Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Mar. 31, 2016 | May. 11, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | ANAVEX LIFE SCIENCES CORP. | |
Entity Central Index Key | 1,314,052 | |
Document Type | 10-Q | |
Trading Symbol | AVXL | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Entity a Well-known Seasoned Issuer | No | |
Entity a Voluntary Filer | No | |
Entity's Reporting Status Current | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 35,710,862 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,016 |
INTERIM CONDENSED CONSOLIDATED
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Mar. 31, 2016 | Sep. 30, 2015 |
Current | ||
Cash | $ 11,950,847 | $ 15,290,976 |
Sales Tax Recoverable | 78,670 | 76,840 |
Prepaid expenses and deposits | 84,977 | 100,845 |
Current Assets | 12,114,494 | 15,468,661 |
Equipment | 755 | 1,252 |
Total Assets | 12,115,249 | 15,469,913 |
Current | ||
Accounts payable and accrued liabilities | 2,338,137 | 2,503,726 |
Deferred grant income | 5,445 | 71,614 |
Promissory notes payable | 88,145 | 85,238 |
Current Liabilities | 2,431,727 | 2,660,578 |
Senior Convertible Debentures | 337 | 332 |
Total Liabilities | 2,432,064 | 2,660,910 |
STOCKHOLDERS' EQUITY | ||
Capital stock Authorized: 100,000,000 common shares, par value $0.001 per share Issued and outstanding: 35,695,572 common shares (September 30, 2015 - 32,044,213) | 35,697 | 32,044 |
Additional paid-in capital | $ 78,914,253 | 74,060,999 |
Common stock to be issued | 1,997,415 | |
Accumulated deficit | $ (69,266,765) | (63,281,455) |
Stockholders' Equity | 9,683,185 | 12,809,003 |
Total Liabilities and Stockholder's Equity | $ 12,115,249 | $ 15,469,913 |
INTERIM CONDENSED CONSOLIDATED3
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2016 | Sep. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common stock, issued | 35,695,572 | 32,044,213 |
Common stock, outstanding | 35,695,572 | 32,044,213 |
INTERIM CONDENSED CONSOLIDATED4
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Operating expenses | ||||
General and administrative | $ 852,775 | $ 451,193 | $ 4,714,473 | $ 903,246 |
Research and development | 1,327,393 | 407,146 | 1,998,129 | 725,771 |
Total operating expenses | (2,180,168) | $ (858,339) | (6,712,602) | $ (1,629,017) |
Other income (expenses) | ||||
Grant income | 26,879 | 637,027 | ||
Interest income (expense), net | 2,064 | $ 2,228 | 4,206 | $ (74,781) |
Gain on settlement of accounts payable | 151,402 | 151,402 | ||
Financing related charges and adjustments | (72) | $ (912,357) | (1,167) | $ (874,706) |
Foreign exchange (loss) gain | (30,906) | 43,609 | (46,561) | 66,927 |
Total other income (expenses), net | 149,367 | (866,520) | 744,907 | (882,560) |
Net loss before provision for income taxes | $ (2,030,801) | $ (1,724,859) | (5,967,695) | $ (2,511,577) |
Income tax expense | 17,615 | |||
Net loss and comprehensive loss for the period | $ (2,030,801) | $ (1,724,859) | $ (5,985,310) | $ (2,511,577) |
Loss per share | ||||
Basic (in dollars per share) | $ (0.06) | $ (0.12) | $ (0.17) | $ (0.18) |
Diluted (in dollars per share) | $ (0.06) | $ (0.12) | $ (0.17) | $ (0.18) |
Weighted average number of shares outstanding | ||||
Basic (in shares) | 35,214,793 | 14,326,945 | 34,589,957 | 13,609,473 |
Diluted (in shares) | 35,214,793 | 14,326,945 | 34,589,957 | 13,609,473 |
INTERIM CONDENSED CONSOLIDATED5
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash Flows used in Operating Activities | ||
Net loss for the period | $ (5,985,310) | $ (2,511,577) |
Adjustments to reconcile net loss to net cash used in operations: | ||
Amortization and depreciation | 497 | 498 |
Accretion of debt discount | 1,167 | 493,451 |
Stock-based compensation | $ 1,048,710 | 31,544 |
Non-cash financing related charges | 29,000 | |
Change in fair value of derivative financial instruments | 487,000 | |
Gain on extinguishment of debt | $ (105,745) | |
Gain on settlement of accounts payable | $ (151,402) | |
Unrealized foreign exchange | 2,907 | $ (13,509) |
Changes in non-cash working capital balances related to operations: | ||
Sales tax recoverable | (1,830) | |
Prepaid expenses and deposits | 15,868 | |
Accounts payable and accrued liabilities | (14,187) | $ 225,987 |
Deferred grant income | (66,169) | |
Net cash used in operating activities | (5,149,749) | $ (1,363,351) |
Cash Flows provided by Financing Activities | ||
Issuance of common shares, net of share issue costs | $ 1,809,620 | 500,000 |
Repayment of promissory note | (88,144) | |
Net cash provided by financing activities | $ 1,809,620 | 411,856 |
Decrease in cash during the period | (3,340,129) | (951,495) |
Cash, beginning of period | 15,290,976 | 7,262,138 |
Cash, end of period | $ 11,950,847 | $ 6,310,643 |
INTERIM CONDENSED CONSOLIDATED6
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - 6 months ended Mar. 31, 2016 - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Common Shares to be Issued [Member] | Accumulated Deficit [Member] | Total |
Balance Beginning at Sep. 30, 2015 | $ 32,044 | $ 74,060,999 | $ 1,997,415 | $ (63,281,455) | $ 12,809,003 |
Balance Beginning (in shares) at Sep. 30, 2015 | 32,044,213 | 32,044,213 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Equity units issued under Purchase Agreement | $ 291 | 1,684,270 | $ 1,684,561 | ||
Equity units issued under Purchase Agreement (in shares) | 290,523 | ||||
Commitment shares issued under terms of Purchase Agreement | $ 185 | (185) | |||
Commitment shares issued under terms of Purchase Agreement (in shares) | 185,179 | ||||
Capital stock issued pursuant to debt conversions - at $1.00 | $ 169 | 168,407 | $ (167,415) | $ 1,161 | |
Capital stock issued pursuant to debt conversions - at $1.00 (in shares) | 168,577 | ||||
Shares issued pursuant to the exercise of warrants - at $3.00 | $ 42 | 125,018 | $ 125,060 | ||
Shares issued pursuant to the exercise of warrants - at $3.00 (in shares) | 41,687 | ||||
Shares issued pursuant to the exercise of warrants - cashless | $ 1,964 | (1,964) | |||
Shares issued pursuant to the exercise of warrants - cashless (in shares) | 1,963,956 | ||||
Shares issued pursuant to employment agreement | $ 1,000 | 2,439,000 | $ (1,830,000) | $ 610,000 | |
Shares issued pursuant to employment agreement (in shares) | 1,000,000 | ||||
Shares issued for rounding in connection with 4:1 reverse stock split | $ 2 | (2) | |||
Shares issued for rounding in connection with 4:1 reverse stock split (in shares) | 1,437 | ||||
Stock option compensation | $ 438,710 | $ 438,710 | |||
Net loss for the period | $ (5,985,310) | (5,985,310) | |||
Balance Ending at Mar. 31, 2016 | $ 35,697 | $ 78,914,253 | $ (69,266,765) | $ 9,683,185 | |
Balance Ending (in shares) at Mar. 31, 2016 | 35,695,572 | 35,695,572 |
INTERIM CONDENSED CONSOLIDATED7
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) | 6 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Statement of Stockholders' Equity [Abstract] | |
Debt conversions, share price (in dollars per share) | $ 1 |
Warrants exercised, share price (in dollars per share) | $ 3 |
Shares issued for rounding, reverse stock split | shares | 4 |
Business Description and Basis
Business Description and Basis of Presentation | 6 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description and Basis of Presentation | Note 1 Business Description and Basis of Presentation Business Anavex Life Sciences Corp. (the Company) is a clinical stage biopharmaceutical company engaged in the development of differentiated therapeutics for the treatment of neurodegenerative and neurodevelopmental diseases including drug candidates to treat Alzheimers disease, other central nervous system (CNS) diseases, pain and various types of cancer. The Companys lead compound ANAVEX 2-73 is being developed to treat Alzheimers disease and potentially other central nervous system (CNS) diseases, including rare diseases, such as Rett syndrome. In December 2014 a Phase 2a clinical trial was initiated for ANAVEX 2-73, which is being evaluated for the treatment of Alzheimers disease. The randomized trial is designed to assess the safety and exploratory efficacy of ANAVEX 2-73 alone as well as in combination with donepezil (ANAVEX PLUS) in patients with mild to moderate Alzheimers disease. ANAVEX 2-73 targets sigma-1 and muscarinic receptors, which have been shown in preclinical studies to reduce stress levels in the brain and to reverse the pathological hallmarks observed in Alzheimers disease. ANAVEX 2-73 showed no serious adverse events in a previously performed Phase 1 study. In pre-clinical studies, ANAVEX 2-73 demonstrated anti-amnesic and neuroprotective properties in various animal models including the transgenic mouse model Tg2576. In February 2016 the Company presented positive preclinical data for ANAVEX 2-73 in Rett syndrome, a rare neurodevelopmental disease indication. In March 2016, the Company received approval from the Ethics Committee in Australia to extend the ongoing Phase 2a clinical trial, which had been requested by the patients and their caregivers. The trial extension will allow participants who complete 52 weeks in Part B to roll-over into a new trial and continue taking ANAVEX 2-73 for an additional 104 weeks, providing an opportunity to gather extended safety data. The trial is independent of the Companys planned larger Phase 2/3 double-blinded placebo-controlled study of ANAVEX 2-73 in Alzheimers disease. Effective October 7, 2015, the Company effected a reverse stock split on the basis of 1:4. As such, the Companys authorized capital was decreased from 400,000,000 shares of common stock, par value $0.001 to 100,000,000 shares of common stock, par value $0.001 and all shares of common stock issued and outstanding were decreased on the basis of one new share for each four old shares. These condensed consolidated financial statements give retroactive effect to such reverse split and all share and per share amounts have been adjusted accordingly. 