Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 31, 2018 | Feb. 08, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Bionik Laboratories Corp. | |
Entity Central Index Key | 1,508,381 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Non-accelerated Filer | |
Trading Symbol | BNKL | |
Entity Common Stock, Shares Outstanding | 2,341,460 | |
Entity Emerging Growth Company | false | |
Entity Small Business | true |
Condensed Consolidated Interim
Condensed Consolidated Interim Balance Sheets - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 |
Current | ||
Cash and cash equivalents | $ 375,133 | $ 507,311 |
Accounts receivable, net of allowance for doubtful accounts of $25,695 (March 31, 2018 - $19,694) | 1,521,109 | 212,730 |
Prepaid expenses and other receivables (Note 5) | 1,831,956 | 433,655 |
Inventories (Note 6) | 335,606 | 237,443 |
Due from related parties (Note 9(a)) | 17,989 | 18,897 |
Total Current Assets | 4,081,793 | 1,410,036 |
Equipment (Note 7) | 135,842 | 159,961 |
Technology and other assets (Note 4) | 4,497,037 | 4,706,719 |
Goodwill | 22,308,275 | 22,308,275 |
Total Assets | 31,022,947 | 28,584,991 |
Current | ||
Accounts payable (Notes 9(b) and 13) | 1,394,452 | 724,673 |
Accrued liabilities (Note 9(b)) | 1,099,570 | 1,529,505 |
Customer advances | 0 | 800 |
Demand loans (Note 8) | 0 | 51,479 |
Convertible loans (Note 8(b)) | 3,538,859 | 0 |
Deferred revenue | 285,140 | 122,667 |
Shares to be issued, stock options and warrants (Notes 10, 11 and 12) | 0 | 5,692,853 |
Total Current Liabilities | 6,318,021 | 8,121,977 |
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 |
Common Shares, par value $0.001; Authorized - 500,000,000 (March 31, 2018 – 250,000,000); Issued and outstanding - 2,337,964 and 273,574 Exchangeable Shares (March 31, 2018 – 1,368,856 and 295,146 Exchangeable Shares) | 2,611 | 1,664 |
Additional paid in capital | 67,570,756 | 56,195,541 |
Deficit | (42,910,590) | (35,776,340) |
Accumulated other comprehensive income | 42,149 | 42,149 |
Total Shareholders' Equity | 24,704,926 | 20,463,014 |
Total Liabilities and Shareholders' Equity | $ 31,022,947 | $ 28,584,991 |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Balance Sheets [Parenthetical] - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 |
Allowance for Doubtful Accounts Receivable, Current | $ 25,695 | $ 19,694 |
Preferred Stock, Par Value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Common Stock, Par Value (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 500,000,000 | 250,000,000 |
Common Stock, Shares, Issued | 2,337,964 | 1,368,856 |
Common Stock, Shares, Outstanding | 2,337,964 | 1,368,856 |
Common Stock, Other Shares, Issued | 273,574 | 295,146 |
Common Stock, Other Shares, Outstanding | 273,574 | 295,146 |
Special Voting Preferred Stock [Member] | ||
Preferred Stock, Par Value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 1 | 1 |
Preferred Stock, Shares Issued | 1 | 1 |
Preferred Stock, Shares Outstanding | 1 | 1 |
Condensed Consolidated Interi_3
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Sales | $ 930,257 | $ 260,960 | $ 1,978,675 | $ 570,327 |
Cost of Sales | 450,304 | 88,357 | 1,087,540 | 177,482 |
Gross Margin | 479,953 | 172,603 | 891,135 | 392,845 |
Operating expenses | ||||
Sales and marketing | 515,439 | 432,260 | 1,485,423 | 1,313,077 |
Research and development | 779,283 | 546,350 | 2,135,075 | 1,947,659 |
General and administrative | 1,022,024 | 783,784 | 2,932,980 | 2,916,917 |
Share-based compensation expense (Note 11) | 191,634 | 271,001 | 1,226,374 | 1,284,257 |
Amortization (Note 4) | 69,314 | 76,985 | 209,682 | 246,920 |
Depreciation (Note 7) | 15,969 | 21,234 | 50,190 | 69,606 |
Total operating expenses | 2,593,663 | 2,131,614 | 8,039,724 | 7,778,436 |
Other (income) expenses | ||||
Foreign exchange | (47,709) | (11,485) | (116,715) | 102,671 |
Accretion expense (Note 8) | 316,642 | 216,302 | 2,421,060 | 290,375 |
Fair value adjustment (Note 8) | 0 | 0 | (337,923) | 0 |
Gain on mark to market revaluation (Note 10) | 0 | 0 | (2,048,697) | 0 |
Other expense | 1,520 | 416,931 | 61,652 | 657,999 |
Total other expenses (income) | 270,453 | 621,748 | (20,623) | 1,051,045 |
Net loss and comprehensive loss for the period | $ (2,384,163) | $ (2,580,759) | $ (7,127,966) | $ (8,436,636) |
Loss per share - basic and diluted | $ (0.91) | $ (3.80) | $ (3.14) | $ (12.74) |
Weighted average number of shares outstanding – basic | 2,611,538 | 678,631 | 2,267,906 | 662,237 |
Weighted average number of shares outstanding – diluted | 2,611,538 | 678,631 | 2,267,906 | 662,237 |
Condensed Consolidated Interi_4
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity - USD ($) | Total | Convertible Debt [Member] | Special Voting Preferred Stock [Member] | Total Shares [Member] | Total Shares [Member]Convertible Debt [Member] | Additional Paid in Capital [Member] | Additional Paid in Capital [Member]Convertible Debt [Member] | Shares to be issued [Member] | Deficit [Member] | Accumulated Other Comprehensive Income [Member] |
Opening Balance at Mar. 31, 2017 | $ 24,150,650 | $ 0 | $ 645 | $ 45,184,320 | $ 0 | $ (21,076,464) | $ 42,149 | |||
Opening Balance (in shares) at Mar. 31, 2017 | 1 | 645,297 | ||||||||
Warrant exercised | 1,125,038 | $ 0 | $ 34 | 1,125,004 | 0 | 0 | 0 | |||
Warrant exercised (in shares) | 0 | 33,335 | ||||||||
Share compensation expense | 1,284,257 | $ 0 | $ 0 | 1,284,257 | 0 | 0 | 0 | |||
Share compensation expense (in shares) | 0 | 0 | ||||||||
Fair value of warrants on convertible loans | 548,179 | $ 0 | $ 0 | 548,179 | 0 | 0 | 0 | |||
Warrant down round feature | 0 | 0 | 0 | 41,025 | 0 | (41,025) | 0 | |||
Shares to be issued | 60,000 | $ 0 | $ 0 | 0 | 60,000 | 0 | 0 | |||
Shares to be issued (in shares) | 0 | 0 | ||||||||
Net loss for the period | (8,436,636) | $ 0 | $ 0 | 0 | 0 | (8,436,636) | 0 | |||
Closing Balance at Dec. 31, 2017 | 18,731,488 | $ 0 | $ 679 | 48,182,785 | 60,000 | (29,554,125) | 42,149 | |||
Closing Balance (in shares) at Dec. 31, 2017 | 1 | 678,632 | ||||||||
Opening Balance at Mar. 31, 2017 | 24,150,650 | $ 0 | $ 645 | 45,184,320 | 0 | (21,076,464) | 42,149 | |||
Opening Balance (in shares) at Mar. 31, 2017 | 1 | 645,297 | ||||||||
Warrant down round feature | (74,086) | |||||||||
Closing Balance at Mar. 31, 2018 | 20,463,014 | $ 0 | $ 1,664 | 56,195,541 | 0 | (35,776,340) | 42,149 | |||
Closing Balance (in shares) at Mar. 31, 2018 | 1 | 1,664,002 | ||||||||
Opening Balance at Dec. 31, 2017 | 18,731,488 | $ 0 | $ 679 | 48,182,785 | 60,000 | (29,554,125) | 42,149 | |||
Opening Balance (in shares) at Dec. 31, 2017 | 1 | 678,632 | ||||||||
Share compensation expense | 256,323 | $ 0 | $ 0 | 256,323 | 0 | 0 | 0 | |||
Share compensation expense (in shares) | 0 | 0 | ||||||||
Warrant down round feature | 0 | $ 0 | $ 0 | 33,061 | 0 | (33,061) | 0 | |||
Shares to be issued for services | (60,000) | $ 0 | $ 0 | (60,000) | 0 | 0 | ||||
Shares to be issued for services (in shares) | 0 | 0 | ||||||||
Conversion of convertible notes | 9,180,785 | $ 0 | $ 985 | 9,179,800 | 0 | 0 | 0 | |||
Conversion of convertible notes (in shares) | 0 | 985,370 | ||||||||
Stock option and warrant reclassification (Notes 11 & 12) | (2,845,557) | $ 0 | $ 0 | (2,845,557) | 0 | 0 | 0 | |||
Beneficial Conversion Feature on convertible debt | 1,389,129 | 0 | 0 | 1,389,129 | 0 | 0 | 0 | |||
Net loss for the period | (6,189,154) | 0 | 0 | 0 | 0 | (6,189,154) | 0 | |||
Closing Balance at Mar. 31, 2018 | 20,463,014 | $ 0 | $ 1,664 | 56,195,541 | 0 | (35,776,340) | 42,149 | |||
Closing Balance (in shares) at Mar. 31, 2018 | 1 | 1,664,002 | ||||||||
Share compensation expense | 1,226,374 | $ 0 | $ 0 | 1,226,374 | 0 | 0 | 0 | |||
Share compensation expense (in shares) | 0 | 0 | ||||||||
Warrant down round feature | 0 | $ 0 | $ 0 | 6,284 | 0 | (6,284) | 0 | |||
Conversion of convertible notes | 2,470,622 | $ 4,732,853 | $ 0 | $ 264 | $ 683 | 2,470,358 | $ 4,732,170 | 0 | 0 | 0 |
Conversion of convertible notes (in shares) | 0 | 263,639 | 683,395 | |||||||
Stock option and warrant reclassification (Notes 11 & 12) | 1,173,534 | $ 0 | $ 0 | 1,173,534 | 0 | 0 | 0 | |||
Anti-dilution Feature allocation on conversion (Note 8) | 1,766,495 | 0 | 0 | 1,766,495 | 0 | 0 | 0 | |||
Net loss for the period | (7,127,966) | 0 | 0 | 0 | (7,127,966) | 0 | ||||
Net loss for the period Adjustment due to 1:150 share consolidation round-up | 0 | $ 0 | $ 0 | 0 | 0 | 0 | 0 | |||
Net loss for the period Adjustment due to 1:150 share consolidation round-up (in shares) | 0 | 502 | ||||||||
Closing Balance at Dec. 31, 2018 | $ 24,704,926 | $ 0 | $ 2,611 | $ 67,570,756 | $ 0 | $ (42,910,590) | $ 42,149 | |||
Closing Balance (in shares) at Dec. 31, 2018 | 1 | 2,611,538 |
Condensed Consolidated Interi_5
Condensed Consolidated Interim Statements of Cash Flows - USD ($) | 9 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities | ||
Net loss for the period | $ (7,127,966) | $ (8,436,636) |
Adjustment for items not affecting cash | ||
Depreciation | 50,190 | 69,606 |
Amortization | 209,682 | 246,920 |
Interest expense | 129,933 | 640,168 |
Share based compensation expense | 1,226,374 | 1,284,257 |
Shares issued for services | 0 | 60,000 |
Accretion expense | 2,421,060 | 290,375 |
Fair value adjustment | (337,923) | 0 |
Gain on mark to market revaluation | (2,048,697) | 0 |
Allowance for doubtful accounts | 6,001 | (16,349) |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | (5,471,346) | (5,861,659) |
Changes in non-cash working capital items | ||
Accounts receivable | (1,314,380) | 93,680 |
Prepaid expenses and other receivables | (1,398,301) | 83,003 |
Due from related parties | 908 | (643) |
Inventories | (98,163) | (74,165) |
Accounts payable | 669,779 | 10,104 |
Accrued liabilities | (429,935) | 639,568 |
Customer advances | (800) | (120,762) |
Deferred revenue | 162,473 | 15,177 |
Net cash (used in) operating activities | (7,879,765) | (5,215,697) |
Investing activities | ||
Acquisition of equipment | (26,071) | (17,182) |
Net cash (used in) investing activities | (26,071) | (17,182) |
Financing activities | ||
Proceeds from convertible loans | 7,826,633 | 4,699,975 |
Proceeds on exercise of warrants | 0 | 1,125,038 |
Repayment of promissory notes principal | 0 | (200,000) |
Repayment of promissory notes interest | 0 | (49,505) |
Repayment of demand notes principal | (50,000) | (208,359) |
Repayment of demand notes interest | (2,975) | (79,259) |
