Document And Entity Information
Document And Entity Information | 9 Months Ended |
Dec. 31, 2018 | |
Document Information [Line Items] | |
Document Type | S1 |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Entity Registrant Name | Bionik Laboratories Corp. |
Entity Central Index Key | 1,508,381 |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Small Business | true |
Condensed Consolidated Interim
Condensed Consolidated Interim Balance Sheets - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Current | |||
Cash and cash equivalents | $ 375,133 | $ 507,311 | $ 543,650 |
Accounts receivable, net of allowance for doubtful accounts of $25,695 (March 31, 2018 - $19,694) | 1,521,109 | 212,730 | 383,903 |
Prepaid expenses and other receivables (Note 5) | 1,831,956 | 433,655 | 228,047 |
Inventories (Note 6) | 335,606 | 237,443 | 228,249 |
Due from related parties (Note 9(a)) | 17,989 | 18,897 | 18,731 |
Total Current Assets | 4,081,793 | 1,410,036 | 1,402,580 |
Equipment (Note 7) | 135,842 | 159,961 | 227,421 |
Technology and other assets (Note 4) | 4,497,037 | 4,706,719 | 5,030,624 |
Goodwill | 22,308,275 | 22,308,275 | 22,308,275 |
Total Assets | 31,022,947 | 28,584,991 | 28,968,900 |
Current | |||
Accounts payable (Notes 9(b) and 13) | 1,394,452 | 724,673 | 784,771 |
Accrued liabilities (Note 9(b)) | 1,099,570 | 1,529,505 | 1,228,657 |
Customer advances | 0 | 800 | 121,562 |
Demand loans (Note 8) | 0 | 51,479 | 330,600 |
Promissory Note Payable (Note 8) | 0 | 236,548 | |
Convertible loans (Note 8(b)) | 3,538,859 | 0 | 2,017,488 |
Deferred revenue | 285,140 | 122,667 | 98,624 |
Shares to be issued, stock options and warrants (Notes 10, 11 and 12) | 0 | 5,692,853 | 0 |
Total Current Liabilities | 6,318,021 | 8,121,977 | 4,818,250 |
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, 2018 – 1) | 0 | 0 | 0 |
Common Shares, par value $0.001; Authorized - 500,000,000 (March 31, 2018 – 250,000,000); Issued and outstanding - 2,337,964 and 273,574 Exchangeable Shares (March 31, 2018 – 1,368,856 and 295,146 Exchangeable Shares) | 2,611 | 1,664 | 645 |
Additional paid in capital | 67,570,756 | 56,195,541 | 45,184,320 |
Deficit | (42,910,590) | (35,776,340) | (21,076,464) |
Accumulated other comprehensive income | 42,149 | 42,149 | 42,149 |
Total Shareholders' Equity | 24,704,926 | 20,463,014 | 24,150,650 |
Total Liabilities and Shareholders' Equity | $ 31,022,947 | $ 28,584,991 | $ 28,968,900 |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Balance Sheets [Parenthetical] - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Allowance for Doubtful Accounts Receivable, Current | $ 25,695 | $ 19,694 | $ 38,600 |
Preferred Stock, Par Value (in dollars per share) | $ 0.001 | $ 0.001 | |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | |
Common Stock, Par Value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 500,000,000 | 250,000,000 | 150,000,000 |
Common Stock, Shares, Issued | 2,337,964 | 1,368,856 | 325,901 |
Common Stock, Shares, Outstanding | 2,337,964 | 1,368,856 | 325,901 |
Common Stock, Other Shares, Issued | 273,574 | 295,146 | 319,396 |
Common Stock, Other Shares, Outstanding | 273,574 | 295,146 | 319,396 |
Special Voting Preferred Stock [Member] | |||
Preferred Stock, Par Value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 1 | 1 | 1 |
Preferred Stock, Shares Issued | 1 | 1 | 1 |
Preferred Stock, Shares Outstanding | 1 | 1 |
Condensed Consolidated Interi_3
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Sales | $ 930,257 | $ 260,960 | $ 1,978,675 | $ 570,327 | $ 987,431 | $ 571,945 |
Cost of Sales | 450,304 | 88,357 | 1,087,540 | 177,482 | 402,665 | 388,756 |
Gross Margin | 479,953 | 172,603 | 891,135 | 392,845 | 584,766 | 183,189 |
Operating expenses | ||||||
Sales and marketing | 515,439 | 432,260 | 1,485,423 | 1,313,077 | 1,989,837 | 1,188,207 |
Research and development | 779,283 | 546,350 | 2,135,075 | 1,947,659 | 2,825,200 | 2,663,146 |
General and administrative | 1,022,024 | 783,784 | 2,932,980 | 2,916,917 | 3,585,484 | 3,346,230 |
Share-based compensation expense (Note 11) | 191,634 | 271,001 | 1,226,374 | 1,284,257 | 1,540,580 | 1,001,950 |
Amortization (Note 4) | 69,314 | 76,985 | 209,682 | 246,920 | 323,905 | 550,080 |
Depreciation (Note 7) | 15,969 | 21,234 | 50,190 | 69,606 | 89,026 | 79,868 |
Total operating expenses | 2,593,663 | 2,131,614 | 8,039,724 | 7,778,436 | 10,354,032 | 8,829,481 |
Other (income) expenses | ||||||
Foreign exchange | (47,709) | (11,485) | (116,715) | 102,671 | 102,999 | 71,573 |
Accretion expense (Note 8) | 316,642 | 216,302 | 2,421,060 | 290,375 | 1,937,308 | 0 |
Fair value adjustment (Note 8) | 0 | 0 | (337,923) | 0 | ||
Interest expense (Note 8) | 1,297,205 | 43,735 | ||||
Share premium (Note 8) | 1,249,994 | 0 | ||||
(Gain) loss on mark to market revaluation | 0 | 0 | (2,048,697) | 0 | 376,674 | 0 |
Other (income) expense | 1,520 | 416,931 | 61,652 | 657,999 | (107,656) | (692,198) |
Total other expenses (income) | 270,453 | 621,748 | (20,623) | 1,051,045 | 4,856,524 | (576,890) |
Net loss and comprehensive loss for the period | $ (2,384,163) | $ (2,580,759) | $ (7,127,966) | $ (8,436,636) | $ (14,625,790) | $ (8,069,402) |
Loss per share - basic and diluted | $ (0.91) | $ (3.80) | $ (3.14) | $ (12.74) | $ (21.73) | $ (13.19) |
Weighted average number of shares outstanding – basic | 2,611,538 | 678,631 | 2,267,906 | 662,237 | ||
Weighted average number of shares outstanding – diluted | 2,611,538 | 678,631 | 2,267,906 | 662,237 | ||
Weighted average number of shares outstanding – basic and diluted (Note 16) | 673,203 | 611,900 |
Condensed Consolidated Interi_4
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity - USD ($) | Total | Convertible Debt [Member] | Special Voting Preferred Stock [Member] | Total Shares [Member] | Total Shares [Member]Convertible Debt [Member] | Additional Paid in Capital [Member] | Additional Paid in Capital [Member]Convertible Debt [Member] | Shares to be issued [Member] | Deficit [Member] | Accumulated Other Comprehensive Income [Member] |
Opening Balance at Mar. 31, 2016 | $ 5,399,851 | $ 0 | $ 484 | $ 18,364,280 | $ (13,007,062) | $ 42,149 | ||||
Opening Balance (in shares) at Mar. 31, 2016 | 1 | 483,942 | ||||||||
Warrant exercised | 40,195 | $ 0 | $ 1 | 40,194 | 0 | 0 | ||||
Warrant exercised (in shares) | 1,165 | |||||||||
Share compensation expense | 1,001,950 | 0 | $ 1 | 1,001,949 | 0 | 0 | ||||
Share compensation expense (in shares) | 1,447 | |||||||||
Shares issued to acquire IMT | 23,177,000 | 0 | $ 158 | 23,176,842 | 0 | 0 | ||||
Shares issued to acquire IMT (in shares) | 157,667 | |||||||||
Stock compensation acquired | 2,582,890 | 0 | $ 0 | 2,582,890 | 0 | 0 | ||||
Options exercised | 18,166 | 0 | $ 1 | 18,165 | 0 | 0 | ||||
Options exercised (in shares) | 734 | |||||||||
Cashless exercise of warrants | 0 | 0 | $ 0 | 0 | 0 | 0 | ||||
Cashless exercise of warrants (in shares) | 342 | |||||||||
Net loss for the period | 8,069,402 | 0 | $ 0 | 0 | (8,069,402) | 0 | ||||
Closing Balance at Mar. 31, 2017 | 24,150,650 | $ 0 | $ 645 | 45,184,320 | $ 0 | (21,076,464) | 42,149 | |||
Closing Balance (in shares) at Mar. 31, 2017 | 1 | 645,297 | ||||||||
Warrant exercised | 1,125,038 | $ 0 | $ 34 | 1,125,004 | 0 | 0 | 0 | |||
Warrant exercised (in shares) | 33,335 | |||||||||
Share compensation expense | 1,284,257 | 0 | $ 0 | 1,284,257 | 0 | 0 | 0 | |||
Fair value of warrants on convertible loans | 548,179 | 0 | 0 | 548,179 | 0 | 0 | 0 | |||
Shares to be issued | 60,000 | 0 | 0 | 0 | 60,000 | 0 | 0 | |||
Warrant down round feature | 0 | 0 | 0 | 41,025 | 0 | (41,025) | 0 | |||
Net loss for the period | 8,436,636 | 0 | 0 | 0 | 0 | (8,436,636) | 0 | |||
Closing Balance at Dec. 31, 2017 | 18,731,488 | $ 0 | $ 679 | 48,182,785 | 60,000 | (29,554,125) | 42,149 | |||
Closing Balance (in shares) at Dec. 31, 2017 | 1 | 678,632 | ||||||||
Opening Balance at Mar. 31, 2017 | 24,150,650 | $ 0 | $ 645 | 45,184,320 | 0 | (21,076,464) | 42,149 | |||
Opening Balance (in shares) at Mar. 31, 2017 | 1 | 645,297 | ||||||||
Warrant exercised | 1,125,038 | $ 0 | $ 34 | 1,125,004 | 0 | 0 | ||||
Warrant exercised (in shares) | 33,335 | |||||||||
Share compensation expense | 1,540,580 | $ 0 | $ 0 | 1,540,580 | 0 | 0 | ||||
Share compensation expense (in shares) | 0 | 0 | ||||||||
Fair value of warrants on convertible loans | 548,179 | $ 0 | $ 0 | 548,179 | 0 | 0 | ||||
Conversion of convertible notes | 9,180,785 | 0 | $ 985 | 0 | 0 | |||||
Conversion of convertible notes (in shares) | 985,370 | |||||||||
Stock option and warrant reclassification (Notes 11 & 12) | (2,845,557) | 0 | $ 0 | (2,845,557) | 0 | 0 | ||||
Beneficial Conversion Feature on convertible debt | (1,389,129) | 0 | 0 | 1,389,129 | 0 | |||||
Warrant down round feature | 0 | 0 | 0 | 74,086 | (74,086) | 0 | ||||
Net loss for the period | 14,625,790 | 0 | 0 | 0 | (14,625,790) | |||||
Closing Balance at Mar. 31, 2018 | 20,463,014 | $ 0 | $ 1,664 | 56,195,541 | 0 | (35,776,340) | 42,149 | |||
Closing Balance (in shares) at Mar. 31, 2018 | 1 | 1,664,002 | ||||||||
Opening Balance at Dec. 31, 2017 | 18,731,488 | $ 0 | $ 679 | 48,182,785 | 60,000 | (29,554,125) | 42,149 | |||
Opening Balance (in shares) at Dec. 31, 2017 | 1 | 678,632 | ||||||||
Share compensation expense | 256,323 | $ 0 | $ 0 | 256,323 | 0 | 0 | 0 | |||
Shares to be issued for services | (60,000) | 0 | 0 | (60,000) | 0 | 0 | ||||
Conversion of convertible notes | 9,180,785 | 0 | $ 985 | 9,179,800 | 0 | 0 | 0 | |||
Conversion of convertible notes (in shares) | 985,370 | |||||||||
Stock option and warrant reclassification (Notes 11 & 12) | (2,845,557) | 0 | $ 0 | (2,845,557) | 0 | 0 | 0 | |||
Beneficial Conversion Feature on convertible debt | 1,389,129 | 0 | 0 | 1,389,129 | 0 | 0 | 0 | |||
Warrant down round feature | 0 | 0 | 0 | 33,061 | 0 | (33,061) | 0 | |||
Net loss for the period | (6,189,154) | 0 | 0 | 0 | 0 | (6,189,154) | 0 | |||
Closing Balance at Mar. 31, 2018 | 20,463,014 | $ 0 | $ 1,664 | 56,195,541 | 0 | (35,776,340) | 42,149 | |||
Closing Balance (in shares) at Mar. 31, 2018 | 1 | 1,664,002 | ||||||||
Share compensation expense | 1,226,374 | $ 0 | $ 0 | 1,226,374 | 0 | 0 | 0 | |||
Share compensation expense (in shares) | 0 | |||||||||
Conversion of convertible notes | 2,470,622 | $ 4,732,853 | 0 | $ 264 | $ 683 | 2,470,358 | $ 4,732,170 | 0 | 0 | 0 |
Conversion of convertible notes (in shares) | 263,639 | 683,395 | ||||||||
Stock option and warrant reclassification (Notes 11 & 12) | 1,173,534 | 0 | $ 0 | 1,173,534 | 0 | 0 | 0 | |||
Anti-dilution Feature allocation on conversion (Note 8) | 1,766,495 | 0 | 0 | 1,766,495 | 0 | 0 | 0 | |||
Warrant down round feature | 0 | 0 | 0 | 6,284 | 0 | (6,284) | 0 | |||
Net loss for the period | 7,127,966 | 0 | 0 | 0 | (7,127,966) | 0 | ||||
Net loss for the period Adjustment due to 1:150 share consolidation round-up | 0 | 0 | $ 0 | 0 | 0 | 0 | 0 | |||
Net loss for the period Adjustment due to 1:150 share consolidation round-up (in shares) | 502 | |||||||||
Closing Balance at Dec. 31, 2018 | $ 24,704,926 | $ 0 | $ 2,611 | $ 67,570,756 | $ 0 | $ (42,910,590) | $ 42,149 | |||
Closing Balance (in shares) at Dec. 31, 2018 | 1 | 2,611,538 |
Condensed Consolidated Interi_5
Condensed Consolidated Interim Statements of Cash Flows - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 21, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Operating activities | |||||
Net loss for the period | $ (7,127,966) | $ (8,436,636) | $ (14,625,790) | $ (8,069,402) | |
Adjustment for items not affecting cash | |||||
Depreciation | 50,190 | 69,606 | 89,026 | 79,868 | |
Amortization | 209,682 | 246,920 | 323,905 | 550,080 | |
Interest expense | 129,933 | 640,168 | 1,294,005 | 41,934 | |
Share based compensation expense | 1,226,374 | 1,284,257 | 1,540,580 | 844,162 | |
Shares issued for services | 0 | 60,000 | 0 | 157,788 | |
Accretion expense | 2,421,060 | 290,375 | 1,937,308 | 0 | |
Fair value adjustment | (337,923) | 0 | |||
Share premium | 1,249,994 | 0 | |||
Gain on mark to market revaluation | (2,048,697) | 0 | 376,674 | 0 | |
Allowance for doubtful accounts | 6,001 | (16,349) | (19,694) | 0 | |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | (5,471,346) | (5,861,659) | (7,833,992) | (6,395,570) | |
Changes in non-cash working capital items | |||||
Accounts receivable | (1,314,380) | 93,680 | 190,867 | (377,413) | |
Prepaid expenses and other receivables | (1,398,301) | 83,003 | (205,608) | 20,525 | |
Due from related parties | 908 | (643) | (166) | 22,714 | |
Inventories | (98,163) | (74,165) | (9,194) | (39,370) | |
Accounts payable | 669,779 | 10,104 | (60,098) | (375,572) | |
Accrued liabilities | (429,935) | 639,568 | 304,048 | 18,674 | |
Customer advances | (800) | (120,762) | (120,762) | 35,075 | |
Deferred revenue | 162,473 | 15,177 | 24,043 | 98,624 | |
Net cash (used in) operating activities | (7,879,765) | (5,215,697) | (7,710,862) | (6,992,313) | |
Investing activities | |||||
Acquisition of equipment | (26,071) | (17,182) | (21,567) | (170,790) | |
Net cash (used in) investing activities | (26,071) | (17,182) | (21,567) | (170,790) | |
Financing activities | |||||
Cash acquired on acquisition | 0 | 266,635 | |||
Proceeds from convertible loans | 7,826,633 | 4,699,975 | 7,111,375 | 2,000,000 | |
Proceeds on exercise of warrants | 0 | 1,125,038 | 1,125,038 | 40,195 | |
Proceeds from the exercise of options | 0 | 18,166 | |||
Repayment of promissory notes principal | 0 | (200,000) | (200,000) | 0 | |
Repayment of promissory notes interest | 0 | (49,505) | (49,505) | 0 | |
Repayment of demand notes principal | (50,000) | (208,359) | (208,359) | 0 | |
Repayment of demand notes interest | (2,975) | (79,259) | (79,259) | 0 | |
Proceeds from short term loan | 0 | 400,000 | 400,000 | 0 | |
Repayment of short term loan | (400,000) | 0 | |||
Repayment of short term loan interest | (3,200) | 0 | |||
Net cash provided by financing activities | 7,773,658 | 5,687,890 | 7,696,090 | 2,324,996 | |
Net decrease in cash and cash equivalents for the period | (132,178) | 455,011 | (36,339) | (4,838,107) | |
Cash and cash equivalents, beginning of period | $ 5,381,757 | 507,311 | 543,650 | 543,650 | 5,381,757 |
Cash and cash equivalents, end of period | $ 375,133 | $ 998,661 | $ 507,311 | $ 543,650 | |
Assets acquired and liabilities assumed 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 |
Condensed Consolidated Interi_6
Condensed Consolidated Interim Statements of Cash Flows [Parenthetical] | 1 Months Ended |
Apr. 21, 2016USD ($) | |
Cash Acquired from Acquisition | $ 266,635 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Substantial Doubt about Going Concern [Text Block] | 1. NATURE OF OPERATIONS The Company and its Operations Bionik Laboratories Corp. (the “Company” or “Bionik”) was incorporated on January 8, 2010 in the State of Colorado as Strategic Dental Management Corp. On July 16, 2013, the Company changed its name to Drywave Technologies Inc. and its state of incorporation from Colorado to Delaware. Effective February 13, 2015, the Company changed its name to Bionik Laboratories Corp. and reduced the authorized number of shares of common stock from 200,000,000 to 150,000,000. Concurrently, the Company implemented a 1-for-0.831105 reverse stock split of the common stock, which had previously been approved on September 24, 2014. On February 26, 2015, the Company entered into a Share Exchange Agreement and related transactions whereby it acquired Bionik Laboratories Inc., a Canadian Corporation (“Bionik Canada”), and Bionik Canada issued 333,334 Exchangeable Shares, representing a 3.14 exchange ratio, for 100% of the then outstanding common shares of Bionik Canada (the “Merger”). The Exchangeable Shares are exchangeable at the option of the holder, each into one share of the common stock of the Company. In addition, the Company issued one share of its Special Voting Preferred Stock (Note 10). On April 21, 2016, the Company acquired all of the outstanding shares and, accordingly, all assets and liabilities of Interactive Motion Technologies, Inc. (“IMT”), a Boston, Massachusetts-based global pioneer and leader in providing effective robotic products for neurorehabilitation, pursuant to an Agreement and Plan of Merger (the “Merger Agreement”) dated March 1, 2016, with IMT, Hermano Igo Krebs, and Bionik Mergerco Inc., a Massachusetts corporation and the Company’s wholly owned subsidiary (Bionik Mergeco). The merger agreement provided for the merger of Bionik Mergerco with and into IMT, with IMT surviving the merger as the Company’s wholly owned subsidiary which was renamed Bionik, Inc. In return for acquiring IMT, IMT shareholders received an aggregate of 157,667 shares of the Company’s common stock. References to the Company refer to the Company and its wholly owned subsidiaries, Bionik Inc., Bionik Acquisition Inc. and Bionik Canada. On November 6, 2017, the Company approved the authorization of a common share capital increase to 250,000,000 from 150,000,000 and on June 12, 2018, the Company approved the authorization of a common share capital increase to 500,000,000 from 250,000,000. The Company is a global pioneering robotics company focused on providing rehabilitation solutions to individuals with neurological disorders, specializing in designing, developing and commercializing cost-effective physical rehabilitation technologies, prosthetics, and assisted robotic products. The Company strives to innovate and build devices that can rehabilitate and improve an individual’s health, comfort, accessibility and quality of life through the use of advanced algorithms and sensing technologies that anticipate a user’s every move. These unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), which contemplates continuation of the Company as a going concern, which assumes the realization of assets and satisfaction of liabilities and commitments in the normal course of business. The Company’s principal offices are located at 483 Bay Street, N105, Toronto, Ontario, Canada M5G 2C9 and its U.S. address is 80 Coolidge Hill Road, Watertown, MA. USA 02472. Going Concern As at December 31, 2018, the Company had a working capital deficit of ($2,236,228) (March 31, 2018 – ($6,711,941)) and an accumulated deficit of ($42,910,590) (March 31, 2018 – ($35,776,340)), and the Company incurred a net loss and comprehensive loss of ($2,384,163) for the three month period ended December 31, 2018 (December 31, 2017 – ($2,580,759)) and ($7,127,966) for the nine month period ended December 31, 2018 (December 31, 2017 – ($8,436,636)). There is no certainty that the Company will be successful in generating sufficient cash flow from operations or achieving and maintaining profitable operations in the future to enable it to meet its obligations as they come due, however the Company believes it has the support of its major shareholders, who have previously provided convertible loans to meet the Company’s cash flow needs and to continue as a going concern. The Company hopes to raise sufficient cash in the next three months to meet the Company’s anticipated cash requirements for the 12 months thereafter. Sales of additional equity or equity-linked securities by the Company would result in the dilution of the interests of existing stockholders. There can be no assurance that financing will be available when required. In the event that the necessary additional financing is not obtained, the Company would reduce its discretionary overhead costs substantially or otherwise curtail operations. The Company expects the forgoing, or combination thereof, to meet the Company’s anticipated cash requirements for the next 12 months; however, if these conditions are not achieved, this will raise significant doubt about the Company’s ability to continue as a going concern. The accompanying consolidated interim financial statements do not include any adjustments to reflect the possible effects of recoverability and reclassification of assets or amounts and classifications of liabilities that may result from the outcome of this uncertainty. All adjustments, consisting only of normal recurring items, considered necessary for fair presentation have been included in these condensed consolidated interim financial statements. | 1. NATURE OF OPERATIONS AND GOING CONCERN The Company and its Operations Bionik Laboratories Corp. (formerly Drywave Technologies Inc., the “Company” or “Bionik”) was incorporated on January 8, 2010 in the State of Colorado as Strategic Dental Management Corp. On July 16, 2013, the Company changed its name to Drywave Technologies Inc. (“Drywave”) and its state of incorporation from Colorado to Delaware. Effective February 13, 2015, the Company changed its name to Bionik Laboratories Corp. and reduced the authorized number of shares of common stock from 200,000,000 to 150,000,000. Concurrently, the Company implemented a 1-for-0.831105 reverse stock split of the common stock, which had previously been approved on September 24, 2014. On October 29, 2018, the Company implemented at 1 for 150 reverse stock split of the common and exchangeable shares. On February 26, 2015, the Company entered into a Share Exchange Agreement and related transactions whereby it acquired Bionik Laboratories Inc., a Canadian Corporation (“Bionik Canada”) and Bionik Canada issued 333,334. Exchangeable Shares, representing a 3.14 exchange ratio, for 100% of the then outstanding common shares of Bionik Canada (the “Merger”). The Exchangeable Shares are exchangeable at the option of the holder, each into one share of the common stock of the Company. In addition, the Company issued one Special Preferred Voting Share (the “Special Preferred Share”) (Note 10). As a result of the shareholders of Bionik Canada having a controlling interest in the Company subsequent to the Merger, for accounting purposes the Merger does not constitute a business combination. The transaction has been accounted for as a recapitalization of the Company with Bionik Canada being the accounting acquirer even though the legal acquirer is Bionik, accordingly, the historic financial statements of Bionik Canada are presented as the comparative balances for the period prior to the Merger. References to the Company refer to the Company and its wholly owned subsidiaries, Bionik Acquisition Inc., Bionik, Inc. (the former IMT) and Bionik Canada. References to Drywave relate to the Company prior to the Merger. On April 21, 2016, the Company acquired all of the outstanding shares and, accordingly, all assets and liabilities of Interactive Motion Technologies, Inc. (IMT), a Boston, Massachusetts-based global pioneer and leader in providing effective robotic products for neurorehabilitation, pursuant to an Agreement and Plan of Merger (the “Merger Agreement”) dated March 1, 2016, with IMT, Hermano Igo Krebs, and Bionik Mergerco Inc., a Massachusetts corporation and our wholly owned subsidiary (Bionik Mergerco). The merger agreement provided for the merger of Bionik Mergerco with and into IMT, with IMT surviving the merger as the Company’s wholly owned subsidiary. In return for acquiring IMT, IMT shareholders received an aggregate of 157,667 shares of the Company’s common stock (Note 4). The Company is a global pioneering robotics company focused on providing rehabilitation solutions to individuals with neurological disorders, specializing in designing, developing and commercializing cost-effective physical rehabilitation technologies, prosthetics, and assisted robotic products. The Company strives to innovate and build devices that can rehabilitate and improve an individual’s health, comfort, accessibility and quality of life through the use of advanced algorithms and sensing technologies that anticipate a user’s every move. The consolidated financial statements consolidate the Company and its wholly owned subsidiaries Bionik Canada, Bionik Acquisition Inc. and Bionik, Inc. (the former IMT) since its acquisition on April 21, 2016. These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), which contemplates continuation of the Company as a going concern. The Company’s principal offices are located at 483 Bay Street, N105, Toronto, Ontario, Canada M5G 2C9 and its U.S. address is 80 Coolidge Hill Road, Watertown, MA 02472. Going Concern As at March 31, 2018, the Company had a working capital deficit of $6,711,941 (working capital deficit as at March 31, 2017, of $3,415,670) and an accumulated deficit of $35,776,340 (March 31, 2017 - $21,076,464) and the Company incurred a net loss and comprehensive loss of $14,625,790 for the year ended March 31, 2017 (March 31, 2017 – net loss of $8,069,402). There is no certainty that the Company will be successful in generating sufficient cash flow from operations or achieving and maintaining profitable operations in the future to enable it to meet its obligations as they come due and consequently continue as a going concern. The Company will require additional financing this year to fund its operations and it is currently working on securing this funding through corporate collaborations, public or private equity offerings or debt financings. Sales of additional equity securities by the Company would result in the dilution of the interests of existing stockholders. There can be no assurance that financing will be available when required. In the event that the necessary additional financing is not obtained, the Company would reduce its discretionary overhead costs substantially or otherwise curtail operations. The Company expects the forgoing, or a combination thereof, to meet the Company’s anticipated cash requirements for the next 12 months; however, these conditions raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on recoverability and reclassification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty. The consolidated financial statements do not include any adjustments related to the recoverability and classification of the recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. All adjustments, consisting only of normal recurring items, considered necessary for fair presentation have been included in these consolidated financial statements. |
