Document And Entity Information
Document And Entity Information | 6 Months Ended |
Sep. 30, 2016 | |
Document Information [Line Items] | |
Document Type | S-1/A |
Amendment Flag | true |
Document Period End Date | Sep. 30, 2016 |
Entity Registrant Name | Bionik Laboratories Corp. |
Entity Central Index Key | 1,508,381 |
Entity Filer Category | Smaller Reporting Company |
Amendment Description | The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine. The information in this preliminary prospectus is not complete and may be changed. The Selling Stockholders may not sell these securities until the registration statement filed with the Securities and Exchange Commission becomes effective. This preliminary prospectus is not an offer to sell these securities nor does it seek offers to buy these securities in any state where the offer or sale is not permitted. |
Condensed Consolidated Interim
Condensed Consolidated Interim Balance Sheets - USD ($) | Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Current | |||||
Cash and cash equivalents | $ 1,677,310 | $ 5,381,757 | $ 6,617,082 | $ 6,125,108 | $ 209,933 |
Accounts receivable | 93,892 | 0 | |||
Prepaid expenses and other receivables | 157,142 | 231,733 | 188,217 | 158,419 | 81,130 |
Inventories (Note 5) | 294,027 | 0 | |||
Due from related parties | 41,508 | 41,445 | 38,554 | 41,480 | 44,986 |
Short term advances | 0 | 125,153 | 0 | 0 | 0 |
Loan receivable | 0 | 379,908 | 307,459 | 0 | 0 |
Total Current Assets | 2,263,879 | 6,159,996 | 7,151,312 | 6,325,007 | 336,049 |
Equipment | 195,994 | 76,750 | 87,103 | 100,629 | 77,922 |
Intangible assets and goodwill (Note 3) | 27,888,979 | 0 | |||
Total Assets | 30,348,852 | 6,236,746 | 7,238,415 | 6,425,636 | 413,971 |
Current | |||||
Accounts payable | 419,862 | 320,871 | 134,718 | 208,787 | 308,947 |
Accrued liabilities | 806,901 | 515,979 | 57,840 | 332,946 | 155,463 |
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 | 3,353,381 | 5,135,990 | 6,067,869 | 8,382,648 | 0 |
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 | 6,260,427 | 8,924,381 | 464,410 |
Shareholders' Equity | |||||
Preferred Stock, value | 0 | 0 | 0 | 0 | 0 |
Common Shares, value | 96,362 | 72,591 | 72,428 | 65,840 | 49,737 |
Additional paid in capital | 38,064,417 | 11,801,146 | 11,412,399 | 10,081,394 | 4,936,456 |
Shares to be issued | 0 | 98,900 | 0 | 0 | |
Deficit | (13,245,206) | (11,651,980) | (10,647,888) | (12,688,128) | (5,053,982) |
Accumulated other comprehensive income | 42,149 | 42,149 | 42,149 | 42,149 | 17,350 |
Total Shareholders' Equity | 24,957,722 | 263,906 | 977,988 | (2,498,745) | (50,439) |
Total Liabilities and Shareholders' Equity | 30,348,852 | 6,236,746 | $ 7,238,415 | $ 6,425,636 | $ 413,971 |
Special Voting Preferred Stock [Member] | |||||
Shareholders' Equity | |||||
Preferred Stock, value | $ 0 | $ 0 |
Condensed Consolidated Interim3
Condensed Consolidated Interim Balance Sheets [Parenthetical] - $ / shares | Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
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 | $ 0.001 | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | 200,000,000 |
Common Stock, Shares, Issued | 46,362,541 | 22,591,292 | 22,428,313 | 15,839,563 | 0 |
Common Stock, Shares, Outstanding | 46,362,541 | 22,591,292 | 22,428,313 | 15,839,563 | 0 |
Common Stock, Other Shares, Issued | 262,904 | 49,737,096 | |||
Common Stock, Other Shares, Outstanding | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 49,737,096 |
Special Voting Preferred Stock [Member] | |||||
Preferred Stock, Par Value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |
Preferred Stock, Shares Authorized | 1 | 1 | 1 | 1 | |
Preferred Stock, Shares Issued | 1 | 1 | 1 | 1 | |
Preferred Stock, Shares Outstanding | 1 | 1 | 1 | 1 |
Condensed Consolidated Interim4
Condensed Consolidated Interim Statements of Operations and Comprehensive Income (Loss) - 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 | Sep. 30, 2015 | Dec. 31, 2014 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 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 | $ 343,742 | 768,301 | 1,231,563 | 1,378,123 | $ 1,101,820 | $ 1,397,554 | $ 1,489,483 | $ 1,537,491 |
General and administrative | 577,853 | 1,438,553 | 372,342 | 1,881,467 | 874,443 | 1,192,244 | 3,676,125 | 2,666,669 | 1,621,341 |
Share-based compensation expense | 204,842 | 158,244 | 26,724 | 424,090 | 1,324,282 | 112,573 | 1,495,837 | 1,709,230 | 484,210 |
Depreciation | 23,590 | 14,387 | 15,478 | 33,753 | 32,480 | 34,036 | 63,454 | 59,479 | 44,448 |
Total operating expenses | 1,807,323 | 1,954,926 | 1,182,845 | 3,840,336 | 3,609,328 | 2,440,673 | 6,632,970 | 5,924,861 | 3,687,490 |
Other expenses (income) | |||||||||
Imputed interest expense | 0 | 27,677 | 0 | 0 | 27,677 | ||||
Interest expense | (5,203) | 0 | 0 | 10,031 | 0 | 6,212 | 2,839 | 3,018 | 6,391 |
Other income | (395,296) | (8,522) | (5,533) | (406,514) | (23,012) | (46,026) | (42,173) | (33,974) | (46,349) |
Foreign exchange loss | (71,399) | 36,211 | 112,771 | 184,125 | 36,211 | ||||
Change in fair value of warrant derivative liability | (2,130,106) | (870,913) | (3,496,070) | (1,739,047) | (4,413,819) | 0 | (7,742,555) | (484,124) | 6,387,473 |
Total other expenses (income) | (2,530,605) | (950,834) | (3,501,603) | (2,135,530) | (4,436,831) | 24,074 | (7,669,118) | (330,955) | 6,411,403 |
Net (loss) income for the period | (1,004,092) | (1,593,226) | 827,503 | (2,464,747) | 1,036,148 | (5,593,906) | (10,098,893) | ||
Foreign exchange translation adjustment | 0 | (24,390) | 0 | 24,799 | 409 | ||||
Net income (loss) and comprehensive income (loss) for the period | $ 729,546 | $ (1,004,092) | $ 2,318,758 | $ (1,593,226) | $ 827,503 | $ (2,489,137) | $ 1,036,148 | $ (5,569,107) | $ (10,098,484) |
Income (loss) per share - basic (in dollars per share) | $ 0.01 | $ (0.01) | $ 0.03 | $ (0.02) | $ 0.01 | $ (0.05) | $ 0.01 | $ (0.08) | $ (0.20) |
Income (loss) per share - diluted (in dollars per share) | $ 0.01 | $ (0.01) | $ (0.02) | $ (0.02) | $ (0.05) | $ (0.05) | $ (0.08) | $ (0.08) | $ (0.20) |
Weighted average number of shares outstanding - basic (in shares) | 85,924,462 | 72,455,753 | 72,408,313 | 87,232,426 | 61,491,674 | 48,225,034 | 71,554,822 | 67,210,266 | 50,226,548 |
Weighted average number of shares outstanding - diluted (in shares) | 89,789,461 | 72,455,753 | 76,270,355 | 87,232,426 | 69,508,395 | 48,225,034 | 79,984,257 | 67,210,266 | 50,226,548 |
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] | Shares To Be Issued [Member] | Deficit [Member] | Accumulated Other Comprehensive Income [Member] |
Opening Balance at Mar. 31, 2014 | $ (774,626) | $ 0 | $ 36,622 | $ 1,736,247 | $ 0 | $ (2,589,235) | $ 41,740 |
Opening Balance (in shares) at Mar. 31, 2014 | 0 | 36,621,885 | |||||
Issuance of common shares for cash | 2,616,062 | $ 0 | $ 10,792 | 2,605,270 | 0 | 0 | 0 |
Issuance of common shares for cash (in shares) | 0 | 10,792,335 | |||||
Share issue costs | (11,609) | $ 0 | $ 0 | (11,609) | 0 | 0 | 0 |
Shares issues on conversion of loans | 239,746 | $ 0 | $ 1,012 | 238,734 | 0 | 0 | 0 |
Shares issues on conversion of loans (in shares) | 0 | 1,012,142 | |||||
Beneficial conversion feature | 27,677 | $ 0 | $ 0 | 27,677 | 0 | 0 | 0 |
Shares issued on exercise of stock options | 228,875 | $ 0 | $ 1,311 | 227,564 | 0 | 0 | 0 |
Shares issued on exercise of stock options (in shares) | 0 | 1,310,734 | |||||
Share compensation expense | 112,573 | $ 0 | $ 0 | 112,573 | 0 | 0 | 0 |
Share compensation expense (in shares) | 0 | 0 | |||||
Net Income loss for the year/period | (2,464,747) | $ 0 | $ 0 | 0 | 0 | (2,464,747) | 0 |
Foreign currency translation | (24,390) | $ 0 | $ 0 | 0 | 0 | 0 | (24,390) |
Closing Balance (in shares) at Dec. 31, 2014 | 0 | 49,737,096 | |||||
Closing Balance at Dec. 31, 2014 | (50,439) | $ 0 | $ 49,737 | 4,936,456 | 0 | (5,053,982) | 17,350 |
Opening Balance at Mar. 31, 2014 | (774,626) | $ 0 | $ 36,622 | 1,736,247 | 0 | (2,589,235) | 41,740 |
Opening Balance (in shares) at Mar. 31, 2014 | 0 | 36,621,885 | |||||
Net Income loss for the year/period | (10,098,893) | ||||||
Foreign currency translation | 409 | ||||||
Closing Balance (in shares) at Mar. 31, 2015 | 1 | 65,839,563 | |||||
Closing Balance at Mar. 31, 2015 | (2,498,745) | $ 0 | $ 65,840 | 10,081,394 | 0 | (12,688,128) | 42,149 |
Opening Balance at Dec. 31, 2014 | (50,439) | $ 0 | $ 49,737 | 4,936,456 | 0 | (5,053,982) | 17,350 |
Opening Balance (in shares) at Dec. 31, 2014 | 0 | 49,737,096 | |||||
Effect of the Reverse Acquisition | 0 | $ 0 | $ 6,000 | (6,000) | 0 | 0 | 0 |
Effect of the Reverse Acquisition (in shares) | 1 | 6,000,063 | |||||
Shares issued on private placement | 4,789,404 | $ 0 | $ 9,840 | 4,779,564 | 0 | 0 | 0 |
Shares issued on private placement (in shares) | 0 | 9,839,500 | |||||
Share compensation expense | 371,637 | $ 0 | $ 263 | 371,374 | 0 | 0 | 0 |
Share compensation expense (in shares) | 0 | 262,904 | |||||
Net Income loss for the year/period | (7,634,146) | $ 0 | $ 0 | 0 | 0 | (7,634,146) | 0 |
Foreign currency translation | 24,799 | $ 0 | $ 0 | 0 | 0 | 0 | 24,799 |
Closing Balance (in shares) at Mar. 31, 2015 | 1 | 65,839,563 | |||||
Closing Balance at Mar. 31, 2015 | (2,498,745) | $ 0 | $ 65,840 | 10,081,394 | 0 | (12,688,128) | 42,149 |
Opening Balance at Dec. 31, 2014 | (50,439) | $ 0 | $ 49,737 | 4,936,456 | 0 | (5,053,982) | 17,350 |
Opening Balance (in shares) at Dec. 31, 2014 | 0 | 49,737,096 | |||||
Net Income loss for the year/period | (5,593,906) | ||||||
Foreign currency translation | 24,799 | ||||||
Closing Balance (in shares) at Dec. 31, 2015 | 1 | 72,428,313 | |||||
Closing Balance at Dec. 31, 2015 | 977,988 | $ 0 | $ 72,428 | 11,412,399 | 98,900 | (10,647,888) | 42,149 |
Opening Balance at Mar. 31, 2015 | (2,498,745) | $ 0 | $ 65,840 | 10,081,394 | 0 | (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 year/period | 827,503 | $ 0 | $ 0 | 0 | 827,503 | 0 | |
Closing Balance (in shares) at Sep. 30, 2015 | 1 | 72,408,313 | |||||
Closing Balance at Sep. 30, 2015 | (373,684) | $ 0 | $ 72,408 | 11,372,384 | (11,860,625) | 42,149 | |
Opening Balance at Mar. 31, 2015 | (2,498,745) | $ 0 | $ 65,840 | 10,081,394 | 0 | (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 | 0 |
Shares issued on private placement (in shares) | 0 | 6,568,750 | |||||
Shares issued for services | 98,900 | $ 0 | $ 0 | 0 | 98,900 | 0 | 0 |
Shares issued for services (in shares) | 0 | 0 | |||||
Share compensation expense | 1,337,593 | $ 0 | $ 20 | 1,337,573 | 0 | 0 | 0 |
Share compensation expense (in shares) | 0 | 20,000 | |||||
Net Income loss for the year/period | 2,040,240 | $ 0 | $ 0 | 0 | 0 | 2,040,240 | 0 |
Foreign currency translation | 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 |
Closing Balance (in shares) at Dec. 31, 2015 | 1 | 72,428,313 | |||||
Closing Balance at Dec. 31, 2015 | 977,988 | $ 0 | $ 72,428 | 11,412,399 | 98,900 | (10,647,888) | 42,149 |
Opening Balance at Mar. 31, 2015 | (2,498,745) | $ 0 | $ 65,840 | 10,081,394 | 0 | (12,688,128) | 42,149 |
Opening Balance (in shares) at Mar. 31, 2015 | 1 | 65,839,563 | |||||
Net Income loss for the year/period | 1,036,148 | ||||||
Foreign currency translation | 0 | ||||||
Closing Balance (in shares) at Mar. 31, 2016 | 1 | 72,591,292 | |||||
Closing Balance at Mar. 31, 2016 | 263,906 | $ 0 | $ 72,591 | 11,801,146 | 0 | (11,651,980) | 42,149 |
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 | |||||
Shares issued for services | 169,700 | $ 0 | $ 117 | 169,583 | 0 | 0 | |
Shares issued for services (in shares) | 0 | 117,471 | |||||
Cashless exercise of warrants | 60,966 | $ 0 | $ 46 | 60,920 | 0 | 0 | |
Cashless exercise of warrants (in shares) | 0 | 45,508 | |||||
Share compensation expense | 198,279 | $ 0 | $ 20 | 198,259 | 0 | 0 | |
Share compensation expense (in shares) | 0 | 20,000 | |||||
Net Income loss for the year/period | 208,645 | $ 0 | $ 0 | 0 | 208,645 | 0 | |
Closing Balance (in shares) at Mar. 31, 2016 | 1 | 72,591,292 | |||||
Closing Balance at Mar. 31, 2016 | 263,906 | $ 0 | $ 72,591 | 11,801,146 | 0 | (11,651,980) | 42,149 |
Opening Balance at Dec. 31, 2015 | 977,988 | $ 0 | $ 72,428 | 11,412,399 | 98,900 | (10,647,888) | 42,149 |
Opening Balance (in shares) at Dec. 31, 2015 | 1 | 72,428,313 | |||||
Shares issued for services | 70,800 | $ 0 | $ 117 | 169,583 | (98,900) | 0 | 0 |
Shares issued for services (in shares) | 0 | 117,471 | |||||
Cashless exercise of warrants | 60,966 | $ 0 | $ 46 | 60,920 | 0 | 0 | 0 |
Cashless exercise of warrants (in shares) | 0 | 45,508 | |||||
Share compensation expense | 158,244 | $ 0 | $ 0 | 158,244 | 0 | 0 | 0 |
Share compensation expense (in shares) | 0 | 0 | |||||
Net Income loss for the year/period | (1,004,092) | $ 0 | $ 0 | 0 | 0 | (1,004,092) | 0 |
Foreign currency translation | 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 |
Closing Balance (in shares) at Mar. 31, 2016 | 1 | 72,591,292 | |||||
Closing Balance at Mar. 31, 2016 | 263,906 | $ 0 | $ 72,591 | 11,801,146 | $ 0 | (11,651,980) | 42,149 |
Shares issued on Acquisition (Note 3) | 23,177,000 | $ 0 | $ 23,650 | 23,153,350 | 0 | 0 | |
Shares issued on Acquisition (Note 3) (in shares) | 0 | 23,650,000 | |||||
Stock compensation expense - vested options on Acquisition (Note 3) | 2,582,890 | $ 0 | $ 0 | 2,582,890 | 0 | 0 | |
Shares issued for services | 59,500 | $ 0 | $ 70 | 59,430 | 0 | 0 | |
Shares issued for services (in shares) | 0 | 70,000 | |||||
Cashless exercise of warrants | 43,562 | $ 0 | $ 51 | 43,511 | 0 | 0 | |
Cashless exercise of warrants (in shares) | 0 | 51,249 | |||||
Share compensation expense | 424,090 | $ 0 | $ 0 | 424,090 | 0 | 0 | |
Share compensation expense (in shares) | 0 | 0 | |||||
Net Income loss for the year/period | (1,593,226) | $ 0 | $ 0 | 0 | (1,593,226) | 0 | |
Closing Balance (in shares) at Sep. 30, 2016 | 1 | 96,362,541 | |||||
Closing Balance at Sep. 30, 2016 | $ 24,957,722 | $ 0 | $ 96,362 | $ 38,064,417 | $ (13,245,206) | $ 42,149 |
Condensed Consolidated Interim6
Condensed Consolidated Interim Statements of Cash Flows - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2014 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Operating activities | |||||||
Net (loss) income for the period | $ (1,004,092) | $ (1,593,226) | $ 827,503 | $ (2,464,747) | $ 1,036,148 | $ (5,593,906) | $ (10,098,893) |
Adjustment for items not affecting cash | |||||||
Depreciation | 14,387 | 33,753 | 32,480 | 34,036 | 63,454 | 59,479 | 44,448 |
Imputed interest | 0 | 27,677 | 0 | 0 | 27,677 | ||
Interest expense | (4,701) | 10,031 | 0 | 0 | 7,697 | (7,459) | 179 |
Share- based compensation expense | 158,244 | 424,090 | 1,324,282 | 112,573 | 1,495,837 | 1,709,230 | 273,887 |
Shares issued for services | 70,800 | 59,500 | 0 | 0 | 169,700 | 0 | 210,323 |
Shares to be issued for services | 0 | 0 | 0 | 98,900 | 0 | ||
Change in fair value of warrant derivative liability | (870,913) | (1,739,047) | (4,409,410) | 0 | (7,742,555) | (484,124) | 6,387,473 |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | (1,636,275) | (2,804,899) | (2,225,145) | (2,290,461) | (4,969,719) | (4,217,880) | (3,154,906) |
Changes in non-cash working capital items | |||||||
Accounts receivable | (87,402) | 0 | |||||
Prepaid expenses and other receivables | (43,516) | 91,430 | 30,460 | 420,709 | (73,314) | (107,087) | 337,451 |
Due from related parties | (2,891) | (63) | 1,933 | 0 | 35 | 6,432 | 0 |
Inventories | (191,548) | (78,071) | |||||
Accounts payable | 186,153 | (696,874) | (214,034) | 195,427 | 112,129 | (174,229) | 123,654 |
Accrued liabilities | 458,139 | (424,009) | 0 | 34,847 | 183,033 | (97,623) | 228,840 |
Customer deposits | 41,800 | 0 | |||||
Lease payable | (1,151) | 0 | |||||
Deferred revenue | 108,482 | 0 | |||||
Net cash used in operating activities | (1,038,390) | (3,964,234) | (2,484,857) | (1,639,478) | (4,747,836) | (4,590,387) | (2,464,961) |
Investing activities | |||||||
Acquisition of equipment | (3,032) | (6,848) | (30,273) | (109,316) | (42,863) | (80,195) | (148,136) |
Advances | (125,153) | 0 | (125,153) | 0 | 0 | ||
Provision of a loan receivable | (68,750) | 0 | (303,760) | 0 | (379,908) | (300,000) | 0 |
Net cash used in investing activity | (196,935) | (6,848) | (334,033) | (109,316) | (547,924) | (380,195) | (148,136) |
Financing activities | |||||||
Proceeds from issuance of shares, net of issue costs | 0 | 0 | 4,552,409 | 2,604,453 | 4,552,409 | 11,341,397 | 9,393,441 |
Repayment of proceeds from loans payable | 0 | (733,293) | 0 | 0 | (733,293) | ||
Proceeds from the exercise of options | 0 | 228,875 | 0 | 0 | 228,875 | ||
Repayment of loans from related parties | 0 | (111,357) | 0 | 0 | (111,357) | ||
Cash acquired on acquisition | 266,635 | 0 | |||||
Net cash provided by financing activity | 0 | 266,635 | 4,552,409 | 1,988,678 | 4,552,409 | 11,341,397 | 8,777,666 |
Effects of foreign currency exchange rate changes | 0 | (33,433) | 0 | 36,334 | (42,943) | ||
Net (decrease) increase in cash and cash equivalents for the period | (1,235,325) | (3,704,447) | 1,733,519 | 206,451 | (743,351) | 6,407,149 | 6,121,626 |
Cash and cash equivalents, beginning of period | 6,617,082 | 5,381,757 | 6,125,108 | 3,482 | 6,125,108 | 209,933 | 3,482 |
Cash and cash equivalents, end of period | 5,381,757 | $ 1,677,310 | 7,858,627 | 209,933 | 5,381,757 | 6,617,082 | 6,125,108 |
Supplemental information: | |||||||
Issuance of shares on conversion of loans | $ 0 | $ 239,746 | $ 0 | $ 500,000 | $ 500,000 | ||
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 Flows [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 | 3 Months Ended | 6 Months Ended |
