Bionik Laboratories (BNKL) 10-Q 8 Feb 23 2023 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Dec. 31, 2022	Feb. 03, 2023
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	000-54717
Entity Registrant Name	Bionik Laboratories Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-1340346
Entity Address, Address Line One	80 Coolidge Hill Road
Entity Address, City or Town	Watertown
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02472
City Area Code	617
Local Phone Number	926-4800
Title of 12(b) Security	N/A
Trading Symbol	BNKL
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,878,162
Entity Central Index Key	0001508381
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Current assets
Cash and cash equivalents	$ 685,202	$ 1,991,377
Accounts receivable	337,368	274,844
Prepaid expenses and other current assets	909,331	1,127,362
Inventories	1,143,580	1,191,020
Total current assets	3,075,481	4,584,603
Equipment	206,249	91,234
Other assets	8,695	0
Operating lease right-of-use assets, non-current	260,178	0
Tradenames and Trademarks	35,000	0
Goodwill	99,552	0
Total assets	3,685,155	4,675,837
Current liabilities
Accounts payable	380,614	305,095
Accrued liabilities	1,293,055	873,030
Operating leases, current	21,280	0
Deferred revenue, current portion	396,719	313,854
Total current liabilities	2,091,668	1,491,979
Operating leases, non-current	240,397	0
Deferred revenue, net of current portion	273,677	256,646
Convertible notes	1,601,319	0
Total liabilities	4,207,061	1,748,625
Commitments and contingencies
Stockholders' Equity
Preferred stock, $0.001 par value; Authorized 5,000,000; Authorized and Issued-1 Special voting preferred stock, $0.001 par value
Common stock, $0.001 par value; Authorized - 13,000,000; Issued 6,768,162 and 111,392 Exchangeable Shares (March 31, 2022- 6,767,114 and 112,440 Exchangeable Shares)	6,879	6,879
Additional paid-in capital	98,433,145	98,294,558
Accumulated deficit	(98,992,053)	(95,402,321)
Accumulated other comprehensive income	30,123	28,096
Total stockholders' (deficit) equity	(521,906)	2,927,212
Total liabilities and stockholders' equity	$ 3,685,155	$ 4,675,837

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Mar. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	13,000,000	13,000,000
Common stock, shares issued	6,768,162	6,767,114
Common stock, exchangeable shares issued	111,392	112,440
Special Voting
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	1	1

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Condensed Consolidated Statements of Operations
Revenues, net	$ 575,054	$ 183,262	$ 1,304,088	$ 1,082,450
Cost of revenues	304,503	50,394	568,331	261,823
Gross Profit	270,551	132,868	735,757	820,627
Operating expenses
Sales and marketing	446,427	567,300	1,504,887	1,335,730
Research and development	93,617	368,095	697,600	634,147
General and administrative	773,911	725,300	2,061,186	2,222,044
Impairment of goodwill & intangible assets		5,200,608		5,200,608
Total operating expenses	1,313,955	6,861,303	4,263,673	9,392,529
Loss from operations	(1,043,404)	(6,728,435)	(3,527,916)	(8,571,902)
Interest expense, net	30,435	249,096	52,675	576,576
Other expense (income), net	2,372	6,314	9,141	(445,732)
Total other expense	32,807	255,410	61,816	130,844
Net loss	$ (1,076,211)	$ (6,983,845)	$ (3,589,732)	$ (8,702,746)
Loss per share - basic	$ (0.16)	$ (1.18)	$ (0.52)	$ (1.50)
Loss per share - diluted	$ (0.16)	$ (1.18)	$ (0.52)	$ (1.50)
Weighted average number of shares outstanding - basic	6,879,554	5,903,360	6,879,554	5,820,654
Weighted average number of shares outstanding - diluted	6,879,554	5,903,360	6,879,554	5,820,654

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Condensed Consolidated Statements of Comprehensive Loss
Net loss	$ (1,076,211)	$ (6,983,845)	$ (3,589,732)	$ (8,702,746)
Other comprehensive loss components:
Cumulative translation adjustment	65	720	2,027	(13,525)
Total other comprehensive loss	65	720	2,027	(13,525)
Comprehensive loss	$ (1,076,146)	$ (6,983,125)	$ (3,587,705)	$ (8,716,271)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended	9 Months Ended		12 Months Ended
	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Operating activities:
Net loss		$ (3,589,732)	$ (8,702,746)
Reconciliation of net loss to net cash from operating activities:
Depreciation and amortization		43,591	89,713
Interest expense		51,319	573,965
Impairment of goodwill & intangible assets	$ 5,200,608		5,200,608
Share based compensation expense		138,587	319,005
Extinguishment of debt			(459,912)
Issuance of common shares in lieu of services			33,000
Changes in non-cash working capital items
Accounts receivable		(62,525)	322,131
Prepaid expenses and other current assets		217,217	188,373
Net book value of demonstration inventory sold			16,248
Inventories		(30,719)	(237,029)
Accounts payable		82,462	(272,570)
Accrued liabilities		419,064	166,735
Operating leases, net		747
Deferred revenue		99,618	(4,928)
Net cash used in operating activities		(2,630,371)	(2,767,407)
Investing activities:
Acquisition,		(215,000)
Purchase of equipment			(12,500)
Other non-current assets		(7,942)
Net cash used in investing activities		(222,942)	(12,500)
Financing activities:
Proceeds from convertible loans		1,550,000	5,550,000
Payments on capital lease obligations			(1,437)
Net cash provided by financing activities		1,550,000	5,548,563
Effect of exchange rate changes on cash and cash equivalents		(2,862)	(7,012)
Net (decrease) increase in cash and cash equivalents		(1,306,175)	2,761,644
Cash and cash equivalents, beginning of the period		1,991,377	608,348	$ 608,348
Cash and cash equivalents, end of the period	$ 3,369,992	685,202	3,369,992	$ 1,991,377
Supplemental noncash activities:
Conversion of term loans into option exercises			642,153
Conversion of demand loans into convertible notes			$ 3,286,791
Subsidiary purchase of fixed assets		$ 50,185

