Quarterly report pursuant to Section 13 or 15(d)

ACQUISITION (Details)

v3.7.0.1
ACQUISITION (Details) - USD ($)
1 Months Ended
Apr. 21, 2016
Jun. 30, 2017
Mar. 31, 2017
Business Acquisition [Line Items]      
Fair value of 23,650,000 shares of common stock [1] $ 23,177,000    
Fair value of vested stock options [2] 2,582,890    
Total Consideration Paid 25,759,890    
Allocation of purchase price:      
Cash and cash equivalents 266,635    
Accounts receivable 6,490    
Inventories 188,879    
Prepaid expenses and other current assets 16,839    
Equipment 59,749    
Liabilities assumed:      
Accounts payable (241,299)    
Accrued liabilities (361,029)    
Customer deposits (86,487)    
Demand notes payable (324,894)    
Promissory notes payable (217,808)    
Bionik advance [3] (1,436,164)    
Net assets acquired (2,129,089)    
Goodwill 22,308,275 $ 22,308,275 $ 22,308,275
Total Allocation of purchase price 25,759,890    
Patents and exclusive License Agreement [Member]      
Liabilities assumed:      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill 1,306,031    
Customer Relationships [Member]      
Liabilities assumed:      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill 1,431,680    
Non compete agreement [Member]      
Liabilities assumed:      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill 61,366    
Assembled Workforce [Member]      
Liabilities assumed:      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill 275,720    
Trademarks [Member]      
Liabilities assumed:      
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill $ 2,505,907    
[1] The fair value of common stock was based on $0.98, which was the closing market price of the Company’s common stock on April 21, 2016.
[2] The fair value of the vested stock options was determined using the Black Scholes option pricing model with the following key assumptions: a risk free rate of 1.59%, dividend and forfeiture rates of 0% and expected volatility of 114% which is consistent with the Company’s assumptions (Note 10).
[3] The schedule below reflects the intangible assets acquired in the IMT acquisition and the assets amortization period and expense for the three month period ended June 30, 2017 and the year ended March 31, 2017: