Document and Entity Information
Document and Entity Information | 3 Months Ended |
Jun. 30, 2016 | |
Document And Entity Information | |
Entity Registrant Name | Algae Dynamics Corp. |
Entity Central Index Key | 1,607,679 |
Document Type | S1 |
Document Period End Date | Jun. 30, 2016 |
Amendment Flag | false |
Entity Filer Category | Smaller Reporting Company |
Trading Symbol | ADYNF |
Condensed Interim Balance Sheet
Condensed Interim Balance Sheets - CAD | Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 |
Current Assets | |||
Cash | CAD 2,900 | CAD 173 | CAD 3,084 |
Prepaid expenses | 352,160 | 14,752 | 5,519 |
Amounts receivable from officer | 21,339 | 21,064 | 29,967 |
Amounts receivable, net | 7,748 | 8,002 | 10,046 |
Total Current Assets | 384,147 | 43,991 | 48,616 |
Equipment and leasehold improvements, net | 60,896 | 65,252 | 77,500 |
Intangible assets | 15,970 | ||
Total Assets | 445,043 | 109,243 | 142,086 |
Current Liabilities | |||
Accounts payable and accrued liabilities | 348,857 | 397,878 | 161,877 |
Advances from shareholders and related parties | 435,120 | 383,990 | 367,267 |
Term loan | 45,897 | ||
Warrant liability | 5,741 | 27,479 | 364,878 |
Total Current Liabilities | 835,615 | 809,347 | 894,022 |
STOCKHOLDERS' (DEFICIENCY) | |||
Common stock, no par value, unlimited amount authorized, 10,091,356, 9,701,051 and 9,256,410 issued and outstanding as of June 30, 2016, March 31, 2016 and 2015 | 1,838,582 | 1,466,352 | 542,323 |
Additional paid in capital | 1,177,870 | 1,026,765 | 324,916 |
Warrants | 16,110 | 190,198 | 190,198 |
Equity to be issued | 467,583 | 339,949 | |
Accumulated deficit | (3,890,717) | (3,723,368) | (1,809,373) |
Total Stockholders' (Deficiency) | (390,572) | (700,104) | (751,936) |
Total Liabilities and Stockholders' (Deficiency) | CAD 445,043 | CAD 109,243 | CAD 142,086 |
Condensed Interim Balance Shee3
Condensed Interim Balance Sheets (Parenthetical) - CAD / shares | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Financial Position [Abstract] | |||
Common stock, no par value | CAD 0 | CAD 0 | CAD 0 |
Common stock, authorized | Unlimited | Unlimited | Unlimited |
Common stock, issued | 10,091,356 | 9,701,051 | 9,256,410 |
Common stock, outstanding | 10,091,356 | 9,701,051 | 9,256,410 |
Condensed Interim Statements of
Condensed Interim Statements of Operations - CAD | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
OPERATING EXPENSES | ||||
Accretion expenses | CAD 5,897 | CAD 12,563 | ||
Application and membership fees | 3,247 | 23,394 | ||
Amortization expense | 4,356 | 4,439 | 20,198 | 20,338 |
Business development | 2,486 | 2,703 | 13,901 | 25,145 |
Foreign exchange loss | 1,616 | |||
Interest | 1,045 | 1,631 | 26,792 | |
Occupancy costs | 7,982 | 7,844 | 32,012 | 41,470 |
Office and general | 1,607 | 668 | 7,426 | 18,915 |
Professional fees | 154,755 | 12,989 | 859,993 | 582,564 |
Research and development | 1,075 | 804 | 3,184 | 46,228 |
Stock based compensation | 151,105 | 75,050 | 808,972 | 324,916 |
Telephone and internet services | 2,857 | 3,357 | 14,511 | 14,802 |
Travel | 5,025 | 3,011 | 19,626 | 12,911 |
Extinguishment of debt | 61,052 | |||
Impairment of intangible assets | 15,970 | |||
Total Operating Expenses | 341,437 | 112,496 | 1,921,210 | 1,087,289 |
Operating Loss | 1,921,210 | 1,087,289 | ||
Deferred Income Tax Recovery | (7,215) | |||
Net Loss for the Period | CAD 341,437 | CAD 112,496 | CAD 1,913,995 | CAD 1,087,289 |
Net loss per common share -basic and diluted | CAD 0.04 | CAD 0.01 | CAD 0.20 | CAD 0.12 |
Weighted average common shares outstanding - basic and diluted | 9,728,634 | 9,257,234 | 9,389,903 | 9,238,710 |
Condensed Interim Statements o5
Condensed Interim Statements of Stockholders' Equity (Deficiency) - CAD | Common Stock [Member] | Warrants [Member] | Additional Paid-In Capital [Member] | Equity to be Issued [Member] | Accumulated Deficit [Member] | Total |
Balance at Mar. 31, 2014 | CAD 100 | CAD 328,180 | CAD (722,084) | CAD (393,804) | ||
Balance, shares at Mar. 31, 2014 | 8,606,250 | |||||
Unit subscriptions issued | CAD 689,116 | (328,180) | 360,936 | |||
Unit subscriptions issued, shares | 625,160 | |||||
Valuation of warrants | CAD (171,308) | 171,308 | ||||
Warrants granted for sevices | 19,290 | 19,290 | ||||
Unit issue costs | (1,100) | (400) | (1,500) | |||
Warrants exercised | CAD 1,113 | 1,113 | ||||
Warrants exercised, shares | 25,000 | |||||
Warrant liability valuation transferred on exercise | CAD 32,675 | 32,675 | ||||
Stock options | 324,916 | 324,916 | ||||
Valuation of warrants classified as warrant liabiities | (8,273) | (8,273) | ||||
Net loss for the period | (1,087,289) | 1,087,289 | ||||
Balance at Mar. 31, 2015 | CAD 542,323 | 190,198 | 324,916 | (1,809,373) | (751,936) | |
Balance, shares at Mar. 31, 2015 | 9,256,410 | |||||
Warrants exercised | CAD 12,614 | 12,614 | ||||
Warrants exercised, shares | 230,500 | |||||
Warrant liability valuation transferred on exercise | CAD 509,285 | 509,285 | ||||
Stock options | 701,849 | 701,849 | ||||
Shares issued for cash | CAD 48,441 | 48,441 | ||||
Shares issued for cash, shares | 31,532 | |||||
Shares issued for conversion of debt | CAD 36,263 | 172,501 | 208,764 | |||
Shares issued for conversion of debt, shares | 29,609 | |||||
Beneficial conversion feature | CAD 5,042 | 5,042 | ||||
Shares issued as compensation | CAD 312,384 | 167,448 | 479,832 | |||
Shares issued as compensation, shares | 153,000 | |||||
Net loss for the period | (1,913,995) | 1,913,995 | ||||
Balance at Mar. 31, 2016 | CAD 1,466,352 | 190,198 | 1,026,765 | 339,949 | (3,723,368) | (700,104) |
Balance, shares at Mar. 31, 2016 | 9,701,051 | |||||
Warrants exercised | CAD 2,318 | 2,318 | ||||
Warrants exercised, shares | 44,500 | |||||
Warrant liability valuation transferred on exercise | CAD 43,521 | 43,521 | ||||
Warrants expired | (174,088) | 174,088 | ||||
Stock based compensation | 151,105 | 151,105 | ||||
Shares issued for conversion of debt | CAD 64,585 | 64,585 | ||||
Shares issued for conversion of debt, shares | 66,667 | |||||
Common shares issued | CAD 60,325 | (60,325) | ||||
Common shares issued, shares | 29,138 | |||||
Shares issued as compensation | CAD 201,481 | 187,959 | 389,440 | |||
Shares issued as compensation, 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 - CAD | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities | ||||
Net loss for the period | CAD (341,437) | CAD (112,496) | CAD (1,913,995) | CAD (1,087,289) |
Adjustments to reconcile net income to net cash used in operating activities: | ||||
Amortization | 4,356 | 4,439 | 20,198 | 20,338 |
Stock based compensation | 151,105 | 75,050 | 808,972 | 324,916 |
Units issued in settlement of debt | 11,256 | |||
Extinguishment of debt | 61,052 | |||
Impairment of intangible assets | 15,970 | |||
Deferred income tax recovery | (7,215) | |||
Change in warrant liability | 21,783 | |||
Shares issued and to be issued for services | 48,651 | |||
Accretion expense | 5,897 | 12,563 | ||
Realized foreign exchange loss | 3,669 | |||
Change in operating assets and liabilities | ||||
Prepaid expenses | 3,651 | 608 | (9,233) | 6,605 |
Accounts receivable | 254 | 5,213 | 19,851 | (10,820) |
Accounts payable | 15,294 | 2,267 | 233,885 | 74,347 |
Net cash flows used in operating activities | (90,446) | (24,919) | (209,919) | (252,077) |
Cash flows from investing activities | ||||
Investment in equipment and leasehold improvements | (55,870) | |||
Investment in patents | (8,829) | |||
Net cash flows used in investing activities | (64,699) | |||
Cash flows from financing activities | ||||
Advances from shareholders | 50,855 | 3,004 | 83,665 | (94,107) |
Unit subscriptions received | 349,680 | |||
Unit issue costs | (1,500) | |||
Common shares issued | 48,441 | |||
Term loan proceeds | 40,000 | 30,000 | 30,000 | |
Convertible note proceeds | 32,288 | |||
Warrant exercise proceeds | 2,318 | 596 | 12,614 | 1,113 |
Net cash flows from financing activities | 93,173 | 33,600 | 207,008 | 255,186 |
Net change in cash | 2,727 | 8,681 | (2,911) | (61,590) |
Cash position - beginning of period | 173 | 3,084 | 3,084 | 64,674 |
Cash position - end of period | 2,900 | 11,765 | 173 | 3,084 |
Supplemental Information: | ||||
Income taxes paid | ||||
Interest paid | ||||
Common shares and shares to be issued for services | 389,440 | |||
Common shares and shares to be issued, issued for conversion of debt | CAD 208,764 |
Nature of the Business and Goin
Nature of the Business and Going Concern | 3 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Mar. 31, 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 Company’s 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 Company’s stock began trading on September 17, 2015. The Company’s activities are subject to significant risks and uncertainties, including failing to obtain patents and failing to secure additional funding to operationalize the Company’s 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 Company’s 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. | 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 Company’s 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. The Company is also in the process of raising additional equity capital to support the completion of its development activities to begin production of pure contaminate-free algae biomass as soon as possible. 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 Company’s stock began trading on September 17, 2015. The Company’s activities are subject to significant risks and uncertainties, including failing to obtain patents and failing to secure additional funding to operationalize the Company’s current technology before another company develops similar technology. These 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 March 31, 2016, the Company has a working capital deficiency of $765,356 (2015 - $845,406) and an accumulated deficit of $3,723,368 (2015 - $1,809,373). The Company’s 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 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 | 12 Months Ended |
Jun. 30, 2016 | Mar. 31, 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 Company’s 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. | 2.) Presentation of Financial Statements Basis of Presentation The financial statements have been prepared in accordance with U.S Generally Accepted Accounting Principles (“US GAAP”). All adjustments considered necessary for a fair presentation of financial position, results of operations and cash flows as of March 31, 2016 have been included. The Company’s financial statements are prepared using the accrual basis of accounting in accordance with US GAAP and the Company’s functional and reporting currency is the Canadian dollar. In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-10 “ASU 2014-10” to eliminate certain financial reporting requirements for development stage entities. The amendments in ASU 2014-10 remove the incremental financial reporting requirements from US GAAP for development stage entities, including the presentation of inception-to-date information in the statements of income, cash flows and shareholder equity, and disclosure of the financial statements as those of a development stage entity. The Company has chosen to early adopt these amendments effective for its fiscal year ended March 31, 2013 and onwards. Use of Estimates and Assumptions The preparation of the financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could materially differ from these estimates. The significant areas requiring the use of management estimates are related to provision for doubtful accounts, accrued liabilities, contingencies, the valuation of deferred taxes, stock based compensation, warrants, convertible debt and intangible assets. Although these estimates are based on management’s knowledge of current events and actions management may undertake in the future, actual results may ultimately differ materially from those estimates. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3.) Summary of Significant Accounting Policies Cash and Cash Equivalents Cash and cash equivalents include cash on hand, and all highly liquid debt instruments purchased with an original maturity of three months or less. As at March 31, 2016 and 2015 there were no cash equivalents. Prepaid Expenses Prepaid expenses consist of services paid, for which the Company has not yet received the benefit. Equipment and Leasehold Improvements Equipment and leasehold improvements are stated at cost less accumulated amortization and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost can be measured reliably. The carrying amount of an asset is derecognized when replaced. Repairs and maintenance costs are charged to the statements of operations, during the year in which they are incurred. Amortization is provided for over the estimated useful life of the asset as follows: Computer equipment 30% on a declining balance Production equipment 20% on a declining balance Leasehold improvements are amortized over the term of the lease or useful life of the improvements, whichever is shorter, which is currently 5 years. Useful lives and residual values are reviewed and adjusted, if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. The cost and accumulated amortization of assets retired or sold are removed from the respective accounts and any gain or loss is recognized in operations. Intangible Assets Intangible assets are comprised of patents. Patents represent capitalized legal costs incurred in connection with applications for patents which have a probable future economic benefit. In-process patents are not amortized. All patents subject to amortization are amortized on a straight line basis over an estimated useful life. The Company regularly evaluates patents and patent applications for impairment or abandonment, at which point the Company charges the remaining net book value to expenses. Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events and circumstances indicate that the carrying value of an asset might not be recoverable. An impairment loss, measured as the amount by which the carrying amount exceeds the fair value, is recognized if the carrying amount exceeds estimated undiscounted future cash flows. Research and Development Research and development costs include costs directly attributable to the conduct of research and development programs, including the cost of consulting fees, materials, supplies, and the maintenance of research equipment. All costs associated with research and development are expensed as incurred. The approved refundable portion of tax credits are netted against the related expenses. Non-refundable investment tax credits are recorded in the period when reasonable assurance exists that the Company has complied with the terms and conditions required for approval of the tax credit and it is more likely than not that the Company will realize the benefits of these tax credits against the deferred taxes. Refundable investment tax credits are recorded in the period when reasonable assurance exists that the Company has complied with the terms and conditions required for approval of the tax credit and it is more likely than not that the Company will collect it. Stock-based Compensation The Company uses the fair value based method of accounting for all its stock-based compensation in accordance with FASB Accounting Standards Codification (“ASC”) ASC 718 “Compensation – Stock Compensation”. The estimated fair value of the options and warrants that are ultimately expected to vest based on performance related conditions, as well as the options and warrants that are expected to vest based on future service, is recorded over the instrument’s requisite service period and charged to stock-based compensation. In determining the amount of options and warrants that are expected to vest, the Company takes into account, voluntary termination behavior as well as trends of actual option and warrant forfeitures. Stock options and warrants which are indexed to a factor which is not a market, performance or service condition, in addition to the Company’s share price, are classified as liabilities and re-measured at each reporting date based on the Black-Scholes option pricing model with a charge to operations, until the date of settlement. Income Taxes Income taxes are accounted for under the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred tax liabilities and assets are recognized for the estimated future tax consequences attributable to differences between the amounts reported in the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply when the asset is realized or the liability is settled. The effect of a change in income tax rates on deferred tax liabilities and assets is recognized in income in the period in which the change occurs. Deferred tax assets are recognized to the extent that they are considered more likely than not to be realized. FASB issued ASC 740-10 “Accounting for Uncertainty in Income Taxes”. ASC 740-10 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. This standard requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more-likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements. Fair Value of Financial Instruments ASC 820 “Fair Value Measurement” defines fair value, establishes a framework for measuring fair value under generally accepted accounting principles and enhances disclosures about fair value measurements. Fair value is defined under ASC 820 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value