2025 the Company had drawn $1,834,386 and $1,541,797, respectively, in accounts receivable financing and $118,000 and $158,000, respectively, in inventory financing with aggregate principal outstanding of $1,952,386 and $1,699,797, respectively. During the three months ended June 30, 2025, and June 30, 2024 the Company recognized interest expense in the amount of $123,919 and $105,233, respectively. As of June 30, 2025, and March 31, 2025 the Company recorded accrued interest in the amount of $37,775 and $28,052 related to the Revolving Facility.

On July 13, 2023, the Company entered into another short-term bridge loan agreement with a collateralized merchant finance company that advanced gross proceeds of $400,000, prior to the deduction of issuance costs in the amount of $24,000. The issuance costs were recognized as a debt discount and amortized via the effective interest method. The term of the finance agreement is 14 weeks. The Company is required to make weekly payments of $38,705 ($540,000 in the aggregate). As of June 30, 2025, and March 31, 2025, the principal was fully repaid and discount for this loan was fully amortized. No repayments were made during the three months ended June 30, 2025.

On August 11, 2023, the Company issued two short term promissory notes ("August 2023 Notes"), each for a principal amount of $250,000, to one investor for aggregate gross proceeds of $500,000. The August 2023 Notes do not accrue formal interest, but do contain administrative fees in the aggregate of $75,000. One of the notes matures three months from the issuance date upon which the principal amount of $250,000 and an administrative fee of $25,000 is due. The second note matures six months from the issuance date upon which the principal amount of $250,000 and an administrative fee of $50,000 is due. The administrative fees were accrued as interest expenses for the period of the loans outstanding. As of June 30, 2025, no principal or accrued interest was outstanding on the August 2023 Notes, as the notes were fully repaid during the prior fiscal year. No repayments or related expenses were recognized in the three months ended June 30, 2025.

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

On December 8, 2023, the Company entered into a short-term bridge loan agreement with a collateralized merchant finance company that advanced gross proceeds of $630,000, prior to the deduction of issuance costs in the amount of $15,750. The issuance costs were recognized as a debt discount and amortized via the effective interest method. The term of the finance agreement is 44 weeks. The Company is required to make weekly payments of $19,195 ($844,200 in the aggregate). As of June 30, 2025, and March 31, 2025, the amount of principal outstanding under this amended agreement was $nil and $nil, respectively, and the remaining unamortized issuance cost discount was $nil and $nil, respectively.

During February 2024, the Company entered into a promissory note agreement with an individual investor that resulted in gross proceeds of $660,504 (the "Principal Amount"). The note has a fixed rate of interest at 12% per annum on the principal amount, payable monthly. As of June 30, 2025, and March 31, 2025, the amount of principal outstanding on the note was $660,932. As of June 30, 2025, and March 31, 2025, accrued interest outstanding on the note was $99,710 and $86,455 respectively. The note continues to accrue interest, and no repayment demand notification was received from noteholder. During the three months ended June 30, 2025, the Company recognized interest expense in the amount of $13,255 related to the promissory note.

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

**6. TERM LOAN AND CREDIT AGREEMENT**

*Term Loan*

On December 21, 2021, the Company entered into a Credit Agreement ("Credit Agreement") with SWK Funding LLC ("Lender'); as part of this, the Company has borrowed $12.4 million, with a maturity date of December 21, 2026. The principal will accrue interest at the LIBOR Rate plus 10.5% per annum (subject to adjustment as set forth in the Credit Agreement). Interest payments are due each February, May, August and November commencing February 15, 2022. Pursuant to the Credit Agreement, the Company will be required to make interest only payments for the first 24 months (which may be extended to 36 months under prescribed circumstances), after which payments will include principal amortization that accommodates a 40% balloon principal payment at maturity. The Company and the Lender have negotiated the terms under which the Company will be allowed to extend the interest-only period and delay the start of principal repayment. The negotiated terms indicate principal repayment of $2.4 million ($600,000 per quarter), during the final two years of the term. A current portion of the term loan of $2,400,000 was reported in the Company's current liabilities as at March 31, 2025. Prepayment of amounts owing under the Credit Agreement is allowed under prescribed circumstances. Pursuant to the Credit Agreement the Company is subject to an Origination Fee in the amount of $120,000. Upon Termination of the Credit Agreement, the Company shall pay an Exit Fee, along with other fees that may be assessed during the term of the loan. As part of the loan transaction, the Company paid legal and professional costs directly in connection to the debt financing in the amount of $50,000 in cash. Total costs directly in connection to the debt financing in the amount of $193,437 (professional fee $48,484; lender's origination fee, due diligence fee, and other expenses in the amount of $144,953) were deducted from the gross proceeds in the amount of $12,000,000. The Company also repaid $1,574,068 of existing short-term loan and promissory notes and relevant accrued interests by using the proceeds from the loan. Total costs directly in connection to the loan and fair value of warrants were $1,042,149. Such costs were accounted for as debt discount and amortized using the effective interest method. The amortization of such debt discount was included in the accretion and amortization expenses. During November 2022, unpaid interest of $364,000 was added to the outstanding principal balance, since then interest onwards would be calculated on the updated principal balance. In connection with the Credit Agreement, the Company issued 57,536 warrants to the Lender, which were fair-valued at $198,713 at issuance (Note 9). The warrants were accounted as part of the debt discount as well as a credit into additional paid-in capital and amortized using the effective interest method.

The Company and Lender also entered into a Guarantee and Collateral Agreement ("Collateral Agreement") wherein the Company agreed to secure the Credit Agreement with all of the Company's assets. The Company and Lender also entered into an Intellectual Property Security Agreement dated December 21, 2021 (the "IP Security Agreement") wherein the Credit Agreement is also secured by the Company's right title and interest in the Company's Intellectual Property.

In November 2024, the Company completed an additional transaction with its term lender to receive an additional $635 thousand in term loan proceeds, and interest relief through the capitalization of approximately $1.5 million in interest amounts due on its existing term loan. As part of this arrangement, the Company issued 600,000, 7-year share warrants to the term lender with a strike price of $0.50 per share and agreed to increase the term loan exit fee to $1.425 million at the end of its 5-year term. Concurrently, the Company received waiver and forbearance relief on certain term loan covenants and their respective defaults.

The amortization of such debt discount was included in the accretion and amortization expenses. For the three months ended June 30, 2025 and 2024, the amortization of debt discount expense was $153,572 and $51,831 respectively.

Total interest expense on the term loan for the three months ended June 30, 2025 and 2024 $571,842 and $491,352, respectively. During November 2024, the unpaid interest of $1.5 million was added to the outstanding principal balance, since then interest onwards would be calculated on the updated principal balance.

The Company had accrued interest payable of $500,526 and $972,008, respectively, as of June 30, 2025 and June 30, 2024.

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

**7. FEDERALLY GUARANTEED LOAN**

**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% per annum, without the requirement for payment in the first 12 months. The Company may prepay the loan without penalty at will.

In May 2021, the Company received an additional $499,900 from the SBA under the same terms.

As of June 30, 2025 and March 31, 2025, the Company recorded accrued interest of $nil for the EIDL loan.

Interest expense on the above loan was $17,490 and $8,141 for the three months ended June 30, 2025 and June 30, 2024, respectively.

