Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 30, 2015 | Aug. 01, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Stellar Biotechnologies, Inc. | |
Entity Central Index Key | 1,540,159 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | SBOTF | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 | |
Document Type | 10-Q | |
Entity Common Stock, Shares Outstanding | 79,546,650 |
Condensed Interim Consolidated
Condensed Interim Consolidated Balance Sheets - USD ($) | Jun. 30, 2015 | Sep. 30, 2014 | Aug. 31, 2014 |
Current assets: | |||
Cash and cash equivalents | $ 10,161,458 | $ 13,769,953 | $ 13,427,404 |
Accounts receivable | $ 112,964 | 44,159 | 56,575 |
Short-term investments | 448,632 | $ 458,098 | |
Inventory | $ 194,367 | 34,891 | |
Prepaid expenses | 256,402 | 125,840 | $ 128,593 |
Total current assets | 10,725,191 | 14,423,475 | 14,070,670 |
Noncurrent assets: | |||
Property, plant and equipment, net | 471,927 | 388,340 | 387,392 |
Deposits | 15,900 | 15,900 | 15,900 |
Total noncurrent assets | 487,827 | 404,240 | 403,292 |
Total Assets | 11,213,018 | 14,827,715 | 14,473,962 |
Current liabilities: | |||
Accounts payable and accrued liabilities | 371,200 | 585,047 | 526,626 |
Deferred revenue | 173,333 | 86,667 | 15,000 |
Warrant liability, current portion | 1,235,905 | 460 | 879,040 |
Total current liabilities | $ 1,780,438 | 672,174 | 1,420,666 |
Long-term liabilities: | |||
Warrant liability, less current portion | 3,690,806 | 5,352,663 | |
Total Liabilities | $ 1,780,438 | $ 4,362,980 | $ 6,773,329 |
Commitments (Note 7) | |||
Shareholders' equity: | |||
Common shares, unlimited common shares authorized, no par value, 79,546,650, 79,419,850 and 78,268,850 issued and outstanding at June 30, 2015, September 30, 2014 and August 31, 2014, respectively | $ 37,940,641 | $ 37,883,877 | $ 36,240,838 |
Accumulated share-based compensation | 5,289,880 | 5,073,144 | 5,079,985 |
Accumulated deficit | (33,797,941) | (32,492,286) | (33,620,190) |
Total shareholders' equity | 9,432,580 | 10,464,735 | 7,700,633 |
Total Liabilities and Shareholders' Equity | $ 11,213,018 | $ 14,827,715 | $ 14,473,962 |
Condensed Interim Consolidated3
Condensed Interim Consolidated Balance Sheets (Parenthetical) - $ / shares None in scaling factor is -9223372036854775296 | Jun. 30, 2015 | Sep. 30, 2014 | Aug. 31, 2014 |
Condensed Interim Consolidated Balance Sheets [Abstract] | |||
Common shares, par value | |||
Common shares, shares issued | 79,546,650 | 79,419,850 | 78,268,850 |
Common shares, shares outstanding | 79,546,650 | 79,419,850 | 78,268,850 |
Condensed Interim Consolidated4
Condensed Interim Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues: | ||||
Contract services revenue | $ 45,000 | $ 60,000 | $ 150,000 | $ 147,000 |
Product sales | $ 112,748 | $ 12,538 | $ 408,036 | 70,994 |
Grant revenue | 27,740 | |||
Revenues | $ 157,748 | $ 72,538 | $ 558,036 | 245,734 |
Expenses: | ||||
Costs of contract services | 34,434 | 41,075 | 110,891 | 78,739 |
Costs of production and aquaculture | $ 251,004 | $ 147,907 | $ 661,644 | 442,820 |
Grant costs | 27,740 | |||
Research and development | $ 129,710 | $ 543,233 | $ 830,115 | 1,824,554 |
General and administration | 618,185 | 612,468 | 2,346,019 | 2,280,268 |
Total Expenses | 1,033,333 | 1,344,683 | 3,948,669 | 4,654,121 |
Other Income (Loss) | ||||
Foreign exchange gain (loss) | 77,468 | 146,302 | (391,190) | (52,527) |
Gain (loss) in fair value of warrant liability | 1,254,029 | 4,528,450 | 2,455,361 | 833,862 |
Investment income | 17,074 | 14,719 | 48,607 | 45,534 |
Other Income (Loss), Total | 1,348,571 | 4,689,471 | 2,112,778 | 826,869 |
Income (Loss) Before Income Tax | 472,986 | 3,417,326 | (1,277,855) | (3,581,518) |
Income tax expense | 9,000 | 9,000 | 27,800 | 21,200 |
Net Income (Loss) | $ 463,986 | $ 3,408,326 | $ (1,305,655) | $ (3,602,718) |
Income (loss) per common share - basic | $ 0.01 | $ 0.04 | $ (0.02) | $ (0.05) |
Income (loss) per common share - diluted | $ 0.01 | $ 0.04 | $ (0.02) | $ (0.05) |
Weighted average number of common shares outstanding: Basic | 79,546,650 | 76,237,455 | 79,517,791 | 76,299,105 |
Weighted average number of common shares outstanding: Diluted | 85,020,352 | 86,898,996 | 79,517,791 | 76,299,105 |
Condensed Interim Consolidated5
Condensed Interim Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Flows Used In Operating Activities: | ||
Net loss | $ (1,305,655) | $ (3,602,718) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 119,410 | 120,507 |
Share-based compensation | 244,781 | 770,777 |
Foreign exchange (gain) loss | 391,190 | 52,527 |
(Gain) loss in fair value of warrant liability | (2,455,361) | (833,862) |
Changes in working capital items: | ||
Accounts receivable | (69,242) | $ 163,331 |
Inventory | (159,476) | |
Prepaid expenses | (137,939) | $ (106,237) |
Accounts payable and accrued liabilities | (211,667) | $ (224,629) |
Deferred revenue | 86,666 | |
Net cash used in operating activities | (3,497,293) | $ (3,660,304) |
Cash Flows From Investing Activities: | ||
Acquisition of property, plant and equipment | (202,997) | $ (278,401) |
Proceeds on maturities of short-term investments | 419,283 | |
Net cash provided by (used in) investing activities | 216,286 | $ (278,401) |
Cash Flows From Financing Activities: | ||
Proceeds from exercise of warrants and options | 28,719 | 2,963,162 |
Net cash provided by financing activities | 28,719 | 2,963,162 |
Effect of exchange rate changes on cash and cash equivalents | (356,207) | (60,321) |
Net change in cash and cash equivalents | (3,608,495) | (1,035,864) |
Cash and cash equivalents - beginning of period | 13,769,953 | 15,478,038 |
Cash and cash equivalents - end of period | $ 10,161,458 | $ 14,442,174 |
Nature of Operations
Nature of Operations | 9 Months Ended |
Jun. 30, 2015 | |
Nature of Operations [Abstract] | |
