Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2016 | Aug. 15, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | Algae Dynamics Corp. | |
Entity Central Index Key | 1,607,679 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 10,091,356 | |
Trading Symbol | ADYNF | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,017 |
Condensed Interim Balance Sheet
Condensed Interim Balance Sheets (Unaudited) - CAD | Jun. 30, 2016 | Mar. 31, 2016 |
Current Assets | ||
Cash | CAD 2,900 | CAD 173 |
Prepaid expenses (Note 6a) | 352,160 | 14,752 |
Amounts receivable from officer (Note 9) | 21,339 | 21,064 |
Amounts receivable, net | 7,748 | 8,002 |
Total Current Assets | 384,147 | 43,991 |
Equipment and leasehold improvements, net (Note 3) | 60,896 | 65,252 |
Total Assets | 445,043 | 109,243 |
Current Liabilities | ||
Accounts payable and accrued liabilities (Note 9) | 348,857 | 397,878 |
Advances from shareholders and related parties (Note 4) | 435,120 | 383,990 |
Term loan (Note 5) | 45,897 | |
Warrant liability (Note 6b) | 5,741 | 27,479 |
Total Current Liabilities | 835,615 | 809,347 |
STOCKHOLDERS' (DEFICIENCY) | ||
Common stock (Note 6a), no par value, unlimited amount authorized, 10,091,356 issued and outstanding as of June 30, 2016, (March 31, 2016 - 9,701,051) | 1,838,582 | 1,466,352 |
Additional paid in capital (Note 6c) | 1,177,870 | 1,026,765 |
Warrants (Note 6b) | 16,110 | 190,198 |
Equity to be issued (Note 6a) | 467,583 | 339,949 |
Accumulated deficit | (3,890,717) | (3,723,368) |
Total Stockholders' (Deficiency) | (390,572) | (700,104) |
Total Liabilities and Stockholders' (Deficiency) | CAD 445,043 | CAD 109,243 |
Condensed Interim Balance Shee3
Condensed Interim Balance Sheets (Unaudited) (Parenthetical) - CAD / shares | 3 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Mar. 31, 2016 | |
Statement of Financial Position [Abstract] | ||
Common stock, no par value | CAD 0 | CAD 0 |
Common stock, authorized | Unlimited | Unlimited |
Common stock, issued | 10,091,356 | 9,701,051 |
Common stock, outstanding | 10,091,356 | 9,701,051 |
Condensed Interim Statements of
Condensed Interim Statements of Operations (Unaudited) - CAD | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
OPERATING EXPENSES | ||
Accretion expenses (Note 5) | CAD 5,897 | |
Application and membership fees | 3,247 | |
Amortization expense (Note 3) | 4,356 | 4,439 |
Business development | 2,486 | 2,703 |
Interest | 1,045 | 1,631 |
Occupancy costs | 7,982 | 7,844 |
Office and general | 1,607 | 668 |
Professional fees (Notes 6a, 6b and 10e) | 154,755 | 12,989 |
Research and development | 1,075 | 804 |
Stock based compensation (Note 6c) | 151,105 | 75,050 |
Telephone and internet services | 2,857 | 3,357 |
Travel | 5,025 | 3,011 |
Total Operating Expenses | 341,437 | 112,496 |
Net Loss for the Period | CAD 341,437 | CAD 112,496 |
Net loss per common share -basic and diluted | CAD 0.04 | CAD 0.01 |
Weighted average common shares outstanding - basic and diluted | 9,728,634 | 9,257,234 |
Condensed Interim Statements o5
Condensed Interim Statements of Stockholders' Equity (Deficiency) (Unaudited) - 3 months ended Jun. 30, 2016 - CAD | Common Stock [Member] | Warrants [Member] | Additional Paid-In Capital [Member] | Equity to be Issued [Member] | Accumulated Deficit [Member] | Total |
Balance at Mar. 31, 2016 | CAD 1,466,352 | CAD 190,198 | CAD 1,026,765 | CAD 339,949 | CAD (3,723,368) | CAD (700,104) |
Balance, shares at Mar. 31, 2016 | 9,701,051 | |||||
Warrants exercised (Note 6a and 6b) | CAD 2,318 | 2,318 | ||||
Warrants exercised (Note 6a and 6b), shares | 44,500 | |||||
Warrant liability valuation transferred on exercise | CAD 43,521 | 43,521 | ||||
Warrants expired | (174,088) | 174,088 | ||||
Stock based compensation (Note 6c) | 151,105 | 151,105 | ||||
Shares issued for conversion of debt (Notes 6a) | CAD 64,585 | 64,585 | ||||
Shares issued for conversion of debt (Notes 6a), shares | 66,667 | |||||
Common shares issued (Note 6a) | CAD 60,325 | (60,325) | ||||
Common shares issued (Note 6a), shares | 29,138 | |||||
Shares issued as compensation (Note 6a) | CAD 201,481 | 187,959 | 389,440 | |||
Shares issued as compensation (Note 6a), shares | 250,000 | |||||
Net loss for the period | (341,437) | 341,437 | ||||
Balance at Jun. 30, 2016 | CAD 1,838,582 | CAD 16,110 | CAD 1,177,870 | CAD 467,583 | CAD (3,890,717) | CAD (390,572) |
Balance, shares at Jun. 30, 2016 | 10,091,356 |
Condensed Interim Statements o6
Condensed Interim Statements of Cash Flows (Unaudited) - CAD | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities | ||
Net loss for the period | CAD (341,437) | CAD (112,496) |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Amortization | 4,356 | 4,439 |
Stock based compensation (Note 6c) | 151,105 | 75,050 |
Change in warrant liability (Note 6b) | 21,783 | |
Shares issued and to be issued for services (Note 6a) | 48,651 | |
Accretion expense | 5,897 | |
Change in operating assets and liabilities | ||
Prepaid expenses | 3,651 | 608 |
Accounts receivable | 254 | 5,213 |
Accounts payable | 15,294 | 2,267 |
Net cash flows used in operating activities | (90,446) | (24,919) |
Cash flows from financing activities | ||
Advances from shareholders | 50,855 | 3,004 |
Term loan proceeds | 40,000 | 30,000 |
Warrant exercise proceeds | 2,318 | 596 |
Net cash flows from financing activities | 93,173 | 33,600 |
Net change in cash | 2,727 | 8,681 |
Cash position - beginning of period | 173 | 3,084 |
Cash position - end of period | 2,900 | 11,765 |
Supplemental Information: | ||
Income taxes paid | ||
Interest paid | ||
Common shares and shares to be issued for services (Note 6) | CAD 389,440 |
Nature of the Business and Goin
Nature of the Business and Going Concern | 3 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Nature of the Business and Going Concern | 1.) Nature of the Business and Going Concern Algae Dynamics Corp. (the Company) was incorporated under the Canada Business Corporations Act on October 7, 2008 as Converted Carbon of Canada Corp. On November 19, 2010, the Company amended its Articles of Incorporation to change its name to Converted Carbon Technologies Corp. and a further amendment was approved by the shareholders on August 28, 2014 to change the name to Algae Dynamics Corp. The Company is a nutrient ingredient company and has developed a scalable Pure-BioSilo for sanitary cultivation of microalgae targeted to the functional food and beverage additives and supplement markets. The Companys planned principal operations are the design, engineering and manufacturing of a proprietary algae cultivation system for the high volume production of pure contaminant-free algae biomass. The Company is currently conducting research and development activities to operationalize certain technology currently in the allowed patent application stage, so it can produce pure contaminate-free algae biomass. During the year ended March 31, 2014, the Company secured a research facility in Mississauga, Ontario, which houses all of its employees and research and development activities. In May 2016, the Company signed a Letter of Engagement with Midtown Partners & Co, LLC to raise additional equity capital to support the implementation of its business plan. The Company filed a Form S-1 registration Statement with the U.S Securities and Exchange Commission (SEC) as an initial registration of common shares. The registration was declared effective by the SEC on November 21, 2014. The Companys stock began trading on September 17, 2015. The Companys activities are subject to significant risks and uncertainties, including failing to obtain patents and failing to secure additional funding to operationalize the Companys current technology before another company develops similar technology. These condensed interim financial statements have been prepared on the basis of a going concern, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The Company is in the development stage and has not yet realized profitable operations and has relied on non-operational sources to fund operations. The Company has suffered recurring losses and additional future losses are anticipated as the Company has not yet been able to generate revenue. In addition, as of June 30, 2016, the Company has a working capital deficiency of $451,468 (March 31, 2016 - $765,356) and an accumulated deficit of $3,890,717 (March 31, 2016 - $3,723,368). The Companys ability to continue as a going concern is dependent on successfully executing its business plan, which includes the raising of additional funds. The Company will continue to seek additional forms of debt or equity financing, but it cannot provide assurances that it will be successful in doing so. These circumstances raise substantial doubt as to the ability of the Company to meet its obligations as they come due and accordingly, the appropriateness of the use of accounting principles applicable to a going concern. The accompanying condensed interim financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Such adjustments could be material. |