Mar. 31, 2016 | Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Nature of Operations [Text Block] | NATURE OF OPERATIONS 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 The Company is a bioengineering research and development company targeting diseases and injuries that impact human mobility. The Company is working towards its first product, which will be the “ARKE”, a robotic pair of exoskeleton legs to be used for rehabilitation purposes. These consolidated 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, which assumes the realization of assets and satisfaction of liabilities and commitments in the normal course of business. On February 26, 2015, the Company finalized a Share Exchange Agreement whereby 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 subsidiaries, Bionik Acquisition Inc. and Bionik Laboratories Inc. References to Drywave relate to the Company prior to the Merger. The Company has not yet realized any revenues from its planned operations. As at March 31, 2016, the Company had working capital of $ 187,156 890,885 263,906 2,498,745 977,988 50,439 1,004,092 1,036,148 5,569,107 2,489,137 | 1. 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 Exchangeable Shares, representing a 3.14 exchange ratio, for 100% of the then outstanding common shares of Bionik Canada (the “Merger”). The Exchangeable Shares are exchangeable at the option of the holder, each into one share of the common stock of the Company. In addition the Company issued one Special Preferred Voting Share (the “Special Preferred Share”) (Note 9). 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 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 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 (March 31, 2016 - $11,651,980) and the Company incurred a net loss and comprehensive loss of $1,593,226 for the six-month period ended September 30, 2016 (September 30, 2015 net income of $ 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 | 3 Months Ended | 6 Months Ended |
Mar. 31, 2016 | Sep. 30, 2016 | |
Accounting Policies [Abstract] | ||
Significant Accounting Policies [Text Block] | SIGNIFICANT ACCOUNTING POLICIES The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and changes in these estimates are recorded when known. Significant estimates made by management include: the valuation of the warrant derivative liability and the valuation allowance for deferred tax assets. The selection of the appropriate valuation model to apply to the warrant derivative liability and the related inputs and assumptions that are required to determine that valuation require significant judgment and require management to make estimates and assumptions that affect the reported amount of the related liability and reported amounts of the change in fair value. 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. 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. Property and equipment are recorded at cost. Depreciation is computed using the declining balance method, over the estimated useful lives of these assets. The costs of improvements that extend the life of equipment are capitalized. All ordinary repair and maintenance costs are expensed as incurred. Property and equipment are depreciated as follows: Computer & Electronics 50 Furniture and Fixtures 20 Tools and Parts 20 The Company has yet to recognize any revenue. The Company intends to record revenue when it is realized, or realizable and earned. The Company will consider revenue to be realized, or realizable and earned, when the following revenue recognition requirements are met: persuasive evidence of an arrangement exists; the products or services have been accepted by the customer via delivery or acceptance; the sales price is fixed or determinable; and collectability is reasonably assured. The Company receives certain grant and input tax credit recoveries from the Canadian government in compensation for eligible expenditures. These are presented as other income in the statement of operations and comprehensive loss as they generally relate to a number of the Company’s operating expenses, such as salaries and benefits, research and development and professional and consulting fees. The recoveries are recognized in the corresponding period when such expenses are incurred and collection of the grant funds is assured. Cash and cash equivalents include highly liquid investments with original terms to maturity of 90 days or less at the date of purchase. For all periods presented cash and cash equivalents consisted entirely of cash. The Company is engaged in research and development work. Research and development costs are charged as operating expense of the Company as incurred. 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 10). The warrant derivative liability is revalued at each reporting period and changes in fair value are recognized in the consolidated statements of operations and comprehensive loss under the caption “Change in fair value of warrant derivative liability”. ASC 280-10, “Disclosures about Segments of an Enterprise and Related Information”, establishes standards for the way that public business enterprises report information about operating segments in the Company’s consolidated financial statements. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company does not have any reportable segments. All of its operations and assets are domiciled in Canada. Income taxes are computed in accordance with the provisions of ASC Topic 740, which requires, among other things, a liability approach to calculating deferred income taxes. The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized in its consolidated financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The Company is required to make certain estimates and judgments about the application of tax law, the expected resolution of uncertain tax positions and other matters. In the event that uncertain tax positions are resolved for amounts different than the Company’s estimates, or the related statutes of limitations expire without the assessment of additional income taxes, the Company will be required to adjust the amounts of related assets and liabilities in the period in which such events occur. Such adjustment may have a material impact on Bionik’s income tax provision and results of operations. 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, other receivables, accounts payable, accrued liabilities, and 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 March 31, 2016, the Company’s warrant derivative liability is 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 year. Basic and diluted loss per share has been determined by dividing the net loss available to shareholders for the applicable period by the basic and diluted weighted average number of shares outstanding, respectively. The diluted weighted average number of shares outstanding is calculated as if all dilutive options had been exercised or vested at the later of the beginning of the reporting period or date of grant, using the treasury stock method. Loss per common share is computed by dividing the net loss by the weighted average number of shares of common shares outstanding during the period. Common share equivalents, options and warrants are excluded from the computation of diluted loss per share when their effect is anti-dilutive. The Company follows the ASC Topic 360, which requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the assets’ carrying amounts may not be recoverable. In performing the review for recoverability, if future undiscounted cash flows (excluding interest charges) from the use and ultimate disposition of the assets are less than their carrying values, an impairment loss represented by the difference between its fair value and carrying value, is recognized. When properties are classified as held for sale they are recorded at the lower of the carrying amount or the expected sales price less costs to sell. 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 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 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 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 on January 1, 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. | 2. 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. 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 15,190 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] | 3. 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 three licensed patents, an MIT License Agreement, three FDA listed products, an FDA inspected manufacturing facility, extensive clinical and sales data, 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 $ 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 | 3 Months Ended | 6 Months Ended |
Mar. 31, 2016 | Sep. 30, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid Expense And Other Receivables [Text Block] | 3. PREPAID EXPENSES AND OTHER RECEIVABLES March 31, March 31, December 31, December 31, $ $ $ $ Prepaid expenses and other receivables 87,979 6,242 120,661 18,172 Prepaid insurance 107,259 126,771 12,966 40,630 Sales taxes receivable (i) 36,495 25,406 54,590 22,328 231,733 158,419 188,217 81,130 i) Sales tax receivable represents net harmonized sales taxes (HST) input tax credits receivable from the Government of Canada. | 4. 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. |
LOANS RECEIVABLE AND SHORT TERM
LOANS RECEIVABLE AND SHORT TERM ADVANCES | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. LOANS RECEIVABLE AND SHORT TERM ADVANCES During the year ended December 31, 2015, the Company provided two loans to Interactive Motion Technologies Inc. (IMT) which the Company has subsequently acquired (the “Acquisition”) (Note 16) on April 21, 2016. The original loans were an aggregate amount of $ 300,000 6 200,000 68,750 11,158 7,459 125,153 379,908 125,153 |
INVENTORIES
INVENTORIES | 6 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 5. INVENTORIES Sept. 30, March 31, $ $ Raw Materials 237,036 - Work in Progress 56,991 - 294,027 - |
EQUIPMENT
EQUIPMENT | 3 Months Ended | 6 Months Ended |
Mar. 31, 2016 | Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | ||
Property, Plant and Equipment Disclosure [Text Block] | 5. EQUIPMENT March 31, 2016 March 31, 2015 Cost Accumulated Net Cost Accumulated Net $ $ $ $ $ $ Computers and electronics 152,246 96,379 55,867 107,369 33,933 73,436 Furniture and fixtures 22,496 10,118 12,378 23,832 7,689 16,143 Tools and parts 11,422 2,917 8,505 12,100 1,050 11,050 186,164 109,414 76,750 143,301 42,672 100,629 Equipment consisted of the following as at December 31, 2015 and December 31, 2014: December 31, 2015 December 31, 2014 Cost Accumulated Net Cost Accumulated Net $ $ $ $ $ $ Computers and electronics 148,214 84,072 64,142 77,650 27,438 50,212 Furniture and fixtures 23,496 9,478 14,018 24,909 7,325 17,584 Tools and parts 11,422 2,479 8,943 11,913 1,787 10,126 183,132 96,029 87,103 114,472 36,550 77,922 Equipment is recorded at cost less accumulated depreciation. Depreciation expense during the three and twelve month periods ended March 31, 2016 was $ 14,387 63,454 59,479 34,036 | 6. EQUIPMENT September 30, 2016 March 31, 2016 Cost Accumulated Net Cost Accumulated Net Computers and electronics 162,024 111,255 50,699 152,246 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 | 3 Months Ended | 6 Months Ended |
Mar. 31, 2016 | Sep. 30, 2016 | |
Debt Disclosure [Abstract] | ||
Debt Disclosure [Text Block] | CONVERTIBLE SECURED PROMISSORY NOTE On December 8, 2011, the Company received $ 61,500 60,000 121,500 1 convert the principal plus accrued interest at a discount of 20% to the share price in the event of a qualifying financing The note matured on February 28, 2014, at this point the conversion option expired and the note became due on demand; however, no repayment was demanded. Upon the occurrence of the April financing (Note 8(i)) the Company agreed to honor the original conversion option and a beneficial conversion feature of $ 27,677 27,677 On May 9, 2014, the lender converted the note plus accrued interest into common shares based on the 20% discount to the $ 0.22 | 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 In February 2014, the Company borrowed $ 200,000 10 5,042 8,932 $ - 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 | 3 Months Ended | 6 Months Ended |
Mar. 31, 2016 | Sep. 30, 2016 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions Disclosure [Text Block] | 7. RELATED PARTY TRANSACTIONS AND BALANCES Due from related parties (a) As of March 31, 2016 the Company had advances receivable from the Chief Operating Officer (“COO”) and the former Chief Technology Officer (“CTO”) for $ 41,445 41,480 38,554 44,986 1 1,148 392 756 Accounts payable and accrued liabilities (b) As at March 31, 2016, $ 2,694 1,490 2,970 4,220 3,284 9,752 856 5,930 8,812 7,025 878 116 346 Issuance of shares to settle due to related party (c) During the nine months ended December 31, 2014, one advance amounting to $ 85,947 95,000 331,443 | 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 2,224 (b) As at September 30, 2016, $ 5,560 5,196 71 664 17,457 |
SHARE CAPITAL
SHARE CAPITAL | 3 Months Ended | 6 Months Ended |
Mar. 31, 2016 | Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | ||
Stockholders' Equity Note Disclosure [Text Block] | 8. SHARE CAPITAL March 31, 2016 December 31, 2015 Number of Number of shares $ shares $ Exchangeable Shares: Balance, beginning of period 50,00,000 50,000 50,000,000 50,000 Balance, end of the year 50,000,000 50,000 50,000,000 50,000 Common Shares: Balance, beginning of the period 22,428,313 22,428 15,839,563 15,840 Shares issued under private placement - - (x)-(xii) 6,568,750 6,568 Shares issued for services (xiii) 117,471 117 (xiii) 20,000 20 Cashless exercise of warrants (xiv) 45,508 46 - - Balance, end of the period 22,591,292 22,591 22,428,313 22,428 TOTAL COMMON SHARES 72,591,292 72,591 72,428,313 72,428 March 31, 2015 December 31, 2014 Number of Number of shares $ shares $ Exchangeable Shares: Balance at beginning of period 49,737,096 49,737 36,621,885 36,622 Shares issued for services (v) 262,904 263 - - Shares issued under private placement (i) - - 10,792,335 10,792 Shares issued on conversion and settlement of debt (ii)(iii) - - 1,012,142 1,012 Shares issued on the exercise of options (iv) - - 1,310,734 1,311 Balance at end of the period 50,000,000 50,000 49,737,096 49,737 Common Shares: Balance at beginning of the period - - - - Shares issued as Merger consideration (vii) 6,000,063 6,000 - - Shares issued under private placement (vi)(viii) 9,839,500 9,840 - - Balance at end of the period 15,839,563 15,840 - - TOTAL COMMON SHARES 65,839,563 65,840 - - (i) In April, 2014, the Company completed a private placement issuing 10,792,335 common shares at a price of $0.24 per share for gross proceeds of $2,616,062. A former director of the Company assisted in securing a significant portion of this financing. The Company incurred $11,609 in share issue costs related to the transaction. (ii) In May 2014, the Company issued 436,908 common shares in exchange for the settlement of $115,223 of unsecured debt. (iii) In June, 2014, the Company issued 575,234 common shares on conversion of the convertible secured promissory note (Note 6). The note plus accrued interest totaled $124,523 and was converted at a 20% discount to the April 2014 private placement. (iv) In June 2014, the Company issued 1,310,734 common shares for the exercise of stock options. The Company received cash of $228,875. (v) On February 25, 2015, 262,904 common shares were issued to two former lenders connected with a $241,185 loan received and repaid during fiscal 2013. The common shares were valued at $210,323 based on the value of the concurrent private placement (Note 8(vi)), and recorded in stock-based compensation on the consolidated statement of operations and comprehensive loss. As part of the consideration for the initial loan the CTO and COO had transferred 314,560 common shares to the lenders. For contributing the common shares to the lenders, the Company intends to reimburse the CTO and COO 320,000 common shares. As at March 31, 2016, these shares have not yet been issued. (vi) Concurrently with the closing of the Merger on February 26, 2015, the Company issued 7,735,750 units (the “Units”) for gross proceeds of $6,188,600 (the “First Closing”) (including $500,000 of outstanding bridge loans converted into Units at the offering price) at a purchase price of $0.80 per Unit (the “Purchase Price”) in a private placement offering (the “Offering”). Each Unit consists 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. The Company incurred share issue costs before legal and other costs related to the transaction of $848,822 and issued 773,575 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant derivative liability on the consolidated balance sheet (Note 10). After deducting the value of the warrants and the share issue costs, $4,789,404 was attributed to the value of the common shares. (vii) Immediately following the Merger and the First Closing, 6,000,063 common shares were held by existing Drywave stockholders, 7,735,750 were held by the investors in the Offering and Bionik Canada shareholders held an equivalent of 50,000,000 shares of the common shares through their ownership of 100% of the Exchangeable Shares which are held in 1 Special Preferred Share. The Special Preferred Share votes on behalf of the 50,000,000 Exchangeable Shares alongside the common shares of the Company as a single class. (viii) On March 27, 2015, the Company issued 1,212,500 Units for gross proceeds of $970,000 to accredited investors in a second closing (the “Second Closing”). 