Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Jun. 30, 2014 | Aug. 12, 2014 | |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Trading Symbol | 'avxl | ' |
Entity Registrant Name | 'ANAVEX LIFE SCIENCES CORP. | ' |
Entity Central Index Key | '0001314052 | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 38,260,098 |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well Known Seasoned Issuer | 'No | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
INTERIM_CONDENSED_CONSOLIDATED
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
Current | ' | ' |
Cash | $8,179,681 | $345,074 |
Prepaid expenses | 18,919 | 48,375 |
Total current assets | 8,198,600 | 393,449 |
Deferred financing charges | 1,113,565 | 0 |
Equipment | 1,751 | 0 |
Total assets | 9,313,916 | 393,449 |
Current | ' | ' |
Accounts payable and accrued liabilities | 1,703,307 | 1,741,797 |
Promissory notes payable | 200,835 | 210,863 |
Total current liabilities | 1,904,142 | 1,952,660 |
Derivative financial instruments - warrants | 0 | 904,000 |
Convertible debentures, net of debt discounts | 1,091 | 0 |
Total liabilities | 1,905,233 | 2,856,660 |
STOCKHOLDERS' EQUITY (CAPITAL DEFICIT) | ' | ' |
Capital stock Authorized: 150,000,000 common shares, par value $0.001 per share Issued and outstanding: 38,260,098 common shares (September 30, 2013 - 37,237,588) | 38,261 | 37,238 |
Additional paid-in capital | 49,604,707 | 38,644,523 |
Common stock to be issued | 640,000 | 60,000 |
Accumulated deficit | -42,874,285 | -41,204,972 |
Total stockholders' equity | 7,408,683 | -2,463,211 |
Total liabilities and stockholders' equity | $9,313,916 | $393,449 |
INTERIM_CONDENSED_CONSOLIDATED1
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 |
Common Stock, Par Value Per Share | $0.00 | $0.00 |
Common Stock, Shares, Issued | 38,260,098 | 37,237,588 |
Common Stock, Shares, Outstanding | 38,260,098 | 37,237,588 |
INTERIM_CONDENSED_CONSOLIDATED2
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Operating expenses | ' | ' | ' | ' |
General and administrative | $733,818 | $86,961 | $1,941,261 | $502,376 |
Research and development | 265,015 | 39,021 | 388,347 | 166,584 |
Total operating expenses | -998,833 | -125,982 | -2,329,608 | -668,960 |
Other income (expenses) | ' | ' | ' | ' |
Interest and finance expenses, net | -8,492 | -14,855 | -16,858 | -41,638 |
Accretion of debt discounts | -80 | 0 | -1,091 | 0 |
Change in fair value of derivative financial instruments | 0 | 0 | 683,000 | 0 |
Gain on settlement of accounts payable | 5,500 | 0 | 5,500 | 0 |
Foreign exchange loss | -7,185 | -11,087 | -10,256 | -943 |
Total other income (expenses), net | -10,257 | -25,942 | 660,295 | -42,581 |
Net loss and comprehensive loss for the period | ($1,009,090) | ($151,924) | ($1,669,313) | ($711,541) |
Loss per share | ' | ' | ' | ' |
Basic | ($0.03) | ($0.01) | ($0.04) | ($0.02) |
Diluted | ($0.03) | ($0.01) | ($0.06) | ($0.02) |
Weighted average number of shares outstanding | ' | ' | ' | ' |
Basic | 39,260,098 | 30,240,687 | 38,218,237 | 30,240,687 |
Diluted | 39,260,098 | 30,240,687 | 38,218,237 | 30,240,687 |
INTERIM_CONDENSED_CONSOLIDATED3
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Cash Flows used in Operating Activities | ' | ' |
Net loss for the period | ($1,669,313) | ($711,541) |
Adjustments to reconcile net loss to net cash used in operations: | ' | ' |
Amortization and depreciation | 576 | 576 |
Accretion of debt discount | 1,091 | 0 |
Stock-based compensation | 9,589 | 0 |
Common shares to be issued for services | 610,000 | 0 |
Amortization of deferred financing charge | 10,047 | 1,215 |
Change in fair value of derivative financial instruments | -683,000 | 0 |
Loss on settlement of accounts payable | -5,500 | 0 |
Unrealized foreign exchange | -10,028 | -7,282 |
Changes in non-cash working capital balances related to operations: | ' | ' |
Prepaid expenses | -19,000 | 0 |
Accounts payable and accrued liabilities | 13,014 | 423,967 |
Net cash used in operating activities | -1,742,524 | -293,065 |
Cash Flows used in Investing Activities | ' | ' |
Acquisition of equipment | -2,327 | 0 |
Net cash used in investing activities | -2,327 | 0 |
Cash Flows provided by Financing Activities | ' | ' |
Issuance of common shares, net of share issue costs | 368,170 | 0 |
Share subscriptions received | 0 | 33,348 |
Proceeds from the issuance of promissory notes | 0 | 250,000 |
Financing fees paid | -788,712 | 0 |
Proceeds from the issuance of convertible debentures | 10,000,000 | 0 |
Net cash provided by financing activities | 9,579,458 | 283,348 |
Increase (decrease) in cash during the period | 7,834,607 | -9,717 |
Cash, beginning of period | 345,074 | 11,362 |
Cash, end of period | $8,179,681 | $1,645 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Capital Deficit (USD $) | Common Stock [Member] | Common Stock Additional Paid-In Capital [Member] | Common Shares to be Issued [Member] | Deficit Accumulated During the Development Stage [Member] | Total |
Beginning Balance at Oct. 01, 2013 | ' | ' | ' | ' | ' |
Stock based compensation | ' | $9,589 | ' | ' | $9,589 |
Reclassification of derivative liability upon modification of warrant terms | 0 | 221,000 | 0 | 0 | 221,000 |
Equity units issued under Purchase Agreement | 400 | 187,770 | ' | ' | 188,170 |
Equity units issued under Purchase Agreement (Shares) | 400,000 | ' | ' | ' | ' |
Commitment shares issued under terms of Purchase Agreement | 3 | -3 | ' | ' | ' |
Commitment shares issued under terms of Purchase Agreement (Shares) | 2,510 | ' | ' | ' | ' |
Capital stock issued for cash - at $0.50 | 120 | 59,880 | -60,000 | ' | ' |
Capital stock issued for cash - at $0.50 (Shares) | 120,000 | ' | ' | ' | ' |
Capital stock issued for cash - at $0.30 | 500 | 149,500 | 30,000 | ' | 180,000 |
Capital stock issued for cash - at $0.30 (Shares) | 500,000 | ' | ' | ' | ' |
Share issue costs, net of recovery | ' | -2,452 | ' | ' | -2,452 |
Issuance of detachable warrants | ' | 5,989,900 | ' | ' | 5,989,900 |
Agent's warrants issued in connection with convertible debentures | ' | 334,900 | ' | ' | 334,900 |
Beneficial conversion feature on convertible debentures issued | ' | 4,010,100 | ' | ' | 4,010,100 |
Capital stock to be issued pursuant to employment agreement | ' | ' | 610,000 | ' | 610,000 |
Net Income (Loss) | ' | ' | ' | -1,669,313 | -1,669,313 |
Ending Balance at Jun. 30, 2014 | $38,261 | $49,604,707 | $640,000 | ($42,874,285) | $7,408,683 |
Ending Balance (Shares) at Jun. 30, 2014 | 38,260,098 | ' | ' | ' | ' |
Business_Description_Basis_of_
Business Description, Basis of Presentation and Liquidity | 9 Months Ended | |
Jun. 30, 2014 | ||
Business Description, Basis of Presentation and Liquidity [Text Block] | ' | |
Note 1 | Business Description, Basis of Presentation | |
Business | ||
Anavex Life Sciences Corp. (the “Company”) is a pharmaceutical company engaged in the development of drug candidates. | ||
The Company’s lead compound, ANAVEX 2-73 is being developed to treat Alzheimer’s disease through disease modification. | ||