Presentation of Financial State
Presentation of Financial Statements | 3 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Presentation of Financial Statements | 2.) Presentation of Financial Statements Basis of Presentation These unaudited condensed interim financial statements should be read in conjunction with the financial statements for the Companys most recently completed fiscal year ended March 31, 2016. These condensed interim financial statements do not include all disclosures required in annual financial statements, but rather are prepared in accordance with recommendations for interim financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). These unaudited condensed interim financial statements have been prepared using the same accounting policies, and methods as those used by the Company in the annual financial statements for the year ended March 31, 2016, except when disclosed below. The unaudited condensed interim financial statements contain all adjustments (consisting of only normal recurring adjustments) which are necessary to present fairly the financial position of the Company as at June 30, 2016, and the results of its operations for the three month periods ended June 30, 2016 and 2015 and its cash flows for the three month periods ended June 30, 2016 and 2015. Note disclosures have been presented for material updates to the information previously reported in the annual financial statements. Estimates The preparation of these condensed interim financial statements has required management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of the revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to provision for doubtful accounts, accrued liabilities and contingencies, and the valuation of income taxes, stock based compensation, warrants, convertible debt and intangible assets. The Company bases its estimates on historical experiences and on various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates. As adjustments become necessary, they are reported in earnings in the period in which they become known. |
Equipment and Leasehold Improve
Equipment and Leasehold Improvements | 3 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Equipment and Leasehold Improvements | 3.) Equipment and Leasehold Improvements June 30, 2016 March 31, 2016 Accumulated Accumulated Cost Amortization Cost Amortization Computer equipment $ 3,558 $ 2,199 $ 3,558 $ 2,089 Production equipment 67,367 29,719 67,367 27,738 Leasehold improvements 48,927 27,038 42,290 18,136 Total $ 119,852 $ 58,956 $ 113,215 $ 47,963 Net carrying amount $ 60,896 $ 65,252 During the three month period ended June 30, 2016, the Company recorded total amortization of $4,356 (2015 - $4,439) which was recorded to amortization expense on the statements of operations. |
Advances from Shareholders and
Advances from Shareholders and Related Parties | 3 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Advances from Shareholders and Related Parties | 4.) Advances from Shareholders and Related Parties As at June 30, 2016, the Company had received cumulative working capital advances in the amount of $435,120 (March 31, 2016 - $383,990) from two shareholders who are also officers and directors of the Company and a related party who is a family member of one of the officers. The advances from shareholders are unsecured, non-interest bearing and payable upon demand. The advances from the related party are unsecured, payable upon demand and bear interest at 20% per annum. |
Term Loan
Term Loan | 3 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Term Loan | 5.) Term Loan On May 4, 2016, the Company agreed to a term loan of $40,000 for bridge financing with a relative of one of the officers of the Company. The loan matures on August 28, 2016 and the terms specify a 30% premium to be paid at that time. The 30% premium is recognized as an expense and is amortized on the condensed interim statements of operations. During the three month period ended June 30, 2016 the Company recorded accretion expense of $5,897 (2015 - $nil). |
Capital Stock
Capital Stock | 3 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Capital Stock | 6.) Capital Stock (a) Common Shares Authorized The Company is authorized to issue an unlimited number of common shares with no par value. Issued and Outstanding On May 18, 2016, 44,500 common shares purchase warrants were exercised at USD$0.04 ($0.052) per warrant for total cash proceeds of USD$1,780 ($2,318). On May 15, 2016, 13,874 shares to be issued were issued as common shares. On June 22, 2016, 15,264 shares to be issued were issued as common shares. On June 30, 2016, 66,667 common shares were issued to a consultant in settlement of a debt at a value of $64,585 based upon an estimated fair market value of USD$0.75 ($0.97) per share at the time of issuance. On June 30, 2016, 250,000 common shares were issued to a consulting firm as a portion of the compensation for services initiated on June 24, 2016 and to be provided over a 6 month period at a value of $201,481 based upon an estimated fair market value of USD$0.62 ($0.81) per share at the date of issue. The retainer has been recorded as a prepaid expense on the condensed interim balance sheet as at June 30, 2016. For the three months ended June 30, 2016, the Company amortized $6,606 of this prepaid expense, which was recorded as professional fees on the condensed interim statements of operations. Shares to be issued On May 19, 2016, the Company signed a letter of engagement with a consultant which included as part of the fee the issuance of 100,000 common shares as a non-refundable retainer at a value of $101,579 based upon an estimated fair market value of USD$0.78 ($1.02) per share at the time of the agreement. The retainer has been deferred as a share issue costs and recorded as a prepaid expense on the condensed interim balance sheet as at June 30, 2016. On April 18, 2016, the Company signed an agreement with a consultant pursuant to which it has committed to issue 250,000 common shares of the Company as compensation for services to be rendered over a period of 5 months. Two directors and officers of the Company transferred 250,000 of their personal shares to the consultant and as such the Company has agreed to reimburse the directors and officers for these common shares transferred by issuance of common shares from treasury. The commitment was valued at $86,380 based upon an estimated fair market value of USD$0.27 ($0.35) per share at the date of issue. The retainer has been recorded as a prepaid expense on the condensed interim balance sheet as at June 30, 2016. For the three months ended June 30, 2016, the Company amortized $41,778 of this prepaid expense, which was recorded as professional fees on the condensed interim statements of operations. Equity Purchase Agreement (EPA) On September 10, 2015 the Company entered into the EPA. The holder of the EPA is committed to purchase up to USD$750,000 worth of the Companys common shares (the Put Shares) over the 12 month term of the EPA. The Company paid to the holder of the EPA a commitment fee for entering into the EPA equal to 50,000 restricted common shares of the Company, valued at $67,195, based on the stock price in the most recent private placement as the Companys shares had not yet begun to trade on a public market. From time to time over the EPA, commencing on the trading day immediately following the date on which the registration statement covering the resale of the Put Shares (the Registration Statement) is declared effective by the Securities and Exchange Commission (the Commission), the Company may, in its sole discretion, draw upon the EPA periodically during the term by the Companys delivery to the holder of the EPA, a written notice requiring the holder to purchase a dollar amount in common shares (the Draw Down Notice). The shares issuable pursuant to a Draw Down Notice, when aggregated with the shares then held by the holder on the date of the draw down may not exceed the lessor of (i) 4.99% of the Companys outstanding common shares, (ii) USD$62,500 in any 30 days period or (iii) 100% of the aggregate trading volume for the 10 trading days immediately preceding the date of