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. The Company incurred share issue costs before legal and other costs related to the Second Closing of $141,100 and issued 121,250 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 10). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $207,425 was recorded as a loss on initial recognition of the warrants and included in the change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss. (ix) On March 31 2015, the Company issued 891,250 Units for gross proceeds of $713,000 to accredited investors in a third closing (the “Third Closing”). 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. The Company incurred share issue costs before legal and other costs related to the Third Closing of $97,099 and issued 89,125 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 10). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $143,389 was recorded as a loss on initial recognition of the warrants and included in the change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss. (x) On April 21, 2015, the Company issued 3,115,000 Units for gross proceeds of $2,492,000 to accredited investors in a fourth closing (the “Fourth Closing”). 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. The Company incurred share issue costs before legal and other related to the Fourth Closing of $338,960 and issued 311,500 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 10). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $435,682 was recorded as a loss on initial recognition of the warrants and included in the change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss. (xi) On May 27, 2015, the Company issued 1,418,750 Units for gross proceeds of $1,135,000 to accredited investors in a fifth closing (the “Fifth Closing”). 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. The Company incurred share issue costs before legal and other costs related to the Fifth Closing of $147,566 and issued 141,875 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 10). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $37,739 was recorded as a loss on initial recognition of the warrants and included in the change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss. (xii) On June 30, 2015, the Company issued 2,035,000 Units for gross proceeds of $1,628,000 to accredited investors in a sixth and final closing (the “Sixth Closing”). 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. The Company incurred share issue costs before legal and other costs related to the Sixth Closing of $211,656 and issued 203,500 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 10). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $74,625 was recorded as a loss on initial recognition of the warrants and included in the change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss. (xiii) During the year ended December 31, 2015, the Company entered into service agreements which included paying some of the fees in common shares. During the year ended December 31, 2015, the Company issued 20,000 shares pursuant to these commitments valued at $31,000 and included in share-based compensation. In addition, pursuant to these commitments the Company was obligated to issue 53,223 common shares valued at $98,900. During the three month period ended March 31, 2016 the 53,223 common shares related to services provided in 2015 were issued. As a result $98,900 recorded as shares to be issued at December 31, 2015 was reclassified to additional paid in capital. During the three months ended March 31, 2016, 64,248 common shares were issued related to investor relations and consulting services provided in 2016 valued at $75,600. (xiv) In February 2016, 45,508 common shares were issued as a result of a cashless exercise of 148,787 warrants with an exercise price of $0.80 under the terms of the warrant agreement. The value of the warrants on exercise was attributed to the shares on exercise. As a result $60,966 was reclassified from warrant derivative liability to additional paid in capital. 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, 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. | 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 0.80 435,682 (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 | 3 Months Ended | 6 Months Ended |
Mar. 31, 2016 | Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 9. 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 10,800,000 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 On July 1, 2014, the Company issued 2,972,592 0.23 7 1,259,487 On February 17, 2015, the Company issued 314,560 0.23 136,613 On November 24, 2015, the Company issued 650,000 694,384 On December 14, 2015, the Company issued 2,495,000 1,260,437 During the three and twelve month period ended March 31, 2016 the Company recorded $ 158,244 1,464,837 1,467,907 112,573 Grant date Expected life Risk Dividend Forfeiture Expected Grant date February 17, 2015 5 1.59 % 0 % 0 % 114 % $ 136,613 July 1, 2014 4.35 1.59 % 0 % 0 % 114 % $ 1,259,487 June 20, 2014 6.32 1.59 % 0 % 0 % 114 % $ 118,957 April 11, 2014 4.14 1.59 % 0 % 0 % 114 % $ 230,930 November 24, 2015 7 1.59 % 0 % 0 % 114 % $ 694,384 December 14, 2015 7 1.59 % 0 % 0 % 114 % $ 1,260,437 Number of Options Weighted-Average Outstanding, December 31, 2013 1,310,665 0.19 Exercised (1,310,665) 0.19 Issued 3,894,252 0.22 Cancelled (125,824) 0.17 Outstanding, December 31, 2014 3,768,428 0.22 Cancelled as a result of Merger (3,768,428) 0.22 Re-issued as part of Merger 3,768,428 0.22 Issued 314,560 0.23 Outstanding March 31, 2015 4,082,988 0.22 Issued 3,145,000 1.05 Cancelled (267,379) 0.22 Outstanding, December 31, 2015 6,960,609 0.59 Cancelled (355,729) 0.97 Outstanding, March 31, 2016 6,604,880 0.57 Exercise Price ($) Number of Options Expiry Date Number of 0.165 437,236 April 1, 2021 291,492 0.23 99,610 June 20, 2021 67,107 0.23 2,972,592 July 1, 2021 2,972,592 0.23 225,442 February 17, 2022 157,285 1.22 400,000 November 24, 2022 - 1.00 2,470,000 December 14, 2022 - 6,604,880 3,488,476 The weighted-average remaining contractual term of the outstanding options is 5.89 6.27 6.16 6.47 5.26 6.31 5.49 6.33 | 10. 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 0.23 125,824 531,606 264,230 230,930 118,957 62,912 3,658 176 On July 1, 2014, the Company issued 2,972,592 options to management of the Company, at an exercise price of $0.23 with a term of 7 years, which vested May 27, 2015. On February 26, 2015, as a result of the Merger, the options were re-valued at a fair value of $1,259,487, which vests immediately. During the first quarter, one management executive left the Company and 990,864 of these options will be cancelled six months after his last day according to his employment agreement. On October 8, 2016, 990,864 of these options expired. On February 17, 2015, the Company issued 314,560 options to a director, employees and a consultant with an exercise price of $0.23, that vest one third immediately and two thirds over the next two anniversary dates with an expiry date of seven years. The grant date fair value of the options was $136,613. Previously 110,100 options were cancelled and $7,400 of stock compensation was recognized in the quarter and $14,800 of stock compensation was recognized for the six months ended September 30, 2016. On November 24, 2015, the Company issued 650,000 options granted to employees that vest over three years at the anniversary date. The grant date fair value of the options was $694,384. During the year ended March 31, 2016 250,000 options were cancelled and stock compensation expense of $62,317 was recognized. During the quarter ended September 30, 2016, $35,609 of stock compensation expense was recognized and for the six months ended September 30, 2016, $78,638 of stock compensation was recognized. On December 14, 2015, the Company issued 2,495,000 options granted to employees, directors and consultants that vest over three years at the anniversary date. The grant date fair value of the options was $1,260,437. During the year ended March 31, 2016, 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 (September 30, 2015 - 4.76) and for the options that are exercisable the weighted average is 6.22 (September 30, 2015 - 4.74). |
WARRANTS
WARRANTS | 3 Months Ended | 6 Months Ended |
Mar. 31, 2016 | Sep. 30, 2016 | |
Warrants and Rights Note Disclosure [Abstract] | ||
Shareholders Equity And Share Based Payments Stock Warrant [Text Block] | WARRANTS Number of Warrants Weighted-Average Outstanding and exercisable, December 31, 2014 - - Issued 10,823,450 1.35 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 Issued 18,049,075 1.35 Exercised (148,787) (0.80) Outstanding and exercisable, March 31, 2016 17,900,288 1.35 In February 2016, a warrant holder exercised 148,787 45,508 Common share purchase warrants Exercise Number of Expiry Date 1.40 Note 8(vi) 7,735,750 February 26, 2019 0.80 Note 8(vi) 773,575 February 26, 2019 1.40 Note 8(viii) 1,212,500 March 27, 2019 0.80 Note 8(viii) 121,250 February 26, 2019 1.40 Note 8(ix) 891,250 March 31, 2019 0.80 Note 8(ix) 89,125 February 26, 2019 1.40 Note 8(x) 3,115,000 April 21, 2019 0.80 Note 8(x) 311,500 February 26, 2019 1.40 Note 8(xi) 1,418,750 May 27, 2019 0.80 Note 8(xi) 141,875 February 26, 2019 1.40 Note 8(xii) 2,035,000 June 30, 2019 0.80 Note 8(xii) 54,713 February 26, 2019 17,900,288 The weighted-average remaining contractual term of the outstanding warrants is 2.77 3.93 3.16 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. The Company has the option to redeem the warrants for $0.001 per warrant if the daily volume weighted-average price of the common shares is 200% or more of the exercise price for twenty consecutive trading days provided there is an effective registration statement covering the common shares available throughout the thirty day period after the redemption date. The warrant holders then have thirty days to exercise the warrants or receive the redemption amount. The Company’s derivative instruments have been measured at fair value at inception and at each reporting period using a simulation model. The Company recognizes all of its warrants with price protection on its consolidated balance sheet as a derivative liability. Number Value ($) Warrants issued in February 26, 2015 financing Note 8(vi) 8,509,325 550,374 Warrants issued in March 27, 2015 financing Note 8(viii) 1,333,750 1,036,325 Warrants issued in March 31, 2015 financing Note 8(ix) 980,375 759,290 Change in fair value of warrant derivative liability 6,036,659 Balance at March 31, 2015 8,382,648 Warrants issued in April 21, 2015 financing Note 8(x) 3,426,500 2,588,722 Warrants issued in May 27, 2015 financing Note 8(xi) 1,560,625 1,025,173 Warrants issued in June 30, 2015 financing Note 8(xii) 2,238,500 1,490,969 Change in fair value of warrant derivative liability (7,419,643) Balance at December 31, 2015 6,067,869 Fair value of warrants exercised (60,966) Change in fair value of warrant derivative liability (870,913) Balance at March 31, 2016 5,135,990 During the year ended March 31, 2016 and December 31, 2015, the Company recorded a loss of $ 548,046 8,290,601 1,382,984 7,742,555 484,124 During the three month period ended March 31, 2016, $ 870,913 Grant date Number of Expected Exercise Risk 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 Period End: 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: December 31, 2015 16,408,250 3.16 1.4 0.65 % 0 % 53.58 % 5,315,536 December 31, 2015 1,640,825 3.16 0.8 0.65 % 0 % 53.58 % 752,333 At Period End: March 31, 2015 9,839,500 3.91 1.4 0.41 % 0 % 52.45 % 7,690,340 March 31, 2015 983,950 3.91 0.8 0.41 % 0 % 52.45 % 692,308 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 | 11. 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 warrants on a cashless basis based on the terms of the warrant agreement and was issued 45,508 common shares. During the six month period ended September 30, 2016, 262,045 warrants were exercised on a cashless basis based on the terms of the warrant agreement and the Company issued 51,249 common shares (Note 9 (iv)). 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 (March 31, 2016 - 2.77). In 2014, the Company repaid loans of $180,940 plus accrued interest of $12,138 owing to investors introduced by Pope and Co. As part of this transaction the Company was committed to issue these lenders warrants exercisable into 349,522 Exchangeable Shares at an exercise price of $0.23 per share for a period ending March 21, 2017. During the year ended March 31, 2015, the Company issued these warrants. 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. The Company has the option to redeem the warrants for $0.001 per warrant if the daily volume weighted-average price of the common shares is 200% or more of the exercise price for twenty consecutive trading days provided there is an effective registration statement covering the common shares available throughout the thirty day period after the redemption date. The warrant holders then have thirty days to exercise the warrants or receive the redemption amount. The Company’s derivative instruments have been measured at fair value at inception and at each reporting period using a simulation model. The Company recognizes all of its warrants with price protection on its consolidated balance sheet as a derivative liability. Number of Warrants Value ($) 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. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 11. INCOME TAXES 3 months Year Year ended Nine $ $ $ $ U.S. 183,461 4,706,413 (2,372,510) - Canada (1,187,553) (3,670,265) (3,221,396) (2,464,747) (1,004,092) 1,036,148 (5,593,906) (2,464,747) Reconciliation of the statutory tax rate of 35 26.5 3 months Year ended Year ended Nine $ $ $ $ Net (loss) income for the period before recovery of income taxes (1,004,092) 1,036,148 (5,593,906) (2,464,747) Statutory rate 35 % 35 % 35 % 26.5 % Expected income tax (recovery) expense (351,432) 362,652 (1,957,867) (653,158) Tax rate changes and other basis adjustments (162,267) 195,108 364,651 (29,109) Change in fair value of derivative liability (304,835) (2,709,894) (169,443) Stock-based compensation 55,350 512,693 587,381 - Non-deductible expenses (99,642) (12,073) 227,068 193,305 Change in valuation allowance 862,826 1,651,514 948,210 488,962 Recovery of income taxes - - - - March 31, March 31, December 31, December 31, $ $ $ $ Property and equipment 52,331 34,556 47,495 36,940 Share issue costs 3,586 5,838 3,877 162,350 SR&ED pool 400,557 103,799 340,585 7,137 Other 215,202 32,447 39,947 18,621 Non-capital losses Canada 1,587,439 977,178 1,149,389 812,522 Net operating losses - U.S. 589,491 43,274 404,487 - Valuation allowance (2,848,606) (1,197,092) (1,985,780) (1,037,570) - - - - The Company has non-capital losses in its Canadian subsidiary of approximately $ 5,990,000 1,684,261 Income taxes are provided based on the liability method, which results in deferred tax assets and liabilities arising from temporary differences. Temporary differences are differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements that will result in taxable or deductible amounts in future years. The liability method requires the effect of tax rate changes on current and accumulated deferred taxes to be reflected in the period in which the rate change was enacted. The liability method also requires that deferred tax assets be reduced by a valuation allowance unless it is more likely than not that the assets will be realized. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company recognizes interest accrued on uncertain tax positions as well as interest received from favorable tax settlements within interest expense. The Company recognizes penalties accrued on unrecognized tax benefits within general and administrative expenses. As of March 31, 2016, the Company had no uncertain tax positions. United States - Federal 2013 present United States State 2013 present Canada Federal 2012 - present Canada Provincial 2012 - present |
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] | 13. 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% of certain domestic product sales and 1.5% of certain international product sales, as defined, and 50% of all sublicense income. 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 included in accounts payable on the condensed consolidated interim balance sheets. Subsequent to September 30, 2016, the entire balance owed was paid to MIT. One of the Company’s directors is an employee of MIT as well as the Company’s Chief Science Officer. 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% of net sales, as defined, and 50% of all sublicense income. There have been no sales under this agreement through September 30, 2016. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended | 6 Months Ended |
Mar. 31, 2016 | Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies Disclosure [Text Block] | 12. 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, collections 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. | 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 | 3 Months Ended | 6 Months Ended |
Mar. 31, 2016 | Sep. 30, 2016 | |
Risks and Uncertainties [Abstract] | ||
Concentration Risk Disclosure [Text Block] | 13. RISK MANAGEMENT The Company’s cash balances are maintained in two banks in Canada and a Canadian Bank subsidiary in the US. 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. | 15. 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 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 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. |
(LOSS) PER SHARE
(LOSS) PER SHARE | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | (LOSS) PER SHARE Common share equivalents, options and warrants are were excluded from the computation of diluted loss per share for the three month periods ended March 31, 2016 and 2015 (unaudited), the years ended December 31, 2015 and March 31, 2015 (unaudited) and the nine month period ended December 31, 2014 as their effects are anti-dilutive. Numerator Net income $ 1,036,148 Change in fair value of warrant derivative liability (7,742,555) Net (loss) used in computation of diluted EPS $ (6,706,407) Denominator Basic weighted average number of shares outstanding 71,554,822 Warrants 8,429,435 Diluted weighted average number of shares outstanding 79,984,257 Diluted loss per share $ (0.08) |
TRANSITION PERIOD COMPARATIVE D
TRANSITION PERIOD COMPARATIVE DATA | 3 Months Ended |
Mar. 31, 2016 | |
Transition Period Comparative Data [Abstract] | |
Transition Period Comparative Data [Text Block] | 15. TRANSITION PERIOD COMPARATIVE DATA Three months March 31, 2015 $ Operating Data: Expenses Research and development 435,671 Professional and consulting fees 261,350 General and administrative 167,747 Depreciation 10,412 Share-based compensation expense 371,637 1,246,817 Other expenses (income) Interest expense 179 Other income (323) Change in fair value of warrant derivative liability 6,387,473 Total other expense (income) 6,387,329 Net loss for the period (7,634,146) Foreign exchange translation adjustment for the period 24,799 Net loss and comprehensive loss for the period (7,609,347) Loss per share - basic and diluted (0.14) Weighted average number of shares outstanding basic and diluted 52,726,746 Cash flow Data: Net cash used in operating activities (825,483) Net cash used in investing activities (38,820) Net cash provided by financing activities 6,788,988 Effects of foreign currency exchange rate changes (9,510) Net increase in cash and cash equivalents for the period 5,915,175 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS 1) Subsequent to March 31, 2016, the Company issued 70,000 70,000 2) Subsequent to March 31, 2016, 51,249 262,045 0.80 3) On April 21, 2016, the Company acquired 100 Subject to the indemnification and escrow arrangements described in the Merger Agreement, Bionik will issue (or reserve for issuance) an aggregate of 23,650,000 Bionik will also assume each of the 3,895,000 3,000,000 1,000,000 0.25 1,000,000 0.95 1,000,000 1.05 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 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 $ Consideration Paid: Fair value of 23,650,000 common shares 23,177,000 Fair value of vested stock options 1,573,229 24,750,229 Allocation of purchase price: Net assets acquired (2,129,089) Intangible assets and goodwill 26,879,318 24,750,229 The unaudited supplemental pro forma information for the period presented give effect to the Acquisition as if it had been consummated on April 1, 2015 the start of the March 31, 2016 year-end. The following unaudited supplemental pro forma information are provided for informational purposes only and do not purport to represent what the actual combined results of operations or the combined financial position of the combined company would be had the Merger occurred on the dates assumed, nor are they necessarily indicative of future combined results of operations or combined financial position. The following unaudited supplemental pro forma information have been compiled based on information available to management at this time. The unaudited supplemental pro forma information do not reflect any cost savings or synergies that the management of Interactive Motion Technologies Inc. and Bionik Laboratories Corp. could have achieved if they were together through this period. Year Ended $ Sales 1,919,779 Net loss for the period (15,550,891) |
SIGNIFICANT ACCOUNTING POLICI28
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2016 | Sep. 30, 2016 | |
Accounting Policies [Abstract] | ||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and changes in these estimates are recorded when known. Significant estimates made by management include: the valuation of the warrant derivative liability and the valuation allowance for deferred tax assets. The selection of the appropriate valuation model to apply to the warrant derivative liability and the related inputs and assumptions that are required to determine that valuation require significant judgment and require management to make estimates and assumptions that affect the reported amount of the related liability and reported amounts of the change in fair value. 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. | |
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. | 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. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are recorded at cost. Depreciation is computed using the declining balance method, over the estimated useful lives of these assets. The costs of improvements that extend the life of equipment are capitalized. All ordinary repair and maintenance costs are expensed as incurred. Property and equipment are depreciated as follows: Computer & Electronics 50 Furniture and Fixtures 20 Tools and Parts 20 | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company has yet to recognize any revenue. The Company intends to record revenue when it is realized, or realizable and earned. The Company will consider revenue to be realized, or realizable and earned, when the following revenue recognition requirements are met: persuasive evidence of an arrangement exists; the products or services have been accepted by the customer via delivery or acceptance; the sales price is fixed or determinable; and collectability is reasonably assured. | 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. |
Government Grants And Input Tax Credit Recoveries [Policy Text Block] | Government Grant and Input Tax Credit Recoveries The Company receives certain grant and input tax credit recoveries from the Canadian government in compensation for eligible expenditures. These are presented as other income in the statement of operations and comprehensive loss as they generally relate to a number of the Company’s operating expenses, such as salaries and benefits, research and development and professional and consulting fees. The recoveries are recognized in the corresponding period when such expenses are incurred and collection of the grant funds is assured. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments with original terms to maturity of 90 days or less at the date of purchase. For all periods presented cash and cash equivalents consisted entirely of cash. | |
Research and Development Expense, Policy [Policy Text Block] | Research and Development The Company is engaged in research and development work. Research and development costs are charged as operating expense of the Company as incurred. | |
Warrant Derivative Liability Policy [Policy Text Block] | 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 10). The warrant derivative liability is revalued at each reporting period and changes in fair value are recognized in the consolidated statements of operations and comprehensive loss under the caption “Change in fair value of warrant derivative liability”. | 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. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting ASC 280-10, “Disclosures about Segments of an Enterprise and Related Information”, establishes standards for the way that public business enterprises report information about operating segments in the Company’s consolidated financial statements. Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company does not have any reportable segments. All of its operations and assets are domiciled in Canada. | |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are computed in accordance with the provisions of ASC Topic 740, which requires, among other things, a liability approach to calculating deferred income taxes. The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized in its consolidated financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The Company is required to make certain estimates and judgments about the application of tax law, the expected resolution of uncertain tax positions and other matters. In the event that uncertain tax positions are resolved for amounts different than the Company’s estimates, or the related statutes of limitations expire without the assessment of additional income taxes, the Company will be required to adjust the amounts of related assets and liabilities in the period in which such events occur. Such adjustment may have a material impact on Bionik’s income tax provision and results of operations. | |
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, other receivables, accounts payable, accrued liabilities, and 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 March 31, 2016, the Company’s warrant derivative liability is 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 year. | 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. |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Loss Per Share Basic and diluted loss per share has been determined by dividing the net loss available to shareholders for the applicable period by the basic and diluted weighted average number of shares outstanding, respectively. The diluted weighted average number of shares outstanding is calculated as if all dilutive options had been exercised or vested at the later of the beginning of the reporting period or date of grant, using the treasury stock method. Loss per common share is computed by dividing the net loss by the weighted average number of shares of common shares outstanding during the period. Common share equivalents, options and warrants are excluded from the computation of diluted loss per share when their effect is anti-dilutive. | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | The Company follows the ASC Topic 360, which requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the assets’ carrying amounts may not be recoverable. In performing the review for recoverability, if future undiscounted cash flows (excluding interest charges) from the use and ultimate disposition of the assets are less than their carrying values, an impairment loss represented by the difference between its fair value and carrying value, is recognized. When properties are classified as held for sale they are recorded at the lower of the carrying amount or the expected sales price less costs to sell. | |
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. | 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. | |
Standard Product Warranty, Policy [Policy Text Block] | Warranty Reserve and Deferred Warranty Revenue 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 | |
New Accounting Pronouncements, Policy [Policy Text Block] | 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 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 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 on January 1, 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. |
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 $ 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] | The amount of IMT’s revenue and net loss and comprehensive loss included in the Company’s condensed consolidated interim statements of operations and comprehensive loss for the three and six month period ended September 30, 2016 are as follows: 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 RE30
PREPAID EXPENSES AND OTHER RECEIVABLES (Tables) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2016 | Sep. 30, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | March 31, March 31, December 31, December 31, $ $ $ $ Prepaid expenses and other receivables 87,979 6,242 120,661 18,172 Prepaid insurance 107,259 126,771 12,966 40,630 Sales taxes receivable (i) 36,495 25,406 54,590 22,328 231,733 158,419 188,217 81,130 i) Sales tax receivable represents net harmonized sales taxes (HST) input tax credits receivable from the Government of Canada. | 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) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2016 | Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | ||
Property, Plant and Equipment [Table Text Block] | Equipment consisted of the following as at March 31, 2016 and March 31, 2015: March 31, 2016 March 31, 2015 Cost Accumulated Net Cost Accumulated Net $ $ $ $ $ $ Computers and electronics 152,246 96,379 55,867 107,369 33,933 73,436 Furniture and fixtures 22,496 10,118 12,378 23,832 7,689 16,143 Tools and parts 11,422 2,917 8,505 12,100 1,050 11,050 186,164 109,414 76,750 143,301 42,672 100,629 Equipment consisted of the following as at December 31, 2015 and December 31, 2014: December 31, 2015 December 31, 2014 Cost Accumulated Net Cost Accumulated Net $ $ $ $ $ $ Computers and electronics 148,214 84,072 64,142 77,650 27,438 50,212 Furniture and fixtures 23,496 9,478 14,018 24,909 7,325 17,584 Tools and parts 11,422 2,479 8,943 11,913 1,787 10,126 183,132 96,029 87,103 114,472 36,550 77,922 | 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 50,699 152,246 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] | $ - Acquisition of IMT (Note 3) 217,808 Accrued interest 8,932 Balance, September 30, 2016 $ 226,740 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2016 | Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | ||
Schedule of Stockholders Equity [Table Text Block] | March 31, 2016 December 31, 2015 Number of Number of shares $ shares $ Exchangeable Shares: Balance, beginning of period 50,00,000 50,000 50,000,000 50,000 Balance, end of the year 50,000,000 50,000 50,000,000 50,000 Common Shares: Balance, beginning of the period 22,428,313 22,428 15,839,563 15,840 Shares issued under private placement - - (x)-(xii) 6,568,750 6,568 Shares issued for services (xiii) 117,471 117 (xiii) 20,000 20 Cashless exercise of warrants (xiv) 45,508 46 - - Balance, end of the period 22,591,292 22,591 22,428,313 22,428 TOTAL COMMON SHARES 72,591,292 72,591 72,428,313 72,428 March 31, 2015 December 31, 2014 Number of Number of shares $ shares $ Exchangeable Shares: Balance at beginning of period 49,737,096 49,737 36,621,885 36,622 Shares issued for services (v) 262,904 263 - - Shares issued under private placement (i) - - 10,792,335 10,792 Shares issued on conversion and settlement of debt (ii)(iii) - - 1,012,142 1,012 Shares issued on the exercise of options (iv) - - 1,310,734 1,311 Balance at end of the period 50,000,000 50,000 49,737,096 49,737 Common Shares: Balance at beginning of the period - - - - Shares issued as Merger consideration (vii) 6,000,063 6,000 - - Shares issued under private placement (vi)(viii) 9,839,500 9,840 - - Balance at end of the period 15,839,563 15,840 - - TOTAL COMMON SHARES 65,839,563 65,840 - - (i) In April, 2014, the Company completed a private placement issuing 10,792,335 common shares at a price of $0.24 per share for gross proceeds of $2,616,062. A former director of the Company assisted in securing a significant portion of this financing. The Company incurred $11,609 in share issue costs related to the transaction. (ii) In May 2014, the Company issued 436,908 common shares in exchange for the settlement of $115,223 of unsecured debt. (iii) In June, 2014, the Company issued 575,234 common shares on conversion of the convertible secured promissory note (Note 6). The note plus accrued interest totaled $124,523 and was converted at a 20% discount to the April 2014 private placement. (iv) In June 2014, the Company issued 1,310,734 common shares for the exercise of stock options. The Company received cash of $228,875. (v) On February 25, 2015, 262,904 common shares were issued to two former lenders connected with a $241,185 loan received and repaid during fiscal 2013. The common shares were valued at $210,323 based on the value of the concurrent private placement (Note 8(vi)), and recorded in stock-based compensation on the consolidated statement of operations and comprehensive loss. As part of the consideration for the initial loan the CTO and COO had transferred 314,560 common shares to the lenders. For contributing the common shares to the lenders, the Company intends to reimburse the CTO and COO 320,000 common shares. As at March 31, 2016, these shares have not yet been issued. (vi) Concurrently with the closing of the Merger on February 26, 2015, the Company issued 7,735,750 units (the “Units”) for gross proceeds of $6,188,600 (the “First Closing”) (including $500,000 of outstanding bridge loans converted into Units at the offering price) at a purchase price of $0.80 per Unit (the “Purchase Price”) in a private placement offering (the “Offering”). Each Unit consists 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. The Company incurred share issue costs before legal and other costs related to the transaction of $848,822 and issued 773,575 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant derivative liability on the consolidated balance sheet (Note 10). After deducting the value of the warrants and the share issue costs, $4,789,404 was attributed to the value of the common shares. (vii) Immediately following the Merger and the First Closing, 6,000,063 common shares were held by existing Drywave stockholders, 7,735,750 were held by the investors in the Offering and Bionik Canada shareholders held an equivalent of 50,000,000 shares of the common shares through their ownership of 100% of the Exchangeable Shares which are held in 1 Special Preferred Share. The Special Preferred Share votes on behalf of the 50,000,000 Exchangeable Shares alongside the common shares of the Company as a single class. (viii) On March 27, 2015, the Company issued 1,212,500 Units for gross proceeds of $970,000 to accredited investors in a second closing (the “Second Closing”). 