**8. DERIVATIVE LIABILITIES**

The Company analyzed the compound features of variable conversion and redemption embedded in the preferred shares instrument, 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. A roll-forward of activity is presented below for the three months ended June 30, 2025 and 2024:

SCHEDULE OF DERIVATIVE LIABILITIES

---

| | | |
|:---|:---|:---|
|  | **Fiscal Year 2026** | **Fiscal Year 2025** |
|  | **$** | **$** |
| ***Derivative liabilities, beginning of period - March 31*** |  |  |
| New issuance *[Note 9]* |  |  |
| Change in fair value of derivatives during period – June 30 |  |  |
| Reduction due to preferred shares converted *[Note 9]* |  |  |
| ***Derivative liabilities, end of period*** |  |  |

---

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

The lattice methodology was used to value the derivative components of Series A Preferred Stock, using the following assumptions during the three months ended June 30, 2025 and 2024:

SCHEDULE OF DERIVATIVE COMPONENTS VALUATION ASSUMPTIONS

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| Dividend yield (%) | 12 | 12 |
| Risk-free rate for term (%) | 4.1 - 4.3 | 5 - 5.1 |
| Volatility (%) | 116.9 - 194.2 | 91.2 - 118.3 |
| Remaining terms (Years) | 0.17 - 1.25 | 0.92 - 1.59 |
| Stock price ($ per share) | 0.24 - 0.37 | 0.9 - 1.14 |

---

The Monte Carlo simulation methodology was used to value the derivative components of Series B Preferred Stock, using the following assumptions during the three months ended June 30, 2025:

SCHEDULE OF DERIVATIVE COMPONENTS VALUATION ASSUMPTIONS

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| Dividend yield (%) | 12 | 12 |
| Risk-free rate for term (%) | 3.7 - 4.8 | 4.7 – 5.1 |
| Volatility (%) | 121.7 - 185.8 | 154.9-182.2 |
| Remaining terms (Years) | 0.22 - 2 | 1.22-2 |
| Stock price ($ per share) | 0.24 - 0.9 | 0.9-1.34 |

---

In addition, the Company recorded derivative liabilities related to the conversion and redemption features of the convertible notes, as well as warrants that were issued in connection with the convertible notes (Note 5). Any noteholder and placement agent warrants that were issued after the finalization of exercise price was accounted for as equity. A roll-forward of activity is presented below for the three months ended June 30, 2025 and 2024:

SCHEDULE OF CONVERTIBLE NOTE AND WARRANT DERIVATIVE LIABILITIES

---

| |
|:---|
| ***Balance beginning of period – March 31*** |
| Conversion to common shares) |
| Change in fair value of derivative liabilities |
| Convertible note redemption |
| ***Balance end of period – June 30*** |

---

The Monte-Carlo methodology was used to value the convertible note and warrant derivative components during the three months ended June 30, 2025 and 2024, using the following assumptions:

SCHEDULE OF CONVERTIBLE NOTE AND WARRANT DERIVATIVE COMPONENTS VALUATION ASSUMPTIONS

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| Risk-free rate for term (%) | 0.1 - 5 | 5 - 5.2 |
| Volatility (%) | 107.6 - 352.4 | 91.2 - 120.5 |
| Remaining terms (Years) | 0.25 - 0.5 | 0.25 - 0.44 |
| Stock price ($ per share) | 0.24 - 0.8 | 0.9 - 1.45 |

---

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

**9. STOCKHOLDERS' DEFICIENCY**

**(a) *Authorized and Issued Stock***

As at June 30, 2025, the Company is authorized to issue 125,000,000 (March 31, 2025 – 125,000,000) shares of common stock ($0.001 par value), and 10,000,000 (March 31, 2025 – 10,000,000) shares of preferred stock ($0.001 par value), 20,000 of which (March 31, 2025 – 20,000) are designated shares of Series A preferred stock ($0.001 par value) and 600 (March 31, 2025 – 600) are designated shares of Series B preferred stock ($0.001 par value).

At June 30, 2025, common shares and shares directly exchangeable into equivalent common shares that were issued and outstanding totaled 26,728,441 (March 31, 2025 – 26,241,967) shares; these were comprised of 26,567,769 (March 31, 2025 – 26,081,295) shares of common stock and 160,672 (March 31, 2025 – 160,672) exchangeable shares. At June 30, 2025, there were 201 shares of Series A Preferred Stock issued and outstanding (March 31, 2025 – 201), and 385 shares of Series B Preferred Stock issued and outstanding (March 31, 2025 – 385). There is also 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 and outstanding as at June 30, 2025 and March 31, 2025.

**(b*) Series A Preferred Stock***

The number of Series A Preferred Stock issued and outstanding as of June 30, 2025 and 2024 was 201 and 200, respectively.

The Series A Preferred Stock is junior to the Company's existing undesignated preferred stock, and unless otherwise set forth in the applicable certificate of designations, shall be junior to any future issuance of preferred stock. The purchase price (the "Purchase Price") for the Series A Preferred Stock to date has been $100 per share. Except as otherwise expressly required by law, the Series A Preferred Stock does not have voting rights and does not have any liquidation rights.

*Preferred Stock Dividends*

Dividends shall be paid at the rate of 12% per annum of the amount of the Series A Preferred Stockholder's (the "Holder") Purchase Price. Dividends shall be paid quarterly unless the Holder and the Company mutually agree to accrue and defer any such dividend.

*Conversion*

 

The Series A Preferred Stock is convertible into shares of common stock commencing 24 months after the issuance date of the Series A Preferred Stock; on a monthly basis, up to 5% of the aggregate amount of the Purchase Price can be converted (subject to adjustment for changes in the Holder's ownership of the underlying Series A Preferred Stock) subsequent to that issuance anniversary. The conversion price is equal to the greater of $0.001 or a 15% discount to the volume-weighted average price ("VWAP") of the Company's common stock five Trading Days immediately prior to the conversion date (the "Conversion Rate). Additionally, subject to certain provisions, the Holder may exchange its Series A Preferred Stock into any common stock financing being conducted by the Company at a 15% discount to the pricing of that financing.

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

 

*Other Adjustments and Rights*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Conversion Rate (and shares issuable upon conversion of the Series A Preferred Stock) will be appropriately adjusted to reflect stock splits, stock dividends business combinations and similar recapitalization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Holders shall be entitled to a proportionate share of certain qualifying distributions on the same basis as if they were holders of the Company's common stock on an as converted basis.

*Company Redemption*

The Company may redeem all or part of the outstanding Series A Preferred Stock after one year from the date of issuance by paying an amount equal to the aggregate Purchase Price paid, adjusted for any reduction in Series A Preferred Stock holdings, multiplied by 110% plus accrued dividends.

***(c) Series B Preferred Stock and Mezzanine Equity***

On September 19, 2023, the Company entered into a security purchase agreement (the "Purchase Agreement") with an institutional investor (the "Investor") for the issuance and sale of 220 shares of the Company's newly designated Series B Convertible Preferred Stock, at a purchase price of $9,091 per share of Preferred Stock, and after accounted for other issuance related costs, the net proceeds received was in the amount of $1,900,000.

During the three months ended March 31, 2024 a further 110 Series B preferred shares were issued for net proceeds of $925,000. During the year ended March 31, 2025, the Company issued a further 220 Series B preferred shares for net proceeds of $1,732,532.

During the three months ended June 30, 2025, no Series B preferred shares were issued, and no related proceeds were received.

Pursuant to the initial Purchase Agreement, on September 19, 2023, the Company filed a certificate of designations of Series B Convertible Preferred Stock (the "Certificate of Designations") with the Nevada Secretary of State designating 600 shares of the Company's shares of Preferred Stock as Series B Convertible Preferred Stock and setting forth the voting and other powers, preferences and relative, participating, optional or other rights of the Preferred Shares. Each share of Series B Preferred Stock has a stated value of $10,000 per share.

The Series B Preferred Stock, with respect to the payment of dividends, distributions and payments upon the liquidation, dissolution and winding up of the Company, ranks senior to all capital stock of the Company unless the holders of the majority of the outstanding shares of Series B Preferred Stock consent to the creation of other capital stock of the Company that is senior or equal in rank to the Series B Preferred Stock.

Holders of Series B Preferred Stock will be entitled to receive cumulative dividends ("Dividends"), in shares of common stock or cash on the stated value at an annual rate of 8% (which will increase to 15% if a Triggering Event (as defined in the Certificate of Designations) occurs. Dividends will be payable upon conversion of the Series B

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

Preferred Stock, upon any redemption, or upon any required payment upon any Bankruptcy Triggering Event (as defined in the Certificate of Designations).

Holders of Series B Preferred Stock will be entitled to convert shares of Series B Preferred Stock into a number of shares of common stock determined by dividing the stated value (plus any accrued but unpaid dividends and other amounts due) by the conversion price. The initial conversion price is $3.50, subject to adjustment in the event the Company sells common stock at a price lower than the then-effective conversion price. Holders may not convert the Series B Preferred Stock to common stock to the extent such conversion would cause such holder's beneficial ownership of common stock to exceed 4.99% of the outstanding common stock. In addition, the Company will not issue shares of common stock upon conversion of the Series B Preferred Stock in an amount exceeding 19.9% of the outstanding common stock as of the initial issuance date unless the Company receives shareholder approval for such issuances.