the Draw Down Notice without the prior written consent of the holder. The purchase price per common share purchased under the EPA shall equal 65% of the lowest closing bid for the 10 days immediately preceding the date of the Draw Down Notice. The Registration Statement was filed with the Commission on October 1, 2015 and was declared effective by the Commission on March 3, 2016. On June 23, 2016, the Company agreed in conjunction with RY Capital Group, LLC and GHS Investments, LLC to assign the EPA to GHS Investments, LLC. The change made to the EPA include increasing the share purchase price per common share to 80% from 65% of the lowest closing bid for the 10 trading days immediately preceding the date of the draw down notice, increasing the upper limit on individual draws to USD$75,000 from USD$62,500 and including a true-up feature whereby if the lowest volume-weighted average price (VWAP) for the ten trading days following a draw down (the Trading Period) is less than 85% of the purchase price of the common shares issued in connection with a draw down, then the Company shall issue such additional common shares as maybe necessary to adjust the purchase price for such draw down to equal the VWAP during the Trading Period. (b) Warrants As at June 30, 2016, the following warrants were outstanding: Fair Value at Number of Weighted Grant Date June 30, 2016 of Expiration Date Number of Warrants Warrants Exercisable Average Exercise Price Fair Value Equity Vested Warrants - Liability June 6, 2017 22,500 22,500 $ 1.12 $ 16,110 $ - April 1, 2017 325,000 - USD $ 0.04 - - $ (0.052 ) October 22, 2016 3,350 3,350 USD $ 1.50 - 1,997 $ (1.94 ) November 30, 2016 8,850 8,850 USD $ 2.00 - 3,744 $ (2.58 ) 359,700 34,700 $ 0.20 $ 16,110 $ 5,741 i) In connection with a private placement offering completed during the year ended March 31, 2015, the Company granted an aggregate of 8,850 share purchase warrants each exercisable into one common share at USD$2.00 ($2.58) until November 30, 2016. The fair value of the warrants at the date of grant of $6,213 was estimated using the Black-Scholes option pricing model, based on the following weighted average assumptions: expected dividend yield of 0%; expected volatility of 124%; risk free interest rate of 1.02%; and expected term of 2 years. ii) During the year ended March 31, 2015, the Company also issued 27,500 warrants of the Company valued at $19,290 for services rendered of which 22,500 warrants were granted to an officer of the Company. The compensation expense has been included in professional fees on the statements of operations. Each warrant entitles the holder to purchase one common share at an exercise price of $1.12 for a period ranging from 2.15 to 3 years after the date of issuance. The fair value of the warrants at the date of grant of $19,290 was estimated using the Black-Scholes option pricing model, based on the following weighted average assumptions: expected dividend yield of 0%; risk free interest rate of 1.14%; expected volatility of 182%; and expected term of 2.85 years. iii) In connection with the unit issuance completed October 22, 2014 in settlement of debt, the Company granted 3,350 share purchase warrants exercisable into one common share at USD$1.50 ($1.94) per share for a period of 2 years from the date of issuance. The fair value of the warrants at the date of grant of $2,060 was estimated using the Black-Scholes option pricing model, based on the following assumptions: expected dividend yield of 0%; expected volatility of 123%; risk free interest rate of 0.99%; and expected term of 2 years. iv) In connection with a consulting agreement (see Note 8), the Company granted 625,000 common share purchase warrants with each warrant entitling the grantee to acquire one common share in the capital of the Company at an exercise price of USD$0.04 ($0.052) at any time prior to April 1, 2017. Of the warrants granted, 300,000 vested on September 3, 2014 with the unvested portion vesting pro-rata for each USD$250,000 ($322,925) raised in an offering, fully vesting upon USD$1,500,000 ($1,937,550) being raised. The fair value of the 625,000 warrants at the date of grant of $500,000 was estimated using the Black-Scholes option pricing model, based on the following assumptions: expected dividend yield of 0%; expected volatility of 159%; risk free interest rate of 1.25%; and expected term of 3 years. For the three month period ended June 30, 2016, the Company recorded $Nil, (2015 - $Nil) as compensation expense for warrants issued to a consultant for service, net of a market adjustment for the three months period ended June 30, 2016 of $21,783 (2015 - $Nil). The expense was recorded as professional fees on the statements of operations and comprehensive loss. ASC 815 Derivatives and Hedging indicates that warrants with exercise prices denominated in a currency other than an entitys functional currency should not be classified as equity. As a result, warrants with a USD exercise price have been treated as derivatives and recorded as liabilities carried at their fair value, with period-to-period changes in the fair value recorded as a gain or loss in the statements of operations. The continuity of warrants for the period ended June 30, 2016 is as follows: Number of Warrants Weighted Average Exercise Price Balance, March 31, 2016 709,583 $ 1.06 Exercised (44,500 ) 0.05 Expired, unexercised (305,383 ) 2.22 Balance, June 30, 2016 359,700 $ 0.20 As at June 30, 2016, the fair value of the 359,700 (March 31, 2016 381,700) warrants exercisable in US dollars, remaining after the exercise of 300,000 warrants (March 31, 2016 255,500), was $306,366 (March 31, 2016 - $222,803) which was estimated using the Black-Scholes option pricing model based on the following weighted average assumptions: expected dividend yield of 0% (March 31, 2016 - 0%); expected volatility of 218% (March 31, 2016 150%); risk-free interest rate of 0.54% (March 31, 2016 0.54%) and expected term of 0.74 years (March 31, 2016 0.99 years). Of this amount, $5,741 (March 31, 2016 - $27,479) was reflected as a liability as at June 30, 2016, representing the percentage of the fair value of the warrants that is equal to the percentage of the requisite service that has been rendered at June 30, 2016. The warrant liability is classified as Level 3 within the fair value hierarchy (See Note 10). The Companys computation of expected volatility during the periods ended June 30, 2016 and 2015 is based on the market close price of comparable public entities over the period equal to the expected life of the warrants. The Companys computation of expected life is calculated using the contractual life. (c) Stock-based compensation The Companys stock-based compensation program (the Plan) includes stock options in which some options vest based on continuous service. For those equity awards that vest based on continuous service, compensation expense is recorded over the service period from the date of grant. The total number of options outstanding as at June 30, 2016 was 930,000 (March 31, 2016 930,000). The weighted average grant date fair value of options granted during the period ended June 30, 2016 was $n/a (2015 - $n/a). The maximum number of options that may be issued under the Plan is floating at an amount equivalent to 15% of the issued and outstanding common shares, or 1,513,703 as at June 30, 2016 (March 31, 2016 1,455,158). The Companys computation of expected volatility during the period ended June 30, 2016 is based on the market close price of comparable public entities over the period equal to the expected life of the options. The Companys computation of expected life is calculated using the contractual life. For the three month period ended June 30, 2016, the Company recorded $151,105 (2015 - $75,050) as Additional Paid in Capital for options issued to directors, officers and consultants based on continuous service. This expense was recorded as stock based compensation on the statements of operations. Additionally for the period ended June 30, 2016, the Company recorded $48,384 (2015 - $nil) as professional fees for services rendered and the amortization of shares to be issued recorded as prepaid expenses. This expense was recorded as professional fees on the statements of operations. The activities in options outstanding are as noted below: Number of Options Granted Weighted Average Exercise Price Balance, March 31, 2016 930,000 $ 2.05 Granted - $ - Balance, June 30, 2016 930,000 $ 2.05 The following table presents information relating to stock options outstanding and exercisable at June 30, 2016. Options Outstanding Options Exercisable Exercise Price Number of Options Weighted Average Remaining Contractual Life (Years) Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) $ 1.73 505,000 3.45 398,333 $ 1.73 3.45 $ 2.43 425,000 4.50 155,833 $ 2.43 4.50 $ 2.05 930,000 3.81 554,166 $ 1.93 3.75 |