Interim Condensed Consolidated

Interim Condensed Consolidated Financial Statements	9 Months Ended
	Dec. 31, 2022
Interim Condensed Consolidated Financial Statements
Interim Condensed Consolidated Financial Statements	1. Interim Condensed Consolidated Financial Statements The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnote disclosures required for complete financial statements are not included herein. It is recommended that these financial statements be read in conjunction with the consolidated financial statements and related notes that appear in the Annual Report on Form 10-K of Bionik Laboratories Corp. (“Bionik” or the “Company”) for the fiscal year ended March 31, 2022 filed with the SEC on June 9, 2022. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of December 31, 2022, and its results of operations for the three and nine months ended December 31, 2022 and 2021, and cash flows for the nine months ended December 31, 2022 and 2021. The condensed consolidated balance sheet at March 31, 2022 was derived from audited annual financial statements, but does not contain all of the footnote disclosures from the annual financial statements. Results of operations for the three and nine months ended December 31, 2022 are not necessarily indicative of the results for the year ending March 31, 2023 or any period thereafter. Management Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures at the date of the financial statements during the reporting period. Significant estimates are used for, but are not limited to, revenue recognition, allowance for doubtful accounts, inventory reserves, research and development accruals, deferred tax assets, liabilities and valuation allowances, and fair value of stock options. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company as of December 31, 2022 and through the date of this report filing. On an ongoing basis, management evaluates its estimates and actual results could differ from those estimates. All adjustments, consisting only of normal recurring items, considered necessary for fair presentation have been included in these consolidated financial statements. Critical Accounting Policies The following accounting policies have been updated and adopted in conjunction with the acquisition of the Company’s physical therapy clinic on September 7, 2022 which differ from the accounting policies disclosed in the Company’s Annual report on Form 10-K for the fiscal year ended March 31, 2022, filed with the SEC on June 9, 2022: Revenue Recognition Revenues from the operations of the Company’s clinic which is included in Revenue, net in the Condensed Consolidated Statements of Operations are recognized in the period in which services are rendered. Net patient revenue consists of revenue for physical therapy, pre-and post-operative care and treatment for orthopedic-related disorders, sports-related injuries, preventative care, rehabilitation of injured workers and neurological-related injuries. Net patient revenue (patient revenue less estimated contractual adjustments) is recognized at the estimated net realizable amounts from third-party payors, patients and others in exchange for services rendered when obligations under the terms of the contract are satisfied. There is an implied contract between the Company (or its applicable subsidiary) and the patient upon each patient visit. Generally, this occurs as the Company (or its applicable subsidiary) provides physical therapy services, as each service provided is distinct and future services rendered are not dependent on previously rendered services. The Company (or its applicable subsidiary) has agreements with third-party payors that provide for payments to it at amounts different from its established rates. Going Concern At December 31, 2022, cash and cash equivalents were $0.7 million. At December 31, 2022, the Company had a working capital surplus of $1.0 million and at March 31, 2022, the Company had a working capital surplus of $3.1 million. At December 31, 2022 and March 31, 2022, the Company has accumulated deficits of $99.0 million and $95.4 million, respectively. The Company has incurred a net loss and comprehensive loss for the three months ended December 31, 2022 and 2021 of $1.1 million and $7.0 million, respectively, and for the nine months ended December 31, 2022 and 2021 of $3.6 million and $8.7 million, respectively. The Company’s future funding requirements depend on a number of factors, including the rate of market acceptance of its current and future products and the resources the Company devotes to developing and supporting the same, as well as the number of, and cost for the, planned acquisitions of physical therapy clinics as part of its new business strategy. 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 overall growth strategy, 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 is continuing its efforts 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 classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty.

Business Combination

Business Combination	9 Months Ended
	Dec. 31, 2022
Business Combination
Business Combination	2. Business Combination On September 7, 2022, the Company completed the acquisition of the assets of Dearman & Dearman PT LLC (“Dearman LLC”), a physical therapy practice, for a cash purchase price of $215,000. The Company is rebranding the physical therapy clinic (“Tower Aquatic”) as a specialized neuro-recovery center to showcase Bionik’s technology and solutions by providing treatment to patients with stroke, brain and spinal cord injuries, among its current service offerings. The acquisition qualified for purchase accounting treatment under Accounting Standards Codification (“ASC”) Topic 805, Business Combinations, whereby the purchase price was provisionally allocated to the assets acquired and liabilities assumed based upon their estimated fair values on the acquisition date of September 7, 2022: ​ ​ ​ ​ ​ ​ Tower Aquatic ​ ​ Acquisition Total consideration paid ​ $ 215,000 ​ ​ ​ ​ Estimated fair value of assets acquired: ​ Property and Equipment ​ 79,448 ROU Asset ​ 267,429 Lease Liability ​ (267,429) Tradename and Trademarks, net ​ 36,000 Goodwill ​ 99,552 ​ ​ $ 215,000 ​ The Company incurred $52,000 of acquisition-related costs to complete the transaction including legal, valuation and closing fees. These expenses are included in the Condensed Consolidated Statements of Operations for the nine months ended December 31, 2022 as general and administrative operating expenses. The Relief from Royalty Method was relied upon to value the Trade Names and Trademarks. Because of the licensing appeal of this asset, the benefit of ownership as the “relief” from the royalty expense was estimated, that would be incurred in the absence of ownership. Unaudited proforma consolidated financial information for the acquisition have not been included as this acquisition is not significant.

Balance Sheet Accounts

Balance Sheet Accounts	9 Months Ended
	Dec. 31, 2022
Balance Sheet Accounts
Balance Sheet Accounts	3. Balance Sheet Accounts Prepaid Expenses and Other Current Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ ​ 2022 ​ 2022 Prepaid inventory ​ $ 709,503 ​ $ 956,743 Prepaid insurance ​ 141,389 ​ 77,553 Other prepaid expenses ​ 58,439 ​ 93,066 ​ ​ $ 909,331 ​ $ 1,127,362 ​ Equipment Equipment consisted of the following at December 31, 2022 and March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ March 31, 2022 ​ ​ Accumulated ​ Accumulated ​ Cost Depreciation Net Cost Depreciation Net Computers and electronics ​ $ 315,837 ​ $ 308,545 ​ $ 7,292 ​ $ 315,837 ​ $ 305,420 ​ $ 10,417 Furniture and fixtures ​ 36,795 ​ 36,795 ​ — ​ 36,795 ​ 36,795 ​ — Demonstration equipment ​ 204,447 ​ ​ 122,461 ​ ​ 81,986 ​ 168,691 ​ 87,874 ​ 80,817 Equipment ​ ​ 130,563 ​ ​ 90,833 ​ ​ 39,730 ​ ​ 88,742 ​ ​ 88,742 ​ ​ — Leasehold Improvements ​ 79,448 ​ 2,207 ​ 77,241 ​ — ​ — ​ — Tools and parts ​ 11,422 ​ 11,422 ​ — ​ 11,422 ​ 11,422 ​ — Assets under capital lease ​ 68,453 ​ 68,453 ​ — ​ 68,453 ​ 68,453 ​ — ​ ​ $ 846,965 ​ $ 640,716 ​ $ 206,249 ​ $ 689,940 ​ $ 598,706 ​ $ 91,234 ​ Depreciation expense for the three months ended December 31, 2022 and December 31, 2021 was $19,000 and $11,000, respectively. Depreciation expense for the nine months ended December 31, 2022 and December 31, 2021 was $43,000 and $31,000, respectively. Accrued Liabilities Accrued liabilities consist of the following at December 31, 2022 and March 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ ​ 2022 ​ 2022 Accrued personnel costs ​ $ 208,564 ​ $ 115,992 Accrued director fees ​ 823,334 ​ 480,672 Accrued commissions ​ 14,278 ​ 22,924 Accrued professional fees ​ 98,433 ​ 81,100 Accrued warranty costs ​ 24,554 ​ 8,885 Accrued other ​ 123,892 ​ 163,457 ​ ​ $ 1,293,055 ​ $ 873,030 ​ 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 costs are included in accrued liabilities on the condensed consolidated interim balance sheets and amounted to $25,000 $9,000

