Condensed Consolidated Interim Statements of Cash Flows - USD ($) |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Mar. 31, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Mar. 31, 2015 |
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Operating activities | |||||||
Net (loss) income for the period | $ (1,004,092) | $ (2,404,644) | $ 2,040,240 | $ (2,464,747) | $ 1,036,148 | $ (5,593,906) | $ (10,098,893) |
Adjustment for items not affecting cash | |||||||
Depreciation | 14,387 | 57,781 | 53,357 | 34,036 | 63,454 | 59,479 | 44,448 |
Imputed interest | 0 | 27,677 | 0 | 0 | 27,677 | ||
Interest expense | (4,701) | 23,839 | 0 | 0 | 7,697 | (7,459) | 179 |
Share- based compensation expense | 158,244 | 592,130 | 1,337,573 | 112,573 | 1,495,837 | 1,709,230 | 273,887 |
Shares issued for services | 70,800 | 59,500 | 98,900 | 0 | 169,700 | 0 | 210,323 |
Shares to be issued for services | 0 | 0 | 0 | 98,900 | 0 | ||
Change in fair value of warrant derivative liability | (870,913) | (2,510,388) | (6,871,597) | 0 | (7,742,555) | (484,124) | 6,387,473 |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | (1,636,275) | (4,181,782) | (3,341,527) | (2,290,461) | (4,969,719) | (4,217,880) | (3,154,906) |
Changes in non-cash working capital items | |||||||
Accounts receivable | (247,359) | 0 | |||||
Prepaid expenses and other receivables | (43,516) | 95,562 | (29,798) | 420,709 | (73,314) | (107,087) | 337,451 |
Due from related parties | (2,891) | 532 | 2,926 | 0 | 35 | 6,432 | 0 |
Inventories | (120,894) | (74,069) | |||||
Accounts payable | 186,153 | (718,270) | (275,106) | 195,427 | 112,129 | (174,229) | 123,654 |
Accrued liabilities | 458,139 | (492,047) | 0 | 34,847 | 183,033 | (97,623) | 228,840 |
Customer deposits | 28,000 | 0 | |||||
Lease payable | (2,303) | 0 | |||||
Deferred revenue | 97,615 | 0 | |||||
Net cash used in operating activities | (1,038,390) | (5,540,946) | (3,717,574) | (1,639,478) | (4,747,836) | (4,590,387) | (2,464,961) |
Investing activities | |||||||
Acquisition of equipment | (3,032) | (9,827) | (39,811) | (109,316) | (42,863) | (80,195) | (148,136) |
Advances | (125,153) | 0 | (125,153) | 0 | 0 | ||
Provision of a loan receivable | (68,750) | 0 | (307,459) | 0 | (379,908) | (300,000) | 0 |
Net cash used in investing activities | (196,935) | (9,827) | (347,270) | (109,316) | (547,924) | (380,195) | (148,136) |
Financing activity | |||||||
Proceeds from issuance of shares, net of issue costs | 0 | 0 | 4,556,818 | 2,604,453 | 4,552,409 | 11,341,397 | 9,393,441 |
Repayment of proceeds from loans payable | 0 | (733,293) | 0 | 0 | (733,293) | ||
Proceeds from the exercise of options | 0 | 228,875 | 0 | 0 | 228,875 | ||
Repayment of loans from related parties | 0 | (111,357) | 0 | 0 | (111,357) | ||
Provision of convertible loans | 483,333 | 0 | |||||
Cash acquired on acquisition | 266,635 | 0 | |||||
Net cash provided by financing activity | 0 | 749,968 | 4,556,818 | 1,988,678 | 4,552,409 | 11,341,397 | 8,777,666 |
Effects of foreign currency exchange rate changes on cash and cash equivalents | 0 | (33,433) | 0 | 36,334 | (42,943) | ||
Net (decrease) increase in cash and cash equivalents for the period | (1,235,325) | (4,800,805) | 491,974 | 206,451 | (743,351) | 6,407,149 | 6,121,626 |
Cash and cash equivalents, beginning of period | 6,617,082 | 5,381,757 | 6,125,108 | 3,482 | 6,125,108 | 209,933 | 3,482 |
Cash and cash equivalents, end of period | 5,381,757 | 580,952 | $ 6,617,082 | 209,933 | 5,381,757 | 6,617,082 | 6,125,108 |
Supplemental information: | |||||||
Issuance of shares on conversion of loans | $ 0 | $ 239,746 | $ 0 | $ 500,000 | $ 500,000 | ||
Assets acquired and liabilities assumed: | |||||||
Current assets, including cash acquired of $266,635 | 478,843 | ||||||
Equipment | 59,749 | ||||||
Intangible assets and goodwill | 27,888,979 | ||||||
Accounts payable | (241,299) | ||||||
Accrued liabilities | (361,029) | ||||||
Customer deposits | (86,487) | ||||||
Demand notes payable | (324,894) | ||||||
Promissory notes payable | (217,808) | ||||||
Bionik advance | (1,436,164) | ||||||
Non-cash consideration | $ 25,759,890 |
X | ||||||||||
- Definition It represents the amount of interest that is considered to be paid for tax purposes during the period. No definition available.
