Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Aug. 31, 2014 | Nov. 01, 2014 | Feb. 28, 2014 | |
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'Stellar Biotechnologies, Inc. | ' | ' |
Entity Central Index Key | '0001540159 | ' | ' |
Current Fiscal Year End Date | '--08-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Trading Symbol | 'SBOTF | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 79,121,650 | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Aug-14 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $85,585,181 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Aug. 31, 2014 | Aug. 31, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $13,427,404 | $7,859,889 |
Accounts receivable | 56,575 | 177,720 |
Short-term investments | 458,098 | 0 |
Deferred financing costs | 0 | 62,027 |
Prepaid expenses | 128,593 | 34,886 |
Total current assets | 14,070,670 | 8,134,522 |
Noncurrent assets: | ' | ' |
Property, plant and equipment, net | 387,392 | 246,269 |
Licensing rights | 0 | 116,667 |
Deposits | 15,900 | 15,900 |
Total noncurrent assets | 403,292 | 378,836 |
Total Assets | 14,473,962 | 8,513,358 |
Current liabilities: | ' | ' |
Accounts payable and accrued liabilities | 526,626 | 419,413 |
Deferred revenue | 15,000 | 0 |
Warrant liability, current portion | 879,040 | 3,454,745 |
Total current liabilities | 1,420,666 | 3,874,158 |
Long-term liabilities: | ' | ' |
Warrant liability, less current portion | 5,352,663 | 6,835,199 |
Total Liabilities | 6,773,329 | 10,709,357 |
Commitments (Note 7) | ' | ' |
Shareholders' equity (deficit): | ' | ' |
Common shares, unlimited common shares authorized, no par value, 78,268,850 and 57,946,160 issued and outstanding at August 31, 2014 and 2013, respectively | 36,240,838 | 13,180,677 |
Shares subscribed | 0 | 5,155,674 |
Accumulated share-based compensation | 5,079,985 | 4,648,317 |
Accumulated deficit | -33,620,190 | -25,180,667 |
Total shareholders' equity (deficit) | 7,700,633 | -2,195,999 |
Total Liabilities and Shareholders' Equity (Deficit) | $14,473,962 | $8,513,358 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) | Aug. 31, 2014 | Aug. 31, 2013 |
Common shares, shares issued | 78,268,850 | 57,946,160 |
Common shares, shares outstanding | 78,268,850 | 57,946,160 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | |
Revenues: | ' | ' | ' |
Contract services revenue | $192,000 | $60,000 | $60,000 |
Product sales | 143,553 | 76,055 | 131,825 |
Grant revenue | 36,579 | 409,414 | 94,229 |
Revenues | 372,132 | 545,469 | 286,054 |
Expenses: | ' | ' | ' |
Costs of contract services | 60,734 | 11,525 | 15,572 |
Costs of production and aquaculture | 662,946 | 183,276 | 426,310 |
Grant costs | 36,579 | 409,414 | 94,043 |
Research and development | 2,458,934 | 2,018,554 | 2,634,119 |
General and administration | 2,871,455 | 1,770,619 | 3,662,009 |
Operating Expenses | 6,090,648 | 4,393,388 | 6,832,053 |
Other Income (Loss) | ' | ' | ' |
Loss recovery | 0 | 0 | 105,000 |
Foreign exchange gain (loss) | -222,437 | -95,842 | 10,091 |
Change in fair value of warrant liability | -2,533,305 | -10,556,208 | 897,549 |
Investment income | 61,935 | 4,990 | 4,881 |
Nonoperating Income (Expense) | -2,693,807 | -10,647,060 | 1,017,521 |
Loss Before Income Tax | -8,412,323 | -14,494,979 | -5,528,478 |
Income tax expense | 27,200 | 800 | 800 |
Net Loss | ($8,439,523) | ($14,495,779) | ($5,529,278) |
Loss per common share - basic and diluted (in dollars per share) | ($0.11) | ($0.28) | ($0.13) |
Weighted average number of common shares outstanding (in shares) | 75,826,642 | 51,611,944 | 43,775,766 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | |
Cash Flows Used In Operating Activities: | ' | ' | ' |
Net loss | ($8,439,523) | ($14,495,779) | ($5,529,278) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Depreciation and amortization | 158,313 | 124,833 | 112,144 |
Share-based compensation | 956,634 | 786,585 | 1,923,200 |
Foreign exchange (gain) loss | 222,437 | 95,842 | -10,091 |
Change in fair value of warrant liability | 2,533,305 | 10,556,208 | -897,549 |
Loss on disposal of property, plant and equipment | 3,670 | 0 | 0 |
Impairment loss | 90,476 | 0 | 0 |
Fair value of shares issued for research license | 0 | 491,408 | 0 |
Changes in working capital items: | ' | ' | ' |
Accounts receivable | 121,075 | -192,067 | 29,740 |
Deferred financing costs | 60,656 | -62,027 | 0 |
Prepaid expenses | -94,974 | -2,658 | 4,376 |
Accounts payable and accrued liabilities | 106,224 | 29,309 | 292,167 |
Deferred revenue | 15,000 | -127,477 | 127,477 |
Net cash used in operating activities | -4,266,707 | -2,795,823 | -3,947,814 |
Cash Flows Used In Investing Activities: | ' | ' | ' |
Acquisition of property, plant and equipment | -279,065 | -9,541 | -78,338 |
Proceeds on sale of property, plant and equipment | 2,150 | 0 | 0 |
Purchase of short-term investments | -464,500 | 0 | 0 |
Net cash used in investing activities | -741,415 | -9,541 | -78,338 |
Cash Flows From Financing Activities: | ' | ' | ' |
Proceeds from exercise of warrants and options | 4,308,878 | 1,582,739 | 877,210 |
Proceeds from issuance of common stock, net | 6,479,097 | 8,146,487 | 0 |
Refund of deposit | 0 | 1,600 | 0 |
Net cash provided by financing activities | 10,787,975 | 9,730,826 | 877,210 |
Effect of exchange rate changes on cash and cash equivalents | -212,338 | -64,571 | 2,448 |
Net change in cash and cash equivalents | 5,567,515 | 6,860,891 | -3,146,494 |
Cash and cash equivalents - beginning of year | 7,859,889 | 998,998 | 4,145,492 |
Cash and cash equivalents - end of year | $13,427,404 | $7,859,889 | $998,998 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (USD $) | Total | Common Shares [Member] | Shares Subscribed [Member] | Accumulated Share-Based Compensation [Member] | Accumulated Deficit [Member] |
Balance at Aug. 31, 2011 | $3,440,599 | $6,541,810 | $0 | $2,054,399 | ($5,155,610) |
Balance (in shares) at Aug. 31, 2011 | ' | 41,611,831 | ' | ' | ' |
Performance shares to be issued | 1,209,000 | 0 | 0 | 1,209,000 | 0 |
Issuance of performance shares | 0 | 366,363 | 0 | -366,363 | 0 |
Issuance of performance shares (in shares) | ' | 1,313,130 | ' | ' | ' |
Proceeds from exercise of warrants | 830,716 | 830,716 | 0 | 0 | 0 |
Proceeds from exercise of warrants (in shares) | ' | 2,318,600 | ' | ' | ' |
Transfer to common stock on exercise of warrants | 190,425 | 190,425 | 0 | 0 | 0 |
Proceeds from exercise of options | 46,494 | 46,494 | 0 | 0 | 0 |
Proceeds from exercise of options (in shares) | ' | 170,000 | ' | ' | ' |
Transfer to common stock on exercise of options | 0 | 41,087 | 0 | -41,087 | 0 |
Share-based compensation | 714,200 | 0 | 0 | 714,200 | 0 |
Net loss | -5,529,278 | 0 | 0 | 0 | -5,529,278 |
Balance at Aug. 31, 2012 | 902,156 | 8,016,895 | 0 | 3,570,149 | -10,684,888 |
Balance (in shares) at Aug. 31, 2012 | ' | 45,413,561 | ' | ' | ' |
Proceeds of private placements | 3,115,875 | 3,115,875 | 0 | 0 | 0 |
Proceeds of private placements (in shares) | ' | 9,258,400 | ' | ' | ' |
Issuance costs of private placements including fair value of broker warrants | -125,062 | -275,956 | 0 | 150,894 | 0 |
Fair value of warrants issued in private placements | -1,749,004 | -1,749,004 | 0 | 0 | 0 |
Proceeds from exercise of warrants | 1,510,336 | 1,510,336 | 0 | 0 | 0 |
Proceeds from exercise of warrants (in shares) | ' | 2,738,000 | ' | ' | ' |
Transfer to common stock on exercise of warrants | 2,139,409 | 2,139,409 | 0 | 0 | 0 |
Proceeds from exercise of options | 72,403 | 72,403 | 0 | 0 | 0 |
Proceeds from exercise of options (in shares) | ' | 164,999 | ' | ' | ' |
Transfer to common stock on exercise of options | 0 | 54,325 | 0 | -54,325 | 0 |
Share-based compensation | 786,585 | 0 | 0 | 786,585 | 0 |
Shares issued to acquire license | 491,408 | 491,408 | 0 | 0 | 0 |
Shares issued to acquire license (in shares) | ' | 371,200 | ' | ' | ' |
Fair value of warrants issued to acquire license | 0 | -195,014 | 0 | 195,014 | 0 |
Subscriptions received for private placement and warrants | 5,155,674 | 0 | 5,155,674 | 0 | 0 |
Net loss | -14,495,779 | 0 | 0 | 0 | -14,495,779 |
Balance at Aug. 31, 2013 | -2,195,999 | 13,180,677 | 5,155,674 | 4,648,317 | -25,180,667 |
Balance (in shares) at Aug. 31, 2013 | ' | 57,946,160 | ' | ' | ' |
Proceeds of private placements | 7,000,000 | 12,000,000 | -5,000,000 | 0 | 0 |
Proceeds of private placements (in shares) | ' | 11,428,570 | ' | ' | ' |
Issuance costs of private placements including fair value of broker warrants | -520,903 | -907,801 | 0 | 386,898 | 0 |
Issuance of performance shares | 0 | 422,728 | 0 | -422,728 | 0 |
Issuance of performance shares (in shares) | ' | 1,515,152 | ' | ' | ' |
Proceeds from exercise of warrants | 3,764,460 | 3,920,134 | -155,674 | 0 | 0 |
Proceeds from exercise of warrants (in shares) | ' | 5,937,300 | ' | ' | ' |
Transfer to common stock on exercise of warrants | 6,591,546 | 6,591,546 | 0 | 0 | 0 |
Proceeds from exercise of options | 544,418 | 544,418 | 0 | 0 | 0 |
Proceeds from exercise of options (in shares) | ' | 1,441,668 | ' | ' | ' |
Transfer to common stock on exercise of options | 0 | 489,136 | 0 | -489,136 | 0 |
Share-based compensation | 956,634 | 0 | 0 | 956,634 | 0 |
Net loss | -8,439,523 | 0 | 0 | 0 | -8,439,523 |
Balance at Aug. 31, 2014 | $7,700,633 | $36,240,838 | $0 | $5,079,985 | ($33,620,190) |
Balance (in shares) at Aug. 31, 2014 | ' | 78,268,850 | ' | ' | ' |
Nature_of_Operations_and_Going
Nature of Operations and Going Concern | 12 Months Ended | ||
Aug. 31, 2014 | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||
Nature of Operations [Text Block] | ' | ||
1 | Nature of Operations and Going Concern | ||
Stellar Biotechnologies, Inc. (“the Company”) is listed on the U.S. OTCQB Marketplace Exchange under the trading symbol, “SBOTF” and on the TSX Venture Exchange as a Tier 2 issuer under the trading symbol, “KLH.” | |||
On April 7, 2010, the Company changed its name from CAG Capital, Inc. to Stellar Biotechnologies, Inc. On April 12, 2010, the Company completed a reverse merger transaction with Stellar Biotechnologies, Inc. a California corporation, which was founded in September 1999, and remains the Company’s wholly-owned subsidiary and principal operating entity. The Company’s executive offices are located at 332 E. Scott Street, Port Hueneme, California, 93041, USA, and the registered and records office is Royal Centre, 1055 West Georgia Street, Suite 1500, Vancouver, BC, V6E 4N7, Canada. | |||
The Company’s business is the aquaculture, research and development, manufacture and commercialization of Keyhole Limpet Hemocyanin (“KLH”). The Company markets and distributes its KLH products to biotechnology and pharmaceutical companies, academic institutions, and clinical research organizations in Europe, United States, and Asia. | |||
For the years ended August 31, 2014, 2013 and 2012, the Company reported net losses of approximately $8.4 million, $14.5 million, and $5.5 million, respectively. As of August 31, 2014, the Company had an accumulated deficit of approximately $33.6 million and working capital of approximately $12.7 million. | |||
In the past, operations of the Company have primarily been funded by the issuance of common shares, exercise of warrants, grant revenues, contract services revenue, and product sales. In September 2013, the Company closed a private placement with gross proceeds of $12,000,000. Management believes these financial resources are adequate to support the Company’s initiatives at the current level for the foreseeable future. Management is also continuing the ongoing effort toward expanding the customer base for existing marketed products, and the Company may seek additional financing alternatives, including nondilutive financing through grants, collaboration and licensing arrangements, and additional equity financing. | |||
The accompanying financial statements have been prepared on the going concern basis, which assumes that the Company will continue in operation for the foreseeable future and be able to realize its assets and discharge its liabilities and commitments in the normal course of business. | |||
The consolidated financial statements of the Company are presented in U.S. dollars, unless otherwise stated, which is the functional currency. | |||
Basis_of_Presentation
Basis of Presentation | 12 Months Ended | ||
Aug. 31, 2014 | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||
Business Description and Basis of Presentation [Text Block] | ' | ||
2 | Basis of Presentation | ||
The accompanying financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly-owned subsidiary, Stellar Biotechnologies, Inc. Intercompany balances and transactions are eliminated on consolidation. | |||
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||
Aug. 31, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Significant Accounting Policies [Text Block] | ' | ||
3 | Significant Accounting Policies | ||
a) | Use of Estimates | ||
The preparation of financial statements in conformity with GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reported periods. These estimates include warrant liability, share-based compensation, intangible assets, valuation of accounts receivable, and income taxes. Actual outcomes could differ from these estimates. These consolidated financial statements include estimates, which by their nature are uncertain. The impacts of such estimates are pervasive throughout the consolidated financial statements, and may require accounting adjustments based on future periods if the revision affects both current and future periods. These estimates are based on historical experience, current and future economic conditions and other factors, including expectations of future events that are believed to be reasonable under the circumstances. | |||
b) | Cash and Cash Equivalents | ||
Cash and cash equivalents consist of demand deposits with financial institutions and highly liquid investments which are readily convertible into cash with maturities of three months or less when purchased. | |||
c) | Investments | ||
Investments include Canadian enhanced yield deposits with original maturity of 180 days. Investments are classified as held-to-maturity and are reported at amortized cost, which approximates fair value. The Company regularly reviews its investments to determine whether a decline in fair value below the cost basis is other than temporary. If the decline in fair value is determined to be other than temporary, the cost basis of the investment is written down to fair value. | |||