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, 2015. The Company follows the same accounting policies in the preparation of interim reports. Operating results for the six months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending September 30, 2016. 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 weighted average of all potentially dilutive shares of common stock that were outstanding during the period. Additionally, the numerator is also adjusted for changes in fair value of the derivative financial instruments where it is presumed they will be share settled. As of March 31, 2016, loss per share excludes 3,691,291 (September 30, 2015 6,101,534) potentially dilutive common shares related to outstanding options, warrants, and convertible debentures as their effect was anti-dilutive. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Note 2 Recent Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period ("ASU 2014-12"). ASU 2014-12 requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The Company is currently evaluating the impact this guidance will have on its financial condition, results of operations and cash flows. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern (ASU 2014-15). ASU 2014-15 will explicitly require management to assess an entitys ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. The new standard will be effective for all entities in the first annual period ending after December 15, 2016. The Company is currently evaluating the impact this guidance will have on its financial condition, results of operations and cash flows. In May, 2014, the FASB and the International Accounting Standards Board (IASB) issued a converged standard on revenue recognition from contracts with customers, ASU 2014-09 (Topic 606 and IFRS 15). This standard will supersede nearly all existing revenue recognition guidance. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The adoption of this standard is not expected to have a material impact for any period presented. In April 2015, the Financial Accounting Standards Board (FASB), issued the Accounting Standards Update 2015-03, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs, that requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset. For public business entities, the final guidance will be effective for fiscal years beginning after December 15, 2015, however, early adoption (including in interim periods) is permitted. Upon adoption, an entity must apply the new guidance retrospectively to all prior periods presented in the financial statements. An entity is also required in the year of adoption to provide certain disclosures about the change in accounting principle, including the nature of and reason for the change, the transition method, a description of the prior-period information that has been retrospectively adjusted and the effect of the change on the financial statement line items (that is, debt issuance cost asset and the debt liability). The adoption of this standard is not expected to have a material impact for any period presented. In November 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2015-17 Income Taxes: Balance Sheet Classification of Deferred Taxes (ASU 2015-17). ASU 2015-17 eliminates the requirement to bifurcate deferred taxes between current and non-current on the balance sheet and requires that deferred tax liabilities and assets be classified as noncurrent on the balance sheet. ASU 2015-17 is effective for public entities in fiscal years beginning after December 15, 2016, and for interim periods within those fiscal years. The amendments for ASU-2015-17 can be applied retrospectively or prospectively and early adoption is permitted. The adoption of this standard is not expected to have a material impact for any period presented. In February 2016, FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASC 2016-09, Compensation Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting Other than noted above, the Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on its results of operations, financial position or cash flow. |
Equipment
Equipment | 6 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Equipment | Note 3 Equipment March 31, 2016 Accumulated Cost Depreciation Net Computer equipment $ 3,015 $ 2,260 $ 755 September 30, 2015 Accumulated Cost Depreciation Net Computer equipment $ 3,015 $ 1,763 $ 1,252 |
Promissory Notes Payable
Promissory Notes Payable | 6 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Promissory Notes Payable | Note 4 Promissory Notes Payable March 31, September 30, 2016 2015 Promissory note dated January 9, 2013 with a principal balance of CDN$86,677, bearing interest at 12% per annum, secured by all the present and future assets of the Company; due on demand $ 66,834 $ 64,630 Promissory note dated January 9, 2013 with a principal balance of CDN$27,639, bearing interest at 12% per annum, secured by all the present and future assets of the Company; due on demand 21,311 20,608 $ 88,145 $ 85,238 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 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 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 Companys 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 their maturity. 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 March 31, 2016 or September 30, 2015, as the Company does not consider these amounts to be legally enforceable. |
Deferred Grant Income
Deferred Grant Income | 6 Months Ended |
Mar. 31, 2016 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Grant Income | Note 5 Deferred Grant Income During the year ended September 30, 2015, the Company was awarded grant funding in the amount of $286,455, of which the Company received $71,614 during the year ended September 30, 2015 and the remainder will be received in equal semi-annual instalments over the 24-month commitment. The grant was received in exchange for a commitment to provide research and development for preclinical validation of Sigma-1 receptor agonism as potential treatment for Parkinsons disease. The grant income was deferred and is being amortized as an increase to other income over a two-year period as the related research and development expenditures are incurred. During the three and six months ended March 31, 2016, the Company recognized $26,879 and $65,934, respectively (2015: $0 and $0, respectively) of this grant on its statement of operations. During the six months ended March 31, 2016, the Company recognized other grant income of $571,093 in respect of a research and development incentive program offered by the Australian government. |
Senior Convertible Debentures
Senior Convertible Debentures | 6 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Senior Convertible Debentures | Note 6 Senior Convertible Debentures March 31, September 30, Senior Convertible Debentures 2016 2015 Senior Convertible Debentures, non-interest bearing, unsecured, due March 18, 2044 $ 4,982 $ 6,144 Less: Debt Discount (4,645 ) (5,812 ) Total carrying value 337 332 Less: current portion - - Long term liability $ 337 $ 332 On March 13, 2014, the Company entered into a Securities Purchase Agreement with certain purchasers, pursuant to which the Company issued senior convertible debentures in the aggregate principal amount of $10,000,000 (the Debentures). At March 31, 2016, aggregate principal amounts of $4,982 (September 30, 2015: $6,144) of these Debentures remained outstanding. The Debentures are unsecured, non-interest bearing and are due on March 18, 2044. The Debentures were originally convertible, in whole or in part, at the option of the holder into common shares of the Company at $1.20 per share (the Conversion Price). The Conversion Price of the debenture will be adjusted in the event of common stock dividend, split or consolidation. The Conversion Price was later amended to $1.00 per share. The Company has recorded a debt discount in connection with the issuance and amendment of the Debentures during the year ended September 30, 2014, which is being amortized using the effective interest method over the term of the Debentures. During the three and six months ended March 31, 2016, the Company recorded $72 and $1,167, respectively (2015: $486,334 and $493,451, respectively) in respect of the amortization of this discount. During the six months ended March 31, 2016, the Company issued an aggregate of 1,161 shares of common stock based on a conversion price of $1.00 per share pursuant to the conversion of $1,161 in outstanding principal amounts due under the Debentures. |