In pre-clinical studies conducted in France and in Greece, ANAVEX 2-73 demonstrated anti-amnesic and neuroprotective properties. Based on these pre-clinical studies, the Company sponsored a Phase 1 single ascending dose study of ANAVEX 2-73, which was initiated and completed in 2011. This study was conducted in Germany in collaboration with ABX-CRO Advanced Pharmaceutical Services. The study indicated that ANAVEX 2-73 was well tolerated by study subjects in doses up to 55mg. Clinical trials had been delayed due to lack of funding. During the nine months ended June 30, 2014, the Company completed the closing of a securities purchase agreement in the aggregate principal amount of $10,000,000 (Note 6), the proceeds from which the Company intends to use to further its business plan and clinical trials of ANAVEX 2-73 and ANAVEX PLUS. | ||
The Company plans to continue human clinical trials, among them a prospective Phase 2a study of ANAVEX 2-73 and ANAVEX PLUS, and a Phase 2 trial thereafter and to identify and initiate discussions with potential partners in the next 12 months. Further, the Company may acquire or develop new intellectual property and assign, license, or otherwise transfer its intellectual property to further its goals. | ||
Basis of Presentation | ||
These interim condensed consolidated financial statements have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures normally included in the annual financial statements in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the disclosures are adequate to make the information presented not misleading. | ||
These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management are necessary for fair presentation of the information contained herein. These interim condensed financial statements should be read in conjunction with the audited financial statements included in its annual report on Form 10-K for the year ended September 30, 2013. The Company follows the same accounting policies in the preparation of interim reports. | ||
Certain amounts for the prior periods have been reclassified to conform to the current period’s presentation. These reclassifications did not impact reported results or earnings per share. | ||
Operating results for the nine months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending September 30, 2014. | ||
Basic and Diluted Loss per Share | ||
The basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding. Diluted loss per common share is computed similar to basic loss per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. Additionally, the numerator is also adjusted for changes in fair value of the warrant liability which is presumed to be share settled. | ||
As of June 30, 2014, loss per share excludes 77,905,632 (2013 – 4,175,513) potentially dilutive common shares (related to outstanding options and warrants) as their effect was anti-dilutive. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended | |
Jun. 30, 2014 | ||
Recent Accounting Pronouncements [Text Block] | ' | |
Note 2 | Recent Accounting Pronouncements | |
In June 2014, the FASB issued Accounting Standards Updated No. 2014-10, "Development Stage Entities” (“ASU 2014-10”) which removes the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the update eliminates the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. | ||
During the nine months ended June 30, 2014, the Company has elected to early adopt ASU 2014-10. The adoption of this ASU allowed the Company to remove the inception to date information and all references to development stage. | ||
Other than noted above, we do not expect the adoption of recently issued accounting pronouncements to have a significant impact on our results of operations, financial position or cash flow. |
Equipment
Equipment | 9 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Equipment [Text Block] | ' | ||||||||||
Note 3 | Equipment | ||||||||||
30-Jun-14 | |||||||||||
Accumulated | |||||||||||
Cost | Depreciation | Net | |||||||||
Computer equipment | $ | 2,327 | $ | 576 | $ | 1,751 | |||||
30-Sep-13 | |||||||||||
Accumulated | |||||||||||
Cost | Depreciation | Net | |||||||||
Computer equipment | $ | 5,631 | $ | 5,631 | $ | - |
Derivative_Liabilities
Derivative Liabilities | 9 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Derivative Liabilities [Text Block] | ' | |||||||
Note 4 | Derivative Financial Instruments | |||||||
During the year ended September 30, 2013, the Company issued an aggregate of 6,448,966 common stock purchase warrants that were required to be accounted for as liabilities pursuant to ASC 815. | ||||||||
At September 30, 2013, these common stock purchase warrants were still outstanding and were being accounted for pursuant to the guidance of ASC 815, whereby these derivative instruments are required to be recorded as liabilities on the balance sheet measured at fair value and were marked-to-market at each balance sheet date with the change in fair value being recorded in the consolidated statements of operations as other income or expense. | ||||||||
Effective in the nine months ended June 30, 2014, the common stock purchase warrants were amended. As of the modification date, these warrants are no longer required to be accounted for as liabilities. | ||||||||
Pursuant to the guidance of ASC 815, the Company reclassified the fair value of these instruments on the date of modification into equity, with the change in fair value up to the date of modification being recorded on the consolidated statements of operations as other income. | ||||||||
A summary of the Company’s derivative liabilities for the nine months ended June 30, 2014 and for the year ended September 30, 2013 is as follows: | ||||||||
30-Jun | September 30, | |||||||
2014 | 2013 | |||||||
Balance, beginning of the period | $ | 904,000 | $ | - | ||||
Fair value at issuance of derivative liability | - | 919,000 | ||||||
Change in fair value of derivative liability | (683,000 | ) | (15,000 | ) | ||||
Transfer to equity upon modification of warrant terms | (221,000 | ) | - | |||||
Balance, end of the period | $ | - | $ | 904,000 |
Promissory_Notes_Payable
Promissory Notes Payable | 9 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Promissory Notes Payable [Text Block] | ' | |||||||
Note 5 | Promissory Notes Payable | |||||||
June 30, | September 30, | |||||||
2014 | 2013 | |||||||
Promissory note dated December 31, 2012 with a principal balance of $93,710 (CDN$100,000) bearing interest at 12% per annum, due on September 30, 2014 | 93,710 | 100,000 | ||||||
Promissory note dated January 9, 2013 with a principal balance of $81,225 (CDN$86,677), bearing interest at 12% per annum, secured by all the present and future assets of the Company; due on demand | 81,225 | 84,060 | ||||||
Promissory note dated January 9, 2013 with a principal balance of $25,900 (CDN$27,639), bearing interest at 12% per annum, secured by all the present and future assets of the Company; due on demand | 25,900 | 26,803 | ||||||
$ | 200,835 | $ | 210,863 | |||||
On December 31, 2012, the Company issued a promissory note having a principal balance of $93,710 (CDN$100,000) with terms that included interest at 12% per annum and matured on June 30, 2013, in exchange for an accounts payable owing with respect to unpaid consulting fees. This note was not repaid on June 30, 2013 and the maturity date has been extended to September 30, 2014. | ||||||||
On January 9, 2013, the Company issued two (2) promissory notes (the “Secured Notes”); | ||||||||
a) | The Company issued a promissory note in the amount of $81,225 (CDN$86,677) to the former President, Secretary, Treasurer, CFO and director of the Company (the “President”) in exchange for unpaid consulting fees owing to the President. The note is bearing interest at 12% per annum and was due June 30, 2013. | |||||||
