Document and Entity Information
Document and Entity Information | 3 Months Ended |
Jun. 30, 2019 | |
Document and Entity Information [Abstract] | |
Document Type | S-1/A |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2019 |
Entity Registrant Name | Bionik Laboratories Corp. |
Entity Central Index Key | 0001508381 |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | true |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Current | |||
Cash and cash equivalents | $ 530,031 | $ 446,779 | $ 507,311 |
Accounts receivable, net of allowance for doubtful accounts of $Nil (March 31, 2018 - $19,694) | 1,027,012 | 1,523,193 | 212,730 |
Prepaid expenses and other receivables (Note 5) | 1,194,727 | 1,355,032 | 433,655 |
Inventories (Note 6) | 582,058 | 405,682 | 237,443 |
Due from related parties (Note 9(a)) | 19,068 | 18,585 | 18,897 |
Total Current Assets | 3,352,896 | 3,749,271 | 1,410,036 |
Equipment (Note 7) | 211,360 | 192,528 | 159,961 |
Technology and other assets (Note 4) | 4,358,408 | 4,427,722 | 4,706,719 |
Goodwill (Note 3) | 22,308,275 | 22,308,275 | 22,308,275 |
Total Assets | 30,230,939 | 30,677,796 | 28,584,991 |
Current | |||
Accounts Payable (Notes 9(b)) | 1,055,017 | 1,148,852 | 724,673 |
Accrued liabilities (Notes 8 and 9(b)) | 1,620,632 | 1,653,233 | 1,530,305 |
Demand Loans (Note 8) | 0 | 51,479 | |
Convertible Loans (Note 8(a)) | 954,450 | 0 | |
Deferred revenue - Contract Liabilities | 525,794 | 467,778 | 122,667 |
Shares to be issued, stock options and warrants (Note 10) | 0 | 5,692,853 | |
Total Current Liabilities | 4,155,893 | 3,269,863 | 8,121,977 |
Term loan (Note 8(b)) | 500,000 | 0 | |
Total Liabilities | 4,655,893 | 3,269,863 | 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, 2019 - 1) | |||
Common Shares, par value $0.001; Authorized - 500,000,000 (March 31, 2019 - 500,000,000); Issued and outstanding 3,702,398 and 156,239 Exchangeable Shares (March 31, 2019 -3,661,838 and 196,799 Exchangeable Shares) | 3,858 | 3,858 | 1,664 |
Additional paid in capital | 74,007,056 | 73,719,299 | 56,195,541 |
Deficit | (48,478,017) | (46,357,373) | (35,776,340) |
Accumulated other comprehensive income | 42,149 | 42,149 | 42,149 |
Total Shareholders' Equity | 25,575,046 | 27,407,933 | 20,463,014 |
Total Liabilities and Shareholders' Equity | $ 30,230,939 | $ 30,677,796 | $ 28,584,991 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets [Parenthetical] - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Allowance for Doubtful Accounts Receivable, Current | $ 0 | $ 0 | $ 19,694 |
Preferred Stock, Par Value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Common Stock, Par Value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | 250,000,000 |
Common Stock, Shares, Issued | 3,702,398 | 3,661,838 | 1,368,856 |
Common Stock, Shares, Outstanding | 3,702,398 | 3,661,838 | 1,368,856 |
Common Stock, Other Shares, Issued | 156,239 | 196,799 | 295,146 |
Common Stock, Other Shares, Outstanding | 156,239 | 196,799 | 295,146 |
Special Voting Preferred Stock [Member] | |||
Preferred Stock, Par Value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 1 | 1 | 1 |
Preferred Stock, Shares Issued | 1 | 1 | 1 |
Preferred Stock, Shares Outstanding | 1 | 1 | 1 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Sales | $ 790,379 | $ 501,333 | $ 3,246,038 | $ 987,431 |
Cost of Sales | 336,085 | 253,163 | 1,630,166 | 402,665 |
Gross Margin | 454,294 | 248,170 | 1,615,872 | 584,766 |
Operating expenses | ||||
Sales and marketing | 583,732 | 542,659 | 2,339,359 | 1,989,837 |
Research and development | 816,523 | 676,743 | 3,174,892 | 2,825,200 |
General and administrative | 841,693 | 979,479 | 3,893,393 | 3,585,484 |
Share-based compensation expense (Note 11) | 287,757 | 595,412 | 1,347,399 | 1,540,580 |
Amortization (Note 4) | 69,314 | 71,053 | 278,997 | 323,905 |
Depreciation (Note 7) | 23,970 | 17,595 | 69,212 | 89,026 |
Total operating expenses | 2,622,989 | 2,882,941 | 11,103,252 | 10,354,032 |
Other (income) expenses | ||||
Accretion expense (Note 8) | 0 | 134,251 | 3,266,918 | 1,937,308 |
Share premium | 0 | 1,249,994 | ||
Fair Value Adjustment (Note 8) | 0 | 44,087 | (337,923) | 0 |
Gain/Loss on mark to market re-evaluation (Note 10(c)) | 0 | (2,048,697) | (2,048,697) | 376,674 |
Other expense | 14,296 | 37,420 | 262,596 | 1,297,205 |
Other income | (73,166) | (107,656) | ||
Foreign exchange | (62,347) | (41,134) | (507) | 102,999 |
Total other expenses | (48,051) | (1,874,073) | 1,069,221 | 4,856,524 |
Net loss and comprehensive loss for the period | $ (2,120,644) | $ (760,698) | $ (10,556,601) | $ (14,625,790) |
Loss per share - basic and diluted | $ (0.55) | $ (0.44) | $ (4.47) | $ (21.73) |
Weighted average number of shares outstanding - basic and diluted | 3,858,637 | 1,716,728 | 2,363,107 | 673,203 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) | Total | Convertible Debt One [Member] | Convertible Debt Two [Member] | Conversion of Promissory notes [Member] | European Promissory notes tranche One [Member] | European Promissory notes tranche Two [Member] | European Promissory Notes Tranche Three [Member] | Special Voting Preferred Stock [Member] | Special Voting Preferred Stock [Member]Convertible Debt One [Member] | Special Voting Preferred Stock [Member]Convertible Debt Two [Member] | Special Voting [Member]Convertible Debt One [Member] | Special Voting [Member]Convertible Debt Two [Member] | Special Voting [Member]European Promissory notes tranche One [Member] | Special Voting [Member]European Promissory notes tranche Two [Member] | Special Voting [Member]European Promissory Notes Tranche Three [Member] | Common Shares [Member] | Common Shares [Member]Convertible Debt One [Member] | Common Shares [Member]Convertible Debt Two [Member] | Common Shares [Member]Conversion of Promissory notes [Member] | Common Shares [Member]European Promissory notes tranche One [Member] | Common Shares [Member]European Promissory notes tranche Two [Member] | Common Shares [Member]European Promissory Notes Tranche Three [Member] | Additional Paid in Capital [Member] | Additional Paid in Capital [Member]Convertible Debt One [Member] | Additional Paid in Capital [Member]Convertible Debt Two [Member] | Additional Paid in Capital [Member]Conversion of Promissory notes [Member] | Additional Paid in Capital [Member]European Promissory notes tranche One [Member] | Additional Paid in Capital [Member]European Promissory notes tranche Two [Member] | Additional Paid in Capital [Member]European Promissory Notes Tranche Three [Member] | Deficit [Member] | Deficit [Member]Convertible Debt One [Member] | Deficit [Member]Convertible Debt Two [Member] | Deficit [Member]European Promissory notes tranche One [Member] | Deficit [Member]European Promissory notes tranche Two [Member] | Deficit [Member]European Promissory Notes Tranche Three [Member] | Comprehensive Income [Member] | Comprehensive Income [Member]Convertible Debt One [Member] | Comprehensive Income [Member]Convertible Debt Two [Member] | Comprehensive Income [Member]European Promissory notes tranche One [Member] | Comprehensive Income [Member]European Promissory notes tranche Two [Member] | Comprehensive Income [Member]European Promissory Notes Tranche Three [Member] | European Promissory Notes Tranche Three [Member]Convertible Debt One [Member] | European Promissory Notes Tranche Three [Member]Convertible Debt Two [Member] |
Opening Balance at Mar. 31, 2017 | $ 24,150,650 | $ 645 | $ 45,184,320 | $ (21,076,464) | $ 42,149 | ||||||||||||||||||||||||||||||||||||||
Opening Balance (in shares) at Mar. 31, 2017 | 645,297 | ||||||||||||||||||||||||||||||||||||||||||
Warrant exercised | 1,125,038 | $ 33 | 1,125,005 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Warrant exercised (in shares) | 33,335 | ||||||||||||||||||||||||||||||||||||||||||
Conversion of Promissory notes | 9,180,785 | $ 533,556 | $ 3,060,304 | $ 4,244,220 | $ 1,342,705 | $ 0 | $ 0 | $ 0 | $ 63 | $ 63,000 | $ 327 | $ 453 | $ 143 | 533,493 | $ 533,493 | $ 3,059,977 | $ 4,243,767 | $ 1,342,562 | 0 | $ 0 | $ 0 | $ 0 | 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||||
Conversion of Promissory notes (in shares) | 62,629 | 326,563 | 452,898 | 143,280 | |||||||||||||||||||||||||||||||||||||||
Beneficial Conversion Feature on convertible debt | 1,389,129 | 0 | 1,389,129 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Stock option and warrant reclassification (Notes 11 & 12) | (2,845,557) | 0 | (2,845,557) | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Share compensation expense | 1,540,580 | 0 | 1,540,580 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Fair value of warrants on convertible loans | 548,179 | 0 | 548,179 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Loss on Warrant downround feature | 0 | 0 | 74,086 | (74,086) | 0 | ||||||||||||||||||||||||||||||||||||||
Shares to be issued for services | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Net loss for the year | (14,625,790) | 0 | 0 | (14,625,790) | 0 | ||||||||||||||||||||||||||||||||||||||
Closing Balance at Mar. 31, 2018 | 20,463,014 | $ 0 | $ 1,664 | 56,195,541 | (35,776,340) | 42,149 | |||||||||||||||||||||||||||||||||||||
Closing Balance (in shares) at Mar. 31, 2018 | 1 | 1,664,002 | |||||||||||||||||||||||||||||||||||||||||
Conversion of Promissory notes | $ 0 | $ 264 | 2,470,358 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Conversion of Promissory notes (in shares) | 263,639 | ||||||||||||||||||||||||||||||||||||||||||
Stock option and warrant reclassification (Notes 11 & 12) | 1,173,534 | 0 | $ 0 | 1,173,534 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Share compensation expense | 595,412 | 0 | $ 0 | 595,412 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Share compensation expense (in shares) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Net loss for the year | (760,698) | 0 | $ 0 | 0 | (760,698) | 0 | |||||||||||||||||||||||||||||||||||||
Closing Balance at Jun. 30, 2018 | 23,941,884 | $ 0 | $ 1,928 | 60,434,845 | (36,537,038) | 42,149 | |||||||||||||||||||||||||||||||||||||
Closing Balance (in shares) at Jun. 30, 2018 | 1 | 1,927,641 | |||||||||||||||||||||||||||||||||||||||||
Opening Balance at Mar. 31, 2018 | 20,463,014 | $ 0 | $ 1,664 | 56,195,541 | (35,776,340) | 42,149 | |||||||||||||||||||||||||||||||||||||
Opening Balance (in shares) at Mar. 31, 2018 | 1 | 1,664,002 | |||||||||||||||||||||||||||||||||||||||||
Conversion of Promissory notes | 13,214,092 | $ 4,732,853 | $ 6,010,617 | $ 2,470,622 | $ 0 | $ 0 | $ 0 | $ 0 | $ 264 | $ 683 | $ 1,247 | 2,470,358 | $ 4,732,170 | $ 6,009,370 | 0 | $ 0 | $ 0 | 0 | $ 0 | $ 0 | $ 4,732,853 | $ 6,010,617 | |||||||||||||||||||||
Conversion of Promissory notes (in shares) | 263,639 | 683,395 | 1,247,099 | 683,395 | 1,247,099 | ||||||||||||||||||||||||||||||||||||||
Stock option and warrant reclassification (Notes 11 & 12) | 1,173,534 | $ 0 | 1,173,534 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||
Share compensation expense | 1,347,399 | $ 0 | $ 0 | 1,347,399 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Share compensation expense (in shares) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Loss on Warrant downround feature | 0 | 0 | $ 0 | 24,432 | (24,432) | 0 | |||||||||||||||||||||||||||||||||||||
Fair value of Anti-dilution feature | 1,766,495 | 0 | 0 | 1,766,495 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Net loss for the year | (10,556,601) | 0 | 0 | 0 | (10,556,601) | 0 | |||||||||||||||||||||||||||||||||||||
Adjustment due to 1:150 share consolidation round-up | 0 | 0 | $ 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Adjustment due to 1:150 share consolidation round-up (in shares) | 502 | ||||||||||||||||||||||||||||||||||||||||||
Closing Balance at Mar. 31, 2019 | 27,407,933 | $ 0 | $ 3,858 | 73,719,299 | (46,357,373) | 42,149 | |||||||||||||||||||||||||||||||||||||
Closing Balance (in shares) at Mar. 31, 2019 | 1 | 3,858,637 | |||||||||||||||||||||||||||||||||||||||||
Opening Balance at Jun. 30, 2018 | 23,941,884 | $ 0 | $ 1,928 | 60,434,845 | (36,537,038) | 42,149 | |||||||||||||||||||||||||||||||||||||
Opening Balance (in shares) at Jun. 30, 2018 | 1 | 1,927,641 | |||||||||||||||||||||||||||||||||||||||||
Share compensation expense | 751,987 | 751,987 | |||||||||||||||||||||||||||||||||||||||||
Net loss for the year | (9,795,903) | (9,795,903) | |||||||||||||||||||||||||||||||||||||||||
Closing Balance at Mar. 31, 2019 | 27,407,933 | $ 0 | $ 3,858 | 73,719,299 | (46,357,373) | 42,149 | |||||||||||||||||||||||||||||||||||||
Closing Balance (in shares) at Mar. 31, 2019 | 1 | 3,858,637 | |||||||||||||||||||||||||||||||||||||||||
Share compensation expense | 287,757 | $ 0 | $ 0 | 287,757 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Share compensation expense (in shares) | 0 | ||||||||||||||||||||||||||||||||||||||||||
Net loss for the year | (2,120,644) | 0 | $ 0 | 0 | (2,120,644) | 0 | |||||||||||||||||||||||||||||||||||||
Closing Balance at Jun. 30, 2019 | $ 25,575,046 | $ 0 | $ 3,858 | $ 74,007,056 | $ (48,478,017) | $ 42,149 | |||||||||||||||||||||||||||||||||||||
Closing Balance (in shares) at Jun. 30, 2019 | 1 | 3,858,637 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Operating activities | ||||
Net loss for the year | $ (2,120,644) | $ (760,698) | $ (10,556,601) | $ (14,625,790) |
Adjustment for items not affecting cash | ||||
Depreciation (Note 7) | 23,970 | 17,595 | 69,212 | 89,026 |
Amortization | 69,314 | 71,053 | 278,997 | 323,905 |
Interest expense | 13,283 | 36,702 | 255,833 | 1,294,005 |
Share based compensation expense | 287,757 | 595,412 | 1,347,399 | 1,540,580 |
Shares premium | 0 | 1,249,994 | ||
Accretion expense | 0 | 134,251 | 3,266,918 | 1,937,308 |
Fair value Adjustment | 0 | 44,087 | (337,923) | 0 |
Gain/Loss on mark to market re-evaluation | 0 | (2,048,697) | (2,048,697) | 376,674 |
Allowance for doubtful accounts | 0 | (19,694) | (19,694) | (19,694) |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | (1,726,320) | (1,929,989) | (7,744,556) | (7,833,992) |
Changes in non-cash working capital items | ||||
Accounts receivable | 496,181 | (137,756) | (1,290,769) | 190,867 |
Prepaid expenses and other receivables | 160,305 | (51,793) | (921,377) | (205,608) |
Due from related parties | (483) | 350 | 312 | (166) |
Inventories | (176,376) | 81,648 | (168,239) | (9,194) |
Accounts payable | (93,835) | 11,468 | 424,179 | (60,098) |
Accrued liabilities | (41,434) | (402,141) | 122,928 | 304,048 |
Customer advances | 0 | (120,762) | ||
Deferred revenue | 58,016 | 7,117 | 345,111 | 24,043 |
Net cash (used in) operating activities | (1,323,946) | (2,421,096) | (9,232,411) | (7,710,862) |
Investing activities | ||||
Acquisition of equipment | (42,802) | (7,844) | (101,779) | (21,567) |
Net cash (used in) investing activities | (42,802) | (7,844) | (101,779) | (21,567) |
Financing activities | ||||
Proceeds on exercise of warrants | 0 | 1,125,038 | ||
Proceeds from convertible loans | 950,000 | 2,934,298 | 9,326,633 | 7,111,375 |
Repayment of Promissory notes principal | 0 | (200,000) | ||
Repayment of Promissory notes interest | 0 | (49,505) | ||
Repayment of Demand notes principal | 0 | (50,000) | (50,000) | (208,359) |
Repayment of Demand notes interest | 0 | (2,975) | (2,975) | (79,259) |
Proceeds from short-term loan | 500,000 | 0 | 0 | 400,000 |
Repayment of short-term loan | 0 | (400,000) | ||
Repayment of short-term loan interest | 0 | (3,200) | ||
Net cash provided by financing activities | 1,450,000 | 2,881,323 | 9,273,658 | 7,696,090 |
Net (decrease) in cash and cash equivalents for the period | 83,252 | 452,393 | (60,532) | (36,339) |
Cash and cash equivalents, beginning of the period | 446,779 | 507,311 | 507,311 | 543,650 |
Cash and cash equivalents, end of the period | $ 530,031 | $ 959,704 | $ 446,779 | $ 507,311 |
NATURE OF OPERATIONS AND GOING
NATURE OF OPERATIONS AND GOING CONCERN | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements Abstract | ||
Substantial Doubt about Going Concern [Text Block] | 1. NATURE OF OPERATIONS AND GOING CONCERN 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. (“Drywave”) and its state of incorporation from Colorado to Delaware. Effective February 13, 2015, the Company changed its name to Bionik Laboratories Corp. and reduced the authorized number of shares of common stock from 200,000,000 to 150,000,000. Concurrently, the Company implemented a 1-for-0.831105 reverse stock split of the common stock, which had previously been approved on September 24, 2014. On October 29, 2018, the Company implemented at 1 for 150 reverse stock-split of the common and exchangeable shares. 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 Special Preferred Voting Share (the “Special Preferred Share”) (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 Mergerco). The merger agreement provided for the merger of Bionik Mergerco with and into IMT, with IMT surviving the merger as the Company’s wholly owned subsidiary. In return for acquiring IMT, IMT shareholders received an aggregate of 157,667 shares of the Company’s common stock (Note 4). On November 6, 2017, the Company approved the authorization of a common share capital share increase to 250,000,000 from 150,000,000 and on June 12, 2018, the Company approved the authorization of a common share increase to 500,000,000 from 250,000,000. References to the Company refer to the Company and its wholly owned subsidiaries, Bionik Inc., Bionik Acquisition Inc. and Bionik Canada. 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 the 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 02472. Going Concern As at June 30, 2019, the Company had a working capital deficit of $(802,997) (March 31, 2019 – working capital of $479,408) and an accumulated deficit of $(48,478,017) (March 31, 2019 $(46,357,373)) and the Company incurred a net loss and comprehensive loss of $(2,120,644) for the three month period ended June 30, 2019 (June 30, 2018 – $(760,698)). There is no certainty that the Company will be successful in generating sufficient cash flow from operations or achieving and maintaining profitable operations in the future to enable it to meet its obligations as they come due and consequently continue as a going concern. The Company will require additional financing to fund its operations and it is currently working on securing this funding through corporate collaborations, public or private equity offerings or debt financings. Sales of additional equity securities by the Company would result in the dilution of the interests of existing stockholders. There can be no assurance that financing will be available when required. In the event that the necessary additional financing is not obtained, the Company would reduce its discretionary overhead costs substantially or otherwise curtail operations. The Company expects to raise additional funds to meet the Company’s anticipated cash requirements for the next 12 months; however, these conditions raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on recoverability and reclassification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty. All adjustments, consisting only of normal recurring items, considered necessary for fair presentation have been included in these consolidated financial statements. | 1. NATURE OF OPERATIONS AND GOING CONCERN 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. (“Drywave”) and its state of incorporation from Colorado to Delaware. Effective February 13, 2015, the Company changed its name to Bionik Laboratories Corp. and reduced the authorized number of shares of common stock from 200,000,000 to 150,000,000. Concurrently, the Company implemented a 1-for-0.831105 reverse stock split of the common stock, which had previously been approved on September 24, 2014. On October 29, 2018, the Company implemented at 1 for 150 reverse stock split of the common and exchangeable shares. 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 Special Preferred Voting Share (the “Special Preferred Share”) (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 Mergerco). The merger agreement provided for the merger of Bionik Mergerco with and into IMT, with IMT surviving the merger as the Company’s wholly owned subsidiary. In return for acquiring IMT, IMT shareholders received an aggregate of 157,667 shares of the Company’s common stock (Note 4). On November 6, 2017, the Company approved the authorization of a common share capital share increase to 250,000,000 from 150,000,000 and on June 12, 2018, the Company approved the authorization of a common share increase to 500,000,000 from 250,000,000. References to the Company refer to the Company and its wholly owned subsidiaries, Bionik Inc., Bionik Acquisition Inc. and Bionik Canada. 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 consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), which contemplates continuation of the Company as a going concern, which assumes the realization of assets and the 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 02472. Going Concern As at March 31, 2019, the Company had a working capital surplus of $479,408 (working capital deficit as at March 31, 2018, of $(6,711,941)) and an accumulated deficit of $46,357,373 (March 31, 2018 - $35,776,340) and the Company incurred a net loss and comprehensive loss of $10,556,601 for the year ended March 31, 2019 (March 31, 2018 - $(14,625,790)). There is no certainty that the Company will be successful in generating sufficient cash flow from operations or achieving and maintaining profitable operations in the future to enable it to meet its obligations as they come due and consequently continue as a going concern. The Company will require additional financing this year to fund its operations and it is currently working on securing this funding through corporate collaborations, public or private equity offerings or debt financings. Sales of additional equity securities by the Company would result in the dilution of the interests of existing stockholders. There can be no assurance that financing will be available when required. In the event that the necessary additional financing is not obtained, the Company would reduce its discretionary overhead costs substantially or otherwise curtail operations. The Company expects the forgoing, or a combination thereof, to meet the Company’s anticipated cash requirements for the next 12 months; however, these conditions raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on recoverability and reclassification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty. All adjustments, consisting only of normal recurring items, considered necessary for fair presentation have been included in these consolidated financial statements. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
Disclosure Text Block [Abstract] | ||
Basis of Presentation [Text Block] | 2. BASIS OF PRESENTATION During the 2019 fiscal year, 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 Bionik’s common stock and exchangeable shares at a ratio up to one-to-one hundred and fifty. On October 29, 2018, the Company effected 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. All owners of record on October 29, 2018 received one issued and outstanding share of Bionik common stock or exchangeable share in exchange for one hundred and fifty issued and outstanding shares of Bionik common stock or Bionik exchangeable stock. No fractional shares were issued in connection with the reverse stock split. All fractional shares created by the one-for-one hundred and fifty reverse split were rounded up to the next whole share. The reverse stock split had no impact on the par value per share of Bionik common stock, which remains at $0.001. All current and prior period amounts related to shares, share prices and earnings per share, presented in the Company’s consolidated financial statements and the accompanying Notes contained in this Quarterly Report on Form 10‑Q have been restated to give retrospective presentation for the reverse stock split. | 2. BASIS OF PRESENTATION During the fiscal year, 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 Bionik’s common stock and exchangeable shares at a ratio up to one-to-one hundred and fifty. On October 29, 2018, the Company effected 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. 0.001 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