Income Taxes
Income Taxes | 3 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7.) Income Taxes The Company has no taxable income under Canadian Federal and provincial tax laws for the three month periods ended June 30, 2016 and 2015. The Company has non-capital loss carryforwards at June 30, 2016 totalling approximately $2,534,815, which may be offset against future taxable income. If not used, the loss carryforwards will expire between 2029 and 2037. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8.) Commitments and Contingencies The Company entered into a five year operating lease for office and production facilities. The lease commenced on December 1, 2013 and expires on November 30, 2018. The base monthly rental is $1,362 plus the Companys estimated portion of property taxes and operating expenses which are currently $810 per month. The future commitments pursuant to this lease arrangement, including property taxes and operating expenses for the fiscal periods ending March 31 are: 2017 (remaining) $ 19,548 2018 $ 26,064 2019 $ 17,376 For the 3 month period ended June 30, 2016, rental expenses related to this lease were $6,516 (2015 - $6,498) On March 11, 2014, and as amended on July 18, September 3, 2014, September 5, 2014 and again on December 31, 2015, the Company entered into a consulting agreement with Connectus, Inc. (Connectus) to assist and advise the Company in matters concerning corporate finance and the Companys current and proposed financing activities for the period commencing April 1, 2014 and ending December 31, 2014. Pursuant to this agreement, the Company agreed to issue to Connectus, 625,000 warrants of the Company. Each warrant is exercisable at USD$0.04 ($0.052) per share for a period of three years. Of the warrants granted, 300,000 vested on September 3, 2014 with the unvested portion vesting pro-rata for each USD$250,000 ($322,925) raised in an offering, fully vesting upon USD$1,500,000 ($1,937,550) being raised. During the year ended March 31, 2015, the President of the Consultant became a director of the Company. On December 31, 2015, the Company extended the contract to December 31, 2016. In consideration of the contract extension, the Company issued 93,000 common shares to Connectus, Inc. as compensation, which has been recorded as professional fees on the statements of loss during the year ended March 31, 2016. On April 23, 2014, the Company entered into employment agreements with three officers of the Company effective July 1, 2014. The initial contracts contain minimum aggregate commitments of approximately $427,000 per year for three years and additional contingent payments of up to approximately $600,000 in aggregate upon the occurrence of a change of control. As a triggering event has not taken place, the contingent payments have not been reflected in these financial statements. If employment is terminated by the Company other than upon a change of control or for just cause, the officers will be entitled to an amount equal to twelve months compensation including benefits, which shall be increased by one month for each full year of service completed. The employment agreements were amended whereby any salary from the commencement of the employment agreements has been waived until such a time when the Company is able to raise additional financing. Salaries will be earned based upon the Companys success in raising future capital in accordance with the following schedule: Cumulative Funds Raised 1 Effective Monthly Salary % $ 100,000 10.0 % $ 175,000 15.0 % $ 250,000 25.0 % $ 375,000 37.5 % $ 500,000 50.0 % $ 750,000 62.5 % $ 1,000,000 75.0 % $ 1,250,000 87.5 % $ 1,500,000 100.0 % 1 On September 24, 2015, the Company signed a consulting agreement with an investor relations firm with terms commencing immediately and ending on September 30, 2016. Consideration payable under the consulting agreement include a monthly fee of USD$7,500 ($9,688) payable in a combination of cash and restricted stock. On May 18, 2016, the Company signed a consulting agreement with an agent in connection with proposed placements of up to USD$10,000,000 ($12,917,000) in a combination of equity and or debt of the Company for a term of one year. Consideration payable under the consulting agreement include a non-refundable equity retainer of 100,000 restricted shares of the Company (see Note 6a), a placement fee equal to 8% of the gross purchase price paid for equity of the Company, an administrative fee of 4% of the gross purchase price paid for equity, a placement fee of 4% of the gross purchase price paid for non-convertible debt and warrants to purchase common shares of the Company equal to 8% of the number of shares of common stock issuable by the Company upon exercise or conversion of any and all securities issued at each closing. On June 24, 2016, the Company signed a consulting agreement with a marketing firm with terms commencing immediately and ending on December 24, 2016. Consideration payable under the consulting agreement include 250,000 common shares to be issued on the date of the agreement (See Note 6a); 250,000 common shares to be issued on August 24, 2016 and 250,000 common shares to be issued on October 24, 2016. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 9.) Related Party Transactions Included in accounts payable and accrued liabilities as at June 30, 2016 is $52,030 (March 31, 2016 - $52,030) owing to two directors who are also officers and significant shareholders of the Company for unpaid management fees. This balance is unsecured, non-interest bearing and due on demand. See also Notes 4, 5, 6(a), 6(b) and 6(c), and 8. Amounts receivable from officer as at June 30, 2016 of $21,339 (March 31, 2016 - $21,064) is owing from a shareholder, who is also a director and officer of the Company for funds advanced under the employment agreement (See Note 8). The amount receivable is unsecured, non-interest bearing and repayable upon demand. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Jun. 30, 2016 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | 10.) Financial Instruments (a) Liquidity risk Liquidity risk is the risk that the Company will not have sufficient cash resources to meet its financial obligations as they come due. The Companys liquidity and operating results may be adversely affected if its access to the capital market is hindered, whether as a result of a downturn in stock market conditions generally or matters specific to the Company. The Company generates cash flow primarily from its financing activities and advances from shareholders. As at June 30, 2016, the Company had cash of $2,900 (March 31, 2016 - $173) to settle current liabilities of $835,615 (March 31, 2016 - $809,347). All of the Company's financial liabilities other than the warrant liability of $5,741 (March 31, 2016 - $27,479) and the term loan of $45,897 (March 31, 2016 - $nil) have contractual maturities of less than 30 days and are subject to normal trade terms. The Company regularly evaluates its cash position to ensure preservation and security of capital as well as liquidity. See Note 11. In the normal course of business, management considers various alternatives to ensure that the Company can meet some of its operating cash flow requirements through financing activities, such as private placements of common stock, preferred stock offerings and offerings of debt and convertible debt instruments as well as through merger or acquisition opportunities. Management may also consider strategic alternatives, including strategic investments and divestitures. As future operations may be financed out of funds generated from financing activities, the ability to do so is dependent on, among other factors, the overall state of capital markets and investor appetite for investments in the green technology industry and the Companys securities in particular. Should the Company elect to satisfy its cash commitments through the issuance of securities, by way of either private placement or public offering or otherwise, there can be no assurance that the efforts to obtain such additional funding will be successful, or achieved on terms favorable to the Company or its existing shareholders. If adequate funds are not available on favorable terms, the Company may have to reduce substantially or eliminate expenditures or obtain funds through other sources