Document And Entity Information
Document And Entity Information | 3 Months Ended |
Jun. 30, 2018 | |
Document Information [Line Items] | |
Document Type | POS AM |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2018 |
Entity Registrant Name | Bionik Laboratories Corp. |
Entity Central Index Key | 1,508,381 |
Entity Filer Category | Smaller Reporting Company |
Condensed Consolidated Interim
Condensed Consolidated Interim Balance Sheets - USD ($) | Jun. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Current | |||
Cash and cash equivalents | $ 959,704 | $ 507,311 | $ 543,650 |
Trade accounts receivable (net of allowance for doubtful accounts of $19,694; March 31, 2017 – $38,600) | 370,180 | 212,730 | 383,903 |
Prepaid expenses and other receivables (Note 5) | 485,438 | 433,655 | 228,047 |
Inventories (Note 6) | 155,795 | 237,443 | 228,249 |
Due from related parties (Note 9(a) | 18,547 | 18,897 | 18,731 |
Total Current Assets | 1,989,664 | 1,410,036 | 1,402,580 |
Equipment (Note 7) | 150,210 | 159,961 | 227,421 |
Technology and other assets (Note 4) | 4,635,666 | 4,706,719 | 5,030,624 |
Goodwill | 22,308,275 | 22,308,275 | 22,308,275 |
Total Assets | 29,083,815 | 28,584,991 | 28,968,900 |
Current | |||
Accounts Payable (Notes 9(b) and 13) | 736,141 | 724,673 | 784,771 |
Accrued liabilities (Notes 8 and 9(b)) | 1,127,364 | 1,529,505 | 1,228,657 |
Customer advances | 800 | 800 | 121,562 |
Demand Loans (Note 8) | 0 | 51,479 | 330,600 |
Promissory Note Payable (Note 8) | 0 | 236,548 | |
Convertible Loans (Note 8) | 1,692,187 | 0 | 2,017,488 |
Conversion Feature on Convertible Loans (Note 8) | 1,455,655 | 0 | |
Deferred revenue | 129,784 | 122,667 | 98,624 |
Shares to be issued, stock options and warrants (Notes 10,11 and 12) | 0 | 5,692,853 | 0 |
Total Current Liabilities | 5,141,931 | 8,121,977 | 4,818,250 |
Shareholders' Equity | |||
Preferred Stock, par value $0.001; Authorized - 10,000,000; Special Voting Preferred Stock, par value $0.001; Authorized, issued and outstanding - 1 (March 31, 2018 - 1) | 0 | 0 | 0 |
Common Shares, par value $0.001; Authorized - 500,000,000 (March 31, 2018 - 250,000,000); Issued and outstanding 247,873,882 and 41,271,880 Exchangeable Shares (March 31, 2018 - 205,328,106 and 44,271,880 Exchangeable Shares) (Note 10) | 289,145 | 249,599 | 96,794 |
Additional paid in capital | 60,147,628 | 55,947,606 | 45,088,171 |
Deficit | (36,537,038) | (35,776,340) | (21,076,464) |
Accumulated other comprehensive income | 42,149 | 42,149 | 42,149 |
Total Shareholders' Equity | 23,941,884 | 20,463,014 | 24,150,650 |
Total Liabilities and Shareholders' Equity | $ 29,083,815 | $ 28,584,991 | $ 28,968,900 |
Condensed Consolidated Interim3
Condensed Consolidated Interim Balance Sheets [Parenthetical] - USD ($) | Jun. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Allowance for Doubtful Accounts Receivable, Current | $ 19,694 | $ 19,694 | $ 38,600 |
Preferred Stock, Par Value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Common Stock, Par Value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 500,000,000 | 250,000,000 | 150,000,000 |
Common Stock, Shares, Issued | 247,873,882 | 205,328,106 | 48,885,107 |
Common Stock, Shares, Outstanding | 247,873,882 | 205,328,106 | 48,885,107 |
Common Stock, Other Shares, Issued | 41,271,880 | 44,271,880 | 47,909,336 |
Common Stock, Other Shares, Outstanding | 41,271,880 | 44,271,880 | 47,909,336 |
Special Voting Preferred Stock [Member] | |||
Preferred Stock, Par Value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 1 | 1 | 1 |
Preferred Stock, Shares Issued | 1 | 1 | 1 |
Preferred Stock, Shares Outstanding | 1 | 1 | 1 |
Condensed Consolidated Interim4
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Sales | $ 501,333 | $ 87,520 | $ 987,431 | $ 571,945 |
Cost of Sales | 253,163 | 29,300 | 402,665 | 388,756 |
Gross Margin | 248,170 | 58,220 | 584,766 | 183,189 |
Operating expenses | ||||
Sales and marketing | 542,659 | 445,525 | 1,989,837 | 1,188,207 |
Research and development | 676,743 | 685,909 | 2,825,200 | 2,663,146 |
General and administrative | 979,479 | 627,606 | 3,585,484 | 3,346,230 |
Share-based compensation expense (Note 11) | 595,412 | 251,048 | 1,540,580 | 1,001,950 |
Amortization (Note 4) | 71,053 | 92,949 | 323,905 | 550,080 |
Depreciation (Note 7) | 17,595 | 24,552 | 89,026 | 79,868 |
Total operating expenses | 2,882,941 | 2,127,589 | 10,354,032 | 8,829,481 |
Other (income) expense | ||||
Foreign exchange | (41,134) | 98,561 | 102,999 | 71,573 |
Accretion expense (Note 8) | 134,251 | 0 | 1,937,308 | 0 |
Fair value adjustment (Note 8) | 44,087 | 0 | ||
Interest expense (Note 8) | 1,297,205 | 43,735 | ||
Share premium (Note 8) | 1,249,994 | 0 | ||
(Gain) loss on market to market revaluation | (2,048,697) | 0 | 376,674 | 0 |
Other expense | 37,420 | 72,588 | ||
Other income | (107,656) | (692,198) | ||
Total other (income) expenses | (1,874,073) | 171,149 | 4,856,524 | (576,890) |
Net loss and comprehensive loss for the period | $ (760,698) | $ (2,240,518) | $ (14,625,790) | $ (8,069,402) |
Loss per share - basic and diluted (Note 16) | $ (0.14) | $ (0.09) | ||
Weighted average number of shares outstanding - basic and diluted (Note 16) | 100,980,341 | 91,784,976 | ||
Loss per share – basic | $ 0 | $ (0.02) | $ (0.14) | $ (0.09) |
Loss per share – diluted | $ 0 | $ (0.02) | $ (0.14) | $ (0.09) |
Weighted average number of shares outstanding – basic | 257,509,141 | 96,959,284 | ||
Weighted average number of shares outstanding – diluted | 257,509,141 | 96,959,284 |
Condensed Consolidated Interim5
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity (Deficiency) - USD ($) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Deficit [Member] | Accumulated Other Comprehensive Income [Member] |
Opening Balance at Mar. 31, 2016 | $ 5,399,851 | $ 0 | $ 72,591 | $ 18,292,173 | $ (13,007,062) | $ 42,149 |
Opening Balance (in shares) at Mar. 31, 2016 | 1 | 72,591,292 | ||||
Shares issued to acquire IMT | 23,177,000 | $ 0 | $ 23,650 | 23,153,350 | 0 | 0 |
Shares issued to acquire IMT (in shares) | 23,650,000 | |||||
Stock compensation acquired | 2,582,890 | 0 | $ 0 | 2,582,890 | 0 | 0 |
Options exercised | 18,166 | 0 | $ 110 | 18,056 | 0 | 0 |
Options exercised (in shares) | 110,096 | |||||
Warrant exercised | 40,195 | 0 | $ 175 | 40,020 | 0 | 0 |
Warrant exercised (in shares) | 174,759 | |||||
Share compensation expense | 1,001,950 | 0 | $ 217 | 1,001,733 | 0 | 0 |
Share compensation expense (in shares) | 217,047 | |||||
Cashless exercise of warrants (Note 2) | 0 | 0 | $ 51 | (51) | 0 | 0 |
Cashless exercise of warrants (Note 2) (in shares) | 51,249 | |||||
Net loss for the year | (8,069,402) | 0 | $ 0 | 0 | (8,069,402) | 0 |
Closing Balance at Mar. 31, 2017 | 24,150,650 | $ 0 | $ 96,794 | 45,088,171 | (21,076,464) | 42,149 |
Closing Balance (in shares) at Mar. 31, 2017 | 1 | 96,794,443 | ||||
Warrant exercised | 1,125,038 | $ 0 | $ 5,000 | 1,120,038 | 0 | 0 |
Warrant exercised (in shares) | 5,000,172 | |||||
Share compensation expense | 251,048 | 0 | $ 0 | 251,048 | 0 | 0 |
Fair value of warrants on convertible loans | 204,790 | 0 | 204,790 | 0 | 0 | |
Net loss for the year | (2,240,518) | 0 | 0 | 0 | (2,240,518) | 0 |
Closing Balance at Jun. 30, 2017 | 23,491,008 | $ 0 | $ 101,794 | 46,664,047 | (23,316,982) | 42,149 |
Closing Balance (in shares) at Jun. 30, 2017 | 1 | 101,794,615 | ||||
Opening Balance at Mar. 31, 2017 | 24,150,650 | $ 0 | $ 96,794 | 45,088,171 | (21,076,464) | 42,149 |
Opening Balance (in shares) at Mar. 31, 2017 | 1 | 96,794,443 | ||||
Warrant exercised | 1,125,038 | $ 0 | $ 5,000 | 1,120,038 | 0 | 0 |
Warrant exercised (in shares) | 5,000,172 | |||||
Share compensation expense | 1,540,580 | 0 | $ 0 | 1,540,580 | 0 | 0 |
Fair value of warrants on convertible loans | 548,179 | 0 | 0 | 548,179 | 0 | 0 |
Warrant down-round feature | 0 | 0 | 0 | 74,086 | (74,086) | 0 |
Conversion of convertible notes | 9,180,785 | 0 | $ 147,805 | 9,032,980 | 0 | 0 |
Conversion of convertible notes (in shares) | 147,805,371 | |||||
Stock option and warrant reclassification (Notes 11 & 12) | (2,845,557) | 0 | $ 0 | (2,845,557) | 0 | 0 |
Beneficial conversion feature on convertible debt (Note 8) | (1,389,129) | 0 | 0 | 1,389,129 | 0 | |
Net loss for the year | (14,625,790) | 0 | 0 | 0 | (14,625,790) | |
Closing Balance at Mar. 31, 2018 | 20,463,014 | $ 0 | $ 249,599 | 55,947,606 | (35,776,340) | 42,149 |
Closing Balance (in shares) at Mar. 31, 2018 | 1 | 249,599,986 | ||||
Opening Balance at Jun. 30, 2017 | 23,491,008 | $ 0 | $ 101,794 | 46,664,047 | (23,316,982) | 42,149 |
Opening Balance (in shares) at Jun. 30, 2017 | 1 | 101,794,615 | ||||
Share compensation expense | 1,289,532 | 1,289,532 | ||||
Share compensation expense (in shares) | 0 | |||||
Fair value of warrants on convertible loans | 343,389 | 343,389 | ||||
Warrant down-round feature | 0 | $ 0 | $ 0 | 74,086 | (74,086) | 0 |
Conversion of convertible notes | 9,180,785 | 0 | $ 147,805 | 9,032,980 | 0 | 0 |
Conversion of convertible notes (in shares) | 147,805,371 | |||||
Stock option and warrant reclassification (Notes 11 & 12) | (2,845,557) | 0 | $ 0 | (2,845,557) | 0 | 0 |
Beneficial conversion feature on convertible debt (Note 8) | 1,389,129 | 0 | 0 | 1,389,129 | 0 | 0 |
Net loss for the year | (12,385,272) | 0 | 0 | 0 | (12,385,272) | 0 |
Closing Balance at Mar. 31, 2018 | 20,463,014 | $ 0 | $ 249,599 | 55,947,606 | (35,776,340) | 42,149 |
Closing Balance (in shares) at Mar. 31, 2018 | 1 | 249,599,986 | ||||
Share compensation expense | 595,412 | $ 0 | 595,412 | 0 | 0 | |
Conversion of convertible notes | 2,470,622 | 0 | $ 39,546 | 2,431,076 | 0 | 0 |
Conversion of convertible notes (in shares) | 39,545,776 | |||||
Stock option and warrant reclassification (Notes 11 & 12) | 1,173,534 | 0 | $ 0 | 1,173,534 | 0 | 0 |
Net loss for the year | (760,698) | 0 | 0 | 0 | (760,698) | 0 |
Closing Balance at Jun. 30, 2018 | $ 23,941,884 | $ 0 | $ 289,145 | $ 60,147,628 | $ (36,537,038) | $ 42,149 |
Closing Balance (in shares) at Jun. 30, 2018 | 1 | 289,145,762 |
Condensed Consolidated Interim6
Condensed Consolidated Interim Statements of Cash Flows - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Apr. 21, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Operating activities | |||||
Net loss for the period | $ (760,698) | $ (2,240,518) | $ (14,625,790) | $ (8,069,402) | |
Adjustment for items not affecting cash | |||||
Depreciation | 17,595 | 24,552 | 89,026 | 79,868 | |
Amortization | 71,053 | 92,949 | 323,905 | 550,080 | |
Interest expense | 36,702 | 72,766 | 1,294,005 | 41,934 | |
Share based compensation expense | 595,412 | 251,048 | 1,540,580 | 844,162 | |
Accretion expense | 134,251 | 0 | 1,937,308 | 0 | |
Fair value adjustment | 44,087 | 0 | |||
Shares issued for services | 0 | 157,788 | |||
Share premium | 1,249,994 | 0 | |||
(Gain) loss on market to market revaluation | (2,048,697) | 0 | 376,674 | 0 | |
Allowance for doubtful accounts | (19,694) | 0 | (19,694) | 0 | |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | (1,929,989) | (1,799,203) | (7,833,992) | (6,395,570) | |
Changes in non-cash working capital items | |||||
Accounts receivable | (137,756) | 248,977 | 190,867 | (377,413) | |
Prepaid expenses and other receivables | (51,783) | 55,996 | (205,608) | 20,525 | |
Due from related parties | 350 | (635) | (166) | 22,714 | |
Inventories | 81,648 | (27,297) | (9,194) | (39,370) | |
Accounts payable | 11,468 | 104,648 | (60,098) | (375,572) | |
Accrued liabilities | (402,141) | (5,428) | 304,048 | 18,674 | |
Customer advances | 0 | 108,300 | (120,762) | 35,075 | |
Deferred revenue | 7,117 | 7,985 | 24,043 | 98,624 | |
Net cash (used in) operating activities | (2,421,086) | (1,306,657) | (7,710,862) | (6,992,313) | |
Investing activities | |||||
Acquisition of equipment | (7,844) | (15,600) | (21,567) | (170,790) | |
Net cash (used in) investing activities | (7,844) | (15,600) | (21,567) | (170,790) | |
Financing activities | |||||
Cash acquired on acquisition | 0 | 266,635 | |||
Proceeds from convertible loans | 2,934,298 | 500,000 | 7,111,375 | 2,000,000 | |
Proceeds on exercise of warrants | 0 | 1,125,038 | 1,125,038 | 40,195 | |
Proceeds from the exercise of options | 0 | 18,166 | |||
Repayment of Promissory notes principal | (200,000) | 0 | |||
Repayment of Demand notes principal | (50,000) | 0 | (208,359) | 0 | |
Repayment of Promissory notes interest | (49,505) | 0 | |||
Repayment of Demand notes interest | (2,975) | 0 | (79,259) | 0 | |
Proceeds from short term loan | 400,000 | 0 | |||
Repayment of short term loan | (400,000) | 0 | |||
Repayment of short term loan interest | (3,200) | 0 | |||
Net cash provided by financing activities | 2,881,323 | 1,625,038 | 7,696,090 | 2,324,996 | |
Net increase in cash and cash equivalents for the period | 452,393 | 302,781 | (36,339) | (4,838,107) | |
Cash and cash equivalents, beginning of period | $ 5,381,757 | 507,311 | 543,650 | 543,650 | 5,381,757 |
Cash and cash equivalents, end of period | $ 959,704 | $ 846,431 | $ 507,311 | $ 543,650 | |
Assets acquired and liabilities assumed at April 21, 2016: | |||||
Current assets, including cash of $266,635 | 478,843 | ||||
Equipment | 59,749 | ||||
Intangible assets | 5,580,704 | ||||
Goodwill | 22,308,275 | ||||
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] | 1 Months Ended |
Apr. 21, 2016USD ($) | |
Cash Acquired from Acquisition | $ 266,635 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Substantial Doubt about Going Concern [Text Block] | 1. NATURE OF OPERATIONS The Company and its Operations Bionik Laboratories Corp. (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. 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 to 150,000,000. Concurrently, the Company implemented a 1-for-0.831105 reverse stock split of the common stock, which had previously been approved on September 24, 2014. 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 10). References to the Company refer to the Company and its wholly owned subsidiaries, Bionik Acquisition Inc. and Bionik Canada. 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 the Company’s wholly owned subsidiary (Bionik Mergeco). 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 shares of the Company’s common stock. On June 12, 2018, the Company approved the authorization of a common share capital increase to 500,000,000 from 250,000,000. 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. 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, which assumes the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The Company’s principal offices are located at 483 Bay Street, N105, Toronto, Ontario, Canada M5G 2C9 and its U.S. address is 80 Coolidge Hill Road, Watertown, MA. USA 02472. Going Concern As at June 30, 2018, the Company had a working capital deficit of $3,152,267 (March 31, 2018 $6,711,941) and an accumulated deficit of $36,537,038 (March 31, 2018 $35,766,340) and the Company incurred a net loss and comprehensive loss of $760,698 for the three month period ended June 30, 2018 (June 30, 2017 – $2,240,518). 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, however the Company believes it has the support of its major shareholders who have provided convertible loans to meet the Company’s cash flow needs and to continue as a going concern. The Company hopes to raise sufficient cash in the next six months to meet the Company’s anticipated cash requirements for the 12 months thereafter. Sales of additional equity or equity-linked 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 combination thereof, to meet the Company’s anticipated cash requirements for the next 12 months; however if these conditions are not achieved, this will raise significant doubt about the Company’s ability to continue as a going concern. The accompanying consolidated interim financial statements do not include any adjustments to reflect the possible effects of recoverability and reclassification of assets or amounts and classifications of liabilities that may result from the outcome of this uncertainty. All adjustments, consisting only of normal recurring items, considered necessary for fair presentation have been included in these condensed consolidated interim financial statements. | 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 to 150,000,000. Concurrently, the Company implemented a 1-for-0.831105 reverse stock split of the common stock, which had previously been approved on September 24, 2014. 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 10). 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 shares of the Company’s common stock (Note 4). 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 consolidated 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 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. The Company’s principal offices are located at 483 Bay Street, N105, Toronto, Ontario, Canada M5G 2C9 and its U.S. address is 80 Coolidge Hill Road, Watertown, MA 02472. Going Concern As at March 31, 2018, the Company had a working capital deficit of $6,711,941 (working capital deficit as at March 31, 2017, of $3,415,670) and an accumulated deficit of $35,776,340 (March 31, 2017 - $21,076,464) and the Company incurred a net loss and comprehensive loss of $14,625,790 for the year ended March 31, 2017 (March 31, 2017 – net loss of $8,069,402). 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 consolidated 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 consolidated 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 consolidated financial statements. |
CHANGE IN ACCOUNTING POLICY
CHANGE IN ACCOUNTING POLICY | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Disclosure Text Block [Abstract] | ||
Accounting Changes and Error Corrections [Text Block] | 2. CHANGE IN ACCOUNTING POLICY The FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260) Distinguishing Liabilities From Equity (Topic 480) Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments With Down Round Features II Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests With a Scope Exception , allows a financial instrument with a down-round feature to no longer automatically be classified as a liability solely based on the existence of the down-round provision. The update also means the instrument would not have to be accounted for as a derivative and be subject to an updated fair value measurement each reporting period. On consideration of the above factors, the Company elected to early adopt ASU 2017-11 on July 1, 2017. The ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other organizations, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. The early adoption allows the Company to reduce the cost and complexity of updating the fair value measurement each reporting period and eliminate the unnecessary volatility in reported earnings created by the revaluation when the Company’s shares’ value changes. The Company presented the change in accounting policy through the retrospective application of the new accounting principle to all prior periods, as described in ASU No. 250-10-45-5, Accounting Changes and Error Corrections. The following financial statement line items for the periods indicated were affected by the change in accounting principle. Income statement Period ended June 30, 2017 As originally reported As adjusted Effect of change Sales $ 87,520 $ 87,520 $ - Cost of Sales 29,300 29,300 - Total operating expenses 2,127,589 2,127,589 - Total other expenses 175,953 171,149 (4,804 ) Net loss and comprehensive loss for the period (2,245,322 ) (2,240,518 ) 4,804 Statement of cash flows As at June 30 2017 As originally reported As adjusted Effect of change Net loss for period $ (2,245,322 ) $ (2,240,518 ) $ 4,804 Adjustment for items not affecting cash and changes in non-cash working capital items 938,665 933,861 (4,804 ) Net cash used in operating activities (1,306,657 ) (1,306,657 ) - Net cash used in investing activities (15,600 ) (15,600 ) - Net cash provided by financing activities 1,625,038 1,625,038 - Net increase in cash and cash equivalents for the period 302,781 302,781 - Cash and cash equivalents, beginning of period 543,650 543,650 - Cash and cash equivalents, end of period 846,431 846,431 - | 2. CHANGE IN ACCOUNTING POLICY The FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260) Distinguishing Liabilities From Equity (Topic 480) Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments With Down Round Features II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests With a Scope Exception On consideration of the above factors, the Company elected to early adopt ASU 2017-11 on July 1, 2017, the ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other organizations, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. The early adoption allows the Company to reduce the cost and complexity of updating the fair value measurement each reporting period and eliminate the unnecessary volatility in reported earnings created by the revaluation when the Company’s shares’ value changes. The Company presented the change in accounting policy through the retrospective application of the new accounting principle to all prior periods, as described in ASU No. 250-10-45-5, Accounting Changes and Error Corrections. The following financial statement line items for the year ended March 31, 2017 were affected by the change in accounting principle. Income Statement As originally As of Effect Sales $ 571,945 $ 571,945 $ - Cost of Sales 388,756 388,756 - Total operating expenses 8,829,481 8,829,481 - Total other expenses (4,709,718 ) (576,890 ) (4,132,828 ) Net income (loss) and comprehensive loss for the Period (3,936,574 ) (8,069,402 ) (4,132,828 ) Basic loss per share (0.04 ) (0.09 ) (0.05 ) Diluted loss per share (0.04 ) (0.09 ) (0.05 ) Balance sheet As a result of the accounting policy change, the Company’s deficit as of April 1, 2017 increased from ($15,588,554), as originally reported under ASU No. 2016-01, to ($21,076,464) using ASU No. 2017-11. Balance Sheet As originally As at Effect Current assets $ 1,402,580 $ 1,402,580 $ - Capital assets 227,421 227,421 - Intangible assets 27,338,899 27,338,899 - Total assets $ 28,968,900 $ 28,968,900 $ - Warrant derivative liability 959,600 - (959,600 ) Other current liabilities 4,818,205 4,818,250 45 Total liabilities $ 5,777,805 $ 4,818,250 $ (959,555 ) Common stock 96,794 96,794 - Additional paid in capital 38,640,706 45,088,171 6,447,465 Deficit (15,588,554 ) (21,076,464 ) (5,487,910 ) Accumulated other comprehensive income 42,149 42,149 - Total shareholders’ equity $ 23,191,095 $ 24,150,650 $ 959,555 Total liabilities and shareholders’ equity $ 28,968,900 $ 28,968,900 $ - Statement of cash flows As originally As at Effect Net income (loss) for year $ (3,936,574 ) $ (8,069,402 ) $ (4,132,828 ) Adjustment for items not affecting cash and changes in non-cash working capital items (3,055,739 ) 1,077,089 4,132,828 Net cash (used in) operating activities (6,992,313 ) (6,992,313 ) - Net cash (used in) investing activities (170,790 ) (170,790 ) - Net cash provided by financing activities 2,324,996 2,324,996 - Net (decrease) in cash and cash equivalents for the year (4,838,107 ) (4,838,107 ) - Cash and cash equivalents, beginning of year 5,381,757 5,381,757 - Cash and cash equivalents, end of year $ 543,650 $ 543,650 $ - |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Accounting Policies [Abstract] | ||
Significant Accounting Policies [Text Block] | 3. SIGNIFICANT ACCOUNTING POLICIES 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 of the Company and should be read in conjunction with those annual audited financial statements filed on Form 10-K for the year ended March 31, 2018. 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. This is the first set of the Company’s unaudited condensed consolidated interim financial statements where ASU-2014-09 “Revenue from Contracts with Customers (Topic 606)” has been applied. The changes in accounting policies from those used in the Company’s unaudited condensed consolidated interim financial statements from the quarter ended June 30, 2018 are described below. Newly Adopted and Recently Issued Accounting Pronouncements Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying condensed consolidated interim financial statements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The updated standard will replace most existing revenue recognition guidance in U.S. GAAP. The new standard introduces a five-step process to be followed in determining the amount and timing of revenue recognition. It also provides guidance on accounting for costs incurred to obtain or fulfill contracts with customers, and establishes disclosure requirements which are more extensive than those required under existing U.S. GAAP. The FASB has issued numerous amendments to ASU 2014-09 from August 2015 through January 2018, which provide supplemental and clarifying guidance, as well as amend the effective date of the new standard. ASU 2014-09, as amended, is effective for the Company in the interim period ended June 30, 2018. The standard permits the use of either the retrospective or modified retrospective (cumulative effect) transition method. The Company adopted the modified retrospective transition method The Company has adopted ASU-2014-01 for the fiscal year ending March 31, 2019 and it did not have material effect on the consolidated financial position and the consolidated results of operations. As a result of the adoption of ASU-2014-09, the Company’s accounting policies have been updated. See “Revenue Recognition” below for these changes in accounting policies, as well as new disclosure requirements. The changes in accounting policies will also be reflected in the Company’s unaudited condensed consolidated interim financials statements as at the quarter ended June 30, 2018.” In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes,” which require 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 has adopted ASU-2015-17 for the fiscal year ending March 31, 2019 and it did not have material effect on the consolidated financial position and the consolidated results of operations. In January 2016, the FASB issued ASU No. 2016-01 Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The updates make several modifications to Subtopic 825-10, including the elimination of the available-for-sale classification of equity investments, and it requires equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in operations. The update is effective for fiscal years beginning after December 2017. The Company has adopted ASU-2016-01 for the fiscal year ending March 31, 2019 and it did not have material effect 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 ASU 2016-02 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 December 15, 2017. The Company has adopted ASU-2016-15 for the fiscal year ending March 31, 2019 and it did not have material effect on the consolidated financial position and the consolidated results of operations. In January 2017, the FAS issued ASU 2017-01, “Business Combinations: Clarifying the definition of a Business” which amends the current definition of a business. Under ASU 2017-01, to be considered a business, an acquisition would have to include an input and a substantive process that together significantly contributes to the ability to create outputs. ASU2017-01 further states that when substantially all of the fair value of gross assets acquitted is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. The new guidance also narrows the definition of the term “outputs” to be consistent with how it is described in Topic 606, Revenue from Contracts with Customers. The changes to the definition of a business will likely result in more acquisitions being accounted for as asset acquisitions. ASU 2017-01 is effective for acquisitions commencing on or after June 30, 2019, with early adoption permitted. Adoption of this guidance will be applied prospectively on or after the effective date. In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other” ASU 2017-04 simplifies the accounting for goodwill impairment by eliminating Step 2 of the current goodwill impairment test, which required a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which the reporting unit’s carrying value exceeds its fair value, limited to the carrying value of the goodwill. ASU 2017-04 is effective for financial statements issued for fiscal years, and interim periods beginning after December 15, 2019. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting (ASU 2107-9). The FASB issued the update to provide clarity and reduce the cost and complexity when applying guidance in Topic 718. The amendments in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modifications accounting in Topic 718. ASU 2017-09 is effective for the Company in the interim period ended June 30, 2018. The Company has adopted ASU-2017-09 during the quarter ended June 30, 2018 and it did not have material effect on the consolidated financial position and the consolidated results of operations. Inventory Inventory is stated at the lower of cost or net realizable value. Cost is recorded at standard cost, on the first-in, first-out basis. Work-in-progress and finished goods consist of materials, labor and allocated overhead. Revenue Recognition The Company has adopted ASU-2014-09 with an initial application date of April 1, 2018. The updated accounting policies, the impact on the June 30, 2018 unaudited condensed consolidated interim financial statements and additional disclosures are detailed as follows: The Company determines revenue recognition through the following steps: a) identification of the contract with a customer; b) identification of the performance obligation in the contract; c) determination of the transaction price; d) allocation of the transaction price for the performance obligations in the contract; and e) recognition of revenue when the Company satisfies a performance obligation. Revenue is recognized when control of a product is transferred to a customer. Revenue is measured based on the consideration specified in a contract with a customer, net of returns and discounts. Accruals for sales returns are calculated based on the best estimate of the amount of product that will ultimately be returned by customers, reflecting historical experience and the magnitude of non-conforming inventory claims made by the customers that have either been approved or are pending review. Contract liabilities are recorded when cash payments are received or due in advance of the Company’s performance. In the comparative period, revenue was measured at the fair value of the consideration received or receivable, net of returns and discounts and was recognized when the risks and rewards of ownership has transferred to the customer. No revenue was recognized if there was significant uncertainties regarding recovery of the consideration due, the costs incurred or to be incurred could not be measured reliably, or there was continuing management involvement with the goods. Impact on the 2018 unaudited condensed consolidated interim financial statements ASU-2014-09 had no impact on the Company’s unaudited condensed consolidated interim statement of loss and comprehensive loss for the three month period ended June 30, 2018. 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 amounted to $75,065 and $64,957 at June 30, 2018 and March 31, 2018, respectively. The Company also sells extended warranties for additional periods beyond the standard warranty. Extended warranty revenue is deferred and recognized as revenue over the extended warranty period. The Company recognized $10,108 of expense related to the change in warranty reserves and warranty costs incurred and recorded as an expense in cost of goods sold during the three month period ended June 30, 2018 (June 30, 2017 $Nil). Foreign Currency Translation 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. Use of Estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. The estimates are based on management’s best knowledge of current events and actions of the Company it may undertake in the future. Significant areas requiring the use of estimates relate to the valuation of inventory, revenue recognition, the useful life of equipment and intangible assets, impairment of goodwill and intangible assets. Actual results could differ from these estimates. 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, accounts payable, accrued liabilities, due from related parties, demand loans, and convertible loans approximate fair value because of the short period of time between the origination of such instruments, 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. The Company has recognized shares to be issued, stock options and warrants, for which it did not as of March 31, 2018 have sufficient authorized share capital to issue, as a liability that is measured at fair value based on Level 1 inputs, for the component related to shares to be issued, and Level 3 inputs for the measurement of the stock options and warrants using a valuation model, as disclosed in Notes 11 & 12. This was reversed in the quarter ended June 30, 2018, when the Company’s authorized capital was increased from 250,000,000 to 500,000,000 and gain on mark to market valuation of $2,048,697 was recognized. 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 quarter ended June 30, 2018. | 3. SIGNIFICANT ACCOUNTING POLICIES Newly Adopted and Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The updated standard will replace most existing revenue recognition guidance in U.S. GAAP. The new standard introduces a five-step process to be followed in determining the amount and timing of revenue recognition. It also provides guidance on accounting for costs incurred to obtain or fulfill contracts with customers, and establishes disclosure requirements which are more extensive than those required under existing U.S. GAAP. The FASB has issued numerous amendments to ASU 2014-09 from August 2015 through January 2018, which provide supplemental and clarifying guidance, as well as amend the effective date of the new standard. ASU 2014-09, as amended, is effective for the Company in the interim period ended June 30, 2018. The standard permits the use of either the retrospective or modified retrospective (cumulative effect) transition method. The Company adopted the new standard using the modified retrospective transition method. Although the Company’s analysis of the impact of the new revenue recognition guidance is not fully complete, management do not currently believe that such guidance will materially impact the aggregate amount and timing of revenue recognition subsequent to adoption, nor a significant cumulative adjustment to the consolidated balance sheet as of April 1, 2018; however, the Company will provide enhanced revenue recognition disclosures as required by the new standard. In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes,” which require 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 January 2016, the FASB issued ASU No. 2016-01 Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The updates make several modifications to Subtopic 825-10, including the elimination of the available-for-sale classification of equity investments, and it requires equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in operations. The update is effective for fiscal years beginning after December 2017. The Company is still assessing the impact that the adoption of ASU 2016-01 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 ASU 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 has adopted ASU-2016-09 during the year and it did not have material effect 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 December 15, 2017. The Company is still assessing the impact that the adoption of ASU 2016-15 will have on the consolidated statement of cash flows. In January 2017, the FAS issued ASU 2017-01, “Business Combinations: Clarifying the definition of a Business” which amends the current definition of a business. Under ASU 2017-01, to be considered a business, an acquisition would have to include an input and a substantive process that together significantly contributes to the ability to create outputs. ASU2017-01 further states that when substantially all of the fair value of gross assets acquitted is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. The new guidance also narrows the definition of the term “outputs” to be consistent with how it is described in Topic 606, Revenue from Contracts with Customers. The changes to the definition of a business will likely result in more acquisitions being accounted for as asset acquisitions. ASU 2017-01 is effective for acquisitions commencing on or after June 30, 2019, with early adoption permitted. Adoption of this guidance will be applied prospectively on or after the effective date. In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other” ASU 2017-04 simplifies the accounting for goodwill impairment by eliminating Step 2 of the current goodwill impairment test, which required a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which the reporting unit’s carrying value exceeds its fair value, limited to the carrying value of the goodwill. ASU 2017-04 is effective for financial statements issued for fiscal years, and interim periods beginning after December 15, 2019. In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting (ASU 2017-09). The FASB issued the update to provide clarity and reduce the cost and complexity when applying the guidance in Topic 718. The amendments in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. ASU 2017-09 is effective for the Company in the interim period ended June 30, 2018. The Company does not expect the impact of adopting ASU 2017-09 to be material on its consolidated financial statements and related disclosures. Inventory Inventory is stated at the lower of cost or net realizable value. Cost is recorded at standard cost, which approximates actual cost, on the first-in first-out basis. Work in progress and finished goods consist of materials, labor and allocated overhead. Revenue Recognition 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. 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 consolidated balance sheets and amounted to $64,957 at March 31, 2018 (March 31, 2017 - $64,957). The Company also sells extended warranties for additional periods beyond the standard warranty. Extended warranty revenue is deferred and recognized as revenue over the extended warranty period. The Company recognized $Nil of expenses related to warranty expenses incurred and recorded this expense in cost of goods sold for the year ended March 31, 2018 (March 31, 2017 - $nil). 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. Equipment Equipment is 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. Equipment is depreciated as follows: Computer & Electronics 50% per annum Furniture and Fixtures 20% per annum Demonstration Equipment 50% per annum Manufacturing Equipment 20% per annum Tools and Parts 20% per annum Use of Estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. The estimates based on management’s best knowledge of current events and actions of the Company may undertake in the future. Significant areas requiring the use of estimates relate to the valuation of inventory, revenue recognition, the useful life of equipment and intangible assets, impairment of goodwill and intangible assets, inputs to the fair value of shares to be issued, stock options and warrants. Actual results could differ from these estimates. 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, accrued liabilities, due from related parties, demand loans, convertible loans and promissory note payable approximate fair value because of the short period of time between the origination of such instruments, 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. The Company has recognized shares to be issued, stock options and warrants, for which it did not as of March 31, 2018 have sufficient authorized share capital to issue, as a liability that is measured at fair value based on Level 1 inputs, for the component related to shares to be issued, and Level 3 inputs for the measurement of the stock options and warrants using a valuation model, as disclosed in Notes 11 & 12. 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. 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 segment 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. Approximately 99% of the Company’s assets are US-based and all sales for the years ended March 31, 2018 and 2017 were made by the Company’s US subsidiary, Bionik, Inc. In addition, all of the Company’s technology and other assets and goodwill are connected to the acquisition by the Company in April 2016 of Bionik, Inc. Equipment connected to Bionik Inc. amounts to $120,910 and $39,051 is connected to equipment at the Company’s Canadian subsidiary Bionik Laboratories Inc. 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 The Company is engaged in research and development work. Research and development costs are charged as operating expense of the Company as incurred. 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 the Company’s income tax provision and results of operations. 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 of Long-Lived Assets 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. Goodwill and Indefinite Lived Intangible Assets The Company records goodwill when the purchase price of an acquisition exceeds the fair value of the net tangible and identified intangible assets acquired. Goodwill and indefinite lived intangible assets, consisting of the trademarks acquired (Note 4), are assessed for impairment annually, or more frequently if indicators of potential impairment exist, which includes evaluating qualitative and quantitative factors to assess the likelihood of an impairment of goodwill or indefinite lived intangible assets. The Company performs impairment tests using a fair value approach when necessary. None of the Company’s goodwill or indefinite lived intangibles was impaired as of March 31, 2018. Accordingly, no impairment loss has been recognized in the year ended March 31, 2018. |
ACQUISITION, TECHNOLOGY AND OTH
ACQUISITION, TECHNOLOGY AND OTHER ASSETS | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Business Combinations [Abstract] | ||
Business Combination Disclosure [Text Block] | 4. TECHNOLOGY AND OTHER ASSETS The schedule below reflects the intangible assets acquired in the IMT acquisition on April 21, 2016 and the asset amortization period and expense for the three month period ended June 30, 2018 and the year ended March 31, 2018: Intangible Amortization Expense March Value at March Expense June Value at June assets acquired period (years) Value acquired 31, 2018 31, 2018 30, 2018 30, 2018 $ $ $ $ $ Patents and exclusive License 9.74 1,306,031 134,126 1,045,530 33,522 1,012,008 Trademark Indefinite 2,505,907 - 2,505,907 - 2,505,907 Customer relationships 10 1,431,680 143,206 1,153,543 35,792 1,117,751 Non-compete agreement 2 61,366 30,709 1,739 1,739 - Assembled Workforce 1 275,720 15,864 - - - 5,580,704 323,905 4,706,719 71,053 4,635,666 Amortization for the quarter ended June 30, 2017 was $92,949. | 4. ACQUISITION On April 21, 2016, the Company acquired 100% of the common and preferred shares of IMT, through a transaction where Bionik Mergerco merged with and into IMT, with IMT surviving the merger as a wholly owned subsidiary of Bionik. Bionik issued an aggregate of 23,650,000 shares of Company Common Stock in exchange for all shares of IMT Common Stock and IMT Preferred Stock outstanding immediately prior to April 21, 2016. All shares have been issued at March 31, 2017. Bionik also assumed each of the 3,895,000 options to acquire IMT Common Stock granted under IMT’s equity incentive plan or otherwise issued by IMT. These options were exchanged for purchase of an aggregate of 3,000,000 shares of Company Common Stock, of which 1,000,000 have an exercise price of $0.25. 1,000,000 have an exercise price of $0.95 and 1,000,000 have an exercise price of $1.05. Stock compensation expense on vested options of $2,582,890 was recorded on the options exchanged and this amount is included in the acquisition equation. As a result of the acquisition of IMT, the Company acquired assets including three licensed patents, two license agreements, three FDA listed products, a FDA inspected manufacturing facility, extensive clinical and sales data, and international distributors. The Company retained an independent valuator to determine the purchase price allocation, which reflects the allocation of assets and goodwill. The following sets forth the purchase price allocation based on management’s best estimates of fair value, including a summary of major classes of consideration transferred and the recognized amounts of assets acquired and liabilities assumed at the acquisition date. As at April 21, 2016 $ Fair value of 23,650,000 shares of common stock (a) 23,177,000 Fair value of vested stock options (b) 2,582,890 Allocation of purchase price: 25,759,890 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 (d) (1,436,164 ) Net assets acquired (2,129,089 ) Patents and exclusive License Agreement 1,306,031 Trademark 2,505,907 Customer relationships 1,431,680 Non compete agreement 61,366 Assembled Workforce 275,720 Goodwill 22,308,275 25,759,890 (a) The fair value of common stock was based on $0.98, which was the closing market price of the Company’s common stock on April 21, 2016. (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%, dividend and forfeiture rates of 0% and expected volatility of 114% which is consistent with the Company’s assumptions (Note 11). (c) Pro forma information has not been presented for IMT as these operations have been consolidated for all days in the year ended March 31, 2017 except 20 days from April 20, 2016. These 20 days are not considered material. (d) Included in the net assets acquired was a loan issued to IMT in the amount of $300,000 under normal commercial terms. The loan carried an interest rate of 6% and were secured by all the assets of IMT subject to a $200,000 subordination to a third party financial services company, which was released in April 2016. (e) The schedule below reflects the intangible assets acquired in the IMT acquisition and the assets amortization period and expense for the year ended March 31, 2018: Amortization Value Expense Value at Expense Value at Intangible assets acquired period (years) acquired March 31, 2017 March 31, 2017 March 31, 2018 March 31, 2018 $ $ $ $ $ Patents and exclusive Licence Agreement 9.74 years 1,306,031 126,375 1,179,656 134,126 1,045,530 Trademark Indefinite 2,505,907 - 2,505,907 - 2,505,907 Customer relationships 10 1,431,680 134,931 1,296,749 143,206 1,153,543 Non compete agreement 2 61,366 28,918 32,448 30,709 1,739 Assembled workforce 1 275,720 259,856 15,864 15,864 - 5,580,704 550,080 5,030,624 323,905 4,706,719 |
PREPAID EXPENSES AND OTHER RECE
PREPAID EXPENSES AND OTHER RECEIVABLES | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid Expense And Other Receivables [Text Block] | 5. PREPAID EXPENSES AND OTHER RECEIVABLES June 30, 2018 March 31, 2018 $ $ Prepaid expenses and sundry receivables 73,987 86,957 Prepaid inventory 261,626 301,104 Prepaid insurance 136,113 36,497 Sales taxes receivable (i) 13,712 9,097 485,438 433,655 (i) Sales tax receivable represents net harmonized sales taxes (HST) input tax credits receivable from the Government of Canada. | 5. PREPAID EXPENSES AND OTHER RECEIVABLES March 31, March 31, $ $ Prepaid expenses and other receivables 86,957 68,484 Prepaid inventory 301,104 - Prepaid insurance 36,497 136,896 Sales taxes receivable (i) 9,097 22,667 433,655 228,047 i) Sales tax receivable represents net harmonized sales taxes (HST) input tax credits receivable from the Government of Canada. |
INVENTORIES
INVENTORIES | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | ||
Inventory Disclosure [Text Block] | 6. INVENTORIES June 30, 2018 March 31, 2018 $ $ Raw materials 124,795 237,443 Work in Progress 31,000 - 155,795 237,443 During the three month period ended June 30, 2018, the Company expensed $237,000 in inventory as cost of goods sold (June 30, 2017 – $29,300). | 6. INVENTORY March 31, March 31, 2018 2017 $ $ Raw Materials 237,443 119,985 Work in Progress - 108,264 237,443 228,249 For the year ended March 31, 2018, $38,860 (March 31, 2017 - $43,009) of inventory has been written off to Cost of Sales as it is not expected to be used as a result of an introduction of new versions of existing InMotion products. In addition, for the year ended March 31, 2017, $124,416 was written off as a result of physical inventory counts. |
EQUIPMENT
EQUIPMENT | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Property, Plant and Equipment Disclosure [Text Block] | 7. EQUIPMENT Equipment consisted of the following as at June 30, 2018 and March 31, 2018: June 30, 2018 March 31, 2018 Accumulated Accumulated Cost Depreciation Net Cost Depreciation Net $ $ $ $ $ $ Computers and electronics 264,349 227,977 36,372 256,505 223,750 32,755 Furniture and fixtures 36,795 28,481 8,314 36,795 28,051 8,744 Demonstration equipment 200,186 116,798 83,388 200,186 105,441 94,745 Manufacturing equipment 88,742 85,819 2,923 88,742 85,668 3,074 Tools and parts 11,422 6,020 5,402 11,422 5,741 5,681 Assets under capital lease 23,019 9,208 13,811 23,019 8,057 14,962 624,513 474,303 150,210 616,669 456,708 159,961 Equipment is recorded at cost less accumulated depreciation. Depreciation expense during the period ended June 30, 2018 was $17,595 (June 30, 2017 $24,552). | 7. EQUIPMENT Equipment consisted of the following as at March 31, 2018 and March 31, 2017: March 31, 2018 March 31, 2017 Accumulated Accumulated Cost Depreciation Net Cost Depreciation Net $ $ $ $ $ $ Computers and electronics 256,505 223,750 32,755 250,538 204,258 46,280 Furniture and fixtures 36,795 28,051 8,744 36,795 26,096 10,699 Demonstration equipment 200,186 105,441 94,745 184,586 44,420 140,166 Manufacturing equipment 88,742 85,668 3,074 88,742 84,982 3,760 Tools and parts 11,422 5,741 5,681 11,422 4,472 6,950 Assets under capital lease 23,019 8,057 14,962 23,019 3,453 19,566 Balance 616,669 456,708 159,961 595,102 367,681 227,421 Equipment is recorded at cost less accumulated depreciation. Depreciation expense during the year ended March 31, 2018 was $89,026 (March 31, 2017 - $79,868). |
NOTES PAYABLE
NOTES PAYABLE | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Debt Disclosure [Abstract] | ||
Debt Disclosure [Text Block] | 8. NOTES PAYABLE Demand Notes payable The Company had outstanding notes payable (“Notes”) of $Nil at June 30, 2018 ($51,479 March 31, 2018) which was acquired when the Company bought IMT on April 21, 2016. The Notes and interest were repaid during the quarter. Balance, March 31, 2018 $ 51,479 Accrued interest 1,496 Repayment 52,975 Balance, June 30, 2018 $ - Interest expense incurred on the Notes totaled $1,496 for the three month period ended June 30, 2018 (June 30, 2017 $2,341), which was included in accrued liabilities until it was paid off. Convertible Loans Payable During the quarter, the Company received loans totaling $2,965,971, which carry an interest rate of 1% per month of which $2,291,930 came from related parties. The loans and interest are convertible as of July 20, 2018 at a 10% discount to the 30 day weighted VWAP of the Company’s stock price. In the event the Company consummates a firm commitment or underwritten offering of its common stock by March 27, 2019, and the price per share thereof (the “ Offering Price The schedules below reflect the fair value and anti-dlution features of the convertible loans, which resulted in accretion expense of $134,251 and a fair value adjustment of $44,087 being expensed for the three months ended June 30, 2018 (June 30, 2017 - $Nil and $Nil). At issuance Conversion feature fair value At June 30, 2018 Principal Beneficial conversion Anti-dilution Fair value of debt Accretion expense Interest Ending balance Convertible promissory note $ 2,965,971 $ 368,936 $ 1,042,632 $ 1,554,403 $ 134,251 $ 3,533 $ 1,692,187 Conversion feature fair value Beneficial conversion Anti-dilution Total At Issuance $ 368,936 $ 1,042,632 $ 1,411,568 Fair value adjustment 60,304 (16,217 ) 44,087 Ending balance at June 30, 2018 $ 429,240 $ 1,026,415 $ 1,455,655 | 8. NOTES PAYABLE (a) Demand Notes payable Notes Payable The Company repaid on December 31, 2017, all outstanding demand notes payable (“Notes”) except Notes in the aggregate principal amount of $50,000, which was deferred to June 30, 2018 acquired from IMT on April 21, 2016. Balance, March 31, 2016 $ - Acquisition of IMT (Note 4) 324,894 Accrued interest 5,706 Balance, March 31, 2017 330,600 Accrued interest 8,497 Repayment of principal (208,359 ) Repayment of interest (79,259 ) Balance, March 31, 2018 $ 51,479 Interest expense incurred on the Notes totaled $8,497 for the year ended March 31, 2018 (March 31, 2017 - $5,706), which are included in accrued liabilities. (b) Promissory Notes payable In February 2014, the Company borrowed $200,000 from an existing investor under the terms of a secured promissory note (“Promissory Note”). The Promissory Note bears interest at a simple interest rate equal to 10% per annum and interest is payable quarterly. Interest expenses incurred on the Promissory Note totaled $12,957 for the twelve months ended March 31, 2018 (March 31, 2017 - $18,740). The Promissory Note was paid in full during the quarter ended March 31, 2018 Balance, March 31, 2016 $ - Acquisition of IMT 217,808 Accrued Interest 18,740 Balance, March 31, 2017 236,548 Accrued interest 12,957 Repayment of principal (200,000 ) Repayment of interest (49,505 ) Balance, March 31, 2018 $ - (c) Short term Loan In December 2017, a company controlled by a Board member made a short-term loan to the Company of $400,000 with interest at 1.5% per month. Interest expenses incurred on the loan totaled $3,200 for the year ended March 31, 2018 (March 31, 2017 - $Nil). The Company repaid this loan with interest of $3,200 in January 2018. (d) Convertible Loans Payable In December 2016, several shareholders of the Company agreed to advance the Company $1,500,000 of convertible notes in three tranches: $500,000 upon origination of the convertible loans and $500,000 on each of January 15, 2017 and February 15, 2017. A further $500,000 was advanced in March 2017 to bring the total of these convertible loans to approximately $2,000,000. The convertible loans bore interest at 6% until the original due date of March 31, 2017 and $17,488 was accrued and expensed as interest on these loans for the year ended March 31, 2017. The convertible loans contain the following terms: convertible at the option of the holder at the price of the equity financing or payable on demand upon the completion of an equity financing greater than $5,000,000; automatically convertible at the price of the equity financing upon completion of an equity financing between $3,500,000 and $5,000,000; if no such equity financing is completed by November 15, 2017, then the loans shall become secured by a general security agreement over all assets of the Company; and, upon a change in control would either be payable on demand or convertible at the lesser of a price per share equal to that received by the parties in the change in control transaction or the market price of the shares. These conversion features were analyzed and determined to be contingent conversion features, accordingly, until the triggering event no beneficial conversion feature is recognized. On August 14, 2017, the Company entered into an amendment to these convertible loans, whereby the interest was changed to a fixed rate of 12% per year from April 1, 2017 to August 14, 2017, and 3% per month from August 14, 2017 to maturity, which was extended to the earlier of March 31, 2018 or consummation of a qualified financing. The conversion feature was modified to contain the following terms: upon the consummation of an equity or equity-linked round of with an aggregate gross proceeds of $7,000,000, without any action on part of the Holder, the outstanding principal, accrued and unpaid interest and premium amount equal to 25% of the principal amount less the accrued and unpaid interest, will be converted into shares of new round stock based upon the lesser of (a) the lowest issuance (or conversion) price of new round stock in case there is more than one tranche of new round stock or (b) $0.25. Further, the Company issued warrants to these debt holders amounting to 20% of the aggregate principal of the convertible loans divided by the exercise price, which would be determined as the lowest of a new round stock in a qualified financing, the average volume weighted average price for the sixty trading days prior to January 31, 2018 or $0.25. The warrants have a term of five years. These amendments were treated as an extinguishment of the original debt; however, there was no gain or loss recognized and the new and amended debts were recognized as shown below. An additional $2,999,975 was received from these shareholders during the year ended March 31, 2018 for a total of $4,999,975. For the year ended March 31, 2018, an additional $1,037,067 of interest was accrued and expensed on these convertible loans. The Company has recognized a discount against the convertible loans for the relative fair value of the warrants and is accreting the discount using the effective interest rate method. The assumptions used in valuing the warrants using the binomial valuation model were as follows: exercise price of $0.25, volatility of 114%, risk-free interest rate of 1.91% and a term of five years. The Company evaluated the fair value of the warrants attached to the convertible notes as $548,178 and recorded $548,178 of accretion expense in the twelve months period ended March 31, 2018. Balance, March 31, 2016 $ - Additional principal investment 2,000,000 Accrued Interest 17,488 Balance, March 31, 2017 2,017,488 Additional principal investment 2,999,975 Fair value of warrants (548,178 ) Accretion expense 548,178 Accrued Interest 1,037,067 Conversion of principal and interest (6,054,530 ) Balance, March 31, 2018 $ - (e) In May 2017, the Company’s Chinese joint venture partners loaned the Company $500,000 at an interest rate of 8% convertible into the Company’s common shares upon a capital raise (“Qualified Financing”) where gross proceeds exceed $3,000,000 at the lesser of $0.50 and the quotient of the outstanding balance on the conversion date by the price of the Qualified Financing. Additionally, the holders are entitled to warrants equaling 25% of the number of conversion shares to be issued at conversion. During the twelve months ended March 31, 2018, $33,556 of interest was accrued and expensed on these convertible loans. Balance, March 