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X | ||||||||||
- Definition The increase (decrease) during the reporting period in the amount due to lessee arising from lease agreements. No definition available.
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- Definition The amount of advances that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition. No definition available.
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X | ||||||||||
- Definition The amount of current assets that an Entity acquires in a noncash (or part noncash) acquisition. No definition available.
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X | ||||||||||
- Definition The amount of customer deposits that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition. No definition available.
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X | ||||||||||
- Definition The amount of Demand Notes Payable that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition. No definition available.
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X | ||||||||||
- Definition The amount of Promissory Notes Payable that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition. No definition available.
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X | ||||||||||
- Definition Shares to be issued for services No definition available.
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- Definition The aggregate amount of adjustments to net income or loss necessary to remove the effects of all items whose cash effects are investing or financing cash flows. The aggregate amount also includes all noncash expenses and income items which reduce or increase net income and are thus added back or deducted when calculating cash provided by or used in operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition The cash inflow associated with the acquisition of business during the period (for example, cash that was held by the acquired business). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The value of the stock converted in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Amount of increase (decrease) from the effect of exchange rate changes on cash and cash equivalent balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Aggregate net gain (loss) on all derivative instruments recognized in earnings during the period, before tax effects. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The increase (decrease) during the period in the amount of customer money held in customer accounts, including security deposits, collateral for a current or future transactions, initial payment of the cost of acquisition or for the right to enter into a contract or agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The increase (decrease) during the reporting period in receivables to be collected from other entities that could exert significant influence over the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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X | ||||||||||
- Definition Amount of increase (decrease) of consideration paid in advance for other costs that provide economic benefits in future periods. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The net amount of operating interest income (expense). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Fair value of share-based compensation granted to nonemployees as payment for services rendered or acknowledged claims. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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X | ||||||||||
- Definition Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The amount of fixed assets that an Entity acquires in a noncash (or part noncash) acquisition. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The amount of intangibles that an Entity acquires in a noncash (or part noncash) acquisition. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The net book value of a nonmonetary asset transferred or exchanged in connection with the acquisition of a business or asset in a noncash transaction. Noncash is defined as transactions during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Nonmonetary assets and liabilities are assets and liabilities that will not result in cash receipts or cash payments in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition Amount of liabilities, classified as other, assumed in acquiring a business or in consideration for an asset received in a noncash or part noncash acquisition. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The amount of payables that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition. Noncash is defined as transactions during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The net amount paid or received by the reporting entity associated with purchase (sale or collection) of loans receivable arising from the financing of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The cash outflow for acquisition of machinery and equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Amount of cash outflow from the purchase of receivables classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Amount of cash inflow (outflow) from financing activities classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Amount of cash inflow (outflow) from long-term debt supported by a written promise to pay an obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash outflow for the payment of a long-term borrowing made from a related party where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth. Alternate caption: Payments for Advances from Affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The noncash expense that accounts for the value of stock or unit options distributed to employees as compensation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- References No definition available.
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