SIGNIFICANT ACCOUNTING POLICIES | ||
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, 2019. The interim disclosures generally do not repeat those in the annual statements. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all 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. The changes in accounting policies in the Company’s unaudited condensed consolidated interim financial statements from the March 31, 2019 audited financial statements are described below. Newly Adopted and Recently Issued Accounting Pronouncements Newly Adopted 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, 2019. 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‑2014‑1 for the fiscal year ended March 31, 2019 and it did not have a material effect on the consolidated financial position and the consolidated results of operations. 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 ended March 31, 2019 and it did not have a material effect on the consolidated financial position or the consolidated results of operations. In January 2016, the FASB issued ASU No. 2016‑01 Financial Instruments - Overall (Subtopic 825‑10): Recognition and Measurement of Financial Assets and Financial Liabilities. The updates make several modifications to Subtopic 825‑10, including the elimination of the available-for-sale classification of equity investments, and it requires equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in operations. The update is effective for fiscal years beginning after December 2017. The Company has adopted ASU 2016‑01 for the year ended March 31, 2019 and it did not have a 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 has adopted ASU 2016‑02 and it did not have a material effect on the consolidated statement of financial position and consolidated statement 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 ended March 31, 2019 and it did not have material effect on the consolidated financial position or on the consolidated statement of cash flows. In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting (ASU 2017-09). The FASB issued the update to provide clarity and reduce the cost and complexity when applying the guidance in Topic 718. The amendments in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The Company adopted ASU 2017-09 during the year ended March 31, 2019 and it did not have a material effect on the consolidated financial statements and the consolidated results of operations. Recently Issued In January 2017, the FASB 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 acquitted is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. The new guidance also narrows the definition of the term “outputs” to be consistent with how it is described in Topic 606, Revenue from Contracts with Customers. The changes to the definition of a business will likely result in more acquisitions being accounted for as asset acquisitions. ASU 2017-01 is effective for acquisitions commencing on or after June 30, 2019, with early adoption permitted. Adoption of this guidance will be applied prospectively on or after the effective date and the Company does not expect this policy will have a material effect on the consolidated financial position or consolidated statement of cash flows. 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. The Company is still assessing the impact that the adoption of ASU 2017-04 will have on the consolidated statement of financial position and consolidated statement of operations. In June 2016, the FASB issued ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments, which introduces an expected credit loss methodology for the impairment of financial assets measured at amortized cost basis. The methodology replaces the probable, incurred loss model for those assets. The update if effective for fiscal years beginning after December 15, 2019. The Company is still assessing the impact that the adoption of ASU 2016-13 will have on the consolidated statement of financial position and consolidated statement of operations. 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 condensed consolidated interim balance sheets and amounted to $168,000 at June 30, 2019 (March 31, 2019 - $143,500). 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 $26,911 of expenses related to warranty expenses and recorded this expense in cost of goods sold for the three-month period ended June 30, 2019 (June 30, 2018 – $10,108). | 3. SIGNIFICANT ACCOUNTING POLICIES Newly Adopted and Recently Issued Accounting Pronouncements Newly Adopted 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-2014-1 for the fiscal year ended March 31, 2019 and it did not have a material effect on the consolidated financial position and the consolidated results of operations. 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 ended March 31, 2019 and it did not have a material effect on the consolidated financial position or the consolidated results of operations. In January 2016, the FASB issued ASU No. 2016-01 Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The updates make several modifications to Subtopic 825-10, including the elimination of the available-for-sale classification of equity investments, and it requires equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in operations. The update is effective for fiscal years beginning after December 2017. The Company has adopted ASU 2016-01 for the year ended March 31, 2019 and it did not have a material effect on the consolidated financial position and the consolidated results of operations. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments”. This ASU provides eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for the fiscal year commencing after December 15, 2017. The Company has adopted ASU 2016-15 for the fiscal year ended March 31, 2019 and it did not have material effect on the consolidated financial position or on the consolidated statement of cash flows. In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting (ASU 2017-09). The FASB issued the update to provide clarity and reduce the cost and complexity when applying the guidance in Topic 718. The amendments in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The Company adopted ASU 2017-09 during the year ended March 31, 2019 and it did not have a material effect on the consolidated financial statements and the consolidated results of operations. Recently Issued In January 2017, the FASB 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 acquitted is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. The new guidance also narrows the definition of the term “outputs” to be consistent with how it is described in Topic 606, Revenue from Contracts with Customers. The changes to the definition of a business will likely result in more acquisitions being accounted for as asset acquisitions. ASU 2017-01 is effective for acquisitions commencing on or after June 30, 2019, with early adoption permitted. Adoption of this guidance will be applied prospectively on or after the effective date and the Company does not expect this policy will have a material effect on the consolidated financial position or consolidated statement of cash flows. 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. The Company is still assessing the impact that the adoption of ASU 2017-04 will have on the consolidated statement of financial position and consolidated statement of operations. In June 2016, the FASB issued ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments, which introduces an expected credit loss methodology for the impairment of financial assets measured at amortized cost basis. The methodology replaces the probable, incurred loss model for those assets. The update if effective for fiscal years beginning after December 15, 2019. The Company is still assessing the impact that the adoption of ASU 2016-13 will have on the consolidated statement of financial position and consolidated statement 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 statement of financial position and consolidated statement of operations. Inventory Inventory is stated at the lower of cost or net realizable value. Cost is recorded at actual cost, on the first-in first-out basis. The Company only has finished goods inventory recoded based on actual cost from outsourced manufacturing partner. Revenue Recognition The Company has adopted ASU-2014-9 with initial application date of April 1, 2018. The Company adopted the new standard using the modified retrospective transition method. The updated accounting policies and the impact on the consolidated audited financial statements and additional disclosures are as follows: The Company determines revenue through the following steps: a) identification of the contract with the customer; b) identification of the performance obligations 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 or as 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 the contract with the 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 customer 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. The Company defers revenue from extended warranty sales and recognizes them over the period of extended warranty and from training services when the training is provided. In the comparative period, the 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 were 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. Allowance for doubtful accounts The Company extends unsecured credit to its customers in the ordinary course of business but mitigates the associated credit risk by supplying products to customers with pre-approved capital expenditure budgets or rental credit, and by actively pursuing past due accounts. An allowance for doubtful accounts is estimated and recorded based on management’s assessment of the credit history with the customer and the current relationships with them. On this basis management has determined that an allowance for doubtful accounts of $Nil and $ 19,694 Warranty Reserve and Deferred Warranty Revenue The Company provides a one-year warranty as part of its normal sales offering. When products are sold, the Company provides warranty reserves, which, based on the historical experience of the Company are sufficient to cover warranty claims. Accrued warranty reserves are included in accrued liabilities on the consolidated balance sheets and amounted to $143,500 at March 31, 2019 (March 31, 2018 - $64,957). The Company also sells extended warranties for additional periods beyond the standard warranty. Extended warranty revenue is deferred and recognized as revenue over the extended warranty period. The Company recognized $84,038 of expenses related to warranty expenses and recorded this expense in cost of goods sold for the year ended March 31, 2019 (March 31, 2018 - $Nil). Foreign Currency Translation The functional and presentation 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 the 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 and loss. Non- monetary assets and liabilities measured at cost are translated at the exchange rate at the date of the transaction. Equipment Equipment is recorded at cost. Depreciation is computed using the declining balance method, over the estimated useful lives of these assets. The costs of improvements that extend the life of equipment are capitalized. All ordinary repair and maintenance costs are expensed as incurred. Equipment is depreciated as follows: Computer and Electronics 50% per annum Furniture and Fixtures 20% per annum Demonstration Equipment 50% per annum Manufacturing Equipment 20% per annum Tools and Parts 20% per annum Assets under capital lease Life of lease (60 months) Use of Estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. The estimates based on management’s best knowledge of current events and actions of the Company may undertake in the future. Significant areas requiring the use of estimates relate to the valuation of inventory, the useful life of equipment and intangible assets, impairment of goodwill and intangible assets, share based compensation, warranty accruals, accretion, fair value adjustment and fair value determination of warrants. Actual results could differ from these estimates. Fair Value of Financial Instruments ASC Topic 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Included in the ASC Topic 820 framework is a three level valuation inputs hierarchy with Level 1 being inputs and transactions that can be effectively fully observed by market participants spanning to Level 3 where estimates are unobservable by market participants outside of the Company and must be estimated using assumptions developed by the Company. The Company discloses the lowest level input significant to each category of asset or liability valued within the scope of ASC Topic 820 and the valuation method as exchange, income or use. The Company uses inputs, which are as observable as possible, and the methods most applicable to the specific situation of each company or valued item. The carrying amounts reported in the balance sheets for cash and cash equivalents, accounts receivable, other receivables, accounts payable, accrued liabilities, due from related parties, demand loans, convertible loans and promissory note payable approximate fair value because of the short period of time between the origination of such instruments, their expected realization and their current market rates of interest. Per ASC Topic 820 framework these are considered Level 2 inputs where inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company’s policy is to recognize transfers into and out of Level 3 as of the date of the event or change in the circumstances that caused the transfer. There were no such transfers during the year. Segment Reporting ASC 280-10, “Disclosures about Segments of an Enterprise and Related Information”, establishes standards for the way that public business enterprises report information about operating segments in the Company’s consolidated financial statements. Operating segment are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Approximately 99 148,618 120,910 43,910 39,051 Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments with original terms to maturity of 90 days or less at the date of purchase. For all periods presented cash and cash equivalents consisted entirely of cash on deposit with Canadian and US banks. Research and Development The Company is engaged in research and development work. Research and development costs are charged to operating expenses of the Company as incurred. Share based compensation At grant date share-based compensation is valued using the Black-Scholes option pricing model based on key assumptions determined by the Company. The value is recognized based on the straight- line method during the vesting period or based on the fulfillment of predetermined milestones in case of performance-based vesting. Income Taxes Income taxes are computed in accordance with the provisions of ASC Topic 740, which requires, among other things, a liability approach to calculating deferred income taxes. The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized in its consolidated financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The Company is required to make certain estimates and judgments about the application of tax law, the expected resolution of uncertain tax positions and other matters. In the event that uncertain tax positions are resolved for amounts different than the Company’s estimates, or the related statutes of limitations expire without the assessment of additional income taxes, the Company will be required to adjust the amounts of related assets and liabilities in the period in which such events occur. Such adjustment may have a material impact on the Company’s income tax provision and results of operations. Basic and Diluted Loss Per Share Basic and diluted loss per share has been determined by dividing the net loss available to shareholders for the applicable period by the basic and diluted weighted average number of shares outstanding, respectively. The diluted weighted average number of shares outstanding is calculated as if all dilutive options had been exercised or vested at the later of the beginning of the reporting period or date of grant, using the treasury stock method. Loss per common share is computed by dividing the net loss by the weighted average number of shares of common shares outstanding during the period. Common share equivalents, options and warrants were excluded from the computation of diluted loss per share because their effect was anti-dilutive. Impairment of Long-Lived Assets The Company follows the ASC Topic 360, which requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the assets’ carrying amounts may not be recoverable. In performing the review for recoverability, if future undiscounted cash flows (excluding interest charges) from the use and ultimate disposition of the assets are less than their carrying values, an impairment loss represented by the difference between its fair value and carrying value, is recognized. When properties are classified as held for sale, they are recorded at the lower of the carrying amount or the expected sales price less costs to sell. Goodwill and Indefinite Lived Intangible Assets The Company records goodwill when the purchase price of an acquisition exceeds the fair value of the net tangible and identified intangible assets acquired. Goodwill and indefinite lived intangible assets, consisting of the trademarks acquired (Note 4), are assessed for impairment annually, or more frequently if indicators of potential impairment exist, which includes evaluating qualitative and quantitative factors to assess the likelihood of an impairment of goodwill or indefinite lived intangible assets. The qualitative factors used in the analysis include microeconomic conditions, industry and market conditions, cost factors, overall financial performance and other relevant entity specific events. The Company performs impairment tests using a fair value approach when necessary. None of the Company’s goodwill or indefinite lived intangibles was impaired as of March 31, 2019. Accordingly, no impairment loss has been recognized in the year ended March 31, 2019. |
TECHNOLOGY AND OTHER ASSETS
TECHNOLOGY AND OTHER ASSETS | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
TECHNOLOGY AND OTHER ASSETS | ||
Intangible Assets Disclosure [Text Block] | 4. TECHNOLOGY AND OTHER ASSETS The schedule below reflects the intangible assets acquired in the IMT acquisition and the assets amortization period and expense for the three months ended June 30, 2019, and the year ended March 31, 2019: Amortization Expenses Value at Expenses Value at period (years) Value acquired March 31, 2019 March 31, 2019 June 30, 2019 June 30, 2019 Intangible assets acquired $ $ $ $ $ Patents and exclusive License Agreement 9.74 1,306,031 134,126 911,440 33,522 877,918 Trademark Indefinite 2,505,907 — 2,505,907 — 2,505,907 Customer relationships 10 1,431,680 143,206 1,010,375 35,792 974,583 Non compete agreement 2 61,366 1,739 — — — Assembled workforce 1 275,720 — — — — 5,580,704 278,997 4,427,722 69,314 4,358,408 The aggregate amortization expense for the technology and other assets was $69,314 and $71,053 at June 30, 2019 and 2018, respectively. | 4. TECHNOLOGY AND OTHER ASSETS The schedule below reflects the intangible assets acquired in the IMT acquisition and the assets amortization period and expense for the year ended March 31, 2019: Amortization period (years) Value acquired Expense March 31, 2018 Value at March 31, 2018 Expenses March 31, 2019 Value at March 31, 2019 Intangible assets acquired $ $ $ $ $ Patents and exclusive Licence Agreement 9.74 1,306,031 134,126 1,045,530 134,090 911,440 Trademark Indefinite 2,505,907 - 2,505,907 - 2,505,907 Customer relationships 10 1,431,680 143,206 1,153,543 143,168 1,010,375 Non compete agreement 2 61,366 30,709 1,739 1,739 - Assembled workforce 1 275,720 15,864 - - - 5,580,704 323,905 4,706,719 278,997 4,427,722 The aggregate amortization expense for the technology and other assets was $1,152,982 and $873,985 at March 31, 2019 and 2018 respectively. |
PREPAID EXPENSES AND OTHER RECE
PREPAID EXPENSES AND OTHER RECEIVABLES | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
PREPAID EXPENSES AND OTHER RECEIVABLES | ||
Prepaid Expense And Other Receivables [Text Block] | 5. PREPAID EXPENSES AND OTHER RECEIVABLES June 30, March 31, 2019 2019 $ $ Prepaid expenses and other receivables 75,780 92,170 Prepaid inventory 939,593 1,144,392 Prepaid insurance 160,787 66,320 Sales taxes receivable (i) 18,567 52,150 1,194,727 1,355,032 i) Sales tax receivable represents net harmonized sales taxes (HST) input tax credits receivable from the Government of Canada. | 5. PREPAID EXPENSES AND OTHER RECEIVABLES March 31, 2019 March 31, 2018 $ $ Prepaid expenses and other receivables 92,170 86,957 Prepaid inventory 1,144,392 301,104 Prepaid insurance 66,320 36,497 Sales taxes receivable (i) 52,150 9,097 1,355,032 433,655 i) Sales tax receivable represents net harmonized sales taxes (HST) input tax credits receivable from the Government of Canada. |
INVENTORIES
INVENTORIES | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
INVENTORIES | ||
Inventory Disclosure [Text Block] | 6. INVENTORIES June 30, March 31, 2019 2019 Finished Goods 582,058 405,682 During the three month period ended June 30, 2019, the Company expensed $299,795 in inventory as cost of goods sold (June 30, 2018 - $237,000). The Company no longer maintains a raw materials inventory as it has outsourced its manufacturing to a third party. | 6. INVENTORIES March 31, 2019 March 31, 2018 $ $ Raw Materials - 237,443 Finished Goods 405,682 - 405,682 237,443 For the year ended March 31, 2019, $ 62,589 . |
EQUIPMENT
EQUIPMENT | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
EQUIPMENT | ||
Property, Plant and Equipment Disclosure [Text Block] | 7. EQUIPMENT Equipment consisted of the following as at June 30, 2019 and March 31, 2019: June 30, 2019 March 31, 2019 Accumulated Accumulated Cost Depreciation Net Cost Depreciation Net $ $ $ $ $ $ Computers and electronics 286,855 248,357 38,498 286,855 243,346 43,509 Furniture and fixtures 36,795 29,999 6,796 36,795 29,648 7,147 Demonstration equipment 314,417 164,363 150,054 271,615 147,257 124,358 Manufacturing equipment 88,742 86,353 2,389 88,742 86,230 2,512 Tools and parts 11,422 7,007 4,415 11,422 6,779 4,643 Assets under capital lease 23,019 13,811 9,208 23,019 12,660 10,359 761,250 549,890 211,360 718,448 525,920 192,528 Equipment is recorded at cost less accumulated depreciation. Depreciation expense during the three-month period ended June 30, 2019 was $23,970 (June 30, 2018 – $17,595). | 7. EQUIPMENT Equipment consisted of the following as at March 31, 2019 and March 31, 2018: March 31, 2019 March 31, 2018 Cost Accumulated Depreciation Net Cost Accumulated Depreciation Net $ $ $ $ $ $ Computers and electronics 286,855 243,346 43,509 256,505 223,750 32,755 Furniture and fixtures 36,795 29,648 7,147 36,795 28,051 8,744 Demonstration equipment 271,615 147,257 124,358 200,186 105,441 94,745 Manufacturing equipment 88,742 86,230 2,512 88,742 85,668 3,074 Tools and parts 11,422 6,779 4,643 11,422 5,741 5,681 Assets under capital lease 23,019 12,660 10,359 23,019 8,057 14,962 718,448 525,920 192,528 616,669 456,708 159,961 Equipment is recorded at cost less accumulated depreciation. Depreciation expense during the year ended March 31, 2019 was $69,212 (March 31, 2018 - $89,026). |