as follows: Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 – inputs other than quoted prices that are observable for the asset or liability or indirectly; and Level 3 – inputs that are not based on observable market data. The carrying amounts of the Company’s financial instruments including cash, amounts receivable, accounts payable and accrued liabilities and advances from shareholders approximate their fair values due to their short-term nature. Management is of the opinion that the Company is not exposed to significant interest, credit or currency risks from these financial instruments. The Company’s equity-linked financial instruments reflected as warrant liability on the balance sheet represent financial liabilities classified as Level 3 as per ASU 2009-05. As required by the guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The fair value of the warrant liability which is not traded in an active market has been determined using the Black-Scholes option pricing model based on assumptions that are not supported by observable market conditions. Foreign Currency Transactions and Translation Monetary assets and liabilities are translated into Canadian dollars, which is the functional currency of the Company, at the year-end exchange rate, while foreign currency expenses are translated at the exchange rate in effect on the date of the transaction. The resultant gains or losses are included in the statement of operations. Non-monetary items are translated at historical rates. Loss per Share Basic loss per share is calculated by dividing the net loss available to common shareholders by the weighted average number of common shares outstanding during the year. Diluted loss per share is calculated using the treasury stock method and reflects the potential dilution of securities by including warrants and contingently issuable shares, if any, in the weighted average number of common shares outstanding for a year, if dilutive. In a loss year, dilutive common shares are excluded from the loss per share calculation as the effect would be anti-dilutive. Accordingly, for the years ended March 31, 2016 and 2015, the basic loss per share was equal to diluted loss per share as there were no dilutive securities. Comprehensive Income (Loss) ASC 220 “Comprehensive Income” establishes standards for reporting and display of comprehensive income, its components and accumulated balances. The net loss is equivalent to the comprehensive loss for the periods presented. New Accounting Pronouncements In June 2014, FASB issued Accounting Standards Update (“ASU”) ASU No. 2014-12, “Compensation – Stock Compensation (Topic 718); Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period”. The amendments in this ASU apply to all reporting entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. For all entities, the amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The Company is currently evaluating the impact this guidance will have on its financial statements. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30). This guidance is to simplify the presentation of debt issuance costs by recognizing a debt liability in the balance sheet as a direct deduction from that debt liability consistent with the presentation of a debt discount. The amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company is currently evaluating the impact of the new requirements on its financial statements. In February 2016, the FASB issued ASU 2016-02 Leases (ASC 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. ASC 842 supersedes the previous leases standard, ASC 840 Leases. The amendments in this update are effective for fiscal years beginning after December 15, 2018, which is our fiscal 2020, beginning on April 1, 2019. The Company is currently evaluating the impact this guidance will have on its financial statements. New Accounting Pronouncements (continued) In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. The amendments in this update are effective for annual periods beginning after December 15, 2016, which is the Company’s fiscal 2018, which will begin on April 1, 2017. The Company is currently evaluating the impact of the new requirements on its financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements upon adoption. |
Equipment and Leasehold Improve
Equipment and Leasehold Improvements | 3 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Mar. 31, 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. | 4.) Equipment and Leasehold Improvements March 31, 2016 March 31, 2015 Accumulated Accumulated Cost Amortization Cost Amortization Computer equipment $ 3,558 $ 2,089 $ 3,558 $ 1,459 Production equipment 67,367 27,738 67,367 17,831 Leasehold improvements 42,290 18,136 33,649 7,784 Total $ 113,215 $ 47,963 $ 104,574 $ 27,074 Net carrying amount $ 65,252 $ 77,500 During the year ended March 31, 2016, the Company recorded total amortization of $20,198 (2015 - $20,338) which was recorded to amortization expense on the statements of operations. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 5.) Intangible Assets The Company has patents and patents pending with a cost of $Nil as at March 31, 2016 (2015 - $15,970) that are not currently being amortized and accordingly, the Company did not record amortization expense relating to its intangible assets for the years ended March 31, 2016 and 2015. During the year ended March 31, 2016, the Company reported an impairment of $15,970 with respect to its intangible assets. |
Advances from Shareholders and
Advances from Shareholders and Related Parties | 3 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Mar. 31, 2016 | |
Advances From Shareholders And Related Parties | ||
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. | 6.) Advances from Shareholders and Related Parties As at March 31, 2016, the Company had received cumulative working capital advances in the amount of $383,990 (2015 - $367,267) 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. During the year ended March 31, 2016, advances of $75,846 (including interest of $8,721) were settled with 49,371 shares to be issued valued at (USD$1.72) $2.38 per share based on the quoted market value. The total value of consideration provided in exchange for the extinguishment of debt was $117,526, which resulted in a loss on extinguishment of debt of $41,681, which was recorded on the statement of operations. 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 | 12 Months Ended |
Jun. 30, 2016 | Mar. 31, 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). | 7.) Term Loan On May 6, 2015, the Company agreed to a one year term loan (maturing May 5, 2016) with a family member of an officer. The loan bore interest at 12% per annum paid quarterly. The face value of the loan was $33,000. The carrying value of the loan was recorded net of $3,000 of transaction costs. The term loan plus the accrued interest was settled on December 31, 2015 with 23,094 shares to be issued valued at (USD$1.72) $2.38 per share based on the quoted market value. The total value of consideration provided in exchange for the extinguishment of debt was $54,975, which resulted in a loss on extinguishment of debt of $19,371, which was recorded on the statement of operations. |
Convertible Note
Convertible Note | 12 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Convertible Note | 8.) Convertible Note On September 2, 2015, the Company entered into a convertible note with an armÂ’s length third party with a principal amount of USD$25,000 ($32,400). The convertible note matures on September 1, 2016 and accrues interest at the rate of 12% per annum. The convertible note is convertible at any time after six months, in whole or in part, at the holderÂ’s option into common shares of the CompanyÂ’s capital stock at a variable conversion price equal to a 45% discount from the lowest trading price in the twenty (20) trading days prior to the day that the holder requests conversion. The beneficial conversion feature was recognized separately at issuance by allocating a portion of the proceeds equal to the intrinsic value of that feature to additional paid-in capital in accordance with ASC 470-20. The intrinsic value at issuance was $27,227. The issuance of convertible debt with a beneficial conversion feature results in a tax basis difference. The recognition of deferred taxes for the temporary difference of the convertible debt with a beneficial conversion feature is recorded as an adjustment to additional paid-in capital. A deferred income tax liability of $7,215 was recognized upon the issuance of the convertible note. The discount to the carrying value of the convertible note was amortized as a non-cash interest expense over the term of the convertible note using the effective interest rate method. During the year ended March 31, 2016, the Company accreted $12,563 (2015 - $Nil) in non-cash accretion expense in connection with the convertible note, which is included in accretion expense on the statements of operations. The convertible loan plus the accrued interest was converted into 29,609 common shares on February 17, 2016 at a 45% discount to the market price (USD$0.89) $1.23 based on the terms of the convertible note. |
Capital Stock
Capital Stock | 3 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Mar. 31, 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 Company’s 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 Company’s 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 Company’s 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 Company’s 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 entity’s 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 Company’s 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 Company’s computation of expected life is calculated using the contractual life. (c) Stock-based compensation The Company’s 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 Company’s 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 Company’s 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 | 9.) 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 June 6, 2014, the Company closed a private placement for gross proceeds of $647,860 of which $328,180 was received as at March 31, 2014 and reflected as equity to be issued. Pursuant to the private placement, the Company issued 556,118 units at $1.12 per unit for gross proceeds of $622,860 and 44,642 units at $0.56 per unit for gross proceeds of $25,000, with each unit comprised of one common share and one-half of one (1/2) common share purchase warrant. Each whole warrant is exercisable at $1.68 per share within the first twelve months of the close of the private placement and $2.24 per share for the second twelve month period to expiration. Immediate family members of management subscribed for 57,000 units for gross proceeds of $63,840 pursuant to this private placement. On October 22, 2014, a consultant was issued 6,700 units in settlement of debt owed in the amount of USD$10,050 ($11,256), each unit comprised of one common share and one-half of one (1/2) common share purchase warrant. Each whole warrant is exercisable at USD$1.50 ($1.94) per share until October 22, 2016. On November 24, 2014, the Company closed a further private placement for gross proceeds of $30,000. Pursuant to the private placement, the Company issued 17,700 units at USD$1.50 ($1.695) per unit for gross proceeds of $30,000, each unit comprising one common share and one-half of one (1/2) common share purchase warrant. Each whole warrant is exercisable at USD$2.00 ($2.59) per share until November 30, 2016. Additionally, on November 22, 2014, 25,000 common share purchase warrants were exercised at USD$0.04 ($0.046) per warrant for total cash proceeds of USD$1,000 ($1,113). On June 25, 2015, 12,500 common share purchase warrants were exercised at USD$0.04 ($0.048) per warrant for total cash proceeds of USD$500 ($620). On September 10, 2015, a consultant was issued 50,000 common shares for services rendered in the amount of $67,195, this amount has been recorded as professional fees on the statement of operations. On November 5, 2015, 31,000 common share purchase warrants were exercised at USD$0.04 ($0.052) per warrant for total cash proceeds of USD$1,240 ($1,632). On December 18, 2015, 51,600 common share purchase warrants were exercised at USD$0.04 ($0.054) per warrant for total cash proceeds of USD$2,064 ($2,834). On December 22, 2015, 31,000 common share purchase warrants were exercised at USD$0.04 ($0.056) per warrant for total cash proceeds of USD$1,240 ($1,735). On December 31, 2015, 48,400 common share purchase warrants were exercised at USD$0.04 ($0.055) per warrant for total cash proceeds of USD$1,936 ($2,683). On December 31, 2015, a private placement was completed to issue 31,532 common shares at USD$1.11 ($1.54) per share for gross proceeds of USD$35,000 ($48,441). The shares were subscribed for by a family member of an officer. On December 31, 2015, a consultant was issued 10,000 common shares for services rendered in the amount of USD$17,200 ($23,805). Another consultant was issued 93,000 common shares for services rendered in the amount of USD$159,960 ($221,385) (see Note 11), these amounts have been recorded as professional fees on the statement of operations. On January 4, 2016, 31,000 common share purchase warrants were exercised at USD$0.04 ($0.056) per warrant for total cash proceeds of USD$1,240 ($1,732). On February 25, 2016, 25,000 common share purchase warrants were exercised at USD$0.04 ($0.056) per warrant for total cash proceeds of USD$1,000 ($1,378). Shares to be issued On December 31, 2015, the term loan described in Note 7 was converted into shares to be issued at a value of $54,975 based upon an estimated fair market value of USD$1.72 ($2.38) per share at the time of conversion. On December 31, 2015, advances from related parties described in Note 6 were converted into shares to be issued at a value of $117,526 based upon a fair market value of USD$1.72 ($2.38) per share at the time of conversion. On December 31, 2015, the Company agreed to issue 45,000 compensatory shares to three officers of the Company with a fair market value of USD$1.72 ($2.38) per share for a total value of $107,123. This expense was recorded as stock based compensation on the statements of operations. On December 31, 2015, a consulting firm was granted 13,874 shares to be issued for services rendered in the amount of USD$22,500 ($31,140), these amounts have been recorded as professional fees on the statement of operations. On March 31, 2016, a consulting firm was granted 15,264 shares to be issued for services in the amount of USD$22,500 ($29,185). This amount has been recorded as professional fees on the statement 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 Company’s 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 Company’s 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 Company’s 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 Company’s 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. See Note 14. (b) Warrants As at March 31, 2016, the following warrants were outstanding: Number of Weighted Grant Date Fair Value at March 31, 2016 Number of Warrants Average Fair Value of Vested Expiration Date Warrants Exercisable Exercise Price Equity Warrants - Liability June 6, 2016* 300,383 300,383 $ 2.24 $ 170,908 $ - June 7, 2016* 5,000 5,000 $ 1.12 3,180 - June 6, 2017 22,500 22,500 $ 1.12 16,110 - April 1, 2017 369,500 44,500 USD $ 0.04 - 26,744 $ (0.052 ) October 22, 2016 3,350 3,350 USD $ 1.50 - 60 $ (1.95 ) November 30, 2016 8,850 8,850 USD $ 2.00 - 675 $ (2.59 ) 709,583 384,583 $ 1.06 $ 190,198 $ 27,479 * Expired unexercised subsequent to the year-ended March 31, 2016. i) In connection with a private placement offering completed during the year ended March 31, 2015, the Company granted an aggregate of 300,383 share purchase warrants each exercisable into one common share at $1.68 during the first year and at $2.24 during the second year. The fair value of the warrants at the date of grant of $170,908 was estimated using the Black-Scholes option pricing model, based on the following weighted average assumptions: expected dividend yield of 0%; expected volatility of 173%; risk free interest rate of 1.06%; and expected term of 2 years. ii) In connection with a second 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 ($2.59) 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. iii) 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. iv) 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 ($1.95) 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. v) In connection with a consulting agreement (see Note 11), 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 ($324,275) raised in an offering, fully vesting upon USD$1,500,000 ($1,945,650) 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 year ended March 31, 2016, the Company recorded $Nil (2015 - $240,000) as compensation expense for warrants issued to a consultant for services, plus a market adjustment for the year ended March 31, 2016 of $171,655 (2015 - $149,280). This expense was recorded as professional fees on the statement of operations. ASC 815 “Derivatives and Hedging” indicates that warrants with exercise prices denominated in a currency other than an entity’s 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 years ended March 31, 2015 and 2016 is as follows: Number of Warrants Weighted Average Exercise Price Balance, March 31, 2014 - $ - Granted 965,083 0.79 Exercised (25,000 ) 0.05 Balance, March 31, 2015 940,083 0.63 Exercised (230,500 ) 0.05 Balance, March 31, 2016 709,583 $ 1.06 As at March 31, 2016, the fair value of the 381,700 (2015 – 612,200) warrants exercisable in US dollars, remaining after the exercise of 255,500 warrants (2015 – 25,000), was $222,803 (2015 - $786,403) which was estimated using the Black-Scholes option pricing model based on the following weighted average assumptions: expected dividend yield of 0% (2015 - 0%); expected volatility of 150% (2015 – 118%); risk-free interest rate of 0.54% (2015 – 0.52%) and expected term of 0.99 years (2015 – 2 years). Of this amount, $27,479 (2015 - $364,878) was reflected as a liability as at March 31, 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 March 31, 2016. The warrant liability is classified as Level 3 within the fair value hierarchy (See Note 13). The Company’s computation of expected volatility during the years ended March 31, 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 Company’s computation of expected life is calculated using the contractual life. (c) Stock-based compensation The Company’s 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 March 31, 2016 was 930,000 (2015 – 505,000). The weighted average grant date fair value of options granted during the year ended March 31, 2016 was $2.21 (2015 - $1.18). 