Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Dec. 31, 2016 | Feb. 06, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Stellar Biotechnologies, Inc. | |
Entity Central Index Key | 1,540,159 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Non-accelerated Filer | |
Trading Symbol | SBOT | |
Entity Common Stock, Shares Outstanding | 10,136,258 |
Condensed Interim Consolidated
Condensed Interim Consolidated Balance Sheets - USD ($) | Dec. 31, 2016 | Sep. 30, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 5,885,409 | $ 7,416,904 |
Accounts receivable | 12,929 | 85,813 |
Short-term investments | 3,993,598 | 3,988,794 |
Inventory | 329,583 | 249,430 |
Prepaid expenses | 368,431 | 358,714 |
Total current assets | 10,589,950 | 12,099,655 |
Noncurrent assets: | ||
Equity investment in joint venture | 66,695 | 66,695 |
Property, plant and equipment, net | 795,068 | 756,114 |
Deposits | 15,340 | 15,340 |
Total noncurrent assets | 877,103 | 838,149 |
Total Assets | 11,467,053 | 12,937,804 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 602,123 | 623,644 |
Total Current Liabilities | 602,123 | 623,644 |
Commitments (Note 7) | ||
Shareholders' equity: | ||
Common shares, unlimited common shares authorized, no par value, 10,136,258 issued and outstanding at December 31, 2016 and September 30, 2016 | 47,280,792 | 47,280,792 |
Accumulated share-based compensation | 5,431,205 | 5,394,763 |
Accumulated deficit | (41,847,067) | (40,361,395) |
Total Shareholders' Equity | 10,864,930 | 12,314,160 |
Total Liabilities and Shareholders' Equity | $ 11,467,053 | $ 12,937,804 |
Condensed Interim Consolidated3
Condensed Interim Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Sep. 30, 2016 |
Common shares, par value | $ 0 | $ 0 |
Common shares, shares issued | 10,136,258 | 10,136,258 |
Common shares, shares outstanding | 10,136,258 | 10,136,258 |
Condensed Interim Consolidated4
Condensed Interim Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | ||
Product sales | $ 141,856 | $ 456,160 |
Contract services revenue | 0 | 32,000 |
Revenues | 141,856 | 488,160 |
Expenses: | ||
Costs of sales and contract services | 78,565 | 312,063 |
Costs of aquaculture | 84,835 | 84,913 |
Research and development | 460,865 | 288,849 |
General and administrative | 932,067 | 1,109,689 |
Total Expenses | 1,556,332 | 1,795,514 |
Loss from Operations | (1,414,476) | (1,307,354) |
Other Income (Loss) | ||
Foreign exchange loss | (77,390) | (109,128) |
Loss in fair value of warrant liability | 0 | (211,956) |
Investment income | 6,994 | 5,835 |
Other Income (Loss), Total | (70,396) | (315,249) |
Loss Before Income Tax | (1,484,872) | (1,622,603) |
Income tax expense | 800 | 7,200 |
Net Loss | $ (1,485,672) | $ (1,629,803) |
Loss per common share: | ||
Basic and diluted | $ (0.15) | $ (0.19) |
Weighted average number of common shares outstanding: | ||
Basic and diluted | 10,136,258 | 8,373,323 |
Condensed Interim Consolidated5
Condensed Interim Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows Used In Operating Activities: | ||
Net loss | $ (1,485,672) | $ (1,629,803) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 45,470 | 32,386 |
Share-based compensation | 36,442 | 124,496 |
Foreign exchange loss | 77,390 | 109,128 |
Loss in fair value of warrant liability | 0 | 211,956 |
Changes in working capital items: | ||
Accounts receivable | 72,666 | 121,945 |
Inventory | (80,153) | 29,322 |
Prepaid expenses | (9,885) | (67,718) |
Accounts payable and accrued liabilities | (21,292) | 67,076 |
Deferred revenue | 0 | (173,333) |
Net cash used in operating activities | (1,365,034) | (1,174,545) |
Cash Flows From Investing Activities: | ||
Acquisition of property, plant and equipment | (84,424) | (175,019) |
Purchase of short-term investments | (4,804) | (1,629) |
Net cash used in investing activities | (89,228) | (176,648) |
Cash Flows From Financing Activities: | ||
Proceeds from exercise of warrants and options | 0 | 1,368,260 |
Net cash provided by financing activities | 0 | 1,368,260 |
Effect of exchange rate changes on cash and cash equivalents | (77,233) | (85,020) |
Net change in cash and cash equivalents | (1,531,495) | (67,953) |
Cash and cash equivalents - beginning of period | 7,416,904 | 3,955,503 |
Cash and cash equivalents - end of period | 5,885,409 | 3,887,550 |
Cash (demand deposits) | 4,549,089 | 3,887,550 |
Cash equivalents | 1,336,320 | 0 |
Cash and cash equivalents | $ 5,885,409 | $ 3,887,550 |
Nature of Operations
Nature of Operations | 3 Months Ended |
Dec. 31, 2016 | |
Nature of Operations [Abstract] | |
Nature of Operations [Text Block] | 1. Nature of Operations Stellar Biotechnologies, Inc. (the “Company”) is organized under the laws of British Columbia, 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 primarily in Europe, Asia, and the United States. The Company’s common shares have been listed for trading on The Nasdaq Capital Market in the United States under the symbol “SBOT” since November 5, 2015. From January 15, 2013 through November 4, 2015, the Company’s common shares were quoted in the United States on the U.S. OTCQB Marketplace Exchange under the symbol “SBOTF.” From April 19, 2010 to April 8, 2016 the Company’s common shares were listed in Canada on the TSX Venture Exchange as a Tier 2 issue under the trading symbol “KLH.” In April 2010, the Company changed its name from CAG Capital, Inc. to Stellar Biotechnologies, Inc. and 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. Management Plans For the three months ended December 31, 2016 and 2015, the Company reported net losses of approximately $ 1.5 1.6 41.8 10 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. Management believes the Company’s working capital is sufficient to support the Company’s current initiatives at the current level for at least 12 months. 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, as well as additional equity financing and debt financing. 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. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Dec. 31, 2016 | |
