Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Sep. 30, 2016 | Nov. 10, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Bionik Laboratories Corp. | |
Entity Central Index Key | 1,508,381 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | BNKL | |
Entity Common Stock, Shares Outstanding | 46,362,541 |
Condensed Consolidated Interim
Condensed Consolidated Interim Balance Sheets - USD ($) | Sep. 30, 2016 | Mar. 31, 2016 |
Current | ||
Cash and cash equivalents | $ 1,677,310 | $ 5,381,757 |
Accounts receivable | 93,892 | 0 |
Prepaid expenses and other receivables (Note 4) | 157,142 | 231,733 |
Inventories (Note 5) | 294,027 | 0 |
Due from related parties (Note 8(a)) | 41,508 | 41,445 |
Short term advances | 0 | 125,153 |
Loan receivable | 0 | 379,908 |
Total Current Assets | 2,263,879 | 6,159,996 |
Equipment (Note 6) | 195,994 | 76,750 |
Intangible assets and goodwill (Note 3) | 27,888,979 | 0 |
Total Assets | 30,348,852 | 6,236,746 |
Current | ||
Accounts payable (Notes 8(b) and 13) | 419,862 | 320,871 |
Accrued liabilities (Note 8(b)) | 806,901 | 515,979 |
Current portion of lease payable (Note 6) | 4,603 | 0 |
Promissory notes payable (Note 7) | 226,740 | 0 |
Customer deposits | 128,287 | 0 |
Deferred revenue | 108,482 | 0 |
Warrant derivative liability (Note 11) | 3,353,381 | 5,135,990 |
Total Current Liabilities | 5,048,256 | 5,972,840 |
Demand notes payable (Note 7) | 325,993 | 0 |
Lease payable (Note 6) | 16,881 | 0 |
Total Liabilities | 5,391,130 | 5,972,840 |
Shareholders' Equity | ||
Preferred Stock | 0 | 0 |
Common Stock, par value $0.001; Authorized - 150,000,000 (March 31, 2016 - 150,000,000); Issued and outstanding - 46,362,542 and 50,000,000 Exchangeable Shares (March 31, 2016 - 22,591,292 and 50,000,000 Exchangeable Shares) (Note 9) | 96,362 | 72,591 |
Additional paid in capital | 38,064,417 | 11,801,146 |
Deficit | (13,245,206) | (11,651,980) |
Accumulated other comprehensive income | 42,149 | 42,149 |
Total Shareholders' Equity | 24,957,722 | 263,906 |
Total Liabilities and Shareholders' Equity | 30,348,852 | 6,236,746 |
Special Voting Preferred Stock [Member] | ||
Shareholders' Equity | ||
Preferred Stock | $ 0 | $ 0 |
Condensed Consolidated Interim3
Condensed Consolidated Interim Balance Sheets [Parenthetical] - $ / shares | Sep. 30, 2016 | Mar. 31, 2016 |
Preferred Stock, Par Value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 9,999,999 | 9,999,999 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 |
Common Stock, Shares, Issued | 46,362,542 | 22,591,292 |
Common Stock, Shares, Outstanding | 46,362,542 | 22,591,292 |
Common Stock, Other Shares, Outstanding | 50,000,000 | 50,000,000 |
Special Voting Preferred Stock [Member] | ||
Preferred Stock, Par Value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 1 | 1 |
Preferred Stock, Shares Issued | 1 | 1 |
Preferred Stock, Shares Outstanding | 1 | 1 |
Condensed Consolidated Interim4
Condensed Consolidated Interim Statements of Operations and Comprehensive Income (Loss) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Sales | $ 18,283 | $ 0 | $ 182,474 | $ 0 |
Cost of Sales | 12,019 | 0 | 70,894 | 0 |
Gross Margin | 6,264 | 0 | 111,580 | 0 |
Operating expenses | ||||
Sales and marketing | 187,265 | 0 | 269,463 | 0 |
Research and development | 813,773 | 768,301 | 1,231,563 | 1,378,123 |
General and administrative | 577,853 | 372,342 | 1,881,467 | 874,443 |
Share-based compensation expense (Notes 9(v) and 10) | 204,842 | 26,724 | 424,090 | 1,324,282 |
Depreciation (Note 6) | 23,590 | 15,478 | 33,753 | 32,480 |
Total operating expenses | 1,807,323 | 1,182,845 | 3,840,336 | 3,609,328 |
Other expenses (income) | ||||
Interest expense (Note 7) | (5,203) | 0 | 10,031 | 0 |
Other income | (395,296) | (5,533) | (406,514) | (23,012) |
Change in fair value of warrant derivative liability (Note 11) | (2,130,106) | (3,496,070) | (1,739,047) | (4,413,819) |
Total other expenses (income) | (2,530,605) | (3,501,603) | (2,135,530) | (4,436,831) |
Net income (loss) and comprehensive income (loss) for the period | $ 729,546 | $ 2,318,758 | $ (1,593,226) | $ 827,503 |
Income (loss) per share - basic | $ 0.01 | $ 0.03 | $ (0.02) | $ 0.01 |
Income (loss) per share - diluted | $ 0.01 | $ 0.02 | $ (0.02) | $ 0.01 |
Weighted average number of shares outstanding - basic | 85,924,462 | 72,408,313 | 87,232,426 | 61,491,674 |
Weighted average number of shares outstanding - diluted | 89,789,461 | 76,270,355 | 87,232,426 | 70,064,316 |
Condensed Consolidated Interim5
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity (Deficiency) - USD ($) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Deficit [Member] | Accumulated Other Comprehensive Income [Member] |
Opening Balance at Mar. 31, 2015 | $ (2,498,745) | $ 0 | $ 65,840 | $ 10,081,394 | $ (12,688,128) | $ 42,149 |
Opening Balance (in shares) at Mar. 31, 2015 | 1 | 65,839,563 | ||||
Shares issued on private placement | 0 | $ 0 | $ 6,568 | (6,568) | 0 | 0 |
Shares issued on private placement (in shares) | 0 | 6,568,750 | ||||
Share compensation expense | 1,297,558 | $ 0 | $ 0 | 1,297,558 | 0 | 0 |
Share compensation expense (in shares) | 0 | 0 | ||||
Net income (loss) for the period | 827,503 | $ 0 | $ 0 | 0 | 827,503 | 0 |
Closing Balance at Sep. 30, 2015 | (373,684) | $ 0 | $ 72,408 | 11,372,384 | (11,860,625) | 42,149 |
Closing Balance (in shares) at Sep. 30, 2015 | 1 | 72,408,313 | ||||
Opening Balance at Mar. 31, 2015 | (2,498,745) | $ 0 | $ 65,840 | 10,081,394 | (12,688,128) | 42,149 |
Opening Balance (in shares) at Mar. 31, 2015 | 1 | 65,839,563 | ||||
Closing Balance at Mar. 31, 2016 | 263,906 | $ 0 | $ 72,591 | 11,801,146 | (11,651,980) | 42,149 |
Closing Balance (in shares) at Mar. 31, 2016 | 1 | 72,591,292 | ||||
Opening Balance at Sep. 30, 2015 | (373,684) | $ 0 | $ 72,408 | 11,372,384 | (11,860,625) | 42,149 |
Opening Balance (in shares) at Sep. 30, 2015 | 1 | 72,408,313 | ||||
Cashless exercise of warrants | 60,966 | $ 0 | $ 46 | 60,920 | 0 | 0 |
Cashless exercise of warrants (in shares) | 0 | 45,508 | ||||
Shares issued for services | 169,700 | $ 0 | $ 117 | 169,583 | 0 | 0 |
Shares issued for services (in shares) | 0 | 117,471 | ||||
Share compensation expense | 198,279 | $ 0 | $ 20 | 198,259 | 0 | 0 |
Share compensation expense (in shares) | 0 | 20,000 | ||||
Net income (loss) for the period | 208,645 | $ 0 | $ 0 | 0 | 208,645 | 0 |
Closing Balance at Mar. 31, 2016 | 263,906 | $ 0 | $ 72,591 | 11,801,146 | (11,651,980) | 42,149 |
Closing Balance (in shares) at Mar. 31, 2016 | 1 | 72,591,292 | ||||
Shares issued on Acquisition | 23,177,000 | $ 0 | $ 23,650 | 23,153,350 | 0 | 0 |
Shares issued on Acquisition (in shares) | 0 | 23,650,000 | ||||
Stock compensation expense - vested options on Acquisition | 2,582,890 | $ 0 | $ 0 | 2,582,890 | 0 | 0 |
Cashless exercise of warrants | $ 43,562 | $ 0 | $ 51 | 43,511 | 0 | 0 |
Cashless exercise of warrants (in shares) | 51,249 | 0 | 51,249 | |||
Shares issued for services | $ 59,500 | $ 0 | $ 70 | 59,430 | 0 | 0 |
Shares issued for services (in shares) | 0 | 70,000 | ||||
Share compensation expense | 424,090 | $ 0 | $ 0 | 424,090 | 0 | 0 |
Share compensation expense (in shares) | 0 | 0 | ||||
Net income (loss) for the period | (1,593,226) | $ 0 | $ 0 | 0 | (1,593,226) | 0 |
Closing Balance at Sep. 30, 2016 | $ 24,957,722 | $ 0 | $ 96,362 | $ 38,064,417 | $ (13,245,206) | $ 42,149 |
Closing Balance (in shares) at Sep. 30, 2016 | 1 | 96,362,541 |
Condensed Consolidated Interim6
Condensed Consolidated Interim Statements of Cash Flows - USD ($) | 6 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating activities | ||
Net (loss) income for the period | $ (1,593,226) | $ 827,503 |
Adjustment for items not affecting cash | ||
Depreciation | 33,753 | 32,480 |
Interest expense | 10,031 | 0 |
Share- based compensation expense | 424,090 | 1,324,282 |
Shares issued for services | 59,500 | 0 |
Change in fair value of warrant derivative liability | (1,739,047) | (4,409,410) |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | (2,804,899) | (2,225,145) |
Changes in non-cash working capital items | ||
Accounts receivable | (87,402) | 0 |
Prepaid expenses and other receivables | 91,430 | 30,460 |
Due from related parties | (63) | 1,933 |
Inventories | (191,548) | (78,071) |
Accounts payable | (696,874) | (214,034) |
Accrued liabilities | (424,009) | 0 |
Customer deposits | 41,800 | 0 |
Lease payable | (1,151) | 0 |
Deferred revenue | 108,482 | 0 |
Net cash used in operating activities | (3,964,234) | (2,484,857) |
Investing activities | ||
Acquisition of equipment | (6,848) | (30,273) |
Provision of a loan receivable | 0 | (303,760) |
Net cash used in investing activity | (6,848) | (334,033) |
Financing activities | ||
Proceeds from issuance of shares, net of issue costs | 0 | 4,552,409 |
Cash acquired on acquisition | 266,635 | 0 |
Net cash provided by financing activity | 266,635 | 4,552,409 |
Effects of foreign currency exchange rate changes | ||
Net (decrease) increase in cash and cash equivalents for the period | (3,704,447) | 1,733,519 |
Cash and cash equivalents, beginning of period | 5,381,757 | 6,125,108 |
Cash and cash equivalents, end of period | 1,677,310 | $ 7,858,627 |
Assets acquired and liabilities assumed: | ||
Current assets, including cash acquired of $266,635 | 478,843 | |
Equipment | 59,749 | |
Intangible assets and goodwill | 27,888,979 | |
Accounts payable | (241,299) | |
Accrued liabilities | (361,029) | |
Customer deposits | (86,487) | |
Demand notes payable | (324,894) | |
Promissory notes payable | (217,808) | |
Bionik advance | (1,436,164) | |
Non-cash consideration | $ 25,759,890 |
Condensed Consolidated Interim7
Condensed Consolidated Interim Statements of Cash [Parenthetical] - USD ($) | 6 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash Acquired from Acquisition | $ 266,635 | $ 0 |
NATURE OF OPERATIONS AND GOING
NATURE OF OPERATIONS AND GOING CONCERN | 6 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | NATURE OF OPERATIONS AND GOING CONCERN The Company and its Operations Bionik Laboratories Corp. (formerly Drywave Technologies Inc., the “Company” or “Bionik”) was incorporated on January 8, 2010 in the State of Colorado as Strategic Dental Management Corp. On July 16, 2013, the Company changed its name to Drywave Technologies Inc. (“Drywave”) and its state of incorporation from Colorado to Delaware. Effective February 13, 2015, the Company changed its name to Bionik Laboratories Corp. and reduced the authorized number of shares of common stock from 200,000,000 150,000,000 1-for-0.831105 On February 26, 2015, the Company entered into a Share Exchange Agreement and related transactions whereby it acquired Bionik Laboratories Inc., a Canadian Corporation (“Bionik Canada”) and Bionik Canada issued 50,000,000 3.14 100 As a result of the shareholders of Bionik Canada having a controlling interest in the Company subsequent to the Merger, for accounting purposes the Merger does not constitute a business combination. The transaction has been accounted for as a recapitalization of the Company with Bionik Canada being the accounting acquirer even though the legal acquirer is Bionik, accordingly, the historic financial statements of Bionik Canada are presented as the comparative balances for the period prior to the Merger. References to the Company refer to the Company and its wholly owned subsidiaries, Bionik Acquisition Inc., Bionik, Inc. (the former IMT) and Bionik Canada. References to Drywave relate to the Company prior to the Merger. On April 21, 2016, the Company acquired all of the outstanding shares and, accordingly, all assets and liabilities of Interactive Motion Technologies, Inc. (IMT), a Boston, Massachusetts-based global pioneer and leader in providing effective robotic products for neurorehabilitation, pursuant to an Agreement and Plan of Merger (the “Merger Agreement”) dated March 1, 2016, with IMT, Hermano Igo Krebs, and Bionik Mergerco Inc., a Massachusetts corporation and our wholly owned subsidiary (Bionik Mergerco). The merger agreement provided for the merger of Bionik Mergerco with and into IMT, with IMT surviving the merger as the Company’s wholly owned subsidiary. In return for acquiring IMT, IMT shareholders received or will receive up to an aggregate of 23,650,000 The Company is a global pioneering robotics company focused on providing rehabilitation solutions to individuals with neurological disorders, specializing in designing, developing and commercializing cost-effective physical rehabilitation technologies, prosthetics, and assisted robotic products. The Company strives to innovate and build devices that can rehabilitate and improve an individual’s health, comfort, accessibility and quality of life through the use of advanced algorithms and sensing technologies that anticipate a user’s every move. The unaudited condensed consolidated interim financial statements consolidate the Company and its wholly owned subsidiaries Bionik Canada, Bionik Acquisition Inc. and Bionik, Inc. (the former IMT) since its acquisition on April 21, 2016. These unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), which contemplates continuation of the Company as a going concern. The unaudited condensed interim financial statements do not include