Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2016 | Feb. 14, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | Algae Dynamics Corp. | |
Entity Central Index Key | 1,607,679 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 13,223,021 | |
Trading Symbol | ADYNF | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,017 |
Condensed Interim Balance Sheet
Condensed Interim Balance Sheets (Unaudited) - CAD | Dec. 31, 2016 | Mar. 31, 2016 |
Current Assets | ||
Cash | CAD 2,850 | CAD 173 |
Prepaid expenses (Note 7a) | 124,382 | 14,752 |
Amounts receivable from officer (Note 10) | 18,395 | 21,064 |
Amounts receivable, net | 7,604 | 8,002 |
Total Current Assets | 153,231 | 43,991 |
Equipment and leasehold improvements, net (Note 3) | 52,184 | 65,252 |
Total Assets | 205,415 | 109,243 |
Current Liabilities | ||
Accounts payable and accrued liabilities (Note 10) | 180,596 | 397,878 |
Advances from shareholders and related parties (Note 4) | 5,326 | 383,990 |
Term loan (Note 5) | 50,956 | |
Convertible Note (Note 6) | 11,993 | |
Warrant liability (Note 7b) | 27,479 | |
Total Current Liabilities | 248,871 | 809,347 |
STOCKHOLDERS' (DEFICIENCY) | ||
Common stock (Note 7a), no par value, unlimited amount authorized, 12,848,021 issued and outstanding as of December 31, 2016, (March 31, 2016 - 9,701,051) | 4,102,147 | 1,466,352 |
Additional paid in capital (Note 7c) | 1,047,706 | 1,026,765 |
Warrants (Note 7b) | 16,110 | 190,198 |
Equity to be issued (Note 7a) | 86,381 | 339,949 |
Accumulated deficit | (5,295,800) | (3,723,368) |
Total Stockholders' (Deficiency) | (43,456) | (700,104) |
Total Liabilities and Stockholders' (Deficiency) | CAD 205,415 | CAD 109,243 |
Condensed Interim Balance Shee3
Condensed Interim Balance Sheets (Unaudited) (Parenthetical) - CAD / shares | 9 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Mar. 31, 2016 | |
Statement of Financial Position [Abstract] | ||
Common stock, no par value | CAD 0 | CAD 0 |
Common stock, authorized | Unlimited | Unlimited |
Common stock, issued | 12,848,021 | 9,701,051 |
Common stock, outstanding | 12,848,021 | 9,701,051 |
Condensed Interim Statements of
Condensed Interim Statements of Operations (Unaudited) - CAD | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
OPERATING EXPENSES | ||||
Accretion expenses (Notes 5 and 6) | CAD 13,941 | CAD 6,857 | CAD 22,897 | CAD 8,933 |
Application and membership fees | 3,247 | 20,050 | 9,740 | 20,050 |
Amortization expense (Note 3) | 4,356 | 4,438 | 13,068 | 13,316 |
Business development | 1,309 | 3,715 | 5,767 | 11,380 |
Foreign Exchange loss | 2,034 | 492 | 2,352 | 1,538 |
Interest | 1,863 | 16,801 | 3,564 | 21,817 |
Loss on extinguishment of related party debt (Note 4) | 544,066 | 544,066 | ||
Gain on settlement of debt (Note 7c) | (72,924) | (72,924) | ||
Occupancy costs | 7,981 | 8,019 | 23,028 | 23,968 |
Office and general | 1,040 | 1,282 | 3,413 | 3,743 |
Professional fees (Notes 7a, 7b, 7c and 11e) | 258,484 | 320,359 | 743,738 | 391,260 |
Research and development | 1,030 | 118 | 6,195 | 1,915 |
Stock based compensation (Note 7c) | 158,573 | 94,849 | 436,127 | 282,875 |
Telephone and internet services | 3,290 | 4,398 | 8,720 | 11,199 |
Travel | 5,018 | 5,885 | 14,682 | 14,924 |
Total Operating Expenses | 933,578 | 487,263 | 1,764,433 | 806,918 |
Operating Loss | 933,578 | 487,263 | 1,764,433 | 806,918 |
Deferred income tax recovery | (17,913) | (17,913) | (7,215) | |
Net Loss for the Period | CAD 915,665 | CAD 487,263 | CAD 1,746,520 | CAD 799,703 |
Net loss per common share - basic and diluted | CAD 0.09 | CAD 0.05 | CAD 0.17 | CAD 0.09 |
Weighted average common shares outstanding - basic and diluted | 10,589,979 | 9,358,119 | 10,138,140 | 9,298,527 |
Condensed Interim Statements o5
Condensed Interim Statements of Stockholders' Equity (Deficiency) (Unaudited) - 9 months ended Dec. 31, 2016 - CAD | Common Stock [Member] | Warrants [Member] | Additional Paid-In Capital [Member] | Equity to be Issued [Member] | Accumulated Deficit [Member] | Total |
Balance at Mar. 31, 2016 | CAD 1,466,352 | CAD 190,198 | CAD 1,026,765 | CAD 339,949 | CAD (3,723,368) | CAD (700,104) |
Balance, shares at Mar. 31, 2016 | 9,701,051 | |||||
Warrants exercised (Notes 7a and 7b) | CAD 2,318 | 2,318 | ||||
Warrants exercised (Notes 7a and 7b), shares | 44,500 | |||||
Warrant liability valuation transferred on exercise | CAD 43,521 | 43,521 | ||||
Warrants expired | (174,088) | 174,088 | ||||
Stock based compensation issued to management (Notes 7a and 7c) | CAD 592,690 | (49,441) | (107,122) | 436,127 | ||
Stock based compensation issued to management (Notes 7a and 7c), shares | 645,000 | |||||
Options exercised | CAD 7,750 | 7,750 | ||||
Options exercised, shares | 25,000 | |||||
Option valuation transferred on exercise | CAD 6,900 | (6,900) | ||||
Shares issued for conversion of debt and shareholder advances (Note 7a) | CAD 1,321,737 | 27,600 | (172,501) | 1,176,836 | ||
Shares issued for conversion of debt and shareholder advances (Note 7a), shares | 1,475,305 | |||||
Shares issued to consultants as compensation for services rendered (Note 7a) | CAD 660,879 | 26,055 | 686,934 | |||
Shares issued to consultants as compensation for services rendered (Note 7a), shares | 957,165 | |||||
Conversion feature of a convertible note net of deferred income taxes of $17,913(Note 6) | 49,682 | 49,682 | ||||
Net loss for the period | (1,746,520) | (1,746,520) | ||||
Balance at Dec. 31, 2016 | CAD 4,102,147 | CAD 16,110 | CAD 1,047,706 | CAD 86,381 | CAD (5,295,800) | CAD (43,456) |
Balance, shares at Dec. 31, 2016 | 12,848,021 |
Condensed Interim Statements o6
Condensed Interim Statements of Stockholders' Equity (Deficiency) (Parenthetical) - CAD | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||||
Deferred income tax | CAD 17,913 | CAD 17,913 | CAD 7,215 |
Condensed Interim Statements o7
Condensed Interim Statements of Cash Flows (Unaudited) - CAD | 9 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | ||
Net loss for the period | CAD (1,746,520) | CAD (799,703) |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Amortization | 13,068 | 13,316 |
Stock based compensation (Note 7c) | 436,127 | 282,875 |
Deferred income tax recovery | (17,913) | (7,215) |
Change in warrant liability (Note 7b) | 16,042 | |
Shares issued and to be issued for services (Note 7a) | 585,351 | |
Loss on extinguishment of related party debt | 544,066 | |
Gain on settlement of debt | (72,924) | |
Accretion expense | 22,897 | 8,933 |
Unrealized foreign exchange loss | 52 | 1,538 |
Change in operating assets and liabilities | ||
Prepaid expenses | (8,050) | 102 |
Accounts receivable | 398 | 7,472 |
Accounts payable | 26,839 | 111,621 |
Net cash flows used in operating activities | (200,297) | (158,428) |
Cash flows from investing activities | ||
Investing in patents | (5,124) | |
Net cash flows from investing activities | (5,124) | |
Cash flows from financing activities | ||
Advances from shareholders | 93,061 | 69,956 |
Common shares issued | 48,441 | |
Term loan proceeds | 40,000 | 30,000 |
Convertible note | 67,595 | 32,288 |
Warrant exercise proceeds | 2,318 | 9,505 |
Net cash flows from financing activities | 202,974 | 190,190 |
Net change in cash | 2,677 | 26,639 |
Cash position - beginning of period | 173 | 3,084 |
Cash position - end of period | 2,850 | 29,723 |
Supplemental Information: | ||
Income taxes paid | ||
Interest paid | ||
Common shares and shares to be issued for services (Note 7) | 686,931 | |
Common shares issued for debt settlement (Note 7) | CAD 1,065,152 |
Nature of the Business and Goin
Nature of the Business and Going Concern | 9 Months Ended |
Dec. 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 December 31, 2016, the Company has a working capital deficiency of $95,640 (March 31, 2016 - $765,356) and an accumulated deficit of $5,295,800 (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. |
Presentation of Financial State
Presentation of Financial Statements | 9 Months Ended |
Dec. 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 December 31, 2016, and the results of its operations for the nine month periods ended December 31, 2016 and 2015 and its cash flows for the nine month periods ended December 31, 2016 and 2015. Note disclosures have been presented for material updates to the information previously reported in the annual financial statements. Estimates The preparation of these condensed interim financial statements has required management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of the revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to provision for doubtful accounts, accrued liabilities and contingencies, and the valuation of income taxes, stock based compensation, warrants, convertible debt and intangible assets. The Company bases its estimates on historical experiences and on various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates. As adjustments become necessary, they are reported in earnings in the period in which they become known. |