b) | The Company issued a promissory note in the amount of $25,900 (CDN$27,639) to a former director of the Company (the “Director”) in exchange for unpaid consulting fees owing to the Director. The note is bearing interest at 12% per annum and was due June 30, 2013. | |||||||
The Secured Notes are secured by a right to delay the transfer of any or all of the Company’s assets until the obligations of the Secured Notes are satisfied, including a restriction on the transfer of cash by the Company and a security interest over the intellectual property of the Company. The security interests of the Secured Notes is ranked senior to any and all security interests granted prior to the issuance of the notes and to all subsequent security interests granted, unless the holders agree in writing to other terms. | ||||||||
In addition, the Secured Notes contain a provision whereby if they are not repaid within 10 days of their maturity dates, they shall bear late fees in addition to interest accruing, at a rate of $100 per day per note. In an event of default by the Company, under the terms of the Secured Notes, the notes shall bear additional late fees of $500 per day per note. | ||||||||
Subsequent to the issuance of these Secured Notes, the former President resigned as President, Secretary, Treasurer, CFO and director of the Company and the former Director resigned as director of the Company. | ||||||||
The Company did not repay the notes on June 30, 2013. The Company has disputed the issuance and enforceability of the Secured Notes and should there be an attempt to enforce the Secured Notes or collection on them, the Company will consider a legal remedy. The Company has not accrued any late fees in connection with these Secured Notes as of June 30, 2014 or September 30, 2013, as the Company does not consider these amounts to be legally enforceable. |
Senior_Convertible_Debentures
Senior Convertible Debentures | 9 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Senior Convertible Debentures [Text Block] | ' | |||||||||
Note 6 | Senior Convertible Debentures | |||||||||
June 30, | September 30, | |||||||||
2014 | 2013 | |||||||||
Senior Convertible Debentures, non-interest bearing,unsecured, due March 18, 2044 | 10,000,000 | - | ||||||||
Less: Debt Discount | (9,998,909 | ) | - | |||||||
$ | 1,091 | $ | - | |||||||
On March 13, 2014, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain purchasers (the “Purchasers”) pursuant to which the Company issued senior convertible debentures in the aggregate principal amount of $10,000,000 (the “Debentures”). | ||||||||||
In connection with the issuance of the Debentures, the Company issued an aggregate of 67,666,666 share purchase warrants as follows: | ||||||||||
Non- | ||||||||||
Purchasers | purchasers | Total | ||||||||
Series A Warrants | 33,333,333 | 500,000 | 33,833,333 | |||||||
Series B Warrants | 33,333,333 | 500,000 | 33,833,333 | |||||||
66,666,666 | 1,000,000 | 67,666,666 | ||||||||
Each Series A warrant is exercisable into one common share of the Company at $0.30 per share until March 18, 2019. | ||||||||||
Each Series B warrant is exercisable into one common share of the Company at $0.42 per share until March 18, 2019 | ||||||||||
The Debentures are unsecured, non-interest bearing and are due on March 18, 2044. At any time, the Purchasers are entitled to convert the Debentures, in whole or in part, into common shares of the Company at $0.30 per share (“the Conversion Price”). The Conversion Price of the debenture will be adjusted in the event of common stock dividend, split or consolidation. | ||||||||||
Pursuant to the guidance of ASC 470-20 Debt with Conversion and Other Options, the Company allocated the proceeds from the issuance of the Debentures between the Debentures and the detachable Purchaser warrants using the relative fair value method. The fair value of the Purchaser warrants of $22,326,200 at issuance resulted in a debt discount at issuance of $5,989,900. | ||||||||||
The Company recorded a beneficial conversion feature discount of $4,010,100 in respect of the Debentures issued, based on the intrinsic value of the conversion feature limited to a maximum of the total proceeds of the Debentures allocated to the Debentures. | ||||||||||
The total debt discount at issuance of $10,000,000 is being amortized using the effective interest method over the term of the Debentures. During the nine months ended June 30, 2014, the Company recorded accretion expense of $1,091 (2013: $Nil) in respect of the accretion of this discount. | ||||||||||
In consideration for the Debentures issued, the Company issued an aggregate of 1,000,000 share purchase warrants to non-lenders as described above. The fair value of the Non-Purchaser Warrants of $334,900, along with finder’s fees and other financing costs directly associated with the issuance of the Debentures in the amount of $788,712, was recorded as a deferred financing charge and is being amortized to income over the term of the Debentures using the effective interest method. During the nine months ended June 30, 2014, the Company had recorded financing expense of $10,047 (2013: $Nil) in respect of the amortization of these charges. Accumulated amortization as at June 30, 2014 was $10,047 (2013: $Nil). | ||||||||||
The fair value of the Purchaser and Non-Purchaser warrants at issuance was determined using the Black Scholes option pricing model with the following weighted average assumptions: | ||||||||||
Risk-free interest rate | 1.56% | |||||||||
Expected life (years) | 5 | |||||||||
Expected volatility | 97.16% | |||||||||
Dividend yields | 0.00% | |||||||||
In connection with the Purchase Agreement, the Company also entered into a registration rights agreement with each Purchaser whereby the Company agreed to file a registration statement with the Securities and Exchange Commission (the “SEC”) covering the resale of the shares of the Company’s common stock issuable upon conversion of the Debentures and upon exercise of the Purchaser warrants. | ||||||||||
On July 23, 2014, the registration statement was declared effective by the SEC. |
Capital_Stock
Capital Stock | 9 Months Ended | |
Jun. 30, 2014 | ||
Capital Stock [Text Block] | ' | |
Note 7 | Capital Stock | |
On February 24, 2014, the Company issued 120,000 units at $0.50 per unit for gross proceeds of $60,000, which was received during the year ended September 30, 2013. Each unit consisted of one common share and one common share purchase warrant entitling the holder to purchase additional common shares at $1.00 per share for a period of five years from the date of issuance. | ||
On February 24, 2014, the Company issued 500,000 units at $0.30 per unit for gross proceeds of $150,000. Each unit consisted of one common share and one common share purchase warrant entitling the holder to purchase additional common shares at $0.75 per share for a period of five years from the date of issuance. | ||
Common stock to be issued | ||
On February 28, 2014, the Company received $30,000 in share subscriptions in respect of the issuance of 100,000 units at $0.30 per unit. Each unit consisted of one common share and one common share purchase warrant entitling the holder to purchase additional common shares at $0.75 per share for a period of five years from the date of issuance. |
