Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
1 Months Ended 12 Months Ended
Apr. 21, 2016
Mar. 31, 2018
Mar. 31, 2017
Operating activities      
Net loss for the year   $ (14,625,790) $ (8,069,402)
Adjustment for items not affecting cash:      
Depreciation   89,026 79,868
Amortization of intangible assets   323,905 550,080
Interest expense   1,294,005 41,934
Share-based compensation expense   1,540,580 844,162
Accretion expense   1,937,308 0
Shares issued for services   0 157,788
Share premium   1,249,994 0
Loss on mark to market reevaluation   376,674 0
Allowance for doubtful accounts   (19,694) 0
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities   (7,833,992) (6,395,570)
Changes in non-cash working capital items:      
Accounts receivable   190,867 (377,413)
Prepaid expenses and other receivables   (205,608) 20,525
Due from related parties   (166) 22,714
Inventory   (9,194) (39,370)
Accounts payable   (60,098) (375,572)
Accrued liabilities   304,048 18,674
Customer advances   (120,762) 35,075
Deferred Revenue   24,043 98,624
Net cash used in operating activities   (7,710,862) (6,992,313)
Investing activities      
Acquisition of equipment   (21,567) (170,790)
Net cash used in investing activities   (21,567) (170,790)
Financing activities      
Cash acquired on acquisition   0 266,635
Proceeds from the exercise of options   0 18,166
Proceeds from the exercise of warrants   1,125,038 40,195
Proceeds from convertible loans   7,111,375 2,000,000
Repayment of Promissory notes principal   (200,000) 0
Repayment of Promissory notes interest   (49,505) 0
Repayment of Demand notes principal   (208,359) 0
Repayment of Demand notes interest   (79,259) 0
Proceeds from short term loan   400,000 0
Repayment of short term loan   (400,000) 0
Repayment of short term loan interest   (3,200) 0
Net cash provided by financing activities   7,696,090 2,324,996
Net decrease in cash and cash equivalents for the year   (36,339) (4,838,107)
Cash and cash equivalents, beginning of year $ 5,381,757 543,650 5,381,757
Cash and cash equivalents, end of year   $ 507,311 $ 543,650
Assets acquired and liabilities assumed at April 21, 2016:      
Current assets, including cash of $266,635 478,843    
Equipment 59,749    
Intangible assets 5,580,704    
Goodwill 22,308,275    
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)    
Non-cash consideration $ 25,759,890