any adjustments related to the recoverability and classification of the recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. All adjustments, consisting only of normal recurring items, considered necessary for fair presentation have been included in these financial statements. The Company’s principal offices are located at 483 Bay Street, N105, Toronto, Ontario, Canada M5G 2C9 and Bionik, Inc.’s address is 80 Coolidge Hill Road, Watertown, MA. USA 02472. Going Concern As at September 30, 2016, the Company had a working capital deficit of $2,784,377 (working capital as at March 31, 2016, of $187,156) and an accumulated deficit of $ 13,245,206 11,651,980 1,593,226 827,503 There is no certainty that the Company will be successful in generating sufficient cash flow from operations or achieving and maintaining profitable operations in the future to enable it to meet its obligations as they come due and consequently continue as a going concern. The Company will require additional financing this year to fund its operations and it is currently working on securing this funding through corporate collaborations, public or private equity offerings or debt financings. Sales of additional equity securities by the Company would result in the dilution of the interests of existing stockholders. There can be no assurance that financing will be available when required. In the event that the necessary additional financing is not obtained, the Company would reduce its discretionary overhead costs substantially, or otherwise curtail operations. The Company expects the forgoing, or a combination thereof, to meet the Company's anticipated cash requirements for the next 12 months; however, these conditions raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on recoverability and reclassification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty. The unaudited condensed interim financial statements do not include any adjustments related to the recoverability and classification of the recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. All adjustments, consisting only of normal recurring items, considered necessary for fair presentation have been included in these financial statements. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | SIGNIFICANT ACCOUNTING POLICIES These unaudited condensed consolidated interim financial statements have been prepared on the same basis as the annual audited financial statements and should be read in conjunction with those annual audited financial statements filed on Form 10-KT for the period ended March 31, 2016. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The accounting standard is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017. Early adoption is not permitted. The impact on the consolidated financial statements of adopting ASU 2014-09 will be assessed by management. In August 2014, the FASB issued a new financial accounting standard on going concern, ASU No. 2014-15, “Presentation of Financial Statements Going Concern (Sub-Topic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The standard provides guidance about management’s responsibility to evaluate whether there is a substantial doubt about the organization’s ability to continue as a going concern. The amendments in this Update apply to all companies. They become effective in the annual period ending after December 15, 2016, with early application permitted. The impact on the consolidated financial statements of adopting ASU 2014-15 will be assessed by management. In September 2015, the FASB issued ASU No. 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments,” which illustrates certain guidance governing adjustments to the provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill. Such adjustments are required when new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement amounts initially recognized or would have resulted in the recognition of additional assets and liabilities. ASU No. 2015-16 eliminates the requirement to retrospectively account for such adjustments. ASU No. 2015-16 is effective for the fiscal year commencing after December 15, 2016. The Company has adopted this ASU No. 2015-16 as at and for the three and twelve month periods ended March 31, 2016. There was no material effect on the consolidated financial position or the consolidated results of operations and comprehensive loss. In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes,” which requires that deferred tax liabilities and assets be classified on our Consolidated Balance Sheets as noncurrent based on an analysis of each taxpaying component within a jurisdiction. ASU No. 2015-17 is effective for the fiscal year commencing after December 15, 2017. The Company does not anticipate that the adoption of ASU No. 2015-17 will have a material effect on the consolidated financial position or the consolidated results of operations. In February 2016, the FASB issued ASU 2016-02, Leases. This update requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The new guidance will also require additional disclosure about the amount, timing and uncertainty of cash flows arising from leases. The provisions of this update are effective for annual and interim periods beginning after December 15, 2018. The Company is still assessing the impact that the adoption of ASI 2016-02 will have on the consolidated financial position and the consolidated results of operations. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting”. Several aspects of the accounting for share-based payment award transaction are simplified, including (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is still assessing the impact that the adoption of ASI 2016-09 will have on the consolidated financial position and the consolidated results of operations. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments”. This ASU provides eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for the fiscal year commencing after November 1, 2018. The Company is still assessing the impact that the adoption of ASI 2016-15 will have on the consolidated statement of cash flows. Inventories Inventory is stated at the lower of cost or market. Cost is recorded at standard cost, which approximates actual cost, on the first-in first-out basis. Work in progress and finished goods consist of materials, labor and allocated overhead. The Company recognizes revenue from product sales when persuasive evidence of an agreement with customer exists, products are shipped or title passes pursuant to the terms of the agreement, the amount due from the customer is fixed or determinable, collectability is reasonably assured, and there are no significant future performance obligation. Deposits are carried as liabilities until the requirements for revenue recognition are met. The Company’s derivative warrant instruments are measured at fair value using a simulation model which takes into account, as of the valuation date, factors including the current exercise price, the expected life of the warrant, the current price of the underlying stock, its expected volatility, holding cost and the risk- free interest rate for the term of the warrant (Note 11). The warrant derivative liability is revalued at each reporting period and changes in fair value are recognized in the condensed consolidated interim statements of operations and comprehensive loss under the caption “Change in fair value of warrant derivative liability”. The selection of the appropriate valuation model and the inputs and assumptions that are required to determine the valuation requires significant judgment and requires management to make estimates and assumptions that affect the reported amount of the related liability and reported amounts of the change in fair value. Actual results could differ from those estimates, and changes in these estimates are recorded when known. As the derivative warrant liability is required to be measured at fair value at each reporting date it is reasonably possible that these estimates and assumptions could change in the near term. The Company provides a one-year warranty as part of its normal sales offering. When products are sold, the Company provides warranty reserves, which, based on the historical experience of the Company are sufficient to cover warranty claims. Accrued warranty reserves are included in accrued liabilities on the balance sheet and amount to $ 57,338 25,427 On April 1, 2015, Bionik Canada and Bionik Acquisition Inc. changed its functional currency from the Canadian Dollar to the U.S. Dollar. This reflects the fact that the majority of the Company’s business is influenced by an economic environment denominated in U.S. currency as well the Company anticipates revenues to be earned in U.S. dollars. The change in accounting treatment was applied prospectively. The functional currency is separately determined for the Company and each of its subsidiaries, and is used to measure the financial position and operating results. The functional currency of the Company and its wholly owned subsidiaries is the U.S. dollar. Transactions denominated in a currency other than the functional currency are recorded on initial recognition at the exchange rate at the date of the transaction. After initial recognition, monetary assets and liabilities denominated in foreign currency are translated at the end of each reporting period into the functional currency at the exchange rate at that date. Exchange differences are recognized in profit or loss. Non-monetary assets and liabilities measured at cost are translated at the exchange rate at the date of the transaction. ASC Topic 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Included in the ASC Topic 820 framework is a three level valuation inputs hierarchy with Level 1 being inputs and transactions that can be effectively fully observed by market participants spanning to Level 3 where estimates are unobservable by market participants outside of the Company and must be estimated using assumptions developed by the Company. The Company discloses the lowest level input significant to each category of asset or liability valued within the scope of ASC Topic 820 and the valuation method as exchange, income or use. The Company uses inputs, which are as observable as possible, and the methods most applicable to the specific situation of each company or valued item. The carrying amounts reported in the balance sheets for cash and cash equivalents, accounts receivable, other receivables, accounts payable and accrued liabilities, due from related parties approximate fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rates of interest. Per ASC Topic 820 framework these are considered Level 2 inputs where inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. As at September 30, 2016, the Company’s warrant derivative liability was measured at fair value at each reporting period using a simulation model based on Level 3 inputs. The Company’s policy is to recognize transfers into and out of Level 3 as of the date of the event or change in the circumstances that caused the transfer. There were no such transfers during the period. |
ACQUISITION
ACQUISITION | 6 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | ACQUISITION On April 21, 2016, the Company acquired 100 Subject to the indemnification and escrow arrangements described in the Merger Agreement, Bionik issued an aggregate of 23,650,000 April 21, 2016 Bionik also assumed each of the 3,895,000 3,000,000 1,000,000 0.25 1,000,000 0.95 1,000,000 1.05 2,582,890 As a result of the acquisition of IMT, the Company acquired assets including five licensed patents, an MIT License Agreement, three FDA listed products, an FDA inspected manufacturing facility, extensive clinical and sales data, a sales group and international distributors. Due to the complexities in identifying and valuing the intangible assets acquired, the Company has not yet finalized the purchase price allocation. At this time the Company is not practicably able to estimate the fair value of each identifiable asset. The Company has retained an independent valuator to determine the purchase price allocation. At this time the Company anticipates the intangible assets to consist of clinical data, sales data, license and patents/technology acquired and any excess to result in goodwill. As at April 21, 2016 $ Fair value of 23,650,000 common shares (a) 23,177,000 Fair value of vested stock options (b) 2,582,890 25,759,890 Allocation of purchase price: Cash and cash equivalents 266,635 Accounts receivable 6,490 Inventories 188,879 Prepaid expenses and other current assets 16,839 Equipment 59,749 Liabilities assumed: Accounts payable (241,299) Accrued liabilities (361,029) Customer deposits (86,487) Demand notes payable (324,894) Promissory notes payable (217,808) Bionik advance (1,436,164) Net assets acquired (2,129,089) Intangible assets and goodwill 27,888,979 25,759,890 (a) The fair value of common shares is based on $ 0.98 (b) The fair value of the vested stock options was determined using the Black Scholes option pricing model with the following key assumptions: a risk free rate of 1.59 0 114 For the For the period (unaudited) Revenue $ 18,283 $ 182,474 Net loss and comprehensive loss $ (551,052) $ (843,686) Pro forma results of operations The following unaudited pro forma financial information presents combined results of operations for each of the periods presented as if the Merger had been completed April 1, 2016. The pro forma data is for informational purposes only and is not necessarily indicative of the consolidated results of operations of the combined business had the Merger actually occurred on April 1, 2016 or the results of future operations of the combined business. For instance, planned or expected operational synergies following the Merger are not reflected in the pro forma information. Consequently, actual result will differ from the unaudited pro forma information presented below. Three Months Ended Six Months Ended 2016 2015 2016 2015 Revenue $ 18,283 $ 374,530 $ 184,311 $ 812,944 Net loss and comprehensive loss $ (551,052) $ (249,448) $ (958,297) $ (373,996) *There were no material or nonrecurring adjustments in the supplemental pro forma revenue or results of operations as shown above. |