Equipment and Leasehold Improve
Equipment and Leasehold Improvements | 9 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Equipment and Leasehold Improvements | 3.) Equipment and Leasehold Improvements December 31, 2016 March 31, 2016 Accumulated Accumulated Cost Amortization Cost Amortization Computer equipment $ 3,558 $ 2,419 $ 3,558 $ 2,089 Production equipment 67,367 33,682 67,367 27,738 Leasehold improvements 49,812 32,452 42,290 18,136 Total $ 120,737 $ 68,553 $ 113,215 $ 47,963 Net carrying amount $ 52,184 $ 65,252 During the nine month periods ended December 31, 2016, the Company recorded total amortization of $13,068 (2015 - $13,316) which was recorded to amortization expense on the statements of operations. |
Advances from Shareholders and
Advances from Shareholders and Related Parties | 9 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Advances from Shareholders and Related Parties | 4.) Advances from Shareholders and Related Parties As at December 31, 2016, the Company had received cumulative net working capital advances in the amount of $5,326 (March 31, 2016 - $383,990) from two shareholders who are also officers and directors of the Company. The advances from shareholders are unsecured, non-interest bearing and payable upon demand. During the three month period ended December 31, 2016, the two shareholders converted advances of $469,056 and $52,030 of accounts payable into 1,316,173 common shares of the Company. The common shares were valued at $1,065,152 based upon an estimated fair value of USD$0.60 ($0.81) per share at the time of issuance. The difference between the fair market value of the common shares and the carrying value of the advances from shareholders and the amount included in accounts payable was recorded as a loss on extinguishment of related party debt of $544,066. |
Term Loan
Term Loan | 9 Months Ended |
Dec. 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 February 28, 2017 and the terms specify a 30% premium to be paid at that time. The 30% premium is recognized as an expense over the term of the loan and is amortized on the condensed interim statements of operations. During the three and nine month periods ended December 31, 2016 the Company recorded accretion expense of $2,000 and $10,956, respectively (2015 - $nil and $nil, respectively). The loan was initially scheduled to mature on August 28, 2016 but an extension of three months, followed by a second extension of three months was agreed to with the same terms. |
Convertible Note
Convertible Note | 9 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Convertible Note | 6.) Convertible Note Securities Purchase Agreement and Convertible Note On November 18, 2016, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with GHS Investments, LLC (“GHS”). The Purchase Agreement provides that, upon the terms and subject to the conditions set forth therein, GHS shall purchase from the Company a senior convertible note with a principal amount of USD$56,500 ($76,382) for a purchase price of USD$50,000 ($67,595). The convertible note matures upon the earlier of successfully raising at least $200,000 or August 18, 2017 and accrues interest at the rate of 10% per annum. The convertible note is convertible following ninety (90) days of the execution of the note, in whole or in part, at GHS’ option into common shares of the Company’s capital stock at a variable conversion price equal to a 38% discount from the lowest trading price in the twenty (20) trading days prior to the day that GHS requests conversion. At no time will GHS be entitled to convert any portion of the convertible note to the extent that after such conversion, GHS (together with its affiliates) would beneficially own more than 4.99% of the outstanding common shares, although GHS can modify this limit to 9.99% of the outstanding common shares. The convertible note includes customary event of default provisions, and provides for a default interest rate of 20%. The Company has the right at any time prior to May 18, 2017 to redeem all, but not less than all, of the total outstanding amount then remaining under the Convertible Note in cash at a price ranging from 125% to 135% of the total amount of the Convertible Note then outstanding. 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 $67,595. 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 $17,913 was recognized upon the issuance of the convertible note. The discount to the carrying value of the convertible note is being amortized as a non-cash interest expense over the term of the convertible note using the effective interest rate method, at a rate of 144%. During the three and nine months periods ended December 31, 2016, the Company accreted $11,941 and $11,941, respectively (2015 - $Nil and $Nil, respectively) in non-cash accretion expense in connection with the convertible note, which is included in accretion expense on the condensed interim statements of operations. |
Capital Stock
Capital Stock | 9 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Capital Stock | 7.) 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 to a consulting firm were issued as common shares for services rendered during the year ended March 31, 2016. On June 22, 2016, 15,264 shares to be issued to a consulting firm were issued as common shares for services rendered during the year ended March 31, 2016. 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. This amount was expensed during the nine months ended December 31, 2016 as professional fees on the condensed interim statements of operations. A second issuance of 250,000 common shares was made on October 17, 2016 at a value of $113,225 based upon an estimated fair market value of USD$0.35 ($0.45) per share at the date of issue and the final issuance of 250,000 common shares was made on October 18, 2016 at a value of $125,766 based upon an estimated fair market value of USD$0.38 ($0.50) per share at the date of issue. On July 6, 2016, the Company committed to issue 20,000 common shares to a consultant in settlement of a debt at a value of $19,500 (USD$15,000) based upon an estimated fair market value of USD$0.75 ($0.97) per share at the time of commitment. These common shares were issued on October 17, 2016. On May 19, 2016, the Company signed a letter of engagement with an agent in connection with proposed placements of up to US$10,000,000 ($13,427,000), 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 (See Note 9). The retainer has been recorded as a prepaid expense on the condensed interim balance sheet as at December 31, 2016. The common shares were issued on December 5, 2016. On December 19, 2016, 25,000 stock options were exercised at an exercise price of $0.31 per common share for gross proceeds of $7,750. The proceeds were allocated to settle a debt with the consultant who exercised the stock options. On December 29, 2016, a consulting firm was issued 78,027 common shares for services rendered in the amount of USD$45,000 ($58,500), this amount has been recorded as professional fees on the statement of operations. On December 29, 2016, 117,465 shares to be issued were issued as common shares, 72,465 of these shares were committed to be issued during the year ended March 31, 2016 in settlement of debt and 45,000 of these shares were committed to be issued during the year ended March 31, 2016 as compensation to three members of management. On December 29, 2016, an aggregate of 600,000 shares were issued to three members of management as compensation at a value of $485,458 based upon an estimated fair market value of USD$0.60 ($0.81) per share at the date of issue. On December 29, 2016, 1,316,173 shares were issued to two officers and directors as conversion of shareholder advances and accounts payable. See Note 4. Equity to be issued On April 18, 2016, the Company signed an agreement with a consultant pursuant to which it 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 $86,381 based upon an estimated fair market value of USD$0.27 ($0.35) per share at the date of issue and was expensed during the nine months ended December 31, 2016 as professional fees on the condensed interim statements of operations. These shares were issued on January 10, 2017 (see Note 12) Common shares to be issued Value ($) Balance, March 31, 2016 146,603 339,949 Equity to be issued as compensation 250,000 86,381 Equity issued (146,603 ) (339,949 ) Balance, December 31, 2016 250,000 86,381 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 changes made to the EPA included 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 December 31, 2016, the following warrants were outstanding: Number of Weighted Grant Date Fair Value at Number of Warrants Average Fair Value - December 31, 2016 Expiration Date Warrants Exercisable Exercise Price Equity of Vested Warrants - Liability June 6, 2017 22,500 22,500 $ 1.12 $ 16,110 $ - December 31, 2017 325,000 - USD $ 0.04 - - $ (0.054 ) - - 347,500 22,500 $ 0.12 $ 16,110 $ - i) During the year ended March 31, 2015, the Company 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. 