Lincoln_Park_Purchase_Agreemen
Lincoln Park Purchase Agreement | 9 Months Ended | |
Jun. 30, 2014 | ||
Lincoln Park Purchase Agreement [Text Block] | ' | |
Note 8 | Lincoln Park Purchase Agreement | |
On July 5, 2013, the Company entered into a $10,000,000 purchase agreement (the “Purchase Agreement”) with Lincoln Park Capital Fund, LLC, (“Lincoln Park”) an Illinois limited liability company (the “Financing”) pursuant to which the Company may sell and issue to Lincoln Park, and Lincoln Park is obligated to purchase, up to $10,000,000 in value of its shares of common stock from time to time over a 25 month period. In connection with the Financing, the Company also entered into a registration rights agreement with Lincoln Park whereby the Company agreed to file a registration statement with the Securities and Exchange Commission (the “SEC”) covering the shares of the Company’s common stock that may be issued to Lincoln Park under the Purchase Agreement. | ||
The Company will determine, at its own discretion, the timing and amount of its sales of common stock, subject to certain conditions and limitations. The purchase price of the shares that may be sold to Lincoln Park under the Purchase Agreement will be based on the market price of the Company’s shares of common stock immediately preceding the time of sale without any fixed discount, provided that in no event will such shares be sold to Lincoln Park when the closing sale price is less than $0.50 per share. There are no upper limits on the per share price that Lincoln Park may pay to purchase such common stock. The purchase price will be equitably adjusted for any reorganization, recapitalization, non-cash dividend, stock split or similar transaction occurring during the business days used to compute such price. | ||
Pursuant to the Purchase Agreement, Lincoln Park initially purchased 250,000 shares of the Company’s common stock for $100,000. In consideration for entering into the Purchase Agreement, the Company issued to Lincoln Park 341,858 shares of common stock as a commitment fee and shall issue up to 133,409 shares pro rata, when and if, Lincoln Park purchases, at the Company’s discretion, the remaining $10,000,000 aggregate commitment. The Purchase Agreement may be terminated by the Company at any time at its discretion without any cost to the Company. | ||
On October 23, 2013, the registration statement was declared effective by the SEC. | ||
The Company incurred $98,939 in direct expenses in connection with the Purchase Agreement and registration statement. These were recorded as share issuance costs as a charge against additional paid in capital during the year ended September 30, 2013 and during the nine months ended June 30, 2014. | ||
During the nine months ended June 30, 2014, the Company issued to Lincoln Park an aggregate of 402,510 shares of common stock under the Purchase Agreement, including 400,000 shares of common stock for an aggregate purchase price of $188,170 and 2,510 commitment shares. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | ||
Jun. 30, 2014 | |||
Related Party Transactions [Text Block] | ' | ||
Note 9 | Related Party Transactions | ||
During the three and nine months ended June 30, 2014, the Company was charged general and administrative expenses totaling $412,089 and $1,022,089, respectively, in respect of directors fees, management bonuses and share and stock option based compensation charges paid or accrued to directors and officers of the Company, inclusive of amounts noted below (2013: $Nil and $81,072, respectively in respect of consulting fees paid to directors, officers, and a company controlled by a director and officer of the Company). | |||
As of June 30, 2014, included in accounts payable and accrued liabilities was $32,004 (September 30, 2013: $30,447) owing to directors and officers of the Company for director fees and reimbursable expenses, and a former director and officer of the Company for unpaid fees. | |||
During the year ended September 30, 2013, pursuant to an employment agreement with the President, Chief Executive Officer, Chief Financial Officer, Secretary and Treasurer, and Director, of the Company, the Company: | |||
i) | granted 2,000,000 fully vested share purchase options exercisable at $0.40 per share until July 5, 2023. No stock based compensation expense has been recognized during the three months ended June 30, 2014 and 2012 in connection with these options. The Company recognized stock based compensation expense of $1,002,500 during the year ended September 30, 2013 in connection with these options. | ||
ii) | issued 4,000,000 shares of restricted common stock that vest as follows: | ||
• | 25% upon the Company starting a Phase Ib/IIb human study | ||
• | 25% upon the Company in-licensing additional assets in clinical or pre- clinical stage (vested during the nine months ended June 30, 2014) | ||
• | 25% upon the Company securing additional non-dilutive equity funding in 2013 of at least $5,000,000 with a share price higher than the previous funding | ||
• | 25% upon the Company obtaining a listing on a major stock exchange | ||
Included in operating results for the three and nine months ended June 30, 2014 is an amount of $610,000 relating to the vesting of 1,000,000 shares of restricted common stock upon the achievement of certain performance conditions. The fair value of $0.61 per share was determined with reference to the quoted market price of the Company’s shares on the commitment date. This amount has been included in common stock to be issued at June 30, 2014. |
Commitments
Commitments | 9 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Commitments [Text Block] | ' | |||||||||||||||||
Note 10 | Commitments | |||||||||||||||||
a) | Share Purchase Warrants | |||||||||||||||||
A summary of the Company’s share purchase warrants outstanding is presented below: | ||||||||||||||||||
Weighted | ||||||||||||||||||
Average | ||||||||||||||||||
Exercise | ||||||||||||||||||
Number of Shares | Price | |||||||||||||||||
Balance, September 30, 2012 | 4,250,141 | $ | 1.16 | |||||||||||||||
Expired | (1,549,628 | ) | $ | 2.56 | ||||||||||||||
Issued | 6,448,966 | $ | 0.75 | |||||||||||||||
Balance, September 30, 2013 | 9,149,479 | $ | 0.75 | |||||||||||||||
Expired | (2,700,513 | ) | $ | 0.75 | ||||||||||||||
Issued | 68,286,666 | $ | 0.36 | |||||||||||||||
Balance, June 30, 2014 | 74,735,632 | $ | 0.4 | |||||||||||||||
a) | Share Purchase Warrants | |||||||||||||||||
At June 30, 2014, the Company had 74,735,632 share purchase warrants outstanding as follows: | ||||||||||||||||||
Number | Exercise Price | Expiry Date | ||||||||||||||||
6,448,966 | $ | 0.75 | 5-Jul-18 | |||||||||||||||
500,000 | $ | 0.75 | 14-Feb-19 | |||||||||||||||
120,000 | $ | 1 | 24-Feb-19 | |||||||||||||||
33,833,333 | $ | 0.3 | 13-Mar-19 | |||||||||||||||
33,833,333 | $ | 0.42 | 13-Mar-19 | |||||||||||||||
74,735,632 | ||||||||||||||||||
All of the 6,448,966 warrants expiring on July 5, 2018 and the 500,000 warrants expiring February 14, 2019 contain a contingent call provision whereby the Company may have the option to call for cancellation of all or any portion of the warrants for consideration equal to $0.001 per share, provided the quoted market price of the Company’s common stock exceeds $1.50 for a period of twenty consecutive trading days, subject to certain minimum volume restrictions and other restrictions as provided in the warrant agreements. | ||||||||||||||||||