Nature of Operations | 1. Nature of Operations Stellar Biotechnologies, Inc. (the Company) is organized under the laws of British Columbia, Canada. The Company's common shares are quoted on the U.S. OTCQB Marketplace Exchange under the trading symbol, SBOTF, and are listed 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 its registered and records office is Royal Centre, 1055 West Georgia Street, Suite 1500, Vancouver, BC, V6E 4N7, Canada. Nature of Operations 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, the United States, and Asia. Management Plans For the nine months ended June 30, 2015 and 2014, the Company reported net losses of approximately $1.3 million and $3.6 million, respectively. The most significant factor in the fluctuations in net income and losses relates to noncash changes in the fair value of warrant liability, which was a gain of $2.5 million and $0.8 million for the nine months ended June 30, 2015 and 2014, respectively. As of June 30, 2015, the Company had an accumulated deficit of approximately $33.8 million and working capital of approximately $ 8.9 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 The accompanying condensed interim consolidated financial statements have been prepared on a 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. Functional Currency The condensed interim consolidated financial statements of the Company are presented in U.S. dollars, unless otherwise stated, which is the Company's functional currency. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Jun. 30, 2015 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | 2. Basis of Presentation The accompanying unaudited condensed interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q. They do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with U.S. GAAP for complete financial statements. These condensed interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company's Annual Report on Form 10-K for the year ended August 31, 2014. The accompanying condensed interim consolidated The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates. Change in Fiscal Year End On June 3, 2014, the Board of Directors of the Company approved a change in the Company's fiscal year end from August 31 to September 30 of each year. This change to the calendar quarter reporting cycle began September 1, 2014. As a result of the change, the Company had a one-month transition period from September 1, 2014 to September 30, 2014. The unaudited results for the one month ended September 30, 2014 are included in the Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2014, as filed on February 9, 2015 with the SEC. The unaudited balance sheet at September 30, 2014 is included in these condensed interim consolidated financial statements for comparative purposes. The audited results for the one month ended September 30, 2014 will be included in the Company's Annual Report on Form 10-K for the fiscal year ending September 30, 2015, if not filed with the SEC prior thereto. In addition, the results for the three months and nine months ended June 30, 2015 are compared with the results of the three months and nine months ended June 30, 2014, which have been recast on a calendar quarter basis due to the change in the Company's fiscal year end from August 31 to September 30. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Jun. 30, 2015 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 3. Significant Accounting Policies Recent Accounting Pronouncements Revenue from Contracts with Customers (Topic 606) Other Assets and Deferred Costs: Contracts with Customers 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 , with early application permitted. Management is in the process of assessing the impact of ASU 2014-15 on the Company's financial statements. Simplifying the Measurement of Inventory (Topic 330) |
Inventory
Inventory | 9 Months Ended |
Jun. 30, 2015 | |
Inventory [Abstract] | |
Inventory | 4. Inventory The Company records inventory for custom manufacturing of products for specific customers, including manufacturing under supply agreements. Raw materials include inventory of manufacturing supplies. Work in process includes manufacturing supplies, direct and indirect labor, contracted manufacturing and testing, and allocated manufacturing overhead for custom manufacturing in process at the end of the period. Finished goods include custom manufactured products that are complete, but not yet shipped to the customers. There was no inventory for custom manufactured products at August 31, 2014. Inventory consisted of the following at June 30, 2015 and September 30, 2014: June 30, September 30, 2015 2014 Raw materials $ 5,573 $ 10,480 Work in process 80,720 24,411 Finished goods 108,074 - $ 194,367 $ 34,891 |
Property, Plant and Equipment,
Property, Plant and Equipment, net | 9 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment, net [Abstract] | |
Property, Plant and Equipment, net | 5 Property, Plant and Equipment, net Property, plant and equipment, net consisted of the following: June 30, September 30, August 31, 2015 2014 2014 Aquaculture system $ 58,923 $ 58,923 $ 58,923 Laboratory facilities 62,033 62,033 62,033 Computer and office equipment 77,678 77,697 77,697 Tools and equipment 700,011 635,766 622,289 Vehicles 10,997 10,997 10,997 Leasehold improvements 109,800 61,187 61,187 1,019,442 906,603 893,126 Less: accumulated depreciation (636,962 ) (518,263 ) (505,734 ) Depreciable assets, net 382,480 388,340 387,392 Construction in progress 89,447 - - $ 471,927 $ 388,340 $ 387,392 Depreciation expense amounted to $ 41,808 34,307 119,410 99,078 |
Intangible Assets - Licensing R
Intangible Assets - Licensing Rights | 9 Months Ended |
Jun. 30, 2015 | |
Intangible Assets - Licensing Rights [Abstract] | |
Intangible Assets - Licensing Rights | 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 in collaboration with the customer. The Company paid a $ 200,000 seven Amortization expense amounted to $ 7,143 21,429 |
Commitments
Commitments | 9 Months Ended |
Jun. 30, 2015 | |
Commitments [Abstract] | |