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. ii) In connection with a consulting agreement with Connectus, Inc. (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 ($0.054) 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 ($335,675) raised in an offering, fully vesting upon USD$1,500,000 ($2,014,050) 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. On December 27, 2016, the Company extended the contract and expiry date of the warrants to December 31, 2017. Subsequent to December 31, 2016, the Company agreed to vest 100,000 warrants. For the nine month period ended December 31, 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 and nine month periods ended December 31, 2016 of $nil and $16,042, respectively (2015 - $Nil and $Nil, respectively). The expense was recorded as professional fees on the statements 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 period ended December 31, 2016 is as follows: Number Weighted Average of Warrants Exercise Price Balance, March 31, 2016 709,583 $ 1.06 Exercised (44,500 ) 0.05 Expired, unexercised (317,583 ) 2.23 Balance, December 31, 2016 347,500 $ 0.12 As at December 31, 2016, the fair value of the 325,000 (March 31, 2016 – 381,700) warrants exercisable in US dollars was $244,075 (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 265% (March 31, 2016 – 150%); risk-free interest rate of 0.74% (March 31, 2016 – 0.54%) and expected term of 1.00 years (March 31, 2016 – 0.99 years). Of this amount, $Nil (March 31, 2016 - $27,479) was reflected as a liability as at December 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 December 31, 2016. The warrant liability is classified as Level 3 within the fair value hierarchy (See Note 11). The Company’s computation of expected volatility during the periods ended December 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 December 31, 2016 was 770,000 (March 31, 2016 – 930,000). The weighted average grant date fair value of options granted during the nine-month period ended December 31, 2016 was $0.34 (2015 - $nil). 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 1,927,203 as at December 31, 2016 (March 31, 2016 – 1,455,158). During the nine-month period ended December 31, 2016, 525,000 options were granted to officers and consultants of the Company. The weighted average exercise price of these options is $0.37. Of this grant, 340,000 options vest as to one-third on the grant date and one-third 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 at 90 days, 180 days and 270 days from the grant date and 100,000 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 weighted average grant date fair value of these options was estimated as $0.34 using the Black-Scholes option pricing model, based on the following weighted average assumptions: expected dividend yield of 0%; expected volatility of 154%; expected risk free interest rate of 0.76%; and expected term of 5 years. Of the stock options issued, 100,000 were issued to a consultant of the Company in settlement of debt of $131,256. These stock options were valued at $27,600. The proceeds from the exercise of the stock options ($31,000) will be applied against the balance outstanding. As a result a gain on settlement of debt of $72,656 was recognized and recorded on the condensed interim statement of operations. The activities in options outstanding are as noted below: Number of Options Weighted Average Granted Exercise Price Balance, March 31, 2016 930,000 $ 2.05 Forfeited (660,000 ) $ 2.09 Granted 525,000 $ 0.37 Exercised (25,000 ) $ 0.31 Balance, December 31, 2016 770,000 $ 0.92 The following table presents information relating to stock options outstanding and exercisable at December 31, 2016. Options Outstanding Options Exercisable Weighted Weighted Average Weighted Average Remaining Average Remaining Number of Contractual Number of Exercise Contractual Exercise Price Options Life (Years) Options Price Life (Years) $ 1.73 185,000 2.95 185,000 $ 1.73 2.95 $ 2.43 85,000 4.00 85,000 $ 2.43 4.00 $ 0.38 425,000 4.81 134,583 $ 0.38 4.81 $ 0.31 75,000 4.90 75,000 $ 0.31 4.90 $ 0.92 770,000 4.00 479,583 $ 1.25 3.96 For the three and nine month periods ended December 31, 2016, the Company recorded a recovery of ($326,995) and ($49,441), respectively (2015 - $94,849 and $282,875, respectively) as Additional Paid in Capital for options and $485,568 and $485,568, respectively for common shares 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 three and nine month periods ended December 31, 2016, the Company recorded $211,312 and $526,855 respectively (2015 - $nil and $nil) as professional fees for services rendered related to common shares issued as retainers to consultants. |
Income Taxes
Income Taxes | 9 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8.) Income Taxes The Company has no taxable income under Canadian federal and provincial tax laws for the three and nine month periods ended December 31, 2016 and 2015. The Company has non-capital loss carryforwards at December 31, 2016 totaling approximately $4,039,000, which may be offset against future taxable income. If not used, the loss carryforwards will expire between 2029 and 2037. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9.) 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 $1,390 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) $ 8,947 2018 $ 26,399 2019 $ 17,600 For the three and nine month periods ended December 31, 2016, rental expenses related to this lease were $6,544 and $19,577 (2015 - $6,500 and $19,499) On March 11, 2014, and as amended on July 18, September 3, 2014, September 5, 2014, December 31, 2015 and again on December 20, 2016, 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 ($0.054) 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 ($335,675) raised in an offering, fully vesting upon USD$1,500,000 ($2,014,050) being raised. During the year ended March 31, 2015, the President of Connectus 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 as compensation, which has been recorded as professional fees on the statements of operations during the year ended March 31, 2016. On December 27, 2016, the Company extended the contract and expiry date of the warrants to December 31, 2017. Subsequent to December 31, 2016, the Company agreed to vest 100,000 warrants. Connectus assigned the warrants to Apollo Marketing, LLC. 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 May 18, 2016, the Company signed a consulting agreement with an agent in connection with proposed placements of up to USD$10,000,000 ($13,427,000) 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 7a), 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. See Note 12. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10.) Related Party Transactions Included in accounts payable and accrued liabilities as at December 31, 2016 is $Nil (March 31, 2016 - $52,030) owing to two directors who are also officers and significant shareholders of the Company for unpaid management fees. In December 2016, common shares were issued to the two directors to satisfy the amount of the outstanding debt. See also Notes 4, 5, 7(a), 7(b) and 7(c), 9 and 12. Amounts receivable from officer as at December 31, 2016 of $18,395 (March 31, 2016 - $21,064) is owing from a shareholder, who is also a director and officer of the Company for funds advanced under his employment agreement (See Note 9). The amount receivable is unsecured, non-interest bearing and repayable upon demand. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Dec. 31, 2016 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | 11.) 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 December 31, 2016, the Company had cash of $2,850 (March 31, 2016 - $173) to settle current liabilities of $248,871 (March 31, 2016 - $809,347). All of the Company’s financial liabilities other than the warrant liability of $Nil (March 31, 2016 - $27,479), the term loan of $50,956 (March 31, 2016 - $nil) and a convertible note of $11,993 (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. 