Capital Stock
Capital Stock | 6 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Capital Stock | Note 7 Capital Stock Authorized 100,000,000 shares of common stock. Equity Transactions During the six months ended March 31, 2016, the Company issued 167,415 shares of common stock pursuant to the application of an incorrect conversion price for conversion notices received in respect of the Debentures, during the year ended September 30, 2015. During the six months ended March 31, 2016, the Company issued 1,000,000 shares of common stock to a director and officer of the Company pursuant to the terms of an employment agreement with that director and officer (Note 9). |
Lincoln Park Purchase Agreement
Lincoln Park Purchase Agreement | 6 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Lincoln Park Purchase Agreement | Note 8 Lincoln Park Purchase Agreement 2013 Purchase Agreement On July 5, 2013, the Company entered into a $10,000,000 purchase agreement (the 2013 Purchase Agreement) with Lincoln Park Capital Fund, LLC, (Lincoln Park) an Illinois limited liability company (the Financing) pursuant to which the Company sold and issued to Lincoln Park, and Lincoln Park purchased $10,000,000 in value of its shares of common stock from time to time over a 25-month period. At any time, the Company would determine, at its own discretion, the timing and amount of its sales of common stock, subject to certain conditions and limitations. During the six months ended March 31, 2016, the Company issued to Lincoln Park an aggregate of 296,104 shares of common stock under the 2013 Purchase Agreement, including 290,523 shares of common stock for an aggregate purchase price of $1,684,561 and 5,581 commitment shares, representing all remaining purchase amounts available under the 2013 Purchase Agreement. As such, no further shares will be sold under the 2013 Purchase Agreement. 2015 Purchase Agreement On October 21, 2015, the Company entered into a $50,000,000 purchase agreement (the 2015 Purchase Agreement) with Lincoln Park pursuant to which the Company may sell and issue to Lincoln Park, and Lincoln Park is obligated to purchase, up to $50,000,000 in value of its shares of common stock from time to time over a 36-month period. In connection with the 2015 Purchase Agreement, the Company also entered into a registration rights agreement with Lincoln Park whereby the Company agreed to file a registration statement with the SEC covering the shares of the Companys common stock that may be issued to Lincoln Park under the 2015 Purchase Agreement. The Company may direct Lincoln Park, at its sole discretion, and subject to certain conditions, to purchase up to 50,000 shares of common stock on any business day, provided that at least one business day has passed since the most recent purchase. The amount of a purchase may be increased under certain circumstances provided, however that Lincoln Parks committed obligation under any single purchase shall not exceed $2,000,000. The purchase price of shares of common stock related to the future funding will be based on the then prevailing market prices of such shares at the time of sales as described in the 2015 Purchase Agreement. During the six months ended March 31, 2016 and in consideration for entering into the 2015 Purchase Agreement, the Company issued to Lincoln Park 179,598 shares of common stock as an initial commitment fee and shall issue up to 89,799 shares pro rata, when and if, Lincoln Park purchases at the Companys discretion the $50,000,000 aggregate commitment. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 9 Related Party Transactions During the three and six months ended March 31, 2016, the Company accrued general and administrative expenses totaling $125,078 and $3,169,933, respectively (March 31, 2015: $16,082 and $32,465, respectively) in respect of directors fees, restricted stock compensation and stock option compensation charges paid or accrued to directors and officers of the Company. Of the total, $121,578 and $258,092, respectively (March 31, 2015: $13,582 and $27,465, respectively) related to non-cash stock option compensation charges, $0 and $610,000, respectively (March 31, 2015: $0 and $0, respectively) related to non-cash restricted stock compensation charges, and $0 and $2,290,341, respectively (March 31, 2015: $0 and $0, respectively) related to a tax payment made on behalf of a director and officer of the Company, in accordance with the terms of a 2013 employment agreement. The fair value of $2.44 per share for non-cash restricted stock compensation charges was determined with reference to the quoted market price of the Companys shares on the commitment date. As at March 31, 2016, included in accounts payable and accrued liabilities was $30,500 (September 30, 2015: $33,000) 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. |
Commitments
Commitments | 6 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Note 10 Commitments a) Share Purchase Warrants A summary of the Companys share purchase warrants outstanding is presented below: Weighted Average Number of Shares Exercise Price Balance, October 1, 2014 18,728,910 $ 1.59 Expired (62,500 ) $ 1.40 Exercised (15,468,520 ) $ 1.43 Issued 1,075,000 $ 0.76 Balance, September 30, 2015 4,272,890 $ 2.11 Exercised (2,444,831 ) $ 1.68 Balance, March 31, 2016 1,828,059 $ 2.68 During the six months ended March 31, 2016, the Company issued 1,963,956 shares of common stock pursuant to the exercise of 2,403,144 share purchase warrants on a cashless basis. At March 31, 2016, the Company has 1,828,059 currently exercisable share purchase warrants outstanding as follows: Number Exercise Price Expiry Date 1,462,180 $ 3.00 July 5, 2018 30,000 $ 4.00 February 24, 2019 277,127 $ 1.20 March 13, 2019 1,252 $ 1.68 March 13, 2019 12,500 $ 1.24 May 31, 2019 45,000 $ 1.00 July 31, 2019 1,828,059 All of the warrants expiring on July 5, 2018 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 Companys common stock exceeds $6.00 for a period of twenty consecutive trading days, subject to certain minimum volume restrictions and other restrictions as provided in the warrant agreements. During the years ended September 30, 2015 and 2014, the Company issued an aggregate of 57,500 warrants exercisable at a weighted average exercise price of $1.24 per share for a period of 4.58 years from the date of issuance in exchange for consulting services to be rendered. The weighted average grant date fair value of these warrants at issuance was $0.899 per warrant, based on the Black-Scholes option pricing model using the following weighted average assumptions: expected term 4.44 years, expected volatility 108.43%, expected dividend yield 0.00%, risk free interest rate 1.21%. Stock based compensation is being recorded in the financial statements over the vesting term of three years from the date of grant. During the three and six months ended March 31, 2016, the Company recorded $23,570 and $47,230, respectively (March 31, 2015: $2,378 and $3,634, respectively), in connection with the warrants granted. b) Stockbased Compensation Plan 2015 Stock Option Plan On September 18, 2015, the Companys board of directors approved a 2015 Omnibus Incentive Plan (the 2015 Plan), which provides for the grant of stock options and restricted stock awards to directors, officers, employees and consultants of the Company. The maximum number of our common shares reserved for issue under the plan is 6,050,553 shares subject to adjustment in the event of a change of the Companys capitalization. As a result of the adoption of the 2015 Plan, no further option awards will be granted under any previously existing stock option plan. Stock option awards previously granted under previously existing stock option plans remain outstanding in accordance with their terms. The 2015 Plan is administered by the board of directors, except that it may, in its discretion, delegate such responsibility to a committee of such board. The exercise price will be determined by the board of directors at the time of grant but in no event will be less than 110% of fair market value of the Companys shares of common stock on the grant date. Stock options may be granted under the 2015 Plan for an exercise period of up to ten years from the date of grant of the option or such lesser periods as may be determined by the board, subject to earlier termination in accordance with the terms of the 2015 Plan. A summary of the status of Companys outstanding stock purchase options for the six months ended March 31, 2016 and for the year ended September 30, 2015 is presented below: Weighted Weighted Average Number of Average Grant Date fair Shares Exercise Price value Outstanding at October 1, 2014 792,500 $ 2.82 Forfeited (67,500 ) $ 12.00 Granted 1,097,500 $ 2.02 $ 1.66 Outstanding at September 30, 2015 1,822,500 $ 2.00 Forfeited - $ - Granted 60,750 $ 7.02 $ 5.75 Expired (25,000 ) $ 14.68 Outstanding at March 31, 2016 1,858,250 $ 1.99 Exercisable at March 31, 2016 890,399 $ 1.73 Exercisable at September 30, 2015 825,002 $ 1.78 