Inventories

Inventories	9 Months Ended
	Dec. 31, 2022
Inventories
Inventories	4. Inventories Bionik states all inventories at the lower of cost or net realizable value, determined on a first-in, first-out method. Inventory includes finished goods at actual costs from its outsourced manufacturing partners. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ March 31, ​ 2022 2022 Finished goods ​ ​ 942,002 ​ ​ 1,083,718 Raw Materials ​ ​ 201,578 ​ ​ 107,302 ​ ​ $ 1,143,580 ​ $ 1,191,020 ​

Notes Payable & PPP Loans

Notes Payable & PPP Loans	9 Months Ended
	Dec. 31, 2022
Notes Payable & PPP Loans
Notes Payable & PPP Loans	5. Notes Payable & PPP Loans Convertible Loan – Q3 Working Capital Loans On each of November 14, 2022 and December 14, 2022, the Company issued a convertible promissory note (each, a “Q3 Working Capital Note” and together, the “Q3 Working Capital Notes”) in the amount of $400,000, for an aggregate of $800,000 in borrowings, from an affiliate of Remi Gaston-Dreyfus, a director (the “Holder”). The Company used the net proceeds from the Q3 Working Capital Notes for the Company’s working capital and general corporate purposes. Each Q3 Working Capital Note bears interest at a fixed rate of 1% per month, computed based on a 360-day year of twelve 30-day months and will be payable, along with the principal amount, in shares on the two-year anniversary of the applicable issue date (the “Q3 Working Capital Loan Maturity Date”). Each Q3 Working Capital Note will be convertible into equity of the Company upon the following events on the following terms: (a) on the applicable Q3 Working Capital Loan Maturity Date without any action on the part of the Holder, the outstanding principal and accrued and unpaid interest under such Q3 Working Capital Note will be converted into shares of common stock at a conversion price equal to the closing price of the Company’s common stock on the applicable Q3 Working Capital Loan Maturity Date and (b) upon the consummation of the next equity or equity linked round of financing of the Company for cash proceeds (the “Qualified Financing”), without any action on the part of the Holder, the outstanding principal and accrued and unpaid interest under the applicable Q3 Working Capital Note will be converted into the securities (or units of securities if more than one security are sold as a unit) issued by the Company in one or more tranches in the context of the Qualified Financing, based upon the issuance (or conversion) price of such securities. Interest expense associated with these loans for the three and nine months ended December 31, 2022 was $8,000. There was no interest expense associated with these loans for the three and nine months ended December 31, 2021. Convertible Loan – Acquisition Loan On September 2, 2022, the Company borrowed $250,000 (the “Acquisition Loan”) from an affiliate of Remi Gaston-Dreyfus, a director of the Company. The Acquisition Loan is evidenced by a Secured Convertible Promissory Note (the “Acquisition Note”) and is further subject to a related Collateral Pledge Agreement. The Company used the proceeds from the Acquisition Loan to finance the acquisition of the assets of Dearman LLC and pay related costs and expenses. See Note 2, above. The Acquisition Note bears interest at a fixed rate of 1% per month, computed based on a 360-day year of twelve 30-day months and will be payable, along with the principal amount, on the two year anniversary of the Issue Date (the “Maturity Date”). The Acquisition Note will be convertible into equity of the Company upon the following events on the following terms: (a) On the Acquisition Loan Maturity Date, the outstanding principal and accrued and unpaid interest under the Acquisition Note will be converted into shares of common stock at a conversion price equal to the closing price of the Company’s common stock on the Acquisition Loan Maturity Date; and (b) Upon the consummation of the next equity or equity linked round of financing of the Company for cash proceeds (the “Qualified Financing”), the outstanding principal and accrued and unpaid interest under the Acquisition Note will be converted into the securities (or units of securities if more than one security are sold as a unit) issued by the Company in one or more tranches in the context of the Qualified Financing, based upon the issuance (or conversion) price of such securities. Interest expense associated with the Acquisition Loan for the three and nine months ended December 31, 2022 was $8,000 and $10,000 respectively. There was no interest expense associated with the Acquisition Loan for the three and nine months ended December 31, 2021. Convertible Loan – Q1 Working Capital Loan Between June 9, 2022, and June 10, 2022, the Company issued convertible promissory notes (each, a “Q1 Working Capital Note” and collectively, the “Q1 Working Capital Notes”) and borrowed an aggregate of $500,000 from an affiliate of Mr. Gaston-Dreyfus ( $200,000 ); an affiliate of André-Jacques Auberton-Hervé, the Chairman of the Board of Directors of the Company ( $100,000 ); and an existing investor and shareholder of the Company ( $200,000 ) (collectively, the “Holders”). The Company used the net proceeds from the Q1 Working Capital Notes for the Company’s working capital and general corporate purposes. Each Q1 Working Capital Note bears interest at a fixed rate of 1% per month, computed based on a 360-day year of twelve 30-day months and will be payable, along with the principal amount, in shares on the two-year anniversary of the applicable issue date (the “Q1 Working Capital Loan Maturity Date”). Each Q1 Working Capital Note will be convertible into equity of the Company upon the following events on the following terms: (a) on the applicable Q1 Working Capital Loan Maturity Date without any action on the part of the Holders, the outstanding principal and accrued and unpaid interest under such Q1 Working Capital Notes will be converted into shares of common stock at a conversion price equal to the closing price of the Company’s common stock on the applicable Q1 Working Capital Loan Maturity Date and (b) upon the consummation of the next Qualified Financing, without any action on the part of the Holders, the outstanding principal and accrued and unpaid interest under the applicable Q1 Working Capital Note will be converted into the securities (or units of securities if more than one security are sold as a unit) issued by the Company in one or more tranches in the context of the Qualified Financing, based upon the issuance (or conversion) price of such securities. Interest expense associated with these loans for the three and nine months ended December 31, 2022 was $15,000 and $33,000, respectively. There was no interest expense associated with these loans for the three and nine months ended December 31, 2021. Refinancing Loan During the year ended March 31, 2022, the Company commenced a refinancing of its existing indebtedness and launched a new secured convertible promissory note offering of up to $10.0 million (the “2021 Offering”). Pursuant to the terms of the 2021 Offering, the Company offered for sale up to $10.0 million in convertible promissory notes (the “2021 Notes”) to accredited investors and non-U.S. persons. As a result, the Company issued an aggregate of $8.3 million in principal of 