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 December 31, 2016, the Company held $2,850 (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 11 (e). (d) Interest rate risk As at December 31, 2016, the Company does not have any non-fixed 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 7(b). The warrants have an exercise price of USD$0.04 ($0.054). The warrants are exercisable at any time prior to December 31, 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. Fair Value at Fair Value Measurement Using December 31, 2016 Level 1 Level 2 Level 3 Derivative liability – Warrants $ - $ - $ - $ - 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 December 31, 2016 and March 31, 2016: Nine months ended December 31, 2016 Year ended 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 16,042 171,655 Balance at end of period $ — $ 27,479 These instruments were valued using pricing models that incorporate the price of a share of common stock, 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 December 31, 2016 and March 31, 2016. The following are the key weighted average assumptions used in connection with the estimation of fair value as at December 31, 2016: December 31, 2016 Number of shares underlying the warrants 325,000 Fair market value of the stock $ 0.78 Exercise price USD$ 0.04 ($0.054) Expected volatility 265 % Risk-free interest rate 0.74 % Expected dividend yield 0 % Expected warrant life (years) 1.00 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12.) Subsequent Events On January 9, 2017, the Company entered into a three month contract with an investor relations firm. The terms of the contract specified a cash payment of USD$10,000 ($13,427) and 50,000 shares of restricted stock (issued subsequent to December 31, 2016). On January 10, 2017, two directors and officers of the Company were issued a total of 250,000 replacement shares. See Note 7(a). On January 10, 2017, 75,000 stock options were exercised at $0.31 per common share for total proceeds of $23,250. On January 17, 2017, the Company entered into an addendum to an agreement signed on May 18, 2016 (see Note 9) which provided for a grant of 900,000 warrants at an exercise price of USD$0.65 ($0.86) for a period of five years with a cashless exercise option. On January 23, 2017, the Company vested 100,000 warrants for Connectus (Apollo Marketing LLC). See Note 9. |
Equipment and Leasehold Impro20
Equipment and Leasehold Improvements (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Equipment and Leasehold Improvements | December 31, 2016 March 31, 2016 Accumulated Accumulated Cost Amortization Cost Amortization Computer equipment $ 3,558 $ 2,419 $ 3,558 $ 2,089 Production equipment 67,367 33,682 67,367 27,738 Leasehold improvements 49,812 32,452 42,290 18,136 Total $ 120,737 $ 68,553 $ 113,215 $ 47,963 Net carrying amount $ 52,184 $ 65,252 |
Capital Stock (Tables)
Capital Stock (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of Shares to be Issued | Common shares to be issued Value ($) Balance, March 31, 2016 146,603 339,949 Equity to be issued as compensation 250,000 86,381 Equity issued (146,603 ) (339,949 ) Balance, December 31, 2016 250,000 86,381 |
Summary of Warrants Outstanding | As at December 31, 2016, the following warrants were outstanding: Number of Weighted Grant Date Fair Value at Number of Warrants Average Fair Value - December 31, 2016 Expiration Date Warrants Exercisable Exercise Price Equity of Vested Warrants - Liability June 6, 2017 22,500 22,500 $ 1.12 $ 16,110 $ - December 31, 2017 325,000 - USD $ 0.04 - - $ (0.054 ) - - 347,500 22,500 $ 0.12 $ 16,110 $ - |
Schedule of Warrant Activity | The continuity of warrants for the period ended December 31, 2016 is as follows: Number Weighted Average of Warrants Exercise Price Balance, March 31, 2016 709,583 $ 1.06 Exercised (44,500 ) 0.05 Expired, unexercised (317,583 ) 2.23 Balance, December 31, 2016 347,500 $ 0.12 |
Schedule of Option Activity | The activities in options outstanding are as noted below: Number of Options Weighted Average Granted Exercise Price Balance, March 31, 2016 930,000 $ 2.05 Forfeited (660,000 ) $ 2.09 Granted 525,000 $ 0.37 Exercised (25,000 ) $ 0.31 Balance, December 31, 2016 770,000 $ 0.92 |
Schedule of Stock Options Outstanding and Exercisable | The following table presents information relating to stock options outstanding and exercisable at December 31, 2016. Options Outstanding Options Exercisable Weighted Weighted Average Weighted Average Remaining Average Remaining Number of Contractual Number of Exercise Contractual Exercise Price Options Life (Years) Options Price Life (Years) $ 1.73 185,000 2.95 185,000 $ 1.73 2.95 $ 2.43 85,000 4.00 85,000 $ 2.43 4.00 $ 0.38 425,000 4.81 134,583 $ 0.38 4.81 $ 0.31 75,000 4.90 75,000 $ 0.31 4.90 $ 0.92 770,000 4.00 479,583 $ 1.25 3.96 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Dec. 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) $ 8,947 2018 $ 26,399 2019 $ 17,600 |
Schedule of Employment Agreements | 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 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value of Financial Liabilities | Fair Value at Fair Value Measurement Using December 31, 2016 Level 1 Level 2 Level 3 Derivative liability – Warrants $ - $ - $ - $ - |
Summary of 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 Company’s Level 3 financial liabilities (warrant derivative liability) for the periods ended December 31, 2016 and March 31, 2016: Nine months ended December 31, 2016 Year ended 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 16,042 171,655 Balance at end of period $ — $ 27,479 |
Estimated Fair Value Assumptions | The following are the key weighted average assumptions used in connection with the estimation of fair value as at December 31, 2016: December 31, 2016 Number of shares underlying the warrants 325,000 Fair market value of the stock $ 0.78 Exercise price USD$ 0.04 ($0.054) Expected volatility 265 % Risk-free interest rate 0.74 % Expected dividend yield 0 % Expected warrant life (years) 1.00 |
Nature of the Business and Go24
Nature of the Business and Going Concern (Details Narrative) - CAD | Dec. 31, 2016 | Mar. 31, 2016 |
Accounting Policies [Abstract] | ||
Working capital deficiency | CAD 95,640 | CAD 765,356 |
Accumulated deficit | CAD 5,295,800 | CAD 3,723,368 |
Equipment and Leasehold Impro25
Equipment and Leasehold Improvements (Details Narrative) - CAD | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | ||||
Amortization expense | CAD 4,356 | CAD 4,438 | CAD 13,068 | CAD 13,316 |
Equipment and Leasehold Impro26
Equipment and Leasehold Improvements - Schedule of Equipment and Leasehold Improvements (Details) - CAD | Dec. 31, 2016 | Mar. 31, 2016 |
Property and Equipment, gross | CAD 120,737 | CAD 113,215 |
Accumulated Amortization | 68,553 | 47,963 |
Property and Equipment, net | 52,184 | 65,252 |
Computer Equipment [Member] | ||
Property and Equipment, gross | 3,558 | 3,558 |
Accumulated Amortization | 2,419 | 2,089 |
Production Equipment [Member] | ||
Property and Equipment, gross | 67,367 | 67,367 |
Accumulated Amortization | 33,682 | 27,738 |
Leasehold Improvements [Member] | ||
Property and Equipment, gross | 49,812 | 42,290 |
Accumulated Amortization | CAD 32,452 | CAD 18,136 |
Advances from Shareholders an27
Advances from Shareholders and Related Parties (Details Narrative) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016CAD | Dec. 31, 2015CAD | Dec. 31, 2016CADshares | Dec. 31, 2015CAD | Mar. 31, 2016CADshares | Dec. 31, 2016$ / shares | Dec. 31, 2016CADCAD / shares | Dec. 29, 2016$ / shares | Dec. 29, 2016CAD / shares | Oct. 18, 2016$ / shares | Oct. 18, 2016CAD / shares | Oct. 17, 2016$ / shares | Oct. 17, 2016CAD / shares | |
Advances from shareholders | CAD 383,990 | CAD 5,326 | |||||||||||
Conversion of debt into share | shares | 1,316,173 | 45,000 | |||||||||||
Common shares issued for debt settlement | CAD 1,065,152 | ||||||||||||
Estimated fair value, per share | CAD / shares | CAD 0.81 | CAD 0.81 | CAD 0.50 | CAD 0.45 | |||||||||
Loss on extinguishment of related party debt | CAD 544,066 | 544,066 | |||||||||||
USD [Member] | |||||||||||||
Estimated fair value, per share | $ / shares | $ 0.60 | $ 0.60 | $ 0.38 | $ 0.35 | |||||||||
Shareholder One [Member] | |||||||||||||
Conversion of debt into share amount | 469,056 | ||||||||||||
Shareholder Two [Member] | |||||||||||||
Conversion of debt into share amount | CAD 52,030 |
Term Loan (Details Narrative)
