Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity (Tables)

v3.22.1
Stockholders' Equity (Tables)
12 Months Ended
Mar. 31, 2022
Stockholders' Equity  
Schedule of share capital

March 31, 2022

March 31, 2021

    

Number of shares

    

$

    

Number of shares

    

$

Exchangeable Shares

 

  

  

  

  

Balance beginning of period

 

112,440

$

113

117,683

$

118

Converted into common shares

 

(5,243)

(5)

Balance at end of period

 

112,440

113

112,440

113

Common Shares

 

Balance at beginning of the period

 

5,589,375

5,589

5,009,151

5,008

Shares issued to exchangeable shareholders

 

5,243

5

Shares issued on conversion of loans (a)

 

947,602

947

181,463

182

Shares issued in lieu of liabilities (b)

 

397,685

398

Shares issued in lieu of services (c)

50,000

50

Cancellation of shares by shareholders

 

(4,167)

(4)

Options exercised in conjunction with 2021 notes (d)

180,137

180

Balance at end of the period

6,767,114

6,766

5,589,375

5,589

Total Shares

 

6,879,554

$

6,879

5,701,815

$

5,702

(a) During the year ended March 31, 2022, the Company issued the remaining 1,408 shares of the Company’s common stock which were issued to the noteholders pursuant to the terms of the 2020 Convertible Notes as discussed in Note 6 above. Additionally, on March 31, 2022, the 2021 notes were converted into 946,194 shares of common stock of the Company as discussed in Note 6 above. During the year ended March 31, 2021, the principal and interest of $1.7 million associated with the 2020 Convertible notes were converted into 181,463 shares of common stock of the Company as discussed in Note 6 above.
(b) During the year ended March 31, 2021, the Company issued shares in lieu of certain liabilities that it owed of which 262,125 shares of Bionik’s common stock were issued in lieu of paying $0.7 million in director fees to its board of directors and 135,560 shares of common stock were issued for consideration consisting of the forgiveness and satisfaction of an aggregate of $0.3 million of deferred salary and bonus liabilities to two of its executives. The shares were valued based on the trading price of the Company’s common stock on the issuance date.
(c) During the year ended March 31, 2022, the Company issued 50,000 shares for expenses to support the Company’s investor relations strategy. The shares were valued based on the trading price of the Company’s common stock on the issuance date.
(d) With the 2021 Notes as discussed in Note 6 above, in July 2021, $0.6 million of the outstanding principal and accrued and unpaid interest under the term loan agreement was applied towards the purchase price to exercise 180,137 outstanding options of certain debtholders. The outstanding options were valued based on the predetermined exercise price of the stock options.