Holders may elect to convert shares of Series B Preferred Stock to common stock at an alternate conversion price equal to 80% (or 70% if the Company's common stock is suspended from trading on or delisted from a principal trading market or if the Company has effected a reverse split of the common stock) of the lowest daily volume weighed average price of the common stock during the Alternate Conversion Measuring Period (as defined in the Certificate of Designations). In the event the Company receives a conversion notice that elects an alternate conversion price, the Company may, at its option, elect to satisfy its obligation under such conversion with payment in cash in an amount equal to 110% of the conversion amount.

The Series B Preferred Stock will automatically convert to common stock upon the 24-month anniversary of the initial issuance date of the Series B Preferred Stock.

At any time after the earlier of a holder's receipt of a Triggering Event notice and such holder becoming aware of a Triggering Event and ending on the 20th trading day after the later of (x) the date such Triggering Event is cured and (y) such holder's receipt of a Triggering Event notice, such holder may require the Company to redeem such holder's shares of Series B Preferred Stock.

Upon any Bankruptcy Triggering Event (as defined in the Certificate of Designations), the Company will be required to immediately redeem all of the outstanding shares of Series B Preferred Stock.

The Company will have the right at any time to redeem all or any portion of the Series B Preferred Stock then outstanding at a price equal to 110% of the stated value plus any accrued but unpaid dividends and other amounts due.

Holders of the Series B Preferred Stock will have the right to vote on an as-converted basis with the common stock, subject to the beneficial ownership limitation set forth in the Certificate of Designations.

On April 1, 2024, the Company filed an Amended Certificate of Designations of Series B Convertible Preferred Stock (the "Amended Certificate of Designations") with the Nevada Secretary of State. The Amended Certificate of Designations removes the provision in the original certificate of designations for the Series B Convertible Preferred Stock filed on September 19, 2023 that provided the holders of the Series B Preferred Stock with the right to vote on an as converted basis with the Company's common stock, subject to the beneficial ownership limitation set forth in the Certificate of Designations. The Amended Certificate of Designations provides that except as required by law, the Series B Preferred Stock is nonvoting. All other powers, preferences and relative, participating, optional or other rights of the Series B Preferred Stock remain unchanged.

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

The Series B Preferred Stock was accounted for as Mezzanine Equity in accordance with ASC 480 - *Distinguishing Liabilities from Equity* and the embedded conversion and redemption features was separated from the host instrument and recognized as derivative liabilities with change in fair value at each reporting period end recognized in the consolidated interim statement of operations and comprehensive loss. (Note 8).

During the three months ended December 31, 2023, 40 Series B preferred shares and dividends accrued thereon were converted into 612,062 common shares. As a result of the conversion, the Company reduced the book value of mezzanine equity by $228,727 and reduced its accrued dividends liability by $16,789. The Company also reduced the fair value of derivative liabilities by $119,359 in relation to related to the shares converted. The Company recognized corresponding credits to common share par value and paid in capital.

During the three months ended March 31, 2024, 25 Series B preferred shares and dividends accrued thereon were converted into 320,321 to be issued common shares. As a result of the conversion, the Company reduced the book value of mezzanine equity by $142,908. The Company also reduced the fair value of derivative liabilities related to the shares converted by $75,523. The Company recognized corresponding credits to be issued common share par value and paid in capital.

During the year ended March 31, 2025, 100 Series B preferred shares and dividends accrued thereon were converted into 3,650,361common shares. As a result of the conversion, the Company reduced the book value of mezzanine equity by $571,629. The Company also reduced the fair value of derivative liabilities related to the shares converted by $351,214 related to the shares converted during the year ended March 31, 2025. The Company recognized corresponding credits to be issued common shares.

During the three months ended June 30, 2025, the Company issued 486,474 common shares to complete the settlement of a Series B preferred share conversion that was initiated and recognized during the year ended March 31, 2025. These issuances were made in accordance with the terms of the original conversion and did not result from a new conversion notice. No Series B preferred share conversions occurred during the three months ended June 30, 2025.

A roll-forward of activity is presented below for the three months ended June 30, 2025:

SCHEDULE OF SERIES B PREFERRED STOCK FOR MEZZANINE EQUITY

---

| | |
|:---|:---|
|  | **Fiscal Year 2026** |
|  | **$** |
| ***Balance beginning of year – March 31*** | 2000290 |
| Net proceeds received pursuant to the issuance of preferred shares |  |
| Recognition of derivative liabilities (Note 8) |  |
| Conversion into common shares |  |
| ***Balance end of year – June 30*** | 2000290 |

---

***(d) Share issuances***

 ****

***Share issuances during the three months ended June 30, 2025***

During the three months ended June 30, 2025, the Company issued 486,474 common shares to Series B preferred shareholders, in relation to the settlement of a Series B preferred share conversion that was initiated and recognized during the year ended March 31, 2025.

*Share issuances during the three months ended June 30, 2024*

 

The Company issued 320,321 common shares to Series B preferred shareholders in relation to shares to be issued obligation as of March 2024 for Series B preferred share conversions.

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

The Company issued another 345,204 common shares to Series B preferred shareholders for an additional request to convert 25 Series B preferred shares (Note 9(c)).

During the three months ended June 30, 2024, convertible notes with a face value of $1,387,700 were converted into 1,344,709 common shares, and 287,802 shares to be issued, with a fair value of $2,208,599. The fair value of common shares issued and to be issued were determined based on market price upon conversion. Total value of debt settled is in the amount of $2,077,762, which consisted of the face value of notes converted, accrued interest of $214,446, and relevant derivative liability of $475,616. The Company recognized a loss upon

conversion of $130,837, representing the difference between the value of debt settled and fair value of shares issued and to be issued (Note 5).

During the three months ended June 30, 2024, $6,104,444 of Series A Preferred Stock (face value) and $1,071,542 relevant accrued dividend were converted into 8,952,170 common shares. The conversion was accounted as an extinguishment and the difference between the total carrying value of the preferred shares converted, derivative liabilities derecognized and unpaid dividend at the time of conversion ($7,984,463), and the fair value of the common shares issued ($11,039,142) was $3,054,679 and was recognized as deemed dividend expense.

The Company issued 1,000,413 common shares in settlement of $741,316 in amount due to a shareholder which was part of the accounts payable. The Company recognized a loss upon debt extinguishment of $249,093, which was the difference between the accounts payable settled and the fair value of common shares issued. The loss was included as part of the other income (expense) in the Condensed Consolidated Statement of Operations and Comprehensive Loss.

The Company issued 97,811 common shares for net proceeds of $125,227 pursuant to a registration statement filed on May 15, 2024.

In addition, the Company issued 70,000 common shares for services received with a fair value of $53,480 which was recognized as a general and administrative expense with a corresponding credit to additional paid-in capital*.*

***(e) Shares to be issued***

*Activity during the three months ended June 30, 2025*

 

None.

*Activity during the three months ended June 30, 2024*

The Company issued 320,321 common shares to Series B preferred shareholders in relation to shares to be issued obligation as of March 31, 2024 for Series B preferred share conversions.

The Company issued 1,344,709 common shares and recognized the obligation for 287,802 shares to be issued to Series C convertible note holders upon receiving conversion requests for notes totaling $1,387,700 face value of Series C convertible notes and $214,446 of accrued interest (Note 5).

***(f) Warrant issuances, exercises and other activity***

*Warrant exercises and issuances during the three months ended June 30, 2025*

None.

*Warrant exercises and issuances during the three months ended June 30, 2024*

None.

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

***Warrant activity during the three months ended June 30, 2025 is indicated below:***

******

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Broker Warrants** | **Consultant and Noteholder Warrants** | **Warrants Issued on Convertible Notes** | **Total** |
| As at March 31, 2025 | 808927 | 1438994 | 868098 | 3116019 |
| As at June 30, 2025 | 808927 | 1438994 | 868098 | 3116019 |
| Exercise Price | $0.5 to $22.5 | $0.43 to $14.40 | $4.18 |  |
| Expiration Date | August 2026 to October 2033 | March 2029 to Dec 2032 | October 2027 |  |

---

***(g) Stock-based compensation***

**<u>2016 Equity Incentive Plan</u>**

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 is 1,241,422 shares ; provided that the maximum number of shares of stock that may be issued under the Plan will automatically 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.

During the three months ended June 30, 2025, and June 30, 2024, the Company granted nil and 41,559 stock options and recorded stock-based compensation of $5,935 and $58,978, respectively, under selling, general and administrative expenses with corresponding credit to additional paid in capital.

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

As of June 30, 2025 Number of Options outstanding were 3,067,830 with the weighted average exercise price of 1.14.

The fair value of each option granted is estimated at the time of grant using multi-nominal lattice model using the following assumptions, for each of the respective three month periods ended June 30:

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br> **2025** | **June 30,**<br> **2024** |
| Exercise price ($) | 0.43 - 0.43 | 1.48 |
| Risk free interest rate (%) | 4.24 - 4.33 | 4.33 |
| Expected term (Years) | 1.46 - 5.00 | 5.5-6.5 |
| Expected volatility (%) | 113.9% - 142.2 | 107.7% - 109.8 |
| Expected dividend yield (%) | 0.00 | 0 |
| Fair value of option ($) | 1.097 - 1.360 | 0.689 - 0.733 |
| Expected forfeiture (attrition) rate (%) | 0.00 | 0 |

---

**<u>2023 Equity Incentive Plan and the Employee Stock Purchase Plans</u>**

On March 31, 2023, the Company adopted the 2023 Equity Incentive Plan (the "2023 Plan"). The 2023 Plan authorizes grants of equity-based and incentive cash awards to eligible participants designated by the 2023 Plan's administrator. The 2023 Plan will be administered by the Compensation Committee of the Company's Board of Directors (the "Board"). An aggregate of 5,000,000 shares of the Company's common stock (the "Common Stock"), plus the number of shares available for issuance under the Company's 2016 Equity Incentive Plan that had not been made subject to outstanding awards, were reserved for issuance under the 2023 Plan. Unless earlier terminated by the Board, the 2023 Plan will remain in effect until all Common Stock reserved for issuance has been issued, 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 of the 2023 Plan.

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

The Company also adopted the Employee Stock Purchase Plan (the "ESPP"). The ESPP allows eligible employees of the Company and the Company's designated subsidiaries the ability to purchase shares of the Company's Common Stock at a discount, subject to various limitations. Under the ESPP, employees will be granted the right to purchase Common Stock at a discount during a series of successive offerings, the duration and timing of which will be determined by the ESPP administrator (the "Administrator"). In no event can any single offering period be longer than 27 months. The purchase price (the "Purchase Price") for each offering will be established by the Administrator. With respect to an offering under Section 423 of the Internal Revenue Code of 1986 ("Section 423 Offering"), in no case may such Purchase Price be less than the lesser of (i) an amount equal to 85 percent of the fair market value on the commencement date, or (ii) an amount not less than 85 percent of the fair market value the on the purchase date. In the event of financial hardship, an employee may withdraw from the ESPP by providing a request at least 20 Business Days before the end of the offering period (the "Offering Period"). Otherwise, the employee will be deemed to have exercised the purchase right in full as of such exercise date. Upon exercise, the employee will purchase the number of whole shares that the participant's accumulated payroll deductions will buy at the Purchase Price. If an employee wants to decrease the rate of contribution, the employee must make a request at least 20 Business Days before the end of an Offering Period (or such earlier date as determined by the Administrator). An employee may not transfer any rights under the ESPP other than by will or the laws of descent and distribution. During a participant's lifetime, purchase rights under the ESPP shall be exercisable only by the participant.

**10. OPERATING LEASE RIGHT-OF-USE ASSETS AND LEASE OBLIGATIONS**

The Company has one operating lease primarily for office and administration.

During December 2021, the Company entered into a new lease agreement. The Company paid $85,000 deposit that would be returned at the end of the lease. In December 2022, the Company started a new lease with an additional suite in the same premise as the existing lease.

When measuring the lease obligations, the Company discounted lease payments using its incremental borrowing rate. The weighted-average-rate applied is 11.4%.

---

| | | |
|:---|:---|:---|
| <br>**Right of Use Asset** | **Fiscal Year**<br> **2025**<br>**$** | **Fiscal Year**<br> **2024**<br>**$** |
| Beginning balance at March 31 |  |  |
| Amortization |  |  |
| Ending balance at June 30 |  |  |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| **Lease Liability** |  |  |
| Beginning balance at March 31 |  |  |
| Repayment and interest accretion, net |  |  |
| Ending balance at June 30 |  |  |

---

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, 2025** | **March 31, 2025** | **March 31, 2025** |
| **Lease Liability** |  | $— | **$** |
| Current portion of operating lease liability |  |  | 531286 |
| Noncurrent portion of operating lease liability |  |  | 397830 |

---

The operating lease expense was $159,702 for the three months ended June 30, 2025(2024: $148,885) and included in the selling, general and administrative expenses. Operating cash flows from operating leases amounted to $149,698 and $145,338 during the three months ended June 30, 2025 and June 30, 2024, respectively.

The following table represents the contractual undiscounted cash flows for lease obligations as at June 30, 2025:

---

| |
|:---|
| **Calendar year** |
| 2025 |
| 2026 |
| 2027 |
| Total undiscounted lease liability |
| Less imputed interest) |
| Total |

---

**11. COMMITMENTS AND CONTINGENCIES**

There are no claims against the Company that were assessed as significant, which were outstanding as at June 30, 2025 or March 31, 2025 and, consequently, no provision for such has been recognized in the condensed consolidated interim financial statements.

**12. PROPERTY AND EQUIPMENT**

During the year-ended March 31, 2022, the Company purchased leasehold improvements of $12,928 (useful life: 5 years) as well as furniture & fixtures of $16,839 (useful life: 5 years). There were no purchases of property and equipment during the three months ended June 30, 2025, and June 30, 2024. The Company recognized depreciation expense for these assets in the amount of $1,488 and $1,488, respectively, during the three months ended June 30, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Cost** | **Office**<br> **equipment** | **Leasehold**<br> **improvement** | **Total** | **Total** |
|  |  | $— | $— | **$** |
| Balance at March 31, 2025 |  |  |  | 29767 |
| **Balance at June 30, 2025** |  |  |  | 29767 |

---

**BIOTRICITY INC.**

**NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS**

**JUNE 30, 2025 (Unaudited)**

(Expressed in US dollars)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Accumulated depreciation** | **Office**<br> **equipment** | **Leasehold**<br> **improvement** | **Total** | **Total** |
|  |  | $— | $— | **$** |
| Balance at March 31, 2025 |  |  |  | 20168 |
| Depreciation for the period |  |  |  | 1488 |
| Disposals |  |  |  |  |
| **Balance at June 30, 2025** |  |  |  | 21656 |
| **Net book value** |  |  |  |  |
| Balance at March 31, 2025 |  |  |  | 9599 |
| **Balance at June 30, 2025** |  |  |  | **8111** |

---

**13. SUBSEQUENT EVENTS**

The Company's management has evaluated subsequent events during the period from July 1 to August 14, 2025, the date the condensed consolidated interim financial statements were issued, pursuant to the requirements of ASC 855, and has determined the following material subsequent events:

● The Company issued $694,197 in convertible notes, with a term of 24 months and interest rates between 10 and 15 %; the Company concurrently used these proceeds to redeem $500,000 in convertible notes that were redeemed at the end of their term.

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

***Cautionary Note Regarding Forward-Looking Statements***

*Except for historical information contained herein, this "Management's Discussion and Analysis of Financial Condition and Results of Operations" contains forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. These forward-looking statements are based on various factors and were derived utilizing numerous important assumptions and other important factors that could cause actual results to differ materially from those in the forward-looking statements. Important assumptions and other factors that could cause actual results to differ materially from those in the forward-looking statements, include but are not limited to: (a) any fluctuations in sales and operating results; (b) risks associated with international operations; (c) regulatory, competitive and contractual risks; (d) development risks; (e) the ability to achieve strategic initiatives, including but not limited to the ability to achieve sales growth across the business segments through a combination of enhanced sales force, new products, and customer service; (f) competition in the Company's existing and potential future product lines of business; (g) the Company's ability to obtain financing on acceptable terms if and when needed; (h) uncertainty as to the Company's future profitability; (i) uncertainty as to the future profitability of acquired businesses or product lines; and (j) uncertainty as to any future expansion of the Company. Other factors and assumptions not identified above were also involved in the derivation of these forward-looking statements and the failure of such assumptions to be realized as well as other factors may also cause actual results to differ materially from those projected. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking statements, except as may be required under applicable law. Past results are no guaranty of future performance. Any such forward-looking statements speak only as of the dates they are made. When used in this Report, the words "believes," "anticipates," "expects," "estimates," "plans," "intends," "will" and similar expressions are intended to identify forward-looking statements.*

This Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the financial statements and footnotes thereto included in this Quarterly Report on Form 10-Q (the "Financial Statements").

