Quarterly report pursuant to Section 13 or 15(d)

WARRANTS

v3.10.0.1
WARRANTS
6 Months Ended
Sep. 30, 2018
Warrants and Rights Note Disclosure [Abstract]  
Shareholders Equity And Share Based Payments Stock Warrant [Text Block]
12.
WARRANTS
 
The following is a continuity schedule of the Company’s common share purchase warrants:
 
 
 
Weighted-Average
 
 
 
Number of Warrants
 
 
Exercise Price ($)
 
Outstanding and exercisable, March 31, 2015
 
 
72,157
 
 
 
202.50
 
Issued
 
 
48,171
 
 
 
202.50
 
Exercised
 
 
(992
)
 
 
(120.00
)
Outstanding and exercisable, March 31, 2016
 
 
119,336
 
 
 
202.50
 
Exercised
 
 
(1,747
)
 
 
(120.00
)
Outstanding and exercisable, March 31, 2017
 
 
117,589
 
 
 
202.50
 
Exercised
 
 
(33,335
)
 
 
(37.50
)
Issued in connection with anti-dilution provision connected to warrant transaction
 
 
559
 
 
 
112.35
 
Issued in connection with anti-dilution provision connected to warrant transaction
 
 
6,275
 
 
 
194.00
 
Issued in connection to the warrant transaction to the broker
 
 
2,667
 
 
 
37.50
 
Issued in connection with the conversion of loans and interest into common shares
 
 
106,709
 
 
 
9.375
 
Issued in connection with the conversion of loans and interest into common shares
 
 
15,658
 
 
 
90.00
 
Issued in connection with anti-dilution provision connected to warrant transaction
 
 
136,388
 
 
 
73.02
 
Issued in connection with anti-dilution provision connected to warrant transaction
 
 
13,464
 
 
 
44.28
 
Outstanding at March 31, 2018
 
 
365,974
 
 
 
53.19
 
Issued in connection with anti-dilution provision connected to warrant transaction
 
 
67,952
 
 
 
55.71
 
Issued in connection with anti-dilution provision connected to warrant transaction
 
 
6,305
 
 
 
34.50
 
Outstanding at September 30, 2018
 
 
440,231
 
 
 
44.21
 
 
During the year ended March 31, 2018, the Company consummated an offer to amend and exercise its outstanding warrants, enabling the holders of the warrants to exercise such warrants for $37.50 per share. The Company received net proceeds of $1,125,038. The Company also converted loans and interest due.
 
Due to the anti-dilution clause in the warrant agreement for such outstanding warrants, 
the warrants were adjusted to reflect
an additional 559
shares underlying
 the $120 per share warrants and an additional 6,275 
shares underlying the
$210.00 per share warrants. Furthermore, as a result of the anti-dilution clause, the exercise price of the warrants were adjusted from $120.00 per share to $112.35 per share and from $210.00 per share to $194.00 per share.
 
Due to the anti-dilution clause in the warrant agreements for such outstanding warrants, 
the warrants were adjusted to reflect
an additional 13,464 
shares underlying
the $112.35 per share warrant and an additional 136,388
shares underlying
 the $194.00 per share warrants. Furthermore, as a result of the anti-dilution clause, the exercise price of the warrants
were adjusted
 from $112.50 per share to $44.28 per share and from $194.00 per share to $73.02 per share, all as a result of the loan and interest conversion for shares at March 31, 2018 and June 12, 2018.
 
The Company measured the effects of the above two transactions, which triggered anti-dilution clause using the binomial tree model and recorded a loss of $74,086 against the deficit for the year ended March 31, 2018.
 
The Company issued 2,667 warrants at $37.50 per share for four years expiring June 27, 2020 to the firm who facilitated the warrant offer.
 
The Company issued 15,658 warrants at $90.00 per share which expire in 5 years on March 31, 2023 and 106,709 warrants at $9.375 per share which also expire March 31, 2023 in connection with the loan and interest conversion transaction.
 
Due to the anti-dilution clause in the warrant agreements for such outstanding
warrants, the warrants were adjusted to reflect an additional 67,952 shares underlying the
$73.02 per share warrants and an additional 6,305 shares underlying the $44.28 per share warrants. Furthermore, as a result of the anti-dilution clause, the exercise price of the warrants were adjusted from $73.02 per share to $55.71 per share and from $44.28 per share to $34.50 per share, all as a result of a loan and interest conversion for shares on July 20, 2018.
 
Common share purchase warrants
 
The following is a summary of common share purchase warrants as of September 30, 2018:
 
Exercise

Price ($)
 
 
Number of

Warrants
 
 
 
Expiry Date
 
90.00
 
 
 
15,658
 
 
March 31, 2023
 
55.71
 
 
 
136,339
 
 
February 26, 2019
 
55.71
 
 
 
28,531
 
 
March 27, 2019
 
55.71
 
 
 
7,618
 
 
March 31, 2019
 
55.71
 
 
 
59,061
 
 
April 21, 2019
 
55.71
 
 
 
27,883
 
 
May 27,2019
 
55.71
 
 
 
27,238
 
 
June 30, 2019
 
34.50
 
 
 
28,527
 
 
February 26, 2019
 
37.50
 
 
 
2,667
 
 
June 27, 2020
 
9.375
 
 
 
64,025
 
 
August 14, 2022
 
9.375
 
 
 
42,684
 
 
March 31, 2022
 
 
 
 
 
440,231
 
 
 
 
The weighted-average remaining contractual term of the outstanding warrants was 1.53 (March 31, 2018 – 2.27).
 
The exercise price and number of underlying shares of the Company’s outstanding warrants currently priced at $
55.71
and $
34.50
 are expected to be further adjusted pursuant to the anti-dilution provisions in the warrant agreements, as a result of any further common stock issuances, whether upon the conversion of indebtedness or otherwise.