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 1,455,158 as at March 31, 2016 (2015 – 1,388,461). During the year ended March 31, 2015, 505,000 options were granted to officers, employees and consultants of the Company. The exercise price of these options is $1.73. Of this grant, 420,000 options vest as to one-third on the date of grant and one-third vest on each of the first anniversary and the second anniversary of the grant date; 60,000 options vest as to one quarter on the date of grant and one quarter vesting at 90 days, 180 days and 270 days from the grant date; and 25,000 options vested immediately. Since stock-based compensation is recognized only for those awards that are ultimately expected to vest, the Company has applied an estimated forfeiture rate (based on historical experience and projected employee turnover) to unvested awards for the purpose of calculating compensation expense. The grant date fair value of these options was estimated as $1.18 using the Black-Scholes option pricing model, based on the following assumptions: expected dividend yield of 0%; expected volatility of 144%; expected risk free interest rate of 1.39%; and expected term of 5 years. During the year ended March 31, 2016, 425,000 options were granted to officers and consultants of the Company. The exercise price of these options is $2.43. Of this grant, 340,000 options vest as to one-third on the grant date and one-third vesting on each of the first anniversary and the second anniversary of the grant date; 85,000 options vest as to one quarter on the date of grant and one quarter vesting at 90 days, 180 days and 270 days from the grant date. Since stock-based compensation is recognized only for those awards that are ultimately expected to vest, the Company has applied an estimated forfeiture rate (based on historical experience and projected employee turnover) to unvested awards for the purpose of calculating compensation expense. The grant date fair value of these options was estimated as $2.21 using the Black-Scholes option pricing model, based on the following assumptions: expected dividend yield of 0%; expected volatility of 157%; expected risk free interest rate of 0.66%; and expected term of 5 years. The Company’s computation of expected volatility during the years ended March 31, 2016 and 2015 is based on the market close price of comparable public entities over the period equal to the expected life of the options. The Company’s computation of expected life is calculated using the contractual life. For the year ended March 31, 2016, the Company recorded $701,849 (2015 - $324,916) 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 year ended March 31, 2016, the Company recorded $372,709 (2015 – Nil) as professional fees for 153,000 common shares issued and 29,138 shares to be issued to consultants for services rendered. The 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, 2014 - - Granted 505,000 $ 1.73 Balance, March 31, 2015 505,000 $ 1.73 Granted 425,000 $ 2.43 Balance, March 31, 2016 930,000 $ 2.05 The following table presents information relating to stock options outstanding and exercisable at March 31, 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 3.70 398,333 $ 1.73 3.70 $ 2.43 425,000 4.75 134,583 $ 2.43 4.75 $ 2.05 930,000 4.05 532,916 $ 1.91 3.97 |
Income Taxes
Income Taxes | 3 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Mar. 31, 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. | 10.) Income Taxes The following table reconciles the income tax benefit at the Canadian statutory rate to income tax benefit at the CompanyÂ’s effective tax rates. 2016 2015 Loss before income taxes $ (1,921,210 ) $ (1,087,289 ) Statutory tax rate 26.5 % 26.5 % Expected income tax (recovery) $ (509,000 ) $ (288,000 ) Non-deductible items 143,000 197,000 Change in valuation allowance 358,785 91,000 Total income taxes (recovery) $ (7,215 ) $ - Deferred taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities and their respective tax bases for financial reporting purposes. Deferred tax assets as at March 31, 2016 and 2015 are comprised of the following: 2016 2015 Net operating loss carry forwards $ 599,000 $ 242,000 Equipment and leasehold improvements 35,000 30,000 Valuation allowance (634,000 ) (272,000 ) Net deferred tax asset $ - $ - The Company has net operating loss carry forwards of approximately $2,262,000 (2015 - $913,000) which may be carried forward to apply against future year income for Canadian income tax purposes, subject to final determination by taxing authorities, expiring in the following years: Expiry 2029 $ 65,000 2030 83,000 2031 28,000 2032 81,000 2033 91,000 2034 242,000 2035 323,000 2016 1,349,000 Total $ 2,262,000 The deferred tax assets have not been recognized because at this stage of the CompanyÂ’s development, it is not determined that future taxable profits will be available against which the Company can utilize such deferred tax assets. Tax years 2010 through 2016 remain open to examination by the taxing jurisdictions to which the Company is subject. The Company has not been notified by any taxing jurisdictions of any proposed or planned examination. The Company has non-refundable tax credits as at March 31, 2016 of $5,449 (2015 - $5,449) which expire in the year 2031. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Mar. 31, 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 Company’s 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 Company’s 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 Company’s 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. | 11.) 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 Company’s 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 $ 26,066 2018 26,400 2019 17,600 For the year ended March 31, 2016, occupancy costs related to this lease were $26,015 (2015 – $25,732). 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. to assist and advise the Company in matters concerning corporate finance and the Company’s current and proposed financing activities for the period commencing April 1, 2014 and ending December 31, 2014. 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. Pursuant to this agreement, the Company agreed to issue to this consulting corporation (the “Consultant”), 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 ($324,275) raised in an offering, fully vesting upon USD$1,500,000 ($1,945,650) being raised. During the year ended March 31, 2015, the President of the Consultant became a director of the Company. 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 Company’s 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 ($9,728) payable in a combination of cash and restricted stock. |
Related Party Transactions
Related Party Transactions | 3 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Mar. 31, 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. | 12.) Related Party Transactions Included in accounts payable and accrued liabilities as at March 31, 2016 is $52,030 (2015 - $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 6, 7, 9(a), 9(b) and 9(c), 11 and 14. Amounts receivable from officer as at March 31, 2016 of $21,064 (2015 - $29,967) is owing from a shareholder, who is also a director and officer of the Company for funds advanced under the employment agreement (See Note 11). The amount receivable is unsecured, non-interest bearing and repayable upon demand. Management fees and consulting fees in the amount of $427,000 (2015 $363,750) were waived by the officers of the Company during the year ended March 31, 2016. |
Financial Instruments
Financial Instruments | 3 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Mar. 31, 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 Company’s 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 Company’s 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 Company’s 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 Company’s 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 Company’s functional currency. In connection with the settlement of a vendor’s 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 Company’s 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 Company’s functional currency. The table below summarizes the fair value of the Company’s 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 Company’s 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 | 13.) 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 Company’s 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 March 31, 2016, the Company had cash of $173 (2015 - $3,084) to settle current liabilities of $809,347 (2015 - $894,022). All of the Company’s financial liabilities other than the warrant liability of $27,479 (2015 - $364,878) 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. 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 Company’s 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 Company’s 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 March 31, 2016, the Company held $173 (2015 - $3,084) with a major Canadian chartered bank. (c) Foreign exchange risk The Company principally operates within Canada. The Company’s 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 13 (e). (d) Interest rate risk As at March 31, 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 9(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 Company’s functional currency. In connection with the settlement of a vendor’s 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 ($1.95). 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 Company’s 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 ($2.59). 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 Company’s functional currency. The table below summarizes the fair value of the Company’s financial liabilities measured at fair value: Fair Value at Fair Value Measurement Using March 31, 2016 Level 1 Level 2 Level 3 Derivative liability – Warrants $ 27,479 $ - $ - $ 27,479 The table below sets forth a summary of changes in the fair value of the Company’s Level 3 financial liabilities (warrant derivative liability) for the periods ended March 31, 2016 and 2015: March 31, 2016 March 31, 2015 Balance at beginning of year $ 364,878 $ - Additions to derivative instruments, recognized in earnings as professional fees (Note 9(b)) - 240,000 Additions to derivative instruments as a result of issuance in settlement of debt (Note 9(b)) - 2,060 Additions to derivative instruments as a result of issuance of units (Note 9(b)) - 6,213 Derivative instruments exercised (509,054 ) (32,675 ) Change in fair market value, recognized in operations as professional fees 171,655 149,280 Balance at end of year $ 27,479 $ 364,878 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 years ended March 31, 2016 and 2015. The following are the key weighted average assumptions used in connection with the estimation of fair value as at March 31, 2016: March 31, 2016 Number of shares underlying the warrants 381,700 Fair market value of the stock $ 0.65 Exercise price USD$ 0.10 ($0.1275 ) Expected volatility 150 % Risk-free interest rate 0.54 % Expected dividend yield 0 % Expected warrant life (years) 0.99 |
Subsequent Event
Subsequent Event | 3 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Mar. 31, 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). | 14.) Subsequent Events Subsequent to March 31, 2016, the Company entered into various agreements pursuant to which it has committed to issue up to 1,100,000 common shares of the Company to October 24, 2016, as compensation for services to be rendered. On May 4, 2016 the Board approved a term loan in the amount of $40,000 for bridge financing with a relative of one of the officers of the Company. The terms of the loan are that it is to be repaid on August 28, 2016 at a 30% premium. On May 18, 2016, 44,500 warrants were exercised at USD$0.04 ($0.52) for gross proceeds of USD$1,780 ($2,164). 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 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. See Note 9(b) regarding expiration of warrants subsequent to March 31, 2016. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, and all highly liquid debt instruments purchased with an original maturity of three months or less. As at March 31, 2016 and 2015 there were no cash equivalents. |
Prepaid Expenses | Prepaid Expenses Prepaid expenses consist of services paid, for which the Company has not yet received the benefit. |
Equipment and Leasehold Improvements | Equipment and Leasehold Improvements Equipment and leasehold improvements are stated at cost less accumulated amortization and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. Subsequent costs are included in the assetÂ’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost can be measured reliably. The carrying amount of an asset is derecognized when replaced. Repairs and maintenance costs are charged to the statements of operations, during the year in which they are incurred. Amortization is provided for over the estimated useful life of the asset as follows: Computer equipment 30% on a declining balance Production equipment 20% on a declining balance Leasehold improvements are amortized over the term of the lease or useful life of the improvements, whichever is shorter, which is currently 5 years. Useful lives and residual values are reviewed and adjusted, if appropriate, at the end of each reporting period. An assetÂ’s carrying amount is written down immediately to its recoverable amount if the assetÂ’s carrying amount is greater than its estimated recoverable amount. The cost and accumulated amortization of assets retired or sold are removed from the respective accounts and any gain or loss is recognized in operations. |
Intangible Assets | Intangible Assets Intangible assets are comprised of patents. Patents represent capitalized legal costs incurred in connection with applications for patents which have a probable future economic benefit. In-process patents are not amortized. All patents subject to amortization are amortized on a straight line basis over an estimated useful life. The Company regularly evaluates patents and patent applications for impairment or abandonment, at which point the Company charges the remaining net book value to expenses. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events and circumstances indicate that the carrying value of an asset might not be recoverable. An impairment loss, measured as the amount by which the carrying amount exceeds the fair value, is recognized if the carrying amount exceeds estimated undiscounted future cash flows. |
Research and Development | Research and Development Research and development costs include costs directly attributable to the conduct of research and development programs, including the cost of consulting fees, materials, supplies, and the maintenance of research equipment. All costs associated with research and development are expensed as incurred. The approved refundable portion of tax credits are netted against the related expenses. Non-refundable investment tax credits are recorded in the period when reasonable assurance exists that the Company has complied with the terms and conditions required for approval of the tax credit and it is more likely than not that the Company will realize the benefits of these tax credits against the deferred taxes. Refundable investment tax credits are recorded in the period when reasonable assurance exists that the Company has complied with the terms and conditions required for approval of the tax credit and it is more likely than not that the Company will collect it. |
