v3.8.0.1
Condensed Consolidated Interim Balance Sheets - USD ($)
Dec. 31, 2017
Mar. 31, 2017
Current    
Cash and cash equivalents $ 998,661 $ 543,650
Accounts receivable, net of allowance for doubtful accounts of $16,349 (March 31, 2017 - $10,000) 306,572 383,903
Prepaid expenses and other receivables (Note 5) 145,044 228,047
Inventories (Note 6) 302,414 228,249
Due from related parties (Note 9(a)) 19,374 18,731
Total Current Assets 1,772,065 1,402,580
Equipment (Note 7) 174,997 227,421
Technology and other assets (Note 4) 4,783,704 5,030,624
Goodwill (Note 4) 22,308,275 22,308,275
Total Assets 29,039,041 28,968,900
Current    
Accounts Payable (Notes 9(b)) 794,875 784,771
Accrued liabilities (Notes 3, 8 and 9(b)) 1,868,225 1,228,657
Customer advances 800 121,562
Demand Notes Payable (Note 8(a)) 50,000 330,600
Promissory Notes payable (Note 8(b)) 0 236,548
Convertible Loans Payable (Note 8(d), (e) and (f)) 7,079,852 2,017,488
Short term loan (Note 8(c)) 400,000 0
Deferred revenue 113,801 98,624
Total Current Liabilities 10,307,553 4,818,250
Shareholders’ Equity    
Common Shares, par value $0.001; Authorized - 250,000,000 (March 31, 2017 - 150,000,000); Issued and outstanding 55,885,279 and 45,909,336 Exchangeable Shares (March 31, 2017 - 48,885,107 and 47,909,336 Exchangeable Shares) (Note 10) 101,794 96,794
Additional paid in capital 48,081,670 45,088,171
Shares to be issued (Note 10) 60,000 0
Deficit (29,554,125) (21,076,464)
Accumulated other comprehensive income 42,149 42,149
Total Shareholders’ Equity 18,731,488 24,150,650
Total Liabilities and Shareholders’ Equity 29,039,041 28,968,900
Special Voting Preferred Stock [Member]    
Shareholders’ Equity    
Preferred Stock, par value $0.001; Authorized 10,000,000 Special Voting Preferred Stock, par value $0.001; Authorized; Issued and outstanding - 1 (March 31, 2017 - 1) $ 0 $ 0

Source

v3.8.0.1
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss - USD ($)
3 Months Ended 9 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Sales $ 260,960 $ 372,426 $ 570,327 $ 553,900
Cost of Sales 88,357 334,786 177,482 405,680
Gross Margin 172,603 37,640 392,845 148,220
Operating expenses        
Sales and marketing 432,260 377,046 1,313,077 646,509
Research and development 546,350 571,671 1,947,659 1,803,234
General and administrative 783,784 409,669 2,916,917 2,291,136
Share compensation expense (Note 11) 271,001 227,540 1,284,257 651,630
Convertible debt accretion (Note 8) 216,302 0 290,375 0
Amortization (Note 4) 76,985 0 246,920 0
Depreciation (Note 7) 21,234 24,028 69,606 57,781
Total operating expenses 2,347,916 1,609,954 8,068,811 5,450,290
Other expenses (income)        
Foreign Exchange (11,485) 0 102,671 0
Interest expense (Note 8) 416,990 13,808 657,350 23,839
Other income (59) (4,363) 649 (410,877)
Total other expenses (income) 405,446 9,445 760,670 (387,038)
Net loss and comprehensive loss for the period $ (2,580,759) $ (1,581,759) $ (8,436,636) $ (4,915,032)
Loss per share - basic $ (0.03) $ (0.02) $ (0.08) $ (0.05)
Loss per share - diluted $ (0.03) $ (0.02) $ (0.08) $ (0.05)
Weighted average number of shares outstanding - basic 101,794,615 96,362,541 99,335,514 90,286,864
Weighted average number of shares outstanding - diluted 101,794,615 96,362,541 99,335,514 90,286,864

Source

v3.8.0.1
Condensed Consolidated Interim Statements of Cash Flows - USD ($)
1 Months Ended 9 Months Ended
Apr. 21, 2016
Dec. 31, 2017
Dec. 31, 2016
Operating activities      
Net loss for the period   $ (8,436,636) $ (4,915,032)
Adjustment for items not affecting cash      
Depreciation   69,606 57,781
Amortization   246,920 0
Interest expense   640,168 23,839
Share based compensation expense   1,284,257 592,130
Convertible debt accretion   290,375 0
Shares issued for services   60,000 59,500
Allowance for doubtful accounts   (16,349) 0
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities   (5,861,659) (4,181,782)
Changes in non-cash working capital items      
Accounts receivable   93,680 (247,359)
Prepaid expenses and other receivables   83,003 95,562
Due from related parties   (643) 532
Inventories   (74,165) (120,894)
Accounts payable   10,104 (720,573)
Accrued liabilities   639,568 (492,047)
Customer advances   (120,762) 28,000
Deferred revenue   15,177 97,615
Net cash used in operating activities   (5,215,697) (5,540,946)
Investing activities      
Acquisition of equipment   (17,182) (9,827)
Net cash used in investing activities   (17,182) (9,827)
Financing activities      
Proceeds from convertible loans   4,699,975 483,333
Proceeds on exercise of warrants   1,125,038 0
Repayment of Promissory note principal   (200,000) 0
Repayment of Promissory note interest   (49,505) 0
Repayment of Demand notes principal   (208,359) 0
Repayment of Demand notes interest   (79,259) 0
Proceeds from short term loan   400,000 0
Cash acquired on acquisition   0 266,635
Net cash provided by financing activities   5,687,890 749,968
Net decrease in cash and cash equivalents for the period   455,011 (4,800,805)
Cash and cash equivalents, beginning of period $ 5,381,757 543,650 5,381,757
Cash and cash equivalents, end of period   $ 998,661 $ 580,952
Assets acquired and liabilities assumed as at April 21, 2016:      
Current assets, including cash of $266,635 478,843    
Equipment 59,749    
Intangible assets 5,580,704    
Goodwill 22,308,275    
Accounts payable (241,299)    
Accrued liabilities (361,029)    
Customer deposits (86,487)    
Demand notes payable (324,894)    
Promissory Notes payable (217,808)    
Bionik advance (1,436,164)    
Non-cash consideration $ 25,759,890    

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