b) Stockbased Compensation Plan (contd) At March 31, 2016, the following stock options were outstanding: Number of Shares Aggregate Remaining Number Exercise Intrinsic Contractual Total Vested Price Expiry Date Value Life (yrs) 500,000 (1) 500,000 $ 1.60 July 5, 2023 1,650,000 7.26 75,000 (2) 25,000 $ 1.20 May 7, 2024 277,500 8.10 125,000 (3) 31,250 $ 1.32 May 8, 2024 447,500 8.10 718,750 (4) 239,585 $ 0.92 April 2, 2025 2,860,625 9.00 50,000 (5) 12,500 $ 1.44 June 8, 2025 173,000 9.19 50,000 (6) - $ 1.68 June 15, 2025 161,000 9.21 278,750 (7) 69,688 $ 5.04 September 18, 2025 - 9.47 1,500 (8) 1,500 $ 5.64 September 30, 2025 - 9.50 31,250 (9) 5,209 $ 5.68 October 2, 2025 - 9.51 25,000 (10) 4,167 $ 8.98 October 16, 2025 - 9.54 1,500 (11) 1,500 $ 5.57 December 31, 2025 - 9.75 1,500 (12) - $ 4.90 March 31, 2026 - 10.00 1,858,250 890,399 $ 5,569,625 The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted market price of the Companys stock for the options that were in-the-money at March 31, 2016. (1) As of March 31, 2016 and September 30, 2015 these options had fully vested. These options were granted during the year ended September 30, 2013 and vested immediately upon granting. The Company did not recognize any stock-based compensation during the six months ended March 31, 2016 (March 31, 2015: $0) in connection with these options. (2) As of March 31, 2016 and September 30, 2015, 25,000 of these options had vested. These options were issued during the year ended September 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 $5,764 and $11,590 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $5,830 and $11,660, respectively) in connection with these options. These amounts have been included in general and administrative expenses on the Companys statement of operations. b) Stockbased Compensation Plan (contd) (3) As of March 31, 2016 and September 30, 2015, 31,250 of these options had vested. These options were issued during the year ended September 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 $7,960 and $16,008 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $8,053 and $16,106, respectively) in connection with these options. These amounts have been included in general and administrative expenses on the Companys statement of operations. (4) As of March 31, 2016, 239,585 of these options had vested (September 30, 2015: 239,585 of these options had vested). These options were issued during the year ended September 30, 2015 and vest in three equal installments on April 2, 2015, April 2, 2016 and April 2, 2017. The Company recognized stock based compensation expense of $42,811 and $86,093 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $0 and $0, respectively) in connection with these options. These amounts have been included in general and administrative expenses on the Companys statement of operations. (5) As of March 31, 2016, 12,500 of these options had vested. These options were issued during the year ended September 30, 2015 and vest quarterly over a three-year period commencing on September 8, 2015. The Company recognized stock based compensation expense of $4,775 and $9,603 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $0 and $0, respectively) in connection with these options. These amounts have been included in general and administrative expenses on the Companys statement of operations. (6) As of March 31, 2016 and September 30, 2015, none of these options had vested. These options were issued during the year ended September 30, 2015 and vest over a three-year period from the date of grant. The Company recognized stock based compensation expense of $5,573 and $11,207 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $0 and $0, respectively) in connection with these options. These amounts have been included in general and administrative expenses on the Companys statement of operations. (7) As of March 31, 2016 and September 30, 2015, 69,688 of these options had vested. These options were issued during the year ended September 30, 2015 and vest over a three-year period from the date of grant. The Company recognized stock based compensation expense of $92,875 and $192,024 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $0 and $0, respectively) in connection with these options. These amounts have been included in general and administrative expenses on the Companys statement of operations. (8) As of March 31, 2016, all of these options had vested. These options vested on December 31, 2015. The Company recognized stock based compensation expense of $0 and $6,800 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $0 and $0) in connection with these options. These amounts have been included in general and administrative expenses on the Companys statement of operations. (9) As of March 31, 2016, 5,209 of these options had vested. These options were issued during the six months ended March 31, 2016 and vest in equal quarterly instalments over a three-year period from the date of grant. The Company recognized stock based compensation expense of $11,456 and $23,449 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $0 and $0, respectively) in connection with these options. These amounts have been included in general and administrative expenses on the Companys statement of operations. b) Stockbased Compensation Plan (contd) (10) As of March 31, 2016, 4,167 of these options had vested. These options were issued during the six months ended March 31, 2016 and vest in equal quarterly instalments over a three-year period from the date of grant. The Company recognized stock based compensation expense of $27,906 and $27,906 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $0 and $0, respectively) in connection with these options. These amounts have been included in general and administrative expenses on the Companys statement of operations. (11) As of March 31, 2016, all of these options had vested. These options were issued during the six months ended March 31, 2016 and vested on December 31, 2015. The Company recognized stock based compensation expense of $0 and $6,800 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $0 and $0) in connection with these options. These amounts have been included in general and administrative expenses on the Companys statement of operations. (12) As of March 31, 2016, none of these options had vested. These options were issued during the six months ended March 31, 2016 and vest on December 31, 2016. The Company recognized stock based compensation expense of $0 and $0 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $0 and $0) in connection with these options. These amounts have been included in general and administrative expenses on the Companys statement of operations. The fair value of each option award is estimated on the date of grant using the Black Scholes option pricing model based on the following weighted average assumptions: March 31, 2016 2015 Risk-free interest rate 1.68 % - Expected life of options (years) 6.76 - Annualized volatility 101.92 % - Dividend rate 0.00 % - |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Mar. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 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 six months ended March 31, 2016; i) the Company issued 1,161 shares of common stock upon conversion of $1,161 in principal amount of convertible debentures at a conversion price of $1.00 per share and 167,415 shares of common stock pursuant to the application of an incorrect conversion price for conversion notices received during the year ended September 30, 2015; During the six months ended March 31, 2015; i) the Company issued 3,918,478 shares of common stock of the Company pursuant to the conversion of convertible debentures at a conversion price of $1.00 per share ii) the Company reclassified an amount of $3,931,000 into equity upon modification of the terms of certain derivative instruments. These transactions have been excluded from the statement of cash flows. |
Recent Accounting Pronounceme19
