Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Interim Statements of Cash Flows

v3.3.0.814
Condensed Consolidated Interim Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Operating activities    
Net loss for the period $ (4,832,989) $ (1,927,197)
Adjustment for items not affecting cash    
Depreciation of equipment 42,892 34,116
Imputed interest 0 30,711
Share compensation expense 1,695,919 70,679
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities (3,094,178) (1,791,691)
Changes in non-cash working capital items    
Prepaid expenses and other receivables (46,829) (258,603)
Due from related parties 5,439 (141,616)
Accounts payable (178,231) 130,231
Accrued liabilities (36,551) (225,915)
Net cash used in operating activities (3,350,350) (2,287,594)
Investing activities    
Acquisition of equipment (63,482) (104,781)
Provision of a loan receivable (300,000) 0
Net cash used in investing activities (363,482) (104,781)
Financing activities    
Proceeds from issuance of shares, net of issue costs 11,341,397 2,656,097
Proceeds from exercise of stock options 0 228,875
Repayment of loans from related parties 0 (200,263)
Net cash provided by financing activities 11,341,397 2,684,709
Effects of foreign currency exchange rate changes 21,129 (6,651)
Net increase in cash and cash equivalents for the period 7,648,694 285,683
Cash and cash equivalents, beginning of period 209,933 119,557
Cash and cash equivalents, end of period 7,858,627 405,240
Supplemental information:    
Issuance of shares on conversion of loans $ 500,000 $ 239,746