**Company Overview**

Biotricity Inc. (the "Company", "Biotricity", "we", "us", "our") is a medical technology company focused on biometric data monitoring solutions. Our aim is to deliver innovative, remote monitoring solutions to the medical, healthcare, and consumer markets, with a focus on diagnostic and post-diagnostic solutions for lifestyle and chronic illnesses. We approach the diagnostic side of remote patient monitoring by applying innovation within existing business models where reimbursement is established. We believe this approach reduces the risk associated with traditional medical device development and accelerates the path to revenue. In post-diagnostic markets, we intend to apply medical grade biometrics to enable consumers to self-manage, thereby driving patient compliance and reducing healthcare costs. We intend to first focus on a segment of the diagnostic mobile cardiac telemetry market, otherwise known as COM, while providing our chosen markets with the capability to also perform other cardiac studies.

We developed our Bioflux® ("Bioflux") COM technology, which has received clearance from the U.S. Food and Drug Administration ("FDA"), comprised of a monitoring device and software components, which we made available to the market under limited release on April 6, 2018, to assess, establish and develop sales processes and market dynamics. Full market release of the Bioflux device for commercialization occurred in April 2019. The fiscal year ended March 31, 2021 marked our first year of expanded commercialization efforts, focused on sales growth and expansion. In 2021, we commenced the initial launch of Bioheart, a direct-to-consumer heart monitor that offers the same continuous heart monitoring technology used by physicians. In addition to developing and receiving regulatory approval or clearance of other technologies that enhance our ecosystem, in 2022, we launched our Biocore Cardiac Monitoring Device ("Biocore", previously branded as Biotres), a three-lead device for ECG and arrhythmia monitoring intended for lower risk patients, a much broader addressable market segment. We have since expanded our sales efforts to 35 states, and intend to expand further and compete in the broader US market using an insourcing business model. Our technology has a large potential total addressable market, which can include hospitals, clinics and physicians' offices, as well as other Independent Diagnostic Testing Facilities ("IDTFs)". We believe our technological and clinical advantage combined with our solution's insourcing model, which empowers physicians with state-of-the-art technology and charges technology service fees for its use, has the benefit of a reduced operating overhead for us, and enables a more efficient market penetration and distribution strategy.

We are a technology company focused on earning utilization-based recurring technology fee revenue. The Company's ability to grow this type of revenue is predicated on the size and quality of its sales force and their ability to penetrate the market and place devices with clinically focused, repeat users of its cardiac study technology. The Company plans to grow its sales force in order to address new markets and achieve sales penetration in the markets currently served.

Full market release of the Bioflux COM device for commercialization launched in April 2019, after receiving its second and final required FDA clearance. To commence commercialization, we ordered device inventory from our FDA-approved manufacturer and hired a small, captive sales force, with deep experience in cardiac technology sales; we expanded on our limited market release, which identified potential anchor clients who could be early adopters of our technology. We then expanded our sales force and geographic footprint.

In 2021, we received a 510(k) clearance from the FDA for our Bioflux Software II System, engineered to improve workflows and reduce estimated review time from 5 minutes to 30 seconds. This improvement in review time reduces operational costs and allows us to continue to focus on excellent customer service and industry-leading response times to physicians and their at-risk patients. Additionally, these advances mean we can focus our resources on high-level operations and sales.

During 2021 and the early part of 2022, we also commercially launched our Bioheart technology, which is a consumer technology whose development was forged out of prior the development of the clinical technologies that are already part of our technology ecosystem, the Biosphere. In recognition of our product development, in November 2022, Bioheart received recognition as one of TIME's Best Inventions of 2022.

The COVID-19 pandemic has highlighted the importance of telemedicine and remote patient monitoring technologies. We continue to develop a telemedicine platform, with capabilities of real-time streaming of medical devices. Telemedicine offers patients the ability to communicate directly with their health care providers without the need of leaving their home. Telemedicine aligns with our technology platform and facilitates remote visits and remote prescriptions for cardiac diagnostics; it can also serve as a means of establishing referral and other synergies across the network of doctors and patients that use the technologies we are building within the Biotricity ecosystem. We intend to continue to provide improved care to patients that may otherwise elect not to go to medical facilities and continue to provide economic benefits and cost savings to healthcare service providers and payers that reimburse. Our goal is to position ourselves as an all-in-one cardiac diagnostic and disease management solution. We continue to grow our data set of billions of patient heartbeats, allowing us to further develop our predictive capabilities relative to atrial fibrillation and arrythmias.

In January 2022, we received the 510(k) FDA clearance of our Biocore (previously named Biotres) patch solution, which is a novel product in the field of Holter monitoring. This three-lead technology can provide connected Holter monitoring that is designed to produce more accurate arrythmia detection than is typical of competing remote patient monitoring solutions. It is also foundational, since already developed improvements to this technology will follow which are not known by us to be currently available in the market, for clinical and consumer patch solution applications. In October 2023, we launched the cellular version of this device, the Biocore Pro.

In October 2022, we launched Biocare, after successfully piloting this technology in two facilities that provide cardiac care to more than 60,000 patients. This technology and other consumer technologies and applications such as the Biokit and Biocare have been developed to allow us to transform and use our strong cardiac footprint to expand into remote chronic care management solutions that will be part of the Biosphere. The technology puts actionable data into the hands of physicians to assist them in making effective treatment decisions quickly. During March 2023, we launched our patient-facing Biocare app on Android and Apple app stores. This further allows us to expand our footprint in providing full-cycle chronic care management solutions to our clinic and patient network. In January 2024, we appointed Dr. Fareeha Siddiqui, a scientist and expert in community health and diagnostics, to the position of VP of Healthcare to spearhead the roll-out and Biocare adoption to existing and new customers.

We are also developing several other ancillary technologies, which will require further FDA clearances, which we anticipate applying for within the next twelve months. Among these are:

● advanced ECG algorithms and analysis software for further improvements in sensitivity and specificity to analyze and synthesize patient ECG monitoring data with the purpose of distilling it down to the important information that requires clinical intervention, while reducing the amount of human intervention necessary in the process;

● the Biocore® 2.0, which is the next generation of our award winning Biocore®

We identified the importance of recent developments in accelerating our path to profitability, including the launch of important new products identified, which have a ready market through cross-selling to existing large customer clinics, and large new distribution partnerships that allow us to sell into large hospital networks.

Additionally, in September 2022, we were awarded a NIH Grant from the National Heart, Blood, and Lung Institute for AI-Enabled real-time monitoring, and predictive analytics for stroke due to chronic kidney failure. This is a significant achievement that broadens our technology platform's disease space demographic. The grant focuses on Bioflux-AI as an innovative system for real-time monitoring and prediction of stroke episodes in chronic kidney disease patients. We received $238,703 under this award in March 2023, which we used to defray research and development and other associated costs.

Our mission is to innovate and create transformative healthcare products while ensuring financial discipline, to drive margin and revenue growth to deliver value creation for our investors. Our commitment to innovation means that we harness data intelligently to explore novel avenues for enhancing healthcare outcomes.

As a result of providing our Bioflux and Biocore products, Biotricity has monitored well over two billion heartbeats for atrial fibrillation (afib), a leading cause of strokes. Over the past two years, these efforts have benefited over 28,000 patients diagnosed with afib, by providing them with the prospect of earlier medical intervention – which also produces significant healthcare savings to patients and the healthcare system.

We are expanding our AI technology development in remote cardiac care, leveraging proprietary AI technology to provide a suite of predictive monitoring tools to enhance new disease profiling, improve patient management, and revolutionize the healthcare industry for disease prevention.