Proceeds from short term loan | 0 | 400,000 |
Net cash provided by financing activities | 7,773,658 | 5,687,890 |
Net decrease in cash and cash equivalents for the period | (132,178) | 455,011 |
Cash and cash equivalents, beginning of period | 507,311 | 543,650 |
Cash and cash equivalents, end of period | $ 375,133 | $ 998,661 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 9 Months Ended |
Dec. 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 333,334 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 share of its Special Voting Preferred Stock (Note 10). 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 which was renamed Bionik, Inc. In return for acquiring IMT, IMT shareholders received an aggregate of 157,667 shares of the Company’s common stock. References to the Company refer to the Company and its wholly owned subsidiaries, Bionik Inc., Bionik Acquisition Inc. and Bionik Canada. On November 6, 2017, the Company approved the authorization of a common share capital increase to 250,000,000 from 150,000,000 and 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 December 31, 2018, the Company had a working capital deficit of ($2,236,228) (March 31, 2018 – ($6,711,941)) and an accumulated deficit of ($42,910,590) (March 31, 2018 – ($35,776,340)), and the Company incurred a net loss and comprehensive loss of ($2,384,163) for the three month period ended December 31, 2018 (December 31, 2017 – ($2,580,759)) and ($7,127,966) for the nine month period ended December 31, 2018 (December 31, 2017 – ($8,436,636)). 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 previously 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 three 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. |
CHANGE IN ACCOUNTING POLICY
CHANGE IN ACCOUNTING POLICY | 9 Months Ended |
Dec. 31, 2018 | |
Disclosure Text Block [Abstract] | |
Accounting Changes and Error Corrections [Text Block] | 2. CHANGE IN ACCOUNTING POLICY a) Basis of presentation On or about August 7, 2018, holders of the common stock and exchangeable shares of the Company approved, through a majority shareholder vote, an amendment to the Company’s Amended and Restated Certificate of Incorporation authorizing the Board of Directors to effect a reverse stock split of the Company’s common stock and exchangeable shares at a ratio up to one-for-one hundred and fifty (1:150). On October 29, 2018, the Company completed a reverse stock split and thereafter Bionik’s common stock began trading on the OTCQB market on a one-for-one hundred and fifty (1:150) split-adjusted basis. As a result of the reverse stock split, every 150 shares of the Company’s then-existing common stock was converted into one share of the Company’s common stock. No fractional shares were issued in connection with the reverse stock split. All fractional shares created by the reverse split were rounded up to the next whole share. The reverse stock split automatically and proportionately adjusted, based on the one-for-one hundred fifty split ratio, all issued and outstanding shares of the Company’s common stock, as well as exchangeable shares and common stock underlying stock options, warrants and other derivative securities outstanding at the time of the effectiveness of the reverse stock split. The exercise price on outstanding equity based grants was proportionately increased, while the number of shares available under the Company’s equity-based plans was also proportionately reduced. The reverse stock split has no impact on the par value per share of Bionik’s common stock, which remains at $0.001. All current and prior period amounts related to share, share prices and earnings per share, warrant and options presented in the Company’s consolidated financial statements contained in this Quarterly report on Form 10-Q and the accompanying notes have been restated to give retrospective presentation for the reverse split. b) 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): 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. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Dec. 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 third 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 in the Company’s unaudited condensed consolidated interim financial statements from the quarter ended December 31, 2018 from the March 31, 2018 audited financial statements 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 new standard using 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 audited consolidated financial statements for the year ending March 31, 2019. 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 15, 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. ASU 2017-01 further states that when substantially all of the fair value of gross assets acquired 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 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 and the impact on the 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 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 and nine month periods ended December 31, 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 and amounted to $100,338 and $64,957 at December 31, 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 $20,303 and $35,618 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 and nine month period ended December 31, 2018 (December 31, 2017 – $Nil and $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 and demand 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 December 31, 2018. |
TECHNOLOGY AND OTHER ASSETS
TECHNOLOGY AND OTHER ASSETS | 9 Months Ended |
Dec. 31, 2018 | |
Technology And Other Intangible Assets [Abstract] | |
Intangible Assets 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 nine month period ended December 31, 2018 and the year ended March 31, 2018: Expense March Value at March Expense Dec. Value at Dec.. Intangible Amortization Value acquired 31, 2018 31, 2018 31, 2018 31, 2018 assets acquired period (years) $ $ $ $ $ Patents and exclusive License Agreement 9.74 1,306,031 134,126 1,045,530 100,567 944,963 Trademark Indefinite 2,505,907 - 2,505,907 - 2,505,907 Customer relationships 10 1,431,680 143,206 1,153,543 107,376 1,046,167 Non-compete agreement 2 61,366 30,709 1,739 1,739 - Assembled Workforce 1 275,720 15,864 - - - 5,580,704 323,905 4,706,719 209,682 4,497,037 Amortization for the nine months ended December 31, 2018 was $209,682 (December 31, 2017 - $246,920). Amortization for three months ended December 31, 2018 was $69,314 (December 31, 2017 - $76,985). |
PREPAID EXPENSES AND OTHER RECE
PREPAID EXPENSES AND OTHER RECEIVABLES | 9 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expense And Other Receivables [Text Block] | 5. PREPAID EXPENSES AND OTHER RECEIVABLES December 31, 2018 March 31, 2018 $ $ Prepaid materials (i) 1,526,304 86,957 Prepaid expenses 202,962 301,104 Prepaid insurance 74,828 36,497 Sales taxes receivable (ii) 27,862 9,097 1,831,956 433,655 (i) Prepaid materials represent material deposits paid to our outsource manufacturing partner and other vendors for the production of our InMotion clinic line units. (ii) Sales tax receivable represents net harmonized sales taxes (HST) input tax credits receivable from the Government of Canada. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | 6. INVENTORIES December 31, 2018 March 31, 2018 $ $ Raw materials 28,662 237,443 Finished goods 306,944 - 335,606 237,443 During the three and nine month periods ended December 31, 2018, the Company expensed $392,190 and $986,362, respectively, from inventory as cost of goods sold (December 31, 2017 – $47,594 and $77,705). During the three and nine month period ended December 31, 2018, the Company wrote down and expensed $47,772 and $62,589 of obsolete inventory (December 31, 2017 – $Nil and $Nil). |
EQUIPMENT
EQUIPMENT | 9 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 7. EQUIPMENT Equipment consisted of the following as at December 31, 2018 and March 31, 2018: December 31, 2018 March 31, 2018 Accumulated Accumulated Cost Depreciation Net Cost Depreciation Net $ $ $ $ $ $ Computers and electronics 282,576 237,882 44,694 256,505 223,750 32,755 Furniture and fixtures 36,795 29,278 7,517 36,795 28,051 8,744 Demonstration equipment 200,186 135,590 64,596 200,186 105,441 94,745 Manufacturing equipment 88,742 86,100 2,642 88,742 85,668 3,074 Tools and parts 11,422 6,539 4,883 11,422 5,741 5,681 Assets under capital lease 23,019 11,509 11,510 23,019 8,057 14,962 642,740 506,898 135,842 616,669 456,708 159,961 Equipment is recorded at cost less accumulated depreciation. Depreciation expense during the three and nine month periods ended December 31, 2018 was $15,969 and $50,190, respectively (December 31, 2017 – $21,234 and $69,606). |
NOTES PAYABLE
NOTES PAYABLE | 9 Months Ended |
Dec. 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 December 31, 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 fiscal quarter ended June 30, 2018. Balance, March 31, 2018 $ 51,479 Accrued interest 1,496 Repayment (52,975 ) Balance, December 31, 2018 $ - Interest expense incurred on the Notes totaled $1,496 for the three and nine month periods ended December 31, 2018 (December 31, 2017 – $2,309 and $7,018), which was included in accrued liabilities until it was paid off. Convertible Loans Payable (a) On each of April 1, 2018 and July 20, 2018, the Company received loans totaling $4,708,306 (collectively, the “July 20, 2018 loans” which is inclusive of $31,673 that was capitalized interest) which carry an interest rate of 1% per month and of which $2,297,928 came from related parties. $4,732,853 of the loans and accrued and unpaid interest thereon were converted as of July 20, 2018 at a 10% discount to the 30 day volume weighted average price (“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 ”) is less than the original conversion price on July 20, 2018, then in such event the Company shall issue to all convertible loan holder at July 20, 2018, at no further cost, additional shares of common stock equal to the number of conversion shares the shareholders that they would have received upon conversion if the conversion price equaled the Offering Price, less the number of shares of conversion shares actually issued on July 20, 2018. The tables below reflect the fair value and anti-dilution features of the convertible loans, which resulted in accretion expense related to the July 20, 2018 loans for the three