Stock-based Compensation | Stock-based Compensation The Company uses the fair value based method of accounting for all its stock-based compensation in accordance with FASB Accounting Standards Codification (“ASC”) ASC 718 “Compensation – Stock Compensation”. The estimated fair value of the options and warrants that are ultimately expected to vest based on performance related conditions, as well as the options and warrants that are expected to vest based on future service, is recorded over the instrument’s requisite service period and charged to stock-based compensation. In determining the amount of options and warrants that are expected to vest, the Company takes into account, voluntary termination behavior as well as trends of actual option and warrant forfeitures. Stock options and warrants which are indexed to a factor which is not a market, performance or service condition, in addition to the Company’s share price, are classified as liabilities and re-measured at each reporting date based on the Black-Scholes option pricing model with a charge to operations, until the date of settlement. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred tax liabilities and assets are recognized for the estimated future tax consequences attributable to differences between the amounts reported in the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply when the asset is realized or the liability is settled. The effect of a change in income tax rates on deferred tax liabilities and assets is recognized in income in the period in which the change occurs. Deferred tax assets are recognized to the extent that they are considered more likely than not to be realized. FASB issued ASC 740-10 “Accounting for Uncertainty in Income Taxes”. ASC 740-10 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. This standard requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more-likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC 820 “Fair Value Measurement” defines fair value, establishes a framework for measuring fair value under generally accepted accounting principles and enhances disclosures about fair value measurements. Fair value is defined under ASC 820 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value as follows: Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 – inputs other than quoted prices that are observable for the asset or liability or indirectly; and Level 3 – inputs that are not based on observable market data. The carrying amounts of the Company’s financial instruments including cash, amounts receivable, accounts payable and accrued liabilities and advances from shareholders approximate their fair values due to their short-term nature. Management is of the opinion that the Company is not exposed to significant interest, credit or currency risks from these financial instruments. The Company’s equity-linked financial instruments reflected as warrant liability on the balance sheet represent financial liabilities classified as Level 3 as per ASU 2009-05. As required by the guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The fair value of the warrant liability which is not traded in an active market has been determined using the Black-Scholes option pricing model based on assumptions that are not supported by observable market conditions. |
Foreign Currency Transactions and Translation | Foreign Currency Transactions and Translation Monetary assets and liabilities are translated into Canadian dollars, which is the functional currency of the Company, at the year-end exchange rate, while foreign currency expenses are translated at the exchange rate in effect on the date of the transaction. The resultant gains or losses are included in the statement of operations. Non-monetary items are translated at historical rates. |
Loss per Share | Loss per Share Basic loss per share is calculated by dividing the net loss available to common shareholders by the weighted average number of common shares outstanding during the year. Diluted loss per share is calculated using the treasury stock method and reflects the potential dilution of securities by including warrants and contingently issuable shares, if any, in the weighted average number of common shares outstanding for a year, if dilutive. In a loss year, dilutive common shares are excluded from the loss per share calculation as the effect would be anti-dilutive. Accordingly, for the years ended March 31, 2016 and 2015, the basic loss per share was equal to diluted loss per share as there were no dilutive securities. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) ASC 220 “Comprehensive Income” establishes standards for reporting and display of comprehensive income, its components and accumulated balances. The net loss is equivalent to the comprehensive loss for the periods presented. |
New Accounting Pronouncements | New Accounting Pronouncements In June 2014, FASB issued Accounting Standards Update (“ASU”) ASU No. 2014-12, “Compensation – Stock Compensation (Topic 718); Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period”. The amendments in this ASU apply to all reporting entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. For all entities, the amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The Company is currently evaluating the impact this guidance will have on its financial statements. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30). This guidance is to simplify the presentation of debt issuance costs by recognizing a debt liability in the balance sheet as a direct deduction from that debt liability consistent with the presentation of a debt discount. The amendments in this update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. The Company is currently evaluating the impact of the new requirements on its financial statements. In February 2016, the FASB issued ASU 2016-02 Leases (ASC 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to existing guidance for operating leases today. ASC 842 supersedes the previous leases standard, ASC 840 Leases. The amendments in this update are effective for fiscal years beginning after December 15, 2018, which is our fiscal 2020, beginning on April 1, 2019. The Company is currently evaluating the impact this guidance will have on its financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. The amendments in this update are effective for annual periods beginning after December 15, 2016, which is the Company’s fiscal 2018, which will begin on April 1, 2017. The Company is currently evaluating the impact of the new requirements on its financial statements. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements upon adoption. |
Equipment and Leasehold Impro22
Equipment and Leasehold Improvements (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | ||
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 | March 31, 2016 March 31, 2015 Accumulated Accumulated Cost Amortization Cost Amortization Computer equipment $ 3,558 $ 2,089 $ 3,558 $ 1,459 Production equipment 67,367 27,738 67,367 17,831 Leasehold improvements 42,290 18,136 33,649 7,784 Total $ 113,215 $ 47,963 $ 104,574 $ 27,074 Net carrying amount $ 65,252 $ 77,500 |
Capital Stock (Tables)
Capital Stock (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Mar. 31, 2016 | |
Equity [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 | As at March 31, 2016, the following warrants were outstanding: Number of Weighted Grant Date Fair Value at March 31, 2016 Number of Warrants Average Fair Value of Vested Expiration Date Warrants Exercisable Exercise Price Equity Warrants - Liability June 6, 2016* 300,383 300,383 $ 2.24 $ 170,908 $ - June 7, 2016* 5,000 5,000 $ 1.12 3,180 - June 6, 2017 22,500 22,500 $ 1.12 16,110 - April 1, 2017 369,500 44,500 USD $ 0.04 - 26,744 $ (0.052 ) October 22, 2016 3,350 3,350 USD $ 1.50 - 60 $ (1.95 ) November 30, 2016 8,850 8,850 USD $ 2.00 - 675 $ (2.59 ) 709,583 384,583 $ 1.06 $ 190,198 $ 27,479 * Expired unexercised subsequent to the year-ended March 31, 2016. |
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 | The continuity of warrants for the years ended March 31, 2015 and 2016 is as follows: Number of Warrants Weighted Average Exercise Price Balance, March 31, 2014 - $ - Granted 965,083 0.79 Exercised (25,000 ) 0.05 Balance, March 31, 2015 940,083 0.63 Exercised (230,500 ) 0.05 Balance, March 31, 2016 709,583 $ 1.06 |
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 | The activities in options outstanding are as noted below: Number of Options Granted Weighted Average Exercise Price Balance, March 31, 2014 - - Granted 505,000 $ 1.73 Balance, March 31, 2015 505,000 $ 1.73 Granted 425,000 $ 2.43 Balance, March 31, 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 | The following table presents information relating to stock options outstanding and exercisable at March 31, 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 3.70 398,333 $ 1.73 3.70 $ 2.43 425,000 4.75 134,583 $ 2.43 4.75 $ 2.05 930,000 4.05 532,916 $ 1.91 3.97 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Reconciliation | The following table reconciles the income tax benefit at the Canadian statutory rate to income tax benefit at the CompanyÂ’s effective tax rates. 2016 2015 Loss before income taxes $ (1,921,210 ) $ (1,087,289 ) Statutory tax rate 26.5 % 26.5 % Expected income tax (recovery) $ (509,000 ) $ (288,000 ) Non-deductible items 143,000 197,000 Change in valuation allowance 358,785 91,000 Total income taxes (recovery) $ (7,215 ) $ - |
Schedule of Deferred Taxe Assets and Liabilities | Deferred taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities and their respective tax bases for financial reporting purposes. Deferred tax assets as at March 31, 2016 and 2015 are comprised of the following: 2016 2015 Net operating loss carry forwards $ 599,000 $ 242,000 Equipment and leasehold improvements 35,000 30,000 Valuation allowance (634,000 ) (272,000 ) Net deferred tax asset $ - $ - |
Schedule of Operating Loss Carry Forwards | The Company has net operating loss carry forwards of approximately $2,262,000 (2015 - $913,000) which may be carried forward to apply against future year income for Canadian income tax purposes, subject to final determination by taxing authorities, expiring in the following years: Expiry 2029 $ 65,000 2030 83,000 2031 28,000 2032 81,000 2033 91,000 2034 242,000 2035 323,000 2016 1,349,000 Total $ 2,262,000 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [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 | The future commitments pursuant to this lease arrangement, including property taxes and operating expenses for the fiscal periods ending March 31 are: 2017 $ 26,066 2018 26,400 2019 17,600 |
Schedule of Employment Agreements | Salaries will be earned based upon the CompanyÂ’s 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 | Salaries will be earned based upon the CompanyÂ’s 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 | 12 Months Ended |
Jun. 30, 2016 | Mar. 31, 2016 | |
Investments, All Other Investments [Abstract] | ||
Fair Value of Financial Liabilities | The table below summarizes the fair value of the Company’s 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 summarizes the fair value of the Company’s financial liabilities measured at fair value: Fair Value at Fair Value Measurement Using March 31, 2016 Level 1 Level 2 Level 3 Derivative liability – Warrants $ 27,479 $ - $ - $ 27,479 |
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 CompanyÂ’s 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 | The table below sets forth a summary of changes in the fair value of the CompanyÂ’s Level 3 financial liabilities (warrant derivative liability) for the periods ended March 31, 2016 and 2015: March 31, 2016 March 31, 2015 Balance at beginning of year $ 364,878 $ - Additions to derivative instruments, recognized in earnings as professional fees (Note 9(b)) - 240,000 Additions to derivative instruments as a result of issuance in settlement of debt (Note 9(b)) - 2,060 Additions to derivative instruments as a result of issuance of units (Note 9(b)) - 6,213 Derivative instruments exercised (509,054 ) (32,675 ) Change in fair market value, recognized in operations as professional fees 171,655 149,280 Balance at end of year $ 27,479 $ 364,878 |
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 | The following are the key weighted average assumptions used in connection with the estimation of fair value as at March 31, 2016: March 31, 2016 Number of shares underlying the warrants 381,700 Fair market value of the stock $ 0.65 Exercise price USD$ 0.10 ($0.1275 ) Expected volatility 150 % Risk-free interest rate 0.54 % Expected dividend yield 0 % Expected warrant life (years) 0.99 |
Nature of the Business and Go27
Nature of the Business and Going Concern (Details Narrative) (10K) - CAD | Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 |
Accounting Policies [Abstract] | |||
Working capital deficiency | CAD 451,468 | CAD 765,356 | CAD 845,406 |
Accumulated deficit | CAD 3,890,717 | CAD 3,723,368 | CAD 1,809,373 |
Nature of the Business and Go28
Nature of the Business and Going Concern (Details Narrative) (10Q) - CAD | Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 |
Accounting Policies [Abstract] | |||
Working capital deficiency | CAD 451,468 | CAD 765,356 | CAD 845,406 |
Accumulated deficit | CAD 3,890,717 | CAD 3,723,368 | CAD 1,809,373 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Details Narrative) (10K) - CAD | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash and cash equivalents | CAD 0 | CAD 0 |
Computer Equipment [Member] | ||
Amortization estimated useful life of the asset | 30% on a declining balance | |
Production Equipment [Member] | ||
Amortization estimated useful life of the asset | 20% on a declining balance | |
Leasehold Improvements [Member] | ||
Amortized over the term of estimated useful life | 5 years |
Equipment and Leasehold Impro30
Equipment and Leasehold Improvements (Details Narrative) (10K) - CAD | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Property, Plant and Equipment [Abstract] | ||||
Amortization expense | CAD 4,356 | CAD 4,439 | CAD 20,198 | CAD 20,338 |
Equipment and Leasehold Impro31
Equipment and Leasehold Improvements - Schedule of Equipment and Leasehold Improvements (Details) (10K) - CAD | Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 |
Property and Equipment, gross | CAD 119,852 | CAD 113,215 | CAD 104,574 |
Accumulated Amortization | 58,956 | 47,963 | 27,074 |
Property and Equipment, net | 60,896 | 65,252 | 77,500 |
Computer Equipment [Member] | |||
Property and Equipment, gross | 3,558 | 3,558 | 3,558 |
Accumulated Amortization | 2,199 | 2,089 | 1,459 |
Production Equipment [Member] | |||
Property and Equipment, gross | 67,367 | 67,367 | 67,367 |
Accumulated Amortization | 29,719 | 27,738 | 17,831 |
Leasehold Improvements [Member] | |||
Property and Equipment, gross | 48,927 | 42,290 | 33,649 |
Accumulated Amortization | CAD 27,038 | CAD 18,136 | CAD 7,784 |
Equipment and Leasehold Impro32
Equipment and Leasehold Improvements (Details Narrative) (10Q) - CAD | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Property, Plant and Equipment [Abstract] | ||||
Amortization expense | CAD 4,356 | CAD 4,439 | CAD 20,198 | CAD 20,338 |
Equipment and Leasehold Impro33
Equipment and Leasehold Improvements - Schedule of Equipment and Leasehold Improvements (Details) (10Q) - CAD | Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 |
Property and Equipment, gross | CAD 119,852 | CAD 113,215 | CAD 104,574 |
Accumulated Amortization | 58,956 | 47,963 | 27,074 |
Property and Equipment, net | 60,896 | 65,252 | 77,500 |
Computer Equipment [Member] | |||
Property and Equipment, gross | 3,558 | 3,558 | 3,558 |
Accumulated Amortization | 2,199 | 2,089 | 1,459 |
Production Equipment [Member] | |||
Property and Equipment, gross | 67,367 | 67,367 | 67,367 |
Accumulated Amortization | 29,719 | 27,738 | 17,831 |
Leasehold Improvements [Member] | |||
Property and Equipment, gross | 48,927 | 42,290 | 33,649 |
Accumulated Amortization | CAD 27,038 | CAD 18,136 | CAD 7,784 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) (10K) - CAD | Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 |
Intangible assets | CAD 15,970 | ||
Patents [Member] | |||
Intangible assets | CAD 15,970 |
Advances from Shareholders an35
Advances from Shareholders and Related Parties (Details Narrative) (10K) | Dec. 31, 2015CAD | Mar. 31, 2016CAD | Jun. 30, 2016CAD | May 04, 2016 | Mar. 31, 2016$ / shares | Mar. 31, 2016CADCAD / sharesshares | Dec. 31, 2015$ / shares | Dec. 31, 2015CAD / shares | Sep. 02, 2015 | May 06, 2015 | Mar. 31, 2015CAD |
Advances from shareholders | CAD 435,120 | CAD 383,990 | CAD 367,267 | ||||||||
Advances from related party debt percent | 20.00% | 30.00% | 20.00% | 12.00% | 12.00% | ||||||
Advances from settled | CAD 75,846 | ||||||||||
Interest payable | CAD 8,721 | ||||||||||
Advances from settled, shares | shares | 49,371 | ||||||||||
Shares issued, price per share | CAD / shares | CAD 2.38 | CAD 2.38 | |||||||||
Extinguishment of debt | CAD 54,975 | CAD 117,526 | |||||||||
Loss on extinguishment of debt | CAD 19,371 | CAD 41,681 | |||||||||
USD [Member] | |||||||||||
Shares issued, price per share | $ / shares | $ 1.72 | $ 1.72 |
Advances from Shareholders an36
Advances from Shareholders and Related Parties (Details Narrative) (10Q) - CAD | Jun. 30, 2016 | May 04, 2016 | Mar. 31, 2016 | Sep. 02, 2015 | May 06, 2015 | Mar. 31, 2015 |
Advances From Shareholders And Related Parties | ||||||
Advances from shareholders | CAD 435,120 | CAD 383,990 | CAD 367,267 | |||
Advances from related party debt percent | 20.00% | 30.00% | 20.00% | 12.00% | 12.00% |
Term Loan (Details Narrative) (
Term Loan (Details Narrative) (10K) | May 04, 2016CAD | Dec. 31, 2015CAD | Sep. 02, 2015 | May 06, 2015CAD | Jun. 30, 2016CAD | Jun. 30, 2015CAD | Mar. 31, 2016CAD | Mar. 31, 2015CAD | Mar. 31, 2016$ / shares | Mar. 31, 2016CAD / shares | Dec. 31, 2015$ / sharesshares | Dec. 31, 2015CAD / sharesshares |