d) | Allowance for Doubtful Accounts Receivable | ||
The Company assesses the collectability of its accounts receivable through a review of its current aging, as well as an analysis of its historical collection rate, general economic conditions and credit status of its customers. As of August 31, 2014 and 2013, all outstanding accounts receivable were deemed to be fully collectible, and therefore, no allowance for doubtful accounts was recorded. | |||
e) | Property, Plant and Equipment | ||
Property, plant and equipment are recorded at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is recorded on the straight-line method over useful lives ranging from 5 to 10 years. Leasehold improvements are depreciated over the shorter of the useful life of the improvement or remaining term of lease. Maintenance and repairs are charged to operations as incurred. | |||
f) | Impairment of Long-Lived Assets | ||
If indicators of impairment exist, the Company assesses the recoverability of the affected long-lived assets by determining whether the carrying value of such assets can be recovered through undiscounted future operating cash flows. If impairment is indicated, the amount of such impairment is measured by comparing the carrying value of the asset to the fair value of the asset and the Company records the impairment as a reduction in the carrying value of the related asset and a charge to operating results. Estimating the undiscounted future cash flows associated with long-lived assets requires judgment, and assumptions could differ materially from actual results. See Note 6 for impairment of licensing rights. | |||
g) | Fair Value of Financial Instruments | ||
The Company uses the fair value measurement framework for valuing financial assets and liabilities measured on a recurring basis in situations where other accounting pronouncements either permit or require fair value measurements. | |||
Fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As of August 31, 2014 and 2013, the carrying value of certain financial instruments such as accounts receivable, accounts payable, accrued liabilities, and deferred revenue approximates fair value due to the short-term nature of such instruments. | |||
The Company follows the fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: | |||
Level 1: | Quoted prices in active markets for identical or similar assets and liabilities. | ||
Level 2: | Quoted prices for identical or similar assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical or similar assets and liabilities. | ||
Level 3: | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||
The Company records its cash and cash equivalents at fair value using Level 1 inputs in the fair value hierarchy. The Company records its warrant liability at fair value using Level 2 input using the assumptions disclosed in Note 8. | |||
h) | Revenue Recognition | ||
Contract services revenue | |||
The Company recognizes contract services revenue when contract services have been performed and reasonable assurance exists regarding measurement and collectability. An appropriate amount will be recognized as revenue in the period that the Company is assured of fulfilling the contract requirements. Amounts received in advance of performance of contract services are recorded as deferred revenue. | |||
Contract services include services performed under collaboration agreements and monthly maintenance of limpet colonies designated to meet the needs of the customer. The Company also has the right to use raw material produced from designated limpet colonies at no cost to the Company with prior written consent from the customer. | |||
Product Sales | |||
The Company recognizes product sales when KLH product is shipped (for which the risk is typically transferred upon delivery to the shipping carrier) and there is persuasive evidence of an arrangement, the fee is fixed or determinable, and collectability is reasonably assured. The Company documents arrangements with customers with purchase orders and sales agreements. | |||
Product sales include sales made under supply agreements with a customer for a fixed price per gram of KLH products based on quantities ordered, including those produced from the customer’s designated limpet colonies. The supply agreements are on a non-exclusive basis except within that customer’s field of use. | |||
Grants | |||
The Company has taken the income approach to recognizing grant revenue. The Company recognizes grant revenue when there is reasonable assurance that the Company will comply with the conditions attached, the benefits have been earned and it is reasonably assured of collection. An appropriate amount of earned revenue will be recognized as revenue in the period that the Company is assured of fulfilling the grant requirements. | |||
i) | Research and Development | ||
Research and development costs are expensed as incurred. | |||
j) | Equity Financing | ||
The Company engages in equity financing transactions to obtain the funds necessary to continue operations and perform research and development activities. These equity financing transactions may involve issuance of common shares or units. Units typically comprise a certain number of common shares and share purchase warrants. Depending on the terms and conditions of each equity financing transaction, the warrants are exercisable into additional common shares at a price prior to expiry as stipulated by the terms of the transaction. | |||
k) | Share-Based Compensation | ||
The Company grants options to buy common shares of the Company to its directors, officers, employees and consultants, and grants other equity-based instruments to non-employees. | |||
The fair value of share-based compensation is measured on the date of grant, using the Black-Scholes option valuation model and is recognized over the vesting period net of estimated forfeitures for employees or the service period for non-employees. The Black-Scholes option valuation model requires the input of subjective assumptions, including price volatility of the underlying stock, risk-free interest rate, dividend yield, and expected life of the option. | |||
l) | Foreign Exchange | ||
Items included in the financial statements of the Company’s subsidiary are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The functional currency of the parent and its subsidiary is the U.S. dollar. | |||
Transactions in currencies other than the U.S. dollar are recorded at exchange rates prevailing on the dates of the transactions. | |||
m) | Income Taxes | ||
Income tax expense comprises current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity. Current tax expense is the expected tax payable on taxable income for the year, using tax rates enacted or substantively enacted at year-end, adjusted for amendments to tax payable with regards to previous years. | |||
Deferred tax is recorded using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Temporary differences are not provided for relating to goodwill not deductible for tax purposes. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. | |||
A deferred tax asset is recognized only to the extent that it is more likely than not that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it more likely than not that a deferred tax asset will be recovered, it provides a valuation allowance against that excess. | |||
The Company periodically evaluates its tax positions to determine whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities. The Company has not incurred any interest or penalties as of August 31, 2014 with respect to uncertain income tax matters. The Company does not expect that there will be unrecognized tax benefits of a significant nature that will increase or decrease within 12 months of the reporting date. | |||
The Company files income tax returns in the U.S. federal, Canadian and state jurisdictions. Management believes that there are no material uncertain tax positions that would impact the accompanying consolidated financial statements. The Company's policy is to recognize interest and penalties related to unrecognized tax benefits in income tax expense. The Company may be subject to examination by the Internal Revenue Service for tax years 2010 through 2013 and by the Canada Revenue Agency for tax years 2010 through 2014. The Company may also be subject to examination on certain state and local jurisdictions for the tax years 2009 through 2013. | |||
n) | Loss Per Share | ||
Basic earnings (loss) per share is calculated by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. | |||
The computation of diluted loss per share assumes the conversion, exercise or contingent issuance of securities only when such conversion, exercise or issuance would have a dilutive effect on loss per share. The dilutive effect of convertible securities is reflected in diluted earnings per share by application of the “if converted” method. The dilutive effect of outstanding options and warrants and their equivalents is reflected in diluted earnings per share by application of the treasury stock method. Conversion of outstanding warrants, broker units and options would have an antidilutive effect on loss per share for the years ended August 31, 2014, 2013 and 2012, and are therefore excluded from the computation of diluted loss per share. | |||
o) | Segments | ||
The Company operates in one reportable segment and, accordingly, no segment disclosures have been presented. All equipment, leasehold improvements and other fixed assets owned by the Company are physically located within the United States, and all supply, collaboration and licensing agreements are denominated in U.S. dollars. | |||
p) | Recent Accounting Pronouncements | ||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 creates a new topic in the ASC Topic 606 and establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time, provides new and more detailed guidance on specific topics, and expands and improves disclosures about revenue. In addition, ASU 2014-09 adds a new Subtopic to the Codification, ASC 340-40, Other Assets and Deferred Costs: Contracts with Customers, to provide guidance on costs related to obtaining a contract with a customer and costs incurred in fulfilling a contract with a customer that are not in the scope of another ASC Topic. The guidance in ASU 2014-09 is effective for public entities for annual reporting periods beginning after December 15, 2016, including interim periods therein. Early application is not permitted. Management is in the process of assessing the impact of ASU 2014-09 on the Company’s financial statements. | |||
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. ASU 2014-15 defines management's responsibility to evaluate whether there is substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosures. The guidance in ASU 2014-15 is effective for annual reporting periods beginning after December 15, 2016, with early application permitted. Management is in the process of assessing the impact of ASU 2014-15 on the Company’s financial statements. | |||
Accounts_Receivable
Accounts Receivable | 12 Months Ended | |||||||
Aug. 31, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' | |||||||
4 | Accounts Receivable | |||||||
Accounts receivable consisted of the following: | ||||||||
August 31, | August 31, | |||||||
2014 | 2013 | |||||||
Accounts receivable | $ | 55,713 | $ | 17,648 | ||||
Grants receivable | - | 157,297 | ||||||
Other receivable | 862 | 2,775 | ||||||
$ | 56,575 | $ | 177,720 | |||||
Property_Plant_and_Equipment_n
Property, Plant and Equipment, net | 12 Months Ended | |||||||
Aug. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||
5 | Property, Plant and Equipment, net | |||||||
Property, plant and equipment, net consisted of the following: | ||||||||
August 31, | August 31, | |||||||
2014 | 2013 | |||||||
Aquaculture system | $ | 58,923 | $ | 58,923 | ||||
Laboratory facilities | 62,033 | 62,033 | ||||||
Computer and office equipment | 77,697 | 56,710 | ||||||
Tools and equipment | 622,289 | 393,497 | ||||||
Vehicles | 10,997 | 10,997 | ||||||
Leasehold improvements | 61,187 | 59,107 | ||||||
893,126 | 641,267 | |||||||
Less: accumulated depreciation | -505,734 | -394,998 | ||||||
$ | 387,392 | $ | 246,269 | |||||
Depreciation expense amounted to $132,122, $96,262 and $83,572 for the years ended August 31, 2014, 2013 and 2012, respectively. | ||||||||
Intangible_Assets_Licensing_Ri
Intangible Assets - Licensing Rights | 12 Months Ended | ||
Aug. 31, 2014 | |||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||
Intangible Assets Disclosure [Text Block] | ' | ||
6 | Intangible Assets - Licensing Rights | ||
In December 2010, the Company entered into a research collaboration agreement with a customer. When the agreement terminated according to its terms in August 2011, the Company acquired an exclusive, worldwide sub-licensable and royalty-free license for certain technology developed under collaboration with the customer. The Company paid a $200,000 license fee for the licensing rights, which are jointly owned by the Company and the customer. The licensing rights do not have a fixed term or termination provisions. The licensing rights are amortized over the estimated useful life of seven years and are shown net of accumulated amortization and impairment losses. During the year ended August 31, 2014, the Company discontinued its use of these licensing rights and recorded impairment loss for the remaining value of licensing rights. At August 31, 2013, the value of these licensing rights and related accumulated amortization were $200,000 and $83,333, respectively. | |||
Amortization expense amounted to $26,191, $28,571 and $28,572 for the years ended August 31, 2014, 2013 and 2012, respectively. Impairment loss for the year ended August 31, 2014 totaled $90,476 and is included in general and administrative expenses in the accompanying financial statements. | |||
Commitments
Commitments | 12 Months Ended | ||||
Aug. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
7. Commitments | |||||
Operating leases | |||||