and six months ended September 30, 2018 of $1,970,167 and $2,104,418, respectively, and a fair value adjustment of $382,010 and $337,923, respectively, being expensed for the three and six month periods ended September 30, 2018. At issuance At July 20, 2018 Conversion feature fair value Principal Beneficial conversion Anti-dilution Fair value of debt Accretion expense Interest Ending balance Convertible promissory note $ 4,708,306 $ 406,744 $ 1,697,674 $ 2,603,888 $ 2,104,418 $ 24,547 $ 4,732,853 Beneficial conversion Anti-dilution Total Conversion feature fair value At Issuance $ 406,744 $ 1,697,674 $ 2,104,418 Fair value adjustment $ (406,744 ) $ 68,821 $ (337,923 ) Balance allocated to equity on conversion $ - $ (1,766,495 ) $ (1,766,495 ) Ending balance at June 30, 2018 $ - $ - $ - (b) During the period between October 1, 2018 and December 31, 2018, the Company received $3,150,000 in new convertible loans (“New Loans”) subsequent to the loans converted July 20, 2018, which carry an interest rate of 1% per month and of which $300,000 came from related parties. The loans and interest are convertible at a 20% discount on the earlier of (i) March 28, 2019 and (ii) the consummation of an equity or equity-linked round of financing of the Company with gross proceeds of no less than $2,000,000. The schedules below reflect the balance of the New Loans, which resulted in accretion expense of $316,642 being expensed for the three months ended December 31, 2018. At issuance At December 31, 2018 Principal Accretion expense Interest Loan Balance Convertible promissory note $ 3,150,000 $ 316,642 $ 72,217 $ 3,538,859 (c) During the nine month period ended December 31, 2018, the Company received loans totaling $7,858,306 (which is inclusive of $31,673 that was capitalized interest) which carry an interest rate of 1% per month and of which $2,597,928 came from related parties. An accretion expense of $316,642 and $2,421,060, respectively, and a fair value adjustment of $Nil and $337,923, respectively, was expensed for the three and nine month periods ended December 31, 2018 (December 31, 2017 - $216,302 and $290,375 accretion for the three and nine month periods and $Nil and $Nil fair value adjustment). |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 9 Months Ended |
Dec. 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 December 31, 2018, there was an outstanding loan to the Chief Technology Officer of the Company for $17,989 (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 three and nine month period ended December 31, 2018, the Company accrued interest receivable in the amount of $43 and $130 (December 31, 2017 – $47 and ($ 658 b) Accounts payable and accrued liabilities As at December 31, 2018, $1,957 (March 31, 2018 – $208,567) was owing to the CEO of the Company; $9,496 (March 31, 2018 –$135,039) was owing to the Chief Technology Officer; and $1,588 (March 31, 2018 – $116,624) was owing to the Chief Financial Officer, all related to business expenses. Balances owing are included in accounts payable or accrued liabilities. |
SHARE CAPITAL
SHARE CAPITAL | 9 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 10. SHARE CAPITAL December 31, 2018 March 31, 2018 Number of Number of shares $ shares $ Exchangeable Shares: Balance beginning of year 295,146 295 319,396 319 Converted into common shares (a) (21,572 ) (22 ) (24,250 ) (24 ) Balance at the end of period 273,574 273 295,146 295 Common Shares Balance at beginning of the period 1,368,856 1,369 325,901 326 Shares issued to exchangeable shares 21,572 22 24,250 24 Shares issued on conversion of loans (b) 947,034 947 985,370 985 Warrants exercised - - 33,335 34 Adjustment due to 1:150 share consolidation round-up 502 - - - Balance at end of the period 2,337,964 2,338 1,368,856 1,369 TOTAL SHARES 2,611,538 2,611 1,664,002 1,664 a. During the nine month period ended December 31, 2018, 21,572 exchangeable shares were exchanged on a 1 for 1 basis in accordance with their terms. (March 31, 2018 – 24,250) b. During the nine month period ended December 31, 2018, 947,034 shares of common stock were issued. Of this amount 263,639 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. The Company converted $4,732,853 of convertible loans and interest into 683,395 common shares on July 20, 2018 in accordance with their terms. c. On October 29, 2018 the Company completed the consolidation on a one-for-one to one hundred and fifty (1:150) reverse consolidation. 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. |
STOCK OPTIONS
STOCK OPTIONS | 9 Months Ended |
Dec. 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 4,334 options granted to employees at an exercise price of $183.00 per share 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, 1,667 options were cancelled and during the three and nine month period ended December 31, 2018, $21,366 and $92,585 (December 31, 2017 –$35,609 and $106,828) in stock compensation expense was recognized. As of December 31, 2018 these options are fully expensed. On December 14, 2015, the Company granted 16,634 options to employees, directors and consultants at an exercise price of $150 per share 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 and for the nine month period ended December 31, 2018, 167 options, 267 options, 2,912 options and 1000 options, respectively, were cancelled and for the three and nine month period ended December 31, 2018, $27,495 and $105,121 (December 31, 2017 –$45,396 and $450,690) of stock compensation expense was recognized. Ad at December 31, 2018, these options are full expensed. On April 21, 2016, the Company granted 20,000 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 6,667 have an exercise price of $37.50 per share, 6,667 have an exercise price of $142.50 per share and 6,666 have an exercise price of $157.50 per share. 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. On April 26, 2016, the Company granted 1,667 options to an employee with an exercise price of $150 per share that vest over three years at the anniversary date. The grant fair value was $213,750. The employee left during the quarter ended December 31, 2018 and 556 options that has not vested expired. During the three and nine months ended December 31, 2018, $15,833 and $51,458 (December 31, 2017- $17,813 and $53,438) was recognized as stock compensation expense. On August 8, 2016, the Company granted 5,000 options to an employee with an exercise price of $150 per share that vest over three years at the anniversary date. The grant fair value was $652,068. The employee left in April 2018 and 3,334 options that had not vested were cancelled and the remaining 1,667 options expired in November 2018. During the three and nine months ended December 31, 2018, $12,075 and $48,301 (December 31, 2017 – $54,339 and $163,017) of stock compensation expense was recognized. On February 6, 2017, the Company granted 2,667 options to an employee with an exercise price of $105.00 per share that vest over three years at the anniversary date. The grant fair value was $245,200. During the three and nine months ended December 31, 2018, $20,433 and $61,300 (December 31, 2017 – $20,433 and $61,300) of stock compensation expense was recognized. On February 13, 2017, the Company granted 1,667 options to a consultant with an exercise price of $102.00 per share that vest over one and one-half years, every nine months. The grant fair value was $148,750. During the three and nine months ended December 31, 2018, $Nil and $92,821 (December 31, 2017 – $12,396 and $37,188) of stock compensation expense was recognized. These options are now fully vested. On August 3, 2017, 10,000 options with an exercise price of $31.50 per share were granted to an executive officer, which vest equally over three future years. In addition, this executive officer was also granted up to 13,334 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 for the three and nine months ended December 31, 2018 (December 31, 2017 - $22,639 and $37,370). The executive left in April 2018 and all of these options were cancelled. On September 1, 2017, the Company granted 81,436 options with an exercise price of $24.15 per share equally to an executive officer and a consultant who is now the Chairman of the Company. Of such options, 13,573 have vested at issuance and (a) with respect to the executive officer, 50% of the remaining options vest on performance goals being met and 50% vest over 5 years, and (b) with respect to the Chairman, the remaining options vest over 5 years. The grant fair value was $1,832,304 and for the three and nine months ended December 31, 2018, $57,259 and $286,297 (December 31, 2017 - $38,173 and $343,919) in stock compensation expense was recognized. On January 24, 2018, the Company granted 24,267 options with an exercise price of $23.25 per share to employees that vest equally on January 24, 2019, 2020 and 2021. The grant fair value was $491,036. During the nine month period ended December 31, 2018, 6,667 options were cancelled and for the three and nine months ended December 31, 2018, $34,643 and $111,611 in stock compensation expense was recognized. On April 20, 2018, the Company granted to an executive officer, 40,000 options with an exercise price of $9.74 per share 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 nine months ended December 31, 2018. On June 11, 2018, the Company granted to a newly-hired executive officer 5,000 options with an exercise price of $6.93 per share 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 $2,528 and $5,619 of stock compensation expense was recognized in the three and nine months ended December 31, 2018, respectively. During the three and nine months ended December 31, 2018, the Company recorded $191,634 and $1,226,374 in share-based compensation related to the vesting of stock options (December 31, 2017 – $271,001 and $1,284,257). The following is a summary of stock options outstanding and exercisable as of December 31, 2018: Exercise Price ($) Number of Options Expiry Date Exercisable Options 34.50 630 June 20, 2021 630 34.50 13,212 July 1, 2021 13,212 34.50 944 February 17, 2022 944 183.00 2,667 November 24, 2022 2,667 150.00 12,289 December 14, 2022 12,289 142.50 359 March 28, 2023 359 157.50 1,387 March 28, 2023 1,387 150.00 1,112 April 26, 2023 1,112 105.00 2,667 February 6, 2024 889 102.00 1,667 February 13, 2024 1,667 142.50 106 March 3, 2024 106 157.50 408 March 3, 2024 408 142.50 43 March 14, 2024 43 157.50 164 March 14,2024 164 142.50 485 September 30, 2024 485 157.50 1,876 September 30, 2024 1,876 142.50 24 June 2, 2025 24 157.50 90 June 2, 2025 90 37.50 442 December 30, 2025 442 142.50 328 December 30, 2025 328 24.15 81,436 September 1, 2027 27,146 23.25 17,600 January 24, 2025 - 9.735 40,000 April 19, 2028 40,000 6.93 5,000 June 10, 2025 - 184,936 106,268 The weighted-average remaining contractual term of the outstanding options was 7.42 (March 31, 2018 – 5.81) and for the options that are exercisable the weighted average was 7.09 (March 31, 2018 – 5.70). |