Basis of Presentation [Abstract] | |
Basis of Accounting [Text Block] | 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 September 30, 2016. The accompanying condensed interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Stellar Biotechnologies, Inc., a California corporation. All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments (consisting of normal recurring adjustments and accruals) considered necessary for a fair presentation of the results of operations for the period presented have been included in the interim period. Operating results for the three months ended December 31, 2016 are not necessarily indicative of the results that may be expected for other interim periods or the year ending September 30, 2017. The condensed interim consolidated financial data at September 30, 2016 is derived from audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2016, as filed on December 14, 2016 with the SEC. The preparation of financial statements in conformity with U.S. GAAP for interim financial information 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. 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. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2016 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 3. Significant Accounting Policies In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) Other Assets and Deferred Costs: Contracts with Customers within those years Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing ASU 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients Technical Corrections and Improvements to Topic 606, Revenue from 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 provides guidance on determining 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 , including interim periods within those years with early application permitted. . In July 2015, FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory within those years In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, ASU 2016-01 clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities The guidance is effective for public entities for fiscal years beginning after December 15, 2017, including interim periods within those years, with early adoption permitted. . In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . The amended guidance is effective for public entities for fiscal years beginning after December 15, 2016, including interim periods within those years, with early adoption permitted. . In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments statements. |
Investments
Investments | 3 Months Ended |
Dec. 31, 2016 | |
Investments [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. Investments December 31, September 30, 2016 2016 U.S. Treasury Bills $ 3,993,598 $ 3,988,794 U.S. Treasury Bills are carried at amortized cost which approximates fair value and are classified as held-to-maturity investments. |
Inventory
Inventory | 3 Months Ended |
Dec. 31, 2016 | |
Inventory [Abstract] | |
Inventory Disclosure [Text Block] | 5. Inventory 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 inventory in process at the end of the period. Finished goods include products that are complete and available for sale. At December 31, 2016 and September 30, 2016, the Company recorded work in process and finished goods inventory only for those products with recent sales levels to evaluate net realizable value. December 31, September 30, 2016 2016 Raw materials $ 49,151 $ 38,764 Work in process 20,417 43,498 Finished goods 260,015 167,168 $ 329,583 $ 249,430 |
Property, Plant and Equipment,
Property, Plant and Equipment, net | 3 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment, net [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Property, Plant and Equipment, net December 31, September 30, 2016 2016 Aquaculture system $ 126,257 $ 126,257 Laboratory facilities 62,033 62,033 Computer and office equipment 111,695 102,030 Tools and equipment 914,917 894,319 Vehicles 49,347 49,347 Leasehold improvements 293,920 282,305 1,558,169 1,516,291 Less: accumulated depreciation (838,527) (793,057) Depreciable assets, net 719,642 723,234 Construction in progress 75,426 32,880 $ 795,068 $ 756,114 Depreciation and amortization expense amounted to $ 45,470 32,386 |
Commitments
Commitments | 3 Months Ended |
Dec. 31, 2016 | |
Commitments [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 7. Commitments Operating leases The Company leases buildings and facilities used in its operations under three sublease agreements with the Oxnard Harbor District. In June 2015, the Company exercised its option to extend these sublease agreements for an additional five-year term beginning in October and November 2015. The Company negotiated an option to extend the leases for two additional five-year terms. The Company leases facilities used for executive offices and laboratories. The Company must pay a portion of the common area maintenance. In July 2016, the Company extended this lease for a two-year term, with options to renew for three successive two-year terms. The Company leases undeveloped land in Baja California, Mexico to assess the potential development of an additional aquaculture locale and expansion of production. The lease term is three years from June 2015 with options to extend the lease for 30 years. The Company may terminate early with 30 days’ notice. The first two years of rent under the lease totaling $ 74,606 For The Year Ending September 30, 2017 $ 141,000 2018 188,000 2019 106,000 2020 106,000 2021 6,000 $ 547,000 Rent expense on these lease agreements amounted to approximately $ 59,000 55,000 Purchase obligations The Company has commitments totaling approximately $ 253,000 33,000 Supply agreements The Company has two commitments under certain supply agreements with customers for fixed prices per gram of KLH 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. The other