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. The Company incurred share issue costs before legal and other costs related to the Second Closing of $141,100 and issued 121,250 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 10). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $207,425 was recorded as a loss on initial recognition of the warrants and included in the change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss. (ix) On March 31 2015, the Company issued 891,250 Units for gross proceeds of $713,000 to accredited investors in a third closing (the “Third Closing”). 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. The Company incurred share issue costs before legal and other costs related to the Third Closing of $97,099 and issued 89,125 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 10). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $143,389 was recorded as a loss on initial recognition of the warrants and included in the change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss. (x) On April 21, 2015, the Company issued 3,115,000 Units for gross proceeds of $2,492,000 to accredited investors in a fourth closing (the “Fourth Closing”). 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. The Company incurred share issue costs before legal and other related to the Fourth Closing of $338,960 and issued 311,500 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 10). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $435,682 was recorded as a loss on initial recognition of the warrants and included in the change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss. (xi) On May 27, 2015, the Company issued 1,418,750 Units for gross proceeds of $1,135,000 to accredited investors in a fifth closing (the “Fifth Closing”). 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. The Company incurred share issue costs before legal and other costs related to the Fifth Closing of $147,566 and issued 141,875 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 10). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $37,739 was recorded as a loss on initial recognition of the warrants and included in the change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss. (xii) On June 30, 2015, the Company issued 2,035,000 Units for gross proceeds of $1,628,000 to accredited investors in a sixth and final closing (the “Sixth Closing”). 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. The Company incurred share issue costs before legal and other costs related to the Sixth Closing of $211,656 and issued 203,500 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 10). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $74,625 was recorded as a loss on initial recognition of the warrants and included in the change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss. (xiii) During the year ended December 31, 2015, the Company entered into service agreements which included paying some of the fees in common shares. During the year ended December 31, 2015, the Company issued 20,000 shares pursuant to these commitments valued at $31,000 and included in share-based compensation. In addition, pursuant to these commitments the Company was obligated to issue 53,223 common shares valued at $98,900. During the three month period ended March 31, 2016 the 53,223 common shares related to services provided in 2015 were issued. As a result $98,900 recorded as shares to be issued at December 31, 2015 was reclassified to additional paid in capital. During the three months ended March 31, 2016, 64,248 common shares were issued related to investor relations and consulting services provided in 2016 valued at $75,600. (xiv) In February 2016, 45,508 common shares were issued as a result of a cashless exercise of 148,787 warrants with an exercise price of $0.80 under the terms of the warrant agreement. The value of the warrants on exercise was attributed to the shares on exercise. As a result $60,966 was reclassified from warrant derivative liability to additional paid in 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 0.80 435,682 (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) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2016 | 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] | Grant date Expected life Risk Dividend Forfeiture Expected Grant date February 17, 2015 5 1.59 % 0 % 0 % 114 % $ 136,613 July 1, 2014 4.35 1.59 % 0 % 0 % 114 % $ 1,259,487 June 20, 2014 6.32 1.59 % 0 % 0 % 114 % $ 118,957 April 11, 2014 4.14 1.59 % 0 % 0 % 114 % $ 230,930 November 24, 2015 7 1.59 % 0 % 0 % 114 % $ 694,384 December 14, 2015 7 1.59 % 0 % 0 % 114 % $ 1,260,437 | 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] | A summary of the Company’s outstanding options is as follows: Number of Options Weighted-Average Outstanding, December 31, 2013 1,310,665 0.19 Exercised (1,310,665) 0.19 Issued 3,894,252 0.22 Cancelled (125,824) 0.17 Outstanding, December 31, 2014 3,768,428 0.22 Cancelled as a result of Merger (3,768,428) 0.22 Re-issued as part of Merger 3,768,428 0.22 Issued 314,560 0.23 Outstanding March 31, 2015 4,082,988 0.22 Issued 3,145,000 1.05 Cancelled (267,379) 0.22 Outstanding, December 31, 2015 6,960,609 0.59 Cancelled (355,729) 0.97 Outstanding, March 31, 2016 6,604,880 0.57 | 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 March 31, 2016: Exercise Price ($) Number of Options Expiry Date Number of 0.165 437,236 April 1, 2021 291,492 0.23 99,610 June 20, 2021 67,107 0.23 2,972,592 July 1, 2021 2,972,592 0.23 225,442 February 17, 2022 157,285 1.22 400,000 November 24, 2022 - 1.00 2,470,000 December 14, 2022 - 6,604,880 3,488,476 | The following is a summary of stock options outstanding and exercisable as of September 30, 2016: Number of Exercise Price ($) 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) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2016 | 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 Warrants Weighted-Average Outstanding and exercisable, December 31, 2014 - - Issued 10,823,450 1.35 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 Issued 18,049,075 1.35 Exercised (148,787) (0.80) Outstanding and exercisable, March 31, 2016 17,900,288 1.35 | 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 March 31, 2016: Exercise Number of Expiry Date 1.40 Note 8(vi) 7,735,750 February 26, 2019 0.80 Note 8(vi) 773,575 February 26, 2019 1.40 Note 8(viii) 1,212,500 March 27, 2019 0.80 Note 8(viii) 121,250 February 26, 2019 1.40 Note 8(ix) 891,250 March 31, 2019 0.80 Note 8(ix) 89,125 February 26, 2019 1.40 Note 8(x) 3,115,000 April 21, 2019 0.80 Note 8(x) 311,500 February 26, 2019 1.40 Note 8(xi) 1,418,750 May 27, 2019 0.80 Note 8(xi) 141,875 February 26, 2019 1.40 Note 8(xii) 2,035,000 June 30, 2019 0.80 Note 8(xii) 54,713 February 26, 2019 17,900,288 | 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 March 31, 2016: Number Value ($) Warrants issued in February 26, 2015 financing Note 8(vi) 8,509,325 550,374 Warrants issued in March 27, 2015 financing Note 8(viii) 1,333,750 1,036,325 Warrants issued in March 31, 2015 financing Note 8(ix) 980,375 759,290 Change in fair value of warrant derivative liability 6,036,659 Balance at March 31, 2015 8,382,648 Warrants issued in April 21, 2015 financing Note 8(x) 3,426,500 2,588,722 Warrants issued in May 27, 2015 financing Note 8(xi) 1,560,625 1,025,173 Warrants issued in June 30, 2015 financing Note 8(xii) 2,238,500 1,490,969 Change in fair value of warrant derivative liability (7,419,643) Balance at December 31, 2015 6,067,869 Fair value of warrants exercised (60,966) Change in fair value of warrant derivative liability (870,913) Balance at March 31, 2016 5,135,990 | The following summarizes the changes in the value of the warrant derivative liability from inception until September 30, 2016: Number of Warrants Value ($) 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 March 31, 2016 and 2015 and December 31, 2015 are as follows: Grant date Number of Expected Exercise Risk 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 Period End: 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: December 31, 2015 16,408,250 3.16 1.4 0.65 % 0 % 53.58 % 5,315,536 December 31, 2015 1,640,825 3.16 0.8 0.65 % 0 % 53.58 % 752,333 At Period End: March 31, 2015 9,839,500 3.91 1.4 0.41 % 0 % 52.45 % 7,690,340 March 31, 2015 983,950 3.91 0.8 0.41 % 0 % 52.45 % 692,308 | 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 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Components of net (loss) income before income taxes consists of the following: 3 months Year Year ended Nine $ $ $ $ U.S. 183,461 4,706,413 (2,372,510) - Canada (1,187,553) (3,670,265) (3,221,396) (2,464,747) (1,004,092) 1,036,148 (5,593,906) (2,464,747) Reconciliation of the statutory tax rate of 35 26.5 3 months Year ended Year ended Nine $ $ $ $ Net (loss) income for the period before recovery of income taxes (1,004,092) 1,036,148 (5,593,906) (2,464,747) Statutory rate 35 % 35 % 35 % 26.5 % Expected income tax (recovery) expense (351,432) 362,652 (1,957,867) (653,158) Tax rate changes and other basis adjustments (162,267) 195,108 364,651 (29,109) Change in fair value of derivative liability (304,835) (2,709,894) (169,443) Stock-based compensation 55,350 512,693 587,381 - Non-deductible expenses (99,642) (12,073) 227,068 193,305 Change in valuation allowance 862,826 1,651,514 948,210 488,962 Recovery of income taxes - - - - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred tax reflects the tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities and consisted of the following: March 31, March 31, December 31, December 31, $ $ $ $ Property and equipment 52,331 34,556 47,495 36,940 Share issue costs 3,586 5,838 3,877 162,350 SR&ED pool 400,557 103,799 340,585 7,137 Other 215,202 32,447 39,947 18,621 Non-capital losses Canada 1,587,439 977,178 1,149,389 812,522 Net operating losses - U.S. 589,491 43,274 404,487 - Valuation allowance (2,848,606) (1,197,092) (1,985,780) (1,037,570) - - - - |
Summary of Income Tax Examinations [Table Text Block] | In many cases the Company’s uncertain tax positions are related to tax years that remain subject to examination by tax authorities. The following describes the open tax years, by major tax jurisdiction, as of March 31, 2016: United States - Federal 2013 present United States State 2013 present Canada Federal 2012 - present Canada Provincial 2012 - present |
(LOSS) PER SHARE (Tables)
(LOSS) PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block] | The reconciliation of diluted (loss) per share for the year ended March 31, 2016 is presented below: Numerator Net income $ 1,036,148 Change in fair value of warrant derivative liability (7,742,555) Net (loss) used in computation of diluted EPS $ (6,706,407) Denominator Basic weighted average number of shares outstanding 71,554,822 Warrants 8,429,435 Diluted weighted average number of shares outstanding 79,984,257 Diluted loss per share $ (0.08) |
TRANSITION PERIOD COMPARATIVE39
TRANSITION PERIOD COMPARATIVE DATA (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Transition Period Comparative Data [Abstract] | |
Transition Period Comparative Data [Table Text Block] | Three months March 31, 2015 $ Operating Data: Expenses Research and development 435,671 Professional and consulting fees 261,350 General and administrative 167,747 Depreciation 10,412 Share-based compensation expense 371,637 1,246,817 Other expenses (income) Interest expense 179 Other income (323) Change in fair value of warrant derivative liability 6,387,473 Total other expense (income) 6,387,329 Net loss for the period (7,634,146) Foreign exchange translation adjustment for the period 24,799 Net loss and comprehensive loss for the period (7,609,347) Loss per share - basic and diluted (0.14) Weighted average number of shares outstanding basic and diluted 52,726,746 Cash flow Data: Net cash used in operating activities (825,483) Net cash used in investing activities (38,820) Net cash provided by financing activities 6,788,988 Effects of foreign currency exchange rate changes (9,510) Net increase in cash and cash equivalents for the period 5,915,175 |
SUBSEQUENT EVENTS (Tables)
SUBSEQUENT EVENTS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Summary of Consideration Transferred And Purchase Price Allocation [Table Text Block] | As at April 21, 2016 $ Consideration Paid: Fair value of 23,650,000 common shares 23,177,000 Fair value of vested stock options 1,573,229 24,750,229 Allocation of purchase price: Net assets acquired (2,129,089) Intangible assets and goodwill 26,879,318 24,750,229 |
Business Acquisition Sales and Net Loss Pro Forma [Table Text Block] | The unaudited pro forma sales and net loss for the period indicated are as follows: Year Ended $ Sales 1,919,779 Net loss for the period (15,550,891) |
NATURE OF OPERATIONS AND GOIN41
NATURE OF OPERATIONS AND GOING CONCERN (Details Textual) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Apr. 21, 2016shares | Feb. 26, 2015shares | Sep. 30, 2016USD ($)shares | Mar. 31, 2016USD ($)shares | Sep. 30, 2015USD ($) | Mar. 31, 2015USD ($)shares | Sep. 30, 2016USD ($)shares | Mar. 31, 2016USD ($)shares | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Mar. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Mar. 31, 2015USD ($)shares | Mar. 31, 2014USD ($) | Dec. 31, 2013shares | |
Working Capital Surplus (Deficit) | $ (2,784,377) | $ 187,156 | $ (2,599,374) | $ (2,784,377) | $ 187,156 | $ 890,885 | $ (128,361) | $ 187,156 | $ 890,885 | $ (2,599,374) | ||||||
Stockholders' Equity Attributable to Parent | 24,957,722 | 263,906 | $ (373,684) | (2,498,745) | 24,957,722 | $ 263,906 | $ (373,684) | $ 977,988 | (50,439) | 263,906 | 977,988 | (2,498,745) | $ (774,626) | |||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 729,546 | $ (1,004,092) | $ 2,318,758 | $ (7,609,347) | $ (1,593,226) | 827,503 | $ (2,489,137) | $ 1,036,148 | $ (5,569,107) | $ (10,098,484) | ||||||
Stockholders' Equity, Reverse Stock Split | 1-for-0.831105 | |||||||||||||||
Common Stock, Shares Authorized | shares | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | 200,000,000 | 150,000,000 | 150,000,000 | 150,000,000 | 200,000,000 | |||||
Net Income (Loss) Attributable to Parent | $ (1,004,092) | $ (7,634,146) | $ (1,593,226) | $ 208,645 | $ 827,503 | $ 2,040,240 | $ (2,464,747) | $ 1,036,148 | $ (5,593,906) | $ (10,098,893) | ||||||
Retained Earnings (Accumulated Deficit) | $ (13,245,206) | $ (11,651,980) | $ (12,688,128) | $ (13,245,206) | $ (11,651,980) | $ (10,647,888) | $ (5,053,982) | $ (11,651,980) | $ (10,647,888) | $ (12,688,128) | ||||||
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 POLICI42
SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2016 | Mar. 31, 2016 | |
Significant Accounting Policies [Line Items] | ||||
Standard and Extended Product Warranty Accrual | $ 57,338 | $ 0 | $ 57,338 | $ 0 |
Product Warranty Expense | $ 15,190 | $ 25,427 | $ 0 | |
Computer And Electronics [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage Of Depreciated Per Annum | 50.00% | 50.00% | ||
Furniture and Fixtures [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage Of Depreciated Per Annum | 20.00% | 20.00% | ||
Tool and Parts [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage Of Depreciated Per Annum | 20.00% | 20.00% |
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 $0.98 the closing market price of the Company’s common stock on April 21, 2016. | |
[2] | The fair value of the vested stock options was determined using the Black Scholes option pricing model with the following key assumptions: a risk free rate of 1.59%, dividend and forfeiture rates of 0% and expected volatility of 114% which is consistent with the Company’s assumptions (Note 10). |
ACQUISITION (Details 1)
ACQUISITION (Details 1) - USD ($) | 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 (Details 2)
ACQUISITION (Details 2) - 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 Assumption Forfeited Rate | 0.00% |
Fair Value Assumptions, Risk Free Interest Rate | 1.59% |
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 Number Of Option Acquired | 3,895,000 |
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 23,650,000 |
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 |
Business Acquisition, Effective Date of Acquisition | Apr. 21, 2016 |
PREPAID EXPENSES AND OTHER RE47
PREPAID EXPENSES AND OTHER RECEIVABLES (Details) - USD ($) | Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Prepaid Expense And Other Receivables [Line Items] | ||||||
Prepaid expenses and other receivables | $ 86,240 | $ 87,979 | $ 120,661 | $ 6,242 | $ 18,172 | |
Prepaid insurance | 53,925 | 107,259 | 12,966 | 126,771 | 40,630 | |
Sales taxes receivable | [1] | 16,977 | 36,495 | 54,590 | 25,406 | 22,328 |
Prepaid Expense and Other Assets | $ 157,142 | $ 231,733 | $ 188,217 | $ 158,419 | $ 81,130 | |
[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 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
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 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment, Cost | $ 339,161 | $ 186,164 | $ 183,132 | $ 143,301 | $ 114,472 |
Accumulated Depreciation | 143,167 | 109,414 | 96,029 | 42,672 | 36,550 |
Property, Plant and Equipment, Net | 195,994 | 76,750 | 87,103 | 100,629 | 77,922 |
Computers and electronics [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment, Cost | 162,024 | 152,246 | 148,214 | 107,369 | 77,650 |