WARRANTS
WARRANTS | 9 Months Ended |
Dec. 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: Weighted-Average Number of Warrants Exercise Price ($) Outstanding and exercisable, March 31, 2015 72,157 202.50 Issued 48,171 202.50 Exercised (992 ) (120.00 ) Outstanding and exercisable, March 31, 2016 119,336 202.50 Exercised (1,747 ) (120.00 ) Outstanding and exercisable, March 31, 2017 117,589 202.50 Exercised (33,335 ) (37.50 ) Issued in connection with anti-dilution provision connected to warrant transaction 559 112.35 Issued in connection with anti-dilution provision connected to warrant transaction 6,275 194.00 Issued in connection to the warrant transaction to the broker 2,667 37.50 Issued in connection with the conversion of loans and interest into common shares 106,709 9.375 Issued in connection with the conversion of loans and interest into common shares 15,658 90.00 Issued in connection with anti-dilution provision connected to warrant transaction 136,388 73.02 Issued in connection with anti-dilution provision connected to warrant transaction 13,464 44.28 Outstanding at March 31, 2018 365,974 53.19 Issued in connection with anti-dilution provision connected to warrant transaction 67,952 55.71 Issued in connection with anti-dilution provision connected to warrant transaction 6,305 34.50 Outstanding at December 31, 2018 440,231 44.21 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 $37.50 per share. The Company received net proceeds of $1,125,038. The Company also converted loans and interest due. Due to the anti-dilution clause in the warrant agreement for such outstanding warrants, the warrants were adjusted to reflect an additional 559 shares underlying the $120 per share warrants and an additional 6,275 shares underlying the $210.00 per share warrants. Furthermore, as a result of the anti-dilution clause, the exercise price of the warrants was adjusted from $120.00 per share to $112.35 per share and from $210.00 per share to $194.00 per share. Due to the anti-dilution clause in the warrant agreements for such outstanding warrants, the warrants were adjusted to reflect an additional 13,464 shares underlying the $112.35 per share warrant and an additional 136,388 shares underlying the $194.00 per share warrants. Furthermore, as a result of the anti-dilution clause, the exercise price of the warrants were adjusted from $112.50 per share to $44.28 per share and from $194.00 per share to $73.02 per share, all as a result of the loan and interest conversion for shares at March 31, 2018 and 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 2,667 warrants at $37.50 per share for four years expiring June 27, 2020 to the firm who facilitated the warrant offer. The Company issued 15,658 warrants at $90.00 per share which expire in 5 years on March 31, 2023 and 106,709 warrants at $9.375 per share which expire August 14, 2022 and March 31, 2022 in connection with the loan and interest conversion transaction. Due to the anti-dilution clause in the warrant agreements for such outstanding warrants, the warrants were adjusted to reflect an additional 67,952 shares underlying the $73.02 per share warrants and an additional 6,305 shares underlying the $44.28 per share warrants. Furthermore, as a result of the anti-dilution clause, the exercise price of the warrants were adjusted from $73.02 per share to $55.71 per share and from $44.28 per share to $34.50 per share, all as a result of a loan and interest conversion for shares on July 20, 2018. Common share purchase warrants The following is a summary of common share purchase warrants as of December 31, 2018: Exercise Price ($) Number of Warrants Expiry Date 90.00 15,658 March 31, 2023 55.71 136,339 February 26, 2019 55.71 28,531 March 27, 2019 55.71 7,618 March 31, 2019 55.71 59,061 April 21, 2019 55.71 27,883 May 27,2019 55.71 27,238 June 30, 2019 34.50 28,527 February 26, 2019 37.50 2,667 June 27, 2020 9.375 64,025 August 14, 2022 9.375 42,684 March 31, 2022 440,231 The weighted-average remaining contractual term of the outstanding warrants was 1.19 (March 31, 2018 – 2.27). The exercise price and number of underlying shares of the Company’s outstanding warrants currently priced at $55.71 and $34.50 are expected to be further adjusted pursuant to the anti-dilution provisions in the warrant agreements, as a result of any further common stock issuances, whether upon the conversion of indebtedness or otherwise. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Dec. 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, 1,753 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 2,098 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 2,134 common shares collectively. As at December 31, 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 Com pany. 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. It is not yet developed at December 31, 2018. d. 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 license certain intellectual property to the China JV. The Company is applying the equity method of accounting to the joint venture. As of December 31, 2018, the Company has provided certain technical information to the Chinese JV in order to obtain Chinese regulatory approvals. |
RISK MANAGEMENT
RISK MANAGEMENT | 9 Months Ended |
Dec. 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. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 15. SUBSEQUENT EVENTS (a) Subsequent to December 31, 2018, the Company received an additional $1,500,000 from lenders under the terms of the new loans described in note 8, including $750,000 . (b) Subsequent to December 31, 2018, 524,293 exchangeable shares (on a pre-consolidated basis) were converted into 3,496 common shares. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Dec. 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 third 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 in the Company’s unaudited condensed consolidated interim financial statements from the quarter ended December 31, 2018 from the March 31, 2018 audited financial statements are described below. Impact on the 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 and nine month periods ended December 31, 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 new standard using 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 audited consolidated financial statements for the year ending March 31, 2019. 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 15, 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. ASU 2017-01 further states that when substantially all of the fair value of gross assets acquired 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 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, 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. |
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 and the impact on the 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. |
Standard Product Warranty, Policy [Policy Text Block] | Warranty Reserve and Deferred Warranty Revenue The Company provides a one-year warranty as part of its normal sales offering. When products are sold, the Company provides warranty reserves, which, based on the historical experience of the Company are sufficient to cover warranty claims. Accrued warranty reserves are included in accrued liabilities on the balance sheet and amounted to $100,338 and $64,957 at December 31, 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 $20,303 and $35,618 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 and nine month period ended December 31, 2018 (December 31, 2017 – $Nil and $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. |
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. |
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 and demand 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 December 31, 2018. |
TECHNOLOGY AND OTHER ASSETS (Ta
TECHNOLOGY AND OTHER ASSETS (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Technology And Other Intangible Assets [Abstract] | |
Business Acquisition, Pro Forma Information [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 nine month period ended December 31, 2018 and the year ended March 31, 2018: Expense March Value at March Expense Dec. Value at Dec.. Intangible Amortization Value acquired 31, 2018 31, 2018 31, 2018 31, 2018 assets acquired period (years) $ $ $ $ $ Patents and exclusive License Agreement 9.74 1,306,031 134,126 1,045,530 100,567 944,963 Trademark Indefinite 2,505,907 - 2,505,907 - 2,505,907 Customer relationships 10 1,431,680 143,206 1,153,543 107,376 1,046,167 Non-compete agreement 2 61,366 30,709 1,739 1,739 - Assembled Workforce 1 275,720 15,864 - - - 5,580,704 323,905 4,706,719 209,682 4,497,037 |
PREPAID EXPENSES AND OTHER RE_2
PREPAID EXPENSES AND OTHER RECEIVABLES (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | December 31, 2018 March 31, 2018 $ $ Prepaid materials (i) 1,526,304 86,957 Prepaid expenses 202,962 301,104 Prepaid insurance 74,828 36,497 Sales taxes receivable (ii) 27,862 9,097 1,831,956 433,655 (i) Prepaid materials represent material deposits paid to our outsource manufacturing partner and other vendors for the production of our InMotion clinic line units. (ii) Sales tax receivable represents net harmonized sales taxes (HST) input tax credits receivable from the Government of Canada. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2018 March 31, 2018 $ $ Raw materials 28,662 237,443 Finished goods 306,944 - 335,606 237,443 |
EQUIPMENT (Tables)