CHANGE IN ACCOUNTING POLICY
CHANGE IN ACCOUNTING POLICY | 9 Months Ended |
Dec. 31, 2018 | |
Disclosure Text Block [Abstract] | |
Accounting Changes and Error Corrections [Text Block] | 2. CHANGE IN ACCOUNTING POLICY a) Basis of presentation On or about August 7, 2018, holders of the common stock and exchangeable shares of the Company approved, through a majority shareholder vote, an amendment to the Company’s Amended and Restated Certificate of Incorporation authorizing the Board of Directors to effect a reverse stock split of the Company’s common stock and exchangeable shares at a ratio up to one-for-one hundred and fifty (1:150). On October 29, 2018, the Company completed a reverse stock split and thereafter Bionik’s common stock began trading on the OTCQB market on a one-for-one hundred and fifty (1:150) split-adjusted basis. As a result of the reverse stock split, every 150 shares of the Company’s then-existing common stock was converted into one share of the Company’s common stock. No fractional shares were issued in connection with the reverse stock split. All fractional shares created by the reverse split were rounded up to the next whole share. The reverse stock split automatically and proportionately adjusted, based on the one-for-one hundred fifty split ratio, all issued and outstanding shares of the Company’s common stock, as well as exchangeable shares and common stock underlying stock options, warrants and other derivative securities outstanding at the time of the effectiveness of the reverse stock split. The exercise price on outstanding equity based grants was proportionately increased, while the number of shares available under the Company’s equity-based plans was also proportionately reduced. The reverse stock split has no impact on the par value per share of Bionik’s common stock, which remains at $0.001. All current and prior period amounts related to share, share prices and earnings per share, warrant and options presented in the Company’s consolidated financial statements contained in this Quarterly report on Form 10-Q and the accompanying notes have been restated to give retrospective presentation for the reverse split. b) Change in accounting policy The FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260) Distinguishing Liabilities From Equity (Topic 480) Derivatives and Hedging (Topic 815): Accounting for Certain Financial Instruments With Down Round Features II Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests With a Scope Exception , allows a financial instrument with a down-round feature to no longer automatically be classified as a liability solely based on the existence of the down-round provision. The update also means the instrument would not have to be accounted for as a derivative and be subject to an updated fair value measurement each reporting period. On consideration of the above factors, the Company elected to early adopt ASU 2017-11 on July 1, 2017. The ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other organizations, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. The early adoption allows the Company to reduce the cost and complexity of updating the fair value measurement each reporting period and eliminate the unnecessary volatility in reported earnings created by the revaluation when the Company’s shares’ value changes. The Company presented the change in accounting policy through the retrospective application of the new accounting principle to all prior periods, as described in ASU No. 250-10-45-5, Accounting Changes and Error Corrections. |
BASIS OF PRESENTATION AND CHANG
BASIS OF PRESENTATION AND CHANGE IN ACCOUNTING POLICY | 12 Months Ended |
Mar. 31, 2018 | |
Disclosure Text Block [Abstract] | |
Basis Of Presentation And Change In Accounting Policies [Text Block] | 2. BASIS OF PRESENTATION AND CHANGE IN ACCOUNTING POLICY a) Basis of presentation On or about August 7, 2018, holders of the common stock and exchangeable shares of the Company approved, through a majority shareholder vote, an amendment to the Company’s Amended and Restated Certificate of Incorporation authorizing the Board of Directors to effect a reverse stock split of Bionik’s common stock and exchangeable shares at a ratio up to one-to-one hundred and fifty. On October 29, 2018, the Company effected a reverse stock split and thereafter Bionik’s common stock began trading on the OTCQB market on a one-for-one hundred and fifty (1:150) split-adjusted basis. All owners of record on October 29, 2018 received one issued and outstanding share of Bionik common stock or exchangeable share in exchange for one hundred and fifty issued and outstanding shares of Bionik common stock or Bionik exchangeable stock. No fractional shares were issued in connection with the reverse stock split. All fractional shares created by the one-for-one hundred and fifty exchange were rounded up to the next whole share. The reverse stock split had no impact on the par value per share of Bionik common stock, which remains at $0.001. All current and prior period amounts related to shares, share prices and earnings per share, presented in the Company’s consolidated financial statements and the accompanying Notes have been restated to give retrospective presentation for the reverse stock split. b) Change in accounting policy The FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260) Distinguishing Liabilities From Equity (Topic 480) Derivatives and Hedging (Topic 815): I. Accounting for Certain Financial Instruments With Down Round Feature II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests With a Scope Exception On consideration of the above factors, the Company elected to early adopt ASU 2017-11 on July 1, 2017, the ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other organizations, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. The early adoption allows the Company to reduce the cost and complexity of updating the fair value measurement each reporting period and eliminate the unnecessary volatility in reported earnings created by the revaluation when the Company’s shares’ value changes. The Company presented the change in accounting policy through the retrospective application of the new accounting principle to all prior periods, as described in ASU No. 250-10-45-5, Accounting Changes and Error Corrections. The following financial statement line items for the year ended March 31, 2017 were affected by the change in accounting principle. Income Statement As of As originally March 31, 2017 Effect reported As adjusted of change Sales $ 571,945 $ 571,945 $ - Cost of Sales 388,756 388,756 - Total operating expenses 8,829,481 8,829,481 - Total other expenses (4,709,718 ) (576,890 ) (4,132,828 ) Net income (loss) and comprehensive loss for the Period (3,936,574 ) (8,069,402 ) (4,132,828 ) Basic loss per share (6.00 ) (13.19 ) (7.50 ) Diluted loss per share (6.00 ) (13.19 ) (7.50 ) Balance sheet As a result of the accounting policy change, the Company’s deficit as of April 1, 2017 increased from ($15,588,554), as originally reported under ASU No. 2016-01, to ($21,076,464) using ASU No. 2017-11. As originally reported As at March 31, 2017 As adjusted Effect of change Balance Sheet Current assets $ 1,402,580 $ 1,402,580 $ - Capital assets 227,421 227,421 - Intangible assets 27,338,899 27,338,899 - Total assets $ 28,968,900 $ 28,968,900 $ - Warrant derivative liability 959,600 - (959,600 ) Other current liabilities 4,818,205 4,818,250 45 Total liabilities $ 5,777,805 $ 4,818,250 $ (959,555 ) Common stock 645 645 - Additional paid in capital 38,736,855 45,184,320 6,447,465 Deficit (15,588,554 ) (21,076,464 ) (5,487,910 ) Accumulated other comprehensive income 42,149 42,149 - Total shareholders’ equity $ 23,191,095 $ 24,150,650 $ 959,555 Total liabilities and shareholders’ equity $ 28,968,900 $ 28,968,900 $ - Statement of cash flows As originally reported As at March 31, 2017 As adjusted Effect of change Net income (loss) for year $ (3,936,574 ) $ (8,069,402 ) $ (4,132,828 ) Adjustment for items not affecting cash and changes in non-cash working capital items (3,055,739 ) 1,077,089 4,132,828 Net cash (used in) operating activities (6,992,313 ) (6,992,313 ) - Net cash (used in) investing activities (170,790 ) (170,790 ) - Net cash provided by financing activities 2,324,996 2,324,996 - Net (decrease) in cash and cash equivalents for the year (4,838,107 ) (4,838,107 ) - Cash and cash equivalents, beginning of year 5,381,757 5,381,757 - Cash and cash equivalents, end of year $ 543,650 $ 543,650 $ - |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Accounting Policies [Abstract] | ||
Significant Accounting Policies [Text Block] | 3. SIGNIFICANT ACCOUNTING POLICIES Unaudited Condensed Consolidated Interim Financial Statements These unaudited condensed consolidated interim financial statements have been prepared on the same basis as the annual audited financial statements of the Company and should be read in conjunction with those annual audited financial statements filed on Form 10-K for the year ended March 31, 2018. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. This is the third set of the Company’s unaudited condensed consolidated interim financial statements where ASU-2014-09 “Revenue from Contracts with Customers (Topic 606)” has been applied. The changes in accounting policies in the Company’s unaudited condensed consolidated interim financial statements from the quarter ended December 31, 2018 from the March 31, 2018 audited financial statements are described below. Newly Adopted and Recently Issued Accounting Pronouncements Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying condensed consolidated interim financial statements. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The updated standard will replace most existing revenue recognition guidance in U.S. GAAP. The new standard introduces a five-step process to be followed in determining the amount and timing of revenue recognition. It also provides guidance on accounting for costs incurred to obtain or fulfill contracts with customers, and establishes disclosure requirements, which are more extensive than those required under existing U.S. GAAP. The FASB has issued numerous amendments to ASU 2014-09 from August 2015 through January 2018, which provide supplemental and clarifying guidance, as well as amend the effective date of the new standard. ASU 2014-09, as amended, is effective for the Company in the interim period ended June 30, 2018. The standard permits the use of either the retrospective or modified retrospective (cumulative effect) transition method. The Company adopted the new standard using the modified retrospective transition method. The Company has adopted ASU-2014-01 for the fiscal year ending March 31, 2019 and it did not have material effect on the consolidated financial position and the consolidated results of operations. As a result of the adoption of ASU-2014-09, the Company’s accounting policies have been updated. See “Revenue Recognition” below for these changes in accounting policies, as well as new disclosure requirements. The changes in accounting policies will also be reflected in the Company’s audited consolidated financial statements for the year ending March 31, 2019. In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes,” which require that deferred tax liabilities and assets be classified on our Consolidated Balance Sheets as noncurrent based on an analysis of each taxpaying component within a jurisdiction. ASU No. 2015- 17 is effective for the fiscal year commencing after December 15, 2017. The Company has adopted ASU-2015-17 for the fiscal year ending March 31, 2019 and it did not have material effect on the consolidated financial position and the consolidated results of operations. In January 2016, the FASB issued ASU No. 2016-01 Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The updates make several modifications to Subtopic 825-10, including the elimination of the available-for-sale classification of equity investments, and it requires equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in operations. The update is effective for fiscal years beginning after December 15, 2017. The Company has adopted ASU-2016-01 for the fiscal year ending March 31, 2019 and it did not have material effect on the consolidated financial position and the consolidated results of operations. In February 2016, the FASB issued ASU 2016-02, “Leases.” This update requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The new guidance will also require additional disclosure about the amount, timing and uncertainty of cash flows arising from leases. The provisions of this update are effective for annual and interim periods beginning after December 15, 2018. The Company is still assessing the impact that the adoption of ASU 2016-02 will have on the consolidated financial position and the consolidated results of operations. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments”. This ASU provides eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for the fiscal year commencing after December 15, 2017. The Company has adopted ASU-2016-15 for the fiscal year ending March 31, 2019 and it did not have material effect on the consolidated financial position and the consolidated results of operations. In January 2017, the FAS issued ASU 2017-01, “Business Combinations: Clarifying the definition of a Business” which amends the current definition of a business. Under ASU 2017-01, to be considered a business, an acquisition would have to include an input and a substantive process that together significantly contributes to the ability to create outputs. ASU 2017-01 further states that when substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. The new guidance also narrows the definition of the term “outputs” to be consistent with how it is described in Topic 606, Revenue from Contracts with Customers. The changes to the definition of a business will likely result in more acquisitions being accounted for as asset acquisitions. ASU 2017-01 is effective for acquisitions commencing on or after June 30, 2019, with early adoption permitted. Adoption of this guidance will be applied prospectively on or after the effective date. In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other” ASU 2017-04 simplifies the accounting for goodwill impairment by eliminating Step 2 of the current goodwill impairment test, which required a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which the reporting unit’s carrying value exceeds its fair value, limited to the carrying value of the goodwill. ASU 2017-04 is effective for financial statements issued for fiscal years, and interim periods beginning after December 15, 2019. In May 2017, the FASB issued ASU 2017-09, “Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting (ASU 2107-9).” The FASB issued the update to provide clarity and reduce the cost and complexity when applying guidance in Topic 718. The amendments in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modifications accounting in Topic 718. ASU 2017-09 is effective for the Company in the interim period ended June 30, 2018. The Company adopted ASU-2017-09 during the quarter ended June 30, 2018 and it did not have material effect on the consolidated financial position and the consolidated results of operations. Inventory Inventory is stated at the lower of cost or net realizable value. Cost is recorded at standard cost, on the first-in, first-out basis. Work-in- progress and finished goods consist of materials, labor and allocated overhead. Revenue Recognition The Company has adopted ASU-2014-09 with an initial application date of April 1, 2018. The updated accounting policies and the impact on the unaudited condensed consolidated interim financial statements and additional disclosures are detailed as follows: The Company determines revenue recognition through the following steps: a) identification of the contract with a customer; b) identification of the performance obligation in the contract; c) determination of the transaction price; d) allocation of the transaction price for the performance obligations in the contract; and e) recognition of revenue when the Company satisfies a performance obligation. Revenue is recognized when control of a product is transferred to a customer. Revenue is measured based on the consideration specified in a contract with a customer, net of returns and discounts. Accruals for sales returns are calculated based on the best estimate of the amount of product that will ultimately be returned by customers, reflecting historical experience and the magnitude of non-conforming inventory claims made by the customers that have either been approved or are pending review. Contract liabilities are recorded when cash payments are received or due in advance of the Company’s performance. In the comparative period, revenue was measured at the fair value of the consideration received or receivable, net of returns and discounts and was recognized when the risks and rewards of ownership has transferred to the customer. No revenue was recognized if there was significant uncertainties regarding recovery of the consideration due, the costs incurred or to be incurred could not be measured reliably, or there was continuing management involvement with the goods. Impact on the unaudited condensed consolidated interim financial statements ASU-2014-09 had no impact on the Company’s unaudited condensed consolidated interim statement of loss and comprehensive loss for the three and nine month periods ended December 31, 2018. Warranty Reserve and Deferred Warranty Revenue The Company provides a one-year warranty as part of its normal sales offering. When products are sold, the Company provides warranty reserves, which, based on the historical experience of the Company are sufficient to cover warranty claims. Accrued warranty reserves are included in accrued liabilities on the balance sheet and amounted to $100,338 and $64,957 at December 31, 2018 and March 31, 2018, respectively. The Company also sells extended warranties for additional periods beyond the standard warranty. Extended warranty revenue is deferred and recognized as revenue over the extended warranty period. The Company recognized $20,303 and $35,618 of expense related to the change in warranty reserves and warranty costs incurred and recorded as an expense in cost of goods sold during the three and nine month period ended December 31, 2018 (December 31, 2017 – $Nil and $Nil). Foreign Currency Translation The functional currency of the Company and its wholly owned subsidiaries is the U.S. dollar. Transactions denominated in a currency other than the functional currency are recorded on initial recognition at the exchange rate at the date of the transaction. After initial recognition monetary assets and liabilities denominated in foreign currency are translated at the end of each reporting period into the functional currency at the exchange rate at that date. Exchange differences are recognized in profit or loss. Non-monetary assets and liabilities measured at cost are translated at the exchange rate at the date of the transaction. Use of Estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. The estimates are based on management’s best knowledge of current events and actions of the Company it may undertake in the future. Significant areas requiring the use of estimates relate to the valuation of inventory, revenue recognition, the useful life of equipment and intangible assets, impairment of goodwill and intangible assets. Actual results could differ from these estimates. Fair Value of Financial Instruments ASC Topic 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Included in the ASC Topic 820 framework is a three level valuation inputs hierarchy with Level 1 being inputs and transactions that can be effectively fully observed by market participants spanning to Level 3 where estimates are unobservable by market participants outside of the Company and must be estimated using assumptions developed by the Company. The Company discloses the lowest level input significant to each category of asset or liability valued within the scope of ASC Topic 820 and the valuation method as exchange, income or use. The Company uses inputs, which are as observable as possible, and the methods most applicable to the specific situation of each company or valued item. The carrying amounts reported in the balance sheets for cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, due from related parties and demand loans approximate fair value because of the short period of time between the origination of such instruments, their expected realization and their current market rates of interest. Per ASC Topic 820 framework these are considered Level 2 inputs where inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company has recognized shares to be issued, stock options and warrants, for which it did not as of March 31, 2018 have sufficient authorized share capital to issue, as a liability that is measured at fair value based on Level 1 inputs, for the component related to shares to be issued, and Level 3 inputs for the measurement of the stock options and warrants using a valuation model, as disclosed in Notes 11 & 12. This was reversed in the quarter ended June 30, 2018, when the Company’s authorized capital was increased from 250,000,000 to 500,000,000 and gain on mark to market valuation of $2,048,697 was recognized. The Company’s policy is to recognize transfers into and out of Level 3 as of the date of the event or change in the circumstances that caused the transfer. There were no such transfers during the quarter ended December 31, 2018. | 3. SIGNIFICANT ACCOUNTING POLICIES Newly Adopted and Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The updated standard will replace most existing revenue recognition guidance in U.S. GAAP. The new standard introduces a five-step process to be followed in determining the amount and timing of revenue recognition. It also provides guidance on accounting for costs incurred to obtain or fulfill contracts with customers, and establishes disclosure requirements which are more extensive than those required under existing U.S. GAAP. The FASB has issued numerous amendments to ASU 2014-09 from August 2015 through January 2018, which provide supplemental and clarifying guidance, as well as amend the effective date of the new standard. ASU 2014-09, as amended, is effective for the Company in the interim period ended June 30, 2018. The standard permits the use of either the retrospective or modified retrospective (cumulative effect) transition method. The Company adopted the new standard using the modified retrospective transition method. Although the Company’s analysis of the impact of the new revenue recognition guidance is not fully complete, management do not currently believe that such guidance will materially impact the aggregate amount and timing of revenue recognition subsequent to adoption, nor a significant cumulative adjustment to the consolidated balance sheet as of April 1, 2018; however, the Company will provide enhanced revenue recognition disclosures as required by the new standard. In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes,” which require that deferred tax liabilities and assets be classified on our Consolidated Balance Sheets as noncurrent based on an analysis of each taxpaying component within a jurisdiction. ASU No. 2015-17 is effective for the fiscal year commencing after December 15, 2017. The Company does not anticipate that the adoption of ASU No. 2015-17 will have a material effect on the consolidated financial position or the consolidated results of operations. In January 2016, the FASB issued ASU No. 2016-01 Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The updates make several modifications to Subtopic 825-10, including the elimination of the available-for-sale classification of equity investments, and it requires equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in operations. The update is effective for fiscal years beginning after December 2017. The Company is still assessing the impact that the adoption of ASU 2016-01 will have on the consolidated financial position and the consolidated results of operations. In February 2016, the FASB issued ASU 2016-02, Leases. This update requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The new guidance will also require additional disclosure about the amount, timing and uncertainty of cash flows arising from leases. The provisions of this update are effective for annual and interim periods beginning after December 15, 2018. The Company is still assessing the impact that the adoption of ASU 2016-02 will have on the consolidated financial position and the consolidated results of operations. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting”. Several aspects of the accounting for share-based payment award transaction are simplified, including (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company has adopted ASU-2016-09 during the year and it did not have material effect on the consolidated financial position and the consolidated results of operations. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments”. This ASU provides eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for the fiscal year commencing after December 15, 2017. The Company is still assessing the impact that the adoption of ASU 2016-15 will have on the consolidated statement of cash flows. In January 2017, the FAS issued ASU 2017-01, “Business Combinations: Clarifying the definition of a Business” which amends the current definition of a business. Under ASU 2017-01, to be considered a business, an acquisition would have to include an input and a substantive process that together significantly contributes to the ability to create outputs. ASU2017-01 further states that when substantially all of the fair value of gross assets acquitted is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. The new guidance also narrows the definition of the term “outputs” to be consistent with how it is described in Topic 606, Revenue from Contracts with Customers. The changes to the definition of a business will likely result in more acquisitions being accounted for as asset acquisitions. ASU 2017-01 is effective for acquisitions commencing on or after June 30, 2019, with early adoption permitted. Adoption of this guidance will be applied prospectively on or after the effective date. In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other” ASU 2017-04 simplifies the accounting for goodwill impairment by eliminating Step 2 of the current goodwill impairment test, which required a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which the reporting unit’s carrying value exceeds its fair value, limited to the carrying value of the goodwill. ASU 2017-04 is effective for financial statements issued for fiscal years, and interim periods beginning after December 15, 2019. In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting (ASU 2017-09). The FASB issued the update to provide clarity and reduce the cost and complexity when applying the guidance in Topic 718. The amendments in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. ASU 2017-09 is effective for the Company in the interim period ended June 30, 2018. The Company does not expect the impact of adopting ASU 2017-09 to be material on its consolidated financial statements and related disclosures. Inventory Inventory is stated at the lower of cost or net realizable value. Cost is recorded at standard cost, which approximates actual cost, on the first-in first-out basis. Work in progress and finished goods consist of materials, labor and allocated overhead. Revenue Recognition The Company recognizes revenue from product sales when persuasive evidence of an agreement with customer exists, products are shipped or title passes pursuant to the terms of the agreement, the amount due from the customer is fixed or determinable, collectability is reasonably assured, and there are no significant future performance obligation. Deposits are carried as liabilities until the requirements for revenue recognition are met. Warranty Reserve and Deferred Warranty Revenue The Company provides a one-year warranty as part of its normal sales offering. When products are sold, the Company provides warranty reserves, which, based on the historical experience of the Company are sufficient to cover warranty claims. Accrued warranty reserves are included in accrued liabilities on the consolidated balance sheets and amounted to $64,957 at March 31, 2018 (March 31, 2017 - $64,957). The Company also sells extended warranties for additional periods beyond the standard warranty. Extended warranty revenue is deferred and recognized as revenue over the extended warranty period. The Company recognized $Nil of expenses related to warranty expenses incurred and recorded this expense in cost of goods sold for the year ended March 31, 2018 (March 31, 2017 - $Nil). Foreign Currency Translation On April 1, 2015, Bionik Canada and Bionik Acquisition Inc. changed its functional currency from the Canadian Dollar to the U.S. Dollar. This reflects the fact that the majority of the Company’s business is influenced by an economic environment denominated in U.S. currency as well the Company anticipates revenues to be earned in U.S. dollars. The change in accounting treatment was applied prospectively. The functional currency is separately determined for the Company, and each of its subsidiaries, and is used to measure the financial position and operating results. The functional currency of the Company and its wholly owned subsidiaries is the U.S. dollar. Transactions denominated in a currency other than the functional currency are recorded on initial recognition at the exchange rate at the date of the transaction. After initial recognition, monetary assets and liabilities denominated in foreign currency are translated at the end of each reporting period into the functional currency at the exchange rate at that date. Exchange differences are recognized in profit or loss. Non- monetary assets and liabilities measured at cost are translated at the exchange rate at the date of the transaction. Equipment Equipment is recorded at cost. Depreciation is computed using the declining balance method, over the estimated useful lives of these assets. The costs of improvements that extend the life of equipment are capitalized. All ordinary repair and maintenance costs are expensed as incurred. Equipment is depreciated as follows: Computer & Electronics 50% per annum Furniture and Fixtures 20% per annum Demonstration Equipment 50% per annum Manufacturing Equipment 20% per annum Tools and Parts 20% per annum Use of Estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. The estimates based on management’s best knowledge of current events and actions of the Company may undertake in the future. Significant areas requiring the use of estimates relate to the valuation of inventory, revenue recognition, the useful life of equipment and intangible assets, impairment of goodwill and intangible assets, inputs to the fair value of shares to be issued, stock options and warrants. Actual results could differ from these estimates. Fair Value of Financial Instruments ASC Topic 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Included in the ASC Topic 820 framework is a three level valuation inputs hierarchy with Level 1 being inputs and transactions that can be effectively fully observed by market participants spanning to Level 3 where estimates are unobservable by market participants outside of the Company and must be estimated using assumptions developed by the Company. The Company discloses the lowest level input significant to each category of asset or liability valued within the scope of ASC Topic 820 and the valuation method as exchange, income or use. The Company uses inputs, which are as observable as possible, and the methods most applicable to the specific situation of each company or valued item. The carrying amounts reported in the balance sheets for cash and cash equivalents, accounts receivable, other receivables, accounts payable, accrued liabilities, due from related parties, demand loans, convertible loans and promissory note payable approximate fair value because of the short period of time between the origination of such instruments, their expected realization and their current market rates of interest. Per ASC Topic 820 framework these are considered Level 2 inputs where inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company has recognized shares to be issued, stock options and warrants, for which it did not as of March 31, 2018 have sufficient authorized share capital to issue, as a liability that is measured at fair value based on Level 1 inputs, for the component related to shares to be issued, and Level 3 inputs for the measurement of the stock options and warrants using a valuation model, as disclosed in Notes 11 & 12. The Company’s policy is to recognize transfers into and out of Level 3 as of the date of the event or change in the circumstances that caused the transfer. There were no such transfers during the year. Segment Reporting ASC 280-10, “Disclosures about Segments of an Enterprise and Related Information”, establishes standards for the way that public business enterprises report information about operating segments in the Company’s consolidated financial statements. Operating segment are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Approximately 99% of the Company’s assets are US-based and all sales for the years ended March 31, 2018 and 2017 were made by the Company’s US subsidiary, Bionik, Inc. In addition, all of the Company’s technology and other assets and goodwill are connected to the acquisition by the Company in April 2016 of Bionik, Inc. Equipment connected to Bionik Inc. amounts to $120,910 and $39,051 is connected to equipment at the Company’s Canadian subsidiary Bionik Laboratories Inc. Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments with original terms to maturity of 90 days or less at the date of purchase. For all periods presented cash and cash equivalents consisted entirely of cash. Research and Development The Company is engaged in research and development work. Research and development costs are charged as operating expense of the Company as incurred. Income Taxes Income taxes are computed in accordance with the provisions of ASC Topic 740, which requires, among other things, a liability approach to calculating deferred income taxes. The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized in its consolidated financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The Company is required to make certain estimates and judgments about the application of tax law, the expected resolution of uncertain tax positions and other matters. In the event that uncertain tax positions are resolved for amounts different than the Company’s estimates, or the related statutes of limitations expire without the assessment of additional income taxes, the Company will be required to adjust the amounts of related assets and liabilities in the period in which such events occur. Such adjustment may have a material impact on the Company’s income tax provision and results of operations. Basic and Diluted Loss Per Share Basic and diluted loss per share has been determined by dividing the net loss available to shareholders for the applicable period by the basic and diluted weighted average number of shares outstanding, respectively. The diluted weighted average number of shares outstanding is calculated as if all dilutive options had been exercised or vested at the later of the beginning of the reporting period or date of grant, using the treasury stock method. Loss per common share is computed by dividing the net loss by the weighted average number of shares of common shares outstanding during the period. Common share equivalents, options and warrants are excluded from the computation of diluted loss per share when their effect is anti-dilutive. Impairment of Long-Lived Assets The Company follows the ASC Topic 360, which requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the assets’ carrying amounts may not be recoverable. In performing the review for recoverability, if future undiscounted cash flows (excluding interest charges) from the use and ultimate disposition of the assets are less than their carrying values, an impairment loss represented by the difference between its fair value and carrying value, is recognized. When properties are classified as held for sale they are recorded at the lower of the carrying amount or the expected sales price less costs to sell. Goodwill and Indefinite Lived Intangible Assets The Company records goodwill when the purchase price of an acquisition exceeds the fair value of the net tangible and identified intangible assets acquired. Goodwill and indefinite lived intangible assets, consisting of the trademarks acquired (Note 4), are assessed for impairment annually, or more frequently if indicators of potential impairment exist, which includes evaluating qualitative and quantitative factors to assess the likelihood of an impairment of goodwill or indefinite lived intangible assets. The Company performs impairment tests using a fair value approach when necessary. None of the Company’s goodwill or indefinite lived intangibles was impaired as of March 31, 2018. Accordingly, no impairment loss has been recognized in the year ended March 31, 2018. |
ACQUISITION, TECHNOLOGY AND OTH
ACQUISITION, TECHNOLOGY AND OTHER ASSETS | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Technology And Other Intangible Assets [Abstract] | ||
Intangible Assets Disclosure [Text Block] | 4. TECHNOLOGY AND OTHER ASSETS The schedule below reflects the intangible assets acquired in the IMT acquisition on April 21, 2016 and the asset amortization period and expense for the nine month period ended December 31, 2018 and the year ended March 31, 2018: Expense March Value at March Expense Dec. Value at Dec.. Intangible Amortization Value acquired 31, 2018 31, 2018 31, 2018 31, 2018 assets acquired period (years) $ $ $ $ $ Patents and exclusive License Agreement 9.74 1,306,031 134,126 1,045,530 100,567 944,963 Trademark Indefinite 2,505,907 - 2,505,907 - 2,505,907 Customer relationships 10 1,431,680 143,206 1,153,543 107,376 1,046,167 Non-compete agreement 2 61,366 30,709 1,739 1,739 - Assembled Workforce 1 275,720 15,864 - - - 5,580,704 323,905 4,706,719 209,682 4,497,037 Amortization for the nine months ended December 31, 2018 was $209,682 (December 31, 2017 - $246,920). Amortization for three months ended December 31, 2018 was $69,314 (December 31, 2017 - $76,985). | 4. ACQUISITION On April 21, 2016, the Company acquired 100% of the common and preferred shares of IMT, through a transaction where Bionik Mergerco merged with and into IMT, with IMT surviving the merger as a wholly owned subsidiary of Bionik. Bionik issued an aggregate of 157,667 shares of Company Common Stock in exchange for all shares of IMT Common Stock and IMT Preferred Stock outstanding immediately prior to April 21, 2016. All shares have been issued at March 31, 2017. Bionik also assumed each of the 3,895,000 options to acquire IMT Common Stock granted under IMT’s equity incentive plan or otherwise issued by IMT. These options were exchanged for purchase of an aggregate of 20,000 options of Company Common Stock, of which 6,667 options have an exercise price of $37.50 per share, 6,667 options have an exercise price of $142.50 per share and 6,666 options have an exercise price of $157.50 per share. Stock compensation expense on vested options of $2,582,890 was recorded on the options exchanged and this amount is included in the acquisition equation. As a result of the acquisition of IMT, the Company acquired assets including three licensed patents, two license agreements, three FDA listed products, a FDA inspected manufacturing facility, extensive clinical and sales data, and international distributors. The Company retained an independent valuator to determine the purchase price allocation, which reflects the allocation of assets and goodwill. The following sets forth the purchase price allocation based on management’s best estimates of fair value, including a summary of major classes of consideration transferred and the recognized amounts of assets acquired and liabilities assumed at the acquisition date. As at April 21, 2016 $ Fair value of 23,650,000 shares of common stock (a) 23,177,000 Fair value of vested stock options (b) 2,582,890 Allocation of purchase price: 25,759,890 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 (d) (1,436,164 ) Net assets acquired (2,129,089 ) Patents and exclusive License Agreement 1,306,031 Trademark 2,505,907 Customer relationships 1,431,680 Non compete agreement 61,366 Assembled Workforce 275,720 Goodwill 22,308,275 25,759,890 (a) The fair value of common stock was based on $147.00 per share, which was the closing market price of the Company’s common stock on April 21, 2016. (b) 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 11). (c) Pro forma information has not been presented for IMT as these operations have been consolidated for all days in the year ended March 31, 2017 except 20 days from April 20, 2016. These 20 days are not considered material. (d) Included in the net assets acquired was a loan issued to IMT in the amount of $300,000 under normal commercial terms. The loan carried an interest rate of 6% and were secured by all the assets of IMT subject to a $200,000 subordination to a third party financial services company, which was released in April 2016. (e) The schedule below reflects the intangible assets acquired in the IMT acquisition and the assets amortization period and expense for the year ended March 31, 2018: Intangible assets acquired Amortization Value Expense Value at Expense Value at $ $ $ $ $ Patents and exclusive Licence Agreement 9.74 years 1,306,031 126,375 1,179,656 134,126 1,045,530 Trademark Indefinite 2,505,907 - 2,505,907 - 2,505,907 Customer relationships 10 1,431,680 134,931 1,296,749 143,206 1,153,543 Non compete agreement 2 61,366 28,918 32,448 30,709 1,739 Assembled workforce 1 275,720 259,856 15,864 15,864 - 5,580,704 550,080 5,030,624 323,905 4,706,719 |
PREPAID EXPENSES AND OTHER RECE
PREPAID EXPENSES AND OTHER RECEIVABLES | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid Expense And Other Receivables [Text Block] | 5. PREPAID EXPENSES AND OTHER RECEIVABLES December 31, 2018 March 31, 2018 $ $ Prepaid materials (i) 1,526,304 86,957 Prepaid expenses 202,962 301,104 Prepaid insurance 74,828 36,497 Sales taxes receivable (ii) 27,862 9,097 1,831,956 433,655 (i) Prepaid materials represent material deposits paid to our outsource manufacturing partner and other vendors for the production of our InMotion clinic line units. (ii) Sales tax receivable represents net harmonized sales taxes (HST) input tax credits receivable from the Government of Canada. | 5. PREPAID EXPENSES AND OTHER RECEIVABLES March 31, 2018 March 31, 2017 $ $ Prepaid expenses and other receivables 86,957 68,484 Prepaid inventory 301,104 - Prepaid insurance 36,497 136,896 Sales taxes receivable (i) 9,097 22,667 433,655 228,047 i) Sales tax receivable represents net harmonized sales taxes (HST) input tax credits receivable from the Government of Canada. |
INVENTORIES
INVENTORIES | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | ||
Inventory Disclosure [Text Block] | 6. INVENTORIES December 31, 2018 March 31, 2018 $ $ Raw materials 28,662 237,443 Finished goods 306,944 - 335,606 237,443 During the three and nine month periods ended December 31, 2018, the Company expensed $392,190 and $986,362, respectively, from inventory as cost of goods sold (December 31, 2017 – $47,594 and $77,705). During the three and nine month period ended December 31, 2018, the Company wrote down and expensed $47,772 and $62,589 of obsolete inventory (December 31, 2017 – $Nil and $Nil). | 6. INVENTORY March 31, 2018 March 31, 2017 $ $ Raw Materials 237,443 119,985 Work in Progress - 108,264 237,443 228,249 For the year ended March 31, 2018, $38,860 (March 31, 2017 - $43,009) of inventory has been written off to Cost of Sales as it is not expected to be used as a result of an introduction of new versions of existing InMotion products. In addition, for the year ended March 31, 2017, $124,416 was written off as a result of physical inventory counts. |
EQUIPMENT
EQUIPMENT | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Property, Plant and Equipment Disclosure [Text Block] | 7. EQUIPMENT Equipment consisted of the following as at December 31, 2018 and March 31, 2018: December 31, 2018 March 31, 2018 Accumulated Accumulated Cost Depreciation Net Cost Depreciation Net $ $ $ $ $ $ Computers and electronics 282,576 237,882 44,694 256,505 223,750 32,755 Furniture and fixtures 36,795 29,278 7,517 36,795 28,051 8,744 Demonstration equipment 200,186 135,590 64,596 200,186 105,441 94,745 Manufacturing equipment 88,742 86,100 2,642 88,742 85,668 3,074 Tools and parts 11,422 6,539 4,883 11,422 5,741 5,681 Assets under capital lease 23,019 11,509 11,510 23,019 8,057 14,962 642,740 506,898 135,842 616,669 456,708 159,961 Equipment is recorded at cost less accumulated depreciation. Depreciation expense during the three and nine month periods ended December 31, 2018 was $15,969 and $50,190, respectively (December 31, 2017 – $21,234 and $69,606). | 7. EQUIPMENT Equipment consisted of the following as at March 31, 2018 and March 31, 2017: March 31, 2018 March 31, 2017 Accumulated Accumulated Cost Depreciation Net Cost Depreciation Net $ $ $ $ $ $ Computers and electronics 256,505 223,750 32,755 250,538 204,258 46,280 Furniture and fixtures 36,795 28,051 8,744 36,795 26,096 10,699 Demonstration equipment 200,186 105,441 94,745 184,586 44,420 140,166 Manufacturing equipment 88,742 85,668 3,074 88,742 84,982 3,760 Tools and parts 11,422 5,741 5,681 11,422 4,472 6,950 Assets under capital lease 23,019 8,057 14,962 23,019 3,453 19,566 Balance 616,669 456,708 159,961 595,102 367,681 227,421 Equipment is recorded at cost less accumulated depreciation. Depreciation expense during the year ended March 31, 2018 was $89,026 (March 31, 2017 - $79,868). |