We have also strengthened relationships with Amazon and Google. The healthcare AI market opportunity is projected to grow to $208.2 billion by 2030 according to Grand View Research. We have already established a strong foothold, having built a powerful proprietary cardiac AI model that combines Google's TensorFlow, AWS infrastructure, big data and a continuous learning engine. This combination allows us to rapidly improve our cardiac technology. In the near future, we believe the capabilities of our cardiac AI model will allow us to support healthcare professionals in handling exponentially more patients while identifying the most critical data. This will enable healthcare workers to elevate the quality of care while serving a larger number of patients. As growing patient numbers further stress the shortage of healthcare professionals, our technology could help alleviate this pressing issue. We have engineered our technology to not only improve patient care and outcomes, but to do so in a manner that supports more patients. This has led to increasing sales of our remote cardiac monitoring devices and the ramp-up of our subscription-based service, increasing our recurring revenue over the past few quarters.

From a market perspective, increasing interest and demand continue to drive the adoption of our suite of products, which are focused on chronic cardiac disease prevention and management. Our efforts in commercialization and development have yielded tremendous progress in remote monitoring solutions for diagnostic and post-diagnostic products.

**Results of Operations**

The following table sets forth our results of operations for the three months ended June 30, 2025 and 2024.

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| | | | |
|:---|:---|:---|:---|
|  | **For the 3 months ended June 30,** | **For the 3 months ended June 30,** | **For the 3 months ended June 30,** |
|  | **2025** | **2024** | **Period to**<br> **Period** **Change** |
| Revenue | $3873993 | $3201743 | $672250 |
| Cost of revenue | 757193 | 838575 | 81382 |
| Gross profit | 3116800 | 2363168 | 753632 |
| Gross Margin | 80.5% | 73.8% | 6.6% |
| Operating expenses: |  |  |  |
| Selling, general and administrative | 2138692 | 2966119 | (827427) |
| Research and development | 696163 | 513895 | 182268 |
| Total operating expenses | 2834855 | 3480014 | (645159) |
| Profit (Loss) from operations | 281945 | (1116846) | 1398791 |
| Interest expense | (850254) | (768673) | (81581) |
| Accretion and amortization expenses | (153572) | (1144728) | 991156 |
| Change in fair value of derivative liabilities | (25200) | (306862) | 281662 |
| Gain (loss) upon convertible promissory note conversion and redemption | 8433 | (127611) | 136044 |
| Other income | 66671 | (229800) | 296471 |
| Net loss before income taxes | (671977) | (3694520) | 3022543 |
| Income taxes |  |  |  |
| Net loss before dividends | $(671977) | $(3694520) | $3022543 |

---

This is the first quarter in the Company's history that it has reported positive profit from operations, before deducting various costs of capital such as interest and dividends.

Net loss before dividends for the three months ended June 30, 2025, demonstrate year-over-year revenue growth and improvements in key operating metrics. Specifically, our recurring technology fees, device sales, and gross margins all demonstrated positive growth while maintaining cost control through management's efforts to ensure cost reduction and expense management in order to make progress on its plan to achieve positive cash flow and profitability.

*Revenue and cost of revenue*

To increase the penetration of our sales activities and expand our geographic footprint, we actively sell into 31 U.S. states as of June 30, 2025. The Company earned combined device sales and technology fee income of $3.9 million during the three months ended June 30, 2025 – 21% growth in revenue over the $0.7 million earned in the prior year comparable quarter.

Technology fee revenue increased to $3.4 million during the three months ended June 30, 2025, which is a 12% increase over the corresponding three-month period of the prior year. The majority of this revenue is recurring, and its growth can be attributed to strong customer retention that is supported by the quality of customer and cardiologist-friendly support services that emphasize accuracy of diagnostics and ease-of-use. Device sales comprised 13% of our total revenue, or $503 thousand for the three-month period ended June 30, 2025. Gross profit percentage was 80.5% for the three months ended June 30, 2025, as compared to 73.8% in the corresponding prior year quarter. This increase in gross margin is a result of improved margins on technology fee revenue as well as significantly improved margin on device sales. Given consistent gross margin on technology fees of approximately 81.3%, and efficiencies gained in using AI in data processing as well as an evolving revenue mix where technology fees are expected to comprise an increasing proportion of revenue, we anticipate continued improvement in overall blended gross margin over time. Technology fees comprised 87% of total revenue for the three-month period ended June 30, 2025.

*Operating Expenses*

Total operating expenses for the three months ended June 30, 2025, were $2.8 million as compared to $3.5 million for the three months ended June 30, 2024. See further explanations below.

*Selling, General and administrative expenses*

Our selling, general and administrative expenses for the three months ended June 30, 2025 was $2.1 million, compared to approximately $3.0 million during the three months ended June 30, 2024 – a 28% reduction. The reduction was a result of increased monitoring of spending efficiency over our fixed general and administrative expenses in the current period.

*Research and development expenses*

For the three months ended June 30, 2025 we recorded research and development expenses of $0.7 million, compared to $0.5 million incurred for three months ended June 30, 2024. The research and development activity related to both existing and new products. The increase in research and development activity was a result of the timing of activities associated with the development of new technologies for our ecosystem and product enhancements.

 

*Interest Expense*

For the three months ended June 30, 2025 and 2024, we incurred interest expenses of $0.85 million and $0.77 million, respectively. The increase in interest expense during the current period was the result of an increase in borrowings when compared to the prior year period.

*Accretion and amortization expenses*

For the three months ended June 30, 2025 and 2024, we incurred accretion expenses of $0.2 million and $1.1 million, respectively. The expense for the quarter decreased due to full amortization of Convertible Notes Series C.

*Change in fair value of derivative liabilities*

For the three months ended June 30, 2025 and 2024, we recognized a loss of $25 thousand versus a gain of $307 thousand, respectively, related to the change in fair value of derivative liabilities. The fair value changes were largely attributed to the underlying change in our mezzanine equity, convertible notes and equity fair value.

*Loss upon convertible promissory notes conversion*

During the three months ended June 30, 2025 and 2024, we recorded a gain of $8 thousand versus a loss of $128 thousand, respectively, related to the redemption and conversion of our convertible promissory notes. The change of gain or loss upon conversion upon convertible notes conversion was largely the result of increased volumes of conversions in the current quarter as compared to comparable quarter in the prior year.

*Other income (expense)*

During the three months ended June 30, 2025, we recognized $67 thousand in net other income, which consisted of processing fees and late payment charges. During the three months ended June 30, 2024, we recognized $230 thousand in net other expense attributed to financing component provisions contained in our revenue contracts.

***EBITDA and Adjusted EBITDA***

Earnings before interest, taxes, depreciation and amortization expenses (EBITDA) and Adjusted EBITDA, which are presented below, are non-generally accepted accounting principles (non-GAAP) measures that we believe are useful to management, investors and other users of our financial information in evaluating operating profitability. EBITDA is calculated by adding back interest, taxes, depreciation and amortization expenses to net income.

This is the first quarter in the Company's history that it has reported positive EBITDA. The Company reported EBITDA of $0.33 million for the three months ended June 30, 2025, compared to negative $1.8 million in the corresponding period of the prior year.

Adjusted EBITDA is calculated by excluding from EBITDA the effect of the following non-operational items: equity in earnings and losses of unconsolidated businesses and other income and expense, net, as well as the effect of special items that related to one-time, non-recurring expenditures . We believe that this measure is useful to management, investors and other users of our financial information in evaluating the effectiveness of our operations and underlying business trends in a manner that is consistent with management's evaluation of business performance. Further, the exclusion of non-operational items and special items enables comparability to prior period performance and trend analysis. See notes in the table below for additional information regarding special items.

We provide non-GAAP financial information to enhance the understanding of Biotricity's GAAP financial information, and it should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. We believe that providing these non-GAAP measures in addition to the GAAP measures allows management, investors and other users of our financial information to more fully and accurately assess business performance. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be directly comparable to that of other companies.

Management considers the EBITDA and adjusted EBITDA measures for the three month period ended June 30, 2025, which improved by 119% and 127%, respectively, when compared to the corresponding prior year period, to be indicators of the Company's progress towards breakeven profitability as well as improvement towards operating cash-flow break-even.