Accumulated Depreciation | 111,255 | 96,379 | 84,072 | 33,933 | 27,438 |
Property, Plant and Equipment, Net | 50,699 | 55,867 | 64,142 | 73,436 | 50,212 |
Furniture and Fixtures [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, Plant and Equipment, Cost | 23,196 | 22,496 | 23,496 | 23,832 | 24,909 |
Accumulated Depreciation | 11,362 | 10,118 | 9,478 | 7,689 | 7,325 |
Property, Plant and Equipment, Net | 11,834 | 12,378 | 14,018 | 16,143 | 17,584 |
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 | 11,422 | 12,100 | 11,913 |
Accumulated Depreciation | 3,949 | 2,917 | 2,479 | 1,050 | 1,787 |
Property, Plant and Equipment, Net | 11,773 | 8,505 | $ 8,943 | $ 11,050 | $ 10,126 |
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 | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2014 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||||||||||
Depreciation | $ 23,950 | $ 14,387 | $ 15,478 | $ 10,412 | $ 33,753 | $ 32,480 | $ 34,036 | $ 63,454 | $ 59,479 | $ 44,448 |
Capital Leases, Balance Sheet, Assets by Major Class, Net | 23,019 | 23,019 | ||||||||
Capital Lease Obligations, Current | 4,603 | 0 | 4,603 | 0 | ||||||
Capital Lease Obligations, Noncurrent | $ 16,881 | $ 0 | $ 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 | ||
IMT Notes [Member] | Director [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes Payable | 148,974 | 148,974 | ||
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 |
LOANS RECEIVABLE AND SHORT TE54
LOANS RECEIVABLE AND SHORT TERM ADVANCES (Details Textual) - USD ($) | 3 Months Ended | |||||
Mar. 31, 2016 | Sep. 30, 2016 | Apr. 21, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Interest Receivable, Current | $ 0 | $ 0 | ||||
Loans Receivable, Net, Total | $ 379,908 | $ 0 | $ 307,459 | 0 | 0 | |
Other Receivables, Net, Current, Total | 125,153 | $ 0 | 0 | 0 | 0 | |
Interactive Motion Technologies Inc [Member] | ||||||
Loans and Leases Receivable, Related Parties | $ 300,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||
Interest Payable, Current | $ 0 | $ 0 | ||||
Interest Receivable, Current | 11,158 | $ 7,459 | ||||
Subordinated Debt | $ 200,000 | |||||
Other Receivables, Net, Current, Total | 125,153 | $ 125,153 | ||||
Loans and Leases Receivable, Related Parties, Additions | $ 68,750 | |||||
Interactive Motion Technologies Inc [Member] | Subsequent Event [Member] | ||||||
Loans Receivable, Net, Total | $ 379,908 |
CONVERTIBLE SECURED PROMISSORY
CONVERTIBLE SECURED PROMISSORY NOTE (Details Textual) | May 09, 2014$ / shares | Dec. 08, 2011CAD | Feb. 28, 2014USD ($) | Feb. 28, 2012CAD | Mar. 31, 2016USD ($) | Dec. 31, 2014USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2015USD ($) | May 09, 2014CAD / shares |
Debt Instrument [Line Items] | ||||||||||
Imputed Interest Expense | $ | $ 0 | $ 27,677 | $ 0 | $ 0 | $ 27,677 | |||||
Convertible Notes Payable [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from Issuance of Debt | CAD | CAD 61,500 | |||||||||
Proceeds From Issuance Of Additional Debt | CAD | CAD 60,000 | |||||||||
Debt Instrument, Face Amount | CAD | CAD 121,500 | |||||||||
Debt Instrument, Description | convert the principal plus accrued interest at a discount of 20% to the share price in the event of a qualifying financing | |||||||||
Debt Instrument, Convertible, Beneficial Conversion Feature | $ | $ 27,677 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||
Fair Value Inputs, Discount Rate | 20.00% | |||||||||
Debt Instrument, Convertible, Conversion Price | (per share) | $ 0.22 | CAD 0.24 | ||||||||
Imputed Interest Expense | $ | $ 27,677 |
RELATED PARTY TRANSACTIONS AN56
RELATED PARTY TRANSACTIONS AND BALANCES (Details Textual) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2014USD ($)shares | Dec. 31, 2014CADshares | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2015USD ($) | |
Related Party Transaction [Line Items] | |||||||
Due from Related Parties | $ 41,445 | $ 41,508 | $ 44,986 | $ 41,445 | $ 38,554 | $ 41,480 | |
Accrued interest receivable | $ 392 | 2,224 | 1,148 | 756 | |||
Convertible Secured Promissory Note [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||||
Director [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Transaction, Amounts of Transaction | $ 85,947 | CAD 95,000 | |||||
Stock Issued During Period, Shares, Issued for Services | shares | 331,443 | 331,443 | |||||
Chief Operating Officer [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Accounts Payable, Related Parties | $ 8,812 | 5,196 | $ 0 | 8,812 | 878 | 7,025 | |
Chief Executive Officer [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Accounts Payable, Related Parties | 2,694 | 5,560 | 4,220 | 2,694 | 2,970 | 1,490 | |
Chief Technology Officer [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Accounts Payable, Related Parties | 3,284 | 5,930 | 3,284 | 856 | 9,752 | ||
Chief Financial Officer [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Accounts Payable, Related Parties | 116 | 71 | $ 0 | 116 | $ 346 | $ 0 | |
Vp Us Operations [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Accounts Payable, Related Parties | 0 | 664 | 0 | ||||
Chief Commercial Officer [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Accounts Payable, Related Parties | $ 0 | $ 17,457 | $ 0 |
SHARE CAPITAL (Details)
SHARE CAPITAL (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Feb. 29, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2016 | Dec. 31, 2015 | |||||||
Opening Balance | $ 977,988 | $ (50,439) | $ 263,906 | $ (373,684) | $ (2,498,745) | $ (2,498,745) | $ (774,626) | $ (2,498,745) | $ (50,439) | |||||||
Shares issued on acquisition (Note 3) | 23,177,000 | |||||||||||||||
Shares issued as Merger consideration | 0 | |||||||||||||||
Shares issued under private placement | 4,789,404 | 0 | 0 | |||||||||||||
Shares issued for services | 70,800 | 59,500 | 169,700 | 98,900 | ||||||||||||
Shares issued on exercise of stock options | 228,875 | |||||||||||||||
Cashless exercise of warrants (in shares) | 45,508 | |||||||||||||||
Cashless exercise of warrants | 60,966 | 43,562 | 60,966 | |||||||||||||
Closing Balance | $ 263,906 | $ (2,498,745) | $ 24,957,722 | $ 263,906 | $ (373,684) | $ 977,988 | $ (50,439) | $ 263,906 | $ 977,988 | |||||||
Number Of Warrants Exercised | 148,787 | (262,045) | ||||||||||||||
Exchangable Shares [Member] | ||||||||||||||||
Opening Balance (in shares) | 50,000,000 | 49,737,096 | 50,000,000 | 50,000,000 | 50,000,000 | 36,621,885 | 50,000,000 | 49,737,096 | ||||||||
Opening Balance | $ 50,000 | $ 49,737 | $ 50,000 | $ 50,000 | $ 50,000 | $ 36,622 | $ 50,000 | $ 49,737 | ||||||||
Shares issued under private placement (in shares) | [1] | 0 | 10,792,335 | |||||||||||||
Shares issued under private placement | [1] | $ 0 | $ 10,792 | |||||||||||||
Shares issued on conversion and settlement of debt (in shares) | [2],[3] | 0 | 1,012,142 | |||||||||||||
Shares issued on conversion and settlement of debt | [2],[3] | $ 0 | $ 1,012 | |||||||||||||
Shares issued for services (in shares) | [4] | 262,904 | 0 | |||||||||||||
Shares issued for services | [4] | $ 263 | $ 0 | |||||||||||||
Shares issued on exercise of stock options (in shares) | [5] | 0 | 1,310,734 | |||||||||||||
Shares issued on exercise of stock options | [5] | $ 0 | $ 1,311 | |||||||||||||
Closing Balance (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 49,737,096 | 50,000,000 | 50,000,000 | |||||||||
Closing Balance | $ 50,000 | $ 50,000 | $ 50,000 | $ 50,000 | $ 49,737 | $ 50,000 | $ 50,000 | |||||||||
Common Shares [Member] | ||||||||||||||||
Opening Balance (in shares) | 22,428,313 | 0 | 22,591,292 | 15,839,563 | 15,839,563 | 0 | 15,839,563 | 0 | ||||||||
Opening Balance | $ 22,428 | $ 0 | $ 22,591 | $ 15,840 | $ 15,840 | $ 0 | $ 15,840 | $ 0 | ||||||||
Shares issued on acquisition (Note 3) (in shares) | 23,650,000 | |||||||||||||||
Shares issued on acquisition (Note 3) | $ 23,650 | |||||||||||||||
Shares issued as Merger consideration (in shares) | [6] | 6,000,063 | 0 | |||||||||||||
Shares issued as Merger consideration | [6] | $ 6,000 | $ 0 | |||||||||||||
Shares issued under private placement (in shares) | 0 | 9,839,500 | [7],[8],[9] | 6,568,750 | [10],[11],[12] | 0 | [7],[8],[9] | |||||||||
Shares issued under private placement | $ 0 | $ 9,840 | [7],[8],[9] | $ 6,568 | [10],[11],[12] | $ 0 | [7],[8],[9] | |||||||||
Shares issued for services (in shares) | 117,471 | [13] | 70,000 | [14] | 20,000 | [13] | ||||||||||
Shares issued for services | $ 117 | [13] | $ 70 | [14] | $ 20 | [13] | ||||||||||
Cashless exercise of warrants (in shares) | 45,508 | [15] | 51,249 | [16] | 0 | |||||||||||
Cashless exercise of warrants | $ 46 | [15] | $ 51 | [16] | $ 0 | |||||||||||
Closing Balance (in shares) | 22,591,292 | 15,839,563 | 46,362,541 | 22,591,292 | 22,428,313 | 0 | 22,591,292 | 22,428,313 | ||||||||
Closing Balance | $ 22,591 | $ 15,840 | $ 46,362 | $ 22,591 | $ 22,428 | $ 0 | $ 22,591 | $ 22,428 | ||||||||
Common Shares And Exchangeable Shares [Member] | ||||||||||||||||
Opening Balance (in shares) | 72,428,313 | 0 | 72,591,292 | 65,839,563 | 65,839,563 | 65,839,563 | 0 | |||||||||
Opening Balance | $ 72,428 | $ 0 | $ 72,591 | $ 65,840 | $ 65,840 | $ 65,840 | $ 0 | |||||||||
Closing Balance (in shares) | 72,591,292 | 65,839,563 | 96,362,541 | 72,591,292 | 72,428,313 | 0 | 72,591,292 | 72,428,313 | ||||||||
Closing Balance | $ 72,591 | $ 65,840 | $ 96,362 | $ 72,591 | $ 72,428 | $ 0 | $ 72,591 | $ 72,428 | ||||||||
[1] | In April, 2014, the Company completed a private placement issuing 10,792,335 common shares at a price of $0.24 per share for gross proceeds of $2,616,062. A former director of the Company assisted in securing a significant portion of this financing. The Company incurred $11,609 in share issue costs related to the transaction. | |||||||||||||||
[2] | In June, 2014, the Company issued 575,234 common shares on conversion of the convertible secured promissory note (Note 6). The note plus accrued interest totaled $124,523 and was converted at a 20% discount to the April 2014 private placement. | |||||||||||||||
[3] | In May 2014, the Company issued 436,908 common shares in exchange for the settlement of $115,223 of unsecured debt. | |||||||||||||||
[4] | On February 25, 2015, 262,904 common shares were issued to two former lenders connected with a $241,185 loan received and repaid during fiscal 2013. The common shares were valued at $210,323 based on the value of the concurrent private placement (Note 8(vi)), and recorded in stock-based compensation on the consolidated statement of operations and comprehensive loss. As part of the consideration for the initial loan the CTO and COO had transferred 314,560 common shares to the lenders. For contributing the common shares to the lenders, the Company intends to reimburse the CTO and COO 320,000 common shares. As at March 31, 2016, these shares have not yet been issued. | |||||||||||||||
[5] | In June 2014, the Company issued 1,310,734 common shares for the exercise of stock options. The Company received cash of $228,875. | |||||||||||||||
[6] | Immediately following the Merger and the First Closing, 6,000,063 common shares were held by existing Drywave stockholders, 7,735,750 were held by the investors in the Offering and Bionik Canada shareholders held an equivalent of 50,000,000 shares of the common shares through their ownership of 100% of the Exchangeable Shares which are held in 1 Special Preferred Share. The Special Preferred Share votes on behalf of the 50,000,000 Exchangeable Shares alongside the common shares of the Company as a single class. | |||||||||||||||
[7] | Concurrently with the closing of the Merger on February 26, 2015, the Company issued 7,735,750 units (the “Units”) for gross proceeds of $6,188,600 (the “First Closing”) (including $500,000 of outstanding bridge loans converted into Units at the offering price) at a purchase price of $0.80 per Unit (the “Purchase Price”) in a private placement offering (the “Offering”). Each Unit consists 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. The Company incurred share issue costs before legal and other costs related to the transaction of $848,822 and issued 773,575 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant derivative liability on the consolidated balance sheet (Note 10). After deducting the value of the warrants and the share issue costs, $4,789,404 was attributed to the value of the common shares. | |||||||||||||||
[8] | On March 27, 2015, the Company issued 1,212,500 Units for gross proceeds of $970,000 to accredited investors in a second closing (the “Second Closing”). 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. The Company incurred share issue costs before legal and other costs related to the Second Closing of $141,100 and issued 121,250 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 10). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $207,425 was recorded as a loss on initial recognition of the warrants and included in the change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss. | |||||||||||||||
[9] | On March 31 2015, the Company issued 891,250 Units for gross proceeds of $713,000 to accredited investors in a third closing (the “Third Closing”). 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. The Company incurred share issue costs before legal and other costs related to the Third Closing of $97,099 and issued 89,125 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 10). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $143,389 was recorded as a loss on initial recognition of the warrants and included in the change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss. | |||||||||||||||
[10] | On April 21, 2015, the Company issued 3,115,000 Units for gross proceeds of $2,492,000 to accredited investors in a fourth closing (the “Fourth Closing”). 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. The Company incurred share issue costs before legal and other related to the Fourth Closing of $338,960 and issued 311,500 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 10). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $435,682 was recorded as a loss on initial recognition of the warrants and included in the change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss. | |||||||||||||||
[11] | On June 30, 2015, the Company issued 2,035,000 Units for gross proceeds of $1,628,000 to accredited investors in a sixth and final closing (the “Sixth Closing”). 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. The Company incurred share issue costs before legal and other costs related to the Sixth Closing of $211,656 and issued 203,500 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 10). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $74,625 was recorded as a loss on initial recognition of the warrants and included in the change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss. | |||||||||||||||
[12] | On May 27, 2015, the Company issued 1,418,750 Units for gross proceeds of $1,135,000 to accredited investors in a fifth closing (the “Fifth Closing”). 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. The Company incurred share issue costs before legal and other costs related to the Fifth Closing of $147,566 and issued 141,875 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 10). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $37,739 was recorded as a loss on initial recognition of the warrants and included in the change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss. | |||||||||||||||
[13] | During the year ended December 31, 2015, the Company entered into service agreements which included paying some of the fees in common shares. During the year ended December 31, 2015, the Company issued 20,000 shares pursuant to these commitments valued at $31,000 and included in share-based compensation. In addition, pursuant to these commitments the Company was obligated to issue 53,223 common shares valued at $98,900. During the three month period ended March 31, 2016 the 53,223 common shares related to services provided in 2015 were issued. As a result $98,900 recorded as shares to be issued at December 31, 2015 was reclassified to additional paid in capital. During the three months ended March 31, 2016, 64,248 common shares were issued related to investor relations and consulting services provided in 2016 valued at $75,600. | |||||||||||||||
[14] | 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. | |||||||||||||||
[15] | In February 2016, 45,508 common shares were issued as a result of a cashless exercise of 148,787 warrants with an exercise price of $0.80 under the terms of the warrant agreement. The value of the warrants on exercise was attributed to the shares on exercise. As a result $60,966 was reclassified from warrant derivative liability to additional paid in capital. | |||||||||||||||
[16] | 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 $43,562. |
SHARE CAPITAL (Details Textual)
SHARE CAPITAL (Details Textual) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
Feb. 29, 2016USD ($)$ / sharesshares | Jun. 30, 2015USD ($)$ / sharesshares | May 27, 2015USD ($)$ / sharesshares | Apr. 21, 2015USD ($)$ / sharesshares | Mar. 31, 2015USD ($)$ / sharesshares | Mar. 27, 2015USD ($)$ / sharesshares | Feb. 26, 2015USD ($)$ / shares$ / Unitshares | Feb. 25, 2015USD ($)shares | Jun. 30, 2014USD ($)shares | May 30, 2014USD ($)shares | Apr. 30, 2014USD ($)$ / sharesshares | Sep. 30, 2016USD ($)$ / sharesshares | Mar. 31, 2016USD ($)shares | Sep. 30, 2015USD ($) | Mar. 31, 2015USD ($)$ / sharesshares | Sep. 30, 2016USD ($)$ / sharesshares | Mar. 31, 2016USD ($)shares | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)$ / shares | Mar. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Mar. 31, 2015USD ($)$ / sharesshares | |