b) | Stock–based Compensation Plan | |||||||||||||||||
In April, 2007, the Company adopted a stock option plan which provides for the granting of stock options to selected directors, officers, employees or consultants in an aggregate amount of up to 3,000,000 common shares of the Company and, in any case, the number of shares to be issued to any one individual pursuant to the exercise of options shall not exceed 10% of the issued and outstanding share capital. The granting of stock options, exercise prices and terms are determined by the Company's Board of Directors. If no vesting schedule is specified by the Board of Directors on the grant of options, then the options shall vest over a 4 -year period with 25% of the options granted vesting each year commencing 1 year from the grant date. For stockholders who have greater than 10% of the outstanding common shares of the Company and who have granted options, the exercise price of their options shall not be less than 110% of the fair of the stock on grant date. Otherwise, options granted shall have an exercise price equal to their fair value on grant date. | ||||||||||||||||||
On February 2, 2011, the Company amended and restated the 2007 stock option plan to increase the number of options authorized to 4,000,000. | ||||||||||||||||||
A summary of the status of Company’s outstanding stock purchase options for the year ended June 30, 2014 is presented below: | ||||||||||||||||||
Weighted | ||||||||||||||||||
Average | Weighted | |||||||||||||||||
Number of | Exercise | Average Grant | ||||||||||||||||
Shares | Price | Date fair value | ||||||||||||||||
Outstanding at September 30, 2012 | 1,775,000 | $ | 2.94 | |||||||||||||||
Expired | (550,000 | ) | $ | 3.86 | ||||||||||||||
Forfeited | (150,000 | ) | $ | 3.72 | ||||||||||||||
Granted | 2,000,000 | $ | 0.4 | $ | 0.5 | |||||||||||||
Outstanding at September 30, 2013 | 3,075,000 | $ | 1.26 | |||||||||||||||
Expired | (705,000 | ) | $ | 2.7 | ||||||||||||||
Granted | 800,000 | $ | 0.32 | $ | 0.25 | |||||||||||||
Outstanding at June 30, 2014 | 3,170,000 | $ | 0.7 | |||||||||||||||
Exercisable at June 30, 2014 | 2,100,000 | $ | 0.56 | |||||||||||||||
Exercisable at September 30, 2013 | 2,305,000 | $ | 0.79 | |||||||||||||||
At June 30, 2014, the following stock options were outstanding: | ||||||||||||||||||
Number of Shares | Aggregate | Remaining | ||||||||||||||||
Number | Exercise | Intrinsic | Contractual | |||||||||||||||
Total | Vested | Price | Expiry Date | Value | Life (yrs) | |||||||||||||
100,000 | -1 | 100,000 | $ | 3.67 | 30-Mar-16 | - | 1.75 | |||||||||||
270,000 | -2 | - | $ | 3 | 8-Feb-17 | - | 2.61 | |||||||||||
2,000,000 | -3 | 2,000,000 | $ | 0.4 | 5-Jul-23 | - | 9.02 | |||||||||||
300,000 | -4 | - | $ | 0.3 | 7-May-24 | 15,000 | 9.86 | |||||||||||
500,000 | -5 | - | $ | 0.33 | 8-May-24 | 10,000 | 9.86 | |||||||||||
3,170,000 | 2,100,000 | 25,000 | ||||||||||||||||
The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted market price of the Company’s stock for the options that were in-the-money at June 30, 2014. | ||||||||||||||||||
-1 | As of June 30, 2014 and September 30, 2013, these options had fully vested. The fair value of these options at issuance was calculated to be $267,000. The Company did not recognize any stock-based compensation during the three and nine months ended June 30, 2014 (2013: $Nil and $Nil, respectively). | |||||||||||||||||
-2 | As of June 30, 2014 and September 30, 2013, none of these options had vested. The options vest upon one or more compounds: entering Phase II trial – 90,000 options; entering Phase III trial – 90,000 options; and receiving FDA approval – 90,000 options. No stock-based compensation has been recorded in the financial statements as none of the performance conditions have yet been met. | |||||||||||||||||
-3 | As of June 30, 2014 and September 30, 2013 these options had fully vested. These options were granted during the year ended September 30, 2013 and vested immediately upon granting. The Company recognized stock based compensation expense of $Nil and $Nil, respectively, during the three and nine months ended June 30, 2014 (2013: $Nil and $Nil, respectively) in connection with these options. These amounts have been included in general and administrative expenses on the Company’s statement of operations. | |||||||||||||||||
-4 | As of June 30, 2014 none of these options had vested. These options were issued during the nine months ended June 30, 2014 and vest annually over a three year period commencing on the first anniversary of the date of the grant. The Company recognized stock based compensation expense of $3,422 and $3,422 during the three and nine months ended June 30, 2014, respectively (2013: $Nil and $Nil, respectively) in connection with these options. These amounts have been included in general and administrative expenses on the Company’s statement of operations. | |||||||||||||||||
-5 | As of June 30, 2014 none of these options had vested. These options were issued during the nine months ended June 30, 2014 and vest annually over a four year period commencing on the first anniversary of the date of the grant. The Company recognized stock based compensation expense of $6,167 and $6,167 during the three and nine months ended June 30, 2014, respectively (2013: $Nil and $Nil, respectively) in connection with these options. | |||||||||||||||||
During the nine months ended June 30, 2014, 705,000 options expired for which the Company had recognized stock-based compensation of $Nil and $Nil, respectively (2013: $Nil and $Nil, respectively) during the three and nine months ended June 30, 2014. | ||||||||||||||||||
The fair value of stock options granted has been determined using the Black- Scholes option pricing model using the following weighted average assumptions applied to stock options granted during the periods: | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Risk-free interest rate | 2.17% | - | ||||||||||||||||
Expected life of options (years) | 6.5 | - | ||||||||||||||||
Annualized volatility | 91.21% | - | ||||||||||||||||
Dividend rate | 0.00% | - | ||||||||||||||||
There has been no stock-based compensation recognized in the financial statements for the three and nine months ended June 30, 2014 (2013: $nil and $nil, respectively) for options that will vest upon the achievement of performance milestones because the Company has determined that satisfaction of the performance milestones was not probable. Compensation relating to stock options exercisable upon achieving performance milestones will be recognized in the period the milestones are achieved. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | |
Jun. 30, 2014 | ||
Supplemental Cash Flow Information [Text Block] | ' | |
Note 11 | Supplemental Cash Flow Information | |
Investing and financing activities that do not have a direct impact on current cash flows are excluded from the statement of cash flows. | ||
During the nine months ended June 30, 2014, the Company reclassified an amount of $221,000 into equity upon modification of the terms of certain derivative instruments. | ||
During the nine months ended June 30, 2013, the Company issued three promissory notes in the aggregate principal amount of $212,292 in exchange for accounts payable owing to three vendors in respect of unpaid consulting fees. | ||
