Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jun. 30, 2016 | Aug. 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 | Jun. 30, 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 | Q3 | |
Document Fiscal Year Focus | 2,016 |
INTERIM CONDENSED CONSOLIDATED
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Jun. 30, 2016 | Sep. 30, 2015 |
Current | ||
Cash | $ 9,727,040 | $ 15,290,976 |
Sales Tax Recoverable | 47,953 | 76,840 |
Prepaid expenses and deposits | 68,474 | 100,845 |
Current Assets | 9,843,467 | 15,468,661 |
Equipment | 506 | 1,252 |
Total Assets | 9,843,973 | 15,469,913 |
Current | ||
Accounts payable and accrued liabilities | 2,057,531 | 2,503,726 |
Deferred grant income | 27,124 | 71,614 |
Promissory notes payable | 87,887 | 85,238 |
Current Liabilities | 2,172,542 | 2,660,578 |
Senior Convertible Debentures | 345 | 332 |
Total Liabilities | 2,172,887 | 2,660,910 |
STOCKHOLDERS' EQUITY | ||
Capital stock Authorized: 100,000,000 common shares, par value $0.001 per share Issued and outstanding: 35,710,862 common shares (September 30, 2015 - 32,044,213) | 35,712 | 32,044 |
Additional paid-in capital | 79,142,495 | 74,060,999 |
Common stock to be issued | 1,997,415 | |
Accumulated deficit | (71,507,121) | (63,281,455) |
Stockholders' Equity | 7,671,086 | 12,809,003 |
Total Liabilities and Stockholder's Equity | $ 9,843,973 | $ 15,469,913 |
INTERIM CONDENSED CONSOLIDATED3
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 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 | 35,710,862 | 32,044,213 |
Common stock, outstanding | 35,710,862 | 32,044,213 |
INTERIM CONDENSED CONSOLIDATED4
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Operating expenses | ||||
General and administrative | $ 1,376,362 | $ 713,498 | $ 6,090,835 | $ 1,616,744 |
Research and development | 917,303 | 799,462 | 2,915,432 | 1,525,233 |
Total operating expenses | (2,293,665) | (1,512,960) | (9,006,267) | (3,141,977) |
Other income (expenses) | ||||
Grant income | 47,767 | 684,794 | ||
Interest income (expense), net | 2,626 | 1,254 | 6,832 | (73,527) |
Gain on settlement of accounts payable | 151,402 | |||
Financing related charges and adjustments | (8) | (2,716,640) | (1,175) | (3,591,346) |
Foreign exchange (loss) gain | 8,924 | (11,898) | (37,637) | 55,029 |
Total other income (expenses), net | 59,309 | (2,727,284) | 804,216 | (3,609,844) |
Net loss before provision for income taxes | (2,234,356) | (4,240,244) | (8,202,051) | (6,751,821) |
Income tax expense | (6,000) | (23,615) | ||
Net loss and comprehensive loss for the period | $ (2,240,356) | $ (4,240,244) | $ (8,225,666) | $ (6,751,821) |
Loss per share | ||||
Basic (in dollars per share) | $ (0.06) | $ (0.22) | $ (0.24) | $ (0.44) |
Diluted (in dollars per share) | $ (0.06) | $ (0.22) | $ (0.24) | $ (0.44) |
Weighted average number of shares outstanding | ||||
Basic (in shares) | 35,709,686 | 19,095,055 | 34,961,838 | 15,438,000 |
Diluted (in shares) | 35,709,686 | 19,095,055 | 34,961,838 | 15,438,000 |
INTERIM CONDENSED CONSOLIDATED5
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash Flows used in Operating Activities | ||
Net loss for the period | $ (8,225,666) | $ (6,751,821) |
Adjustments to reconcile net loss to net cash used in operations: | ||
Amortization and depreciation | 746 | 746 |
Accretion of debt discount | 1,175 | 3,109,188 |
Stock-based compensation | 1,276,967 | 265,457 |
Non-cash financing related charges | 29,000 | |
Change in fair value of derivative financial instruments | 567,000 | |
Gain on extinguishment of debt | (84,842) | |
Gain on settlement of accounts payable | (151,402) | |
Unrealized foreign exchange | 2,649 | (11,405) |
Changes in non-cash working capital balances related to operations: | ||
Sales tax recoverable | 28,887 | |
Prepaid expenses and deposits | 32,371 | 17,099 |
Accounts payable and accrued liabilities | (294,793) | 65,931 |
Deferred grant income | (44,490) | |
Net cash used in operating activities | (7,373,556) | (2,793,647) |
Cash Flows provided by Financing Activities | ||
Issuance of common shares, net of share issue costs | 1,809,620 | 3,580,984 |
Repayment of promissory note | (88,144) | |
Net cash provided by financing activities | 1,809,620 | 3,492,840 |