Stock Issued During Period, Value, Stock Options Exercised | $ 228,875 | ||||||||||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 70,800 | $ 59,500 | $ 169,700 | $ 98,900 | |||||||||||||||||||
Share-based Compensation | $ 204,842 | $ 158,244 | $ 26,724 | $ 371,637 | $ 424,090 | $ 1,324,282 | 112,573 | $ 1,495,837 | $ 1,709,230 | $ 484,210 | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.80 | ||||||||||||||||||||||
Class of Warrant or Right, Outstanding | shares | 10,823,450 | 17,638,243 | 17,900,288 | 10,823,450 | 17,638,243 | 17,900,288 | 18,049,075 | 17,900,288 | 18,049,075 | 10,823,450 | |||||||||||||
Fair Value Adjustment of Warrants | $ (2,130,106) | $ (870,913) | $ (3,496,070) | $ 6,387,473 | $ (1,739,047) | $ (4,413,819) | $ (7,419,643) | $ 0 | $ (7,742,555) | $ (484,124) | $ 6,387,473 | ||||||||||||
Reclassification Of Warrants Liability To Additional Paid In Capital | $ 60,966 | ||||||||||||||||||||||
Stock Issued During Period, Shares, Upon Cashless Exercise Of Warrants | shares | 45,508 | ||||||||||||||||||||||
Number Of Warrants Exercised | shares | 148,787 | (262,045) | |||||||||||||||||||||
Service Agreements [Member] | |||||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | shares | 53,223 | 20,000 | |||||||||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 98,900 | $ 31,000 | |||||||||||||||||||||
Investor Relation And Consultine Services [Member] | |||||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | shares | 64,248 | ||||||||||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 75,600 | ||||||||||||||||||||||
Warrant Agreement [Member] | |||||||||||||||||||||||
Stock Issued During Period, Shares, Upon Cashless Exercise Of Warrants | shares | 45,508 | ||||||||||||||||||||||
Number Of Warrants Exercised | shares | 148,787 | ||||||||||||||||||||||
Unsecured Debt [Member] | |||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 436,908 | ||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 115,223 | ||||||||||||||||||||||
Investor [Member] | |||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.23 | ||||||||||||||||||||||
Exchangable Shares [Member] | |||||||||||||||||||||||
Stock Issued During Period, Shares, Other | shares | 10,792,335 | ||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 0.24 | ||||||||||||||||||||||
Proceeds from Issuance of Private Placement | $ 2,616,062 | ||||||||||||||||||||||
Payments of Stock Issuance Costs | $ 11,609 | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares | 1,310,734 | ||||||||||||||||||||||
Stock Issued During Period, Value, Stock Options Exercised | $ 228,875 | ||||||||||||||||||||||
Stock Transferred To Lenders | shares | 314,560 | ||||||||||||||||||||||
Stock Reimbursed To Officers | shares | 320,000 | ||||||||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | shares | 262,904 | 70,000 | |||||||||||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 241,185 | $ 59,500 | |||||||||||||||||||||
Share-based Compensation | $ 210,323 | $ 43,562 | |||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.80 | $ 0.80 | |||||||||||||||||||||
Stock Issued During Period, Shares, Acquisitions | shares | 50,000,000 | ||||||||||||||||||||||
Stock Issued During Period, Shares, Upon Cashless Exercise Of Warrants | shares | 51,249 | ||||||||||||||||||||||
Number Of Warrants Exercised | shares | 262,045 | ||||||||||||||||||||||
First Closing [Member] | |||||||||||||||||||||||
Payments of Stock Issuance Costs | $ 848,822 | ||||||||||||||||||||||
Stock Units Issued During Period | shares | 7,735,750 | ||||||||||||||||||||||
Proceeds From Issuance of Stock Units | $ 6,188,600 | ||||||||||||||||||||||
Stock Units Issued During Period, Purchase Price Per Unit | $ / Unit | 0.80 | ||||||||||||||||||||||
Warrants Exercisable Period | 4 years | ||||||||||||||||||||||
Bridge Loan | $ 500,000 | ||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.40 | ||||||||||||||||||||||
Class of Warrant or Right, Outstanding | shares | 773,575 | ||||||||||||||||||||||
Stock Issued During Period, Shares, Acquisitions | shares | 50,000,000 | ||||||||||||||||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 0.00% | ||||||||||||||||||||||
Warrants Exercisable Price Per Warrants | $ / shares | $ 0.80 | ||||||||||||||||||||||
Net proceeds after share issue costs and warrant liability set-up | $ 4,789,404 | ||||||||||||||||||||||
First Closing [Member] | Investor [Member] | |||||||||||||||||||||||
Stock Issued During Period, Shares, Acquisitions | shares | 7,735,750 | ||||||||||||||||||||||
First Closing [Member] | Drywave Stockholders [Member] | |||||||||||||||||||||||
Stock Issued During Period, Shares, Acquisitions | shares | 6,000,063 | ||||||||||||||||||||||
Second Closing [Member] | |||||||||||||||||||||||
Payments of Stock Issuance Costs | $ 141,100 | ||||||||||||||||||||||
Stock Units Issued During Period | shares | 1,212,500 | ||||||||||||||||||||||
Proceeds From Issuance of Stock Units | $ 970,000 | ||||||||||||||||||||||
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, Exercise Price of Warrants or Rights | $ / shares | $ 1.40 | ||||||||||||||||||||||
Class of Warrant or Right, Outstanding | shares | 121,250 | ||||||||||||||||||||||
Fair Value Adjustment of Warrants | $ 207,425 | ||||||||||||||||||||||
Warrants Exercisable Price Per Warrants | $ / shares | $ 0.80 | ||||||||||||||||||||||
Third Closing [Member] | |||||||||||||||||||||||
Payments of Stock Issuance Costs | $ 97,099 | ||||||||||||||||||||||
Stock Units Issued During Period | shares | 891,250 | ||||||||||||||||||||||
Proceeds From Issuance of Stock Units | $ 713,000 | ||||||||||||||||||||||
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, Exercise Price of Warrants or Rights | $ / shares | $ 1.40 | $ 1.40 | $ 1.40 | ||||||||||||||||||||
Class of Warrant or Right, Outstanding | shares | 89,125 | 89,125 | 89,125 | ||||||||||||||||||||
Fair Value Adjustment of Warrants | $ 143,389 | ||||||||||||||||||||||
Warrants Exercisable Price Per Warrants | $ / shares | $ 0.80 | $ 0.80 | $ 0.80 | ||||||||||||||||||||
Convertible Secured Promissory Note [Member] | |||||||||||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 575,234 | ||||||||||||||||||||||
Debt Conversion, Converted Instrument, Amount | $ 124,523 | ||||||||||||||||||||||
Fourth Closing [Member] | |||||||||||||||||||||||
Payments of Stock Issuance Costs | $ 338,960 | ||||||||||||||||||||||
Stock Units Issued During Period | shares | 3,115,000 | ||||||||||||||||||||||
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, Exercise Price of Warrants or Rights | $ / shares | $ 1.40 | ||||||||||||||||||||||
Class of Warrant or Right, Outstanding | shares | 311,500 | ||||||||||||||||||||||
Fair Value Adjustment of Warrants | $ 435,682 | ||||||||||||||||||||||
Warrants Exercisable Price Per Warrants | $ / shares | $ 0.80 | ||||||||||||||||||||||
Fifth Closing [Member] | |||||||||||||||||||||||
Payments of Stock Issuance Costs | $ 147,566 | ||||||||||||||||||||||
Stock Units Issued During Period | shares | 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, Exercise Price of Warrants or Rights | $ / shares | $ 1.40 | ||||||||||||||||||||||
Class of Warrant or Right, Outstanding | shares | 141,875 | 141,875 | |||||||||||||||||||||
Fair Value Adjustment of Warrants | $ 37,739 | ||||||||||||||||||||||
Warrants Exercisable Price Per Warrants | $ / shares | $ 0.80 | $ 0.80 | |||||||||||||||||||||
Sixth Closing [Member] | |||||||||||||||||||||||
Payments of Stock Issuance Costs | $ 211,656 | ||||||||||||||||||||||
Stock Units Issued During Period | shares | 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. | 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 | 4 years | |||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.40 | ||||||||||||||||||||||
Class of Warrant or Right, Outstanding | shares | 203,500 | ||||||||||||||||||||||
Fair Value Adjustment of Warrants | $ 74,625 | ||||||||||||||||||||||
Warrants Exercisable Price Per Warrants | $ / shares | $ 0.80 |
STOCK OPTIONS (Details)
STOCK OPTIONS (Details) - Employee Stock Option [Member] - USD ($) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2016 | Sep. 30, 2016 | |
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 | |
February 17, 2015 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life in years | 5 years | 5 years 4 months 20 days |
Risk free rate | 1.59% | 1.59% |
Dividend yield | 0.00% | 0.00% |
Forfeiture rate | 0.00% | 0.00% |
Expected volatility | 114.00% | 114.00% |
Grant date fair value fair value | $ 136,613 | $ 136,613 |
July 1, 2014 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life in years | 4 years 4 months 6 days | 4 years 9 months |
Risk free rate | 1.59% | 1.59% |
Dividend yield | 0.00% | 0.00% |
Forfeiture rate | 0.00% | 0.00% |
Expected volatility | 114.00% | 114.00% |
Grant date fair value fair value | $ 1,259,487 | $ 1,259,487 |
June 20, 2014 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life in years | 6 years 3 months 25 days | 4 years 8 months 19 days |
Risk free rate | 1.59% | 1.59% |
Dividend yield | 0.00% | 0.00% |
Forfeiture rate | 0.00% | 0.00% |
Expected volatility | 114.00% | 114.00% |
Grant date fair value fair value | $ 118,957 | $ 118,957 |
April 11, 2014 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life in years | 4 years 1 month 20 days | 4 years 6 months |
Risk free rate | 1.59% | 1.59% |
Dividend yield | 0.00% | 0.00% |
Forfeiture rate | 0.00% | 0.00% |
Expected volatility | 114.00% | 114.00% |
Grant date fair value fair value | $ 230,930 | $ 230,930 |
November 24, 2015 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life in years | 7 years | 6 years 1 month 24 days |
Risk free rate | 1.59% | 1.59% |
Dividend yield | 0.00% | 0.00% |
Forfeiture rate | 0.00% | 0.00% |
Expected volatility | 114.00% | 114.00% |
Grant date fair value fair value | $ 694,384 | $ 694,384 |
December 14, 2015 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life in years | 7 years | 6 years 2 months 16 days |
Risk free rate | 1.59% | 1.59% |
Dividend yield | 0.00% | 0.00% |
Forfeiture rate | 0.00% | 0.00% |
Expected volatility | 114.00% | 114.00% |
Grant date fair value fair value | $ 1,260,437 | $ 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 |
STOCK OPTIONS (Details 1)
STOCK OPTIONS (Details 1) - Employee Stock Option [Member] - $ / shares | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number Options, Outstanding, Beginning Balance (in shares) | 6,960,609 | 3,768,428 | 6,604,880 | 4,082,988 | 1,310,665 |
Number of Options, Cancelled as a result of Merger (in shares) | (3,768,428) | ||||
Number of Options, Re-issued as a result of Merger (in shares) | 3,768,428 | ||||
Number Options, Exercised (in shares) | (1,310,665) | ||||
Number of Options, Issued (in shares) | 314,560 | 4,000,000 | 3,145,000 | 3,894,252 | |
Number of Options, Cancelled (in shares) | (355,729) | (143,637) | (267,379) | (125,824) | |
Number of Options, Outstanding, Ending Balance (in shares) | 6,604,880 | 4,082,988 | 10,461,243 | 6,960,609 | 3,768,428 |
Weighted-Average Exercise Price, Outstanding, Beginning Balance (in dollars per share) | $ 0.59 | $ 0.22 | $ 0.57 | $ 0.22 | $ 0.19 |
Weighted-Average Exercise Price, Cancelled as a result of Merger (in dollars per share) | 0.22 | ||||
Weighted-Average Exercise Price, Re-issued as a result of Merger (in dollars per share) | 0.22 | ||||
Weighted-Average Exercise Price, Exercised (in dollars per share) | 0.19 | ||||
Weighted-Average Exercise Price, Issued (in dollars per share) | 0.23 | 0.77 | 1.05 | 0.22 | |
Weighted-Average Exercise Price, Cancelled (in dollars per share) | 0.97 | 0.48 | 0.22 | 0.17 | |
Weighted-Average Exercise Price, Outstanding, Ending Balance (in dollars per share) | $ 0.57 | $ 0.22 | $ 0.59 | $ 0.59 | $ 0.22 |
STOCK OPTIONS (Details 2)
STOCK OPTIONS (Details 2) - Employee Stock Option [Member] - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercise Price | $ 0.57 | $ 0.59 | $ 0.59 | $ 0.22 | $ 0.22 | $ 0.19 |
Number of Options | 6,604,880 | 10,461,243 | 6,960,609 | 4,082,988 | 3,768,428 | 1,310,665 |
Number of Exercisable Options | 3,488,476 | 6,486,623 | ||||
Stock Option One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercise Price | $ 0.165 | $ 0.165 | ||||
Number of Options | 437,236 | 374,324 | ||||
Expiry Date | Apr. 1, 2021 | Apr. 1, 2021 | ||||
Number of Exercisable Options | 291,492 | 374,324 | ||||
Stock Option Two [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercise Price | $ 0.23 | $ 0.23 | ||||
Number of Options | 99,610 | 99,610 | ||||
Expiry Date | Jun. 20, 2021 | Jun. 20, 2021 | ||||
Number of Exercisable Options | 67,107 | 99,610 | ||||
Stock Option Three [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercise Price | $ 0.23 | $ 0.23 | ||||
Number of Options | 2,972,592 | 2,972,592 | ||||
Expiry Date | Jul. 1, 2021 | Jul. 1, 2021 | ||||
Number of Exercisable Options | 2,972,592 | 2,972,592 | ||||
Stock Option Four [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercise Price | $ 0.23 | $ 0.23 | ||||
Number of Options | 225,442 | 204,460 | ||||
Expiry Date | Feb. 17, 2022 | Feb. 17, 2022 | ||||
Number of Exercisable Options | 157,285 | 136,314 | ||||
Stock Option Five [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercise Price | $ 1.22 | $ 1.22 | ||||
Number of Options | 400,000 | 400,000 | ||||
Expiry Date | Nov. 24, 2022 | Nov. 24, 2022 | ||||
Number of Exercisable Options | 0 | 0 | ||||
Stock Option Six [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Exercise Price | $ 1 | $ 1 | ||||
Number of Options | 2,470,000 | 2,430,000 | ||||
Expiry Date | Dec. 14, 2022 | Dec. 14, 2022 | ||||
Number of Exercisable Options | 0 | 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 ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Aug. 08, 2016 | Apr. 26, 2016 | Apr. 21, 2016 | Dec. 14, 2015 | Nov. 24, 2015 | Feb. 26, 2015 | Feb. 17, 2015 | Jun. 30, 2016 | Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2014 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share-based Compensation | $ 204,842 | $ 158,244 | $ 26,724 | $ 371,637 | $ 424,090 | $ 1,324,282 | $ 112,573 | $ 1,495,837 | $ 1,709,230 | $ 484,210 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 10 months 20 days | 6 years 5 months 19 days | 6 years 1 month 28 days | 6 years 3 months 7 days | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 3 months 4 days | 6 years 3 months 29 days | 5 years 5 months 26 days | 6 years 3 months 22 days | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 10,800,000 | 10,800,000 | ||||||||||||||||
Maximum Percentage of Common Stock of Reserved For Issuance | 15.00% | 15.00% | ||||||||||||||||
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] | ||||||||||||||||||
Share-based Compensation | $ 204,842 | $ 158,244 | $ 3,309 | $ 112,573 | $ 1,464,837 | $ 1,467,907 | ||||||||||||
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 Remeasured 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 | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options Remeasured Fair value | $ 118,957 | |||||||||||||||||
Share-based Compensation | $ 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] | ||||||||||||||||||
Share-based Compensation | $ 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] | ||||||||||||||||||
Share-based Compensation | 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 | |||||||||||||||||
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 | 2,495,000 | 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 Issued Weighted Average Remaining Contractual Term1 | 7 years | |||||||||||||||||
Fair Value Of Options | $ 1,260,437 | $ 136,613 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||||
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 | |||||||||||||||||
Fair Value Of Options | $ 694,384 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 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 | |||||||||||||||||
Share-based Compensation | 17,812 | $ 22,479 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 213,750 | |||||||||||||||||
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 | $ 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] | ||||||||||||||||||
Share-based Compensation | $ 10,169 | |||||||||||||||||
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 | |||||||||||||||||
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, Forfeitures in Period | 25,000 | 40,000 | ||||||||||||||||
Share-based Compensation | $ 102,300 | $ 202,608 |
WARRANTS (Details)
WARRANTS (Details) - $ / shares | 3 Months Ended | 6 Months Ended | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | |
Number of Warrants, Outstanding and exercisable, Beginning balance | 18,049,075 | 0 | 17,900,288 | 10,823,450 |
Number of Warrants, Issued | 18,049,075 | 10,823,450 | 7,225,625 | |
Number of Warrants, Exercised | (148,787) | (262,045) | ||
Number of Warrants, Outstanding and exercisable, Ending balance | 17,900,288 | 10,823,450 | 17,638,243 | 18,049,075 |
Weighted-Average Exercise Price, Outstanding and exercisable, Beginning balance | $ 1.35 | $ 0 | $ 1.35 | $ 1.35 |
Weighted-Average Exercise Price, Issued | 1.35 | 1.35 | 1.35 | |
Weighted-Average Exercise Price, Exercised | (0.80) | (0.80) | ||
Weighted-Average Exercise Price, Outstanding and exercisable, Ending balance | $ 1.35 | $ 1.35 | $ 1.36 | $ 1.35 |
WARRANTS (Details 1)
WARRANTS (Details 1) - $ / shares | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2016 | Sep. 30, 2016 | Feb. 29, 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 | $ 0.80 | ||||