The Company leases three buildings and facilities used in its operations under sublease agreements with the Port Hueneme Surplus Property Authority. In September 2010, the Company exercised its option to extend these sublease agreements for an additional five-year term. The Company has an option to extend the lease for an additional five-year term. | |||||
The Company also leases facilities used for executive offices and laboratories. The Company must pay a portion of the common area maintenance. In July 2014, the Company exercised its option to extend this lease for a two-year term. | |||||
Future minimum lease payments are as follows: | |||||
August 31, | |||||
For The Year Ending August 31, | 2014 | ||||
2015 | $ | 157,000 | |||
2016 | 71,000 | ||||
$ | 228,000 | ||||
Rent expense on these lease agreements amounted to approximately $181,000, $178,000, and $171,000 for the years ended August 31, 2014, 2013 and 2012, respectively. | |||||
Purchase obligations | |||||
The Company has commitments totaling approximately $78,000 at August 31, 2014, for signed agreements with contract research organizations and consultants, which are scheduled to be paid in accordance with contract terms during the 2015 fiscal year. | |||||
Supply agreements | |||||
The Company has two commitments under certain supply agreements with customers for fixed prices per gram on a non-exclusive basis except within that customer’s field of use. The agreements automatically renew each January unless terminated in writing by either party. | |||||
Licensing fees | |||||
In July 2013, the Company acquired the exclusive, worldwide license to certain patented technology for the development of human immunotherapies against Clostridium difficile infection (“C. diff”). The license agreement required an initial, non-refundable license fee of $25,000, which was paid in fiscal 2013, and payment of an aggregate of $200,000 in delayed license fees, which were paid in fiscal 2014. Beginning September 2014, the terms also require a license fee of $20,000 to be paid annually, creditable against royalties due, if any. Royalties are payable for a percentage of related net sales, if any. License fees are also payable for a percentage of related non-royalty sublicensing revenue, if any. No royalties have been paid to date. The Company also reimbursed patent filing costs of approximately $34,000 and $50,000 in fiscal 2014 and 2013, respectively, and will reimburse certain future patent filing, prosecution, and maintenance costs. License fees and patent cost reimbursements paid during the years ended August 31, 2014 and 2013, have been accounted for as research and development expense in the accompanying statements of operations. | |||||
The license agreement expires when the last valid patent claim licensed under the license agreement expires. Prior to that time, the license agreement can be terminated by the licensor upon certain conditions. The Company will have 30 days after written notice from the licensor to cure the problem prior to termination of the license agreement. The Company can terminate the agreement with three months’ prior written notice. | |||||
Upon execution of the license agreement, the Company issued 371,200 common shares and warrants to purchase up to 278,400 of the Company’s common shares to the licensor, as further described in Note 8. The warrants expire on January 23, 2015 and have an exercise price of C$1.25 per share. | |||||
The license agreement provides for the Company up to an aggregate of $6,020,000 in milestone payments to the licensor upon achievement of various financing and development targets up to the first regulatory approval. Remaining contingent milestone payments to the licensor totaling $57,025,000 are related to achievement of sales targets A financing milestone was met during the year ended August 31, 2014, and accordingly, the Company made a milestone payment of $100,000. No milestones were met during the year ended August 31, 2013, and there can be no assurance that any of the remaining milestones will be met in the future. | |||||
Retirement savings plan 401(k) contributions | |||||
The Company sponsors a 401(k) retirement savings plan that requires an annual non-elective safe harbor employer contribution of 3% of eligible employee wages. All employees over 21 years of age are eligible beginning the first payroll after 3 consecutive months of employment. Employees are 100% vested in employer contributions and in any voluntary employee contributions. Contributions to the 401(k) plan were approximately $52,000, $71,000 and $23,000 for the years ended August 31, 2014, 2013 and 2012, respectively. | |||||
Related party commitments | |||||
See Note 9. | |||||
Share_Capital
Share Capital | 12 Months Ended | ||||||||||||
Aug. 31, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||||||
8 | Share Capital | ||||||||||||
Authorized: unlimited common shares without par value. | |||||||||||||
Private Placements During the Year Ended August 31, 2014: | |||||||||||||
The Company closed a private placement and issued 11,428,570 units for total gross proceeds of $12,000,000, completed in two closings. The private placement included a brokered portion sold to institutional and accredited investors totaling $5,000,000 (4,761,903 units) (the “brokered offering”) and a non-brokered portion totaling $7,000,000 (6,666,667 units) (the “non-brokered offering”). The non-brokered offering included a $5,000,000 investment by a privately-held Taiwan biopharmaceuticals manufacturer. Each unit, sold for $1.05, consisted of (i) one share of the Company’s common shares and (ii) one half of a share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one additional share of the Company’s common shares at a purchase price of $1.35 for a period of three years from the issuance date of the Warrants. Subject to additional requirements imposed by the United States Securities Act of 1933, as amended requiring longer hold-periods on certain of the securities for resale by U.S. subscribers in the U.S. market and a lock-up agreement with certain holders of the securities, the securities issued in the initial closing (2,857,143 brokered offering units, 6,666,667 non-brokered offering units, and 200,000 broker warrants) were subject to a hold period that expired January 10, 2014 and the securities issued in the final closing (1,904,760 brokered offering units and 133,333 broker warrants) were subject to a hold period that expired January 21, 2014. The Company issued 333,333 broker warrants valued at $387,000 using the Black Scholes model and paid $521,000 cash share issuance costs in relation to the private placement. | |||||||||||||
Private Placements During the Year Ended August 31, 2013: | |||||||||||||
a) | In October 2012, the Company issued 4,000,000 units at a price of CDN$0.25 per unit for total gross proceeds of $1,007,900 (CDN$1,000,000). Each unit consisted of one common share of the Company and one transferable share purchase warrant. Each warrant entitles the holder to purchase one common share of the Company at a price of CDN$0.40 and is exercisable on or before October 25, 2015. The warrants were valued at $831,000. The Company issued 400,000 broker units valued at $91,000 and paid $50,000 of cash share issuance costs in relation to the private placement. | ||||||||||||
b) | In January 2013, the Company issued 1,998,400 units at a price of CDN$0.25 per unit for total gross proceeds of $502,098 (CDN$499,600). Each unit consisted of one common share of the Company and one transferable share purchase warrant. Each warrant entitles the holder to purchase one common share of the Company at a price of CDN$0.40 and is exercisable on or before January 4, 2016. The warrants were valued at $448,000. The Company issued 97,200 broker units valued at $24,000 and paid $24,000 of cash share issuance costs in relation to the private placement. | ||||||||||||
c) | In April 2013, the Company issued 3,260,000 units at a price of CDN$0.50 per unit for total gross proceeds of $1,605,877 (CDN$1,630,000). Each unit consisted of one common share of the Company and one half of a transferable share purchase warrant. Each whole warrant entitles the holder to purchase one common share of the Company at a price of CDN$0.75 and is exercisable on or before October 2, 2014. The warrants were valued at $470,000. The Company issued 102,000 broker units valued at $36,000 and paid $50,000 of cash share issuance costs in relation to the private placement. | ||||||||||||
Performance Shares | |||||||||||||
There were 10,000,000 common shares were allotted for officers, directors and employees of the Company based on meeting milestones related to completion of method development for commercial-scale manufacture of KLH, compilation and regulatory submittal of all required chemistry, manufacturing and control data and completion of preclinical toxicity and immunogenicity testing of products under a performance share plan (the “Performance Share Plan”). Share-based compensation was recorded over the estimated vesting period. | |||||||||||||
No amounts were recorded as share-based compensation during the years ended August 31, 2014 or 2013 since the performance shares had fully vested during the prior years. Share-based compensation expense for the year ended August 31, 2012 was $1,209,000. | |||||||||||||
During the year ended August 31, 2011, the Company determined that one of the three milestones set forth in the Performance Share Plan was successfully met and the Board authorized the issuance of an aggregate of 3,333,335 common shares of the Company to all participants in the Performance Share Plan. Accordingly, $930,000 was transferred from accumulated share-based compensation to common shares. | |||||||||||||
During the year ended August 31, 2012, the Company determined that it had successfully met the final two milestones set forth in the Performance Share Plan and issued an aggregate of 1,313,130 common shares of the Company to non-director participants in the Performance Share Plan. Accordingly, $366,363 was transferred from accumulated share-based compensation to common shares. | |||||||||||||
During the year ended August 31, 2014, the Company issued 1,515,152 common shares of the Company to a former director named in the Performance Share Plan. Accordingly, $422,728 was transferred from accumulated share-based compensation to common shares. | |||||||||||||
At August 31, 2014, there are 3,838,383 performance shares outstanding to be issued. | |||||||||||||
License Agreement | |||||||||||||
During the year ended August 31, 2013, the Company entered into a license agreement and issued 371,200 common shares and warrants to purchase up to 278,400 of the Company’s common shares to the licensor. Each warrant entitles the holder to purchase one common share of the Company at a price of CDN$1.25 per share on or before January 23, 2015. The common shares were subject to a hold period that ended on November 25, 2013. The value of the shares and warrants were recorded as research and development expense. | |||||||||||||
Black-Scholes option valuation model | |||||||||||||
The Company uses the Black-Scholes option valuation model to determine the fair value of warrants, broker units and stock options. Option valuation models require the input of highly subjective assumptions including the expected price volatility. The Company has used historical volatility to estimate the volatility of the share price. Changes in the subjective input assumptions can materially affect the fair value estimates, and therefore the existing models do not necessarily provide a reliable single measure of the fair value of the Company’s warrants, broker units and stock options. | |||||||||||||
Warrants | |||||||||||||
A summary of the Company’s warrants activity is as follows: | |||||||||||||
Number of | Weighted | ||||||||||||
Warrants | Average | ||||||||||||
Exercise Price | |||||||||||||
Balance - August 31, 2012 | 7,713,000 | $ | 1.02 | CDN $ | |||||||||
Granted | 7,908,300 | 0.5 | CDN $ | ||||||||||
Exercised | -2,735,000 | 0.57 | CDN $ | ||||||||||
Expired | -1,560,000 | 0.53 | CDN $ | ||||||||||
Balance - August 31, 2013 | 11,326,300 | $ | 0.57 | CDN $ | |||||||||
Granted | 38,100 | 0.46 | CDN $ | ||||||||||
Granted | 6,047,612 | 1.33 | |||||||||||
Exercised | -5,832,300 | 0.68 | CDN $ | ||||||||||
Exercised | -60,000 | 1.35 | |||||||||||
Balance - August 31, 2014 | 11,519,712 | $ | 0.97 | CDN $ | |||||||||
The weighted average contractual life remaining on the outstanding warrants at August 31, 2014 is 1.57 years. | |||||||||||||
The following table summarizes information about the warrants outstanding at August 31, 2014: | |||||||||||||
Exercise Price | Number of | Expiry Date | |||||||||||
Warrants | |||||||||||||
CDN$0.75 | 975,300 | 2-Oct-14 | |||||||||||
CDN$1.25 | 278,400 | 23-Jan-15 | |||||||||||
CDN$0.40 | 4,000,000 | 25-Oct-15 | |||||||||||
CDN$0.40 | 278,400 | 4-Jan-16 | |||||||||||
$1.35 | 4,701,902 | 9-Sep-16 | |||||||||||
$1.05 | 200,000 | 9-Sep-16 | Broker warrants | ||||||||||
$1.35 | 952,377 | 20-Sep-16 | |||||||||||
$1.05 | 133,333 | 20-Sep-16 | Broker warrants | ||||||||||
11,519,712 | |||||||||||||
Warrant Liability | |||||||||||||
Equity offerings conducted by the Company in prior years included the issuance of warrants with exercise prices denominated in Canadian dollars. The Company’s functional currency is in U.S. dollars. As a result of having exercise prices denominated in other than the Company’s functional currency, these warrants meet the definition of derivatives and are therefore classified as derivative liabilities measured at fair value with adjustments to fair value recognized through the consolidated statements of operations. As these warrants are exercised, the fair value of the recorded warrant liability on date of exercise is included in common shares along with the proceeds from the exercise. If these warrants expire, the related decrease in warrant liability is recognized in profit or loss, as part of the change in fair value of warrant liability. There is no cash flow impact as a result of this accounting treatment. | |||||||||||||
The fair value of the warrants is determined using the Black-Scholes option valuation model at the end of each reporting period. Upon exercise of the warrants, the fair value of warrants included in derivative liabilities is reclassified to equity. | |||||||||||||