These transactions have been excluded from the statements of cash flows. |
Equipment_Tables
Equipment (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | Sep. 30, 2013 | |||||||||||||||||||||
Schedule of Property, Plant and Equipment [Table Text Block] | ' | ' | ||||||||||||||||||||
30-Jun-14 | 30-Sep-13 | |||||||||||||||||||||
Accumulated | Accumulated | |||||||||||||||||||||
Cost | Depreciation | Net | Cost | Depreciation | Net | |||||||||||||||||
Computer equipment | $ | 2,327 | $ | 576 | $ | 1,751 | Computer equipment | $ | 5,631 | $ | 5,631 | $ | - |
Derivative_Liabilities_Tables
Derivative Liabilities (Tables) | 9 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Derivative Liabilities Activity [Table Text Block] | ' | |||||||
30-Jun | September 30, | |||||||
2014 | 2013 | |||||||
Balance, beginning of the period | $ | 904,000 | $ | - | ||||
Fair value at issuance of derivative liability | - | 919,000 | ||||||
Change in fair value of derivative liability | (683,000 | ) | (15,000 | ) | ||||
Transfer to equity upon modification of warrant terms | (221,000 | ) | - | |||||
Balance, end of the period | $ | - | $ | 904,000 |
Promissory_Notes_Payable_Table
Promissory Notes Payable (Tables) | 9 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Schedule of Debt [Table Text Block] | ' | |||||||
June 30, | September 30, | |||||||
2014 | 2013 | |||||||
Promissory note dated December 31, 2012 with a principal balance of $93,710 (CDN$100,000) bearing interest at 12% per annum, due on September 30, 2014 | 93,710 | 100,000 | ||||||
Promissory note dated January 9, 2013 with a principal balance of $81,225 (CDN$86,677), bearing interest at 12% per annum, secured by all the present and future assets of the Company; due on demand | 81,225 | 84,060 | ||||||
Promissory note dated January 9, 2013 with a principal balance of $25,900 (CDN$27,639), bearing interest at 12% per annum, secured by all the present and future assets of the Company; due on demand | 25,900 | 26,803 | ||||||
$ | 200,835 | $ | 210,863 |
Senior_Convertible_Debentures_
Senior Convertible Debentures (Tables) | 9 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Schedule Of Convertible Debt [Table Text Block] | ' | |||||||||
June 30, | September 30, | |||||||||
2014 | 2013 | |||||||||
Senior Convertible Debentures, non-interest bearing,unsecured, due March 18, 2044 | 10,000,000 | - | ||||||||
Less: Debt Discount | (9,998,909 | ) | - | |||||||
$ | 1,091 | $ | - | |||||||
Company Issuance of Share Purchase Warrants [Table Text Block] | ' | |||||||||
Non- | ||||||||||
Purchasers | purchasers | Total | ||||||||
Series A Warrants | 33,333,333 | 500,000 | 33,833,333 | |||||||
Series B Warrants | 33,333,333 | 500,000 | 33,833,333 | |||||||
66,666,666 | 1,000,000 | 67,666,666 | ||||||||
Fair Value of the Purchaser and Non-Purchaser Warrants at Issuance [Table Text Block] | ' | |||||||||
Risk-free interest rate | 1.56% | |||||||||
Expected life (years) | 5 | |||||||||
Expected volatility | 97.16% | |||||||||
Dividend yields | 0.00% |
Commitments_Tables
Commitments (Tables) | 9 Months Ended | |||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||
Schedule of Stockholders' Equity Note, Warrants or Rights, Activity [Table Text Block] | ' | |||||||||||||||||
Weighted | ||||||||||||||||||
Average | ||||||||||||||||||
Exercise | ||||||||||||||||||
Number of Shares | Price | |||||||||||||||||
Balance, September 30, 2012 | 4,250,141 | $ | 1.16 | |||||||||||||||
Expired | (1,549,628 | ) | $ | 2.56 | ||||||||||||||
Issued | 6,448,966 | $ | 0.75 | |||||||||||||||
Balance, September 30, 2013 | 9,149,479 | $ | 0.75 | |||||||||||||||
Expired | (2,700,513 | ) | $ | 0.75 | ||||||||||||||
Issued | 68,286,666 | $ | 0.36 | |||||||||||||||
Balance, June 30, 2014 | 74,735,632 | $ | 0.4 | |||||||||||||||
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | ' | |||||||||||||||||
Number | Exercise Price | Expiry Date | ||||||||||||||||
6,448,966 | $ | 0.75 | 5-Jul-18 | |||||||||||||||
500,000 | $ | 0.75 | 14-Feb-19 | |||||||||||||||
120,000 | $ | 1 | 24-Feb-19 | |||||||||||||||
33,833,333 | $ | 0.3 | 13-Mar-19 | |||||||||||||||
33,833,333 | $ | 0.42 | 13-Mar-19 | |||||||||||||||
74,735,632 | ||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||||||
Weighted | ||||||||||||||||||
Average | Weighted | |||||||||||||||||
Number of | Exercise | Average Grant | ||||||||||||||||
Shares | Price | Date fair value | ||||||||||||||||
Outstanding at September 30, 2012 | 1,775,000 | $ | 2.94 | |||||||||||||||
Expired | (550,000 | ) | $ | 3.86 | ||||||||||||||
Forfeited | (150,000 | ) | $ | 3.72 | ||||||||||||||
Granted | 2,000,000 | $ | 0.4 | $ | 0.5 | |||||||||||||
Outstanding at September 30, 2013 | 3,075,000 | $ | 1.26 | |||||||||||||||
Expired | (705,000 | ) | $ | 2.7 | ||||||||||||||
Granted | 800,000 | $ | 0.32 | $ | 0.25 | |||||||||||||
Outstanding at June 30, 2014 | 3,170,000 | $ | 0.7 | |||||||||||||||
Exercisable at June 30, 2014 | 2,100,000 | $ | 0.56 | |||||||||||||||
Exercisable at September 30, 2013 | 2,305,000 | $ | 0.79 | |||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
Risk-free interest rate | 2.17% | - | ||||||||||||||||
Expected life of options (years) | 6.5 | - | ||||||||||||||||
Annualized volatility | 91.21% | - | ||||||||||||||||
Dividend rate | 0.00% | - | ||||||||||||||||
Schedule of Nonvested Share Activity [Table Text Block] | ' | |||||||||||||||||
Number of Shares | Aggregate | Remaining | ||||||||||||||||
Number | Exercise | Intrinsic | Contractual | |||||||||||||||
Total | Vested | Price | Expiry Date | Value | Life (yrs) | |||||||||||||
100,000 | -1 | 100,000 | $ | 3.67 | 30-Mar-16 | - | 1.75 | |||||||||||
270,000 | -2 | - | $ | 3 | 8-Feb-17 | - | 2.61 | |||||||||||
2,000,000 | -3 | 2,000,000 | $ | 0.4 | 5-Jul-23 | - | 9.02 | |||||||||||
300,000 | -4 | - | $ | 0.3 | 7-May-24 | 15,000 | 9.86 | |||||||||||
500,000 | -5 | - | $ | 0.33 | 8-May-24 | 10,000 | 9.86 | |||||||||||
3,170,000 | 2,100,000 | 25,000 |
Business_Description_Basis_of_1
Business Description, Basis of Presentation and Liquidity (Narrative) (Details) (USD $) | 9 Months Ended |
Jun. 30, 2014 | |
M | |
Business Description, Basis Of Presentation And Liquidity 1 | $10,000,000 |
Business Description, Basis Of Presentation And Liquidity 2 | 12 |
Business Description, Basis Of Presentation And Liquidity 3 | 77,905,632 |
Business Description, Basis Of Presentation And Liquidity 4 | 4,175,513 |
Derivative_Liabilities_Narrati
Derivative Liabilities (Narrative) (Details) | 9 Months Ended |
Jun. 30, 2014 | |
Derivative Liabilities 1 | 6,448,966 |
Promissory_Notes_Payable_Narra
Promissory Notes Payable (Narrative) (Details) | 9 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2014 | |
USD ($) | CAD | |
D | ||
Promissory Notes Payable 1 | $93,710 | ' |
Promissory Notes Payable 2 | ' | 100,000 |
Promissory Notes Payable 3 | 12.00% | 12.00% |
Promissory Notes Payable 4 | 81,225 | ' |
Promissory Notes Payable 5 | ' | 86,677 |
Promissory Notes Payable 6 | 12.00% | 12.00% |
Promissory Notes Payable 7 | 25,900 | ' |
Promissory Notes Payable 8 | ' | 27,639 |
Promissory Notes Payable 9 | 12.00% | 12.00% |
Promissory Notes Payable 10 | 10 | 10 |
Promissory Notes Payable 11 | 100 | ' |
Promissory Notes Payable 12 | $500 | ' |
Senior_Convertible_Debentures_1
Senior Convertible Debentures (Narrative) (Details) (USD $) | 9 Months Ended |
Jun. 30, 2014 | |