customer supply agreement is effective October 2014 through October 2019 and is renewable for one-year terms upon written request of the customer. Joint venture agreement In May 2016, the Company entered into a joint venture agreement with another party for the formation of a joint venture company to manufacture and sell conjugated therapeutic vaccines. The joint venture is organized as a French simplified corporation. The Company holds a 30 120,000 67,000 In connection with the formation of the joint venture and the execution of its strategy, the parties intend over time to enter into an exclusive supply agreement within a limited field of use for Stellar to supply KLH to the joint venture, a supply agreement designating the joint venture as the exclusive manufacturer and supplier of the other party’s vaccines, and services agreements for the provision of various knowledge and expertise by each of the parties. The joint venture has an initial ten-year term, renewable for successive five-year terms. If either party provides notice at least six months prior to the expiration date of an applicable term that it does not wish to continue the joint venture transaction, the other party will have a right to acquire all of such terminating party’s equity interests in the joint venture. The joint venture agreement contains customary restrictions on transfer of the equity interests, tag-along and drag-along rights, non-competition, non-solicitation, confidentiality and termination provisions. 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 12,000 11,000 The license agreement expires when the last valid patent claim licensed under the license agreement expires, which is currently 2030. 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. The license agreement provides for the Company to pay up to an aggregate of $ 6,020,000 57,025,000 100,000 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 3 100 18,000 14,000 Related party commitments Patent oyalty agreement On August 14, 2002, through its California subsidiary, the Company entered into an agreement with a director and officer of the Company, whereby he would receive royalty payments in exchange for assignment of his patent rights to the Company. The royalty is 5 500,000 Collaboration agreement In December 2013, the Company entered into a collaboration agreement with a privately-held Taiwanese biopharmaceuticals manufacturer which expired in accordance with its terms in December 2015. Under the terms of the agreement, the Company was 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 (Adagloxad Simolenin) active immunotherapy. The Company was also responsible for method development, product formulation, and process qualification for certain KLH reference standards. The collaboration partner was responsible for development objectives and product specifications. The agreement provided 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 provided 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. A member of the Company’s Board of Directors currently serves as the manufacturer’s general manager and chair of its board of directors. |
Share Capital
Share Capital | 3 Months Ended |
Dec. 31, 2016 | |
Share Capital [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 8. Share Capital Three Months Ended December 31, December 31, 2016 2015 Number of common shares issued - 464,000 Proceeds from exercise of warrants - 1,368,260 Transfer to common shares on exercise of warrants - 1,853,581 Share-based compensation 36,442 124,496 Performance shares There were 1,000,000 At December 31, 2016, there are 383,838 Black-Scholes option valuation model The Company uses the Black-Scholes option valuation model to determine the fair value of warrants, broker units and share 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 share options. Warrants Number of Weighted Balance - September 30, 2015 1,022,761 $ 9.04 Granted 1,265,626 4.50 Granted 40,000 4.00 CDN $ Exercised (424,000) 4.00 CDN $ Expired (598,761) 13.33 Expired (40,000) 4.00 CDN $ Balance - September 30, 2016 and December 31, 2016 1,265,626 $ 4.50 There were no outstanding warrants with exercise prices denominated in Canadian dollars at December 31, 2016. The weighted average contractual life remaining on the outstanding warrants at December 31, 2016 is 60 months. Exercise Price Number of Expiry Date $4.50 1,265,626 January 6, 2022 * 1,265,626 * Exercisable beginning January 6, 2017. Warrant liability All warrants with exercise prices denominated in Canadian dollars were exercised or have expired. Therefore, there was no outstanding warrant liability at December 31, 2016. 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, those warrants met the definition of derivatives and were therefore classified as derivative liabilities measured at fair value with adjustments to fair value recognized through the consolidated statements of operations. The fair value of those warrants was determined using the Black-Scholes option valuation model at the end of each reporting period. On the date those warrants were exercised, the fair value of warrant liability was reclassified to common shares along with the proceeds from the exercise. If those warrants expired, the related decrease in warrant liability was recognized in profit or loss, as part of the change in fair value of warrant liability. There was no cash flow impact as a result of this accounting treatment. Three Months Ended December 31, 2015 Risk free interest rate 0.48 % Expected life (years) 0.04 Expected share price volatility 92 % There were no warrants exercised during the three months ended December 31, 2016. Three Months Ended December 31, 2015 Risk free interest rate 0.52 % Expected life (years) 0.01 Expected share price volatility 91 % Expected dividend yield 0 % There were no warrants granted during the three months ended December 31, 2016. Broker units The Company granted broker units as finders’ fees in conjunction with equity offerings