(Decrease) increase in cash during the period | (5,563,936) | 699,193 |
Cash, beginning of period | 15,290,976 | 7,262,138 |
Cash, end of period | $ 9,727,040 | $ 7,961,331 |
INTERIM CONDENSED CONSOLIDATED6
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - 9 months ended Jun. 30, 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 | $ 42 | 125,018 | 125,060 | ||
Shares issued pursuant to the exercise of warrants (in shares) | 41,687 | ||||
Shares issued pursuant to the exercise of warrants - cashless | $ 1,979 | (1,979) | |||
Shares issued pursuant to the exercise of warrants - cashless (in shares) | 1,979,246 | ||||
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 | 666,967 | 666,967 | |||
Net loss for the period | (8,225,666) | (8,225,666) | |||
Balance Ending at Jun. 30, 2016 | $ 35,712 | $ 79,142,495 | $ (71,507,121) | $ 7,671,086 | |
Balance Ending (in shares) at Jun. 30, 2016 | 35,710,862 | 35,710,862 |
INTERIM CONDENSED CONSOLIDATED7
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) | 9 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Statement of Stockholders' Equity [Abstract] | |
Debt conversions, share price (in dollars per share) | $ / shares | $ 1 |
Shares issued for rounding, reverse stock split | shares | 4 |
Business Description and Basis
Business Description and Basis of Presentation | 9 Months Ended |
Jun. 30, 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 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 nine months ended June 30, 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 June 30, 2016, loss per share excludes 3,725,541 (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 | 9 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Note 2 Recent Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted In June 2014, the Financial Accounting Standards Board (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. This standard is effective for the Company beginning on October 1, 2016. The adoption of this standard is not expected to have a material impact for any period presented. 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 FASB, issued the Accounting Standards Update 2015-03, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs In November 2015, FASB issued Accounting Standards Update No. 2015-17 Income Taxes: Balance Sheet Classification of Deferred Taxes In February 2016, the FASB issued Accounting Standards Update No. 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. |
Promissory Notes Payable
Promissory Notes Payable | 9 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Promissory Notes Payable | Note 3 Promissory Notes Payable June 30, 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 $ 66,638 $ 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 21,249 20,608 $ 87,887 $ 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 June 30, 2016 or September 30, 2015, as the Company does not consider these amounts to be legally enforceable. |
Deferred Grant Income
Deferred Grant Income | 9 Months Ended |
Jun. 30, 2016 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Grant Income | Note 4 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 has received $143,228, and the remainder will be received in equal semi-annual installments 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 nine months ended June 30, 2016, the Company recognized $47,767 and $113,701, respectively (2015: $0 and $0, respectively) of this grant on its statement of operations. During the nine months ended June 30, 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 | 9 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Senior Convertible Debentures | Note 5 Senior Convertible Debentures June 30, 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 (4,637 ) (5,812 ) Total carrying value 345 332 Less: current portion - - Long term liability $ 345 $ 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 June 30, 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 nine months ended June 30, 2016, the Company recorded $8 and $1,175, respectively (2015: $2,615,737 and $3,109,188, respectively) in respect of the amortization of this discount. During the nine months ended June 30, 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 | 9 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Capital Stock | Note 6 Capital Stock Authorized 100,000,000 shares of common stock. Equity Transactions During the nine months ended June 30, 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 nine months ended June 30, 2016, the Company issued 1,000,000 shares of common stock to a director and officer of the Company pursuant to the terms of a 2013 employment agreement with that director and officer. |