Term Loan (Details Narrative) - CAD | May 04, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 |
Term loan bridge financing | CAD 40,000 | ||||
Loan description | bridge financing with a relative of one of the officers of the Company. | ||||
Loan maturity, date | Feb. 28, 2017 | ||||
Premium interest percent | 30.00% | 144.00% | 144.00% | ||
Accretion expenses | CAD 13,941 | CAD 6,857 | CAD 22,897 | CAD 8,933 | |
Loan initial maturity date | Aug. 28, 2016 | ||||
Term Loan [Member] | |||||
Accretion expenses | CAD 2,000 | CAD 10,956 |
Convertible Note (Details Narra
Convertible Note (Details Narrative) | Nov. 18, 2016USD ($) | Nov. 18, 2016CAD | May 04, 2016 | Dec. 31, 2016CAD | Dec. 31, 2015CAD | Dec. 31, 2016CAD | Dec. 31, 2015CAD | Nov. 18, 2016CAD |
Convertible note purchase price | CAD 67,595 | CAD 32,288 | ||||||
Convertible note maturity date | Feb. 28, 2017 | |||||||
Convertible note accrued interest percent | 30.00% | 144.00% | 144.00% | |||||
Issuance of intrinsic value | CAD 67,595 | |||||||
Deferred income tax liability | CAD 17,913 | CAD 17,913 | ||||||
Accreted accretion expense | CAD 11,941 | CAD 11,941 | ||||||
Convertible Note [Member] | ||||||||
Convertible note accrued interest percent | 20.00% | 20.00% | ||||||
Convertible Note [Member] | Maximum [Member] | ||||||||
Convertible note accrued interest percent | 135.00% | 135.00% | ||||||
Convertible Note [Member] | Minimum [Member] | ||||||||
Convertible note accrued interest percent | 125.00% | 125.00% | ||||||
GHS Investments, LLC [Member] | Maximum [Member] | ||||||||
Convertible note accrued interest percent | 4.99% | 4.99% | ||||||
GHS Investments, LLC [Member] | Convertible Note [Member] | ||||||||
Convertible note principal amount | CAD 200,000 | |||||||
Convertible note maturity date | Aug. 18, 2017 | Aug. 18, 2017 | ||||||
Convertible note accrued interest percent | 10.00% | 10.00% | ||||||
Debt instrument convertible convetsion price per value | 38.00% | 38.00% | ||||||
Convertible debt common stock outstanding, percentage | 9.99% | 9.99% | ||||||
GHS Investments, LLC [Member] | Securities Purchase Agreement [Member] | ||||||||
Convertible note principal amount | CAD 76,382 | |||||||
Convertible note purchase price | CAD 67,595 | |||||||
GHS Investments, LLC [Member] | Securities Purchase Agreement [Member] | USD [Member] | ||||||||
Convertible note principal amount | $ | $ 56,500 | |||||||
Convertible note purchase price | $ | $ 50,000 |
Capital Stock (Details Narrativ
Capital Stock (Details Narrative) | Dec. 27, 2016shares | Oct. 18, 2016CADshares | Oct. 17, 2016CADshares | Jul. 06, 2016CADshares | Jul. 06, 2016USD ($)$ / shares | Jun. 23, 2016USD ($) | Jun. 23, 2016 | Jun. 22, 2016shares | May 19, 2016USD ($)$ / sharesshares | May 19, 2016CADshares | May 18, 2016USD ($)$ / sharesshares | May 18, 2016CADshares | May 15, 2016shares | Apr. 18, 2016CADshares | Sep. 10, 2015USD ($)shares | Sep. 10, 2015CADshares | Dec. 29, 2016USD ($)$ / sharesshares | Dec. 29, 2016CADshares | Dec. 19, 2016CADCAD / sharesshares | Dec. 31, 2016CAD | Jun. 30, 2016CADshares | Dec. 31, 2015CAD | Dec. 31, 2016CADCAD / sharesshares | Dec. 31, 2015CAD | Mar. 31, 2016CADCAD / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2016CADCAD / sharesshares | Dec. 29, 2016CAD / shares | Oct. 18, 2016$ / shares | Oct. 18, 2016CAD / shares | Oct. 17, 2016$ / shares | Oct. 17, 2016CAD / shares | Jul. 06, 2016CAD / shares | Jun. 30, 2016$ / shares | Jun. 30, 2016CAD / shares | May 19, 2016CAD / shares | May 18, 2016CAD / shares | Apr. 18, 2016$ / shares | Apr. 18, 2016CAD / shares |
Common stock, authorized | Unlimited | Unlimited | |||||||||||||||||||||||||||||||||||||
Common stock, no par value | CAD / shares | CAD 0 | CAD 0 | |||||||||||||||||||||||||||||||||||||
Cash proceeds | CAD 2,318 | CAD 9,505 | |||||||||||||||||||||||||||||||||||||
Number of shares issued to consulting services | shares | 250,000 | 250,000 | 15,264 | 13,874 | 117,465 | 117,465 | 72,465 | ||||||||||||||||||||||||||||||||
Number of shares issued to consultant in settlement of debt | shares | 1,316,173 | 45,000 | |||||||||||||||||||||||||||||||||||||
Estimated fair market value per share value | CAD / shares | CAD 0.81 | CAD 0.81 | CAD 0.50 | CAD 0.45 | |||||||||||||||||||||||||||||||||||
Issued to consulting services, value | CAD 125,766 | CAD 113,225 | |||||||||||||||||||||||||||||||||||||
Options exercised | CAD 7,750 | ||||||||||||||||||||||||||||||||||||||
Shares issued as compensation | CAD 485,458 | CAD 686,934 | |||||||||||||||||||||||||||||||||||||
Shares issued as compensation, shares | shares | 600,000 | 600,000 | |||||||||||||||||||||||||||||||||||||
Warrant expiration date | Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||
Number of warrant vested, shares | shares | 100,000 | 100,000 | |||||||||||||||||||||||||||||||||||||
Net of market adjustment | CAD 16,042 | ||||||||||||||||||||||||||||||||||||||
Fair value of options granted | CAD 436,127 | ||||||||||||||||||||||||||||||||||||||
Number of options outstanding | shares | 930,000 | 930,000 | |||||||||||||||||||||||||||||||||||||
Weighted average grant date fair value of options granted | CAD / shares | CAD 0.34 | ||||||||||||||||||||||||||||||||||||||
Gain on settlement of debt | 72,924 | CAD 72,924 | |||||||||||||||||||||||||||||||||||||
Additional paid in capital for options | |||||||||||||||||||||||||||||||||||||||
Professional fees | 258,484 | 320,359 | 743,738 | 391,260 | |||||||||||||||||||||||||||||||||||
Equity Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||||||
Number of shares paid to EPA equal to restricted common shares | shares | 50,000 | 50,000 | |||||||||||||||||||||||||||||||||||||
Restricted common shares, value | CAD 67,195 | ||||||||||||||||||||||||||||||||||||||
Percentage of common shares outstanding | 4.99% | 4.99% | |||||||||||||||||||||||||||||||||||||
Percentage of preceding draw down notice without prior written consent of holder | 100.00% | 100.00% | |||||||||||||||||||||||||||||||||||||
Share purchase price percent | 85.00% | 65.00% | 65.00% | ||||||||||||||||||||||||||||||||||||
Equity Purchase Agreement [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||
Share purchase price percent | 80.00% | ||||||||||||||||||||||||||||||||||||||
Equity Purchase Agreement [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||
Share purchase price percent | 65.00% | ||||||||||||||||||||||||||||||||||||||
Two Officers And Directors [Member] | |||||||||||||||||||||||||||||||||||||||
Advances from accounts payable common, shares | shares | 1,316,173 | 1,316,173 | |||||||||||||||||||||||||||||||||||||
Two Directors And Officers [Member] | |||||||||||||||||||||||||||||||||||||||
Number of personal shares transferred to consultant | shares | 250,000 | ||||||||||||||||||||||||||||||||||||||
Officers And Consultants [Member] | |||||||||||||||||||||||||||||||||||||||
Cash proceeds | CAD (31,000) | ||||||||||||||||||||||||||||||||||||||
Number of warrant vested, shares | shares | 340,000 | ||||||||||||||||||||||||||||||||||||||
Dividend yield | 0.00% | ||||||||||||||||||||||||||||||||||||||
Expected volatility | 154.00% | ||||||||||||||||||||||||||||||||||||||
Risk-free interest rate | 0.76% | ||||||||||||||||||||||||||||||||||||||
Expected term | 5 years | ||||||||||||||||||||||||||||||||||||||
Fair value of options granted | CAD 27,600 | ||||||||||||||||||||||||||||||||||||||
Number of options outstanding | shares | 100,000 | 100,000 | |||||||||||||||||||||||||||||||||||||
Weighted average grant date fair value of options granted | CAD / shares | CAD 0.37 | ||||||||||||||||||||||||||||||||||||||
Number of options were granted, shares | shares | 525,000 | ||||||||||||||||||||||||||||||||||||||
Gain on settlement of debt | CAD 72,656 | ||||||||||||||||||||||||||||||||||||||
Officers And Consultants [Member] | 90 Days [Member] | |||||||||||||||||||||||||||||||||||||||
Number of warrant vested, shares | shares | 85,000 | ||||||||||||||||||||||||||||||||||||||
Consulting Firm [Member] | |||||||||||||||||||||||||||||||||||||||
Number of shares issued to consulting services | shares | 78,027 | 78,027 | 250,000 | ||||||||||||||||||||||||||||||||||||
Issued to consulting services, value | CAD 58,500 | CAD 201,481 | |||||||||||||||||||||||||||||||||||||
Consultant In Settlement Of Debt [Member] | |||||||||||||||||||||||||||||||||||||||
Warrant exercised per share | CAD / shares | CAD 0.31 | ||||||||||||||||||||||||||||||||||||||
Number of shares issued to consultant in settlement of debt | shares | 66,667 | ||||||||||||||||||||||||||||||||||||||
Consultant in settlement of debt value | CAD 64,585 | ||||||||||||||||||||||||||||||||||||||
Estimated fair market value per share value | CAD / shares | CAD 0.97 | ||||||||||||||||||||||||||||||||||||||