The fair value of warrants exercised during the years ended August 31, 2014, 2013 and 2012 was determined using the Black-Scholes option valuation model, using the following weighted average assumptions: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Risk free interest rate | 1.07 | % | 1.23 | % | 2.49 | % | |||||||
Expected life (years) | 0.27 | 1.17 | 0.11 | ||||||||||
Expected share price volitility | 106 | % | 111 | % | 110 | % | |||||||
There were no warrants granted during the year ended August 31, 2012. The fair value of warrants granted during the years ended August 31, 2014 and 2013 was determined using the Black-Scholes option valuation model, using the following weighted average assumptions at the date of the grant: | |||||||||||||
2014 | 2013 | ||||||||||||
Risk free interest rate | 1.48 | % | 1.18 | % | |||||||||
Expected life (years) | 3 | 2.76 | |||||||||||
Expected share price volitility | 112 | % | 123 | % | |||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||
Broker units | |||||||||||||
The Company granted broker units as finders’ fees in conjunction with equity offerings in prior years. Broker units are fully vested when granted and allow the holders to purchase equity units. A unit consists of one common share and either one whole warrant or one half warrant. | |||||||||||||
A summary of broker units activity is as follows: | |||||||||||||
Number of | Weighted | ||||||||||||
Units | Average | ||||||||||||
Exercise Price | |||||||||||||
Balance - August 31, 2012 | 345,600 | $ | 0.6 | CDN $ | |||||||||
Granted | 599,200 | 0.29 | CDN $ | ||||||||||
Exercised | -3,000 | 0.5 | CDN $ | ||||||||||
Expired | -345,600 | 0.6 | CDN $ | ||||||||||
Balance - August 31, 2013 | 596,200 | $ | 0.29 | CDN $ | |||||||||
Exercised | -45,000 | 0.33 | CDN $ | ||||||||||
Balance - August 31, 2014 | 551,200 | $ | 0.29 | CDN $ | |||||||||
The weighted average contractual life remaining on the outstanding broker units is 1.01 years. | |||||||||||||
The following table summarizes information about the broker units outstanding at August 31, 2014: | |||||||||||||
Exercise Price | Number of | Expiry Date | |||||||||||
Units | |||||||||||||
CDN$0.50 | 85,200 | 2-Oct-14 | |||||||||||
CDN$0.25 | 400,000 | 25-Oct-15 | |||||||||||
CDN$0.25 | 66,000 | 4-Jan-16 | |||||||||||
551,200 | |||||||||||||
The broker units expiring October 2, 2014 include one-half warrant. The broker units expiring October 25, 2015 and January 4, 2016 include one warrant. | |||||||||||||
There were no broker units granted during the years ended August 31, 2014 or 2012. The estimated fair value of the broker units granted during the year ended August 31, 2013 was determined using a Black-Scholes option valuation model with the following weighted average assumptions: | |||||||||||||
2013 | |||||||||||||
Risk free interest rate | 1.17 | % | |||||||||||
Expected life (years) | 2.83 | ||||||||||||
Expected share price volitility | 123 | % | |||||||||||
Expected dividend yield | 0 | % | |||||||||||
The weighted average fair value of broker units awarded during the year ended August 31, 2013 was CDN$0.25. | |||||||||||||
Options | |||||||||||||
The Company has a 2013 fixed stock option plan (“the Plan”) to be administered by the Board of Directors, which has the discretion to grant up to an aggregate of 10,000,000 options. The exercise price of an option is set at the closing price of the Company’s common shares on the date of grant. Stock options granted to directors, officers, employees and consultants are subject to the following vesting schedule: | |||||||||||||
(a) | One-third shall vest immediately; | ||||||||||||
(b) | One-third shall vest 12 months from the date of grant; and | ||||||||||||
(c) | One-third shall vest 18 months from the date of grant. | ||||||||||||
Stock options granted to investor relations consultants vest over a period of not less than 12 months as to 25% on the date that is three months from the date of grant, and a further 25% on each successive date that is three months from the date of the prior vesting. | |||||||||||||
Options have been issued under the Plan allowing the holders to purchase common shares of the Company as follows: | |||||||||||||
Number of | Weighted | ||||||||||||
Options | Average | ||||||||||||
Exercise Price | |||||||||||||
Balance - August 31, 2012 | 5,789,200 | $ | 0.42 | CDN $ | |||||||||
Granted | 1,200,000 | 0.43 | CDN $ | ||||||||||
Exercised | -164,999 | 0.45 | CDN $ | ||||||||||
Expired | -40,000 | 0.7 | CDN $ | ||||||||||
Forfeited | -195,333 | 0.45 | CDN $ | ||||||||||
Balance - August 31, 2013 | 6,588,868 | $ | 0.42 | CDN $ | |||||||||
Granted | 195,000 | 1.42 | CDN $ | ||||||||||
Granted | 595,000 | 1.83 | |||||||||||
Exercised | -1,441,668 | 0.41 | CDN $ | ||||||||||
Expired | -1,667 | 0.42 | CDN $ | ||||||||||
Balance - August 31, 2014 | 5,935,533 | $ | 0.61 | CDN $ | |||||||||
The weighted average contractual life remaining on the outstanding options is 4.17 years. | |||||||||||||
The following table summarizes information about the options under the Plan outstanding and exercisable at August 31, 2014: | |||||||||||||
Exercise Price | Number of | Exercisable at | Expiry Date | ||||||||||
Options | August 31, 2014 | ||||||||||||
CDN$0.25 | 125,000 | 125,000 | 23-Oct-15 | ||||||||||
CDN$0.28 | 1,645,000 | 1,645,000 | 9-Apr-17 | ||||||||||
CDN$0.25 | 55,000 | 55,000 | 17-May-17 | ||||||||||
CDN$0.28 | 20,000 | 20,000 | 28-Jun-17 | ||||||||||
CDN$0.28 | 70,000 | 70,000 | 13-Jul-17 | ||||||||||
CDN$0.64 | 70,000 | 70,000 | 25-Oct-17 | ||||||||||
CDN$1.00 | 60,000 | 60,000 | 10-Feb-18 | ||||||||||
CDN$0.65 | 848,600 | 848,600 | 8-Aug-18 | ||||||||||
CDN$0.50 | 5,000 | 5,000 | 26-Sep-18 | ||||||||||
CDN$1.87 | 100,000 | 33,333 | 7-Nov-18 | ||||||||||
CDN$0.40 | 70,000 | 70,000 | 22-Dec-18 | ||||||||||
CDN$0.42 | 853,600 | 853,600 | 13-Apr-19 | ||||||||||
CDN$0.29 | 90,000 | 90,000 | 18-Jun-19 | ||||||||||
CDN$0.37 | 150,000 | 150,000 | 9-Aug-19 | ||||||||||
CDN$0.37 | 150,000 | 150,000 | 16-Aug-19 | ||||||||||
CDN$0.25 | 58,333 | 58,333 | 23-Oct-19 | ||||||||||
CDN$0.25 | 215,000 | 215,000 | 19-Dec-19 | ||||||||||
CDN$0.58 | 560,000 | 373,333 | 14-May-20 | ||||||||||
CDN$0.58 | 100,000 | 66,667 | 23-May-20 | ||||||||||
$1.83 | 495,000 | 165,000 | 1-Nov-20 | ||||||||||
$1.84 | 100,000 | 33,333 | 15-Nov-20 | ||||||||||
CDN$0.94 | 95,000 | 31,667 | 27-Jun-21 | ||||||||||
5,935,533 | 5,188,866 | ||||||||||||
The estimated fair value of the stock options granted during the years ended August 31, 2014, 2013 and 2012 was determined using a Black-Scholes option valuation model with the following weighted average assumptions: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Risk free interest rate | 2.01 | % | 1.55 | % | 1.63 | % | |||||||
Expected life (years) | 6.75 | 6.17 | 7 | ||||||||||
Expected share price volitility | 120 | % | 123 | % | 147 | % | |||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||
The weighted average fair value of stock options awarded during the years ended August 31, 2014, 2013 and 2012 was CDN$1.58, CDN$0.38 and CDN$0.40, respectively. | |||||||||||||
As of August 31, 2014, the Company had approximately $327,000 of unrecognized share-based compensation expense, which is expected to be recognized over a period of 1.32 years. | |||||||||||||
The intrinsic value of the options exercised during the years ended August 31, 2014, 2013 and 2012 was $1.38, $0.67, and $0.05 respectively. The intrinsic value of the vested options at August 31, 2014 was $1.25. | |||||||||||||
Related_Party_Disclosures
Related Party Disclosures | 12 Months Ended | ||
Aug. 31, 2014 | |||
Related Party Transactions [Abstract] | ' | ||
Related Party Transactions Disclosure [Text Block] | ' | ||
9 | Related Party Disclosures | ||
Royalty agreement | |||
On August 14, 2002, through its California subsidiary, the Company entered into an agreement with a director and officer of the Company, where he would receive royalty payments in exchange for assignment of his patent rights to the Company. The royalty is 5% of gross receipts from products using this invention in excess of $500,000 annually. The Company’s current operations utilize this invention. There was no royalty expense incurred during the years ended August 31, 2014, 2013 and 2012. | |||
Collaboration agreement | |||
In December 2013, the Company entered into a collaboration agreement with a privately-held Taiwan biopharmaceuticals manufacturer and a beneficial owner of over 5% of the Company’s common shares. Under the terms of the agreement, the Company will be responsible for the production and delivery of GMP grade KLH for evaluation as a carrier molecule in the collaboration partner’s potential manufacture of OBI-822 active immunotherapy. The Company is also responsible for method development, product formulation, and process qualification for certain KLH reference standards. The collaboration partner will be responsible for development objectives and product specifications. The agreement provides for the collaboration partner to pay fees for certain expenses and costs associated with the collaboration. Subject to certain conditions and timing, the collaboration also provides for the parties to negotiate a commercial supply agreement for Stellar KLH™ in the future. However, there can be no assurance that any such negotiations will lead to successful execution of any further agreements related to this collaboration. | |||
Loss_Recovery
Loss Recovery | 12 Months Ended | ||
Aug. 31, 2014 | |||
Loss Recovery [Abstract] | ' | ||
Loss Recovery [Text Block] | ' | ||
10 | Loss Recovery | ||
A shipment of KLH was damaged by a vendor. The vendor agreed to reimburse the Company for the value of the KLH. The loss recovery of $105,000 was recorded during the year ended August 31, 2012 when the realization of income was virtually certain. | |||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Aug. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||
11 | Income Taxes | ||||||||||||
The breakdown of loss before income tax by jurisdiction is as follows: | |||||||||||||
August 31, | August 31, | August 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. | $ | -4,183,392 | $ | -2,082,441 | $ | -3,773,748 | |||||||
Canadian | -4,096,931 | -12,412,538 | -1,754,730 | ||||||||||
Other foreign | -132,000 | - | - | ||||||||||
Total Loss Before Income Tax | $ | -8,412,323 | $ | -14,494,979 | $ | -5,528,478 | |||||||
Deferred income tax assets and liabilities of the Company at August 31, 2014, 2013 and 2012 are as follows: | |||||||||||||
August 31, | August 31, | August 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Deferred income tax assets: | |||||||||||||
Non-capital loss carry-forwards | $ | 6,418,300 | $ | 4,426,800 | $ | 3,409,600 | |||||||
Research and development tax credits | 616,600 | 450,400 | 267,900 | ||||||||||
Deferred expenses | 90,000 | 65,100 | 39,400 | ||||||||||
Share issuance costs | 131,800 | 63,300 | 73,400 | ||||||||||
Deferred income tax liabilities: | |||||||||||||
US federal benefit net of state taxes | -509,000 | -350,600 | -265,200 | ||||||||||
Property, plant and equipment | -14,500 | -33,400 | -32,700 | ||||||||||
Valuation allowance | -6,733,200 | -4,621,600 | -3,492,400 | ||||||||||
Net deferred income tax asset (liability) | $ | - | $ | - | $ | - | |||||||
Realization of the deferred tax assets is dependent upon the generation of future taxable income, the amount and timing of which are uncertain. Accordingly, the net deferred tax assets have been fully offset by a valuation allowance. | |||||||||||||
As of August 31, 2014, the Company had federal and California net operating loss (“NOL”) carryforwards of approximately $13,137,000 and $13,068,000, respectively, that will expire beginning in 2030 and 2015, respectively, and both continue expiring through 2034. Portions of these NOL carryforwards may be used to offset future taxable income, if any. | |||||||||||||
As of August 31, 2014, the Company also has federal and California research and development tax credit carryforwards of approximately $290,000 and $326,000, respectively, available to offset future taxes. The federal credits begin expiring in 2024 and continue expiring through 2034. The state tax credits do not expire. | |||||||||||||
Under the provisions of Section 382 of the Internal Revenue Code, substantial changes in the Company's ownership limit the amount of net operating loss carryforwards and tax credit carryforwards that can be utilized annually in the future to offset taxable income. A valuation allowance has been established to reserve the potential benefits of these carryforwards in the Company's consolidated financial statements to reflect the uncertainty of future taxable income required to utilize available tax loss carryforwards and other deferred tax assets. | |||||||||||||
The recovery of income taxes shown in the consolidated statements of operations differs from the amounts obtained by applying statutory rates to the loss before provision for income taxes due to the following: | |||||||||||||
August 31, | August 31, | August 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Combined Canadian federal and provincial tax rates | 26 | % | 25 | % | 28.5 | % | |||||||
Expected income tax (recovery)/expense | $ | -2,187,200 | $ | -3,623,700 | $ | -1,575,600 | |||||||
Nondeductible share-based payments | 248,700 | 327,000 | 549,900 | ||||||||||
Nondeductible change in fair value of warrant liability | 659,300 | 2,807,300 | -246,100 | ||||||||||
Effect of higher income tax rate in US | -602,100 | -308,400 | -426,700 | ||||||||||
Foreign currency differences | -50,900 | -26,300 | 9,000 | ||||||||||
Other | -219,800 | -322,500 | -137,300 | ||||||||||
Change in valuation allowance on deferred tax assets | 2,179,200 | 1,147,400 | 1,827,600 | ||||||||||
Income tax expense | $ | 27,200 | $ | 800 | $ | 800 | |||||||
The components of income tax provision (benefits) are as follows: | |||||||||||||
August 31, | August 31, | August 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Current tax provision | |||||||||||||
U.S. federal | $ | - | $ | - | $ | - | |||||||
Canadian | - | - | - | ||||||||||
Other foreign | 26,400 | - | - | ||||||||||
State | 800 | 800 | 800 | ||||||||||
Deferred tax provision | |||||||||||||
U.S. federal | -1,431,400 | -738,000 | -1,165,700 | ||||||||||