Lincoln Park Purchase Agreement
Lincoln Park Purchase Agreement | 9 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Lincoln Park Purchase Agreement | Note 7 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. During the nine months ended June 30, 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 set forth in the 2015 Purchase Agreement, 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 nine months ended June 30, 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 | 9 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 8 Related Party Transactions As at June 30, 2016, included in accounts payable and accrued liabilities was $31,000 (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 | 9 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Note 9 Commitments a) Share Purchase Warrants A summary of the Companys share purchase warrants outstanding is presented below: Number of Shares Weighted 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 (2,463,581 ) $ 1.67 Balance, June 30, 2016 1,809,309 $ 2.70 During the nine months ended June 30, 2016, the Company issued 1,979,246 shares of common stock pursuant to the exercise of 2,421,894 share purchase warrants on a cashless basis. At June 30, 2016, the Company has 1,809,309 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 26,250 $ 1.00 May 31, 2019 1,809,309 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 nine months ended June 30, 2016, the Company recorded $25,924 and $70,391, respectively (June 30, 2015: $11,283 and $17,167, respectively), in connection with these warrants granted. b) 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 nine months ended June 30, 2016 and for the year ended September 30, 2015 is presented below: Number Weighted Weighted Average 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 113,750 $ 5.68 $ 4.72 Expired (25,000 ) $ 14.68 Outstanding at June 30, 2016 1,911,250 $ 2.05 Exercisable at June 30, 2016 1,244,817 $ 1.66 Exercisable at September 30, 2015 825,002 $ 1.78 At June 30, 2016, the following stock options were outstanding: Number of Shares Aggregate Remaining Number Exercise Intrinsic Contractual Total Vested Price Expiry Date Value Life (yrs) 500,000 500,000 $ 1.60 July 5, 2023 2,255,000 7.01 75,000 50,000 $ 1.20 May 7, 2024 368,250 7.85 125,000 62,500 $ 1.32 May 8, 2024 598,750 7.85 718,750 479,170 $ 0.92 April 2, 2025 3,730,313 8.76 50,000 16,667 $ 1.44 June 8, 2025 233,500 8.94 50,000 16,667 $ 1.68 June 15, 2025 217,500 8.96 278,750 92,917 $ 5.04 September 18, 2025 298,263 9.22 1,500 1,500 $ 5.64 September 30, 2025 705 9.25 31,250 7,813 $ 5.68 October 2, 2025 13,438 9.26 25,000 6,250 $ 8.98 October 16, 2025 - 9.30 1,500 1,500 $ 5.57 December 31, 2025 810 9.50 1,500 - $ 4.90 March 31, 2026 1,815 9.75 1,500 1,500 $ 5.66 April 27, 2026 2,160 9.82 50,000 8,333 $ 4.09 May 18, 2026 101,000 9.88 1,500 - $ 6.11 June 30, 2026 - 10.00 1,911,250 1,244,817 $ 7,821,503 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 June 30, 2016. The Company recognized stock based compensation expense of $230,239 and $596,576 during the three and nine months ended June 30, 2016, respectively (June 30, 2015: $228,486 and $255,951, respectively) in connection with the issuance and vesting of stock options in exchange for services. These amounts have been included in general and administrative expenses on the Companys statement of operations. An amount of $1,689,865 in stock based compensation is expected to be recorded over the remaining term of such options. 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: June 30, 2016 2015 Risk-free interest rate 1.67 % 1.53 % Expected life of options (years) 6.63 6.03 Annualized volatility 105.21 % 97.86 % Dividend rate 0.00 % 0.00 % |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 9 Months Ended |