2021 Notes of which an aggregate of $5.0 million was purchased for cash and the remainder was issued as a result of consolidating existing debt. Under the Company’s then-existing term loan and security agreement as well as the existing shareholder loan as mentioned below, a portion of the outstanding principal and unpaid interest were used as consideration to acquire 2021 Notes in the 2021 Offering and, as a result and with the option exercises described below, the term loan agreement and the existing shareholder loan were deemed paid in full and terminated. Accordingly, an aggregate of $ 1.1 million in outstanding principal and accrued unpaid interest under the term loan agreement was used to purchase a like amount of 2021 Notes in the 2021 Offering and an aggregate of $2.2 million in outstanding principal and accrued and unpaid interest under the shareholder loan was used to purchase a like amount of 2021 Notes in the 2021 Offering. The remaining $ 0.6 million of the outstanding principal and accrued and unpaid interest under the term loan agreement was applied towards the purchase price to exercise outstanding options of certain debtholders. Pursuant to the terms of the 2021 Offering, the Company issued an aggregate of $ 5.0 million in principal of additional 2021 Notes, which was purchased for cash. The Company used the net cash proceeds from the 2021 Offering for the Company’s working capital requirements. The 2021 Notes bore interest at a fixed rate of 1% per month, computed based on a 360-day year of twelve 30-day months and would be payable, along with the principal amount, on the earlier of: (a) March 31, 2022 and (b) the consummation of the 2021 Offering, provided that the Company raises in one or more tranches aggregate gross proceeds of no less than $ 10,000,000 . On March 31, 2022 the 2021 Notes were converted into 946,194 shares of common stock of the Company in accordance with their terms. There was no interest expense associated with the 2021 Notes for the three and nine months ended December 31, 2022. Interest expense associated with the 2021 Notes for the three and nine months ended December 31, 2021 was $0.2 million and $0.5 million respectively. Shareholder Loans On March 23, 2020, the Company received a $2.0 million loan from an existing shareholder. The promissory note evidencing the loan bore interest at a fixed rate of 1% per month and had a maturity date of the earlier of (i) March 31, 2022 and (ii) the date of receipt of a minimum of $5.0 million from a “Subsequent Financing.” The accrued interest was payable in cash commencing on June 30, 2021 for the previous quarter. Half of the interest accrued during the first three payment dates (3-month, 6-month and 9-month anniversaries of the issue date), was rolled into the term loan and security agreement as mentioned above. The remaining half of the interest accrued was to be paid upon the maturity date. As noted above, this debt was consolidated into the Company’s 2021 notes and this loan converted into shares of the common stock of the Company on March 31, 2022. On February 24, 2021, and in addition to the shareholder loan above, the Company entered into a term loan and security agreement dated February 12, 2021 where Bionik may borrow up to $3.0 million from lenders from time to time. Pursuant to the terms of the agreement, the loan bore interest at a fixed rate of 1% per month. The principal amount and interest on the loan would be due and payable on the earlier of (i) February 12, 2023 and (ii) the date of receipt by the Company of a minimum of $3.0 million in equity. As of March 31, 2021, the Company has taken out $1.0 million against this term loan. As noted above, on July 15, 2021, this indebtedness was consolidated into the Company’s 2021 Notes, pursuant to which an aggregate of $3.3 million in outstanding principal and accrued unpaid interest was used to purchase a like amount of 2021 Notes in the 2021 Offering. The remaining $0.6 million of the outstanding principal and accrued and unpaid interest was applied towards the purchase price to exercise options held by the debtholders. There was no interest expense associated with these loans for the three and nine months ended December 31, 2022. The Company did not incur interest expense on these loans during the three months ended December 31, 2021. Interest expense associated with these loans for the nine months ended December 31, 2021 was $0.1 million. Paycheck Protection Program Loan In May 2020, the Company signed a promissory note for $0.5 million pursuant to the federal Paycheck Protection Program under the Coronavirus Aid, Relief and Economic Security Act, which is administered by the U.S. Small Business Administration. The loan is unsecured, bears interest of 1% per annum and a deferment period of 6 months. The loan is to be used primarily for payroll related costs, lease, and utility payments. The Company had applied for forgiveness and as such forgiveness was granted in May 2021. The forgiveness of the PPP loan is recorded in the statement of operations as other income for the nine months ended December 31, 2021.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Dec. 31, 2022
Stockholders' Equity
Stockholders' Equity	6. Stockholders’ Equity Common Stock Authorized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ March 31, 2022 ​ Number of shares $ Number of shares $ Exchangeable Shares ​ ​ ​ ​ ​ ​ Balance beginning of period 112,440 ​ $ 113 ​ 112,440 ​ $ 113 Converted into common shares (1,048) ​ ​ (1) ​ — ​ ​ — Balance at end of period 111,392 ​ ​ 112 ​ 112,440 ​ ​ 113 Common Shares ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of the period 6,767,114 ​ ​ 6,766 ​ 5,589,375 ​ ​ 5,589 Shares issued on conversion of loans (a) — ​ ​ — ​ 947,602 ​ ​ 947 Shares issued for in lieu of services (b) ​ — ​ ​ — ​ 50,000 ​ ​ 50 Options exercised in conjunction with 2021 Notes (c) ​ — ​ ​ — ​ 180,137 ​ ​ 180 Exchangeable shares converted into common shares ​ 1,048 ​ ​ 1 ​ — ​ ​ — Balance at end of the period 6,768,162 ​ ​ 6,767 ​ 6,767,114 ​ ​ 6,766 Total Shares 6,879,554 ​ $ 6,879 ​ 6,879,554 ​ $ 6,879 (a) During the year ended March 31, 2022, the Company issued 1,408 shares of the Company’s common stock to existing noteholders pursuant to the terms of their convertible notes purchased in 2020. Additionally, on March 31, 2022, the 2021 notes were converted into 946,194 shares of common stock of the Company as discussed in Note 4 above. (b) During the year ended March 31, 2022, the Company issued 50,000 shares for expenses to support the Company’s investor relations strategy. The shares were valued based on the trading price of the Company’s common stock on the issuance date. (c) With the 2021 Notes as discussed in Note 4 above, in July 2021, $0.6 million of the outstanding principal and accrued and unpaid interest under the term loan agreement was applied towards the purchase price to exercise 180,137 outstanding options of certain debtholders. The outstanding options were valued based on the predetermined exercise price of the stock options. Special Voting Preferred Share In February 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 a 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 of a subsidiary of the Company. 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-Based Compensation