Canadian | -289,800 | -157,500 | -249,200 | ||||||||||
Other foreign | - | - | - | ||||||||||
State | -458,000 | -251,900 | -412,700 | ||||||||||
Change in valuation allowance on deferred tax assets | 2,179,200 | 1,147,400 | 1,827,600 | ||||||||||
Total | $ | 27,200 | $ | 800 | $ | 800 | |||||||
Supplemental_Disclosure_of_Cas
Supplemental Disclosure of Cash Flow and Non-Cash Transactions | 12 Months Ended | ||||||||||
Aug. 31, 2014 | |||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||
Cash Flow, Supplemental Disclosures [Text Block] | ' | ||||||||||
12. Supplemental Disclosure of Cash Flow and Non-Cash Transactions | |||||||||||
Supplemental disclosure of cash flow information follows: | |||||||||||
August 31, | August 31, | August 31, | |||||||||
2014 | 2013 | 2012 | |||||||||
Cash paid during the period for taxes | 30,200 | 800 | 800 | ||||||||
Cash paid during the period for interest | - | - | - | ||||||||
Supplemental disclosure of non-cash financing and investing activities follows: | |||||||||||
August 31, | August 31, | August 31, | |||||||||
2014 | 2013 | 2012 | |||||||||
Share issuance costs - broker units and warrants | $ | 386,898 | $ | 150,894 | $ | - | |||||
Transfer to common stock on exercise of warrants | 6,591,546 | 2,139,409 | 190,425 | ||||||||
Transfer to common stock on exercise of options | 489,136 | 54,325 | 41,087 | ||||||||
Transfer to common stock on issuance of performance shares | 422,728 | - | 366,363 | ||||||||
Shares subscribed transferred to common stock | 5,155,674 | - | - | ||||||||
Warrant valuations on private placements | - | 1,749,004 | - | ||||||||
Fair value of shares issued for acquisition of license | - | 491,408 | - | ||||||||
Warrant valuation on acquisition of license | - | 195,014 | - | ||||||||
Concentrations_of_Credit_Risk
Concentrations of Credit Risk | 12 Months Ended | |
Aug. 31, 2014 | ||
Risks and Uncertainties [Abstract] | ' | |
Concentration Risk Disclosure [Text Block] | ' | |
13 | Concentrations of Credit Risk | |
Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations. Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash, cash equivalents and accounts receivable. Management’s assessment of the Company’s credit risk for cash and cash equivalents is low as cash and cash equivalents are held in financial institutions believed to be credit worthy. The Company limits its exposure to credit loss by placing its cash with major financial institutions and invests only in short-term obligations. | ||
Approximately 73%, 73% and 90% of the Company’s product sales and contract services revenue during the years ended August 31, 2014, 2013 and 2012, respectively, were from two customers. All of the grant revenue during the years ended August 31, 2014, 2013 and 2012 was received from the National Science Foundation. | ||
Approximately 76% of the Company’s accounts receivable at August 31, 2014, was from one customer. Approximately 88% of the Company’s accounts receivable at August 31, 2013 was from a grant from National Science Foundation. | ||
While the Company is exposed to credit losses due to the non-performance of its counterparties, the Company considers the risk of this remote. The Company estimates its maximum credit risk for accounts receivable at the amount recorded on the balance sheet. | ||
Subsequent_Events
Subsequent Events | 12 Months Ended | |
Aug. 31, 2014 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events [Text Block] | ' | |
14 | Subsequent Events | |
Subsequent to August 31, 2014, the Company issued 1,152,800 common shares upon the exercise of 1,102,800 warrants for gross proceeds of CDN$805,800 and the exercise of 50,000 stock options for gross proceeds of CDN$12,500 through November 1, 2014. | ||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | ||
Aug. 31, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Use of Estimates, Policy [Policy Text Block] | ' | ||
a) | Use of Estimates | ||
The preparation of financial statements in conformity with GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reported periods. These estimates include warrant liability, share-based compensation, intangible assets, valuation of accounts receivable, and income taxes. Actual outcomes could differ from these estimates. These consolidated financial statements include estimates, which by their nature are uncertain. The impacts of such estimates are pervasive throughout the consolidated financial statements, and may require accounting adjustments based on future periods if the revision affects both current and future periods. These estimates are based on historical experience, current and future economic conditions and other factors, including expectations of future events that are believed to be reasonable under the circumstances. | |||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||
b) | Cash and Cash Equivalents | ||
Cash and cash equivalents consist of demand deposits with financial institutions and highly liquid investments which are readily convertible into cash with maturities of three months or less when purchased. | |||
Investment, Policy [Policy Text Block] | ' | ||
c) | Investments | ||
Investments include Canadian enhanced yield deposits with original maturity of 180 days. Investments are classified as held-to-maturity and are reported at amortized cost, which approximates fair value. The Company regularly reviews its investments to determine whether a decline in fair value below the cost basis is other than temporary. If the decline in fair value is determined to be other than temporary, the cost basis of the investment is written down to fair value. | |||
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | ' | ||
d) | Allowance for Doubtful Accounts Receivable | ||
The Company assesses the collectability of its accounts receivable through a review of its current aging, as well as an analysis of its historical collection rate, general economic conditions and credit status of its customers. As of August 31, 2014 and 2013, all outstanding accounts receivable were deemed to be fully collectible, and therefore, no allowance for doubtful accounts was recorded. | |||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||
e) | Property, Plant and Equipment | ||
Property, plant and equipment are recorded at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is recorded on the straight-line method over useful lives ranging from 5 to 10 years. Leasehold improvements are depreciated over the shorter of the useful life of the improvement or remaining term of lease. Maintenance and repairs are charged to operations as incurred. | |||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | ||
f) | Impairment of Long-Lived Assets | ||
If indicators of impairment exist, the Company assesses the recoverability of the affected long-lived assets by determining whether the carrying value of such assets can be recovered through undiscounted future operating cash flows. If impairment is indicated, the amount of such impairment is measured by comparing the carrying value of the asset to the fair value of the asset and the Company records the impairment as a reduction in the carrying value of the related asset and a charge to operating results. Estimating the undiscounted future cash flows associated with long-lived assets requires judgment, and assumptions could differ materially from actual results. See Note 6 for impairment of licensing rights. | |||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | ||
g) | Fair Value of Financial Instruments | ||
The Company uses the fair value measurement framework for valuing financial assets and liabilities measured on a recurring basis in situations where other accounting pronouncements either permit or require fair value measurements. | |||
Fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As of August 31, 2014 and 2013, the carrying value of certain financial instruments such as accounts receivable, accounts payable, accrued liabilities, and deferred revenue approximates fair value due to the short-term nature of such instruments. | |||
The Company follows the fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: | |||
Level 1: | Quoted prices in active markets for identical or similar assets and liabilities. | ||
Level 2: | Quoted prices for identical or similar assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical or similar assets and liabilities. | ||
Level 3: | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||
The Company records its cash and cash equivalents at fair value using Level 1 inputs in the fair value hierarchy. The Company records its warrant liability at fair value using Level 2 input using the assumptions disclosed in Note 8. | |||
Revenue Recognition, Policy [Policy Text Block] | ' | ||
h) | Revenue Recognition | ||
Contract services revenue | |||
The Company recognizes contract services revenue when contract services have been performed and reasonable assurance exists regarding measurement and collectability. An appropriate amount will be recognized as revenue in the period that the Company is assured of fulfilling the contract requirements. Amounts received in advance of performance of contract services are recorded as deferred revenue. | |||
Contract services include services performed under collaboration agreements and monthly maintenance of limpet colonies designated to meet the needs of the customer. The Company also has the right to use raw material produced from designated limpet colonies at no cost to the Company with prior written consent from the customer. | |||
Product Sales | |||
The Company recognizes product sales when KLH product is shipped (for which the risk is typically transferred upon delivery to the shipping carrier) and there is persuasive evidence of an arrangement, the fee is fixed or determinable, and collectability is reasonably assured. The Company documents arrangements with customers with purchase orders and sales agreements. | |||
Product sales include sales made under supply agreements with a customer for a fixed price per gram of KLH products based on quantities ordered, including those produced from the customer’s designated limpet colonies. The supply agreements are on a non-exclusive basis except within that customer’s field of use. | |||
Grants | |||
The Company has taken the income approach to recognizing grant revenue. The Company recognizes grant revenue when there is reasonable assurance that the Company will comply with the conditions attached, the benefits have been earned and it is reasonably assured of collection. An appropriate amount of earned revenue will be recognized as revenue in the period that the Company is assured of fulfilling the grant requirements. | |||
Research and Development Expense, Policy [Policy Text Block] | ' | ||
i) | Research and Development | ||
Research and development costs are expensed as incurred. | |||
Stockholders' Equity, Policy [Policy Text Block] | ' | ||
j) | Equity Financing | ||
The Company engages in equity financing transactions to obtain the funds necessary to continue operations and perform research and development activities. These equity financing transactions may involve issuance of common shares or units. Units typically comprise a certain number of common shares and share purchase warrants. Depending on the terms and conditions of each equity financing transaction, the warrants are exercisable into additional common shares at a price prior to expiry as stipulated by the terms of the transaction. | |||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||
k) | Share-Based Compensation | ||
The Company grants options to buy common shares of the Company to its directors, officers, employees and consultants, and grants other equity-based instruments to non-employees. | |||
The fair value of share-based compensation is measured on the date of grant, using the Black-Scholes option valuation model and is recognized over the vesting period net of estimated forfeitures for employees or the service period for non-employees. The Black-Scholes option valuation model requires the input of subjective assumptions, including price volatility of the underlying stock, risk-free interest rate, dividend yield, and expected life of the option. | |||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | ||
l) | Foreign Exchange | ||
Items included in the financial statements of the Company’s subsidiary are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The functional currency of the parent and its subsidiary is the U.S. dollar. | |||
Transactions in currencies other than the U.S. dollar are recorded at exchange rates prevailing on the dates of the transactions. | |||
Income Tax, Policy [Policy Text Block] | ' | ||
m) | Income Taxes | ||
Income tax expense comprises current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity. Current tax expense is the expected tax payable on taxable income for the year, using tax rates enacted or substantively enacted at year-end, adjusted for amendments to tax payable with regards to previous years. | |||
Deferred tax is recorded using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Temporary differences are not provided for relating to goodwill not deductible for tax purposes. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. | |||
A deferred tax asset is recognized only to the extent that it is more likely than not that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it more likely than not that a deferred tax asset will be recovered, it provides a valuation allowance against that excess. | |||
The Company periodically evaluates its tax positions to determine whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities. The Company has not incurred any interest or penalties as of August 31, 2014 with respect to uncertain income tax matters. The Company does not expect that there will be unrecognized tax benefits of a significant nature that will increase or decrease within 12 months of the reporting date. | |||
The Company files income tax returns in the U.S. federal, Canadian and state jurisdictions. Management believes that there are no material uncertain tax positions that would impact the accompanying consolidated financial statements. The Company's policy is to recognize interest and penalties related to unrecognized tax benefits in income tax expense. The Company may be subject to examination by the Internal Revenue Service for tax years 2010 through 2013 and by the Canada Revenue Agency for tax years 2010 through 2014. The Company may also be subject to examination on certain state and local jurisdictions for the tax years 2009 through 2013. | |||