Jun. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Note 10 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, 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 nine months ended June 30, 2015; i) the Company issued 5,808,057 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 $4,482,000 into equity upon modification of the terms of certain derivative instruments. These transactions have been excluded from the statement of cash flows. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11 Subsequent Events i) Subsequent to June 30, 2016, the Company granted options to purchase 379,625 shares of the Companys common stock, at an exercise price of $6.26, and options to purchase 861,429 shares of the Companys common stock at an exercise price of $7.06, pursuant to an Amendment to an Employment Agreement with a director and officer of the Company. All of the options granted will vest quarterly over a three-year period. ii) Subsequent to June 30, 2016, the Securities and Exchange Commission (SEC) staff advised the Companys legal counsel that the staff did not intend to recommend enforcement action by the Commission against the Company in connection with the investigation previously described in the Companys 2015 Annual Report on Form 10-K |
Recent Accounting Pronounceme19
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In June 2014, the Financial Accounting Standards Board (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. This standard is effective for the Company beginning on October 1, 2016. The adoption of this standard is not expected to have a material impact for any period presented. 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 FASB, issued the Accounting Standards Update 2015-03, Interest - Imputation of Interest (Subtopic 835-30) - Simplifying the Presentation of Debt Issuance Costs In November 2015, FASB issued Accounting Standards Update No. 2015-17 Income Taxes: Balance Sheet Classification of Deferred Taxes In February 2016, the FASB issued Accounting Standards Update No. 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. |
Promissory Notes Payable (Table
Promissory Notes Payable (Tables) | 9 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of promissory notes payable | June 30, 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 $ 66,638 $ 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 21,249 20,608 $ 87,887 $ 85,238 |
Senior Convertible Debentures (
Senior Convertible Debentures (Tables) | 9 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of senior convertible debentures | June 30, 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 (4,637 ) (5,812 ) Total carrying value 345 332 Less: current portion - - Long term liability $ 345 $ 332 |
Commitments (Tables)
Commitments (Tables) | 9 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of purchase warrants outstanding | A summary of the Companys share purchase warrants outstanding is presented below: Number of Shares Weighted 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 (2,463,581 ) $ 1.67 Balance, June 30, 2016 1,809,309 $ 2.70 |
Schedule of exercisable share purchase warrants outstanding | At June 30, 2016, the Company has 1,809,309 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 26,250 $ 1.00 May 31, 2019 1,809,309 |
Schedule of outstanding stock purchase options | A summary of the status of Companys outstanding stock purchase options for the nine months ended June 30, 2016 and for the year ended September 30, 2015 is presented below: Number Weighted Weighted Average 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 113,750 $ 5.68 $ 4.72 Expired (25,000 ) $ 14.68 Outstanding at June 30, 2016 1,911,250 $ 2.05 Exercisable at June 30, 2016 1,244,817 $ 1.66 Exercisable at September 30, 2015 825,002 $ 1.78 |
Schedule of stock options outstanding | At June 30, 2016, the following stock options were outstanding: Number of Shares Aggregate Remaining Number Exercise Intrinsic Contractual Total Vested Price Expiry Date Value Life (yrs) 500,000 500,000 $ 1.60 July 5, 2023 2,255,000 7.01 75,000 50,000 $ 1.20 May 7, 2024 368,250 7.85 125,000 62,500 $ 1.32 May 8, 2024 598,750 7.85 718,750 479,170 $ 0.92 April 2, 2025 3,730,313 8.76 50,000 16,667 $ 1.44 June 8, 2025 233,500 8.94 50,000 16,667 $ 1.68 June 15, 2025 217,500 8.96 278,750 92,917 $ 5.04 September 18, 2025 298,263 9.22 1,500 1,500 $ 5.64 September 30, 2025 705 9.25 31,250 7,813 $ 5.68 October 2, 2025 13,438 9.26 25,000 6,250 $ 8.98 October 16, 2025 - 9.30 1,500 1,500 $ 5.57 December 31, 2025 810 9.50 1,500 - $ 4.90 March 31, 2026 1,815 9.75 1,500 1,500 $ 5.66 April 27, 2026 2,160 9.82 50,000 8,333 $ 4.09 May 18, 2026 101,000 9.88 1,500 - $ 6.11 June 30, 2026 - 10.00 1,911,250 1,244,817 $ 7,821,503 |