NOTES PAYABLE
NOTES PAYABLE | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
NOTES PAYABLE | ||
Debt Disclosure [Text Block] | 8. NOTES PAYABLE (a) Convertible Loans Payable During the three months ended June 30, 2019, the Company received loans from new and existing investors totaling $950,000 pursuant to an up to $9,000,000 convertible note offering. The convertible notes bear interest at a fixed rate of 1% per month and will be payable, along with the principal amount, on the earlier of (the "Maturity Date"): (a) March 30, 2020 and (b) the consummation of the offering, provided that the Company raises in one or more tranches aggregate gross proceeds of no less than US$9,000,000. The convertible notes will be convertible into equity of the Company upon the following events on the following terms: · On the Maturity Date, the outstanding principal and accrued and unpaid interest under the convertible notes will be converted into shares of common stock at a conversion price of US$6.80 per share (the “Conversion Price”). · Upon a change of control transaction prior to the Maturity Date, the outstanding principal and accrued and unpaid interest under the convertible notes would, at the election of the holders of a majority of the outstanding principal of the loans under the offering, be either (i) payable upon demand as of the closing of such change of control transaction or (ii) convertible into shares of the Company’s common stock immediately prior to such change of control transaction at a price per share equal to the lesser of (x) the Conversion Price, or (y) the per share consideration to be received by the holders of the common stock in such change of control transaction. In the event the Company raises capital through the sale of Common Stock for cash during the period ending on the three year anniversary of the earliest issuance date of the convertible notes, and the price per share thereof (the “ Offering Price ”) is less than the original Conversion Price, then in such event the Company shall issue to all convertible loan holder at, at no further cost, additional shares of common stock equal to the number of conversion shares the holders would have received upon conversion if the Conversion Price equaled the Offering Price, less the number of shares of conversion shares actually issued on or as of the Maturity Date. Since the Company has early adopted ASU 2017-11, the anti-dilution protection clause does not contribute to the conversion feature to be a derivative liability. The interest accrued on these convertible loans for the three months ended June 30, 2019 was $4,450. (b) Term Loans During the quarter ended June 30, 2019, an affiliate of one of the Company’s major shareholders who is also a director provided a loan of $500,000. This loan bears interest at a fixed rate of 1% per month and is to be repaid on the earlier of May 8, 2021, the date of receipt of an aggregate of $10,000,000 in gross proceeds from the sale of the Company’s securities subsequent to the issue date of the loan or the date of a change of control of the Company. The interest accrued as at June 30, 2019 was $8,833 (June 30, 2018 - $Nil). | 8. NOTES PAYABLE (a) Demand Note payable The Company had an outstanding note payable (“Notes”) of $Nil at March 31, 2019 ($51,479 – March 31, 2018), which was acquired from IMT on April 21, 2016. The Note and interest was repaid during the year ended March 31, 2019. Balance March 31, 2017 330,600 Accrued interest 8,497 Repayment (287,618 ) Balance, March 31, 2018 $ 51,479 Accrued interest 1,496 Repayment (52,975 ) Balance, March 31, 2019 $ - Interest expense incurred on the Note totaled $1,496 for the year ended March 31, 2019 (March 31, 2018 - $8,497), which was included in accrued liabilities until it was paid off. (b) Promissory Notes Payable In February 2014, the Company borrowed $200,000 for an existing investor under the terms of a secured promissory note (“Promissory Note”). The Promissory Note bears interest at a simple interest rate equal to 10% per annum and interest is payable quarterly. Interest expenses incurred on the Promissory Note totaled $Nil for year ended March 31, 2019 (March 31, 2018 - $12,957). The Promissory Note was paid in full during the year ended March 31, 2018. (c) Short term Loan In December 2017, a company controlled by a Board member made a short-term loan to the Company of $400,000 with interest at 1.5% per month. Interest expenses totaled $Nil for the year ended March 31, 2019 (March 31, 2018 -$3,200). The Company repaid this note with interest of $3,200 during the year ended March 31, 2018. (d) Convertible Loans Payable (1) In December 2016, several shareholders of the Company agreed to advance the Company $1,500,000 of convertible notes in three tranches: $500,000 upon origination of the convertible loans and $500,000 on each of January 15, 2017 and February 15, 2017. A further $500,000 was advanced in March 2017 to bring the total of these convertible loans to approximately $2,000,000. The convertible loans bore interest at 6% until the original due date of March 31, 2017 and $17,488 was accrued and expensed as interest on these loans for the year ended March 31, 2017. The convertible loans contain the following terms: convertible at the option of the holder at the price of the equity financing or payable on demand upon the completion of an equity financing greater than $5,000,000; automatically convertible at the price of the equity financing upon completion of an equity financing between $3,500,000 and $5,000,000; if no such equity financing is completed by November 15, 2017, then the loans shall become secured by a general security agreement over all assets of the Company; and, upon a change in control would either be payable on demand or convertible at the lesser of a price per share equal to that received by the parties in the change in control transaction or the market price of the shares. These conversion features were analyzed and determined to be contingent conversion features, accordingly, until the triggering event no beneficial conversion feature is recognized. On August 14, 2017, the Company entered into an amendment to these convertible loans, whereby the interest was changed to a fixed rate of 12% per year from April 1, 2017 to August 14, 2017, and 3% per month from August 14, 2017 to maturity, which was extended to the earlier of March 31, 2018 or consummation of a qualified financing. The conversion feature was modified to contain the following terms: upon the consummation of an equity or equity-linked round of with an aggregate gross proceeds of $7,000,000, without any action on part of the Holder, the outstanding principal, accrued and unpaid interest and premium amount equal to 25% of the principal amount less the accrued and unpaid interest, will be converted into shares of new round stock based upon the lesser of (a) the lowest issuance (or conversion) price of new round stock in case there is more than one tranche of new round stock or (b) $0.25. Further, the Company issued warrants to these debt holders amounting to 20% of the aggregate principal of the convertible loans divided by the exercise price, which would be determined as the lowest of a new round stock in a qualified financing, the average volume weighted average price for the sixty trading days prior to January 31, 2018 or $0.25. The warrants have a term of five years. These amendments were treated as an extinguishment of the original debt; however, there was no gain or loss recognized and the new and amended debts were recognized as shown below. An additional $2,999,975 was received from these shareholders during the year ended March 31, 2018 for a total of $4,999,975. For the year ended March 31, 2018, an additional $1,037,067 of interest was accrued and expensed on these convertible loans. The Company has recognized a discount against the convertible loans for the relative fair value of the warrants and is accreting the discount using the effective interest rate method. The assumptions used in valuing the warrants using the binomial valuation model five Balance, March 31, 2016 $ - Additional principal investment 2,000,000 Accrued Interest 17,488 Balance, March 31, 2017 2,017,488 Additional principal investment 2,999,975 Fair value of warrants (548,178 ) Accretion expense 548,178 Accrued Interest 1,037,067 Conversion of principal and interest (6,054,530 ) Balance, March 31, 2018 and March 31, 2019 $ - (2) In May 2017, the Company’s Chinese joint venture partners loaned the Company $500,000 at an interest rate of 8% convertible into the Company’s common shares upon a capital raise (“Qualified Financing”) where gross proceeds exceed $3,000,000 at the lesser of $0.50 and the quotient of the outstanding balance on the conversion date by the price of the Qualified Financing. Additionally, the holders are entitled to warrants equaling 25% of the number of conversion shares to be issued at conversion. Balance, March 31, 2017 $ - Additional principal investment 500,000 Accrued Interest 33,556 Conversion of principal and interest (533,556 ) Balance, March 31, 2018 and March 31, 2019 $ - (3) In December 2017, investors of the Company advanced funds under a new convertible loan offering. These convertible loans bear interest at a fixed rate of 3% per month until the earlier of (a) January 31, 2018 and (b) the consummation of a qualified financing defined as gross proceeds of no less than $7,000,000 and up to $14,000,000 raised in one or more tranches. On the maturity date, without any action on the part of the Holder, the outstanding principal and accrued and unpaid interest under the notes will be converted into shares of new round stock based upon a (15%) discount to the lesser of (i) (A) the VWAP average of the last 30 days ending on the closing of the qualified financing (or, in the event of multiple closings, the lowest VWAP average of the last 30 days ending on each closing of a qualified financing) in the event of a maturity date referred to in clause (b) of the definition thereof, or (B) the VWAP average of the last 30 days before the maturity date in the event of a maturity date referred to in clause (a) of the definition thereof, and (ii) ($0.18) In January 2018, the terms of the new convertible loan offering were amended to extend the maturity date until March 31, 2018 and in March 2018 the terms of the loans were amended to change the definition of qualified financing as gross proceeds of no less than $2,000,000 and up to $14,000,000 raised in one or more tranches. $3,611,400 was received from these investors during the twelve months ended March 31, 2018 and $201,928 of interest was accrued and expensed on these convertible loans for the twelve months ended March 31, 2018. Balance, March 31, 2017 - Additional principal investment 3,611,400 Accrued Interest 201,928 Conversion of principal and interest (3,813,328 ) Balance, March 31, 2018 and March 31, 2019 $ - (4) Conversion of Notes Payable March 31, 2018 Principal Interest Premium Total Conversion Amount Beneficial Conversion Feature Number of Shares Converted Convertible Notes Payable (December 2016 to December 2017) $ 4,999,975 $ 1,054,555 $ 1,249,994 $ 7,304,523 $ 762,301 779,461 Chinese Convertible Loan $ 500,000 $ 33,556 - $ 533,556 $ 76,230 62,629 Convertible Notes Payable (December 2017 to March 2018) $ 3,611,400 $ 201,928 - $ 3,813,328 $ 550,598 406,918 Total $ 9,111,375 $ 1,290,039 $ 1,249,994 $ 11,651,407 $ 1,389,129 1,249,008 (5) Between April 1, 2018 and July 20, 2018, the Company received loans totaling $4,708,306 (which is inclusive of $31,673 that was capitalized interest which carried 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 into 683,396 common shares as of July 20, 2018 at a 10% discount to the 30-day volume weighted average price (“VWAP”) of the Company’s stock price. The tables below reflect the fair value and anti-dilution features of the convertible loans, which resulted in accretion expense related to the loans: At issuance At July 20, 2018 Principal Conversion feature fair value Ending Conversion Anti-dilution Fair value of debt Accretion expense Interest balance before conversion Convertible promissory note $ 4,708,306 $ 406,744 $ 1,697,674 $ 2,603,888 $ 2,104,418 $ 24,547 $ 4,732,853 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 March 31, 2019 $ - $ - $ - (6) Between October 1, 2018 and March 31, 2019, the Company received $4,650,000 in new convertible loans (“New Loans”), which carry an interest rate of 1% per month and of which $1,050,000 came from related parties. The schedules below reflect the accretion expense of $1,162,500 and interest expense of $198,117 being expensed in relation to the New Loans for the year ended March 31, 2019. The loan and accrued interest of $ 6,010,617 20 At issuance At March 28, 2019 Principal Accretion expense Interest Ending Balance Convertible promissory note $ 4,650,000 $ 1,162,500 $ 198,117 $ 6,010,617 (7) During the year ended March 31, 2019, the Company received loans totaling $9,326,633 ( 1% per month and of which $3,347,928 came from related parties. An accretion expense of $3,266,918 and a fair value adjustment of $337,923 was expensed for the year ended March 31, 2019 (March 31, 2018 - $1,937,308 accretion and $Nil and $Nil fair value adjustment). |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
RELATED PARTY TRANSACTIONS AND BALANCES | ||
Related Party Transactions Disclosure [Text Block] | 9. RELATED PARTY TRANSACTIONS AND BALANCES (a) Due from related parties At June 30, 2019 there was an outstanding loan to the Chief Technology Officer ("CTO") of the Company of $19,068 (March 31, 2019 – $18,585). The loan has an interest rate of 1% until June 30, 2018 and 2% after based on the Canada Revenue Agency’s prescribed rate for such advances and is denominated in Canadian dollars. During the period ended June 30, 2019, the Company accrued interest receivable in the amount of $90 (March 31, 2019 – $353); the remaining fluctuation in the balance from the prior year is due to changes in foreign exchange. (b) Accounts payable and accrued liabilities As at June 30, 2019, $258,737 (March 31, 2019 – $229,473) was owing to the CEO of the Company; $14,532 (March 31, 2019 – $14,851) was owing to the Chief Technology Officer; $33,432 (March 31, 2019 – $33,387) was owing to the Chief Financial Officer ("CFO"), $28,025 (March 31, 2019 - $28,025) was owing to the former Chief Commercial Officer ("CCO"), all related to severance, bonuses and business expenses. | 9. RELATED PARTY TRANSACTIONS AND BALANCES (a) Due from related parties An outstanding loan to the Chief Technology Officer (“CTO”) of the Company is for $18,585 (March 31, 2018 - $18,897). The loan had an interest rate of 1% until March 31, 2018 and 2% after based on the Canada Revenue Agency’s prescribed rate for such advances and is denominated in Canadian dollars. During the year ended March 31, 2019, the Company accrued interest receivable in the amount of $353 (March 31, 2018 – $590); the remaining fluctuation in the balance from the prior year is due to changes in foreign exchange. (b) Accounts payable and accrued liabilities As at March 31, 2019, $229,473 (March 31, 2018 - $208,567) was owing to the CEO of the Company; $14,851 (March 31, 2018 – $135,039) was owing to the Chief Technology Officer; $33,387 (March 31, 2018 - $116,624) was owing to the Chief Financial Officer (“CFO”), $28,025 was owing to the Chief Commercial Officer (“CCO”), and $Nil (March 31, 2018 – $587,019) was owing to the former CEO, all related to severance, bonuses and business expenses. |
SHARE CAPITAL
SHARE CAPITAL | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
SHARE CAPITAL | ||
Stockholders' Equity Note Disclosure [Text Block] | 10. SHARE CAPITAL June 30, 2019 March 31, 2019 Number of Number of shares $ shares $ Exchangeable Shares Balance beginning of year 196,799 197 295,146 295 Converted into common shares (a) (40,560) (41) (98,347) (98) Balance at end of year 156,239 156 196,799 197 Common Shares Balance at beginning of the year 3,661,838 3,661 1,368,856 1,369 Shares issued to exchangeable shareholders (a) 40,560 41 98,347 98 Shares issued on conversion of loans — — 2,194,133 2,194 Share consolidation rounding adjustment — — 502 — Balance at end of the year 3,702,398 3,661 3,661,838 3,661 TOTAL SHARES 3,858,637 3,858 3,858,637 3,858 (a) During the quarter ended June 30, 2019, 40,560 exchangeable shares were exchanged for common shares on a 1 for 1 basis in accordance with their terms. (March 31, 2019 – 98,347 shares) On October 29, 2018, the Company completed a one-for-one hundred and fifty (1:150) reverse stock consolidation that has been reflected in all shares and per share amounts, warrants and options. Special Voting Preferred Share In connection with the Merger (Note 1), on February 26, 2015, the Company entered into a voting and exchange trust agreement (the “Trust Agreement”). Pursuant to the Trust Agreement, the Company issued one Special Voting Preferred Share to the Trustee, and the parties created a trust for the Trustee to hold the Special Voting Preferred Share for the benefit of the holders of the Exchangeable Shares (the “Beneficiaries”). Pursuant to the Trust Agreement, the Beneficiaries will have voting rights in the Company equivalent to what they would have had, had they received shares of common stock in the same amount as the Exchangeable Shares held by the Beneficiaries. In connection with the Merger and the Trust Agreement, effective February 20, 2015, the Company filed a certificate of designation of the Special Voting Preferred Share (the “Special Voting Certificate of Designation”) with the Delaware Secretary of State. Pursuant to the Special Voting Certificate of Designation, one share of the Company’s blank check preferred stock was designated as Special Voting Preferred Share. The Special Voting Preferred Share entitles the Trustee to exercise the number of votes equal to the number of Exchangeable Shares outstanding on a one-for-one basis during the term of the Trust Agreement. The Special Voting Preferred Share is not entitled to receive any dividends or to receive any assets of the Company upon liquidation and is not convertible into shares of common stock of the Company. The voting rights of the Special Voting Preferred Share will terminate pursuant to and in accordance with the Trust Agreement and the Special Voting Preferred Share will be automatically cancelled. | 10. SHARE CAPITAL March 31, 2019 March 31, 2018 Number of shares $ Number of shares $ Exchangeable Shares Balance beginning of year 295,146 295 319,396 319 Converted into common shares (d) (98,347 ) (98 ) (24,250 ) (24 ) Balance at end of year 196,799 197 295,146 295 Common Shares Balance at beginning of the year 1,368,856 1,369 325,901 326 Shares issued to exchangeable shareholders (d) 98,347 98 24,250 24 Shares issued on conversion of loans (b) (c) 2,194,133 2,194 985,370 986 Warrants exercised (a) - - 33,335 33 Share consolidation rounding adjustment 502 - - - Balance at end of the year 3,661,838 3,661 1,368,856 1,369 TOTAL SHARES 3,858,637 3,858 1,664,002 1,664 (a) During the year ended March 31, 2018, the Company consummated an offer to amend and exercise to its warrant holders, enabling them to exercise their outstanding warrants for $37.50 per share, and as a result, 33,335 common shares were issued for net proceeds of $1,125,038 (Note 12). (b) During the year ended March 31, 2018, the Company converted $9,058,708 of notes payable and interest into 985,370 common shares. Under the terms of this conversion the remaining $1,342,705 of principal and interest was required to be converted into 263,639 common shares, but they were unable to be issued as a result of the Company not having enough authorized shares. The $2,470,622 value of these shares at March 31, 2018 has been classified as a liability until the common shares can be issued. In addition, there was a $376,674 loss recorded in the year connected to the difference of the $2,847,296 market value of the shares at March 31, 2018 and the value of these shares which resulted on the conversion of notes payable, the exercise price of which was based on a 30-day VWAP. The fair value of these shares ($2,847,296), outstanding warrants ($1,394,164) and options ($1,451,393) at March 31, 2018 represented the $5,692,853 liability on the Company’s balance sheet. (c) During the year ended March 31, 2019, after the increase of the number of authorized shares to 500,000,000, the company issued the outstanding 263,639 common shares related to the March 31, 2018 promissory note conversion. In addition, there was a $2,048,697 gain recorded in the year connected to the difference of the market value of the shares, outstanding options and warrants at March 31, 2018 and their value at June 12, 2018, the time of the authorized share increase and share issuance. On July 20, 2018 the Company converted $4,708,306 of notes payable and interest into 683,395 common shares and on March 28, 2019 the Company converted $4,848,117 of notes payable and interest into 1,247,099 common shares. (Note 8) (d) During the year ended March 31, 2019, 98,347 exchangeable shares were exchanged for common shares on a 1 for 1 basis in accordance with their terms. (March 31, 2018 – 24,250 shares) (e) On October 29, 2018, the Company completed a one-for-one hundred and fifty to one (1:150) reverse stock consolidation that has been reflected in all shares and per share amounts, warrants and options. Special Voting Preferred Share In connection with the Merger (Note 1), on February 26, 2015, the Company entered into a voting and exchange trust agreement (the “Trust Agreement”). Pursuant to the Trust Agreement, the Company issued one Special Voting Preferred Share to the Trustee, and the parties created a trust for the Trustee to hold the Special Voting Preferred Share for the benefit of the holders of the Exchangeable Shares (the “Beneficiaries”). Pursuant to the Trust Agreement, the Beneficiaries will have voting rights in the Company equivalent to what they would have had, had they received shares of common stock in the same amount as the Exchangeable Shares held by the Beneficiaries. In connection with the Merger and the Trust Agreement, effective February 20, 2015, the Company filed a certificate of designation of the Special Voting Preferred Share (the “Special Voting Certificate of Designation”) with the Delaware Secretary of State. Pursuant to the Special Voting Certificate of Designation, one share of the Company’s blank check preferred stock was designated as Special Voting Preferred Share. The Special Voting Preferred Share entitles the Trustee to exercise the number of votes equal to the number of Exchangeable Shares outstanding on a one-for-one basis during the term of the Trust Agreement. The Special Voting Preferred Share is not entitled to receive any dividends or to receive any assets of the Company upon liquidation and is not convertible into shares of common stock of the Company. The voting rights of the Special Voting Preferred Share will terminate pursuant to and in accordance with the Trust Agreement and the Special Voting Preferred Share will be automatically cancelled. |
STOCK OPTIONS
STOCK OPTIONS | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
STOCK OPTIONS | ||