Commitments | 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 June 2015, the Company exercised its option to extend these sublease agreements for an additional five five The Company 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 In June 2015, the Company began leasing undeveloped land in Baja California, Mexico to assess its suitability for the long-term development and potential expansion of the Company's production capability. The first two years of rent under the lease were prepaid in June 2015. The initial term is three 30 Future minimum lease payments are as follows: June 30, 2015 For The Year Ending September 30, 2015 $ 57,000 2016 157,000 2017 143,000 2018 106,000 2019 106,000 2020 106,000 Thereafter 6,000 $ 681,000 Rent expense on these lease agreements amounted to approximately $ 137,000 135,000 Purchase obligations The Company has commitments totaling approximately $ 152,000 25,000 Supply agreements The Company has three 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. One amended and restated supply agreement replaced two prior agreements that automatically renewed each year. The new agreement is effective March 2015 through March 2020 and is renewable for one-year terms upon written request of the customer. One agreement is effective October 2014 through October 2019 and is renewable for one-year terms upon written request of the customer. One agreement is effective October 2014 through October 2017 and is renewable for one-year terms upon written request of the customer. 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 25,000 200,000 20,000 No 50,000 26,000 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 three Upon execution of the license agreement, the Company issued 371,200 278,400 The license agreement provides for the Company to pay up to an aggregate of $ 6,020,000 57,025,000 100,000 no Retirement savings plan 401 The Company sponsors a 401 3 21 100 45,000 40,000 2014 Related party commitments See Note 9 Related Party Disclosures. |
Share Capital
Share Capital | 9 Months Ended |
Jun. 30, 2015 | |
Share Capital [Abstract] | |
Share Capital | 8. Share Capital The Company had the following transactions in share capital: Nine Months Ended June 30, June 30, 2015 2014 Number of common shares issued 126,800 6,475,820 Proceeds from exercise of warrants and broker units $ 938 $ 2,587,014 Transfer to common shares on exercise of warrants and broker units 426 5,308,382 Proceeds from exercise of options 27,781 376,148 Transfer to common shares on exercise of options 27,619 341,594 Share-based compensation 244,781 770,777 Performance shares There were 10,000,000 At June 30, 2015, there are 3,838,383 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 Warrants Weighted Average Exercise Price Balance - September 30, 2014 10,545,312 $ 1.01 CDN $ Exercised (600 ) 0.75 CDN $ Expired (278,700 ) 1.25 CDN $ Balance - June 30, 2015 10,266,012 $ 1.13 CDN $ The weighted average contractual life remaining on the outstanding warrants at June 30, 2015 is .84 The following table summarizes information about the outstanding warrants at June 30, 2015: Exercise Price Number of Expiry Date CDN$ 0.40 4,000,000 October 25, 2015 CDN$ 0.40 278,400 January 4, 2016 $ 1.35 4,701,902 September 9, 2016 $ 1.05 200,000 September 9, 2016 Broker warrants $ 1.35 952,377 September 20, 2016 $ 1.05 133,333 September 20, 2016 Broker warrants 10,266,012 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 the U.S. dollar. 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 nine months ended June 30, 2015 and 2014 was determined using the Black-Scholes option valuation model, using the following weighted average assumptions: Nine Months Ended June 30, 2015 June 30, 2014 Risk free interest rate 1.12 % 1.07 % Expected life (years) 0.01 0.29 Expected share price volatility 97 % 106 % There were no 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 one one A summary of broker units activity is as follows: Number of Units Weighted Average Exercise Price Balance - September 30, 2014 467,200 $ 0.25 CDN $ Exercised (1,200 ) 0.50 CDN $ Balance - June 30, 2015 466,000 $ 0.25 CDN $ The weighted average contractual life remaining on the outstanding broker units is 0.35 The following table summarizes information about the outstanding broker units at June 30, 2015: Exercise Price Number of Expiry Date CDN$ 0.25 400,000 October 25, 2015 CDN$ 0.25 66,000 January 4, 2016 466,000 The outstanding broker units at June 30, 2015 include one There were no Options The Company has a 2013 fixed stock option plan (the Plan) administered by the Board of Directors, who have the discretion to grant up to an aggregate of 10,000,000 (a) One (b) One 12 (c) One 18 Stock options granted to investor relations consultants vest over a period of not less than 12 25 three 25 three Options have been granted under the Plan allowing the holders to purchase common shares of the Company as follows: Number of Options Weighted Average Exercise Price Balance - September 30, 2014 5,885,533 $ 0.62 CDN $ Granted 165,000 1.33 CDN $ Exercised (125,000 ) 0.25 CDN $ Balance - June 30, 2015 5,925,533 $ 0.67 CDN $ The weighted average contractual life remaining on the outstanding options is 3.48 The following table summarizes information about the options under the Plan outstanding and exercisable at June 30, 2015: Exercise Price Number of Exercisable at Expiry Date CDN$ 0.28 1,645,000 1,645,000 April 9, 2017 CDN$ 0.25 55,000 55,000 May 17, 2017 CDN$ 0.28 20,000 20,000 June 28, 2017 CDN$ 0.28 70,000 70,000 July 13, 2017 CDN$ 0.64 70,000 70,000 October 25, 2017 CDN$ 1.00 60,000 60,000 February 10, 2018 CDN$ 0.65 848,600 848,600 August 8, 2018 CDN$ 0.50 5,000 5,000 September 26, 2018 CDN$ 1.87 100,000 100,000 November 7, 2018 CDN$ 0.40 70,000 70,000 December 22, 2018 CDN$ 0.42 853,600 853,600 April 13, 2019 CDN$ 0.29 90,000 90,000 June 18, 2019 CDN$ 0.37 150,000 150,000 August 9, 2019 CDN$ 0.37 150,000 150,000 August 16, 2019 CDN$ 0.25 8,333 8,333 