Options exercised, shares | shares | 25,000 | ||||||||||||||||||||||||||||||||||||||
Options exercised | CAD 7,750 | ||||||||||||||||||||||||||||||||||||||
Fair value of options granted | CAD 131,256 | ||||||||||||||||||||||||||||||||||||||
Consultant In Settlement Of Debt [Member] | Consultant [Member] | |||||||||||||||||||||||||||||||||||||||
Number of shares issued to consulting services | shares | 20,000 | ||||||||||||||||||||||||||||||||||||||
Estimated fair market value per share value | CAD / shares | CAD 0.97 | ||||||||||||||||||||||||||||||||||||||
Issued to consulting services, value | CAD 19,500 | ||||||||||||||||||||||||||||||||||||||
USD [Member] | |||||||||||||||||||||||||||||||||||||||
Estimated fair market value per share value | $ / shares | $ 0.60 | $ 0.60 | $ 0.38 | $ 0.35 | |||||||||||||||||||||||||||||||||||
USD [Member] | Equity Purchase Agreement [Member] | |||||||||||||||||||||||||||||||||||||||
Committed to purchase up to 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] | Consulting Firm [Member] | |||||||||||||||||||||||||||||||||||||||
Issued to consulting services, value | $ | $ 45,000 | ||||||||||||||||||||||||||||||||||||||
USD [Member] | Consultant In Settlement Of Debt [Member] | |||||||||||||||||||||||||||||||||||||||
Estimated fair market value per share value | $ / shares | $ 0.75 | ||||||||||||||||||||||||||||||||||||||
USD [Member] | Consultant In Settlement Of Debt [Member] | Consultant [Member] | |||||||||||||||||||||||||||||||||||||||
Estimated fair market value per share value | $ / shares | $ 0.75 | ||||||||||||||||||||||||||||||||||||||
Issued to consulting services, value | $ | $ 15,000 | ||||||||||||||||||||||||||||||||||||||
Warrants [Member] | |||||||||||||||||||||||||||||||||||||||
Number of common shares purchase warrants exercised during period | shares | 44,500 | 44,500 | |||||||||||||||||||||||||||||||||||||
Warrant exercised per share | CAD / shares | CAD 0.052 | ||||||||||||||||||||||||||||||||||||||
Cash proceeds | CAD 2,318 | ||||||||||||||||||||||||||||||||||||||
Options exercised | |||||||||||||||||||||||||||||||||||||||
Shares issued as compensation | |||||||||||||||||||||||||||||||||||||||
Compensation expense for warrants issued to consultant for service | |||||||||||||||||||||||||||||||||||||||
Net of market adjustment | CAD 16,042 | ||||||||||||||||||||||||||||||||||||||
Dividend yield | 0.00% | 0.00% | |||||||||||||||||||||||||||||||||||||
Expected volatility | 265.00% | 150.00% | |||||||||||||||||||||||||||||||||||||
Risk-free interest rate | 0.74% | 0.54% | |||||||||||||||||||||||||||||||||||||
Expected term | 1 year | 11 months 27 days | |||||||||||||||||||||||||||||||||||||
Remaining after exercise of warrants | shares | 325,000 | 381,700 | |||||||||||||||||||||||||||||||||||||
Fair value of warrants exercisable | CAD 222,803 | ||||||||||||||||||||||||||||||||||||||
Fair value of reflected as liability | CAD 27,479 | ||||||||||||||||||||||||||||||||||||||
Fair value of options granted | |||||||||||||||||||||||||||||||||||||||
Additional paid in capital for options | |||||||||||||||||||||||||||||||||||||||
Warrants [Member] | USD [Member] | |||||||||||||||||||||||||||||||||||||||
Warrant exercised per share | $ / shares | $ 0.04 | ||||||||||||||||||||||||||||||||||||||
Cash proceeds | $ | $ 1,780 | ||||||||||||||||||||||||||||||||||||||
Fair value of warrants exercisable | $ | $ 244,075 | ||||||||||||||||||||||||||||||||||||||
Compensation For Services [Member] | |||||||||||||||||||||||||||||||||||||||
Number of shares issued to consulting services | shares | 250,000 | ||||||||||||||||||||||||||||||||||||||
Estimated fair market value per share value | CAD / shares | CAD .81 | CAD 0.35 | |||||||||||||||||||||||||||||||||||||
Issued to consulting services, value | CAD 86,381 | ||||||||||||||||||||||||||||||||||||||
Compensation services period | 5 months | ||||||||||||||||||||||||||||||||||||||
Compensation For Services [Member] | USD [Member] | |||||||||||||||||||||||||||||||||||||||
Estimated fair market value per share value | $ / shares | $ 0.62 | $ 0.27 | |||||||||||||||||||||||||||||||||||||
Proposed Placements [Member] | |||||||||||||||||||||||||||||||||||||||
Maximum value of proposed placements | CAD 13,427,000 | ||||||||||||||||||||||||||||||||||||||
Proposed Placements [Member] | USD [Member] | |||||||||||||||||||||||||||||||||||||||
Maximum value of proposed placements | $ | $ 10,000,000 | ||||||||||||||||||||||||||||||||||||||
Non-Refundable Retainer [Member] | |||||||||||||||||||||||||||||||||||||||
Number of shares issued to consulting services | shares | 100,000 | 100,000 | |||||||||||||||||||||||||||||||||||||
Estimated fair market value per share value | CAD / shares | CAD 1.02 | ||||||||||||||||||||||||||||||||||||||
Issued to consulting services, value | CAD 101,579 | ||||||||||||||||||||||||||||||||||||||
Non-Refundable Retainer [Member] | USD [Member] | |||||||||||||||||||||||||||||||||||||||
Estimated fair market value per share value | $ / shares | $ 0.78 | ||||||||||||||||||||||||||||||||||||||
Options [Member] | |||||||||||||||||||||||||||||||||||||||
Percentage of amount equivalent of issued and outstanding common shares | 15.00% | ||||||||||||||||||||||||||||||||||||||
Number of common shares issued and outstanding | shares | 1,927,203 | 1,455,158 | |||||||||||||||||||||||||||||||||||||
Number of options outstanding | shares | 930,000 | 770,000 | 770,000 | ||||||||||||||||||||||||||||||||||||
Weighted average grant date fair value of options granted | CAD / shares | CAD 0.34 | ||||||||||||||||||||||||||||||||||||||
Stock Based Compensation [Member] | Directors Officers [Member] | |||||||||||||||||||||||||||||||||||||||
Fair value of options granted | 326,995 | 94,849 | CAD 49,441 | CAD 282,875 | |||||||||||||||||||||||||||||||||||
Additional paid in capital for options | 485,568 | 485,568 | |||||||||||||||||||||||||||||||||||||
Professional fees | CAD 211,312 | CAD 526,855 |
Capital Stock - Schedule of Sha
Capital Stock - Schedule of Shares to be Issued (Details) | 9 Months Ended |
Dec. 31, 2016CADshares | |
Balance at March 31, 2016 | CAD 339,949 |
Balance at December 31, 2016 | CAD 86,381 |
Equity to be Issued [Member] | |
Balance at March 31, 2016, shares | shares | 146,603 |
Balance at March 31, 2016 | CAD 339,949 |
Equity to be issued as compensation, share | shares | 250,000 |
Equity to be issued as compensation | CAD 86,381 |
Equity issued, shares | shares | (146,603) |
Equity issued | CAD (339,949) |
Balance at December 31, 2016, share | shares | 250,000 |
Balance at December 31, 2016 | CAD 86,381 |
Capital Stock - Summary of Warr
Capital Stock - Summary of Warrants Outstanding (Details) | Sep. 03, 2014USD ($) | Sep. 03, 2014CAD | Dec. 31, 2016CAD | Dec. 31, 2016$ / shares | Dec. 31, 2016CADCAD / sharesshares |
Warrants [Member] | |||||
Number of Warrants | shares | 347,500 | ||||
Number of Exercisable Warrants | shares | 22,500 | ||||
Weighted Average Exercise Price | CAD / shares | CAD 0.12 | ||||
Grant Date Fair Value Equity | CAD | CAD 16,110 | ||||
Fair Value at December 31, 2016 of Vested Warrants - Liability | CAD | CAD 2,014,050 | ||||
USD [Member] | Warrants [Member] | |||||
Fair Value at December 31, 2016 of Vested Warrants - Liability | $ | $ 1,500,000 | ||||
June 6, 2017 [Member] | |||||
Number of Warrants | shares | 22,500 | ||||
Number of Exercisable Warrants | shares | 22,500 | ||||
Weighted Average Exercise Price | CAD / shares | CAD 1.12 | ||||
Grant Date Fair Value Equity | CAD | CAD 16,110 | ||||
Fair Value at December 31, 2016 of Vested Warrants - Liability | CAD | |||||
December 31, 2017 [Member] | |||||
Number of Warrants | shares | 325,000 | ||||
Number of Exercisable Warrants | shares | |||||
Weighted Average Exercise Price | CAD / shares | CAD 0.054 | ||||
Grant Date Fair Value Equity | CAD | |||||
Fair Value at December 31, 2016 of Vested Warrants - Liability | CAD | |||||
December 31, 2017 [Member] | USD [Member] | |||||
Weighted Average Exercise Price | $ / shares | $ 0.04 |
Capital Stock - Summary of Wa33
Capital Stock - Summary of Warrants Outstanding (Details) (Parenthetical) | Oct. 18, 2016CAD | Oct. 17, 2016CAD | May 18, 2016$ / sharesshares | Sep. 03, 2014USD ($)shares | Sep. 03, 2014CADshares | Dec. 31, 2016CAD | Dec. 31, 2015CAD | Dec. 31, 2016CADshares | Dec. 31, 2015CAD | Mar. 31, 2016 | Mar. 31, 2015CADCAD / sharesshares | Dec. 31, 2016$ / shares | Dec. 31, 2016CAD / shares | May 18, 2016CAD / shares |
Fair value of warrants at grant | CAD 16,042 | |||||||||||||
Issued to consulting services, value | CAD 125,766 | CAD 113,225 | ||||||||||||