PREPAID EXPENSES AND OTHER RECE
PREPAID EXPENSES AND OTHER RECEIVABLES | 6 Months Ended |
Sep. 30, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expense And Other Receivables [Text Block] | PREPAID EXPENSES AND OTHER RECEIVABLES Sept. 30, March 31, 2016 2016 $ $ Prepaid expenses and sundry receivables 86,240 87,979 Prepaid insurance 53,925 107,259 Sales taxes receivable (i) 16,977 36,495 157,142 231,733 Sales tax receivable represents net harmonized sales taxes (HST) input tax credits receivable from the Government of Canada. |
INVENTORIES
INVENTORIES | 6 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | INVENTORIES Sept. 30, March 31, $ $ Raw Materials 237,036 - Work in Progress 56,991 - 294,027 - |
EQUIPMENT
EQUIPMENT | 6 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | EQUIPMENT September 30, 2016 March 31, 2016 Cost Accumulated Net Cost Accumulated Net Computers and electronics 162,024 111,255 50,700 152,246 96,379 55,867 Capital leases of IT equipment 23,019 1,151 21,868 - - - Furniture and fixtures 23,196 11,362 11,834 22,496 10,118 12,378 Demonstration equipment 115,200 15,450 99,750 - - - Tools and parts 15,722 3,949 11,773 11,422 2,917 8,505 339,161 143,167 195,994 186,164 109,414 76,750 Included in Computers and Electronics are assets under capital lease of $ 23,019 4,603 16,881 23,950 33,753 15,478 32,480 |
NOTES PAYABLE
NOTES PAYABLE | 6 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTES PAYABLE Demand Notes payable The Company has outstanding notes payable (“Notes”) of $ 325,993 148,974 3.50 15 Balance, March 31, 2016 $ - Acquisition of IMT (Note 3) 324,894 Accrued interest 1,099 Balance, September 30, 2016 $ 325,993 Interest expense incurred on the Notes totaled $ 1,138 4,463 Promissory Notes payable In February 2014, the Company borrowed $ 200,000 10 5,042 8,932 Balance, March 31, 2016 $ - Acquisition of IMT (Note 3) 217,808 Accrued interest 8,932 Balance, September 30, 2016 $ 226,740 |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 6 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS AND BALANCES Due from related parties (a) As of September 30, 2016, the Company had advances receivable from the Chief Operating Officer (“COO”) and former Chief Technology Officer (“CTO”) for $ 41,508 41,445 2,224 1,148 Accounts payable and accrued liabilities (b) As at September 30, 2016, $ 5,560 2,694 3,284 5,196 8,812 71 116 664 17,457 |
SHARE CAPITAL
SHARE CAPITAL | 6 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | SHARE CAPITAL September 30, 2016 March 31, 2016 Number of $ Number of $ Exchangeable Shares: Balance beginning and end of period 50,000,000 50,000 50,000,000 50,000 Common Shares Balance at beginning of the period 22,591,292 22,591 22,428,313 22,428 Shares issued on acquisition (Note 3) 23,650,000 23,650 - - Shares issued for services (v) 70,000 70 117,471 117 Cashless exercise of warrants (iv) 51,249 51 45,508 46 Balance at end of the period 46,362,541 46,362 22,591,292 22,591 TOTAL COMMON SHARES 96,362,541 96,362 72,591,292 72,591 (i) On April 21, 2015, the Company issued 3,115,000 2,492,000 Each Unit consisted of one common share of the Company, and a warrant to purchase one common share of the Company at an exercise price of $1.40 per share exercisable for 4 years. 338,960 311,500 0.80 4 435,682 (ii) On May 27, 2015, the Company issued 1,418,750 1,135,000 Each Unit consisted of one common share of the Company, and a warrant to purchase one common share of the Company at an exercise price of $1.40 per share exercisable for 4 years. 147,566 141,875 0.80 4 37,739 (iii) On June 30, 2015, the Company issued 2,035,000 1,628,000 Each Unit consisted of one common share of the Company, and a warrant to purchase one common share of the Company at an exercise price of $1.40 per share exercisable for 4 years. 211,656 203,500 0.80 4 74,625 (iv) During the six month period ended September 30, 2016, 51,249 262,045 0.80 43,562 (v) The Company issued 70,000 59,500 Special Voting Preferred Share In connection with the Merger (Note 1), on February 26, 2015, the Company entered into a voting and exchange trust agreement (the “Trust Agreement”). Pursuant to the Trust Agreement, the Company issued one Special Voting Preferred Share to the Trustee, and the parties created a trust for the Trustee to hold the Special Voting Preferred Share for the benefit of the holders of the Exchangeable Shares (the “Beneficiaries”). Pursuant to the Trust Agreement, the Beneficiaries will have voting rights in the Company equivalent to what they would have had they received shares of common stock in the same amount as the Exchangeable Shares held by the Beneficiaries. In connection with the Merger and the Trust Agreement, effective February 20, 2015, the Company filed a certificate of designation of the Special Voting Preferred Share (the “Special Voting Certificate of Designation”) with the Delaware Secretary of State. Pursuant to the Special Voting Certificate of Designation, one share of the Company’s blank check preferred stock was designated as Special Voting Preferred Share. The Special Voting Preferred Share entitles the Trustee to exercise the number of votes equal to the number of Exchangeable Shares outstanding on a one-for-one basis during the term of the Trust Agreement. The Special Voting Preferred Share is not entitled to receive any dividends or to receive any assets of the Company upon liquidation, and is not convertible into common shares of the Company. The voting rights of the Special Voting Preferred Share will terminate pursuant to and in accordance with the Trust Agreement. The Special Voting Preferred Share will be automatically cancelled at such time as no Exchangeable Shares are held by a Beneficiary. |
STOCK OPTIONS
STOCK OPTIONS | 6 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | STOCK OPTIONS The purpose of the Company’s stock option plan, is to attract, retain and motivate persons of training, experience and leadership to the Company, including their directors, officers and employees, and to advance the interests of the Company by providing such persons with the opportunity, through share options, to acquire an increased proprietary interest in the Company. Options may be granted in respect of authorized and unissued shares, provided that the aggregate number of shares reserved for issuance upon the exercise of all Options granted under the Plan, shall not exceed 15 On April 11, 2014 and June 20, 2014 the Company issued 657,430 264,230 0.165 0.23 125,824 657,430 531,606 264,230 230,930 118,957 62,912 3,658 176 On July 1, 2014, the Company issued 2,972,592 0.23 7 1,259,487 990,864 On February 17, 2015, the Company issued 314,560 0.23 136,613 110,100 7,400 On November 24, 2015, the Company issued 650,000 694,384 250,000 62,317 35,609 78,638 On December 14, 2015, the Company issued 2,495,000 1,260,437 25,000 40,000 102,300 202,608 On April 21, 2016, the Company issued 3,000,000 3,895,000 1,000,000 0.25 1,000,000 0.95 1,000,000 1.05 2,582,890 10,169 On April 26, 2016, the Company issued 250,000 1.00 213,750 17,812 22,479 On August 8, 2016, the Company issued 750,000 1.00 652,068 31,552 During the three month period ended September 30, 2016, the Company recorded $ 204,842 3,309 Grant date Expected life Risk Dividend Forfeiture Expected Grant date February 17, 2015 5.39 1.59 % 0 % 0 % 114 % $ 136,613 July 1, 2014 4.75 1.59 % 0 % 0 % 114 % $ 1,259,487 June 20, 2014 4.72 1.59 % 0 % 0 % 114 % $ 118,957 April 11, 2014 4.50 1.59 % 0 % 0 % 114 % $ 230,930 November 24, 2015 6.15 1.59 % 0 % 0 % 114 % $ 694,384 December 14, 2015 6.21 1.59 % 0 % 0 % 114 % $ 1,260,437 April 21, 2016 0.79-9.25 1.59 % 0 % 0 % 114 % $ 2,582,890 April 26, 2016 6.57 1.59 % 0 % 0 % 114 % $ 213,750 August 8, 2016 6.86 1.59 % 0 % 0 % 114 % $ 652,068 Number of Options Weighted-Average Outstanding, March 31, 2016 6,604,880 0.57 Issued 4,000,000 0.77 Cancelled (143,637) 0.48 Outstanding, September 30, 2016 10,461,243 0.59 Number of Exercise Price ($) Number of Options Expiry Date Exercisable Options 0.165 374,324 April 1, 2021 374,324 0.23 99,610 June 20, 2021 99,610 0.23 2,972,592 July 1, 2021 2,972,592 0.23 204,460 February 17, 2022 136,314 1.22 400,000 November 24, 2022 - 1.00 2,430,000 December 14, 2022 - 1.00 250,000 April 26, 2023 - 0.25 906,077 July 28, 2025 906,077 0.25 86,972 December 30, 2025 59,158 0.95 9,486 February 2, 2017 9,486 0.95 111,937 March 28, 2023 111,937 0.95 31,620 March 3, 2024 31,620 0.95 15,810 March 14, 2024 15,810 0.95 82,213 September 30, 2024 82,213 0.95 7,431 June 2, 2025 7,431 0.95 671,859 July 29, 2025 671,859 0.95 57,353 December 30, 2025 8,193 1.05 36,697 February 2, 2017 36,697 1.05 433,027 March 28, 2023 433,027 1.05 122,324 March 3, 2024 122,324 1.05 61,162 March 14, 2024 61,162 1.05 318,042 September 30, 2024 318,042 1.05 28,747 June 2, 2025 28,747 1.00 750,000 August 8, 2023 - 10,461,243 6,486,623 The weighted-average remaining contractual term of the outstanding options is 5.80 4.76 6.22 4.74 |
WARRANTS
WARRANTS | 6 Months Ended |
Sep. 30, 2016 | |
Warrants and Rights Note Disclosure [Abstract] | |
Shareholders Equity And Share Based Payments Stock Warrant [Text Block] | WARRANTS Number of Average Outstanding and exercisable, March 31, 2015 10,823,450 1.35 Issued 7,225,625 1.35 Outstanding and exercisable, December 31, 2015 18,049,075 1.35 Exercised (148,787) (0.80) Outstanding and exercisable, March 31, 2016 17,900,288 1.35 Exercised (262,045) (0.80) Outstanding and exercisable, September 30, 2016 17,638,243 1.36 In February 2016, a warrant holder exercised 148,787 45,508 262,045 51,249 Common share purchase warrants Exercise Number of 1.40 7,735,750 February 26, 2019 1.40 1,212,500 March 27, 2019 1.40 891,250 March 31, 2019 1.40 Note 9(i) 3,115,000 April 21, 2019 1.40 Note 9 (ii) 1,418,750 May 27, 2019 1.40 Note 9(iii) 2,035,000 June 30, 2019 0.80 Note 9 (i) to (iii) 1,229,993 February 26, 2019 17,638,243 The weighted-average remaining contractual term of the outstanding warrants is 2.50 2.77 Exchangeable share purchase warrants In 2014, the Company repaid loans of $ 180,940 12,138 349,522 0.23 Warrant derivative liability The Company’s outstanding common share purchase warrants include price protection provisions that allow for a reduction in the exercise price of the warrants in the event the Company subsequently issues common stock or options, rights, warrants or securities convertible or exchangeable for shares of common stock at a price lower than the exercise price of the warrants. Simultaneously with any reduction to the exercise price, the number of shares of common stock that may be purchased upon exercise of each of these warrants shall be increased based on a pre-defined formula. In addition, prior to the effectiveness of certain resale registration statements or if any such registration statements are no longer effective, the holder of the Company’s warrants, at their option, may exercise all or any part of the warrants in a “cashless” or “net-issue” exercise. 