in prior years. Broker units were fully vested when granted and allowed the holders to purchase equity units. A unit consisted of one common share and either one whole warrant or one half warrant. Number of Weighted Balance - September 30, 2015 46,600 1.87 Exercised (40,000) 2.50 CDN $ Expired (6,600) 2.50 CDN $ Balance - September 30, 2016 and December 31, 2016 - $ - There were no broker units granted or exercised during the three months ended December 31, 2016 and 2015. Options The Company has a fixed share option plan adopted in 2013 (the “Plan”) administered by the Board of Directors, which has the discretion to grant up to an aggregate of 1,000,000 Share options granted to directors, officers, employees and consultants for future service are subject to the following vesting schedule: (x) one-third shall vest at 12 months from the date of grant, (y) one-third shall vest at 24 months from the date of grant and (z) one-third shall vest at 36 months from the date of grant. Share options granted to investor relations consultants are subject to the following vesting schedule: (aa) 25% shall vest at 3 months from the date of grant, (bb) 25% shall vest at 6 months from the date of grant, (cc) 25% shall vest at 12 months from the date of grant and (dd) 25% shall vest at 15 months from the date of grant. Number of Options Weighted Balance - September 30, 2015 557,638 $ 5.17 Granted 56,300 6.47 Expired (21,334) 10.70 Expired (53,501) 5.22 CDN $ Balance - September 30, 2016 539,103 $ 5.29 Granted 46,600 2.03 Expired (14,499) 7.17 Balance - December 31, 2016 571,204 $ 4.89 The weighted average contractual life remaining on the outstanding options is 2.51 Number of Exercisable at Range of exercise Expiry Dates 283,610 283,610 CDN$0.01 - 5.00 Apr 2017-Dec 2019 55,000 18,401 $0.01 - 5.00 Dec 2023 142,860 142,860 CDN$5.01 - 10.00 Oct 2017-Jun 2022 18,734 13,700 $5.01 - 10.00 Dec 2022 21,500 21,500 CDN$15.01 - 20.00 Nov 2018-Nov 2021 49,500 49,500 $15.01 - 20.00 Nov 2020 571,204 529,571 Three Months Ended December 31, December 31, 2016 2015 Risk free interest rate 1.49 % 1.05 % Expected life (years) 7.00 7.00 Expected share price volatility 166 % 108 % Expected dividend yield 0 % 0 % The weighted average fair value of share options awarded during the three months ended December 31, 2016 and 2015 was $ 1.98 7.06 As of December 31, 2016, the Company had approximately $ 88,000 1.5 There were no options exercised during the three months ended December 31, 2016 and 2015. There was no intrinsic value of the vested options at December 31, 2016. |
Supplemental Disclosure of Cash
Supplemental Disclosure of Cash Flow and Non-Cash Transactions | 3 Months Ended |
Dec. 31, 2016 | |
Supplemental Disclosure of Cash Flow and Non-Cash Transactions [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | 9. Supplemental Disclosure of Cash Flow and Non-Cash Transactions Three Months Ended December 31, December 31, 2016 2015 Cash paid during the period for taxes $ 800 $ 7,200 Three Months Ended December 31, December 31, 2016 2015 Transfer to common shares on exercise of warrants $ - $ 1,853,581 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 10. 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. 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. Short-term investments in U.S. Treasury Bills are recorded at amortized cost, which approximates fair value. 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 reports its short-term investments in U.S. Treasury Bills at fair value using Level 1 inputs in the fair value hierarchy. Fair Value Measurements Using Quoted Prices Significant Significant Total Fair Value December 31, 2016 Assets Short-term investments in U.S. Treasury Bills $ 3,993,598 $ - $ - $ 3,993,598 September 30, 2016 Assets Short-term investments in U.S. Treasury Bills $ 3,988,794 $ - $ - $ 3,988,794 |
Concentrations of Credit Risk
Concentrations of Credit Risk | 3 Months Ended |
Dec. 31, 2016 | |
Concentrations of Credit Risk [Abstract] | |
Concentration Risk Disclosure [Text Block] | 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 and cash equivalents, U.S Treasury Bills, and accounts receivable. The Company estimates its maximum credit risk at the amount recorded on the balance sheet. Management’s assessment of the Company’s credit risk for cash and cash equivalents is low as they are held in major financial institutions believed to be credit worthy or U.S. Treasury Bills with maturities of 90 days or less. The Company limits its exposure to credit loss for short-term investments by holding U.S. Treasury Bills with maturies of 1 year or less. Based on credit monitoring and history, the Company considers the risk of credit losses due to customer non-performance on accounts receivable to be low. Three Months December 31, December 31, 2016 2015 Product sales and contract services revenue 92% from 85% from The Company had the following concentrations of revenues by geographic areas: Three Months December 31, December 31, 2016 2015 Europe 94 % 37 % Asia - 61 % U.S. 6 % 2 % The Company had the following concentrations of accounts receivable: December 31, September 30, 2016 2016 Accounts receivable 85% from 100% from |
Subsequent Event
Subsequent Event | 3 Months Ended |
Dec. 31, 2016 | |
Subsequent Event [Abstract] | |
Subsequent Events [Text Block] | 12. Subsequent Event On January 9, 2017, the Company formed a Mexican subsidiary under the name BioEstelar, S.A. de C.V. The Company’s California operating entity, Stellar Biotechnologies, Inc., has a 99 |
Significant Accounting Polici18
Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2016 | |