EQUIPMENT (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Equipment consisted of the following as at December 31, 2018 and March 31, 2018: December 31, 2018 March 31, 2018 Accumulated Accumulated Cost Depreciation Net Cost Depreciation Net $ $ $ $ $ $ Computers and electronics 282,576 237,882 44,694 256,505 223,750 32,755 Furniture and fixtures 36,795 29,278 7,517 36,795 28,051 8,744 Demonstration equipment 200,186 135,590 64,596 200,186 105,441 94,745 Manufacturing equipment 88,742 86,100 2,642 88,742 85,668 3,074 Tools and parts 11,422 6,539 4,883 11,422 5,741 5,681 Assets under capital lease 23,019 11,509 11,510 23,019 8,057 14,962 642,740 506,898 135,842 616,669 456,708 159,961 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Convertible Debt [Table Text Block] | Balance, March 31, 2018 $ 51,479 Accrued interest 1,496 Repayment (52,975 ) Balance, December 31, 2018 $ - |
Schedule of Convertible Debt Fair Value [Table Text Block] | At issuance At July 20, 2018 Conversion feature fair value Principal Beneficial conversion Anti-dilution Fair value of debt Accretion expense Interest Ending balance Convertible promissory note $ 4,708,306 $ 406,744 $ 1,697,674 $ 2,603,888 $ 2,104,418 $ 24,547 $ 4,732,853 |
Schedule of Convertible Debt Beneficial Conversion Feature [Table Text Block] | Beneficial conversion Anti-dilution Total Conversion feature fair value At Issuance $ 406,744 $ 1,697,674 $ 2,104,418 Fair value adjustment $ (406,744 ) $ 68,821 $ (337,923 ) Balance allocated to equity on conversion $ - $ (1,766,495 ) $ (1,766,495 ) Ending balance at June 30, 2018 $ - $ - $ - |
Convertible Debt [Member] | |
Schedule of Convertible Debt Fair Value [Table Text Block] | At issuance At December 31, 2018 Principal Accretion expense Interest Loan Balance Convertible promissory note $ 3,150,000 $ 316,642 $ 72,217 $ 3,538,859 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity [Table Text Block] | December 31, 2018 March 31, 2018 Number of Number of shares $ shares $ Exchangeable Shares: Balance beginning of year 295,146 295 319,396 319 Converted into common shares (a) (21,572 ) (22 ) (24,250 ) (24 ) Balance at the end of period 273,574 273 295,146 295 Common Shares Balance at beginning of the period 1,368,856 1,369 325,901 326 Shares issued to exchangeable shares 21,572 22 24,250 24 Shares issued on conversion of loans (b) 947,034 947 985,370 985 Warrants exercised - - 33,335 34 Adjustment due to 1:150 share consolidation round-up 502 - - - Balance at end of the period 2,337,964 2,338 1,368,856 1,369 TOTAL SHARES 2,611,538 2,611 1,664,002 1,664 a. During the nine month period ended December 31, 2018, 21,572 exchangeable shares were exchanged on a 1 for 1 basis in accordance with their terms. (March 31, 2018 – 24,250) b. During the nine month period ended December 31, 2018, 947,034 shares of common stock were issued. Of this amount 263,639 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. The Company converted $4,732,853 of convertible loans and interest into 683,395 common shares on July 20, 2018 in accordance with their terms. c. On October 29, 2018 the Company completed the consolidation on a one-for-one to one hundred and fifty (1:150) reverse consolidation. |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 9 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block] | The following is a summary of stock options outstanding and exercisable as of December 31, 2018: Exercise Price ($) Number of Options Expiry Date Exercisable Options 34.50 630 June 20, 2021 630 34.50 13,212 July 1, 2021 13,212 34.50 944 February 17, 2022 944 183.00 2,667 November 24, 2022 2,667 150.00 12,289 December 14, 2022 12,289 142.50 359 March 28, 2023 359 157.50 1,387 March 28, 2023 1,387 150.00 1,112 April 26, 2023 1,112 105.00 2,667 February 6, 2024 889 102.00 1,667 February 13, 2024 1,667 142.50 106 March 3, 2024 106 157.50 408 March 3, 2024 408 142.50 43 March 14, 2024 43 157.50 164 March 14,2024 164 142.50 485 September 30, 2024 485 157.50 1,876 September 30, 2024 1,876 142.50 24 June 2, 2025 24 157.50 90 June 2, 2025 90 37.50 442 December 30, 2025 442 142.50 328 December 30, 2025 328 24.15 81,436 September 1, 2027 27,146 23.25 17,600 January 24, 2025 - 9.735 40,000 April 19, 2028 40,000 6.93 5,000 June 10, 2025 - 184,936 106,268 |
WARRANTS (Tables)
WARRANTS (Tables) | 9 Months Ended |
Dec. 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: Weighted-Average Number of Warrants Exercise Price ($) Outstanding and exercisable, March 31, 2015 72,157 202.50 Issued 48,171 202.50 Exercised (992 ) (120.00 ) Outstanding and exercisable, March 31, 2016 119,336 202.50 Exercised (1,747 ) (120.00 ) Outstanding and exercisable, March 31, 2017 117,589 202.50 Exercised (33,335 ) (37.50 ) Issued in connection with anti-dilution provision connected to warrant transaction 559 112.35 Issued in connection with anti-dilution provision connected to warrant transaction 6,275 194.00 Issued in connection to the warrant transaction to the broker 2,667 37.50 Issued in connection with the conversion of loans and interest into common shares 106,709 9.375 Issued in connection with the conversion of loans and interest into common shares 15,658 90.00 Issued in connection with anti-dilution provision connected to warrant transaction 136,388 73.02 Issued in connection with anti-dilution provision connected to warrant transaction 13,464 44.28 Outstanding at March 31, 2018 365,974 53.19 Issued in connection with anti-dilution provision connected to warrant transaction 67,952 55.71 Issued in connection with anti-dilution provision connected to warrant transaction 6,305 34.50 Outstanding at December 31, 2018 440,231 44.21 |
Schedule of Common Share Purchase Warrants Outstanding [Table Text Block] | The following is a summary of common share purchase warrants as of December 31, 2018: Exercise Price ($) Number of Warrants Expiry Date 90.00 15,658 March 31, 2023 55.71 136,339 February 26, 2019 55.71 28,531 March 27, 2019 55.71 7,618 March 31, 2019 55.71 59,061 April 21, 2019 55.71 27,883 May 27,2019 55.71 27,238 June 30, 2019 34.50 28,527 February 26, 2019 37.50 2,667 June 27, 2020 9.375 64,025 August 14, 2022 9.375 42,684 March 31, 2022 440,231 |
NATURE OF OPERATIONS (Details T
NATURE OF OPERATIONS (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||
Oct. 29, 2018 | Apr. 21, 2016 | Feb. 26, 2015 | Feb. 13, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | Jun. 12, 2018 | Mar. 31, 2018 | Nov. 06, 2017 | Mar. 31, 2017 | Dec. 31, 2014 | |
Working Capital Surplus (Deficit) | $ (2,236,228) | $ (2,236,228) | $ (6,711,941) | |||||||||||
Comprehensive Income (Loss), Net of Tax | $ (2,384,163) | $ (2,580,759) | $ (7,127,966) | $ (8,436,636) | ||||||||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 250,000,000 | 250,000,000 | 150,000,000 | 200,000,000 | ||||||
Retained Earnings (Accumulated Deficit) | $ (42,910,590) | $ (42,910,590) | $ (35,776,340) | |||||||||||
Stockholders' Equity, Reverse Stock Split | the Company completed a reverse stock split and thereafter Bionik’s common stock began trading on the OTCQB market on a one-for-one hundred and fifty (1:150) split-adjusted basis. | the Company implemented a 1-for-0.831105 reverse stock split of the common stock, which had previously been approved on September 24, 2014. | ||||||||||||
Interactive Motion Technologies, Inc. [Member] | ||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 157,667 | |||||||||||||
Share Exchange Agreement [Member] | ||||||||||||||
Stock Issued During Period, Shares, New Issues | 333,334 | |||||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 100.00% |
CHANGE IN ACCOUNTING POLICY (De
CHANGE IN ACCOUNTING POLICY (Details Textual) - $ / shares | 1 Months Ended | ||||
Oct. 29, 2018 | Aug. 07, 2018 | Feb. 13, 2015 | Dec. 31, 2018 | Mar. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |||
Stockholders' Equity, Reverse Stock Split | the Company completed a reverse stock split and thereafter Bionik’s common stock began trading on the OTCQB market on a one-for-one hundred and fifty (1:150) split-adjusted basis. | the Company implemented a 1-for-0.831105 reverse stock split of the common stock, which had previously been approved on September 24, 2014. | |||
Approved Reverse Stock Split [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Stockholders' Equity, Reverse Stock Split | reverse stock split of the Company’s common stock and exchangeable shares at a ratio up to one-for-one hundred and fifty (1:150). |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | Jun. 12, 2018 | Mar. 31, 2018 | Nov. 06, 2017 | Mar. 31, 2017 | Dec. 31, 2014 | |
Significant Accounting Policies [Line Items] | ||||||||||
Standard and Extended Product Warranty Accrual | $ 100,338 | $ 100,338 | $ 64,957 | |||||||
Product Warranty Expense | $ 20,303 | $ 0 | $ 35,618 | $ 0 | ||||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 250,000,000 | 250,000,000 | 150,000,000 | 200,000,000 | ||
Loss on Mark to Market Reevaluation | $ (2,048,697) | $ 0 |
TECHNOLOGY AND OTHER ASSETS (De
TECHNOLOGY AND OTHER ASSETS (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 21, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | |
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | $ 5,580,704 | |||||
Amortization of Intangible Assets | $ 69,314 | $ 76,985 | $ 209,682 | $ 246,920 | $ 323,905 | |
Intangible Assets, Net (Excluding Goodwill) | 4,497,037 | 4,497,037 | 4,706,719 | |||
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 | 100,567 | 134,126 | ||||
Intangible Assets, Net (Excluding Goodwill) | 944,963 | 944,963 | 1,045,530 | |||
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 | ||||
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 | 107,376 | 143,206 | ||||
Intangible Assets, Net (Excluding Goodwill) | 1,046,167 | 1,046,167 | 1,153,543 | |||
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 | ||||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | 1,739 | |||
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 | ||||
Intangible Assets, Net (Excluding Goodwill) | $ 0 | $ 0 | $ 0 |
TECHNOLOGY AND OTHER ASSETS (_2
TECHNOLOGY AND OTHER ASSETS (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | |
Amortization of Intangible Assets | $ 69,314 | $ 76,985 | $ 209,682 | $ 246,920 | $ 323,905 |
PREPAID EXPENSES AND OTHER RE_3
PREPAID EXPENSES AND OTHER RECEIVABLES (Details) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | |
Prepaid Expense And Other Receivables [Line Items] | |||
Prepaid materials | [1] | $ 1,526,304 | $ 86,957 |
Prepaid expenses | 202,962 | 301,104 | |
Prepaid insurance | 74,828 | 36,497 | |
Sales taxes receivable | [2] | 27,862 | 9,097 |
Prepaid Expense and Other Receivables | $ 1,831,956 | $ 433,655 | |