0.001 The Company’s derivative instruments have been measured at fair value at inception and at each reporting period using a simulation model. The Company recognizes all of its warrants with price protection on its consolidated balance sheet as a derivative liability. Number of Warrants Value ($) Balance at March 31, 2015 10,823,450 8,382,648 Warrants issued in April 21, 2015 financing 3,426,500 2,588,722 Warrants issued in May 27, 2015 financing 1,560,625 1,025,173 Warrants issued in June 30, 2015 financing 2,238,500 1,490,969 Change in fair value of warrant derivative liability - (7,419,643) Balance at December 31, 2015 18,049,075 6,067,869 Fair value of warrants exercised (148,787) (60,966) Change in fair value of warrant derivative liability - (870,913) Balance at March 31, 2016 17,900,288 5,135,990 Change in fair value of warrant derivative liability - (1,739,047) Fair value of warrants exercised (262,045) (43,562) Balance at September 30, 2016 17,638,243 3,353,381 During the six month period ended September 30, 2016, the Company recorded a gain of $ 1,739,047 4,413,819 Grant date Number of Expected Exercise Price Risk free Dividend Expected Fair At Inception: February 26, 2015 7,735,750 4 1.4 0.44 % 0 % 51.83 % 464,784 February 26, 2015 773,575 4 0.8 0.44 % 0 % 51.83 % 85,590 March 27, 2015 1,212,500 3.92 1.4 0.43 % 0 % 52.37 % 950,913 March 27, 2015 121,250 3.92 0.8 0.43 % 0 % 52.37 % 85,412 March 31, 2015 891,250 3.91 1.4 0.41 % 0 % 52.45 % 696,582 March 31, 2015 89,125 3.91 0.8 0.41 % 0 % 52.45 % 62,708 April 21, 2015 3,115,000 3.85 1.4 0.68 % 0 % 51.54 % 2,371,956 April 21, 2015 311,500 3.85 0.8 0.68 % 0 % 51.54 % 216,766 May 27, 2015 1,418,750 3.76 1.4 0.46 % 0 % 51.74 % 933,065 May 27, 2015 141,875 3.76 0.8 0.46 % 0 % 51.74 % 92,108 June 30, 2015 2,035,000 3.66 1.4 0.37 % 0 % 52.94 % 1,356,512 June 30, 2015 203,500 3.66 0.8 0.37 % 0 % 52.94 % 134,457 At year end March 31, 2016: March 31, 2016 16,408,250 2.91 1.4 0.21 % 0 % 62.96 % 4,585,539 March 31, 2016 1,492,038 2.91 0.8 0.21 % 0 % 62.96 % 550,451 At Period End: September 30, 2016 16,408,250 2.50 1.4 0.84 % 0 % 69.68 % 3,008,245 September 30, 2016 1,229,993 2.50 0.8 0.84 % 0 % 69.68 % 345,136 In addition to the forgoing, the Company also utilized a holding cost to approximate the impact of a holder of the warrant to maintain a hedging strategy in which they maintained a short position. On analysis of comparable companies and other information the Company has determined that the use of 2.25 The warrant derivative liability is classified within Level 3 of the fair value hierarchy because on initial recognition and again at each reporting period, it was valued using these significant inputs and assumptions that are unobservable in the market. Changes in the values assumed and used in the simulation model can materially affect the estimate of fair value. Generally, an increase in the market price of the Company’s common shares, an increase in the volatility of the Company’s common shares and an increase in the expected life would result in a directionally similar change in the estimated fair value of the warrant derivative liability. An increase in the risk free rate would result in a decrease in the fair value of the warrant derivative liability. The expected life is based on the remaining contractual term of the warrants. The risk free rate was based on U.S. treasury-note yields with terms commensurate with the remaining term of the warrants. Expected volatility over the expected term of the warrants is estimated based on consideration of historical volatility and other information. In addition to the assumptions above, the Company also took into consideration the probability of the Company’s participation in another round of financing, the type of such financing and the range of the stock price for the financing at that time. At each increment of the simulation, the daily volume weighted-average price was calculated. If this amount was 200% greater than the exercise price of the warrants at the time, and this threshold was maintained for 20 consecutive days, the simulation assumed the trigger of the Company’s option to redeem and the exercise of the warrants by the holder within thirty days. In the circumstance where the redemption was not triggered the warrant was valued at its discounted intrinsic value at maturity. |
ROYALTY AGREEMENT
ROYALTY AGREEMENT | 6 Months Ended |
Sep. 30, 2016 | |
Royalty Agreement [Abstract] | |
Royalty Agreement [Text Block] | 12. ROYALTY AGREEMENT Prior to the acquisition of IMT in April 2012, IMT entered into a Patent License Agreement with an unrelated third party (the “Licensee”). Under the terms of the perpetual license agreement, the Company will receive royalties from the Licensee based on a licensed product sold by the Licensee. There was no royalty income during the three and six month periods ended September 30, 2016 and 2015 under the terms of the agreement. |
LICENSING AGREEMENTS
LICENSING AGREEMENTS | 6 Months Ended |
Sep. 30, 2016 | |
Licensing Agreements [Abstract] | |
Licensing Agreements Disclosure [Text Block] | LICENSING AGREEMENTS The Company’s subsidiary maintains a licensing agreement with the Massachusetts Institute of Technology (“MIT”) for exclusive rights to utilize certain of MIT’s patented technology. The licensing agreement remains in effect until the expiration or abandonment of all patent rights and patent applications filed that are included under license, the last of which patent rights expires in November 2024. The agreement provides the Company with the option to sublicense the rights under the agreement. Under the terms of the agreement, as amended, royalties are payable to MIT based on 3 1.5 50 The Company recognized $nil of royalty expense under this agreement during the three and six months ended September 30, 2016. At September 30, 2016, the Company had accrued royalty and related amounts payable to MIT of $ 33,369 The Company maintains a second licensing agreement with the same director noted above and an unrelated third party for exclusive rights to utilize certain patented technology. The Company has exclusive rights to the patents and related applications, as defined, until expiration in May 2027. The agreement provides the Company with the option to sublicense the rights under the agreement. Under the terms of the agreement royalties are payable to the patent holders based on 1 50 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 14. COMMITMENTS AND CONTINGENCIES Contingencies From time to time, the Company may be involved in a variety of claims, suits, investigations and proceedings arising in the ordinary course of our business, collection claims, breach of contract claims, labor and employment claims, tax and other matters. Although claims, suits, investigations and proceedings are inherently uncertain and their results cannot be predicted with certainty, the Company believes that the resolution of current pending matters will not have a material adverse effect on its business, financial position, results of operations or cash flow. Regardless of the outcome, litigation can have an adverse impact on the Company because of legal costs, diversion of management resources and other factors. |
RISK MANAGEMENT
RISK MANAGEMENT | 6 Months Ended |
Sep. 30, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | RISK MANAGEMENT The Company’s cash balances are maintained in two banks in Canada and a Canadian Bank subsidiary in the US and a US Bank. Deposits held in banks in Canada are insured up to $ 100,000 Interest Rate Risk Interest rate risk is the risk that the value of a financial instrument might be adversely affected by a change in the interest rates. The Company has minimal exposure to fluctuations in the market interest rate. In seeking to minimize the risks from interest rate fluctuations, the Company manages exposure through its normal operating and financing activities. Liquidity Risk Liquidity risk is the risk that the Company will incur difficulties meeting its financial obligations, as they are due. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when due. Accounts payable and accrued liabilities are due within the current operating period. The Company has funded its operations through the issuance of capital stock, convertible debt and loans in addition to grants and investment tax credits received from the Government of Canada. |
SIGNIFICANT ACCOUNTING POLICI23
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Unaudited Condensed Consolidated Interim Financial Statements [Policy Text Block] | Unaudited Condensed Consolidated Interim Financial Statements These unaudited condensed consolidated interim financial statements have been prepared on the same basis as the annual audited financial statements and should be read in conjunction with those annual audited financial statements filed on Form 10-KT for the period ended March 31, 2016. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. |
Recently Adopted Accounting Pronouncements [Policy Text Block] | Newly Adopted and Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The accounting standard is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017. Early adoption is not permitted. The impact on the consolidated financial statements of adopting ASU 2014-09 will be assessed by management. In August 2014, the FASB issued a new financial accounting standard on going concern, ASU No. 2014-15, “Presentation of Financial Statements Going Concern (Sub-Topic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The standard provides guidance about management’s responsibility to evaluate whether there is a substantial doubt about the organization’s ability to continue as a going concern. The amendments in this Update apply to all companies. They become effective in the annual period ending after December 15, 2016, with early application permitted. The impact on the consolidated financial statements of adopting ASU 2014-15 will be assessed by management. In September 2015, the FASB issued ASU No. 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments,” which illustrates certain guidance governing adjustments to the provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill. Such adjustments are required when new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement amounts initially recognized or would have resulted in the recognition of additional assets and liabilities. ASU No. 2015-16 eliminates the requirement to retrospectively account for such adjustments. ASU No. 2015-16 is effective for the fiscal year commencing after December 15, 2016. The Company has adopted this ASU No. 2015-16 as at and for the three and twelve month periods ended March 31, 2016. There was no material effect on the consolidated financial position or the consolidated results of operations and comprehensive loss. In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes,” which requires that deferred tax liabilities and assets be classified on our Consolidated Balance Sheets as noncurrent based on an analysis of each taxpaying component within a jurisdiction. ASU No. 2015-17 is effective for the fiscal year commencing after December 15, 2017. The Company does not anticipate that the adoption of ASU No. 2015-17 will have a material effect on the consolidated financial position or the consolidated results of operations. In February 2016, the FASB issued ASU 2016-02, Leases. This update requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The new guidance will also require additional disclosure about the amount, timing and uncertainty of cash flows arising from leases. The provisions of this update are effective for annual and interim periods beginning after December 15, 2018. The Company is still assessing the impact that the adoption of ASI 2016-02 will have on the consolidated financial position and the consolidated results of operations. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting”. Several aspects of the accounting for share-based payment award transaction are simplified, including (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is still assessing the impact that the adoption of ASI 2016-09 will have on the consolidated financial position and the consolidated results of operations. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments”. This ASU provides eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for the fiscal year commencing after November 1, 2018. The Company is still assessing the impact that the adoption of ASI 2016-15 will have on the consolidated statement of cash flows. |
Inventory, Policy [Policy Text Block] | Inventories Inventory is stated at the lower of cost or market. Cost is recorded at standard cost, which approximates actual cost, on the first-in first-out basis. Work in progress and finished goods consist of materials, labor and allocated overhead. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company recognizes revenue from product sales when persuasive evidence of an agreement with customer exists, products are shipped or title passes pursuant to the terms of the agreement, the amount due from the customer is fixed or determinable, collectability is reasonably assured, and there are no significant future performance obligation. Deposits are carried as liabilities until the requirements for revenue recognition are met. |
Warrant Derivative Liability Policy [Policy Text Block] | Significant Judgments - Warrant Derivative Liability The Company’s derivative warrant instruments are measured at fair value using a simulation model which takes into account, as of the valuation date, factors including the current exercise price, the expected life of the warrant, the current price of the underlying stock, its expected volatility, holding cost and the risk- free interest rate for the term of the warrant (Note 11). The warrant derivative liability is revalued at each reporting period and changes in fair value are recognized in the condensed consolidated interim statements of operations and comprehensive loss under the caption “Change in fair value of warrant derivative liability”. The selection of the appropriate valuation model and the inputs and assumptions that are required to determine the valuation requires significant judgment and requires management to make estimates and assumptions that affect the reported amount of the related liability and reported amounts of the change in fair value. Actual results could differ from those estimates, and changes in these estimates are recorded when known. As the derivative warrant liability is required to be measured at fair value at each reporting date it is reasonably possible that these estimates and assumptions could change in the near term. |
