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

SHARE CAPITAL (Tables)

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SHARE CAPITAL (Tables)
9 Months Ended 12 Months Ended
Dec. 31, 2018
Mar. 31, 2018
Stockholders' Equity Note [Abstract]    
Schedule of Stockholders Equity [Table Text Block]
 
 
December 31, 2018
 
 
March 31, 2018
 
 
 
Number of
 
 
 
 
 
Number of
 
 
 
 
 
 
shares
 
 
$
 
 
shares
 
 
$
 
Exchangeable Shares:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance beginning of year
 
 
295,146
 
 
 
295
 
 
 
319,396
 
 
 
319
 
Converted into common shares (a)
 
 
(21,572
)
 
 
(22
)
 
 
(24,250
)
 
 
(24
)
Balance at the end of period
 
 
273,574
 
 
 
273
 
 
 
295,146
 
 
 
295
 
Common Shares
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at beginning of the period
 
 
1,368,856
 
 
 
1,369
 
 
 
325,901
 
 
 
326
 
Shares issued to exchangeable shares
 
 
21,572
 
 
 
22
 
 
 
24,250
 
 
 
24
 
Shares issued on conversion of loans (b)
 
 
947,034
 
 
 
947
 
 
 
985,370
 
 
 
985
 
Warrants exercised
 
 
-
 
 
 
-
 
 
 
33,335
 
 
 
34
 
Adjustment due to 1:150 share consolidation round-up
 
 
502
 
 
 
-
 
 
 
-
 
 
 
-
 
Balance at end of the period
 
 
2,337,964
 
 
 
2,338
 
 
 
1,368,856
 
 
 
1,369
 
TOTAL SHARES
 
 
2,611,538
 
 
 
2,611
 
 
 
1,664,002
 
 
 
1,664
 
 
a.
During the nine month period ended December 31, 2018, 21,572 exchangeable shares were exchanged on a 1 for 1 basis in accordance with their terms. (March 31, 2018 – 24,250)
b.
During the nine month period ended December 31, 2018, 947,034 shares of common stock were issued. Of this amount 263,639 shares of common stock were issued once the Company increased its authorized shares of common stock from 250,000,000 to 500,000,000. These shares relate to convertible loans and interest that converted on March 31, 2018 and were recorded as a liability on March 31, 2018 until the shares were issued on June 12, 2018. The liability was reclassified at June 12, 2018 into equity by recording the original value of $2,470,622 of the shares to be issued, as well as the fair value of options and warrants at June 12, 2018 net of fair value of options issued in the period ended June 12, 2018 of $1,173,534, which was charged to equity and a $2,048,697 gain on the fair value reevaluation was recognized as other income in the Statement of Operations and Comprehensive Loss. The Company converted $4,732,853 of convertible loans and interest into 683,395 common shares on July 20, 2018 in accordance with their terms.
c.
On October 29, 2018 the Company completed the consolidation on a one-for-one to one hundred and fifty (1:150) reverse consolidation.
   
March 31, 2018
   
March 31, 2017
 
   
Number of shares
   
$
   
Number of shares
   
$
 
Exchangeable Shares:
                       
Balance beginning of year
    319,396       319       333,334       333  
Converted into common shares (e)     (24,250 )     (24 )     (13,938 )     (14 )
Balance at end of year
    295,146       295       319,396       319  
Common Shares
                               
Balance at beginning of the year     325,901       326       150,608       150  
Shares issued on acquisition (Note 4)     -       -       157,667       157  
Shares issued to exchangeable shareholders (e)     24,250       24       13,938       14  
Shares issued for services (d)     -       -       1,447       2  
Shares issued on conversion of loans (b)     985,370       986       -       -  
Options exercised (Note 11)     -       -       734       1  
Warrants exercised (a)     33,335       33       1,165       1  
Cashless exercise of warrants (c)     -       -       342       1  
Balance at end of the year     1,368,856       1,369       325,901       326  
TOTAL SHARES
    1,664,002       1,664       645,297       645  
 
(a) During the year ended March 31, 2018, the Company consummated an offer to amend and exercise to its warrant holders, enabling them to exercise their outstanding warrants for $37.50 per share, and as a result, 33,335 common shares were issued for net proceeds of $1,125,038 (Note 12).
 
(b)
During the year ended March 31, 2018, the Company converted $9,171,604 of notes payable and interest into 985,370 common shares. Under the terms of this conversion the remaining $1,220,629 of principal and interest was required to be converted into 263,639 common shares, but were unable to be issued as a result of the Company not having enough authorized shares. The 
$
2,470,622 value of these shares at March 31, 2018 has been classified as a liability until the common shares can be issued. In addition, there was a $376,674 loss recorded in the year connected to the difference of the $2,847,296 market value of the shares at March 31, 2018 and the value of these shares which resulted on the conversion of notes payable, the exercise price of which was based on a 30 day VWAP
.
 
(c) During the year ended March 31, 2017, 342 common shares were issued as a result of a cashless exercise of 1,747 warrants with an exercise price of $120.00. Under the terms of the warrant agreement the value of the warrants on exercise is attributed to the shares on exercise and the Company has recognized a value of $43,562.
 
(d) The Company issued 1,447 common shares during the year ended March 31, 2017 for consulting services and recognized $59,500 of share compensation expense.
 
(e) During the year ended March 31, 2018, 24,250 exchangeable shares were exchanged for common shares on a 1 for 1 basis in accordance with their terms. (March 31, 2017 –13,938 shares)
 
(f)
On October 29, 2018, the Company completed a one-for-one hundred and fifty to one (1:150) reverse stock consolidation.