31, 2017 $ - Additional principal investment 500,000 Accrued Interest 33,556 Conversion of principal and interest (533,556 ) Balance, March 31, 2018 $ - (f) In December 2017, investors of the Company advanced funds under a new convertible loan offering. These convertible loans bear interest at a fixed rate of 3% per month until the earlier of (a) January 31, 2018 and (b) the consummation of a qualified financing defined as gross proceeds of no less than $7,000,000 and up to $14,000,000 raised in one or more tranches. On the maturity date, without any action on the part of the Holder, the outstanding principal and accrued and unpaid interest under the notes will be converted into shares of new round stock based upon a 15% discount to the lesser of (i) (A) the VWAP average of the last 30 days ending on the closing of the qualified financing (or, in the event of multiple closings, the lowest VWAP average of the last 30 days ending on each closing of a qualified financing) in the event of a maturity date referred to in clause (b) of the definition thereof, or (B) the VWAP average of the last 30 days before the maturity date in the event of a maturity date referred to in clause (a) of the definition thereof, and (ii) $0.18. In January 2018, the terms of the new convertible loan offering were amended to extend the maturity date until March 31, 2018 and in March 2018 the terms of the loans were amended to change the definition of qualified financing as gross proceeds of no less than $2,000,000 and up to $14,000,000 raised in one or more tranches. $3,611,400 was received from these investors during the twelve months ended March 31, 2018 and $201,928 of interest was accrued and expensed on these convertible loans for the twelve months ended March 31, 2018. Balance, March 31, 2017 - Additional principal investment 3,611,400 Accrued Interest 201,928 Conversion of principal and interest (3,813,328 ) Balance, March 31, 2018 $ - (g) Conversion of Notes Payable March 31, 2018 Principal Interest Premium Total Beneficial Number of Convertible Notes Payable (December 2016 to December 2017) $ 4,999,975 $ 1,054,555 $ 1,249,994 $ 7,304,523 $ 762,301 116,919,141 Chinese Convertible Loan $ 500,000 $ 33,556 - $ 533,556 $ 76,230 9,394,346 Convertible Notes Payable (December 2017 to March 2018) $ 3,611,400 $ 201,928 - $ 3,813,328 $ 550,598 61,037,660 Total $ 9,111,375 $ 1,290,039 $ 1,249,994 $ 11,651,407 $ 1,389,129 187,351,147 |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions Disclosure [Text Block] | 9. RELATED PARTY TRANSACTIONS AND BALANCES a) Due from related parties As at June 30, 2018, there was an outstanding loan to the Chief Technology Officer and director of the Company for $18,547 (March 31, 2018 – $18,897). The loan has an interest rate of 1% based on the Canada Revenue Agency’s prescribed rate for such advances and is denominated in Canadian dollars. During the period ended June 30, 2018, the Company accrued interest receivable in the amount of $59 (March 31, 2018 $707) and the remaining fluctuation in the balance from the prior year is due to changes in foreign exchange. b) Accounts payable and accrued liabilities As at June 30, 2018, $1,957 (March 31, 2018 $208,567) was owing to the CEO of the Company; $1,643 (March 31, 2018 $135,039) was owing to the Chief Technology Officer; and $920 (March 31, 2018 – $116,624) was owing to the Chief Financial Officer, all related to business expenses, all of which are included in accounts payable or accrued liabilities. | 9. RELATED PARTY TRANSACTIONS AND BALANCES Due from related parties An outstanding loan to the Chief Operating Officer (“COO”) of the Company is for $18,897 (March 31, 2017 - $18,731). The loan has an interest rate of 1% based on the Canada Revenue Agency’s prescribed rate for such advances and is denominated in Canadian dollars. During the year ended March 31, 2018, the Company accrued interest receivable in the amount of $590 (March 31, 2017 - $707); the remaining fluctuation in the balance from the prior year is due to changes in foreign exchange. Accounts payable and accrued liabilities (a) As at March 31, 2018, $208,567 (March 31, 2017 - $Nil) was owing to the CEO of the Company; $135,039 (March 31, 2017 – $Nil to the former CTO) was owing to the Chief Technology Officer; and, $600 (March 31, 2017 – $97,500) was owing to the Chief Commercialization Officer, $116,624 (March 31, 2017 $Nil) was owing to the Chief Financial Officer (“CFO”), and $587,019 (March 31, 2017 – $4,135) was owing to the former CEO, all related to severance, bonuses and business expenses, all of which are included in accounts payable or accrued liabilities. Bonus amounts were paid in May 2018. (b) In connection with the acquisition of IMT, the Company acquired a license agreement dated June 8, 2009, with a former director as a co- licenser, pursuant to which the Company pays the director and the co-licenser an aggregate royalty of 1% of sales based on patent #8,613,691. No sales have been made, as the technology under this patent has not been commercialized. (c) As at the effective date of the merger pursuant to the Merger Agreement, a former director received an aggregate of 5,190,376 shares of the Company in return for his ownership of IMT securities, in addition to his IMT options which were as of the effective date of the merger exercisable for an aggregate of 360,231 shares of common stock of the Company. |
SHARE CAPITAL
SHARE CAPITAL | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | ||
Stockholders' Equity Note Disclosure [Text Block] | 10. SHARE CAPITAL June 30, 2018 March 31, 2018 Number of Number of shares $ shares $ Exchangeable Shares: Balance beginning of year 44,271,880 44,273 47,909,336 47,910 Converted into common shares (a) (3,000,000 ) (3,000 ) (3,637,456 ) (3,637 ) Balance at the end of period 41,271,880 41,273 44,271,880 44,273 Common Shares Balance at beginning of the period 205,328,106 205,326 48,885,107 48,884 Shares issued to exchangeable shares 3,000,000 3,000 3,637,456 3,637 Shares issued on conversion of loans (b) 39,545,776 39,546 147,805,371 147,805 Warrants exercised - - 5,000,172 5,000 Balance at end of the period 247,873,882 247,872 205,328,106 205,326 TOTAL SHARES 289,145,762 289,145 249,599,986 249,599 a. During the three month period ended June 30, 2018, 3,000,000 exchangeable shares were exchanged on a 1 for 1 basis in accordance with their terms. (March 31, 2018 – 3,637,456). b. During the three month period ended June 30, 2018, 39,545,776 shares of common stock were issued once the Company increased its authorized shares of common stock from 250,000,000 to 500,000,000. These shares relate to convertible loans and interest that converted on March 31, 2018 and were recorded as a liability on March 31, 2018 until the shares were issued on June 12, 2018. The liability was reclassified at June 12, 2018 into equity by recording the original value of $2,470,622 of the shares to be issued, as well as the fair value of options and warrants at June 12, 2018 net of fair value of options issued in the period ended June 12, 2018 of $1,173,534, which was charged to equity and a $2,048,697 gain on the fair value reevaluation was recognized as other income in the Statement of Operations and Comprehensive Loss. 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 share of the Special Voting Preferred Stock, par value $0.001 per share, of the Company (the 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 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 the 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. | 10. SHARE CAPITAL March 31, 2018 March 31, 2017 Number of shares $ Number of shares $ Exchangeable Shares: Balance beginning of year 47,909,336 47,910 50,000,000 50,000 Converted into common shares (e) (3,637,456 ) (3,637 ) (2,090,664 ) (2,090 ) Balance at end of year 44,271,880 44,273 47,909,336 47,910 Common Shares Balance at beginning of the year 48,885,107 48,884 22,591,292 22,591 Shares issued on acquisition (Note 4) - - 23,650,000 23,650 Shares issued to exchangeable shareholders (e) 3,637,456 3,637 2,090,664 2,090 Shares issued for services (d) - - 217,047 217 Shares issued on conversion of loans (b) 147,805,371 147,805 - - Options exercised (Note 11) - - 110,096 110 Warrants exercised (a) 5,000,172 5,000 174,759 175 Cashless exercise of warrants (c) - - 51,249 51 Balance at end of the year 205,328,106 205,326 48,885,107 48,884 TOTAL SHARES 249,599,986 249,599 96,794,443 96,794 (a) During the year ended March 31, 2018, the Company consummated an offer to amend and exercise to its warrant holders, enabling them to exercise their outstanding warrants for $0.25 per share, and as a result, 5,000,172 common shares were issued for net proceeds of $1,125,038 (Note 12). (b) During the year ended March 31, 2018, the Company converted $9,171,604 of notes payable and interest into 147,805,371 common shares. Under the terms of this conversion the remaining $1,220,629 of principal and interest was required to be converted into 39,545,776 common shares, but were unable to be issued as a result of the Company not having enough authorized shares. The $2,470,622 value of these shares at March 31, 2018 has been classified as a liability until the common shares can be issued. In addition, there was a $376,674 loss recorded in the year connected to the difference of the $2,847,296 market value of the shares at March 31, 2018 and the value of these shares which resulted on the conversion of notes payable, the exercise price of which was based on a 30 day VWAP. (c) During the year ended March 31, 2017, 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. (d) The Company issued 217,047 common shares during the year ended March 31, 2017 for consulting services and recognized $59,500 of share compensation expense. (e) During the year ended March 31, 2018, 3,637,456 exchangeable shares were exchanged for common shares on a 1 for 1 basis in accordance with their terms. (March 31, 2017 – 2,090,664 shares) 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 designate 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 shares of common stock 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. |
STOCK OPTIONS
STOCK OPTIONS | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 11. STOCK OPTIONS The purpose of the Company’s equity incentive 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 or other securities 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 or other securities granted under the Plan shall not exceed 15% of the shares of common stock and Exchangeable Shares issued and outstanding (determined as of January 1 of each year). Optioned shares in respect of which options are not exercised shall be available for subsequent options. On November 24, 2015, the Company granted 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 during the three month period ended June 30, 2018, $35,609 (June 30, 2017 $35,609) in stock compensation expense was recognized. On December 14, 2015, the Company granted 2,495,000 options 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 years ended March 31, 2016, 2017 and 2018, 25,000 options, 40,000 options and 436,667 options, respectively, were cancelled and for the three month period ended June 30, 2018, $41,350 (June 30, 2017 $100,289) of stock compensation expense was recognized. On April 21, 2016, the Company granted 3,000,000 stock options to employees of Bionik, Inc., the Company’s wholly-owned subsidiary (formerly IMT) in exchange for 3,895,000 options that existed before the Company purchased IMT of which 1,000,000 have an exercise price of $0.25, 1,000,000 have an exercise price of $0.95 and 1,000,000 have an exercise price of $1.05. The grant date fair value of vested options was $2,582,890 and has been recorded as part of the original acquisition equation. The options are fully expensed, and $Nil (June 30, 2017 $10,169) has been recognized as stock compensation expense in the first quarter of 2018. On April 26, 2016, the Company granted 250,000 options to an employee with an exercise price of $1.00 that vest over three years at the anniversary date. The grant fair value was $213,750. During the quarter ended June 30, 2018, $17,813 (June 30, 2017- $17,813) was recognized as stock compensation expense. On August 8, 2016, the Company granted 750,000 options to an employee with an exercise price of $1.00 that vest over three years at the anniversary date. The grant fair value was $652,068. The employee left in April 2018 and 500,000 options that had not vested were cancelled and the remaining 250,000 options will expire in November 2018. During the quarter ended June 30, 2018, $18,113 (June 30, 2017 $54,339) of stock compensation expense was recognized. On February 6, 2017, the Company granted 400,000 options to an employee with an exercise price of $0.70 that vest over three years at the anniversary date. The grant fair value was $245,200. During the quarter ended June 30, 2018, $20,433 (June 30, 2017 $20,433) of stock compensation expense was recognized. On February 13, 2017, the Company granted 250,000 options to a consultant with an exercise price of $0.68 that vest over one and one-half years, every six months. The grant fair value was $148,750. During the quarter ended June 30, 2018, $12,396 (June 30, 2017 $12,396) of stock compensation expense was recognized. These options are now fully vested. On August 3, 2017, 1,500,000 options with an exercise price of $0.21 were granted to an executive officer, which vest equally over three future years. In addition, this executive officer was also granted up to 500,000 additional performance options based on meeting sales targets for the years ended March 31, 2018 and 2019. The grant value was $387,209 and $7,546 was expensed as stock compensation in the quarter. The executive left in April 2018 and all of these options were cancelled. On September 1, 2017, the Company granted 12,215,354 options with an exercise price of $0.161 equally to an executive officer and a consultant who is now the Chairman of the Company. Of such options, 2,035,892 have vested and 50% of the remaining options vest on performance goals being met and 50% vest over 5 years. The grant fair value was $1,832,304 and during the quarter ended June 30, 2018, $38,173 in stock compensation expense was recognized. On January 24, 2018, the Company granted 3,640,000 options with an exercise price of $0.155 to employees that vest equally on January 24, 2019, 2020 and 2021, The grant fair value was $491,036 and during the quarter ended June 30, 2018, $39,703 in stock compensation expense was recognized. On April 20, 2018, the Company granted to an executive officer, 6,000,000 options with an exercise price of $0.0649 that vest immediately with a 10-year expiry. The Options were valued using the Black-Scholes model and the following inputs were used: expected life of 10 years, expected volatility of 114% and a risk free rate of 1.59%. As these options fully vested on the grant date, $363,714 of stock based compensation was recognized during the quarter. On June 11, 2018, the Company granted to a newly-hired executive officer 750,000 options with an exercise price of $0.0462 that vest over three years from the anniversary of the grant and expire in 7 years. The Options were valued using the Black-Scholes model and the following inputs were used: expected life of 7 years, expected volatility of 114% and a risk free rate of 1.59%. The grant fair value was $30,341 and $562 of stock compensation expense was recognized in the quarter. During the quarter ended June 30, 2018, the Company recorded $595,412 in share-based compensation related to the vesting of stock options (June 30, 2017 $251,048). The following is a summary of stock options outstanding and exercisable as of June 30, 2018: Exercise Price ($) Number of Options Expiry Date Exercisable Options 0.165 154,134 April 1, 2021 154,134 0.23 94,368 June 20, 2021 94,368 0.23 1,981,728 July 1, 2021 1,981,728 0.23 141,557 February 17, 2022 141,557 1.22 400,000 November 24, 2022 266,667 1.00 1,936,667 December 14, 2022 1,633,333 0.95 111,937 March 28, 2023 111,937 1.05 433,027 March 28, 2023 433,027 1.00 250,000 April 26, 2023 166,667 1.00 250,000 August 8, 2023 250,000 0.70 400,000 February 6, 2024 133,333 0.68 250,000 February 13, 2024 250,000 0.95 31,620 March 3, 2024 31,620 1.05 122,324 March 3, 2024 122,324 0.95 6,324 March 14, 2024 6,324 1.05 24,465 March 14,2024 24,465 0.95 72,727 September 30, 2024 72,727 1.05 281,345 September 30, 2024 281,345 0.95 3,478 June 2, 2025 3,478 1.05 13,456 June 2, 2025 13,456 0.25 66,298 December 30, 2025 66,298 0.95 49,160 December 30, 2025 27,261 0.161 12,215,354 September 1, 2027 2,035,892 0.155 3,365,000 January 24, 2025 - 0.0649 6,000,000 April 19, 2028 6,000,000 0.0462 750,000 June 10, 2025 - 29,404,696 14,301,941 The weighted-average remaining contractual term of the outstanding options was 7.89 (March 31, 2018 – 5.81) and for the options that are exercisable the weighted average was 7.38 (March 31, 2018 – 5.70) | 11. STOCK OPTIONS The purpose of the Company’s equity incentive 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 or other securities 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 or other securities granted under the Plan shall not exceed 15% of the shares of common stock and Exchangeable Shares issued and outstanding (determined as of January 1 of each year). Optioned shares in respect of which options are not exercised shall be available for subsequent options. 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 year ended March 31, 2018, $142,438, (March 31, 2017 -$142,438) in stock compensation expense 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 options were cancelled and for the year ended March 31, 2017, 40,000 options were cancelled and for the year ended March 31, 2018, 436,667 options were cancelled, and the year ended March 31, 2018, $479,315, (March 31, 2017 - $407,208) of stock compensation expense was recognized. On April 21, 2016, the Company issued 3,000,000 stock options to employees of Bionik, Inc., the Company’s wholly-owned subsidiary (formerly IMT) in exchange for 3,895,000 options that existed before the Company purchased IMT, of which 1,000,000 have an exercise price of $0.25, 1,000,000 have an exercise price of $0.95 and 1,000,000 have an exercise price of $1.05. The grant date fair value of vested options was $2,582,890 and has been recorded as part of the acquisition equation (Note 4). For options that have not yet vested $29,524, (March 31, 2017 -$102,989) has been recognized as stock compensation expense. On April 26, 2016, the Company issued 250,000 options to an employee with an exercise price of $1.00 that will vest over three years at the anniversary date. The grant fair value was $213,750. During the year ended March 31, 2018, $71,250, (March 31, 2017 - $66,104) was recognized as stock compensation expense. On August 8, 2016, the Company issued 750,000 options to an employee with an exercise price of $1.00 that will vest over three years at the anniversary date. The grant fair value was $652,068. During the year ended March 31, 2018, $217,356, (March 31, 2017 -$140,230) of stock compensation expense was recognized. On February 6, 2017, the Company issued 400,000 options to an employee with an exercise price of $0.70 that will vest over three years at the anniversary date. The grant fair value was $245,200. During the year ended March 31, 2018, $81,733, (March 31, 2017 - $12,163) of stock compensation expense was recognized. On February 13, 2017, the Company issued 250,000 options to a consultant with an exercise price of $0.68 that will vest over one and one- half years, every six months. The grant fair value was $148,750. During the year ended March 31, 2018, $49,583, (March 31, 2017 -$6,345) of stock compensation expense was recognized. On August 3, 2017, 1,500,000 options at $0.21 to an executive officer, which vest equally over three future years. In addition, this executive officer was also granted up to 500,000 additional performance options based on meeting sales targets for the years ending March 31, 2018 and 2019. The performance options will vest at market price if the performance objectives are met. This grant had a grant date fair value of $387,209 and a share compensation expense of $60,371 was recognized for the year ended March 31, 2018. These options were valued using the Black-Scholes model and the following inputs: expected life of 7 years, expected volatility 114% and a risk-free rate of 1.73%. On September 1, 2017, the Company granted 12,215,354 options at $0.161 equally to an executive officer and a consultant. 2,035,892 options have vested and 50% of the remaining options vest on performance being met and 50% vest annually over 5 years. The grant date fair value was $1,832,304 and $381,730 is the current expense for the year ended March 31, 2018. These options were valued using the Black-Scholes model and the following inputs: expected life of 10 years, expected volatility 114% and a risk-free rate of 1.91%. On January 24, 2018, the Company granted 3,640,000 options at $0.155 to employees that vest equally on January 24, 2019, 2020 and 2021. The grant fair value was $491,036 and $27,280 is the current stock compensation expense for the year ended March 31, 2018. These options were valued using the Black-Scholes model and the following inputs: expected life of 10 years, expected volatility 114% and a risk-free rate of 1.91%. During the year ended March 31, 2018, the Company recorded $1,540,580 in share-based compensation related to the vesting of stock options (March 31, 2017 - $844,162). The following is a summary of stock options outstanding and exercisable as of March 31, 2018: These options at their respective grant dates were valued using the Black-Scholes option pricing model with the following key assumptions: Expected life in Risk Dividend Forfeiture Expected Grant date fair Grant date years free rate rate rate volatility value February 17, 2015 3.89 1.59 % 0 % 0 % 114 % $ 136,613 July 1, 2014 3.25 1.59 % 0 % 0 % 114 % $ 1,259,487 June 20, 2014 3.22 1.59 % 0 % 0 % 114 % $ 118,957 April 1, 2014 3.01 1.59 % 0 % 0 % 114 % $ 230,930 November 24, 2015 4.65 1.59 % 0 % 0 % 114 % $ 694,384 December 14, 2015 4.71 1.59 % 0 % 0 % 114 % $ 1,260,437 April 21, 2016 6.11 1.59 % 0 % 0 % 114 % $ 2,582,890 April 26, 2016 5.07 1.59 % 0 % 0 % 114 % $ 213,750 August 8, 2016 5.36 1.59 % 0 % 0 % 114 % $ 652,068 February 6, 2017 5.86 1.59 % 0 % 0 % 114 % $ 245,200 February 13, 2017 5.88 1.59 % 0 % 0 % 114 % $ 148,750 August 3, 2017 6.35 1.59 % 0 % 0 % 114 % $ 387,209 September 1, 2017 9.43 1.59 % 0 % 0 % 114 % 1,832,304 January 24, 2018 6.82 1.59 % 0 % 0 % 114 % $ 491,036 Number of Options Weighted-Average Outstanding, March 31, 2017 9,903,650 0.59 Issued 17,855,354 0.155 Exercised - - Expired - - Cancelled (2,159,126 ) 0.65 Outstanding, March 31, 2018 25,599,878 0.50 The following is a summary of stock options outstanding and exercisable as of March 31, 2018: Exercise Price ($) Number of Options Expiry Date Exercisable Options 0.165 264,230 April 1, 2021 264,230 0.23 97,514 June 20, 2021 97,514 0.23 1,981,728 July 1, 2021 1,981,728 0.23 141,557 February 17, 2022 141,557 1.22 400,000 November 24, 2022 266,667 1.00 1,993,334 December 14, 2022 1,676,667 0.95 111,937 March 28, 2023 111,937 1.05 433,027 March 28, 2023 433,027 1.00 250,000 April 26, 2023 83,333 1.00 750,000 August 8, 2023 250,000 0.70 400,000 February 6, 2024 133,333 0.68 250,000 February 13, 2024 166,667 0.95 31,620 March 3, 2024 31,620 1.05 122,324 March 3, 2024 122,324 0.95 6,324 March 14, 2024 6,324 1.05 24,465 March 14, 2024 24,465 0.95 72,727 September 30, 2024 72,727 1.05 281,345 September 30, 2024 281,345 0.95 3,478 June 2, 2025 3,478 1.05 13,456 June 2, 2025 13,456 0.25 66,298 December 30, 2025 66,298 0.95 49,160 December 30, 2025 27,261 0.21 2,000,000 August 3, 2024 - 0.161 12,215,354 September 1, 2027 2,035,892 0.155 3,640,000 January 24, 2025 - 25,599,878 8,291,850 The weighted-average remaining contractual term of the outstanding options is 7.46 (March 31, 2017 – 5.12) and for the options that are exercisable the weighted average is 5.74 (March 31, 2017 – 6.02). Reclassification of Fair Value As the Company does not have sufficient authorized shares of common stock to cover its options issued, a valuation of these options was done at March 31, 2018 and the resulting liability of $1,451,393 has been recorded in the consolidated balance sheet as shares to be issued, stock options and warrants. Grant Date Expected Life Risk Free rate Dividend rate Forfeiture Rate Expected Volatility Remeasured February 17, 2015 3.89 1.59 % 0 % 0 % 135 % $ 7,122 July 1, 2014 3.25 1.59 % 0 % 0 % 135 % $ 90,472 June 20, 2014 3.22 1.59 % 0 % 0 % 135 % $ 4,428 April 1, 2014 3.01 1.59 % 0 % 0 % 135 % $ 12,437 November 24, 2015 4.65 1.59 % 0 % 0 % 135 % $ 16,327 December 14, 2015 4.71 1.59 % 0 % 0 % 135 % $ 85,833 April 21, 2016 6.39 1.59 % 0 % 0 % 118 % $ 53,853 April 26, 2016 5.07 1.59 % 0 % 0 % 114 % $ 11,430 August 8, 2016 5.36 1.59 % 0 % 0 % 114 % $ 35,722 February 6, 2017 5.86 1.59 % 0 % 0 % 114 % $ 16,969 February 13, 2017 5.88 1.59 % 0 % 0 % 114 % $ 10,703 August 3, 2017 6.35 1.59 % 0 % 0 % 114 % $ 109,970 September 1, 2017 9.43 1.59 % 0 % 0 % 114 % $ 782,966 January 24, 2018 6.82 1.59 % 0 % 0 % 114 % $ 213,161 1,451,393 |
WARRANTS
WARRANTS | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Warrants and Rights Note Disclosure [Abstract] | ||