Standard Product Warranty, Policy [Policy Text Block] | The Company provides a one-year warranty as part of its normal sales offering. When products are sold, the Company provides warranty reserves, which, based on the historical experience of the Company are sufficient to cover warranty claims. Accrued warranty reserves are included in accrued liabilities on the balance sheet and amount to $ 57,338 15,190 25,427 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation On April 1, 2015, Bionik Canada and Bionik Acquisition Inc. changed its functional currency from the Canadian Dollar to the U.S. Dollar. This reflects the fact that the majority of the Company’s business is influenced by an economic environment denominated in U.S. currency as well the Company anticipates revenues to be earned in U.S. dollars. The change in accounting treatment was applied prospectively. The functional currency is separately determined for the Company and each of its subsidiaries, and is used to measure the financial position and operating results. The functional currency of the Company and its wholly owned subsidiaries is the U.S. dollar. Transactions denominated in a currency other than the functional currency are recorded on initial recognition at the exchange rate at the date of the transaction. After initial recognition, monetary assets and liabilities denominated in foreign currency are translated at the end of each reporting period into the functional currency at the exchange rate at that date. Exchange differences are recognized in profit or loss. Non-monetary assets and liabilities measured at cost are translated at the exchange rate at the date of the transaction. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments ASC Topic 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Included in the ASC Topic 820 framework is a three level valuation inputs hierarchy with Level 1 being inputs and transactions that can be effectively fully observed by market participants spanning to Level 3 where estimates are unobservable by market participants outside of the Company and must be estimated using assumptions developed by the Company. The Company discloses the lowest level input significant to each category of asset or liability valued within the scope of ASC Topic 820 and the valuation method as exchange, income or use. The Company uses inputs, which are as observable as possible, and the methods most applicable to the specific situation of each company or valued item. The carrying amounts reported in the balance sheets for cash and cash equivalents, accounts receivable, other receivables, accounts payable and accrued liabilities, due from related parties approximate fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rates of interest. Per ASC Topic 820 framework these are considered Level 2 inputs where inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. As at September 30, 2016, the Company’s warrant derivative liability was measured at fair value at each reporting period using a simulation model based on Level 3 inputs. The Company’s policy is to recognize transfers into and out of Level 3 as of the date of the event or change in the circumstances that caused the transfer. There were no such transfers during the period. |
ACQUISITION (Tables)
ACQUISITION (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following sets forth the preliminary purchase price allocation based on management’s best estimates of fair value, including a summary of major classes of consideration transferred and the recognized amounts of assets acquired and liabilities assumed at the acquisition date. As at April 21, 2016 $ Fair value of 23,650,000 common shares (a) 23,177,000 Fair value of vested stock options (b) 2,582,890 25,759,890 Allocation of purchase price: Cash and cash equivalents 266,635 Accounts receivable 6,490 Inventories 188,879 Prepaid expenses and other current assets 16,839 Equipment 59,749 Liabilities assumed: Accounts payable (241,299) Accrued liabilities (361,029) Customer deposits (86,487) Demand notes payable (324,894) Promissory notes payable (217,808) Bionik advance (1,436,164) Net assets acquired (2,129,089) Intangible assets and goodwill 27,888,979 25,759,890 (a) The fair value of common shares is based on $ 0.98 (b) The fair value of the vested stock options was determined using the Black Scholes option pricing model with the following key assumptions: a risk free rate of 1.59 0 114 |
Business Acquisition, Pro Forma Information [Table Text Block] | For the For the period (unaudited) Revenue $ 18,283 $ 182,474 Net loss and comprehensive loss $ (551,052) $ (843,686) Pro forma results of operations The following unaudited pro forma financial information presents combined results of operations for each of the periods presented as if the Merger had been completed April 1, 2016. The pro forma data is for informational purposes only and is not necessarily indicative of the consolidated results of operations of the combined business had the Merger actually occurred on April 1, 2016 or the results of future operations of the combined business. For instance, planned or expected operational synergies following the Merger are not reflected in the pro forma information. Consequently, actual result will differ from the unaudited pro forma information presented below. Three Months Ended Six Months Ended 2016 2015 2016 2015 Revenue $ 18,283 $ 374,530 $ 184,311 $ 812,944 Net loss and comprehensive loss $ (551,052) $ (249,448) $ (958,297) $ (373,996) *There were no material or nonrecurring adjustments in the supplemental pro forma revenue or results of operations as shown above. |
PREPAID EXPENSES AND OTHER RE25
PREPAID EXPENSES AND OTHER RECEIVABLES (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | Sept. 30, March 31, 2016 2016 $ $ Prepaid expenses and sundry receivables 86,240 87,979 Prepaid insurance 53,925 107,259 Sales taxes receivable (i) 16,977 36,495 157,142 231,733 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Sept. 30, March 31, $ $ Raw Materials 237,036 - Work in Progress 56,991 - 294,027 - |
EQUIPMENT (Tables)
EQUIPMENT (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Equipment consisted of the following as at September 30, 2016 and March 31, 2016: September 30, 2016 March 31, 2016 Cost Accumulated Net Cost Accumulated Net Computers and electronics 162,024 111,255 50,700 152,246 96,379 55,867 Capital leases of IT equipment 23,019 1,151 21,868 - - - Furniture and fixtures 23,196 11,362 11,834 22,496 10,118 12,378 Demonstration equipment 115,200 15,450 99,750 - - - Tools and parts 15,722 3,949 11,773 11,422 2,917 8,505 339,161 143,167 195,994 186,164 109,414 76,750 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Demand Notes payable [Member] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Balance, March 31, 2016 $ - Acquisition of IMT (Note 3) 324,894 Accrued interest 1,099 Balance, September 30, 2016 $ 325,993 |
Promissory Note [Member] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Balance, March 31, 2016 $ - Acquisition of IMT (Note 3) 217,808 Accrued interest 8,932 Balance, September 30, 2016 $ 226,740 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity [Table Text Block] | September 30, 2016 March 31, 2016 Number of $ Number of $ Exchangeable Shares: Balance beginning and end of period 50,000,000 50,000 50,000,000 50,000 Common Shares Balance at beginning of the period 22,591,292 22,591 22,428,313 22,428 Shares issued on acquisition (Note 3) 23,650,000 23,650 - - Shares issued for services (v) 70,000 70 117,471 117 Cashless exercise of warrants (iv) 51,249 51 45,508 46 Balance at end of the period 46,362,541 46,362 22,591,292 22,591 TOTAL COMMON SHARES 96,362,541 96,362 72,591,292 72,591 (i) On April 21, 2015, the Company issued 3,115,000 2,492,000 Each Unit consisted of one common share of the Company, and a warrant to purchase one common share of the Company at an exercise price of $1.40 per share exercisable for 4 years. 338,960 311,500 0.80 4 435,682 (ii) On May 27, 2015, the Company issued 1,418,750 1,135,000 Each Unit consisted of one common share of the Company, and a warrant to purchase one common share of the Company at an exercise price of $1.40 per share exercisable for 4 years. 147,566 141,875 0.80 4 37,739 (iii) On June 30, 2015, the Company issued 2,035,000 1,628,000 Each Unit consisted of one common share of the Company, and a warrant to purchase one common share of the Company at an exercise price of $1.40 per share exercisable for 4 years. 211,656 203,500 0.80 4 74,625 (iv) During the six month period ended September 30, 2016, 51,249 262,045 0.80 43,562 (v) The Company issued 70,000 59,500 |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | These options at their respective grant dates were valued using the Black-Scholes option pricing model with the following key assumptions: Grant date Expected life Risk Dividend Forfeiture Expected Grant date February 17, 2015 5.39 1.59 % 0 % 0 % 114 % $ 136,613 July 1, 2014 4.75 1.59 % 0 % 0 % 114 % $ 1,259,487 June 20, 2014 4.72 1.59 % 0 % 0 % 114 % $ 118,957 April 11, 2014 4.50 1.59 % 0 % 0 % 114 % $ 230,930 November 24, 2015 6.15 1.59 % 0 % 0 % 114 % $ 694,384 December 14, 2015 6.21 1.59 % 0 % 0 % 114 % $ 1,260,437 April 21, 2016 0.79-9.25 1.59 % 0 % 0 % 114 % $ 2,582,890 April 26, 2016 6.57 1.59 % 0 % 0 % 114 % $ 213,750 August 8, 2016 6.86 1.59 % 0 % 0 % 114 % $ 652,068 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Options Weighted-Average Outstanding, March 31, 2016 6,604,880 0.57 Issued 4,000,000 0.77 Cancelled (143,637) 0.48 Outstanding, September 30, 2016 10,461,243 0.59 |
Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block] | The following is a summary of stock options outstanding and exercisable as of September 30, 2016: Number of Exercise Price ($) Number of Options Expiry Date Exercisable Options 0.165 374,324 April 1, 2021 374,324 0.23 99,610 June 20, 2021 99,610 0.23 2,972,592 July 1, 2021 2,972,592 0.23 204,460 February 17, 2022 136,314 1.22 400,000 November 24, 2022 - 1.00 2,430,000 December 14, 2022 - 1.00 250,000 April 26, 2023 - 0.25 906,077 July 28, 2025 906,077 0.25 86,972 December 30, 2025 59,158 0.95 9,486 February 2, 2017 9,486 0.95 111,937 March 28, 2023 111,937 0.95 31,620 March 3, 2024 31,620 0.95 15,810 March 14, 2024 15,810 0.95 82,213 September 30, 2024 82,213 0.95 7,431 June 2, 2025 7,431 0.95 671,859 July 29, 2025 671,859 0.95 57,353 December 30, 2025 8,193 1.05 36,697 February 2, 2017 36,697 1.05 433,027 March 28, 2023 433,027 1.05 122,324 March 3, 2024 122,324 1.05 61,162 March 14, 2024 61,162 1.05 318,042 September 30, 2024 318,042 1.05 28,747 June 2, 2025 28,747 1.00 750,000 August 8, 2023 - 10,461,243 6,486,623 |
WARRANTS (Tables)
WARRANTS (Tables) | 6 Months Ended |
Sep. 30, 2016 | |
Warrants and Rights Note Disclosure [Abstract] | |
Schedule Of Share Based Compensation Stock Purchase Warrants Activity [Table Text Block] | The following is a continuity schedule of the Company’s common share purchase warrants: Number of Average Outstanding and exercisable, March 31, 2015 10,823,450 1.35 Issued 7,225,625 1.35 Outstanding and exercisable, December 31, 2015 18,049,075 1.35 Exercised (148,787) (0.80) Outstanding and exercisable, March 31, 2016 17,900,288 1.35 Exercised (262,045) (0.80) Outstanding and exercisable, September 30, 2016 17,638,243 1.36 |
Schedule of Common Share Purchase Warrants Outstanding [Table Text Block] | The following is a summary of common share purchase warrants outstanding as of September 30, 2016: Exercise Number of 1.40 7,735,750 February 26, 2019 1.40 1,212,500 March 27, 2019 1.40 891,250 March 31, 2019 1.40 Note 9(i) 3,115,000 April 21, 2019 1.40 Note 9 (ii) 1,418,750 May 27, 2019 1.40 Note 9(iii) 2,035,000 June 30, 2019 0.80 Note 9 (i) to (iii) 1,229,993 February 26, 2019 17,638,243 |
Schedule Of Warrant derivative liability [Table Text Block] | The following summarizes the changes in the value of the warrant derivative liability from inception until September 30, 2016: Number of Warrants Value ($) Balance at March 31, 2015 10,823,450 8,382,648 Warrants issued in April 21, 2015 financing 3,426,500 2,588,722 Warrants issued in May 27, 2015 financing 1,560,625 1,025,173 Warrants issued in June 30, 2015 financing 2,238,500 1,490,969 Change in fair value of warrant derivative liability - (7,419,643) Balance at December 31, 2015 18,049,075 6,067,869 Fair value of warrants exercised (148,787) (60,966) Change in fair value of warrant derivative liability - (870,913) Balance at March 31, 2016 17,900,288 5,135,990 Change in fair value of warrant derivative liability - (1,739,047) Fair value of warrants exercised (262,045) (43,562) Balance at September 30, 2016 17,638,243 3,353,381 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | The key inputs and assumptions used in the simulation model at inception and at September 30, 3016 and March 31, 2016 are as follows: Grant date Number of Expected Exercise Price Risk free Dividend Expected Fair At Inception: February 26, 2015 7,735,750 4 1.4 0.44 % 0 % 51.83 % 464,784 February 26, 2015 773,575 4 0.8 0.44 % 0 % 51.83 % 85,590 March 27, 2015 1,212,500 3.92 1.4 0.43 % 0 % 52.37 % 950,913 March 27, 2015 121,250 3.92 0.8 0.43 % 0 % 52.37 % 85,412 March 31, 2015 891,250 3.91 1.4 0.41 % 0 % 52.45 % 696,582 March 31, 2015 89,125 3.91 0.8 0.41 % 0 % 52.45 % 62,708 April 21, 2015 3,115,000 3.85 1.4 0.68 % 0 % 51.54 % 2,371,956 April 21, 2015 311,500 3.85 0.8 0.68 % 0 % 51.54 % 216,766 May 27, 2015 1,418,750 3.76 1.4 0.46 % 0 % 51.74 % 933,065 May 27, 2015 141,875 3.76 0.8 0.46 % 0 % 51.74 % 92,108 June 30, 2015 2,035,000 3.66 1.4 0.37 % 0 % 52.94 % 1,356,512 June 30, 2015 203,500 3.66 0.8 0.37 % 0 % 52.94 % 134,457 At year end March 31, 2016: March 31, 2016 16,408,250 2.91 1.4 0.21 % 0 % 62.96 % 4,585,539 March 31, 2016 1,492,038 2.91 0.8 0.21 % 0 % 62.96 % 550,451 At Period End: September 30, 2016 16,408,250 2.50 1.4 0.84 % 0 % 69.68 % 3,008,245 September 30, 2016 1,229,993 2.50 0.8 0.84 % 0 % 69.68 % 345,136 |