[1] | Prepaid materials represent material deposits paid to our outsource manufacturing partner and other vendors for the production of our InMotion clinic line units. | ||
[2] | Sales tax receivable represents net harmonized sales taxes (HST) input tax credits receivable from the Government of Canada. |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 |
Inventory [Line Items] | ||
Raw materials | $ 28,662 | $ 237,443 |
Finished goods | 306,944 | 0 |
Inventory, Net | $ 335,606 | $ 237,443 |
INVENTORIES (Details Textual)
INVENTORIES (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Inventory Write-down | $ 47,772 | $ 0 | $ 62,589 | $ 0 |
Cost of Goods and Services Sold | 450,304 | 88,357 | 1,087,540 | 177,482 |
Inventory Cost [Member] | ||||
Cost of Goods and Services Sold | $ 392,190 | $ 47,594 | $ 986,362 | $ 77,705 |
EQUIPMENT (Details)
EQUIPMENT (Details) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 |
Equipment [Line Items] | ||
Equipment, Cost | $ 642,740 | $ 616,669 |
Accumulated Depreciation | 506,898 | 456,708 |
Equipment, Net | 135,842 | 159,961 |
Computers and electronics [Member] | ||
Equipment [Line Items] | ||
Equipment, Cost | 282,576 | 256,505 |
Accumulated Depreciation | 237,882 | 223,750 |
Equipment, Net | 44,694 | 32,755 |
Furniture and fixtures [Member] | ||
Equipment [Line Items] | ||
Equipment, Cost | 36,795 | 36,795 |
Accumulated Depreciation | 29,278 | 28,051 |
Equipment, Net | 7,517 | 8,744 |
Demonstration equipment [Member] | ||
Equipment [Line Items] | ||
Equipment, Cost | 200,186 | 200,186 |
Accumulated Depreciation | 135,590 | 105,441 |
Equipment, Net | 64,596 | 94,745 |
Manufacturing equipment [Member] | ||
Equipment [Line Items] | ||
Equipment, Cost | 88,742 | 88,742 |
Accumulated Depreciation | 86,100 | 85,668 |
Equipment, Net | 2,642 | 3,074 |
Tools and parts [Member] | ||
Equipment [Line Items] | ||
Equipment, Cost | 11,422 | 11,422 |
Accumulated Depreciation | 6,539 | 5,741 |
Equipment, Net | 4,883 | 5,681 |
Assets under capital lease [Member] | ||
Equipment [Line Items] | ||
Equipment, Cost | 23,019 | 23,019 |
Accumulated Depreciation | 11,509 | 8,057 |
Equipment, Net | $ 11,510 | $ 14,962 |
EQUIPMENT (Details Textual)
EQUIPMENT (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equipment [Line Items] | ||||
Depreciation | $ 15,969 | $ 21,234 | $ 50,190 | $ 69,606 |
NOTES PAYABLE (Details)
NOTES PAYABLE (Details) - USD ($) | 9 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Repayment | $ 0 | $ (200,000) |
Demand Notes payable [Member] | ||
Balance, March 31, 2018 | 51,479 | |
Accrued interest | 1,496 | |
Repayment | (52,975) | |
Balance, December 31, 2018 | $ 0 |
NOTES PAYABLE (Details 1)
NOTES PAYABLE (Details 1) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Jul. 20, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accretion expense | $ 316,642 | $ 216,302 | $ 2,421,060 | $ 290,375 | ||
Convertible Debt [Member] | ||||||
Principal | $ 4,708,306 | |||||
Beneficial conversion | 406,744 | |||||
Anti-dilution | 1,697,674 | |||||
Fair value of debt | $ 2,603,888 | |||||
Accretion expense | $ 2,104,418 | |||||
Interest | 24,547 | |||||
Ending balance | $ 4,732,853 |
NOTES PAYABLE (Details 2)
NOTES PAYABLE (Details 2) - USD ($) | 3 Months Ended | 9 Months Ended |
Dec. 31, 2017 | Dec. 31, 2018 | |
Fair value adjustment | $ 0 | |
Convertible Debt [Member] | ||
At Issuance | $ 2,104,418 | |
Fair value adjustment | (337,923) | |
Balance allocated to equity on conversion | (1,766,495) | |
Ending balance at June 30, 2018 | 0 | |
Convertible Debt [Member] | Beneficial conversion [Member] | ||
At Issuance | 406,744 | |
Fair value adjustment | (406,744) | |
Balance allocated to equity on conversion | 0 | |
Ending balance at June 30, 2018 | 0 | |
Convertible Debt [Member] | Anti-dilution [Member] | ||
At Issuance | 1,697,674 | |
Fair value adjustment | 68,821 | |
Balance allocated to equity on conversion | (1,766,495) | |
Ending balance at June 30, 2018 | $ 0 |
NOTES PAYABLE (Details 3)
NOTES PAYABLE (Details 3) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | |
Accretion expense | $ 316,642 | $ 216,302 | $ 2,421,060 | $ 290,375 | |
Loan Balance | 0 | 0 | $ 51,479 | ||
Convertible promissory note [Member] | |||||
Principal | 3,150,000 | 3,150,000 | |||
Accretion expense | 316,642 | ||||
Interest | 72,217 | ||||
Loan Balance | $ 3,538,859 | $ 3,538,859 |
NOTES PAYABLE (Details Textual)
NOTES PAYABLE (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Jul. 20, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||||||||
Short-term Debt | $ 0 | $ 51,479 | $ 0 | |||||
Accretion Expense | 316,642 | $ 216,302 | 2,421,060 | $ 290,375 | ||||
Debt Instrument Convertible Conversion feature Fair Value Adjustments | 0 | |||||||
Proceeds from Notes Payable | $ 3,150,000 | |||||||
Proceeds from Related Party Debt | $ 300,000 | |||||||
Debt Instrument, Interest Rate Terms | The loans and interest are convertible at a 20% discount on the earlier of (i) March 28, 2019 and (ii) the consummation of an equity or equity-linked round of financing of the Company with gross proceeds of no less than $2,000,000. | |||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 4,732,853 | $ 9,180,785 | $ 2,470,622 | |||||
Convertible Loans Payable [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | |||||||
Proceeds from Convertible Debt Including Capitalized Interest | $ 4,708,306 | |||||||
Discount on Convertible Loan exercise price | 10.00% | |||||||
Interest Costs Capitalized | $ 31,673 | |||||||
Accretion Expense | $ 1,970,167 | $ 2,104,418 | ||||||
Debt Instrument Convertible Conversion feature Fair Value Adjustments | $ 382,010 | $ 337,923 | ||||||
Proceeds from Related Party Debt | 2,297,928 | |||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 4,732,853 | |||||||
Convertible Debt One [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | 1.00% | ||||||
Proceeds from Convertible Debt Including Capitalized Interest | $ 7,858,306 | |||||||
Interest Costs Capitalized | 31,673 | |||||||
Accretion Expense | $ 316,642 | 2,421,060 | ||||||
Debt Instrument Convertible Conversion feature Fair Value Adjustments | 0 | 337,923 | 0 | |||||
Proceeds from Related Party Debt | 2,597,928 | |||||||
Convertible Debt Two [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Accretion Expense | 216,302 | 0 | 290,375 | 0 | ||||
Demand Notes payable [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Expense, Debt | $ 1,496 | $ 2,309 | $ 1,496 | $ 7,018 |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND BALANCES (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | |
Related Party Transaction [Line Items] | |||||
Accrued interest receivable | $ 43 | $ 47 | $ 130 | $ 658 | |
Chief Executive Officer [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accounts Payable, Related Parties | 1,957 | 1,957 | $ 208,567 | ||
Chief Technology Officer [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from Related Parties | 17,989 | 17,989 | 18,897 | ||
Accounts Payable, Related Parties | 9,496 | $ 9,496 | 135,039 | ||
Related Party Transaction, Rate | 1.00% | ||||
Chief Financial Officer [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accounts Payable, Related Parties | $ 1,588 | $ 1,588 | $ 116,624 |
SHARE CAPITAL (Details)
SHARE CAPITAL (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jul. 20, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | ||
Opening Balance | $ 18,731,488 | $ 20,463,014 | $ 24,150,650 | $ 24,150,650 | ||
Shares issued to exchangeable shares | $ 4,732,853 | 9,180,785 | 2,470,622 | |||
Warrants exercised | 1,125,038 | |||||
Adjustments Due To Share Consolidation Round Up | 0 | |||||
Closing Balance | $ 20,463,014 | $ 24,704,926 | $ 18,731,488 | $ 20,463,014 | ||
Exchangable Shares [Member] | ||||||
Opening Balance (in shares) | 295,146 | 319,396 | 319,396 | |||
Opening Balance | $ 295 | $ 319 | $ 319 | |||
Converted into common shares (in shares) | [1] | (21,572) | (24,250) | |||
Converted into common shares | [1] | $ (22) | $ (24) | |||
Closing Balance (in shares) | 295,146 | 273,574 | 295,146 | |||
Closing Balance | $ 295 | $ 273 | $ 295 | |||
Common Shares [Member] | ||||||
Opening Balance (in shares) | 1,368,856 | 325,901 | 325,901 | |||
Opening Balance | $ 1,369 | $ 326 | $ 326 | |||
Shares issued to exchangeable shares (in shares) | 21,572 | 24,250 | ||||
Shares issued to exchangeable shares | $ 22 | $ 24 | ||||
Shares issued on conversion of loans (in shares) | [2] | 947,034 | 985,370 | |||
Shares issued on conversion of loans | [2] | $ 947 | $ 985 | |||
Warrants exercised (in shares) | 0 | 33,335 | ||||
Warrants exercised | $ 0 | $ 34 | ||||
Adjustments Due To Share Consolidation Round Up (Shares) | 502 | 0 | ||||
Adjustments Due To Share Consolidation Round Up | $ 0 | $ 0 | ||||
Closing Balance (in shares) | 1,368,856 | 2,337,964 | 1,368,856 | |||
Closing Balance | $ 1,369 | $ 2,338 | $ 1,369 | |||
Common Shares And Exchangeable Shares [Member] | ||||||
Opening Balance (in shares) | 1,664,002 | |||||
Opening Balance | $ 1,664 | |||||
Closing Balance (in shares) | 1,664,002 | 2,611,538 | 1,664,002 | |||
Closing Balance | $ 1,664 | $ 2,611 | $ 1,664 | |||
[1] | During the nine month period ended December 31, 2018, 21,572 exchangeable shares were exchanged on a 1 for 1 basis in accordance with their terms. (March 31, 2018 – 24,250) | |||||
[2] | During the nine month period ended December 31, 2018, 947,034 shares of common stock were issued. Of this amount 263,639 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. The Company converted $4,732,853 of convertible loans and interest into 683,395 common shares on July 20, 2018 in accordance with their terms. |
SHARE CAPITAL (Details Textual)
SHARE CAPITAL (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Oct. 29, 2018 | Jul. 20, 2018 | Feb. 26, 2015 | Feb. 13, 2015 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Sep. 30, 2018 | Jun. 12, 2018 | Nov. 06, 2017 | Mar. 31, 2017 | Dec. 31, 2014 | |
Loss on Mark to Market Reevaluation | $ (2,048,697) | $ 0 | |||||||||||
Stock Issued During Period, Shares, Exchangeable Shares Excercised | 21,572 | 24,250 | |||||||||||
Common Stock, Shares Authorized | 250,000,000 | 500,000,000 | 250,000,000 | 500,000,000 | 500,000,000 | 250,000,000 | 150,000,000 | 200,000,000 | |||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 4,732,853 | $ 9,180,785 | $ 2,470,622 | ||||||||||
Adjustments to Additional Paid in Capital, Stock Option and Warrant Reclassification | $ (2,845,557) | $ 1,173,534 | |||||||||||