Shareholders Equity And Share Based Payments Stock Warrant [Text Block] | 12. WARRANTS The following is a continuity schedule of the Company’s common share purchase warrants: Number of Warrants Weighted-Average Exercise Price ($) Outstanding and exercisable, March 31, 2015 10,823,450 1.35 Issued 7,225,625 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, March 31, 2017 17,638,243 1.35 Exercised (5,000,172 ) 0.25 Issued in connection with anti-dilution provision connected to warrant transaction 83,752 0.749 Issued in connection with anti-dilution provision connected to warrant transaction 941,191 1.2933 Issued in connection to the warrant transaction to the broker 400,014 0.25 Issued in connection with the conversion of loans and interest into common shares 16,006,322 0.0625 Issued in connection with the conversion of loans and interest into common shares 2,348,587 0.60 Issued in connection with anti-dilution provision connected to warrant transaction 20,458,058 0.4868 Issued in connection with anti-dilution provision connected to warrant transaction 2,019,583 0.2952 Outstanding at June 30, 2018 and March 31, 2018 54,895,578 0.3546 During the year ended March 31, 2018, the Company consummated an offer to amend and exercise its outstanding warrants, enabling the holders of the warrants to exercise such warrants for $0.25 per share. The Company received net proceeds of $1,125,038. The Company also converted loans and interest due. Due to an anti-dilution clause in the warrant agreement for such outstanding warrants, an additional 83,752 warrants were issued to the $0.80 warrant holders and 941,191 warrants were issued to the $1.40 warrant holders. Furthermore, as a result of the anti-dilution clause, the exercise price of the warrants changed from $0.80 to $0.7490 and from $1.40 to $1.2933. Due to the anti-dilution clause in the warrant agreements for such outstanding warrants, an additional 2,019,583 warrants were issued to the $0.7499 warrant holders and 20,458,058 warrants were issued to the $1.2933 warrant holders. Furthermore, as a result of the anti-dilution clause, the exercise price of the warrants changed from $0.749 to $0.2952 and from $1.2933 to $0.4868 as a result of the loan and interest conversion for shares that have been issued at March 31, 2018 and shares that were issued on June 12, 2018. The Company measured the effects of the above two transactions, which triggered anti-dilution clause using the binomial tree model and recorded a loss of $74,086 against the deficit for the year ended March 31, 2018. The Company issued 400,014 warrants at $0.25 for four years expiring June 27, 2020 to the firm who facilitated the warrant offer. The Company issued 2,348,587 warrants at $0.60 which expire in 5 years on March 31, 2023 and 16,006,322 warrants at $0.0625 which also expire March 31, 2023 in connection with the loan and interest conversion transaction. Common share purchase warrants The following is a summary of common share purchase warrants as of June 30, 2018: Exercise Price ($) Number of Warrants Expiry Date 0.60 2,348,587 March 31, 2023 0.4868 15,603,103 February 26, 2019 0.4868 3,265,093 March 27, 2019 0.4868 871,813 March 31, 2019 0.4868 6,759,081 April 21, 2019 0.4868 3,191,037 May 27,2019 0.4868 3,117,199 June 30, 2019 0.2952 3,333,328 February 26, 2019 0.25 400,014 June 27, 2020 0.0625 9,603,842 August 14, 2022 0.0625 6,402,481 March 31, 2022 54,895,578 The weighted-average remaining contractual term of the outstanding warrants was 2.01 (March 31, 2018 – 2.27). The exercise price and number of underlying shares with respect the $0.4868 and $0.2952 warrants are expected to be further adjusted pursuant to the anti-dilution provisions therein, as a result of any further common share issuances. | 12. WARRANTS The following is a continuity schedule of the Company’s common share purchase warrants: Number of Warrants Weighted-Average Outstanding and exercisable, March 31, 2015 10,823,450 1.35 Issued 7,225,625 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, March 31, 2017 17,638,243 1.35 Exercised (5,000,172 ) 0.25 Issued in connection with anti-dilution provision connected warrant transaction 83,752 0.749 Issued in connection with anti-dilution provision connected warrant transaction 941,191 1.2933 Issued in connection to the warrant transaction to the broker 400,014 0.25 Issued in connection with conversion of loans and interest into common shares 16,006,322 0.0625 Issued in connection with conversion of loans and interest into common shares 2,348,587 0.60 Issued in connection with anti-dilution provision connected with issuance of common shares 20,458,058 0.4868 Issued in connection with anti-dilution provision connected with issuance of common shares 2,019,583 0.2952 Outstanding and exercisable, March 31, 2018 54,895,578 $ 0.3546 During the year ended March 31, 2018, the Company consummated an offer to amend and exercise its then outstanding warrants, enabling the holders of the warrants to exercise such warrants for $0.25 per share. The Company received net proceeds of $1,125,038. The Company also converted loans and interest due. Due to an anti-dilution clause in the warrant agreements for such outstanding warrants an additional 83,752 warrants were issued to the $0.80 warrant holders and 941,191 warrants were issued to the $1.40 warrant holders. Furthermore, as a result of the anti-dilution clause, the exercise price of the warrants changed from $0.80 to $0.749 and from $1.40 to $1.2933, as a result of this warrant transaction. Due to an anti-dilution clause in the warrant agreements for such outstanding warrants an additional 2,019,583 warrants were issued to the $0.749 warrant holders and 20,458,058 warrants were issued to the $1.2933 warrant holders. Furthermore, as a result of the anti-dilution clause, the exercise price of the warrants changed from $0.749 to $0.2952 and from $1.2933 to $0.4868 as a result of loan and interest conversion transaction for shares that have been issued and shares that will be issued. The Company measured the effects of the two above transactions, which triggered anti-dilution clause using the binomial tree model and recorded a loss of $74,086 against deficit. The Company issued 400,014 warrants exercisable at $0.25 for four years expiring June 27, 2020 to the firm who facilitated the warrant offer. The Company issued 2,348,587 warrants at $0.60 which expire in 5 years on March 31, 2023 and 16,006,322 warrants at $0.0625 which also expire March 31, 2023 in connection with the loan and interest conversion transaction. During the year ended March 31, 2017, a warrant holder exercised 262,045 warrants on a cashless basis based on the terms of the warrant agreement and received 51,249 shares of common stock. Common share purchase warrants The following is a summary of common share purchase warrants outstanding after the warrant offer to amend and exercise the additional warrant issue and the re-pricing of the warrants as of March 31, 2018. Exercise Price ($) Number of Warrants Expiry Date 0.60 2,348,587 March 31, 2023 0.4868 15,603,103 February 26, 2019 0.4868 3,265,093 March 27, 2019 0.4868 871,813 March 31, 2019 0.4868 6,759,081 April 21, 2019 0.4868 3,191,037 May 27, 2019 0.4868 3,117,199 June 30, 2019 0.2952 3,333,328 February 26, 2019 0.25 400,014 June 27, 2020 0.0625 9,603,842 August 14, 2022 0.0625 6,402,481 March 31, 2022 54,895,578 The weighted-average remaining contractual term of the outstanding warrants was 2.27 (March 31, 2017 – 1.77). The exercise price and number of underlying shares with respect to the $0.4868 and $0.295 warrants are expected to be further adjusted pursuant to the anti-dilution provisions therein, as a result of any further issuance of common shares. The Company was committed to issue to these third party previous 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 December 31, 2015, the Company issued these warrants. Reclassification of Fair Value As the Company does not have sufficient authorized shares of common stock to cover its warrants issued; a valuation of these warrants was done at March 31, 2018 and the resulting liability of $1,394,164 has been recorded in the consolidated balance sheets as shares to be issued, stock options and warrants. The 400,014 warrants at an exercise price of $0.25 issued in connection to the warrant transaction to the broker were not included in the fair value remeasurement, because there is sufficient capital to convert them into common stock if exercised. Exercise Number of Expiry Date Expected life Risk free Dividend Forfeiture Expected Remeasured 0.6 2,348,587 31-Mar-23 5 1.59 % 0 % 0 % 135 % 116,142 0.4868 15,603,103 26-Feb-19 0.92 1.59 % 0 % 0 % 135 % 100,281 0.4868 3,265,093 27-Mar-19 1 1.59 % 0 % 0 % 135 % 24,815 0.4868 871,813 31-Mar-19 1 1.59 % 0 % 0 % 135 % 6,769 0.4868 6,759,081 21-Apr-19 1.08 1.59 % 0 % 0 % 135 % 58,358 0.4868 3,191,037 27-May-19 1.16 1.59 % 0 % 0 % 135 % 32,276 0.4868 3,117,199 30-Jun-19 1.25 1.59 % 0 % 0 % 135 % 36,116 0.2952 3,333,328 26-Feb-19 0.92 1.59 % 0 % 0 % 135 % 38,423 0.0625 9,603,842 14-Aug-22 4.38 1.59 % 0 % 0 % 135 % 593,355 0.0625 6,402,481 31-Mar-22 4 1.59 % 0 % 0 % 135 % 387,529 54,495,564 1,394,164 Exchangeable share purchase warrants 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 in March 2017, 174,759 warrants were exercised for proceeds of $40,195 and the remaining 174,763 warrants expired. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 13. INCOME TAXES Components of net (loss) before income taxes consists of the following: March 31 March 31 $ $ U.S. (12,281,398 ) (6,056,384 ) Canada (2,344,392 ) (2,013,018 ) (14,625,790 ) (8,069,402 ) Net (loss) for the year before recovery of income taxes (14,625,790 ) (8,069,402 ) Statutory rate 34.04 % 35 % Expected income tax (recovery) expense (4,978,619 ) (2,824,291 ) Tax rate changes and other basis adjustments 1,748,278 44,238 Stock-based compensation 524,412 350,683 Difference in Foreign Tax Rates 184,414 - Accretion 659,458 - Share premium 425,497 - Non-deductible expense 339,296 (132,076 ) Net DTA acquired - (546,122 ) Change in valuation allowance 1,097,264 3,107,568 Recovery of income taxes - - The following deferred tax assets have not been recognized. 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, $ $ Equipment 70,350 73,520 Share issue costs 510 1,456 SR&ED pool 690,320 464,746 Other 535,510 629,266 Non-capital losses – Canada 2,515,170 2,067,203 Net operating losses – U.S. 4,331,850 4,534,710 Valuation allowance (7,017,430 ) (5,956,118 ) 1,126,280 1,814,783 Intangibles and other (1,126,280 ) (1,814,783 ) - - The Company has non-capital losses in its Canadian subsidiary of approximately $9,491,200, which will expire between 2029 and 2037. The Company has net operating losses in the U.S. parent Company of $6,319,925, and net operating losses in the U.S. subsidiary of approximately $11,788,800, which will expire between 2034 and 2037. 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, 2018, the Company had no uncertain tax positions. 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, 2018: United States – Federal 2014 – present United States – State 2014 – present Canada – Federal 2013 – present Canada – Provincial 2013 – present |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies Disclosure [Text Block] | 13. 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. Commitments (a) 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 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 former Chief Technology Officer and the new Chief Technology Officer had transferred 314,560 common shares to the lenders. For contributing the common shares to the lenders, the Company intends to reimburse the former Chief Technology Officer and the new Chief Technology Officer 320,000 common shares collectively. As at June 30, 2018, these shares have not yet been issued. (b) In connection with the acquisition of IMT, the Company acquired a license agreement dated June 8, 2009, pursuant to which the Company pays the licensors an aggregate royalty of 1% of sales based on patent #8,613,691. No sales were made on the technology under this patent as it has not yet been commercialized. One of the licensors is a founder of IMT and a former officer and director of the Company. (c) On May 17, 2017, the Company entered into a Co-operative Joint Venture Contract (the “JV Contract”) with Ginger Capital Investment Holding, Ltd. (the “JV Partner”) to form a China-based joint venture to commercialize the Company’s products (“China JV”) in which the Company has a 25% interest and the JV Partner has a 75% interest. The China JV entity formally was created on May 22, 2018. Under the terms of the JV Contract, the JV Partner is required to contribute $290,000 within 30 days of formation, $435,000 12 months later and $725,000 60 months after the date of formation. The Company is required to contribute certain intellectual property to the China JV through a license. As of June 30, 2018, the JV Partner has not made the required $290,000 investment into the China JV. The China JV has entered into an office rent commitment in Tianjin, PRC for five years, for which the monthly rent payments expressed in USD are $10,083 for year one, $13,444 for year two and three and $14,141 for years four and five. An approximate $18,131 prepaid deposit was provided as part of the commitment. The operations of the China JV are currently financed by Bionik’s JV Partner and approximately $93,309 is due to them at June 30, 2018. Bionik is applying the equity method of accounting to determine the net income from the joint venture partnership. As of June 30, 2018, Bionik has not made any investments into the China JV. (d) On March 6, 2018, the Company signed a distribution agreement with Curexo Inc. for South Korea and as part of this agreement, the Company is obligated to buy a rehabilitative product from Curexo Inc. for $200,000 when this product is fully developed. It is not yet developed at June 30, 2018. | 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, 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. Commitments (a) 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 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 Company’s then-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 former CTO and COO 320,000 common shares. As at March 31, 2018, these shares have not yet been issued. (b) On May 17, 2017, the Company entered into a Co-operative Joint Venture Contract (the “JV Contract”) with Ginger Capital Investment Holding, Ltd. (the “JV Partner”) to form China Bionik Medical Rehabilitation Technology Ltd. (“China JV”), in which the Company will have a 25% interest and the JV Partner 75%. The China JV was not formally formed until subsequent to year-end and there were no operations during the year ended March 31, 2018. Under the terms of the JV Contract, the JV Partner is required to contribute $290,000 on the date of formation, $435,000 12 months later and $725,000 60 months after the date of formation. The Company is required to contribute certain intellectual property. (c) On March 6, 2018, the Company signed a distribution agreement with Curexo Inc for South Korea and as part of this agreement the Company is obligated to buy a rehabilitative product from Curexo Inc. for $200,000 when this product is fully developed by Curexo. Inc.. |
RISK MANAGEMENT
RISK MANAGEMENT | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Risks and Uncertainties [Abstract] | ||
Concentration Risk Disclosure [Text Block] | 14. RISK MANAGEMENT The Company’s cash balances are maintained in a bank in Canada and a USA bank. Deposits held in banks in Canada are insured up to $100,000 CAD per depositor for each bank by The Canada Deposit Insurance Corporation, a federal crown corporation. Actual balances at times may exceed these limits. 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 a bank in Canada and a USA Bank. Deposits held in banks in Canada are insured up to $100,000 CAD per depositor for each bank by The Canada Deposit Insurance Corporation, a federal crown corporation. Actual balances at times may exceed these limits. 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. |
LOSS PER SHARE
LOSS PER SHARE | 12 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 16. LOSS PER SHARE Common stock equivalents (other than the Exchangeable Shares), options and warrants were excluded from the computation of diluted loss per share for the year ended March 31, 2018 and 2017, after retrospective adjustment for a change in accounting policy (Note 2), as their effects are anti-dilutive. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Subsequent Events [Abstract] | ||
Subsequent Events [Text Block] | 15. SUBSEQUENT EVENTS Subsequent to June 30, 2018, the Company converted $4,732,853 of convertible loans and interest into 102,509,278 common shares in accordance with their terms. As at July 20, 2018, 102,509,278 of these common shares were issued. Due to an anti-dilution clause in warrant agreements for certain outstanding warrants, an additional 10,192,712 warrants were issued to the $0.4868 warrant holders and 945,710 warrants were issued to the $0.2952 warrant holders. Furthermore, as a result of the anti-dilution clause, the exercise price of the warrants changed from $0.4868 to $0.3714 and from $0.2952 to $0.2300 as a result of loan and interest conversion transaction for shares that have been issued as a result of the July 20, 2018 conversions described above. | 17. SUBSEQUENT EVENTS (a) Subsequent to March 31, 2018, Exchangeable Shareholders exchanged 3,000,000 exchangeable shares into Common Stock. (b) On June 11, 2018, the Company increased the number of authorized shares of Common Stock from 250,000,000 to 500,000,000 and issued 39,545,776 common shares related to the conversion of notes payable at March 31, 2018. (Note 10(b)) (c) Subsequent to March 31, 2018, the Company’s board granted 6,000,000 options at $0.0649 that immediately vested to the CEO of the Company with a 10 year expiry and 750,000 options at $0.0462 were granted to our Chief Commercial Officer that vest over three years from the anniversary of the grant and expire in 7 years. (d) Subsequent to March 31, 2018, an affiliate of one of the Company’s major shareholders who is also a director provided an aggregate amount of $1,960,000 in term loans to the Company that bears interest at a fixed rate of 1% per month and matures on April 30, 2019. (e) Subsequent to March 31, 2018, the China JV was formally formed and the Company will account for it as of the date of formation. |
SIGNIFICANT ACCOUNTING POLICI25
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Accounting Policies [Abstract] | ||
Consolidated 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 of the Company and should be read in conjunction with those annual audited financial statements filed on Form 10-K for the year ended March 31, 2018. 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. This is the first set of the Company’s unaudited condensed consolidated interim financial statements where ASU-2014-09 “Revenue from Contracts with Customers (Topic 606)” has been applied. The changes in accounting policies from those used in the Company’s unaudited condensed consolidated interim financial statements from the quarter ended June 30, 2018 are described below. Impact on the 2018 unaudited condensed consolidated interim financial statements ASU-2014-09 had no impact on the Company’s unaudited condensed consolidated interim statement of loss and comprehensive loss for the three month period ended June 30, 2018. | |
Recently Adopted Accounting Pronouncements [Policy Text Block] | Newly Adopted and Recently Issued Accounting Pronouncements Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying condensed consolidated interim financial statements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The updated standard will replace most existing revenue recognition guidance in U.S. GAAP. The new standard introduces a five-step process to be followed in determining the amount and timing of revenue recognition. It also provides guidance on accounting for costs incurred to obtain or fulfill contracts with customers, and establishes disclosure requirements which are more extensive than those required under existing U.S. GAAP. The FASB has issued numerous amendments to ASU 2014-09 from August 2015 through January 2018, which provide supplemental and clarifying guidance, as well as amend the effective date of the new standard. ASU 2014-09, as amended, is effective for the Company in the interim period ended June 30, 2018. The standard permits the use of either the retrospective or modified retrospective (cumulative effect) transition method. The Company adopted the modified retrospective transition method The Company has adopted ASU-2014-01 for the fiscal year ending March 31, 2019 and it did not have material effect on the consolidated financial position and the consolidated results of operations. As a result of the adoption of ASU-2014-09, the Company’s accounting policies have been updated. See “Revenue Recognition” below for these changes in accounting policies, as well as new disclosure requirements. The changes in accounting policies will also be reflected in the Company’s unaudited condensed consolidated interim financials statements as at the quarter ended June 30, 2018.” In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes,” which require 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 has adopted ASU-2015-17 for the fiscal year ending March 31, 2019 and it did not have material effect on the consolidated financial position and the consolidated results of operations. In January 2016, the FASB issued ASU No. 2016-01 Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The updates make several modifications to Subtopic 825-10, including the elimination of the available-for-sale classification of equity investments, and it requires equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in operations. The update is effective for fiscal years beginning after December 2017. The Company has adopted ASU-2016-01 for the fiscal year ending March 31, 2019 and it did not have material effect 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 ASU 2016-02 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 December 15, 2017. The Company has adopted ASU-2016-15 for the fiscal year ending March 31, 2019 and it did not have material effect on the consolidated financial position and the consolidated results of operations. In January 2017, the FAS issued ASU 2017-01, “Business Combinations: Clarifying the definition of a Business” which amends the current definition of a business. Under ASU 2017-01, to be considered a business, an acquisition would have to include an input and a substantive process that together significantly contributes to the ability to create outputs. ASU2017-01 further states that when substantially all of the fair value of gross assets acquitted is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. The new guidance also narrows the definition of the term “outputs” to be consistent with how it is described in Topic 606, Revenue from Contracts with Customers. The changes to the definition of a business will likely result in more acquisitions being accounted for as asset acquisitions. ASU 2017-01 is effective for acquisitions commencing on or after June 30, 2019, with early adoption permitted. Adoption of this guidance will be applied prospectively on or after the effective date. In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other” ASU 2017-04 simplifies the accounting for goodwill impairment by eliminating Step 2 of the current goodwill impairment test, which required a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which the reporting unit’s carrying value exceeds its fair value, limited to the carrying value of the goodwill. ASU 2017-04 is effective for financial statements issued for fiscal years, and interim periods beginning after December 15, 2019. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting (ASU 2107-9). The FASB issued the update to provide clarity and reduce the cost and complexity when applying guidance in Topic 718. The amendments in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modifications accounting in Topic 718. ASU 2017-09 is effective for the Company in the interim period ended June 30, 2018. The Company has adopted ASU-2017-09 during the quarter ended June 30, 2018 and it did not have material effect on the consolidated financial position and the consolidated results of operations. | Newly Adopted and Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The updated standard will replace most existing revenue recognition guidance in U.S. GAAP. The new standard introduces a five-step process to be followed in determining the amount and timing of revenue recognition. It also provides guidance on accounting for costs incurred to obtain or fulfill contracts with customers, and establishes disclosure requirements which are more extensive than those required under existing U.S. GAAP. The FASB has issued numerous amendments to ASU 2014-09 from August 2015 through January 2018, which provide supplemental and clarifying guidance, as well as amend the effective date of the new standard. ASU 2014-09, as amended, is effective for the Company in the interim period ended June 30, 2018. The standard permits the use of either the retrospective or modified retrospective (cumulative effect) transition method. The Company adopted the new standard using the modified retrospective transition method. Although the Company’s analysis of the impact of the new revenue recognition guidance is not fully complete, management do not currently believe that such guidance will materially impact the aggregate amount and timing of revenue recognition subsequent to adoption, nor a significant cumulative adjustment to the consolidated balance sheet as of April 1, 2018; however, the Company will provide enhanced revenue recognition disclosures as required by the new standard. In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes,” which require 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 January 2016, the FASB issued ASU No. 2016-01 Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The updates make several modifications to Subtopic 825-10, including the elimination of the available-for-sale classification of equity investments, and it requires equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in operations. The update is effective for fiscal years beginning after December 2017. The Company is still assessing the impact that the adoption of ASU 2016-01 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 ASU 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 has adopted ASU-2016-09 during the year and it did not have material effect 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 December 15, 2017. The Company is still assessing the impact that the adoption of ASU 2016-15 will have on the consolidated statement of cash flows. In January 2017, the FAS issued ASU 2017-01, “Business Combinations: Clarifying the definition of a Business” which amends the current definition of a business. Under ASU 2017-01, to be considered a business, an acquisition would have to include an input and a substantive process that together significantly contributes to the ability to create outputs. ASU2017-01 further states that when substantially all of the fair value of gross assets acquitted is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. The new guidance also narrows the definition of the term “outputs” to be consistent with how it is described in Topic 606, Revenue from Contracts with Customers. The changes to the definition of a business will likely result in more acquisitions being accounted for as asset acquisitions. ASU 2017-01 is effective for acquisitions commencing on or after June 30, 2019, with early adoption permitted. Adoption of this guidance will be applied prospectively on or after the effective date. In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other” ASU 2017-04 simplifies the accounting for goodwill impairment by eliminating Step 2 of the current goodwill impairment test, which required a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which the reporting unit’s carrying value exceeds its fair value, limited to the carrying value of the goodwill. ASU 2017-04 is effective for financial statements issued for fiscal years, and interim periods beginning after December 15, 2019. In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting (ASU 2017-09). The FASB issued the update to provide clarity and reduce the cost and complexity when applying the guidance in Topic 718. The amendments in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. ASU 2017-09 is effective for the Company in the interim period ended June 30, 2018. The Company does not expect the impact of adopting ASU 2017-09 to be material on its consolidated financial statements and related disclosures. |
Inventory, Policy [Policy Text Block] | Inventory Inventory is stated at the lower of cost or net realizable value. Cost is recorded at standard cost, on the first-in, first-out basis. Work-in-progress and finished goods consist of materials, labor and allocated overhead. | Inventory Inventory is stated at the lower of cost or net realizable value. Cost is recorded at standard cost, which approximates actual cost, on the first-in first-out basis. Work in progress and finished goods consist of materials, labor and allocated overhead. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company has adopted ASU-2014-09 with an initial application date of April 1, 2018. The updated accounting policies, the impact on the June 30, 2018 unaudited condensed consolidated interim financial statements and additional disclosures are detailed as follows: The Company determines revenue recognition through the following steps: a) identification of the contract with a customer; b) identification of the performance obligation in the contract; c) determination of the transaction price; d) allocation of the transaction price for the performance obligations in the contract; and e) recognition of revenue when the Company satisfies a performance obligation. Revenue is recognized when control of a product is transferred to a customer. Revenue is measured based on the consideration specified in a contract with a customer, net of returns and discounts. Accruals for sales returns are calculated based on the best estimate of the amount of product that will ultimately be returned by customers, reflecting historical experience and the magnitude of non-conforming inventory claims made by the customers that have either been approved or are pending review. Contract liabilities are recorded when cash payments are received or due in advance of the Company’s performance. In the comparative period, revenue was measured at the fair value of the consideration received or receivable, net of returns and discounts and was recognized when the risks and rewards of ownership has transferred to the customer. No revenue was recognized if there was significant uncertainties regarding recovery of the consideration due, the costs incurred or to be incurred could not be measured reliably, or there was continuing management involvement with the goods. | 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. |