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period ("ASU 2014-12"). ASU 2014-12 requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The Company is currently evaluating the impact this guidance will have on its financial condition, results of operations and cash flows. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern (ASU 2014-15). ASU 2014-15 will explicitly require management to assess an entitys ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. The new standard will be effective for all entities in the first annual period ending after December 15, 2016. The Company is currently evaluating the impact this guidance will have on its financial condition, results of operations and cash flows. In May, 2014, the FASB and the International Accounting Standards Board (IASB) issued a converged standard on revenue recognition from contracts with customers, ASU 2014-09 (Topic 606 and IFRS 15). This standard will supersede nearly all existing revenue recognition guidance. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. The adoption of this standard is not expected to have a material impact for any period presented. In April 2015, the Financial Accounting Standards Board (FASB), issued the Accounting Standards Update 2015-03, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs, that requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the debt liability rather than as an asset. For public business entities, the final guidance will be effective for fiscal years beginning after December 15, 2015, however, early adoption (including in interim periods) is permitted. Upon adoption, an entity must apply the new guidance retrospectively to all prior periods presented in the financial statements. An entity is also required in the year of adoption to provide certain disclosures about the change in accounting principle, including the nature of and reason for the change, the transition method, a description of the prior-period information that has been retrospectively adjusted and the effect of the change on the financial statement line items (that is, debt issuance cost asset and the debt liability). The adoption of this standard is not expected to have a material impact for any period presented. In November 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2015-17 Income Taxes: Balance Sheet Classification of Deferred Taxes (ASU 2015-17). ASU 2015-17 eliminates the requirement to bifurcate deferred taxes between current and non-current on the balance sheet and requires that deferred tax liabilities and assets be classified as noncurrent on the balance sheet. ASU 2015-17 is effective for public entities in fiscal years beginning after December 15, 2016, and for interim periods within those fiscal years. The amendments for ASU-2015-17 can be applied retrospectively or prospectively and early adoption is permitted. The adoption of this standard is not expected to have a material impact for any period presented. In February 2016, FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASC 2016-09, Compensation Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting Other than noted above, the Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on its results of operations, financial position or cash flow. |
Equipment (Tables)
Equipment (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of equipment | March 31, 2016 Accumulated Cost Depreciation Net Computer equipment $ 3,015 $ 2,260 $ 755 September 30, 2015 Accumulated Cost Depreciation Net Computer equipment $ 3,015 $ 1,763 $ 1,252 |
Promissory Notes Payable (Table
Promissory Notes Payable (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of promissory notes payable | March 31, September 30, 2016 2015 Promissory note dated January 9, 2013 with a principal balance of CDN$86,677, bearing interest at 12% per annum, secured by all the present and future assets of the Company; due on demand $ 66,834 $ 64,630 Promissory note dated January 9, 2013 with a principal balance of CDN$27,639, bearing interest at 12% per annum, secured by all the present and future assets of the Company; due on demand 21,311 20,608 $ 88,145 $ 85,238 |
Senior Convertible Debentures (
Senior Convertible Debentures (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of senior convertible debentures | March 31, September 30, Senior Convertible Debentures 2016 2015 Senior Convertible Debentures, non-interest bearing, unsecured, due March 18, 2044 $ 4,982 $ 6,144 Less: Debt Discount (4,645 ) (5,812 ) Total carrying value 337 332 Less: current portion - - Long term liability $ 337 $ 332 |
Commitments (Tables)
Commitments (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of purchase warrants outstanding | A summary of the Companys share purchase warrants outstanding is presented below: Weighted Average Number of Shares Exercise Price Balance, October 1, 2014 18,728,910 $ 1.59 Expired (62,500 ) $ 1.40 Exercised (15,468,520 ) $ 1.43 Issued 1,075,000 $ 0.76 Balance, September 30, 2015 4,272,890 $ 2.11 Exercised (2,444,831 ) $ 1.68 Balance, March 31, 2016 1,828,059 $ 2.68 |
Schedule of exercisable share purchase warrants outstanding | At March 31, 2016, the Company has 1,828,059 currently exercisable share purchase warrants outstanding as follows: Number Exercise Price Expiry Date 1,462,180 $ 3.00 July 5, 2018 30,000 $ 4.00 February 24, 2019 277,127 $ 1.20 March 13, 2019 1,252 $ 1.68 March 13, 2019 12,500 $ 1.24 May 31, 2019 45,000 $ 1.00 July 31, 2019 1,828,059 |
Schedule of outstanding stock purchase options | A summary of the status of Companys outstanding stock purchase options for the six months ended March 31, 2016 and for the year ended September 30, 2015 is presented below: Weighted Weighted Average Number of Average Grant Date fair Shares Exercise Price value Outstanding at October 1, 2014 792,500 $ 2.82 Forfeited (67,500 ) $ 12.00 Granted 1,097,500 $ 2.02 $ 1.66 Outstanding at September 30, 2015 1,822,500 $ 2.00 Forfeited - $ - Granted 60,750 $ 7.02 $ 5.75 Expired (25,000 ) $ 14.68 Outstanding at March 31, 2016 1,858,250 $ 1.99 Exercisable at March 31, 2016 890,399 $ 1.73 Exercisable at September 30, 2015 825,002 $ 1.78 |
Schedule stock options outstanding | At March 31, 2016, the following stock options were outstanding: Number of Shares Aggregate Remaining Number Exercise Intrinsic Contractual Total Vested Price Expiry Date Value Life (yrs) 500,000 (1) 500,000 $ 1.60 July 5, 2023 1,650,000 7.26 75,000 (2) 25,000 $ 1.20 May 7, 2024 277,500 8.10 125,000 (3) 31,250 $ 1.32 May 8, 2024 447,500 8.10 718,750 (4) 239,585 $ 0.92 April 2, 2025 2,860,625 9.00 50,000 (5) 12,500 $ 1.44 June 8, 2025 173,000 9.19 50,000 (6) - $ 1.68 June 15, 2025 161,000 9.21 278,750 (7) 69,688 $ 5.04 September 18, 2025 - 9.47 1,500 (8) 1,500 $ 5.64 September 30, 2025 - 9.50 31,250 (9) 5,209 $ 5.68 October 2, 2025 - 9.51 25,000 (10) 4,167 $ 8.98 October 16, 2025 - 9.54 1,500 (11) 1,500 $ 5.57 December 31, 2025 - 9.75 1,500 (12) - $ 4.90 March 31, 2026 - 10.00 1,858,250 890,399 $ 5,569,625 The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted market price of the Companys stock for the options that were in-the-money at March 31, 2016. (1) As of March 31, 2016 and September 30, 2015 these options had fully vested. These options were granted during the year ended September 30, 2013 and vested immediately upon granting. The Company did not recognize any stock-based compensation during the six months ended March 31, 2016 (March 31, 2015: $0) in connection with these options. (2) As of March 31, 2016 and September 30, 2015, 25,000 of these options had vested. These options were issued during the year ended September 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 $5,764 and $11,590 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $5,830 and $11,660, respectively) in connection with these options. These amounts have been included in general and administrative expenses on the Companys statement of operations. (3) As of March 31, 2016 and September 30, 2015, 31,250 of these options had vested. These options were issued during the year ended September 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 $7,960 and $16,008 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $8,053 and $16,106, respectively) in connection with these options. These amounts have been included in general and administrative expenses on the Companys statement of operations. (4) As of March 31, 2016, 239,585 of these options had vested (September 30, 2015: 239,585 of these options had vested). These options were issued during the year ended September 30, 2015 and vest in three equal installments on April 2, 2015, April 2, 2016 and April 2, 2017. The Company recognized stock based compensation expense of $42,811 and $86,093 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $0 and $0, respectively) in connection with these options. These amounts have been included in general and administrative expenses on the Companys statement of operations. (5) As of March 31, 2016, 12,500 of these options had vested. These options were issued during the year ended September 30, 2015 and vest quarterly over a three-year period commencing on September 8, 2015. The Company recognized stock based compensation expense of $4,775 and $9,603 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $0 and $0, respectively) in connection with these options. These amounts have been included in general and administrative expenses on the Companys statement of operations. (6) As of March 31, 2016 and September 30, 2015, none of these options had vested. These options were issued during the year ended September 30, 2015 and vest over a three-year period from the date of grant. The Company recognized stock based compensation expense of $5,573 and $11,207 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $0 and $0, respectively) in connection with these options. These amounts have been included in general and administrative expenses on the Companys statement of operations. (7) As of March 31, 2016 and September 30, 2015, 69,688 of these options had vested. These options were issued during the year ended September 30, 2015 and vest over a three-year period from the date of grant. The Company recognized stock based compensation expense of $92,875 and $192,024 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $0 and $0, respectively) in connection with these options. These