October 23, 2019 CDN$ 0.25 215,000 215,000 December 19, 2019 CDN$ 0.58 560,000 560,000 May 14, 2020 CDN$ 0.58 100,000 100,000 May 23, 2020 $ 1.83 495,000 495,000 November 1, 2020 $ 1.84 100,000 100,000 November 15, 2020 CDN$ 0.94 95,000 63,333 June 27, 2021 CDN$ 1.52 115,000 38,333 November 12, 2021 CDN$ 0.89 50,000 16,667 June 10, 2022 5,925,533 5,783,866 The estimated fair value of the stock options granted during the nine months ended June 30, 2015 and 2014 was determined using a Black-Scholes option valuation model with the following weighted average assumptions. Nine Months Ended June 30, 2015 June 30, 2014 Risk free interest rate 1.65 % 2.01 % Expected life (years) 7.00 6.75 Expected share price volatility 115 % 120 % Expected dividend yield 0 % 0 % The weighted average fair value of stock options awarded during the nine months ended June 30, 2015 and 2014 was CDN$ 1.17 1.51 As of June 30, 2015, the Company had approximately $ 66,000 1.51 The intrinsic value of the options exercised during the nine months ended June 30, 2015 and 2014 was CDN$ 1.15 1.32 0.27 |
Related Party Disclosures
Related Party Disclosures | 12 Months Ended |
Aug. 31, 2014 | |
Related Party Disclosures [Abstract] | |
Related Party Disclosures | 9. Related Party Disclosures 5 500,000 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 5 822 no |
Supplemental Disclosure of Cash
Supplemental Disclosure of Cash Flow and Non-Cash Transactions | 9 Months Ended |
Jun. 30, 2015 | |
Supplemental Disclosure of Cash Flow and Non-Cash Transactions [Abstract] | |
Supplemental Disclosure of Cash Flow and Non-Cash Transactions | 10. Supplemental Disclosure of Cash Flow and Non-Cash Transactions Supplemental disclosure of cash flow information follows: Nine Months Ended June 30, June 30, 2015 2014 Cash paid during the period for taxes $ 27,800 $ 21,200 Supplemental disclosure of noncash financing and investing activities follows: Nine Months Ended June 30, June 30, 2015 2014 Transfer to common shares on exercise of warrants and broker units $ 426 $ 5,308,382 Transfer to common shares on exercise of options 27,619 341,594 |
Concentrations of Credit Risk
Concentrations of Credit Risk | 12 Months Ended |
Aug. 31, 2014 | |
Concentrations of Credit Risk [Abstract] | |
Concentrations of Credit Risk | 11. 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 67 63 the National Science Foundation. Approximately 99 76 81 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 Event
Subsequent Event | 9 Months Ended |
Jun. 30, 2015 | |
Subsequent Event [Abstract] | |
Subsequent Event | 12. Subsequent Event In July 2015, the Company entered into an exclusive collaboration agreement with Ostiones Guerrero SA de CV (Ostiones) in Baja California, Mexico for the potential development of an additional aquaculture locale and expansion of production, subject to a site suitability study to be conducted over the next three years. Under the terms of the agreement, the Company and Ostiones will collaborate on the design, expansion and development of marine aquaculture resources and KLH production facilities in Baja California, Mexico to provide, exclusively for the Company, an additional site for hatchery and maturation of keyhole limpets and production of KLH. Ostiones will provide local manpower, labor and operational support to the Company, the costs of which are subject to prior approval and will be reimbursed by the Company on a monthly basis. As part of the collaboration, Ostiones will gain access to the Company's advanced aquaculture techniques, proprietary expertise, support services and training to facilitate the expansion of Ostiones' seafood production business. During the three year term of the agreement and for five years thereafter, the parties are subject to customary non-competition and non-contravention provisions. The Company will be responsible for certain improvements to the leased undeveloped land in Baja California, Mexico described in Note 7, including construction of certain structures and a power-generating facility which will be owned by the Company. The collaboration agreement is co-terminus with the date of the initial expiration of that lease in June 2018, unless terminated earlier. |
Significant Accounting Polici18
Significant Accounting Policies (Policies) | 9 Months Ended |
Jun. 30, 2015 | |
Significant Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Revenue from Contracts with Customers (Topic 606) Other Assets and Deferred Costs: Contracts with Customers 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 , with early application permitted. Management is in the process of assessing the impact of ASU 2014-15 on the Company's financial statements. Simplifying the Measurement of Inventory (Topic 330) |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Inventory [Abstract] | |
Inventory | June 30, September 30, 2015 2014 Raw materials $ 5,573 $ 10,480 Work in process 80,720 24,411 Finished goods 108,074 - $ 194,367 $ 34,891 |
Property, Plant and Equipment20
Property, Plant and Equipment, net (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment, net [Abstract] | |
Property, Plant and Equipment, net | June 30, September 30, August 31, 2015 2014 2014 Aquaculture system $ 58,923 $ 58,923 $ 58,923 Laboratory facilities 62,033 62,033 62,033 Computer and office equipment 77,678 77,697 77,697 Tools and equipment 700,011 635,766 622,289 Vehicles 10,997 10,997 10,997 Leasehold improvements 109,800 61,187 61,187 1,019,442 906,603 893,126 Less: accumulated depreciation (636,962 ) (518,263 ) (505,734 ) Depreciable assets, net 382,480 388,340 387,392 Construction in progress 89,447 - - $ 471,927 $ 388,340 $ 387,392 |
Commitments (Tables)
Commitments (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Commitments [Abstract] | |
Schedule of Future Minimum Lease Payments | Future minimum lease payments are as follows: June 30, 2015 For The Year Ending September 30, 2015 $ 57,000 2016 157,000 2017 143,000 2018 106,000 2019 106,000 2020 106,000 Thereafter 6,000 $ 681,000 |