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 April 26, 2016, the Company issued 1,667 options to an employee with an exercise price of $150.00 per share that will vest over three years at the anniversary date. The grant fair value was $213,750. During the quarter ended June 30, 2019 $3,431 (June 30, 2018 - $17,813) was recognized as stock compensation expense. On February 6, 2017, the Company issued 2,667 options to an employee with an exercise price of $105.00 per share that will vest over three years at the anniversary date. The grant fair value was $245,200. During the quarter ended June 30, 2019 $20,433 (June 30, 2018 – $20,433) of stock compensation expense was recognized. On September 1, 2017, the Company granted 81,436 options at $24.15 per share equally to an executive officer and a consultant, who is now the Chairman of the Company. 27,148 options have vested and 50% of the remaining options vest on performance being met and 50% vest annually over 5 years for the CEO, for our Chairman the options vest over 5 years. The grant date fair value was $1,832,304 and $57,259 is the current expense for the quarter ended June 30, 2019 (June 30, 2018 - $38,173). On January 24, 2018, the Company granted 24,267 options at $23.25 per share to employees that vest equally on January 24, 2019, 2020 and 2021. 7,334 options were cancelled for the year ended March 31, 2019 and 778 for the three-month period ended June 30, 2019. The grant fair value was $491,036 and $28,554 is the current stock compensation expense for the year ended June 30, 2019 (June 30, 2018 - $39,703). On April 30, 2018, the Company granted to an executive officer, 40,000 options with an exercise price of $9.74 that vest immediately with a 10‑year expiry. These options were valued using the Black Scholes model and the following inputs were used: expected life 10 years, expected volatility 114% and a risk-free rate of 1.59%. As these options vested immediately as of the grant date and $363,714 of stock compensation expense was recorded for the year ended March 31, 2019. On June 11, 2018, the Company granted to a sales 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 $1,686 of stock compensation was recognized for quarter ended June 30, 2019 (June 30, 2018 - $562). This executive left the Company this quarter and all 5,000 options were cancelled, as they had not vested. On May 31, 2019 169,882 options were issued to employees and directors of the Company with an exercise price of $3.16 per share that vest over 1 year and 6 months, one third immediately vest and in two 6-month periods 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 $453,585 and $176,394 of stock compensation was recognized for quarter ended June 30, 2019. During the quarter ended June 30, 2019, the Company recorded $287,757 in share-based compensation related to the vesting of stock options (June 30, 2018 – $595,412). The following is a summary of stock options outstanding and exercisable as of June 30, 2019: Exercise Price ($) Number of Options Expiry Date Exercisable Options 34.500 630 20-Jun-21 630 34.500 13,212 01-Jul-21 13,212 34.500 944 17-Feb-22 944 183.000 2,667 24-Nov-22 2,667 150.000 11,400 14-Dec-22 11,400 142.500 359 28-Mar-23 359 157.500 1,387 28-Mar-23 1,387 105.000 2,667 06-Feb-24 1,778 102.000 1,667 13-Feb-24 1,667 142.500 106 03-Mar-24 106 157.500 408 03-Mar-24 408 142.500 43 14-Mar-24 43 157.500 164 14-Mar-24 164 142.500 485 30-Sep-24 485 157.500 1,876 30-Sep-24 1,876 24.150 81,436 01-Sep-27 27,148 23.250 15,656 24-Jan-25 5,867 9.735 40,000 19-Apr-28 40,000 3.16 169,882 31-May-26 56,627 344,989 166,768 The weighted-average remaining contractual term of the outstanding options is 6.49 years (June 30, 2018 – 7.89 years) and for the options that are exercisable the weighted average is 6.36 years (June 30, 2018 - 7.38 years). | 11. STOCK OPTIONS The purpose of the Company’s equity incentive plan, is to attract, retain and motivate persons of training, experience and leadership to the Company, including their directors, officers and employees, and to advance the interests of the Company by providing such persons with the opportunity, through share options, to acquire an increased proprietary interest in the Company. Options or other securities may be granted in respect of authorized and unissued shares, provided that the aggregate number of shares reserved for issuance upon the exercise of all options or other securities granted under the Plan shall not exceed 15% of the shares of common stock and Exchangeable Shares issued and outstanding (determined as of January 1 of each year). Optioned shares in respect of which options are not exercised shall be available for subsequent options. On November 24, 2015, the Company issued 4,334 options granted to employees that vest at an exercise price of $183.00 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. During the year ended March 31, 2019, $92,585, (March 31, 2018 -$142,438) in stock compensation expense was recognized and these options are now fully expensed. On December 14, 2015, the Company issued 16,634 options granted to employees, directors and consultants at an exercise price of $150 that vest over three years at the anniversary date. The grant date fair value of the options was $1,260,437. In years previous to March 31, 2018, 434 options were cancelled. For the year ended March 31, 2019 1,889 options were cancelled (March 31, 2018 - 2,912), $105,121, (March 31, 2018 - $479,315) of stock compensation expense was recognized and these options are now fully expensed. On April 21, 2016, the Company issued 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 in fiscal 2016, $Nil (March 31, 2018 -$29,524) has been recognized as stock compensation expense for the year ended March 31, 2019. These options are now fully expensed. On April 26, 2016, the Company issued 1,667 options to an employee with an exercise price of $150.00 per share that will vest over three years at the anniversary date. The grant fair value was $213,750. During the year ended March 31, 2019 557 options were cancelled (March 31, 2018 – Nil) and $63,333 (March 31, 2018 - $71,250) was recognized as stock compensation expense. On August 8, 2016, the Company issued 5,000 options to an employee with an exercise price of $150.00 per share that will vest over three years at the anniversary date. The grant fair value was $652,068. During the year ended March 31, 2019, $48,301, (March 31, 2018 -$217,356) of stock compensation expense was recognized, 3,335 of the options were cancelled during the year ended March 31, 2019 as a result of this employee leaving. On February 6, 2017, the Company issued 2,667 options to an employee with an exercise price of $105.00 per share that will vest over three years at the anniversary date. The grant fair value was $245,200. During the year ended March 31, 2019, $81,733 (March 31, 2018 - $81,733) of stock compensation expense was recognized. On February 13, 2017, the Company issued 1,667 options to a consultant with an exercise price of $102.00 per share that will vest over one and one- half years, every six months. The grant fair value was $148,750. During the year ended March 31, 2019, $92,821, (March 31, 2018 -$49,583) of stock compensation expense was recognized and these options are now fully expensed. On August 3, 2017, 13,334 options at $31.50 per share to an executive officer, which vest equally over three years. In addition, this executive officer was also granted up to 10,000 additional performance options based on meeting sales targets for the years ended March 31, 2018 and 2019. The performance options will vest at market price if the performance objectives are met. This grant had a grant date fair value of $387,209 and $7,546 (March 31,2018 - $60,371) was recognized as share compensation expense for the year ended March 31, 2019. This officer left in April 2018 and all options were cancelled. On September 1, 2017, the Company granted 81,436 options at $24.15 per share equally to an executive officer and a consultant, who is now the Chairman of the Company. 27,148 options have vested and 50% of the remaining options vest on performance being met and 50% vest annually over 5 years for the CEO, for our Chairman the options vest over 5 years. The grant date fair value was $1,832,304 and $343,557 is the current expense for the year ended March 31, 2019. (March 31, 2018 - $381,730) On January 24, 2018, the Company granted 24,267 options at $23.25 per share to employees that vest equally on January 24, 2019, 2020 and 2021. 7,334 options were cancelled for the year ended March 31, 2019 (March 31, 2018 - $Nil). The grant fair value was $491,036 and $140,540 is the current stock compensation expense for the year ended March 31, 2019. (March 31, 2018 - $27,280) On April 30, 2018, the Company granted to an executive officer, 40,000 options with an exercise price of $9.74 that vest immediately with a 10-year expiry. These options were valued using the Black Scholes model and the following inputs were used: expected life 10 years, expected volatility 114% and a risk-free rate of 1.59%. As these options vested immediately as of the grant date and $363,714 of stock compensation expense was recorded for the year ended March 31, 2019. On June 11, 2018, the Company granted to a sales 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 $8,147 of stock compensation was recognized for year ended March 31, 2019. During the year ended March 31, 2019, the Company recorded $1,347,399 in share-based compensation related to the vesting of stock options (March 31, 2018 - $1,540,580). The following is a summary of stock options outstanding and exercisable as of March 31, 2019. These options at their respective grant dates were valued using the Black-Scholes option pricing model with the following key assumptions: Expected life Risk free Dividend Forfeiture Expected Grant date Grant date in years Rate Rate Rate volatility fair value February 17, 2015 2.89 1.59 % 0 % 0 % 114 % $ 136,613 July 1, 2014 2.25 1.59 % 0 % 0 % 114 % $ 1,259,487 June 20, 2014 2.22 1.59 % 0 % 0 % 114 % $ 118,957 November 24, 2015 3.65 1.59 % 0 % 0 % 114 % $ 694,384 December 14, 2015 3.71 1.59 % 0 % 0 % 114 % $ 1,260,437 April 21, 2016 5.11 1.59 % 0 % 0 % 114 % $ 2,582,890 April 26, 2016 4.07 1.59 % 0 % 0 % 114 % $ 213,750 February 6, 2017 4.86 1.59 % 0 % 0 % 114 % $ 245,200 February 13, 2017 4.88 1.59 % 0 % 0 % 114 % $ 148,750 September 1, 2017 8.43 1.59 % 0 % 0 % 114 % $ 1,832,304 January 24, 2018 5.82 1.59 % 0 % 0 % 114 % $ 491,036 April 30, 2018 9.06 1.59 % 0 % 0 % 114 % $ 363,714 June 11, 2018 6.20 1.59 % 0 % 0 % 114 % $ 30,341 Number of Options Weighted-Average Exercise Price Outstanding, March 31, 2018 170,675 75.00 Issued 45,000 9.42 Cancelled (32,679 ) 65.93 Outstanding, March 31, 2019 182,996 37.73 The following is a summary of stock options outstanding and exercisable as of March 31, 2019: Exercise Price ($) Number of Options Expiry Date Exercisable Options 34.500 630 20-Jun-21 630 34.500 13,212 01-Jul-21 13,212 34.500 944 17-Feb-22 944 183.000 2,667 24-Nov-22 2,667 150.000 11,400 14-Dec-22 11,400 142.500 359 28-Mar-23 359 157.500 1,387 28-Mar-23 1,387 150.000 1,112 26-Apr-23 1,112 105.000 2,667 06-Feb-24 1,778 102.000 1,667 13-Feb-24 1,667 142.500 106 03-Mar-24 106 157.500 408 03-Mar-24 408 142.500 43 14-Mar-24 43 157.500 164 14-Mar-24 164 142.500 485 30-Sep-24 485 157.500 1,876 30-Sep-24 1,876 142.500 24 02-Jun-25 24 157.500 90 02-Jun-25 90 37.500 221 30-Dec-25 221 142.500 164 30-Dec-25 164 24.150 81,436 01-Sep-27 27,148 23.250 16,934 24-Jan-25 5,867 9.735 40,000 19-Apr-28 40,000 6.930 5,000 10-Jun-25 - 182,996 111,752 The weighted-average remaining contractual term of the outstanding options is 7.20 years (March 31, 2018 – 7.46 years) and for the options that are exercisable the weighted average is 6.80 years (March 31, 2018 – 5.74 years). |
WARRANTS
WARRANTS | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
WARRANTS | ||
Shareholders Equity And Share Based Payments Stock Warrant [Text Block] | 12. WARRANTS The following is a continuity schedule of the Company’s common share purchase warrants: Weighted Average Number of Exercise Price Warrants ($) Outstanding and exercisable, March 31, 2018 and June 30, 2018 365,974 53.19 Issued in connection with anti-dilution provision connected warrant transaction 67,952 55.71 Issued in connection with anti-dilution provision connected warrant transaction 6,305 34.50 Issued in connection with anti-dilution provision connected warrant transaction 52,590 38.91 Expired (204,304) (51.85) Outstanding and exercisable, March 31, 2019 288,517 40.27 Expired (163,483) (38.91) Outstanding and exercisable June 30, 2019 125,034 20.07 During the quarter ended June 30, 2019, 163,483 warrants expired in accordance with their terms (June 30, 2018 – Nil) Common share purchase warrants The following is a summary of common share purchase warrants outstanding after the warrant offer to amend the additional warrant issue and the re-pricing of the warrants as of June 30, 2019. Exercise Number of Price ($) Warrants Expiry Date 90.00 15,658 March 31, 2023 37.50 2,667 June 27, 2020 9.375 64,025 August 14, 2022 9.375 42,684 March 31, 2022 125,034 The weighted-average remaining contractual term of the outstanding warrants was 3.07 years (June 30, 2018 - 2.01 years). | 12. WARRANTS The following is a continuity schedule of the Company’s common share purchase warrants: Number of Warrants Weighted -Average Exercise Price ($) Outstanding and exercisable, March 31, 2017 117,589 202.50 Exercised (33,335 ) (37.50 ) Issued in connection with anti-dilution provision connected warrant transaction 559 112.35 Issued in connection with anti-dilution provision connected warrant transaction 6,275 194.00 Issued in connection to the warrant transaction to the broker 2,667 37.50 Issued in connection with conversion of loans and interest into common shares 106,709 9.375 Issued in connection with conversion of loans and interest into common shares 15,658 90.00 Issued in connection with anti-dilution provision connected with issuance of common shares 136,388 73.02 Issued in connection with anti-dilution provision connected with issuance of common shares 13,464 44.28 Outstanding and exercisable, March 31, 2018 365,974 53.19 Issued in connection with anti-dilution provision connected warrant transaction 67,952 55.71 Issued in connection with anti-dilution provision connected warrant transaction 6,305 34.50 Issued in connection with anti-dilution provision connected warrant transaction 52,590 38.91 Expired (204,304 ) (51.85 ) Outstanding and exercisable, March 31, 2019 288,517 40.27 During the year ended March 31, 2019, 204,304 warrants expired in accordance with their terms (March 31, 2018 - Nil) During the year ended March 31, 2018, the Company consummated an offer to amend and exercise its then outstanding warrants, enabling the holders of the warrants to exercise such warrants for $37.50 per share. The Company received net proceeds of $1,125,038. The Company also converted loans and interest due. Due to an anti-dilution clause in the warrant agreements for such outstanding warrants during the year ended March 31, 2019, an additional 67,952 warrants were issued to the $73.02 per share warrant holders and 6,305 warrants to the $44.28 per share warrant holders. As a result of the anti-dilution clause, the exercise price of the warrants changed from $73.02 per share to $55.71 per share and from $44.28 per share to $34.50 per share as a result of this warrant transaction. The $34.49 per share warrants expired during the fiscal year ended March 31, 2019. Furthermore, due to an anti-dilution clause in the warrant agreements for such outstanding warrants during the year ended March 31, 2019, an additional 52,590 warrants were issued to the $55.71 per share warrant holders. As a result of the anti-dilution clause, the exercise price of the warrants changed from $55.71 per share to $38.91 per share as a result of this warrant transaction. During the fiscal year ended March 31, 2018, an additional 559 warrants were issued to the $120.00 per share warrant holders and 6,275 warrants were issued to the $210.00 per share warrant holders. Furthermore, as a result of the anti-dilution clause, the exercise price of the warrants changed from $120.00 per share to $ 112.35 During the fiscal year ended March 31, 2018, due to an anti-dilution clause in the warrant agreements for such outstanding warrants an additional 13,464 warrants were issued to the $112.35 per share warrant holders and 136,388 warrants were issued to the $194.00 per share warrant holders. Furthermore, as a result of the anti-dilution clause, the exercise price of the warrants changed from $112.35 per share to $44.28 per share and from $194.00 per share to $73.02 per share as a result of loan and interest conversion transaction for shares that have been issued and shares that will be issued. The Company measured the effects of the above transactions, which triggered anti-dilution clause using the binomial option pricing model and recorded a loss for the year ended March 31, 2019 of $24,432 (March 31, 2018 -$74,086) against deficit. The Company issued 2,667 warrants exercisable 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 $9.375 Common share purchase warrants The following is a summary of common share purchase warrants outstanding after the warrant offer to amend the additional warrant issue and the re-pricing of the warrants as of March 31, 2019. Exercise Price ($) Number of Warrants Expiry Date 90.00 15,658 March 31, 2023 38.91 84,562 April 21, 2019 38.91 39,922 May 27, 2019 38.91 38,998 June 30, 2019 37.50 2,667 June 27, 2020 9.375 64,025 August 14, 2022 9.375 42,684 March 31, 2022 288,517 The weighted-average remaining contractual term of the outstanding warrants was 1.51 years (March 31, 2018 – 2.27 years). The exercise price and number of underlying shares with respect to the remaining $38.91 per share warrants are expected to be further adjusted pursuant to the anti-dilution provisions therein, as a result of any further issuance of common shares. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 13. INCOME TAXES Components of net loss before income taxes consists of the following: March 31 March 31 2019 2018 $ $ U.S. (8,849,294 ) (12,281,398 ) Canada (1,707,307 ) (2,344,392 ) (10,556,601 ) (14,625,790 ) Net loss for the year before recovery of income taxes (10,556,601 ) (14,625,790 ) Statutory rate 25.30 % 34.04 % Expected income tax (recovery) (2,670,579 ) (4,978,619 ) Tax rate changes and other basis adjustments (525,472 ) 1,748,278 Stock-based compensation 340,861 524,412 Difference in Foreign Tax Rates - - Accretion 890,797 184,414 Change in fair value (85,487 ) 659,458 (Gain) loss on mark to market re-evaluation (518,274 ) - Share premium - 425,497 Non-deductible expense 83,578 339,296 Net DTA acquired - - Change in valuation allowance 2,484,576 1,097,264 Recovery of income taxes - - The following deferred tax assets have not been recognized. Deferred tax reflects the tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities and consisted of the following: March 31, 2019 March 31, 2018 $ $ Equipment 70,650 70,350 Share issue costs - 510 SR&ED pool 844,001 690,320 Other 1,022,309 535,510 Non-capital losses – Canada 2,796,469 2,515,170 Net operating losses – U.S. 5,911,320 4,331,850 Valuation allowance (9,502,006 ) (7,017,430 ) 1,142,743 1,126,280 Intangibles and other (1,142,743 ) (1,126,280 ) - - The Company has non-capital losses in its Canadian subsidiary of approximately $10,552,713, which will expire between 2032 and 2039. The Company has net operating losses in the U.S. parent Company of $14,190,773, and net operating losses in the U.S. subsidiary of approximately $14,190,773, Income taxes are provided based on the liability method, which results in deferred tax assets and liabilities arising from temporary differences. Temporary differences are differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements that will result in taxable or deductible amounts in future years. The liability method requires the effect of tax rate changes on current and accumulated deferred taxes to be reflected in the period in which the rate change was enacted. The liability method also requires that deferred tax assets be reduced by a valuation allowance unless it is more likely than not that the assets will be realized. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company recognizes interest accrued on uncertain tax positions as well as interest received from favorable tax settlements within interest expense. The Company recognizes penalties accrued on unrecognized tax benefits within general and administrative expenses. As of March 31, 2019, the Company had no uncertain tax positions. In many cases the Company’s uncertain tax positions are related to tax years that remain subject to examination by tax authorities. The following describes the open tax years, by major tax jurisdiction, as of March 31, 2019: United States – Federal 2015 – present United States – State 2015 – present Canada – Federal 2014 – present Canada – Provincial 2014 – present |
RISK MANAGEMENT
RISK MANAGEMENT | 12 Months Ended |
Mar. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | 14. RISK MANAGEMENT Concentrations of Credit Risk and Economic Dependence Cash and cash equivalents include highly liquid investments with original terms to maturity of 90 days or less at the date of purchase. For all periods presented cash and cash equivalents consisted entirely of cash on deposit with Canadian and US banks. The Company’s cash balances are maintained in various banks in Canada and the United States. Deposits held in banks in the United States are insured up to $ 250,000 Three of the Company’s customers accounted for 83.3%, 8.9% and 4.6% and 88.1%, 1.9% and 1.5%, |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
COMMITMENTS AND CONTINGENCIES | ||
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 Company's then-CTO and COO had transferred 2,098 common shares to the lenders. For contributing the common shares to the lenders, the Company intends to reimburse the former CTO and COO 2,134 common shares. As at June 30, 2019 these shares have not yet been issued. (b) On May 17, 2017, the Company entered into a Co-operative Joint Venture Contract (the “JV Contract”) with Ginger Capital Investment Holding, Ltd. (the “JV Partner”) to form China Bionik Medical Rehabilitation Technology Ltd. (“China JV”), in which the Company will have a 25% interest and the JV Partner 75%. The China JV was formally established on receiving a business license on May 22, 2018. Under the terms of the JV Contract, the JV Partner is required to contribute $290,000 within 30 days of the date of establishment, $435,000 12 months later and $725,000, 60 months after the date of establishment. 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 June 30, 2019, the Company has provided certain technical information to the Chinese JV in order to obtain Chinese regulatory approvals. (c) In connection with the acquisition of IMT, the Company acquired a license agreement dated June 8, 2009, with a former director as a co- licenser, pursuant to which the Company pays the director and the co-licenser an aggregate royalty of 1% of sales based on patent #8,613,691. No sales have been made, as the technology under this patent has not been commercialized. (d) The Company has committed to upgrading two robots previously sold to a customer to the newest version when released. As part of this transaction, the customer will enter into an extended warranty agreement that will be approximately equal to the manufacturing value of robots. | 15. 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, 1,753 241,185 210,323 2,098 2,134 (b) On May 17, 2017, the Company entered into a Co-operative Joint Venture Contract (the “JV Contract”) with Ginger Capital Investment Holding, Ltd. (the “JV Partner”) to form China Bionik Medical Rehabilitation Technology Ltd. (“China JV”), in which the Company will have a 25% 75 (c) In connection with the acquisition of IMT, the Company acquired a license agreement dated June 8, 2009, with a former director as a co- licenser, pursuant to which the Company pays the director and the co-licenser an aggregate royalty of 1 (d) The Company has committed to upgrading two robots previously sold to a customer to the newest version when released. As part of this transaction, the customer will enter into an extended warranty agreement that will be approximately equal to the manufacturing value of robots. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
