Quarterly report pursuant to Section 13 or 15(d)

CURRENT PERIOD RESTATEMENT

v3.3.1.900
CURRENT PERIOD RESTATEMENT
6 Months Ended
Jun. 30, 2015
Accounting Changes and Error Corrections [Abstract]  
Accounting Changes [Text Block]
3.
CURRENT PERIOD RESTATEMENT
 
During the year-end audit of the Company’s December 31, 2015 consolidated financial statements it was determined that the warrants issued and outstanding during the period contained price protection provisions that allow for a reduction in the exercise price of the warrants in the event the Company subsequently issues common stock or options, rights, warrants or securities convertible or exchangeable for shares of common stock at a price lower than the exercise price of the warrants. The price protection provision results in the warrants being recorded as a warrant derivative liability. As such, the condensed consolidated interim financial statements have been restated to give effect to the liability treatment of the warrants issued and outstanding during the period.
 
The following tables summarize the corrections on each of the affected line items presented in these condensed consolidated interim financial statements:
 
Changes to the condensed consolidated interim balance sheet:
 
 
 
As previously
reported June
30, 2015
 
Restatement
Adjustment
 
Restated June
30, 2015
 
 
 
 
$
 
 
$
 
 
$
 
Warrant derivative liability
 
 
-
 
 
12,021,717
 
 
12,021,717
 
Total liabilities
 
 
230,352
 
 
12,021,717
 
 
12,252,069
 
 
 
 
 
 
 
 
 
 
 
 
Additional paid-in capital
 
 
17,924,377
 
 
(6,551,993)
 
 
11,372,384
 
Deficit
 
 
(8,720,022)
 
 
(5,469,724)
 
 
(14,189,746)
 
Total Shareholders' Equity (Deficiency)
 
 
9,318,912
 
 
(12,021,717)
 
 
(2,702,805)
 
 
Changes to the condensed consolidated interim statements of operations and comprehensive loss for the three month period ended:
 
 
 
As previously
reported June
30, 2015
 
Restatement
Adjustment
 
Restated June
30, 2015
 
 
 
 
$
 
 
$
 
 
$
 
Change in fair value of warrant derivative liability
 
 
-
 
 
(917,749)
 
 
(917,749)
 
 
 
 
 
 
 
 
 
 
 
 
Net loss and comprehensive loss for the period
 
 
(2,418,910)
 
 
917,749
 
 
(1,501,161)
 
 
 
 
 
 
 
 
 
 
 
 
Loss per share - basic and diluted
 
 
(0.04)
 
 
0.02
 
 
(0.02)
 
 
Changes to the condensed consolidated interim statements of operations and comprehensive loss for the six month period ended:
 
 
 
As previously
reported June
30, 2015
 
Restatement
Adjustment
 
Restated June
30, 2015
 
 
 
 
$
 
 
$
 
 
$
 
Change in fair value of warrant derivative liability
 
 
-
 
 
5,469,724
 
 
5,469,724
 
 
 
 
 
 
 
 
 
 
 
 
Net loss and comprehensive loss for the period
 
 
(3,641,241)
 
 
(5,469,724)
 
 
(9,110,965)
 
 
 
 
 
 
 
 
 
 
 
 
Loss per share - basic and diluted
 
 
(0.06)
 
 
(0.10)
 
 
(0.16)
 
 
Changes to the condensed consolidated interim statements cash flows:
 
 
 
As previously
reported June
30, 2015
 
Restatement
Adjustment
 
Restated June
30, 2015
 
 
 
 
$
 
 
$
 
 
$
 
Net loss for the period
 
 
(3,666,040)
 
 
(5,469,724)
 
 
(9,135,764)
 
 
 
 
 
 
 
 
 
 
 
 
Change in fair value of warrant derivative liability
 
 
-
 
 
5,469,724
 
 
5,469,724