Senior Convertible Debentures 1 | $10,000,000 |
Senior Convertible Debentures 2 | 67,666,666 |
Senior Convertible Debentures 3 | $0.30 |
Senior Convertible Debentures 4 | $0.42 |
Senior Convertible Debentures 5 | $0.30 |
Senior Convertible Debentures 6 | 22,326,200 |
Senior Convertible Debentures 7 | 5,989,900 |
Senior Convertible Debentures 8 | 4,010,100 |
Senior Convertible Debentures 9 | 10,000,000 |
Senior Convertible Debentures 10 | 1,091 |
Senior Convertible Debentures 11 | 0 |
Senior Convertible Debentures 12 | 1,000,000 |
Senior Convertible Debentures 13 | 334,900 |
Senior Convertible Debentures 14 | 788,712 |
Senior Convertible Debentures 15 | 10,047 |
Senior Convertible Debentures 16 | 0 |
Senior Convertible Debentures 17 | 10,047 |
Senior Convertible Debentures 18 | $0 |
Capital_Stock_Narrative_Detail
Capital Stock (Narrative) (Details) (USD $) | 9 Months Ended |
Jun. 30, 2014 | |
Capital Stock 1 | 120,000 |
Capital Stock 2 | $0.50 |
Capital Stock 3 | $60,000 |
Capital Stock 4 | $1 |
Capital Stock 5 | 500,000 |
Capital Stock 6 | $0.30 |
Capital Stock 7 | 150,000 |
Capital Stock 8 | $0.75 |
Capital Stock 9 | $30,000 |
Capital Stock 10 | 100,000 |
Capital Stock 11 | $0.30 |
Capital Stock 12 | $0.75 |
Lincoln_Park_Purchase_Agreemen1
Lincoln Park Purchase Agreement (Narrative) (Details) (USD $) | 9 Months Ended |
Jun. 30, 2014 | |
M | |
Lincoln Park Purchase Agreement 1 | $10,000,000 |
Lincoln Park Purchase Agreement 2 | 10,000,000 |
Lincoln Park Purchase Agreement 3 | 25 |
Lincoln Park Purchase Agreement 4 | $0.50 |
Lincoln Park Purchase Agreement 5 | 250,000 |
Lincoln Park Purchase Agreement 6 | 100,000 |
Lincoln Park Purchase Agreement 7 | 341,858 |
Lincoln Park Purchase Agreement 8 | 133,409 |
Lincoln Park Purchase Agreement 9 | 10,000,000 |
Lincoln Park Purchase Agreement 10 | 98,939 |
Lincoln Park Purchase Agreement 11 | 402,510 |
Lincoln Park Purchase Agreement 12 | 400,000 |
Lincoln Park Purchase Agreement 13 | $188,170 |
Lincoln Park Purchase Agreement 14 | 2,510 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 9 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions 1 | $412,089 |
Related Party Transactions 2 | 1,022,089 |
Related Party Transactions 3 | 0 |
Related Party Transactions 4 | 81,072 |
Related Party Transactions 5 | 32,004 |
Related Party Transactions 6 | 30,447 |
Related Party Transactions 7 | 2,000,000 |
Related Party Transactions 8 | $0.40 |
Related Party Transactions 9 | 1,002,500 |
Related Party Transactions 10 | 4,000,000 |
Related Party Transactions 11 | 25.00% |
Related Party Transactions 12 | 25.00% |
Related Party Transactions 13 | 25.00% |
Related Party Transactions 14 | 5,000,000 |
Related Party Transactions 15 | 25.00% |
Related Party Transactions 16 | $610,000 |
Related Party Transactions 17 | 1,000,000 |
Related Party Transactions 18 | $0.61 |
Commitments_Narrative_Details
Commitments (Narrative) (Details) (USD $) | 9 Months Ended |
Jun. 30, 2014 | |
Y | |
Commitments 1 | 74,735,632 |
Commitments 2 | 6,448,966 |
Commitments 3 | 500,000 |
Commitments 4 | $0.00 |
Commitments 5 | $1.50 |
Commitments 6 | 3,000,000 |
Commitments 7 | 10.00% |
Commitments 8 | 4 |
Commitments 9 | 25.00% |
Commitments 10 | 1 |
Commitments 11 | 10.00% |
Commitments 12 | 110.00% |
Commitments 13 | 4,000,000 |
Commitments 14 | 267,000 |
Commitments 15 | 0 |
Commitments 16 | 0 |
Commitments 17 | 90,000 |
Commitments 18 | 90,000 |
Commitments 19 | 90,000 |
Commitments 20 | 0 |
Commitments 21 | 0 |
Commitments 22 | 0 |
Commitments 23 | 0 |
Commitments 24 | 3,422 |
Commitments 25 | 3,422 |
Commitments 26 | 0 |
Commitments 27 | 0 |
Commitments 28 | 6,167 |
Commitments 29 | 6,167 |
Commitments 30 | 0 |
Commitments 31 | 0 |
Commitments 32 | 705,000 |
Commitments 33 | 0 |
Commitments 34 | 0 |
Commitments 35 | 0 |
Commitments 36 | 0 |
Commitments 37 | 0 |
Commitments 38 | $0 |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Narrative) (Details) (USD $) | 9 Months Ended |
Jun. 30, 2014 | |
Supplemental Cash Flow Information 1 | $221,000 |
Supplemental Cash Flow Information 2 | $212,292 |
Schedule_of_Property_Plant_and
Schedule of Property, Plant and Equipment (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Sep. 30, 2013 | |
Equipment Schedule Of Property, Plant And Equipment 1 | $2,327 | ' |
Equipment Schedule Of Property, Plant And Equipment 2 | 576 | ' |
Equipment Schedule Of Property, Plant And Equipment 3 | 1,751 | ' |
Equipment Schedule Of Property, Plant And Equipment 1 | ' | 5,631 |
Equipment Schedule Of Property, Plant And Equipment 2 | ' | 5,631 |
Equipment Schedule Of Property, Plant And Equipment 3 | ' | $0 |
Derivative_Liabilities_Activit
Derivative Liabilities Activity (Details) (USD $) | 9 Months Ended |
Jun. 30, 2014 | |
Derivative Liabilities Derivative Liabilities Activity 1 | $904,000 |
Derivative Liabilities Derivative Liabilities Activity 2 | 0 |
Derivative Liabilities Derivative Liabilities Activity 3 | 0 |
Derivative Liabilities Derivative Liabilities Activity 4 | 919,000 |
Derivative Liabilities Derivative Liabilities Activity 5 | -683,000 |
Derivative Liabilities Derivative Liabilities Activity 6 | -15,000 |
Derivative Liabilities Derivative Liabilities Activity 7 | -221,000 |
Derivative Liabilities Derivative Liabilities Activity 8 | 0 |
Derivative Liabilities Derivative Liabilities Activity 9 | 0 |
Derivative Liabilities Derivative Liabilities Activity 10 | $904,000 |
Schedule_of_Debt_Details
Schedule of Debt (Details) | 9 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2014 | |
USD ($) | CAD | |
Promissory Notes Payable Schedule Of Debt 1 | $93,710 | ' |
Promissory Notes Payable Schedule Of Debt 2 | ' | 100,000 |
Promissory Notes Payable Schedule Of Debt 3 | 12.00% | 12.00% |
Promissory Notes Payable Schedule Of Debt 4 | 93,710 | ' |
Promissory Notes Payable Schedule Of Debt 5 | 100,000 | ' |
Promissory Notes Payable Schedule Of Debt 6 | 81,225 | ' |
Promissory Notes Payable Schedule Of Debt 7 | ' | 86,677 |
Promissory Notes Payable Schedule Of Debt 8 | 12.00% | 12.00% |
Promissory Notes Payable Schedule Of Debt 9 | 81,225 | ' |
Promissory Notes Payable Schedule Of Debt 10 | 84,060 | ' |
Promissory Notes Payable Schedule Of Debt 11 | 25,900 | ' |
Promissory Notes Payable Schedule Of Debt 12 | ' | 27,639 |
Promissory Notes Payable Schedule Of Debt 13 | 12.00% | 12.00% |
Promissory Notes Payable Schedule Of Debt 14 | 25,900 | ' |
Promissory Notes Payable Schedule Of Debt 15 | 26,803 | ' |
Promissory Notes Payable Schedule Of Debt 16 | 200,835 | ' |
Promissory Notes Payable Schedule Of Debt 17 | $210,863 | ' |
Schedule_Of_Convertible_Debt_D
Schedule Of Convertible Debt (Details) (USD $) | 9 Months Ended |
Jun. 30, 2014 | |
Senior Convertible Debentures Schedule Of Convertible Debt 1 | $10,000,000 |
Senior Convertible Debentures Schedule Of Convertible Debt 2 | 0 |
Senior Convertible Debentures Schedule Of Convertible Debt 3 | -9,998,909 |
Senior Convertible Debentures Schedule Of Convertible Debt 4 | 0 |
Senior Convertible Debentures Schedule Of Convertible Debt 5 | 1,091 |
Senior Convertible Debentures Schedule Of Convertible Debt 6 | $0 |
Company_Issuance_of_Share_Purc
Company Issuance of Share Purchase Warrants (Details) (USD $) | 9 Months Ended |
Jun. 30, 2014 | |
Senior Convertible Debentures Company Issuance Of Share Purchase Warrants 1 | $33,333,333 |
Senior Convertible Debentures Company Issuance Of Share Purchase Warrants 2 | 500,000 |