SUBSEQUENT EVENTS | ||
Subsequent Events [Text Block] | 14. SUBSEQUENT EVENTS (a) Subsequent to June 30, 2019, the Company received an additional $4,560,000 from lenders under the terms of the convertible loans described in Note 8. (b) Subsequent to June 30, 2019, the Company issued up to 495,319 options to directors, employees and a consultant, under various vesting terms at a price up to $3.595. | 16. SUBSEQUENT EVENTS (a) Subsequent to March 31, 2019, an exchangeable shareholder exchanged 6,083,900 40,560 (b) Subsequent to March 31, 2019, the Company’s Board granted 169,882 3.16 (c) Subsequent to March 31, 2019, an affiliate of the Company’s Chairman of the Board provided a $ 500,000 1 (d) Subsequent to March 31, 2019, an affiliate of one of the Company’s major shareholders who is also a director provided an aggregate amount of $ 500,000 9,000,000 1 9,000,000 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
SIGNIFICANT ACCOUNTING POLICIES | ||
Unaudited Condensed Consolidated Interim Financial Statements | 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, 2019. The interim disclosures generally do not repeat those in the annual statements. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all 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. The changes in accounting policies in the Company’s unaudited condensed consolidated interim financial statements from the March 31, 2019 audited financial statements are described below. | |
New Accounting Pronouncements, Policy [Policy Text Block] | Newly Adopted and Recently Issued Accounting Pronouncements Newly Adopted 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, 2019. 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‑2014‑1 for the fiscal year ended March 31, 2019 and it did not have a material effect on the consolidated financial position and the consolidated results of operations. 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 ended March 31, 2019 and it did not have a material effect on the consolidated financial position or the consolidated results of operations. In January 2016, the FASB issued ASU No. 2016‑01 Financial Instruments - Overall (Subtopic 825‑10): Recognition and Measurement of Financial Assets and Financial Liabilities. The updates make several modifications to Subtopic 825‑10, including the elimination of the available-for-sale classification of equity investments, and it requires equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in operations. The update is effective for fiscal years beginning after December 2017. The Company has adopted ASU 2016‑01 for the year ended March 31, 2019 and it did not have a 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 has adopted ASU 2016‑02 and it did not have a material effect on the consolidated statement of financial position and consolidated statement 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 ended March 31, 2019 and it did not have material effect on the consolidated financial position or on the consolidated statement of cash flows. In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting (ASU 2017-09). The FASB issued the update to provide clarity and reduce the cost and complexity when applying the guidance in Topic 718. The amendments in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The Company adopted ASU 2017-09 during the year ended March 31, 2019 and it did not have a material effect on the consolidated financial statements and the consolidated results of operations. | Newly Adopted and Recently Issued Accounting Pronouncements Newly Adopted 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-2014-1 for the fiscal year ended March 31, 2019 and it did not have a material effect on the consolidated financial position and the consolidated results of operations. 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 ended March 31, 2019 and it did not have a material effect on the consolidated financial position or the consolidated results of operations. In January 2016, the FASB issued ASU No. 2016-01 Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The updates make several modifications to Subtopic 825-10, including the elimination of the available-for-sale classification of equity investments, and it requires equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in operations. The update is effective for fiscal years beginning after December 2017. The Company has adopted ASU 2016-01 for the year ended March 31, 2019 and it did not have a material effect on the consolidated financial position and the consolidated results of operations. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments”. This ASU provides eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for the fiscal year commencing after December 15, 2017. The Company has adopted ASU 2016-15 for the fiscal year ended March 31, 2019 and it did not have material effect on the consolidated financial position or on the consolidated statement of cash flows. In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting (ASU 2017-09). The FASB issued the update to provide clarity and reduce the cost and complexity when applying the guidance in Topic 718. The amendments in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The Company adopted ASU 2017-09 during the year ended March 31, 2019 and it did not have a material effect on the consolidated financial statements and the consolidated results of operations. |
Recently Adopted Accounting Pronouncements [Policy Text Block] | Recently Issued In January 2017, the FASB 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 acquitted is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. The new guidance also narrows the definition of the term “outputs” to be consistent with how it is described in Topic 606, Revenue from Contracts with Customers. The changes to the definition of a business will likely result in more acquisitions being accounted for as asset acquisitions. ASU 2017-01 is effective for acquisitions commencing on or after June 30, 2019, with early adoption permitted. Adoption of this guidance will be applied prospectively on or after the effective date and the Company does not expect this policy will have a material effect on the consolidated financial position or consolidated statement of cash flows. 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. The Company is still assessing the impact that the adoption of ASU 2017-04 will have on the consolidated statement of financial position and consolidated statement of operations. In June 2016, the FASB issued ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments, which introduces an expected credit loss methodology for the impairment of financial assets measured at amortized cost basis. The methodology replaces the probable, incurred loss model for those assets. The update if effective for fiscal years beginning after December 15, 2019. The Company is still assessing the impact that the adoption of ASU 2016-13 will have on the consolidated statement of financial position and consolidated statement of operations. | Recently Issued In January 2017, the FASB 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 acquitted is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. The new guidance also narrows the definition of the term “outputs” to be consistent with how it is described in Topic 606, Revenue from Contracts with Customers. The changes to the definition of a business will likely result in more acquisitions being accounted for as asset acquisitions. ASU 2017-01 is effective for acquisitions commencing on or after June 30, 2019, with early adoption permitted. Adoption of this guidance will be applied prospectively on or after the effective date and the Company does not expect this policy will have a material effect on the consolidated financial position or consolidated statement of cash flows. 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. The Company is still assessing the impact that the adoption of ASU 2017-04 will have on the consolidated statement of financial position and consolidated statement of operations. In June 2016, the FASB issued ASU 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments, which introduces an expected credit loss methodology for the impairment of financial assets measured at amortized cost basis. The methodology replaces the probable, incurred loss model for those assets. The update if effective for fiscal years beginning after December 15, 2019. The Company is still assessing the impact that the adoption of ASU 2016-13 will have on the consolidated statement of financial position and consolidated statement 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 statement of financial position and consolidated statement of operations. |
Inventory, Policy [Policy Text Block] | Inventory Inventory is stated at the lower of cost or net realizable value. Cost is recorded at actual cost, on the first-in first-out basis. The Company only has finished goods inventory recoded based on actual cost from outsourced manufacturing partner. | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company has adopted ASU-2014-9 with initial application date of April 1, 2018. The Company adopted the new standard using the modified retrospective transition method. The updated accounting policies and the impact on the consolidated audited financial statements and additional disclosures are as follows: The Company determines revenue through the following steps: a) identification of the contract with the customer; b) identification of the performance obligations 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 or as 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 the contract with the 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 customer 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. The Company defers revenue from extended warranty sales and recognizes them over the period of extended warranty and from training services when the training is provided. In the comparative period, the 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 were 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. | |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for doubtful accounts The Company extends unsecured credit to its customers in the ordinary course of business but mitigates the associated credit risk by supplying products to customers with pre-approved capital expenditure budgets or rental credit, and by actively pursuing past due accounts. An allowance for doubtful accounts is estimated and recorded based on management’s assessment of the credit history with the customer and the current relationships with them. On this basis management has determined that an allowance for doubtful accounts of $Nil and $ 19,694 | |
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 condensed consolidated interim balance sheets and amounted to $168,000 at June 30, 2019 (March 31, 2019 - $143,500). 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 $26,911 of expenses related to warranty expenses and recorded this expense in cost of goods sold for the three-month period ended June 30, 2019 (June 30, 2018 – $10,108). | Warranty Reserve and Deferred Warranty Revenue The Company provides a one-year warranty as part of its normal sales offering. When products are sold, the Company provides warranty reserves, which, based on the historical experience of the Company are sufficient to cover warranty claims. Accrued warranty reserves are included in accrued liabilities on the consolidated balance sheets and amounted to $143,500 at March 31, 2019 (March 31, 2018 - $64,957). The Company also sells extended warranties for additional periods beyond the standard warranty. Extended warranty revenue is deferred and recognized as revenue over the extended warranty period. The Company recognized $84,038 of expenses related to warranty expenses and recorded this expense in cost of goods sold for the year ended March 31, 2019 (March 31, 2018 - $Nil). |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The functional and presentation 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 the 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 and loss. Non- monetary assets and liabilities measured at cost are translated at the exchange rate at the date of the transaction. | |
Property, Plant and Equipment, Policy [Policy Text Block] | Equipment Equipment is recorded at cost. Depreciation is computed using the declining balance method, over the estimated useful lives of these assets. The costs of improvements that extend the life of equipment are capitalized. All ordinary repair and maintenance costs are expensed as incurred. Equipment is depreciated as follows: Computer and Electronics 50% per annum Furniture and Fixtures 20% per annum Demonstration Equipment 50% per annum Manufacturing Equipment 20% per annum Tools and Parts 20% per annum Assets under capital lease Life of lease (60 months) | |
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 based on management’s best knowledge of current events and actions of the Company may undertake in the future. Significant areas requiring the use of estimates relate to the valuation of inventory, the useful life of equipment and intangible assets, impairment of goodwill and intangible assets, share based compensation, warranty accruals, accretion, fair value adjustment and fair value determination of warrants. Actual results could differ from these estimates. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments ASC Topic 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Included in the ASC Topic 820 framework is a three level valuation inputs hierarchy with Level 1 being inputs and transactions that can be effectively fully observed by market participants spanning to Level 3 where estimates are unobservable by market participants outside of the Company and must be estimated using assumptions developed by the Company. The Company discloses the lowest level input significant to each category of asset or liability valued within the scope of ASC Topic 820 and the valuation method as exchange, income or use. The Company uses inputs, which are as observable as possible, and the methods most applicable to the specific situation of each company or valued item. The carrying amounts reported in the balance sheets for cash and cash equivalents, accounts receivable, other receivables, accounts payable, accrued liabilities, due from related parties, demand loans, convertible loans and promissory note payable approximate fair value because of the short period of time between the origination of such instruments, their expected realization and their current market rates of interest. Per ASC Topic 820 framework these are considered Level 2 inputs where inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company’s policy is to recognize transfers into and out of Level 3 as of the date of the event or change in the circumstances that caused the transfer. There were no such transfers during the year. | |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting ASC 280-10, “Disclosures about Segments of an Enterprise and Related Information”, establishes standards for the way that public business enterprises report information about operating segments in the Company’s consolidated financial statements. Operating segment are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Approximately 99 148,618 120,910 43,910 39,051 | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments with original terms to maturity of 90 days or less at the date of purchase. For all periods presented cash and cash equivalents consisted entirely of cash on deposit with Canadian and US banks. | |
Research and Development Expense, Policy [Policy Text Block] | Research and Development The Company is engaged in research and development work. Research and development costs are charged to operating expenses of the Company as incurred. | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share based compensation At grant date share-based compensation is valued using the Black-Scholes option pricing model based on key assumptions determined by the Company. The value is recognized based on the straight- line method during the vesting period or based on the fulfillment of predetermined milestones in case of performance-based vesting. | |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are computed in accordance with the provisions of ASC Topic 740, which requires, among other things, a liability approach to calculating deferred income taxes. The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized in its consolidated financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The Company is required to make certain estimates and judgments about the application of tax law, the expected resolution of uncertain tax positions and other matters. In the event that uncertain tax positions are resolved for amounts different than the Company’s estimates, or the related statutes of limitations expire without the assessment of additional income taxes, the Company will be required to adjust the amounts of related assets and liabilities in the period in which such events occur. Such adjustment may have a material impact on the Company’s income tax provision and results of operations. | |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Loss Per Share Basic and diluted loss per share has been determined by dividing the net loss available to shareholders for the applicable period by the basic and diluted weighted average number of shares outstanding, respectively. The diluted weighted average number of shares outstanding is calculated as if all dilutive options had been exercised or vested at the later of the beginning of the reporting period or date of grant, using the treasury stock method. Loss per common share is computed by dividing the net loss by the weighted average number of shares of common shares outstanding during the period. Common share equivalents, options and warrants were excluded from the computation of diluted loss per share because their effect was anti-dilutive. | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets The Company follows the ASC Topic 360, which requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the assets’ carrying amounts may not be recoverable. In performing the review for recoverability, if future undiscounted cash flows (excluding interest charges) from the use and ultimate disposition of the assets are less than their carrying values, an impairment loss represented by the difference between its fair value and carrying value, is recognized. When properties are classified as held for sale, they are recorded at the lower of the carrying amount or the expected sales price less costs to sell. | |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Indefinite Lived Intangible Assets The Company records goodwill when the purchase price of an acquisition exceeds the fair value of the net tangible and identified intangible assets acquired. Goodwill and indefinite lived intangible assets, consisting of the trademarks acquired (Note 4), are assessed for impairment annually, or more frequently if indicators of potential impairment exist, which includes evaluating qualitative and quantitative factors to assess the likelihood of an impairment of goodwill or indefinite lived intangible assets. The qualitative factors used in the analysis include microeconomic conditions, industry and market conditions, cost factors, overall financial performance and other relevant entity specific events. The Company performs impairment tests using a fair value approach when necessary. None of the Company’s goodwill or indefinite lived intangibles was impaired as of March 31, 2019. Accordingly, no impairment loss has been recognized in the year ended March 31, 2019. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of Property Plan Equipment Method [Table Text Block] | Equipment is recorded at cost. Depreciation is computed using the declining balance method, over the estimated useful lives of these assets. The costs of improvements that extend the life of equipment are capitalized. All ordinary repair and maintenance costs are expensed as incurred. Equipment is depreciated as follows: Computer and Electronics 50% per annum Furniture and Fixtures 20% per annum Demonstration Equipment 50% per annum Manufacturing Equipment 20% per annum Tools and Parts 20% per annum Assets under capital lease Life of lease (60 months) |
TECHNOLOGY AND OTHER ASSETS (Ta
TECHNOLOGY AND OTHER ASSETS (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
TECHNOLOGY AND OTHER ASSETS | ||
Business Acquisition, Pro Forma Information [Table Text Block] | The schedule below reflects the intangible assets acquired in the IMT acquisition and the assets amortization period and expense for the three months ended June 30, 2019, and the year ended March 31, 2019: Amortization Expenses Value at Expenses Value at period (years) Value acquired March 31, 2019 March 31, 2019 June 30, 2019 June 30, 2019 Intangible assets acquired $ $ $ $ $ Patents and exclusive License Agreement 9.74 1,306,031 134,126 911,440 33,522 877,918 Trademark Indefinite 2,505,907 — 2,505,907 — 2,505,907 Customer relationships 10 1,431,680 143,206 1,010,375 35,792 974,583 Non compete agreement 2 61,366 1,739 — — — Assembled workforce 1 275,720 — — — — 5,580,704 278,997 4,427,722 69,314 4,358,408 | The schedule below reflects the intangible assets acquired in the IMT acquisition and the assets amortization period and expense for the year ended March 31, 2019: Amortization period (years) Value acquired Expense March 31, 2018 Value at March 31, 2018 Expenses March 31, 2019 Value at March 31, 2019 Intangible assets acquired $ $ $ $ $ Patents and exclusive Licence Agreement 9.74 1,306,031 134,126 1,045,530 134,090 911,440 Trademark Indefinite 2,505,907 - 2,505,907 - 2,505,907 Customer relationships 10 1,431,680 143,206 1,153,543 143,168 1,010,375 Non compete agreement 2 61,366 30,709 1,739 1,739 - Assembled workforce 1 275,720 15,864 - - - 5,580,704 323,905 4,706,719 278,997 4,427,722 |
PREPAID EXPENSES AND OTHER RE_2
PREPAID EXPENSES AND OTHER RECEIVABLES (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
PREPAID EXPENSES AND OTHER RECEIVABLES | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | June 30, March 31, 2019 2019 $ $ Prepaid expenses and other receivables 75,780 92,170 Prepaid inventory 939,593 1,144,392 Prepaid insurance 160,787 66,320 Sales taxes receivable (i) 18,567 52,150 1,194,727 1,355,032 i) Sales tax receivable represents net harmonized sales taxes (HST) input tax credits receivable from the Government of Canada. | March 31, 2019 March 31, 2018 $ $ Prepaid expenses and other receivables 92,170 86,957 Prepaid inventory 1,144,392 301,104 Prepaid insurance 66,320 36,497 Sales taxes receivable (i) 52,150 9,097 1,355,032 433,655 i) Sales tax receivable represents net harmonized sales taxes (HST) input tax credits receivable from the Government of Canada. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
INVENTORIES | ||
Schedule of Inventory, Current [Table Text Block] | June 30, March 31, 2019 2019 Finished Goods 582,058 405,682 | March 31, 2019 March 31, 2018 $ $ Raw Materials - 237,443 Finished Goods 405,682 - 405,682 237,443 |
EQUIPMENT (Tables)
EQUIPMENT (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
EQUIPMENT | ||