Warrants [Member] | ||||||||||||||
Number of common shares purchase warrants exercised during period | shares | 44,500 | |||||||||||||
Warrant exercised per share | CAD / shares | CAD 0.052 | |||||||||||||
Fair value of warrants at grant | CAD 16,042 | |||||||||||||
Dividend yield | 0.00% | 0.00% | ||||||||||||
Expected volatility | 265.00% | 150.00% | ||||||||||||
Risk-free interest rate | 0.74% | 0.54% | ||||||||||||
Expected term | 1 year | 11 months 27 days | ||||||||||||
Unvested portion vesting pro-rata raised in offering value | CAD 335,675 | |||||||||||||
Warrants [Member] | June 6, 2017 [Member] | ||||||||||||||
Number of common shares purchase warrants exercised during period | shares | 27,500 | |||||||||||||
Warrant exercised per share | CAD / shares | CAD 1.12 | |||||||||||||
Fair value of warrants at grant | CAD 19,290 | |||||||||||||
Dividend yield | 0.00% | |||||||||||||
Expected volatility | 182.00% | |||||||||||||
Risk-free interest rate | 1.14% | |||||||||||||
Expected term | 2 years 10 months 6 days | |||||||||||||
Issued to consulting services, value | CAD 19,290 | |||||||||||||
Warrants [Member] | June 6, 2017 [Member] | Minimum [Member] | ||||||||||||||
Expected term | 2 years 1 month 24 days | |||||||||||||
Warrants [Member] | June 6, 2017 [Member] | Maximum [Member] | ||||||||||||||
Expected term | 3 years | |||||||||||||
Warrants [Member] | June 6, 2017 [Member] | Officer [Member] | ||||||||||||||
Number of common shares purchase warrants exercised during period | shares | 22,500 | |||||||||||||
Warrants [Member] | December 31, 2017 [Member] | ||||||||||||||
Number of common shares purchase warrants exercised during period | shares | 300,000 | 300,000 | 625,000 | |||||||||||
Warrant exercised per share | CAD / shares | CAD 0.054 | |||||||||||||
Fair value of warrants at grant | CAD 500,000 | |||||||||||||
Dividend yield | 0.00% | |||||||||||||
Expected volatility | 159.00% | |||||||||||||
Risk-free interest rate | 1.25% | |||||||||||||
Expected term | 3 years | |||||||||||||
Unvested portion vesting pro-rata raised in offering value | CAD 335,675 | |||||||||||||
Fully vesting upon raised offering value | CAD 2,014,050 | |||||||||||||
Warrants [Member] | USD [Member] | ||||||||||||||
Warrant exercised per share | $ / shares | $ 0.04 | |||||||||||||
Unvested portion vesting pro-rata raised in offering value | $ | $ 250,000 | |||||||||||||
Warrants [Member] | USD [Member] | December 31, 2017 [Member] | ||||||||||||||
Warrant exercised per share | $ / shares | $ 0.04 | |||||||||||||
Unvested portion vesting pro-rata raised in offering value | $ | 250,000 | |||||||||||||
Fully vesting upon raised offering value | $ | $ 1,500,000 |
Capital Stock - Schedule of War
Capital Stock - Schedule of Warrant Activity (Details) - Warrants [Member] | 9 Months Ended |
Dec. 31, 2016CAD / sharesshares | |
Number of Warrants, Beginning Balance | shares | 709,583 |
Number of Warrants, Exercised | shares | (44,500) |
Number of Warrants, Expired, Unexercised | shares | (317,583) |
Number of Warrants, Ending Balance | shares | 347,500 |
Weighted Average Exercise Price, Beginning Balance | CAD / shares | CAD 1.06 |
Weighted Average Exercise Price, Exercised | CAD / shares | 0.05 |
Weighted Average Exercise Price, Expired, Unexercised | CAD / shares | 2.23 |
Weighted Average Exercise Price, Ending Balance | CAD / shares | CAD 0.12 |
Capital Stock - Schedule of Opt
Capital Stock - Schedule of Option Activity (Details) - Options [Member] | 9 Months Ended |
Dec. 31, 2016CAD / sharesshares | |
Shares Outstanding, Beginning | shares | 930,000 |
Shares Outstanding, Forfeited | shares | (660,000) |
Shares Outstanding, Granted | shares | 525,000 |
Shares Outstanding, Exercised | shares | (25,000) |
Shares Outstanding, Ending | shares | 770,000 |
Weighted Average Exercise Price, Beginning | CAD / shares | CAD 2.05 |
Weighted Average Exercise Price, Forfeited | CAD / shares | 2.09 |
Weighted Average Exercise Price, Granted | CAD / shares | 0.37 |
Weighted Average Exercise Price, Exercised | CAD / shares | 0.31 |
Weighted Average Exercise Price, Ending | CAD / shares | CAD 0.92 |
Capital Stock - Schedule of Sto
Capital Stock - Schedule of Stock Options Outstanding and Exercisable (Details) | 9 Months Ended |
Dec. 31, 2016CAD / sharesshares | |
Shares outstanding | 930,000 |
Exercise Price One [Member] | |
Weighted average exercise price | CAD / shares | CAD 1.73 |
Shares outstanding | 185,000 |
Weighted Average Remaining Contractual Life (Years) | 2 years 11 months 12 days |
Options Exercisable | 185,000 |
Weighted Average Exercise Price | CAD / shares | CAD 1.73 |
Weighted Average Remaining Contractual Life (Years) | 2 years 11 months 12 days |
Exercise Price Two [Member] | |
Weighted average exercise price | CAD / shares | CAD 2.43 |
Shares outstanding | 85,000 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Options Exercisable | 85,000 |
Weighted Average Exercise Price | CAD / shares | CAD 2.43 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Exercise Price Three [Member] | |
Weighted average exercise price | CAD / shares | CAD 0.38 |
Shares outstanding | 425,000 |
Weighted Average Remaining Contractual Life (Years) | 4 years 9 months 22 days |
Options Exercisable | 134,583 |
Weighted Average Exercise Price | CAD / shares | CAD 0.38 |
Weighted Average Remaining Contractual Life (Years) | 4 years 9 months 22 days |
Exercise Price Four [Member] | |
Weighted average exercise price | CAD / shares | CAD 0.31 |
Shares outstanding | 75,000 |
Weighted Average Remaining Contractual Life (Years) | 4 years 10 months 24 days |
Options Exercisable | 75,000 |
Weighted Average Exercise Price | CAD / shares | CAD 0.31 |
Weighted Average Remaining Contractual Life (Years) | 4 years 10 months 24 days |
Exercise Price Five [Member] | |
Weighted average exercise price | CAD / shares | CAD 0.92 |
Shares outstanding | 770,000 |
Weighted Average Remaining Contractual Life (Years) | 4 years |
Options Exercisable | 479,583 |
Weighted Average Exercise Price | CAD / shares | CAD 1.25 |
Weighted Average Remaining Contractual Life (Years) | 3 years 11 months 16 days |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 9 Months Ended |
Dec. 31, 2016CAD | |
Income Tax Disclosure [Abstract] | |
Non-capital loss carry forwards | CAD 4,039,000 |
Loss carry forwards expire description | expire between 2029 and 2037 |
Commitments and Contingencies38
Commitments and Contingencies (Details Narrative) | Dec. 27, 2016shares | May 18, 2016USD ($)shares | Sep. 03, 2014USD ($)shares | Sep. 03, 2014CADshares | Apr. 23, 2014CAD | Dec. 02, 2013 | Dec. 29, 2016shares | Dec. 31, 2016CAD | Dec. 31, 2015CAD | Dec. 31, 2016CADshares | Dec. 31, 2015CAD | Mar. 31, 2016shares | Dec. 31, 2016$ / shares | Dec. 31, 2016CAD / shares | May 18, 2016CAD |
Operating lease term | 5 years | ||||||||||||||
Operating lease expiry date | Nov. 30, 2018 | ||||||||||||||
Payment for rent | CAD 1,390 | ||||||||||||||
Property taxes operating expenses | 810 | ||||||||||||||
Rental expenses | CAD 6,544 | CAD 6,500 | CAD 19,577 | CAD 19,499 | |||||||||||
Number of common stock shares issued for compensation | shares | 600,000 | ||||||||||||||
Number of warrants vested during the period | shares | 100,000 | 100,000 | |||||||||||||
Consulting Agreement [Member] | Agent [Member] | |||||||||||||||
Available for sale combination of equity and or debt | CAD 13,427,000 | ||||||||||||||
Agreement term | 1 year | ||||||||||||||
Number of restricted common shares | shares | 100,000 | ||||||||||||||
Percentage of placement fee equal to gross purchase price paid for equity | 8.00% | 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% | |||||||||||||
Employment Agreements [Member] | |||||||||||||||
Payment for commitments | CAD 427,000 | ||||||||||||||
Contingent payments | CAD 600,000 | ||||||||||||||
Connectus, Inc. [Member] | |||||||||||||||
Number of common stock shares issued for compensation | shares | 93,000 | ||||||||||||||
USD [Member] | Consulting Agreement [Member] | Agent [Member] | |||||||||||||||
Available for sale combination of equity and or debt | $ | $ 10,000,000 | ||||||||||||||
Warrants [Member] | |||||||||||||||
Number of warrants issued during the period | shares | 625,000 | ||||||||||||||
Number of warrants exercisable per share | CAD / shares | CAD 0.054 | ||||||||||||||
Warrants term | 3 years | ||||||||||||||
Number of warrants granted vested, shares | shares | 300,000 | 300,000 | |||||||||||||
Unvested portion vesting pro-rata raised in offering value | CAD 335,675 | ||||||||||||||
Vested offering costs | CAD 2,014,050 | ||||||||||||||
Warrants [Member] | Connectus, Inc. [Member] | |||||||||||||||
