Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
9 Months Ended 12 Months Ended
Dec. 31, 2014
Dec. 31, 2015
Operating activities    
Net loss for the year/period $ (2,464,747) $ (5,593,906)
Adjustment for items not affecting cash    
Depreciation of equipment 34,036 59,479
Imputed interest 27,677 0
Interest income 0 (7,459)
Share compensation expense 112,573 1,709,230
Shares to be issued for services 0 98,900
Change in fair value of warrant derivative liability 0 (484,124)
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities (2,290,461) (4,217,880)
Changes in non-cash working capital items    
Prepaid expenses and other receivables 420,709 (107,087)
Due from related parties 0 6,432
Accounts payable 195,427 (174,229)
Accrued liabilities 34,847 (97,623)
Net cash used in operating activities (1,639,478) (4,590,387)
Investing activities    
Acquisition of equipment (109,316) (80,195)
Provision of a loan receivable 0 (300,000)
Net cash used in investing activities (109,316) (380,195)
Financing activities    
Proceeds from issuance of shares, net of issue costs 2,604,453 11,341,397
Repayment of proceeds from loans payable (733,293) 0
Proceeds from exercise of stock options 228,875 0
Repayment of loans from related parties (111,357) 0
Net cash provided by financing activities 1,988,678 11,341,397
Effects of foreign currency exchange rate changes (33,433) 36,334
Net increase in cash and cash equivalents for the period 206,451 6,407,149
Cash and cash equivalents, beginning of period 3,482 209,933
Cash and cash equivalents, end of period 209,933 6,617,082
Supplemental information:    
Issuance of shares on conversion of loans $ 239,746 $ 500,000