Term loan bridge financing | CAD 40,000 | CAD 33,000 | ||||||||||
Loan description | bridge financing with a relative of one of the officers of the Company. | Company agreed to a one year term loan (maturing May 5, 2016) with a family member of an officer | ||||||||||
Loan maturity, date | Aug. 28, 2016 | Sep. 1, 2016 | May 5, 2016 | |||||||||
Premium interest percent | 30.00% | 12.00% | 12.00% | 20.00% | 20.00% | 20.00% | ||||||
Accretion expenses | CAD 5,897 | CAD 12,563 | ||||||||||
Shares, issued | shares | 23,094 | 23,094 | ||||||||||
Shares issued, price per share | CAD / shares | CAD 2.38 | CAD 2.38 | ||||||||||
Extinguishment of debt | CAD 54,975 | 117,526 | ||||||||||
Loss on extinguishment of debt | CAD 19,371 | CAD 41,681 | ||||||||||
USD [Member] | ||||||||||||
Shares issued, price per share | $ / shares | $ 1.72 | $ 1.72 |
Term Loan (Details Narrative)38
Term Loan (Details Narrative) (10Q) - CAD | May 04, 2016 | Sep. 02, 2015 | May 06, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 |
Receivables [Abstract] | |||||||
Term loan bridge financing | CAD 40,000 | CAD 33,000 | |||||
Loan description | bridge financing with a relative of one of the officers of the Company. | Company agreed to a one year term loan (maturing May 5, 2016) with a family member of an officer | |||||
Loan maturity, date | Aug. 28, 2016 | Sep. 1, 2016 | May 5, 2016 | ||||
Premium interest percent | 30.00% | 12.00% | 12.00% | 20.00% | 20.00% | ||
Accretion expenses | CAD 5,897 | CAD 12,563 |
Convertible Note (Details Narra
Convertible Note (Details Narrative) (10K) | May 04, 2016 | Feb. 17, 2016$ / sharesshares | Sep. 02, 2015CAD | May 06, 2015 | Jun. 30, 2016CAD | Jun. 30, 2015CAD | Mar. 31, 2016CAD | Mar. 31, 2015CAD | Feb. 17, 2016CAD / shares | Sep. 02, 2015USD ($) | Sep. 02, 2015CAD |
Convertible note principal amount | CAD 32,400 | ||||||||||
Convertible note maturity date | Aug. 28, 2016 | Sep. 1, 2016 | May 5, 2016 | ||||||||
Convertible note interest percent | 30.00% | 12.00% | 20.00% | 20.00% | 12.00% | 12.00% | |||||
Debt instrument convertible convetsion price per value | 45.00% | 45.00% | |||||||||
Issuance of intrinsic value | CAD 27,227 | ||||||||||
Deferred Income Tax Recovery | CAD (7,215) | ||||||||||
Accretion expenses | CAD 5,897 | CAD 12,563 | |||||||||
Accrued interest was converted common shares | shares | 29,609 | ||||||||||
Debt conversion price per share | CAD / shares | CAD 1.23 | ||||||||||
USD [Member] | |||||||||||
Convertible note principal amount | $ | $ 25,000 | ||||||||||
Debt conversion price per share | $ / shares | $ 0.89 |
Capital Stock (Details Narrativ
Capital Stock (Details Narrative) (10K) | May 18, 2016USD ($)$ / shares | May 18, 2016CAD | Mar. 31, 2016USD ($)$ / sharesshares | Mar. 31, 2016CADshares | Feb. 25, 2016USD ($)$ / sharesshares | Feb. 25, 2016CADshares | Jan. 04, 2016USD ($)$ / sharesshares | Jan. 04, 2016CADshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2015CADshares | Dec. 22, 2015USD ($)$ / sharesshares | Dec. 22, 2015CADshares | Dec. 18, 2015USD ($)$ / sharesshares | Dec. 18, 2015CADshares | Nov. 05, 2015USD ($)$ / sharesshares | Nov. 05, 2015CADshares | Sep. 10, 2015USD ($)shares | Sep. 10, 2015CADshares | Jun. 25, 2015USD ($)$ / sharesshares | Jun. 25, 2015CADshares | Nov. 24, 2014CADshares | Nov. 22, 2014USD ($)$ / sharesshares | Nov. 22, 2014CADshares | Oct. 22, 2014$ / sharesshares | Sep. 03, 2014shares | Jun. 06, 2014CADCAD / sharesshares | Jun. 30, 2016CADCAD / sharesshares | Jun. 30, 2015CAD | Mar. 31, 2016CADshares | Mar. 31, 2015CADCAD / sharesshares | Mar. 31, 2014CADCAD / shares | May 18, 2016CAD / shares | Mar. 31, 2016CADCAD / sharesshares | Feb. 25, 2016CAD / shares | Jan. 04, 2016CAD / shares | Dec. 31, 2015CAD / shares | Dec. 22, 2015CAD / shares | Dec. 18, 2015CAD / shares | Nov. 05, 2015CAD / shares | Jun. 25, 2015CAD / shares | Nov. 24, 2014$ / shares | Nov. 24, 2014CAD / shares | Nov. 22, 2014CAD / shares | Oct. 22, 2014CAD / shares |
Common stock, authorized | Unlimited | Unlimited | Unlimited | |||||||||||||||||||||||||||||||||||||||||
Common stock, no par value | CAD / shares | CAD 0 | CAD 0 | CAD 0 | |||||||||||||||||||||||||||||||||||||||||
Gross proceeds | CAD | CAD 647,860 | CAD 328,180 | ||||||||||||||||||||||||||||||||||||||||||
Per unit price | CAD / shares | 2.38 | CAD 2.38 | ||||||||||||||||||||||||||||||||||||||||||
Warrant exercisable price per share | CAD / shares | CAD 0.052 | CAD 1.94 | ||||||||||||||||||||||||||||||||||||||||||
Number of units in settlement of debt | 6,700 | |||||||||||||||||||||||||||||||||||||||||||
Gross proceeds | CAD | CAD 2,318 | CAD 596 | CAD 12,614 | CAD 1,113 | ||||||||||||||||||||||||||||||||||||||||
Number of common shares issued for services | 50,000 | 50,000 | ||||||||||||||||||||||||||||||||||||||||||
Issued for services, value | CAD | CAD 67,195 | |||||||||||||||||||||||||||||||||||||||||||
Issued shares of compensatory, value | CAD | CAD 151,105 | |||||||||||||||||||||||||||||||||||||||||||
Number of shares paid to EPA equal to restricted common shares | 11,256 | |||||||||||||||||||||||||||||||||||||||||||
Compensation expense | CAD | 240,000 | |||||||||||||||||||||||||||||||||||||||||||
Market adjustments | CAD | 171,655 | CAD 149,280 | ||||||||||||||||||||||||||||||||||||||||||
Number of options outstanding | 930,000 | 505,000 | 930,000 | |||||||||||||||||||||||||||||||||||||||||
Weighted average exercise price | CAD / shares | CAD 2.05 | CAD 2.05 | ||||||||||||||||||||||||||||||||||||||||||
Percentage of equivalent issued and outstanding common shares | 15.00% | |||||||||||||||||||||||||||||||||||||||||||
Additional Paid in Capital for options issued to directors | CAD | 701,849 | CAD 324,916 | ||||||||||||||||||||||||||||||||||||||||||
Professional fees | CAD | CAD 154,755 | 12,989 | 859,993 | 582,564 | ||||||||||||||||||||||||||||||||||||||||
Equity Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Number of shares paid to EPA equal to restricted common shares | 50,000 | 50,000 | ||||||||||||||||||||||||||||||||||||||||||
Restricted common shares, value | CAD | CAD 67,195 | |||||||||||||||||||||||||||||||||||||||||||
Percentage of common shares outstanding | 4.99% | 4.99% | ||||||||||||||||||||||||||||||||||||||||||
Percentage of prceding draw down notice without prior written consent of holder | 100.00% | 100.00% | ||||||||||||||||||||||||||||||||||||||||||
Team Loan [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Per unit price | CAD / shares | 2.38 | |||||||||||||||||||||||||||||||||||||||||||
Number of shares paid to EPA equal to restricted common shares | 54,975 | 54,975 | ||||||||||||||||||||||||||||||||||||||||||
Advance [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Per unit price | CAD / shares | 2.38 | |||||||||||||||||||||||||||||||||||||||||||
Number of shares paid to EPA equal to restricted common shares | 117,526 | 117,526 | ||||||||||||||||||||||||||||||||||||||||||
Consultant [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Number of common shares issued for services | 10,000 | 10,000 | ||||||||||||||||||||||||||||||||||||||||||
Issued for services, value | CAD | CAD 23,805 | |||||||||||||||||||||||||||||||||||||||||||
Another Consultant [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Number of common shares issued for services | 93,000 | 93,000 | ||||||||||||||||||||||||||||||||||||||||||
Issued for services, value | CAD | CAD 221,385 | |||||||||||||||||||||||||||||||||||||||||||
Three Officers [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Per unit price | CAD / shares | 2.38 | |||||||||||||||||||||||||||||||||||||||||||
Number of shares issued to compensatory to officers | 45,000 | 45,000 | ||||||||||||||||||||||||||||||||||||||||||
Issued shares of compensatory, value | CAD | CAD 107,123 | |||||||||||||||||||||||||||||||||||||||||||
USD [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Per unit price | $ / shares | $ 1.72 | $ 1.72 | ||||||||||||||||||||||||||||||||||||||||||
Warrant exercisable price per share | $ / shares | $ 0.04 | $ 1.50 | ||||||||||||||||||||||||||||||||||||||||||
Number of shares paid to EPA equal to restricted common shares | 10,050 | |||||||||||||||||||||||||||||||||||||||||||
USD [Member] | Equity Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Committed to purchase upto company's common shares | $ | $ 750,000 | |||||||||||||||||||||||||||||||||||||||||||
Draw down notice held by holder value | $ | $ 62,500 | |||||||||||||||||||||||||||||||||||||||||||
USD [Member] | Team Loan [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Per unit price | $ / shares | 1.72 | |||||||||||||||||||||||||||||||||||||||||||
USD [Member] | Advance [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Per unit price | $ / shares | $ 1.72 | |||||||||||||||||||||||||||||||||||||||||||
USD [Member] | Consultant [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Issued for services, value | $ | $ 17,200 | |||||||||||||||||||||||||||||||||||||||||||
USD [Member] | Another Consultant [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Issued for services, value | $ | $ 159,960 | |||||||||||||||||||||||||||||||||||||||||||
USD [Member] | Three Officers [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Per unit price | $ / shares | $ 1.72 | |||||||||||||||||||||||||||||||||||||||||||
Consulting Firm [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Number of common shares issued for services | 15,264 | 15,264 | 13,874 | 13,874 | ||||||||||||||||||||||||||||||||||||||||
Issued for services, value | CAD | CAD 29,185 | CAD 31,140 | ||||||||||||||||||||||||||||||||||||||||||
Consulting Firm [Member] | USD [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Issued for services, value | $ | $ 22,500 | $ 22,500 | ||||||||||||||||||||||||||||||||||||||||||
Private Placement [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Gross proceeds | CAD | CAD 622,860 | |||||||||||||||||||||||||||||||||||||||||||
Number of units issued private placement | 556,118 | |||||||||||||||||||||||||||||||||||||||||||
Per unit price | CAD / shares | CAD 1.12 | |||||||||||||||||||||||||||||||||||||||||||
Private Placement [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Gross proceeds | CAD | CAD 25,000 | |||||||||||||||||||||||||||||||||||||||||||
Number of units issued private placement | 44,642 | |||||||||||||||||||||||||||||||||||||||||||
Per unit price | CAD / shares | CAD 0.56 | |||||||||||||||||||||||||||||||||||||||||||
Private Placement [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Gross proceeds | CAD | CAD 48,441 | CAD 30,000 | CAD 63,840 | |||||||||||||||||||||||||||||||||||||||||
Number of units issued private placement | 31,532 | 31,532 | 17,700 | 57,000 | ||||||||||||||||||||||||||||||||||||||||
Per unit price | CAD / shares | 1.54 | CAD 1.695 | ||||||||||||||||||||||||||||||||||||||||||
Warrant exercisable price per share | CAD / shares | CAD 2.59 | |||||||||||||||||||||||||||||||||||||||||||
Private Placement [Member] | USD [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Gross proceeds | $ | $ 35,000 | |||||||||||||||||||||||||||||||||||||||||||
Per unit price | $ / shares | $ 1.11 | $ 1.50 | ||||||||||||||||||||||||||||||||||||||||||
Warrant exercisable price per share | $ / shares | $ 2 | |||||||||||||||||||||||||||||||||||||||||||
Private Placement [Member] | First Twelve Months [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Warrant exercisable price per share | CAD / shares | CAD 1.68 | |||||||||||||||||||||||||||||||||||||||||||
Private Placement [Member] | Second Twelve Months [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Warrant exercisable price per share | CAD / shares | CAD 2.24 | |||||||||||||||||||||||||||||||||||||||||||
Further Private Placement [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Gross proceeds | CAD | CAD 30,000 | |||||||||||||||||||||||||||||||||||||||||||
Warrants [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Warrant exercisable price per share | CAD / shares | CAD 0.052 | CAD 0.056 | CAD 0.056 | CAD 0.055 | CAD 0.056 | CAD 0.054 | CAD 0.052 | CAD .048 | CAD 0.046 | |||||||||||||||||||||||||||||||||||
Number of common shares purchase warrants | 25,000 | 25,000 | 31,000 | 31,000 | 48,400 | 48,400 | 31,000 | 31,000 | 51,600 | 51,600 | 31,000 | 31,000 | 12,500 | 12,500 | 25,000 | 25,000 | ||||||||||||||||||||||||||||
Gross proceeds | CAD | CAD 2,318 | CAD 1,378 | CAD 1,732 | CAD 2,683 | CAD 1,735 | CAD 2,834 | CAD 1,632 | CAD 620 | CAD 1,113 | CAD 222,803 | 786,403 | |||||||||||||||||||||||||||||||||
Fair value of warrants exercisable | CAD | CAD 222,803 | CAD 25,000 | CAD 255,500 | |||||||||||||||||||||||||||||||||||||||||
Dividend yield | 0.00% | 0.00% | 0.00% | |||||||||||||||||||||||||||||||||||||||||
Expected volatility | 218.00% | 150.00% | 118.00% | |||||||||||||||||||||||||||||||||||||||||
Risk-free interest rate | 0.54% | 0.54% | 0.52% | |||||||||||||||||||||||||||||||||||||||||
Expected term | 8 months 27 days | 11 months 27 days | 2 years | |||||||||||||||||||||||||||||||||||||||||
Fair value of reflected as liability | CAD | CAD 5,741 | CAD 364,878 | 27,479 | |||||||||||||||||||||||||||||||||||||||||
Number of options vest as to one-third | 300,000 | |||||||||||||||||||||||||||||||||||||||||||
Additional Paid in Capital for options issued to directors | CAD | ||||||||||||||||||||||||||||||||||||||||||||
Warrants [Member] | USD [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Warrant exercisable price per share | $ / shares | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | |||||||||||||||||||||||||||||||||||
Gross proceeds | $ | $ 1,780 | $ 1,000 | $ 1,240 | $ 1,936 | $ 1,240 | $ 2,064 | $ 1,240 | $ 500 | $ 1,000 | |||||||||||||||||||||||||||||||||||
Fair value of warrants exercisable | CAD | 359,700 | CAD 612,200 | CAD 381,700 | |||||||||||||||||||||||||||||||||||||||||
Options [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Number of common shares issued for services | 29,138 | |||||||||||||||||||||||||||||||||||||||||||
Issued shares of compensatory, value | CAD | ||||||||||||||||||||||||||||||||||||||||||||
Number of options outstanding | 930,000 | 930,000 | ||||||||||||||||||||||||||||||||||||||||||
Weighted average exercise price | CAD / shares | CAD 2.05 | CAD 1.73 | CAD 2.05 | |||||||||||||||||||||||||||||||||||||||||
Number of common shares issued and outstanding | 1,455,158 | 1,388,461 | ||||||||||||||||||||||||||||||||||||||||||
Additional Paid in Capital for options issued to directors | CAD | CAD 701,849 | CAD 324,916 | ||||||||||||||||||||||||||||||||||||||||||
Professional fees | CAD | CAD 48,384 | CAD 372,709 | ||||||||||||||||||||||||||||||||||||||||||
Number of common shares as professional fees | 153,000 | |||||||||||||||||||||||||||||||||||||||||||
Options [Member] | Officers Employees and Consultants [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Number of shares issued to compensatory to officers | 505,000 | |||||||||||||||||||||||||||||||||||||||||||
Dividend yield | 0.00% | |||||||||||||||||||||||||||||||||||||||||||
Expected volatility | 144.00% | |||||||||||||||||||||||||||||||||||||||||||
Risk-free interest rate | 1.39% | |||||||||||||||||||||||||||||||||||||||||||
Expected term | 5 years | |||||||||||||||||||||||||||||||||||||||||||
Weighted average exercise price | CAD / shares | CAD 1.18 | |||||||||||||||||||||||||||||||||||||||||||
Number of options vest as to one-third | 25,000 | |||||||||||||||||||||||||||||||||||||||||||
Options [Member] | Officers and Consultants [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Issued shares of compensatory, value | CAD | CAD 425,000 | |||||||||||||||||||||||||||||||||||||||||||
Dividend yield | 0.00% | |||||||||||||||||||||||||||||||||||||||||||
Expected volatility | 157.00% | |||||||||||||||||||||||||||||||||||||||||||
Risk-free interest rate | 0.66% | |||||||||||||||||||||||||||||||||||||||||||
Expected term | 5 years | |||||||||||||||||||||||||||||||||||||||||||
Options [Member] | First Anniversary [Member] | Officers Employees and Consultants [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average exercise price | CAD / shares | CAD 1.73 | |||||||||||||||||||||||||||||||||||||||||||
Number of options vest as to one-third | 420,000 | |||||||||||||||||||||||||||||||||||||||||||
Options [Member] | First Anniversary [Member] | Officers and Consultants [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Weighted average exercise price | CAD / shares | CAD 2.43 | |||||||||||||||||||||||||||||||||||||||||||
Number of options vest as to one-third | 340,000 | |||||||||||||||||||||||||||||||||||||||||||
Options [Member] | Second Anniversary [Member] | Officers Employees and Consultants [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Number of options vest as to one-third | 60,000 | |||||||||||||||||||||||||||||||||||||||||||
Options [Member] | Second Anniversary [Member] | Officers and Consultants [Member] | ||||||||||||||||||||||||||||||||||||||||||||
Number of options vest as to one-third | 85,000 |
Capital Stock - Summary of Warr
Capital Stock - Summary of Warrants Outstanding (Details) (10K) | Sep. 03, 2014USD ($) | Sep. 03, 2014CAD | Jun. 30, 2016CADshares | Mar. 31, 2016CADshares | Jun. 30, 2016$ / shares | Jun. 30, 2016CAD / shares | Mar. 31, 2016$ / shares | Mar. 31, 2016CAD / shares | |
Number of warrants | 625,000 | 625,000 | |||||||
Warrants [Member] | |||||||||
Number of warrants | 359,700 | 709,583 | |||||||
Exercisable warrants | 34,700 | 384,583 | |||||||