NATURE OF OPERATIONS AND GOIN32
NATURE OF OPERATIONS AND GOING CONCERN (Details Textual) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Apr. 21, 2016shares | Feb. 26, 2015shares | Sep. 30, 2016USD ($)shares | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)shares | Sep. 30, 2015USD ($) | Mar. 31, 2016USD ($)shares | Dec. 31, 2014shares | |
Working Capital Surplus (Deficit) | $ | $ (2,784,377) | $ (2,784,377) | $ (187,156) | |||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ | $ 729,546 | $ 2,318,758 | $ (1,593,226) | $ 827,503 | ||||
Stockholders' Equity, Reverse Stock Split | 1-for-0.831105 | |||||||
Common Stock, Shares Authorized | shares | 150,000,000 | 150,000,000 | 150,000,000 | 200,000,000 | ||||
Retained Earnings (Accumulated Deficit) | $ | $ (13,245,206) | $ (13,245,206) | $ (11,651,980) | |||||
Interactive Motion Technologies, Inc. [Member] | ||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 23,650,000 | |||||||
Share Exchange Agreement [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | shares | 50,000,000 | |||||||
Debt Instrument, Convertible, Conversion Ratio | 3.14 | |||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 100.00% |
SIGNIFICANT ACCOUNTING POLICI33
SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2016 | |
Significant Accounting Policies [Line Items] | |||
Standard and Extended Product Warranty Accrual | $ 57,338 | $ 0 | $ 57,338 |
Product Warranty Expense | $ 15,190 | $ 0 | $ 25,427 |
ACQUISITION (Details)
ACQUISITION (Details) | 1 Months Ended | |
Apr. 21, 2016USD ($) | ||
Consideration Paid: | ||
Fair value of 23,650,000 common shares | $ 23,177,000 | [1] |
Fair value of vested stock options | 2,582,890 | [2] |
Total Consideration Paid | 25,759,890 | |
Allocation of purchase price: | ||
Cash and cash equivalents | 266,635 | |
Accounts receivable | 6,490 | |
Inventories | 188,879 | |
Prepaid expenses and other current assets | 16,839 | |
Equipment | 59,749 | |
Liabilities assumed: | ||
Accounts payable | (241,299) | |
Accrued liabilities | (361,029) | |
Customer deposits | (86,487) | |
Demand notes payable | (324,894) | |
Promissory notes payable | (217,808) | |
Bionik advance | (1,436,164) | |
Net assets acquired | (2,129,089) | |
Intangible assets and goodwill | 27,888,979 | |
Total Allocation of purchase price | $ 25,759,890 | |
[1] | The fair value of common shares is based on $0.98 the closing market price of the Company’s common stock on April 21, 2016. | |
[2] | The fair value of the vested stock options was determined using the Black Scholes option pricing model with the following key assumptions: a risk free rate of 1.59%, dividend and forfeiture rates of 0% and expected volatility of 114% which is consistent with the Company’s assumptions (Note 10). |
ACQUISITION (Details1)
ACQUISITION (Details1) - USD ($) | 3 Months Ended | 5 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | |
Business Acquisition [Line Items] | ||
Revenue | $ 18,283 | $ 182,474 |
Net loss and comprehensive loss | $ (551,052) | $ (843,686) |
ACQUISITION (Details2)
ACQUISITION (Details2) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Business Acquisition [Line Items] | ||||
Revenue | $ 18,283 | $ 374,530 | $ 184,311 | $ 812,944 |
Net loss and comprehensive loss | $ (551,052) | $ (249,448) | $ (958,297) | $ (373,996) |
ACQUISITION (Details Textual)
ACQUISITION (Details Textual) | 1 Months Ended |
Apr. 21, 2016USD ($)$ / sharesshares | |
Business Acquisition [Line Items] | |
Fair Value Assumptions, Risk Free Interest Rate | 1.59% |
Fair Value Assumption Forfeited rate | 0.00% |
Fair Value Assumptions, Expected Volatility Rate | 114.00% |
Exercise Price 0.25 [Member] | |
Business Acquisition [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 0.25 |
Exercise Price 0.95 [Member] | |
Business Acquisition [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 0.95 |
Exercise Price 1.05 [Member] | |
Business Acquisition [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ / shares | $ 1.05 |
Interactive Motion Technologies, Inc. [Member] | |
Business Acquisition [Line Items] | |
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% |
Business Acquisition, Effective Date of Acquisition | Apr. 21, 2016 |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 23,650,000 |
Business Acquisition, Number Of Option Acquired | 3,895,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,000,000 |
Allocated Share-based Compensation Expense | $ | $ 2,582,890 |
Share Price | $ / shares | $ 0.98 |
PREPAID EXPENSES AND OTHER RE38
PREPAID EXPENSES AND OTHER RECEIVABLES (Details) - USD ($) | Sep. 30, 2016 | Mar. 31, 2016 | |
Prepaid Expense And Other Receivables [Line Items] | |||
Prepaid expenses and sundry receivables | $ 86,240 | $ 87,979 | |
Prepaid insurance | 53,925 | 107,259 | |
Sales taxes receivable | [1] | 16,977 | 36,495 |
Prepaid Expense and Other Assets | $ 157,142 | $ 231,733 | |
[1] | Sales tax receivable represents net harmonized sales taxes (HST) input tax credits receivable from the Government of Canada. |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | Sep. 30, 2016 | Mar. 31, 2016 |
Inventory [Line Items] | ||
Raw Materials | $ 237,036 | $ 0 |
Work in Progress | 56,991 | 0 |
Inventory, Net | $ 294,027 | $ 0 |
EQUIPMENT (Details)
EQUIPMENT (Details) - USD ($) | Sep. 30, 2016 | Mar. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | $ 339,161 | $ 186,164 |
Accumulated Depreciation | 143,167 | 109,414 |
Property, Plant and Equipment, Net | 195,994 | 76,750 |
Computers and electronics [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 162,024 | 152,246 |
Accumulated Depreciation | 111,255 | 96,379 |
Property, Plant and Equipment, Net | 50,700 | 55,867 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 23,196 | 22,496 |
Accumulated Depreciation | 11,362 | 10,118 |
Property, Plant and Equipment, Net | 11,834 | 12,378 |
Demonstration Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 115,200 | 0 |
Accumulated Depreciation | 15,450 | 0 |
Property, Plant and Equipment, Net | 99,750 | 0 |
Tools and Parts [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 15,722 | 11,422 |
Accumulated Depreciation | 3,949 | 2,917 |
Property, Plant and Equipment, Net | 11,773 | 8,505 |
Assets Held under Capital Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Cost | 23,019 | 0 |
Accumulated Depreciation | 1,151 | 0 |
Property, Plant and Equipment, Net | $ 21,868 | $ 0 |
EQUIPMENT (Details Textual)
EQUIPMENT (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Mar. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||||
Depreciation | $ 23,950 | $ 15,478 | $ 33,753 | $ 32,480 | |
Capital Leases, Balance Sheet, Assets by Major Class, Net | 23,019 | 23,019 | |||
Capital Lease Obligations, Current | 4,603 | 4,603 | $ 0 | ||
Capital Lease Obligations, Noncurrent | $ 16,881 | $ 16,881 | $ 0 |
NOTES PAYABLE (Details)
NOTES PAYABLE (Details) - Demand Notes payable [Member] | 6 Months Ended |
Sep. 30, 2016USD ($) | |
Balance, March 31, 2016 | $ 0 |
Acquisition of IMT (Note 3) | 324,894 |
Accrued interest | 1,099 |
Balance, September 30, 2016 | $ 325,993 |
NOTES PAYABLE (Details 1)
NOTES PAYABLE (Details 1) | 6 Months Ended |
Sep. 30, 2016USD ($) | |
Balance, March 31, 2016 | $ 0 |
Balance, September 30, 2016 | 226,740 |
Promissory Note [Member] | |
Balance, March 31, 2016 | 0 |
Acquisition of IMT (Note 3) | 217,808 |
Accrued interest | 8,932 |
Balance, September 30, 2016 | $ 226,740 |
NOTES PAYABLE (Details Textual)
NOTES PAYABLE (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Mar. 01, 2016 | Sep. 30, 2016 | Sep. 30, 2016 | Feb. 28, 2014 | |
IMT Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Demand Deferral, Minimum Capital Proceeds Required | $ 15,000,000 | |||
Notes Payable | $ 325,993 | $ 325,993 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | |||
Interest Expense, Debt | 1,138 | 4,463 | ||
Promissory Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes Payable | $ 200,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||
Interest Expense, Debt | 5,042 | 8,932 | ||
Director [Member] | IMT Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes Payable | $ 148,974 | $ 148,974 |
RELATED PARTY TRANSACTIONS AN45
RELATED PARTY TRANSACTIONS AND BALANCES (Details Textual) - USD ($) | 6 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Mar. 31, 2016 | |
Related Party Transaction [Line Items] | ||
Due from Related Parties | $ 41,508 | $ 41,445 |
Accrued interest receivable | 2,224 | 1,148 |
Chief Operating Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts Payable, Related Parties | 5,196 | 8,812 |
Chief Executive Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts Payable, Related Parties | 5,560 | 2,694 |
Chief Technology Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts Payable, Related Parties | 3,284 | |
Chief Financial Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts Payable, Related Parties | 71 | 116 |
VP US Operations [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts Payable, Related Parties | 664 | 0 |
Chief Commercial Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts Payable, Related Parties | $ 17,457 | $ 0 |
SHARE CAPITAL (Details)
SHARE CAPITAL (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Sep. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2016 | ||
Opening Balance | $ 263,906 | $ (373,684) | $ (2,498,745) | ||
Shares issued on acquisition (Note 3) | 23,177,000 | ||||
Shares issued for services | $ 59,500 | 169,700 | |||
Cashless exercise of warrants (in shares) | 45,508 | 51,249 | |||
Cashless exercise of warrants | $ 43,562 | 60,966 | |||
Closing Balance | $ 263,906 | $ 24,957,722 | $ 263,906 | $ 263,906 | |
Exchangable Shares [Member] | |||||
Opening Balance (in shares) | 50,000,000 | 50,000,000 | |||
Opening Balance | $ 50,000 | $ 50,000 | |||
Closing Balance (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | ||
Closing Balance | $ 50,000 | $ 50,000 | $ 50,000 | ||
Common Shares [Member] | |||||
Opening Balance (in shares) | 22,591,292 | 22,428,313 | |||
Opening Balance | $ 22,591 | $ 22,428 | |||
Shares issued on acquisition (Note 3) | $ 23,650 | ||||
Shares issued on acquisition (Note 3) (in shares) | 23,650,000 | ||||
Shares issued for services (in shares) | [1] | 70,000 | 117,471 | ||
Shares issued for services | [1] | $ 70 | $ 117 | ||
Cashless exercise of warrants (in shares) | [2] | 51,249 | 45,508 | ||
Cashless exercise of warrants | [2] | $ 51 | $ 46 | ||
Closing Balance (in shares) | 22,591,292 | 46,362,541 | 22,591,292 | 22,591,292 | |
Closing Balance | $ 22,591 | $ 46,362 | $ 22,591 | $ 22,591 | |
Common Shares And Exchangeable Shares [Member] | |||||
Opening Balance (in shares) | 72,591,292 | ||||
Opening Balance | $ 72,591 | ||||
Closing Balance (in shares) | 72,591,292 | 96,362,541 | 72,591,292 | 72,591,292 | |
Closing Balance | $ 72,591 | $ 96,362 | $ 72,591 | $ 72,591 | |
[1] | The Company issued 70,000 common shares during the six month period ended September 30, 2016 for consulting services and recognized $59,500 of share-based compensation expense. | ||||
[2] | During the six month period ended September 30, 2016, 51,249 common shares were issued as a result of a cashless exercise of 262,045 warrants with an exercise price of $0.80. Under the terms of the warrant agreement the value of the warrants on exercise is attributed to the shares on exercise and the Company has recognized a value of $43,562. |
SHARE CAPITAL (Details Textual)
SHARE CAPITAL (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||
Jul. 31, 2016 | Jun. 30, 2015 | May 27, 2015 | Apr. 21, 2015 | Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Mar. 31, 2015 | |
Stock Issued During Period, Value, Issued for Services | $ 59,500 | $ 169,700 | ||||||||||
Share-based Compensation | $ 204,842 | $ 26,724 | $ 424,090 | $ 1,324,282 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.001 | $ 0.001 | ||||||||||
Class of Warrant or Right, Outstanding | 17,638,243 | 17,900,288 | 17,638,243 | 17,900,288 | 18,049,075 | 10,823,450 | ||||||
Fair Value Adjustment of Warrants | $ (2,130,106) | $ (870,913) | $ (3,496,070) | $ (1,739,047) | $ 870,913 | $ (4,413,819) | $ (7,419,643) | |||||
