Quarterly report pursuant to Section 13 or 15(d)

CURRENT PERIOD RESTATEMENT

v3.3.1.900
CURRENT PERIOD RESTATEMENT
9 Months Ended
Sep. 30, 2015
Accounting Changes and Error Corrections [Abstract]  
Accounting Changes [Text Block]
3.
CURRENT PERIOD RESTATEMENT
 
During the year-end audit of the Company’s December 31, 2015 consolidated financial statements it was determined that the warrants issued and outstanding during the period contained price protection provisions that allow for a reduction in the exercise price of the warrants in the event the Company subsequently issues common stock or options, rights, warrants or securities convertible or exchangeable for shares of common stock at a price lower than the exercise price of the warrants. The price protection provision results in the warrants being recorded as a warrant derivative liability. As such, the condensed consolidated interim financial statements have been restated to give effect to the liability treatment of the warrants issued and outstanding during the period.
 
The following tables summarize the corrections on each of the affected line items presented in these condensed consolidated interim financial statements:
 
Changes to the condensed consolidated interim balance sheet as at September 30, 2015:
 
 
 
As previously
 
 
 
 
 
 
 
reported
 
 
 
Restated
 
 
 
September
 
Restatement
 
September
 
 
 
30, 2015
 
Adjustment
 
30, 2015
 
 
 
$
 
$
 
$
 
Warrant derivative liability
 
 
-
 
 
8,525,647
 
 
8,525,647
 
Total liabilities
 
 
249,628
 
 
8,525,647
 
 
8,775,275
 
 
 
 
 
 
 
 
 
 
 
 
Additional paid-in capital
 
 
17,951,101
 
 
(6,551,993)
 
 
11,399,108
 
Deficit
 
 
(9,886,971)
 
 
(1,973,654)
 
 
(11,860,625)
 
Total Shareholders’ Equity (Deficiency)
 
 
8,178,687
 
 
(8,525,647)
 
 
(346,960)
 
 
Changes to the condensed consolidated interim statements of operations and comprehensive loss for the three month period ended:
 
 
 
As previously
 
 
 
 
 
 
 
reported
 
 
 
Restated
 
 
 
September 30,
 
Restatement
 
September
 
 
 
2015
 
Adjustment
 
30, 2015
 
 
 
$
 
$
 
$
 
Change in fair value of warrant derivative liability
 
 
-
 
 
(3,496,070)
 
 
(3,496,070)
 
 
 
 
 
 
 
 
 
 
 
 
Net Income (loss) and comprehensive income (loss) for the period
 
 
(1,177,312)
 
 
3,496,070
 
 
2,318,758
 
 
 
 
 
 
 
 
 
 
 
 
Income (Loss) per share – basic
 
 
(0.02)
 
 
0.05
 
 
0.03
 
Income (Loss) per share – diluted
 
 
(0.02)
 
 
0.00
 
 
(0.02)
 
 
Changes to the condensed consolidated interim statements of operations and comprehensive loss for the nine month period ended:
 
 
 
As previously
 
 
 
 
 
 
 
reported
 
 
 
Restated
 
 
 
September 30,
 
Restatement
 
September 30,
 
 
 
2015
 
Adjustment
 
2015
 
 
 
$
 
$
 
$
 
Change in fair value of warrant derivative liability
 
 
-
 
 
1,973,654
 
 
1,973,654
 
 
 
 
 
 
 
 
 
 
 
 
Net Income (loss) and comprehensive income (loss) for the period
 
 
(4,808,190)
 
 
(1,973,654)
 
 
(6,781,844)
 
 
 
 
 
 
 
 
 
 
 
 
Income (Loss) per share – basic
 
 
(0.07)
 
 
(0.03)
 
 
(0.10)
 
Income (Loss) per share – diluted
 
 
(0.07)
 
 
(0.03)
 
 
(0.10)
 
 
Changes to the condensed consolidated interim statements cash flows:
 
 
 
As previously
 
 
 
 
 
 
 
reported
 
 
 
Restated
 
 
 
September 30,
 
Restatement
 
September 30,
 
 
 
2015
 
Adjustment
 
2015
 
 
 
$
 
$
 
$
 
Net loss for the period
 
 
(4,832,989)
 
 
(1,973,654)
 
 
(6,806,643)
 
 
 
 
 
 
 
 
 
 
 
 
Change in fair value of warrant derivative liability
 
 
-
 
 
1,973,654
 
 
1,973,654