Share Capital (Tables)
Share Capital (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Share Capital [Abstract] | |
Transactions In Share Capital | Nine Months Ended June 30, June 30, 2015 2014 Number of common shares issued 126,800 6,475,820 Proceeds from exercise of warrants and broker units $ 938 $ 2,587,014 Transfer to common shares on exercise of warrants and broker units 426 5,308,382 Proceeds from exercise of options 27,781 376,148 Transfer to common shares on exercise of options 27,619 341,594 Share-based compensation 244,781 770,777 |
Schedule of Warrant Activity | Number of Warrants Weighted Average Exercise Price Balance - September 30, 2014 10,545,312 $ 1.01 CDN $ Exercised (600 ) 0.75 CDN $ Expired (278,700 ) 1.25 CDN $ Balance - June 30, 2015 10,266,012 $ 1.13 CDN $ |
Summary of Warrants Outstanding | Exercise Price Number of Expiry Date CDN$ 0.40 4,000,000 October 25, 2015 CDN$ 0.40 278,400 January 4, 2016 $ 1.35 4,701,902 September 9, 2016 $ 1.05 200,000 September 9, 2016 Broker warrants $ 1.35 952,377 September 20, 2016 $ 1.05 133,333 September 20, 2016 Broker warrants 10,266,012 |
Schedule of Fair Value Of Warrants Exercised, Valuation Assumptions | Nine Months Ended June 30, 2015 June 30, 2014 Risk free interest rate 1.12 % 1.07 % Expected life (years) 0.01 0.29 Expected share price volatility 97 % 106 % |
Schedule of Broker Units Activity | Number of Units Weighted Average Exercise Price Balance - September 30, 2014 467,200 $ 0.25 CDN $ Exercised (1,200 ) 0.50 CDN $ Balance - June 30, 2015 466,000 $ 0.25 CDN $ |
Summary Of Broker Units Outstanding | Exercise Price Number of Expiry Date CDN$ 0.25 400,000 October 25, 2015 CDN$ 0.25 66,000 January 4, 2016 466,000 |
Schedule of Share-based Compensation Stock Options Activity | Number of Options Weighted Average Exercise Price Balance - September 30, 2014 5,885,533 $ 0.62 CDN $ Granted 165,000 1.33 CDN $ Exercised (125,000 ) 0.25 CDN $ Balance - June 30, 2015 5,925,533 $ 0.67 CDN $ |
Summary of Options Outstanding And Exercisable | The following table summarizes information about the options under the Plan outstanding and exercisable at June 30, 2015: Exercise Price Number of Exercisable at Expiry Date CDN$ 0.28 1,645,000 1,645,000 April 9, 2017 CDN$ 0.25 55,000 55,000 May 17, 2017 CDN$ 0.28 20,000 20,000 June 28, 2017 CDN$ 0.28 70,000 70,000 July 13, 2017 CDN$ 0.64 70,000 70,000 October 25, 2017 CDN$ 1.00 60,000 60,000 February 10, 2018 CDN$ 0.65 848,600 848,600 August 8, 2018 CDN$ 0.50 5,000 5,000 September 26, 2018 CDN$ 1.87 100,000 100,000 November 7, 2018 CDN$ 0.40 70,000 70,000 December 22, 2018 CDN$ 0.42 853,600 853,600 April 13, 2019 CDN$ 0.29 90,000 90,000 June 18, 2019 CDN$ 0.37 150,000 150,000 August 9, 2019 CDN$ 0.37 150,000 150,000 August 16, 2019 CDN$ 0.25 8,333 8,333 October 23, 2019 CDN$ 0.25 215,000 215,000 December 19, 2019 CDN$ 0.58 560,000 560,000 May 14, 2020 CDN$ 0.58 100,000 100,000 May 23, 2020 $ 1.83 495,000 495,000 November 1, 2020 $ 1.84 100,000 100,000 November 15, 2020 CDN$ 0.94 95,000 63,333 June 27, 2021 CDN$ 1.52 115,000 38,333 November 12, 2021 CDN$ 0.89 50,000 16,667 June 10, 2022 5,925,533 5,783,866 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | Nine Months Ended June 30, 2015 June 30, 2014 Risk free interest rate 1.65 % 2.01 % Expected life (years) 7.00 6.75 Expected share price volatility 115 % 120 % Expected dividend yield 0 % 0 % |
Supplemental Disclosure of Ca23
Supplemental Disclosure of Cash Flow and Non-Cash Transactions (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Supplemental Disclosure of Cash Flow and Non-Cash Transactions [Abstract] | |
Supplemental Disclosure of Cash Flow Information | Nine Months Ended June 30, June 30, 2015 2014 Cash paid during the period for taxes $ 27,800 $ 21,200 |
Supplemental Disclosure of Non-Cash Financing and Investing Activities | Nine Months Ended June 30, June 30, 2015 2014 Transfer to common shares on exercise of warrants and broker units $ 426 $ 5,308,382 Transfer to common shares on exercise of options 27,619 341,594 |
Nature of Operations (Details)
Nature of Operations (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2014 | Aug. 31, 2014 | |
Nature of Operations [Abstract] | |||||||
Net income (loss) | $ 463,986 | $ 3,408,326 | $ (1,305,655) | $ (3,602,718) | |||
Accumulated deficit | (33,797,941) | (33,797,941) | $ (32,492,286) | $ (33,620,190) | |||
Working capital | 8,900,000 | 8,900,000 | |||||
Changes in fair value of warrant liability | $ 1,254,029 | $ 4,528,450 | $ 2,455,361 | $ 833,862 | |||
Proceeds from a private placement | $ 12,000,000 |
Inventory (Details)
Inventory (Details) - USD ($) | Jun. 30, 2015 | Sep. 30, 2014 | Aug. 31, 2014 |
Inventory [Abstract] | |||
Raw materials | $ 5,573 | $ 10,480 | |
Work in process | 80,720 | $ 24,411 | |
Finished goods | 108,074 | ||
Inventory | $ 194,367 | $ 34,891 |
Property, Plant and Equipment26
Property, Plant and Equipment, net (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Property, Plant and Equipment, net [Abstract] | ||||
Depreciation expense | $ 41,808 | $ 34,307 | $ 119,410 | $ 99,078 |
Property, Plant and Equipment27
Property, Plant and Equipment, net (Details) - USD ($) | Jun. 30, 2015 | Sep. 30, 2014 | Aug. 31, 2014 |
Property, Plant and Equipment [Line Items] | |||
Depreciable assets, gross | $ 1,019,442 | $ 906,603 | $ 893,126 |
Less: accumulated depreciation | (636,962) | (518,263) | (505,734) |
Depreciable assets, net | 382,480 | $ 388,340 | $ 387,392 |
Construction in progress | 89,447 | ||
Property, plant and equipment, net | 471,927 | $ 388,340 | $ 387,392 |
Aquaculture system [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable assets, gross | 58,923 | 58,923 | 58,923 |
Laboratory facilities [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable assets, gross | 62,033 | 62,033 | 62,033 |
Computer and Office Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable assets, gross | 77,678 | 77,697 | 77,697 |
