General form of registration statement for all companies including face-amount certificate companies

WARRANTS (Tables)

v3.6.0.2
WARRANTS (Tables)
3 Months Ended 9 Months Ended
Mar. 31, 2016
Dec. 31, 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
 
Weighted-Average
Exercise Price ($)
 
Outstanding and exercisable, December 31, 2014
 
 
-
 
 
-
 
Issued
 
 
10,823,450
 
 
1.35
 
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
 
Issued
 
 
18,049,075
 
 
1.35
 
Exercised
 
 
(148,787)
 
 
(0.80)
 
Outstanding and exercisable, March 31, 2016
 
 
17,900,288
 
 
1.35
 
The following is a continuity schedule of the Company’s common share purchase warrants:
 
 
 
Number of
 
Average
 
 
 
Warrants
 
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, December 31, 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 March 31, 2016:
 
Exercise
Price ($)
 
 
 
Number of 
Warrants
 
Expiry Date
 
 
1.40
 
Note 8(vi)
 
 
7,735,750
 
February 26, 2019
 
 
0.80
 
Note 8(vi)
 
 
773,575
 
February 26, 2019
 
 
1.40
 
Note 8(viii)
 
 
1,212,500
 
March 27, 2019
 
 
0.80
 
Note 8(viii)
 
 
121,250
 
February 26, 2019
 
 
1.40
 
Note 8(ix)
 
 
891,250
 
March 31, 2019
 
 
0.80
 
Note 8(ix)
 
 
89,125
 
February 26, 2019
 
 
1.40
 
Note 8(x)
 
 
3,115,000
 
April 21, 2019
 
 
0.80
 
Note 8(x)
 
 
311,500
 
February 26, 2019
 
 
1.40
 
Note 8(xi)
 
 
1,418,750
 
May 27, 2019
 
 
0.80
 
Note 8(xi)
 
 
141,875
 
February 26, 2019
 
 
1.40
 
Note 8(xii)
 
 
2,035,000
 
June 30, 2019
 
 
0.80
 
Note 8(xii)
 
 
54,713
 
February 26, 2019
 
 
 
 
 
 
 
17,900,288
 
 
 
The following is a summary of common share purchase warrants outstanding as of December 31, 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 March 31, 2016:
 
 
 
 
 
Number
of
Warrants
 
Value ($)
 
 
 
 
 
 
 
 
 
 
 
Warrants issued in February 26, 2015 financing
 
Note 8(vi)
 
 
8,509,325
 
 
550,374
 
Warrants issued in March 27, 2015 financing
 
Note 8(viii)
 
 
1,333,750
 
 
1,036,325
 
Warrants issued in March 31, 2015 financing
 
Note 8(ix)
 
 
980,375
 
 
759,290
 
Change in fair value of warrant derivative liability
 
 
 
 
 
 
 
6,036,659
 
Balance at March 31, 2015
 
 
 
 
 
 
 
8,382,648
 
Warrants issued in April 21, 2015 financing
 
Note 8(x)
 
 
3,426,500
 
 
2,588,722
 
Warrants issued in May 27, 2015 financing
 
Note 8(xi)
 
 
1,560,625
 
 
1,025,173
 
Warrants issued in June 30, 2015 financing
 
Note 8(xii)
 
 
2,238,500
 
 
1,490,969
 
Change in fair value of warrant derivative liability
 
 
 
 
 
 
 
(7,419,643)
 
Balance at December 31, 2015
 
 
 
 
 
 
 
6,067,869
 
Fair value of warrants exercised
 
 
 
 
 
 
 
(60,966)
 
Change in fair value of warrant derivative liability
 
 
 
 
 
 
 
(870,913)
 
Balance at March 31, 2016
 
 
 
 
 
 
 
5,135,990
 
The following summarizes the changes in the value of the warrant derivative liability from inception until December 31, 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
 
 
-
 
 
(2,510,388)
 
Fair value of warrants exercised
 
 
(262,045)
 
 
(43,562)
 
Balance at December 31, 2016
 
 
17,638,243
 
 
2,582,040
 
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 March 31, 2016 and 2015 and December 31, 2015 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 Period End:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2015
 
 
16,408,250
 
 
3.16
 
 
1.4
 
 
0.65
%
 
0
%
 
53.58
%
 
5,315,536
 
December 31, 2015
 
 
1,640,825
 
 
3.16
 
 
0.8
 
 
0.65
%
 
0
%
 
53.58
%
 
752,333
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At Period End:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2015
 
 
9,839,500
 
 
3.91
 
 
1.4
 
 
0.41
%
 
0
%
 
52.45
%
 
7,690,340
 
March 31, 2015
 
 
983,950
 
 
3.91
 
 
0.8
 
 
0.41
%
 
0
%
 
52.45
%
 
692,308
 
The key inputs and assumptions used in the simulation model at inception and at December 31, 3016 and March 31, 2016 are as follows:
 
 
 
 
 
Expected
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of
 
life in
 
Exercise Price
 
Risk free
 
Dividend
 
Expected
 
Fair
 
Grant date
 
Warrants
 
years
 
($)
 
rate
 
Rate
 
Volatility
 
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:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2016
 
 
16,408,250
 
 
2.50
 
 
1.4
 
 
0.84
%
 
0
%
 
69.68
%
 
2,314,826
 
December 31, 2016
 
 
1,229,993
 
 
2.50
 
 
0.8
 
 
0.84
%
 
0
%
 
69.68
%
 
267,214