Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.7.0.1
INCOME TAXES (Tables)
12 Months Ended
Mar. 31, 2017
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
Components of net (loss) income before income taxes consists of the following:
 
 
 
Year
 
Year
 
 
 
ended
 
ended
 
 
 
March 31,
 
March 31,
 
 
 
2017
 
2016
 
 
 
$
 
$
 
U.S.
 
 
(1,923,556)
 
 
4,706,413
 
Canada
 
 
(2,013,018)
 
 
(3,670,265)
 
 
 
 
(3,936,574)
 
 
1,036,148
 
 
 
 
Year
 
 
Year
 
 
 
ended
 
 
ended
 
 
 
March 31,
 
 
March 31,
 
 
 
2017
 
 
2016
 
 
 
$
 
 
$
 
Net (loss) income for the year before recovery of income taxes
 
 
(3,936,574)
 
 
 
(1,036,148)
 
 
 
 
 
 
 
 
 
 
Statutory rate
 
 
35
%
 
 
35
%
Expected income tax (recovery) expense
 
 
(1,377,801)
 
 
 
362,652
 
Tax rate changes and other basis adjustments
 
 
59,484
 
 
 
195,108
 
Change in fair value of derivative liability
 
 
(1,461,681)
 
 
 
(2,709,894)
 
Stock-based compensation
 
 
350,683
 
 
 
512,693
 
Non-deductible expenses
 
 
(132,076)
 
 
 
(12,073)
 
Net DTA acquired
 
 
(546,122)
 
 
 
-
 
Change in valuation allowance
 
 
3,107,513
 
 
 
1,651,514
 
Recovery of income taxes
 
 
-
 
 
 
-
 
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
The following deferred tax assets have not been recognized. Deferred tax reflects the tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities and consisted of the following:
 
 
 
March 31,
 
March 31,
 
 
 
2017
 
2016
 
 
 
$
 
$
 
Equipment
 
 
73,520
 
 
52,331
 
Share issue costs
 
 
1,456
 
 
3,586
 
SR&ED pool
 
 
464,746
 
 
400,557
 
Other
 
 
629,266
 
 
215,202
 
Non-capital losses – Canada
 
 
2,067,203
 
 
1,587,439
 
Net operating losses - U.S.
 
 
4,534,710
 
 
589,491
 
Valuation allowance
 
 
(5,956,118)
 
 
(2,848,606)
 
 
 
 
1,814,783
 
 
-
 
Intangibles and other
 
 
(1,814,783)
 
 
-
 
 
 
 
-
 
 
-
 
Summary of Income Tax Examinations [Table Text Block]
In many cases the Company’s uncertain tax positions are related to tax years that remain subject to examination by tax authorities. The following describes the open tax years, by major tax jurisdiction, as of March 31, 2017:
 
United States – Federal
2013 – present
United States – State
2013 – present
Canada – Federal
2012 – present
Canada – Provincial
2012 – present