Preferred Stock, Voting Rights | the Company issued one share of the Special Voting Preferred Stock, par value $0.001 per share | ||||||||||||
Stockholders' Equity, Reverse Stock Split | the Company completed a reverse stock split and thereafter Bionik’s common stock began trading on the OTCQB market on a one-for-one hundred and fifty (1:150) split-adjusted basis. | the Company implemented a 1-for-0.831105 reverse stock split of the common stock, which had previously been approved on September 24, 2014. | |||||||||||
Common Shares [Member] | |||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 947,034 | ||||||||||||
Convertible Debt [Member] | |||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 683,395 | ||||||||||||
Convertible Debt [Member] | Common Shares [Member] | |||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 263,639 |
STOCK OPTIONS (Details)
STOCK OPTIONS (Details) | 9 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options | 184,936 |
Exercisable Options | 106,268 |
Stock Option One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 34.50 |
Number of Options | 630 |
Expiry Date | Jun. 20, 2021 |
Exercisable Options | 630 |
Stock Option Two [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 34.50 |
Number of Options | 13,212 |
Expiry Date | Jul. 1, 2021 |
Exercisable Options | 13,212 |
Stock Option Three [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 34.50 |
Number of Options | 944 |
Expiry Date | Feb. 17, 2022 |
Exercisable Options | 944 |
Stock Option Four [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 183 |
Number of Options | 2,667 |
Expiry Date | Nov. 24, 2022 |
Exercisable Options | 2,667 |
Stock Option Five [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 150 |
Number of Options | 12,289 |
Expiry Date | Dec. 14, 2022 |
Exercisable Options | 12,289 |
Stock Option Six [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 142.50 |
Number of Options | 359 |
Expiry Date | Mar. 28, 2023 |
Exercisable Options | 359 |
Stock Option Seven [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 157.50 |
Number of Options | 1,387 |
Expiry Date | Mar. 28, 2023 |
Exercisable Options | 1,387 |
Stock Option Eight [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 150 |
Number of Options | 1,112 |
Expiry Date | Apr. 26, 2023 |
Exercisable Options | 1,112 |
Stock Option Nine [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 105 |
Number of Options | 2,667 |
Expiry Date | Feb. 6, 2024 |
Exercisable Options | 889 |
Stock Option Ten [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 102 |
Number of Options | 1,667 |
Expiry Date | Feb. 13, 2024 |
Exercisable Options | 1,667 |
Stock Option Eleven [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 142.50 |
Number of Options | 106 |
Expiry Date | Mar. 3, 2024 |
Exercisable Options | 106 |
Stock Option Twelve [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 157.50 |
Number of Options | 408 |
Expiry Date | Mar. 3, 2024 |
Exercisable Options | 408 |
Stock Option Thirteen [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 142.50 |
Number of Options | 43 |
Expiry Date | Mar. 14, 2024 |
Exercisable Options | 43 |
Stock Option Fourteen [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 157.50 |
Number of Options | 164 |
Expiry Date | Mar. 14, 2024 |
Exercisable Options | 164 |
Stock Option Fifteen [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 142.50 |
Number of Options | 485 |
Expiry Date | Sep. 30, 2024 |
Exercisable Options | 485 |
Stock Option Sixteen [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 157.50 |
Number of Options | 1,876 |
Expiry Date | Sep. 30, 2024 |
Exercisable Options | 1,876 |
Stock Option Seventeen [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 142.50 |
Number of Options | 24 |
Expiry Date | Jun. 2, 2025 |
Exercisable Options | 24 |
Stock Option Eighteen [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 157.50 |
Number of Options | 90 |
Expiry Date | Jun. 2, 2025 |
Exercisable Options | 90 |
Stock Option Nineteen [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 37.50 |
Number of Options | 442 |
Expiry Date | Dec. 30, 2025 |
Exercisable Options | 442 |
Stock Option Twenty [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 142.50 |
Number of Options | 328 |
Expiry Date | Dec. 30, 2025 |
Exercisable Options | 328 |
Stock Option Twenty One [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 24.15 |
Number of Options | 81,436 |
Expiry Date | Sep. 1, 2027 |
Exercisable Options | 27,146 |
Stock Option Twenty Two [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 23.25 |
Number of Options | 17,600 |
Expiry Date | Jan. 24, 2025 |
Exercisable Options | 0 |
Stock Option Twenty Three [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 9.735 |
Number of Options | 40,000 |
Expiry Date | Apr. 19, 2028 |
Exercisable Options | 40,000 |
Stock Option Twenty Four [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 6.93 |
Number of Options | 5,000 |
Expiry Date | Jun. 10, 2025 |
Exercisable Options | 0 |
STOCK OPTIONS (Details Textual)
STOCK OPTIONS (Details Textual) - USD ($) | Jun. 11, 2018 | Sep. 01, 2017 | Feb. 06, 2017 | Dec. 14, 2015 | Apr. 20, 2018 | Jan. 24, 2018 | Aug. 03, 2017 | Feb. 13, 2017 | Aug. 08, 2016 | Apr. 26, 2016 | Apr. 21, 2016 | Nov. 24, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 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, Grants in Period, Gross | 24,267 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 6,667 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 184,936 | 184,936 | ||||||||||||||||||
Allocated Share-based Compensation Expense | $ 34,643 | $ 111,611 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years 5 months 1 day | 5 years 9 months 22 days | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 7 years 1 month 2 days | 5 years 8 months 12 days | ||||||||||||||||||
Fair Value Of Options | $ 491,036 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 556 | |||||||||||||||||||
Employee Stock Option [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Allocated Share-based Compensation Expense | $ 191,634 | $ 271,001 | $ 1,226,374 | $ 1,284,257 | ||||||||||||||||
Employees of Bionik Inc [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 | 20,000 | |||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 150 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 1,667 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,895,000 | |||||||||||||||||||
Allocated Share-based Compensation Expense | 15,833 | $ 17,813 | 51,458 | 53,438 | ||||||||||||||||
Fair Value Of Options | $ 213,750 | $ 2,582,890 | ||||||||||||||||||
Employees of Bionik Inc [Member] | Exercise Price Range One [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 37.50 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 6,667 | |||||||||||||||||||
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 | $ 142.50 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 6,667 | |||||||||||||||||||
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 | $ 157.50 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 6,666 | |||||||||||||||||||
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 | 4,334 | |||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 183 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 1,667 | |||||||||||||||||||
Allocated Share-based Compensation Expense | 21,366 | 35,609 | 92,585 | 106,828 | ||||||||||||||||
Fair Value Of Options | $ 694,384 | |||||||||||||||||||
Employee One [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 5,000 | |||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 150 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 3,334 | |||||||||||||||||||
Allocated Share-based Compensation Expense | 12,075 | 54,339 | $ 48,301 | 163,017 | ||||||||||||||||
Fair Value Of Options | $ 652,068 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 1,667 | |||||||||||||||||||
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 | 16,634 | |||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 150 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 1,000 | 2,912 | 267 | 167 | ||||||||||||||||
Allocated Share-based Compensation Expense | 27,495 | 45,396 | $ 105,121 | 450,690 | ||||||||||||||||
Fair Value Of Options | $ 1,260,437 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||||||||||
Employee Two [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 | 2,667 | |||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 105 | |||||||||||||||||||
Allocated Share-based Compensation Expense | 20,433 | 20,433 | 61,300 | 61,300 | ||||||||||||||||
Fair Value Of Options | $ 245,200 | |||||||||||||||||||
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 | 1,667 | |||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 102 | |||||||||||||||||||
Allocated Share-based Compensation Expense | 0 | 12,396 | 92,821 | 37,188 | ||||||||||||||||
Fair Value Of Options | $ 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 | 10,000 | |||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 31.50 | |||||||||||||||||||
Allocated Share-based Compensation Expense | 387,209 | 22,639 | 7,546 | 37,370 | ||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Additional Options Grants In Period Gross | 13,334 | |||||||||||||||||||
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 | 81,436 | |||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 24.15 | |||||||||||||||||||
Allocated Share-based Compensation Expense | 57,259 | $ 38,173 | 286,297 | $ 343,919 | ||||||||||||||||
Fair Value Of Options | $ 1,832,304 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 13,573 | |||||||||||||||||||
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 | 5,000 | |||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 6.93 | |||||||||||||||||||
Allocated Share-based Compensation Expense | $ 2,528 | 5,619 | ||||||||||||||||||
Fair Value Of Options | $ 30,341 | |||||||||||||||||||
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 | 40,000 | |||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 9.74 | |||||||||||||||||||
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 | $ 23.25 | |||||||||||||||||||
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 | 23.25 | |||||||||||||||||||
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 | $ 23.25 |
WARRANTS (Details)