Property, Plant and Equipment [Table Text Block] | Equipment consisted of the following as at June 30, 2019 and March 31, 2019: June 30, 2019 March 31, 2019 Accumulated Accumulated Cost Depreciation Net Cost Depreciation Net $ $ $ $ $ $ Computers and electronics 286,855 248,357 38,498 286,855 243,346 43,509 Furniture and fixtures 36,795 29,999 6,796 36,795 29,648 7,147 Demonstration equipment 314,417 164,363 150,054 271,615 147,257 124,358 Manufacturing equipment 88,742 86,353 2,389 88,742 86,230 2,512 Tools and parts 11,422 7,007 4,415 11,422 6,779 4,643 Assets under capital lease 23,019 13,811 9,208 23,019 12,660 10,359 761,250 549,890 211,360 718,448 525,920 192,528 | Equipment consisted of the following as at March 31, 2019 and March 31, 2018: March 31, 2019 March 31, 2018 Cost Accumulated Depreciation Net Cost Accumulated Depreciation Net $ $ $ $ $ $ Computers and electronics 286,855 243,346 43,509 256,505 223,750 32,755 Furniture and fixtures 36,795 29,648 7,147 36,795 28,051 8,744 Demonstration equipment 271,615 147,257 124,358 200,186 105,441 94,745 Manufacturing equipment 88,742 86,230 2,512 88,742 85,668 3,074 Tools and parts 11,422 6,779 4,643 11,422 5,741 5,681 Assets under capital lease 23,019 12,660 10,359 23,019 8,057 14,962 718,448 525,920 192,528 616,669 456,708 159,961 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Convertible Debt [Table Text Block] | Balance, March 31, 2016 $ - Additional principal investment 2,000,000 Accrued Interest 17,488 Balance, March 31, 2017 2,017,488 Additional principal investment 2,999,975 Fair value of warrants (548,178 ) Accretion expense 548,178 Accrued Interest 1,037,067 Conversion of principal and interest (6,054,530 ) Balance, March 31, 2018 and March 31, 2019 $ - |
Schedule of Conversion of Notes Payable [Table Text Block] | March 31, 2018 Principal Interest Premium Total Conversion Amount Beneficial Conversion Feature Number of Shares Converted Convertible Notes Payable (December 2016 to December 2017) $ 4,999,975 $ 1,054,555 $ 1,249,994 $ 7,304,523 $ 762,301 779,461 Chinese Convertible Loan $ 500,000 $ 33,556 - $ 533,556 $ 76,230 62,629 Convertible Notes Payable (December 2017 to March 2018) $ 3,611,400 $ 201,928 - $ 3,813,328 $ 550,598 406,918 Total $ 9,111,375 $ 1,290,039 $ 1,249,994 $ 11,651,407 $ 1,389,129 1,249,008 |
Schedule of Convertible Debt Fair Value [Table Text Block] | The tables below reflect the fair value and anti-dilution features of the convertible loans, which resulted in accretion expense related to the loans: At issuance At July 20, 2018 Principal Conversion feature fair value Ending Conversion Anti-dilution Fair value of debt Accretion expense Interest balance before conversion Convertible promissory note $ 4,708,306 $ 406,744 $ 1,697,674 $ 2,603,888 $ 2,104,418 $ 24,547 $ 4,732,853 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 March 31, 2019 $ - $ - $ - |
Schedule of Convertible Debt Beneficial Conversion Feature [Table Text Block] | At issuance At March 28, 2019 Principal Accretion expense Interest Ending Balance Convertible promissory note $ 4,650,000 $ 1,162,500 $ 198,117 $ 6,010,617 |
Convertible Debt [Member] | |
Schedule of Short-term Debt [Table Text Block] | Balance, March 31, 2017 $ - Additional principal investment 500,000 Accrued Interest 33,556 Conversion of principal and interest (533,556 ) Balance, March 31, 2018 and March 31, 2019 $ - $3,611,400 was received from these investors during the twelve months ended March 31, 2018 and $201,928 of interest was accrued and expensed on these convertible loans for the twelve months ended March 31, 2018. Balance, March 31, 2017 - Additional principal investment 3,611,400 Accrued Interest 201,928 Conversion of principal and interest (3,813,328 ) Balance, March 31, 2018 and March 31, 2019 $ - |
Demand Notes payable [Member] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Balance March 31, 2017 330,600 Accrued interest 8,497 Repayment (287,618 ) Balance, March 31, 2018 $ 51,479 Accrued interest 1,496 Repayment (52,975 ) Balance, March 31, 2019 $ - |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
SHARE CAPITAL | ||
Schedule of Stockholders Equity [Table Text Block] | June 30, 2019 March 31, 2019 Number of Number of shares $ shares $ Exchangeable Shares Balance beginning of year 196,799 197 295,146 295 Converted into common shares (a) (40,560) (41) (98,347) (98) Balance at end of year 156,239 156 196,799 197 Common Shares Balance at beginning of the year 3,661,838 3,661 1,368,856 1,369 Shares issued to exchangeable shareholders (a) 40,560 41 98,347 98 Shares issued on conversion of loans — — 2,194,133 2,194 Share consolidation rounding adjustment — — 502 — Balance at end of the year 3,702,398 3,661 3,661,838 3,661 TOTAL SHARES 3,858,637 3,858 3,858,637 3,858 (a) During the quarter ended June 30, 2019, 40,560 exchangeable shares were exchanged for common shares on a 1 for 1 basis in accordance with their terms. (March 31, 2019 – 98,347 shares) (b) On October 29, 2018, the Company completed a one-for-one hundred and fifty (1:150) reverse stock consolidation that has been reflected in all shares and per share amounts, warrants and options. | March 31, 2019 March 31, 2018 Number of shares $ Number of shares $ Exchangeable Shares Balance beginning of year 295,146 295 319,396 319 Converted into common shares (d) (98,347 ) (98 ) (24,250 ) (24 ) Balance at end of year 196,799 197 295,146 295 Common Shares Balance at beginning of the year 1,368,856 1,369 325,901 326 Shares issued to exchangeable shareholders (d) 98,347 98 24,250 24 Shares issued on conversion of loans (b) (c) 2,194,133 2,194 985,370 986 Warrants exercised (a) - - 33,335 33 Share consolidation rounding adjustment 502 - - - Balance at end of the year 3,661,838 3,661 1,368,856 1,369 TOTAL SHARES 3,858,637 3,858 1,664,002 1,664 (a) During the year ended March 31, 2018, the Company consummated an offer to amend and exercise to its warrant holders, enabling them to exercise their outstanding warrants for $37.50 per share, and as a result, 33,335 common shares were issued for net proceeds of $1,125,038 (Note 12). (b) During the year ended March 31, 2018, the Company converted $9,058,708 of notes payable and interest into 985,370 common shares. Under the terms of this conversion the remaining $1,342,705 of principal and interest was required to be converted into 263,639 common shares, but they were unable to be issued as a result of the Company not having enough authorized shares. The $2,470,622 value of these shares at March 31, 2018 has been classified as a liability until the common shares can be issued. In addition, there was a $376,674 loss recorded in the year connected to the difference of the $2,847,296 market value of the shares at March 31, 2018 and the value of these shares which resulted on the conversion of notes payable, the exercise price of which was based on a 30-day VWAP. The fair value of these shares ($2,847,296), outstanding warrants ($1,394,164) and options ($1,451,393) at March 31, 2018 represented the $5,692,853 liability on the Company’s balance sheet. (c) During the year ended March 31, 2019, after the increase of the number of authorized shares to 500,000,000, the company issued the outstanding 263,639 common shares related to the March 31, 2018 promissory note conversion. In addition, there was a $2,048,697 gain recorded in the year connected to the difference of the market value of the shares, outstanding options and warrants at March 31, 2018 and their value at June 12, 2018, the time of the authorized share increase and share issuance. On July 20, 2018 the Company converted $4,708,306 of notes payable and interest into 683,395 common shares and on March 28, 2019 the Company converted $4,848,117 of notes payable and interest into 1,247,099 common shares. (Note 8) (d) During the year ended March 31, 2019, 98,347 exchangeable shares were exchanged for common shares on a 1 for 1 basis in accordance with their terms. (March 31, 2018 – 24,250 shares) (e) On October 29, 2018, the Company completed a one-for-one hundred and fifty to one (1:150) reverse stock consolidation that has been reflected in all shares and per share amounts, warrants and options. |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
STOCK OPTIONS | ||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | These options at their respective grant dates were valued using the Black-Scholes option pricing model with the following key assumptions: Expected life Risk free Dividend Forfeiture Expected Grant date Grant date in years Rate Rate Rate volatility fair value February 17, 2015 2.89 1.59 % 0 % 0 % 114 % $ 136,613 July 1, 2014 2.25 1.59 % 0 % 0 % 114 % $ 1,259,487 June 20, 2014 2.22 1.59 % 0 % 0 % 114 % $ 118,957 November 24, 2015 3.65 1.59 % 0 % 0 % 114 % $ 694,384 December 14, 2015 3.71 1.59 % 0 % 0 % 114 % $ 1,260,437 April 21, 2016 5.11 1.59 % 0 % 0 % 114 % $ 2,582,890 April 26, 2016 4.07 1.59 % 0 % 0 % 114 % $ 213,750 February 6, 2017 4.86 1.59 % 0 % 0 % 114 % $ 245,200 February 13, 2017 4.88 1.59 % 0 % 0 % 114 % $ 148,750 September 1, 2017 8.43 1.59 % 0 % 0 % 114 % $ 1,832,304 January 24, 2018 5.82 1.59 % 0 % 0 % 114 % $ 491,036 April 30, 2018 9.06 1.59 % 0 % 0 % 114 % $ 363,714 June 11, 2018 6.20 1.59 % 0 % 0 % 114 % $ 30,341 | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Options Weighted-Average Exercise Price Outstanding, March 31, 2018 170,675 75.00 Issued 45,000 9.42 Cancelled (32,679 ) 65.93 Outstanding, March 31, 2019 182,996 37.73 | |
Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block] | The following is a summary of stock options outstanding and exercisable as of June 30, 2019: Exercise Price ($) Number of Options Expiry Date Exercisable Options 34.500 630 20-Jun-21 630 34.500 13,212 01-Jul-21 13,212 34.500 944 17-Feb-22 944 183.000 2,667 24-Nov-22 2,667 150.000 11,400 14-Dec-22 11,400 142.500 359 28-Mar-23 359 157.500 1,387 28-Mar-23 1,387 105.000 2,667 06-Feb-24 1,778 102.000 1,667 13-Feb-24 1,667 142.500 106 03-Mar-24 106 157.500 408 03-Mar-24 408 142.500 43 14-Mar-24 43 157.500 164 14-Mar-24 164 142.500 485 30-Sep-24 485 157.500 1,876 30-Sep-24 1,876 24.150 81,436 01-Sep-27 27,148 23.250 15,656 24-Jan-25 5,867 9.735 40,000 19-Apr-28 40,000 3.16 169,882 31-May-26 56,627 344,989 166,768 | The following is a summary of stock options outstanding and exercisable as of March 31, 2019: Exercise Price ($) Number of Options Expiry Date Exercisable Options 34.500 630 20-Jun-21 630 34.500 13,212 01-Jul-21 13,212 34.500 944 17-Feb-22 944 183.000 2,667 24-Nov-22 2,667 150.000 11,400 14-Dec-22 11,400 142.500 359 28-Mar-23 359 157.500 1,387 28-Mar-23 1,387 150.000 1,112 26-Apr-23 1,112 105.000 2,667 06-Feb-24 1,778 102.000 1,667 13-Feb-24 1,667 142.500 106 03-Mar-24 106 157.500 408 03-Mar-24 408 142.500 43 14-Mar-24 43 157.500 164 14-Mar-24 164 142.500 485 30-Sep-24 485 157.500 1,876 30-Sep-24 1,876 142.500 24 02-Jun-25 24 157.500 90 02-Jun-25 90 37.500 221 30-Dec-25 221 142.500 164 30-Dec-25 164 24.150 81,436 01-Sep-27 27,148 23.250 16,934 24-Jan-25 5,867 9.735 40,000 19-Apr-28 40,000 6.930 5,000 10-Jun-25 - 182,996 111,752 |
WARRANTS (Tables)
WARRANTS (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
WARRANTS | ||
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 Exercise Price Warrants ($) Outstanding and exercisable, March 31, 2018 and June 30, 2018 365,974 53.19 Issued in connection with anti-dilution provision connected warrant transaction 67,952 55.71 Issued in connection with anti-dilution provision connected warrant transaction 6,305 34.50 Issued in connection with anti-dilution provision connected warrant transaction 52,590 38.91 Expired (204,304) (51.85) Outstanding and exercisable, March 31, 2019 288,517 40.27 Expired (163,483) (38.91) Outstanding and exercisable June 30, 2019 125,034 20.07 | The following is a continuity schedule of the Company’s common share purchase warrants: Number of Warrants Weighted -Average Exercise Price ($) Outstanding and exercisable, March 31, 2017 117,589 202.50 Exercised (33,335 ) (37.50 ) Issued in connection with anti-dilution provision connected warrant transaction 559 112.35 Issued in connection with anti-dilution provision connected warrant transaction 6,275 194.00 Issued in connection to the warrant transaction to the broker 2,667 37.50 Issued in connection with conversion of loans and interest into common shares 106,709 9.375 Issued in connection with conversion of loans and interest into common shares 15,658 90.00 Issued in connection with anti-dilution provision connected with issuance of common shares 136,388 73.02 Issued in connection with anti-dilution provision connected with issuance of common shares 13,464 44.28 Outstanding and exercisable, March 31, 2018 365,974 53.19 Issued in connection with anti-dilution provision connected warrant transaction 67,952 55.71 Issued in connection with anti-dilution provision connected warrant transaction 6,305 34.50 Issued in connection with anti-dilution provision connected warrant transaction 52,590 38.91 Expired (204,304 ) (51.85 ) Outstanding and exercisable, March 31, 2019 288,517 40.27 |
Schedule of Common Share Purchase Warrants Outstanding [Table Text Block] | The following is a summary of common share purchase warrants outstanding after the warrant offer to amend the additional warrant issue and the re-pricing of the warrants as of June 30, 2019. Exercise Number of Price ($) Warrants Expiry Date 90.00 15,658 March 31, 2023 37.50 2,667 June 27, 2020 9.375 64,025 August 14, 2022 9.375 42,684 March 31, 2022 125,034 | The following is a summary of common share purchase warrants outstanding after the warrant offer to amend the additional warrant issue and the re-pricing of the warrants as of March 31, 2019. Exercise Price ($) Number of Warrants Expiry Date 90.00 15,658 March 31, 2023 38.91 84,562 April 21, 2019 38.91 39,922 May 27, 2019 38.91 38,998 June 30, 2019 37.50 2,667 June 27, 2020 9.375 64,025 August 14, 2022 9.375 42,684 March 31, 2022 288,517 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Components of net loss before income taxes consists of the following: March 31 March 31 2019 2018 $ $ U.S. (8,849,294 ) (12,281,398 ) Canada (1,707,307 ) (2,344,392 ) (10,556,601 ) (14,625,790 ) Net loss for the year before recovery of income taxes (10,556,601 ) (14,625,790 ) Statutory rate 25.30 % 34.04 % Expected income tax (recovery) (2,670,579 ) (4,978,619 ) Tax rate changes and other basis adjustments (525,472 ) 1,748,278 Stock-based compensation 340,861 524,412 Difference in Foreign Tax Rates - - Accretion 890,797 184,414 Change in fair value (85,487 ) 659,458 (Gain) loss on mark to market re-evaluation (518,274 ) - Share premium - 425,497 Non-deductible expense 83,578 339,296 Net DTA acquired - - Change in valuation allowance 2,484,576 1,097,264 Recovery of income taxes - - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The following deferred tax assets have not been recognized. Deferred tax reflects the tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities and consisted of the following: March 31, 2019 March 31, 2018 $ $ Equipment 70,650 70,350 Share issue costs - 510 SR&ED pool 844,001 690,320 Other 1,022,309 535,510 Non-capital losses – Canada 2,796,469 2,515,170 Net operating losses – U.S. 5,911,320 4,331,850 Valuation allowance (9,502,006 ) (7,017,430 ) 1,142,743 1,126,280 Intangibles and other (1,142,743 ) (1,126,280 ) - - |
Summary of Income Tax Examinations [Table Text Block] | In many cases the Company’s uncertain tax positions are related to tax years that remain subject to examination by tax authorities. The following describes the open tax years, by major tax jurisdiction, as of March 31, 2019: United States – Federal 2015 – present United States – State 2015 – present Canada – Federal 2014 – present Canada – Provincial 2014 – present |
NATURE OF OPERATIONS AND GOIN_2
NATURE OF OPERATIONS AND GOING CONCERN (Details Textual) | Oct. 29, 2018 | Feb. 26, 2015shares | Feb. 25, 2015shares | Feb. 13, 2015 | Oct. 29, 2018 | Apr. 21, 2016shares | Feb. 13, 2015 | Jun. 30, 2019USD ($)shares | Jun. 30, 2018USD ($) | Mar. 31, 2019USD ($)shares | Mar. 31, 2018USD ($)shares | Jun. 12, 2018shares | Nov. 06, 2017shares | Mar. 31, 2017shares | Dec. 31, 2014shares |
Stock Issued During Period, Shares, New Issues | 1,753 | ||||||||||||||
Working Capital Surplus (Deficit) | $ | $ (802,997) | $ 479,408 | $ (6,711,941) | ||||||||||||
Comprehensive Income (Loss), Net of Tax | $ | $ (2,120,644) | $ (760,698) | $ (10,556,601) | $ (14,625,790) | |||||||||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | 250,000,000 | 500,000,000 | 250,000,000 | 150,000,000 | 200,000,000 | ||||||||
Reverse stock split ratio | 0.0067 | 0.831105 | |||||||||||||
Retained Earnings (Accumulated Deficit) | $ | $ (48,478,017) | $ (46,357,373) | $ (35,776,340) | ||||||||||||
Stockholders' Equity, Reverse Stock Split | the Company effected 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 | ||||||||||||||
Share Exchange Ratio | 3.14 | ||||||||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 100.00% |
BASIS OF PRESENTATION (Detail T
BASIS OF PRESENTATION (Detail Textual) | Oct. 29, 2018 | Feb. 13, 2015 | Oct. 29, 2018 | Feb. 13, 2015 | Jun. 30, 2019$ / shares | Mar. 31, 2019$ / shares | Mar. 31, 2018$ / shares |
Disclosure Text Block [Abstract] | |||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Stockholders' Equity, Reverse Stock Split | the Company effected 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. | |||||
Stockholders' Equity Note, Stock Split, Conversion Ratio | 0.0067 | 0.831105 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) | Jun. 30, 2018 | Jun. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Significant Accounting Policies [Line Items] | ||||
Standard and Extended Product Warranty Accrual | $ 168,000 | $ 143,500 | $ 64,957 | |
Product Warranty Expense | $ 10,108 | $ 26,911 | $ 84,038 | |
Disclosure on Geographic Areas, Long-Lived Assets | Approximately 99% of the Company’s assets are US-based and all sales for the years ended March 31, 2019 and 2018 were made by the Company’s US subsidiary, Bionik, Inc. In addition, all of the Company’s technology and other assets and goodwill are connected to the acquisition by the Company in April 2016 of Bionik, Inc. Equipment connected to Bionik Inc. amounts to $148,618 (March 31, 2018 -$120,910) and $43,910 (March 31, 2018 - $39,051) is connected to equipment at the Company’s Canadian subsidiary Bionik Laboratories Inc. | |||
Allowance for Doubtful Accounts Receivable | $ 0 | 19,694 | ||
Lessee, Finance Lease, Term of Contract | 60 months | |||
Computer And Electronics [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage Of Depreciated Per Annum | 50.00% | |||
Furniture And Fixtures [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage Of Depreciated Per Annum | 20.00% | |||
Demonstration Equipment [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage Of Depreciated Per Annum | 50.00% | |||
Manufacturing Equipment [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage Of Depreciated Per Annum | 20.00% | |||
Tool and Parts [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage Of Depreciated Per Annum | 20.00% | |||
Equipment [Member] | CANADA | ||||
Significant Accounting Policies [Line Items] | ||||
Equipment, Net | $ 43,910 | 39,051 | ||
Equipment [Member] | UNITED STATES | ||||
Significant Accounting Policies [Line Items] | ||||
Equipment, Net | $ 148,618 | $ 120,910 |
TECHNOLOGY AND OTHER ASSETS (De
TECHNOLOGY AND OTHER ASSETS (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | $ 5,580,704 | $ 5,580,704 | ||
Amortization of Intangible Assets | 69,314 | $ 71,053 | $ 278,997 | 323,905 |
Intangible Assets, Net (Excluding Goodwill) | $ 4,358,408 | 4,427,722 | $ 4,706,719 | |
Patents and exclusive License Agreement [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 9 years 8 months 27 days | 9 years 8 months 26 days | ||
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | $ 1,306,031 | $ 1,306,031 | ||
Amortization of Intangible Assets | 33,522 | 134,126 | 134,126 | |
Intangible Assets, Net (Excluding Goodwill) | 877,918 | 911,440 | $ 1,045,530 | |
Trademark [Member] | ||||
Finite Lived Intangible Asset Useful Life Description | Indefinite | |||
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | 2,505,907 | $ 2,505,907 | ||
Amortization of Intangible Assets | 0 | 0 | 0 | |
Intangible Assets, Net (Excluding Goodwill) | $ 2,505,907 | 2,505,907 | $ 2,505,907 | |
Customer relationships [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 10 years | 10 years | ||
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | $ 1,431,680 | $ 1,431,680 | ||
Amortization of Intangible Assets | 35,792 | 143,206 | 143,206 | |
Intangible Assets, Net (Excluding Goodwill) | $ 974,583 | 1,010,375 | $ 1,153,543 | |
Non compete agreement [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 2 years | 2 years | ||
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | $ 61,366 | $ 61,366 | ||
Amortization of Intangible Assets | 0 | 1,739 | 30,709 | |
Intangible Assets, Net (Excluding Goodwill) | $ 0 | 0 | $ 1,739 | |
Assembled Workforce [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 1 year | 1 year | ||
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | $ 275,720 | $ 275,720 | ||
Amortization of Intangible Assets | 0 | 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 | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Amortization of Intangible Assets | $ 69,314 | $ 71,053 | $ 278,997 | $ 323,905 |
PREPAID EXPENSES AND OTHER RE_3
PREPAID EXPENSES AND OTHER RECEIVABLES (Details) - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | |
Prepaid Expense And Other Receivables [Line Items] | ||||
Prepaid expenses and other receivables | $ 75,780 | $ 92,170 | $ 86,957 | |
Prepaid inventory | 939,593 | 1,144,392 | 301,104 | |
Prepaid insurance | 160,787 | 66,320 | 36,497 | |
Sales taxes receivable (i) | [1] | 18,567 | 52,150 | 9,097 |
Sales taxes receivable | $ 1,194,727 | $ 1,355,032 | $ 433,655 | |
[1] | Sales tax receivable represents net harmonized sales taxes (HST) input tax credits receivable from the Government of Canada. |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Inventory [Line Items] | |||
Raw materials | $ 0 | $ 237,443 | |
Finished goods | $ 582,058 | 405,682 | 0 |
Inventory, Net | $ 582,058 | $ 405,682 | $ 237,443 |
INVENTORIES (Details Textual)
INVENTORIES (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Inventory Write-down | $ 62,589 | $ 38,860 |
INVENTORIES (Details)_2
INVENTORIES (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Cost of Goods and Services Sold | $ 336,085 | $ 253,163 | $ 1,630,166 | $ 402,665 |
Inventory Cost [Member] | ||||
Cost of Goods and Services Sold | $ 299,795 | $ 237,000 |
INVENTORIES - Schedule of inven
INVENTORIES - Schedule of inventories (Details) - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
INVENTORIES | |||
Finished Goods | $ 582,058 | $ 405,682 | $ 0 |
EQUIPMENT (Details Textual)
EQUIPMENT (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Equipment [Line Items] | ||||
Depreciation (Note 7) | $ 23,970 | $ 17,595 | $ 69,212 | $ 89,026 |
EQUIPMENT - Schedule of net equ
EQUIPMENT - Schedule of net equipment (Details) - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Equipment [Line Items] | |||
Equipment, Cost | $ 761,250 | $ 718,448 | $ 616,669 |
Accumulated Depreciation | 549,890 | 525,920 | 456,708 |
Equipment, Net | 211,360 | 192,528 | 159,961 |
Computer and electronics [Member] | |||
Equipment [Line Items] | |||
Equipment, Cost | 286,855 | 286,855 | 256,505 |
Accumulated Depreciation | 248,357 | 243,346 | 223,750 |
Equipment, Net | 38,498 | 43,509 | 32,755 |
Furniture and fixtures [Member] | |||
Equipment [Line Items] | |||
Equipment, Cost | 36,795 | 36,795 | 36,795 |
Accumulated Depreciation | 29,999 | 29,648 | 28,051 |
Equipment, Net | 6,796 | 7,147 | 8,744 |
Demonstration equipment [Member] | |||
Equipment [Line Items] | |||
Equipment, Cost | 314,417 | 271,615 | 200,186 |
Accumulated Depreciation | 164,363 | 147,257 | 105,441 |
Equipment, Net | 150,054 | 124,358 | 94,745 |
Manufacturing Equipment [Member] | |||
Equipment [Line Items] | |||
Equipment, Cost | 88,742 | 88,742 | 88,742 |
Accumulated Depreciation | 86,353 | 86,230 | 85,668 |
Equipment, Net | 2,389 | 2,512 | 3,074 |
Tools and parts [Member] | |||
