Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Interim Statements of Cash Flows

v3.3.1.900
Condensed Consolidated Interim Statements of Cash Flows
6 Months Ended
Jun. 30, 2015
USD ($)
Jun. 30, 2014
USD ($)
Operating activities    
Net loss for the period $ (9,135,764) $ (787,099)
Adjustment for items not affecting cash    
Depreciation of equipment 27,414 22,691
Imputed interest 0 30,711
Share compensation expense 1,669,195 90,286
Change in fair value of warrant derivative liability 5,469,724 0
Changes in non-cash working capital items    
Prepaid expenses and other receivables (83,223) (762,806)
Due from related parties 2,835 (27,696)
Accounts payable (111,865) (37,934)
Accrued liabilities (122,193) (176,510)
Net cash used in operating activities (2,283,877) (1,648,357)
Investing activities    
Acquisition of equipment (64,036) (96,309)
Provision of a loan receivable (150,000) 0
Net cash used in investing activities (214,036) (96,309)
Financing activities    
Proceeds from issuance of shares, net of issue costs 11,341,397 2,656,097
Proceeds from exercise of stock options 0 228,875
Repayment of loans from related parties 0 (199,737)
Net cash provided by financing activities 11,341,397 2,685,235
Effects of foreign currency exchange rate changes 24,799 (3,323)
Net increase in cash and cash equivalents for the period 8,868,283 937,246
Cash and cash equivalents, beginning of period 209,933 119,557
Cash and cash equivalents, end of period 9,078,216 1,056,803
Supplemental information:    
Issuance of shares on conversion of loans $ 500,000 $ 239,746