NOTES PAYABLE
NOTES PAYABLE | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Debt Disclosure [Abstract] | ||
Debt Disclosure [Text Block] | 8. NOTES PAYABLE Demand Notes payable The Company had outstanding notes payable (“Notes”) of $Nil at December 31, 2018 ($51,479 – March 31, 2018) which was acquired when the Company bought IMT on April 21, 2016. The Notes and interest were repaid during the fiscal quarter ended June 30, 2018. Balance, March 31, 2018 $ 51,479 Accrued interest 1,496 Repayment (52,975 ) Balance, December 31, 2018 $ - Interest expense incurred on the Notes totaled $1,496 for the three and nine month periods ended December 31, 2018 (December 31, 2017 – $2,309 and $7,018), which was included in accrued liabilities until it was paid off. Convertible Loans Payable (a) On each of April 1, 2018 and July 20, 2018, the Company received loans totaling $4,708,306 (collectively, the “July 20, 2018 loans” which is inclusive of $31,673 that was capitalized interest) which carry an interest rate of 1% per month and of which $2,297,928 came from related parties. $4,732,853 of the loans and accrued and unpaid interest thereon were converted as of July 20, 2018 at a 10% discount to the 30 day volume weighted average price (“VWAP”) of the Company’s stock price. In the event the Company consummates a firm commitment or underwritten offering of its common stock by March 27, 2019, and the price per share thereof (the “ Offering Price ”) is less than the original conversion price on July 20, 2018, then in such event the Company shall issue to all convertible loan holder at July 20, 2018, at no further cost, additional shares of common stock equal to the number of conversion shares the shareholders that they would have received upon conversion if the conversion price equaled the Offering Price, less the number of shares of conversion shares actually issued on July 20, 2018. The tables below reflect the fair value and anti-dilution features of the convertible loans, which resulted in accretion expense related to the July 20, 2018 loans for the three and of $1,970,167 and $2,104,418, respectively, and a fair value adjustment of $382,010 and $337,923, respectively, being expensed for the three and , 2018. At issuance At July 20, 2018 Conversion feature fair value Principal Beneficial conversion Anti-dilution Fair value of debt Accretion expense Interest Ending balance Convertible promissory note $ 4,708,306 $ 406,744 $ 1,697,674 $ 2,603,888 $ 2,104,418 $ 24,547 $ 4,732,853 Beneficial conversion Anti-dilution Total Conversion feature fair value At Issuance $ 406,744 $ 1,697,674 $ 2,104,418 Fair value adjustment $ (406,744 ) $ 68,821 $ (337,923 ) Balance allocated to equity on conversion $ - $ (1,766,495 ) $ (1,766,495 ) Ending balance at June 30, 2018 $ - $ - $ - (b) During the period between October 1, 2018 and December 31, 2018, the Company received $3,150,000 in new convertible loans (“New Loans”) subsequent to the loans converted July 20, 2018, which carry an interest rate of 1% per month and of which $300,000 came from related parties. The loans and interest are convertible at a 20% discount on the earlier of (i) March 28, 2019 and (ii) the consummation of an equity or equity-linked round of financing of the Company with gross proceeds of no less than $2,000,000. The schedules below reflect the balance of the New Loans, which resulted in accretion expense of $316,642 being expensed for the three months ended December 31, 2018. At issuance At December 31, 2018 Principal Accretion expense Interest Loan Balance Convertible promissory note $ 3,150,000 $ 316,642 $ 72,217 $ 3,538,859 (c) During the nine month period ended December 31, 2018, the Company received loans totaling $7,858,306 (which is inclusive of $31,673 that was capitalized interest) which carry an interest rate of 1% per month and of which $2,597,928 came from related parties. An accretion expense of $316,642 and $2,421,060, respectively, and a fair value adjustment of $Nil and $337,923, respectively, was expensed for the three and nine month periods ended December 31, 2018 (December 31, 2017 - $216,302 and $290,375 accretion for the three and nine month periods and $Nil and $Nil fair value adjustment). | 8. NOTES PAYABLE (a) Demand Notes payable Notes Payable The Company repaid on December 31, 2017, all outstanding demand notes payable (“Notes”) except Notes in the aggregate principal amount of $50,000, which was deferred to June 30, 2018 acquired from IMT on April 21, 2016. Balance, March 31, 2016 $ - Acquisition of IMT (Note 4) 324,894 Accrued interest 5,706 Balance, March 31, 2017 330,600 Accrued interest 8,497 Repayment of principal (208,359 ) Repayment of interest (79,259 ) Balance, March 31, 2018 $ 51,479 Interest expense incurred on the Notes totaled $8,497 for the year ended March 31, 2018 (March 31, 2017 - $5,706), which are included in accrued liabilities. (b) Promissory Notes payable In February 2014, the Company borrowed $200,000 from an existing investor under the terms of a secured promissory note (“Promissory Note”). The Promissory Note bears interest at a simple interest rate equal to 10% per annum and interest is payable quarterly. Interest expenses incurred on the Promissory Note totaled $12,957 for the twelve months ended March 31, 2018 (March 31, 2017 - $18,740). The Promissory Note was paid in full during the quarter ended March 31, 2018 Balance, March 31, 2016 $ - Acquisition of IMT 217,808 Accrued Interest 18,740 Balance, March 31, 2017 236,548 Accrued interest 12,957 Repayment of principal (200,000 ) Repayment of interest (49,505 ) Balance, March 31, 2018 $ - (c) Short term Loan In December 2017, a company controlled by a Board member made a short-term loan to the Company of $400,000 with interest at 1.5% per month. Interest expenses incurred on the loan totaled $3,200 for the year ended March 31, 2018 (March 31, 2017 - $Nil). The Company repaid this loan with interest of $3,200 in January 2018. (d) Convertible Loans Payable In December 2016, several shareholders of the Company agreed to advance the Company $1,500,000 of convertible notes in three tranches: $500,000 upon origination of the convertible loans and $500,000 on each of January 15, 2017 and February 15, 2017. A further $500,000 was advanced in March 2017 to bring the total of these convertible loans to approximately $2,000,000. The convertible loans bore interest at 6% until the original due date of March 31, 2017 and $17,488 was accrued and expensed as interest on these loans for the year ended March 31, 2017. The convertible loans contain the following terms: convertible at the option of the holder at the price of the equity financing or payable on demand upon the completion of an equity financing greater than $5,000,000; automatically convertible at the price of the equity financing upon completion of an equity financing between $3,500,000 and $5,000,000; if no such equity financing is completed by November 15, 2017, then the loans shall become secured by a general security agreement over all assets of the Company; and, upon a change in control would either be payable on demand or convertible at the lesser of a price per share equal to that received by the parties in the change in control transaction or the market price of the shares. These conversion features were analyzed and determined to be contingent conversion features, accordingly, until the triggering event no beneficial conversion feature is recognized. On August 14, 2017, the Company entered into an amendment to these convertible loans, whereby the interest was changed to a fixed rate of 12% per year from April 1, 2017 to August 14, 2017, and 3% per month from August 14, 2017 to maturity, which was extended to the earlier of March 31, 2018 or consummation of a qualified financing. The conversion feature was modified to contain the following terms: upon the consummation of an equity or equity-linked round of with an aggregate gross proceeds of $7,000,000, without any action on part of the Holder, the outstanding principal, accrued and unpaid interest and premium amount equal to 25% of the principal amount less the accrued and unpaid interest, will be converted into shares of new round stock based upon the lesser of (a) the lowest issuance (or conversion) price of new round stock in case there is more than one tranche of new round stock or (b) $0.25. Further, the Company issued warrants to these debt holders amounting to 20% of the aggregate principal of the convertible loans divided by the exercise price, which would be determined as the lowest of a new round stock in a qualified financing, the average volume weighted average price for the sixty trading days prior to January 31, 2018 or $0.25 per share. The warrants have a term of five years. These amendments were treated as an extinguishment of the original debt; however, there was no gain or loss recognized and the new and amended debts were recognized as shown below. An additional $2,999,975 was received from these shareholders during the year ended March 31, 2018 for a total of $4,999,975. For the year ended March 31, 2018, an additional $1,037,067 of interest was accrued and expensed on these convertible loans. The Company has recognized a discount against the convertible loans for the relative fair value of the warrants and is accreting the discount using the effective interest rate method. The assumptions used in valuing the warrants using the binomial valuation model were as follows: exercise price of $0.25 per share, volatility of 114%, risk-free interest rate of 1.91% and a term of five years. The Company evaluated the fair value of the warrants attached to the convertible notes as $548,178 and recorded $548,178 of accretion expense in the twelve months period ended March 31, 2018. Balance, March 31, 2016 $ - Additional principal investment 2,000,000 Accrued Interest 17,488 Balance, March 31, 2017 2,017,488 Additional principal investment 2,999,975 Fair value of warrants (548,178 ) Accretion expense 548,178 Accrued Interest 1,037,067 Conversion of principal and interest (6,054,530 ) Balance, March 31, 2018 $ - (e) In May 2017, the Company’s Chinese joint venture partners loaned the Company $500,000 at an interest rate of 8% convertible into the Company’s common shares upon a capital raise (“Qualified Financing”) where gross proceeds exceed $3,000,000 at the lesser of $0.50 per share and the quotient of the outstanding balance on the conversion date by the price of the Qualified Financing. Additionally, the holders are entitled to warrants equaling 25% of the number of conversion shares to be issued at conversion. During the twelve months ended March 31, 2018, $33,556 of interest was accrued and expensed on these convertible loans. Balance, March 31, 2017 $ - Additional principal investment 500,000 Accrued Interest 33,556 Conversion of principal and interest (533,556 ) Balance, March 31, 2018 $ - (f) $3,611,400 was received from these investors during the twelve months ended March 31, 2018 and $201,928 of interest was accrued and expensed on these convertible loans for the twelve months ended March 31, 2018. Balance, March 31, 2017 - Additional principal investment 3,611,400 Accrued Interest 201,928 Conversion of principal and interest (3,813,328 ) Balance, March 31, 2018 $ - (g) Conversion of Notes Payable March 31, 2018 Total Beneficial Number of Conversion Conversion Shares Principal Interest Premium Amount Feature Converted Convertible Notes Payable (December 2016 to December 2017) $ 4,999,975 $ 1,054,555 $ 1,249,994 $ 7,304,523 762,301 779,461 Chinese Convertible Loan $ 500,000 $ 33,556 - $ 533,556 76,230 62,629 Convertible Notes Payable (December 2017 to March 2018) $ 3,611,400 $ 201,928 - $ 3,813,328 550,598 406,918 Total $ 9,111,375 $ 1,290,039 $ 1,249,994 $ 11,651,407 $ 1,389,129 1,249,008 |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions Disclosure [Text Block] | 9. RELATED PARTY TRANSACTIONS AND BALANCES a) Due from related parties As at December 31, 2018, there was an outstanding loan to the Chief Technology Officer of the Company for $17,989 (March 31, 2018 – $18,897). The loan has an interest rate of 1% based on the Canada Revenue Agency’s prescribed rate for such advances and is denominated in Canadian dollars. During the three and nine month period ended December 31, 2018, the Company accrued interest receivable in the amount of $43 and $130 (December 31, 2017 – $47 and ($ 658 b) Accounts payable and accrued liabilities As at December 31, 2018, $1,957 (March 31, 2018 – $208,567) was owing to the CEO of the Company; $9,496 (March 31, 2018 –$135,039) was owing to the Chief Technology Officer; and $1,588 (March 31, 2018 – $116,624) was owing to the Chief Financial Officer, all related to business expenses. Balances owing are included in accounts payable or accrued liabilities. | 9. RELATED PARTY TRANSACTIONS AND BALANCES Due from related parties An outstanding loan to the Chief Operating Officer (“COO”) of the Company is for $18,897 (March 31, 2017 - $18,731). The loan has an interest rate of 1% based on the Canada Revenue Agency’s prescribed rate for such advances and is denominated in Canadian dollars. During the year ended March 31, 2018, the Company accrued interest receivable in the amount of $590 (March 31, 2017 - $707); the remaining fluctuation in the balance from the prior year is due to changes in foreign exchange. Accounts payable and accrued liabilities (a) As at March 31, 2018, $208,567 (March 31, 2017 - $Nil) was owing to the CEO of the Company; $135,039 (March 31, 2017 – $Nil to the former CTO) was owing to the Chief Technology Officer; and, $600 (March 31, 2017 – $97,500) was owing to the Chief Commercialization Officer, $116,624 (March 31, 2017 $Nil) was owing to the Chief Financial Officer (“CFO”), and $587,019 (March 31, 2017 – $4,135) was owing to the former CEO, all related to severance, bonuses and business expenses, all of which are included in accounts payable or accrued liabilities. Bonus amounts were paid in May 2018. (b) In connection with the acquisition of IMT, the Company acquired a license agreement dated June 8, 2009, with a former director as a co- licenser, pursuant to which the Company pays the director and the co-licenser an aggregate royalty of 1% of sales based on patent #8,613,691. No sales have been made, as the technology under this patent has not been commercialized. (c) As at the effective date of the merger pursuant to the Merger Agreement, a former director received an aggregate of 34,603 shares of the Company in return for his ownership of IMT securities, in addition to his IMT options which were as of the effective date of the merger exercisable for an aggregate of 2,402 shares of common stock of the Company. |
SHARE CAPITAL
SHARE CAPITAL | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | ||
Stockholders' Equity Note Disclosure [Text Block] | 10. SHARE CAPITAL December 31, 2018 March 31, 2018 Number of Number of shares $ shares $ Exchangeable Shares: Balance beginning of year 295,146 295 319,396 319 Converted into common shares (a) (21,572 ) (22 ) (24,250 ) (24 ) Balance at the end of period 273,574 273 295,146 295 Common Shares Balance at beginning of the period 1,368,856 1,369 325,901 326 Shares issued to exchangeable shares 21,572 22 24,250 24 Shares issued on conversion of loans (b) 947,034 947 985,370 985 Warrants exercised - - 33,335 34 Adjustment due to 1:150 share consolidation round-up 502 - - - Balance at end of the period 2,337,964 2,338 1,368,856 1,369 TOTAL SHARES 2,611,538 2,611 1,664,002 1,664 a. During the nine month period ended December 31, 2018, 21,572 exchangeable shares were exchanged on a 1 for 1 basis in accordance with their terms. (March 31, 2018 – 24,250) b. During the nine month period ended December 31, 2018, 947,034 shares of common stock were issued. Of this amount 263,639 shares of common stock were issued once the Company increased its authorized shares of common stock from 250,000,000 to 500,000,000. These shares relate to convertible loans and interest that converted on March 31, 2018 and were recorded as a liability on March 31, 2018 until the shares were issued on June 12, 2018. The liability was reclassified at June 12, 2018 into equity by recording the original value of $2,470,622 of the shares to be issued, as well as the fair value of options and warrants at June 12, 2018 net of fair value of options issued in the period ended June 12, 2018 of $1,173,534, which was charged to equity and a $2,048,697 gain on the fair value reevaluation was recognized as other income in the Statement of Operations and Comprehensive Loss. The Company converted $4,732,853 of convertible loans and interest into 683,395 common shares on July 20, 2018 in accordance with their terms. c. On October 29, 2018 the Company completed the consolidation on a one-for-one to one hundred and fifty (1:150) reverse consolidation. Special Voting Preferred Share In connection with the Merger (Note 1), on February 26, 2015, the Company entered into a voting and exchange trust agreement (the “Trust Agreement”). Pursuant to the Trust Agreement, the Company issued one share of the Special Voting Preferred Stock, par value $0.001 per share, of the Company (the Special Voting Preferred Share”) to the Trustee, and the parties created a trust for the Trustee to hold the Special Voting Preferred Share for the benefit of the holders of the Exchangeable Shares (the “Beneficiaries”). Pursuant to the Trust Agreement, the Beneficiaries have voting rights in the Company equivalent to what they would have had, had they received shares of common stock in the same amount as the Exchangeable Shares held by the Beneficiaries. In connection with the Merger and the Trust Agreement, effective February 20, 2015, the Company filed a certificate of designation of the Special Voting Preferred Share (the “Special Voting Certificate of Designation”) with the Delaware Secretary of State. Pursuant to the Special Voting Certificate of Designation, one share of the Company’s blank check preferred stock was designated as the Special Voting Preferred Share. The Special Voting Preferred Share entitles the Trustee to exercise the number of votes equal to the number of Exchangeable Shares outstanding on a one-for-one basis during the term of the Trust Agreement. The Special Voting Preferred Share is not entitled to receive any dividends or to receive any assets of the Company upon liquidation and is not convertible into common shares of the Company. The voting rights of the Special Voting Preferred Share will terminate pursuant to and in accordance with the Trust Agreement. The Special Voting Preferred Share will be automatically cancelled at such time as no Exchangeable Shares are held by a Beneficiary. | 10. SHARE CAPITAL March 31, 2018 March 31, 2017 Number of shares $ Number of shares $ Exchangeable Shares: Balance beginning of year 319,396 319 333,334 333 Converted into common shares (e) (24,250 ) (24 ) (13,938 ) (14 ) Balance at end of year 295,146 295 319,396 319 Common Shares Balance at beginning of the year 325,901 326 150,608 150 Shares issued on acquisition (Note 4) - - 157,667 157 Shares issued to exchangeable shareholders (e) 24,250 24 13,938 14 Shares issued for services (d) - - 1,447 2 Shares issued on conversion of loans (b) 985,370 986 - - Options exercised (Note 11) - - 734 1 Warrants exercised (a) 33,335 33 1,165 1 Cashless exercise of warrants (c) - - 342 1 Balance at end of the year 1,368,856 1,369 325,901 326 TOTAL SHARES 1,664,002 1,664 645,297 645 (a) During the year ended March 31, 2018, the Company consummated an offer to amend and exercise to its warrant holders, enabling them to exercise their outstanding warrants for $37.50 per share, and as a result, 33,335 common shares were issued for net proceeds of $1,125,038 (Note 12). (b) During the year ended March 31, 2018, the Company converted $9,171,604 of notes payable and interest into 985,370 common shares. Under the terms of this conversion the remaining $1,220,629 of principal and interest was required to be converted into 263,639 common shares, but were unable to be issued as a result of the Company not having enough authorized shares. The 2,470,622 value of these shares at March 31, 2018 has been classified as a liability until the common shares can be issued. In addition, there was a $376,674 loss recorded in the year connected to the difference of the $2,847,296 market value of the shares at March 31, 2018 and the value of these shares which resulted on the conversion of notes payable, the exercise price of which was based on a 30 day VWAP (c) During the year ended March 31, 2017, 342 common shares were issued as a result of a cashless exercise of 1,747 warrants with an exercise price of $120.00. Under the terms of the warrant agreement the value of the warrants on exercise is attributed to the shares on exercise and the Company has recognized a value of $43,562. (d) The Company issued 1,447 common shares during the year ended March 31, 2017 for consulting services and recognized $59,500 of share compensation expense. (e) During the year ended March 31, 2018, 24,250 exchangeable shares were exchanged for common shares on a 1 for 1 basis in accordance with their terms. (March 31, 2017 –13,938 shares) (f) On October 29, 2018, the Company completed a one-for-one hundred and fifty to one (1:150) reverse stock consolidation. Special Voting Preferred Share In connection with the Merger (Note 1), on February 26, 2015, the Company entered into a voting and exchange trust agreement (the “Trust Agreement”). Pursuant to the Trust Agreement, the Company issued one Special Voting Preferred Share to the Trustee, and the parties created a trust for the Trustee to hold the Special Voting Preferred Share for the benefit of the holders of the Exchangeable Shares (the “Beneficiaries”). Pursuant to the Trust Agreement, the Beneficiaries will have voting rights in the Company equivalent to what they would have had, had they received shares of common stock in the same amount as the Exchangeable Shares held by the Beneficiaries. In connection with the Merger and the Trust Agreement, effective February 20, 2015, the Company filed a certificate of designation of the Special Voting Preferred Share (the “Special Voting Certificate of Designation”) with the Delaware Secretary of State. Pursuant to the Special Voting Certificate of Designation, one share of the Company’s blank check preferred stock was designated as Special Voting Preferred Share. The Special Voting Preferred Share entitles the Trustee to exercise the number of votes equal to the number of Exchangeable Shares outstanding on a one-for-one basis during the term of the Trust Agreement. The Special Voting Preferred Share is not entitled to receive any dividends or to receive any assets of the Company upon liquidation, and is not convertible into shares of common stock of the Company. The voting rights of the Special Voting Preferred Share will terminate pursuant to and in accordance with the Trust Agreement. The Special Voting Preferred Share will be automatically cancelled. |
STOCK OPTIONS