Weighted average exercise price | CAD / shares | CAD 0.20 | CAD 1.06 | |||||||
Grant date fair value equity | CAD | CAD 16,110 | CAD 190,198 | |||||||
Fair Value at June 30, 2016 of Vested Warrants - Liability | CAD | CAD 1,937,550 | CAD 5,741 | CAD 247,479 | ||||||
USD [Member] | Warrants [Member] | |||||||||
Fair Value at June 30, 2016 of Vested Warrants - Liability | $ | $ 1,500,000 | ||||||||
June 6, 2016 [Member] | |||||||||
Number of warrants | [1] | 300,383 | |||||||
Exercisable warrants | [1] | 300,383 | |||||||
Weighted average exercise price | CAD / shares | [1] | 2.24 | |||||||
Grant date fair value equity | CAD | [1] | CAD 170,908 | |||||||
Fair Value at June 30, 2016 of Vested Warrants - Liability | CAD | [1] | ||||||||
June 7, 2016 [Member] | |||||||||
Number of warrants | [1] | 5,000 | |||||||
Exercisable warrants | [1] | 5,000 | |||||||
Weighted average exercise price | CAD / shares | [1] | 1.12 | |||||||
Grant date fair value equity | CAD | [1] | CAD 3,180 | |||||||
Fair Value at June 30, 2016 of Vested Warrants - Liability | CAD | [1] | ||||||||
June 6, 2017 [Member] | |||||||||
Number of warrants | 22,500 | 22,500 | |||||||
Exercisable warrants | 22,500 | 22,500 | |||||||
Weighted average exercise price | CAD / shares | 1.12 | 1.12 | |||||||
Grant date fair value equity | CAD | CAD 16,110 | CAD 16,110 | |||||||
Fair Value at June 30, 2016 of Vested Warrants - Liability | CAD | |||||||||
April 1, 2017 [Member] | |||||||||
Number of warrants | 325,000 | 369,500 | |||||||
Exercisable warrants | 44,500 | ||||||||
Weighted average exercise price | CAD / shares | (0.052) | (0.052) | |||||||
Grant date fair value equity | CAD | |||||||||
Fair Value at June 30, 2016 of Vested Warrants - Liability | CAD | CAD 26,744 | ||||||||
April 1, 2017 [Member] | USD [Member] | |||||||||
Weighted average exercise price | $ / shares | $ 0.04 | $ 0.04 | |||||||
October 22, 2016 [Member] | |||||||||
Number of warrants | 3,350 | 3,350 | |||||||
Exercisable warrants | 3,350 | 3,350 | |||||||
Weighted average exercise price | CAD / shares | (1.94) | (1.95) | |||||||
Grant date fair value equity | CAD | |||||||||
Fair Value at June 30, 2016 of Vested Warrants - Liability | CAD | CAD 1,997 | CAD 60 | |||||||
October 22, 2016 [Member] | USD [Member] | |||||||||
Weighted average exercise price | $ / shares | 1.50 | 1.50 | |||||||
November 30, 2016 [Member] | |||||||||
Number of warrants | 8,850 | 8,850 | |||||||
Exercisable warrants | 8,850 | 8,850 | |||||||
Weighted average exercise price | CAD / shares | CAD (2.58) | CAD (2.59) | |||||||
Grant date fair value equity | CAD | |||||||||
Fair Value at June 30, 2016 of Vested Warrants - Liability | CAD | CAD 3,744 | CAD 675 | |||||||
November 30, 2016 [Member] | USD [Member] | |||||||||
Weighted average exercise price | $ / shares | $ 2 | $ 2 | |||||||
[1] | Expired unexercised subsequent to the year-ended March 31, 2016. |
Capital Stock - Summary of Wa42
Capital Stock - Summary of Warrants Outstanding (Details) (10K) (Parenthetical) | May 18, 2016$ / sharesshares | Sep. 10, 2015CAD | Oct. 22, 2014CADshares | Sep. 03, 2014USD ($)shares | Sep. 03, 2014CADshares | Jun. 30, 2016CADshares | Jun. 30, 2015CAD | Mar. 31, 2016CADshares | Mar. 31, 2015CADshares | Jun. 30, 2016$ / shares | Jun. 30, 2016CAD / shares | May 18, 2016CAD / shares | Mar. 31, 2016$ / shares | Mar. 31, 2016CAD / shares | Feb. 25, 2016$ / shares | Feb. 25, 2016CAD / shares | Jan. 04, 2016$ / shares | Jan. 04, 2016CAD / shares | Dec. 31, 2015$ / shares | Dec. 31, 2015CAD / shares | Dec. 22, 2015$ / shares | Dec. 22, 2015CAD / shares | Dec. 18, 2015$ / shares | Dec. 18, 2015CAD / shares | Nov. 05, 2015$ / shares | Nov. 05, 2015CAD / shares | Jun. 25, 2015$ / shares | Jun. 25, 2015CAD / shares | Mar. 31, 2015$ / shares | Mar. 31, 2015CAD / shares | Nov. 22, 2014$ / shares | Nov. 22, 2014CAD / shares | Oct. 22, 2014$ / shares | Oct. 22, 2014CAD / shares |
Warrant exercised per share | CAD / shares | CAD 0.052 | CAD 1.94 | ||||||||||||||||||||||||||||||||
Fair value of warrrants at grant | CAD 21,783 | |||||||||||||||||||||||||||||||||
Issued to consulting services, value | CAD 67,195 | |||||||||||||||||||||||||||||||||
USD [Member] | ||||||||||||||||||||||||||||||||||
Warrant exercised per share | $ / shares | $ 0.04 | $ 1.50 | ||||||||||||||||||||||||||||||||
April 1, 2017 [Member] | ||||||||||||||||||||||||||||||||||
Warrant exercised per share | CAD / shares | CAD 0.052 | |||||||||||||||||||||||||||||||||
April 1, 2017 [Member] | USD [Member] | ||||||||||||||||||||||||||||||||||
Warrant exercised per share | $ / shares | $ 0.04 | |||||||||||||||||||||||||||||||||
Warrants [Member] | ||||||||||||||||||||||||||||||||||
Number of common sharse purchase warrants exercised druing period | shares | 44,500 | |||||||||||||||||||||||||||||||||
Warrant exercised per share | CAD / shares | CAD 0.052 | CAD 0.056 | CAD 0.056 | CAD 0.055 | CAD 0.056 | CAD 0.054 | CAD 0.052 | CAD .048 | CAD 0.046 | |||||||||||||||||||||||||
Fair value of warrrants at grant | CAD 21,783 | |||||||||||||||||||||||||||||||||
Dividend yield | 0.00% | 0.00% | 0.00% | |||||||||||||||||||||||||||||||
Expected volatility | 218.00% | 150.00% | 118.00% | |||||||||||||||||||||||||||||||
Risk-free interest rate | 0.54% | 0.54% | 0.52% | |||||||||||||||||||||||||||||||
Expected term | 8 months 27 days | 11 months 27 days | 2 years | |||||||||||||||||||||||||||||||
Unvested portion vesting pro-rata raised in offering value | CAD 322,925 | |||||||||||||||||||||||||||||||||
Warrants [Member] | USD [Member] | ||||||||||||||||||||||||||||||||||
Warrant exercised per share | $ / shares | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | |||||||||||||||||||||||||
Unvested portion vesting pro-rata raised in offering value | $ | $ 250,000 | |||||||||||||||||||||||||||||||||
Warrants [Member] | June 6, 2016 [Member] | ||||||||||||||||||||||||||||||||||
Number of common sharse purchase warrants exercised druing period | shares | 300,383 | |||||||||||||||||||||||||||||||||
Fair value of warrrants at grant | CAD 170,908 | |||||||||||||||||||||||||||||||||
Dividend yield | 0.00% | |||||||||||||||||||||||||||||||||
Expected volatility | 173.00% | |||||||||||||||||||||||||||||||||
Risk-free interest rate | 1.06% | |||||||||||||||||||||||||||||||||
Expected term | 2 years | |||||||||||||||||||||||||||||||||
Warrants [Member] | June 6, 2016 [Member] | First Year [Member] | ||||||||||||||||||||||||||||||||||
Warrant exercised per share | CAD / shares | CAD 1.68 | |||||||||||||||||||||||||||||||||
Warrants [Member] | June 6, 2016 [Member] | custom:SecondYearMember | ||||||||||||||||||||||||||||||||||
Warrant exercised per share | CAD / shares | 2.24 | |||||||||||||||||||||||||||||||||
Warrants [Member] | June 6, 2017 [Member] | ||||||||||||||||||||||||||||||||||
Number of common sharse purchase warrants exercised druing period | shares | 8,850 | |||||||||||||||||||||||||||||||||
Warrant exercised per share | CAD / shares | 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 | 625,000 | ||||||||||||||||||||||||||||||
Warrant exercised per share | (per share) | CAD 0.052 | 0.052 | ||||||||||||||||||||||||||||||||
Fair value of warrrants at grant | CAD 500,000 | CAD 500,000 | ||||||||||||||||||||||||||||||||
Dividend yield | 0.00% | 0.00% | ||||||||||||||||||||||||||||||||
Expected volatility | 159.00% | 159.00% | ||||||||||||||||||||||||||||||||
Risk-free interest rate | 1.25% | 1.25% | ||||||||||||||||||||||||||||||||
Expected term | 3 years | 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 | $ / shares | $ 0.04 | $ 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) (10K) - Warrants [Member] - CAD / shares | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | |
Number of Warrants, beginning balance | 709,583 | 940,083 | |
Number of Warrants, granted | (44,500) | 965,083 | |
Number of Warrants, Exercised | (230,500) | (25,000) | |
Number of Warrants, Ending Balance | 359,700 | 709,583 | 940,083 |
Weighted average exercise price, beginning balance | CAD 1.06 | CAD 0.63 | |
Weighted average exercise price, granted | 0.05 | 0.79 | |
Weighted average exercise price, Exercised | 0.05 | 0.05 | |
Weighted average exercise price, ending balance | CAD 0.20 | CAD 1.06 | CAD 0.63 |
Capital Stock - Schedule of Opt
Capital Stock - Schedule of Option Activity (Details) (10K) - CAD / shares | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Weighted average exercise price | CAD 2.05 | |||
Weighted average exercise price | CAD 2.05 | CAD 2.05 | ||
Options [Member] | ||||
Shares outstanding Beginning | 930,000 | 505,000 | 505,000 | |
Shares outstanding, granted | 425,000 | 505,000 | ||
Shares outstanding Ending | 930,000 | 930,000 | 505,000 | |
Weighted average exercise price | CAD 2.05 | CAD 1.73 | CAD 1.73 | |
Weighted average exercise price, granted | 2.43 | 1.73 | ||
Weighted average exercise price | CAD 2.05 | CAD 2.05 | CAD 1.73 |
Capital Stock - Schedule of Sto
Capital Stock - Schedule of Stock Options Outstanding and Exercisable (Details) - CAD / shares | 3 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Mar. 31, 2016 | |
Weighted average exercise price | CAD 2.05 | CAD 2.05 |
Shares outstanding | 930,000 | 930,000 |
Weighted Average Remaining Contractual Life (Years) | 3 years 9 months 22 days | 4 years 18 days |
Options Exercisable | 554,166 | 532,916 |
Weighted Average Exercise Price | CAD 1.93 | CAD 1.91 |
Weighted Average Remaining Contractual Life (Years) | 3 years 9 months | 3 years 11 months 19 days |
Exercise Price One [Member] | ||
Weighted average exercise price | CAD 1.73 | CAD 1.73 |
Shares outstanding | 505,000 | 505,000 |
Weighted Average Remaining Contractual Life (Years) | 3 years 5 months 12 days | 3 years 8 months 12 days |
Options Exercisable | 398,333 | 398,333 |
Weighted Average Exercise Price | CAD 1.73 | CAD 1.73 |
Weighted Average Remaining Contractual Life (Years) | 3 years 5 months 12 days | 3 years 8 months 12 days |
Exercise Price Two [Member] | ||
Weighted average exercise price | CAD 2.43 | CAD 2.43 |
Shares outstanding | 425,000 | 425,000 |
Weighted Average Remaining Contractual Life (Years) | 4 years 6 months | 4 years 9 months |
Options Exercisable | 155,833 | 134,583 |
Weighted Average Exercise Price | CAD 2.43 | CAD 2.43 |
Weighted Average Remaining Contractual Life (Years) | 4 years 6 months | 4 years 9 months |
Capital Stock (Details Narrat46
Capital Stock (Details Narrative) (10Q) | Jun. 22, 2016shares | May 19, 2016CADshares | May 18, 2016USD ($)$ / sharesshares | May 18, 2016CADshares | May 15, 2016shares | Apr. 18, 2016CADshares | Feb. 25, 2016USD ($)$ / shares | Feb. 25, 2016CAD | Jan. 04, 2016USD ($)$ / shares | Jan. 04, 2016CAD | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2015CAD | Dec. 22, 2015USD ($)$ / shares | Dec. 22, 2015CAD | Dec. 18, 2015USD ($)$ / shares | Dec. 18, 2015CAD | Nov. 05, 2015USD ($)$ / shares | Nov. 05, 2015CAD | Sep. 10, 2015USD ($)shares | Sep. 10, 2015CADshares | Jun. 25, 2015USD ($)$ / shares | Jun. 25, 2015CAD | Nov. 22, 2014USD ($)$ / shares | Nov. 22, 2014CAD | Oct. 22, 2014$ / sharesshares | Jun. 30, 2016CADshares | Jun. 30, 2015CADshares | Mar. 31, 2016CADshares | Mar. 31, 2015CADCAD / sharesshares | Jun. 30, 2016$ / shares | Jun. 30, 2016CADCAD / sharesshares | May 19, 2016$ / shares | May 19, 2016CAD / shares | May 18, 2016CAD / shares | Apr. 18, 2016$ / shares | Apr. 18, 2016CAD / shares | Mar. 31, 2016$ / shares | Mar. 31, 2016CADCAD / sharesshares | Feb. 25, 2016CAD / shares | Jan. 04, 2016CAD / shares | Dec. 31, 2015CAD / shares | Dec. 22, 2015CAD / shares | Dec. 18, 2015CAD / shares | Nov. 05, 2015CAD / shares | Jun. 25, 2015CAD / shares | Nov. 22, 2014CAD / shares | Oct. 22, 2014CAD / shares |
Common stock, authorized | Unlimited | Unlimited | Unlimited | ||||||||||||||||||||||||||||||||||||||||||||
Common stock, no par value | CAD / shares | CAD 0 | CAD 0 | CAD 0 | ||||||||||||||||||||||||||||||||||||||||||||
Warrant exercised per share | CAD / shares | 0.052 | CAD 1.94 | |||||||||||||||||||||||||||||||||||||||||||||
Gross proceeds | CAD | CAD 2,318 | CAD 596 | CAD 12,614 | CAD 1,113 | |||||||||||||||||||||||||||||||||||||||||||
Number of shares issued as common shares | 15,264 | 13,874 | 93,000 | 93,000 | |||||||||||||||||||||||||||||||||||||||||||
Number of shares issued to consultant in settlement of debt | 6,700 | ||||||||||||||||||||||||||||||||||||||||||||||
Estimated fair market value per share value | CAD / shares | CAD 2.38 | CAD 2.38 | |||||||||||||||||||||||||||||||||||||||||||||
Number of shares issud to consulting services | 50,000 | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||
Issued to consulting services, value | CAD | CAD 67,195 | ||||||||||||||||||||||||||||||||||||||||||||||
Professional fees | CAD | CAD 154,755 | 12,989 | CAD 859,993 | 582,564 | |||||||||||||||||||||||||||||||||||||||||||
Number of shares paid to EPA equal to restricted common shares | 11,256 | ||||||||||||||||||||||||||||||||||||||||||||||
Net of market adjustment | CAD | 21,783 | ||||||||||||||||||||||||||||||||||||||||||||||
Fair value of options granted | CAD | CAD 151,105 | ||||||||||||||||||||||||||||||||||||||||||||||
Number of option outstanding | 505,000 | 930,000 | 930,000 | ||||||||||||||||||||||||||||||||||||||||||||
Common stock, issued | 9,256,410 | 10,091,356 | 9,701,051 | ||||||||||||||||||||||||||||||||||||||||||||
Common stock, outstanding | 9,256,410 | 10,091,356 | 9,701,051 | ||||||||||||||||||||||||||||||||||||||||||||
Equity Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Number of shares paid to EPA equal to restricted common shares | 50,000 | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||
Restricted common shares, value | CAD | CAD 67,195 | ||||||||||||||||||||||||||||||||||||||||||||||
Percentage of common shares outstanding | 4.99% | 4.99% | |||||||||||||||||||||||||||||||||||||||||||||
Percentage of prceding draw down notice without prior written consent of holder | 100.00% | 100.00% | |||||||||||||||||||||||||||||||||||||||||||||
Two Directors And Officers [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Number of personal shares transferred to consultant | 250,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Consultant In Settlement Of Debt [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Number of shares issued to consultant in settlement of debt | 66,667 | ||||||||||||||||||||||||||||||||||||||||||||||
Consultant in settlement of debt value | CAD | CAD 64,585 | ||||||||||||||||||||||||||||||||||||||||||||||
Estimated fair market value per share value | CAD / shares | CAD 0.97 | ||||||||||||||||||||||||||||||||||||||||||||||
USD [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Warrant exercised per share | $ / shares | $ 1.50 | $ 0.04 | |||||||||||||||||||||||||||||||||||||||||||||
Estimated fair market value per share value | $ / shares | $ 1.72 | $ 1.72 | |||||||||||||||||||||||||||||||||||||||||||||
Number of shares paid to EPA equal to restricted common shares | 10,050 | ||||||||||||||||||||||||||||||||||||||||||||||
USD [Member] | Equity Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Committed to purchase upto company's common shares | $ | $ 750,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Draw down notice held by holder value | $ | 62,500 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | 44,500 | 44,500 | |||||||||||||||||||||||||||||||||||||||||||||
Warrant exercised per share | CAD / shares | CAD 0.052 | CAD 0.056 | CAD 0.056 | CAD 0.055 | CAD 0.056 | CAD 0.054 | CAD 0.052 | CAD .048 | CAD 0.046 | ||||||||||||||||||||||||||||||||||||||
Gross proceeds | CAD | CAD 2,318 | CAD 1,378 | CAD 1,732 | CAD 2,683 | CAD 1,735 | CAD 2,834 | CAD 1,632 | CAD 620 | CAD 1,113 | CAD 222,803 | CAD 786,403 | ||||||||||||||||||||||||||||||||||||
Number of shares issued as common shares | 625,000 | 625,000 | |||||||||||||||||||||||||||||||||||||||||||||
Compensation expense for warrants issued to consultant for service | CAD | |||||||||||||||||||||||||||||||||||||||||||||||
Net of market adjustment | CAD | CAD 21,783 | ||||||||||||||||||||||||||||||||||||||||||||||
Fair value of warrants exercisable | CAD | CAD 25,000 | CAD 222,803 | CAD 255,500 | ||||||||||||||||||||||||||||||||||||||||||||
Remaining after exercise of warrants | 300,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Dividend yield | 0.00% | 0.00% | 0.00% | ||||||||||||||||||||||||||||||||||||||||||||
Expected volatility | 218.00% | 150.00% | 118.00% | ||||||||||||||||||||||||||||||||||||||||||||
Risk-free interest rate | 0.54% | 0.54% | 0.52% | ||||||||||||||||||||||||||||||||||||||||||||
Expected term | 8 months 27 days | 11 months 27 days | 2 years | ||||||||||||||||||||||||||||||||||||||||||||
Fair value of reflected as liability | CAD | CAD 364,878 | 5,741 | 27,479 | ||||||||||||||||||||||||||||||||||||||||||||
Warrants [Member] | USD [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Warrant exercised per share | $ / shares | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | ||||||||||||||||||||||||||||||||||||||
Gross proceeds | $ | $ 1,780 | $ 1,000 | $ 1,240 | $ 1,936 | $ 1,240 | $ 2,064 | $ 1,240 | $ 500 | $ 1,000 | ||||||||||||||||||||||||||||||||||||||
Fair value of warrants exercisable | CAD | 612,200 | CAD 359,700 | CAD 381,700 | ||||||||||||||||||||||||||||||||||||||||||||
Compensation For Services [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Estimated fair market value per share value | CAD / shares | CAD 0.81 | CAD 0.35 | |||||||||||||||||||||||||||||||||||||||||||||