Tools and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable assets, gross | 700,011 | 635,766 | 622,289 |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable assets, gross | 10,997 | 10,997 | 10,997 |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciable assets, gross | $ 109,800 | $ 61,187 | $ 61,187 |
Intangible Assets - Licensing28
Intangible Assets - Licensing Rights (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Aug. 31, 2011 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 7,143 | $ 21,429 | ||
Licensing Rights [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Licence fee for the licensing rights | $ 200,000 | |||
Estimated useful life | 7 years |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Aug. 31, 2014 | Aug. 31, 2013 | |
Operating Leased Assets [Line Items] | ||||
Rent expense on lease agreements | $ 137,000 | $ 135,000 | ||
Three buildings and facilities used in its operations [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Lease agreement, contract term | 5 years | |||
Lease agreement, renewal term | 5 years | |||
Lease contract/renewal start date | 2015-10 | |||
Facilities used for executive offices and laboratories [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Lease agreement, renewal term | 2 years | |||
Lease contract/renewal start date | 2014-07 | |||
Undeveloped land in Baja, Mexico | ||||
Operating Leased Assets [Line Items] | ||||
Lease agreement, contract term | 3 years | |||
Lease agreement, renewal term | 30 years | |||
Lease contract/renewal start date | 2015-06 | |||
Agreements with contract manufacturing organizations and consultants [Member] | ||||
Purchase Obligations [Line items] | ||||
Purchase obligations | $ 152,000 | |||
Agreements to pay time and materials to contractors [Member] | ||||
Purchase Obligations [Line items] | ||||
Purchase obligations | 25,000 | |||
401(k) Retirement Savings Plan [Member] | ||||
Other Commitments [Line Items] | ||||
Employer contributions | $ 45,000 | 40,000 | ||
Employee vesting percentage | 100.00% | |||
Annual non-elective safe harbor employer contribution | 3.00% | |||
Licensing Agreements [Member] | ||||
Other Commitments [Line Items] | ||||
License costs | $ 200,000 | $ 25,000 | ||
Annual license fee | $ 20,000 | |||
Annual license fee, start date | 2014-09 | |||
Patent cost reimbursement | $ 50,000 | $ 26,000 | ||
Common shares issued upon execution of license agreement | 371,200 | |||
Common shares to be called by warrants | 278,400 | |||
Aggregate milestone payments upon achievement of financing and development targets | 6,020,000 | |||
Contingent milestone payments due upon achievement of sales target | $ 57,025,000 | |||
Milestone payment | $ 100,000 |
Commitments (Schedule of Future
Commitments (Schedule of Future Minimum Lease Payments) (Details) | Jun. 30, 2015USD ($) |
For The Year Ending September 30, | |
2,015 | $ 57,000 |
2,016 | 157,000 |
2,017 | 143,000 |
2,018 | 106,000 |
2,019 | 106,000 |
2,020 | 106,000 |
Thereafter | 6,000 |
Future minimum lease payments, total | $ 681,000 |
Share Capital (Schedule of Tran
Share Capital (Schedule of Transactions In Share Capital) (Details) - USD ($) | 9 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share Capital [Abstract] | ||
Number of common shares issued | 126,800 | 6,475,820 |
Proceeds from exercise of warrants and broker units | $ 938 | $ 2,587,014 |
Transfer to common shares on exercise of warrants and broker units | 426 | 5,308,382 |
Proceeds from exercise of options | 27,781 | 376,148 |
Transfer to common shares on exercise of options | 27,619 | 341,594 |
Share-based compensation | $ 244,781 | $ 770,777 |
Share Capital (Schedule of Warr
Share Capital (Schedule of Warrants Activity) (Details) - 9 months ended Jun. 30, 2015 - CAD / shares | Total |
Share Capital [Abstract] | |
Number of Warrants, Beginning Balance | 10,545,312 |
Number of Warrants Exercised | (600) |
Number of Warrants Expired | (278,700) |
Number of Warrants, Ending Balance | 10,266,012 |
Weighted Average Exercise Price, Beginning Balance | CAD 1.01 |
Weighted Average Exercise Price, Exercised | 0.75 |
Weighted Average Exercise Price, Expired | 1.25 |
Weighted Average Exercise Price, Ending Balance | CAD 1.13 |
Share Capital (Summary of Outst
Share Capital (Summary of Outstanding Warrants) (Details) | 9 Months Ended | ||
Jun. 30, 2015$ / sharesshares | Jun. 30, 2015CAD / sharesshares | Sep. 30, 2014CAD / sharesshares | |
Class of Warrant or Right [Line Items] | |||
Exercise Price | CAD / shares | CAD 1.13 | CAD 1.01 | |
Number of Warrants | 10,266,012 | 10,266,012 | 10,545,312 |
Warrant One [Member] | |||
Class of Warrant or Right [Line Items] | |||
Exercise Price | CAD / shares | CAD 0.40 | ||
Number of Warrants | 4,000,000 | 4,000,000 | |
Expiry Date | Oct. 25, 2015 | ||
Warrant Two [Member] | |||
Class of Warrant or Right [Line Items] | |||
Exercise Price | CAD / shares | CAD 0.40 | ||
Number of Warrants | 278,400 | 278,400 | |
Expiry Date | Jan. 4, 2016 | ||
Warrant Three [Member] | |||
Class of Warrant or Right [Line Items] | |||
Exercise Price | $ / shares | $ 1.35 | ||
Number of Warrants | 4,701,902 | 4,701,902 | |
Expiry Date | Sep. 9, 2016 | ||
Warrant Five [Member] | |||
Class of Warrant or Right [Line Items] | |||
Exercise Price | $ / shares | $ 1.35 | ||
Number of Warrants | 952,377 | 952,377 | |
Expiry Date | Sep. 20, 2016 | ||
Broker warrants [Member] | Warrant Four [Member] | |||
Class of Warrant or Right [Line Items] | |||
Exercise Price | $ / shares | $ 1.05 | ||
Number of Warrants | 200,000 | 200,000 | |
Expiry Date | Sep. 9, 2016 | ||
Broker warrants [Member] | Warrant Six [Member] | |||
Class of Warrant or Right [Line Items] | |||
Exercise Price | $ / shares | $ 1.05 | ||
Number of Warrants | 133,333 | 133,333 | |
Expiry Date | Sep. 20, 2016 |
Share Capital (Schedule Of Wa34
Share Capital (Schedule Of Warrants Exercised, Fair Value Assumptions) (Details) - Warrants Exercised [Member] | 9 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Class of Warrant or Right [Line Items] | ||