Stock-Based Compensation	9 Months Ended
	Dec. 31, 2022
Stock-Based Compensation
Stock-Based Compensation	7. Stock-Based Compensation Total stock-based compensation expense for the three months ended December 31, 2022 and December 31, 2021 was $31,000 and $0.2 million, respectively. Total stock-based compensation expense for the nine months ended December 31, 2022 and December 31, 2021 was $0.1 million and $0.3 million, respectively. Bionik granted options to purchase 244,000 and 273,500 shares of common stock to employees during the nine months ended December 31, 2022 and 2021, respectively. Stock options granted to employees or non-employees typically vest over a 1-to-5-year period. The Company uses the Black-Scholes option pricing model to determine the estimated grant date fair values for stock-based awards. The Black-Scholes option pricing model requires the input of various subjective assumptions, including the option’s expected life and the price volatility of the underlying stock. The Company’s assumptions do not include an estimated forfeiture rate. The weighted-average grant date fair values of options granted to employees during the nine months ended December 31, 2022 and 2021 were $0.30 and $2.05, respectively. All grants awarded during the periods presented used the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ December 31, ​ 2022 2021 ​ Risk free interest rate 3.95 % 1.34 % Expected term 7 years ​ 7 years ​ Dividend yield — — ​ Expected volatility 197 % 171 % Forfeiture rate 0 % 0 % ​ Option-pricing models require the input of various subjective assumptions, including the option’s expected life and the price volatility of the underlying stock. As it relates to grants previously issued, Bionik’s estimated expected stock price volatility is based on past grants that have been made. Bionik’s expected term of options granted was derived from looking at the Company’s exercise history of its awards granted. The risk-free rate for the expected term of the options is based on the U.S. Treasury yield curve in effect at the time of the grant. As of December 31, 2022 the total unrecognized compensation cost related to outstanding stock options expected to vest was $0.2 million, which the Company expects to recognize over a weighted-average period of 2 years.

Warrants

Warrants	9 Months Ended
	Dec. 31, 2022
Warrants
Warrants	8. Warrants The following is a continuity schedule of the Company’s common share purchase warrants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Number of ​ Exercise ​ Warrants Price Outstanding and exercisable, March 31, 2021 122,367 $ 19.69 Expired (42,684) $ (9.38) Outstanding and exercisable, March 31, 2022 79,683 $ 25.22 Expired ​ (64,025) ​ ​ (9.38) Outstanding and exercisable December 31, 2022 15,658 $ 90.00 ​ The following is a summary of common share purchase warrants outstanding as of December 31, 2022. ​ ​ ​ ​ ​ ​ Exercise Number of ​ Price ($) ​ Warrants ​ Expiry Date 90.00 ​ 15,658 ​ March 31, 2023 ​ The weighted-average remaining contractual term of the outstanding warrants was 0.25 years.

Leases

Leases	9 Months Ended
	Dec. 31, 2022
Leases
Leases	9. Leases The Company has an operating lease for the Tower Aquatic clinic. The Company determines if an arrangement is a lease at the inception of a contract. Right-of-use assets represent the Company’s right to use an underlying asset during the lease term and operating lease liabilities represent net present value of the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and operating lease liabilities are recognized at commencement date based on the net present value of the fixed lease payments over the lease term. The Company’s lease terms include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. As the Company’s operating lease does not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Operating fixed lease expense is recognized on a straight-line basis over the lease term. In accordance with ASC 842, the Company records on its consolidated balance sheet leases with a term greater than 12 months. The Company has elected, in compliance with current accounting standards, not to record leases with an initial term of 12 months or less in the consolidated balance sheet. ASC 842 requires the separation of the fixed lease components from the variable lease components. The Company has elected the practical expedient to account for separate lease components of a contract as a single lease cost thus causing all fixed payments to be capitalized. Non-lease and variable cost components are not included in the measurement of the right-of-use assets or operating lease liabilities. Operating lease cost and variable lease cost were $10,000 and $3,000, for the three- month period ending December 31, 2022. Operating lease cost and variable lease cost were $13,000 and $4,000, for the nine- month period ending December 31, 2022. There was no operating lease cost and variable lease cost for the three- and nine-month period ending December 31, 2021. The aggregate future lease payments for the Company’s operating lease of December 31, 2022 were as follows: ​ ​ ​ ​ ​ Fiscal Year Amount 2023 (excluding the nine months ended December 30, 2022) ​ $ 9,096 2024 ​ 36,989 2025 ​ 38,202 2026 ​ ​ 38,202 2027 ​ ​ 38,202 Thereafter ​ ​ 178,274 Total Lease Payments ​ $ 338,965 Less Imputed Interest ​ 77,288 Total operating lease liabilities ​ $ 261,677 ​

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	10. 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 ● On February 25, 2015, 1,753 common shares were issued to two former lenders connected with a $0.2 million 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 of December 31, 2022 these shares have not yet been issued. ● In connection with the Company’s April 2016 acquisition of Interactive Motion Technologies, Inc. the Company acquired a license agreement dated September 8, 2009, with a former director as a co-licensor, pursuant to which the Company is obligated to pay the former director and co-licensor an aggregate royalty of 1% of sales based on patent #8,613,691 Dynamic Lower Limb Rehabilitation Robotic Apparatus and Method of Rehabilitating Human Gait). No sales have been made, as the technology under this patent has not been commercialized.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Dec. 31, 2022
Recent Accounting Pronouncements
Recent Accounting Pronouncements	11. Recent Accounting Pronouncements Accounting Standards Update 2020-06—Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity: simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock as a single equity instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted earnings per share (EPS) calculation in certain areas. The amendments in this Update are effective for public business entities that meet the definition of an SEC filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the impact the adoption of ASU 2020-06 will have on the Company’s consolidated financial statements and related disclosures.