Number of shares issud to consulting services | 250,000 | 250,000 | |||||||||||||||||||||||||||||||||||||||||||||
Issued to consulting services, value | CAD | CAD 86,380 | CAD 201,481 | |||||||||||||||||||||||||||||||||||||||||||||
Compensation services period | 5 months | ||||||||||||||||||||||||||||||||||||||||||||||
Compensation For Services [Member] | USD [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Estimated fair market value per share value | $ / shares | $ 0.62 | $ 0.27 | |||||||||||||||||||||||||||||||||||||||||||||
Non-Refundable Retainer [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Estimated fair market value per share value | CAD / shares | CAD 1.02 | ||||||||||||||||||||||||||||||||||||||||||||||
Number of shares issud to consulting services | 100,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Issued to consulting services, value | CAD | CAD 101,579 | ||||||||||||||||||||||||||||||||||||||||||||||
Non-Refundable Retainer [Member] | USD [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Estimated fair market value per share value | $ / shares | $ 0.78 | ||||||||||||||||||||||||||||||||||||||||||||||
Consultant [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Professional fees | CAD | 41,778 | ||||||||||||||||||||||||||||||||||||||||||||||
Options [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Number of shares issud to consulting services | 29,138 | ||||||||||||||||||||||||||||||||||||||||||||||
Professional fees | CAD | 48,384 | CAD 372,709 | |||||||||||||||||||||||||||||||||||||||||||||
Fair value of options granted | CAD | |||||||||||||||||||||||||||||||||||||||||||||||
Percentage of amount equivalent of issued and oustanding common shares | 15.00% | ||||||||||||||||||||||||||||||||||||||||||||||
Number of option outstanding | 930,000 | 930,000 | |||||||||||||||||||||||||||||||||||||||||||||
Number of option granted | 425,000 | 505,000 | |||||||||||||||||||||||||||||||||||||||||||||
Common stock, issued | 1,513,703 | 1,455,158 | |||||||||||||||||||||||||||||||||||||||||||||
Common stock, outstanding | 1,513,703 | 1,455,158 | |||||||||||||||||||||||||||||||||||||||||||||
Options [Member] | Directors Officers [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Fair value of options granted | CAD | CAD 151,105 | CAD 75,050 |
Capital Stock - Summary of Wa47
Capital Stock - Summary of Warrants Outstanding (Details) (10Q) | Sep. 03, 2014USD ($) | Sep. 03, 2014CAD | Jun. 30, 2016CADshares | Mar. 31, 2016CADshares | Jun. 30, 2016$ / shares | Jun. 30, 2016CAD / shares | Mar. 31, 2016$ / shares | Mar. 31, 2016CAD / shares |
Number of warrants | 625,000 | 625,000 | ||||||
Warrants [Member] | ||||||||
Number of warrants | 359,700 | 709,583 | ||||||
Exercisable warrants | 34,700 | 384,583 | ||||||
Weighted average exercise price | CAD / shares | CAD 0.20 | CAD 1.06 | ||||||
Grant date fair value equity | CAD | CAD 16,110 | CAD 190,198 | ||||||
Fair Value at June 30, 2016 of Vested Warrants - Liability | CAD | CAD 1,937,550 | CAD 5,741 | CAD 247,479 | |||||
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 | 22,500 | ||||||
Exercisable warrants | 22,500 | 22,500 | ||||||
Weighted average exercise price | CAD / shares | 1.12 | 1.12 | ||||||
Grant date fair value equity | CAD | CAD 16,110 | CAD 16,110 | ||||||
Fair Value at June 30, 2016 of Vested Warrants - Liability | CAD | ||||||||
April 1, 2017 [Member] | ||||||||
Number of warrants | 325,000 | 369,500 | ||||||
Exercisable warrants | 44,500 | |||||||
Weighted average exercise price | CAD / shares | (0.052) | (0.052) | ||||||
Grant date fair value equity | CAD | ||||||||
Fair Value at June 30, 2016 of Vested Warrants - Liability | CAD | CAD 26,744 | |||||||
April 1, 2017 [Member] | USD [Member] | ||||||||
Weighted average exercise price | $ / shares | $ 0.04 | $ 0.04 | ||||||
October 22, 2016 [Member] | ||||||||
Number of warrants | 3,350 | 3,350 | ||||||
Exercisable warrants | 3,350 | 3,350 | ||||||
Weighted average exercise price | CAD / shares | (1.94) | (1.95) | ||||||
Grant date fair value equity | CAD | ||||||||
Fair Value at June 30, 2016 of Vested Warrants - Liability | CAD | CAD 1,997 | CAD 60 | ||||||
October 22, 2016 [Member] | USD [Member] | ||||||||
Weighted average exercise price | $ / shares | 1.50 | 1.50 | ||||||
November 30, 2016 [Member] | ||||||||
Number of warrants | 8,850 | 8,850 | ||||||
Exercisable warrants | 8,850 | 8,850 | ||||||
Weighted average exercise price | CAD / shares | CAD (2.58) | CAD (2.59) | ||||||
Grant date fair value equity | CAD | ||||||||
Fair Value at June 30, 2016 of Vested Warrants - Liability | CAD | CAD 3,744 | CAD 675 | ||||||
November 30, 2016 [Member] | USD [Member] | ||||||||
Weighted average exercise price | $ / shares | $ 2 | $ 2 |
Capital Stock - Summary of Wa48
Capital Stock - Summary of Warrants Outstanding (Details) (10Q) (Parenthetical) | May 18, 2016$ / sharesshares | Sep. 10, 2015CAD | Oct. 22, 2014CADshares | Sep. 03, 2014USD ($)shares | Sep. 03, 2014CADshares | Jun. 30, 2016CADshares | Jun. 30, 2015CAD | Mar. 31, 2016CADshares | Mar. 31, 2015CADshares | Jun. 30, 2016$ / shares | Jun. 30, 2016CAD / shares | May 18, 2016CAD / shares | Mar. 31, 2016$ / shares | Mar. 31, 2016CAD / shares | Feb. 25, 2016$ / shares | Feb. 25, 2016CAD / shares | Jan. 04, 2016$ / shares | Jan. 04, 2016CAD / shares | Dec. 31, 2015$ / shares | Dec. 31, 2015CAD / shares | Dec. 22, 2015$ / shares | Dec. 22, 2015CAD / shares | Dec. 18, 2015$ / shares | Dec. 18, 2015CAD / shares | Nov. 05, 2015$ / shares | Nov. 05, 2015CAD / shares | Jun. 25, 2015$ / shares | Jun. 25, 2015CAD / shares | Mar. 31, 2015$ / shares | Mar. 31, 2015CAD / shares | Nov. 22, 2014$ / shares | Nov. 22, 2014CAD / shares | Oct. 22, 2014$ / shares | Oct. 22, 2014CAD / shares |
Warrant exercised per share | CAD / shares | CAD 0.052 | CAD 1.94 | ||||||||||||||||||||||||||||||||
Fair value of warrrants at grant | CAD 21,783 | |||||||||||||||||||||||||||||||||
Issued to consulting services, value | CAD 67,195 | |||||||||||||||||||||||||||||||||
USD [Member] | ||||||||||||||||||||||||||||||||||
Warrant exercised per share | $ / shares | $ 0.04 | $ 1.50 | ||||||||||||||||||||||||||||||||
April 1, 2017 [Member] | ||||||||||||||||||||||||||||||||||
Warrant exercised per share | CAD / shares | CAD 0.052 | |||||||||||||||||||||||||||||||||
April 1, 2017 [Member] | USD [Member] | ||||||||||||||||||||||||||||||||||
Warrant exercised per share | $ / shares | $ 0.04 | |||||||||||||||||||||||||||||||||
Warrants [Member] | ||||||||||||||||||||||||||||||||||
Number of common sharse purchase warrants exercised druing period | shares | 44,500 | |||||||||||||||||||||||||||||||||
Warrant exercised per share | CAD / shares | CAD 0.052 | CAD 0.056 | CAD 0.056 | CAD 0.055 | CAD 0.056 | CAD 0.054 | CAD 0.052 | CAD .048 | CAD 0.046 | |||||||||||||||||||||||||
Fair value of warrrants at grant | CAD 21,783 | |||||||||||||||||||||||||||||||||
Dividend yield | 0.00% | 0.00% | 0.00% | |||||||||||||||||||||||||||||||
Expected volatility | 218.00% | 150.00% | 118.00% | |||||||||||||||||||||||||||||||
Risk-free interest rate | 0.54% | 0.54% | 0.52% | |||||||||||||||||||||||||||||||
Expected term | 8 months 27 days | 11 months 27 days | 2 years | |||||||||||||||||||||||||||||||
Unvested portion vesting pro-rata raised in offering value | CAD 322,925 | |||||||||||||||||||||||||||||||||
Warrants [Member] | USD [Member] | ||||||||||||||||||||||||||||||||||
Warrant exercised per share | $ / shares | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 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 | 625,000 | ||||||||||||||||||||||||||||||
Warrant exercised per share | (per share) | CAD 0.052 | 0.052 | ||||||||||||||||||||||||||||||||
Fair value of warrrants at grant | CAD 500,000 | CAD 500,000 | ||||||||||||||||||||||||||||||||
Dividend yield | 0.00% | 0.00% | ||||||||||||||||||||||||||||||||
Expected volatility | 159.00% | 159.00% | ||||||||||||||||||||||||||||||||
Risk-free interest rate | 1.25% | 1.25% | ||||||||||||||||||||||||||||||||
Expected term | 3 years | 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 | $ / shares | $ 0.04 | $ 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 W49
Capital Stock - Schedule of Warrant Activity (Details) (10Q) - Warrants [Member] - CAD / shares | 3 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Mar. 31, 2015 | |
Number of Warrants, beginning balance | 709,583 | |
Number of Warrants, granted | (44,500) | 965,083 |
Number of Warrants, Expired, unexercised | (305,383) | |
Number of Warrants, Ending Balance | 359,700 | 940,083 |
Weighted average exercise price, beginning balance | CAD 1.06 | |
Weighted average exercise price, granted | 0.05 | 0.79 |
Weighted average exercise price, Expired, unexercised | 2.22 | |
Weighted average exercise price, ending balance | CAD 0.20 | CAD 0.63 |
Capital Stock - Schedule of O50
Capital Stock - Schedule of Option Activity (Details) (10Q) - CAD / shares | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Weighted average exercise price | CAD 2.05 | |||
Weighted average exercise price | CAD 2.05 | CAD 2.05 | ||
Options [Member] | ||||
Shares outstanding Beginning | 930,000 | 505,000 | 505,000 | |
Shares outstanding, granted | 425,000 | 505,000 | ||
Shares outstanding Ending | 930,000 | 930,000 | 505,000 | |
Weighted average exercise price | CAD 2.05 | CAD 1.73 | CAD 1.73 | |
Weighted average exercise price, granted | 2.43 | 1.73 | ||
Weighted average exercise price | CAD 2.05 | CAD 2.05 | CAD 1.73 |
Capital Stock - Schedule of S51
Capital Stock - Schedule of Stock Options Outstanding and Exercisable (Details) (10Q) - CAD / shares | 3 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Mar. 31, 2016 | |
Weighted average exercise price | CAD 2.05 | CAD 2.05 |
Shares outstanding | 930,000 | 930,000 |
Weighted Average Remaining Contractual Life (Years) | 3 years 9 months 22 days | 4 years 18 days |
Options Exercisable | 554,166 | 532,916 |
Weighted Average Exercise Price | CAD 1.93 | CAD 1.91 |
Weighted Average Remaining Contractual Life (Years) | 3 years 9 months | 3 years 11 months 19 days |
Exercise Price One [Member] | ||
Weighted average exercise price | CAD 1.73 | CAD 1.73 |
Shares outstanding | 505,000 | 505,000 |
Weighted Average Remaining Contractual Life (Years) | 3 years 5 months 12 days | 3 years 8 months 12 days |
Options Exercisable | 398,333 | 398,333 |
Weighted Average Exercise Price | CAD 1.73 | CAD 1.73 |
Weighted Average Remaining Contractual Life (Years) | 3 years 5 months 12 days | 3 years 8 months 12 days |
Exercise Price Two [Member] | ||
Weighted average exercise price | CAD 2.43 | CAD 2.43 |
Shares outstanding | 425,000 | 425,000 |
Weighted Average Remaining Contractual Life (Years) | 4 years 6 months | 4 years 9 months |
Options Exercisable | 155,833 | 134,583 |
Weighted Average Exercise Price | CAD 2.43 | CAD 2.43 |
Weighted Average Remaining Contractual Life (Years) | 4 years 6 months | 4 years 9 months |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) (10K) - CAD | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Non-capital loss carryforwards | CAD 2,534,815 | CAD 2,262,000 | CAD 913,000 |
Non-refundable tax credits | CAD 5,449 | CAD 5,449 | |
Carryforwards expire description | expire between 2029 and 2037 | expire in the year 2031 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Reconciliation (Details) (10K) - CAD | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Loss before income taxes | CAD (1,921,210) | CAD (1,087,289) |
Statutory tax rate | 26.50% | 26.50% |
Expected income tax (recovery) | CAD (509,000) | CAD (288,000) |
Non-deductible items | 143,000 | 197,000 |
Change in valuation allowance | 358,785 | 91,000 |
Total income taxes (recovery) | CAD (7,215) |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Taxe Assets and Liabilities (Details) (10K) - CAD | Mar. 31, 2016 | Mar. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carry forwards | CAD 599,000 | CAD 242,000 |
Equipment and leasehold improvements | 35,000 | 30,000 |
Valuation allowance | (634,000) | (272,000) |
Net deferred tax asset |
Income Taxes - Schedule of Oper
Income Taxes - Schedule of Operating Loss Carry Forwards (Details) (10K) - CAD | Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 |
Operating loss carry forwards | CAD 2,534,815 | CAD 2,262,000 | CAD 913,000 |
Expiry 2029 [Member] | |||
Operating loss carry forwards | 65,000 | ||
Expiry 2030 [Member] | |||
Operating loss carry forwards | 83,000 | ||
Expiry 2031 [Member] | |||
Operating loss carry forwards | 28,000 | ||
Expiry 2032 [Member] | |||
Operating loss carry forwards | 81,000 | ||
Expiry 2033 [Member] | |||
Operating loss carry forwards | 91,000 | ||
Expiry 2034 [Member] | |||
Operating loss carry forwards | 242,000 | ||
Expiry 2035 [Member] | |||
Operating loss carry forwards | 323,000 | ||
Expiry 2036 [Member] | |||
Operating loss carry forwards | CAD 1,349,000 |
Income Taxes (Details Narrati56
Income Taxes (Details Narrative) (10Q) - CAD | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Non-capital loss carryforwards | CAD 2,534,815 | CAD 2,262,000 | CAD 913,000 |
Carryforwards expire description | expire between 2029 and 2037 | expire in the year 2031 |
Commitments and Contingencies57
Commitments and Contingencies (Details Narrative) (10K) | Jun. 22, 2016shares | May 15, 2016shares | Sep. 10, 2015shares | Oct. 22, 2014shares | Sep. 03, 2014USD ($)shares | Sep. 03, 2014CADshares | Apr. 23, 2014CAD | Dec. 02, 2013 | Jun. 30, 2016CADshares | Jun. 30, 2015CAD | Mar. 31, 2016CADshares | Mar. 31, 2015CAD | Jun. 30, 2016$ / shares | Jun. 30, 2016CAD | Mar. 31, 2016USD ($)$ / shares | Mar. 31, 2016CADCAD / shares |
Operatinf lease term | 5 years | |||||||||||||||
Operating lease expiry date | Nov. 30, 2018 | |||||||||||||||
Payment for rent | CAD 1,362 | CAD 1,362 | ||||||||||||||
Property taxes operating expenses | 810 | 810 | ||||||||||||||
Rental expenses | CAD 6,516 | CAD 6,498 | CAD 26,015 | CAD 25,732 | ||||||||||||
Number of shares issued as common shares | shares | 15,264 | 13,874 | 93,000 | 93,000 | ||||||||||||
Payment for commitments | CAD 427,000 | CAD 427,000 | CAD 427,000 | |||||||||||||
Contingent payments | CAD 600,000 | CAD 600,000 | ||||||||||||||
Consideration payable of consulting fees | CAD 9,688 | CAD 9,688 | ||||||||||||||
Number of restricted common shares | shares | 11,256 | |||||||||||||||
Number of common stock shares issued during the period | shares | 50,000 | |||||||||||||||
USD [Member] | ||||||||||||||||
Consideration payable of consulting fees | CAD 7,500 | $ 7,500 | ||||||||||||||
Number of restricted common shares | shares | 10,050 | |||||||||||||||
Warrants [Member] | ||||||||||||||||
Number of shares issued as common shares | shares | 625,000 | 625,000 | ||||||||||||||
Number of warrants exercisable per share | CAD / shares | CAD 0.052 | |||||||||||||||
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 | CAD 247,479 | |||||||||||||
Warrants [Member] | USD [Member] | ||||||||||||||||
Number of warrants exercisable per share | $ / shares | $ 0.04 | $ 0.04 | ||||||||||||||
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) (10K) - CAD | Jun. 30, 2016 | Mar. 31, 2016 |
Commitments and Contingencies Disclosure [Abstract] | ||
2,017 | CAD 19,548 | CAD 26,066 |
2,018 | 26,064 | 26,400 |
2,019 | CAD 17,376 | CAD 17,600 |
Commitments and Contingencies59
Commitments and Contingencies - Schedule of Employment Agreements (Details) (10K) - CAD | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Mar. 31, 2016 | ||
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 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 | [1] | CAD 100,000 | CAD 100,000 |
Percentage of effecitve monthly salary | 10.00% | 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 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 | [1] | CAD 175,000 | CAD 175,000 |
Percentage of effecitve monthly salary | 15.00% | 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 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 | [1] | CAD 250,000 | CAD 250,000 |
Percentage of effecitve monthly salary | 25.00% | 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 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 | [1] | CAD 375,000 | CAD 375,000 |
Percentage of effecitve monthly salary | 37.50% | 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 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 | [1] | CAD 500,000 | CAD 500,000 |
Percentage of effecitve monthly salary | 50.00% | 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 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 | [1] | CAD 750,000 | CAD 750,000 |
Percentage of effecitve monthly salary | 62.50% | 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 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 | [1] | CAD 1,000,000 | CAD 1,000,000 |
Percentage of effecitve monthly salary | 75.00% | 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 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 | [1] | CAD 1,250,000 | CAD 1,250,000 |
Percentage of effecitve monthly salary | 87.50% | 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 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 | [1] | CAD 1,500,000 | CAD 1,500,000 |
Percentage of effecitve monthly salary | 100.00% | 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. |
Commitments and Contingencies60