Risk free interest rate | 1.12% | 1.07% |
Expected life (years) | 4 days | 3 months 14 days |
Expected share price volitility | 97.00% | 106.00% |
Share Capital (Schedule of Brok
Share Capital (Schedule of Broker Units Activity) (Details) - 9 months ended Jun. 30, 2015 - CAD / shares | Total |
Share Capital [Abstract] | |
Number of units, Beginning Balance | 467,200 |
Number of units, Exercised | (1,200) |
Number of units, Ending Balance | 466,000 |
Weighted average exercise price, Beginning Balance | CAD 0.25 |
Weighted average exercise price, Exercised | 0.50 |
Weighted average exercise price, Ending Balance | CAD 0.25 |
Share Capital (Summary of Out36
Share Capital (Summary of Outstanding Broker Units) (Details) - CAD / shares | 9 Months Ended | |
Jun. 30, 2015 | Sep. 30, 2014 | |
Class of Warrant or Right [Line Items] | ||
Number of Units | 466,000 | 467,200 |
Broker Unit One [Member] | ||
Class of Warrant or Right [Line Items] | ||
Exercise Price | CAD 0.25 | |
Number of Units | 400,000 | |
Expiry Date | Oct. 25, 2015 | |
Broker Unit Two [Member] | ||
Class of Warrant or Right [Line Items] | ||
Exercise Price | CAD 0.25 | |
Number of Units | 66,000 | |
Expiry Date | Jan. 4, 2016 |
Share Capital (Schedule of Stoc
Share Capital (Schedule of Stock Option Activity) (Details) - 9 months ended Jun. 30, 2015 - CAD / shares | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options, Beginning Balance | 5,885,533 |
Number of Options, Granted | 165,000 |
Number of Options, Exercised | (125,000) |
Number of Options, Ending Balance | 5,925,533 |
Weighted Average Exercise Price, Beginning Balance | CAD 0.62 |
Weighted Average Exercise Price, Granted | 1.33 |
Weighted Average Exercise Price, Exercised | 0.25 |
Weighted Average Exercise Price, Ending Balance | CAD 0.67 |
Share Capital (Summary of Stock
Share Capital (Summary of Stock Options Outstanding and Exercisable) (Details) | 9 Months Ended | ||
Jun. 30, 2015$ / sharesshares | Jun. 30, 2015CAD / sharesshares | Sep. 30, 2014shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options | 5,925,533 | 5,925,533 | 5,885,533 |
Exercisable at June 30, 2015 | 5,783,866 | 5,783,866 | |
Stock Option One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | CAD / shares | CAD 0.28 | ||
Number of Options | 1,645,000 | 1,645,000 | |
Exercisable at June 30, 2015 | 1,645,000 | 1,645,000 | |
Expiry Date | Apr. 9, 2017 | ||
Stock Option Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | CAD / shares | CAD 0.25 | ||
Number of Options | 55,000 | 55,000 | |
Exercisable at June 30, 2015 | 55,000 | 55,000 | |
Expiry Date | May 17, 2017 | ||
Stock Option Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | CAD / shares | CAD 0.28 | ||
Number of Options | 20,000 | 20,000 | |
Exercisable at June 30, 2015 | 20,000 | 20,000 | |
Expiry Date | Jun. 28, 2017 | ||
Stock Option Four [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | CAD / shares | CAD 0.28 | ||
Number of Options | 70,000 | 70,000 | |
Exercisable at June 30, 2015 | 70,000 | 70,000 | |
Expiry Date | Jul. 13, 2017 | ||
Stock Option Five [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | CAD / shares | CAD 0.64 | ||
Number of Options | 70,000 | 70,000 | |
Exercisable at June 30, 2015 | 70,000 | 70,000 | |
Expiry Date | Oct. 25, 2017 | ||
Stock Option Six [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | CAD / shares | CAD 1 | ||
Number of Options | 60,000 | 60,000 | |
Exercisable at June 30, 2015 | 60,000 | 60,000 | |
Expiry Date | Feb. 10, 2018 | ||
Stock Option Seven [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | CAD / shares | CAD 0.65 | ||
Number of Options | 848,600 | 848,600 | |
Exercisable at June 30, 2015 | 848,600 | 848,600 | |
Expiry Date | Aug. 8, 2018 | ||
Stock Option Eight [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | CAD / shares | CAD 0.50 | ||
Number of Options | 5,000 | 5,000 | |
Exercisable at June 30, 2015 | 5,000 | 5,000 | |
Expiry Date | Sep. 26, 2018 | ||
Stock Option Nine [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | CAD / shares | CAD 1.87 | ||
Number of Options | 100,000 | 100,000 | |
Exercisable at June 30, 2015 | 100,000 | 100,000 | |
Expiry Date | Nov. 7, 2018 | ||
Stock Option Ten [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | CAD / shares | CAD 0.40 | ||
Number of Options | 70,000 | 70,000 | |
Exercisable at June 30, 2015 | 70,000 | 70,000 | |
Expiry Date | Dec. 22, 2018 | ||
Stock Option Eleven [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | CAD / shares | CAD 0.42 | ||
Number of Options | 853,600 | 853,600 | |
Exercisable at June 30, 2015 | 853,600 | 853,600 | |
Expiry Date | Apr. 13, 2019 | ||
Stock Option Twelve [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | CAD / shares | CAD 0.29 | ||
Number of Options | 90,000 | 90,000 | |
Exercisable at June 30, 2015 | 90,000 | 90,000 | |
Expiry Date | Jun. 18, 2019 | ||
Stock Option Thirteen [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | CAD / shares | CAD 0.37 | ||
Number of Options | 150,000 | 150,000 | |
Exercisable at June 30, 2015 | 150,000 | 150,000 | |
Expiry Date | Aug. 9, 2019 | ||
Stock Option Fourteen [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | CAD / shares | CAD 0.37 | ||
Number of Options | 150,000 | 150,000 | |
Exercisable at June 30, 2015 | 150,000 | 150,000 | |
Expiry Date | Aug. 16, 2019 | ||
Stock Option Fifteen [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | CAD / shares | CAD 0.25 | ||
Number of Options | 8,333 | 8,333 | |
Exercisable at June 30, 2015 | 8,333 | 8,333 | |
Expiry Date | Oct. 23, 2019 | ||
Stock Option Sixteen [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | CAD / shares | CAD 0.25 | ||
Number of Options | 215,000 | 215,000 | |
Exercisable at June 30, 2015 | 215,000 | 215,000 | |
Expiry Date | Dec. 19, 2019 | ||
Stock Option Seventeen [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | CAD / shares | CAD 0.58 | ||