**EBITDA and Adjusted EBITDA**

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| | |
|:---|:---|
|  | **3 months ended**<br> **June 30, 2025** |
| Net loss attributable to common stockholders) |  |
| Add: |  |
| Provision for income taxes |  |
| Interest expense |  |
| Accretion and amortization expenses |  |
| Depreciation |  |
| Preferred stock dividends (2) |  |
| **EBITDA** |  |
| **Add (Less)** |  |
| Share based compensation (1) |  |
| Other (income)/loss (3) |  |
| (Gain) loss upon convertible promissory notes conversion and redemption (3) |  |
| Fair value change on derivative liabilities (3) |  |
| **Adjusted EBITDA** |  |
| Weighted average number of common shares outstanding |  |
| **Adjusted Earnings (Loss) per Share, Basic and Diluted** |  |

---

(1) Share based compensation is a non-cash item therefore is removed from our adjusted EBITDA analysis

(2) Preferred stock dividend payment is at Company's discretion and therefore is removed from our EBITDA analysis

(3) These items relate to financing transactions and therefore do not reflect the Company's core operating activities

***Translation Adjustment***

Translation adjustment was a loss of $36 thousand versus a gain of $24 thousand for the three months ended June 30, 2025 and 2024, respectively. This translation adjustment represents gains and losses that result from the translation of currency in the financial statements from our functional currency of Canadian dollars to the reporting currency in U.S. dollars over the course of the reporting period.

**Liquidity and Capital Resources**

Management has noted the existence of substantial doubt about our ability to continue as a going concern. Additionally, our independent registered public accounting firm included an explanatory paragraph in the report on our financial statements as of and for the years ended March 31, 2025 and 2024, noting the existence of substantial doubt about our ability to continue as a going concern. Our existing cash deposits may not be sufficient to fund our operating expenses through at least twelve months from the date of this filing. To continue to fund operations, we will need to secure additional funding through public or private equity or debt financings, through collaborations or partnerships with other companies or other sources. We may not be able to raise additional capital on terms acceptable to us, or at all. Any failure to raise capital when needed could compromise our ability to execute our business plan. If we are unable to raise additional funds, or if our anticipated operating results are not achieved, we believe planned expenditure may need to be reduced in order to extend the time period that existing resources can fund our operations. If we are unable to obtain the necessary capital, it may have a material adverse effect on our operations and the development of our technology, or we may have to cease operations altogether.

The development and commercialization of our product offerings are subject to numerous uncertainties, and we could use our cash resources sooner than we expect. Additionally, the process of developing our products is costly, and the timing of progress can be subject to uncertainty; our ability to successfully transition to profitability may be dependent upon achieving further regulatory approvals and achieving a level of product sales adequate to support our cost structure. Though we are optimistic with respect to our revenue growth trajectory and our cost control initiatives, we cannot be certain that we will ever be profitable or generate positive cash flow from operating activities.

The Company is in commercialization mode, while continuing to pursue the development of its next generation COM product as well as new products.

We generally require cash to:

● purchase devices that will be placed in the field for pilot projects and to produce revenue,

● launch sales initiatives,

● fund our operations and working capital requirements,

● develop and execute our product development and market introduction plans,

● fund research and development efforts, and

● pay any expense obligations as they come due.

The Company is in the early stages of commercializing its products. 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 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. Management anticipates the Company will continue on its revenue growth trajectory and improve its liquidity through continued business development and after additional equity and debt capitalization of the Company. The Company has incurred recurring losses from operations, and as at March 31, 2025, has an accumulated deficit of $139 million (2024: $128 million), the Company has a working capital deficit of $16 million (2024: $18 million).

On August 30, 2021 the Company completed an underwritten public offering of its common stock that concurrently facilitated its listing on the Nasdaq Capital Market. On August 1, 2024, the Company received a notice from Nasdaq stating that Nasdaq has determined to delist the Company's shares of common stock on The Nasdaq Capital Market, effective at the open of business on August 5, 2024. Nasdaq reached its decision pursuant to Nasdaq Listing Rule 5550(b)(2) because the Company no longer complied with the minimum $35 million market value of listed securities. Following the suspension of trading on The Nasdaq Capital Market, the Company's shares of common stock were again listed on the OTCQB under the symbol "BTCY."

During the fiscal year ended March 31, 2023, the Company raised short-term loans and promissory notes, net of repayments of $1,476,121 from various lenders, and also raised convertible notes, net of redemptions of $2,355,318 from various lenders. During the fiscal year ended March 31, 2024, the Company raised short-term loans and promissory notes, net of repayments of $853,030 and convertible notes, net of redemptions of $2,962,386 from various lenders. The Company sold 36,897 common shares through use of its registration statement, for gross proceeds of $123,347, raising a net amount of $119,285 after paying a 3% placement fee and other issuance expenses. Additionally, on September 19, 2023, the Company entered into a security purchase agreement with an institutional investor for the issuance and sale of 220 shares of the Company's newly designated Series B Convertible Preferred Stock, at a purchase price of $9,091 per share of Series B Preferred Stock (Note 9), or gross proceeds of $2,000,000. Net proceeds after issuance costs were $1,900,000. During the three months ending March 31, 2024, 110 Series B preferred shares were issued for net proceeds of $925,000.

During the three months and year ended March 31, 2025, convertible notes with a face value of $nil and $1,487,700 and accrued interest of $nil and $237,230, were converted into nil and 2,173,089 common shares, respectively. As of March 31, 2025, 581,599 shares are recognized as an obligation for shares to be issued relating to the conversions. The fair value of common shares issued during the three months and year ended March 31, 2025 is $nil and $2,431,178, respectively, and is determined based on market price upon conversion. Total value of debt settled is in the amount of $nil and $2,234,232, respectively, which consisted of the face value of notes converted, accrued interest of $nil and $237,230, respectively, and relevant derivative liability of $nil and $509,303, respectively. The Company recognized a loss upon conversion of $nil and $196,945, respectively, representing the difference between the value of debt settled and fair value of shares issued and to be issued.

During the three months and the year ended March 31, 2025, convertible notes with a face value of $25,000 and $150,000 and accrued interest of $5,021 and $34,864, were redeemed for a cash payment of $30,021 and $184,864. The Company recorded a gain on redemption of $8,391 and $50,692 related to the conversion, representing the difference between the value of the debt settled and the cash payment value.

During the year ended March 31, 2025, the Company issued $1,985,000 in unsecured convertible promissory notes to private investors; $100,000 of the notes mature on their six-month anniversary of issuance and bear interest of 20%; $710,000 of the notes mature on their twenty four-month anniversary of issuance and bear interest of 10%; and $1,175,000 of the notes mature on their eighteen-month anniversary of issuance and bear not interest; all of the notes have conversion features that require the mutual consent of the investor and the Company. Since the conversion is not in control of the holder of the note, the Company did not recognize a derivative liability in connection with the conversion option of the Other Convertible Notes.

In November 2024, the Company completed an additional transaction with its term lender to receive an additional $635 thousand in term loan proceeds, and interest relief through the capitalization of approximately $1.5 million in interest amounts due on its existing term loan. As part of this arrangement, the Company issued 600,000, 7-year share warrants to the term lender with a strike price of $0.50 per share and agreed to increase the term loan exit fee to $1.425 million at the end of its 5-year term. Concurrently, the Company received waiver and forbearance relief on certain term loan covenants and their respective defaults.

During period three months ended March 31 , 2025, the Company also raised additional funding from private investors in the amount of $337 thousand in the form of promissory notes and convertible promissory notes.

On June 30, 2025, we had cash deposits in the aggregate of approximately $0.4 million.

This is the fourth consecutive three-month period in which the Company has reported positive Free Cash Flow, which is defined as the operating cash flow generated by the Company that is available to pay for dividend and interest obligations. Free Cash Flow is a non-generally accepted accounting principle ("non-GAAP") measure that represents the cash that the Company generates from its operations after deducting cash used on operating expenses and any capital asset spending. Unlike other accounting measures such as earnings or net income, this measure of profitability excludes non-cash expenses, but includes spending on capital assets and changes in working capital on the Company's Balance Sheet. This is a key measure that management and investors use to evaluate progress towards Company profitability.

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| | | |
|:---|:---|:---|
|  | **3 months ended**<br> **June 30, 2025** | **3 months ended**<br> **June 30, 2024** |
| Net cash used in operating activities) |  |  |
| Add: |  |  |
| Interest expense |  |  |
| Less: |  |  |
| Investment in capital assets |  |  |
| **Free Cash Flows**) |  |  |
| Weighted average number of common shares outstanding |  |  |
| **Free Cash Flow per Share, Basic and Diluted**) |  |  |

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The Company has developed and continues to pursue sources of funding that management believes will 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 interim financial statements.