Commitments and Contingencies (Details Narrative) (10Q) | Jun. 24, 2016shares | Jun. 22, 2016shares | May 18, 2016USD ($)shares | May 15, 2016shares | Sep. 10, 2015shares | Oct. 22, 2014shares | Sep. 03, 2014USD ($)shares | Sep. 03, 2014CADshares | Apr. 23, 2014CAD | Dec. 02, 2013 | Jun. 30, 2016CADshares | Jun. 30, 2015CAD | Mar. 31, 2016CADshares | Mar. 31, 2015CAD | Jun. 30, 2016$ / shares | Jun. 30, 2016CAD | May 18, 2016CAD | Mar. 31, 2016USD ($)$ / shares | Mar. 31, 2016CADCAD / shares |
Operatinf lease term | 5 years | ||||||||||||||||||
Operating lease expiry date | Nov. 30, 2018 | ||||||||||||||||||
Payment for rent | CAD | CAD 1,362 | CAD 1,362 | |||||||||||||||||
Property taxes operating expenses | CAD | 810 | 810 | |||||||||||||||||
Rental expenses | CAD | CAD 6,516 | CAD 6,498 | CAD 26,015 | CAD 25,732 | |||||||||||||||
Number of shares issued as common shares | 15,264 | 13,874 | 93,000 | 93,000 | |||||||||||||||
Payment for commitments | CAD | CAD 427,000 | CAD 427,000 | CAD 427,000 | ||||||||||||||||
Contingent payments | CAD | CAD 600,000 | CAD 600,000 | |||||||||||||||||
Consideration payable of consulting fees | CAD | CAD 9,688 | CAD 9,688 | |||||||||||||||||
Number of restricted common shares | 11,256 | ||||||||||||||||||
Number of common stock shares issued during the period | 50,000 | ||||||||||||||||||
Consulting Agreement [Member] | Agent [Member] | |||||||||||||||||||
Available for sale combination of equity and or debt | CAD | CAD 12,917,000 | ||||||||||||||||||
Agreement term | 1 year | ||||||||||||||||||
Number of restricted common shares | 100,000 | ||||||||||||||||||
Percentage of placement fee equal to gross purchase price paid for equity | 8.00% | 8.00% | |||||||||||||||||
Percentage of administrative fee of gross purchase price paid for equity | 4.00% | 4.00% | |||||||||||||||||
Percentage of placement fee | 4.00% | 4.00% | |||||||||||||||||
Percentage of common stock shares issuable upon exercise of conversion of all securities | 8.00% | 8.00% | |||||||||||||||||
Consulting Agreement [Member] | Marketing Firm [Member] | |||||||||||||||||||
Number of common stock shares issued during the period | 250,000 | ||||||||||||||||||
Consulting Agreement [Member] | Marketing Firm [Member] | August 24, 2016 [Member] | |||||||||||||||||||
Number of common stock shares issued during the period | 250,000 | ||||||||||||||||||
Consulting Agreement [Member] | Marketing Firm [Member] | October 24, 2016 [Member] | |||||||||||||||||||
Number of common stock shares issued during the period | 250,000 | ||||||||||||||||||
USD [Member] | |||||||||||||||||||
Consideration payable of consulting fees | CAD 7,500 | $ 7,500 | |||||||||||||||||
Number of restricted common shares | 10,050 | ||||||||||||||||||
USD [Member] | Consulting Agreement [Member] | Agent [Member] | |||||||||||||||||||
Available for sale combination of equity and or debt | $ | $ 10,000,000 | ||||||||||||||||||
Warrants [Member] | |||||||||||||||||||
Number of shares issued as common shares | 625,000 | 625,000 | |||||||||||||||||
Number of warrants exercisable per share | CAD / shares | CAD 0.052 | ||||||||||||||||||
Number of warrants granted vested, shares | 300,000 | 300,000 | |||||||||||||||||
Unvested portion vesting pro-rata raised in offering value | CAD | CAD 322,925 | ||||||||||||||||||
Vested offerng costs | CAD | CAD 1,937,550 | CAD 5,741 | CAD 247,479 | ||||||||||||||||
Warrants [Member] | USD [Member] | |||||||||||||||||||
Number of warrants exercisable per share | $ / shares | $ 0.04 | $ 0.04 | |||||||||||||||||
Unvested portion vesting pro-rata raised in offering value | $ | $ 250,000 | ||||||||||||||||||
Vested offerng costs | $ | $ 1,500,000 |
Commitments and Contingencies61
Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Details) (10Q) - CAD | Jun. 30, 2016 | Mar. 31, 2016 |
Commitments and Contingencies Disclosure [Abstract] | ||
2017 (remaining) | CAD 19,548 | CAD 26,066 |
2,018 | 26,064 | 26,400 |
2,019 | CAD 17,376 | CAD 17,600 |
Commitments and Contingencies62
Commitments and Contingencies - Schedule of Employment Agreements (Details) (10Q) - CAD | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Mar. 31, 2016 | ||
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 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 | [1] | CAD 100,000 | CAD 100,000 |
Percentage of effecitve monthly salary | 10.00% | 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 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 | [1] | CAD 175,000 | CAD 175,000 |
Percentage of effecitve monthly salary | 15.00% | 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 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 | [1] | CAD 250,000 | CAD 250,000 |
Percentage of effecitve monthly salary | 25.00% | 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 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 | [1] | CAD 375,000 | CAD 375,000 |
Percentage of effecitve monthly salary | 37.50% | 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 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 | [1] | CAD 500,000 | CAD 500,000 |
Percentage of effecitve monthly salary | 50.00% | 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 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 | [1] | CAD 750,000 | CAD 750,000 |
Percentage of effecitve monthly salary | 62.50% | 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 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 | [1] | CAD 1,000,000 | CAD 1,000,000 |
Percentage of effecitve monthly salary | 75.00% | 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 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 | [1] | CAD 1,250,000 | CAD 1,250,000 |
Percentage of effecitve monthly salary | 87.50% | 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 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 | [1] | CAD 1,500,000 | CAD 1,500,000 |
Percentage of effecitve monthly salary | 100.00% | 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) (10K) - CAD | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Accounts payable and accrued liabilities | CAD 348,857 | CAD 397,878 | CAD 161,877 | |
Amounts receivable from shareholder | 21,339 | 21,064 | 29,967 | |
Management fees and consulting fees | 154,755 | CAD 12,989 | 859,993 | 582,564 |
Officer [Member] | ||||
Amounts receivable from shareholder | 21,339 | 21,064 | 29,967 | |
Management fees and consulting fees | 427,000 | 363,750 | ||
Two Directors [Member] | ||||
Accounts payable and accrued liabilities | CAD 52,030 | CAD 52,030 | CAD 52,030 |
Related Party Transactions (D64
Related Party Transactions (Details Narrative) (10Q) - CAD | Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 |
Accounts payable and accrued liabilities | CAD 348,857 | CAD 397,878 | CAD 161,877 |
Amounts receivable from shareholder | 21,339 | 21,064 | 29,967 |
Officer [Member] | |||
Amounts receivable from shareholder | 21,339 | 21,064 | 29,967 |
Two Directors [Member] | |||
Accounts payable and accrued liabilities | CAD 52,030 | CAD 52,030 | CAD 52,030 |
Financial Instruments (Details
Financial Instruments (Details Narrative) (10K) | 3 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2016$ / shares | Mar. 31, 2016$ / shares | Jun. 30, 2016CADCAD / sharesshares | Mar. 31, 2016CADCAD / sharesshares | Jun. 30, 2015CAD | Mar. 31, 2015CAD | Oct. 22, 2014$ / shares | Oct. 22, 2014CAD / shares | Mar. 31, 2014CAD | |
Cash | CAD 2,900 | CAD 173 | CAD 11,765 | CAD 3,084 | CAD 64,674 | ||||
Current Liabilities | 835,615 | 809,347 | 894,022 | ||||||
Warrant liability | 5,741 | 27,479 | CAD 364,878 | ||||||
Term loan | CAD 45,897 | CAD 0 | |||||||
Contractual maturities | 3 years 9 months 22 days | 4 years 18 days | |||||||
Warrants to purchase, shares | shares | 625,000 | 625,000 | |||||||
Warrants exercise price | CAD / shares | CAD 0.052 | CAD 1.94 | |||||||
Private Placement [Member] | |||||||||
Warrants to purchase, shares | shares | 8,850 | 8,850 | |||||||
Warrants exercise price | CAD / shares | CAD 2.58 | CAD 2.58 | |||||||
USD [Member] | |||||||||
Warrants exercise price | $ / shares | $ 0.04 | $ 1.50 | |||||||
USD [Member] | Private Placement [Member] | |||||||||
Warrants exercise price | (per share) | $ 2 | CAD 2 | |||||||
Vendors [Member] | |||||||||
Warrants to purchase, shares | shares | 3,350 | 3,350 | |||||||
Warrants exercise price | CAD / shares | CAD 1.94 | CAD 1.94 | |||||||
Vendors [Member] | USD [Member] | |||||||||
Warrants exercise price | (per share) | $ 1.50 | CAD 1.50 | |||||||
Canadian Deposit Insurance Corporation [Member] | |||||||||
Cash deposits | CAD 100,000 | CAD 100,000 | |||||||
Maximum [Member] | |||||||||
Contractual maturities | 30 days | 30 days |
Financial Instruments - Fair Va
Financial Instruments - Fair Value of Financial Liabilities (Details) (10K) | Jun. 30, 2016CAD | Mar. 31, 2016USD ($) | Mar. 31, 2016CAD |
Derivative liability - Warrants | CAD 5,741 | CAD 27,479 | |
Level 1 [Member] | |||
Derivative liability - Warrants | |||
Level 2 [Member] | |||
Derivative liability - Warrants | |||
Level 3 [Member] | |||
Derivative liability - Warrants | CAD 5,741 | $ 27,479 |
Financial Instruments - Changes
Financial Instruments - Changes in the Fair Value of Level 3 Financial Liabilities (Details) (10K) - CAD | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | |
Investments, All Other Investments [Abstract] | |||
Balance at beginning of period | CAD 27,479 | CAD 364,878 | |
Additions to derivative instruments, recognized in earnings as professional fees (Note 9(b)) | 240,000 | ||
Additions to derivative instruments as a result of issuance in settlement of debt (Note 9(b)) | 2,060 | ||
Additions to derivative instruments as a result of issuance of units (Note 9(b)) | 6,213 | ||
Derivative instruments exercised | (43,521) | (509,054) | (32,675) |
Change in fair market value, recognized in earnings as professional fees | 21,783 | 171,655 | 149,280 |
Balance at end of period | CAD 5,741 | CAD 27,479 | CAD 364,878 |
Financial Instruments - Estimat
Financial Instruments - Estimated Fair Value Assumptions (Details) (10K) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016$ / sharesshares | Mar. 31, 2016$ / sharesshares | Jun. 30, 2016CAD / shares | Mar. 31, 2016CAD / shares | |
Number of shares underlying the warrants | shares | 359,700 | 381,700 | ||
Fair market value of the stock | (per share) | $ 0.97 | CAD 0.65 | ||
Exercise price | CAD / shares | CAD 0.1060 | CAD 0.1275 | ||
Expected volatility | 218.00% | 150.00% | ||
Risk-free interest rate | 0.54% | 0.54% | ||
Expected dividend yield | 0.00% | 0.00% | ||
Expected warrant life (years) | 8 months 27 days | 11 months 27 days | ||
USD [Member] | ||||
Exercise price | $ / shares | $ (0.1269) | $ 0.10 |
Financial Instruments (Detail69
Financial Instruments (Details Narrative) (10Q) | 3 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2016$ / shares | Mar. 31, 2016$ / shares | Jun. 30, 2016CADCAD / sharesshares | Mar. 31, 2016CADCAD / sharesshares | Jun. 30, 2015CAD | Mar. 31, 2015CAD | Oct. 22, 2014$ / shares | Oct. 22, 2014CAD / shares | Mar. 31, 2014CAD | |
Cash | CAD 2,900 | CAD 173 | CAD 11,765 | CAD 3,084 | CAD 64,674 | ||||
Current Liabilities | 835,615 | 809,347 | 894,022 | ||||||
Warrant liability | 5,741 | 27,479 | CAD 364,878 | ||||||
Term loan | CAD 45,897 | CAD 0 | |||||||
Contractual maturities | 3 years 9 months 22 days | 4 years 18 days | |||||||
Warrants to purchase, shares | shares | 625,000 | 625,000 | |||||||
Warrants exercise price | CAD / shares | CAD 0.052 | CAD 1.94 | |||||||
Private Placement [Member] | |||||||||
Warrants to purchase, shares | shares | 8,850 | 8,850 | |||||||
Warrants exercise price | CAD / shares | CAD 2.58 | CAD 2.58 | |||||||
Vendors [Member] | |||||||||
Warrants to purchase, shares | shares | 3,350 | 3,350 | |||||||
Warrants exercise price | CAD / shares | CAD 1.94 | CAD 1.94 | |||||||
Canadian Deposit Insurance Corporation [Member] | |||||||||
Cash deposits | CAD 100,000 | CAD 100,000 | |||||||
Maximum [Member] | |||||||||
Contractual maturities | 30 days | 30 days | |||||||
USD [Member] | |||||||||
Warrants exercise price | $ / shares | $ 0.04 | $ 1.50 | |||||||
USD [Member] | Private Placement [Member] | |||||||||
Warrants exercise price | (per share) | $ 2 | CAD 2 | |||||||
USD [Member] | Vendors [Member] | |||||||||
Warrants exercise price | (per share) | 1.50 | CAD 1.50 | |||||||
April 1, 2017 [Member] | |||||||||
Warrants to purchase, shares | shares | 325,000 | 369,500 | |||||||
Warrants exercise price | CAD / shares | CAD 0.052 | ||||||||
April 1, 2017 [Member] | USD [Member] | |||||||||
Warrants exercise price | $ / shares | $ 0.04 |
Financial Instruments - Fair 70
Financial Instruments - Fair Value of Financial Liabilities (Details) (10Q) | Jun. 30, 2016CAD | Mar. 31, 2016USD ($) | Mar. 31, 2016CAD |
Derivative liability - Warrants | CAD 5,741 | CAD 27,479 | |
Level 1 [Member] | |||
Derivative liability - Warrants | |||
Level 2 [Member] | |||
Derivative liability - Warrants | |||
Level 3 [Member] | |||
Derivative liability - Warrants | CAD 5,741 | $ 27,479 |
Financial Instruments - Chang71
Financial Instruments - Changes in the Fair Value of Level 3 Financial Liabilities (Details) (10Q) - CAD | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | |
Investments, All Other Investments [Abstract] | |||
Balance at beginning of period | CAD 27,479 | CAD 364,878 | |
Derivative instruments exercised | (43,521) | (509,054) | (32,675) |
Change in fair market value, recognized in earnings as professional fees | 21,783 | 171,655 | 149,280 |
Balance at end of period | CAD 5,741 | CAD 27,479 | CAD 364,878 |
Financial Instruments - Estim72
Financial Instruments - Estimated Fair Value Assumptions (Details) (10Q) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016$ / sharesshares | Mar. 31, 2016$ / sharesshares | Jun. 30, 2016CAD / shares | Mar. 31, 2016CAD / shares | |
Number of shares underlying the warrants | shares | 359,700 | 381,700 | ||
Fair market value of the stock | (per share) | $ 0.97 | CAD 0.65 | ||
Exercise price | CAD / shares | CAD 0.1060 | CAD 0.1275 | ||
Expected volatility | 218.00% | 150.00% | ||
Risk-free interest rate | 0.54% | 0.54% | ||
Expected dividend yield | 0.00% | 0.00% | ||
Expected warrant life (years) | 8 months 27 days | 11 months 27 days | ||
USD [Member] | ||||
Exercise price | $ / shares | $ (0.1269) | $ 0.10 |
Subsequent Event (Details Narra
Subsequent Event (Details Narrative) (10K) | Jun. 23, 2016USD ($) | May 18, 2016USD ($)$ / sharesshares | May 18, 2016CADshares | May 04, 2016CADshares | Feb. 17, 2016 | Sep. 10, 2015USD ($)shares | Sep. 02, 2015 | May 06, 2015CAD | Jun. 30, 2016CAD | Jun. 30, 2015CAD | Mar. 31, 2016CADshares | Mar. 31, 2015CAD | May 18, 2016CAD / shares | Mar. 31, 2016$ / shares | Mar. 31, 2016CAD / shares | Oct. 22, 2014$ / shares | Oct. 22, 2014CAD / shares |
Number of common stock shares issued during the period | shares | 50,000 | ||||||||||||||||
Term loan bridge financing | CAD | CAD 40,000 | CAD 33,000 | |||||||||||||||
Loan description | bridge financing with a relative of one of the officers of the Company. | Company agreed to a one year term loan (maturing May 5, 2016) with a family member of an officer | |||||||||||||||
Loan maturity, date | Aug. 28, 2016 | Sep. 1, 2016 | May 5, 2016 | ||||||||||||||
Premium interest percent | 30.00% | 12.00% | 12.00% | 20.00% | 20.00% | 20.00% | |||||||||||
Warrant exercised per share | CAD / shares | CAD 0.052 | CAD 1.94 | |||||||||||||||
Debt conversion into shares rate | 45.00% | 45.00% | |||||||||||||||
Gross proceeds | CAD | CAD 2,318 | CAD 596 | CAD 12,614 | CAD 1,113 | |||||||||||||
USD [Member] | |||||||||||||||||
Warrant exercised per share | $ / shares | $ 0.04 | $ 1.50 | |||||||||||||||
USD [Member] | Equity Purchase Agreement [Member] | |||||||||||||||||
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 | ||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||
Number of common stock shares issued during the period | shares | 1,100,000 | 1,100,000 | |||||||||||||||
Term loan bridge financing | CAD | CAD 4,000 | ||||||||||||||||
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% | ||||||||||||||||
Number of common sharse purchase warrants exercised druing period | shares | 44,500 | 44,500 | |||||||||||||||
Warrant exercised per share | CAD / shares | CAD 0.52 | ||||||||||||||||
Gross proceeds | CAD | CAD 2,164 | ||||||||||||||||
Subsequent Event [Member] | Equity Purchase Agreement [Member] | |||||||||||||||||
Debt conversion into shares rate | 85.00% | ||||||||||||||||
Subsequent Event [Member] | Equity Purchase Agreement [Member] | Maximum [Member] | |||||||||||||||||
Debt conversion into shares rate | 80.00% | ||||||||||||||||
Subsequent Event [Member] | Equity Purchase Agreement [Member] | Minimum [Member] | |||||||||||||||||
Debt conversion into shares rate | 65.00% | ||||||||||||||||
Subsequent Event [Member] | USD [Member] | |||||||||||||||||
Warrant exercised per share | $ / shares | $ 0.04 | ||||||||||||||||
Gross proceeds | $ 1,780 | ||||||||||||||||
Subsequent Event [Member] | USD [Member] | Equity Purchase Agreement [Member] | |||||||||||||||||
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 |
Subsequent Event (Details Nar74
Subsequent Event (Details Narrative) (10Q) | Jul. 06, 2016USD ($)shares | Jul. 06, 2016CADshares | Oct. 22, 2014shares |
Number of shares issued for settlement of debt | 6,700 | ||
Subsequent Event [Member] | |||
Number of shares issued for settlement of debt | 20,000 | 20,000 | |
Number of shares issued for settlement of debt owned amount | CAD | CAD 19,500 | ||
Subsequent Event [Member] | USD [Member] | |||
Number of shares issued for settlement of debt owned amount | $ | $ 15,000 |