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: June 30, 2016 2015 Risk-free interest rate 1.67 % 1.53 % Expected life of options (years) 6.63 6.03 Annualized volatility 105.21 % 97.86 % Dividend rate 0.00 % 0.00 % |
Business Description and Basi23
Business Description and Basis of Presentation (Details Narrative) - $ / shares | Oct. 07, 2015 | Jun. 30, 2016 | Sep. 30, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Reverse stock split | 1:4 | ||
Common stock, 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 | 3,725,541 | 6,101,534 |
Promissory Notes Payable (Detai
Promissory Notes Payable (Details) | 9 Months Ended | |||
Jun. 30, 2016USD ($) | Jun. 30, 2016CAD | Sep. 30, 2015USD ($) | Jan. 09, 2013CAD | |
Short-term Debt [Line Items] | ||||
Total promissory notes payable | $ 87,887 | $ 85,238 | ||
12% Promissory Note One [Member] | ||||
Short-term Debt [Line Items] | ||||
Total promissory notes payable | $ 66,638 | 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 One [Member] | Canada, Dollars | ||||
Short-term Debt [Line Items] | ||||
Principal balance | CAD | CAD 86,677 | CAD 86,677 | ||
12% Promissory Note Two [Member] | ||||
Short-term Debt [Line Items] | ||||
Total promissory notes payable | $ 21,249 | $ 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 Two [Member] | Canada, Dollars | ||||
Short-term Debt [Line Items] | ||||
Principal balance | CAD | CAD 27,639 | CAD 27,639 |
Promissory Notes Payable (Det25
Promissory Notes Payable (Details Narrative) | Jan. 09, 2013USD ($) | Jun. 30, 2016CAD | Jan. 09, 2013CAD |
12% Promissory Note One [Member] | |||
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 | ||
12% Promissory Note One [Member] | Canada, Dollars | |||
Short-term Debt [Line Items] | |||
Principal balance | CAD | CAD 86,677 | CAD 86,677 | |
12% Promissory Note Two [Member] | |||
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 | ||
12% Promissory Note Two [Member] | Canada, Dollars | |||
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 | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Sep. 30, 2015 | |
Deferred Revenue Disclosure [Abstract] | |||||
Awarded grant funding amount | $ 286,455 | ||||
Deferred grant income | $ 27,124 | $ 27,124 | $ 71,614 | ||
Other grant income | 571,093 | ||||
Grant income | $ 47,767 | $ 684,794 |
Senior Convertible Debentures27
Senior Convertible Debentures (Details) - Securities Purchase Agreement [Member] - Senior Convertible Debentures Due March 18, 2044 [Member] - Purchasers [Member] - USD ($) | Jun. 30, 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 | (4,637) | (5,812) | |
Total carrying value | 345 | 332 | |
Less: current portion | |||
Long term liability | $ 345 | $ 332 |
Senior Convertible Debentures28
Senior Convertible Debentures (Details Narrative) | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2016USD ($)$ / shares | Jun. 30, 2015USD ($)$ / shares | Jun. 30, 2016USD ($)N$ / shares | Jun. 30, 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 | 5,808,057 | ||||
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 | $ 8 | $ 2,615,737 | $ 1,175 | $ 3,109,188 | ||
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 | 9 Months Ended | 12 Months Ended | |
Jun. 30, 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 Agreeme30
Lincoln Park Purchase Agreement (Details Narrative) - Lincoln Park Capital Fund, LLC [Member] - USD ($) | Oct. 21, 2015 | Jul. 05, 2013 | Jun. 30, 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 set forth in the 2015 Purchase Agreement, 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 $2,000,000. The purchase price of shares of common stock related to the future funding will be based on the then prevailing market prices of such shares at the time of sales as described in the 2015 Purchase Agreement. | ||
Number of shares issued | 179,598 | ||