amounts have been included in general and administrative expenses on the Companys statement of operations. (8) As of March 31, 2016, all of these options had vested. These options vested on December 31, 2015. The Company recognized stock based compensation expense of $0 and $6,800 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $0 and $0) in connection with these options. These amounts have been included in general and administrative expenses on the Companys statement of operations. (9) As of March 31, 2016, 5,209 of these options had vested. These options were issued during the six months ended March 31, 2016 and vest in equal quarterly instalments over a three-year period from the date of grant. The Company recognized stock based compensation expense of $11,456 and $23,449 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $0 and $0, respectively) in connection with these options. These amounts have been included in general and administrative expenses on the Companys statement of operations. (10) As of March 31, 2016, 4,167 of these options had vested. These options were issued during the six months ended March 31, 2016 and vest in equal quarterly instalments over a three-year period from the date of grant. The Company recognized stock based compensation expense of $27,906 and $27,906 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $0 and $0, respectively) in connection with these options. These amounts have been included in general and administrative expenses on the Companys statement of operations. (11) As of March 31, 2016, all of these options had vested. These options were issued during the six months ended March 31, 2016 and vested on December 31, 2015. The Company recognized stock based compensation expense of $0 and $6,800 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $0 and $0) in connection with these options. These amounts have been included in general and administrative expenses on the Companys statement of operations. (12) As of March 31, 2016, none of these options had vested. These options were issued during the six months ended March 31, 2016 and vest on December 31, 2016. The Company recognized stock based compensation expense of $0 and $0 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $0 and $0) in connection with these options. These amounts have been included in general and administrative expenses on the Companys statement of operations. |
Schedule of weighted average assumptions for fair value of each option award | The fair value of each option award is estimated on the date of grant using the Black Scholes option pricing model based on the following weighted average assumptions: March 31, 2016 2015 Risk-free interest rate 1.68 % - Expected life of options (years) 6.76 - Annualized volatility 101.92 % - Dividend rate 0.00 % - |
Business Description and Basi24
Business Description and Basis of Presentation (Details Narrative) - $ / shares | Oct. 07, 2015 | Mar. 31, 2016 | Sep. 30, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Reverse stock split | 1:4 | ||
Common stock, shares authorized | 400,000,000 | 100,000,000 | 100,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Potentially dilutive common shares related to outstanding options, warrants, and convertible debentures and shares to be issued | 3,691,291 | 6,101,534 |
Equipment (Details)
Equipment (Details) - USD ($) | Mar. 31, 2016 | Sep. 30, 2015 |
Property, Plant and Equipment [Line Items] | ||
Net | $ 755 | $ 1,252 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 3,015 | 3,015 |
Accumulated Depreciation | 2,260 | 1,763 |
Net | $ 755 | $ 1,252 |
Promissory Notes Payable (Detai
Promissory Notes Payable (Details) | 6 Months Ended | |||
Mar. 31, 2016USD ($) | Mar. 31, 2016CAD | Sep. 30, 2015USD ($) | Jan. 09, 2013CAD | |
Short-term Debt [Line Items] | ||||
Total promissory notes payable | $ 88,145 | $ 85,238 | ||
12% Promissory Note [Member] | ||||
Short-term Debt [Line Items] | ||||
Total promissory notes payable | $ 66,834 | 64,630 | ||
Debt instrument, issuance date | Jan. 9, 2013 | |||
Description of collateral | Secured by all the present and future assets of the Company; due on demand. | |||
12% Promissory Note [Member] | Canada, Dollars [Member] | ||||
Short-term Debt [Line Items] | ||||
Principal balance | CAD | CAD 86,677 | CAD 86,677 | ||
12% Promissory Note [Member] | ||||
Short-term Debt [Line Items] | ||||
Total promissory notes payable | $ 21,311 | $ 20,608 | ||
Debt instrument, issuance date | Jan. 9, 2013 | |||
Description of collateral | Secured by all the present and future assets of the Company; due on demand. | |||
12% Promissory Note [Member] | Canada, Dollars [Member] | ||||
Short-term Debt [Line Items] | ||||
Principal balance | CAD | CAD 27,639 | CAD 27,639 |
Promissory Notes Payable (Det27
Promissory Notes Payable (Details Narrative) - 12% Promissory Note [Member] | Jan. 09, 2013USD ($) | Mar. 31, 2016CAD | Jan. 09, 2013CAD |
Short-term Debt [Line Items] | |||
Maturity date | Jun. 30, 2013 | ||
Late fees, per day per note | $ 100 | ||
Additional late fees, per day per note | $ 500 | ||
Canada, Dollars [Member] | |||
Short-term Debt [Line Items] | |||
Principal balance | CAD | CAD 86,677 | CAD 86,677 | |
Maturity date | Jun. 30, 2013 | ||
Late fees, per day per note | $ 100 | ||
Additional late fees, per day per note | $ 500 | ||
Canada, Dollars [Member] | |||
Short-term Debt [Line Items] | |||
Principal balance | CAD | CAD 27,639 | CAD 27,639 |
Deferred Grant Income (Details
Deferred Grant Income (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2015 | |
Deferred Revenue Disclosure [Abstract] | |||||
Awarded grant funding amount | $ 286,455 | ||||
Deferred grant income | $ 5,445 | $ 5,445 | $ 71,614 | ||
Other grant income | 571,093 | ||||
Grant income | $ 26,879 | $ 637,027 |
Senior Convertible Debentures29
Senior Convertible Debentures (Details) - Securities Purchase Agreement [Member] - Senior Convertible Debentures Due March 18, 2044 [Member] - Purchasers [Member] - USD ($) | Mar. 31, 2016 | Sep. 30, 2015 | Mar. 13, 2014 |
Senior Convertible Debentures, non-interest bearing, unsecured, due March 18, 2044 | $ 4,982 | $ 6,144 | $ 10,000,000 |
Less: Debt Discount | (4,645) | (5,812) | |
Total carrying value | $ 337 | $ 332 | |
Less: current portion | |||
Long term liability | $ 337 | $ 332 |
Senior Convertible Debentures30
Senior Convertible Debentures (Details Narrative) | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2016USD ($)$ / shares | Mar. 31, 2015USD ($)$ / shares | Mar. 31, 2016USD ($)N$ / shares | Mar. 31, 2015USD ($)N$ / shares | Sep. 30, 2015USD ($) | Mar. 13, 2014USD ($)$ / shares | |
Conversion price (in dollars per share) | $ / shares | $ 1 | $ 1 | $ 1 | $ 1 | ||
Number of equity instrument issued upon conversion | N | 1,161 | 3,918,478 | ||||
Debt beneficial conversion feature | $ 1,161 | |||||
Securities Purchase Agreement [Member] | Senior Convertible Debentures Due March 18, 2044 [Member] | Purchasers [Member] | ||||||
Aggregate principal amount | $ 4,982 | $ 4,982 | $ 6,144 | $ 10,000,000 | ||
Conversion price (in dollars per share) | $ / shares | $ 1.20 | |||||
Amended conversion price (in dollars per share) | $ / shares | $ 1 | $ 1 | $ 1 | |||
Amortization debt discount issuance | $ 72 | $ 486,334 | $ 1,167 | $ 493,451 | ||
Number of equity instrument issued upon conversion | N | 1,161 | |||||
Debt beneficial conversion feature | $ 1,161 |
Capital Stock (Details Narrativ
Capital Stock (Details Narrative) - shares | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Sep. 30, 2015 | Oct. 07, 2015 | |
Common stock, authorized | 100,000,000 | 100,000,000 | 400,000,000 |
Number of shares for incorrect conversion price | 167,415 | 167,415 | |
2013 Employment Agreement [Member] | Directors and Officers [Member] | Common Shares to be Issued [Member] | |||
Number of shares for common stock to be issued | 1,000,000 |
Lincoln Park Purchase Agreeme32
Lincoln Park Purchase Agreement (Details Narrative) - Lincoln Park Capital Fund, LLC [Member] - USD ($) | Oct. 21, 2015 | Jul. 05, 2013 | Mar. 31, 2016 |
2013 Purchase Agreement [Member] | |||
Total number of shares obligated to purchase | $ 10,000,000 | ||
Agreement term | 25 months | ||
Number of shares issued | 296,104 | ||
Number of shares issued for aggregate purchase price | 290,523 | ||
Value of shares issued for aggregate purchase price | $ 1,684,561 | ||
Number of shares issued for commitment | 5,581 | ||
2015 Purchase Agreement [Member] | |||
Total number of shares obligated to purchase | $ 50,000,000 | ||
Agreement term | 36 months | ||
Description of purchases price | The Company may direct Lincoln Park, at its sole discretion, and subject to certain conditions, to purchase up to 50,000 shares of common stock on any business day, provided that at least one business day has passed since the most recent purchase. The amount of a purchase may be increased under certain circumstances provided, however that Lincoln Parks committed obligation under any single purchase shall not exceed $2,000,000. The purchase price of shares of common stock related to the future funding will be based on the then prevailing market prices of such shares at the time of sales as described in the 2015 Purchase Agreement. | ||
