Schedule of Stockholders Equity [Table Text Block] |
| | | | March 31, 2015 | | | | December 31, 2014 | | | | | | Number of shares | | $ | | | | Number of shares | | $ | | Exchangeable Shares: | | | | | | | | | | | | | | | | | | Balance at beginning of period | | | | | 49,737,096 | | | 49,737 | | | | | 36,621,885 | | | 36,622 | | Shares issued for services | | (v) | | | 262,904 | | | 263 | | | | | - | | | - | | Shares issued under private placement | | | | | - | | | - | | (i) | | | 10,792,335 | | | 10,792 | | Shares issued on conversion and settlement of debt | | | | | - | | | - | | (ii)(iii) | | | 1,012,142 | | | 1,012 | | Shares issued on the exercise of options | | | | | - | | | - | | (iv) | | | 1,310,734 | | | 1,311 | | Balance at end of the period | | | | | 50,000,000 | | | 50,000 | | | | | 49,737,096 | | | 49,737 | | Common Shares | | | | | | | | | | | | | | | | | | Balance at beginning of the period | | | | | - | | | - | | | | | - | | | - | | Shares issued as Acquisition Transaction consideration | | (vii) | | | 6,000,000 | | | 6,000 | | | | | - | | | - | | Shares issued under private placement | | (vi)-(ix) | | | 9,839,500 | | | 9,840 | | | | | - | | | - | | Balance at end of the period | | | | | 15,839,500 | | | 15,840 | | | | | - | | | - | | TOTAL COMMON SHARES | | | | | 65,839,500 | | | 65,840 | | | | | - | | | - | |
(i) | In April, 2014, Bionik Canada completed a private placement issuing 10,792,335 common shares at a price of $0.24 per share for gross proceeds of $2,590,160. A former director of Bionik Canada assisted in securing a significant portion of this financing. The Company incurred $11,609 in share issue costs related to the transaction. | (ii) | In May 2014, Bionik Canada issued 436,908 common shares in exchange for the settlement of $138,888 of unsecured debt. | (iii) | In June, 2014, Bionik Canada issued 575,234 common shares on conversion of the convertible secured promissory note (Note 6). The note plus accrued interest totaled $124,523 and was converted at a 20% discount to the April 2014 private placement. | (iv) | In June 2014, Bionik Canada issued 1,310,734 common shares for the exercise of stock options. The Company received cash of $228,875. |
| (v) | On February 25, 2015, 262,904 common shares were issued to two former lenders connected with a $241,185 loan received and repaid during fiscal 2013. The common shares were valued at $210,323 based on the value of the concurrent private placement (Note 8(vi)), and recorded in stock based compensation on the statement of operations and comprehensive loss. As part of the consideration for the initial loan the CTO and COO had transferred 314,560 common shares to the lenders. For contributing the common shares to the lenders the Company intends to reimburse the CTO and COO 320,000 shares of common stock; however, these shares have not yet been issued. | | (vi) | Concurrently with the closing of the Acquisition Transaction on February 26, 2015, the Company issued 7,735,750 units (the “Units”) for gross proceeds of $6,188,600 (the “First Closing”) (including $500,000 of outstanding bridge loans converted into Units at the offering price) at a purchase price of $0.80 per Unit (the “Purchase Price”) in a private placement offering (the “Offering”). Each Unit consists of one common share of the Company, and a warrant to purchase one common share of the Company at an exercise price of $1.40 per share exercisable for 4 years. The Company incurred share issue costs related to the transaction of $848,822 and issued 773,575 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 10). After deducting the value of the warrants and the share issue costs, $4,789,404 was attributed to the value of the shares. | | (vii) | Immediately following the Acquisition Transaction and the First Closing, 6,000,000 shares of common stock were held by existing Drywave stockholders, 7,735,750 shares of common stock were held by the investors in the Offering and Bionik Canada shareholders held an equivalent of 50,000,000 shares of common stock through their ownership of 100% of the Exchangeable Shares which vote alongside the common stock of the Company as a single class through the one issued and outstanding Special Preferred Share. | | (viii) | On March 27, 2015, the Company issued 1,212,500 Units for gross proceeds of $970,000 to accredited investors in a second closing (the “Second Closing”). Each Unit consisted of one common share of the Company, and a warrant to purchase one common share of the Company at an exercise price of $1.40 per share exercisable for 4 years. The Company incurred share issue costs related to the Second Closing of $141,100 and issued 121,250 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 10). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $207,425 was recorded as a loss on initial recognition of the warrants and included in change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss. | | (ix) | On March 31, 2015, the Company issued 891,250 Units for gross proceeds of $713,000 to accredited investors in a third closing (the “Third Closing”). Each Unit consisted of one common share of the Company, and a warrant to purchase one common share of the Company at an exercise price of $1.40 per share exercisable for 4 years. The Company incurred share issue costs related to the Third Closing of $97,098 and issued 89,125 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 10). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $143,389 was recorded as a loss on initial recognition of the warrants and included in change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss. |
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