Transition report pursuant to Rule 13a-10 or 15d-10

Consolidated Statements of Operations and Comprehensive (Loss) Income

v3.5.0.1
Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2016
Dec. 31, 2014
Mar. 31, 2016
Dec. 31, 2015
Mar. 31, 2015
Operating expenses          
Research and development $ 343,742 $ 1,101,820 $ 1,397,554 $ 1,489,483 $ 1,537,491
General and administrative 1,438,553 1,192,244 3,676,125 2,666,669 1,621,341
Share-based compensation expense (Notes 8(v), 8(xiii) and 9) 158,244 112,573 1,495,837 1,709,230 484,210
Depreciation (Note 5) 14,387 34,036 63,454 59,479 44,448
Total operating expenses 1,954,926 2,440,673 6,632,970 5,924,861 3,687,490
Other expenses (income)          
Imputed interest expense (Note 6) 0 27,677 0 0 27,677
Interest expense 0 6,212 2,839 3,018 6,391
Other income (8,522) (46,026) (42,173) (33,974) (46,349)
Foreign exchange loss (71,399) 36,211 112,771 184,125 36,211
Change in fair value of warrant derivative liability (Note 10) (870,913) 0 (7,742,555) (484,124) 6,387,473
Total other (income) expenses (950,834) 24,074 (7,669,118) (330,955) 6,411,403
Net (loss) income for the period (1,004,092) (2,464,747) 1,036,148 (5,593,906) (10,098,893)
Foreign exchange translation adjustment 0 (24,390) 0 24,799 409
Net (loss) income and comprehensive (loss) income for the period $ (1,004,092) $ (2,489,137) $ 1,036,148 $ (5,569,107) $ (10,098,484)
(Loss) income per share - basic (Note 14) (in dollars per share) $ (0.01) $ (0.05) $ 0.01 $ (0.08) $ (0.20)
(Loss) income per share - diluted (Note 14) (in dollars per share) $ (0.01) $ (0.05) $ (0.08) $ (0.08) $ (0.20)
Weighted average number of shares outstanding - basic (Note 14) (in shares) 72,455,753 48,225,034 71,554,822 67,210,266 50,226,548
Weighted average number of shares outstanding - diluted (Note 14) (in shares) 72,455,753 48,225,034 79,984,257 67,210,266 50,226,548