Stock Issued During Period, Shares, Upon Cashless Exercise Of Warrants | 45,508 | 51,249 | ||||||||||
Number Of Warrants Exercised | 148,787 | (148,787) | (262,045) | |||||||||
Exchangable Shares [Member] | ||||||||||||
Stock Issued During Period, Shares, Issued for Services | 70,000 | |||||||||||
Stock Issued During Period, Value, Issued for Services | $ 59,500 | |||||||||||
Share-based Compensation | $ 204,842 | $ 43,562 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.80 | $ 0.80 | ||||||||||
Stock Issued During Period, Shares, Upon Cashless Exercise Of Warrants | 51,249 | |||||||||||
Number Of Warrants Exercised | 262,045 | |||||||||||
Fourth Closing [Member] | ||||||||||||
Payments of Stock Issuance Costs | $ 338,960 | |||||||||||
Stock Units Issued During Period | 311,500 | |||||||||||
Proceeds From Issuance of Stock Units | $ 2,492,000 | |||||||||||
Stock Units Description | Each Unit consisted of one common share of the Company, and a warrant to purchase one common share of the Company at an exercise price of $1.40 per share exercisable for 4 years. | |||||||||||
Warrants Exercisable Period | 4 years | |||||||||||
Class of Warrant or Right, Outstanding | 3,115,000 | |||||||||||
Fair Value Adjustment of Warrants | $ 435,682 | |||||||||||
Warrants Exercisable Price Per Warrants | $ 0.80 | |||||||||||
Fifth Closing [Member] | ||||||||||||
Payments of Stock Issuance Costs | $ 147,566 | |||||||||||
Stock Units Issued During Period | 1,418,750 | |||||||||||
Proceeds From Issuance of Stock Units | $ 1,135,000 | |||||||||||
Stock Units Description | Each Unit consisted of one common share of the Company, and a warrant to purchase one common share of the Company at an exercise price of $1.40 per share exercisable for 4 years. | |||||||||||
Warrants Exercisable Period | 4 years | |||||||||||
Class of Warrant or Right, Outstanding | 141,875 | |||||||||||
Fair Value Adjustment of Warrants | $ 37,739 | |||||||||||
Warrants Exercisable Price Per Warrants | $ 0.80 | |||||||||||
Sixth Closing [Member] | ||||||||||||
Payments of Stock Issuance Costs | $ 211,656 | |||||||||||
Stock Units Issued During Period | 2,035,000 | |||||||||||
Proceeds From Issuance of Stock Units | $ 1,628,000 | |||||||||||
Stock Units Description | Each Unit consisted of one common share of the Company, and a warrant to purchase one common share of the Company at an exercise price of $1.40 per share exercisable for 4 years. | |||||||||||
Warrants Exercisable Period | 4 years | |||||||||||
Class of Warrant or Right, Outstanding | 203,500 | |||||||||||
Fair Value Adjustment of Warrants | $ 74,625 | |||||||||||
Warrants Exercisable Price Per Warrants | $ 0.80 |
STOCK OPTIONS (Details)
STOCK OPTIONS (Details) - Employee Stock Option [Member] | 6 Months Ended |
Sep. 30, 2016USD ($) | |
February 17, 2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 5 years 4 months 20 days |
Risk free rate | 1.59% |
Dividend yield | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value fair value | $ 136,613 |
July 1, 2014 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 4 years 9 months |
Risk free rate | 1.59% |
Dividend yield | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value fair value | $ 1,259,487 |
June 20, 2014 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 4 years 8 months 19 days |
Risk free rate | 1.59% |
Dividend yield | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value fair value | $ 118,957 |
April 11, 2014 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 4 years 6 months |
Risk free rate | 1.59% |
Dividend yield | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value fair value | $ 230,930 |
November 24 2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 6 years 1 month 24 days |
Risk free rate | 1.59% |
Dividend yield | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value fair value | $ 694,384 |
December 14, 2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 6 years 2 months 16 days |
Risk free rate | 1.59% |
Dividend yield | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value fair value | $ 1,260,437 |
April 21, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk free rate | 1.59% |
Dividend yield | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value fair value | $ 2,582,890 |
April 21, 2016 [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 9 years 3 months |
April 21, 2016 [Member] | Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 9 months 14 days |
April 26, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 6 years 6 months 25 days |
Risk free rate | 1.59% |
Dividend yield | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value fair value | $ 213,750 |
April82016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 6 years 10 months 10 days |
Risk free rate | 1.59% |
Dividend yield | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value fair value | $ 652,068 |
STOCK OPTIONS (Details 1)
STOCK OPTIONS (Details 1) - Employee Stock Option [Member] | 6 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number Options, Outstanding, Beginning Balance (in shares) | shares | 6,604,880 |
Number of Options, Issued (in shares) | shares | 4,000,000 |
Number of Options, Cancelled (in shares) | shares | (143,637) |
Number of Options, Outstanding, Ending Balance (in shares) | shares | 10,461,243 |
Weighted-Average Exercise Price, Outstanding, Beginning Balance (in dollars per share) | $ / shares | $ 0.57 |
Weighted-Average Exercise Price, Issued (in dollars per share) | $ / shares | 0.77 |
Weighted-Average Exercise Price, Cancelled (in dollars per share) | $ / shares | 0.48 |
Weighted-Average Exercise Price, Outstanding, Ending Balance (in dollars per share) | $ / shares | $ 0.59 |
STOCK OPTIONS (Details 2)
STOCK OPTIONS (Details 2) - Employee Stock Option [Member] - $ / shares | 6 Months Ended | |
Sep. 30, 2016 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.59 | $ 0.57 |
Number of Options | 10,461,243 | 6,604,880 |
Number of Exercisable Options | 6,486,623 | |
Stock Option One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.165 | |
Number of Options | 374,324 | |
Expiry Date | Apr. 1, 2021 | |
Number of Exercisable Options | 374,324 | |
Stock Option Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.23 | |
Number of Options | 99,610 | |
Expiry Date | Jun. 20, 2021 | |
Number of Exercisable Options | 99,610 | |
Stock Option Three [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.23 | |
Number of Options | 2,972,592 | |
Expiry Date | Jul. 1, 2021 | |
Number of Exercisable Options | 2,972,592 | |
Stock Option Four [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.23 | |
Number of Options | 204,460 | |
Expiry Date | Feb. 17, 2022 | |
Number of Exercisable Options | 136,314 | |
Stock Option Five [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 1.22 | |
Number of Options | 400,000 | |
Expiry Date | Nov. 24, 2022 | |
Number of Exercisable Options | 0 | |
Stock Option Six [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 1 | |
Number of Options | 2,430,000 | |
Expiry Date | Dec. 14, 2022 | |
Number of Exercisable Options | 0 | |
Stock Option Seven [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 1 | |
Number of Options | 250,000 | |
Expiry Date | Apr. 26, 2023 | |
Number of Exercisable Options | 0 | |
Stock Option Eight [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.25 | |
Number of Options | 906,077 | |
Expiry Date | Jul. 28, 2025 | |
Number of Exercisable Options | 906,077 | |
Stock Option Nine [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.25 | |
Number of Options | 86,972 | |
Expiry Date | Dec. 30, 2025 | |
Number of Exercisable Options | 59,158 | |
Stock Option Ten [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.95 | |
Number of Options | 9,486 | |
Expiry Date | Feb. 2, 2017 | |
Number of Exercisable Options | 9,486 | |
Stock Option Eleven [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.95 | |
Number of Options | 111,937 | |
Expiry Date | Mar. 28, 2023 | |
Number of Exercisable Options | 111,937 | |
Stock Option Twelve [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.95 | |
Number of Options | 31,620 | |
Expiry Date | Mar. 3, 2024 | |
Number of Exercisable Options | 31,620 | |
Stock Option Thirteen [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.95 | |
Number of Options | 15,810 | |
Expiry Date | Mar. 14, 2024 | |
Number of Exercisable Options | 15,810 | |
Stock Option Fourteen [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.95 | |
Number of Options | 82,213 | |
Expiry Date | Sep. 30, 2024 | |
Number of Exercisable Options | 82,213 | |
Stock Option Fifteen [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.95 | |
Number of Options | 7,431 | |
Expiry Date | Jun. 2, 2025 | |
Number of Exercisable Options | 7,431 | |
Stock Option Sixteen [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.95 | |
Number of Options | 671,859 | |
Expiry Date | Jul. 29, 2025 | |
Number of Exercisable Options | 671,859 | |
Stock Option Seventeen [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.95 | |
Number of Options | 57,353 | |
Expiry Date | Dec. 30, 2025 | |
Number of Exercisable Options | 8,193 | |
Stock Option Eighteen [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 1.05 | |
Number of Options | 36,697 | |
Expiry Date | Feb. 2, 2017 | |
Number of Exercisable Options | 36,697 | |
Stock Option Nineteen [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 1.05 | |
Number of Options | 433,027 | |
Expiry Date | Mar. 28, 2023 | |
Number of Exercisable Options | 433,027 | |
Stock Option Twenty [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 1.05 | |
Number of Options | 122,324 | |
Expiry Date | Mar. 3, 2024 | |
Number of Exercisable Options | 122,324 | |
Stock Option Twenty One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 1.05 | |
Number of Options | 61,162 | |
Expiry Date | Mar. 14, 2024 | |
Number of Exercisable Options | 61,162 | |
Stock Option Twenty Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 1.05 | |
Number of Options | 318,042 | |
Expiry Date | Sep. 30, 2024 | |
Number of Exercisable Options | 318,042 | |
Stock Option Twenty Three [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 1.05 | |
Number of Options | 28,747 | |
Expiry Date | Jun. 2, 2025 | |
Number of Exercisable Options | 28,747 | |
Stock Option Twenty Four [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 1 | |
Number of Options | 750,000 | |
Expiry Date | Aug. 8, 2023 | |
Number of Exercisable Options | 0 |
STOCK OPTIONS (Details Textual)
STOCK OPTIONS (Details Textual) - USD ($) | Oct. 08, 2016 | Aug. 31, 2016 | Apr. 26, 2016 | Apr. 21, 2016 | Dec. 14, 2015 | Nov. 24, 2015 | Feb. 28, 2015 | Feb. 26, 2015 | Feb. 17, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2014 | Mar. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 9 months 18 days | 4 years 9 months 4 days | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 6 years 2 months 19 days | 4 years 8 months 26 days | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 15 | 15 | |||||||||||||
Exercise Price Range One [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 1,000,000 | ||||||||||||||
Exercise Price Range Two [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 1,000,000 | ||||||||||||||
Exercise Price Range Three [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 1,000,000 | ||||||||||||||
Employee Stock Option [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Allocated Share-based Compensation Expense | $ 204,842 | $ 3,309 | |||||||||||||
April issuance [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 531,606 | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Re-measured Fair value | $ 230,930 | ||||||||||||||
June issuance [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 264,230 | ||||||||||||||
Allocated Share-based Compensation Expense | $ 118,957 | ||||||||||||||
Employees and Consultant [Member] | Employee Stock Option [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 62,912 | 125,824 | |||||||||||||
Employees and Consultant [Member] | April issuance [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 657,430 | ||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.165 | ||||||||||||||
Employees and Consultant [Member] | April issuance [Member] | Employee Stock Option [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Allocated Share-based Compensation Expense | $ 3,658 | ||||||||||||||
Employees and Consultant [Member] | June issuance [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 264,230 | ||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.23 | ||||||||||||||
Employees and Consultant [Member] | June issuance [Member] | Employee Stock Option [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Allocated Share-based Compensation Expense | 176 | ||||||||||||||
Management [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,972,592 | ||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.23 | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Issued Weighted Average Remaining Contractual Term1 | 7 years | ||||||||||||||
Fair Value Of Options | $ 1,259,487 | ||||||||||||||
Management [Member] | Subsequent Event [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 990,864 | ||||||||||||||