Equipment [Line Items] | |||
Equipment, Cost | 11,422 | 11,422 | 11,422 |
Accumulated Depreciation | 7,007 | 6,779 | 5,741 |
Equipment, Net | 4,415 | 4,643 | 5,681 |
Assets under capital lease [Member] | |||
Equipment [Line Items] | |||
Equipment, Cost | 23,019 | 23,019 | 23,019 |
Accumulated Depreciation | 13,811 | 12,660 | 8,057 |
Equipment, Net | $ 9,208 | $ 10,359 | $ 14,962 |
NOTES PAYABLE (Details)
NOTES PAYABLE (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Repayment | $ 0 | $ (200,000) |
Demand Notes payable [Member] | ||
Balance | 51,479 | 330,600 |
Accrued interest | 1,496 | 8,497 |
Repayment | (52,975) | (287,618) |
Balance | $ 0 | $ 51,479 |
NOTES PAYABLE (Details 1)
NOTES PAYABLE (Details 1) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Mar. 28, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Accrued Interest | $ 1,290,039 | |||||
Fair value of warrants | 1,394,164 | |||||
Accretion Expense | $ 1,162,500 | $ 0 | $ 134,251 | $ 3,266,918 | 1,937,308 | |
Conversion of Principal and Interest | 11,651,407 | |||||
Convertible Debt [Member] | ||||||
Balance | $ 0 | $ 0 | 2,017,488 | $ 0 | ||
Additional principal investment | 2,999,975 | 2,000,000 | ||||
Accrued Interest | 1,037,067 | 17,488 | ||||
Fair value of warrants | (548,178) | |||||
Accretion Expense | 548,178 | |||||
Conversion of Principal and Interest | (6,054,530) | |||||
Balance | $ 0 | $ 2,017,488 |
NOTES PAYABLE (Details 2)
NOTES PAYABLE (Details 2) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accrued Interest | $ 1,290,039 | |
Conversion of principal and interest | 11,651,407 | |
Convertible Debt One [Member] | ||
Balance | $ 0 | |
Additional principal investment | 500,000 | |
Accrued Interest | 33,556 | |
Conversion of principal and interest | (533,556) | |
Balance | $ 0 | $ 0 |
NOTES PAYABLE (Details 3)
NOTES PAYABLE (Details 3) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accrued Interest | $ 1,290,039 | |
Conversion of principal and interest | 11,651,407 | |
Convertible Debt Two [Member] | ||
Balance | $ 0 | |
Additional principal investment | 3,611,400 | |
Accrued Interest | 201,928 | |
Conversion of principal and interest | (3,813,328) | |
Balance | $ 0 | $ 0 |
NOTES PAYABLE (Details 4)
NOTES PAYABLE (Details 4) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jul. 20, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Principal | $ 9,111,375 | ||
Interest | 1,290,039 | ||
Premium | $ 0 | 1,249,994 | |
Total Conversion Amount | 11,651,407 | ||
Beneficial Conversion Feature | $ 1,389,129 | ||
Number of Shares Converted | 683,396 | 1,247,099 | 1,249,008 |
Convertible Notes Payable (December 2016 to December 2017) [Member] | |||
Principal | $ 4,999,975 | ||
Interest | 1,054,555 | ||
Premium | 1,249,994 | ||
Total Conversion Amount | 7,304,523 | ||
Beneficial Conversion Feature | $ 762,301 | ||
Number of Shares Converted | 779,461 | ||
Chinese Convertible Loan [Member] | |||
Principal | $ 500,000 | ||
Interest | 33,556 | ||
Premium | 0 | ||
Total Conversion Amount | 533,556 | ||
Beneficial Conversion Feature | $ 76,230 | ||
Number of Shares Converted | 62,629 | ||
Convertible Notes Payable (December 2017 to March 2018) [Member] | |||
Principal | $ 3,611,400 | ||
Interest | 201,928 | ||
Premium | 0 | ||
Total Conversion Amount | 3,813,328 | ||
Beneficial Conversion Feature | $ 550,598 | ||
Number of Shares Converted | 406,918 |
NOTES PAYABLE (Details 5)
NOTES PAYABLE (Details 5) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Mar. 28, 2019 | Jul. 20, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Principal | $ 4,650,000 | |||||
Accretion expense (Note 8) | $ 1,162,500 | $ 0 | $ 134,251 | $ 3,266,918 | $ 1,937,308 | |
Interest | $ 1,290,039 | |||||
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 (Note 8) | 2,104,418 | |||||
Interest | 24,547 | |||||
Ending balance | $ 4,732,853 |
NOTES PAYABLE (Details 6)
NOTES PAYABLE (Details 6) - Convertible Debt [Member] | 12 Months Ended |
Mar. 31, 2019USD ($) | |
At Issuance | $ 2,104,418 |
Fair value adjustment | (337,923) |
Balance allocated to equity on conversion | (1,766,495) |
Ending balance at March 31, 2019 | 0 |
Beneficial conversion [Member] | |
At Issuance | 406,744 |
Fair value adjustment | (406,744) |
Balance allocated to equity on conversion | 0 |
Ending balance at March 31, 2019 | 0 |
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 March 31, 2019 | $ 0 |
NOTES PAYABLE (Details 7)
NOTES PAYABLE (Details 7) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Mar. 28, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Principal | $ 4,650,000 | ||||
Accretion expense (Note 8) | 1,162,500 | $ 0 | $ 134,251 | $ 3,266,918 | $ 1,937,308 |
Interest | (198,117) | $ (13,283) | $ (36,702) | (255,833) | (1,294,005) |
Loan Balance | $ 6,010,617 | $ 0 | $ 51,479 |
NOTES PAYABLE (Details Textual)
NOTES PAYABLE (Details Textual) | Aug. 14, 2017 | Mar. 28, 2019USD ($) | Jul. 20, 2018USD ($)shares | Jan. 31, 2018 | Dec. 31, 2017USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2019USD ($)shares | Mar. 31, 2018USD ($)shares | Mar. 31, 2017USD ($) | Feb. 15, 2017USD ($) | Jan. 15, 2017USD ($) | Dec. 31, 2016USD ($) | Feb. 28, 2014USD ($) |
Debt Instrument [Line Items] | |||||||||||||||
Interest Rate Per Month | 1.50% | 1.00% | 1.00% | ||||||||||||
Interest Expense, Debt | $ 1,290,039 | ||||||||||||||
Debt Instrument, Face Amount | $ 4,650,000 | ||||||||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | In May 2017, the Company’s Chinese joint venture partners loaned the Company $500,000 at an interest rate of 8% convertible into the Company’s common shares upon a capital raise (“Qualified Financing”) where gross proceeds exceed $3,000,000 at the lesser of $0.50 and the quotient of the outstanding balance on the conversion date by the price of the Qualified Financing. Additionally, the holders are entitled to warrants equaling 25% of the number of conversion shares to be issued at conversion. During the year ended March 31, 2018 $33,556 of interest was accrued and expensed on these convertible loans. | ||||||||||||||
Ending balance | $ 6,010,617 | $ 0 | $ 0 | $ 51,479 | |||||||||||
Interest Expense, Related Party | $ 0 | 3,200 | |||||||||||||
Repayments of Related Party Debt | 3,200 | ||||||||||||||
Convertible Notes Payable (December 2016 to December 2017) | 4,999,975 | ||||||||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 548,178 | ||||||||||||||
Discount on Convertible Loan exercise price | 20.00% | ||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 683,396 | 1,247,099 | 1,249,008 | ||||||||||||
Accretion Expense | $ 1,162,500 | $ 0 | $ 134,251 | $ 3,266,918 | $ 1,937,308 | ||||||||||
Proceeds from Notes Payable | 4,650,000 | ||||||||||||||
Proceeds from Related Party Debt | $ 400,000 | $ 1,050,000 | |||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 6,010,617 | 13,214,092 | 9,180,785 | ||||||||||||
Interest expense | $ 198,117 | $ 13,283 | $ 36,702 | $ 255,833 | $ 1,294,005 | ||||||||||
Measurement Input, Risk Free Interest Rate [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Measurement Input | 1.91 | ||||||||||||||
Warrant [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Fair Value Measurement Valuation Techniques | binomial valuation model | ||||||||||||||
Warrant [Member] | Measurement Input, Exercise Price [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Measurement Input | 0.25 | ||||||||||||||
Warrant [Member] | Measurement Input, Expected Term [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Measurement Input | 5 | ||||||||||||||
Warrant [Member] | Measurement Input, Price Volatility [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Measurement Input | 114 | ||||||||||||||
Convertible Debt [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest Expense, Debt | $ 1,037,067 | $ 17,488 | |||||||||||||
Debt Instrument, Face Amount | 500,000 | $ 1,500,000 | |||||||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | upon the consummation of an equity or equity-linked round of with an aggregate gross proceeds of $7,000,000, without any action on part of the Holder, the outstanding principal, accrued and unpaid interest and premium amount equal to 25% of the principal amount less the accrued and unpaid interest, will be converted into shares of new round stock based upon the lesser of (a) the lowest issuance (or conversion) price of new round stock in case there is more than one tranche of new round stock or (b) $0.25. | ||||||||||||||
Proceeds from Contributions from Affiliates | $ 2,999,975 | 2,000,000 | |||||||||||||
Debt Instrument, Interest Rate Terms | In December 2017, investors of the Company advanced funds under a new convertible loan offering. These convertible loans bear interest at a fixed rate of 3% per month until the earlier of (a) January 31, 2018 and (b) the consummation of a qualified financing defined as gross proceeds of no less than $7,000,000 and up to $14,000,000 raised in one or more tranches. | ||||||||||||||
Accretion Expense | $ 548,178 | ||||||||||||||
Convertible Loans Payable [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Proceeds from Contributions from Affiliates | 3,611,400 | ||||||||||||||
Convertible Debt One [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest Rate Per Month | 1.00% | 1.00% | |||||||||||||
Interest Expense, Debt | 33,556 | ||||||||||||||
Proceeds from Contributions from Affiliates | 500,000 | ||||||||||||||
Debt Instrument, Interest Rate Terms | In January 2018, the terms of the new convertible loan offering were amended to extend the maturity date until March 31, 2018 and in March 2018 the terms of the loans were amended to change the definition of qualified financing as gross proceeds of no less than $2,000,000 and up to $14,000,000 raised in one or more tranches. | ||||||||||||||
Proceeds from Convertible Debt Including Capitalized Interest | $ 4,708,306 | $ 9,326,633 | 7,111,375 | ||||||||||||
Interest Costs Capitalized | 31,673 | ||||||||||||||
Accretion Expense | 3,266,918 | ||||||||||||||
Debt Instrument Convertible Conversion feature Fair Value Adjustments | (337,923) | ||||||||||||||
Proceeds from Related Party Debt | 2,297,928 | 3,347,928 | |||||||||||||
Convertible Notes Payable, Noncurrent | $ 4,732,853 | ||||||||||||||
Convertible Debt Two [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Interest Expense, Debt | 201,928 | ||||||||||||||
Proceeds from Contributions from Affiliates | 3,611,400 | ||||||||||||||
Accretion Expense | 1,937,308 | ||||||||||||||
Second Tranches [Member] | Convertible Debt [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | $ 500,000 | ||||||||||||||
Fourth Tranches [Member] | Convertible Debt [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | 2,000,000 | $ 500,000 | |||||||||||||
Promissory Note [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes Payable | $ 200,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||||||||||||||
Interest Expense, Debt | 0 | 12,957 | |||||||||||||
Demand Notes payable [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Notes Payable | $ 0 | 0 | 51,479 | $ 330,600 | |||||||||||
Interest Expense, Debt | $ 1,496 | $ 8,497 |
NOTES PAYABLE (Details)_2
NOTES PAYABLE (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Mar. 28, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2018 | |
Debt Instrument [Line Items] | |||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 6,010,617 | $ 13,214,092 | $ 9,180,785 | ||
Convertible note offering | $ 9,000,000 | ||||
Term Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | 1.00% | |||
Proceeds from Sale of Available-for-sale Securities | $ 10,000,000 | ||||
Accrued interest expense | 8,833 | $ 0 | |||
Director [Member] | |||||
Debt Instrument [Line Items] | |||||
Convertible loans received | $ 500,000 | $ 500,000 | |||
Convertible Loans Payable [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Convertible, Conversion Price | $ 6.80 | ||||
Accrued interest expense | $ 4,450 | ||||
Convertible Loans Payable [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||
Debt Instrument [Line Items] | |||||
Convertible note offering | $ 9,000,000 | ||||
Convertible Loans Payable [Member] | Investors [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | ||||
Convertible loans received | $ 950,000 | ||||
Convertible note offering | $ 9,000,000 |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND BALANCES (Details Textual) - USD ($) | Mar. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 |
Related Party Transaction [Line Items] | |||||
Accrued interest receivable | $ 353 | $ 90 | $ 353 | $ 590 | |
Interest Rate On Loan | 2.00% | 2.00% | 1.00% | ||
Chief Executive Officer [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accounts Payable, Related Parties | $ 229,473 | 258,737 | $ 229,473 | $ 208,567 | |
Chief Technology Officer [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from Related Parties | 18,585 | 19,068 | 18,585 | 18,897 | |
Accounts Payable, Related Parties | 14,851 | $ 14,532 | 14,851 | 135,039 | |
Related Party Transaction, Rate | 2.00% | 1.00% | |||
Chief Financial Officer [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accounts Payable, Related Parties | 33,387 | $ 33,432 | 33,387 | 116,624 | |
Chief Commercial Officer [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accounts Payable, Related Parties | 28,025 | $ 28,025 | 28,025 | 28,025 | |
Board of Directors Chairman [Member] | |||||
Related Party Transaction [Line Items] | |||||
Accounts Payable, Related Parties | $ 0 | $ 0 | $ 587,019 |
SHARE CAPITAL (Details)
SHARE CAPITAL (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Mar. 28, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Opening Balance | $ 27,407,933 | $ 20,463,014 | $ 20,463,014 | $ 24,150,650 | |
Shares issued to exchangeable shares | $ 6,010,617 | 13,214,092 | 9,180,785 | ||
Warrants exercised | 1,125,038 | ||||
Closing Balance | $ 25,575,046 | $ 23,941,884 | $ 27,407,933 | $ 20,463,014 | |
Exchangable Shares [Member] | |||||
Opening Balance (in shares) | 196,799 | 295,146 | 295,146 | 319,396 | |
Opening Balance | $ 197 | $ 295 | $ 295 | $ 319 | |
Converted into common shares (in shares) | (98,347) | (24,250) | |||
Converted into common shares | $ (98) | $ (24) | |||
Closing Balance (in shares) | 196,799 | 295,146 | |||
Closing Balance | $ 197 | $ 295 | |||
Common Shares [Member] | |||||
Opening Balance (in shares) | 3,661,838 | 1,368,856 | 1,368,856 | 325,901 | |
Opening Balance | $ 3,661 | $ 1,369 | $ 1,369 | $ 326 | |
Shares issued to exchangeable shares (in shares) | 98,347 | 24,250 | |||
Shares issued to exchangeable shares | $ 98 | $ 24 | |||
Shares issued on conversion of loans (in shares) | 2,194,133 | 985,370 | |||
Shares issued on conversion of loans | $ 2,194 | $ 986 | |||
Warrants exercised (in shares) | 0 | 33,335 | |||
Warrants exercised | $ 33 | ||||
Share consolidation rounding adjustment (iv) (in shares) | 502 | 0 | |||
Share consolidation rounding adjustment (iv) | $ 0 | $ 0 | |||
Closing Balance (in shares) | 3,661,838 | 1,368,856 | |||
Closing Balance | $ 3,661 | $ 1,369 | |||
Exchangeable Shares [Member] | |||||
Opening Balance (in shares) | 196,799 | 295,146 | 295,146 | ||
Opening Balance | $ 197 | $ 295 | $ 295 | ||
Converted into common shares (in shares) | (40,560) | (98,347) | |||
Converted into common shares | $ (41) | $ (98) | |||
Closing Balance (in shares) | 156,239 | 196,799 | 295,146 | ||
Closing Balance | $ 156 | $ 197 | $ 295 | ||
Common Shares [Member] | |||||
Opening Balance (in shares) | 3,661,838 | 1,368,856 | 1,368,856 | ||
Opening Balance | $ 3,661 | $ 1,369 | $ 1,369 | ||
Shares issued to exchangeable shares (in shares) | 40,560 | 98,347 | |||
Shares issued to exchangeable shares | $ 41 | $ 98 | |||
Shares issued on conversion of loans (in shares) | 0 | 2,194,133 | |||
Shares issued on conversion of loans | $ 0 | $ 2,194 | |||
Share consolidation rounding adjustment (iv) (in shares) | 0 | 502 | |||
Share consolidation rounding adjustment (iv) | $ 0 | $ 0 | |||
Closing Balance (in shares) | 3,702,398 | 3,661,838 | 1,368,856 | ||
Closing Balance | $ 3,661 | $ 3,661 | $ 1,369 | ||
Common Shares And Exchangeable Shares [Member] | |||||
Opening Balance (in shares) | 3,858,637 | 1,664,002 | 1,664,002 | ||
Opening Balance | $ 3,858 | $ 1,664 | $ 1,664 | ||
Closing Balance (in shares) | 3,858,637 | 3,858,637 | 1,664,002 | ||
Closing Balance | $ 3,858 | $ 3,858 | $ 1,664 |
SHARE CAPITAL (Details Textual)
SHARE CAPITAL (Details Textual) - USD ($) | Mar. 31, 2019 | Mar. 28, 2019 | Oct. 29, 2018 | Jul. 20, 2018 | Feb. 13, 2015 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 |
Proceeds from Warrant Exercises | $ 0 | $ 1,125,038 | |||||||
Debt Conversion, Original Debt, Amount | 9,058,708 | ||||||||
Debt Conversion, Original Debt to be Converted, Amount | $ 1,342,705 | ||||||||
Debt Conversion, Converted Instrument, Shares to be Issued | 263,639 | ||||||||
Debt Conversion, Converted Instrument, Value of Shares to be Issued | $ 2,470,622 | ||||||||
Loss on Mark to Market Reevaluation | $ 0 | $ (2,048,697) | $ (2,048,697) | 376,674 | |||||
Market Value of Shares To Be Issued | $ 2,847,296 | ||||||||
Stock Issued During Period, Shares, Exchangeable Shares Exercised | 98,347 | 40,560 | 98,347 | 24,250 | |||||
Stockholders' Equity, Reverse Stock Split | the Company effected 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. | |||||||
Fair Value of Exchangeable Options Outstanding | 1,451,393 | ||||||||
Shares to be Issued, Stock Options and Warrants | $ 0 | $ 0 | $ 5,692,853 | ||||||
Fair value of warrants | 1,394,164 | ||||||||
Convertible Debt [Member] | |||||||||
Fair value of warrants | $ (548,178) | ||||||||
Convertible Notes Payable [Member] | |||||||||
Conversion of Stock, Amount Issued | $ 4,848,117 | $ 4,708,306 | |||||||
Common Stock [Member] | |||||||||
Stock Issued During Period, Shares, Warrants Exercised | 33,335 | ||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 263,639 | 263,639 | |||||||
Conversion of Stock, Shares Issued | 985,370 | ||||||||
Common Stock [Member] | Convertible Debt One [Member] | |||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 683,395 | 683,395 | |||||||
Common Stock [Member] | Convertible Debt Two [Member] | |||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 1,247,099 | 1,247,099 | |||||||
Warrant [Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 37.50 | ||||||||
Stock Issued During Period, Shares, Warrants Exercised | 33,335 | ||||||||
Proceeds from Warrant Exercises | $ 1,125,038 |
SHARE CAPITAL - Additional Info
SHARE CAPITAL - Additional Information (Details) | Mar. 31, 2019shares | Oct. 29, 2018 | Feb. 13, 2015 | Jun. 30, 2019shares | Mar. 31, 2019shares | Mar. 31, 2018shares |
SHARE CAPITAL | ||||||
Exchangeable shares | 98,347 | 40,560 | 98,347 | 24,250 | ||
Reverse stock split ratio | 0.0067 | 0.831105 |
STOCK OPTIONS (Details)
STOCK OPTIONS (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 37.73 | $ 75 | |
Number of Options | 344,989 | 182,996 | 170,675 |
Exercisable Options | 166,768 | 111,752 | |
Stock Option One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 34.50 | $ 34.50 | |
Number of Options | 630 | 630 | |
Expiry Date | Jun. 20, 2021 | Jun. 20, 2021 | |
Exercisable Options | 630 | 630 | |
Stock Option Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 34.50 | $ 34.50 | |
Number of Options | 13,212 | 13,212 | |
Expiry Date | Jul. 1, 2021 | Jul. 1, 2021 | |
Exercisable Options | 13,212 | 13,212 | |
Stock Option Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 34.50 | $ 34.50 | |
Number of Options | 944 | 944 | |
Expiry Date | Feb. 17, 2022 | Feb. 17, 2022 | |
Exercisable Options | 944 | 944 | |
Stock Option Four [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 183 | $ 183 | |
Number of Options | 2,667 | 2,667 | |
Expiry Date | Nov. 24, 2022 | Nov. 24, 2022 | |
Exercisable Options | 2,667 | 2,667 | |
Stock Option Five [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 150 | $ 150 | |
Number of Options | 11,400 | 11,400 | |
Expiry Date | Dec. 14, 2022 | Dec. 14, 2022 | |
Exercisable Options | 11,400 | 11,400 | |
Stock Option Six [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 142.50 | $ 142.50 | |
Number of Options | 359 | 359 | |
Expiry Date | Mar. 28, 2023 | Mar. 28, 2023 | |
Exercisable Options | 359 | 359 | |
Stock Option Seven [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 157.50 | $ 157.50 | |
Number of Options | 1,387 | 1,387 | |
Expiry Date | Mar. 28, 2023 | Mar. 28, 2023 | |
Exercisable Options | 1,387 | 1,387 | |
Stock Option Eight [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 150 | ||
Number of Options | 1,112 | ||
Expiry Date | Apr. 26, 2023 | ||
Exercisable Options | 1,112 | ||
Stock Option Eight February 2024 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 105 | $ 105 | |
Number of Options | 2,667 | 2,667 | |
Expiry Date | Feb. 6, 2024 | Feb. 6, 2024 | |
Exercisable Options | 1,778 | 1,778 | |
Stock Option Nine [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 102 | $ 102 | |
Number of Options | 1,667 | 1,667 | |
Expiry Date | Feb. 13, 2024 | Feb. 13, 2024 | |
Exercisable Options | 1,667 | 1,667 | |
Stock Option Ten [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 142.50 | $ 142.50 | |
Number of Options | 106 | 106 | |
Expiry Date | Mar. 3, 2024 | Mar. 3, 2024 | |
Exercisable Options | 106 | 106 | |
Stock Option Eleven [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 157.50 | $ 157.50 | |
Number of Options | 408 | 408 | |
Expiry Date | Mar. 3, 2024 | Mar. 3, 2024 | |
Exercisable Options | 408 | 408 | |
Stock Option Twelve [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 142.50 | $ 142.50 | |
Number of Options | 43 | 43 | |
Expiry Date | Mar. 14, 2024 | Mar. 14, 2024 | |
Exercisable Options | 43 | 43 | |
Stock Option Thirteen [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 157.50 | $ 157.50 | |
Number of Options | 164 | 164 | |
Expiry Date | Mar. 14, 2024 | Mar. 14, 2024 | |
Exercisable Options | 164 | 164 | |
Stock Option Fourteen [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 142.50 | $ 142.50 | |
Number of Options | 485 | 485 | |
Expiry Date | Sep. 30, 2024 | Sep. 30, 2024 | |
Exercisable Options | 485 | 485 | |
Stock Option Fifteen [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 157.50 | $ 157.50 | |
Number of Options | 1,876 | 1,876 | |
Expiry Date | Sep. 30, 2024 | Sep. 30, 2024 | |
Exercisable Options | 1,876 | 1,876 | |
Stock Option Sixteen [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 142.50 | ||
Number of Options | 24 | ||
Expiry Date | Jun. 2, 2025 | ||
Exercisable Options | 24 | ||
Stock Option Sixteen September 2027 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 24.15 | ||
Number of Options | 81,436 | ||
Expiry Date | Sep. 1, 2027 | ||
Exercisable Options | 27,148 | ||
Stock Option Seventeen [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 157.50 | ||
Number of Options | 90 | ||
Expiry Date | Jun. 2, 2025 | ||
Exercisable Options | 90 | ||
Stock Option Seventeen January 2025 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 23.25 | ||
Number of Options | 15,656 | ||
Expiry Date | Jan. 24, 2025 | ||
Exercisable Options | 5,867 | ||
Stock Option Eighteen [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 37.50 | ||
Number of Options | 221 | ||
Expiry Date | Dec. 30, 2025 | ||
Exercisable Options | 221 | ||
Stock Option Eighteen April 2028 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 9.735 | ||
Number of Options | 40,000 | ||
Expiry Date | Apr. 19, 2028 | ||
Exercisable Options | 40,000 | ||
Stock Option Nineteen [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 142.50 | ||
Number of Options | 164 | ||
Expiry Date | Dec. 30, 2025 | ||
Exercisable Options | 164 | ||
Stock Option Nineteen May 2026 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 3.16 | ||
Number of Options | 169,882 | ||
Expiry Date | May 31, 2026 | ||
Exercisable Options | 56,627 | ||