Number of Options | 560,000 | 560,000 | |
Exercisable at June 30, 2015 | 560,000 | 560,000 | |
Expiry Date | May 14, 2020 | ||
Stock Option Eighteen [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | CAD / shares | CAD 0.58 | ||
Number of Options | 100,000 | 100,000 | |
Exercisable at June 30, 2015 | 100,000 | 100,000 | |
Expiry Date | May 23, 2020 | ||
Stock Option Ninteen [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | $ / shares | $ 1.83 | ||
Number of Options | 495,000 | 495,000 | |
Exercisable at June 30, 2015 | 495,000 | 495,000 | |
Expiry Date | Nov. 1, 2020 | ||
Stock Option Twenty [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | $ / shares | $ 1.84 | ||
Number of Options | 100,000 | 100,000 | |
Exercisable at June 30, 2015 | 100,000 | 100,000 | |
Expiry Date | Nov. 15, 2020 | ||
Stock Option Twenty One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | CAD / shares | CAD 0.94 | ||
Number of Options | 95,000 | 95,000 | |
Exercisable at June 30, 2015 | 63,333 | 63,333 | |
Expiry Date | Jun. 27, 2021 | ||
Stock Option Twenty Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | CAD / shares | CAD 1.52 | ||
Number of Options | 115,000 | 115,000 | |
Exercisable at June 30, 2015 | 38,333 | 38,333 | |
Expiry Date | Nov. 12, 2021 | ||
Stock Option Twenty Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price | CAD / shares | CAD 0.89 | ||
Number of Options | 50,000 | 50,000 | |
Exercisable at June 30, 2015 | 16,667 | 16,667 | |
Expiry Date | Jun. 10, 2022 |
Share Capital (Schedule of St39
Share Capital (Schedule of Stock Options Granted, Fair Value Assumptions) (Details) - Employee Stock Option [Member] | 9 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free interest rate | 1.65% | 2.01% |
Expected life (years) | 7 years | 6 years 9 months |
Expected share price volitility | 115.00% | 120.00% |
Expected dividend yield | 0.00% | 0.00% |
Share Capital (Narrative) (Deta
Share Capital (Narrative) (Details) | 9 Months Ended | |||
Jun. 30, 2015CADCAD / shares | Jun. 30, 2014CADCAD / shares | Jun. 30, 2015USD ($)shares | Aug. 31, 2012shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average contractual life remaining on the outstanding options | 3 years 5 months 23 days | |||
Weighted average fair value of stock options awarded | CAD / shares | CAD 1.17 | CAD 1.51 | ||
Unrecognized share-based compensation expense | $ | $ 66,000 | |||
Unrecognized share-based compensation expense, recognition period | 1 year 6 months 4 days | |||
Intrinsic value of the options exercised | CAD | CAD 1.15 | CAD 1.32 | ||
Intrinsic value of the vested options | $ | $ 0.27 | |||
Broker units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average contractual life remaining on the outstanding warrants or broker units | 4 months 6 days | |||
Warrant [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average contractual life remaining on the outstanding warrants or broker units | 10 months 3 days | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation, shares reserved for issuance | 10,000,000 | |||
Share based compensation, shares outstanding | 3,838,383 | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation, shares reserved for issuance | 10,000,000 | |||
Share based compensation, stock option vesting schedule | 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 of the shares subject to the option shall vest immediately; (b) One-third of the shares subject to the option shall vest 12 months from the date of grant; and (c) One-third of the shares subject to the option 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 with 25% of the shares subject to the option vesting on the date that is three months from the date of grant, and a further 25% vesting on each successive date that is three months from the date of the prior vesting. |
Related Party Disclosures (Deta
Related Party Disclosures (Details) - USD ($) | 9 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2013 | Aug. 14, 2002 | |
Director and Officer [Member] | Royalty Agreements [Member] | ||||
Related Party Transaction [Line Items] | ||||
Royalty percentage of gross receipts over base amount | 5.00% | |||
Gross receipt base amount for royalty calculation | $ 500,000 | |||
Royalty expense | ||||
A Taiwan Biopharmaceuticals Manufacturer and a Beneficial Owner [Member] | Collaborative Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage | 5.00% |
Supplemental Disclosure of Ca42
Supplemental Disclosure of Cash Flow and Non-Cash Transactions (Schedule of Supplemental Disclosure of Cash Flow Information) (Details) - USD ($) | 9 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Supplemental Disclosure of Cash Flow and Non-Cash Transactions [Abstract] | ||
Cash paid during the period for taxes | $ 27,800 | $ 21,200 |
Supplemental Disclosure of Ca43
Supplemental Disclosure of Cash Flow and Non-Cash Transactions (Schedule of Supplemental Disclosure of Non-cash Financing and Investing Activities) (Details) - USD ($) | 9 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Supplemental Disclosure of Cash Flow and Non-Cash Transactions [Abstract] | ||
Transfer to common shares on exercise of warrants and broker units | $ 426 | $ 5,308,382 |
Transfer to common shares on exercise of options | $ 27,619 | $ 341,594 |
Concentrations of Credit Risk (
Concentrations of Credit Risk (Details) - Customer Concentration Risk [Member] | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Aug. 31, 2014 | |
Accounts Receivable [Member] | One Customer [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 99.00% | 76.00% | ||
Accounts Receivable [Member] | Two Customers [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 81.00% | |||
Product Sales and Contract Services Revenue [Member] | Two Customers [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 63.00% | |||
Product Sales and Contract Services Revenue [Member] | Three Customers [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 67.00% |