Significant Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606) Other Assets and Deferred Costs: Contracts with Customers within those years Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing ASU 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients Technical Corrections and Improvements to Topic 606, Revenue from 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 provides guidance on determining 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 , including interim periods within those years with early application permitted. . In July 2015, FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory within those years In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, ASU 2016-01 clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities The guidance is effective for public entities for fiscal years beginning after December 15, 2017, including interim periods within those years, with early adoption permitted. . In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . The amended guidance is effective for public entities for fiscal years beginning after December 15, 2016, including interim periods within those years, with early adoption permitted. . In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments statements. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Investments [Abstract] | |
Schedule Of Short Term Investments [Table Text Block] | Short-term investments consisted of the following: December 31, September 30, 2016 2016 U.S. Treasury Bills $ 3,993,598 $ 3,988,794 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Inventory [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventory consisted of the following: December 31, September 30, 2016 2016 Raw materials $ 49,151 $ 38,764 Work in process 20,417 43,498 Finished goods 260,015 167,168 $ 329,583 $ 249,430 |
Property, Plant and Equipment21
Property, Plant and Equipment, net (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment, net [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment, net consisted of the following: December 31, September 30, 2016 2016 Aquaculture system $ 126,257 $ 126,257 Laboratory facilities 62,033 62,033 Computer and office equipment 111,695 102,030 Tools and equipment 914,917 894,319 Vehicles 49,347 49,347 Leasehold improvements 293,920 282,305 1,558,169 1,516,291 Less: accumulated depreciation (838,527) (793,057) Depreciable assets, net 719,642 723,234 Construction in progress 75,426 32,880 $ 795,068 $ 756,114 |
Commitments (Tables)
Commitments (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Commitments [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Aggregate future minimum lease payments at December 31, 2016 are as follows: For The Year Ending September 30, 2017 $ 141,000 2018 188,000 2019 106,000 2020 106,000 2021 6,000 $ 547,000 |
Share Capital (Tables)
Share Capital (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Class of Warrant or Right [Line Items] | |
Schedule of Stockholders Equity [Table Text Block] | The Company had the following transactions in share capital: Three Months Ended December 31, December 31, 2016 2015 Number of common shares issued - 464,000 Proceeds from exercise of warrants - 1,368,260 Transfer to common shares on exercise of warrants - 1,853,581 Share-based compensation 36,442 124,496 |
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 Balance - September 30, 2015 1,022,761 $ 9.04 Granted 1,265,626 4.50 Granted 40,000 4.00 CDN $ Exercised (424,000) 4.00 CDN $ Expired (598,761) 13.33 Expired (40,000) 4.00 CDN $ Balance - September 30, 2016 and December 31, 2016 1,265,626 $ 4.50 |
Schedule Of Warrants Outstanding [Table Text Block] | The following table summarizes information about the warrants outstanding at December 31, 2016: Exercise Price Number of Expiry Date $4.50 1,265,626 January 6, 2022 * 1,265,626 * Exercisable beginning January 6, 2017. |
Schedule of Broker Units, Activity [Table Text Block] | A summary of broker units activity is as follows: Number of Weighted Balance - September 30, 2015 46,600 1.87 Exercised (40,000) 2.50 CDN $ Expired (6,600) 2.50 CDN $ Balance - September 30, 2016 and December 31, 2016 - $ - |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Options have been granted under the Plan allowing the holders to purchase common shares of the Company as follows: Number of Options Weighted Balance - September 30, 2015 557,638 $ 5.17 Granted 56,300 6.47 Expired (21,334) 10.70 Expired (53,501) 5.22 CDN $ Balance - September 30, 2016 539,103 $ 5.29 Granted 46,600 2.03 Expired (14,499) 7.17 Balance - December 31, 2016 571,204 $ 4.89 |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block] | The following table summarizes information about the options under the Plan outstanding and exercisable at December 31, 2016: Number of Exercisable at Range of exercise Expiry Dates 283,610 283,610 CDN$0.01 - 5.00 Apr 2017-Dec 2019 55,000 18,401 $0.01 - 5.00 Dec 2023 142,860 142,860 CDN$5.01 - 10.00 Oct 2017-Jun 2022 18,734 13,700 $5.01 - 10.00 Dec 2022 21,500 21,500 CDN$15.01 - 20.00 Nov 2018-Nov 2021 49,500 49,500 $15.01 - 20.00 Nov 2020 571,204 529,571 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The estimated fair value of the share options granted during the three months ended December 31, 2016 and 2015 was determined using a Black-Scholes option valuation model with the following weighted average assumptions: Three Months Ended December 31, December 31, 2016 2015 Risk free interest rate 1.49 % 1.05 % Expected life (years) 7.00 7.00 Expected share price volatility 166 % 108 % Expected dividend yield 0 % 0 % |
Warrants Exercised [Member] | |
Class of Warrant or Right [Line Items] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | The fair value of warrants exercised was determined using the Black-Scholes option valuation model, using the following weighted average assumptions: Three Months Ended December 31, 2015 Risk free interest rate 0.48 % Expected life (years) 0.04 Expected share price volatility 92 % |
Warrants Granted [Member] | |
Class of Warrant or Right [Line Items] | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | The fair value of warrants granted was determined using the Black-Scholes option valuation model, using the following weighted average assumptions: Three Months Ended December 31, 2015 Risk free interest rate 0.52 % Expected life (years) 0.01 Expected share price volatility 91 % Expected dividend yield 0 % |
