Transition report pursuant to Rule 13a-10 or 15d-10

PREPAID EXPENSES AND OTHER RECEIVABLES

v2.4.1.9
PREPAID EXPENSES AND OTHER RECEIVABLES
9 Months Ended
Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepaid Expense And Other Receivables [Text Block]
3.
PREPAID EXPENSES AND OTHER RECEIVABLES
 
 
 
December 31,
 
March 31,
 
 
 
2014
 
2014
 
 
 
$
 
$
 
Prepaid expenses and sundry receivables
 
 
18,172
 
 
11,700
 
Prepaid insurance
 
 
40,630
 
 
-
 
IRAP Grant receivable (i)
 
 
-
 
 
63,300
 
Investment tax credit receivable (ii)
 
 
-
 
 
408,506
 
Sales taxes receivable (iii)
 
 
22,328
 
 
22,281
 
 
 
 
81,130
 
 
505,787
 
 
i)
Industrial Research Assistance Program (“IRAP”) grant receivable is the value of claim receivable from the Government of Canada for recovery of eligible expenditures. The grant proceeds are recognized as ‘Other Income’ in the statements of operations and comprehensive loss, when received.
 
ii)
Investment tax credit receivable is the estimated Scientific Research and Experimental Development (“SR&ED”) claim receivable from the Government of Canada for input tax credits that are granted on qualifying SR&ED expenditures. The recovery, which was received in November 2014, is recognized as ‘Other Income’ in the statements of operations and comprehensive loss.
 
iii)
Sales tax receivable represents net harmonized sales taxes (HST) input tax credits receivable from the Government of Canada.