Senior Convertible Debentures Company Issuance Of Share Purchase Warrants 3 | 33,833,333 |
Senior Convertible Debentures Company Issuance Of Share Purchase Warrants 4 | 33,333,333 |
Senior Convertible Debentures Company Issuance Of Share Purchase Warrants 5 | 500,000 |
Senior Convertible Debentures Company Issuance Of Share Purchase Warrants 6 | 33,833,333 |
Senior Convertible Debentures Company Issuance Of Share Purchase Warrants 7 | 66,666,666 |
Senior Convertible Debentures Company Issuance Of Share Purchase Warrants 8 | 1,000,000 |
Senior Convertible Debentures Company Issuance Of Share Purchase Warrants 9 | $67,666,666 |
Fair_Value_of_the_Purchaser_an
Fair Value of the Purchaser and Non-Purchaser Warrants at Issuance (Details) | 9 Months Ended |
Jun. 30, 2014 | |
Senior Convertible Debentures Fair Value Of The Purchaser And Non-purchaser Warrants At Issuance 1 | 1.56% |
Senior Convertible Debentures Fair Value Of The Purchaser And Non-purchaser Warrants At Issuance 2 | 5 |
Senior Convertible Debentures Fair Value Of The Purchaser And Non-purchaser Warrants At Issuance 3 | 97.16% |
Senior Convertible Debentures Fair Value Of The Purchaser And Non-purchaser Warrants At Issuance 4 | 0.00% |
Schedule_of_Stockholders_Equit
Schedule of Stockholders' Equity Note, Warrants or Rights, Activity (Details) (USD $) | 9 Months Ended |
Jun. 30, 2014 | |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 1 | $4,250,141 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 2 | 1.16 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 3 | -1,549,628 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 4 | 2.56 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 5 | 6,448,966 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 6 | 0.75 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 7 | 9,149,479 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 8 | 0.75 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 9 | -2,700,513 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 10 | 0.75 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 11 | 68,286,666 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 12 | 0.36 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 13 | $74,735,632 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 14 | 0.4 |
Schedule_of_Stockholders_Equit1
Schedule of Stockholders' Equity Note, Warrants or Rights (Details) (USD $) | 9 Months Ended |
Jun. 30, 2014 | |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights 1 | $6,448,966 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights 2 | 0.75 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights 3 | 500,000 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights 4 | 0.75 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights 5 | 120,000 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights 6 | 1 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights 7 | 33,833,333 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights 8 | 0.3 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights 9 | 33,833,333 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights 10 | 0.42 |
Commitments Schedule Of Stockholders' Equity Note, Warrants Or Rights 11 | $74,735,632 |
Schedule_of_Sharebased_Compens
Schedule of Share-based Compensation, Stock Options, Activity (Details) (USD $) | 9 Months Ended |
Jun. 30, 2014 | |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 1 | $1,775,000 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 2 | 2.94 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 3 | -550,000 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 4 | 3.86 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 5 | -150,000 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 6 | 3.72 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 7 | 2,000,000 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 8 | 0.4 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 9 | 0.5 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 10 | 3,075,000 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 11 | 1.26 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 12 | -705,000 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 13 | 2.7 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 14 | 800,000 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 15 | 0.32 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 16 | 0.25 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 17 | 3,170,000 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 18 | 0.7 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 19 | 2,100,000 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 20 | 0.56 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 21 | $2,305,000 |
Commitments Schedule Of Share-based Compensation, Stock Options, Activity 22 | 0.79 |
Schedule_of_Sharebased_Payment
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions (Details) (USD $) | 9 Months Ended |
Jun. 30, 2014 | |
Commitments Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 1 | 2.17% |
Commitments Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 2 | $0 |
Commitments Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 3 | 6.5 |
Commitments Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 4 | 0 |
Commitments Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 5 | 91.21% |
Commitments Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 6 | 0 |
Commitments Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 7 | 0.00% |
Commitments Schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions 8 | $0 |
Schedule_of_Nonvested_Share_Ac
Schedule of Nonvested Share Activity (Details) (USD $) | 9 Months Ended |
Jun. 30, 2014 | |
Commitments Schedule Of Nonvested Share Activity 1 | $100,000 |
Commitments Schedule Of Nonvested Share Activity 2 | 100,000 |
Commitments Schedule Of Nonvested Share Activity 3 | 3.67 |
Commitments Schedule Of Nonvested Share Activity 4 | 0 |
Commitments Schedule Of Nonvested Share Activity 5 | 1.75 |
Commitments Schedule Of Nonvested Share Activity 6 | 270,000 |
Commitments Schedule Of Nonvested Share Activity 7 | 0 |
Commitments Schedule Of Nonvested Share Activity 8 | 3 |
Commitments Schedule Of Nonvested Share Activity 9 | 0 |
Commitments Schedule Of Nonvested Share Activity 10 | 2.61 |
Commitments Schedule Of Nonvested Share Activity 11 | 2,000,000 |
Commitments Schedule Of Nonvested Share Activity 12 | 2,000,000 |
Commitments Schedule Of Nonvested Share Activity 13 | 0.4 |
Commitments Schedule Of Nonvested Share Activity 14 | 0 |
Commitments Schedule Of Nonvested Share Activity 15 | 9.02 |
Commitments Schedule Of Nonvested Share Activity 16 | 300,000 |
Commitments Schedule Of Nonvested Share Activity 17 | 0 |
Commitments Schedule Of Nonvested Share Activity 18 | 0.3 |
Commitments Schedule Of Nonvested Share Activity 19 | 15,000 |
Commitments Schedule Of Nonvested Share Activity 20 | 9.86 |
Commitments Schedule Of Nonvested Share Activity 21 | 500,000 |
Commitments Schedule Of Nonvested Share Activity 22 | 0 |
Commitments Schedule Of Nonvested Share Activity 23 | 0.33 |
Commitments Schedule Of Nonvested Share Activity 24 | 10,000 |
Commitments Schedule Of Nonvested Share Activity 25 | 9.86 |
Commitments Schedule Of Nonvested Share Activity 26 | 3,170,000 |
Commitments Schedule Of Nonvested Share Activity 27 | 2,100,000 |
Commitments Schedule Of Nonvested Share Activity 28 | $25,000 |