Earnings Per Share, Policy [Policy Text Block] | ' | ||
n) | Loss Per Share | ||
Basic earnings (loss) per share is calculated by dividing income available to common shareholders by the weighted average number of common shares outstanding during the period. | |||
The computation of diluted loss per share assumes the conversion, exercise or contingent issuance of securities only when such conversion, exercise or issuance would have a dilutive effect on loss per share. The dilutive effect of convertible securities is reflected in diluted earnings per share by application of the “if converted” method. The dilutive effect of outstanding options and warrants and their equivalents is reflected in diluted earnings per share by application of the treasury stock method. Conversion of outstanding warrants, broker units and options would have an antidilutive effect on loss per share for the years ended August 31, 2014, 2013 and 2012, and are therefore excluded from the computation of diluted loss per share. | |||
Segment Reporting, Policy [Policy Text Block] | ' | ||
o) | Segments | ||
The Company operates in one reportable segment and, accordingly, no segment disclosures have been presented. All equipment, leasehold improvements and other fixed assets owned by the Company are physically located within the United States, and all supply, collaboration and licensing agreements are denominated in U.S. dollars. | |||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||
p) | Recent Accounting Pronouncements | ||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 creates a new topic in the ASC Topic 606 and establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time, provides new and more detailed guidance on specific topics, and expands and improves disclosures about revenue. In addition, ASU 2014-09 adds a new Subtopic to the Codification, ASC 340-40, Other Assets and Deferred Costs: Contracts with Customers, to provide guidance on costs related to obtaining a contract with a customer and costs incurred in fulfilling a contract with a customer that are not in the scope of another ASC Topic. The guidance in ASU 2014-09 is effective for public entities for annual reporting periods beginning after December 15, 2016, including interim periods therein. Early application is not permitted. Management is in the process of assessing the impact of ASU 2014-09 on the Company’s financial statements. | |||
In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. ASU 2014-15 defines management's responsibility to evaluate whether there is substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosures. The guidance in ASU 2014-15 is effective for annual reporting periods beginning after December 15, 2016, with early application permitted. Management is in the process of assessing the impact of ASU 2014-15 on the Company’s financial statements. | |||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | |||||||
Aug. 31, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | |||||||
Accounts receivable consisted of the following: | ||||||||
August 31, | August 31, | |||||||
2014 | 2013 | |||||||
Accounts receivable | $ | 55,713 | $ | 17,648 | ||||
Grants receivable | - | 157,297 | ||||||
Other receivable | 862 | 2,775 | ||||||
$ | 56,575 | $ | 177,720 | |||||
Property_Plant_and_Equipment_n1
Property, Plant and Equipment, net (Tables) | 12 Months Ended | |||||||
Aug. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
Property, plant and equipment, net consisted of the following: | ||||||||
August 31, | August 31, | |||||||
2014 | 2013 | |||||||
Aquaculture system | $ | 58,923 | $ | 58,923 | ||||
Laboratory facilities | 62,033 | 62,033 | ||||||
Computer and office equipment | 77,697 | 56,710 | ||||||
Tools and equipment | 622,289 | 393,497 | ||||||
Vehicles | 10,997 | 10,997 | ||||||
Leasehold improvements | 61,187 | 59,107 | ||||||
893,126 | 641,267 | |||||||
Less: accumulated depreciation | -505,734 | -394,998 | ||||||
$ | 387,392 | $ | 246,269 | |||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | ||||
Aug. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
Future minimum lease payments are as follows: | |||||
August 31, | |||||
For The Year Ending August 31, | 2014 | ||||
2015 | $ | 157,000 | |||
2016 | 71,000 | ||||
$ | 228,000 | ||||
Share_Capital_Tables
Share Capital (Tables) | 12 Months Ended | ||||||||||||
Aug. 31, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | ' | ||||||||||||
A summary of the Company’s warrants activity is as follows: | |||||||||||||
Number of | Weighted | ||||||||||||
Warrants | Average | ||||||||||||
Exercise Price | |||||||||||||
Balance - August 31, 2012 | 7,713,000 | $ | 1.02 | CDN $ | |||||||||
Granted | 7,908,300 | 0.5 | CDN $ | ||||||||||
Exercised | -2,735,000 | 0.57 | CDN $ | ||||||||||
Expired | -1,560,000 | 0.53 | CDN $ | ||||||||||
Balance - August 31, 2013 | 11,326,300 | $ | 0.57 | CDN $ | |||||||||
Granted | 38,100 | 0.46 | CDN $ | ||||||||||
Granted | 6,047,612 | 1.33 | |||||||||||
Exercised | -5,832,300 | 0.68 | CDN $ | ||||||||||
Exercised | -60,000 | 1.35 | |||||||||||
Balance - August 31, 2014 | 11,519,712 | $ | 0.97 | CDN $ | |||||||||
Schedule of Stockholders' Equity Note, Warrants By Exercise Price Range [Table Text Block] | ' | ||||||||||||
The following table summarizes information about the warrants outstanding at August 31, 2014: | |||||||||||||
Exercise Price | Number of | Expiry Date | |||||||||||
Warrants | |||||||||||||
CDN$0.75 | 975,300 | 2-Oct-14 | |||||||||||
CDN$1.25 | 278,400 | 23-Jan-15 | |||||||||||
CDN$0.40 | 4,000,000 | 25-Oct-15 | |||||||||||
CDN$0.40 | 278,400 | 4-Jan-16 | |||||||||||
$1.35 | 4,701,902 | 9-Sep-16 | |||||||||||
$1.05 | 200,000 | 9-Sep-16 | Broker warrants | ||||||||||
$1.35 | 952,377 | 20-Sep-16 | |||||||||||
$1.05 | 133,333 | 20-Sep-16 | Broker warrants | ||||||||||
11,519,712 | |||||||||||||
Employee Stock Option [Member] | ' | ||||||||||||
Equity [Abstract] | ' | ||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | ' | ||||||||||||
Options have been issued under the Plan allowing the holders to purchase common shares of the Company as follows: | |||||||||||||
Number of | Weighted | ||||||||||||
Options | Average | ||||||||||||
Exercise Price | |||||||||||||
Balance - August 31, 2012 | 5,789,200 | $ | 0.42 | CDN $ | |||||||||
Granted | 1,200,000 | 0.43 | CDN $ | ||||||||||
Exercised | -164,999 | 0.45 | CDN $ | ||||||||||
Expired | -40,000 | 0.7 | CDN $ | ||||||||||
Forfeited | -195,333 | 0.45 | CDN $ | ||||||||||
Balance - August 31, 2013 | 6,588,868 | $ | 0.42 | CDN $ | |||||||||
Granted | 195,000 | 1.42 | CDN $ | ||||||||||
Granted | 595,000 | 1.83 | |||||||||||
Exercised | -1,441,668 | 0.41 | CDN $ | ||||||||||
Expired | -1,667 | 0.42 | CDN $ | ||||||||||
Balance - August 31, 2014 | 5,935,533 | $ | 0.61 | CDN $ | |||||||||
Schedule of Share-based Compensation, by Exercise Price Range [Table Text Block] | ' | ||||||||||||
The following table summarizes information about the options under the Plan outstanding and exercisable at August 31, 2014: | |||||||||||||
Exercise Price | Number of | Exercisable at | Expiry Date | ||||||||||
Options | August 31, 2014 | ||||||||||||
CDN$0.25 | 125,000 | 125,000 | 23-Oct-15 | ||||||||||
CDN$0.28 | 1,645,000 | 1,645,000 | 9-Apr-17 | ||||||||||
CDN$0.25 | 55,000 | 55,000 | 17-May-17 | ||||||||||
CDN$0.28 | 20,000 | 20,000 | 28-Jun-17 | ||||||||||
CDN$0.28 | 70,000 | 70,000 | 13-Jul-17 | ||||||||||
CDN$0.64 | 70,000 | 70,000 | 25-Oct-17 | ||||||||||
CDN$1.00 | 60,000 | 60,000 | 10-Feb-18 | ||||||||||
CDN$0.65 | 848,600 | 848,600 | 8-Aug-18 | ||||||||||
CDN$0.50 | 5,000 | 5,000 | 26-Sep-18 | ||||||||||
CDN$1.87 | 100,000 | 33,333 | 7-Nov-18 | ||||||||||
CDN$0.40 | 70,000 | 70,000 | 22-Dec-18 | ||||||||||
CDN$0.42 | 853,600 | 853,600 | 13-Apr-19 | ||||||||||
CDN$0.29 | 90,000 | 90,000 | 18-Jun-19 | ||||||||||
CDN$0.37 | 150,000 | 150,000 | 9-Aug-19 | ||||||||||
CDN$0.37 | 150,000 | 150,000 | 16-Aug-19 | ||||||||||
CDN$0.25 | 58,333 | 58,333 | 23-Oct-19 | ||||||||||
CDN$0.25 | 215,000 | 215,000 | 19-Dec-19 | ||||||||||
CDN$0.58 | 560,000 | 373,333 | 14-May-20 | ||||||||||
CDN$0.58 | 100,000 | 66,667 | 23-May-20 | ||||||||||
$1.83 | 495,000 | 165,000 | 1-Nov-20 | ||||||||||
$1.84 | 100,000 | 33,333 | 15-Nov-20 | ||||||||||
CDN$0.94 | 95,000 | 31,667 | 27-Jun-21 | ||||||||||
5,935,533 | 5,188,866 | ||||||||||||
Schedule of Share-based Payment Award, Valuation Assumptions [Table Text Block] | ' | ||||||||||||
The estimated fair value of the stock options granted during the years ended August 31, 2014, 2013 and 2012 was determined using a Black-Scholes option valuation model with the following weighted average assumptions: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Risk free interest rate | 2.01 | % | 1.55 | % | 1.63 | % | |||||||
Expected life (years) | 6.75 | 6.17 | 7 | ||||||||||
Expected share price volitility | 120 | % | 123 | % | 147 | % | |||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||
Broker units [Member] | ' | ||||||||||||
Equity [Abstract] | ' | ||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | ' | ||||||||||||
A summary of broker units activity is as follows: | |||||||||||||
Number of | Weighted | ||||||||||||
Units | Average | ||||||||||||
Exercise Price | |||||||||||||
Balance - August 31, 2012 | 345,600 | $ | 0.6 | CDN $ | |||||||||
Granted | 599,200 | 0.29 | CDN $ | ||||||||||
Exercised | -3,000 | 0.5 | CDN $ | ||||||||||
Expired | -345,600 | 0.6 | CDN $ | ||||||||||
Balance - August 31, 2013 | 596,200 | $ | 0.29 | CDN $ | |||||||||
Exercised | -45,000 | 0.33 | CDN $ | ||||||||||
Balance - August 31, 2014 | 551,200 | $ | 0.29 | CDN $ | |||||||||
Schedule of Share-based Compensation, by Exercise Price Range [Table Text Block] | ' | ||||||||||||
The following table summarizes information about the broker units outstanding at August 31, 2014: | |||||||||||||
Exercise Price | Number of | Expiry Date | |||||||||||
Units | |||||||||||||
CDN$0.50 | 85,200 | 2-Oct-14 | |||||||||||
CDN$0.25 | 400,000 | 25-Oct-15 | |||||||||||
CDN$0.25 | 66,000 | 4-Jan-16 | |||||||||||
551,200 | |||||||||||||
Schedule of Share-based Payment Award, Valuation Assumptions [Table Text Block] | ' | ||||||||||||
The estimated fair value of the broker units granted during the year ended August 31, 2013 was determined using a Black-Scholes option valuation model with the following weighted average assumptions: | |||||||||||||
2013 | |||||||||||||
Risk free interest rate | 1.17 | % | |||||||||||
Expected life (years) | 2.83 | ||||||||||||
Expected share price volitility | 123 | % | |||||||||||
Expected dividend yield | 0 | % | |||||||||||
Warrants Exercised [Member] | ' | ||||||||||||
Equity [Abstract] | ' | ||||||||||||
Schedule of Stockholders' Equity Note, Warrants, Valuation Assumptions [Table Text Block] | ' | ||||||||||||
The fair value of warrants exercised during the years ended August 31, 2014, 2013 and 2012 was determined using the Black-Scholes option valuation model, using the following weighted average assumptions: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Risk free interest rate | 1.07 | % | 1.23 | % | 2.49 | % | |||||||
Expected life (years) | 0.27 | 1.17 | 0.11 | ||||||||||
Expected share price volitility | 106 | % | 111 | % | 110 | % | |||||||
Warrants Granted [Member] | ' | ||||||||||||
Equity [Abstract] | ' | ||||||||||||
Schedule of Stockholders' Equity Note, Warrants, Valuation Assumptions [Table Text Block] | ' | ||||||||||||
There were no warrants granted during the year ended August 31, 2012. The fair value of warrants granted during the years ended August 31, 2014 and 2013 was determined using the Black-Scholes option valuation model, using the following weighted average assumptions at the date of the grant: | |||||||||||||
2014 | 2013 | ||||||||||||
Risk free interest rate | 1.48 | % | 1.18 | % | |||||||||
Expected life (years) | 3 | 2.76 | |||||||||||
Expected share price volitility | 112 | % | 123 | % | |||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Aug. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | ' | ||||||||||||
The breakdown of loss before income tax by jurisdiction is as follows: | |||||||||||||
August 31, | August 31, | August 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. | $ | -4,183,392 | $ | -2,082,441 | $ | -3,773,748 | |||||||
Canadian | -4,096,931 | -12,412,538 | -1,754,730 | ||||||||||
Other foreign | -132,000 | - | - | ||||||||||
Total Loss Before Income Tax | $ | -8,412,323 | $ | -14,494,979 | $ | -5,528,478 | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
Deferred income tax assets and liabilities of the Company at August 31, 2014, 2013 and 2012 are as follows: | |||||||||||||
August 31, | August 31, | August 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Deferred income tax assets: | |||||||||||||
Non-capital loss carry-forwards | $ | 6,418,300 | $ | 4,426,800 | $ | 3,409,600 | |||||||
Research and development tax credits | 616,600 | 450,400 | 267,900 | ||||||||||
Deferred expenses | 90,000 | 65,100 | 39,400 | ||||||||||
Share issuance costs | 131,800 | 63,300 | 73,400 | ||||||||||
Deferred income tax liabilities: | |||||||||||||
US federal benefit net of state taxes | -509,000 | -350,600 | -265,200 | ||||||||||
Property, plant and equipment | -14,500 | -33,400 | -32,700 | ||||||||||
Valuation allowance | -6,733,200 | -4,621,600 | -3,492,400 | ||||||||||
Net deferred income tax asset (liability) | $ | - | $ | - | $ | - | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
The recovery of income taxes shown in the consolidated statements of operations differs from the amounts obtained by applying statutory rates to the loss before provision for income taxes due to the following: | |||||||||||||
August 31, | August 31, | August 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Combined Canadian federal and provincial tax rates | 26 | % | 25 | % | 28.5 | % | |||||||
Expected income tax (recovery)/expense | $ | -2,187,200 | $ | -3,623,700 | $ | -1,575,600 | |||||||
Nondeductible share-based payments | 248,700 | 327,000 | 549,900 | ||||||||||