Business Combination (Tables)

Business Combination (Tables)	9 Months Ended
	Dec. 31, 2022
Business Combination
Summary of estimated fair value of assets acquired and consideration paid	The acquisition qualified for purchase accounting treatment under Accounting Standards Codification (“ASC”) Topic 805, Business Combinations, whereby the purchase price was provisionally allocated to the assets acquired and liabilities assumed based upon their estimated fair values on the acquisition date of September 7, 2022: ​ ​ ​ ​ ​ ​ Tower Aquatic ​ ​ Acquisition Total consideration paid ​ $ 215,000 ​ ​ ​ ​ Estimated fair value of assets acquired: ​ Property and Equipment ​ 79,448 ROU Asset ​ 267,429 Lease Liability ​ (267,429) Tradename and Trademarks, net ​ 36,000 Goodwill ​ 99,552 ​ ​ $ 215,000 ​

Balance Sheet Accounts (Tables)

Balance Sheet Accounts (Tables)	9 Months Ended
	Dec. 31, 2022
Balance Sheet Accounts
Schedule of prepaid expenses and other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ ​ 2022 ​ 2022 Prepaid inventory ​ $ 709,503 ​ $ 956,743 Prepaid insurance ​ 141,389 ​ 77,553 Other prepaid expenses ​ 58,439 ​ 93,066 ​ ​ $ 909,331 ​ $ 1,127,362 ​
Schedule of components of equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ March 31, 2022 ​ ​ Accumulated ​ Accumulated ​ Cost Depreciation Net Cost Depreciation Net Computers and electronics ​ $ 315,837 ​ $ 308,545 ​ $ 7,292 ​ $ 315,837 ​ $ 305,420 ​ $ 10,417 Furniture and fixtures ​ 36,795 ​ 36,795 ​ — ​ 36,795 ​ 36,795 ​ — Demonstration equipment ​ 204,447 ​ ​ 122,461 ​ ​ 81,986 ​ 168,691 ​ 87,874 ​ 80,817 Equipment ​ ​ 130,563 ​ ​ 90,833 ​ ​ 39,730 ​ ​ 88,742 ​ ​ 88,742 ​ ​ — Leasehold Improvements ​ 79,448 ​ 2,207 ​ 77,241 ​ — ​ — ​ — Tools and parts ​ 11,422 ​ 11,422 ​ — ​ 11,422 ​ 11,422 ​ — Assets under capital lease ​ 68,453 ​ 68,453 ​ — ​ 68,453 ​ 68,453 ​ — ​ ​ $ 846,965 ​ $ 640,716 ​ $ 206,249 ​ $ 689,940 ​ $ 598,706 ​ $ 91,234 ​
Schedule of accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, March 31, ​ ​ 2022 ​ 2022 Accrued personnel costs ​ $ 208,564 ​ $ 115,992 Accrued director fees ​ 823,334 ​ 480,672 Accrued commissions ​ 14,278 ​ 22,924 Accrued professional fees ​ 98,433 ​ 81,100 Accrued warranty costs ​ 24,554 ​ 8,885 Accrued other ​ 123,892 ​ 163,457 ​ ​ $ 1,293,055 ​ $ 873,030 ​

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Dec. 31, 2022
Inventories
Schedule of inventory	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ March 31, ​ 2022 2022 Finished goods ​ ​ 942,002 ​ ​ 1,083,718 Raw Materials ​ ​ 201,578 ​ ​ 107,302 ​ ​ $ 1,143,580 ​ $ 1,191,020

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Dec. 31, 2022
Stockholders' Equity
Schedule of share capital	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ March 31, 2022 ​ Number of shares $ Number of shares $ Exchangeable Shares ​ ​ ​ ​ ​ ​ Balance beginning of period 112,440 ​ $ 113 ​ 112,440 ​ $ 113 Converted into common shares (1,048) ​ ​ (1) ​ — ​ ​ — Balance at end of period 111,392 ​ ​ 112 ​ 112,440 ​ ​ 113 Common Shares ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of the period 6,767,114 ​ ​ 6,766 ​ 5,589,375 ​ ​ 5,589 Shares issued on conversion of loans (a) — ​ ​ — ​ 947,602 ​ ​ 947 Shares issued for in lieu of services (b) ​ — ​ ​ — ​ 50,000 ​ ​ 50 Options exercised in conjunction with 2021 Notes (c) ​ — ​ ​ — ​ 180,137 ​ ​ 180 Exchangeable shares converted into common shares ​ 1,048 ​ ​ 1 ​ — ​ ​ — Balance at end of the period 6,768,162 ​ ​ 6,767 ​ 6,767,114 ​ ​ 6,766 Total Shares 6,879,554 ​ $ 6,879 ​ 6,879,554 ​ $ 6,879 (a) During the year ended March 31, 2022, the Company issued 1,408 shares of the Company’s common stock to existing noteholders pursuant to the terms of their convertible notes purchased in 2020. Additionally, on March 31, 2022, the 2021 notes were converted into 946,194 shares of common stock of the Company as discussed in Note 4 above. (b) During the year ended March 31, 2022, the Company issued 50,000 shares for expenses to support the Company’s investor relations strategy. The shares were valued based on the trading price of the Company’s common stock on the issuance date. (c) With the 2021 Notes as discussed in Note 4 above, in July 2021, $0.6 million of the outstanding principal and accrued and unpaid interest under the term loan agreement was applied towards the purchase price to exercise 180,137 outstanding options of certain debtholders. The outstanding options were valued based on the predetermined exercise price of the stock options.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Dec. 31, 2022
Stock-Based Compensation
Schedule of stock options outstanding and exercisable	​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ December 31, ​ 2022 2021 ​ Risk free interest rate 3.95 % 1.34 % Expected term 7 years ​ 7 years ​ Dividend yield — — ​ Expected volatility 197 % 171 % Forfeiture rate 0 % 0 % ​

Warrants (Tables)

Warrants (Tables)	9 Months Ended
	Dec. 31, 2022
Warrants
Schedule of continuity schedule	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ Number of ​ Exercise ​ Warrants Price Outstanding and exercisable, March 31, 2021 122,367 $ 19.69 Expired (42,684) $ (9.38) Outstanding and exercisable, March 31, 2022 79,683 $ 25.22 Expired ​ (64,025) ​ ​ (9.38) Outstanding and exercisable December 31, 2022 15,658 $ 90.00 ​
Summary of common share purchase warrants outstanding	​ ​ ​ ​ ​ ​ Exercise Number of ​ Price ($) ​ Warrants ​ Expiry Date 90.00 ​ 15,658 ​ March 31, 2023 ​

Leases (Tables)

Leases (Tables)	9 Months Ended
	Dec. 31, 2022
Leases
Schedule of aggregate future lease payments for operating lease	The aggregate future lease payments for the Company’s operating lease of December 31, 2022 were as follows: ​ ​ ​ ​ ​ Fiscal Year Amount 2023 (excluding the nine months ended December 30, 2022) ​ $ 9,096 2024 ​ 36,989 2025 ​ 38,202 2026 ​ ​ 38,202 2027 ​ ​ 38,202 Thereafter ​ ​ 178,274 Total Lease Payments ​ $ 338,965 Less Imputed Interest ​ 77,288 Total operating lease liabilities ​ $ 261,677