Pro rata basic number of shares obligated to purchase | 89,799 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Jun. 30, 2016 | Sep. 30, 2015 |
Directors and Officers [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts payable and accrued liabilities | $ 31,000 | $ 33,000 |
Commitments (Details)
Commitments (Details) - Purchase Warrants [Member] - $ / shares | 9 Months Ended | 12 Months Ended |
Jun. 30, 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 | (2,463,581) | (15,468,520) |
Issued | 1,075,000 | |
Balance, at end | 1,809,309 | 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 | 1.67 | 1.43 |
Issued | 0.76 | |
Balance, at end | $ 2.70 | $ 2.11 |
Commitments (Details 1)
Commitments (Details 1) | 9 Months Ended |
Jun. 30, 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 | 26,250 |
Exercise Price | $ / shares | $ 1 |
Expiry Date | May 31, 2019 |
Purchase Warrants [Member] | |
Number | 1,809,309 |
Commitments (Details 2)
Commitments (Details 2) - 2015 Omnibus Incentive Plan [Member] - $ / shares | 9 Months Ended | 12 Months Ended |
Jun. 30, 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 | 113,750 | 1,097,500 |
Expired | (25,000) | |
Outstanding at ending | 1,911,250 | 1,822,500 |
Exercisable at ending | 1,244,817 | 825,002 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||
Outstanding at beginning | $ 2 | $ 2.82 |
Forfeited | 12 | |
Granted | 5.68 | 2.02 |
Expired | 14.68 | |
Outstanding at ending | 2.05 | 2 |
Exercisable at ending | 1.66 | 1.78 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighted Average Grant Date fair value [Roll Forward] | ||
Granted | $ 4.72 | $ 1.66 |
Commitments (Details 3)
Commitments (Details 3) - USD ($) | 9 Months Ended | ||
Jun. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
2015 Omnibus Incentive Plan [Member] | |||
Total Number of Shares | 1,911,250 | 1,822,500 | 792,500 |
Number of Vested Shares | 1,244,817 | ||
Exercise Price | $ 2.05 | $ 2 | $ 2.82 |
Aggregate Intrinsic Value | $ 7,821,503 | ||
First Stock Option [Member] | |||
Total Number of Shares | 500,000 | ||
Number of Vested Shares | 500,000 | ||
Exercise Price | $ 1.6 | ||
Expiry Date | Jul. 5, 2023 | ||
Aggregate Intrinsic Value | $ 2,255,000 | ||
Remaining Contractual Life (in years) | 7 years 4 days | ||
Second Stock Option [Member] | |||
Total Number of Shares | 75,000 | ||
Number of Vested Shares | 50,000 | ||
Exercise Price | $ 1.2 | ||
Expiry Date | May 7, 2024 | ||
Aggregate Intrinsic Value | $ 368,250 | ||
Remaining Contractual Life (in years) | 7 years 10 months 6 days | ||
Third Stock Option [Member] | |||
Total Number of Shares | 125,000 | ||
Number of Vested Shares | 62,500 | ||
Exercise Price | $ 1.32 | ||
Expiry Date | May 8, 2024 | ||
Aggregate Intrinsic Value | $ 598,750 | ||
Remaining Contractual Life (in years) | 7 years 10 months 6 days | ||
Four Stock Option [Member] | |||
Total Number of Shares | 718,750 | ||
Number of Vested Shares | 479,170 | ||
Exercise Price | $ 0.92 | ||
Expiry Date | Apr. 2, 2025 | ||
Aggregate Intrinsic Value | $ 3,730,313 | ||
Remaining Contractual Life (in years) | 8 years 9 months 4 days | ||
Five Stock Option [Member] | |||
Total Number of Shares | 50,000 | ||
Number of Vested Shares | 16,667 | ||
Exercise Price | $ 1.44 | ||
Expiry Date | Jun. 8, 2025 | ||
Aggregate Intrinsic Value | $ 233,500 | ||
Remaining Contractual Life (in years) | 8 years 11 months 8 days | ||
Six Stock Option [Member] | |||
Total Number of Shares | 50,000 | ||
Number of Vested Shares | 16,667 | ||
Exercise Price | $ 1.68 | ||
Expiry Date | Jun. 15, 2025 | ||
Aggregate Intrinsic Value | $ 217,500 | ||
Remaining Contractual Life (in years) | 8 years 11 months 16 days | ||
Seven Stock Option [Member] | |||
Total Number of Shares | 278,750 | ||
Number of Vested Shares | 92,917 | ||
Exercise Price | $ 5.04 | ||
Expiry Date | Sep. 18, 2025 | ||
Aggregate Intrinsic Value | $ 298,263 | ||
Remaining Contractual Life (in years) | 9 years 2 months 19 days | ||
Eight Stock Option [Member] | |||
Total Number of Shares | 1,500 | ||
Number of Vested Shares | 1,500 | ||
Exercise Price | $ 5.64 | ||
Expiry Date | Sep. 30, 2025 | ||
Aggregate Intrinsic Value | $ 705 | ||
Remaining Contractual Life (in years) | 9 years 3 months | ||
Nine Stock Option [Member] | |||