STOCK OPTIONS | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 11. STOCK OPTIONS The purpose of the Company’s equity incentive plan, is to attract, retain and motivate persons of training, experience and leadership to the Company, including their directors, officers and employees, and to advance the interests of the Company by providing such persons with the opportunity, through share options, to acquire an increased proprietary interest in the Company. Options or other securities may be granted in respect of authorized and unissued shares, provided that the aggregate number of shares reserved for issuance upon the exercise of all options or other securities granted under the Plan shall not exceed 15% of the shares of common stock and Exchangeable Shares issued and outstanding (determined as of January 1 of each year). Optioned shares in respect of which options are not exercised shall be available for subsequent options. On November 24, 2015, the Company granted 4,334 options granted to employees at an exercise price of $183.00 per share that vest over three years at the anniversary date. The grant date fair value of the options was $694,384. During the year ended March 31, 2016, 1,667 options were cancelled and during the three and nine month period ended December 31, 2018, $21,366 and $92,585 (December 31, 2017 –$35,609 and $106,828) in stock compensation expense was recognized. As of December 31, 2018 these options are fully expensed. On December 14, 2015, the Company granted 16,634 options to employees, directors and consultants at an exercise price of $150 per share that vest over three years at the anniversary date. The grant date fair value of the options was $1,260,437. During the years ended March 31, 2016, 2017 and 2018 and for the nine month period ended December 31, 2018, 167 options, 267 options, 2,912 options and 1000 options, respectively, were cancelled and for the three and nine month period ended December 31, 2018, $27,495 and $105,121 (December 31, 2017 –$45,396 and $450,690) of stock compensation expense was recognized. Ad at December 31, 2018, these options are full expensed. On April 21, 2016, the Company granted 20,000 stock options to employees of Bionik, Inc., the Company’s wholly-owned subsidiary (formerly IMT) in exchange for 3,895,000 options that existed before the Company purchased IMT of which 6,667 have an exercise price of $37.50 per share, 6,667 have an exercise price of $142.50 per share and 6,666 have an exercise price of $157.50 per share. The grant date fair value of vested options was $2,582,890 and has been recorded as part of the original acquisition equation. The options are fully expensed. On April 26, 2016, the Company granted 1,667 options to an employee with an exercise price of $150 per share that vest over three years at the anniversary date. The grant fair value was $213,750. The employee left during the quarter ended December 31, 2018 and 556 options that has not vested expired. During the three and nine months ended December 31, 2018, $15,833 and $51,458 (December 31, 2017- $17,813 and $53,438) was recognized as stock compensation expense. On August 8, 2016, the Company granted 5,000 options to an employee with an exercise price of $150 per share that vest over three years at the anniversary date. The grant fair value was $652,068. The employee left in April 2018 and 3,334 options that had not vested were cancelled and the remaining 1,667 options expired in November 2018. During the three and nine months ended December 31, 2018, $12,075 and $48,301 (December 31, 2017 – $54,339 and $163,017) of stock compensation expense was recognized. On February 6, 2017, the Company granted 2,667 options to an employee with an exercise price of $105.00 per share that vest over three years at the anniversary date. The grant fair value was $245,200. During the three and nine months ended December 31, 2018, $20,433 and $61,300 (December 31, 2017 – $20,433 and $61,300) of stock compensation expense was recognized. On February 13, 2017, the Company granted 1,667 options to a consultant with an exercise price of $102.00 per share that vest over one and one-half years, every nine months. The grant fair value was $148,750. During the three and nine months ended December 31, 2018, $Nil and $92,821 (December 31, 2017 – $12,396 and $37,188) of stock compensation expense was recognized. These options are now fully vested. On August 3, 2017, 10,000 options with an exercise price of $31.50 per share were granted to an executive officer, which vest equally over three future years. In addition, this executive officer was also granted up to 13,334 additional performance options based on meeting sales targets for the years ended March 31, 2018 and 2019. The grant value was $387,209 and $7,546 was expensed as stock compensation for the three and nine months ended December 31, 2018 (December 31, 2017 - $22,639 and $37,370). The executive left in April 2018 and all of these options were cancelled. On September 1, 2017, the Company granted 81,436 options with an exercise price of $24.15 per share equally to an executive officer and a consultant who is now the Chairman of the Company. Of such options, 13,573 have vested at issuance and (a) with respect to the executive officer, 50% of the remaining options vest on performance goals being met and 50% vest over 5 years, and (b) with respect to the Chairman, the remaining options vest over 5 years. The grant fair value was $1,832,304 and for the three and nine months ended December 31, 2018, $57,259 and $286,297 (December 31, 2017 - $38,173 and $343,919) in stock compensation expense was recognized. On January 24, 2018, the Company granted 24,267 options with an exercise price of $23.25 per share to employees that vest equally on January 24, 2019, 2020 and 2021. The grant fair value was $491,036. During the nine month period ended December 31, 2018, 6,667 options were cancelled and for the three and nine months ended December 31, 2018, $34,643 and $111,611 in stock compensation expense was recognized. On April 20, 2018, the Company granted to an executive officer, 40,000 options with an exercise price of $9.74 per share that vest immediately with a 10-year expiry. The Options were valued using the Black-Scholes model and the following inputs were used: expected life of 10 years, expected volatility of 114% and a risk free rate of 1.59%. As these options fully vested on the grant date, $363,714 of stock based compensation was recognized during the nine months ended December 31, 2018. On June 11, 2018, the Company granted to a newly-hired executive officer 5,000 options with an exercise price of $6.93 per share that vest over three years from the anniversary of the grant and expire in 7 years. The Options were valued using the Black-Scholes model and the following inputs were used: expected life of 7 years, expected volatility of 114% and a risk free rate of 1.59%. The grant fair value was $30,341, and $2,528 and $5,619 of stock compensation expense was recognized in the three and nine months ended December 31, 2018, respectively. During the three and nine months ended December 31, 2018, the Company recorded $191,634 and $1,226,374 in share-based compensation related to the vesting of stock options (December 31, 2017 – $271,001 and $1,284,257). The following is a summary of stock options outstanding and exercisable as of December 31, 2018: Exercise Price ($) Number of Options Expiry Date Exercisable Options 34.50 630 June 20, 2021 630 34.50 13,212 July 1, 2021 13,212 34.50 944 February 17, 2022 944 183.00 2,667 November 24, 2022 2,667 150.00 12,289 December 14, 2022 12,289 142.50 359 March 28, 2023 359 157.50 1,387 March 28, 2023 1,387 150.00 1,112 April 26, 2023 1,112 105.00 2,667 February 6, 2024 889 102.00 1,667 February 13, 2024 1,667 142.50 106 March 3, 2024 106 157.50 408 March 3, 2024 408 142.50 43 March 14, 2024 43 157.50 164 March 14,2024 164 142.50 485 September 30, 2024 485 157.50 1,876 September 30, 2024 1,876 142.50 24 June 2, 2025 24 157.50 90 June 2, 2025 90 37.50 442 December 30, 2025 442 142.50 328 December 30, 2025 328 24.15 81,436 September 1, 2027 27,146 23.25 17,600 January 24, 2025 - 9.735 40,000 April 19, 2028 40,000 6.93 5,000 June 10, 2025 - 184,936 106,268 The weighted-average remaining contractual term of the outstanding options was 7.42 (March 31, 2018 – 5.81) and for the options that are exercisable the weighted average was 7.09 (March 31, 2018 – 5.70). | 11. STOCK OPTIONS The purpose of the Company’s equity incentive plan, is to attract, retain and motivate persons of training, experience and leadership to the Company, including their directors, officers and employees, and to advance the interests of the Company by providing such persons with the opportunity, through share options, to acquire an increased proprietary interest in the Company. Options or other securities may be granted in respect of authorized and unissued shares, provided that the aggregate number of shares reserved for issuance upon the exercise of all options or other securities granted under the Plan shall not exceed 15% of the shares of common stock and Exchangeable Shares issued and outstanding (determined as of January 1 of each year). Optioned shares in respect of which options are not exercised shall be available for subsequent options. On November 24, 2015, the Company issued 4,334 options granted to employees that vest over three years at the anniversary date. The grant date fair value of the options was $694,384. During the year ended March 31, 2016, 1,667 options were cancelled and stock compensation expense of $62,317 was recognized. During the year ended March 31, 2018, $142,438, (March 31, 2017 -$142,438) in stock compensation expense was recognized. On December 14, 2015, the Company issued 16,634 options granted to employees, directors and consultants that vest over three years at the anniversary date. The grant date fair value of the options was $1,260,437. During the year ended March 31, 2016, 167 options were cancelled and for the year ended March 31, 2017, 267 options were cancelled and for the year ended March 31, 2018, 2,912 options were cancelled, and the year ended March 31, 2018, $479,315, (March 31, 2017 - $407,208) of stock compensation expense was recognized. On April 21, 2016, the Company issued 20,000 stock options to employees of Bionik, Inc., the Company’s wholly-owned subsidiary (formerly IMT) in exchange for 3,895,000 options that existed before the Company purchased IMT, of which 6,667 have an exercise price of $37.50 per share, 6,667 have an exercise price of $142.50 per share and 6.666 have an exercise price of $157.50 per share. The grant date fair value of vested options was $2,582,890 and has been recorded as part of the acquisition equation (Note 4). For options that have not yet vested $29,524, (March 31, 2017 -$102,989) has been recognized as stock compensation expense. On April 26, 2016, the Company issued 1,667 options to an employee with an exercise price of $150.00 per share that will vest over three years at the anniversary date. The grant fair value was $213,750. During the year ended March 31, 2018, $71,250, (March 31, 2017 - $66,104) was recognized as stock compensation expense. On August 8, 2016, the Company issued 5,000 options to an employee with an exercise price of $150.00 per share that will vest over three years at the anniversary date. The grant fair value was $652,068. During the year ended March 31, 2018, $217,356, (March 31, 2017 -$140,230) of stock compensation expense was recognized. On February 6, 2017, the Company issued 2,667 options to an employee with an exercise price of $105.00 per share that will vest over three years at the anniversary date. The grant fair value was $245,200. During the year ended March 31, 2018, $81,733, (March 31, 2017 - $12,163) of stock compensation expense was recognized. On February 13, 2017, the Company issued 1,667 options to a consultant with an exercise price of $102.00 per share that will vest over one and one- half years, every six months. The grant fair value was $148,750. During the year ended March 31, 2018, $49,583, (March 31, 2017 -$6,345) of stock compensation expense was recognized. On August 3, 2017, 10,000 options at $31.50 per share to an executive officer, which vest equally over three future years. In addition, this executive officer was also granted up to 3,334 additional performance options based on meeting sales targets for the years ending March 31, 2018 and 2019. The performance options will vest at market price if the performance objectives are met. This grant had a grant date fair value of $387,209 and a share compensation expense of $60,371 was recognized for the year ended March 31, 2018. These options were valued using the Black-Scholes model and the following inputs: expected life of 7 years, expected volatility 114% and a risk-free rate of 1.73%. On September 1, 2017, the Company granted 81,436 options at $24.15 per share equally to an executive officer and a consultant. 13,573 options have vested and 50% of the remaining options vest on performance being met and 50% vest annually over 5 years. The grant date fair value was $1,832,304 and $381,730 is the current expense for the year ended March 31, 2018. These options were valued using the Black-Scholes model and the following inputs: expected life of 10 years, expected volatility 114% and a risk-free rate of 1.91%. On January 24, 2018, the Company granted 24,267 options at $23.25 per share to employees that vest equally on January 24, 2019, 2020 and 2021. The grant fair value was $491,036 and $27,280 is the current stock compensation expense for the year ended March 31, 2018. These options were valued using the Black-Scholes model and the following inputs: expected life of 10 years, expected volatility 114% and a risk- free rate of 1.91%. During the year ended March 31, 2018, the Company recorded $1,540,580 in share-based compensation related to the vesting of stock options (March 31, 2017 - $844,162). The following is a summary of stock options outstanding and exercisable as of March 31, 2018: These options at their respective grant dates were valued using the Black-Scholes option pricing model with the following key assumptions: Expected life Risk free Dividend Forfeiture Expected Grant date Grant date in years rate rate rate volatility fair value February 17, 2015 3.89 1.59 % 0 % 0 % 114 % $ 136,613 July 1, 2014 3.25 1.59 % 0 % 0 % 114 % $ 1,259,487 June 20, 2014 3.22 1.59 % 0 % 0 % 114 % $ 118,957 April 1, 2014 3.01 1.59 % 0 % 0 % 114 % $ 230,930 November 24, 2015 4.65 1.59 % 0 % 0 % 114 % $ 694,384 December 14, 2015 4.71 1.59 % 0 % 0 % 114 % $ 1,260,437 April 21, 2016 6.11 1.59 % 0 % 0 % 114 % $ 2,582,890 April 26, 2016 5.07 1.59 % 0 % 0 % 114 % $ 213,750 August 8, 2016 5.36 1.59 % 0 % 0 % 114 % $ 652,068 February 6, 2017 5.86 1.59 % 0 % 0 % 114 % $ 245,200 February 13, 2017 5.88 1.59 % 0 % 0 % 114 % $ 148,750 August 3, 2017 6.35 1.59 % 0 % 0 % 114 % $ 387,209 September 1, 2017 9.43 1.59 % 0 % 0 % 114 % 1,832,304 January 24, 2018 6.82 1.59 % 0 % 0 % 114 % $ 491,036 Weighted-Average Number of Options Exercise Price ($) Outstanding, March 31, 2017 66,024 88.50 Issued 119,036 23.25 Exercised - - Expired - - Cancelled (14,385 ) 97.50 Outstanding, March 31, 2018 170,675 75.00 The following is a summary of stock options outstanding and exercisable as of March 31, 2018: Exercise Price ($) Number of Options Expiry Date Exercisable Options 24.75 1,762 April 1, 2021 1,762 34.50 651 June 20, 2021 651 34.50 13,212 July 1, 2021 13,212 34.50 944 February 17, 2022 944 183.00 2,667 November 24, 2022 1,778 150.00 13,289 December 14, 2022 11,178 142.50 747 March 28, 2023 747 157.50 2,887 March 28, 2023 2,887 150.00 1,667 April 26, 2023 556 150.00 5,000 August 8, 2023 1,667 105.00 2,667 February 6, 2024 889 102.00 1,667 February 13, 2024 1,111 142.50 211 March 3, 2024 211 157.50 816 March 3, 2024 816 142.50 43 March 14, 2024 43 157.50 164 March 14, 2024 164 142.50 485 September 30, 2024 485 157.50 1,876 September 30, 2024 1,876 142.50 23 June 2, 2025 23 157.50 90 June 2, 2025 90 37.50 442 December 30, 2025 442 142.50 328 December 30, 2025 182 31.50 13,334 August 3, 2024 - 24.15 81,436 September 1, 2027 13,573 23.25 24,267 January 24, 2025 - 170,675 55,287 The weighted-average remaining contractual term of the outstanding options is 7.46 (March 31, 2017 – 5.12) and for the options that are exercisable the weighted average is 5.74 (March 31, 2017 – 6.02). Reclassification of Fair Value As the Company does not have sufficient authorized shares of common stock to cover its options issued, a valuation of these options was done at March 31, 2018 and the resulting liability of $1,451,393 has been recorded in the consolidated balance sheet as shares to be issued, stock options and warrants. Grant Date Expected Life Risk Free rate Dividend rate Forfeiture Rate Expected Volatility Remeasured Fair Value February 17, 2015 3.89 1.59 % 0 % 0 % 135 % $ 7,122 July 1, 2014 3.25 1.59 % 0 % 0 % 135 % $ 90,472 June 20, 2014 3.22 1.59 % 0 % 0 % 135 % $ 4,428 April 1, 2014 3.01 1.59 % 0 % 0 % 135 % $ 12,437 November 24, 2015 4.65 1.59 % 0 % 0 % 135 % $ 16,327 December 14, 2015 4.71 1.59 % 0 % 0 % 135 % $ 85,833 April 21, 2016 6.39 1.59 % 0 % 0 % 118 % $ 53,853 April 26, 2016 5.07 1.59 % 0 % 0 % 114 % $ 11,430 August 8, 2016 5.36 1.59 % 0 % 0 % 114 % $ 35,722 February 6, 2017 5.86 1.59 % 0 % 0 % 114 % $ 16,969 February 13, 2017 5.88 1.59 % 0 % 0 % 114 % $ 10,703 August 3, 2017 6.35 1.59 % 0 % 0 % 114 % $ 109,970 September 1, 2017 9.43 1.59 % 0 % 0 % 114 % $ 782,966 January 24, 2018 6.82 1.59 % 0 % 0 % 114 % $ 213,161 1,451,393 |
WARRANTS
WARRANTS | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Warrants and Rights Note Disclosure [Abstract] | ||
Shareholders Equity And Share Based Payments Stock Warrant [Text Block] | 12. WARRANTS The following is a continuity schedule of the Company’s common share purchase warrants: Weighted-Average Number of Warrants Exercise Price ($) Outstanding and exercisable, March 31, 2015 72,157 202.50 Issued 48,171 202.50 Exercised (992 ) (120.00 ) Outstanding and exercisable, March 31, 2016 119,336 202.50 Exercised (1,747 ) (120.00 ) Outstanding and exercisable, March 31, 2017 117,589 202.50 Exercised (33,335 ) (37.50 ) Issued in connection with anti-dilution provision connected to warrant transaction 559 112.35 Issued in connection with anti-dilution provision connected to warrant transaction 6,275 194.00 Issued in connection to the warrant transaction to the broker 2,667 37.50 Issued in connection with the conversion of loans and interest into common shares 106,709 9.375 Issued in connection with the conversion of loans and interest into common shares 15,658 90.00 Issued in connection with anti-dilution provision connected to warrant transaction 136,388 73.02 Issued in connection with anti-dilution provision connected to warrant transaction 13,464 44.28 Outstanding at March 31, 2018 365,974 53.19 Issued in connection with anti-dilution provision connected to warrant transaction 67,952 55.71 Issued in connection with anti-dilution provision connected to warrant transaction 6,305 34.50 Outstanding at December 31, 2018 440,231 44.21 During the year ended March 31, 2018, the Company consummated an offer to amend and exercise its outstanding warrants, enabling the holders of the warrants to exercise such warrants for $37.50 per share. The Company received net proceeds of $1,125,038. The Company also converted loans and interest due. Due to the anti-dilution clause in the warrant agreement for such outstanding warrants, the warrants were adjusted to reflect an additional 559 shares underlying the $120 per share warrants and an additional 6,275 shares underlying the $210.00 per share warrants. Furthermore, as a result of the anti-dilution clause, the exercise price of the warrants was adjusted from $120.00 per share to $112.35 per share and from $210.00 per share to $194.00 per share. Due to the anti-dilution clause in the warrant agreements for such outstanding warrants, the warrants were adjusted to reflect an additional 13,464 shares underlying the $112.35 per share warrant and an additional 136,388 shares underlying the $194.00 per share warrants. Furthermore, as a result of the anti-dilution clause, the exercise price of the warrants were adjusted from $112.50 per share to $44.28 per share and from $194.00 per share to $73.02 per share, all as a result of the loan and interest conversion for shares at March 31, 2018 and June 12, 2018. The Company measured the effects of the above two transactions, which triggered anti-dilution clause using the binomial tree model and recorded a loss of $74,086 against the deficit for the year ended March 31, 2018. The Company issued 2,667 warrants at $37.50 per share for four years expiring June 27, 2020 to the firm who facilitated the warrant offer. The Company issued 15,658 warrants at $90.00 per share which expire in 5 years on March 31, 2023 and 106,709 warrants at $9.375 per share which expire August 14, 2022 and March 31, 2022 in connection with the loan and interest conversion transaction. Due to the anti-dilution clause in the warrant agreements for such outstanding warrants, the warrants were adjusted to reflect an additional 67,952 shares underlying the $73.02 per share warrants and an additional 6,305 shares underlying the $44.28 per share warrants. Furthermore, as a result of the anti-dilution clause, the exercise price of the warrants were adjusted from $73.02 per share to $55.71 per share and from $44.28 per share to $34.50 per share, all as a result of a loan and interest conversion for shares on July 20, 2018. Common share purchase warrants The following is a summary of common share purchase warrants as of December 31, 2018: Exercise Price ($) Number of Warrants Expiry Date 90.00 15,658 March 31, 2023 55.71 136,339 February 26, 2019 55.71 28,531 March 27, 2019 55.71 7,618 March 31, 2019 55.71 59,061 April 21, 2019 55.71 27,883 May 27,2019 55.71 27,238 June 30, 2019 34.50 28,527 February 26, 2019 37.50 2,667 June 27, 2020 9.375 64,025 August 14, 2022 9.375 42,684 March 31, 2022 440,231 The weighted-average remaining contractual term of the outstanding warrants was 1.19 (March 31, 2018 – 2.27). The exercise price and number of underlying shares of the Company’s outstanding warrants currently priced at $55.71 and $34.50 are expected to be further adjusted pursuant to the anti-dilution provisions in the warrant agreements, as a result of any further common stock issuances, whether upon the conversion of indebtedness or otherwise. | 12. WARRANTS The following is a continuity schedule of the Company’s common share purchase warrants : Weighted-Average Number of Warrants Exercise Price ($) Outstanding and exercisable, March 31, 2015 72,157 202.50 Issued 48,171 202.50 Exercised (992 ) (120.00 ) Outstanding and exercisable, March 31, 2016 119,336 202.50 Exercised (1,747 ) (120.00 ) Outstanding and exercisable, March 31, 2017 117,589 202.50 Exercised (33,335 ) (37.50 ) Issued in connection with anti-dilution provision connected warrant transaction 559 112.35 Issued in connection with anti-dilution provision connected warrant transaction 6,275 194.00 Issued in connection to the warrant transaction to the broker 2,667 37.50 Issued in connection with conversion of loans and interest into common shares 106,709 9.375 Issued in connection with conversion of loans and interest into common shares 15,658 90.00 Issued in connection with anti-dilution provision connected with issuance of common shares 136,388 73.02 Issued in connection with anti-dilution provision connected with issuance of common shares 13,464 44.28 Outstanding and exercisable, March 31, 2018 365,974 $ 53.19 During the year ended March 31, 2018, the Company consummated an offer to amend and exercise its then outstanding warrants, enabling the holders of the warrants to exercise such warrants for $37.50 per share. The Company received net proceeds of $1,125,038. The Company also converted loans and interest due. Due to an anti-dilution clause in the warrant agreements for such outstanding warrants an additional 559 warrants were issued to the $120.00 per share warrant holders and 6,275 warrants were issued to the $210.00 per share warrant holders. Furthermore, as a result of the anti-dilution clause, the exercise price of the warrants changed from $120.00 per share to $112.35 per share and from $210.00 per share to $194.00 per share as a result of this warrant transaction. Due to an anti-dilution clause in the warrant agreements for such outstanding warrants an additional 13,464 warrants were issued to the $112.50 per share warrant holders and 136,388 warrants were issued to the $194.00 per share warrant holders. Furthermore, as a result of the anti-dilution clause, the exercise price of the warrants changed from $112.35 per share to $44.28 per share and from $194.00 per share to $73.02 per share as a result of loan and interest conversion transaction for shares that have been issued and shares