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

Consolidated Statements of Cash Flows

v3.5.0.1
Consolidated Statements of Cash Flows - 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 activities          
Net (loss) income for the period $ (1,004,092) $ (2,464,747) $ 1,036,148 $ (5,593,906) $ (10,098,893)
Adjustment for items not affecting cash          
Depreciation 14,387 34,036 63,454 59,479 44,448
Imputed interest 0 27,677 0 0 27,677
Interest expense (income) (4,701) 0 7,697 (7,459) 179
Share-based compensation expense 158,244 112,573 1,495,837 1,709,230 273,887
Shares issued for services 70,800 0 169,700 0 210,323
Shares to be issued for services 0 0 0 98,900 0
Change in fair value of warrant derivative liability (870,913) 0 (7,742,555) (484,124) 6,387,473
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities (1,636,275) (2,290,461) (4,969,719) (4,217,880) (3,154,906)
Changes in non-cash working capital items          
Prepaid expenses and other receivables (43,516) 420,709 (73,314) (107,087) 337,451
Due from related parties (2,891) 0 35 6,432 0
Accounts payable 186,153 195,427 112,129 (174,229) 123,654
Accrued liabilities 458,139 34,847 183,033 (97,623) 228,840
Net cash used in operating activities (1,038,390) (1,639,478) (4,747,836) (4,590,387) (2,464,961)
Investing activities          
Acquisition of equipment (3,032) (109,316) (42,863) (80,195) (148,136)
Advances (125,153) 0 (125,153) 0 0
Provision of a loan receivable (68,750) 0 (379,908) (300,000) 0
Net cash used in investing activities (196,935) (109,316) (547,924) (380,195) (148,136)
Financing activities          
Proceeds from issuance of shares, net of issue costs 0 2,604,453 4,552,409 11,341,397 9,393,441
Repayment of proceeds from loans payable 0 (733,293) 0 0 (733,293)
Proceeds from the exercise of options 0 228,875 0 0 228,875
Repayment of loans from related parties 0 (111,357) 0 0 (111,357)
Net cash provided by financing activities 0 1,988,678 4,552,409 11,341,397 8,777,666
Effects of foreign currency exchange rate changes on cash and cash equivalents 0 (33,433) 0 36,334 (42,943)
Net increase in cash and cash equivalents for the period (1,235,325) 206,451 (743,351) 6,407,149 6,121,626
Cash and cash equivalents, beginning of period 6,617,082 3,482 6,125,108 209,933 3,482
Cash and cash equivalents, end of period 5,381,757 209,933 5,381,757 6,617,082 6,125,108
Supplemental information:          
Issuance of shares on conversion of loans $ 0 $ 239,746 $ 0 $ 500,000 $ 500,000