Interim Condensed Consolidate_2

Interim Condensed Consolidated Financial Statements (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Interim Condensed Consolidated Financial Statements
Cash and cash equivalents	$ 685,202		$ 685,202		$ 1,991,377
Working capital surplus	1,000,000		1,000,000		3,100,000
Accumulated deficits	(98,992,053)		(98,992,053)		$ (95,402,321)
Net loss and comprehensive loss	$ (1,076,146)	$ (6,983,125)	$ (3,587,705)	$ (8,716,271)

Business Combination (Details)

Business Combination (Details) - USD ($)		9 Months Ended
	Sep. 07, 2022	Dec. 31, 2022
Business Combinations
Cash purchase price		$ 215,000
Tower Aquatic Acquisition
Business Combinations
Cash purchase price	$ 215,000
Acquisition-related costs	$ 52,000

Business Combination - Summary

Business Combination - Summary of estimated fair value of assets acquired and consideration paid (Details) - USD ($)	Sep. 07, 2022	Dec. 31, 2022	Mar. 31, 2022
Estimated fair value of assets acquired:
Goodwill		$ 99,552	$ 0
Tower Aquatic Acquisition
Business Combinations
Total consideration paid	$ 215,000
Estimated fair value of assets acquired:
Property and Equipment	79,448
ROU Asset	267,429
Lease Liability	(267,429)
Tradename and Trademarks, net	36,000
Goodwill	99,552
Assets acquired and liabilities assumed	$ 215,000

Balance Sheet Accounts - Prepai

Balance Sheet Accounts - Prepaid Expenses and Other Current Assets (Details) - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Prepaid Expenses
Prepaid inventory	$ 709,503	$ 956,743
Prepaid insurance	141,389	77,553
Other prepaid expenses	58,439	93,066
Prepaid Expense and Other Current Assets, Total	$ 909,331	$ 1,127,362

Balance Sheet Accounts - Equipm

Balance Sheet Accounts - Equipment (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Equipment, Cost	$ 846,965		$ 846,965		$ 689,940
Accumulated Depreciation	640,716		640,716		598,706
Equipment, Net	206,249		206,249		91,234
Depreciation expense	19,000	$ 11,000	43,000	$ 31,000
Computers and electronics
Equipment, Cost	315,837		315,837		315,837
Accumulated Depreciation	308,545		308,545		305,420
Equipment, Net	7,292		7,292		10,417
Furniture and fixtures
Equipment, Cost	36,795		36,795		36,795
Accumulated Depreciation	36,795		36,795		36,795
Demonstration equipment
Equipment, Cost	204,447		204,447		168,691
Accumulated Depreciation	122,461		122,461		87,874
Equipment, Net	81,986		81,986		80,817
Equipment
Equipment, Cost	130,563		130,563		88,742
Accumulated Depreciation	90,833		90,833		88,742
Equipment, Net	39,730		39,730
Leasehold Improvements
Equipment, Cost	79,448		79,448
Accumulated Depreciation	2,207		2,207
Equipment, Net	77,241		77,241
Tools and parts
Equipment, Cost	11,422		11,422		11,422
Accumulated Depreciation	11,422		11,422		11,422
Assets under capital lease
Equipment, Cost	68,453		68,453		68,453
Accumulated Depreciation	$ 68,453		$ 68,453		$ 68,453

Balance Sheet Accounts - Accrue

Balance Sheet Accounts - Accrued Liabilities (Details) - USD ($)	9 Months Ended
	Dec. 31, 2022	Mar. 31, 2022
Balance Sheet Accounts
Accrued personnel costs	$ 208,564	$ 115,992
Accrued director fees	823,334	480,672
Accrued commissions	14,278	22,924
Accrued professional fees	98,433	81,100
Accrued warranty costs	24,554	8,885
Accrued other	123,892	163,457
Accrued Liabilities, Total	$ 1,293,055	$ 873,030
Warranty term	1 year

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($)	Dec. 31, 2022	Mar. 31, 2022
Inventories
Finished goods	$ 942,002	$ 1,083,718
Raw Materials	201,578	107,302
Inventory, Net	$ 1,143,580	$ 1,191,020

Notes Payable & PPP Loans (Deta

Notes Payable & PPP Loans (Details) - USD ($)					3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 14, 2022	Nov. 14, 2022	Sep. 02, 2022	Jun. 10, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022	Jul. 15, 2021
Notes Payable & PPP Loans
Proceeds from convertible loans							$ 1,550,000	$ 5,550,000
Refinancing and 2021 convertible promissory note offering
Notes Payable & PPP Loans
Interest rate					1%		1%
Maturity term							360 days
Interest expense						$ 200,000	$ 0	500,000
Shares issued in conversion of loans									946,194
Refinancing and 2021 convertible promissory note offering | 2021 Offering
Notes Payable & PPP Loans
Proceeds from convertible loans									$ 5,000,000
Maximum convertible note offering									10,000,000
Promissory note signed					$ 5,000,000		5,000,000		$ 8,300,000
Convertible note offering					10,000,000		10,000,000
Term Loan
Notes Payable & PPP Loans
Interest expense					0	0	0	100,000
Term loan purchase of 2021 notes
Notes Payable & PPP Loans
Short-term debt										$ 3,300,000
Term loan, exercise outstanding options of debenture holders
Notes Payable & PPP Loans
Short-term debt										$ 600,000
Convertible promissory note | Shareholder Loans
Notes Payable & PPP Loans
Short-term debt					1,100,000		1,100,000
Convertible promissory note | Term loan purchase of 2021 notes
Notes Payable & PPP Loans
Short-term debt					2,200,000		2,200,000
Convertible promissory note | Term loan, exercise outstanding options of debenture holders
Notes Payable & PPP Loans
Maximum convertible note offering					600,000		600,000
Convertible Loan - Acquisition Loan
Notes Payable & PPP Loans
Interest rate			1%
Maturity term			2 years
Interest expense					8,000	0	10,000	0
Convertible Loan - Acquisition Loan | Remi Gaston-Dreyfus
Notes Payable & PPP Loans
Proceeds from convertible loans			$ 250,000
Working capital loan one
Notes Payable & PPP Loans
Proceeds from convertible loans				$ 500,000
Interest rate				1%
Maturity term				2 years
Interest expense					15,000	0	33,000	0
Working capital loan one | Mr. Gaston-Dreyfus
Notes Payable & PPP Loans
Proceeds from convertible loans				$ 200,000
Working capital loan one | Andr-Jacques Auberton-Herv
Notes Payable & PPP Loans
Proceeds from convertible loans				100,000
Working capital loan one | Existing investor and shareholder
Notes Payable & PPP Loans
Proceeds from convertible loans				$ 200,000
Working capital loan two
Notes Payable & PPP Loans
Proceeds from convertible loans	$ 400,000	$ 400,000
Interest rate	1%	1%
Maturity term	2 years	2 years
Interest expense					$ 8,000	$ 0	$ 8,000	$ 0
Working capital loan two | Remi Gaston-Dreyfus
Notes Payable & PPP Loans
Proceeds from convertible loans	$ 800,000	$ 800,000