Supplemental Disclosure of Ca24
Supplemental Disclosure of Cash Flow and Non-Cash Transactions (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Supplemental Disclosure of Cash Flow and Non-Cash Transactions [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Supplemental disclosure of cash flow information follows: Three Months Ended December 31, December 31, 2016 2015 Cash paid during the period for taxes $ 800 $ 7,200 |
Schedule of Other Significant Noncash Transactions [Table Text Block] | Supplemental disclosure of noncash financing and investing activities follows: Three Months Ended December 31, December 31, 2016 2015 Transfer to common shares on exercise of warrants $ - $ 1,853,581 |
Fair Value of Financial Instr25
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table summarizes fair values for those assets and liabilities with fair value measured on a recurring basis. Fair Value Measurements Using Quoted Prices Significant Significant Total Fair Value December 31, 2016 Assets Short-term investments in U.S. Treasury Bills $ 3,993,598 $ - $ - $ 3,993,598 September 30, 2016 Assets Short-term investments in U.S. Treasury Bills $ 3,988,794 $ - $ - $ 3,988,794 |
Concentrations of Credit Risk (
Concentrations of Credit Risk (Tables) | 3 Months Ended |
Dec. 31, 2016 | |
Concentrations of Credit Risk [Abstract] | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | The Company had the following concentrations of revenues by customers: Three Months December 31, December 31, 2016 2015 Product sales and contract services revenue 92% from 85% from The Company had the following concentrations of revenues by geographic areas: Three Months December 31, December 31, 2016 2015 Europe 94 % 37 % Asia - 61 % U.S. 6 % 2 % The Company had the following concentrations of accounts receivable: December 31, September 30, 2016 2016 Accounts receivable 85% from 100% from |
Nature of Operations (Details T
Nature of Operations (Details Textual) - USD ($) | 3 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2016 | |
Nature of Operations [Line Items] | |||
Net Income (Loss) | $ (1,485,672) | $ (1,629,803) | |
Accumulated deficit | (41,847,067) | $ (40,361,395) | |
Working capital | $ 10,000,000 |
Investments (Details)
Investments (Details) - USD ($) | Dec. 31, 2016 | Sep. 30, 2016 |
U.S. Treasury Bills | $ 3,993,598 | $ 3,988,794 |
Inventory (Details)
Inventory (Details) - USD ($) | Dec. 31, 2016 | Sep. 30, 2016 |
Raw materials | $ 49,151 | $ 38,764 |
Work in process | 20,417 | 43,498 |
Finished goods | 260,015 | 167,168 |
Inventory | $ 329,583 | $ 249,430 |
Property, Plant and Equipment30
Property, Plant and Equipment, net (Details) - USD ($) | Dec. 31, 2016 | Sep. 30, 2016 |
Property, Plant and Equipment [Line Items] | ||
Depreciable assets, gross | $ 1,558,169 | $ 1,516,291 |
Less: accumulated depreciation | (838,527) | (793,057) |
Depreciable assets, net | 719,642 | 723,234 |
Construction in progress | 75,426 | 32,880 |
Property, plant and equipment, net | 795,068 | 756,114 |
Aquaculture system [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable assets, gross | 126,257 | 126,257 |
Laboratory facilities [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable assets, gross | 62,033 | 62,033 |
Computer and office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable assets, gross | 111,695 | 102,030 |
Tools and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable assets, gross | 914,917 | 894,319 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable assets, gross | 49,347 | 49,347 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Depreciable assets, gross | $ 293,920 | $ 282,305 |
Property, Plant and Equipment31
Property, Plant and Equipment, net (Details Textual) - USD ($) | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | $ 45,470 | $ 32,386 |
Commitments (Details)
Commitments (Details) | Dec. 31, 2016USD ($) |
For The Year Ending September 30, | |
2,017 | $ 141,000 |
2,018 | 188,000 |
2,019 | 106,000 |
2,020 | 106,000 |
2,021 | 6,000 |
Thereafter | $ 547,000 |
Commitments (Details Textual)
Commitments (Details Textual) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Aug. 31, 2014USD ($) | Aug. 31, 2013USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2016EUR (€) | Sep. 30, 2014USD ($) | Aug. 14, 2002USD ($) | |
Other Commitments [Line Items] | |||||||||
Rent expense on lease agreements | $ 59,000 | $ 55,000 | |||||||
Equity Method Investments | 66,695 | $ 66,695 | |||||||
Joint venture agreement [Member] | |||||||||
Other Commitments [Line Items] | |||||||||
Equity Method Investments Committed Capital | € | € 120,000 | ||||||||
Equity Method Investment, Ownership Percentage | 30.00% | 30.00% | |||||||
Equity Method Investments | $ 67,000 | ||||||||
Director and Officer [Member] | Royalty Agreements [Member] | |||||||||
Other Commitments [Line Items] | |||||||||
Royalty percentage of gross receipts over base amount | 5.00% | ||||||||
Gross receipt base amount for royalty calculation | $ 500,000 | ||||||||
Licensing Agreements [Member] | |||||||||
Other Commitments [Line Items] | |||||||||
License costs | $ 200,000 | $ 25,000 | |||||||
Annual license fee | $ 20,000 | ||||||||
Patent cost reimbursement | 12,000 | 11,000 | |||||||
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 | ||||||||
401(k) Retirement Savings Plan [Member] | |||||||||
Other Commitments [Line Items] | |||||||||
Employer contributions | $ 18,000 | $ 14,000 | |||||||
Employee vesting percentage | 100.00% | ||||||||
Annual non-elective safe harbor employer contribution | 3.00% | ||||||||
Agreements With Contract Manufacturing Organizations And Consultants [Member] | |||||||||
Other Commitments [Line Items] | |||||||||
Purchase obligations | $ 253,000 | ||||||||
Agreements To Pay Time And Materials To Contractors [Member] | |||||||||
Other Commitments [Line Items] | |||||||||
Purchase obligations | $ 33,000 | ||||||||