Nondeductible change in fair value of warrant liability | 659,300 | 2,807,300 | -246,100 | ||||||||||
Effect of higher income tax rate in US | -602,100 | -308,400 | -426,700 | ||||||||||
Foreign currency differences | -50,900 | -26,300 | 9,000 | ||||||||||
Other | -219,800 | -322,500 | -137,300 | ||||||||||
Change in valuation allowance on deferred tax assets | 2,179,200 | 1,147,400 | 1,827,600 | ||||||||||
Income tax expense | $ | 27,200 | $ | 800 | $ | 800 | |||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
The components of income tax provision (benefits) are as follows: | |||||||||||||
August 31, | August 31, | August 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||||
Current tax provision | |||||||||||||
U.S. federal | $ | - | $ | - | $ | - | |||||||
Canadian | - | - | - | ||||||||||
Other foreign | 26,400 | - | - | ||||||||||
State | 800 | 800 | 800 | ||||||||||
Deferred tax provision | |||||||||||||
U.S. federal | -1,431,400 | -738,000 | -1,165,700 | ||||||||||
Canadian | -289,800 | -157,500 | -249,200 | ||||||||||
Other foreign | - | - | - | ||||||||||
State | -458,000 | -251,900 | -412,700 | ||||||||||
Change in valuation allowance on deferred tax assets | 2,179,200 | 1,147,400 | 1,827,600 | ||||||||||
Total | $ | 27,200 | $ | 800 | $ | 800 | |||||||
Supplemental_Disclosure_of_Cas1
Supplemental Disclosure of Cash Flow and Non-Cash Transactions (Tables) | 12 Months Ended | ||||||||||
Aug. 31, 2014 | |||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ' | ||||||||||
Supplemental disclosure of cash flow information follows: | |||||||||||
August 31, | August 31, | August 31, | |||||||||
2014 | 2013 | 2012 | |||||||||
Cash paid during the period for taxes | 30,200 | 800 | 800 | ||||||||
Cash paid during the period for interest | - | - | - | ||||||||
Schedule of Other Significant Noncash Transactions [Table Text Block] | ' | ||||||||||
Supplemental disclosure of non-cash financing and investing activities follows: | |||||||||||
August 31, | August 31, | August 31, | |||||||||
2014 | 2013 | 2012 | |||||||||
Share issuance costs - broker units and warrants | $ | 386,898 | $ | 150,894 | $ | - | |||||
Transfer to common stock on exercise of warrants | 6,591,546 | 2,139,409 | 190,425 | ||||||||
Transfer to common stock on exercise of options | 489,136 | 54,325 | 41,087 | ||||||||
Transfer to common stock on issuance of performance shares | 422,728 | - | 366,363 | ||||||||
Shares subscribed transferred to common stock | 5,155,674 | - | - | ||||||||
Warrant valuations on private placements | - | 1,749,004 | - | ||||||||
Fair value of shares issued for acquisition of license | - | 491,408 | - | ||||||||
Warrant valuation on acquisition of license | - | 195,014 | - | ||||||||
Nature_of_Operations_and_Going1
Nature of Operations and Going Concern (Details Textual) (USD $) | 12 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | |
Nature of Operations and Going Concern Disclosure [Line Items] | ' | ' | ' |
Net loss | ($8,439,523) | ($14,495,779) | ($5,529,278) |
Retained Earnings (Accumulated Deficit) | -33,620,190 | -25,180,667 | ' |
Working Capital | 12,700,000 | ' | ' |
Common Shares [Member] | ' | ' | ' |
Nature of Operations and Going Concern Disclosure [Line Items] | ' | ' | ' |
Net loss | 0 | 0 | 0 |
Proceeds from Issuance of Common Stock | ' | $12,000,000 | ' |
Significant_Accounting_Policie2
Significant Accounting Policies (Details Textual) | 12 Months Ended |
Aug. 31, 2014 | |
Minimum [Member] | ' |
Significant Accounting Policies Disclosure [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '5 years |
Maximum [Member] | ' |
Significant Accounting Policies Disclosure [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '10 years |
Accounts_Receivable_Details
Accounts Receivable (Details) (USD $) | Aug. 31, 2014 | Aug. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Accounts receivable | $55,713 | $17,648 |
Grants receivable | 0 | 157,297 |
Other receivable | 862 | 2,775 |
Receivables, Net | $56,575 | $177,720 |
Property_Plant_and_Equipment_n2
Property, Plant and Equipment, net (Details) (USD $) | Aug. 31, 2014 | Aug. 31, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $893,126 | $641,267 |
Less: accumulated depreciation | -505,734 | -394,998 |
Property, Plant and Equipment, net | 387,392 | 246,269 |
Aquaculture system [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 58,923 | 58,923 |
Laboratory facilities [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 62,033 | 62,033 |
Computer and Office Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 77,697 | 56,710 |
Tools and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 622,289 | 393,497 |
Vehicles [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | 10,997 | 10,997 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, Gross | $61,187 | $59,107 |
Property_Plant_and_Equipment_n3
Property, Plant and Equipment, net (Details Textual) (USD $) | 12 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation and amortization expense | $132,122 | $96,262 | $83,572 |
Intangible_Assets_Licensing_Ri1
Intangible Assets - Licensing Rights (Details Textual) (USD $) | 12 Months Ended | |||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2011 | |
Licensing Rights [Line Items] | ' | ' | ' | ' |
Intangible Licensing Rights Paid | ' | ' | ' | $200,000 |
Finite-Lived Intangible Asset, Useful Life | '7 years | ' | ' | ' |
Amortization of Intangible Assets | 26,191 | 28,571 | 28,572 | ' |
Impairment of Intangible Assets, Finite-lived | 90,476 | 0 | 0 | ' |
General and Administrative Expense [Member] | ' | ' | ' | ' |
Licensing Rights [Line Items] | ' | ' | ' | ' |
Impairment of Intangible Assets, Finite-lived | 90,476 | ' | ' | ' |
Licensing Rights [Member] | ' | ' | ' | ' |
Licensing Rights [Line Items] | ' | ' | ' | ' |
Finite-Lived License Agreements, Gross | ' | 200,000 | ' | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | ' | $83,333 | ' | ' |
Commitments_Details
Commitments (Details) (USD $) | Aug. 31, 2014 |
Future Minimum Rental Payments For Operating Leases [Line Items] | ' |
2015 | $157,000 |
2016 | 71,000 |
Operating Leases, Future Minimum Payments Due | $228,000 |
Commitments_Details_Textual
Commitments (Details Textual) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2014 | Sep. 30, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | |
USD ($) | USD ($) | USD ($) | Common Stock [Member] | January 23, 2015 [Member] | Financing Milestone [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Contract Research Organizations and Consultants [Member] | |
CAD | USD ($) | USD ($) | Sales Targets [Member] | Financing Milestone [Member] | USD ($) | |||||
USD ($) | USD ($) | |||||||||
Commitments And Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Rent Expense, Net | $181,000 | $178,000 | $171,000 | ' | ' | ' | ' | ' | ' | ' |
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Contributions by Employer | 52,000 | 71,000 | 23,000 | ' | ' | ' | ' | ' | ' | ' |
Annual non-elective safe harbor employer contribution percentage | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase Commitment, Remaining Minimum Amount Committed | ' | ' | ' | ' | ' | ' | ' | ' | ' | 78,000 |
License Costs | 200,000 | 25,000 | ' | ' | ' | ' | 20,000 | ' | ' | ' |
Patent Cost Reimbursement | 34,000 | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Non Transferable share purchase warrants Issued | ' | 278,400 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Acquisitions | ' | ' | ' | 371,200 | ' | ' | ' | ' | ' | ' |
Milestone Payments | ' | ' | ' | ' | ' | $100,000 | ' | $57,025,000 | $6,020,000 | ' |
Warrant Exercise Price | ' | ' | ' | ' | 1.25 | ' | ' | ' | ' | ' |
Share_Capital_Details
Share Capital (Details) | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 |
Canada, Dollars | Canada, Dollars | United States of America, Dollars | ||
CAD | CAD | USD ($) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of Warrants, Beginning Balance | 11,519,712 | 11,326,300 | 7,713,000 | ' |
Number of Warrants Granted | ' | 38,100 | 7,908,300 | 6,047,612 |
Number of Warrants Exercised | ' | -5,832,300 | -2,735,000 | -60,000 |
Number of Warrants Expired | ' | ' | -1,560,000 | ' |
Number of Warrants, Ending Balance | 11,519,712 | 11,519,712 | 11,326,300 | ' |
Weighted Average Exercise Price, Beginning Balance | ' | 0.57 | 1.02 | ' |
Weighted Average Exercise Price Granted | ' | 0.46 | 0.5 | $1.33 |
Weighted Average Exercise Price Exercised | ' | 0.68 | 0.57 | $1.35 |
Weighted Average Exercise Price Expired | ' | ' | 0.53 | ' |
Weighted Average Exercise Price, Ending Balance | ' | 0.97 | 0.57 | ' |
Share_Capital_Details_1
Share Capital (Details 1) | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 |
October 2, 2014 [Member] | January 23, 2015 [Member] | October 25, 2015 [Member] | January 4, 2016 [Member] | September 9, 2016 [Member] | September 20, 2016 [Member] | Canada, Dollars | Canada, Dollars | Canada, Dollars | Canada, Dollars | Canada, Dollars | Canada, Dollars | Canada, Dollars | Broker warrants [Member] | Broker warrants [Member] | ||
USD ($) | USD ($) | CAD | CAD | CAD | October 2, 2014 [Member] | January 23, 2015 [Member] | October 25, 2015 [Member] | January 4, 2016 [Member] | September 9, 2016 [Member] | September 20, 2016 [Member] | ||||||
CAD | CAD | CAD | CAD | USD ($) | USD ($) | |||||||||||
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise Price | ' | ' | ' | ' | ' | $1.35 | $1.35 | 0.97 | 0.57 | 1.02 | 0.75 | 1.25 | 0.4 | 0.4 | $1.05 | $1.05 |
Number of Warrants | 11,519,712 | 975,300 | 278,400 | 4,000,000 | 278,400 | 4,701,902 | 952,377 | 11,519,712 | 11,326,300 | 7,713,000 | ' | ' | ' | ' | 200,000 | 133,333 |
Share_Capital_Details_2
Share Capital (Details 2) | 12 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | |
Warrants Exercised [Member] | ' | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' |
Risk free interest rate | 1.07% | 1.23% | 2.49% |
Expected life (years) | '3 months 7 days | '1 year 2 months 1 day | '1 month 10 days |
Expected share price volitility | 106.00% | 111.00% | 110.00% |
Warrants Granted [Member] | ' | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' |
Risk free interest rate | 1.48% | 1.18% | ' |
Expected life (years) | '3 years | '2 years 9 months 4 days | ' |
Expected share price volitility | 112.00% | 123.00% | ' |
Expected dividend yield | 0.00% | 0.00% | ' |
Share_Capital_Details_3
Share Capital (Details 3) (Broker units [Member], CAD) | 12 Months Ended | |
Aug. 31, 2014 | Aug. 31, 2013 | |
Number Of Non-employee Units Outstanding | ' | ' |
Number of units, Beginning Balance | 596,200 | 345,600 |
Number of units, Granted | ' | 599,200 |
Number of units, Exercised | -45,000 | -3,000 |
Number of units, Expired | ' | -345,600 |
Number of units, Ending Balance | 551,200 | 596,200 |
Canada, Dollars | ' | ' |
Number Of Non-employee Units Outstanding | ' | ' |
Weighted average exercise price, Beginning Balance | 0.29 | 0.6 |
Weighted average exercise price, Granted | ' | 0.29 |
Weighted average exercise price, Exercised | 0.33 | 0.5 |
Weighted average exercise price, Expired | ' | 0.6 |
Weighted average exercise price, Ending Balance | 0.29 | 0.29 |
Share_Capital_Details_4
Share Capital (Details 4) (Broker units [Member], CAD) | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 |
Broker Units Expiry Date October 2, 2014 [Member] | Broker Units Expiry Date October 2, 2014 [Member] | Broker Units Expiry Date October 25, 2015 [Member] | Broker Units Expiry Date October 25, 2015 [Member] | Broker Units Expiry Date January 4, 2016 [Member] | Broker Units Expiry Date January 4, 2016 [Member] | ||||
Canada, Dollars | Canada, Dollars | Canada, Dollars | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Units | 551,200 | 596,200 | 345,600 | 85,200 | ' | 400,000 | ' | 66,000 | ' |
Exercise Price | ' | ' | ' | ' | 0.5 | ' | 0.25 | ' | 0.25 |
Share_Capital_Details_5
Share Capital (Details 5) (Broker units [Member]) | 12 Months Ended | |
Aug. 31, 2014 | Aug. 31, 2013 | |
Broker units [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Risk free interest rate | ' | 1.17% |
Expected life (years) | '1 year 4 days | '2 years 9 months 29 days |
Expected share price volitility | ' | 123.00% |
Expected dividend yield | ' | 0.00% |
Share_Capital_Details_6
Share Capital (Details 6) (Employee Stock Option [Member]) | 12 Months Ended | ||||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | |
Canada, Dollars | Canada, Dollars | United States of America, Dollars | |||
CAD | CAD | USD ($) | |||
Schedule Of Share Based Compensation Stock Options Activity [Line Items] | ' | ' | ' | ' | ' |
Number of Options, Beginning Balance | 6,588,868 | 5,789,200 | ' | ' | ' |
Number of Options, Granted | 195,000 | 1,200,000 | ' | ' | 595,000 |
Number of Options, Exercised | -1,441,668 | -164,999 | ' | ' | ' |
Number of Options, Expired | -1,667 | -40,000 | ' | ' | ' |
Number of Options, Forfeited | ' | -195,333 | ' | ' | ' |
Number of Options, Ending Balance | 5,935,533 | 6,588,868 | ' | ' | ' |
Weighted Average Exercise Price, Beginning Balance | ' | ' | 0.42 | 0.42 | ' |
Weighted Average Exercise Price, Granted | ' | ' | 1.42 | 0.43 | $1.83 |
Weighted Average Exercise Price, Exercised | ' | ' | 0.41 | 0.45 | ' |
Weighted Average Exercise Price, Expired | ' | ' | 0.42 | 0.7 | ' |
Weighted Average Exercise Price, Forfeited | ' | ' | ' | 0.45 | ' |
Weighted Average Exercise Price, Ending Balance | ' | ' | 0.61 | 0.42 | ' |
Share_Capital_Details_7
Share Capital (Details 7) | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 |
May 17, 2017 [Member] | May 17, 2017 [Member] | June 28, 2017 [Member] | June 28, 2017 [Member] | July 13, 2017 [Member] | July 13, 2017 [Member] | October 25, 2017 [Member] | October 25, 2017 [Member] | February 10, 2018 [Member] | February 10, 2018 [Member] | August 8, 2018 [Member] | August 8, 2018 [Member] | September 26, 2018 [Member] | September 26, 2018 [Member] | November 7, 2018 [Member] | November 7, 2018 [Member] | December 22, 2018 [Member] | December 22, 2018 [Member] | April 13, 2019 [Member] | April 13, 2019 [Member] | June 18, 2019 [Member] | June 18, 2019 [Member] | August 9, 2019 [Member] | August 9, 2019 [Member] | August 16, 2019 [Member] | August 16, 2019 [Member] | October 23, 2019 [Member] | October 23, 2019 [Member] | December 19, 2019 [Member] | December 19, 2019 [Member] | May 14, 2020 [Member] | May 14, 2020 [Member] | May 23, 2020 [Member] | May 23, 2020 [Member] | November 1, 2020 [Member] | November 15, 2020 [Member] | June 27, 2021 [Member] | June 27, 2021 [Member] | October 23, 2015 [Member] | October 23, 2015 [Member] | April 9, 2017 [Member] | April 9, 2017 [Member] | ||
