General form of registration statement for all companies including face-amount certificate companies

SUBSEQUENT EVENTS

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SUBSEQUENT EVENTS
3 Months Ended 12 Months Ended
Jun. 30, 2018
Mar. 31, 2018
Subsequent Events [Abstract]    
Subsequent Events [Text Block]
15.
SUBSEQUENT EVENTS
 
On July 24, 2018, the Company’s Board of Directors (the “Board”) unanimously adopted resolutions authorizing a reverse stock split, at a ratio of up to 1:150, of the common stock of the Company. On or about August 7, 2018, a majority of the holders of the common stock and exchangeable shares of the Company, voting together as a single class, approved the reverse stock split. On September 25, 2018, the Board established the split ratio for the reverse stock split at a ratio of 1:150. On October 29, 2018, the Company effected the reverse stock split and thereafter the Company’s common stock began trading on the OTCQB market on a one-for-one hundred and fifty (1:150) split-adjusted basis. Refer to details in Note 2(a).
 
Subsequent to June 30, 2018, the Company converted $4,732,853 of convertible loans and interest into 683,396 common shares in accordance with their terms. As at July 20, 2018, 683,396 common shares were issued.
 
Due to an anti-dilution clause in warrant agreements for certain outstanding warrants, an additional 67,952 warrants were issued to the $73.02 warrant holders and 6,305 warrants were issued to the $44.28 warrant holders. Furthermore, as a result of the anti-dilution clause, the exercise price of the warrants changed from $73.02 to $55.71 and from $44.28 to $34.50 as a result of loan and interest conversion transaction for shares that have been issued as a result of the July 20, 2018 conversions described above.
17.
SUBSEQUENT EVENTS
 
(a)   On July 24, 2018, the Company’s Board of Directors (the “Board”) unanimously adopted resolutions authorizing a reverse stock split, at a ratio of up to 1:150, of the common stock of the Company. On or about August 7, 2018, a majority of the holders of the common stock and exchangeable shares of the Company, voting together as a single class, approved the reverse stock split. On September 25, 2018, the Board established the split ratio for the reverse stock split at a ratio of 1:150. On October 29, 2018, the Company effected the reverse stock split and thereafter the Company’s common stock began trading on the OTCQB market on a one-for-one hundred and fifty (1:150) split-adjusted basis. Further details are provided in Note 2(a).
 
(b)   Subsequent to
March 31, 2018
, Exchangeable Shareholders exchanged
20,000
exchangeable shares into Common Stock.
 
(c)   On June 11, 2018, the Company increased the number of authorized shares of Common Stock from 250,000,000 to 500,000,000 and issued 263,639 common shares related to the conversion of notes payable at March 31, 2018. (Note 10(b))
 
(d)   Subsequent to March 31, 2018, the Company’s board granted 40,000 options at $9.735 per share that immediately vested to the CEO of the Company with a 10 year expiry and 5,000 options at $6.93 per share were granted to our Chief Commercial Officer that vest over three years from the anniversary of the grant and expire in 7 years.
 
(e)   Subsequent to March 31, 2018, an affiliate of one of the Company’s major shareholders who is also a director provided an aggregate amount of $1,960,000 in term loans to the Company that bears interest at a fixed rate of 1% per month and matures on April 30, 2019.
 
(f)   Subsequent to March 31, 2018, the China JV was formally formed and the Company will account for it as of the date of formation.