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 amounted to $75,065 and $64,957 at June 30, 2018 and March 31, 2018, respectively. The Company also sells extended warranties for additional periods beyond the standard warranty. Extended warranty revenue is deferred and recognized as revenue over the extended warranty period. The Company recognized $10,108 of expense related to the change in warranty reserves and warranty costs incurred and recorded as an expense in cost of goods sold during the three month period ended June 30, 2018 (June 30, 2017 $Nil). | 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 consolidated balance sheets and amounted to $64,957 at March 31, 2018 (March 31, 2017 - $64,957). The Company also sells extended warranties for additional periods beyond the standard warranty. Extended warranty revenue is deferred and recognized as revenue over the extended warranty period. The Company recognized $Nil of expenses related to warranty expenses incurred and recorded this expense in cost of goods sold for the year ended March 31, 2018 (March 31, 2017 - $nil). |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation 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] | Equipment Equipment is 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. Equipment is depreciated as follows: Computer & Electronics 50% per annum Furniture and Fixtures 20% per annum Demonstration Equipment 50% per annum Manufacturing Equipment 20% per annum Tools and Parts 20% per annum | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. The estimates are based on management’s best knowledge of current events and actions of the Company it may undertake in the future. Significant areas requiring the use of estimates relate to the valuation of inventory, revenue recognition, the useful life of equipment and intangible assets, impairment of goodwill and intangible assets. Actual results could differ from these estimates. | Use of Estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. The estimates based on management’s best knowledge of current events and actions of the Company may undertake in the future. Significant areas requiring the use of estimates relate to the valuation of inventory, revenue recognition, the useful life of equipment and intangible assets, impairment of goodwill and intangible assets, inputs to the fair value of shares to be issued, stock options and warrants. Actual results could differ from these estimates. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments ASC Topic 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Included in the ASC Topic 820 framework is a three level valuation inputs hierarchy with Level 1 being inputs and transactions that can be effectively fully observed by market participants spanning to Level 3 where estimates are unobservable by market participants outside of the Company and must be estimated using assumptions developed by the Company. The Company discloses the lowest level input significant to each category of asset or liability valued within the scope of ASC Topic 820 and the valuation method as exchange, income or use. The Company uses inputs, which are as observable as possible, and the methods most applicable to the specific situation of each company or valued item. The carrying amounts reported in the balance sheets for cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, due from related parties, demand loans, and convertible loans approximate fair value because of the short period of time between the origination of such instruments, 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. The Company has recognized shares to be issued, stock options and warrants, for which it did not as of March 31, 2018 have sufficient authorized share capital to issue, as a liability that is measured at fair value based on Level 1 inputs, for the component related to shares to be issued, and Level 3 inputs for the measurement of the stock options and warrants using a valuation model, as disclosed in Notes 11 & 12. This was reversed in the quarter ended June 30, 2018, when the Company’s authorized capital was increased from 250,000,000 to 500,000,000 and gain on mark to market valuation of $2,048,697 was recognized. 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 quarter ended June 30, 2018. | 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, accrued liabilities, due from related parties, demand loans, convertible loans and promissory note payable approximate fair value because of the short period of time between the origination of such instruments, 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. The Company has recognized shares to be issued, stock options and warrants, for which it did not as of March 31, 2018 have sufficient authorized share capital to issue, as a liability that is measured at fair value based on Level 1 inputs, for the component related to shares to be issued, and Level 3 inputs for the measurement of the stock options and warrants using a valuation model, as disclosed in Notes 11 & 12. 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. |
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 segment 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. Approximately 99% of the Company’s assets are US-based and all sales for the years ended March 31, 2018 and 2017 were made by the Company’s US subsidiary, Bionik, Inc. In addition, all of the Company’s technology and other assets and goodwill are connected to the acquisition by the Company in April 2016 of Bionik, Inc. Equipment connected to Bionik Inc. amounts to $120,910 and $39,051 is connected to equipment at the Company’s Canadian subsidiary Bionik Laboratories Inc. | |
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. | |
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 the Company’s income tax provision and results of operations. | |
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] | Impairment of Long-Lived Assets 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. | |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Indefinite Lived Intangible Assets The Company records goodwill when the purchase price of an acquisition exceeds the fair value of the net tangible and identified intangible assets acquired. Goodwill and indefinite lived intangible assets, consisting of the trademarks acquired (Note 4), are assessed for impairment annually, or more frequently if indicators of potential impairment exist, which includes evaluating qualitative and quantitative factors to assess the likelihood of an impairment of goodwill or indefinite lived intangible assets. The Company performs impairment tests using a fair value approach when necessary. None of the Company’s goodwill or indefinite lived intangibles was impaired as of March 31, 2018. Accordingly, no impairment loss has been recognized in the year ended March 31, 2018. |
CHANGE IN ACCOUNTING POLICY (Ta
CHANGE IN ACCOUNTING POLICY (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Disclosure Text Block [Abstract] | ||
Schedule of Changes in Accounting Policy [Table Text Block] | The following financial statement line items for the periods indicated were affected by the change in accounting principle. Income statement Period ended June 30, 2017 As originally reported As adjusted Effect of change Sales $ 87,520 $ 87,520 $ - Cost of Sales 29,300 29,300 - Total operating expenses 2,127,589 2,127,589 - Total other expenses 175,953 171,149 (4,804 ) Net loss and comprehensive loss for the period (2,245,322 ) (2,240,518 ) 4,804 Statement of cash flows As at June 30 2017 As originally reported As adjusted Effect of change Net loss for period $ (2,245,322 ) $ (2,240,518 ) $ 4,804 Adjustment for items not affecting cash and changes in non-cash working capital items 938,665 933,861 (4,804 ) Net cash used in operating activities (1,306,657 ) (1,306,657 ) - Net cash used in investing activities (15,600 ) (15,600 ) - Net cash provided by financing activities 1,625,038 1,625,038 - Net increase in cash and cash equivalents for the period 302,781 302,781 - Cash and cash equivalents, beginning of period 543,650 543,650 - Cash and cash equivalents, end of period 846,431 846,431 - | The following financial statement line items for the year ended March 31, 2017 were affected by the change in accounting principle. Income Statement As originally As of Effect Sales $ 571,945 $ 571,945 $ - Cost of Sales 388,756 388,756 - Total operating expenses 8,829,481 8,829,481 - Total other expenses (4,709,718 ) (576,890 ) (4,132,828 ) Net income (loss) and comprehensive loss for the Period (3,936,574 ) (8,069,402 ) (4,132,828 ) Basic loss per share (0.04 ) (0.09 ) (0.05 ) Diluted loss per share (0.04 ) (0.09 ) (0.05 ) Balance sheet As a result of the accounting policy change, the Company’s deficit as of April 1, 2017 increased from ($15,588,554), as originally reported under ASU No. 2016-01, to ($21,076,464) using ASU No. 2017-11. Balance Sheet As originally As at Effect Current assets $ 1,402,580 $ 1,402,580 $ - Capital assets 227,421 227,421 - Intangible assets 27,338,899 27,338,899 - Total assets $ 28,968,900 $ 28,968,900 $ - Warrant derivative liability 959,600 - (959,600 ) Other current liabilities 4,818,205 4,818,250 45 Total liabilities $ 5,777,805 $ 4,818,250 $ (959,555 ) Common stock 96,794 96,794 - Additional paid in capital 38,640,706 45,088,171 6,447,465 Deficit (15,588,554 ) (21,076,464 ) (5,487,910 ) Accumulated other comprehensive income 42,149 42,149 - Total shareholders’ equity $ 23,191,095 $ 24,150,650 $ 959,555 Total liabilities and shareholders’ equity $ 28,968,900 $ 28,968,900 $ - Statement of cash flows As originally As at Effect Net income (loss) for year $ (3,936,574 ) $ (8,069,402 ) $ (4,132,828 ) Adjustment for items not affecting cash and changes in non-cash working capital items (3,055,739 ) 1,077,089 4,132,828 Net cash (used in) operating activities (6,992,313 ) (6,992,313 ) - Net cash (used in) investing activities (170,790 ) (170,790 ) - Net cash provided by financing activities 2,324,996 2,324,996 - Net (decrease) in cash and cash equivalents for the year (4,838,107 ) (4,838,107 ) - Cash and cash equivalents, beginning of year 5,381,757 5,381,757 - Cash and cash equivalents, end of year $ 543,650 $ 543,650 $ - |
SIGNIFICANT ACCOUNTING POLICI27
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Schedule Of Equipment Method [Table Text Block] | The costs of improvements that extend the life of equipment are capitalized. All ordinary repair and maintenance costs are expensed as incurred. Equipment is depreciated as follows: Computer & Electronics 50% per annum Furniture and Fixtures 20% per annum Demonstration Equipment 50% per annum Manufacturing Equipment 20% per annum Tools and Parts 20% per annum |
ACQUISITION, TECHNOLOGY AND O28
ACQUISITION, TECHNOLOGY AND OTHER ASSETS (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Business Combinations [Abstract] | ||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The schedule below reflects the intangible assets acquired in the IMT acquisition on April 21, 2016 and the asset amortization period and expense for the three month period ended June 30, 2018 and the year ended March 31, 2018: Intangible Amortization Expense March Value at March Expense June Value at June assets acquired period (years) Value acquired 31, 2018 31, 2018 30, 2018 30, 2018 $ $ $ $ $ Patents and exclusive License 9.74 1,306,031 134,126 1,045,530 33,522 1,012,008 Trademark Indefinite 2,505,907 - 2,505,907 - 2,505,907 Customer relationships 10 1,431,680 143,206 1,153,543 35,792 1,117,751 Non-compete agreement 2 61,366 30,709 1,739 1,739 - Assembled Workforce 1 275,720 15,864 - - - 5,580,704 323,905 4,706,719 71,053 4,635,666 | The following sets forth the purchase price allocation based on management’s best estimates of fair value, including a summary of major classes of consideration transferred and the recognized amounts of assets acquired and liabilities assumed at the acquisition date. As at April 21, 2016 $ Fair value of 23,650,000 shares of common stock (a) 23,177,000 Fair value of vested stock options (b) 2,582,890 Allocation of purchase price: 25,759,890 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 (d) (1,436,164 ) Net assets acquired (2,129,089 ) Patents and exclusive License Agreement 1,306,031 Trademark 2,505,907 Customer relationships 1,431,680 Non compete agreement 61,366 Assembled Workforce 275,720 Goodwill 22,308,275 25,759,890 (a) The fair value of common stock was based on $0.98, which was the closing market price of the Company’s common stock on April 21, 2016. (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%, dividend and forfeiture rates of 0% and expected volatility of 114% which is consistent with the Company’s assumptions (Note 11). (c) Pro forma information has not been presented for IMT as these operations have been consolidated for all days in the year ended March 31, 2017 except 20 days from April 20, 2016. These 20 days are not considered material. (d) Included in the net assets acquired was a loan issued to IMT in the amount of $300,000 under normal commercial terms. The loan carried an interest rate of 6% and were secured by all the assets of IMT subject to a $200,000 subordination to a third party financial services company, which was released in April 2016. |
Business Acquisition, Pro Forma Information [Table Text Block] | (e) The schedule below reflects the intangible assets acquired in the IMT acquisition and the assets amortization period and expense for the year ended March 31, 2018: Amortization Value Expense Value at Expense Value at Intangible assets acquired period (years) acquired March 31, 2017 March 31, 2017 March 31, 2018 March 31, 2018 $ $ $ $ $ Patents and exclusive Licence Agreement 9.74 years 1,306,031 126,375 1,179,656 134,126 1,045,530 Trademark Indefinite 2,505,907 - 2,505,907 - 2,505,907 Customer relationships 10 1,431,680 134,931 1,296,749 143,206 1,153,543 Non compete agreement 2 61,366 28,918 32,448 30,709 1,739 Assembled workforce 1 275,720 259,856 15,864 15,864 - 5,580,704 550,080 5,030,624 323,905 4,706,719 |
PREPAID EXPENSES AND OTHER RE29
PREPAID EXPENSES AND OTHER RECEIVABLES (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | June 30, 2018 March 31, 2018 $ $ Prepaid expenses and sundry receivables 73,987 86,957 Prepaid inventory 261,626 301,104 Prepaid insurance 136,113 36,497 Sales taxes receivable (i) 13,712 9,097 485,438 433,655 (i) Sales tax receivable represents net harmonized sales taxes (HST) input tax credits receivable from the Government of Canada. | March 31, March 31, $ $ Prepaid expenses and other receivables 86,957 68,484 Prepaid inventory 301,104 - Prepaid insurance 36,497 136,896 Sales taxes receivable (i) 9,097 22,667 433,655 228,047 i) Sales tax receivable represents net harmonized sales taxes (HST) input tax credits receivable from the Government of Canada. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | ||
Schedule of Inventory, Current [Table Text Block] | June 30, 2018 March 31, 2018 $ $ Raw materials 124,795 237,443 Work in Progress 31,000 - 155,795 237,443 | March 31, March 31, 2018 2017 $ $ Raw Materials 237,443 119,985 Work in Progress - 108,264 237,443 228,249 |
EQUIPMENT (Tables)
EQUIPMENT (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Property, Plant and Equipment [Table Text Block] | Equipment consisted of the following as at June 30, 2018 and March 31, 2018: June 30, 2018 March 31, 2018 Accumulated Accumulated Cost Depreciation Net Cost Depreciation Net $ $ $ $ $ $ Computers and electronics 264,349 227,977 36,372 256,505 223,750 32,755 Furniture and fixtures 36,795 28,481 8,314 36,795 28,051 8,744 Demonstration equipment 200,186 116,798 83,388 200,186 105,441 94,745 Manufacturing equipment 88,742 85,819 2,923 88,742 85,668 3,074 Tools and parts 11,422 6,020 5,402 11,422 5,741 5,681 Assets under capital lease 23,019 9,208 13,811 23,019 8,057 14,962 624,513 474,303 150,210 616,669 456,708 159,961 | Equipment consisted of the following as at March 31, 2018 and March 31, 2017: March 31, 2018 March 31, 2017 Accumulated Accumulated Cost Depreciation Net Cost Depreciation Net $ $ $ $ $ $ Computers and electronics 256,505 223,750 32,755 250,538 204,258 46,280 Furniture and fixtures 36,795 28,051 8,744 36,795 26,096 10,699 Demonstration equipment 200,186 105,441 94,745 184,586 44,420 140,166 Manufacturing equipment 88,742 85,668 3,074 88,742 84,982 3,760 Tools and parts 11,422 5,741 5,681 11,422 4,472 6,950 Assets under capital lease 23,019 8,057 14,962 23,019 3,453 19,566 Balance 616,669 456,708 159,961 595,102 367,681 227,421 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Convertible Debt [Table Text Block] | Balance, March 31, 2018 $ 51,479 Accrued interest 1,496 Repayment 52,975 Balance, June 30, 2018 $ - | Balance, March 31, 2016 $ - Additional principal investment 2,000,000 Accrued Interest 17,488 Balance, March 31, 2017 2,017,488 Additional principal investment 2,999,975 Fair value of warrants (548,178 ) Accretion expense 548,178 Accrued Interest 1,037,067 Conversion of principal and interest (6,054,530 ) Balance, March 31, 2018 $ - |
Schedule of Short-term Debt [Table Text Block] | Balance, March 31, 2017 $ - Additional principal investment 500,000 Accrued Interest 33,556 Conversion of principal and interest (533,556 ) Balance, March 31, 2018 $ - | |
Schedule of Conversion of Notes Payable [Table Text Block] | March 31, 2018 Principal Interest Premium Total Beneficial Number of Convertible Notes Payable (December 2016 to December 2017) $ 4,999,975 $ 1,054,555 $ 1,249,994 $ 7,304,523 $ 762,301 116,919,141 Chinese Convertible Loan $ 500,000 $ 33,556 - $ 533,556 $ 76,230 9,394,346 Convertible Notes Payable (December 2017 to March 2018) $ 3,611,400 $ 201,928 - $ 3,813,328 $ 550,598 61,037,660 Total $ 9,111,375 $ 1,290,039 $ 1,249,994 $ 11,651,407 $ 1,389,129 187,351,147 | |
Schedule of Convertible Debt Fair Value [Table Text Block] | At issuance Conversion feature fair value At June 30, 2018 Principal Beneficial conversion Anti-dilution Fair value of debt Accretion expense Interest Ending balance Convertible promissory note $ 2,965,971 $ 368,936 $ 1,042,632 $ 1,554,403 $ 134,251 $ 3,533 $ 1,692,187 | |
Schedule of Convertible Debt Beneficial Conversion Feature Table text Block [Table Text Block] | Conversion feature fair value Beneficial conversion Anti-dilution Total At Issuance $ 368,936 $ 1,042,632 $ 1,411,568 Fair value adjustment 60,304 (16,217 ) 44,087 Ending balance at June 30, 2018 $ 429,240 $ 1,026,415 $ 1,455,655 | |
Convertible Debt [Member] | ||
Schedule of Short-term Debt [Table Text Block] | Balance, March 31, 2017 - Additional principal investment 3,611,400 Accrued Interest 201,928 Conversion of principal and interest (3,813,328 ) Balance, March 31, 2018 $ - | |
Demand Notes payable [Member] | ||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Balance, March 31, 2016 $ - Acquisition of IMT (Note 4) 324,894 Accrued interest 5,706 Balance, March 31, 2017 330,600 Accrued interest 8,497 Repayment of principal (208,359 ) Repayment of interest (79,259 ) Balance, March 31, 2018 $ 51,479 | |
Promissory Note [Member] | ||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Balance, March 31, 2016 $ - Acquisition of IMT 217,808 Accrued Interest 18,740 Balance, March 31, 2017 236,548 Accrued interest 12,957 Repayment of principal (200,000 ) Repayment of interest (49,505 ) Balance, March 31, 2018 $ - |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | ||
Schedule of Stockholders Equity [Table Text Block] | June 30, 2018 March 31, 2018 Number of Number of shares $ shares $ Exchangeable Shares: Balance beginning of year 44,271,880 44,273 47,909,336 47,910 Converted into common shares (a) (3,000,000 ) (3,000 ) (3,637,456 ) (3,637 ) Balance at the end of period 41,271,880 41,273 44,271,880 44,273 Common Shares Balance at beginning of the period 205,328,106 205,326 48,885,107 48,884 Shares issued to exchangeable shares 3,000,000 3,000 3,637,456 3,637 Shares issued on conversion of loans (b) 39,545,776 39,546 147,805,371 147,805 Warrants exercised - - 5,000,172 5,000 Balance at end of the period 247,873,882 247,872 205,328,106 205,326 TOTAL SHARES 289,145,762 289,145 249,599,986 249,599 a. During the three month period ended June 30, 2018, 3,000,000 exchangeable shares were exchanged on a 1 for 1 basis in accordance with their terms. (March 31, 2018 – 3,637,456). b. During the three month period ended June 30, 2018, 39,545,776 shares of common stock were issued once the Company increased its authorized shares of common stock from 250,000,000 to 500,000,000. These shares relate to convertible loans and interest that converted on March 31, 2018 and were recorded as a liability on March 31, 2018 until the shares were issued on June 12, 2018. The liability was reclassified at June 12, 2018 into equity by recording the original value of $2,470,622 of the shares to be issued, as well as the fair value of options and warrants at June 12, 2018 net of fair value of options issued in the period ended June 12, 2018 of $1,173,534, which was charged to equity and a $2,048,697 gain on the fair value reevaluation was recognized as other income in the Statement of Operations and Comprehensive Loss. | March 31, 2018 March 31, 2017 Number of shares $ Number of shares $ Exchangeable Shares: Balance beginning of year 47,909,336 47,910 50,000,000 50,000 Converted into common shares (e) (3,637,456 ) (3,637 ) (2,090,664 ) (2,090 ) Balance at end of year 44,271,880 44,273 47,909,336 47,910 Common Shares Balance at beginning of the year 48,885,107 48,884 22,591,292 22,591 Shares issued on acquisition (Note 4) - - 23,650,000 23,650 Shares issued to exchangeable shareholders (e) 3,637,456 3,637 2,090,664 2,090 Shares issued for services (d) - - 217,047 217 Shares issued on conversion of loans (b) 147,805,371 147,805 - - Options exercised (Note 11) - - 110,096 110 Warrants exercised (a) 5,000,172 5,000 174,759 175 Cashless exercise of warrants (c) - - 51,249 51 Balance at end of the year 205,328,106 205,326 48,885,107 48,884 TOTAL SHARES 249,599,986 249,599 96,794,443 96,794 (a) During the year ended March 31, 2018, the Company consummated an offer to amend and exercise to its warrant holders, enabling them to exercise their outstanding warrants for $0.25 per share, and as a result, 5,000,172 common shares were issued for net proceeds of $1,125,038 (Note 12). (b) During the year ended March 31, 2018, the Company converted $9,171,604 of notes payable and interest into 147,805,371 common shares. Under the terms of this conversion the remaining $1,220,629 of principal and interest was required to be converted into 39,545,776 common shares, but were unable to be issued as a result of the Company not having enough authorized shares. The $2,470,622 value of these shares at March 31, 2018 has been classified as a liability until the common shares can be issued. In addition, there was a $376,674 loss recorded in the year connected to the difference of the $2,847,296 market value of the shares at March 31, 2018 and the value of these shares which resulted on the conversion of notes payable, the exercise price of which was based on a 30 day VWAP. (c) During the year ended March 31, 2017, 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. (d) The Company issued 217,047 common shares during the year ended March 31, 2017 for consulting services and recognized $59,500 of share compensation expense. (e) During the year ended March 31, 2018, 3,637,456 exchangeable shares were exchanged for common shares on a 1 for 1 basis in accordance with their terms. (March 31, 2017 – 2,090,664 shares) |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | These options at their respective grant dates were valued using the Black-Scholes option pricing model with the following key assumptions: Expected life in Risk Dividend Forfeiture Expected Grant date fair Grant date years free rate rate rate volatility value February 17, 2015 3.89 1.59 % 0 % 0 % 114 % $ 136,613 July 1, 2014 3.25 1.59 % 0 % 0 % 114 % $ 1,259,487 June 20, 2014 3.22 1.59 % 0 % 0 % 114 % $ 118,957 April 1, 2014 3.01 1.59 % 0 % 0 % 114 % $ 230,930 November 24, 2015 4.65 1.59 % 0 % 0 % 114 % $ 694,384 December 14, 2015 4.71 1.59 % 0 % 0 % 114 % $ 1,260,437 April 21, 2016 6.11 1.59 % 0 % 0 % 114 % $ 2,582,890 April 26, 2016 5.07 1.59 % 0 % 0 % 114 % $ 213,750 August 8, 2016 5.36 1.59 % 0 % 0 % 114 % $ 652,068 February 6, 2017 5.86 1.59 % 0 % 0 % 114 % $ 245,200 February 13, 2017 5.88 1.59 % 0 % 0 % 114 % $ 148,750 August 3, 2017 6.35 1.59 % 0 % 0 % 114 % $ 387,209 September 1, 2017 9.43 1.59 % 0 % 0 % 114 % 1,832,304 January 24, 2018 6.82 1.59 % 0 % 0 % 114 % $ 491,036 | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Options Weighted-Average Outstanding, March 31, 2017 9,903,650 0.59 Issued 17,855,354 0.155 Exercised - - Expired - - Cancelled (2,159,126 ) 0.65 Outstanding, March 31, 2018 25,599,878 0.50 | |
Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block] | The following is a summary of stock options outstanding and exercisable as of June 30, 2018: Exercise Price ($) Number of Options Expiry Date Exercisable Options 0.165 154,134 April 1, 2021 154,134 0.23 94,368 June 20, 2021 94,368 0.23 1,981,728 July 1, 2021 1,981,728 0.23 141,557 February 17, 2022 141,557 1.22 400,000 November 24, 2022 266,667 1.00 1,936,667 December 14, 2022 1,633,333 0.95 111,937 March 28, 2023 111,937 1.05 433,027 March 28, 2023 433,027 1.00 250,000 April 26, 2023 166,667 1.00 250,000 August 8, 2023 250,000 0.70 400,000 February 6, 2024 133,333 0.68 250,000 February 13, 2024 250,000 0.95 31,620 March 3, 2024 31,620 1.05 122,324 March 3, 2024 122,324 0.95 6,324 March 14, 2024 6,324 1.05 24,465 March 14,2024 24,465 0.95 72,727 September 30, 2024 72,727 1.05 281,345 September 30, 2024 281,345 0.95 3,478 June 2, 2025 3,478 1.05 13,456 June 2, 2025 13,456 0.25 66,298 December 30, 2025 66,298 0.95 49,160 December 30, 2025 27,261 0.161 12,215,354 September 1, 2027 2,035,892 0.155 3,365,000 January 24, 2025 - 0.0649 6,000,000 April 19, 2028 6,000,000 0.0462 750,000 June 10, 2025 - 29,404,696 14,301,941 | The following is a summary of stock options outstanding and exercisable as of March 31, 2018: Exercise Price ($) Number of Options Expiry Date Exercisable Options 0.165 264,230 April 1, 2021 264,230 0.23 97,514 June 20, 2021 97,514 0.23 1,981,728 July 1, 2021 1,981,728 0.23 141,557 February 17, 2022 141,557 1.22 400,000 November 24, 2022 266,667 1.00 1,993,334 December 14, 2022 1,676,667 0.95 111,937 March 28, 2023 111,937 1.05 433,027 March 28, 2023 433,027 1.00 250,000 April 26, 2023 83,333 1.00 750,000 August 8, 2023 250,000 0.70 400,000 February 6, 2024 133,333 0.68 250,000 February 13, 2024 166,667 0.95 31,620 March 3, 2024 31,620 1.05 122,324 March 3, 2024 122,324 0.95 6,324 March 14, 2024 6,324 1.05 24,465 March 14, 2024 24,465 0.95 72,727 September 30, 2024 72,727 1.05 281,345 September 30, 2024 281,345 0.95 3,478 June 2, 2025 3,478 1.05 13,456 June 2, 2025 13,456 0.25 66,298 December 30, 2025 66,298 0.95 49,160 December 30, 2025 27,261 0.21 2,000,000 August 3, 2024 - 0.161 12,215,354 September 1, 2027 2,035,892 0.155 3,640,000 January 24, 2025 - 25,599,878 8,291,850 |
Schedule of Share-based Payment Award,Reclassification of Stock Options, Valuation Assumptions [Table Text Block] | As the Company does not have sufficient authorized shares of common stock to cover its options issued, a valuation of these options was done at March 31, 2018 and the resulting liability of $1,451,393 has been recorded in the consolidated balance sheet as shares to be issued, stock options and warrants. Grant Date Expected Life Risk Free rate Dividend rate Forfeiture Rate Expected Volatility Remeasured February 17, 2015 3.89 1.59 % 0 % 0 % 135 % $ 7,122 July 1, 2014 3.25 1.59 % 0 % 0 % 135 % $ 90,472 June 20, 2014 3.22 1.59 % 0 % 0 % 135 % $ 4,428 April 1, 2014 3.01 1.59 % 0 % 0 % 135 % $ 12,437 November 24, 2015 4.65 1.59 % 0 % 0 % 135 % $ 16,327 December 14, 2015 4.71 1.59 % 0 % 0 % 135 % $ 85,833 April 21, 2016 6.39 1.59 % 0 % 0 % 118 % $ 53,853 April 26, 2016 5.07 1.59 % 0 % 0 % 114 % $ 11,430 August 8, 2016 5.36 1.59 % 0 % 0 % 114 % $ 35,722 February 6, 2017 5.86 1.59 % 0 % 0 % 114 % $ 16,969 February 13, 2017 5.88 1.59 % 0 % 0 % 114 % $ 10,703 August 3, 2017 6.35 1.59 % 0 % 0 % 114 % $ 109,970 September 1, 2017 9.43 1.59 % 0 % 0 % 114 % $ 782,966 January 24, 2018 6.82 1.59 % 0 % 0 % 114 % $ 213,161 1,451,393 |
WARRANTS (Tables)
WARRANTS (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
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 Exercise Price ($) Outstanding and exercisable, March 31, 2015 10,823,450 1.35 Issued 7,225,625 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, March 31, 2017 17,638,243 1.35 Exercised (5,000,172 ) 0.25 Issued in connection with anti-dilution provision connected to warrant transaction 83,752 0.749 Issued in connection with anti-dilution provision connected to warrant transaction 941,191 1.2933 Issued in connection to the warrant transaction to the broker 400,014 0.25 Issued in connection with the conversion of loans and interest into common shares 16,006,322 0.0625 Issued in connection with the conversion of loans and interest into common shares 2,348,587 0.60 Issued in connection with anti-dilution provision connected to warrant transaction 20,458,058 0.4868 Issued in connection with anti-dilution provision connected to warrant transaction 2,019,583 0.2952 Outstanding at June 30, 2018 and March 31, 2018 54,895,578 0.3546 | The following is a continuity schedule of the Company’s common share purchase warrants: Number of Warrants Weighted-Average Outstanding and exercisable, March 31, 2015 10,823,450 1.35 Issued 7,225,625 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, March 31, 2017 17,638,243 1.35 Exercised (5,000,172 ) 0.25 Issued in connection with anti-dilution provision connected warrant transaction 83,752 0.749 Issued in connection with anti-dilution provision connected warrant transaction 941,191 1.2933 Issued in connection to the warrant transaction to the broker 400,014 0.25 Issued in connection with conversion of loans and interest into common shares 16,006,322 0.0625 Issued in connection with conversion of loans and interest into common shares 2,348,587 0.60 Issued in connection with anti-dilution provision connected with issuance of common shares 20,458,058 0.4868 Issued in connection with anti-dilution provision connected with issuance of common shares 2,019,583 0.2952 Outstanding and exercisable, March 31, 2018 54,895,578 $ 0.3546 |