Director and Employees and Consultant [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 314,560 | ||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.23 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 110,100 | ||||||||||||||
Allocated Share-based Compensation Expense | $ 7,400 | 14,800 | |||||||||||||
Fair Value Of Options | $ 136,613 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 7 years | |||||||||||||
Employees of Bionik Inc [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 1 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,895,000 | ||||||||||||||
Allocated Share-based Compensation Expense | 17,812 | 22,479 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 250,000 | 3,000,000 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award Options Vested Weighted Average Grant Date Fair Values | $ 213,750 | $ 2,582,890 | |||||||||||||
Employees of Bionik Inc [Member] | Exercise Price Range One [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.25 | ||||||||||||||
Employees of Bionik Inc [Member] | Exercise Price Range Two [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 0.95 | ||||||||||||||
Employees of Bionik Inc [Member] | Exercise Price Range Three [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 1.05 | ||||||||||||||
Employees of Bionik Inc [Member] | Unvested option [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Allocated Share-based Compensation Expense | 10,169 | ||||||||||||||
Employees [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 650,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 250,000 | ||||||||||||||
Allocated Share-based Compensation Expense | $ 35,609 | $ 78,638 | $ 62,317 | ||||||||||||
Fair Value Of Options | $ 694,384 | ||||||||||||||
Employee One [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 750,000 | ||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 1 | ||||||||||||||
Allocated Share-based Compensation Expense | $ 31,552 | ||||||||||||||
Fair Value Of Options | $ 652,068 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||||||||
Director and Employees and Consultant One [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,495,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 40,000 | 25,000 | |||||||||||||
Allocated Share-based Compensation Expense | $ 102,300 | $ 22,608 | |||||||||||||
Fair Value Of Options | $ 1,260,437 |
WARRANTS (Details)
WARRANTS (Details) - $ / shares | 3 Months Ended | 6 Months Ended | 9 Months Ended |
Mar. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | |
Number of Warrants, Outstanding and exercisable, Beginning balance | 18,049,075 | 17,900,288 | 10,823,450 |
Number of Warrants, Issued | 7,225,625 | ||
Number of Warrants, Issued, Exercised | (148,787) | (262,045) | |
Number of Warrants, Outstanding and exercisable, Ending balance | 17,900,288 | 17,638,243 | 18,049,075 |
Weighted-Average Exercise Price, Outstanding and exercisable, Beginning balance | $ 1.35 | $ 1.35 | $ 1.35 |
Weighted-Average Exercise Price, Issued | 1.35 | ||
Weighted-Average Exercise Price, Exercised | (0.80) | (0.80) | |
Weighted-Average Exercise Price, Outstanding and exercisable, Ending balance | $ 1.35 | $ 1.36 | $ 1.35 |
WARRANTS (Details 1)
WARRANTS (Details 1) - $ / shares | 6 Months Ended | |||
Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Class of Warrant or Right [Line Items] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.001 | |||
Class of Warrant or Right, Number of Warrants | 17,638,243 | 17,900,288 | 18,049,075 | 10,823,450 |
Warrant One [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.40 | |||
Class of Warrant or Right, Number of Warrants | 7,735,750 | 7,735,750 | ||
Class Of Warrant Or Right Expiry Date | Feb. 26, 2019 | |||
Warrant Three [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.40 | |||
Class of Warrant or Right, Number of Warrants | 1,212,500 | 1,212,500 | ||
Class Of Warrant Or Right Expiry Date | Mar. 27, 2019 | |||
Warrant Five [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.40 | |||
Class of Warrant or Right, Number of Warrants | 891,250 | 891,250 | ||
Class Of Warrant Or Right Expiry Date | Mar. 31, 2019 | |||
Warrant Seven [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.40 | |||
Class of Warrant or Right, Number of Warrants | 3,115,000 | 3,115,000 | ||
Class Of Warrant Or Right Expiry Date | Apr. 21, 2019 | |||
Warrant Nine [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.40 | |||
Class of Warrant or Right, Number of Warrants | 1,418,750 | 1,418,750 | ||
Class Of Warrant Or Right Expiry Date | May 27, 2019 | |||
Warrant Eleven [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.40 | |||
Class of Warrant or Right, Number of Warrants | 2,035,000 | 2,035,000 | ||
Class Of Warrant Or Right Expiry Date | Jun. 30, 2019 | |||
Warrant Thirteen [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.80 | |||
Class of Warrant or Right, Number of Warrants | 1,229,993 | |||
Class Of Warrant Or Right Expiry Date | Feb. 26, 2019 |
WARRANTS (Details 2)
WARRANTS (Details 2) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Class of Warrant or Right, Outstanding | 18,049,075 | 17,900,288 | 10,823,450 | 10,823,450 | |||
Derivative Liability, Fair Value, Gross Liability | $ 6,067,869 | $ 5,135,990 | $ 8,382,648 | $ 8,382,648 | |||
Fair value of warrants exercised | $ (60,966) | $ (43,562) | |||||
Number of warrants exercised | 148,787 | (148,787) | (262,045) | ||||
Change in fair value of warrant derivative liability | $ (2,130,106) | $ (870,913) | $ (3,496,070) | $ (1,739,047) | $ 870,913 | $ (4,413,819) | $ (7,419,643) |
Class of Warrant or Right, Outstanding | 17,638,243 | 17,900,288 | 17,638,243 | 17,900,288 | 18,049,075 | ||
Derivative Liability, Fair Value, Gross Liability | $ 3,353,381 | $ 5,135,990 | $ 3,353,381 | $ 5,135,990 | $ 6,067,869 | ||
Warrants Issued In April 21, 2015 Financing [Member] | |||||||
Class of Warrant or Right, Outstanding | 3,426,500 | 3,426,500 | |||||
Derivative Liability, Fair Value, Gross Liability | $ 2,588,722 | $ 2,588,722 | |||||
Warrants Issued In May 27, 2015 Financing [Member] | |||||||
Class of Warrant or Right, Outstanding | 1,560,625 | 1,560,625 | |||||
Derivative Liability, Fair Value, Gross Liability | $ 1,025,173 | $ 1,025,173 | |||||
Warrants Issued In June 30, 2015 Financing [Member] | |||||||
Class of Warrant or Right, Outstanding | 2,238,500 | 2,238,500 | |||||
Derivative Liability, Fair Value, Gross Liability | $ 1,490,969 | $ 1,490,969 |
WARRANTS (Details 3)
WARRANTS (Details 3) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Number of Warrants | 17,638,243 | 17,900,288 | 18,049,075 | 10,823,450 |
Warrant One [Member] | ||||
Number of Warrants | 7,735,750 | 7,735,750 | ||
Expected life in years | 4 years | |||
Exercise Price | $ 1.4 | |||
Risk free rate | 0.44% | |||
Dividend rate | 0.00% | |||
Expected volatility | 51.83% | |||
Grant date fair value | $ 464,784 | |||
Warrant Two [Member] | ||||
Number of Warrants | 773,575 | |||
Expected life in years | 4 years | |||
Exercise Price | $ 0.8 | |||
Risk free rate | 0.44% | |||
Dividend rate | 0.00% | |||
Expected volatility | 51.83% | |||
Grant date fair value | $ 85,590 | |||
Warrant Three [Member] | ||||
Number of Warrants | 1,212,500 | 1,212,500 | ||
Expected life in years | 3 years 11 months 1 day | |||
Exercise Price | $ 1.4 | |||
Risk free rate | 0.43% | |||
Dividend rate | 0.00% | |||
Expected volatility | 52.37% | |||
Grant date fair value | $ 950,913 | |||
Warrant Four [Member] | ||||
Number of Warrants | 121,250 | |||
Expected life in years | 3 years 11 months 1 day | |||
Exercise Price | $ 0.8 | |||
Risk free rate | 0.43% | |||
Dividend rate | 0.00% | |||
Expected volatility | 52.37% | |||
Grant date fair value | $ 85,412 | |||
Warrant Five [Member] | ||||
Number of Warrants | 891,250 | 891,250 | ||
Expected life in years | 3 years 10 months 28 days | |||
Exercise Price | $ 1.4 | |||
Risk free rate | 0.41% | |||
Dividend rate | 0.00% | |||
Expected volatility | 52.45% | |||
Grant date fair value | $ 696,582 | |||
Warrant Six [Member] | ||||
Number of Warrants | 89,125 | |||
Expected life in years | 3 years 10 months 28 days | |||
Exercise Price | $ 0.8 | |||
Risk free rate | 0.41% | |||
Dividend rate | 0.00% | |||
Expected volatility | 52.45% | |||
Grant date fair value | $ 62,708 | |||
Warrant Seven [Member] | ||||
Number of Warrants | 3,115,000 | 3,115,000 | ||
Expected life in years | 3 years 10 months 6 days | |||
Exercise Price | $ 1.4 | |||
Risk free rate | 0.68% | |||
Dividend rate | 0.00% | |||
Expected volatility | 51.54% | |||
Grant date fair value | $ 2,371,956 | |||
Warrant Eight [Member] | ||||
Number of Warrants | 311,500 | |||
Expected life in years | 3 years 10 months 6 days | |||
Exercise Price | $ 0.8 | |||
Risk free rate | 0.68% | |||
Dividend rate | 0.00% | |||
Expected volatility | 51.54% | |||
Grant date fair value | $ 216,766 | |||
Warrant Nine [Member] | ||||
Number of Warrants | 1,418,750 | 1,418,750 | ||
Expected life in years | 3 years 9 months 4 days | |||
Exercise Price | $ 1.4 | |||
Risk free rate | 0.46% | |||
Dividend rate | 0.00% | |||
Expected volatility | 51.74% | |||
Grant date fair value | $ 933,065 | |||
Warrant Ten [Member] | ||||
Number of Warrants | 141,875 | |||
Expected life in years | 3 years 9 months 4 days | |||
Exercise Price | $ 0.8 | |||
Risk free rate | 0.46% | |||
Dividend rate | 0.00% | |||
Expected volatility | 51.74% | |||
Grant date fair value | $ 92,108 | |||
Warrant Eleven [Member] | ||||
Number of Warrants | 2,035,000 | 2,035,000 | ||
Expected life in years | 3 years 7 months 28 days | |||
Exercise Price | $ 1.4 | |||
Risk free rate | 0.37% | |||
Dividend rate | 0.00% | |||
Expected volatility | 52.94% | |||
Grant date fair value | $ 1,356,512 | |||
Warrant Twelve [Member] | ||||
Number of Warrants | 203,500 | |||
Expected life in years | 3 years 7 months 28 days | |||
Exercise Price | $ 0.8 | |||
Risk free rate | 0.37% | |||
Dividend rate | 0.00% | |||
Expected volatility | 52.94% | |||
Grant date fair value | $ 134,457 | |||
Classes of Warrants 1 [Member] | ||||
Number of Warrants | 16,408,250 | 16,408,250 | ||
Expected life in years | 2 years 6 months | 2 years 10 months 28 days | ||
Exercise Price | $ 1.4 | $ 1.4 | ||
Risk free rate | 0.84% | 0.21% | ||
Dividend rate | 0.00% | 0.00% | ||
Expected volatility | 69.68% | 62.96% | ||
Grant date fair value | $ 3,008,245 | $ 4,585,539 | ||
Classes Of Warrants 2 [Member] | ||||
Number of Warrants | 1,229,993 | 1,492,038 | ||
Expected life in years | 2 years 6 months | 2 years 10 months 28 days | ||
Exercise Price | $ 0.8 | $ 0.8 | ||
Risk free rate | 0.84% | 0.21% | ||
Dividend rate | 0.00% | 0.00% | ||
Expected volatility | 69.68% | 62.96% | ||
Grant date fair value | $ 345,136 | $ 550,451 |
WARRANTS (Details Textual)
WARRANTS (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2016 | |
Class of Warrant or Right [Line Items] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.001 | $ 0.001 | |||||||
Fair Value Adjustment of Warrants | $ (2,130,106) | $ (870,913) | $ (3,496,070) | $ (1,739,047) | $ 870,913 | $ (4,413,819) | $ (7,419,643) | ||
Warrant Redemption Terms | The Company has the option to redeem the warrants for $0.001 per warrant if the daily volume weighted-average price of the common shares is 200% or more of the exercise price for twenty consecutive trading days provided there is an effective registration statement covering the common shares available throughout the thirty day period after the redemption date. The warrant holders then have thirty days to exercise the warrants or receive the redemption amount. | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumption, Holding Cost Percentage | 2.25% | ||||||||
Stock Issued During Period, Shares, Upon Cashless Exercise Of Warrants | 45,508 | 51,249 | |||||||
Number Of Warrants Exercised | (148,787) | 148,787 | 262,045 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 2 years 6 months | 2 years 9 months 7 days | |||||||
Number Of Warrants Exercised | 148,787 | 262,045 | |||||||
Class of Warrant or Right Redemption Price | $ 0.001 | $ 0.001 | |||||||
Investor [Member] | |||||||||
Class of Warrant or Right [Line Items] | |||||||||
Repayments of Debt | $ 180,940 | ||||||||
Debt Conversion, Converted Instrument, Warrants or Options Issued | 349,522 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.23 | ||||||||
Investor [Member] | Accrued Liabilities [Member] | |||||||||
Class of Warrant or Right [Line Items] | |||||||||
Repayments of Debt | $ 12,138 |
LICENSING AGREEMENTS (Details T
LICENSING AGREEMENTS (Details Textual) | 6 Months Ended |
Sep. 30, 2016USD ($) | |
Licensing Agreement One [Member] | |
Sublicense Revenue Percentage | 50.00% |
Royalty Expense | $ 0 |
Accrued Royalties, Current | $ 33,369 |
Licensing Agreement One [Member] | Domestic product sales [Member] | |
Royalty Payable Percentage | 3.00% |
Licensing Agreement One [Member] | International product sales [Member] | |
Royalty Payable Percentage | 1.50% |
Licensing Agreement Two [Member] | |
Royalty Payable Percentage | 1.00% |
Sublicense Revenue Percentage | 50.00% |
RISK MANAGEMENT (Details Textua
RISK MANAGEMENT (Details Textual) | Sep. 30, 2016CAD |
Canada [Member] | Maximum [Member] | |
Concentration Risk [Line Items] | |
Cash, FDIC Insured Amount | CAD 100,000 |