such as divestiture or monetization of certain assets or sublicensing (where permitted) of certain rights to certain of the Companys technologies or products. (b) Concentration of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash deposits. Cash deposits with a major Canadian chartered bank are insured by the Canadian Deposit Insurance Corporation up to $100,000. As at June 30, 2016, the Company held $2,900 (March 31, 2016 - $173) with a major Canadian chartered bank. (c) Foreign exchange risk The Company principally operates within Canada. The Companys functional currency is the Canadian dollar and major purchases are transacted in Canadian dollars. Management believes the foreign exchange risk derived from currency conversions is negligible and therefore does not hedge its foreign exchange risk. See also Note 10 (e). (d) Interest rate risk As at June 30, 2016, the Company does not have any interest-bearing debt. The Company invests any cash surplus to its operational needs in investment-grade short-term deposit certificates issued by highly rated Canadian banks. The Company periodically assesses the quality of its investments and is satisfied with the credit rating of the bank. (e) Derivative liability warrant liability In connection with a consulting agreement, the Company granted warrants to purchase up to 625,000 common shares of the Company as disclosed in Note 6(b). The warrants have an exercise price of USD$0.04 ($0.052). The warrants are exercisable at any time prior to April 1, 2017. The warrants are accounted for as derivative liabilities because the exercise price is denominated in a currency other than the Companys functional currency. In connection with the settlement of a vendors account, the Company granted warrants to purchase up to 3,350 common shares of the Company. The warrants have an exercise price of USD$1.50 ($1.94). The warrants are exercisable at any time prior to October 22, 2016. The warrants are accounted for as derivative liabilities because the exercise price is denominated in a currency other than the Companys functional currency. In connection with a private placement, the Company granted warrants to purchase up to 8,850 common shares of the Company. The warrants have an exercise price of USD$2.00 ($2.58). The warrants are exercisable at any time prior to November 30, 2016. The warrants are accounted for as derivative liabilities because the exercise price is denominated in a currency other that the Companys functional currency. The table below summarizes the fair value of the Companys financial liabilities measured at fair value: Fair Value at Fair Value Measurement Using June 30, 2016 Level 1 Level 2 Level 3 Derivative liability - Warrants $ 5,741 $ - $ - $ 5,741 The table below sets forth a summary of changes in the fair value of the Companys Level 3 financial liabilities (warrant derivative liability) for the periods ended June 30, 2016 and March 31, 2016: June 30, 2016 March 31, 2016 Balance at beginning of period $ 27,479 $ 364,878 Derivative instruments exercised (43,521 ) (509,054 ) Change in fair market value, recognized in operations as professional fees 21,783 171,655 Balance at end of period $ 5,741 $ 27,479 These instruments were valued using pricing models that incorporate the price of a share of common stock (based upon the price of the most recent private placement), expected volatility, risk free rate, expected dividend rate and expected estimated life. The Company estimated the value of the warrants using the Black-Scholes model. There were no transfers of assets or liabilities between Level 1, Level 2, or Level 3 during the periods ended June 30, 2016 and March 31, 2016. The following are the key weighted average assumptions used in connection with the estimation of fair value as at June 30, 2016: June 30, 2016 Number of shares underlying the warrants 359,700 Fair market value of the stock $ 0.97 Exercise price USD$ 0.1060 ($0.1269 ) Expected volatility 218 % Risk-free interest rate 0.54 % Expected dividend yield 0 % Expected warrant life (years) 0.74 |
Subsequent Event
Subsequent Event | 3 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | 11.) Subsequent event On July 6, 2016, the Company agreed to issue a consultant 20,000 shares in settlement of a debt owed in the amount of USD$15,000 ($19,500). |
Equipment and Leasehold Impro18
Equipment and Leasehold Improvements (Tables) | 3 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Schedule of Equipment and Leasehold Improvements | June 30, 2016 March 31, 2016 Accumulated Accumulated Cost Amortization Cost Amortization Computer equipment $ 3,558 $ 2,199 $ 3,558 $ 2,089 Production equipment 67,367 29,719 67,367 27,738 Leasehold improvements 48,927 27,038 42,290 18,136 Total $ 119,852 $ 58,956 $ 113,215 $ 47,963 Net carrying amount $ 60,896 $ 65,252 |
Capital Stock (Tables)
Capital Stock (Tables) | 3 Months Ended |
Jun. 30, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Warrants Outstanding | As at June 30, 2016, the following warrants were outstanding: Fair Value at Number of Weighted Grant Date June 30, 2016 of Expiration Date Number of Warrants Warrants Exercisable Average Exercise Price Fair Value Equity Vested Warrants - Liability June 6, 2017 22,500 22,500 $ 1.12 $ 16,110 $ - April 1, 2017 325,000 - USD $ 0.04 - - $ (0.052 ) October 22, 2016 3,350 3,350 USD $ 1.50 - 1,997 $ (1.94 ) November 30, 2016 8,850 8,850 USD $ 2.00 - 3,744 $ (2.58 ) 359,700 34,700 $ 0.20 $ 16,110 $ 5,741 |
Schedule of Warrant Activity | The continuity of warrants for the period ended June 30, 2016 is as follows: Number of Warrants Weighted Average Exercise Price Balance, March 31, 2016 709,583 $ 1.06 Exercised (44,500 ) 0.05 Expired, unexercised (305,383 ) 2.22 Balance, June 30, 2016 359,700 $ 0.20 |
Schedule of Option Activity | The activities in options outstanding are as noted below: Number of Options Granted Weighted Average Exercise Price Balance, March 31, 2016 930,000 $ 2.05 Granted - $ - Balance, June 30, 2016 930,000 $ 2.05 |
Schedule of Stock Options Outstanding and Exercisable | The following table presents information relating to stock options outstanding and exercisable at June 30, 2016. Options Outstanding Options Exercisable Exercise Price Number of Options Weighted Average Remaining Contractual Life (Years) Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) $ 1.73 505,000 3.45 398,333 $ 1.73 3.45 $ 2.43 425,000 4.50 155,833 $ 2.43 4.50 $ 2.05 930,000 3.81 554,166 $ 1.93 3.75 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Jun. 30, 2016 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The future commitments pursuant to this lease arrangement, including property taxes and operating expenses for the fiscal periods ending March 31 are: 2017 (remaining) $ 19,548 2018 $ 26,064 2019 $ 17,376 |
Schedule of Employment Agreements | Salaries will be earned based upon the Companys success in raising future capital in accordance with the following schedule: Cumulative Funds Raised 1 Effective Monthly Salary % $ 100,000 10.0 % $ 175,000 15.0 % $ 250,000 25.0 % $ 375,000 37.5 % $ 500,000 50.0 % $ 750,000 62.5 % $ 1,000,000 75.0 % $ 1,250,000 87.5 % $ 1,500,000 100.0 % 1 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Liabilities | The table below summarizes the fair value of the Companys financial liabilities measured at fair value: Fair Value at Fair Value Measurement Using June 30, 2016 Level 1 Level 2 Level 3 Derivative liability - Warrants $ 5,741 $ - $ - $ 5,741 |
Changes in the Fair Value of Level 3 Financial Liabilities | The table below sets forth a summary of changes in the fair value of the Companys Level 3 financial liabilities (warrant derivative liability) for the periods ended June 30, 2016 and March 31, 2016: June 30, 2016 March 31, 2016 Balance at beginning of period $ 27,479 $ 364,878 Derivative instruments exercised (43,521 ) (509,054 ) Change in fair market value, recognized in operations as professional fees 21,783 171,655 Balance at end of period $ 5,741 $ 27,479 |
Estimated Fair Value Assumptions | The following are the key weighted average assumptions used in connection with the estimation of fair value as at June 30, 2016: June 30, 2016 Number of shares underlying the warrants 359,700 Fair market value of the stock $ 0.97 Exercise price USD$ 0.1060 ($0.1269 ) Expected volatility 218 % Risk-free interest rate 0.54 % Expected dividend yield 0 % Expected warrant life (years) 0.74 |
Nature of the Business and Go22
Nature of the Business and Going Concern (Details Narrative) - CAD | Jun. 30, 2016 | Mar. 31, 2016 |
Nature Of Business And Going Concern Details Narrative | ||