Schedule of Common Share Purchase Warrants Outstanding [Table Text Block] | The following is a summary of common share purchase warrants as of June 30, 2018: Exercise Price ($) Number of Warrants Expiry Date 0.60 2,348,587 March 31, 2023 0.4868 15,603,103 February 26, 2019 0.4868 3,265,093 March 27, 2019 0.4868 871,813 March 31, 2019 0.4868 6,759,081 April 21, 2019 0.4868 3,191,037 May 27,2019 0.4868 3,117,199 June 30, 2019 0.2952 3,333,328 February 26, 2019 0.25 400,014 June 27, 2020 0.0625 9,603,842 August 14, 2022 0.0625 6,402,481 March 31, 2022 54,895,578 | The following is a summary of common share purchase warrants outstanding after the warrant offer to amend and exercise the additional warrant issue and the re-pricing of the warrants as of March 31, 2018. Exercise Price ($) Number of Warrants Expiry Date 0.60 2,348,587 March 31, 2023 0.4868 15,603,103 February 26, 2019 0.4868 3,265,093 March 27, 2019 0.4868 871,813 March 31, 2019 0.4868 6,759,081 April 21, 2019 0.4868 3,191,037 May 27, 2019 0.4868 3,117,199 June 30, 2019 0.2952 3,333,328 February 26, 2019 0.25 400,014 June 27, 2020 0.0625 9,603,842 August 14, 2022 0.0625 6,402,481 March 31, 2022 54,895,578 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Exercise Number of Expiry Date Expected life Risk free Dividend Forfeiture Expected Remeasured 0.6 2,348,587 31-Mar-23 5 1.59 % 0 % 0 % 135 % 116,142 0.4868 15,603,103 26-Feb-19 0.92 1.59 % 0 % 0 % 135 % 100,281 0.4868 3,265,093 27-Mar-19 1 1.59 % 0 % 0 % 135 % 24,815 0.4868 871,813 31-Mar-19 1 1.59 % 0 % 0 % 135 % 6,769 0.4868 6,759,081 21-Apr-19 1.08 1.59 % 0 % 0 % 135 % 58,358 0.4868 3,191,037 27-May-19 1.16 1.59 % 0 % 0 % 135 % 32,276 0.4868 3,117,199 30-Jun-19 1.25 1.59 % 0 % 0 % 135 % 36,116 0.2952 3,333,328 26-Feb-19 0.92 1.59 % 0 % 0 % 135 % 38,423 0.0625 9,603,842 14-Aug-22 4.38 1.59 % 0 % 0 % 135 % 593,355 0.0625 6,402,481 31-Mar-22 4 1.59 % 0 % 0 % 135 % 387,529 54,495,564 1,394,164 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Components of net (loss) before income taxes consists of the following: March 31 March 31 $ $ U.S. (12,281,398 ) (6,056,384 ) Canada (2,344,392 ) (2,013,018 ) (14,625,790 ) (8,069,402 ) Net (loss) for the year before recovery of income taxes (14,625,790 ) (8,069,402 ) Statutory rate 34.04 % 35 % Expected income tax (recovery) expense (4,978,619 ) (2,824,291 ) Tax rate changes and other basis adjustments 1,748,278 44,238 Stock-based compensation 524,412 350,683 Difference in Foreign Tax Rates 184,414 - Accretion 659,458 - Share premium 425,497 - Non-deductible expense 339,296 (132,076 ) Net DTA acquired - (546,122 ) Change in valuation allowance 1,097,264 3,107,568 Recovery of income taxes - - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The following deferred tax assets have not been recognized. 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, $ $ Equipment 70,350 73,520 Share issue costs 510 1,456 SR&ED pool 690,320 464,746 Other 535,510 629,266 Non-capital losses – Canada 2,515,170 2,067,203 Net operating losses – U.S. 4,331,850 4,534,710 Valuation allowance (7,017,430 ) (5,956,118 ) 1,126,280 1,814,783 Intangibles and other (1,126,280 ) (1,814,783 ) - - |
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, 2018: United States – Federal 2014 – present United States – State 2014 – present Canada – Federal 2013 – present Canada – Provincial 2013 – present |
NATURE OF OPERATIONS (Details T
NATURE OF OPERATIONS (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Apr. 21, 2016 | Feb. 26, 2015 | Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2014 | |
Working Capital Surplus (Deficit) | $ 3,152,267 | $ 6,711,941 | $ 3,415,670 | ||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (760,698) | $ (2,240,518) | $ (14,625,790) | $ (8,069,402) | |||
Common Stock, Shares Authorized | 500,000,000 | 250,000,000 | 150,000,000 | 200,000,000 | |||
Retained Earnings (Accumulated Deficit) | $ (36,537,038) | $ (35,776,340) | $ (21,076,464) | ||||
Interactive Motion Technologies, Inc. [Member] | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 23,650,000 | ||||||
Share Exchange Agreement [Member] | |||||||
Stock Issued During Period, Shares, New Issues | 50,000,000 | ||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 100.00% |
CHANGE IN ACCOUNTING POLICY (De
CHANGE IN ACCOUNTING POLICY (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Sales | $ 501,333 | $ 87,520 | $ 987,431 | $ 571,945 |
Cost of Sales | 253,163 | 29,300 | 402,665 | 388,756 |
Total operating expenses | 2,882,941 | 2,127,589 | 10,354,032 | 8,829,481 |
Total other expenses | (1,874,073) | 171,149 | 4,856,524 | (576,890) |
Net loss and comprehensive loss for the period | $ (760,698) | $ (2,240,518) | $ (14,625,790) | $ (8,069,402) |
Loss per share – basic | $ 0 | $ (0.02) | $ (0.14) | $ (0.09) |
Diluted loss per share | $ 0 | $ (0.02) | $ (0.14) | $ (0.09) |
Previously Reported [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Sales | $ 87,520 | $ 571,945 | ||
Cost of Sales | 29,300 | 388,756 | ||
Total operating expenses | 2,127,589 | 8,829,481 | ||
Total other expenses | 175,953 | (4,709,718) | ||
Net loss and comprehensive loss for the period | (2,245,322) | $ (3,936,574) | ||
Loss per share – basic | $ (0.04) | |||
Diluted loss per share | $ (0.04) | |||
Scenario, Adjustment [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Sales | 0 | $ 0 | ||
Cost of Sales | 0 | 0 | ||
Total operating expenses | 0 | 0 | ||
Total other expenses | (4,804) | 4,132,828 | ||
Net loss and comprehensive loss for the period | $ 4,804 | $ (4,132,828) | ||
Loss per share – basic | $ (0.05) | |||
Diluted loss per share | $ (0.05) |
CHANGE IN ACCOUNTING POLICY (39
CHANGE IN ACCOUNTING POLICY (Details 1) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net loss for period | $ (760,698) | $ (2,240,518) | $ (14,625,790) | $ (8,069,402) |
Adjustment for items not affecting cash and changes in non-cash working capital items | 933,861 | 1,077,089 | ||
Net cash used in operating activities | (2,421,086) | (1,306,657) | (7,710,862) | (6,992,313) |
Net cash used in investing activities | (7,844) | (15,600) | (21,567) | (170,790) |
Net cash provided by financing activities | 2,881,323 | 1,625,038 | 7,696,090 | 2,324,996 |
Net increase in cash and cash equivalents for the period | 452,393 | 302,781 | (36,339) | (4,838,107) |
Cash and cash equivalents, beginning of period | 507,311 | 543,650 | 543,650 | 5,381,757 |
Cash and cash equivalents, end of period | $ 959,704 | 846,431 | 507,311 | 543,650 |
Previously Reported [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net loss for period | (2,245,322) | (3,936,574) | ||
Adjustment for items not affecting cash and changes in non-cash working capital items | 938,665 | (3,055,739) | ||
Net cash used in operating activities | (1,306,657) | (6,992,313) | ||
Net cash used in investing activities | (15,600) | (170,790) | ||
Net cash provided by financing activities | 1,625,038 | 2,324,996 | ||
Net increase in cash and cash equivalents for the period | 302,781 | (4,838,107) | ||
Cash and cash equivalents, beginning of period | 543,650 | 543,650 | 5,381,757 | |
Cash and cash equivalents, end of period | 846,431 | 543,650 | ||
Scenario, Adjustment [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net loss for period | 4,804 | (4,132,828) | ||
Adjustment for items not affecting cash and changes in non-cash working capital items | (4,804) | 4,132,828 | ||
Net cash used in operating activities | 0 | 0 | ||
Net cash used in investing activities | 0 | 0 | ||
Net cash provided by financing activities | 0 | 0 | ||
Net increase in cash and cash equivalents for the period | 0 | 0 | ||
Cash and cash equivalents, beginning of period | 0 | $ 0 | 0 | |
Cash and cash equivalents, end of period | $ 0 | $ 0 |
CHANGE IN ACCOUNTING POLICY (40
CHANGE IN ACCOUNTING POLICY (Details 2) - USD ($) | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Apr. 02, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Current assets | $ 1,989,664 | $ 1,410,036 | $ 1,402,580 | ||||
Capital assets | 150,210 | 159,961 | 227,421 | ||||
Total assets | 29,083,815 | 28,584,991 | 28,968,900 | ||||
Other current liabilities | 5,141,931 | 8,121,977 | 4,818,250 | ||||
Common stock | 289,145 | 249,599 | 96,794 | ||||
Additional paid in capital | 60,147,628 | 55,947,606 | 45,088,171 | ||||
Deficit | (36,537,038) | (35,776,340) | (21,076,464) | ||||
Accumulated other comprehensive income | 42,149 | 42,149 | 42,149 | ||||
Total shareholders' equity | 23,941,884 | 20,463,014 | $ 48,884 | $ 23,491,008 | 24,150,650 | $ 5,399,851 | |
Total liabilities and shareholders' equity | $ 29,083,815 | $ 28,584,991 | 28,968,900 | ||||
Previously Reported [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Current assets | 1,402,580 | ||||||
Capital assets | 227,421 | ||||||
Intangible assets | 27,338,899 | ||||||
Total assets | 28,968,900 | ||||||
Warrant derivative liability | 959,600 | ||||||
Other current liabilities | 4,818,205 | ||||||
Total liabilities | 5,777,805 | ||||||
Common stock | 96,794 | ||||||
Additional paid in capital | 38,640,706 | ||||||
Deficit | (15,588,554) | ||||||
Accumulated other comprehensive income | 42,149 | ||||||
Total shareholders' equity | 23,191,095 | ||||||
Total liabilities and shareholders' equity | 28,968,900 | ||||||
Scenario, Adjustment [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Current assets | 1,402,580 | ||||||
Capital assets | 227,421 | ||||||
Intangible assets | 27,338,899 | ||||||
Total assets | 28,968,900 | ||||||
Warrant derivative liability | 0 | ||||||
Other current liabilities | 4,818,250 | ||||||
Total liabilities | 4,818,250 | ||||||
Common stock | 96,794 | ||||||
Additional paid in capital | 45,088,171 | ||||||
Deficit | (21,076,464) | ||||||
Accumulated other comprehensive income | 42,149 | ||||||
Total shareholders' equity | 24,150,650 | ||||||
Total liabilities and shareholders' equity | $ 28,968,900 | ||||||
Effect Of Change [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Current assets | $ 0 | ||||||
Capital assets | 0 | ||||||
Intangible assets | 0 | ||||||
Total assets | 0 | ||||||
Warrant derivative liability | (959,600) | ||||||
Other current liabilities | 45 | ||||||
Total liabilities | (959,555) | ||||||
Common stock | 0 | ||||||
Additional paid in capital | 6,447,465 | ||||||
Deficit | (5,487,910) | ||||||
Accumulated other comprehensive income | 0 | ||||||
Total shareholders' equity | 959,555 | ||||||
Total liabilities and shareholders' equity | $ 0 |
CHANGE IN ACCOUNTING POLICY (41
CHANGE IN ACCOUNTING POLICY (Details Textual) - USD ($) | Jun. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retained Earnings (Accumulated Deficit) | $ (36,537,038) | $ (35,776,340) | $ (21,076,464) |
Previously Reported [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retained Earnings (Accumulated Deficit) | $ (15,588,554) |
SIGNIFICANT ACCOUNTING POLICI42
SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2014 | |
Significant Accounting Policies [Line Items] | |||||
Standard and Extended Product Warranty Accrual | $ 75,065 | $ 64,957 | $ 64,957 | ||
Product Warranty Expense | $ 10,108 | $ 0 | $ 0 | ||
Disclosure on Geographic Areas, Long-Lived Assets | Approximately 99% of the Company’s assets are US-based and all sales for the years ended March 31, 2018 and 2017 were made by the Company’s US subsidiary, Bionik, Inc. In addition, all of the Company’s technology and other assets and goodwill are connected to the acquisition by the Company in April 2016 of Bionik, Inc. Equipment connected to Bionik Inc. amounts to $120,910 and $39,051 is connected to equipment at the Company’s Canadian subsidiary Bionik Laboratories Inc. | ||||
Common Stock, Shares Authorized | 500,000,000 | 250,000,000 | 150,000,000 | 200,000,000 | |
(Gain) loss on market to market revaluation | $ (2,048,697) | $ 0 | $ 376,674 | $ 0 | |
Computer And Electronics [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Percentage Of Depreciated Per Annum | 50.00% | ||||
Furniture and Fixtures [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Percentage Of Depreciated Per Annum | 20.00% | ||||
Demonstration Equipment [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Percentage Of Depreciated Per Annum | 50.00% | ||||
Manufacturing Equipment [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Percentage Of Depreciated Per Annum | 20.00% | ||||
Tool and Parts [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Percentage Of Depreciated Per Annum | 20.00% | ||||
Equipment [Member] | CANADA | |||||
Significant Accounting Policies [Line Items] | |||||
Equipment, Net | $ 39,051 | ||||
Equipment [Member] | UNITED STATES | |||||
Significant Accounting Policies [Line Items] | |||||
Equipment, Net | $ 120,910 |
ACQUISITION, TECHNOLOGY AND O43
ACQUISITION, TECHNOLOGY AND OTHER ASSETS (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Apr. 21, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | $ 5,580,704 | ||||
Amortization of Intangible Assets | $ 71,053 | $ 92,949 | $ 323,905 | $ 550,080 | |
Intangible Assets, Net (Excluding Goodwill) | 4,635,666 | 4,706,719 | 5,030,624 | ||
Patents and exclusive License Agreement [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 9 years 8 months 26 days | ||||
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | $ 1,306,031 | ||||
Amortization of Intangible Assets | 33,522 | 134,126 | 126,375 | ||
Intangible Assets, Net (Excluding Goodwill) | 1,012,008 | 1,045,530 | 1,179,656 | ||
Trademark [Member] | |||||
Finite Lived Intangible Asset Useful Life Description | Indefinite | ||||
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | $ 2,505,907 | ||||
Amortization of Intangible Assets | 0 | 0 | 0 | ||
Intangible Assets, Net (Excluding Goodwill) | 2,505,907 | 2,505,907 | 2,505,907 | ||
Customer relationships [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | $ 1,431,680 | ||||
Amortization of Intangible Assets | 35,792 | 143,206 | 134,931 | ||
Intangible Assets, Net (Excluding Goodwill) | 1,117,751 | 1,153,543 | 1,296,749 | ||
Non - compete agreement [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||||
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | $ 61,366 | ||||
Amortization of Intangible Assets | 1,739 | 30,709 | 28,918 | ||
Intangible Assets, Net (Excluding Goodwill) | 0 | 1,739 | 32,448 | ||
Assembled Workforce [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 1 year | ||||
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | $ 275,720 | ||||
Amortization of Intangible Assets | 0 | 15,864 | 259,856 | ||
Intangible Assets, Net (Excluding Goodwill) | $ 0 | $ 0 | $ 15,864 |
ACQUISITION, TECHNOLOGY AND O44
ACQUISITION, TECHNOLOGY AND OTHER ASSETS (Details 1) - USD ($) | 1 Months Ended | ||||
Apr. 21, 2016 | Jun. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | ||
Business Acquisition [Line Items] | |||||
Fair value of 23,650,000 shares of common stock | [1] | $ 23,177,000 | |||
Fair value of vested stock options | [2] | 2,582,890 | |||
Allocation of purchase price: | 25,759,890 | ||||
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) | ||||
Goodwill | 22,308,275 | $ 22,308,275 | $ 22,308,275 | $ 22,308,275 | |
Total Allocation of purchase price | 25,759,890 | ||||
Patents and exclusive License Agreement [Member] | |||||
Liabilities assumed: | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 1,306,031 | ||||
Customer Relationships [Member] | |||||
Liabilities assumed: | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 1,431,680 | ||||
Non compete agreement [Member] | |||||
Liabilities assumed: | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 61,366 | ||||
Assembled Workforce [Member] | |||||
Liabilities assumed: | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 275,720 | ||||
Trademarks [Member] | |||||
Liabilities assumed: | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 2,505,907 | ||||
[1] | The fair value of common stock was based on $0.98, which was the closing market price of the Company’s common stock on April 21, 2016. | ||||
[2] | The fair value of the vested stock options was determined using the Black Scholes option pricing model with the following key assumptions: a risk free rate of 1.59%, dividend and forfeiture rates of 0% and expected volatility of 114% which is consistent with the Company’s assumptions (Note 11). |
ACQUISITION, TECHNOLOGY AND O45
ACQUISITION, TECHNOLOGY AND OTHER ASSETS (Details 2) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Apr. 21, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Business Acquisition [Line Items] | |||||
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | $ 5,580,704 | ||||
Amortization of Intangible Assets | $ 71,053 | $ 92,949 | $ 323,905 | $ 550,080 | |
Intangible Assets, Net (Excluding Goodwill) | 4,635,666 | 4,706,719 | 5,030,624 | ||
Patents and exclusive License Agreement [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 9 years 8 months 26 days | ||||
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | $ 1,306,031 | ||||
Amortization of Intangible Assets | 33,522 | 134,126 | 126,375 | ||
Intangible Assets, Net (Excluding Goodwill) | 1,012,008 | 1,045,530 | 1,179,656 | ||
Trademark [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | Indefinite | ||||
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | $ 2,505,907 | ||||
Amortization of Intangible Assets | 0 | 0 | 0 | ||
Intangible Assets, Net (Excluding Goodwill) | 2,505,907 | 2,505,907 | 2,505,907 | ||
Customer relationships [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | $ 1,431,680 | ||||
Amortization of Intangible Assets | 35,792 | 143,206 | 134,931 | ||
Intangible Assets, Net (Excluding Goodwill) | 1,117,751 | 1,153,543 | 1,296,749 | ||
Non compete agreement [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||||
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | $ 61,366 | ||||
Amortization of Intangible Assets | 1,739 | 30,709 | 28,918 | ||
Intangible Assets, Net (Excluding Goodwill) | 0 | 1,739 | 32,448 | ||
Assembled Workforce [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Asset, Useful Life | 1 year | ||||
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | $ 275,720 | ||||
Amortization of Intangible Assets | 0 | 15,864 | 259,856 | ||
Intangible Assets, Net (Excluding Goodwill) | $ 0 | $ 0 | $ 15,864 |
ACQUISITION, TECHNOLOGY AND O46
ACQUISITION, TECHNOLOGY AND OTHER ASSETS (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Apr. 21, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 29,404,696 | 25,599,878 | ||||
Allocated Share-based Compensation Expense | $ 2,582,890 | |||||
Fair Value Assumption Risk Free Interest Rate | 1.59% | 1.91% | ||||
Fair Value Assumption Forfeited rate | 0.00% | |||||
Fair Value Assumption Expected Volatility Rate | 114.00% | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | 1.50% | ||||
Amortization of Intangible Assets | $ 71,053 | $ 92,949 | $ 323,905 | $ 550,080 | ||
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 | $ 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 | $ 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 | $ 1.05 | |||||
Interactive Motion Technologies, Inc. [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||||
Business Acquisition, Effective Date of Acquisition | Apr. 21, 2016 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 23,650,000 | |||||
Business Acquisition, Number Of Option Acquired | 3,895,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,000,000 | |||||
Allocated Share-based Compensation Expense | $ 2,582,890 | |||||
Share Price | $ 0.98 | |||||
Loans and Leases Receivable, Related Parties | $ 300,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||
Subordinated Debt | $ 200,000 |
PREPAID EXPENSES AND OTHER RE47
PREPAID EXPENSES AND OTHER RECEIVABLES (Details) - USD ($) | Jun. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | |
Prepaid Expense And Other Receivables [Line Items] | ||||
Prepaid expenses and sundry receivables | $ 73,987 | $ 86,957 | $ 68,484 | |
Prepaid inventory | 261,626 | 301,104 | 0 | |
Prepaid insurance | 136,113 | 36,497 | 136,896 | |
Sales taxes receivable | [1] | 13,712 | 9,097 | 22,667 |
Prepaid Expense and Other Receivables | $ 485,438 | $ 433,655 | $ 228,047 | |
[1] | Sales tax receivable represents net harmonized sales taxes (HST) input tax credits receivable from the Government of Canada. |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | Jun. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Inventory [Line Items] | |||
Raw materials | $ 124,795 | $ 237,443 | $ 119,985 |
Work in Progress | 31,000 | 0 | 108,264 |
Inventory, Net | $ 155,795 | $ 237,443 | $ 228,249 |
INVENTORIES (Details Textual)
INVENTORIES (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Inventory Write-down | $ 38,860 | $ 43,009 | ||
Cost of Goods and Services Sold | $ 253,163 | $ 29,300 | $ 402,665 | 388,756 |
Inventory Cost [Member] | ||||
Cost of Goods and Services Sold | $ 237,000 | $ 29,300 | ||
InMotion Products [Member] | ||||
Inventory Write-down | $ 124,416 |
EQUIPMENT (Details)
EQUIPMENT (Details) - USD ($) | Jun. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Equipment [Line Items] | |||
Equipment, Cost | $ 624,513 | $ 616,669 | $ 595,102 |
Accumulated Depreciation | 474,303 | 456,708 | 367,681 |
Equipment, Net | 150,210 | 159,961 | 227,421 |
Computers and electronics [Member] | |||
Equipment [Line Items] | |||
Equipment, Cost | 264,349 | 256,505 | 250,538 |
Accumulated Depreciation | 227,977 | 223,750 | 204,258 |
Equipment, Net | 36,372 | 32,755 | 46,280 |
Furniture and fixtures [Member] | |||
Equipment [Line Items] | |||
Equipment, Cost | 36,795 | 36,795 | 36,795 |
Accumulated Depreciation | 28,481 | 28,051 | 26,096 |
Equipment, Net | 8,314 | 8,744 | 10,699 |
Demonstration equipment [Member] | |||
Equipment [Line Items] | |||
Equipment, Cost | 200,186 | 200,186 | 184,586 |
Accumulated Depreciation | 116,798 | 105,441 | 44,420 |
Equipment, Net | 83,388 | 94,745 | 140,166 |
Manufacturing equipment [Member] | |||
Equipment [Line Items] | |||
Equipment, Cost | 88,742 | 88,742 | 88,742 |
Accumulated Depreciation | 85,819 | 85,668 | 84,982 |
Equipment, Net | 2,923 | 3,074 | 3,760 |
Tools and parts [Member] | |||
Equipment [Line Items] | |||
Equipment, Cost | 11,422 | 11,422 | 11,422 |
Accumulated Depreciation | 6,020 | 5,741 | 4,472 |
Equipment, Net | 5,402 | 5,681 | 6,950 |
Assets under capital lease [Member] | |||
Equipment [Line Items] | |||
Equipment, Cost | 23,019 | 23,019 | 23,019 |
Accumulated Depreciation | 9,208 | 8,057 | 3,453 |
Equipment, Net | $ 13,811 | $ 14,962 | $ 19,566 |
EQUIPMENT (Details Textual)
EQUIPMENT (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Equipment [Line Items] | ||||
Depreciation | $ 17,595 | $ 24,552 | $ 89,026 | $ 79,868 |
NOTES PAYABLE (Details)
NOTES PAYABLE (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Repayment of principal | $ 50,000 | $ 0 | $ 208,359 | $ 0 |
Repayment of interest | 2,975 | 0 | 79,259 | 0 |
Repayment | 200,000 | 0 | ||
Demand Notes payable [Member] | ||||
Balance | 51,479 | $ 330,600 | 330,600 | 0 |
Acquisition of IMT (Note 4) | 324,894 | |||
Accrued interest | 1,496 | 8,497 | 5,706 | |
Repayment of principal | (208,359) | |||
Repayment of interest | (79,259) | |||
Repayment | 52,975 | |||
Balance | $ 0 | $ 51,479 | $ 330,600 |
NOTES PAYABLE (Details 1)
NOTES PAYABLE (Details 1) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Repayment of interest | $ 49,505 | $ 0 |
Promissory Note [Member] | ||
Balance | 236,548 | 0 |
Acquisition of IMT | 217,808 | |
Accrued Interest | 12,957 | 18,740 |
Repayment of principal | (200,000) | |
Repayment of interest | (49,505) | |
Balance | $ 0 | $ 236,548 |
NOTES PAYABLE (Details 2)
NOTES PAYABLE (Details 2) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Jan. 15, 2017 | Dec. 31, 2016 | |
Principal | $ 0 | $ 2,000,000 | $ 500,000 | $ 500,000 | ||
Accretion expense | $ 134,251 | $ 0 | $ 1,937,308 | $ 0 | ||
Convertible Debt [Member] | ||||||
Principal | 2,965,971 | |||||
Beneficial conversion | 368,936 | |||||
Anti-dilution | 1,042,632 | |||||
Fair value of debt | 1,554,403 | |||||
Accretion expense | 134,251 | |||||
Interest | 3,533 | |||||
Convertible Notes Payable, Noncurrent | $ 1,692,187 |
NOTES PAYABLE (Details 3)
NOTES PAYABLE (Details 3) - Convertible Debt [Member] | 3 Months Ended |
Jun. 30, 2018USD ($) | |
At Issuance | $ 1,411,568 |
Fair value adjustment | 44,087 |
Ending balance at June 30, 2018 | 1,455,655 |
Beneficial conversion [Member] | |
At Issuance | 368,936 |
Fair value adjustment | 60,304 |
Ending balance at June 30, 2018 | 429,240 |
Antidilution [Member] | |
At Issuance | 1,042,632 |
Fair value adjustment | (16,217) |
Ending balance at June 30, 2018 | $ 1,026,415 |
NOTES PAYABLE (Details 4)
NOTES PAYABLE (Details 4) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Accretion expense | $ 134,251 | $ 0 | $ 1,937,308 | $ 0 |
Convertible Debt [Member] | ||||
Balance | $ 0 | $ 2,017,488 | 2,017,488 | 0 |
Additional principal investment | 2,999,975 | 2,000,000 | ||
Fair value of warrants | (548,178) | |||
Accretion expense | 548,178 | |||
Accrued Interest | 1,037,067 | 17,488 | ||
Conversion of principal and interest | (6,054,530) | |||
Balance | $ 0 | $ 2,017,488 |
NOTES PAYABLE (Details 5)
NOTES PAYABLE (Details 5) - Convertible Debt One [Member] | 12 Months Ended |
Mar. 31, 2018USD ($) | |
Balance | $ 0 |
Additional principal investment | 500,000 |
Accrued Interest | 33,556 |
Conversion of principal and interest | (533,556) |
Balance | $ 0 |
NOTES PAYABLE (Details 6)
NOTES PAYABLE (Details 6) - Convertible Debt Two [Member] | 12 Months Ended |
Mar. 31, 2018USD ($) | |
Balance | $ 0 |
Additional principal investment | 3,611,400 |
Accrued Interest | 201,928 |
Conversion of principal and interest | (3,813,328) |
Balance | $ 0 |
NOTES PAYABLE (Details 7)
NOTES PAYABLE (Details 7) - USD ($) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | |
Premium | $ 1,249,994 | $ 0 | |
Beneficial Conversion Feature | $ 1,389,129 | (1,389,129) | |
Joint Venture Partner [Member] | |||
Principal | 9,111,375 | 9,111,375 | |
Interest | 1,290,039 | ||
Premium | 1,249,994 | ||
Total Conversion Amount | 11,651,407 | ||
Beneficial Conversion Feature | $ 1,389,129 | ||
Number of Shares Converted | 187,351,147 | ||
Convertible Notes Payable (December 2016 to December 2017) [Member] | Joint Venture Partner [Member] | |||
Principal | 4,999,975 | $ 4,999,975 | |
Interest | 1,054,555 | ||
Premium | 1,249,994 | ||
Total Conversion Amount | 7,304,523 | ||
Beneficial Conversion Feature | $ 762,301 | ||
Number of Shares Converted | 116,919,141 | ||
Chinese Convertible Loan [Member] | Joint Venture Partner [Member] | |||
Principal | 500,000 | $ 500,000 | |
Interest | 33,556 | ||
Premium | 0 | ||
Total Conversion Amount | 533,556 | ||
Beneficial Conversion Feature | $ 76,230 | ||
Number of Shares Converted | 9,394,346 | ||
Convertible Notes Payable (December 2017 to March 2018) [Member] | Joint Venture Partner [Member] | |||
Principal | $ 3,611,400 | $ 3,611,400 | |
Interest | 201,928 | ||
Premium | 0 | ||
Total Conversion Amount | 3,813,328 | ||
Beneficial Conversion Feature | $ 550,598 | ||
Number of Shares Converted | 61,037,660 |
NOTES PAYABLE (Details Textual)
NOTES PAYABLE (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Jan. 31, 2018 | Dec. 31, 2017 | Feb. 14, 2017 | Apr. 21, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Jul. 20, 2018 | Jan. 15, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Feb. 28, 2014 | |
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | 1.00% | |||||||||||
Debt Instrument, Face Amount | $ 0 | $ 2,000,000 | $ 500,000 | $ 500,000 | |||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | On the maturity date, without any action on the part of the Holder, the outstanding principal and accrued and unpaid interest under the notes will be converted into shares of new round stock based upon a 15% discount to the lesser of (i) (A) the VWAP average of the last 30 days ending on the closing of the qualified financing (or, in the event of multiple closings, the lowest VWAP average of the last 30 days ending on each closing of a qualified financing) in the event of a maturity date referred to in clause (b) of the definition thereof, or (B) the VWAP average of the last 30 days before the maturity date in the event of a maturity date referred to in clause (a) of the definition thereof, and (ii) $0.18. | ||||||||||||
Short-term Debt | $ 0 | $ 51,479 | 330,600 | ||||||||||
Proceeds from Related Party Debt | $ 400,000 | 2,291,930 | |||||||||||
Interest Expense, Related Party | 0 | ||||||||||||
Repayments of Related Party Debt | $ 3,200 | 3,200 | |||||||||||
Due to Officers or Stockholders | 4,999,975 | ||||||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 1,037,067 | ||||||||||||
Fair Value Assumption Expected Volatility Rate | 114.00% | ||||||||||||
Fair Value Assumption Risk Free Interest Rate | 1.59% | 1.91% | |||||||||||
Debt Instrument, Interest Rate Terms | In December 2017, investors of the Company advanced funds under a new convertible loan offering. These convertible loans bear interest at a fixed rate of 3% per month until the earlier of (a) January 31, 2018 and (b) the consummation of a qualified financing defined as gross proceeds of no less than $7,000,000 and up to $14,000,000 raised in one or more tranches. | In December 2017, investors of the Company advanced funds under a new convertible loan offering. These convertible loans bear interest at a fixed rate of 3% per month until the earlier of (a) January 31, 2018 and (b) the consummation of a qualified financing defined as gross proceeds of no less than $7,000,000 and up to $14,000,000 raised in one or more tranches. | |||||||||||
Proceeds from Convertible Debt | 2,934,298 | $ 500,000 | $ 7,111,375 | 2,000,000 | |||||||||
Discount on Convertible Loans | 10.00% | ||||||||||||
Interest Costs Capitalized | 31,673 | ||||||||||||
Accretion Expense | 134,251 | 0 | $ 1,937,308 | $ 0 | |||||||||
Debt Conversion, Converted Instrument, Type | On the maturity date, without any action on the part of the Holder, the outstanding principal and accrued and unpaid interest under the notes will be converted into shares of new round stock based upon a 15% discount to the lesser of (i) (A) the VWAP average of the last 30 days ending on the closing of the qualified financing (or, in the event of multiple closings, the lowest VWAP average of the last 30 days ending on each closing of a qualified financing) in the event of a maturity date referred to in clause (b) of the definition thereof, or (B) the VWAP average of the last 30 days before the maturity date in the event of a maturity date referred to in clause (a) of the definition thereof, and (ii) $0.18. | ||||||||||||
