| Disclosure of significant accounting policies [text block] | 3. Significant accounting policies (a) Basis of consolidation: The consolidated financial statements include the accounts of the Company its 80% 100% (b) Presentation and functional currency: Effective January 1, 2017, January 1, 2017. Effective December 31, 2017, 21, 21” $4,298 December 31, 2016. The following table presents the recasting of the statements of financial position from Canadian dollars to US dollars. Consolidated Statements of Financial Position December 31, 2016 January 1, 2016 Canadian US Canadian US Assets Current assets: Cash and cash equivalents $ 10,662 $ 7,940 $ 11,503 $ 8,311 Investments - - 8,245 5,957 Prepaid expenses and other assets 663 493 1,067 771 Total current assets 11,325 8,433 20,815 15,039 Non-current assets: Equipment and intangibles 285 213 434 314 Total non-current assets 285 434 314 Total assets $ 11,610 8,646 $ 21,249 $ 15,353 Liabilities and Shareholder’s Equity Current liabilities: Accounts payable and accrued liabilities $ 1,770 $ 1,318 $ 2,356 $ 1,702 Total current liabilities 1,770 1,318 2,356 1,702 Shareholders’ equity: Share capital : Common shares 230,976 218,034 223,425 212,308 Stock options 8,133 7,306 6,256 5,740 Contributed surplus 22,267 21,413 22,037 21,188 Warrants - - 84 85 Accumulated other comprehensive income - (4,298 ) - (4,783 ) Deficit (251,536 ) (235,127 ) (232,909 ) (220,887 ) Total shareholders’ equity 9,840 7,328 18,893 13,651 Total liabilities and shareholders’ equity $ 11,610 $ 8,646 $ 21,249 $ 15,353 The following table presents the recasting of the consolidated statements of loss and comprehensive loss from Canadian dollars to US dollars for the years ended December 31, 2016 2015: Consolidated Statements of Loss and Comprehensive Loss Year ended Year ended Canadian US Canadian US Revenue $ - $ - - $ - Expenses: Research and development 10,322 7,834 6,254 4,865 General and administrative 8,344 6,439 9,845 7,992 18,666 14,273 16,099 12,857 Finance expense 66 46 43 34 Finance income (105 ) (79 ) (1,516 ) (1,180 ) Net finance (income) expense (39 ) (33 ) (1,473 ) (1,146 ) Net loss for the year $ (18,627 ) (14,240 ) (14,626 ) $ (11,711 ) Other comprehensive loss Items that may subsequently be reclassified to earnings Foreign currency translation gain (loss) - 485 - (3,519 ) Comprehensive loss for the year $ (18,627 ) $ (13,755 ) (14,626 ) $ (15,230 ) Basic and diluted loss per common share $ (1.46 ) (1.12 ) (1.23 ) $ (0.98 ) (c) Derecognition of financial assets and liabilities: A financial asset is derecognized when the right to receive cash flows from the asset have expired or when the Company has transferred its rights to receive cash flows from the asset. A financial liability is derecognized when its contractual obligations are discharged, cancelled or expire. (d) Financial assets and liabilities: Financial assets within the scope of IAS 39, Financial Instruments - Recognition and Measurement 39” not The Company’s financial instruments are comprised of the following: Financial Assets Classification Measurement Cash and cash equivalents Loans and receivables Amortized cost Investments Loans and receivables Amortized cost Financial Liabilities Classification Measurement Accounts payable, accrued liabilities Other liabilities Amortized cost The Company considers unrestricted cash on hand and guaranteed investment certificates held by Canadian Schedule A banks with original maturities of three Fair value: Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy establishes three · Level 1 · Level 2 not · Level 3 no 1 3 (e) Property and equipment: Property and equipment is measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. The Company records depreciation at rates that charge operations with the cost of the assets over their estimated useful lives on a straight-line basis as follows: Office furniture (years) 3 Laboratory equipment (years) 5 Computer hardware (years) 3 Computer software Estimated Leasehold improvements Life of lease The assets’ residual value, useful life and methods of depreciation are reviewed at each reporting period and adjusted prospectively if appropriate. (f) Research and development: Expenditures on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in profit or loss as incurred. Development activities involve a plan or design for the production of new or substantially improved products or processes. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development and to use or sell the asset. The expenditures capitalized would include the cost of materials, direct labour, overhead costs that are directly attributable to preparing the asset for its intended use, and borrowing costs on qualifying assets. Other development expenditures which do not Capitalized development costs are recognized at cost less accumulated amortization and accumulated impairment losses. The Company has not (g) Employee benefits: (i) Short-term employee benefits: Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid in short-term cash bonuses if the Company expects to pay these amounts as approved by the Board of Directors as a result of past services provided by the employee and the obligation can be estimated reliably. (ii) Stock-based compensation: The Company has a stock-based compensation plan (the “Plan”) available to officers, directors, employees and consultants with grants under the Plan approved by the Company’s Board of Directors. Under the Plan, the exercise price of each option equals the closing trading price of the Company’s stock on the day prior to the grant if the grant is made during the trading day or the closing trading price on the day of grant if the grant is issued after markets have closed. Vesting is provided for at the discretion of the Board of Directors and the expiration of options is to be no 10 The Company uses the fair value based method of accounting for employee awards granted under the Plan. The Company calculates the fair value of each stock option grant using the Black-Scholes option pricing model at the grant date. The stock-based compensation cost of the options is recognized as stock-based compensation expense over the relevant vesting period of the stock options using an estimate of the number of options that will eventually vest. Stock options awarded to non-employees are accounted for at the fair value of the goods received or the services rendered. The fair value is measured at the date the Company obtains the goods or the date the counterparty renders the service. If the fair value of the goods or services cannot be reliably measured, the fair value of the options granted will be used. The Company has a stock incentive plan pursuant to which the Board may (h) Loss per share: Basic loss per share is computed by dividing the net loss available to common shareholders by the weighted average number of shares outstanding during the year. Diluted loss per share is computed similarly to basic loss per share except that the weighted average shares outstanding is increased to include additional shares for the assumed exercise of stock options and warrants, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options and warrants were exercised and that the proceeds from such exercises were used to acquire common stock at the average market price during the year. The inclusion of the Company’s stock options and warrants in the computation of diluted loss per share has an anti-dilutive effect on the loss per share and, therefore, they have been excluded from the calculation of diluted loss per share. (i) Income taxes: Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. (j) Provisions: A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as a finance cost. (k) Finance income and finance costs: Finance income comprises interest income on funds invested. Interest income is recognized as it accrues in profit or loss using the effective interest method. Finance costs comprise interest expense on borrowings and are recognized in profit or loss using the effective interest method. (l) New amendments adopted during 2017: Recognition of Deferred Tax Assets for Unrealized Losses (Amendments to IAS 12 On January 19, 2016 Recognition of Deferred Tax Assets for Unrealized Losses 12 January 1, 2017. not (m) Recent accounting pronouncements: (i) IFRS 9, Financial Instruments 9” IFRS 9 2014 9 2014 9 2014 9 2014 January 1, 2018. 9 not (ii) IFRS 16, Leases 16” On January 13, 2016, 16. January 1, 2019. 15 Revenue from Contracts with Customers 16. 16 17 Leases 12 not |
