Quarterly report pursuant to Section 13 or 15(d)

WARRANTS (Tables)

v3.5.0.2
WARRANTS (Tables)
6 Months Ended
Sep. 30, 2016
Warrants and Rights Note Disclosure [Abstract]  
Schedule Of Share Based Compensation Stock Purchase Warrants Activity [Table Text Block]
The following is a continuity schedule of the Company’s common share purchase warrants:
 
 
 
Number of
Warrants
 
Average
Exercise Price ($)
 
Outstanding and exercisable, March 31, 2015
 
 
10,823,450
 
 
1.35
 
Issued
 
 
7,225,625
 
 
1.35
 
Outstanding and exercisable, December 31, 2015
 
 
18,049,075
 
 
1.35
 
Exercised
 
 
(148,787)
 
 
(0.80)
 
Outstanding and exercisable, March 31, 2016
 
 
17,900,288
 
 
1.35
 
Exercised
 
 
(262,045)
 
 
(0.80)
 
Outstanding and exercisable, September 30, 2016
 
 
17,638,243
 
 
1.36
 
Schedule of Common Share Purchase Warrants Outstanding [Table Text Block]
The following is a summary of common share purchase warrants outstanding as of September 30, 2016:
 
Exercise
Price ($)
 
 
 
Number of
Warrants
 
 
 
 
1.40
 
 
 
 
7,735,750
 
February 26, 2019
 
 
1.40
 
 
 
 
1,212,500
 
March 27, 2019
 
 
1.40
 
 
 
 
891,250
 
March 31, 2019
 
 
1.40
 
Note 9(i)
 
 
3,115,000
 
April 21, 2019
 
 
1.40
 
Note 9 (ii)
 
 
1,418,750
 
May 27, 2019
 
 
1.40
 
Note 9(iii)
 
 
2,035,000
 
June 30, 2019
 
 
0.80
 
Note 9 (i) to (iii)
 
 
1,229,993
 
February 26, 2019
 
 
 
 
 
 
 
17,638,243
 
 
 
Schedule Of Warrant derivative liability [Table Text Block]
The following summarizes the changes in the value of the warrant derivative liability from inception until September 30, 2016:
 
 
 
Number of Warrants
 
Value ($)
 
 
 
 
 
 
 
 
 
Balance at March 31, 2015
 
 
10,823,450
 
 
8,382,648
 
Warrants issued in April 21, 2015 financing
 
 
3,426,500
 
 
2,588,722
 
Warrants issued in May 27, 2015 financing
 
 
1,560,625
 
 
1,025,173
 
Warrants issued in June 30, 2015 financing
 
 
2,238,500
 
 
1,490,969
 
Change in fair value of warrant derivative liability
 
 
-
 
 
(7,419,643)
 
Balance at December 31, 2015
 
 
18,049,075
 
 
6,067,869
 
Fair value of warrants exercised
 
 
(148,787)
 
 
(60,966)
 
Change in fair value of warrant derivative liability
 
 
-
 
 
(870,913)
 
Balance at March 31, 2016
 
 
17,900,288
 
 
5,135,990
 
Change in fair value of warrant derivative liability
 
 
-
 
 
(1,739,047)
 
Fair value of warrants exercised
 
 
(262,045)
 
 
(43,562)
 
Balance at September 30, 2016
 
 
17,638,243
 
 
3,353,381
 
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]
The key inputs and assumptions used in the simulation model at inception and at September 30, 3016 and March 31, 2016 are as follows:
 
Grant date
 
Number of
Warrants
 
Expected
life in
years
 
Exercise Price
($)
 
Risk free
rate
 
Dividend
rate
 
Expected
volatility
 
Fair
value ($)
 
At Inception:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
February 26, 2015
 
 
7,735,750
 
 
4
 
 
1.4
 
 
0.44
%
 
0
%
 
51.83
%
 
464,784
 
February 26, 2015
 
 
773,575
 
 
4
 
 
0.8
 
 
0.44
%
 
0
%
 
51.83
%
 
85,590
 
March 27, 2015
 
 
1,212,500
 
 
3.92
 
 
1.4
 
 
0.43
%
 
0
%
 
52.37
%
 
950,913
 
March 27, 2015
 
 
121,250
 
 
3.92
 
 
0.8
 
 
0.43
%
 
0
%
 
52.37
%
 
85,412
 
March 31, 2015
 
 
891,250
 
 
3.91
 
 
1.4
 
 
0.41
%
 
0
%
 
52.45
%
 
696,582
 
March 31, 2015
 
 
89,125
 
 
3.91
 
 
0.8
 
 
0.41
%
 
0
%
 
52.45
%
 
62,708
 
April 21, 2015
 
 
3,115,000
 
 
3.85
 
 
1.4
 
 
0.68
%
 
0
%
 
51.54
%
 
2,371,956
 
April 21, 2015
 
 
311,500
 
 
3.85
 
 
0.8
 
 
0.68
%
 
0
%
 
51.54
%
 
216,766
 
May 27, 2015
 
 
1,418,750
 
 
3.76
 
 
1.4
 
 
0.46
%
 
0
%
 
51.74
%
 
933,065
 
May 27, 2015
 
 
141,875
 
 
3.76
 
 
0.8
 
 
0.46
%
 
0
%
 
51.74
%
 
92,108
 
June 30, 2015
 
 
2,035,000
 
 
3.66
 
 
1.4
 
 
0.37
%
 
0
%
 
52.94
%
 
1,356,512
 
June 30, 2015
 
 
203,500
 
 
3.66
 
 
0.8
 
 
0.37
%
 
0
%
 
52.94
%
 
134,457
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At year end March 31, 2016:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2016
 
 
16,408,250
 
 
2.91
 
 
1.4
 
 
0.21
%
 
0
%
 
62.96
%
 
4,585,539
 
March 31, 2016
 
 
1,492,038
 
 
2.91
 
 
0.8
 
 
0.21
%
 
0
%
 
62.96
%
 
550,451
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At Period End:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2016
 
 
16,408,250
 
 
2.50
 
 
1.4
 
 
0.84
%
 
0
%
 
69.68
%
 
3,008,245
 
September 30, 2016
 
 
1,229,993
 
 
2.50
 
 
0.8
 
 
0.84
%
 
0
%
 
69.68
%
 
345,136