Number of shares issued | 179,598 | ||
Pro rata basic number of shares obligated to purchase | 89,799 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2015 | |
Restricted Common Stock [Member] | |||||
Related Party Transaction [Line Items] | |||||
Fair value of non-cash stock compensation charges (in dollars per share) | $ 2.44 | ||||
Directors and Officers [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accounts payable and accrued liabilities | $ 30,500 | $ 30,500 | $ 33,000 | ||
Directors and Officers [Member] | 2013 Employment Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
General and administrative expenses | 125,078 | $ 16,082 | 3,169,933 | $ 32,465 | |
Non-cash stock option compensation charges | 121,578 | 13,582 | 258,092 | 27,465 | |
Non-cash restricted stock compensation charges | 0 | 0 | 610,000 | 0 | |
Tax payment | $ 0 | $ 0 | $ 2,290,341 | $ 0 |
Commitments (Details)
Commitments (Details) - Purchase Warrants [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Balance, at beginning | 4,272,890 | 18,728,910 |
Expired | (62,500) | |
Exercised | (2,444,831) | (15,468,520) |
Issued | 1,075,000 | |
Balance, at end | 1,828,059 | 4,272,890 |
Share based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Exercise Price [Rollforward] | ||
Balance, at beginning | $ 2.11 | $ 1.59 |
Expired | 1.40 | |
Exercised | 1.68 | 1.43 |
Issued | 0.76 | |
Balance, at end | $ 2.68 | $ 2.11 |
Commitments (Details 1)
Commitments (Details 1) | 6 Months Ended |
Mar. 31, 2016$ / sharesshares | |
First Purchase Warrants [Member] | |
Number | 1,462,180 |
Exercise Price | $ / shares | $ 3 |
Expiry Date | Jul. 5, 2018 |
Second Purchase Warrants [Member] | |
Number | 30,000 |
Exercise Price | $ / shares | $ 4 |
Expiry Date | Feb. 24, 2019 |
Third Purchase Warrants [Member] | |
Number | 277,127 |
Exercise Price | $ / shares | $ 1.20 |
Expiry Date | Mar. 13, 2019 |
Four Purchase Warrants [Member] | |
Number | 1,252 |
Exercise Price | $ / shares | $ 1.68 |
Expiry Date | Mar. 13, 2019 |
Five Purchase Warrants [Member] | |
Number | 12,500 |
Exercise Price | $ / shares | $ 1.24 |
Expiry Date | May 31, 2019 |
Six Purchase Warrants [Member] | |
Number | 45,000 |
Exercise Price | $ / shares | $ 1 |
Expiry Date | Jul. 31, 2019 |
Purchase Warrants [Member] | |
Number | 1,828,059 |
Commitments (Details 2)
Commitments (Details 2) - 2015 Omnibus Incentive Plan [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding at beginning | 1,822,500 | 792,500 |
Forfeited | (67,500) | |
Granted | 60,750 | 1,097,500 |
Expired | (25,000) | |
Outstanding at ending | 1,858,250 | 1,822,500 |
Exercisable at ending | 890,399 | 825,002 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Outstanding at beginning | $ 2 | $ 2.82 |
Forfeited | 12 | |
Granted | $ 7.02 | 2.02 |
Expired | 14.68 | |
Outstanding at ending | 1.99 | 2 |
Exercisable at ending | 1.73 | 1.78 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighted Average Grant Date fair value [Abstract] | ||
Granted | $ 5.75 | $ 1.66 |
Commitments (Details 3)
Commitments (Details 3) - USD ($) | 6 Months Ended | |||
Mar. 31, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | ||
2015 Omnibus Incentive Plan [Member] | ||||
Total Number of Shares | 1,858,250 | 1,822,500 | 792,500 | |
Number of Vested Shares | 890,399 | |||
Exercise Price | $ 1.99 | $ 2 | $ 2.82 | |
Aggregate Intrinsic Value | $ 5,569,625 | |||
First Stock Option [Member] | ||||
Total Number of Shares | [1] | 500,000 | ||
Number of Vested Shares | 500,000 | |||
Exercise Price | $ 1.6 | |||
Expiry Date | Jul. 5, 2023 | |||
Aggregate Intrinsic Value | $ 1,650,000 | |||
Remaining Contractual Life (in years) | 7 years 3 months 4 days | |||
Second Stock Option [Member] | ||||
Total Number of Shares | [2] | 75,000 | ||
Number of Vested Shares | 25,000 | |||
Exercise Price | $ 1.2 | |||
Expiry Date | May 7, 2024 | |||
Aggregate Intrinsic Value | $ 277,500 | |||
Remaining Contractual Life (in years) | 8 years 1 month 6 days | |||
Third Stock Option [Member] | ||||
Total Number of Shares | [3] | 125,000 | ||
Number of Vested Shares | 31,250 | |||
Exercise Price | $ 1.32 | |||
Expiry Date | May 8, 2024 | |||
Aggregate Intrinsic Value | $ 447,500 | |||
Remaining Contractual Life (in years) | 8 years 1 month 6 days | |||
Four Stock Option [Member] | ||||
Total Number of Shares | [4] | 718,750 | ||
Number of Vested Shares | 239,585 | |||
Exercise Price | $ 0.92 | |||
Expiry Date | Apr. 2, 2025 | |||
Aggregate Intrinsic Value | $ 2,860,625 | |||
Remaining Contractual Life (in years) | 9 years | |||
Five Stock Option [Member] | ||||
Total Number of Shares | [5] | 50,000 | ||
Number of Vested Shares | 12,500 | |||
Exercise Price | $ 1.44 | |||
Expiry Date | Jun. 8, 2025 | |||
Aggregate Intrinsic Value | $ 173,000 | |||
Remaining Contractual Life (in years) | 9 years 2 months 8 days | |||
Six Stock Option [Member] | ||||
Total Number of Shares | [6] | 50,000 | ||
Number of Vested Shares | ||||
Exercise Price | $ 1.68 | |||
Expiry Date | Jun. 15, 2025 | |||
Aggregate Intrinsic Value | $ 161,000 | |||
Remaining Contractual Life (in years) | 9 years 2 months 16 days | |||
Seven Stock Option [Member] | ||||
Total Number of Shares | [7] | 278,750 | ||
Number of Vested Shares | 69,688 | |||
Exercise Price | $ 5.04 | |||
Expiry Date | Sep. 18, 2025 | |||
Aggregate Intrinsic Value | ||||
Remaining Contractual Life (in years) | 9 years 5 months 19 days | |||
Eight Stock Option [Member] | ||||
Total Number of Shares | [8] | 1,500 | ||
Number of Vested Shares | 1,500 | |||
Exercise Price | $ 5.64 | |||
Expiry Date | Sep. 30, 2025 | |||
Aggregate Intrinsic Value | ||||
Remaining Contractual Life (in years) | 9 years 6 months | |||
Nine Stock Option [Member] | ||||
Total Number of Shares | [9] | 31,250 | ||
Number of Vested Shares | 5,209 | |||
Exercise Price | $ 5.68 | |||
Expiry Date | Oct. 2, 2025 | |||
Aggregate Intrinsic Value | ||||
Remaining Contractual Life (in years) | 9 years 6 months 4 days | |||
Ten Stock Option [Member] | ||||
Total Number of Shares | [10] | 25,000 | ||
Number of Vested Shares | 4,167 | |||
Exercise Price | $ 8.98 | |||
Expiry Date | Oct. 16, 2025 | |||
Aggregate Intrinsic Value | ||||
Remaining Contractual Life (in years) | 9 years 6 months 14 days | |||
Eleven Stock Option [Member] | ||||
Total Number of Shares | [11] | 1,500 | ||
Number of Vested Shares | 1,500 | |||
Exercise Price | $ 5.57 | |||
Expiry Date | Dec. 31, 2025 | |||
Aggregate Intrinsic Value | ||||
Remaining Contractual Life (in years) | 9 years 9 months | |||
Twelve Stock Option [Member] | ||||
Total Number of Shares | [12] | 1,500 | ||
Number of Vested Shares | ||||
Exercise Price | $ 4.9 | |||
Expiry Date | Mar. 31, 2026 | |||
Aggregate Intrinsic Value | ||||
Remaining Contractual Life (in years) | 10 years | |||
[1] | As of March 31, 2016 and September 30, 2015 these options had fully vested. These options were granted during the year ended September 30, 2013 and vested immediately upon granting. The Company did not recognize any stock-based compensation during the six months ended March 31, 2016 (March 31, 2015: $0) in connection with these options. | |||
[2] | As of March 31, 2016 and September 30, 2015, 25,000 of these options had vested. These options were issued during the year ended September 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 $5,764 and $11,590 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $5,830 and $11,660, respectively) in connection with these options. These amounts have been included in general and administrative expenses on the Company's statement of operations. | |||
[3] | As of March 31, 2016 and September 30, 2015, 31,250 of these options had vested. These options were issued during the year ended September 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 $7,960 and $16,008 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $8,053 and $16,106, 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 March 31, 2016, 239,585 of these options had vested (September 30, 2015: 239,585 of these options had vested). These options were issued during the year ended September 30, 2015 and vest in three equal installments on April 2, 2015, April 2, 2016 and April 2, 2017. The Company recognized stock based compensation expense of $42,811 and $86,093 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $0 and $0, 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 March 31, 2016, 12,500 of these options had vested. These options were issued during the year ended September 30, 2015 and vest quarterly over a three-year period commencing on September 8, 2015. The Company recognized stock based compensation expense of $4,775 and $9,603 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $0 and $0, respectively) in connection with these options. These amounts have been included in general and administrative expenses on the Company's statement of operations. | |||
[6] | As of March 31, 2016 and September 30, 2015, none of these options had vested. These options were issued during the year ended September 30, 2015 and vest over a three-year period from the date of grant. The Company recognized stock based compensation expense of $5,573 and $11,207 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $0 and $0, respectively) in connection with these options. These amounts have been included in general and administrative expenses on the Company's statement of operations. | |||