Three buildings and facilities used in its operations [Member] | |||||||||
Other Commitments [Line Items] | |||||||||
Lease agreement, contract term | 5 years | ||||||||
Lease agreement, renewal term | 5 years | ||||||||
Facilities used for executive offices and laboratories [Member] | |||||||||
Other Commitments [Line Items] | |||||||||
Lease agreement, renewal term | 2 years | ||||||||
Undeveloped land in Baja, Mexico | |||||||||
Other Commitments [Line Items] | |||||||||
Lease agreement, contract term | 3 years | ||||||||
Rent prepaid in June 2015 | $ 74,606 |
Share Capital (Details)
Share Capital (Details) - Share Capital [Member] - USD ($) | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Warrant or Right [Line Items] | ||
Number of common shares issued | 0 | 464,000 |
Proceeds from exercise of warrants | $ 0 | $ 1,368,260 |
Transfer to common shares on exercise of warrants | 0 | 1,853,581 |
Share-based compensation | $ 36,442 | $ 124,496 |
Share Capital (Details 1)
Share Capital (Details 1) | 12 Months Ended | |
Sep. 30, 2016$ / sharesshares | Sep. 30, 2016CAD / sharesshares | |
Class of Warrant or Right [Line Items] | ||
Number of Warrants, Beginning Balance | 1,022,761 | 1,022,761 |
Number of Warrants, Granted | 1,265,626 | 1,265,626 |
Number of Warrants, Granted | 40,000 | 40,000 |
Number of Warrants, Exercised | (424,000) | (424,000) |
Number of Warrants, Expired | (598,761) | (598,761) |
Number of Warrants, Expired | (40,000) | (40,000) |
Number of Warrants, Ending Balance | 1,265,626 | 1,265,626 |
Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 9.04 | |
Weighted Average Exercise Price, Granted | (per share) | 4.50 | CAD 4 |
Weighted Average Exercise Price, Exercised | CAD / shares | 4 | |
Weighted Average Exercise Price, Expired | (per share) | 13.33 | CAD 4 |
Weighted Average Exercise Price, Ending Balance | $ / shares | $ 4.50 |
Share Capital (Details 2)
Share Capital (Details 2) - $ / shares | 3 Months Ended | |||
Dec. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Class of Warrant or Right [Line Items] | ||||
Exercise Price | $ 4.50 | $ 4.50 | $ 9.04 | |
Number of Warrants | 1,265,626 | 1,265,626 | 1,022,761 | |
Warrant One [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Exercise Price | $ 4.50 | |||
Number of Warrants | 1,265,626 | |||
Expiry Date | [1] | Jan. 6, 2022 | ||
[1] | Exercisable beginning January 6, 2017. |
Share Capital (Details 3)
Share Capital (Details 3) - Warrants Exercised [Member] | 3 Months Ended |
Dec. 31, 2015 | |
Class of Warrant or Right [Line Items] | |
Risk free interest rate | 0.48% |
Expected life (years) | 14 days |
Expected share price volatility | 92.00% |
Share Capital (Details 4)
Share Capital (Details 4) - Warrants Granted [Member] | 3 Months Ended |
Dec. 31, 2015 | |
Class of Warrant or Right [Line Items] | |
Risk free interest rate | 0.52% |
Expected life (years) | 4 days |
Expected share price volatility | 91.00% |
Expected dividend yield | 0.00% |
Share Capital (Details 5)
Share Capital (Details 5) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2016$ / sharesshares | Sep. 30, 2016$ / sharesshares | Sep. 30, 2016CAD / sharesshares | |
Class of Stock [Line Items] | |||
Number of units, Beginning Balance | 46,600 | 46,600 | |
Number of units, Granted | |||
Number of units, Exercised | (40,000) | (40,000) | |
Number of units, Expired | (6,600) | (6,600) | |
Number of units, Ending Balance | 0 | ||
Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 1.87 | ||
Weighted Average Exercise Price, Granted | $ / shares | |||
Weighted Average Exercise Price, Exercised | CAD / shares | CAD 2.50 | ||
Weighted Average Exercise Price, Expired | CAD / shares | CAD 2.50 | ||
Weighted average exercise price, Ending Balance | $ / shares | $ 0 |
Share Capital (Details 6)
Share Capital (Details 6) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2016$ / sharesshares | Sep. 30, 2016$ / sharesshares | Sep. 30, 2016CAD / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options, Ending Balance | 571,204 | ||
2013 Fixed Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options, Beginning Balance | 539,103 | 557,638 | 557,638 |
Number of Options, Granted | 46,600 | 56,300 | 56,300 |
Number of Options, Expired | (14,499) | (21,334) | (21,334) |
Number of Options, Expired | (53,501) | (53,501) | |
Number of Options, Ending Balance | 571,204 | 539,103 | 539,103 |
Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 5.29 | $ 5.17 | |
Weighted Average Exercise Price, Granted | $ / shares | 2.03 | 6.47 | |
Weighted Average Exercise Price, Expired | $ / shares | 7.17 | 10.70 | |
Weighted Average Exercise Price, Expired | CAD / shares | CAD 5.22 | ||
Weighted Average Exercise Price, Ending Balance | $ / shares | $ 4.89 | $ 5.29 |
Share Capital (Details 7)
Share Capital (Details 7) - 3 months ended Dec. 31, 2016 | $ / sharesshares | CAD / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options | 571,204 | 571,204 |
Exercisable at Dec 31, 2016 | 529,571 | 529,571 |
Stock Option One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options | 283,610 | 283,610 |
Exercisable at Dec 31, 2016 | 283,610 | 283,610 |
Exercise Price Range, Lower Range Limit | CAD / shares | CAD 0.01 | |
Exercise Price Range, Upper Range Limit | CAD / shares | CAD 5 | |
Expiry Date, Start | 2017-04 | 2017-04 |
Expiry Date, End | 2019-12 | 2019-12 |
Stock Option Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options | 55,000 | 55,000 |
Exercisable at Dec 31, 2016 | 18,401 | 18,401 |
Exercise Price Range, Lower Range Limit | $ / shares | $ 0.01 | |
Exercise Price Range, Upper Range Limit | $ / shares | $ 5 | |
Expiry Date, End | 2023-12 | 2023-12 |
Stock Option Three [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options | 142,860 | 142,860 |
Exercisable at Dec 31, 2016 | 142,860 | 142,860 |
Exercise Price Range, Lower Range Limit | CAD / shares | CAD 5.01 | |
Exercise Price Range, Upper Range Limit | CAD / shares | CAD 10 | |