Notes Payable & PPP Loans - Sha

Notes Payable & PPP Loans - Shareholder loans (Details) - USD ($)			1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Feb. 24, 2021	Mar. 23, 2020	May 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Jul. 15, 2021
Promissory Note
Notes Payable & PPP Loans
Promissory note signed			$ 500,000
Debt instrument bears interest per annum			1%
Interest deferment period			6 months
Shareholder Loans
Notes Payable & PPP Loans
Proceeds from short-term loan		$ 2,000,000
Consummation of minimum of equity or debt financing		$ 5,000,000
Shareholder Loans | Promissory Note
Notes Payable & PPP Loans
Interest rate per month		1%
Term loan, exercise outstanding options of debenture holders
Notes Payable & PPP Loans
Short-term debt									$ 600,000
Term Loan
Notes Payable & PPP Loans
Proceeds from short-term loan								$ 1,000,000
Interest rate per month	1%
Maximum borrowing debt amount	$ 3,000,000
Minimum amount of equity	$ 3,000,000
Interest expense				$ 0	$ 0	$ 0	$ 100,000
Term loan purchase of 2021 notes
Notes Payable & PPP Loans
Short-term debt									$ 3,300,000

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Authorized (Details) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2022	Mar. 31, 2022
Stockholders' Equity
Balance beginning of period	$ 2,927,212
Shares issued for in lieu of services (in shares)		50,000
Balance at end of period	$ (521,906)	$ 2,927,212
Common Shares and Exchangeable Shares
Stockholders' Equity
Balance beginning of period (in shares)	6,879,554
Balance beginning of period	$ 6,879
Balance at end of period (in shares)	6,879,554	6,879,554
Balance at end of period	$ 6,879	$ 6,879
Exchangeable Shares
Stockholders' Equity
Balance beginning of period (in shares)	112,440	112,440
Balance beginning of period	$ 113	$ 113
Converted into common shares (in shares)	(1,048)	0
Converted into common shares	$ (1)	$ 0
Balance at end of period (in shares)	111,392	112,440
Balance at end of period	$ 112	$ 113
Common Shares
Stockholders' Equity
Balance beginning of period (in shares)	6,767,114	5,589,375
Balance beginning of period	$ 6,766	$ 5,589
Shares issued on conversion of loans (in shares)		947,602
Shares issued on conversion of loans		$ 947
Shares issued for in lieu of services (in shares)		50,000
Shares issued for in lieu of services		$ 50
Options exercised in conjunction with 2021 Notes (in shares)		180,137
Options exercised in conjunction with 2021 Notes		$ 180
Exchangeable shares converted into common shares (in shares)	1,048
Exchangeable shares converted into common shares	$ 1
Balance at end of period (in shares)	6,768,162	6,767,114
Balance at end of period	$ 6,767	$ 6,766

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2022	Jul. 31, 2021
Stockholders' Equity
Shares issued in lieu of services (in shares)	50,000
Secured convertible promissory note
Stockholders' Equity
Shares issued on conversion of loans (in shares)	1,408
Options exercised in conjunction with 2021 Notes (in shares)	180,137
2021 Notes
Stockholders' Equity
Convertible debt converted into shares of common stock (in shares)	946,194
Principal and interest		$ 0.6

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Stock-Based Compensation
Stock-based compensation expense	$ 31,000	$ 200,000	$ 100,000	$ 300,000
Vesting period			1 year	5 years
Weighted-average grant date fair value			$ 0.30	$ 2.05
Risk free interest rate			3.95%	1.34%
Expected term			7 years	7 years
Expected volatility			197%	171%
Forfeiture rate			0%	0%
Employees of Bionik Inc
Stock-Based Compensation
Share options granted			244,000	273,500
Performance Based Units (PSUs)
Stock-Based Compensation
Unrecognized compensation expense	$ 200,000		$ 200,000
Expects to recognize over weighted-average period			2 years

Warrants - Summary of continuit

Warrants - Summary of continuity schedule (Details) - $ / shares	9 Months Ended	12 Months Ended
	Dec. 31, 2022	Mar. 31, 2022
Warrants
Number of Warrants, Outstanding and exercisable, beginning balance	79,683	122,367
Weighted Average Exercise Price, Outstanding and exercisable, beginning balance	$ 25.22	$ 19.69
Number of Warrants, Expired	(64,025)	(42,684)
Weighted Average Exercise Price, Expired	$ (9.38)	$ (9.38)
Number of Warrants, Outstanding and exercisable, ending balance	15,658	79,683
Weighted Average Exercise Price, Outstanding and exercisable, ending balance	$ 90	$ 25.22

Warrants - Summary of common sh

Warrants - Summary of common share purchase warrants outstanding (Details) - Common share purchase warrants outstanding	9 Months Ended
	Dec. 31, 2022 $ / shares shares
Warrants
Warrant exercise price | $ / shares	$ 90
Class of warrant or right, number of warrants | shares	15,658
Class of warrant or right expiry date	Mar. 31, 2023

Warrants - Additional Informati

Warrants - Additional Information (Details)	9 Months Ended
	Dec. 31, 2022
Warrants
Weighted average remaining contractual term	3 months

Leases (Details)

Leases (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Leases
Operating lease cost	$ 10,000	$ 0	$ 13,000	$ 0
Variable lease cost	$ 3,000	$ 0	$ 4,000	$ 0

Leases - Aggregate Future Lease

Leases - Aggregate Future Lease Payments For Operating Lease (Details)	Dec. 31, 2022 USD ($)
Aggregate future lease payments for operating lease
2023 (excluding the nine months ended December 30, 2022)	$ 9,096
2024	36,989
2025	38,202
2026	38,202
2027	38,202
Thereafter	178,274
Total Lease Payments	338,965
Less Imputed Interest	77,288
Total operating lease liabilities	$ 261,677

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)		9 Months Ended
	Feb. 25, 2015	Dec. 31, 2022
Commitments and Contingencies
Issuance of common stock, shares	1,753
Loan received and repaid	$ 200,000
Issuance of common stock, value	$ 210,323
Percentage of royalty on sales		1%
Former Chief Technology Officer And New Chief Technology Officer
Commitments and Contingencies
Stock transferred to lenders	2,098
Stock to be reimbursed to officers	2,134