Schedule of Business Acquisitions, by Acquisition [Table Text Block] |
The following sets forth the 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 shares of common stock (a) | | | 23,177,000 | | Fair value of vested stock options (b) | | | 2,582,890 | | Allocation of purchase price: | | | 25,759,890 | | 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 (c) | | | (1,436,164) | | Net assets acquired | | | (2,129,089) | | Patents and exclusive License Agreement | | | 1,306,031 | | Trademark | | | 2,505,907 | | Customer relationships | | | 1,431,680 | | Non compete agreement | | | 61,366 | | Assembled Workforce | | | 275,720 | | Goodwill | | | 22,308,275 | | | | | 25,759,890 | |
| (a)
|
The fair value of common stock was based on $0.98, which was 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 11). |
| (c)
|
Included in the net assets acquired was a loan issued to IMT in the amount of $300,000 under normal commercial terms. The loan carried an interest rate of 6% and were secured by all the assets of IMT subject to a $200,000 subordination to a third party financial services company, which was released in April 2016. |
|
Business Acquisition, Pro Forma Information [Table Text Block] |
The schedule below reflects the intangible assets acquired in the IMT acquisition and the assets amortization period and expense for the three and six months period ended September 30, 2017 and the year ended March 31, 2017:
Intangible assets acquired | | Amortization | | | | | | Expense March | | | Value at March | | | 3 Months Expense | | | 6 Months Expense | | | Value at | | | | period (years) | | | Value acquired | | | 31, 2017 | | | 31, 2017 | | | September | | | September | | | September | | | | | | | | | | | | | | | | 30, 2017 | | | 30, 2017 | | | 30, 2017 | | | | | | | $ | | | $ | | | $ | | | $ | | | $ | | | $ | | Patents and exclusive License Agreement | | | 9.74 | | | | 1,306,031 | | | | 126,375 | | | | 1,179,656 | | | | 33,522 | | | | 67,081 | | | | 1,112,575 | | Trademark | | | Indefinite | | | | 2,505,907 | | | | - | | | | 2,505,907 | | | | - | | | | - | | | | 2,505,907 | | Customer relationships | | | 10 | | | | 1,431,680 | | | | 134,931 | | | | 1,296,749 | | | | 35,792 | | | | 71,622 | | | | 1,225,127 | | Non compete agreement | | | 2 | | | | 61,366 | | | | 28,918 | | | | 32,448 | | | | 7,671 | | | | 15,367 | | | | 17,081 | | Assembled Workforce | | | 1 | | | | 275,720 | | | | 259,856 | | | | 15,864 | | | | - | | | | 15,864 | | | | - | | | | | | | | | 5,580,704 | | | | 550,080 | | | | 5,030,624 | | | | 76,985 | | | | 169,934 | | | | 4,860,690 | |
|