that will be issued. The Company measured the effects of the two above transactions, which triggered anti-dilution clause using the binomial tree model and recorded a loss of $74,086 against deficit. The Company issued 2,667 warrants exercisable at $37.50 per share for four years expiring June 27, 2020 to the firm who facilitated the warrant offer. The Company issued 15,658 warrants at $90.00 per share which expire in 5 years on March 31, 2023 and 106,709 warrants at $9.375 per share which also expire March 31, 2023 in connection with the loan and interest conversion transaction. During the year ended March 31, 2017, a warrant holder exercised 1,747 warrants on a cashless basis based on the terms of the warrant agreement and received 342 shares of common stock. Common share purchase warrants The following is a summary of common share purchase warrants outstanding after the warrant offer to amend and exercise the additional warrant issue and the re-pricing of the warrants as of March 31, 2018. Exercise Price ($) Number of Warrants Expiry Date 90.00 15,658 March 31, 2023 73.02 104,019 February 26, 2019 73.02 21,768 March 27, 2019 73.02 5,813 March 31, 2019 73.02 45,061 April 21, 2019 73.02 21,274 May 27, 2019 73.02 20,782 June 30, 2019 44.28 22,223 February 26, 2019 37.50 2,667 June 27, 2020 9.375 64,025 August 14, 2022 9.375 42,684 March 31, 2022 365,974 The weighted-average remaining contractual term of the outstanding warrants was 2.27 (March 31, 2017 – 1.77). The exercise price and number of underlying shares with respect to the $73.02 per share and $44.28 per share warrants are expected to be further adjusted pursuant to the anti-dilution provisions therein, as a result of any further issuance of common shares. The Company was committed to issue to these third party previous lenders warrants exercisable into 2,331 Exchangeable Shares at an exercise price of $34.50 per share for a period ending March 21, 2017. During the year ended December 31, 2015, the Company issued these warrants. Reclassification of Fair Value As the Company does not have sufficient authorized shares of common stock to cover its warrants issued; a valuation of these warrants was done at March 31, 2018 and the resulting liability of $1,394,164 has been recorded in the consolidated balance sheets as shares to be issued, stock options and warrants. The 2,667 warrants at an exercise price of $37.50 per share issued in connection to the warrant transaction to the broker were not included in the fair value remeasurement because there is sufficient capital to convert them into common stock if exercised. Exercise Price ($) Number of Warrants Expiry Date Expected life (years) Risk free rate Dividend rate Forfeiture rate Expected volatility Remeasured fair value 90.00 15,658 31-Mar-23 5 1.59 % 0 % 0 % 135 % 116,142 73.02 104,019 26-Feb-19 0.92 1.59 % 0 % 0 % 135 % 100,281 73.02 21,768 27-Mar-19 1 1.59 % 0 % 0 % 135 % 24,815 73.02 5,813 31-Mar-19 1 1.59 % 0 % 0 % 135 % 6,769 73.02 45,061 21-Apr-19 1.08 1.59 % 0 % 0 % 135 % 58,358 73.02 21,274 27-May-19 1.16 1.59 % 0 % 0 % 135 % 32,276 73.02 20,782 30-Jun-19 1.25 1.59 % 0 % 0 % 135 % 36,116 44.28 22,223 26-Feb-19 0.92 1.59 % 0 % 0 % 135 % 38,423 9.375 64,025 14-Aug-22 4.38 1.59 % 0 % 0 % 135 % 593,355 9.375 42,684 31-Mar-22 4 1.59 % 0 % 0 % 135 % 387,529 363,307 1,394,164 Exchangeable share purchase warrants In 2014, the Company repaid loans of $180,940 plus accrued interest of $12,138 owing to investors introduced by Pope and Co. As part of this transaction in March 2017, 1,165 warrants were exercised for proceeds of $40,195 and the remaining 1,165 warrants expired. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 13. INCOME TAXES Components of net (loss) before income taxes consists of the following: March 31 March 31 2018 2017 $ $ U.S. (12,281,398 ) (6,056,384 ) Canada (2,344,392 ) (2,013,018 ) (14,625,790 ) (8,069,402 ) Net (loss) for the year before recovery of income taxes (14,625,790 ) (8,069,402 ) Statutory rate 34.04 % 35 % Expected income tax (recovery) expense (4,978,619 ) (2,824,291 ) Tax rate changes and other basis adjustments 1,748,278 44,238 Stock-based compensation 524,412 350,683 Difference in Foreign Tax Rates 184,414 - Accretion 659,458 - Share premium 425,497 - Non-deductible expense 339,296 (132,076 ) Net DTA acquired - (546,122 ) Change in valuation allowance 1,097,264 3,107,568 Recovery of income taxes - - 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 $ $ Equipment 70,350 73,520 Share issue costs 510 1,456 SR&ED pool 690,320 464,746 Other 535,510 629,266 Non-capital losses – Canada 2,515,170 2,067,203 Net operating losses – U.S. 4,331,850 4,534,710 Valuation allowance (7,017,430 ) (5,956,118 ) 1,126,280 1,814,783 Intangibles and other (1,126,280 ) (1,814,783 ) - - The Company has non-capital losses in its Canadian subsidiary of approximately $9,491,200, which will expire between 2029 and 2037. The Company has net operating losses in the U.S. parent Company of $6,319,925, and net operating losses in the U.S. subsidiary of approximately $11,788,800, which will expire between 2034 and 2037. Income taxes are provided based on the liability method, which results in deferred tax assets and liabilities arising from temporary differences. Temporary differences are differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements that will result in taxable or deductible amounts in future years. The liability method requires the effect of tax rate changes on current and accumulated deferred taxes to be reflected in the period in which the rate change was enacted. The liability method also requires that deferred tax assets be reduced by a valuation allowance unless it is more likely than not that the assets will be realized. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the consolidated financial statements is the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company recognizes interest accrued on uncertain tax positions as well as interest received from favorable tax settlements within interest expense. The Company recognizes penalties accrued on unrecognized tax benefits within general and administrative expenses. As of March 31, 2018, the Company had no uncertain tax positions. 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, 2018: United States – Federal 2014 – present United States – State 2014 – present Canada – Federal 2013 – present Canada – Provincial 2013 – present |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies Disclosure [Text Block] | 13. COMMITMENTS AND CONTINGENCIES Contingencies From time to time, the Company may be involved in a variety of claims, suits, investigations and proceedings arising in the ordinary course of our business, collections claims, breach of contract claims, labor and employment claims, tax and other matters. Although claims, suits, investigations and proceedings are inherently uncertain, and their results cannot be predicted with certainty, the Company believes that the resolution of current pending matters will not have a material adverse effect on its business, financial position, results of operations or cash flow. Regardless of the outcome, litigation can have an adverse impact on the Company because of legal costs, diversion of management resources and other factors. Commitments a. On February 25, 2015, 1,753 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 and recorded in stock-based compensation on the consolidated statement of operations and comprehensive loss. As part of the consideration for the initial loan, the former Chief Technology Officer and the new Chief Technology Officer had transferred 2,098 common shares to the lenders. For contributing the common shares to the lenders, the Company intends to reimburse the former Chief Technology Officer and the new Chief Technology Officer 2,134 common shares collectively. As at December 31, 2018, these shares have not yet been issued. b. In connection with the acquisition of IMT, the Company acquired a license agreement dated June 8, 2009, pursuant to which the Company pays the licensors an aggregate royalty of 1% of sales based on patent #8,613,691. No sales were made on the technology under this patent as it has not yet been commercialized. One of the licensors is a founder of IMT and a former officer and director of the Com pany. c. On March 6, 2018, the Company signed a distribution agreement with Curexo Inc. for South Korea and as part of this agreement, the Company is obligated to buy a rehabilitative product from Curexo Inc. for $200,000 when this product is fully developed. It is not yet developed at December 31, 2018. d. On May 17, 2017, the Company entered into a Co-operative Joint Venture Contract (the “JV Contract”) with Ginger Capital Investment Holding, Ltd. (the “JV Partner”) to form a China-based joint venture to commercialize the Company’s products (“China JV”) in which the Company has a 25% interest and the JV Partner has a 75% interest. The China JV entity formally was created on May 22, 2018. Under the terms of the JV Contract, the JV Partner is required to contribute $290,000 within 30 days of formation, $435,000 12 months later and $725,000 60 months after the date of formation. The Company is required to license certain intellectual property to the China JV. The Company is applying the equity method of accounting to the joint venture. As of December 31, 2018, the Company has provided certain technical information to the Chinese JV in order to obtain Chinese regulatory approvals. | 14. COMMITMENTS AND CONTINGENCIES Contingencies From time to time, the Company may be involved in a variety of claims, suits, investigations and proceedings arising in the ordinary course of our business, collections claims, breach of contract claims, labor and employment claims, tax and other matters. Although claims, suits, investigations and proceedings are inherently uncertain and their results cannot be predicted with certainty, the Company believes that the resolution of current pending matters will not have a material adverse effect on its business, financial position, results of operations or cash flow. Regardless of the outcome, litigation can have an adverse impact on the Company because of legal costs, diversion of management resources and other factors. Commitments (a) On February 25, 2015, 1,753 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 and recorded in stock-based compensation on the consolidated statement of operations and comprehensive loss. As part of the consideration for the initial loan, the Company’s then-CTO and COO had transferred 2,098 common shares to the lenders. For contributing the common shares to the lenders, the Company intends to reimburse the former CTO and COO 2,134 common shares. As at March 31, 2018, these shares have not yet been issued. (b) On May 17, 2017, the Company entered into a Co-operative Joint Venture Contract (the “JV Contract”) with Ginger Capital Investment Holding, Ltd. (the “JV Partner”) to form China Bionik Medical Rehabilitation Technology Ltd. (“China JV”), in which the Company will have a 25% interest and the JV Partner 75%. The China JV was not formally formed until subsequent to year-end and there were no operations during the year ended March 31, 2018. Under the terms of the JV Contract, the JV Partner is required to contribute $290,000 on the date of formation, $435,000 12 months later and $725,000, 60 months after the date of formation. The Company is required to contribute certain intellectual property. (c) On March 6, 2018, the Company signed a distribution agreement with Curexo Inc for South Korea and as part of this agreement the Company is obligated to buy a rehabilitative product from Curexo Inc. for $200,000 when this product is fully developed by Curexo. Inc. |
RISK MANAGEMENT
RISK MANAGEMENT | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Risks and Uncertainties [Abstract] | ||
Concentration Risk Disclosure [Text Block] | 14. RISK MANAGEMENT The Company’s cash balances are maintained in a bank in Canada and a USA bank. Deposits held in banks in Canada are insured up to $100,000 CAD per depositor for each bank by The Canada Deposit Insurance Corporation, a federal crown corporation. Actual balances at times may exceed these limits. Interest Rate Risk Interest rate risk is the risk that the value of a financial instrument might be adversely affected by a change in the interest rates. The Company has minimal exposure to fluctuations in the market interest rate. In seeking to minimize the risks from interest rate fluctuations, the Company manages exposure through its normal operating and financing activities. Liquidity Risk Liquidity risk is the risk that the Company will incur difficulties meeting its financial obligations, as they are due. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when due. Accounts payable and accrued liabilities are due within the current operating period. The Company has funded its operations through the issuance of capital stock, convertible debt and loans in addition to grants and investment tax credits received from the Government of Canada. | 15. RISK MANAGEMENT The Company’s cash balances are maintained in a bank in Canada and a USA Bank. Deposits held in banks in Canada are insured up to $100,000 CAD per depositor for each bank by The Canada Deposit Insurance Corporation, a federal crown corporation. Actual balances at times may exceed these limits. Interest Rate Risk Interest rate risk is the risk that the value of a financial instrument might be adversely affected by a change in the interest rates. The Company has minimal exposure to fluctuations in the market interest rate. In seeking to minimize the risks from interest rate fluctuations, the Company manages exposure through its normal operating and financing activities. Liquidity Risk Liquidity risk is the risk that the Company will incur difficulties meeting its financial obligations, as they are due. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when due. Accounts payable and accrued liabilities are due within the current operating period. The Company has funded its operations through the issuance of capital stock, convertible debt and loans in addition to grant and investment tax credits received from the Government of Canada. |
LOSS PER SHARE
LOSS PER SHARE | 12 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 16. LOSS PER SHARE Common stock equivalents (other than the Exchangeable Shares), options and warrants were excluded from the computation of diluted loss per share for the year ended March 31, 2018 and 2017, after retrospective adjustment for a change in accounting policy (Note 2), as their effects are anti-dilutive. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Subsequent Events [Abstract] | ||
Subsequent Events [Text Block] | 15. SUBSEQUENT EVENTS (a) Subsequent to December 31, 2018, the Company received an additional $1,500,000 from lenders under the terms of the new loans described in note 8, including $750,000 . (b) Subsequent to December 31, 2018, 524,293 exchangeable shares (on a pre-consolidated basis) were converted into 3,496 common shares. | 17. SUBSEQUENT EVENTS (a) On July 24, 2018, the Company’s Board of Directors (the “Board”) unanimously adopted resolutions authorizing a reverse stock split, at a ratio of up to 1:150, of the common stock of the Company. On or about August 7, 2018, a majority of the holders of the common stock and exchangeable shares of the Company, voting together as a single class, approved the reverse stock split. On September 25, 2018, the Board established the split ratio for the reverse stock split at a ratio of 1:150. On October 29, 2018, the Company effected the reverse stock split and thereafter the Company’s common stock began trading on the OTCQB market on a one-for-one hundred and fifty (1:150) split-adjusted basis. Further details are provided in Note 2(a). (b) Subsequent to March 31, 2018, Exchangeable Shareholders exchanged 20,000 exchangeable shares into Common Stock. (c) On June 11, 2018, the Company increased the number of authorized shares of Common Stock from 250,000,000 to 500,000,000 and issued 263,639 common shares related to the conversion of notes payable at March 31, 2018. (Note 10(b)) (d) Subsequent to March 31, 2018, the Company’s board granted 40,000 options at $9.735 per share that immediately vested to the CEO of the Company with a 10 year expiry and 5,000 options at $6.93 per share were granted to our Chief Commercial Officer that vest over three years from the anniversary of the grant and expire in 7 years. (e) Subsequent to March 31, 2018, an affiliate of one of the Company’s major shareholders who is also a director provided an aggregate amount of $1,960,000 in term loans to the Company that bears interest at a fixed rate of 1% per month and matures on April 30, 2019. (f) Subsequent to March 31, 2018, the China JV was formally formed and the Company will account for it as of the date of formation. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Accounting Policies [Abstract] | ||
Consolidated Financial Statements [Policy Text Block] | Unaudited Condensed Consolidated Interim Financial Statements These unaudited condensed consolidated interim financial statements have been prepared on the same basis as the annual audited financial statements of the Company and should be read in conjunction with those annual audited financial statements filed on Form 10-K for the year ended March 31, 2018. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. This is the third set of the Company’s unaudited condensed consolidated interim financial statements where ASU-2014-09 “Revenue from Contracts with Customers (Topic 606)” has been applied. The changes in accounting policies in the Company’s unaudited condensed consolidated interim financial statements from the quarter ended December 31, 2018 from the March 31, 2018 audited financial statements are described below. Impact on the unaudited condensed consolidated interim financial statements ASU-2014-09 had no impact on the Company’s unaudited condensed consolidated interim statement of loss and comprehensive loss for the three and nine month periods ended December 31, 2018. | |
Recently Adopted Accounting Pronouncements [Policy Text Block] | Newly Adopted and Recently Issued Accounting Pronouncements Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying condensed consolidated interim financial statements. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The updated standard will replace most existing revenue recognition guidance in U.S. GAAP. The new standard introduces a five-step process to be followed in determining the amount and timing of revenue recognition. It also provides guidance on accounting for costs incurred to obtain or fulfill contracts with customers, and establishes disclosure requirements, which are more extensive than those required under existing U.S. GAAP. The FASB has issued numerous amendments to ASU 2014-09 from August 2015 through January 2018, which provide supplemental and clarifying guidance, as well as amend the effective date of the new standard. ASU 2014-09, as amended, is effective for the Company in the interim period ended June 30, 2018. The standard permits the use of either the retrospective or modified retrospective (cumulative effect) transition method. The Company adopted the new standard using the modified retrospective transition method. The Company has adopted ASU-2014-01 for the fiscal year ending March 31, 2019 and it did not have material effect on the consolidated financial position and the consolidated results of operations. As a result of the adoption of ASU-2014-09, the Company’s accounting policies have been updated. See “Revenue Recognition” below for these changes in accounting policies, as well as new disclosure requirements. The changes in accounting policies will also be reflected in the Company’s audited consolidated financial statements for the year ending March 31, 2019. In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes,” which require that deferred tax liabilities and assets be classified on our Consolidated Balance Sheets as noncurrent based on an analysis of each taxpaying component within a jurisdiction. ASU No. 2015- 17 is effective for the fiscal year commencing after December 15, 2017. The Company has adopted ASU-2015-17 for the fiscal year ending March 31, 2019 and it did not have material effect on the consolidated financial position and the consolidated results of operations. In January 2016, the FASB issued ASU No. 2016-01 Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The updates make several modifications to Subtopic 825-10, including the elimination of the available-for-sale classification of equity investments, and it requires equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in operations. The update is effective for fiscal years beginning after December 15, 2017. The Company has adopted ASU-2016-01 for the fiscal year ending March 31, 2019 and it did not have material effect on the consolidated financial position and the consolidated results of operations. In February 2016, the FASB issued ASU 2016-02, “Leases.” This update requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The new guidance will also require additional disclosure about the amount, timing and uncertainty of cash flows arising from leases. The provisions of this update are effective for annual and interim periods beginning after December 15, 2018. The Company is still assessing the impact that the adoption of ASU 2016-02 will have on the consolidated financial position and the consolidated results of operations. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments”. This ASU provides eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for the fiscal year commencing after December 15, 2017. The Company has adopted ASU-2016-15 for the fiscal year ending March 31, 2019 and it did not have material effect on the consolidated financial position and the consolidated results of operations. In January 2017, the FAS issued ASU 2017-01, “Business Combinations: Clarifying the definition of a Business” which amends the current definition of a business. Under ASU 2017-01, to be considered a business, an acquisition would have to include an input and a substantive process that together significantly contributes to the ability to create outputs. ASU 2017-01 further states that when substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. The new guidance also narrows the definition of the term “outputs” to be consistent with how it is described in Topic 606, Revenue from Contracts with Customers. The changes to the definition of a business will likely result in more acquisitions being accounted for as asset acquisitions. ASU 2017-01 is effective for acquisitions commencing on or after June 30, 2019, with early adoption permitted. Adoption of this guidance will be applied prospectively on or after the effective date. In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other” ASU 2017-04 simplifies the accounting for goodwill impairment by eliminating Step 2 of the current goodwill impairment test, which required a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which the reporting unit’s carrying value exceeds its fair value, limited to the carrying value of the goodwill. ASU 2017-04 is effective for financial statements issued for fiscal years, and interim periods beginning after December 15, 2019. In May 2017, the FASB issued ASU 2017-09, “Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting (ASU 2107-9).” The FASB issued the update to provide clarity and reduce the cost and complexity when applying guidance in Topic 718. The amendments in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modifications accounting in Topic 718. ASU 2017-09 is effective for the Company in the interim period ended June 30, 2018. The Company adopted ASU-2017-09 during the quarter ended June 30, 2018 and it did not have material effect on the consolidated financial position and the consolidated results of operations. | Newly Adopted and Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The updated standard will replace most existing revenue recognition guidance in U.S. GAAP. The new standard introduces a five-step process to be followed in determining the amount and timing of revenue recognition. It also provides guidance on accounting for costs incurred to obtain or fulfill contracts with customers, and establishes disclosure requirements which are more extensive than those required under existing U.S. GAAP. The FASB has issued numerous amendments to ASU 2014-09 from August 2015 through January 2018, which provide supplemental and clarifying guidance, as well as amend the effective date of the new standard. ASU 2014-09, as amended, is effective for the Company in the interim period ended June 30, 2018. The standard permits the use of either the retrospective or modified retrospective (cumulative effect) transition method. The Company adopted the new standard using the modified retrospective transition method. Although the Company’s analysis of the impact of the new revenue recognition guidance is not fully complete, management do not currently believe that such guidance will materially impact the aggregate amount and timing of revenue recognition subsequent to adoption, nor a significant cumulative adjustment to the consolidated balance sheet as of April 1, 2018; however, the Company will provide enhanced revenue recognition disclosures as required by the new standard. In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes,” which require that deferred tax liabilities and assets be classified on our Consolidated Balance Sheets as noncurrent based on an analysis of each taxpaying component within a jurisdiction. ASU No. 2015-17 is effective for the fiscal year commencing after December 15, 2017. The Company does not anticipate that the adoption of ASU No. 2015-17 will have a material effect on the consolidated financial position or the consolidated results of operations. In January 2016, the FASB issued ASU No. 2016-01 Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The updates make several modifications to Subtopic 825-10, including the elimination of the available-for-sale classification of equity investments, and it requires equity investments with readily determinable fair values to be measured at fair value with changes in fair value recognized in operations. The update is effective for fiscal years beginning after December 2017. The Company is still assessing the impact that the adoption of ASU 2016-01 will have on the consolidated financial position and the consolidated results of operations. In February 2016, the FASB issued ASU 2016-02, Leases. This update requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The new guidance will also require additional disclosure about the amount, timing and uncertainty of cash flows arising from leases. The provisions of this update are effective for annual and interim periods beginning after December 15, 2018. The Company is still assessing the impact that the adoption of ASU 2016-02 will have on the consolidated financial position and the consolidated results of operations. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting”. Several aspects of the accounting for share-based payment award transaction are simplified, including (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company has adopted ASU-2016-09 during the year and it did not have material effect on the consolidated financial position and the consolidated results of operations. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments”. This ASU provides eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for the fiscal year commencing after December 15, 2017. The Company is still assessing the impact that the adoption of ASU 2016-15 will have on the consolidated statement of cash flows. In January 2017, the FAS issued ASU 2017-01, “Business Combinations: Clarifying the definition of a Business” which amends the current definition of a business. Under ASU 2017-01, to be considered a business, an acquisition would have to include an input and a substantive process that together significantly contributes to the ability to create outputs. ASU2017-01 further states that when substantially all of the fair value of gross assets acquitted is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. The new guidance also narrows the definition of the term “outputs” to be consistent with how it is described in Topic 606, Revenue from Contracts with Customers. The changes to the definition of a business will likely result in more acquisitions being accounted for as asset acquisitions. ASU 2017-01 is effective for acquisitions commencing on or after June 30, 2019, with early adoption permitted. Adoption of this guidance will be applied prospectively on or after the effective date. In January 2017, the FASB issued ASU 2017-04, “Intangibles – Goodwill and Other” ASU 2017-04 simplifies the accounting for goodwill impairment by eliminating Step 2 of the current goodwill impairment test, which required a hypothetical purchase price allocation. Goodwill impairment will now be the amount by which the reporting unit’s carrying value exceeds its fair value, limited to the carrying value of the goodwill. ASU 2017-04 is effective for financial statements issued for fiscal years, and interim periods beginning after December 15, 2019. In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting (ASU 2017-09). The FASB issued the update to provide clarity and reduce the cost and complexity when applying the guidance in Topic 718. The amendments in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. ASU 2017-09 is effective for the Company in the interim period ended June 30, 2018. The Company does not expect the impact of adopting ASU 2017-09 to be material on its consolidated financial statements and related disclosures. |
Inventory, Policy [Policy Text Block] | Inventory Inventory is stated at the lower of cost or net realizable value. Cost is recorded at standard cost, on the first-in, first-out basis. Work-in- progress and finished goods consist of materials, labor and allocated overhead. | Inventory Inventory is stated at the lower of cost or net realizable value. Cost is recorded at standard cost, which approximates actual cost, on the first-in first-out basis. Work in progress and finished goods consist of materials, labor and allocated overhead. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company has adopted ASU-2014-09 with an initial application date of April 1, 2018. The updated accounting policies and the impact on the unaudited condensed consolidated interim financial statements and additional disclosures are detailed as follows: The Company determines revenue recognition through the following steps: a) identification of the contract with a customer; b) identification of the performance obligation in the contract; c) determination of the transaction price; d) allocation of the transaction price for the performance obligations in the contract; and e) recognition of revenue when the Company satisfies a performance obligation. Revenue is recognized when control of a product is transferred to a customer. Revenue is measured based on the consideration specified in a contract with a customer, net of returns and discounts. Accruals for sales returns are calculated based on the best estimate of the amount of product that will ultimately be returned by customers, reflecting historical experience and the magnitude of non-conforming inventory claims made by the customers that have either been approved or are pending review. Contract liabilities are recorded when cash payments are received or due in advance of the Company’s performance. In the comparative period, revenue was measured at the fair value of the consideration received or receivable, net of returns and discounts and was recognized when the risks and rewards of ownership has transferred to the customer. No revenue was recognized if there was significant uncertainties regarding recovery of the consideration due, the costs incurred or to be incurred could not be measured reliably, or there was continuing management involvement with the goods. | Revenue Recognition The Company recognizes revenue from product sales when persuasive evidence of an agreement with customer exists, products are shipped or title passes pursuant to the terms of the agreement, the amount due from the customer is fixed or determinable, collectability is reasonably assured, and there are no significant future performance obligation. Deposits are carried as liabilities until the requirements for revenue recognition are met. |
Standard Product Warranty, Policy [Policy Text Block] | Warranty Reserve and Deferred Warranty Revenue The Company provides a one-year warranty as part of its normal sales offering. When products are sold, the Company provides warranty reserves, which, based on the historical experience of the Company are sufficient to cover warranty claims. Accrued warranty reserves are included in accrued liabilities on the balance sheet and amounted to $100,338 and $64,957 at December 31, 2018 and March 31, 2018, respectively. The Company also sells extended warranties for additional periods beyond the standard warranty. Extended warranty revenue is deferred and recognized as revenue over the extended warranty period. The Company recognized $20,303 and $35,618 of expense related to the change in warranty reserves and warranty costs incurred and recorded as an expense in cost of goods sold during the three and nine month period ended December 31, 2018 (December 31, 2017 – $Nil and $Nil). | Warranty Reserve and Deferred Warranty Revenue The Company provides a one-year warranty as part of its normal sales offering. When products are sold, the Company provides warranty reserves, which, based on the historical experience of the Company are sufficient to cover warranty claims. Accrued warranty reserves are included in accrued liabilities on the consolidated balance sheets and amounted to $64,957 at March 31, 2018 (March 31, 2017 - $64,957). The Company also sells extended warranties for additional periods beyond the standard warranty. Extended warranty revenue is deferred and recognized as revenue over the extended warranty period. The Company recognized $Nil of expenses related to warranty expenses incurred and recorded this expense in cost of goods sold for the year ended March 31, 2018 (March 31, 2017 - $Nil). |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The functional currency of the Company and its wholly owned subsidiaries is the U.S. dollar. Transactions denominated in a currency other than the functional currency are recorded on initial recognition at the exchange rate at the date of the transaction. After initial recognition monetary assets and liabilities denominated in foreign currency are translated at the end of each reporting period into the functional currency at the exchange rate at that date. Exchange differences are recognized in profit or loss. Non-monetary assets and liabilities measured at cost are translated at the exchange rate at the date of the transaction. | Foreign Currency Translation On April 1, 2015, Bionik Canada and Bionik Acquisition Inc. changed its functional currency from the Canadian Dollar to the U.S. Dollar. This reflects the fact that the majority of the Company’s business is influenced by an economic environment denominated in U.S. currency as well the Company anticipates revenues to be earned in U.S. dollars. The change in accounting treatment was applied prospectively. The functional currency is separately determined for the Company, and each of its subsidiaries, and is used to measure the financial position and operating results. The functional currency of the Company and its wholly owned subsidiaries is the U.S. dollar. Transactions denominated in a currency other than the functional currency are recorded on initial recognition at the exchange rate at the date of the transaction. After initial recognition, monetary assets and liabilities denominated in foreign currency are translated at the end of each reporting period into the functional currency at the exchange rate at that date. Exchange differences are recognized in profit or loss. Non- monetary assets and liabilities measured at cost are translated at the exchange rate at the date of the transaction. |
Property, Plant and Equipment, Policy [Policy Text Block] | Equipment Equipment is recorded at cost. Depreciation is computed using the declining balance method, over the estimated useful lives of these assets. The costs of improvements that extend the life of equipment are capitalized. All ordinary repair and maintenance costs are expensed as incurred. Equipment is depreciated as follows: Computer & Electronics 50% per annum Furniture and Fixtures 20% per annum Demonstration Equipment 50% per annum Manufacturing Equipment 20% per annum Tools and Parts 20% per annum | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. The estimates are based on management’s best knowledge of current events and actions of the Company it may undertake in the future. Significant areas requiring the use of estimates relate to the valuation of inventory, revenue recognition, the useful life of equipment and intangible assets, impairment of goodwill and intangible assets. Actual results could differ from these estimates. | Use of Estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. The estimates based on management’s best knowledge of current events and actions of the Company may undertake in the future. Significant areas requiring the use of estimates relate to the valuation of inventory, revenue recognition, the useful life of equipment and intangible assets, impairment of goodwill and intangible assets, inputs to the fair value of shares to be issued, stock options and warrants. Actual results could differ from these estimates. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments ASC Topic 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Included in the ASC Topic 820 framework is a three level valuation inputs hierarchy with Level 1 being inputs and transactions that can be effectively fully observed by market participants spanning to Level 3 where estimates are unobservable by market participants outside of the Company and must be estimated using assumptions developed by the Company. The Company discloses the lowest level input significant to each category of asset or liability valued within the scope of ASC Topic 820 and the valuation method as exchange, income or use. The Company uses inputs, which are as observable as possible, and the methods most applicable to the specific situation of each company or valued item. The carrying amounts reported in the balance sheets for cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, due from related parties and demand loans approximate fair value because of the short period of time between the origination of such instruments, their expected realization and their current market rates of interest. Per ASC Topic 820 framework these are considered Level 2 inputs where inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company has recognized shares to be issued, stock options and warrants, for which it did not as of March 31, 2018 have sufficient authorized share capital to issue, as a liability that is measured at fair value based on Level 1 inputs, for the component related to shares to be issued, and Level 3 inputs for the measurement of the stock options and warrants using a valuation model, as disclosed in Notes 11 & 12. This was reversed in the quarter ended June 30, 2018, when the Company’s authorized capital was increased from 250,000,000 to 500,000,000 and gain on mark to market valuation of $2,048,697 was recognized. The Company’s policy is to recognize transfers into and out of Level 3 as of the date of the event or change in the circumstances that caused the transfer. There were no such transfers during the quarter ended December 31, 2018. | Fair Value of Financial Instruments ASC Topic 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Included in the ASC Topic 820 framework is a three level valuation inputs hierarchy with Level 1 being inputs and transactions that can be effectively fully observed by market participants spanning to Level 3 where estimates are unobservable by market participants outside of the Company and must be estimated using assumptions developed by the Company. The Company discloses the lowest level input significant to each category of asset or liability valued within the scope of ASC Topic 820 and the valuation method as exchange, income or use. The Company uses inputs, which are as observable as possible, and the methods most applicable to the specific situation of each company or valued item. The carrying amounts reported in the balance sheets for cash and cash equivalents, accounts receivable, other receivables, accounts payable, accrued liabilities, due from related parties, demand loans, convertible loans and promissory note payable approximate fair value because of the short period of time between the origination of such instruments, their expected realization and their current market rates of interest. Per ASC Topic 820 framework these are considered Level 2 inputs where inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company has recognized shares to be issued, stock options and warrants, for which it did not as of March 31, 2018 have sufficient authorized share capital to issue, as a liability that is measured at fair value based on Level 1 inputs, for the component related to shares to be issued, and Level 3 inputs for the measurement of the stock options and warrants using a valuation model, as disclosed in Notes 11 & 12. The Company’s policy is to recognize transfers into and out of Level 3 as of the date of the event or change in the circumstances that caused the transfer. There were no such transfers during the year. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting ASC 280-10, “Disclosures about Segments of an Enterprise and Related Information”, establishes standards for the way that public business enterprises report information about operating segments in the Company’s consolidated financial statements. Operating segment are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Approximately 99% of the Company’s assets are US-based and all sales for the years ended March 31, 2018 and 2017 were made by the Company’s US subsidiary, Bionik, Inc. In addition, all of the Company’s technology and other assets and goodwill are connected to the acquisition by the Company in April 2016 of Bionik, Inc. Equipment connected to Bionik Inc. amounts to $120,910 and $39,051 is connected to equipment at the Company’s Canadian subsidiary Bionik Laboratories Inc. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments with original terms to maturity of 90 days or less at the date of purchase. For all periods presented cash and cash equivalents consisted entirely of cash. | |
Research and Development Expense, Policy [Policy Text Block] | Research and Development The Company is engaged in research and development work. Research and development costs are charged as operating expense of the Company as incurred. | |
Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are computed in accordance with the provisions of ASC Topic 740, which requires, among other things, a liability approach to calculating deferred income taxes. The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized in its consolidated financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The Company is required to make certain estimates and judgments about the application of tax law, the expected resolution of uncertain tax positions and other matters. In the event that uncertain tax positions are resolved for amounts different than the Company’s estimates, or the related statutes of limitations expire without the assessment of additional income taxes, the Company will be required to adjust the amounts of related assets and liabilities in the period in which such events occur. Such adjustment may have a material impact on the Company’s income tax provision and results of operations. | |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Loss Per Share Basic and diluted loss per share has been determined by dividing the net loss available to shareholders for the applicable period by the basic and diluted weighted average number of shares outstanding, respectively. The diluted weighted average number of shares outstanding is calculated as if all dilutive options had been exercised or vested at the later of the beginning of the reporting period or date of grant, using the treasury stock method. Loss per common share is computed by dividing the net loss by the weighted average number of shares of common shares outstanding during the period. Common share equivalents, options and warrants are excluded from the computation of diluted loss per share when their effect is anti-dilutive. | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets The Company follows the ASC Topic 360, which requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the assets’ carrying amounts may not be recoverable. In performing the review for recoverability, if future undiscounted cash flows (excluding interest charges) from the use and ultimate disposition of the assets are less than their carrying values, an impairment loss represented by the difference between its fair value and carrying value, is recognized. When properties are classified as held for sale they are recorded at the lower of the carrying amount or the expected sales price less costs to sell. | |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Indefinite Lived Intangible Assets The Company records goodwill when the purchase price of an acquisition exceeds the fair value of the net tangible and identified intangible assets acquired. Goodwill and indefinite lived intangible assets, consisting of the trademarks acquired (Note 4), are assessed for impairment annually, or more frequently if indicators of potential impairment exist, which includes evaluating qualitative and quantitative factors to assess the likelihood of an impairment of goodwill or indefinite lived intangible assets. The Company performs impairment tests using a fair value approach when necessary. None of the Company’s goodwill or indefinite lived intangibles was impaired as of March 31, 2018. Accordingly, no impairment loss has been recognized in the year ended March 31, 2018. |
BASIS OF PRESENTATION AND CHA_2
BASIS OF PRESENTATION AND CHANGE IN ACCOUNTING POLICY (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Disclosure Text Block [Abstract] | |