Working capital deficiency | CAD 451,468 | CAD 765,356 |
Accumulated deficit | CAD 3,890,717 | CAD 3,723,368 |
Equipment and Leasehold Impro23
Equipment and Leasehold Improvements (Details Narrative) - CAD | 3 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Equipment And Leasehold Improvements Details Narrative | ||
Amortization expense | CAD 4,356 | CAD 4,439 |
Equipment and Leasehold Impro24
Equipment and Leasehold Improvements - Schedule of Equipment and Leasehold Improvements (Details) - CAD | Jun. 30, 2016 | Mar. 31, 2016 |
Property and Equipment, gross | CAD 119,852 | CAD 113,215 |
Accumulated Amortization | 58,956 | 47,963 |
Property and Equipment, net | 60,896 | 65,252 |
Computer Equipment [Member] | ||
Property and Equipment, gross | 3,558 | 3,558 |
Accumulated Amortization | 2,199 | 2,089 |
Production Equipment [Member] | ||
Property and Equipment, gross | 67,367 | 67,367 |
Accumulated Amortization | 29,719 | 27,738 |
Leasehold Improvements [Member] | ||
Property and Equipment, gross | 48,927 | 42,290 |
Accumulated Amortization | CAD 27,038 | CAD 18,136 |
Advances from Shareholders an25
Advances from Shareholders and Related Parties (Details Narrative) - CAD | Jun. 30, 2016 | May 04, 2016 | Mar. 31, 2016 |
Advances From Shareholders And Related Parties Details Narrative | |||
Advances from shareholders | CAD 435,120 | CAD 383,990 | |
Advances from related party debt percent | 30.00% | 20.00% |
Term Loan (Details Narrative)
Term Loan (Details Narrative) - CAD | May 04, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2016 |
Term Loan Details Narrative | ||||
Term loan bridge financing | CAD 40,000 | |||
Loan description | bridge financing with a relative of one of the officers of the Company. | |||
Loan maturity, date | Aug. 28, 2016 | |||
Premium interest percent | 30.00% | 20.00% | ||
Accretion expenses | CAD 5,897 |
Capital Stock (Details Narrativ
Capital Stock (Details Narrative) | Jun. 22, 2016shares | May 19, 2016CADshares | May 18, 2016USD ($)$ / sharesshares | May 18, 2016CADshares | May 15, 2016shares | Apr. 18, 2016CADCAD / sharesshares | Sep. 10, 2015USD ($)shares | Sep. 10, 2015CADshares | Jun. 30, 2016CADshares | Jun. 30, 2015CAD | Mar. 31, 2016USD ($) | Jun. 30, 2016USD ($)$ / shares | Jun. 30, 2016CADCAD / shares | May 19, 2016$ / shares | May 19, 2016CAD / shares | May 18, 2016CAD / shares | Mar. 31, 2016CADCAD / shares |
Common stock, authorized | Unlimited | Unlimited | |||||||||||||||
Common stock, no par value | CAD / shares | CAD 0 | CAD 0 | |||||||||||||||
Cash proceeds | CAD 2,318 | CAD 596 | |||||||||||||||
Number of shares issued as common shares | shares | 15,264 | 13,874 | 93,000 | ||||||||||||||
Professional fees | CAD 154,755 | 12,989 | |||||||||||||||
Net of market adjustment | CAD 21,783 | ||||||||||||||||
Two Directors And Officers [Member] | |||||||||||||||||
Number of personal shares transferred to consultant | shares | 250,000 | ||||||||||||||||
Equity Purchase Agreement [Member] | |||||||||||||||||
Number of shares paid to EPA equal to restricted common shares | shares | 50,000 | 50,000 | |||||||||||||||
Restricted common shares, value | CAD 67,195 | ||||||||||||||||
Percentage of common shares outstanding | 4.99% | 4.99% | |||||||||||||||
Draw down notice held by holder value | CAD 62,500 | ||||||||||||||||
Percentage of prceding draw down notice without prior written consent of holder | 100.00% | 100.00% | |||||||||||||||
Consultant In Settlement Of Debt [Member] | |||||||||||||||||
Number of shares issued to consultant in settlement of debt | shares | 66,667 | ||||||||||||||||
Consultant in settlement of debt value | CAD 64,585 | ||||||||||||||||
Estimated fair market value per share value | CAD / shares | CAD 0.97 | ||||||||||||||||
USD [Member] | Equity Purchase Agreement [Member] | |||||||||||||||||
Committed to purchase upto company's common shares | $ | $ 750,000 | ||||||||||||||||
Draw down notice increasing the upper limit value on individual draws | $ | 75,000 | ||||||||||||||||
Draw down notice increasing the lower limit value on individual draws | $ | $ 62,500 | ||||||||||||||||
USD [Member] | Consultant In Settlement Of Debt [Member] | |||||||||||||||||
Estimated fair market value per share value | $ / shares | $ 0.75 | ||||||||||||||||
Warrants [Member] | |||||||||||||||||
Number of common sharse purchase warrants exercised druing period | shares | 44,500 | 44,500 | |||||||||||||||
Warrant exercised per share | CAD / shares | CAD 0.052 | ||||||||||||||||
Cash proceeds | CAD 23,318 | ||||||||||||||||
Number of shares issued as common shares | shares | 625,000 | ||||||||||||||||
Compensation expense for warrants issued to consultant for service | |||||||||||||||||
Net of market adjustment | CAD 21,783 | ||||||||||||||||
Fair value of warrants exercisable | CAD 222,803 | CAD 255,500 | |||||||||||||||
Remaining after exercise of warrants | shares | 300,000 | ||||||||||||||||
Dividend yield | 0.00% | 0.00% | |||||||||||||||
Expected volatility | 218.00% | 150.00% | |||||||||||||||
Risk-free interest rate | 0.54% | 0.54% | |||||||||||||||
Expected term | 8 months 27 days | 11 months 27 days | |||||||||||||||
Fair value of reflected as liability | CAD 5,741 | CAD 27,479 | |||||||||||||||
Warrants [Member] | USD [Member] | |||||||||||||||||
Warrant exercised per share | $ / shares | $ 0.04 | ||||||||||||||||
Cash proceeds | $ | $ 1,780 | ||||||||||||||||
Fair value of warrants exercisable | $ | $ 381,700 | $ 359,700 | |||||||||||||||
Compensation For Services [Member] | |||||||||||||||||
Estimated fair market value per share value | CAD / shares | CAD 0.35 | CAD .81 | |||||||||||||||
Number of shares issud to consulting services | shares | 250,000 | 250,000 | |||||||||||||||
Issued to consulting services, value | CAD 86,380 | CAD 201,481 | |||||||||||||||
Compensation services period | 5 months | ||||||||||||||||
Compensation For Services [Member] | USD [Member] | |||||||||||||||||
Estimated fair market value per share value | (per share) | CAD 0.27 | $ 0.62 | |||||||||||||||
Non-Refundable Retainer [Member] | |||||||||||||||||
Estimated fair market value per share value | CAD / shares | CAD 1.02 | ||||||||||||||||
Number of shares issud to consulting services | shares | 100,000 | ||||||||||||||||
Issued to consulting services, value | CAD 101,579 | ||||||||||||||||
Non-Refundable Retainer [Member] | USD [Member] | |||||||||||||||||
Estimated fair market value per share value | $ / shares | $ 0.78 | ||||||||||||||||
Consultant [Member] | |||||||||||||||||
Professional fees | 41,778 | ||||||||||||||||
Options [Member] | |||||||||||||||||
Professional fees | 48,384 | ||||||||||||||||
Fair value of options granted | |||||||||||||||||
Percentage of amount equivalent of issued and oustanding common shares | 15.00% | ||||||||||||||||
Options [Member] | Directors Officers [Member] | |||||||||||||||||
Fair value of options granted | CAD 151,105 | CAD 75,050 |
Capital Stock - Summary of Warr
Capital Stock - Summary of Warrants Outstanding (Details) | Sep. 03, 2014USD ($) | Sep. 03, 2014CAD | Jun. 30, 2016CADCAD / sharesshares |
Number of warrants | 625,000 | ||
Warrants [Member] | |||
Number of warrants | 359,700 | ||
Exercisable warrants | 34,700 | ||
Weighted average exercise price | CAD / shares | CAD 0.20 | ||
Grant date fair value equity | CAD | CAD 16,110 | ||
Fair Value at June 30, 2016 of Vested Warrants - Liability | CAD | CAD 1,937,550 | CAD 5,741 | |
USD [Member] | Warrants [Member] | |||
Fair Value at June 30, 2016 of Vested Warrants - Liability | $ | $ 1,500,000 | ||
June 6, 2017 [Member] | |||
Number of warrants | 22,500 | ||
Exercisable warrants | 22,500 | ||
Weighted average exercise price | CAD / shares | CAD 1.12 | ||
Grant date fair value equity | CAD | CAD 16,110 | ||
Fair Value at June 30, 2016 of Vested Warrants - Liability | CAD | |||
April 1, 2017 [Member] | |||
Number of warrants | 325,000 | ||
Exercisable warrants | |||
Weighted average exercise price | CAD / shares | CAD (0.052) | ||
Grant date fair value equity | CAD | |||
Fair Value at June 30, 2016 of Vested Warrants - Liability | CAD | |||
April 1, 2017 [Member] | USD [Member] | |||
Weighted average exercise price | CAD / shares | CAD 0.04 | ||
October 22, 2016 [Member] | |||
Number of warrants | 3,350 | ||
Exercisable warrants | 3,350 | ||
Weighted average exercise price | CAD / shares | CAD (1.94) | ||
Grant date fair value equity | CAD | |||
Fair Value at June 30, 2016 of Vested Warrants - Liability | CAD | CAD 1,997 | ||
October 22, 2016 [Member] | USD [Member] | |||
Weighted average exercise price | CAD / shares | CAD 1.50 | ||
November 30, 2016 [Member] | |||
Number of warrants | 8,850 | ||