Class of Warrant or Right, Number of Warrants | 17,900,288 | 17,638,243 | 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 | $ 1.40 | |||
Class of Warrant or Right, Number of Warrants | 7,735,750 | 7,735,750 | 7,735,750 | ||
Class Of Warrant Or Right Expiry Date | Feb. 26, 2019 | Feb. 26, 2019 | |||
Warrant Two [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 | 773,575 | 773,575 | |||
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 | $ 1.40 | |||
Class of Warrant or Right, Number of Warrants | 1,212,500 | 1,212,500 | 1,212,500 | ||
Class Of Warrant Or Right Expiry Date | Mar. 27, 2019 | Mar. 27, 2019 | |||
Warrant Four [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 | 121,250 | 121,250 | |||
Class Of Warrant Or Right Expiry Date | Feb. 26, 2019 | ||||
Warrant Five [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.40 | $ 1.40 | |||
Class of Warrant or Right, Number of Warrants | 891,250 | 891,250 | 891,250 | ||
Class Of Warrant Or Right Expiry Date | Mar. 31, 2019 | Mar. 31, 2019 | |||
Warrant Six [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 | 89,125 | 89,125 | |||
Class Of Warrant Or Right Expiry Date | Feb. 26, 2019 | ||||
Warrant Seven [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.40 | $ 1.40 | |||
Class of Warrant or Right, Number of Warrants | 3,115,000 | 3,115,000 | 3,115,000 | ||
Class Of Warrant Or Right Expiry Date | Apr. 21, 2019 | Apr. 21, 2019 | |||
Warrant Eight [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 | 311,500 | 311,500 | |||
Class Of Warrant Or Right Expiry Date | Feb. 26, 2019 | ||||
Warrant Nine [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.40 | $ 1.40 | |||
Class of Warrant or Right, Number of Warrants | 1,418,750 | 1,418,750 | 1,418,750 | ||
Class Of Warrant Or Right Expiry Date | May 27, 2019 | May 27, 2019 | |||
Warrant Ten [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 | 141,875 | 141,875 | |||
Class Of Warrant Or Right Expiry Date | Feb. 26, 2019 | ||||
Warrant Eleven [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.40 | $ 1.40 | |||
Class of Warrant or Right, Number of Warrants | 2,035,000 | 2,035,000 | 2,035,000 | ||
Class Of Warrant Or Right Expiry Date | Jun. 30, 2019 | Jun. 30, 2019 | |||
Warrant Twelve [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 | 54,713 | 203,500 | |||
Class Of Warrant Or Right Expiry Date | Feb. 26, 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 ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Feb. 29, 2016 | Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Class of Warrant or Right, Outstanding | 17,638,243 | 17,900,288 | 10,823,450 | 17,638,243 | 18,049,075 | 17,900,288 | 18,049,075 | 10,823,450 | ||||
Derivative Liability, Fair Value, Gross Liability | $ 3,353,381 | $ 8,382,648 | $ 3,353,381 | $ 6,067,869 | $ 6,067,869 | $ 8,382,648 | ||||||
Fair value of warrants exercised | $ (60,966) | (43,562) | ||||||||||
Change in fair value of warrant derivative liability | (2,130,106) | (870,913) | $ (3,496,070) | 6,387,473 | (1,739,047) | $ (4,413,819) | (7,419,643) | $ 0 | $ (7,742,555) | (484,124) | 6,387,473 | |
Derivative Liability | $ 3,353,381 | $ 5,135,990 | $ 8,382,648 | $ 3,353,381 | $ 6,067,869 | $ 0 | $ 5,135,990 | $ 6,067,869 | $ 8,382,648 | |||
Number Of Warrants Exercised | 148,787 | (262,045) | ||||||||||
Warrants Issued In February 26, 2015 Financing [Member] | ||||||||||||
Class of Warrant or Right, Outstanding | 8,509,325 | 8,509,325 | ||||||||||
Derivative Liability, Fair Value, Gross Liability | $ 550,374 | $ 550,374 | ||||||||||
Warrants Issued In March 27, 2015 Financing [Member] | ||||||||||||
Class of Warrant or Right, Outstanding | 1,333,750 | 1,333,750 | ||||||||||
Derivative Liability, Fair Value, Gross Liability | $ 1,036,325 | $ 1,036,325 | ||||||||||
Warrants Issued In March 31, 2015 Financing [Member] | ||||||||||||
Class of Warrant or Right, Outstanding | 980,375 | 980,375 | ||||||||||
Derivative Liability, Fair Value, Gross Liability | $ 759,290 | $ 759,290 | ||||||||||
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 ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Number of Warrants | 17,900,288 | 17,638,243 | 17,900,288 | 18,049,075 | 10,823,450 |
Warrant One [Member] | |||||
Number of Warrants | 7,735,750 | 7,735,750 | 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 | 773,575 | 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 | 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 | 121,250 | 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 | 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 | 89,125 | 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 | 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 | 311,500 | 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 | 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 | 141,875 | 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 | 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 | 54,713 | 54,713 | 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 | 16,408,250 | 16,408,250 | 9,839,500 |
Expected life in years | 2 years 10 months 28 days | 2 years 6 months | 2 years 10 months 28 days | 3 years 1 month 28 days | 3 years 10 months 28 days |
Exercise Price | $ 1.4 | $ 1.4 | $ 1.4 | $ 1.4 | $ 1.4 |
Risk free rate | 0.21% | 0.84% | 0.21% | 0.65% | 0.41% |
Dividend rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Expected volatility | 62.96% | 69.68% | 62.96% | 53.58% | 52.45% |
Grant date fair value | $ 4,585,539 | $ 3,008,245 | $ 4,585,539 | $ 5,315,536 | $ 7,690,340 |
Classes Of Warrants 2 [Member] | |||||
Number of Warrants | 1,492,038 | 1,229,993 | 1,492,038 | 1,640,825 | 983,950 |
Expected life in years | 2 years 10 months 28 days | 2 years 6 months | 2 years 10 months 28 days | 3 years 1 month 28 days | 3 years 10 months 28 days |
Exercise Price | $ 0.8 | $ 0.8 | $ 0.8 | $ 0.8 | $ 0.8 |
Risk free rate | 0.21% | 0.84% | 0.21% | 0.65% | 0.41% |
Dividend rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Expected volatility | 62.96% | 69.68% | 62.96% | 53.58% | 52.45% |
Grant date fair value | $ 550,451 | $ 345,136 | $ 550,451 | $ 752,333 | $ 692,308 |
WARRANTS (Details Textual)
WARRANTS (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Feb. 29, 2016 | Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Class of Warrant or Right [Line Items] | |||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.80 | ||||||||||||
Fair Value Adjustment of Warrants | $ (2,130,106) | $ (870,913) | $ (3,496,070) | $ 6,387,473 | $ (1,739,047) | $ (4,413,819) | $ (7,419,643) | $ 0 | $ (7,742,555) | $ (484,124) | $ 6,387,473 | ||
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. | 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% | 2.25% | |||||||||||
Daily Volume Weighted Average Share Price Minimum Threshold Percentage | 200.00% | ||||||||||||
Stock Issued During Period, Shares, Upon Cashless Exercise Of Warrants | 45,508 | ||||||||||||
Number Of Warrants Exercised | 148,787 | (262,045) | |||||||||||
Warrant [Member] | |||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||
Derivative, Gain (Loss) on Derivative, Net, Total | $ 548,046 | ||||||||||||
Increase (Decrease) in Derivative Liabilities | 8,290,601 | 1,382,984 | |||||||||||
Fair Value Adjustment of Warrants | $ 870,913 | $ 7,742,555 | $ 484,124 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 2 years 9 months 7 days | 3 years 1 month 28 days | 3 years 11 months 5 days | 0 years | |||||||||
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 | $ 0.23 | |||||||||||
Investor [Member] | Accrued Liabilities [Member] | |||||||||||||
Class of Warrant or Right [Line Items] | |||||||||||||
Repayments of Debt | $ 12,138 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2014 | Mar. 31, 2016 | Dec. 31, 2015 | |
Components of net loss before income taxes consists of the following: | ||||
U.S. | $ 183,461 | $ 0 | $ 4,706,413 | $ (2,372,510) |
Canada | (1,187,553) | (2,464,747) | (3,670,265) | (3,221,396) |
Net loss for the period before recovery of income taxes | $ (1,004,092) | $ (2,464,747) | $ 1,036,148 | $ (5,593,906) |
Statutory rate | 35.00% | 26.50% | 35.00% | 35.00% |
Expected income tax (recovery) expense | $ (351,432) | $ (653,158) | $ 362,652 | $ (1,957,867) |
Tax rate changes and other basis adjustments | (162,267) | (29,109) | 195,108 | 364,651 |
Change in fair value of derivative liability | (304,835) | (2,709,894) | (169,443) | |
Stock-based compensation | 55,350 | 0 | 512,693 | 587,381 |
Non-deductible expenses | (99,642) | 193,305 | (12,073) | 227,068 |
Change in valuation allowance | 862,826 | 488,962 | 1,651,514 | 948,210 |
Recovery of income taxes | $ 0 | $ 0 | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Property and equipment | $ 52,331 | $ 47,495 | $ 34,556 | $ 36,940 |
Share issue costs | 3,586 | 3,877 | 5,838 | 162,350 |
SR&ED pool | 400,557 | 340,585 | 103,799 | 7,137 |
Other | 215,202 | 39,947 | 32,447 | 18,621 |
Non-capital losses - Canada | 1,587,439 | 1,149,389 | 977,178 | 812,522 |
Net operating losses - U.S. | 589,491 | 404,487 | 43,274 | 0 |
Valuation allowance | (2,848,606) | (1,985,780) | (1,197,092) | (1,037,570) |
Deferred Tax Liabilities, Net, Total | $ 0 | $ 0 | $ 0 | $ 0 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) | 12 Months Ended |
Mar. 31, 2016 | |
Domestic Tax Authority [Member] | United States - Federal [Member] | |
Income Tax Examination Open Tax Years | 2013 present |
Domestic Tax Authority [Member] | United States - State [Member] | |
Income Tax Examination Open Tax Years | 2013 present |
Foreign Tax Authority [Member] | Canada - Federal[Member] | |
Income Tax Examination Open Tax Years | 2012 - present |
Foreign Tax Authority [Member] | Canada - Provincial[Member] | |
Income Tax Examination Open Tax Years | 2012 - present |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2014 | Mar. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 26.50% | 35.00% | 35.00% |
Tax Credit Carryforward, Amount | $ 1,684,261 | $ 1,684,261 | ||
Canada [Member] | ||||
Tax Credit Carryforward, Amount | $ 5,990,000 | $ 5,990,000 |
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) - CAD | Sep. 30, 2016 | Mar. 31, 2016 |
Canada [Member] | Maximum [Member] | ||
Concentration Risk [Line Items] | ||
Cash, FDIC Insured Amount | CAD 100,000 | CAD 100,000 |
(LOSS) PER SHARE (Details)
(LOSS) PER SHARE (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Numerator | |||||||||||
Net income | $ 1,036,148 | ||||||||||
Change in fair value of warrant derivative liability | $ (2,130,106) | $ (870,913) | $ (3,496,070) | $ 6,387,473 | $ (1,739,047) | $ (4,413,819) | $ (7,419,643) | $ 0 | (7,742,555) | $ (484,124) | $ 6,387,473 |
Net (loss) used in computation of diluted EPS | $ (6,706,407) | ||||||||||
Denominator | |||||||||||
Basic weighted average number of shares outstanding | 85,924,462 | 72,455,753 | 72,408,313 | 87,232,426 | 61,491,674 | 48,225,034 | 71,554,822 | 67,210,266 | 50,226,548 | ||
Warrants | 8,429,435 | ||||||||||
Diluted weighted average number of shares outstanding | 89,789,461 | 72,455,753 | 76,270,355 | 87,232,426 | 69,508,395 | 48,225,034 | 79,984,257 | 67,210,266 | 50,226,548 | ||
Diluted loss per share | $ 0.01 | $ (0.01) | $ (0.02) | $ (0.02) | $ (0.05) | $ (0.05) | $ (0.08) | $ (0.08) | $ (0.20) |
TRANSITION PERIOD COMPARATIVE75
TRANSITION PERIOD COMPARATIVE DATA (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Operating Data: | ||||||||||||
Sales and marketing | $ 187,265 | $ 0 | $ 269,463 | $ 0 | ||||||||
Research and development | 813,773 | $ 343,742 | 768,301 | $ 435,671 | 1,231,563 | 1,378,123 | $ 1,101,820 | $ 1,397,554 | $ 1,489,483 | $ 1,537,491 | ||
Professional and consulting fees | 261,350 | |||||||||||
General and administrative | 577,853 | 1,438,553 | 372,342 | 167,747 | 1,881,467 | 874,443 | 1,192,244 | 3,676,125 | 2,666,669 | 1,621,341 | ||
Depreciation | 23,950 | 14,387 | 15,478 | 10,412 | 33,753 | 32,480 | 34,036 | 63,454 | 59,479 | 44,448 | ||
Share-based compensation expense | 204,842 | 158,244 | 26,724 | 371,637 | 424,090 | 1,324,282 | 112,573 | 1,495,837 | 1,709,230 | 484,210 | ||
Operating Expenses, Total | 1,807,323 | 1,954,926 | 1,182,845 | 1,246,817 | 3,840,336 | 3,609,328 | 2,440,673 | 6,632,970 | 5,924,861 | 3,687,490 | ||
Other expenses (income) | ||||||||||||
Interest expense | (5,203) | 0 | 0 | 179 | 10,031 | 0 | 6,212 | 2,839 | 3,018 | 6,391 | ||
Other income | (323) | |||||||||||
Change in fair value of warrant derivative liability | (2,130,106) | (870,913) | (3,496,070) | 6,387,473 | (1,739,047) | (4,413,819) | $ (7,419,643) | 0 | (7,742,555) | (484,124) | 6,387,473 | |
Total other expense (income) | 6,387,329 | |||||||||||
Net loss for the period | (1,004,092) | (7,634,146) | (1,593,226) | $ 208,645 | 827,503 | 2,040,240 | (2,464,747) | 1,036,148 | (5,593,906) | (10,098,893) | ||
Foreign exchange translation adjustment for the period | 0 | 24,799 | $ 0 | (24,390) | 0 | 24,799 | 409 | |||||
Net loss and comprehensive loss for the period | $ 729,546 | (1,004,092) | $ 2,318,758 | $ (7,609,347) | (1,593,226) | 827,503 | (2,489,137) | 1,036,148 | (5,569,107) | (10,098,484) | ||
Loss per share - basic and diluted | $ (0.14) | |||||||||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 52,726,746 | |||||||||||
Cash flow Data: | ||||||||||||
Net cash used in operating activities | (1,038,390) | $ (825,483) | (3,964,234) | (2,484,857) | (1,639,478) | (4,747,836) | (4,590,387) | (2,464,961) | ||||
Net cash used in investing activities | (196,935) | (38,820) | (6,848) | (334,033) | (109,316) | (547,924) | (380,195) | (148,136) | ||||
Net cash provided by financing activities | 0 | 6,788,988 | 266,635 | 4,552,409 | 1,988,678 | 4,552,409 | 11,341,397 | 8,777,666 | ||||
Effects of foreign currency exchange rate changes | 0 | (9,510) | (33,433) | 0 | 36,334 | (42,943) | ||||||
Net increase in cash and cash equivalents for the period | $ (1,235,325) | $ 5,915,175 | $ (3,704,447) | $ 1,733,519 | $ 206,451 | $ (743,351) | $ 6,407,149 | $ 6,121,626 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (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] |
Consideration Paid Total | 25,759,890 | |
Allocation of purchase price: | ||
Allocation of purchase price Total | 25,759,890 | |
Subsequent Event [Member] | Interactive Motion Technologies Inc [Member] | ||
Consideration Paid: | ||
Fair value of 23,650,000 common shares | 23,177,000 | |
Fair value of vested stock options | 1,573,229 | |
Consideration Paid Total | 24,750,229 | |
Allocation of purchase price: | ||
Net assets acquired | (2,129,089) | |
Intangible assets and goodwill | 26,879,318 | |
Allocation of purchase price Total | $ 24,750,229 | |
[1] | The fair value of common shares is based on $0.98 the closing market price of the Company’s common stock on April 21, 2016. | |
[2] | The fair value of the vested stock options was determined using the Black Scholes option pricing model with the following key assumptions: a risk free rate of 1.59%, dividend and forfeiture rates of 0% and expected volatility of 114% which is consistent with the Company’s assumptions (Note 10). |
SUBSEQUENT EVENTS (Details) (pa
SUBSEQUENT EVENTS (Details) (parenthetical) - Interactive Motion Technologies Inc [Member] | 1 Months Ended |
Apr. 21, 2016shares | |
Business Acquisition [Line Items] | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 23,650,000 |
Subsequent Event [Member] | |
Business Acquisition [Line Items] | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 23,650,000 |
SUBSEQUENT EVENTS (Details 1)
SUBSEQUENT EVENTS (Details 1) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Mar. 31, 2016 | |
Business Acquisition [Line Items] | |||||
Sales | $ 18,283 | $ 374,530 | $ 184,311 | $ 812,944 | |
Interactive Motion Technologies Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Sales | $ 1,919,779 | ||||
Net loss for the period | $ (15,550,891) |
SUBSEQUENT EVENTS (Details Text
SUBSEQUENT EVENTS (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Apr. 30, 2016 | Apr. 21, 2016 | Mar. 01, 2016 | Feb. 29, 2016 | Mar. 31, 2016 | Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2016 | |
Subsequent Event [Line Items] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.80 | ||||||||
Stock Issued During Period, Value, Issued for Services | $ 70,800 | $ 59,500 | $ 169,700 | $ 98,900 | |||||
Stock Issued During Period, Shares, Upon Cashless Exercise Of Warrants | 45,508 | ||||||||
Number Of Warrants Exercised | 148,787 | (262,045) | |||||||
IMT Equity Incentive Plan [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 3,000,000 | ||||||||
Reserved Options Price 0.25 [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,000,000 | ||||||||
Reserved Options Price | $ 0.25 | ||||||||
Reserved Options Price 0.95 [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,000,000 | ||||||||
Reserved Options Price | $ 0.95 | ||||||||
Reserved Options Price 1.05 [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,000,000 | ||||||||
Reserved Options Price | $ 1.05 | ||||||||
Interactive Motion Technologies Inc [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Stock Issued During Period, Shares, Issued for Services | 70,000 | ||||||||
Stock Issued During Period, Value, Issued for Services | $ 70,000 | ||||||||
Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 23,650,000 | ||||||||
Subsequent Event [Member] | Interactive Motion Technologies Inc [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.80 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 3,895,000 | ||||||||
Stock Issued During Period, Shares, Upon Cashless Exercise Of Warrants | 51,249 | ||||||||
Number Of Warrants Exercised | 262,045 | ||||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% |