WARRANTS (Details) - $ / shares | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Number of Warrants, Outstanding and exercisable, Beginning balance | 365,974 | 117,589 | 119,336 | 72,157 | |
Number of Warrants, Issued | 48,171 | ||||
Number of Warrants, Exercised | (33,335) | (1,747) | (992) | ||
Number of Warrants, Outstanding and exercisable, Ending balance | 440,231 | 440,231 | 365,974 | 117,589 | 119,336 |
Weighted-Average Exercise Price, Outstanding and exercisable, Beginning balance | $ 53.19 | $ 202.50 | $ 202.50 | $ 202.50 | |
Weighted-Average Exercise Price, Issued | 73.02 | 202.50 | |||
Weighted-Average Exercise Price, Exercised | (37.50) | (120) | (120) | ||
Weighted-Average Exercise Price, Outstanding and exercisable, Ending balance | $ 44.21 | 44.21 | $ 53.19 | $ 202.50 | $ 202.50 |
Broker [Member] | |||||
Number of Warrants, Issued | 2,667 | ||||
Weighted-Average Exercise Price, Issued | $ 37.50 | ||||
Warrant One [Member] | |||||
Number of Warrants, Issued | 559 | ||||
Weighted-Average Exercise Price, Issued | $ 112.35 | ||||
Warrant Two [Member] | |||||
Number of Warrants, Issued | 6,275 | ||||
Weighted-Average Exercise Price, Issued | $ 194 | ||||
Warrant Three [Member] | |||||
Number of Warrants, Issued | 13,464 | ||||
Weighted-Average Exercise Price, Issued | $ 44.28 | ||||
Weighted-Average Exercise Price, Outstanding and exercisable, Ending balance | 34.50 | 34.50 | |||
Warrant Four [Member] | |||||
Number of Warrants, Issued | 136,388 | ||||
Weighted-Average Exercise Price, Issued | $ 73.02 | ||||
Weighted-Average Exercise Price, Outstanding and exercisable, Ending balance | $ 55.71 | 55.71 | |||
Warrant Five [Member] | |||||
Number of Warrants, Issued | 67,952 | ||||
Weighted-Average Exercise Price, Issued | $ 55.71 | ||||
Weighted-Average Exercise Price, Outstanding and exercisable, Ending balance | $ 55.71 | 55.71 | |||
Warrant Six [Member] | |||||
Number of Warrants, Issued | 6,305 | ||||
Weighted-Average Exercise Price, Issued | $ 34.50 | ||||
Weighted-Average Exercise Price, Outstanding and exercisable, Ending balance | $ 55.71 | $ 55.71 | |||
Common Shares One [Member] | |||||
Number of Warrants, Issued | 106,709 | ||||
Weighted-Average Exercise Price, Issued | $ 9.375 | ||||
Common Shares Two [Member] | |||||
Number of Warrants, Issued | 15,658 | ||||
Weighted-Average Exercise Price, Issued | $ 90 |
WARRANTS (Details 1)
WARRANTS (Details 1) - $ / shares | 9 Months Ended | ||||
Dec. 31, 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 | $ 44.21 | $ 53.19 | $ 202.50 | $ 202.50 | $ 202.50 |
Class of Warrant or Right, Number of Warrants | 440,231 | ||||
Warrant One [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 90 | ||||
Class of Warrant or Right, Number of Warrants | 15,658 | ||||
Class Of Warrant Or Right Expiry Date | Mar. 31, 2023 | ||||
Warrant Two [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 55.71 | ||||
Class of Warrant or Right, Number of Warrants | 136,339 | ||||
Class Of Warrant Or Right Expiry Date | Feb. 26, 2019 | ||||
Warrant Three [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 55.71 | ||||
Class of Warrant or Right, Number of Warrants | 28,531 | ||||
Class Of Warrant Or Right Expiry Date | Mar. 27, 2019 | ||||
Warrant Four [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 55.71 | ||||
Class of Warrant or Right, Number of Warrants | 7,618 | ||||
Class Of Warrant Or Right Expiry Date | Mar. 31, 2019 | ||||
Warrant Five [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 55.71 | ||||
Class of Warrant or Right, Number of Warrants | 59,061 | ||||
Class Of Warrant Or Right Expiry Date | Apr. 21, 2019 | ||||
Warrant Six [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 55.71 | ||||
Class of Warrant or Right, Number of Warrants | 27,883 | ||||
Class Of Warrant Or Right Expiry Date | May 27, 2019 | ||||
Warrant Seven [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 55.71 | ||||
Class of Warrant or Right, Number of Warrants | 27,238 | ||||
Class Of Warrant Or Right Expiry Date | Jun. 30, 2019 | ||||
Warrant Eight [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 34.50 | ||||
Class of Warrant or Right, Number of Warrants | 28,527 | ||||
Class Of Warrant Or Right Expiry Date | Feb. 26, 2019 | ||||
Warrant Nine [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 37.50 | ||||
Class of Warrant or Right, Number of Warrants | 2,667 | ||||
Class Of Warrant Or Right Expiry Date | Jun. 27, 2020 | ||||
Warrant Ten [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 9.375 | ||||
Class of Warrant or Right, Number of Warrants | 64,025 | ||||
Class Of Warrant Or Right Expiry Date | Aug. 14, 2022 | ||||
Warrant Eleven [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 9.375 | ||||
Class of Warrant or Right, Number of Warrants | 42,684 | ||||
Class Of Warrant Or Right Expiry Date | Mar. 31, 2022 |
WARRANTS (Details Textual)
WARRANTS (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Class of Warrant or Right [Line Items] | ||||||||
Share Based Compensation Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | $ 44.21 | $ 53.19 | $ 44.21 | $ 53.19 | $ 202.50 | $ 202.50 | $ 202.50 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 2 months 8 days | 2 years 3 months 7 days | ||||||
Proceeds from Warrant Exercises | $ 0 | $ 1,125,038 | $ 1,125,038 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 48,171 | |||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | $ 37.50 | $ 120 | $ 120 | |||||
Adjustment To Additional Paid In Capital Warrant Down Feature | $ 0 | $ 0 | $ 0 | $ (74,086) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Weighted Average Exercise Price Issued | $ 73.02 | $ 202.50 | ||||||
Warrant One [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 559 | |||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | $ 90 | |||||||
Warrants Issued | 15,658 | |||||||
Class of Warrant or Right Expiration Date | Mar. 31, 2023 | |||||||
Class of Warrant or Right Expiration years | 5 years | |||||||
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 | $ 120 | |||||||
Warrant Two [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 6,275 | |||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | 194 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Weighted Average Exercise Price Issued | $ 112.35 | |||||||
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 | 210 | |||||||
Warrant Three [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Share Based Compensation Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | 34.50 | 34.50 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 13,464 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Weighted Average Exercise Price Issued | $ 44.28 | |||||||
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 | 112.50 | |||||||
Warrant Four [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Share Based Compensation Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | 55.71 | 55.71 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 136,388 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Weighted Average Exercise Price Issued | $ 73.02 | |||||||
Warrant Four [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 | 194 | |||||||
Warrant Nine [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Share Based Compensation Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | 37.50 | 37.50 | ||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | $ 37.50 | |||||||
Warrants Issued | 2,667 | |||||||
Class of Warrant or Right Expiration Date | Jun. 27, 2020 | |||||||
Warrant Ten and Eleven [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | $ 9.375 | |||||||
Warrants Issued | 106,709 | |||||||
Class of Warrant or Right Expiration Date | Mar. 31, 2022 | |||||||
Warrant Twelve [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | $ 55.71 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Weighted Average Exercise Price Issued | 73.02 | |||||||
Warrant Twelve [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 | 73.02 | |||||||
Warrant Thirteen [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | $ 34.50 | |||||||
Warrants Issued | 6,305 | |||||||
Warrant Thirteen [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 | $ 44.28 | |||||||
Warrant Five [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Share Based Compensation Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | $ 55.71 | $ 55.71 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 67,952 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Weighted Average Exercise Price Issued | $ 55.71 | |||||||
Warrant Solicitation [Member] | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Share Based Compensation Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | $ 37.50 | $ 37.50 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($) | Mar. 06, 2018 | Feb. 25, 2015 | May 17, 2017 | Feb. 25, 2015 | Dec. 31, 2018 |
Description Of Contribution For Formation | 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 license certain intellectual property to the China JV. | ||||
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. It is not yet developed at December 31, 2018. | ||||
Royalty on Sales,Percentage | 1.00% | ||||
Bionik Laboratories Corp. [Member] | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% | ||||
Ginger Capital Investment Holding Inc. [Member] | |||||
Equity Method Investment, Ownership Percentage | 75.00% | ||||
Exchangable Shares [Member] | |||||
Stock Issued During Period, Shares, Issued for Services | 1,753 | ||||
Stock Transferred To Lenders | 2,098 | ||||
Stock to be Reimbursed to Officers | 2,134 | ||||
Stock Issued During Period, Value, Issued for Services | $ 241,185 | ||||
Stock Issued During Period, Value, New Issues | $ 210,323 |
RISK MANAGEMENT (Details Textua
RISK MANAGEMENT (Details Textual) | Dec. 31, 2018CAD ($) |
Canada [Member] | Maximum [Member] | |
Concentration Risk [Line Items] | |
Cash, FDIC Insured Amount | $ 100,000 |
SUBSEQUENT EVENTS (Details Text
SUBSEQUENT EVENTS (Details Textual) - Subsequent Event [Member] | 1 Months Ended |
Feb. 08, 2019USD ($)shares | |
Subsequent Event [Line Items] | |
Proceeds from (Repayments of) Debt | $ | $ 1,500,000 |
Notes Payable, Related Parties | $ | $ 750,000 |
Stock Issued During Period Cancellation Of Other Shares | shares | 524,293 |
Common Stock [Member] | |
Subsequent Event [Line Items] | |
Stock issued during period, Conversion of other shares | shares | 3,496 |