Amendment Of Convertible Loan Agreement Description | In January 2018, the terms of the new convertible loan offering were amended to extend the maturity date until March 31, 2018 and in March 2018 the terms of the loans were amended to change the definition of qualified financing as gross proceeds of no less than $2,000,000 and up to $14,000,000 raised in one or more tranches. | ||||||||||||
Debt Conversion, Original Debt, Amount | $ 50,000 | ||||||||||||
Debt Conversion, Original Debt, Interest Rate of Debt | 6.00% | ||||||||||||
Portion Of Debt Instrument ConvertedDescription | Further, the Company issued warrants to these debt holders amounting to 20% of the aggregate principal of the convertible loans divided by the exercise price, which would be determined as the lowest of a new round stock in a qualified financing, the average volume weighted average price for the sixty trading days prior to January 31, 2018 or $0.25. | ||||||||||||
Fair Value Assumptions Term | 5 years | ||||||||||||
Warrant [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Fair Value Measurement Valuation Techniques | binomial valuation model | ||||||||||||
Fair Value Assumption Exercise Price | $ 0.25 | ||||||||||||
Fair Value Assumption Expected Volatility Rate | 114.00% | ||||||||||||
Convertible Debt [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest Expense, Debt | $ 1,037,067 | $ 17,488 | |||||||||||
Debt Instrument, Face Amount | $ 1,500,000 | ||||||||||||
Interest Payable, Current | $ 17,488 | ||||||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | upon the consummation of an equity or equity-linked round of with an aggregate gross proceeds of $7,000,000, without any action on part of the Holder, the outstanding principal, accrued and unpaid interest and premium amount equal to 25% of the principal amount less the accrued and unpaid interest, will be converted into shares of new round stock based upon the lesser of (a) the lowest issuance (or conversion) price of new round stock in case there is more than one tranche of new round stock or (b) $0.25. | The convertible loans contain the following terms: convertible at the option of the holder at the price of the equity financing or payable on demand upon the completion of an equity financing greater than $5,000,000; automatically convertible at the price of the equity financing upon completion of an equity financing between $3,500,000 and $5,000,000 | |||||||||||
Proceeds from Contributions from Affiliates | $ 2,999,975 | 2,000,000 | |||||||||||
Accretion Expense | 548,178 | ||||||||||||
Convertible Loans Payable [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest Expense, Debt | 201,928 | ||||||||||||
Proceeds from Contributions from Affiliates | 3,611,400 | ||||||||||||
Accretion Expense | 134,251 | 0 | |||||||||||
Debt Instrument Convertible Conversion feature Fair Value Adjustments | 44,087 | 0 | |||||||||||
Convertible Debt One [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest Expense, Debt | 33,556 | ||||||||||||
Proceeds from Contributions from Affiliates | 500,000 | ||||||||||||
Debt Instrument, Interest Rate Terms | In January 2018, the terms of the new convertible loan offering were amended to extend the maturity date until March 31, 2018 and in March 2018 the terms of the loans were amended to change the definition of qualified financing as gross proceeds of no less than $2,000,000 and up to $14,000,000 raised in one or more tranches. | ||||||||||||
Fourth Tranches [Member] | Convertible Debt [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Face Amount | 500,000 | ||||||||||||
IMT Notes [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest Expense, Debt | $ 2,341 | 8,497 | 5,706 | ||||||||||
Promissory Note [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Notes Payable | $ 200,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||||||||||||
Interest Expense, Debt | 12,957 | 18,740 | |||||||||||
Demand Notes payable [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Notes Payable | 0 | 51,479 | $ 330,600 | $ 0 | |||||||||
Interest Expense, Debt | $ 1,496 | ||||||||||||
Joint Venture Partner [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest Expense, Debt | $ 1,290,039 | ||||||||||||
Joint Venture Partner [Member] | Convertible Debt [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | the Company’s Chinese joint venture partners loaned the Company $500,000 at an interest rate of 8% convertible into the Company’s common shares upon a capital raise (“Qualified Financing”) where gross proceeds exceed $3,000,000 at the lesser of $0.50 and the quotient of the outstanding balance on the conversion date by the price of the Qualified Financing. Additionally, the holders are entitled to warrants equaling 25% of the number of conversion shares to be issued at conversion. |
RELATED PARTY TRANSACTIONS AN61
RELATED PARTY TRANSACTIONS AND BALANCES (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Accrued interest receivable | $ 59 | $ 590 | $ 707 |
Royalty on Sales, Percentage | 1.00% | 1.00% | |
Related Party Transaction, Rate | 1.00% | 1.00% | |
Chief Operating Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Due from Related Parties | $ 18,547 | $ 18,897 | 18,731 |
Chief Executive Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts Payable, Related Parties | 1,957 | 208,567 | 0 |
Chief Technology Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts Payable, Related Parties | 1,643 | 135,039 | 0 |
Chief Financial Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts Payable, Related Parties | $ 920 | 116,624 | 0 |
Chief Commercial Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts Payable, Related Parties | $ 600 | 97,500 | |
Interactive Motion Technologies, Inc. [Member] | Director [Member] | |||
Related Party Transaction [Line Items] | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 5,190,376 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 360,231 | ||
Board of Directors Chairman [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts Payable, Related Parties | $ 587,019 | $ 4,135 |
SHARE CAPITAL (Details)
SHARE CAPITAL (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | |||||
Opening Balance | $ 20,463,014 | $ 24,150,650 | $ 23,491,008 | $ 24,150,650 | $ 5,399,851 | ||||
Shares issued on acquisition (Note 4) | 23,177,000 | ||||||||
Shares issued to exchangeable shares | 2,470,622 | 9,180,785 | 9,180,785 | ||||||
Options exercised (Note 11) | 18,166 | ||||||||
Warrants exercised | 1,125,038 | 1,125,038 | 40,195 | ||||||
Cashless exercise of warrants (iv) | 0 | ||||||||
Closing Balance | $ 23,941,884 | $ 23,491,008 | $ 20,463,014 | $ 20,463,014 | $ 24,150,650 | ||||
Exchangable Shares [Member] | |||||||||
Opening Balance (in shares) | 44,271,880 | 47,909,336 | 47,909,336 | ||||||
Opening Balance | $ 44,273 | $ 47,910 | $ 47,910 | ||||||
Converted into common shares (in shares) | (3,000,000) | [1] | (3,637,456) | ||||||
Converted into common shares | $ (3,000) | [1] | $ (3,637) | ||||||
Closing Balance (in shares) | 41,271,880 | 44,271,880 | 44,271,880 | 47,909,336 | |||||
Closing Balance | $ 41,273 | $ 44,273 | $ 44,273 | $ 47,910 | |||||
Common Shares [Member] | |||||||||
Opening Balance (in shares) | 205,328,106 | 48,885,107 | 48,885,107 | 22,591,292 | |||||
Opening Balance | $ 205,326 | $ 48,884 | $ 48,884 | $ 22,591 | |||||
Shares issued on acquisition (Note 4) (in shares) | 0 | 23,650,000 | |||||||
Shares issued on acquisition (Note 4) | $ 0 | $ 23,650 | |||||||
Shares issued to exchangeable shares (in shares) | 3,000,000 | 3,637,456 | 2,090,664 | [2] | |||||
Shares issued to exchangeable shares | $ 3,000 | $ 3,637 | $ 2,090 | [2] | |||||
Shares issued for services (in shares) | [3] | 0 | 217,047 | ||||||
Shares issued for services | [3] | $ 0 | $ 217 | ||||||
Shares issued on conversion of loans (in shares) | 39,545,776 | [4] | 147,805,371 | [4] | 0 | [5] | |||
Shares issued on conversion of loans | $ 39,546 | [4] | $ 147,805 | [4] | $ 0 | [5] | |||
Options exercised (Note 11) (in shares) | 0 | 110,096 | |||||||
Options exercised (Note 11) | $ 0 | $ 110 | |||||||
Warrants exercised (in shares) | 0 | 5,000,172 | 174,759 | [6] | |||||
Warrants exercised | $ 0 | $ 5,000 | $ 175 | [6] | |||||
Cashless exercise of warrants (iv) (in shares) | [7] | 0 | 51,249 | ||||||
Cashless exercise of warrants (iv) | [7] | $ 0 | $ 51 | ||||||
Closing Balance (in shares) | 247,873,882 | 205,328,106 | 205,328,106 | 48,885,107 | |||||
Closing Balance | $ 247,872 | $ 205,326 | $ 205,326 | $ 48,884 | |||||
Common Shares And Exchangeable Shares [Member] | |||||||||
Opening Balance (in shares) | 249,599,986 | 47,909,336 | 47,909,336 | 50,000,000 | |||||
Opening Balance | $ 249,599 | $ 47,910 | $ 47,910 | $ 50,000 | |||||
Converted into common shares (in shares) | [2] | (3,637,456) | (2,090,664) | ||||||
Converted into common shares | [2] | $ (3,637) | $ (2,090) | ||||||
Closing Balance (in shares) | 289,145,762 | 249,599,986 | 249,599,986 | 47,909,336 | |||||
Closing Balance | $ 289,145 | $ 249,599 | $ 249,599 | $ 47,910 | |||||
[1] | During the three month period ended June 30, 2018, 3,000,000 exchangeable shares were exchanged on a 1 for 1 basis in accordance with their terms. (March 31, 2018 – 3,637,456). | ||||||||
[2] | During the year ended March 31, 2018, 3,637,456 exchangeable shares were exchanged for common shares on a 1 for 1 basis in accordance with their terms. (March 31, 2017 – 2,090,664 shares) | ||||||||
[3] | The Company issued 217,047 common shares during the year ended March 31, 2017 for consulting services and recognized $59,500 of share compensation expense. | ||||||||
[4] | During the three month period ended June 30, 2018, 39,545,776 shares of common stock were issued once the Company increased its authorized shares of common stock from 250,000,000 to 500,000,000. These shares relate to convertible loans and interest that converted on March 31, 2018 and were recorded as a liability on March 31, 2018 until the shares were issued on June 12, 2018. The liability was reclassified at June 12, 2018 into equity by recording the original value of $2,470,622 of the shares to be issued, as well as the fair value of options and warrants at June 12, 2018 net of fair value of options issued in the period ended June 12, 2018 of $1,173,534, which was charged to equity and a $2,048,697 gain on the fair value reevaluation was recognized as other income in the Statement of Operations and Comprehensive Loss. | ||||||||
[5] | During the year ended March 31, 2018, the Company converted $9,171,604 of notes payable and interest into 147,805,371 common shares. Under the terms of this conversion the remaining $1,220,629 of principal and interest was required to be converted into 39,545,776 common shares, but were unable to be issued as a result of the Company not having enough authorized shares. The $2,470,622 value of these shares at March 31, 2018 has been classified as a liability until the common shares can be issued. In addition, there was a $376,674 loss recorded in the year connected to the difference of the $2,847,296 market value of the shares at March 31, 2018 and the value of these shares which resulted on the conversion of notes payable, the exercise price of which was based on a 30 day VWAP. | ||||||||
[6] | During the year ended March 31, 2018, the Company consummated an offer to amend and exercise to its warrant holders, enabling them to exercise their outstanding warrants for $0.25 per share, and as a result, 5,000,172 common shares were issued for net proceeds of $1,125,038 (Note 12). | ||||||||
[7] | During the year ended March 31, 2017, 51,249 common shares were issued as a result of a cashless exercise of 262,045 warrants with an exercise price of $0.80. Under the terms of the warrant agreement the value of the warrants on exercise is attributed to the shares on exercise and the Company has recognized a value of $43,562. |
SHARE CAPITAL (Details Textual)
SHARE CAPITAL (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2014 | |
Share-based Compensation | $ 595,412 | $ 251,048 | $ 1,540,580 | $ 1,001,950 | ||
Proceeds from Warrant Exercises | $ 0 | 1,125,038 | 1,125,038 | $ 40,195 | ||
Debt Conversion, Original Debt to be Converted, Amount | $ 1,220,629 | 1,220,629 | ||||
Debt Conversion, Converted Instrument, Shares to be Issued | 39,545,776 | |||||
Debt Conversion, Converted Instrument, Value of Shares to be Issued | 2,470,622 | 2,470,622 | ||||
Market Value of Shares | $ 2,847,296 | $ 2,847,296 | ||||
Stock Issued During Period, Shares, Exchangeable Shares Excercised | 3,000,000 | 3,637,456 | 2,090,664 | |||
Common Stock, Shares Authorized | 500,000,000 | 250,000,000 | 250,000,000 | 150,000,000 | 200,000,000 | |
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 2,470,622 | $ 9,180,785 | $ 9,180,785 | |||
Adjustments to Additional Paid in Capital, Stock Option and Warrant Reclassification | $ 1,173,534 | $ (2,845,557) | (2,845,557) | |||
Preferred Stock, Voting Rights | the Company issued one share of the Special Voting Preferred Stock, par value $0.001 per share | |||||
(Gain) loss on market to market revaluation | $ (2,048,697) | $ 0 | $ 376,674 | $ 0 | ||
Common Shares [Member] | ||||||
Share-based Compensation | $ 43,562 | |||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 147,805,371 | |||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 9,171,604 | |||||
Investor Relation And Consultine Services [Member] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.80 | |||||
Number Of Warrants Exercised | 262,045 | |||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 51,249 | |||||
Common Stock [Member] | ||||||
Stock Issued During Period, Shares, Issued for Services | 217,047 | |||||
Stock Issued During Period, Value, Issued for Services | $ 59,500 | |||||
Stock Issued During Period, Shares, Warrants Exercised | 5,000,172 | 5,000,172 | 174,759 | |||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 39,545,776 | 147,805,371 | 147,805,371 | |||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 39,546 | $ 147,805 | $ 147,805 | |||
Adjustments to Additional Paid in Capital, Stock Option and Warrant Reclassification | $ 0 | $ 0 | $ 0 | |||
Warrant [Member] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.25 | $ 0.25 | ||||
Stock Issued During Period, Shares, Warrants Exercised | 5,000,172 | |||||
Proceeds from Warrant Exercises | $ 1,125,038 |
STOCK OPTIONS (Details)
STOCK OPTIONS (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options | 29,404,696 | 25,599,878 |
Number of Exercisable Options | 14,301,941 | 8,291,850 |
Stock Option One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.165 | $ 0.165 |
Number of Options | 154,134 | 264,230 |
Expiry Date | Apr. 1, 2021 | Apr. 1, 2021 |
Number of Exercisable Options | 154,134 | 264,230 |
Stock Option Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.23 | $ 0.23 |
Number of Options | 94,368 | 97,514 |
Expiry Date | Jun. 20, 2021 | Jun. 20, 2021 |
Number of Exercisable Options | 94,368 | 97,514 |
Stock Option Three [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.23 | $ 0.23 |
Number of Options | 1,981,728 | 1,981,728 |
Expiry Date | Jul. 1, 2021 | Jul. 1, 2021 |
Number of Exercisable Options | 1,981,728 | 1,981,728 |
Stock Option Four [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.23 | $ 0.23 |
Number of Options | 141,557 | 141,557 |
Expiry Date | Feb. 17, 2022 | Feb. 17, 2022 |
Number of Exercisable Options | 141,557 | 141,557 |
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 | 266,667 | 266,667 |
Stock Option Six [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 1 | $ 1 |
Number of Options | 1,936,667 | 1,993,334 |
Expiry Date | Dec. 14, 2022 | Dec. 14, 2022 |
Number of Exercisable Options | 1,633,333 | 1,676,667 |
Stock Option Seven [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.95 | $ 0.95 |
Number of Options | 111,937 | 111,937 |
Expiry Date | Mar. 28, 2023 | Mar. 28, 2023 |
Number of Exercisable Options | 111,937 | 111,937 |
Stock Option Eight [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 1.05 | $ 1.05 |
Number of Options | 433,027 | 433,027 |
Expiry Date | Mar. 28, 2023 | Mar. 28, 2023 |
Number of Exercisable Options | 433,027 | 433,027 |
Stock Option Nine [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 1 | $ 1 |
Number of Options | 250,000 | 250,000 |
Expiry Date | Apr. 26, 2023 | Apr. 26, 2023 |
Number of Exercisable Options | 166,667 | 83,333 |
Stock Option Ten [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 1 | $ 1 |
Number of Options | 250,000 | 750,000 |
Expiry Date | Aug. 8, 2023 | Aug. 8, 2023 |
Number of Exercisable Options | 250,000 | 250,000 |
Stock Option Eleven [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.70 | $ 0.70 |
Number of Options | 400,000 | 400,000 |
Expiry Date | Feb. 6, 2024 | Feb. 6, 2024 |
Number of Exercisable Options | 133,333 | 133,333 |
Stock Option Twelve [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.68 | $ 0.68 |
Number of Options | 250,000 | 250,000 |
Expiry Date | Feb. 13, 2024 | Feb. 13, 2024 |
Number of Exercisable Options | 250,000 | 166,667 |
Stock Option Thirteen [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.95 | $ 0.95 |
Number of Options | 31,620 | 31,620 |
Expiry Date | Mar. 3, 2024 | Mar. 3, 2024 |
Number of Exercisable Options | 31,620 | 31,620 |
Stock Option Fourteen [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 1.05 | $ 1.05 |
Number of Options | 122,324 | 122,324 |
Expiry Date | Mar. 3, 2024 | Mar. 3, 2024 |
Number of Exercisable Options | 122,324 | 122,324 |
Stock Option Fifteen [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.95 | $ 0.95 |
Number of Options | 6,324 | 6,324 |
Expiry Date | Mar. 14, 2024 | Mar. 14, 2024 |
Number of Exercisable Options | 6,324 | 6,324 |
Stock Option Sixteen [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 1.05 | $ 1.05 |
Number of Options | 24,465 | 24,465 |
Expiry Date | Mar. 14, 2024 | Mar. 14, 2024 |
Number of Exercisable Options | 24,465 | 24,465 |
Stock Option Seventeen [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.95 | $ 0.95 |
Number of Options | 72,727 | 72,727 |
Expiry Date | Sep. 30, 2024 | Sep. 30, 2024 |
Number of Exercisable Options | 72,727 | 72,727 |
Stock Option Eighteen [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 1.05 | $ 1.05 |
Number of Options | 281,345 | 281,345 |
Expiry Date | Sep. 30, 2024 | Sep. 30, 2024 |
Number of Exercisable Options | 281,345 | 281,345 |
Stock Option Nineteen [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.95 | $ 0.95 |
Number of Options | 3,478 | 3,478 |
Expiry Date | Jun. 2, 2025 | Jun. 2, 2025 |
Number of Exercisable Options | 3,478 | 3,478 |
Stock Option Twenty [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 1.05 | $ 1.05 |
Number of Options | 13,456 | 13,456 |
Expiry Date | Jun. 2, 2025 | Jun. 2, 2025 |
Number of Exercisable Options | 13,456 | 13,456 |
Stock Option Twenty One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.25 | $ 0.25 |
Number of Options | 66,298 | 66,298 |
Expiry Date | Dec. 30, 2025 | Dec. 30, 2025 |
Number of Exercisable Options | 66,298 | 66,298 |
Stock Option Twenty Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.95 | $ 0.95 |
Number of Options | 49,160 | 49,160 |
Expiry Date | Dec. 30, 2025 | Dec. 30, 2025 |
Number of Exercisable Options | 27,261 | 27,261 |
Stock Option Twenty Three [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.161 | $ 0.161 |
Number of Options | 12,215,354 | 12,215,354 |
Expiry Date | Sep. 1, 2027 | Sep. 1, 2027 |
Number of Exercisable Options | 2,035,892 | 2,035,892 |
Stock Option Twenty Four [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.155 | $ 0.155 |
Number of Options | 3,365,000 | 3,640,000 |
Expiry Date | Jan. 24, 2025 | Jan. 24, 2025 |
Number of Exercisable Options | 0 | 0 |
Stock Option Twenty Five [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.0649 | |
Number of Options | 6,000,000 | |
Expiry Date | Apr. 19, 2028 | |
Number of Exercisable Options | 6,000,000 | |
Stock Option Twenty Six [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.0462 | |
Number of Options | 750,000 | |
Expiry Date | Jun. 10, 2025 | |
Number of Exercisable Options | 0 | |
Stock Option Twenty Seven [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 0.21 | |
Number of Options | 2,000,000 | |
Expiry Date | Aug. 3, 2024 | |
Number of Exercisable Options | 0 |
STOCK OPTIONS (Details 1)
STOCK OPTIONS (Details 1) - Employee Stock Option [Member] | 12 Months Ended |
Mar. 31, 2018USD ($) | |
February 17, 2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 3 years 10 months 20 days |
Risk free rate | 1.59% |
Dividend rate | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value | $ 136,613 |
July 1, 2014 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 3 years 3 months |
Risk free rate | 1.59% |
Dividend rate | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value | $ 1,259,487 |
June 20, 2014 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 3 years 2 months 19 days |
Risk free rate | 1.59% |
Dividend rate | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value | $ 118,957 |
November 24 2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 4 years 7 months 24 days |
Risk free rate | 1.59% |
Dividend rate | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value | $ 694,384 |
December 14, 2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 4 years 8 months 16 days |
Risk free rate | 1.59% |
Dividend rate | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value | $ 1,260,437 |
April 21, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 6 years 1 month 10 days |
Risk free rate | 1.59% |
Dividend rate | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value | $ 2,582,890 |
April 26, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 5 years 25 days |
Risk free rate | 1.59% |
Dividend rate | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value | $ 213,750 |
August 8, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 5 years 4 months 10 days |
Risk free rate | 1.59% |
Dividend rate | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value | $ 652,068 |
February 6, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 5 years 10 months 10 days |
Risk free rate | 1.59% |
Dividend rate | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value | $ 245,200 |
February 13, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 5 years 10 months 17 days |
Risk free rate | 1.59% |
Dividend rate | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value | $ 148,750 |
April 1, 2014 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 3 years 4 days |
Risk free rate | 1.59% |
Dividend rate | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value | $ 230,930 |
August 3, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 6 years 4 months 6 days |
Risk free rate | 1.59% |
Dividend rate | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value | $ 387,209 |
September 1, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 9 years 5 months 5 days |
Risk free rate | 1.59% |
Dividend rate | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value | $ 1,832,304 |
January 24, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 6 years 9 months 25 days |
Risk free rate | 1.59% |
Dividend rate | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value | $ 491,036 |
STOCK OPTIONS (Details 2)
STOCK OPTIONS (Details 2) | 12 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options, Outstanding, Ending Balance (in shares) | 25,599,878 |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number Options, Outstanding, Beginning Balance (in shares) | 9,903,650 |
Number of Options, Issued (in shares) | 17,855,354 |
Number of Options, Exercised (in shares) | 0 |
Number of Options, Expired (in shares) | 0 |
Number of Options, Cancelled (in shares) | (2,159,126) |
Number of Options, Outstanding, Ending Balance (in shares) | 25,599,878 |
Weighted-Average Exercise Price, Outstanding, Beginning Balance (in dollars per share) | $ / shares | $ 0.59 |
Weighted-Average Exercise Price, Issued (in dollars per share) | $ / shares | 0.155 |
Weighted-Average Exercise Price, Exercised (in dollars per share) | $ / shares | 0 |
Weighted-Average Exercise Price, Expired (in dollars per share) | $ / shares | 0 |
Weighted-Average Exercise Price, Cancelled (in dollars per share) | $ / shares | 0.65 |
Weighted-Average Exercise Price, Outstanding, Ending Balance (in dollars per share) | $ / shares | $ 0.50 |
STOCK OPTIONS (Details 3)
STOCK OPTIONS (Details 3) - Reclassification of Fair Value [Member] | 12 Months Ended |
Mar. 31, 2018USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 1,451,393 |
February 17, 2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years 10 months 20 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 135.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 7,122 |
July 1, 2014 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years 3 months |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 135.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 90,472 |
June 20, 2014 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years 2 months 19 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 135.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 4,428 |
April 1, 2014 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years 4 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 135.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 12,437 |
November 24, 2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 4 years 7 months 24 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 135.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 16,327 |
December 14, 2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 4 years 8 months 16 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 135.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 85,833 |
April 21, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 4 months 20 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 118.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 53,853 |
April 26, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 25 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 114.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 11,430 |
August 8, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 4 months 10 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 114.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 35,722 |
February 6, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 10 months 10 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 114.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 16,969 |
February 13, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 10 months 17 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 114.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 10,703 |
August 3, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 4 months 6 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 114.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 109,970 |
September 1, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 9 years 5 months 5 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 114.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 782,966 |
January 24, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 9 months 25 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 114.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 213,161 |
STOCK OPTIONS (Details Textual)
STOCK OPTIONS (Details Textual) - USD ($) | Jun. 11, 2018 | Sep. 01, 2017 | Aug. 03, 2017 | Feb. 06, 2017 | Aug. 08, 2016 | Dec. 14, 2015 | Apr. 20, 2018 | Jan. 24, 2018 | Feb. 13, 2017 | Apr. 26, 2016 | Apr. 21, 2016 | Nov. 24, 2015 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 29,404,696 | 25,599,878 | 25,599,878 | |||||||||||||||
Allocated Share-based Compensation Expense | $ 2,582,890 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years 10 months 20 days | 5 years 9 months 22 days | 5 years 1 month 13 days | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 7 years 4 months 17 days | 5 years 8 months 12 days | 6 years 7 days | |||||||||||||||
Fair Value Of Options | $ 30,341 | $ 1,260,437 | $ 491,036 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 3,000,000 | |||||||||||||||||
Allocated Share-based Compensation Expense, Net of Tax | 27,280 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | Of such options, 2,035,892 have vested and 50% of the remaining options vest on performance goals being met and 50% vest over 5 years. | |||||||||||||||||
Fair Value of Shares to be Issued, Stock Options and Warrants | $ 1,451,393 | 1,451,393 | ||||||||||||||||
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 Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.70 | |||||||||||||||||
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 Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.25 | |||||||||||||||||
Allocated Share-based Compensation Expense | $ 595,412 | $ 251,048 | 1,540,580 | $ 844,162 | ||||||||||||||
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, Forfeitures in Period | 500,000 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,895,000 | |||||||||||||||||