Number of warrants vested during the period | shares | 100,000 | ||||||||||||||
Warrants [Member] | USD [Member] | |||||||||||||||
Number of warrants exercisable per share | $ / shares | $ 0.04 | ||||||||||||||
Unvested portion vesting pro-rata raised in offering value | $ | $ 250,000 | ||||||||||||||
Vested offering costs | $ | $ 1,500,000 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Details) | Dec. 31, 2016CAD |
Commitments and Contingencies Disclosure [Abstract] | |
2017 (remaining) | CAD 8,947 |
2,018 | 26,399 |
2,019 | CAD 17,600 |
Commitments and Contingencies40
Commitments and Contingencies - Schedule of Employment Agreements (Details) | 9 Months Ended | |
Dec. 31, 2016CAD | ||
Scenario One [Member] | ||
Commitments | Cumulative Funds Raised (inclusive of all sources including without limitation capital raised, grants received, revenue recorded, debt raised, and assets sold): 100,000, Effective Monthly Salary: 10.0% | |
Cumulative fund raised | CAD 100,000 | [1] |
Percentage of effective monthly salary | 10.00% | |
Scenario Two [Member] | ||
Commitments | Cumulative Funds Raised (inclusive of all sources including without limitation capital raised, grants received, revenue recorded, debt raised, and assets sold): 175,000, Effective Monthly Salary: 15.0% | |
Cumulative fund raised | CAD 175,000 | [1] |
Percentage of effective monthly salary | 15.00% | |
Scenario Three [Member] | ||
Commitments | Cumulative Funds Raised (inclusive of all sources including without limitation capital raised, grants received, revenue recorded, debt raised, and assets sold): 250,000, Effective Monthly Salary: 25.0% | |
Cumulative fund raised | CAD 250,000 | [1] |
Percentage of effective monthly salary | 25.00% | |
Scenario Four [Member] | ||
Commitments | Cumulative Funds Raised (inclusive of all sources including without limitation capital raised, grants received, revenue recorded, debt raised, and assets sold): 375,000, Effective Monthly Salary: 37.50% | |
Cumulative fund raised | CAD 375,000 | [1] |
Percentage of effective monthly salary | 37.50% | |
Scenario Five [Member] | ||
Commitments | Cumulative Funds Raised (inclusive of all sources including without limitation capital raised, grants received, revenue recorded, debt raised, and assets sold): 500,000, Effective Monthly Salary: 50.0% | |
Cumulative fund raised | CAD 500,000 | [1] |
Percentage of effective monthly salary | 50.00% | |
Scenario Six [Member] | ||
Commitments | Cumulative Funds Raised (inclusive of all sources including without limitation capital raised, grants received, revenue recorded, debt raised, and assets sold): 750,000, Effective Monthly Salary: 62.50% | |
Cumulative fund raised | CAD 750,000 | [1] |
Percentage of effective monthly salary | 62.50% | |
Scenario Seven [Member] | ||
Commitments | Cumulative Funds Raised (inclusive of all sources including without limitation capital raised, grants received, revenue recorded, debt raised, and assets sold): 1,000,000, Effective Monthly Salary: 75.0% | |
Cumulative fund raised | CAD 1,000,000 | [1] |
Percentage of effective monthly salary | 75.00% | |
Scenario Eight [Member] | ||
Commitments | Cumulative Funds Raised (inclusive of all sources including without limitation capital raised, grants received, revenue recorded, debt raised, and assets sold): 1,250,000, Effective Monthly Salary: 87.50% | |
Cumulative fund raised | CAD 1,250,000 | [1] |
Percentage of effective monthly salary | 87.50% | |
Scenario Nine [Member] | ||
Commitments | Cumulative Funds Raised (inclusive of all sources including without limitation capital raised, grants received, revenue recorded, debt raised, and assets sold): 1,500,000, Effective Monthly Salary: 100.0% | |
Cumulative fund raised | CAD 1,500,000 | [1] |
Percentage of effective monthly salary | 100.00% | |
[1] | Cumulative funds raised is inclusive of all sources including without limitation capital raised, grants received, revenue recorded, debt raised, and assets sold. |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - CAD | Dec. 31, 2016 | Mar. 31, 2016 |
Amounts receivable from shareholder | CAD 18,395 | CAD 21,064 |
Two Directors [Member] | ||
Accounts payable and accrued liabilities | CAD 52,030 |
Financial Instruments (Details
Financial Instruments (Details Narrative) | 9 Months Ended | ||||
Dec. 31, 2016$ / shares | Dec. 31, 2016CADCAD / sharesshares | Mar. 31, 2016CAD | Dec. 31, 2015CAD | Mar. 31, 2015CAD | |
Cash | CAD 2,850 | CAD 173 | CAD 29,723 | CAD 3,084 | |
Current liabilities | 248,871 | 809,347 | |||
Warrant liability | 27,479 | ||||
Term loan | 50,956 | ||||
Convertible note | CAD 11,993 | ||||
Consulting Agreement [Member] | |||||
Warrants to purchase, shares | shares | 625,000 | ||||
Warrants exercise price | CAD / shares | CAD 0.054 | ||||
Consulting Agreement [Member] | USD [Member] | |||||
Warrants exercise price | $ / shares | $ 0.04 | ||||
Canadian Deposit Insurance Corporation [Member] | |||||
Cash deposits | CAD 100,000 | ||||
Maximum [Member] | |||||
Contractual maturities | 30 days |
Financial Instruments - Summary
Financial Instruments - Summary of Fair Value of Financial Liabilities (Details) | Dec. 31, 2016CAD |
Derivative liability - Warrants | |
Level 1 [Member] | |
Derivative liability - Warrants | |
Level 2 [Member] | |
Derivative liability - Warrants | |
Level 3 [Member] | |
Derivative liability - Warrants |
Financial Instruments - Summa44
Financial Instruments - Summary of Changes in the Fair Value of Level 3 Financial Liabilities (Details) - CAD | 9 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | ||
Balance at beginning of period | CAD 27,479 | CAD 364,878 |
Derivative instruments exercised | (43,521) | (509,054) |
Change in fair market value, recognized in operations as professional fees | 16,042 | 171,655 |
Balance at end of period | CAD 27,479 |
Financial Instruments - Estimat
Financial Instruments - Estimated Fair Value Assumptions (Details) - 9 months ended Dec. 31, 2016 | $ / sharesshares | CAD / shares |
Number of shares underlying the warrants | shares | 325,000 | |
Fair market value of the stock | CAD 0.78 | |
Exercise price | CAD 0.054 | |
Expected volatility | 265.00% | |
Risk-free interest rate | 0.74% | |
Expected dividend yield | 0.00% | |
Expected warrant life (years) | 1 year | |
USD [Member] | ||
Exercise price | $ / shares | $ 0.04 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) | Jan. 23, 2017shares | Jan. 17, 2017CAD | Jan. 10, 2017CADCAD / sharesshares | Jan. 09, 2017USD ($)shares | Jan. 09, 2017CADshares | Dec. 27, 2016shares | May 18, 2016USD ($)$ / shares | May 18, 2016CAD | Dec. 31, 2016CADshares | Dec. 31, 2015CAD | Jan. 17, 2017$ / shares | Jan. 17, 2017CAD / shares | May 18, 2016CAD / shares |
Number of stock options were exercised | CAD 7,750 | ||||||||||||
Warrants exercise | CAD 2,318 | CAD 9,505 | |||||||||||
Number of warrants vested during the period | shares | 100,000 | 100,000 | |||||||||||
Warrant [Member] | |||||||||||||
Number of stock options were exercised | |||||||||||||
Warrants exercise | CAD 2,318 | ||||||||||||
Warrants exercise price per share | CAD / shares | CAD 0.052 | ||||||||||||
Warrants term | 3 years | ||||||||||||
USD [Member] | Warrant [Member] | |||||||||||||
Warrants exercise | $ | $ 1,780 | ||||||||||||
Warrants exercise price per share | $ / shares | $ 0.04 | ||||||||||||
Subsequent Event [Member] | Connectus [Member] | Warrant [Member] | |||||||||||||
Number of warrants vested during the period | shares | 100,000 | ||||||||||||
Subsequent Event [Member] | Two Directors and Officers [Member] | |||||||||||||
Stock replacement during period, shares | shares | 250,000 | ||||||||||||
Subsequent Event [Member] | Addendum Agreement [Member] | |||||||||||||
Warrants exercise | CAD 900,000 | ||||||||||||
Warrants exercise price per share | CAD / shares | CAD 0.86 | ||||||||||||
Warrants term | 5 years | ||||||||||||
Subsequent Event [Member] | Addendum Agreement [Member] | USD [Member] | |||||||||||||
Warrants exercise price per share | $ / shares | $ 0.65 | ||||||||||||
Subsequent Event [Member] | Investor Relations Firm [Member] | Contract [Member] | |||||||||||||
Cash payment of contract | CAD 13,427 | ||||||||||||
Number of restricted shares issued | shares | 50,000 | 50,000 | |||||||||||
Subsequent Event [Member] | Investor Relations Firm [Member] | Contract [Member] | USD [Member] | |||||||||||||
Cash payment of contract | $ | $ 10,000 | ||||||||||||
Subsequent Event [Member] | Consultant [Member] | |||||||||||||
Number of stock options were exercised | CAD 75,000 | ||||||||||||
Stock options exercised price per share | CAD / shares | CAD 0.31 | ||||||||||||
Proceeds from stock options exercised | CAD 23,250 |