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

BASIS OF PRESENTATION AND CHANGE IN ACCOUNTING POLICY (Tables)

v3.10.0.1
BASIS OF PRESENTATION AND CHANGE IN ACCOUNTING POLICY (Tables)
12 Months Ended
Mar. 31, 2018
Disclosure Text Block [Abstract]  
Schedule of Changes in Accounting Policy [Table Text Block]
The following financial statement line items for the year ended
March 31, 2017
were affected by the change in accounting principle.
 
Income Statement
 
         
As of
       
   
As originally
   
March 31, 2017
   
Effect
 
   
reported
   
As adjusted
   
of change
 
Sales   $ 571,945     $ 571,945     $ -  
Cost of Sales     388,756       388,756       -  
Total operating expenses     8,829,481       8,829,481       -  
Total other expenses     (4,709,718 )     (576,890 )     (4,132,828 )
Net income (loss) and comprehensive loss for the Period     (3,936,574 )     (8,069,402 )     (4,132,828 )
Basic loss per share     (6.00 )     (13.19 )     (7.50 )
Diluted loss per share     (6.00 )     (13.19 )     (7.50 )
 
Balance sheet
 
As a result of the accounting policy change, the Company’s deficit as of April 1, 2017 increased from ($15,588,554), as originally reported under ASU No. 2016-01, to ($21,076,464) using ASU No. 2017-11.
 
   
 
As originally
reported
   
As at

March 31, 2017
As adjusted
   
 
Effect
of change
 
Balance Sheet
                 
Current assets   $ 1,402,580     $ 1,402,580     $ -  
Capital assets     227,421       227,421       -  
Intangible assets     27,338,899       27,338,899       -  
Total assets   $ 28,968,900     $ 28,968,900     $ -  
Warrant derivative liability     959,600       -       (959,600 )
Other current liabilities     4,818,205       4,818,250       45  
Total liabilities   $ 5,777,805     $ 4,818,250     $ (959,555 )
Common stock     645       645       -  
Additional paid in capital     38,736,855       45,184,320       6,447,465  
Deficit     (15,588,554 )     (21,076,464 )     (5,487,910 )
Accumulated other comprehensive income     42,149       42,149       -  
Total shareholders’ equity   $ 23,191,095     $ 24,150,650     $ 959,555  
Total liabilities and shareholders’ equity   $ 28,968,900     $ 28,968,900     $ -  
 
Statement of cash flows
 
   
As originally
reported
   
As at 
March 31, 2017
As adjusted
   
 
Effect
of change
 
Net income (loss) for year   $ (3,936,574 )   $ (8,069,402 )   $ (4,132,828 )
Adjustment for items not affecting cash and changes in non-cash working capital items     (3,055,739 )     1,077,089       4,132,828  
Net cash (used in) operating activities     (6,992,313 )     (6,992,313 )     -  
Net cash (used in) investing activities     (170,790 )     (170,790 )     -  
Net cash provided by financing activities     2,324,996       2,324,996       -  
Net (decrease) in cash and cash equivalents for the year     (4,838,107 )     (4,838,107 )     -  
Cash and cash equivalents, beginning of year     5,381,757       5,381,757       -  
Cash and cash equivalents, end of year   $ 543,650     $ 543,650     $ -