Expiry Date, Start | 2017-10 | 2017-10 |
Expiry Date, End | 2022-06 | 2022-06 |
Stock Option Four [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options | 18,734 | 18,734 |
Exercisable at Dec 31, 2016 | 13,700 | 13,700 |
Exercise Price Range, Lower Range Limit | $ / shares | $ 5.01 | |
Exercise Price Range, Upper Range Limit | $ / shares | $ 10 | |
Expiry Date, End | 2022-12 | 2022-12 |
Stock Option Five [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options | 21,500 | 21,500 |
Exercisable at Dec 31, 2016 | 21,500 | 21,500 |
Exercise Price Range, Lower Range Limit | CAD / shares | CAD 15.01 | |
Exercise Price Range, Upper Range Limit | CAD / shares | CAD 20 | |
Expiry Date, Start | 2018-11 | 2018-11 |
Expiry Date, End | 2021-11 | 2021-11 |
Stock Options Six [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options | 49,500 | 49,500 |
Exercisable at Dec 31, 2016 | 49,500 | 49,500 |
Exercise Price Range, Lower Range Limit | $ / shares | $ 15.01 | |
Exercise Price Range, Upper Range Limit | $ / shares | $ 20 | |
Expiry Date, End | 2020-11 | 2020-11 |
Share Capital (Details 8)
Share Capital (Details 8) - Employee Stock Option [Member] | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free interest rate | 1.49% | 1.05% |
Expected life (years) | 7 years | 7 years |
Expected share price volatility | 166.00% | 108.00% |
Expected dividend yield | 0.00% | 0.00% |
Share Capital (Details Textual)
Share Capital (Details Textual) - USD ($) | 3 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Aug. 31, 2012 | |
Share Capital [Line Items] | |||
Weighted average contractual life remaining on the outstanding options | 2 years 6 months 4 days | ||
Weighted average fair value of share options awarded | $ 1.98 | $ 7.06 | |
Unrecognized share-based compensation expense | $ 88,000 | ||
Unrecognized share-based compensation expense, recognition period | 1 year 6 months | ||
Consultant [Member] | |||
Share Capital [Line Items] | |||
Share based compensation, share option vesting schedule | Share options granted to investor relations consultants are subject to the following vesting schedule: (aa) 25% shall vest at 3 months from the date of grant, (bb) 25% shall vest at 6 months from the date of grant, (cc) 25% shall vest at 12 months from the date of grant and (dd) 25% shall vest at 15 months from the date of grant. | ||
Performance Shares [Member] | |||
Share Capital [Line Items] | |||
Share based compensation, shares reserved for issuance | 1,000,000 | ||
Share based compensation, shares outstanding | 383,838 | ||
Employee Share Option [Member] | |||
Share Capital [Line Items] | |||
Share based compensation, shares reserved for issuance | 1,000,000 | ||
Share based compensation, share option vesting schedule | Share options granted to directors, officers, employees and consultants for past service are subject to the following vesting schedule: (a) one-third shall vest immediately, (b) one-third shall vest at 12 months from the date of grant and (c) one-third shall vest at 18 months from the date of grant. | ||
Employee Stock Option One [Member] | |||
Share Capital [Line Items] | |||
Share based compensation, share option vesting schedule | Share options granted to directors, officers, employees and consultants for future service are subject to the following vesting schedule: (x) one-third shall vest at 12 months from the date of grant, (y) one-third shall vest at 24 months from the date of grant and (z) one-third shall vest at 36 months from the date of grant. |
Supplemental Disclosure of Ca44
Supplemental Disclosure of Cash Flow and Non-Cash Transactions (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Noncash or Part Noncash Acquisitions [Line Items] | ||
Cash paid during the period for taxes | $ 800 | $ 7,200 |
Supplemental Disclosure of Ca45
Supplemental Disclosure of Cash Flow and Non-Cash Transactions (Details 1) - USD ($) | 3 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Noncash or Part Noncash Acquisitions [Line Items] | ||
Transfer to common shares on exercise of warrants | $ 0 | $ 1,853,581 |
Fair Value of Financial Instr46
Fair Value of Financial Instruments (Details) - USD ($) | Dec. 31, 2016 | Sep. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments in U.S. Treasury Bills | $ 3,993,598 | $ 3,988,794 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments in U.S. Treasury Bills | 3,993,598 | 3,988,794 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments in U.S. Treasury Bills | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments in U.S. Treasury Bills | $ 0 | $ 0 |
Concentrations of Credit Risk47
Concentrations of Credit Risk (Details) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2016 | |
Customer Concentration Risk [Member] | Product sales and contract services revenue [Member] | Three Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 85.00% | ||
Customer Concentration Risk [Member] | Product sales and contract services revenue [Member] | One Customer [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 92.00% | ||
Customer Concentration Risk [Member] | Accounts receivable [Member] | Three Customers [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 85.00% | ||
Customer Concentration Risk [Member] | Accounts receivable [Member] | One Customer [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 100.00% | ||
Geographic Concentration Risk [Member] | Revenue [Member] | Europe [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 94.00% | 37.00% | |
Geographic Concentration Risk [Member] | Revenue [Member] | Asia [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 0.00% | 61.00% | |
Geographic Concentration Risk [Member] | Revenue [Member] | U.S. [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 6.00% | 2.00% |
Subsequent Event (Details Textu
Subsequent Event (Details Textual) | Jan. 09, 2017 |
Subsequent Event [Member] | Bio Estelar [Member] | |
Subsequent Event [Line Items] | |
Minority Interest Ownership Percentage By Parent | 99.00% |