Allocated Share-based Compensation Expense | $ 2,582,890 | 17,813 | 17,813 | 71,250 | 66,104 | |||||||||||||
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 Value | $ 213,750 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 250,000 | |||||||||||||||||
Employees of Bionik Inc [Member] | Exercise Price Range One [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.25 | |||||||||||||||||
Employees of Bionik Inc [Member] | Exercise Price Range Two [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 0.95 | |||||||||||||||||
Employees of Bionik Inc [Member] | Exercise Price Range Three [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 1.05 | |||||||||||||||||
Employees of Bionik Inc [Member] | Unvested option [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Allocated Share-based Compensation Expense | $ 29,524 | 10,169 | 102,989 | |||||||||||||||
Allocated Share-based Compensation Expense, Net of Tax | $ 0 | |||||||||||||||||
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 | 3,640,000 | 650,000 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 250,000 | |||||||||||||||||
Allocated Share-based Compensation Expense | $ 39,703 | 35,609 | 35,609 | 142,438 | 142,438 | $ 62,317 | ||||||||||||
Fair Value Of Options | $ 491,036 | $ 694,384 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | 10 years | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 114.00% | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.91% | |||||||||||||||||
Employee 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 | $ 1 | |||||||||||||||||
Allocated Share-based Compensation Expense | 18,113 | 54,339 | $ 217,356 | $ 140,230 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 750,000 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ 652,068 | |||||||||||||||||
Director and Employees and Consultant One [Member] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,495,000 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 436,667 | 40,000 | 25,000 | |||||||||||||||
Allocated Share-based Compensation Expense | 41,350 | 100,289 | $ 479,315 | $ 407,208 | ||||||||||||||
Fair Value Of Options | $ 1,260,437 | |||||||||||||||||
Employee 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 | $ 0.70 | |||||||||||||||||
Allocated Share-based Compensation Expense | 20,433 | 20,433 | 81,733 | 12,163 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 400,000 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ 245,200 | $ 245,200 | ||||||||||||||||
Consultant [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 | $ 0.68 | |||||||||||||||||
Allocated Share-based Compensation Expense | $ 148,750 | 12,396 | $ 12,396 | 49,583 | $ 6,345 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 250,000 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ 148,750 | |||||||||||||||||
Executive Employee [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 | 500,000 | |||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.21 | |||||||||||||||||
Allocated Share-based Compensation Expense | 7,546 | 60,371 | ||||||||||||||||
Fair Value Of Options | $ 387,209 | 387,209 | ||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Additional Options Grants In Period Gross | 1,500,000 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 7 years | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 114.00% | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.73% | |||||||||||||||||
Executive Employee 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 | 12,215,354 | |||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.161 | |||||||||||||||||
Allocated Share-based Compensation Expense | 38,173 | |||||||||||||||||
Fair Value Of Options | $ 1,832,304 | 1,832,304 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 114.00% | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.91% | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 2,035,892 | |||||||||||||||||
Allocated Share-based Compensation Expense, Net of Tax | $ 381,730 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | 50% of the remaining options vest on performance goals being met and 50% vest over 5 years. | |||||||||||||||||
New Executive Officer [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 | $ 0.0462 | |||||||||||||||||
Allocated Share-based Compensation Expense | $ 562 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 7 years | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 114.00% | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% | |||||||||||||||||
Executive Officer [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 | 6,000,000 | |||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.0649 | |||||||||||||||||
Allocated Share-based Compensation Expense | $ 363,714 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 114.00% | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% | |||||||||||||||||
Employees vest equally on January 24, 2019 [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 | $ 0.155 | |||||||||||||||||
Employees vest equally on January 24 2020 [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 | 0.155 | |||||||||||||||||
Employees vest equally on January 24 2021 [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 | $ 0.155 |
WARRANTS (Details)
WARRANTS (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Number of Warrants, Outstanding and exercisable, Beginning balance | 54,895,578 | 17,638,243 | 17,900,288 | 10,823,450 |
Number of Warrants, Issued | 7,225,625 | |||
Number of Warrants, Exercised | (5,000,172) | (262,045) | (148,787) | |
Number of Warrants, Outstanding and exercisable, Ending balance | 54,895,578 | 54,895,578 | 17,638,243 | 17,900,288 |
Weighted-Average Exercise Price, Outstanding and exercisable, Beginning balance | $ 0.3546 | $ 1.35 | $ 1.35 | $ 1.35 |
Weighted-Average Exercise Price, Issued | 1.35 | |||
Weighted-Average Exercise Price, Exercised | 0.25 | (0.80) | (0.80) | |
Weighted-Average Exercise Price, Outstanding and exercisable, Ending balance | $ 0.3546 | $ 0.3546 | $ 1.35 | $ 1.35 |
Broker [Member] | ||||
Number of Warrants, Issued | 400,014 | |||
Weighted-Average Exercise Price, Issued | $ 0.25 | |||
Warrant One [Member] | ||||
Number of Warrants, Issued | 83,752 | |||
Weighted-Average Exercise Price, Issued | $ 0.749 | |||
Warrant Two [Member] | ||||
Number of Warrants, Issued | 941,191 | |||
Weighted-Average Exercise Price, Issued | $ 1.2933 | |||
Common Shares One [Member] | ||||
Number of Warrants, Issued | 16,006,322 | |||
Weighted-Average Exercise Price, Issued | $ 0.0625 | |||
Common Shares Two [Member] | ||||
Number of Warrants, Issued | 2,348,587 | |||
Weighted-Average Exercise Price, Issued | $ 0.60 | |||
Common Shares Three [Member] | ||||
Number of Warrants, Issued | 20,458,058 | |||
Weighted-Average Exercise Price, Issued | $ 0.4868 | |||
Common Shares Four [Member] | ||||
Number of Warrants, Issued | 2,019,583 | |||
Weighted-Average Exercise Price, Issued | $ 0.2952 |
WARRANTS (Details 1)
WARRANTS (Details 1) - $ / shares | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.3546 | $ 0.3546 | $ 1.35 | $ 1.35 | $ 1.35 |
Class of Warrant or Right, Number of Warrants | 54,895,578 | 54,895,578 | |||
Warrant One [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.60 | $ 0.60 | |||
Class of Warrant or Right, Number of Warrants | 2,348,587 | 2,348,587 | |||
Class Of Warrant Or Right Expiry Date | Mar. 31, 2023 | Mar. 31, 2023 | |||
Warrant Two [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.4868 | $ 0.4868 | |||
Class of Warrant or Right, Number of Warrants | 15,603,103 | 15,603,103 | |||
Class Of Warrant Or Right Expiry Date | Feb. 26, 2019 | Feb. 26, 2019 | |||
Warrant Three [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.4868 | $ 0.4868 | |||
Class of Warrant or Right, Number of Warrants | 3,265,093 | 3,265,093 | |||
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 | $ 0.4868 | $ 0.4868 | |||
Class of Warrant or Right, Number of Warrants | 871,813 | 871,813 | |||
Class Of Warrant Or Right Expiry Date | Mar. 31, 2019 | Mar. 31, 2019 | |||
Warrant Five [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.4868 | $ 0.4868 | |||
Class of Warrant or Right, Number of Warrants | 6,759,081 | 6,759,081 | |||
Class Of Warrant Or Right Expiry Date | Apr. 21, 2019 | Apr. 21, 2019 | |||
Warrant Six [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.4868 | $ 0.4868 | |||
Class of Warrant or Right, Number of Warrants | 3,191,037 | 3,191,037 | |||
Class Of Warrant Or Right Expiry Date | May 27, 2019 | May 27, 2019 | |||
Warrant Seven [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.4868 | $ 0.4868 | |||
Class of Warrant or Right, Number of Warrants | 3,117,199 | 3,117,199 | |||
Class Of Warrant Or Right Expiry Date | Jun. 30, 2019 | Jun. 30, 2019 | |||
Warrant Eight [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.2952 | $ 0.2952 | |||
Class of Warrant or Right, Number of Warrants | 3,333,328 | 3,333,328 | |||
Class Of Warrant Or Right Expiry Date | Feb. 26, 2019 | Feb. 26, 2019 | |||
Warrant Nine [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.25 | $ 0.25 | |||
Class of Warrant or Right, Number of Warrants | 400,014 | 400,014 | |||
Class Of Warrant Or Right Expiry Date | Jun. 27, 2020 | Jun. 27, 2020 | |||
Warrant Ten [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.0625 | $ 0.0625 | |||
Class of Warrant or Right, Number of Warrants | 9,603,842 | 9,603,842 | |||
Class Of Warrant Or Right Expiry Date | Aug. 14, 2022 | Aug. 14, 2022 | |||
Warrant Eleven [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.0625 | $ 0.0625 | |||
Class of Warrant or Right, Number of Warrants | 6,402,481 | 6,402,481 | |||
Class Of Warrant Or Right Expiry Date | Mar. 31, 2022 | Mar. 31, 2022 |
WARRANTS (Details 2)
WARRANTS (Details 2) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Exercise Price | $ 0.3546 | $ 0.3546 | $ 1.35 | $ 1.35 | $ 1.35 |
Number of Warrants | 54,895,578 | 54,895,578 | |||
Reclassification Of Employee Stock Options And Warrants [Member] | |||||
Number of Warrants | 54,495,564 | ||||
Remeasured fair value | $ 1,394,164 | ||||
Warrant One [Member] | |||||
Exercise Price | $ 0.60 | $ 0.60 | |||
Number of Warrants | 2,348,587 | 2,348,587 | |||
Expiry Date | Mar. 31, 2023 | Mar. 31, 2023 | |||
Warrant One [Member] | Reclassification Of Employee Stock Options And Warrants [Member] | |||||
Exercise Price | $ 0.6 | ||||
Number of Warrants | 2,348,587 | ||||
Expiry Date | Mar. 31, 2023 | ||||
Expected life (years) | 5 years | ||||
Risk free rate | 1.59% | ||||
Dividend rate | 0.00% | ||||
Forfeiture rate | 0.00% | ||||
Expected volatility | 135.00% | ||||
Remeasured fair value | $ 116,142 | ||||
Warrant Two [Member] | |||||
Exercise Price | $ 0.4868 | $ 0.4868 | |||
Number of Warrants | 15,603,103 | 15,603,103 | |||
Expiry Date | Feb. 26, 2019 | Feb. 26, 2019 | |||
Warrant Two [Member] | Reclassification Of Employee Stock Options And Warrants [Member] | |||||
Exercise Price | $ 0.4868 | ||||
Number of Warrants | 15,603,103 | ||||
Expiry Date | Feb. 26, 2019 | ||||
Expected life (years) | 11 months 1 day | ||||
Risk free rate | 1.59% | ||||
Dividend rate | 0.00% | ||||
Forfeiture rate | 0.00% | ||||
Expected volatility | 135.00% | ||||
Remeasured fair value | $ 100,281 | ||||
Warrant Three [Member] | |||||
Exercise Price | $ 0.4868 | $ 0.4868 | |||
Number of Warrants | 3,265,093 | 3,265,093 | |||
Expiry Date | Mar. 27, 2019 | Mar. 27, 2019 | |||
Warrant Three [Member] | Reclassification Of Employee Stock Options And Warrants [Member] | |||||
Exercise Price | $ 0.4868 | ||||
Number of Warrants | 3,265,093 | ||||
Expiry Date | Mar. 27, 2019 | ||||
Expected life (years) | 1 year | ||||
Risk free rate | 1.59% | ||||
Dividend rate | 0.00% | ||||
Forfeiture rate | 0.00% | ||||
Expected volatility | 135.00% | ||||
Remeasured fair value | $ 24,815 | ||||
Warrant Four [Member] | |||||
Exercise Price | $ 0.4868 | $ 0.4868 | |||
Number of Warrants | 871,813 | 871,813 | |||
Expiry Date | Mar. 31, 2019 | Mar. 31, 2019 | |||
Warrant Four [Member] | Reclassification Of Employee Stock Options And Warrants [Member] | |||||
Exercise Price | $ 0.4868 | ||||
Number of Warrants | 871,813 | ||||
Expiry Date | Mar. 31, 2019 | ||||
Expected life (years) | 1 year | ||||
Risk free rate | 1.59% | ||||
Dividend rate | 0.00% | ||||
Forfeiture rate | 0.00% | ||||
Expected volatility | 135.00% | ||||
Remeasured fair value | $ 6,769 | ||||
Warrant Five [Member] | |||||
Exercise Price | $ 0.4868 | $ 0.4868 | |||
Number of Warrants | 6,759,081 | 6,759,081 | |||
Expiry Date | Apr. 21, 2019 | Apr. 21, 2019 | |||
Warrant Five [Member] | Reclassification Of Employee Stock Options And Warrants [Member] | |||||
Exercise Price | $ 0.4868 | ||||
Number of Warrants | 6,759,081 | ||||
Expiry Date | Apr. 21, 2019 | ||||
Expected life (years) | 1 year 29 days | ||||
Risk free rate | 1.59% | ||||
Dividend rate | 0.00% | ||||
Forfeiture rate | 0.00% | ||||
Expected volatility | 135.00% | ||||
Remeasured fair value | $ 58,358 | ||||
Warrant Six [Member] | |||||
Exercise Price | $ 0.4868 | $ 0.4868 | |||
Number of Warrants | 3,191,037 | 3,191,037 | |||
Expiry Date | May 27, 2019 | May 27, 2019 | |||
Warrant Six [Member] | Reclassification Of Employee Stock Options And Warrants [Member] | |||||
Exercise Price | $ 0.4868 | ||||
Number of Warrants | 3,191,037 | ||||
Expiry Date | May 27, 2019 | ||||
Expected life (years) | 1 year 1 month 28 days | ||||
Risk free rate | 1.59% | ||||
Dividend rate | 0.00% | ||||
Forfeiture rate | 0.00% | ||||
Expected volatility | 135.00% | ||||
Remeasured fair value | $ 32,276 | ||||
Warrant Seven [Member] | |||||
Exercise Price | $ 0.4868 | $ 0.4868 | |||
Number of Warrants | 3,117,199 | 3,117,199 | |||
Expiry Date | Jun. 30, 2019 | Jun. 30, 2019 | |||
Warrant Seven [Member] | Reclassification Of Employee Stock Options And Warrants [Member] | |||||
Exercise Price | $ 0.4868 | ||||
Number of Warrants | 3,117,199 | ||||
Expiry Date | Jun. 30, 2019 | ||||
Expected life (years) | 1 year 3 months | ||||
Risk free rate | 1.59% | ||||
Dividend rate | 0.00% | ||||
Forfeiture rate | 0.00% | ||||
Expected volatility | 135.00% | ||||
Remeasured fair value | $ 36,116 | ||||
Warrant Eight [Member] | |||||
Exercise Price | $ 0.2952 | $ 0.2952 | |||
Number of Warrants | 3,333,328 | 3,333,328 | |||
Expiry Date | Feb. 26, 2019 | Feb. 26, 2019 | |||
Warrant Eight [Member] | Reclassification Of Employee Stock Options And Warrants [Member] | |||||
Exercise Price | $ 0.2952 | ||||
Number of Warrants | 3,333,328 | ||||
Expiry Date | Feb. 26, 2019 | ||||
Expected life (years) | 11 months 1 day | ||||
Risk free rate | 1.59% | ||||
Dividend rate | 0.00% | ||||
Forfeiture rate | 0.00% | ||||
Expected volatility | 135.00% | ||||
Remeasured fair value | $ 38,423 | ||||
Warrant Ten [Member] | |||||
Exercise Price | $ 0.0625 | $ 0.0625 | |||
Number of Warrants | 9,603,842 | 9,603,842 | |||
Expiry Date | Aug. 14, 2022 | Aug. 14, 2022 | |||
Warrant Ten [Member] | Reclassification Of Employee Stock Options And Warrants [Member] | |||||
Exercise Price | $ 0.0625 | ||||
Number of Warrants | 9,603,842 | ||||
Expiry Date | Aug. 14, 2022 | ||||
Expected life (years) | 4 years 4 months 17 days | ||||
Risk free rate | 1.59% | ||||
Dividend rate | 0.00% | ||||
Forfeiture rate | 0.00% | ||||
Expected volatility | 135.00% | ||||
Remeasured fair value | $ 593,355 | ||||
Warrant Eleven [Member] | |||||
Exercise Price | $ 0.0625 | $ 0.0625 | |||
Number of Warrants | 6,402,481 | 6,402,481 | |||
Expiry Date | Mar. 31, 2022 | Mar. 31, 2022 | |||
Warrant Eleven [Member] | Reclassification Of Employee Stock Options And Warrants [Member] | |||||
Exercise Price | $ 0.0625 | ||||
Number of Warrants | 6,402,481 | ||||
Expiry Date | Mar. 31, 2022 | ||||
Expected life (years) | 4 years | ||||
Risk free rate | 1.59% | ||||
Dividend rate | 0.00% | ||||
Forfeiture rate | 0.00% | ||||
Expected volatility | 135.00% | ||||
Remeasured fair value | $ 387,529 |
WARRANTS (Details Textual)
WARRANTS (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Dec. 31, 2014 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Class of Warrant or Right [Line Items] | ||||||||
Share Based Compensaction Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | $ 0.3546 | $ 0.3546 | $ 0.3546 | $ 1.35 | $ 1.35 | $ 1.35 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 2 years 4 days | 2 years 3 months 7 days | 1 year 9 months 7 days | |||||
Number Of Warrants Exercised | 5,000,172 | 262,045 | 148,787 | |||||
Stock Issued During Period, Value, Warrants Exercised | $ 1,125,038 | $ 1,125,038 | $ 40,195 | |||||
Proceeds from Warrant Exercises | $ 0 | 1,125,038 | $ 1,125,038 | $ 40,195 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 7,225,625 | |||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | $ (0.25) | $ 0.80 | $ 0.80 | |||||
Adjustment To Additional Paid In Capital Warrant Down Feature | $ 0 | $ 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Weighted Average Exercise Price Issued | $ 1.35 | |||||||
Reclassification Of Employee Stock Options And Warrants [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 1,394,164 | |||||||
Broker [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 400,014 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Weighted Average Exercise Price Issued | $ 0.25 | |||||||
Warrant One [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Share Based Compensaction Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | $ 0.25 | $ 0.25 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 83,752 | |||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | $ 0.7490 | |||||||
Warrants Issued | 400,014 | |||||||
Class of Warrant or Right Expiration Date | Jun. 27, 2020 | |||||||
Warrant One [Member] | Previously Reported [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | $ 0.80 | |||||||
Warrant Two [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 941,191 | |||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | $ 1.2933 | |||||||
Warrant Two [Member] | Previously Reported [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | 1.40 | |||||||
Warrant Three [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Share Based Compensaction Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | 0.4868 | $ 0.4868 | $ 0.4868 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 2,019,583 | |||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | $ 0.2952 | |||||||
Share based Compensation Arrangement By Share based Payment Award Equity Instruments Other Than Options Weighted Average Exercise Price Outstanding And Exercisable | 0.4868 | 0.4868 | ||||||
Warrant Three [Member] | Reclassification Of Employee Stock Options And Warrants [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Share Based Compensaction Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | $ 0.4868 | $ 0.4868 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 24,815 | |||||||
Share based Compensation Arrangement By Share based Payment Award Equity Instruments Other Than Options Weighted Average Exercise Price Outstanding And Exercisable | 0.4868 | 0.4868 | ||||||
Warrant Three [Member] | Previously Reported [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | $ 0.749 | |||||||
Warrant Four [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Share Based Compensaction Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | 0.4868 | $ 0.4868 | $ 0.4868 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 20,458,058 | |||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | $ 0.4868 | |||||||
Share based Compensation Arrangement By Share based Payment Award Equity Instruments Other Than Options Weighted Average Exercise Price Outstanding And Exercisable | 0.4868 | 0.4868 | ||||||
Warrant Four [Member] | Reclassification Of Employee Stock Options And Warrants [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Share Based Compensaction Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | $ 0.4868 | $ 0.4868 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 6,769 | |||||||
Share based Compensation Arrangement By Share based Payment Award Equity Instruments Other Than Options Weighted Average Exercise Price Outstanding And Exercisable | 0.4868 | 0.4868 | ||||||
Third Party Previous Lenders warrants [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Warrants Issued | 349,522 | |||||||
Share based Compensation Arrangement By Share based Payment Award Equity Instruments Other Than Options Weighted Average Exercise Price Outstanding And Exercisable | 0.23 | 0.23 | ||||||
Common Shares [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Stock Issued During Period, Shares, Upon Cashless Exercise Of Warrants | 51,249 | |||||||
Stock Issued During Period, Shares, Warrants Exercised | 174,759 | |||||||
Common Shares One [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Share Based Compensaction Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | $ 0.60 | $ 0.60 | ||||||
Warrants Issued | 2,348,587 | |||||||
Class of Warrant or Right Expiration Date | Mar. 31, 2023 | |||||||
Class of Warrant or Right Expiration years | 5 years | |||||||
Share based Compensation Arrangement By Share based Payment Award Equity Instruments Other Than Options Weighted Average Exercise Price Outstanding And Exercisable | 0.60 | 0.60 | ||||||
Common Shares Two [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Share Based Compensaction Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | $ 0.0625 | $ 0.0625 | ||||||
Warrants Issued | 16,006,322 | |||||||
Class of Warrant or Right Expiration Date | Mar. 31, 2023 | |||||||
Retained Earnings [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Stock Issued During Period, Value, Warrants Exercised | $ 0 | $ 0 | $ 0 | |||||
Adjustment To Additional Paid In Capital Warrant Down Feature | $ (74,086) | (74,086) | ||||||
Accrued Liabilities [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Repayments of Debt | $ 12,138 | |||||||
Warrant [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Share Based Compensaction Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | $ 0.2952 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Expirations | 174,763 | |||||||
Proceeds from Warrant Exercises | $ 1,125,038 | |||||||
Share based Compensation Arrangement By Share based Payment Award Equity Instruments Other Than Options Weighted Average Exercise Price Outstanding And Exercisable | 0.295 | 0.295 | ||||||
Warrant Solicitation [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Share Based Compensaction Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | $ 0.25 | $ 0.25 | ||||||
Share based Compensation Arrangement By Share based Payment Award Equity Instruments Other Than Options Weighted Average Exercise Price Outstanding And Exercisable | 0.25 | 0.25 | ||||||
Investor [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Repayments of Debt | $ 180,940 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Components of net loss before income taxes consists of the following: | ||
U.S. | $ (12,281,398) | $ (6,056,384) |
Canada | (2,344,392) | (2,013,018) |
Net (loss) for the year before recovery of income taxes | $ (14,625,790) | $ (8,069,402) |
Statutory rate | 34.04% | 35.00% |
Expected income tax (recovery) expense | $ (4,978,619) | $ (2,824,291) |
Tax rate changes and other basis adjustments | 1,748,278 | 44,238 |
Stock-based compensation | 524,412 | 350,683 |
Difference in Foreign Tax Rates | 184,414 | 0 |
Accretion | 659,458 | 0 |
Share premium | 425,497 | 0 |
Non-deductible expense | 339,296 | (132,076) |
Net DTA acquired | 0 | (546,122) |
Change in valuation allowance | 1,097,264 | 3,107,568 |
Recovery of income taxes | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Equipment | $ 70,350 | $ 73,520 |
Share issue costs | 510 | 1,456 |
SR&ED pool | 690,320 | 464,746 |
Other | 535,510 | 629,266 |
Non-capital losses - Canada | 2,515,170 | 2,067,203 |
Net operating losses - U.S. | 4,331,850 | 4,534,710 |
Valuation allowance | (7,017,430) | (5,956,118) |
Deferred Tax Liabilities, Net, Total | 1,126,280 | 1,814,783 |
Intangibles and other | (1,126,280) | (1,814,783) |
Deferred Tax Assets, Net | $ 0 | $ 0 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) | 12 Months Ended |
Mar. 31, 2018 | |
Domestic Tax Authority [Member] | United States - Federal [Member] | |
Income Tax Examination Open Tax Years | 2014 – present |
Domestic Tax Authority [Member] | United States - State [Member] | |
Income Tax Examination Open Tax Years | 2014 – present |
Foreign Tax Authority [Member] | Canada - Federal [Member] | |
Income Tax Examination Open Tax Years | 2013 – present |
Foreign Tax Authority [Member] | Canada - Provincial [Member] | |
Income Tax Examination Open Tax Years | 2013 – present |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) | Mar. 31, 2018USD ($) |
Operating Loss Carryforwards | $ 6,319,925 |
Canada | |
Operating Loss Carryforwards | 9,491,200 |
UNITED STATES | |
Operating Loss Carryforwards | $ 11,788,800 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($) | Mar. 06, 2018 | May 17, 2017 | Feb. 25, 2015 | Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Mar. 31, 2017 |
Share-based Compensation | $ 595,412 | $ 251,048 | $ 1,540,580 | $ 1,001,950 | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% | ||||||
Description Of Contribution For Formation | Under the terms of the JV Contract, the JV Partner is required to contribute $290,000 on the date of formation, $435,000 12 months later and $725,000 60 months after the date of formation. The Company is required to contribute certain intellectual property. | ||||||
Purchase Commitment, Description | On March 6, 2018, the Company signed a distribution agreement with Curexo Inc for South Korea and as part of this agreement the Company is obligated to buy a rehabilitative product from Curexo Inc. for $200,000 when this product is fully developed by Curexo. Inc. | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 75.00% | ||||||
Royalty on Sales,Percentage | 1.00% | 1.00% | |||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 10,083 | ||||||
Operating Leases, Future Minimum Payments, Due in Two Years | 13,444 | ||||||
Operating Leases, Future Minimum Payments, Due in Three Years | 13,444 | ||||||
Operating Leases, Future Minimum Payments, Due in Four Years | 14,141 | ||||||
Operating Leases, Future Minimum Payments, Due in Five Years | 14,141 | ||||||
Prepaid Deposits | 18,131 | ||||||
Bioniks JV Partner [Member] | |||||||
Due to Related Parties, Current | $ 93,309 | ||||||
Exchangable Shares [Member] | |||||||
Stock Issued During Period, Shares, Issued for Services | 262,904 | ||||||
Stock Transferred To Lenders | 314,560 | ||||||
Stock to be Reimbursed to Officers | 320,000 | ||||||
Stock Issued During Period, Value, Issued for Services | $ 241,185 | ||||||
Share-based Compensation | $ 210,323 |
RISK MANAGEMENT (Details Textua
RISK MANAGEMENT (Details Textual) - CAD ($) | Jun. 30, 2018 | Mar. 31, 2018 |
Canada [Member] | Maximum [Member] | ||
Concentration Risk [Line Items] | ||
Cash, FDIC Insured Amount | $ 100,000 | $ 100,000 |
SUBSEQUENT EVENTS (Details Text
SUBSEQUENT EVENTS (Details Textual) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Jul. 20, 2018 | Dec. 31, 2017 | Jun. 11, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Jan. 15, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | |
Subsequent Event [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | 1.00% | ||||||||
Common Stock, Shares, Issued | 247,873,882 | 205,328,106 | 48,885,107 | |||||||
Common Stock, Shares Authorized | 500,000,000 | 250,000,000 | 150,000,000 | 200,000,000 | ||||||
Debt Conversion, Converted Instrument, Shares to be Issued | 39,545,776 | |||||||||
Debt Instrument, Face Amount | $ 0 | $ 2,000,000 | $ 500,000 | $ 500,000 | ||||||
Debt Conversion, Original Debt, Amount | $ 50,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 7,225,625 | |||||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | $ (0.25) | $ 0.80 | $ 0.80 | |||||||
Warrant One [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 10,192,712 | |||||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | $ 0.4868 | |||||||||
Warrant Two [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 945,710 | |||||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | $ 0.2952 | |||||||||
Subsequent Event [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | |||||||||
Common Stock, Shares Authorized | 500,000,000 | |||||||||
Debt Instrument, Face Amount | $ 1,960,000 | |||||||||
Debt Instrument, Maturity Date | Apr. 30, 2019 | |||||||||
Debt Conversion, Original Debt, Amount | $ 4,732,853 | |||||||||
Debt Conversion, Converted Instrument, Shares Issued | 102,509,278 | |||||||||
Subsequent Event [Member] | Chief Executive Officer [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 6,000,000 | |||||||||
Shares Issued, Price Per Share | $ 0.0649 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | |||||||||
Subsequent Event [Member] | Chief Commercial Officer [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 750,000 | |||||||||
Shares Issued, Price Per Share | $ 0.0462 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||||
Subsequent Event [Member] | Share Exchange Agreement [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Common Stock, Shares, Issued | 3,000,000 | |||||||||
Subsequent Event [Member] | Warrant One [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | $ 0.3714 | |||||||||
Subsequent Event [Member] | Warrant Two [Member] | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | $ 0.2300 |