Stock Option Twenty [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 24.150 | ||
Number of Options | 81,436 | ||
Expiry Date | Sep. 1, 2027 | ||
Exercisable Options | 27,148 | ||
Stock Option Twenty One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 23.250 | ||
Number of Options | 16,934 | ||
Expiry Date | Jan. 24, 2025 | ||
Exercisable Options | 5,867 | ||
Stock Option Twenty Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 9.735 | ||
Number of Options | 40,000 | ||
Expiry Date | Apr. 19, 2028 | ||
Exercisable Options | 40,000 | ||
Stock Option Twenty Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 6.930 | ||
Number of Options | 5,000 | ||
Expiry Date | Jun. 10, 2025 | ||
Exercisable Options | 0 |
STOCK OPTIONS (Details 1)
STOCK OPTIONS (Details 1) | 12 Months Ended |
Mar. 31, 2019USD ($) | |
February 17, 2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 2 years 10 months 20 days |
Risk free rate | 1.59% |
Dividend rate | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value | $ 136,613 |
July 1, 2014 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 2 years 3 months |
Risk free rate | 1.59% |
Dividend rate | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value | $ 1,259,487 |
June 20, 2014 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 2 years 2 months 19 days |
Risk free rate | 1.59% |
Dividend rate | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value | $ 118,957 |
November 24 2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 3 years 7 months 24 days |
Risk free rate | 1.59% |
Dividend rate | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value | $ 694,384 |
December 14, 2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 3 years 8 months 15 days |
Risk free rate | 1.59% |
Dividend rate | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value | $ 1,260,437 |
April 21, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 5 years 1 month 9 days |
Risk free rate | 1.59% |
Dividend rate | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value | $ 2,582,890 |
April 26, 2016 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 4 years 25 days |
Risk free rate | 1.59% |
Dividend rate | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value | $ 213,750 |
February 6, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 4 years 10 months 9 days |
Risk free rate | 1.59% |
Dividend rate | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value | $ 245,200 |
February 13, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 4 years 10 months 17 days |
Risk free rate | 1.59% |
Dividend rate | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value | $ 148,750 |
September 1, 2017 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 8 years 5 months 4 days |
Risk free rate | 1.59% |
Dividend rate | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value | $ 1,832,304 |
January 24, 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 5 years 9 months 25 days |
Risk free rate | 1.59% |
Dividend rate | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value | $ 491,036 |
April 30 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 9 years 21 days |
Risk free rate | 1.59% |
Dividend rate | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value | $ 363,714 |
June 11 2018 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected life in years | 6 years 2 months 12 days |
Risk free rate | 1.59% |
Dividend rate | 0.00% |
Forfeiture rate | 0.00% |
Expected volatility | 114.00% |
Grant date fair value | $ 30,341 |
STOCK OPTIONS (Details 2)
STOCK OPTIONS (Details 2) - $ / shares | Jan. 24, 2018 | Jun. 30, 2019 | Mar. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number Options, Outstanding, Beginning Balance (in shares) | 182,996 | 170,675 | |
Number of Options, Issued (in shares) | 24,267 | 45,000 | |
Number of Options, Cancelled (in shares) | (32,679) | ||
Number of Options, Outstanding, Ending Balance (in shares) | 344,989 | 182,996 | |
Weighted-Average Exercise Price, Outstanding, Beginning Balance (in dollars per share) | $ 37.73 | $ 75 | |
Weighted-Average Exercise Price, Issued (in dollars per share) | 9.42 | ||
Weighted-Average Exercise Price, Cancelled (in dollars per share) | 65.93 | ||
Weighted-Average Exercise Price, Outstanding, Ending Balance (in dollars per share) | $ 37.73 |
STOCK OPTIONS (Details Textual)
STOCK OPTIONS (Details Textual) - USD ($) | May 31, 2019 | Jun. 11, 2018 | Jun. 11, 2018 | Apr. 30, 2018 | Jan. 24, 2018 | Sep. 01, 2017 | Sep. 01, 2017 | Feb. 06, 2017 | Feb. 06, 2017 | Apr. 26, 2016 | Dec. 14, 2015 | Apr. 30, 2018 | Jan. 24, 2018 | Aug. 03, 2017 | Feb. 13, 2017 | Aug. 08, 2016 | Apr. 26, 2016 | Apr. 21, 2016 | Nov. 24, 2015 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||
Maximum percentage of common stock and exchangeable shares issued and outstanding that may be reserved for issuance upon exercise of all options or other securities granted | 15.00% | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 24,267 | 45,000 | ||||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 9.42 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 32,679 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 344,989 | 182,996 | 170,675 | |||||||||||||||||||||
Allocated Share-based Compensation Expense | $ 28,554 | $ 39,703 | $ 140,540 | $ 27,280 | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 5 months 27 days | 7 years 10 months 21 days | 7 years 2 months 12 days | 7 years 5 months 15 days | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 6 years 4 months 10 days | 7 years 4 months 17 days | 6 years 9 months 18 days | 5 years 8 months 26 days | ||||||||||||||||||||
Fair Value Of Options | $ 491,036 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | |||||||||||||||||||||||
Employee Stock Option [Member] | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||
Allocated Share-based Compensation Expense | $ 287,757 | $ 595,412 | $ 1,347,399 | $ 1,540,580 | ||||||||||||||||||||
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 | 1,667 | 20,000 | ||||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 150 | $ 150 | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 1,667 | 557 | 0 | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,895,000 | |||||||||||||||||||||||
Allocated Share-based Compensation Expense | $ 3,431 | 17,813 | $ 63,333 | $ 71,250 | ||||||||||||||||||||
Fair Value Of Options | $ 213,750 | $ 213,750 | $ 2,582,890 | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||||||||||
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 Of Bionik Inc [Member] | Unvested option [Member] | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||
Allocated Share-based Compensation Expense | $ 0 | $ 29,524 | ||||||||||||||||||||||
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 | 778 | 7,334 | 0 | ||||||||||||||||||||
Allocated Share-based Compensation Expense | $ 92,585 | $ 142,438 | ||||||||||||||||||||||
Fair Value Of Options | $ 694,384 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||||||||||
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 | 3,335 | |||||||||||||||||||||||
Allocated Share-based Compensation Expense | $ 48,301 | $ 217,356 | ||||||||||||||||||||||
Fair Value Of Options | $ 652,068 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||||||||||
Director And Employees [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 | $ 3.16 | |||||||||||||||||||||||
Allocated Share-based Compensation Expense | $ 176,394 | |||||||||||||||||||||||
Fair Value Of Options | $ 453,585 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 169,882 | |||||||||||||||||||||||
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% | |||||||||||||||||||||||
Director And Employees [Member] | Minimum [Member] | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 6 months | |||||||||||||||||||||||
Director And Employees [Member] | Maximum [Member] | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||||||||||||||||||||
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 | 1,889 | 2,912 | 434 | |||||||||||||||||||||
Allocated Share-based Compensation Expense | $ 105,121 | $ 479,315 | ||||||||||||||||||||||
Fair Value Of Options | $ 1,260,437 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | 3 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 | 2,667 | ||||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 105 | $ 105 | ||||||||||||||||||||||
Allocated Share-based Compensation Expense | 20,433 | 20,433 | 81,733 | 81,733 | ||||||||||||||||||||
Fair Value Of Options | $ 245,200 | $ 245,200 | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 3 years | ||||||||||||||||||||||
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 | 92,821 | 49,583 | ||||||||||||||||||||||
Fair Value Of Options | $ 148,750 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year 6 months | |||||||||||||||||||||||
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 | 13,334 | |||||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 31.50 | |||||||||||||||||||||||
Allocated Share-based Compensation Expense | 7,546 | 60,371 | ||||||||||||||||||||||
Fair Value Of Options | $ 387,209 | |||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Additional Options Grants In Period Gross | 10,000 | |||||||||||||||||||||||
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 | 81,436 | ||||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 24.15 | $ 24.15 | ||||||||||||||||||||||
Allocated Share-based Compensation Expense | 57,259 | 38,173 | 343,557 | $ 381,730 | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||||||||||||||||||
Fair Value Of Options | $ 1,832,304 | $ 1,832,304 | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 27,148 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | 50% of the remaining options vest on performance being met and 50% vest annually over 5 years for the CEO, for our Chairman the options vest over 5 years. | |||||||||||||||||||||||
Executive Employee And Consultant [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 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 | 5,000 | ||||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 6.93 | $ 6.93 | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 5,000 | |||||||||||||||||||||||
Allocated Share-based Compensation Expense | $ 1,686 | $ 562 | $ 8,147 | |||||||||||||||||||||
Fair Value Of Options | $ 30,341 | $ 30,341 | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 7 years | 7 years | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 114.00% | 114.00% | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% | 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 | 40,000 | ||||||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 9.74 | $ 9.74 | ||||||||||||||||||||||
Allocated Share-based Compensation Expense | $ 363,714 | $ 363,714 | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | 10 years | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 114.00% | 114.00% | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% | 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 | $ 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 | 23.25 | ||||||||||||||||||||||
Employees Vest Equally On January242021 [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 | $ 23.25 |
WARRANTS (Details)
WARRANTS (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Number of Warrants, Outstanding and exercisable, Beginning balance | 288,517 | 365,974 | 365,974 | 117,589 |
Number of Warrants, Expired | (163,483) | 0 | (204,304) | |
Number of Warrants, Outstanding and exercisable, Ending balance | 125,034 | 288,517 | 365,974 | |
Weighted-Average Exercise Price, Outstanding and exercisable, Beginning balance | $ 40.27 | $ 53.19 | $ 53.19 | $ 202.50 |
Weighted-Average Exercise Price, Issued | 112.35 | |||
Weighted-Average Exercise Price, Outstanding and exercisable, Ending balance | 20.07 | $ 53.19 | 40.27 | $ 53.19 |
Weighted-Average Exercise Price, Expired | $ (38.91) | $ (51.85) | ||
Class of Warrant or Right, Number of Warrants | 125,034 | 288,517 | ||
Broker [Member] | ||||
Number of Warrants, Issued | 2,667 | |||
Weighted-Average Exercise Price, Issued | $ 37.50 | |||
Warrants Exercised [Member] | ||||
Number of Warrants, Exercised | (33,335) | |||
Weighted-Average Exercise Price, Exercised | $ (37.50) | |||
Warrant One [Member] | ||||
Number of Warrants, Issued | 67,952 | 559 | ||
Weighted-Average Exercise Price, Issued | $ 55.71 | $ 112.35 | ||
Warrant One [Member] | ||||
Warrant exercise price | $ 90 | $ 90 | ||
Class of Warrant or Right, Number of Warrants | 15,658 | 15,658 | ||
Class Of Warrant Or Right Expiry Date | Mar. 31, 2023 | Mar. 31, 2023 | ||
Warrant Two [Member] | ||||
Warrant exercise price | $ 37.50 | $ 38.91 | ||
Class of Warrant or Right, Number of Warrants | 2,667 | 84,562 | ||
Class Of Warrant Or Right Expiry Date | Jun. 27, 2020 | Apr. 21, 2019 | ||
Warrant Two [Member] | ||||
Number of Warrants, Issued | 6,305 | 6,275 | ||
Weighted-Average Exercise Price, Issued | $ 34.50 | $ 194 | ||
Warrant Three [Member] | ||||
Number of Warrants, Issued | 52,590 | 13,464 | ||
Weighted-Average Exercise Price, Issued | $ 38.91 | $ 44.28 | ||
Warrant3 [Member] | ||||
Warrant exercise price | $ 9.375 | $ 38.91 | ||
Class of Warrant or Right, Number of Warrants | 64,025 | 39,922 | ||
Class Of Warrant Or Right Expiry Date | Aug. 14, 2022 | May 27, 2019 | ||
Warrant Four [Member] | ||||
Number of Warrants, Issued | 136,388 | |||
Weighted-Average Exercise Price, Issued | $ 73.02 | |||
Warrant exercise price | $ 9.375 | $ 38.91 | ||
Class of Warrant or Right, Number of Warrants | 42,684 | 38,998 | ||
Class Of Warrant Or Right Expiry Date | Mar. 31, 2022 | Jun. 30, 2019 | ||
Warrant Five [Member] | ||||
Number of Warrants, Issued | 67,952 | |||
Weighted-Average Exercise Price, Issued | $ 55.71 | |||
Warrant exercise price | 37.50 | |||
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 Six [Member] | ||||
Number of Warrants, Issued | 6,305 | |||
Weighted-Average Exercise Price, Issued | $ 34.50 | |||
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 Seven [Member] | ||||
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 | |||
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 | 3 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Mar. 31, 2019 | |
Class of Warrant or Right [Line Items] | ||
Class of Warrant or Right, Number of Warrants | 125,034 | 288,517 |
Warrant One [Member] | ||
Class of Warrant or Right [Line Items] | ||
Class of Warrant or Right, Number of Warrants | 15,658 | 15,658 |
Class Of Warrant Or Right Expiry Date | Mar. 31, 2023 | Mar. 31, 2023 |
Warrant exercise price | $ 90 | $ 90 |
Warrant Two [Member] | ||
Class of Warrant or Right [Line Items] | ||
Class of Warrant or Right, Number of Warrants | 2,667 | 84,562 |
Class Of Warrant Or Right Expiry Date | Jun. 27, 2020 | Apr. 21, 2019 |
Warrant exercise price | $ 37.50 | $ 38.91 |
Warrant Three [Member] | ||
Class of Warrant or Right [Line Items] | ||
Class of Warrant or Right, Number of Warrants | 64,025 | 39,922 |
Class Of Warrant Or Right Expiry Date | Aug. 14, 2022 | May 27, 2019 |
Warrant exercise price | $ 9.375 | $ 38.91 |
Warrant Four [Member] | ||
Class of Warrant or Right [Line Items] | ||
Class of Warrant or Right, Number of Warrants | 42,684 | 38,998 |
Class Of Warrant Or Right Expiry Date | Mar. 31, 2022 | Jun. 30, 2019 |
Warrant exercise price | $ 9.375 | $ 38.91 |
Warrant Five [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 exercise price | $ 37.50 | |
Warrant Six [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 Seven [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 | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Class of Warrant or Right [Line Items] | |||||
Share Based Compensation Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | $ 20.07 | $ 53.19 | $ 40.27 | $ 53.19 | $ 202.50 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 3 years 26 days | 2 years 4 days | 1 year 6 months 3 days | 2 years 3 months 7 days | |
Proceeds from Warrant Exercises | $ 0 | $ 1,125,038 | |||
Anti-dilution Loss | $ 0 | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Weighted Average Exercise Price Issued | $ 112.35 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Expirations | 163,483 | 0 | 204,304 | ||
Previously Reported [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Share based Compensation Arrangement By Share based Payment Award Equity Instruments Other Than Options Granted Weighted Average Exercise Price Issued | $ 73.02 | ||||
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 years | 5 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Weighted Average Exercise Price Issued | 120 | ||||
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 Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | $ 194 | ||||
Warrants Issued | 6,275 | ||||
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 | $ 210 | |||
Warrant Three [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 52,590 | 13,464 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Weighted Average Exercise Price Issued | $ 38.91 | $ 44.28 | |||
Warrant Four [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
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 Nine [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | $ 37.50 | ||||
Warrants Issued | 2,667 | ||||
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 | ||||
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 | ||||
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] | |||||
Warrants Issued | 6,305 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Weighted Average Exercise Price Issued | $ 34.50 | ||||
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 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 | ||||
Retained Earnings [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Anti-dilution Loss | $ (24,432) | $ (74,086) |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Components of net loss before income taxes consists of the following: | ||
U.S. | $ (8,849,294) | $ (12,281,398) |
Canada | (1,707,307) | (2,344,392) |
Net (loss) for the year before recovery of income taxes | $ (10,556,601) | $ (14,625,790) |
Statutory rate | 25.30% | 34.04% |
Expected income tax (recovery) expense | $ (2,670,579) | $ (4,978,619) |
Tax rate changes and other basis adjustments | (525,472) | 1,748,278 |
Stock-based compensation | 340,861 | 524,412 |
Difference in Foreign Tax Rates | 0 | 0 |
Accretion | 890,797 | 184,414 |
Change in fair value | (85,487) | 659,458 |
(Gain) loss on mark to market re-evaluation | (518,274) | 0 |
Share premium | 0 | 425,497 |
Non-deductible expense | 83,578 | 339,296 |
Net DTA acquired | 0 | 0 |
Change in valuation allowance | 2,484,576 | 1,097,264 |
Recovery of income taxes | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Equipment | $ 70,650 | $ 70,350 |
Share issue costs | 0 | 510 |
SR&ED pool | 844,001 | 690,320 |
Other | 1,022,309 | 535,510 |
Non-capital losses - Canada | 2,796,469 | 2,515,170 |
Net operating losses - U.S. | 5,911,320 | 4,331,850 |
Valuation allowance | (9,502,006) | (7,017,430) |
Deferred Tax Liabilities, Net, Total | 1,142,743 | 1,126,280 |
Deferred Tax Assets, Net | (1,142,743) | (1,126,280) |
Intangibles and other | $ 0 | $ 0 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) | 12 Months Ended |
Mar. 31, 2019 | |
Domestic Tax Authority [Member] | United States - Federal [Member] | |
Income Tax Examination Open Tax Years | 2015 – present |
Domestic Tax Authority [Member] | United States - State [Member] | |
Income Tax Examination Open Tax Years | 2015 – present |
Foreign Tax Authority [Member] | Canada - Federal [Member] | |
Income Tax Examination Open Tax Years | 2014 – present |
Foreign Tax Authority [Member] | Canada - Provincial [Member] | |
Income Tax Examination Open Tax Years | 2014 – present |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) | Mar. 31, 2019USD ($) |
U.S Subsidiary Company [Member] | |
Operating Loss Carryforwards | $ 14,190,773 |
Canada [Member] | |
Operating Loss Carryforwards | 10,552,713 |
U.S parent Company [Member] | |
Operating Loss Carryforwards | $ 14,190,773 |
RISK MANAGEMENT (Details Textua
RISK MANAGEMENT (Details Textual) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Sales Revenue, Net [Member] | Customer One [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 83.30% | 88.10% |
Sales Revenue, Net [Member] | Customer Two [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 8.90% | 1.90% |
Sales Revenue, Net [Member] | Customer Three [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 4.60% | 1.50% |
Canada [Member] | ||
Concentration Risk [Line Items] | ||
Cash, FDIC Insured Amount | $ 100,000 | |
UNITED STATES | ||
Concentration Risk [Line Items] | ||
Cash, FDIC Insured Amount | $ 250,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($) | Feb. 25, 2015 | May 17, 2017 | May 17, 2017 | Feb. 25, 2015 | Jun. 30, 2019 | Mar. 31, 2019 |
Stock Issued During Period, Shares, New Issues | 1,753 | |||||
Loan received and repaid | $ 241,185 | |||||
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. | |||||
Percentage of Royalty on Sales | 1.00% | |||||
Royalty on Sales,Percentage | 1.00% | |||||
Value of the loan | $ 210,323 | |||||
Bionik Laboratories Corp. [Member] | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% | 25.00% | ||||
Ginger Capital Investment Holding Inc. [Member] | ||||||
Equity Method Investment, Ownership Percentage | 75.00% | 75.00% | ||||
China Based Joint Venture [Member] | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% | 25.00% | ||||
Co Venturer [Member] | ||||||
Contribution required from JV Partner within 30 days of joint venture formation | $ 290,000 | |||||
Contribution required from JV Partner 12 months after joint venture formation | 435,000 | |||||
Contribution Required From Partner Sixty Months After Joint Venture Formation | $ 725,000 | |||||
Co Venturer [Member] | China Based Joint Venture [Member] | ||||||
Equity Method Investment, Ownership Percentage | 75.00% | 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 | |||||
Loan received | $ 241,185 | |||||
Value of the loan | $ 210,323 | |||||
Former Chief Technology Officer And New Chief Technology Officer [Member] | ||||||
Stock Transferred To Lenders | 2,098 | |||||
Stock to be Reimbursed to Officers | 2,134 |
SUBSEQUENT EVENTS (Details Text
SUBSEQUENT EVENTS (Details Textual) - USD ($) | Jan. 24, 2018 | Mar. 31, 2019 | Jun. 30, 2019 |
Subsequent Event [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 24,267 | 45,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | ||
Convertible note offering | $ 9,000,000 | ||
Term Loan [Member] | |||
Subsequent Event [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | 1.00% | |
Debt Instrument, Maturity Date | May 8, 2021 | ||
Pre Split Exchangeable Shares [Member] | |||
Subsequent Event [Line Items] | |||
Conversion of Stock, Shares Issued | 40,560 | ||
Conversion of Stock, Shares Converted pre-split | 6,083,900 | ||
Director [Member] | |||
Subsequent Event [Line Items] | |||
Term loan | $ 500,000 | $ 500,000 | |
Shareholder [Member] | |||
Subsequent Event [Line Items] | |||
Convertible debt | $ 200,000 | ||
Board Members and Employees [Member] | |||
Subsequent Event [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 169,882 | ||
Shares Issued, Price Per Share | $ 3.16 |
SUBSEQUENT EVENTS - Additional
SUBSEQUENT EVENTS - Additional Information (Details) - USD ($) | Jul. 01, 2019 | Jan. 24, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 |
Subsequent Event [Line Items] | ||||||
Convertible loans | $ 950,000 | $ 2,934,298 | $ 9,326,633 | $ 7,111,375 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 24,267 | 45,000 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 9.42 | |||||
Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Convertible loans | $ 4,560,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 495,319 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 3.595 |