Exercisable warrants | 8,850 | ||
Weighted average exercise price | CAD / shares | CAD (2.58) | ||
Grant date fair value equity | CAD | |||
Fair Value at June 30, 2016 of Vested Warrants - Liability | CAD | CAD 3,744 | ||
November 30, 2016 [Member] | USD [Member] | |||
Weighted average exercise price | CAD / shares | CAD 2 |
Capital Stock - Summary of Wa29
Capital Stock - Summary of Warrants Outstanding (Details) (Parenthetical) | May 18, 2016$ / sharesshares | Oct. 22, 2014CADshares | Sep. 03, 2014USD ($)shares | Sep. 03, 2014CADshares | Jun. 30, 2016CADshares | Jun. 30, 2015CAD | Mar. 31, 2016 | Mar. 31, 2015CADshares | Jun. 30, 2016$ / shares | Jun. 30, 2016CAD / shares | May 18, 2016CAD / shares | Mar. 31, 2015$ / shares | Mar. 31, 2015CAD / shares | Oct. 22, 2014$ / shares | Oct. 22, 2014CAD / shares |
Fair value of warrrants at grant | CAD 21,783 | ||||||||||||||
Warrants [Member] | |||||||||||||||
Number of common sharse purchase warrants exercised druing period | shares | 44,500 | ||||||||||||||
Warrant exercised per share | CAD / shares | CAD 0.052 | ||||||||||||||
Fair value of warrrants at grant | CAD 21,783 | ||||||||||||||
Dividend yield | 0.00% | 0.00% | |||||||||||||
Expected volatility | 218.00% | 150.00% | |||||||||||||
Risk-free interest rate | 0.54% | 0.54% | |||||||||||||
Expected term | 8 months 27 days | 11 months 27 days | |||||||||||||
Unvested portion vesting pro-rata raised in offering value | CAD 322,925 | ||||||||||||||
Warrants [Member] | USD [Member] | |||||||||||||||
Warrant exercised per share | $ / shares | $ 0.04 | ||||||||||||||
Unvested portion vesting pro-rata raised in offering value | $ | $ 250,000 | ||||||||||||||
Warrants [Member] | June 6, 2017 [Member] | |||||||||||||||
Number of common sharse purchase warrants exercised druing period | shares | 8,850 | ||||||||||||||
Warrant exercised per share | CAD / shares | CAD 2.58 | ||||||||||||||
Fair value of warrrants at grant | CAD 6,213 | ||||||||||||||
Dividend yield | 0.00% | ||||||||||||||
Expected volatility | 124.00% | ||||||||||||||
Risk-free interest rate | 1.02% | ||||||||||||||
Expected term | 2 years | ||||||||||||||
Warrants [Member] | June 6, 2017 [Member] | USD [Member] | |||||||||||||||
Warrant exercised per share | $ / shares | $ 2 | ||||||||||||||
Warrants [Member] | April 1, 2017 [Member] | |||||||||||||||
Number of common sharse purchase warrants exercised druing period | shares | 27,500 | ||||||||||||||
Warrant exercised per share | CAD / shares | CAD 1.12 | ||||||||||||||
Fair value of warrrants at grant | CAD 19,290 | ||||||||||||||
Dividend yield | 0.00% | ||||||||||||||
Expected volatility | 1.14% | ||||||||||||||
Risk-free interest rate | 182.00% | ||||||||||||||
Expected term | 2 years 10 months 6 days | ||||||||||||||
Issued to consulting services, value | CAD 19,290 | ||||||||||||||
Warrants [Member] | April 1, 2017 [Member] | Officer [Member] | |||||||||||||||
Number of common sharse purchase warrants exercised druing period | shares | 22,500 | ||||||||||||||
Warrants [Member] | October 22, 2016 [Member] | |||||||||||||||
Number of common sharse purchase warrants exercised druing period | shares | 3,350 | ||||||||||||||
Warrant exercised per share | CAD / shares | CAD (1.94) | ||||||||||||||
Fair value of warrrants at grant | CAD 2,060 | ||||||||||||||
Dividend yield | 0.00% | ||||||||||||||
Expected volatility | 123.00% | ||||||||||||||
Risk-free interest rate | 0.99% | ||||||||||||||
Expected term | 2 years | ||||||||||||||
Warrants [Member] | October 22, 2016 [Member] | USD [Member] | |||||||||||||||
Warrant exercised per share | $ / shares | $ 1.50 | ||||||||||||||
Warrants [Member] | November 30, 2016 [Member] | |||||||||||||||
Number of common sharse purchase warrants exercised druing period | shares | 300,000 | 300,000 | 625,000 | ||||||||||||
Warrant exercised per share | $ / shares | $ 0.052 | ||||||||||||||
Fair value of warrrants at grant | CAD 500,000 | ||||||||||||||
Dividend yield | 0.00% | ||||||||||||||
Expected volatility | 159.00% | ||||||||||||||
Risk-free interest rate | 1.25% | ||||||||||||||
Expected term | 3 years | ||||||||||||||
Unvested portion vesting pro-rata raised in offering value | CAD 322,925 | ||||||||||||||
Fully vesting upon raised offering value | CAD 1,937,550 | ||||||||||||||
Warrants [Member] | November 30, 2016 [Member] | USD [Member] | |||||||||||||||
Warrant exercised per share | CAD / shares | CAD 0.04 | ||||||||||||||
Unvested portion vesting pro-rata raised in offering value | $ | $ 250,000 | ||||||||||||||
Fully vesting upon raised offering value | $ | $ 1,500,000 |
Capital Stock - Schedule of War
Capital Stock - Schedule of Warrant Activity (Details) - Warrants [Member] | 3 Months Ended |
Jun. 30, 2016CAD / sharesshares | |
Number of Warrants, beginning balance | shares | 709,583 |
Number of Warrants, granted | shares | (44,500) |
Number of Warrants, Expired, unexercised | shares | (305,383) |
Number of Warrants, Ending Balance | shares | 359,700 |
Weighted average exercise price, beginning balance | CAD / shares | CAD 1.06 |
Weighted average exercise price, granted | CAD / shares | 0.05 |
Weighted average exercise price, Expired, unexercised | CAD / shares | 2.22 |
Weighted average exercise price, ending balance | CAD / shares | CAD 0.20 |
Capital Stock - Schedule of Opt
Capital Stock - Schedule of Option Activity (Details) | 3 Months Ended |
Jun. 30, 2016CAD / sharesshares | |
Weighted average exercise price | CAD 2.05 |
Options [Member] | |
Shares outstanding Beginning | shares | 930,000 |
Shares outstanding, granted | shares | |
Shares outstanding Ending | shares | 930,000 |
Weighted average exercise price | CAD 2.05 |
Weighted average exercise price, granted | |
Weighted average exercise price | CAD 2.05 |
Capital Stock - Schedule of Sto
Capital Stock - Schedule of Stock Options Outstanding and Exercisable (Details) | 3 Months Ended |
Jun. 30, 2016CAD / sharesshares | |
Weighted average exercise price | CAD / shares | CAD 2.05 |
Shares outstanding | shares | 930,000 |
Weighted Average Remaining Contractual Life (Years) | 3 years 9 months 22 days |
Options Exercisable | shares | 554,166 |
Weighted Average Exercise Price | CAD / shares | CAD 1.93 |
Weighted Average Remaining Contractual Life (Years) | 3 years 9 months |
Exercise Price One [Member] | |
Weighted average exercise price | CAD / shares | CAD 1.73 |
Shares outstanding | shares | 505,000 |
Weighted Average Remaining Contractual Life (Years) | 3 years 5 months 12 days |
Options Exercisable | shares | 398,333 |
Weighted Average Exercise Price | CAD / shares | CAD 1.73 |
Weighted Average Remaining Contractual Life (Years) | 3 years 5 months 12 days |
Exercise Price Two [Member] | |
Weighted average exercise price | CAD / shares | CAD 2.43 |
Shares outstanding | shares | 425,000 |
Weighted Average Remaining Contractual Life (Years) | 4 years 6 months |
Options Exercisable | shares | 155,833 |
Weighted Average Exercise Price | CAD / shares | CAD 2.43 |
Weighted Average Remaining Contractual Life (Years) | 4 years 6 months |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 3 Months Ended |
Jun. 30, 2016CAD | |
Income Taxes Details Narrative | |
Non-capital loss carryforwards | CAD 2,534,815 |
Carryforwards expire description | expire between 2029 and 2037 |
Commitments and Contingencies34
Commitments and Contingencies (Details Narrative) | Jun. 24, 2016shares | Jun. 22, 2016shares | May 18, 2016CADshares | May 15, 2016shares | Sep. 03, 2014USD ($)shares | Sep. 03, 2014CADshares | Apr. 23, 2014CAD | Dec. 02, 2013 | Jun. 30, 2016CADshares | Jun. 30, 2015CAD | Jun. 30, 2016USD ($)$ / shares | Jun. 30, 2016CAD | Mar. 31, 2016CAD / shares |
Operatinf lease term | 5 years | ||||||||||||
Operating lease expiry date | Nov. 30, 2018 | ||||||||||||
Payment for rent | CAD 1,362 | ||||||||||||
Property taxes operating expenses | 810 | ||||||||||||
Rental expenses | CAD 6,516 | CAD 6,498 | |||||||||||
Number of shares issued as common shares | shares | 15,264 | 13,874 | 93,000 | ||||||||||
Payment for commitments | CAD 427,000 | CAD 427,000 | |||||||||||
Contingent payments | CAD 600,000 | ||||||||||||
Consideration payable of consulting fees | CAD 9,688 | ||||||||||||
Consulting Agreement [Member] | Agent [Member] | |||||||||||||
Available for sale combination of equity and or debt | CAD 12,917,000 | ||||||||||||
Agreement term | 1 year | ||||||||||||
Number of restricted common shares | shares | 100,000 | ||||||||||||
Percentage of placement fee equal to gross purchase price paid for equity | 8.00% | ||||||||||||
Percentage of administrative fee of gross purchase price paid for equity | 4.00% | ||||||||||||