Canada, Dollars | Canada, Dollars | Canada, Dollars | Canada, Dollars | Canada, Dollars | Canada, Dollars | Canada, Dollars | Canada, Dollars | Canada, Dollars | Canada, Dollars | Canada, Dollars | Canada, Dollars | Canada, Dollars | Canada, Dollars | Canada, Dollars | Canada, Dollars | Canada, Dollars | USD ($) | USD ($) | Canada, Dollars | Canada, Dollars | Canada, Dollars | ||||||||||||||||||||||
CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | CAD | ||||||||||||||||||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise Price | ' | ' | 0.25 | ' | 0.28 | ' | 0.28 | ' | 0.64 | ' | 1 | ' | 0.65 | ' | 0.5 | ' | 1.87 | ' | 0.4 | ' | 0.42 | ' | 0.29 | ' | 0.37 | ' | 0.37 | ' | 0.25 | ' | 0.25 | ' | 0.58 | ' | 0.58 | $1.83 | $1.84 | ' | 0.94 | ' | 0.25 | ' | 0.28 |
Number of Options | 5,935,533 | 55,000 | ' | 20,000 | ' | 70,000 | ' | 70,000 | ' | 60,000 | ' | 848,600 | ' | 5,000 | ' | 100,000 | ' | 70,000 | ' | 853,600 | ' | 90,000 | ' | 150,000 | ' | 150,000 | ' | 58,333 | ' | 215,000 | ' | 560,000 | ' | 100,000 | ' | 495,000 | 100,000 | 95,000 | ' | 125,000 | ' | 1,645,000 | ' |
Exercisable | 5,188,866 | 55,000 | ' | 20,000 | ' | 70,000 | ' | 70,000 | ' | 60,000 | ' | 848,600 | ' | 5,000 | ' | 33,333 | ' | 70,000 | ' | 853,600 | ' | 90,000 | ' | 150,000 | ' | 150,000 | ' | 58,333 | ' | 215,000 | ' | 373,333 | ' | 66,667 | ' | 165,000 | 33,333 | 31,667 | ' | 125,000 | ' | 1,645,000 | ' |
Share_Capital_Details_8
Share Capital (Details 8) (Employee Stock Option [Member]) | 12 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | |
Employee Stock Option [Member] | ' | ' | ' |
Risk free interest rate | 2.01% | 1.55% | 1.63% |
Expected life (years) | '6 years 9 months | '6 years 2 months 1 day | '7 years |
Expected share price volitility | 120.00% | 123.00% | 147.00% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Share_Capital_Details_Textual
Share Capital (Details Textual) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2014 | Aug. 31, 2012 | Aug. 31, 2011 | Apr. 30, 2010 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | |
USD ($) | USD ($) | USD ($) | CAD | CAD | CAD | Canada, Dollars | Canada, Dollars | Canada, Dollars | October 25, 2015 [Member] | January 4, 2016 [Member] | October 2, 2014 [Member] | January 23, 2015 [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | Broker units [Member] | Broker units [Member] | Broker units [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | |
CAD | CAD | CAD | Canada, Dollars | Canada, Dollars | Canada, Dollars | Canada, Dollars | USD ($) | USD ($) | USD ($) | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Total Stock Options [Member] | License Agreement [Member] | January 23, 2015 [Member] | License Agreement [Member] | Canada, Dollars | USD ($) | October 2012 [Member] | January 2013 [Member] | April 2013 [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | Broker units [Member] | Broker units [Member] | Broker units [Member] | ||||||||||
CAD | CAD | CAD | CAD | USD ($) | USD ($) | USD ($) | Canada, Dollars | CAD | USD ($) | USD ($) | USD ($) | USD ($) | October 2012 [Member] | January 2013 [Member] | April 2013 [Member] | Canada, Dollars | Canada, Dollars | Canada, Dollars | Brokered Offerings [Member] | Brokered Offerings [Member] | Brokered Offerings [Member] | Non Brokered Offerings [Member] | TAIWAN, PROVINCE OF CHINA | USD ($) | Initial Closing [Member] | Final Closing [Member] | October 2012 [Member] | January 2013 [Member] | April 2013 [Member] | Canada, Dollars | Canada, Dollars | Canada, Dollars | October 2012 [Member] | January 2013 [Member] | April 2013 [Member] | |||||||||||||||||||||
CAD | USD ($) | USD ($) | USD ($) | October 2012 [Member] | January 2013 [Member] | April 2013 [Member] | USD ($) | Initial Closing [Member] | Final Closing [Member] | USD ($) | Non Brokered Offerings [Member] | USD ($) | USD ($) | USD ($) | October 2012 [Member] | January 2013 [Member] | April 2013 [Member] | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||||||||||||||||||
CAD | CAD | CAD | USD ($) | CAD | CAD | CAD | ||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,428,570 | 9,258,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,428,570 | 4,000,000 | 1,998,400 | 3,260,000 | ' | ' | ' | 4,761,903 | 2,857,143 | 1,904,760 | 6,666,667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | $7,000,000 | $3,115,875 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,000,000 | $3,115,875 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,000,000 | $1,007,900 | $502,098 | $1,605,877 | 1,000,000 | 499,600 | 1,630,000 | $5,000,000 | ' | ' | $7,000,000 | $5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of Stock, Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.05 | ' | ' | ' | 0.25 | 0.25 | 0.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | ' | ' | ' | ' | ' | 0.97 | 0.57 | 1.02 | 0.4 | 0.4 | 0.75 | 1.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25 | ' | ' | ' | ' | ' | ' | ' | ' | $1.35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | 0.4 | 0.75 | ' | ' | ' |
Payments of Stock Issuance Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 521,000 | 50,000 | 24,000 | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants and Rights Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 831,000 | 448,000 | 470,000 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | 'Stock options granted to directors, officers, employees and consultants are subject to the following vesting schedule: (a) One-third shall vest immediately; (b) One-third shall vest 12 months from the date of grant; and (c) One-third shall vest 18 months from the date of grant. Stock options granted to investor relations consultants vest over a period of not less than 12 months as to 25% on the date that is three months from the date of grant, and a further 25% on each successive date that is three months from the date of theprior vesting. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | ' | ' | ' | 1.58 | 0.38 | 0.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 327,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '1 year 3 months 25 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 1.38 | 0.67 | 0.05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic Value Of The Vested Options | $1.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,209,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 278,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 333,333 | 200,000 | 133,333 | ' | ' | ' | ' | ' | ' | 400,000 | 97,200 | 102,000 |
Share-based Goods and Nonemployee Services Transaction, Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 387,000 | ' | ' | ' | ' | ' | ' | ' | ' | 91,000 | 24,000 | 36,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,515,152 | ' | 1,313,130 | 1,515,152 | 1,313,130 | 3,333,335 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,838,383 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 371,200 | ' | ' | ' | ' | ' | ' | 371,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Contractual Life Remaining | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 6 months 25 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Expected Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 4 days | '2 years 9 months 29 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Fair Value of Nonemployee Services Transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '4 years 2 months 1 day | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | $0 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $422,728 | ' | $366,363 | $422,728 | $366,363 | $930,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Disclosures_Deta
Related Party Disclosures (Details Textual) (USD $) | Aug. 14, 2002 | Dec. 31, 2013 |
Taiwan biopharmaceuticals [Member] | ||
Related Party Transaction [Line Items] | ' | ' |
Royalty Percentage | 5.00% | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | 5.00% |
Gross Receipt Base Amount for Royalty Calculation | $500,000 | ' |
Loss_Recovery_Details_Textual
Loss Recovery (Details Textual) (USD $) | 12 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Other Nonrecurring Income | $0 | $0 | $105,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | |
U.S. | ($4,183,392) | ($2,082,441) | ($3,773,748) |
Canadian | -4,096,931 | -12,412,538 | -1,754,730 |
Other foreign | -132,000 | 0 | 0 |
Total Loss Before Income Tax | ($8,412,323) | ($14,494,979) | ($5,528,478) |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 |
Deferred income tax assets: | ' | ' | ' |
Non-capital loss carry-forwards | $6,418,300 | $4,426,800 | $3,409,600 |
Research and development tax credits | 616,600 | 450,400 | 267,900 |
Deferred expenses | 90,000 | 65,100 | 39,400 |
Share issuance costs | 131,800 | 63,300 | 73,400 |
Deferred income tax liabilities: | ' | ' | ' |
US federal benefit net of state taxes | -509,000 | -350,600 | -265,200 |
Property, plant and equipment | -14,500 | -33,400 | -32,700 |
Valuation allowance | -6,733,200 | -4,621,600 | -3,492,400 |
Net deferred income tax asset (liability) | $0 | $0 | $0 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | 12 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | |
Effective Income Tax Rate Reconciliation [Line Items] | ' | ' | ' |
Combined Canadian federal and provincial tax rates | 26.00% | 25.00% | 28.50% |
Expected income tax (recovery)/expense | ($2,187,200) | ($3,623,700) | ($1,575,600) |
Nondeductible share-based payments | 248,700 | 327,000 | 549,900 |
Nondeductible change in fair value of warrant liability | 659,300 | 2,807,300 | -246,100 |
Effect of higher income tax rate in US | -602,100 | -308,400 | -426,700 |
Foreign currency differences | -50,900 | -26,300 | 9,000 |
Other | -219,800 | -322,500 | -137,300 |
Change in valuation allowance on deferred tax assets | 2,179,200 | 1,147,400 | 1,827,600 |
Income tax expense | $27,200 | $800 | $800 |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | |
Current tax provision | ' | ' | ' |
U.S. federal | $0 | $0 | $0 |
Canadian | 0 | 0 | 0 |
Other foreign | 26,400 | 0 | 0 |
State | 800 | 800 | 800 |
Deferred tax provision | ' | ' | ' |
U.S. federal | -1,431,400 | -738,000 | -1,165,700 |
Canadian | -289,800 | -157,500 | -249,200 |
Other foreign | 0 | 0 | 0 |
State | -458,000 | -251,900 | -412,700 |
Change in valuation allowance on deferred tax assets | 2,179,200 | 1,147,400 | 1,827,600 |
Total | $27,200 | $800 | $800 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended |
Aug. 31, 2014 | |
Federal [Member] | ' |
Income Tax [Line Items] | ' |
Operating Loss Carryforwards | $13,137,000 |
Operating Loss Carryforwards Expiration Period | 'expiring in 2030 and continue expiring through 2034 |
Tax Credit Carryforward Expiration Period | 'expiring in 2024 and continue expiring through 2034. |
Federal [Member] | Research Tax Credit Carryforward [Member] | ' |
Income Tax [Line Items] | ' |
Tax Credit Carryforward, Amount | 290,000 |
California [Member] | ' |
Income Tax [Line Items] | ' |
Operating Loss Carryforwards | 13,068,000 |
Operating Loss Carryforwards Expiration Period | 'expiring in 2015 and continue expiring through 2034 |
California [Member] | Research Tax Credit Carryforward [Member] | ' |
Income Tax [Line Items] | ' |
Tax Credit Carryforward, Amount | $326,000 |
Supplemental_Disclosure_of_Cas2
Supplemental Disclosure of Cash Flow and Non-Cash Transactions (Details) (USD $) | 12 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | |
Cash Flow Supplemental Disclosures [Line Items] | ' | ' | ' |
Cash paid during the period for taxes | $30,200 | $800 | $800 |
Cash paid during the period for interest | $0 | $0 | $0 |
Supplemental_Disclosure_of_Cas3
Supplemental Disclosure of Cash Flow and Non-Cash Transactions (Details 1) (USD $) | 12 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | |
License Agreement [Member] | ' | ' | ' |
Noncash Financing And Investing Activities [Line Items] | ' | ' | ' |
Warrant Valuations | $0 | $195,014 | $0 |
Stock Issued | 0 | 491,408 | 0 |
Private Placement [Member] | ' | ' | ' |
Noncash Financing And Investing Activities [Line Items] | ' | ' | ' |
Warrant Valuations | 0 | 1,749,004 | 0 |
Performance Shares [Member] | ' | ' | ' |
Noncash Financing And Investing Activities [Line Items] | ' | ' | ' |
Transfer To Share Capital | 422,728 | 0 | 366,363 |
Employee Stock Option [Member] | ' | ' | ' |
Noncash Financing And Investing Activities [Line Items] | ' | ' | ' |
Transfer To Share Capital | 489,136 | 54,325 | 41,087 |
Broker Units and Warrants [Member] | ' | ' | ' |
Noncash Financing And Investing Activities [Line Items] | ' | ' | ' |
Share issuance costs - broker units and warrants | 386,898 | 150,894 | 0 |
Warrant [Member] | ' | ' | ' |
Noncash Financing And Investing Activities [Line Items] | ' | ' | ' |
Transfer To Share Capital | 6,591,546 | 2,139,409 | 190,425 |
Share Subscribed [Member] | ' | ' | ' |
Noncash Financing And Investing Activities [Line Items] | ' | ' | ' |
Transfer To Share Capital | $5,155,674 | $0 | $0 |
Concentrations_of_Credit_Risk_
Concentrations of Credit Risk (Details Textual) | 12 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | |
Accounts Receivable [Member] | ' | ' | ' |
Unusual Risk or Uncertainty [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 76.00% | 88.00% | ' |
Product Concentration Risk [Member] | ' | ' | ' |
Unusual Risk or Uncertainty [Line Items] | ' | ' | ' |
Concentration Risk, Percentage | 73.00% | 73.00% | 90.00% |
Subsequent_Events_Details_Text
Subsequent Events (Details Textual) | 12 Months Ended | 2 Months Ended | ||
Aug. 31, 2014 | Aug. 31, 2013 | Aug. 31, 2012 | Nov. 01, 2014 | |
USD ($) | USD ($) | USD ($) | Subsequent Event [Member] | |
CAD | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' |
Warrants Exercised | ' | ' | ' | 1,102,800 |
Proceeds from Warrant Exercises | $4,308,878 | $1,582,739 | $877,210 | 805,800 |
Stock Issued During Period Shares Upon Warrant Exercise | ' | ' | ' | 1,152,800 |
Proceeds from Stock Options Exercised | ' | ' | ' | 12,500 |
Stock Issued During Period Shares Upon Option Exercise | ' | ' | ' | 50,000 |