As we proceed with the commercialization of the Biocore and Biocare products and continue their development, we expect to continue to devote significant resources on capital expenditures, as well as research and development costs and operations, marketing and sales expenditures.

Based on the above facts and assumptions, we believe our existing cash, along with anticipated near-term financings, will be sufficient to continue to meet our needs for the next twelve months from the filing date of this report. However, we will need to seek additional debt or equity capital to respond to business opportunities and challenges, including our ongoing operating expenses, protecting our intellectual property, developing or acquiring new lines of business and enhancing our operating infrastructure. The terms of our future financing may be dilutive to, or otherwise adversely affect, holders of our common stock. We may also seek additional funds through arrangements with collaborators or other third parties. There can be no assurance we will be able to raise this additional capital on acceptable terms, or at all. If we are unable to obtain additional funding on a timely basis, we may be required to modify our operating plan and otherwise curtail or slow the pace of development and commercialization of our proposed product lines.

The following is a summary of cash flows for each of the periods set forth below.

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| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **June 30,** | **June 30,** |
|  | **2025** | **2024** |
| Net cash used in operating activities | $(373389) | $(1494240) |
| Net cash used in investing activities |  |  |
| Net cash provided by financing activities | 435705 | 868180 |
| Net Increase (decrease) in cash | $62316 | $(626060) |

---

***Net Cash Used in Operating Activities***

During the three months ended June 30, 2025, we used cash in operating activities in the amount of $0.37 million. compared to $1.5million for the corresponding prior year period The cash in operating activities was primarily due to selling expenses as well as research, product development, business development, marketing and general operations. The decrease in cash used reflects management's concerted effort to contain costs while increasing revenues.

***Net Cash Used in Investing Activities***

Net cash used in investing activities was Nil and Nil during the three months ended June 30, 2025 and 2024.

***Net Cash Provided by Financing Activities***

Net cash provided by financing activities was $0.44 million as compared to net cash used of $0.9 million during the three months ended June 30, 2025 and 2024, respectively.

For the three months ended June 30, 2025, the net cash provided by financing activities was primarily due to the proceeds from convertible promissory notes and short term loan, in the amount of $0.442 million.

**Critical Accounting Estimates**

Our consolidated interim financial statements are prepared in accordance with GAAP. These accounting principles require us to make estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenue and expense during the periods presented. We believe that the estimates and judgments upon which we rely are reasonably based upon information available to us at the time that we make these estimates and judgments. To the extent that there are material differences between these estimates and actual results, our financial results will be affected. The accounting policies that reflect our more significant estimates and judgments and which we believe are the most critical to aid in fully understanding and evaluating our reported financial results are described in "Management's Discussion and Analysis of Financial Condition and Results of Operations", included in our 2025 Form 10-K/A filed on July 18, 2025.

During the three months ended June 30, 2025, there were no material changes to our critical accounting estimates disclosed in "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our 2025 Form 10-K/A filed on July 18, 2025.

**Recent Accounting Pronouncements**

Refer to Note 3— Summary of Significant Accounting Policies to our condensed consolidated interim financial statements included elsewhere in this report for a discussion of recently issued accounting pronouncements.

**Off-Balance Sheet Arrangements**

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

Not required for a smaller reporting company.

**Item 4. Controls and Procedures.**

**Evaluation of Disclosure Controls and Procedures**

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in the Company's Exchange Act reports is recorded, processed, summarized and reported within the time communicated to the Company's management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure based closely on the definition of "disclosure controls and procedures" in Rule 13a-15(e). The Company's disclosure controls and procedures are designed to provide a reasonable level of assurance of reaching the Company's desired disclosure control objectives. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Therefore, even a system which is determined to be effective cannot provide absolute assurance that all control issues have been detected or prevented. Our systems of internal controls are designed to provide reasonable assurance with respect to financial statement preparation and presentation.

At the end of the period being reported upon, the Company carried out an evaluation, under the supervision and with the participation of the Company's management, including the Company's Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective to ensure that the material information required to be included in our Securities and Exchange Commission reports is accumulated and communicated to our management, including our principal executive and financial officer, as well as recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms relating to the Company.

**Changes in Internal Controls**

There were no changes in the Company's internal controls over financial reporting that occurred during the three-month period ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

**PART II**

**OTHER INFORMATION**

**Item 1. Legal Proceedings.**

From time to time, we may be involved in various claims and legal proceedings relating to claims arising out of our operations. We are not currently a party to any material legal proceedings. Regardless of outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

**Item 1A. Risk Factors**

Not required for smaller reporting companies.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**

None.

**Item 3. Defaults Upon Senior Securities.**

None.

**Item 4. Mine Safety Disclosures.**

Not applicable.

**Item 5. Other Information.**

During the quarter ended June 30, 2025, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

**Item 6. Exhibits**

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| | |
|:---|:---|
| 31.1 | [Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\*](ex31-1.htm) |
| 31.2 | [Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\*](ex31-2.htm) |
| 32.1 | [Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\*\*](ex32-1.htm) |
| 32.2 | [Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\*\*](ex32-2.htm) |
| 101.INS | Inline XBRL Document Set for the financial statements and accompanying notes in Part I, Item 1, of this Quarterly Report on Form 10-Q. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

\* Filed herewith.

\*\* Furnished herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, this 14<sup>th</sup> day of August 2025.

BIOTRICITY INC.

---

| | |
|:---|:---|
| By: | */s/ Waqaas Al-Siddiq* |
| Name: | Waqaas Al-Siddiq |
| Title: | Chief Executive Officer |
|  | (principal executive officer) |
| By: | */s/ John Ayanoglou* |
| Name: | John Ayanoglou |
| Title: | Chief Financial Officer |
|  | (principal financial and accounting officer) |

---

## Exhibit 31.1

**Exhibit 31.1**

**BIOTRICITY INC.**

CERTIFICATION PURSUANT TO RULE 13a-14(a) OR 15d-14(a) OF THE SECURITIES

EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Waqaas Al-Siddiq, certify that:

1. I
 have reviewed this Quarterly Report on Form 10-Q of Biotricity Inc.;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
 to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
 the period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
 respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
 this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
 (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
 Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
 to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

(b) Designed
 such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
 supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
 the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
 and

(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's
 most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
 financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or
 persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
 reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information;
 and

(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
 internal control over financial reporting.

Date: August 14, 2025

---

| |
|:---|
| */s/ Waqaas Al-Siddiq* |
| Waqaas Al-Siddiq |
| Chief Executive Officer |
| (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**BIOTRICITY INC.**

CERTIFICATION PURSUANT TO RULE 13a-14(a) OR 15d-14(a) OF THE SECURITIES

EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, John Ayanoglou, certify that:

1. I
 have reviewed this Quarterly Report on Form 10-Q of Biotricity Inc.;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
 to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
 the period covered by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
 respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
 this report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
 (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
 Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
 to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

(b) Designed
 such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
 supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
 the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
 and

(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's
 most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
 financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or
 persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
 reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information;
 and

(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
 internal control over financial reporting.

Date: August 14, 2025

---

| |
|:---|
| */s/ John Ayanoglou* |
| John Ayanoglou |
| (Principal Financial and Accounting Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**BIOTRICITY INC.**

CERTIFICATION PURSUANT TO

18 U.S.C. §1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Biotricity Inc. (the "Company") for the quarterly period ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Waqaas Al-Siddiq, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The
 information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
 of the Company.

Date: August 14, 2025

---

| |
|:---|
| */s/ Waqaas Al-Siddiq* |
| Waqaas Al-Siddiq |
| Chief Executive Officer |
| (Principal Executive Officer) |

---

## Exhibit 32.2

**Exhibit 32.2**

**BIOTRICITY INC.**

CERTIFICATION PURSUANT TO

18 U.S.C. §1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Biotricity Inc. (the "Company") for the quarterly period ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, John Ayanoglou, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The
 information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
 of the Company.

Date: August 14, 2025

---

| |
|:---|
| */s/ John Ayanoglou* |
| John Ayanoglou |
| (Principal Financial and Accounting Officer) |

---