[7] | As of March 31, 2016 and September 30, 2015, 69,688 of these options had vested. These options were issued during the year ended September 30, 2015 and vest over a three-year period from the date of grant. The Company recognized stock based compensation expense of $92,875 and $192,024 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $0 and $0, respectively) in connection with these options. These amounts have been included in general and administrative expenses on the Company's statement of operations. | |||
[8] | As of March 31, 2016, all of these options had vested. These options vested on December 31, 2015. The Company recognized stock based compensation expense of $0 and $6,800 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $0 and $0) in connection with these options. These amounts have been included in general and administrative expenses on the Company's statement of operations. | |||
[9] | As of March 31, 2016, 5,209 of these options had vested. These options were issued during the six months ended March 31, 2016 and vest in equal quarterly instalments over a three-year period from the date of grant. The Company recognized stock based compensation expense of $11,456 and $23,449 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $0 and $0, respectively) in connection with these options. These amounts have been included in general and administrative expenses on the Company's statement of operations. | |||
[10] | As of March 31, 2016, 4,167 of these options had vested. These options were issued during the six months ended March 31, 2016 and vest in equal quarterly instalments over a three-year period from the date of grant. The Company recognized stock based compensation expense of $27,906 and $27,906 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $0 and $0, respectively) in connection with these options. These amounts have been included in general and administrative expenses on the Company's statement of operations. | |||
[11] | As of March 31, 2016, all of these options had vested. These options were issued during the six months ended March 31, 2016 and vested on December 31, 2015. The Company recognized stock based compensation expense of $0 and $6,800 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $0 and $0) in connection with these options. These amounts have been included in general and administrative expenses on the Company's statement of operations. | |||
[12] | As of March 31, 2016, none of these options had vested. These options were issued during the six months ended March 31, 2016 and vest on December 31, 2016. The Company recognized stock based compensation expense of $0 and $0 during the three and six months ended March 31, 2016, respectively (March 31, 2015: $0 and $0) in connection with these options. These amounts have been included in general and administrative expenses on the Company's statement of operations. |
Commitments (Details 4)
Commitments (Details 4) | 6 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Risk-free interest rate | 1.68% | |
Expected life of options (years) | 6 years 9 months 3 days | |
Annualized volatility | 101.92% | |
Dividend rate | 0.00% |
Commitments (Details Narrative)
Commitments (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | |
Risk-free interest rate | 1.68% | |||||
Expected life (in years) | 6 years 9 months 3 days | |||||
Expected volatility | 101.92% | |||||
Dividend yields | 0.00% | |||||
Purchase Warrants [Member] | ||||||
Number of common shares called | 1,963,956 | 1,963,956 | ||||
Number of warrant exercised | 2,403,144 | 2,403,144 | ||||
Number of warrant exercisable | 1,828,059 | 1,828,059 | ||||
Expiration date | Jul. 5, 2018 | |||||
Description of cancellation policy | 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 Companys common stock exceeds $6.00 for a period of twenty consecutive trading days, subject to certain minimum volume restrictions and other restrictions as provided in the warrant agreements. | |||||
Purchase Warrants [Member] | Consultant [Member] | ||||||
Number of warrant exercised | 1.24 | 1.24 | ||||
Number of warrant issued | 57,500 | 57,500 | ||||
Risk-free interest rate | 1.21% | 1.21% | ||||
Expected life (in years) | 4 years 5 months 8 days | 4 years 5 months 8 days | ||||
Weighted average grant date fair value per warrant | $ 0.899 | $ 0.899 | ||||
Expected volatility | 108.43% | 108.43% | ||||
Dividend yields | 0.00% | 0.00% | ||||
Vesting period | 3 years | 4 years 6 months 29 days | 4 years 6 months 29 days | |||
Stock based compensation expense | $ 23,570 | $ 2,378 | $ 47,230 | $ 3,634 |
Commitments (Details Narrative
Commitments (Details Narrative 1) - 2015 Omnibus Incentive Plan [Member] - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2015 | |
Maximum number of common shares reserved for future issuance | 6,050,553 | 6,050,553 | |||
Expiration period | 10 years | ||||
First Stock Option [Member] | |||||
Stock based compensation expense | $ 0 | ||||
Second Stock Option [Member] | |||||
Vesting period | 3 years | ||||
Fair value of options | $ 25,000 | $ 25,000 | |||
Description of vesting period rights | Vest annually over a three-year period commencing on the first anniversary of the date of the grant. | ||||
Second Stock Option [Member] | General and Administrative Expense [Member] | |||||
Stock based compensation expense | $ 5,764 | $ 5,830 | $ 11,590 | 11,660 | |
Third Stock Option [Member] | |||||
Vesting period | 4 years | ||||
Fair value of options | $ 31,250 | 31,250 | |||
Stock based compensation expense | 7,960 | 8,053 | $ 16,008 | 16,106 | |
Description of vesting period rights | Vest annually over a four-year period commencing on the first anniversary of the date of the grant. | ||||
Four Stock Option [Member] | |||||
Vesting period | 3 years | ||||
Fair value of options | $ 239,585 | 239,585 | |||
Description of vesting period rights | Vest in three equal installments on April 2, 2015, April 2, 2016 and April 2, 2017. | ||||
Four Stock Option [Member] | General and Administrative Expense [Member] | |||||
Stock based compensation expense | 42,811 | 0 | $ 86,093 | 0 | |
Five Stock Option [Member] | |||||
Vesting period | 3 years | ||||
Fair value of options | $ 12,500 | ||||
Description of vesting period rights | Vest quarterly over a three year period commencing on September 8, 2015. | ||||
Five Stock Option [Member] | General and Administrative Expense [Member] | |||||
Stock based compensation expense | 4,775 | 0 | $ 9,603 | 0 | |
Six Stock Option [Member] | |||||
Vesting period | 3 years | ||||
Description of vesting period rights | Vest over a three-year period from the date of grant. | ||||
Six Stock Option [Member] | General and Administrative Expense [Member] | |||||
Stock based compensation expense | 5,573 | 0 | $ 11,207 | 0 | |
Seven Stock Option [Member] | |||||
Vesting period | 3 years | ||||
Fair value of options | $ 69,688 | $ 69,688 | |||
Description of vesting period rights | Vest over a three-year period from the date of grant. | ||||
Seven Stock Option [Member] | General and Administrative Expense [Member] | |||||
Stock based compensation expense | 92,875 | 0 | $ 192,024 | 0 | |
Eight Stock Option [Member] | General and Administrative Expense [Member] | |||||
Stock based compensation expense | 0 | 0 | $ 6,800 | 0 | |
Nine Stock Option [Member] | |||||
Vesting period | 3 years | ||||
Fair value of options | $ 5,209 | ||||
Description of vesting period rights | Vest in equal quarterly instalments over a three-year period from the date of grant. | ||||
Nine Stock Option [Member] | General and Administrative Expense [Member] | |||||
Stock based compensation expense | 11,456 | 0 | $ 23,449 | 0 | |
Ten Stock Option [Member] | |||||
Vesting period | 3 years | ||||
Fair value of options | $ 4,167 | ||||
Description of vesting period rights | Vest in equal quarterly instalments over a three-year period from the date of grant. | ||||
Ten Stock Option [Member] | General and Administrative Expense [Member] | |||||
Stock based compensation expense | 27,906 | 0 | $ 27,906 | 0 | |
Eleven Stock Option [Member] | General and Administrative Expense [Member] | |||||
Stock based compensation expense | 0 | 0 | 6,800 | 0 | |
Twelve Stock Option [Member] | General and Administrative Expense [Member] | |||||
Stock based compensation expense | $ 0 | $ 0 | $ 0 | $ 0 |
Supplemental Cash Flow Inform41
Supplemental Cash Flow Information (Details Narrative) | 6 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($)N$ / sharesshares | Mar. 31, 2015USD ($)N$ / shares | Sep. 30, 2015shares | |
Supplemental Cash Flow Elements [Abstract] | |||
Capital stock issued pursuant to debt conversions (in shares) | N | 1,161 | 3,918,478 | |
Debt beneficial conversion feature | $ 1,161 | ||
Conversion price (in dollars per share) | $ / shares | $ 1 | $ 1 | |
Number of shares for incorrect conversion price | shares | 167,415 | 167,415 | |
Reclassification of derivative liability | $ 3,931,000 |