Schedule of Business Acquisitions, by Acquisition [Table Text Block] |
The following sets forth the preliminary purchase price allocation based on management’s best estimates of fair value, including a summary of major classes of consideration transferred and the recognized amounts of assets acquired and liabilities assumed at the acquisition date. | | As at | | | | April 21, 2016 | | | | $ | | Fair value of 23,650,000 common shares (a) | | | 23,177,000 | | Fair value of vested stock options (b) | | | 2,582,890 | | | | | 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 | | | | | 25,759,890 | |
| (a) | 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. | | (b) | 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). |
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Business Acquisition, Pro Forma Information [Table Text Block] |
The amount of IMT’s revenue and net loss and comprehensive loss included in the Company’s condensed consolidated interim statements of operations and comprehensive loss for the three and nine-month period ended December 31, 2016 are as follows: | | For the period Oct. 1 - Dec. 31, 2016 | | For the period April 21 - Dec. 31, 2016 | | Revenue | | $ | 372,426 | | $ | 553,900 | | | | | | | | | | Net loss and comprehensive loss | | $ | (662,563) | | $ | (1,506,249) | |
| | Three Months Ended December 31, | | Nine Months Ended December 31, | | | | 2016 | | 2015 | | 2016 | | 2015 | | Revenue | | $ | 372,426 | | $ | 987,494 | | $ | 557,340 | | $ | 1,800,437 | | | | | | | | | | | | | | | | Net (loss) income and comprehensive (loss) income | | $ | (810,418) | | $ | 833,706 | | $ | (2,592,024) | | $ | 1,314,766 | |
*There were no material or nonrecurring adjustments in the supplemental pro forma revenue or results of operations as shown above.
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