Total Number of Shares | 31,250 | ||
Number of Vested Shares | 7,813 | ||
Exercise Price | $ 5.68 | ||
Expiry Date | Oct. 2, 2025 | ||
Aggregate Intrinsic Value | $ 13,438 | ||
Remaining Contractual Life (in years) | 9 years 3 months 4 days | ||
Ten Stock Option [Member] | |||
Total Number of Shares | 25,000 | ||
Number of Vested Shares | 6,250 | ||
Exercise Price | $ 8.98 | ||
Expiry Date | Oct. 16, 2025 | ||
Aggregate Intrinsic Value | |||
Remaining Contractual Life (in years) | 9 years 3 months 18 days | ||
Eleven Stock Option [Member] | |||
Total Number of Shares | 1,500 | ||
Number of Vested Shares | 1,500 | ||
Exercise Price | $ 5.57 | ||
Expiry Date | Dec. 31, 2025 | ||
Aggregate Intrinsic Value | $ 810 | ||
Remaining Contractual Life (in years) | 9 years 6 months | ||
Twelve Stock Option [Member] | |||
Total Number of Shares | 1,500 | ||
Number of Vested Shares | |||
Exercise Price | $ 4.9 | ||
Expiry Date | Mar. 31, 2026 | ||
Aggregate Intrinsic Value | $ 1,815 | ||
Remaining Contractual Life (in years) | 9 years 9 months | ||
Thirteen Stock Option [Member] | |||
Total Number of Shares | 1,500 | ||
Number of Vested Shares | 1,500 | ||
Exercise Price | $ 5.66 | ||
Expiry Date | Apr. 27, 2026 | ||
Aggregate Intrinsic Value | $ 2,160 | ||
Remaining Contractual Life (in years) | 9 years 9 months 25 days | ||
Fourteen Stock Option [Member] | |||
Total Number of Shares | 50,000 | ||
Number of Vested Shares | 8,333 | ||
Exercise Price | $ 4.09 | ||
Expiry Date | May 18, 2026 | ||
Aggregate Intrinsic Value | $ 101,000 | ||
Remaining Contractual Life (in years) | 9 years 10 months 17 days | ||
Fifteen Stock Option [Member] | |||
Total Number of Shares | 1,500 | ||
Number of Vested Shares | |||
Exercise Price | $ 6.11 | ||
Expiry Date | Jun. 30, 2026 | ||
Aggregate Intrinsic Value | |||
Remaining Contractual Life (in years) | 10 years |
Commitments (Details 4)
Commitments (Details 4) | 9 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Risk-free interest rate | 1.67% | 1.53% |
Expected life of options (years) | 6 years 7 months 17 days | 6 years 3 months 18 days |
Annualized volatility | 105.21% | 97.86% |
Dividend rate | 0.00% | 0.00% |
Commitments (Details Narrative)
Commitments (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | |
Risk-free interest rate | 1.67% | 1.53% | ||||
Expected life (in years) | 6 years 7 months 17 days | 6 years 3 months 18 days | ||||
Expected volatility | 105.21% | 97.86% | ||||
Dividend yields | 0.00% | 0.00% | ||||
Purchase Warrants [Member] | ||||||
Number of common shares called | 1,979,246 | 1,979,246 | ||||
Number of warrant exercised | 2,421,894 | 2,421,894 | ||||
Number of warrant exercisable | 1,809,309 | 1,809,309 | ||||
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 (in dollars per share) | $ 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 | $ 25,924 | $ 11,283 | $ 70,391 | $ 17,167 |
Commitments (Details Narrative
Commitments (Details Narrative 1) - 2015 Omnibus Incentive Plan [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Maximum number of common shares reserved for future issuance | 6,050,553 | 6,050,553 | ||
Expiration period | 10 years | |||
Stock based compensation expense | $ 1,689,865 | |||
Second Stock Option [Member] | General and Administrative Expense [Member] | ||||
Stock based compensation expense | $ 230,239 | $ 228,486 | $ 596,576 | $ 255,951 |
Supplemental Cash Flow Inform39
Supplemental Cash Flow Information (Details Narrative) | 9 Months Ended | 12 Months Ended | |
Jun. 30, 2016USD ($)N$ / sharesshares | Jun. 30, 2015USD ($)N$ / shares | Sep. 30, 2015shares | |
Supplemental Cash Flow Elements [Abstract] | |||
Capital stock issued pursuant to debt conversions (in shares) | N | 1,161 | 5,808,057 | |
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 | $ 4,482,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] - Employment Agreement [Member] | 9 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Vesting term (in years) | 3 years |
Director [Member] | |
Number of options granted for purchase | shares | 379,625 |
Exercise price (in dollars per share) | $ / shares | $ 6.26 |
Officer [Member] | |
Number of options granted for purchase | shares | 861,429 |
Exercise price (in dollars per share) | $ / shares | $ 7.06 |