Percentage of placement fee | 4.00% | ||||||||||||
Percentage of common stock shares issuable upon exercise of conversion of all securities | 8.00% | ||||||||||||
Consulting Agreement [Member] | Marketing Firm [Member] | |||||||||||||
Number of common stock shares issued during the period | shares | 250,000 | ||||||||||||
Consulting Agreement [Member] | Marketing Firm [Member] | August 24, 2016 [Member] | |||||||||||||
Number of common stock shares issued during the period | shares | 250,000 | ||||||||||||
Consulting Agreement [Member] | Marketing Firm [Member] | October 24, 2016 [Member] | |||||||||||||
Number of common stock shares issued during the period | shares | 250,000 | ||||||||||||
USD [Member] | |||||||||||||
Consideration payable of consulting fees | $ | $ 7,500 | ||||||||||||
USD [Member] | Consulting Agreement [Member] | Agent [Member] | |||||||||||||
Available for sale combination of equity and or debt | CAD 10,000,000 | ||||||||||||
Warrants [Member] | |||||||||||||
Number of shares issued as common shares | shares | 625,000 | ||||||||||||
Number of warrants exercisable per share | CAD / shares | CAD 0.04 | ||||||||||||
Number of warrants granted vested, shares | shares | 300,000 | 300,000 | |||||||||||
Unvested portion vesting pro-rata raised in offering value | CAD 322,925 | ||||||||||||
Vested offerng costs | CAD 1,937,550 | CAD 5,741 | |||||||||||
Warrants [Member] | USD [Member] | |||||||||||||
Number of warrants exercisable per share | $ / shares | $ 0.052 | ||||||||||||
Unvested portion vesting pro-rata raised in offering value | $ | $ 250,000 | ||||||||||||
Vested offerng costs | $ | $ 1,500,000 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Details) | Jun. 30, 2016CAD |
Commitments And Contingencies - Schedule Of Future Minimum Rental Payments For Operating Leases Details | |
2017 (remaining) | CAD 19,548 |
2,018 | 26,064 |
2,019 | CAD 17,376 |
Commitments and Contingencies36
Commitments and Contingencies - Schedule of Employment Agreements (Details) | 3 Months Ended | |
Jun. 30, 2016CAD | ||
Scenario One [Member] | ||
Commitments | Cumulative Funds Raised (inclusive of all sources including without limitation capital raised, grants received, revenue recorded, debt raised, and assets sold): 100,000, Effective Monthly Salary: 10.0% | |
Cumulative fund rasied | CAD 100,000 | [1] |
Percentage of effecitve monthly salary | 10.00% | |
Scenario Two [Member] | ||
Commitments | Cumulative Funds Raised (inclusive of all sources including without limitation capital raised, grants received, revenue recorded, debt raised, and assets sold): 175,000, Effective Monthly Salary: 15.0% | |
Cumulative fund rasied | CAD 175,000 | [1] |
Percentage of effecitve monthly salary | 15.00% | |
Scenario Three [Member] | ||
Commitments | Cumulative Funds Raised (inclusive of all sources including without limitation capital raised, grants received, revenue recorded, debt raised, and assets sold): 250,000, Effective Monthly Salary: 25.0% | |
Cumulative fund rasied | CAD 250,000 | [1] |
Percentage of effecitve monthly salary | 25.00% | |
Scenario Four [Member] | ||
Commitments | Cumulative Funds Raised (inclusive of all sources including without limitation capital raised, grants received, revenue recorded, debt raised, and assets sold): 375,000, Effective Monthly Salary: 37.50% | |
Cumulative fund rasied | CAD 375,000 | [1] |
Percentage of effecitve monthly salary | 37.50% | |
Scenario Five [Member] | ||
Commitments | Cumulative Funds Raised (inclusive of all sources including without limitation capital raised, grants received, revenue recorded, debt raised, and assets sold): 500,000, Effective Monthly Salary: 50.0% | |
Cumulative fund rasied | CAD 500,000 | [1] |
Percentage of effecitve monthly salary | 50.00% | |
Scenario Six [Member] | ||
Commitments | Cumulative Funds Raised (inclusive of all sources including without limitation capital raised, grants received, revenue recorded, debt raised, and assets sold): 750,000, Effective Monthly Salary: 62.50% | |
Cumulative fund rasied | CAD 750,000 | [1] |
Percentage of effecitve monthly salary | 62.50% | |
Scenario Seven [Member] | ||
Commitments | Cumulative Funds Raised (inclusive of all sources including without limitation capital raised, grants received, revenue recorded, debt raised, and assets sold): 1,000,000, Effective Monthly Salary: 75.0% | |
Cumulative fund rasied | CAD 1,000,000 | [1] |
Percentage of effecitve monthly salary | 75.00% | |
Scenario Eight [Member] | ||
Commitments | Cumulative Funds Raised (inclusive of all sources including without limitation capital raised, grants received, revenue recorded, debt raised, and assets sold): 1,250,000, Effective Monthly Salary: 87.50% | |
Cumulative fund rasied | CAD 1,250,000 | [1] |
Percentage of effecitve monthly salary | 87.50% | |
Scenario Nine [Member] | ||
Commitments | Cumulative Funds Raised (inclusive of all sources including without limitation capital raised, grants received, revenue recorded, debt raised, and assets sold): 1,500,000, Effective Monthly Salary: 100.0% | |
Cumulative fund rasied | CAD 1,500,000 | [1] |
Percentage of effecitve monthly salary | 100.00% | |
[1] | Cumulative funds raised is inclusive of all sources including without limitation capital raised, grants received, revenue recorded, debt raised, and assets sold. |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - CAD | Jun. 30, 2016 | Mar. 31, 2016 |
Accounts payable and accrued liabilities | CAD 348,857 | CAD 397,878 |
Amounts receivable from shareholder | 21,339 | 21,064 |
Officer [Member] | ||
Amounts receivable from shareholder | 21,339 | 21,064 |
Two Directors [Member] | ||
Accounts payable and accrued liabilities | CAD 52,030 | CAD 52,030 |
Financial Instruments (Details
Financial Instruments (Details Narrative) | 3 Months Ended | ||||
Jun. 30, 2016$ / shares | Jun. 30, 2016CADCAD / sharesshares | Mar. 31, 2016CAD | Jun. 30, 2015CAD | Mar. 31, 2015CAD | |
Cash | CAD 2,900 | CAD 173 | CAD 11,765 | CAD 3,084 | |
Current Liabilities | 835,615 | 809,347 | |||
Warrant liability | 5,741 | 27,479 | |||
Term loan | CAD 45,897 | CAD 0 | |||
Contractual maturities | 3 years 9 months 22 days | ||||
Warrants to purchase, shares | shares | 625,000 | ||||
Private Placement [Member] | |||||
Warrants to purchase, shares | shares | 8,850 | ||||
Warrants exercise price | CAD / shares | CAD 2.58 | ||||
USD [Member] | Private Placement [Member] | |||||
Warrants exercise price | $ / shares | $ 2 | ||||
Vendors [Member] | |||||
Warrants to purchase, shares | shares | 3,350 | ||||
Warrants exercise price | CAD / shares | CAD 1.94 | ||||
Vendors [Member] | USD [Member] | |||||
Warrants exercise price | $ / shares | $ 1.50 | ||||
Canadian Deposit Insurance Corporation [Member] | |||||
Cash deposits | CAD 100,000 | ||||
Maximum [Member] | |||||
Contractual maturities | 30 days |
Financial Instruments - Fair Va
Financial Instruments - Fair Value of Financial Liabilities (Details) | Jun. 30, 2016USD ($) |
Derivative liability - Warrants | $ 5,741 |
Level 1 [Member] | |
Derivative liability - Warrants | |
Level 2 [Member] | |
Derivative liability - Warrants | |
Level 3 [Member] | |
Derivative liability - Warrants | $ 5,741 |
Financial Instruments - Changes
Financial Instruments - Changes in the Fair Value of Level 3 Financial Liabilities (Details) - CAD | 3 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Mar. 31, 2016 | |
Investments, All Other Investments [Abstract] | ||
Balance at beginning of period | CAD 27,479 | CAD 364,878 |
Derivative instruments exercised | (43,521) | (509,054) |
Change in fair market value, recognized in earnings as professional fees | 21,783 | 171,655 |
Balance at end of period | CAD 5,741 | CAD 27,479 |
Financial Instruments - Estimat
Financial Instruments - Estimated Fair Value Assumptions (Details) - 3 months ended Jun. 30, 2016 | $ / sharesshares | CAD / shares |
Number of shares underlying the warrants | shares | 359,700 | |
Fair market value of the stock | $ 0.97 | |
Exercise price | CAD / shares | CAD 0.1060 | |
Expected volatility | 218.00% | |
Risk-free interest rate | 0.54% | |
Expected dividend yield | 0.00% | |
Expected warrant life (years) | 8 months 27 days | |
USD [Member] | ||
Exercise price | $ (0.1269) |
Subsequent Event (Details Narra
Subsequent Event (Details Narrative) - Subsequent Event [Member] | Jul. 06, 2016USD ($)shares | Jul. 06, 2016CADshares |
Number of shares issued for settlement of debt | shares | 20,000 | 20,000 |
Number of shares issued for settlement of debt owned amount | CAD | CAD 15,000 | |
USD [Member] | ||
Number of shares issued for settlement of debt owned amount | $ | $ 19,500 |