Quarterly report pursuant to Section 13 or 15(d)

ACQUISITION (Details)

v3.6.0.2
ACQUISITION (Details)
1 Months Ended
Apr. 21, 2016
USD ($)
Consideration Paid:  
Fair value of 23,650,000 common shares $ 23,177,000 [1]
Fair value of vested stock options 2,582,890 [2]
Total Consideration Paid 25,759,890
Allocation of purchase price:  
Cash and cash equivalents 266,635
Accounts receivable 6,490
Inventories 188,879
Prepaid expenses and other current assets 16,839
Equipment 59,749
Liabilities assumed:  
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)
Net assets acquired (2,129,089)
Intangible assets and goodwill 27,888,979
Total Allocation of purchase price $ 25,759,890
[1] The fair value of common shares is based on $0.98 the closing market price of the Company’s common stock on April 21, 2016.
[2] The fair value of the vested stock options was determined using the Black-Scholes option pricing model with the following key assumptions: a risk free rate of 1.59%, dividend and forfeiture rates of 0% and expected volatility of 114% which is consistent with the Company’s assumptions (Note 10).