Schedule of Changes in Accounting Policy [Table Text Block] | The following financial statement line items for the year ended March 31, 2017 were affected by the change in accounting principle. Income Statement As of As originally March 31, 2017 Effect reported As adjusted of change Sales $ 571,945 $ 571,945 $ - Cost of Sales 388,756 388,756 - Total operating expenses 8,829,481 8,829,481 - Total other expenses (4,709,718 ) (576,890 ) (4,132,828 ) Net income (loss) and comprehensive loss for the Period (3,936,574 ) (8,069,402 ) (4,132,828 ) Basic loss per share (6.00 ) (13.19 ) (7.50 ) Diluted loss per share (6.00 ) (13.19 ) (7.50 ) Balance sheet As a result of the accounting policy change, the Company’s deficit as of April 1, 2017 increased from ($15,588,554), as originally reported under ASU No. 2016-01, to ($21,076,464) using ASU No. 2017-11. As originally reported As at March 31, 2017 As adjusted Effect of change Balance Sheet Current assets $ 1,402,580 $ 1,402,580 $ - Capital assets 227,421 227,421 - Intangible assets 27,338,899 27,338,899 - Total assets $ 28,968,900 $ 28,968,900 $ - Warrant derivative liability 959,600 - (959,600 ) Other current liabilities 4,818,205 4,818,250 45 Total liabilities $ 5,777,805 $ 4,818,250 $ (959,555 ) Common stock 645 645 - Additional paid in capital 38,736,855 45,184,320 6,447,465 Deficit (15,588,554 ) (21,076,464 ) (5,487,910 ) Accumulated other comprehensive income 42,149 42,149 - Total shareholders’ equity $ 23,191,095 $ 24,150,650 $ 959,555 Total liabilities and shareholders’ equity $ 28,968,900 $ 28,968,900 $ - Statement of cash flows As originally reported As at March 31, 2017 As adjusted Effect of change Net income (loss) for year $ (3,936,574 ) $ (8,069,402 ) $ (4,132,828 ) Adjustment for items not affecting cash and changes in non-cash working capital items (3,055,739 ) 1,077,089 4,132,828 Net cash (used in) operating activities (6,992,313 ) (6,992,313 ) - Net cash (used in) investing activities (170,790 ) (170,790 ) - Net cash provided by financing activities 2,324,996 2,324,996 - Net (decrease) in cash and cash equivalents for the year (4,838,107 ) (4,838,107 ) - Cash and cash equivalents, beginning of year 5,381,757 5,381,757 - Cash and cash equivalents, end of year $ 543,650 $ 543,650 $ - |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Property Plan Equipment Method [Table Text Block] | Equipment is recorded at cost. Depreciation is computed using the declining balance method, over the estimated useful lives of these assets. The costs of improvements that extend the life of equipment are capitalized. All ordinary repair and maintenance costs are expensed as incurred. Equipment is depreciated as follows: Computer & Electronics 50% per annum Furniture and Fixtures 20% per annum Demonstration Equipment 50% per annum Manufacturing Equipment 20% per annum Tools and Parts 20% per annum |
ACQUISITION, TECHNOLOGY AND O_2
ACQUISITION, TECHNOLOGY AND OTHER ASSETS (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Business Combinations [Abstract] | ||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following sets forth the purchase price allocation based on management’s best estimates of fair value, including a summary of major classes of consideration transferred and the recognized amounts of assets acquired and liabilities assumed at the acquisition date. As at April 21, 2016 $ Fair value of 23,650,000 shares of common stock (a) 23,177,000 Fair value of vested stock options (b) 2,582,890 Allocation of purchase price: 25,759,890 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 (d) (1,436,164 ) Net assets acquired (2,129,089 ) Patents and exclusive License Agreement 1,306,031 Trademark 2,505,907 Customer relationships 1,431,680 Non compete agreement 61,366 Assembled Workforce 275,720 Goodwill 22,308,275 25,759,890 (a) The fair value of common stock was based on $147.00 per share, which was the closing market price of the Company’s common stock on April 21, 2016. (b) 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 11). (c) Pro forma information has not been presented for IMT as these operations have been consolidated for all days in the year ended March 31, 2017 except 20 days from April 20, 2016. These 20 days are not considered material. (d) Included in the net assets acquired was a loan issued to IMT in the amount of $300,000 under normal commercial terms. The loan carried an interest rate of 6% and were secured by all the assets of IMT subject to a $200,000 subordination to a third party financial services company, which was released in April 2016. | |
Business Acquisition, Pro Forma Information [Table Text Block] | The schedule below reflects the intangible assets acquired in the IMT acquisition on April 21, 2016 and the asset amortization period and expense for the nine month period ended December 31, 2018 and the year ended March 31, 2018: Expense March Value at March Expense Dec. Value at Dec.. Intangible Amortization Value acquired 31, 2018 31, 2018 31, 2018 31, 2018 assets acquired period (years) $ $ $ $ $ Patents and exclusive License Agreement 9.74 1,306,031 134,126 1,045,530 100,567 944,963 Trademark Indefinite 2,505,907 - 2,505,907 - 2,505,907 Customer relationships 10 1,431,680 143,206 1,153,543 107,376 1,046,167 Non-compete agreement 2 61,366 30,709 1,739 1,739 - Assembled Workforce 1 275,720 15,864 - - - 5,580,704 323,905 4,706,719 209,682 4,497,037 | (e) The schedule below reflects the intangible assets acquired in the IMT acquisition and the assets amortization period and expense for the year ended March 31, 2018: Intangible assets acquired Amortization Value Expense Value at Expense Value at $ $ $ $ $ Patents and exclusive Licence Agreement 9.74 years 1,306,031 126,375 1,179,656 134,126 1,045,530 Trademark Indefinite 2,505,907 - 2,505,907 - 2,505,907 Customer relationships 10 1,431,680 134,931 1,296,749 143,206 1,153,543 Non compete agreement 2 61,366 28,918 32,448 30,709 1,739 Assembled workforce 1 275,720 259,856 15,864 15,864 - 5,580,704 550,080 5,030,624 323,905 4,706,719 |
PREPAID EXPENSES AND OTHER RE_2
PREPAID EXPENSES AND OTHER RECEIVABLES (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | December 31, 2018 March 31, 2018 $ $ Prepaid materials (i) 1,526,304 86,957 Prepaid expenses 202,962 301,104 Prepaid insurance 74,828 36,497 Sales taxes receivable (ii) 27,862 9,097 1,831,956 433,655 (i) Prepaid materials represent material deposits paid to our outsource manufacturing partner and other vendors for the production of our InMotion clinic line units. (ii) Sales tax receivable represents net harmonized sales taxes (HST) input tax credits receivable from the Government of Canada. | March 31, 2018 March 31, 2017 $ $ Prepaid expenses and other receivables 86,957 68,484 Prepaid inventory 301,104 - Prepaid insurance 36,497 136,896 Sales taxes receivable (i) 9,097 22,667 433,655 228,047 i) Sales tax receivable represents net harmonized sales taxes (HST) input tax credits receivable from the Government of Canada. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | ||
Schedule of Inventory, Current [Table Text Block] | December 31, 2018 March 31, 2018 $ $ Raw materials 28,662 237,443 Finished goods 306,944 - 335,606 237,443 | March 31, 2018 March 31, 2017 $ $ Raw Materials 237,443 119,985 Work in Progress - 108,264 237,443 228,249 |
EQUIPMENT (Tables)
EQUIPMENT (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Property, Plant and Equipment [Table Text Block] | Equipment consisted of the following as at December 31, 2018 and March 31, 2018: December 31, 2018 March 31, 2018 Accumulated Accumulated Cost Depreciation Net Cost Depreciation Net $ $ $ $ $ $ Computers and electronics 282,576 237,882 44,694 256,505 223,750 32,755 Furniture and fixtures 36,795 29,278 7,517 36,795 28,051 8,744 Demonstration equipment 200,186 135,590 64,596 200,186 105,441 94,745 Manufacturing equipment 88,742 86,100 2,642 88,742 85,668 3,074 Tools and parts 11,422 6,539 4,883 11,422 5,741 5,681 Assets under capital lease 23,019 11,509 11,510 23,019 8,057 14,962 642,740 506,898 135,842 616,669 456,708 159,961 | Equipment consisted of the following as at March 31, 2018 and March 31, 2017: March 31, 2018 March 31, 2017 Accumulated Accumulated Cost Depreciation Net Cost Depreciation Net $ $ $ $ $ $ Computers and electronics 256,505 223,750 32,755 250,538 204,258 46,280 Furniture and fixtures 36,795 28,051 8,744 36,795 26,096 10,699 Demonstration equipment 200,186 105,441 94,745 184,586 44,420 140,166 Manufacturing equipment 88,742 85,668 3,074 88,742 84,982 3,760 Tools and parts 11,422 5,741 5,681 11,422 4,472 6,950 Assets under capital lease 23,019 8,057 14,962 23,019 3,453 19,566 Balance 616,669 456,708 159,961 595,102 367,681 227,421 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Convertible Debt [Table Text Block] | Balance, March 31, 2016 $ - Additional principal investment 2,000,000 Accrued Interest 17,488 Balance, March 31, 2017 2,017,488 Additional principal investment 2,999,975 Fair value of warrants (548,178 ) Accretion expense 548,178 Accrued Interest 1,037,067 Conversion of principal and interest (6,054,530 ) Balance, March 31, 2018 $ - | |
Schedule of Short-term Debt [Table Text Block] | Balance, March 31, 2017 $ - Additional principal investment 500,000 Accrued Interest 33,556 Conversion of principal and interest (533,556 ) Balance, March 31, 2018 $ - | |
Schedule of Conversion of Notes Payable [Table Text Block] | March 31, 2018 Total Beneficial Number of Conversion Conversion Shares Principal Interest Premium Amount Feature Converted Convertible Notes Payable (December 2016 to December 2017) $ 4,999,975 $ 1,054,555 $ 1,249,994 $ 7,304,523 762,301 779,461 Chinese Convertible Loan $ 500,000 $ 33,556 - $ 533,556 76,230 62,629 Convertible Notes Payable (December 2017 to March 2018) $ 3,611,400 $ 201,928 - $ 3,813,328 550,598 406,918 Total $ 9,111,375 $ 1,290,039 $ 1,249,994 $ 11,651,407 $ 1,389,129 1,249,008 | |
Schedule of Convertible Debt Fair Value [Table Text Block] | At issuance At July 20, 2018 Conversion feature fair value Principal Beneficial conversion Anti-dilution Fair value of debt Accretion expense Interest Ending balance Convertible promissory note $ 4,708,306 $ 406,744 $ 1,697,674 $ 2,603,888 $ 2,104,418 $ 24,547 $ 4,732,853 | |
Schedule of Convertible Debt Beneficial Conversion Feature [Table Text Block] | Beneficial conversion Anti-dilution Total Conversion feature fair value At Issuance $ 406,744 $ 1,697,674 $ 2,104,418 Fair value adjustment $ (406,744 ) $ 68,821 $ (337,923 ) Balance allocated to equity on conversion $ - $ (1,766,495 ) $ (1,766,495 ) Ending balance at June 30, 2018 $ - $ - $ - | |
Convertible Debt [Member] | ||
Schedule of Short-term Debt [Table Text Block] | Balance, March 31, 2017 - Additional principal investment 3,611,400 Accrued Interest 201,928 Conversion of principal and interest (3,813,328 ) Balance, March 31, 2018 $ - | |
Schedule of Convertible Debt Fair Value [Table Text Block] | At issuance At December 31, 2018 Principal Accretion expense Interest Loan Balance Convertible promissory note $ 3,150,000 $ 316,642 $ 72,217 $ 3,538,859 | |
Demand Notes payable [Member] | ||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Balance, March 31, 2018 $ 51,479 Accrued interest 1,496 Repayment (52,975 ) Balance, December 31, 2018 $ - | Balance, March 31, 2016 $ - Acquisition of IMT (Note 4) 324,894 Accrued interest 5,706 Balance, March 31, 2017 330,600 Accrued interest 8,497 Repayment of principal (208,359 ) Repayment of interest (79,259 ) Balance, March 31, 2018 $ 51,479 |
Promissory Note [Member] | ||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Balance, March 31, 2016 $ - Acquisition of IMT 217,808 Accrued Interest 18,740 Balance, March 31, 2017 236,548 Accrued interest 12,957 Repayment of principal (200,000 ) Repayment of interest (49,505 ) Balance, March 31, 2018 $ - |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | ||
Schedule of Stockholders Equity [Table Text Block] | December 31, 2018 March 31, 2018 Number of Number of shares $ shares $ Exchangeable Shares: Balance beginning of year 295,146 295 319,396 319 Converted into common shares (a) (21,572 ) (22 ) (24,250 ) (24 ) Balance at the end of period 273,574 273 295,146 295 Common Shares Balance at beginning of the period 1,368,856 1,369 325,901 326 Shares issued to exchangeable shares 21,572 22 24,250 24 Shares issued on conversion of loans (b) 947,034 947 985,370 985 Warrants exercised - - 33,335 34 Adjustment due to 1:150 share consolidation round-up 502 - - - Balance at end of the period 2,337,964 2,338 1,368,856 1,369 TOTAL SHARES 2,611,538 2,611 1,664,002 1,664 a. During the nine month period ended December 31, 2018, 21,572 exchangeable shares were exchanged on a 1 for 1 basis in accordance with their terms. (March 31, 2018 – 24,250) b. During the nine month period ended December 31, 2018, 947,034 shares of common stock were issued. Of this amount 263,639 shares of common stock were issued once the Company increased its authorized shares of common stock from 250,000,000 to 500,000,000. These shares relate to convertible loans and interest that converted on March 31, 2018 and were recorded as a liability on March 31, 2018 until the shares were issued on June 12, 2018. The liability was reclassified at June 12, 2018 into equity by recording the original value of $2,470,622 of the shares to be issued, as well as the fair value of options and warrants at June 12, 2018 net of fair value of options issued in the period ended June 12, 2018 of $1,173,534, which was charged to equity and a $2,048,697 gain on the fair value reevaluation was recognized as other income in the Statement of Operations and Comprehensive Loss. The Company converted $4,732,853 of convertible loans and interest into 683,395 common shares on July 20, 2018 in accordance with their terms. c. On October 29, 2018 the Company completed the consolidation on a one-for-one to one hundred and fifty (1:150) reverse consolidation. | March 31, 2018 March 31, 2017 Number of shares $ Number of shares $ Exchangeable Shares: Balance beginning of year 319,396 319 333,334 333 Converted into common shares (e) (24,250 ) (24 ) (13,938 ) (14 ) Balance at end of year 295,146 295 319,396 319 Common Shares Balance at beginning of the year 325,901 326 150,608 150 Shares issued on acquisition (Note 4) - - 157,667 157 Shares issued to exchangeable shareholders (e) 24,250 24 13,938 14 Shares issued for services (d) - - 1,447 2 Shares issued on conversion of loans (b) 985,370 986 - - Options exercised (Note 11) - - 734 1 Warrants exercised (a) 33,335 33 1,165 1 Cashless exercise of warrants (c) - - 342 1 Balance at end of the year 1,368,856 1,369 325,901 326 TOTAL SHARES 1,664,002 1,664 645,297 645 (a) During the year ended March 31, 2018, the Company consummated an offer to amend and exercise to its warrant holders, enabling them to exercise their outstanding warrants for $37.50 per share, and as a result, 33,335 common shares were issued for net proceeds of $1,125,038 (Note 12). (b) During the year ended March 31, 2018, the Company converted $9,171,604 of notes payable and interest into 985,370 common shares. Under the terms of this conversion the remaining $1,220,629 of principal and interest was required to be converted into 263,639 common shares, but were unable to be issued as a result of the Company not having enough authorized shares. The 2,470,622 value of these shares at March 31, 2018 has been classified as a liability until the common shares can be issued. In addition, there was a $376,674 loss recorded in the year connected to the difference of the $2,847,296 market value of the shares at March 31, 2018 and the value of these shares which resulted on the conversion of notes payable, the exercise price of which was based on a 30 day VWAP (c) During the year ended March 31, 2017, 342 common shares were issued as a result of a cashless exercise of 1,747 warrants with an exercise price of $120.00. Under the terms of the warrant agreement the value of the warrants on exercise is attributed to the shares on exercise and the Company has recognized a value of $43,562. (d) The Company issued 1,447 common shares during the year ended March 31, 2017 for consulting services and recognized $59,500 of share compensation expense. (e) During the year ended March 31, 2018, 24,250 exchangeable shares were exchanged for common shares on a 1 for 1 basis in accordance with their terms. (March 31, 2017 –13,938 shares) (f) On October 29, 2018, the Company completed a one-for-one hundred and fifty to one (1:150) reverse stock consolidation. |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block] | The following is a summary of stock options outstanding and exercisable as of December 31, 2018: Exercise Price ($) Number of Options Expiry Date Exercisable Options 34.50 630 June 20, 2021 630 34.50 13,212 July 1, 2021 13,212 34.50 944 February 17, 2022 944 183.00 2,667 November 24, 2022 2,667 150.00 12,289 December 14, 2022 12,289 142.50 359 March 28, 2023 359 157.50 1,387 March 28, 2023 1,387 150.00 1,112 April 26, 2023 1,112 105.00 2,667 February 6, 2024 889 102.00 1,667 February 13, 2024 1,667 142.50 106 March 3, 2024 106 157.50 408 March 3, 2024 408 142.50 43 March 14, 2024 43 157.50 164 March 14,2024 164 142.50 485 September 30, 2024 485 157.50 1,876 September 30, 2024 1,876 142.50 24 June 2, 2025 24 157.50 90 June 2, 2025 90 37.50 442 December 30, 2025 442 142.50 328 December 30, 2025 328 24.15 81,436 September 1, 2027 27,146 23.25 17,600 January 24, 2025 - 9.735 40,000 April 19, 2028 40,000 6.93 5,000 June 10, 2025 - 184,936 106,268 | The following is a summary of stock options outstanding and exercisable as of March 31, 2018: Exercise Price ($) Number of Options Expiry Date Exercisable Options 24.75 1,762 April 1, 2021 1,762 34.50 651 June 20, 2021 651 34.50 13,212 July 1, 2021 13,212 34.50 944 February 17, 2022 944 183.00 2,667 November 24, 2022 1,778 150.00 13,289 December 14, 2022 11,178 142.50 747 March 28, 2023 747 157.50 2,887 March 28, 2023 2,887 150.00 1,667 April 26, 2023 556 150.00 5,000 August 8, 2023 1,667 105.00 2,667 February 6, 2024 889 102.00 1,667 February 13, 2024 1,111 142.50 211 March 3, 2024 211 157.50 816 March 3, 2024 816 142.50 43 March 14, 2024 43 157.50 164 March 14, 2024 164 142.50 485 September 30, 2024 485 157.50 1,876 September 30, 2024 1,876 142.50 23 June 2, 2025 23 157.50 90 June 2, 2025 90 37.50 442 December 30, 2025 442 142.50 328 December 30, 2025 182 31.50 13,334 August 3, 2024 - 24.15 81,436 September 1, 2027 13,573 23.25 24,267 January 24, 2025 - 170,675 55,287 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | These options at their respective grant dates were valued using the Black-Scholes option pricing model with the following key assumptions: Expected life Risk free Dividend Forfeiture Expected Grant date Grant date in years rate rate rate volatility fair value February 17, 2015 3.89 1.59 % 0 % 0 % 114 % $ 136,613 July 1, 2014 3.25 1.59 % 0 % 0 % 114 % $ 1,259,487 June 20, 2014 3.22 1.59 % 0 % 0 % 114 % $ 118,957 April 1, 2014 3.01 1.59 % 0 % 0 % 114 % $ 230,930 November 24, 2015 4.65 1.59 % 0 % 0 % 114 % $ 694,384 December 14, 2015 4.71 1.59 % 0 % 0 % 114 % $ 1,260,437 April 21, 2016 6.11 1.59 % 0 % 0 % 114 % $ 2,582,890 April 26, 2016 5.07 1.59 % 0 % 0 % 114 % $ 213,750 August 8, 2016 5.36 1.59 % 0 % 0 % 114 % $ 652,068 February 6, 2017 5.86 1.59 % 0 % 0 % 114 % $ 245,200 February 13, 2017 5.88 1.59 % 0 % 0 % 114 % $ 148,750 August 3, 2017 6.35 1.59 % 0 % 0 % 114 % $ 387,209 September 1, 2017 9.43 1.59 % 0 % 0 % 114 % 1,832,304 January 24, 2018 6.82 1.59 % 0 % 0 % 114 % $ 491,036 | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted-Average Number of Options Exercise Price ($) Outstanding, March 31, 2017 66,024 88.50 Issued 119,036 23.25 Exercised - - Expired - - Cancelled (14,385 ) 97.50 Outstanding, March 31, 2018 170,675 75.00 | |
Schedule of Share-based Payment Award,Reclassification of Stock Options, Valuation Assumptions [Table Text Block] | As the Company does not have sufficient authorized shares of common stock to cover its options issued, a valuation of these options was done at March 31, 2018 and the resulting liability of $1,451,393 has been recorded in the consolidated balance sheet as shares to be issued, stock options and warrants. Grant Date Expected Life Risk Free rate Dividend rate Forfeiture Rate Expected Volatility Remeasured Fair Value February 17, 2015 3.89 1.59 % 0 % 0 % 135 % $ 7,122 July 1, 2014 3.25 1.59 % 0 % 0 % 135 % $ 90,472 June 20, 2014 3.22 1.59 % 0 % 0 % 135 % $ 4,428 April 1, 2014 3.01 1.59 % 0 % 0 % 135 % $ 12,437 November 24, 2015 4.65 1.59 % 0 % 0 % 135 % $ 16,327 December 14, 2015 4.71 1.59 % 0 % 0 % 135 % $ 85,833 April 21, 2016 6.39 1.59 % 0 % 0 % 118 % $ 53,853 April 26, 2016 5.07 1.59 % 0 % 0 % 114 % $ 11,430 August 8, 2016 5.36 1.59 % 0 % 0 % 114 % $ 35,722 February 6, 2017 5.86 1.59 % 0 % 0 % 114 % $ 16,969 February 13, 2017 5.88 1.59 % 0 % 0 % 114 % $ 10,703 August 3, 2017 6.35 1.59 % 0 % 0 % 114 % $ 109,970 September 1, 2017 9.43 1.59 % 0 % 0 % 114 % $ 782,966 January 24, 2018 6.82 1.59 % 0 % 0 % 114 % $ 213,161 1,451,393 |
WARRANTS (Tables)
WARRANTS (Tables) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Warrants and Rights Note Disclosure [Abstract] | ||
Schedule Of Share Based Compensation Stock Purchase Warrants Activity [Table Text Block] | The following is a continuity schedule of the Company’s common share purchase warrants: Weighted-Average Number of Warrants Exercise Price ($) Outstanding and exercisable, March 31, 2015 72,157 202.50 Issued 48,171 202.50 Exercised (992 ) (120.00 ) Outstanding and exercisable, March 31, 2016 119,336 202.50 Exercised (1,747 ) (120.00 ) Outstanding and exercisable, March 31, 2017 117,589 202.50 Exercised (33,335 ) (37.50 ) Issued in connection with anti-dilution provision connected to warrant transaction 559 112.35 Issued in connection with anti-dilution provision connected to warrant transaction 6,275 194.00 Issued in connection to the warrant transaction to the broker 2,667 37.50 Issued in connection with the conversion of loans and interest into common shares 106,709 9.375 Issued in connection with the conversion of loans and interest into common shares 15,658 90.00 Issued in connection with anti-dilution provision connected to warrant transaction 136,388 73.02 Issued in connection with anti-dilution provision connected to warrant transaction 13,464 44.28 Outstanding at March 31, 2018 365,974 53.19 Issued in connection with anti-dilution provision connected to warrant transaction 67,952 55.71 Issued in connection with anti-dilution provision connected to warrant transaction 6,305 34.50 Outstanding at December 31, 2018 440,231 44.21 | The following is a continuity schedule of the Company’s common share purchase warrants : Weighted-Average Number of Warrants Exercise Price ($) Outstanding and exercisable, March 31, 2015 72,157 202.50 Issued 48,171 202.50 Exercised (992 ) (120.00 ) Outstanding and exercisable, March 31, 2016 119,336 202.50 Exercised (1,747 ) (120.00 ) Outstanding and exercisable, March 31, 2017 117,589 202.50 Exercised (33,335 ) (37.50 ) Issued in connection with anti-dilution provision connected warrant transaction 559 112.35 Issued in connection with anti-dilution provision connected warrant transaction 6,275 194.00 Issued in connection to the warrant transaction to the broker 2,667 37.50 Issued in connection with conversion of loans and interest into common shares 106,709 9.375 Issued in connection with conversion of loans and interest into common shares 15,658 90.00 Issued in connection with anti-dilution provision connected with issuance of common shares 136,388 73.02 Issued in connection with anti-dilution provision connected with issuance of common shares 13,464 44.28 Outstanding and exercisable, March 31, 2018 365,974 $ 53.19 |
Schedule of Common Share Purchase Warrants Outstanding [Table Text Block] | The following is a summary of common share purchase warrants as of December 31, 2018: Exercise Price ($) Number of Warrants Expiry Date 90.00 15,658 March 31, 2023 55.71 136,339 February 26, 2019 55.71 28,531 March 27, 2019 55.71 7,618 March 31, 2019 55.71 59,061 April 21, 2019 55.71 27,883 May 27,2019 55.71 27,238 June 30, 2019 34.50 28,527 February 26, 2019 37.50 2,667 June 27, 2020 9.375 64,025 August 14, 2022 9.375 42,684 March 31, 2022 440,231 | The following is a summary of common share purchase warrants outstanding after the warrant offer to amend and exercise the additional warrant issue and the re-pricing of the warrants as of March 31, 2018. Exercise Price ($) Number of Warrants Expiry Date 90.00 15,658 March 31, 2023 73.02 104,019 February 26, 2019 73.02 21,768 March 27, 2019 73.02 5,813 March 31, 2019 73.02 45,061 April 21, 2019 73.02 21,274 May 27, 2019 73.02 20,782 June 30, 2019 44.28 22,223 February 26, 2019 37.50 2,667 June 27, 2020 9.375 64,025 August 14, 2022 9.375 42,684 March 31, 2022 365,974 |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Exercise Price ($) Number of Warrants Expiry Date Expected life (years) Risk free rate Dividend rate Forfeiture rate Expected volatility Remeasured fair value 90.00 15,658 31-Mar-23 5 1.59 % 0 % 0 % 135 % 116,142 73.02 104,019 26-Feb-19 0.92 1.59 % 0 % 0 % 135 % 100,281 73.02 21,768 27-Mar-19 1 1.59 % 0 % 0 % 135 % 24,815 73.02 5,813 31-Mar-19 1 1.59 % 0 % 0 % 135 % 6,769 73.02 45,061 21-Apr-19 1.08 1.59 % 0 % 0 % 135 % 58,358 73.02 21,274 27-May-19 1.16 1.59 % 0 % 0 % 135 % 32,276 73.02 20,782 30-Jun-19 1.25 1.59 % 0 % 0 % 135 % 36,116 44.28 22,223 26-Feb-19 0.92 1.59 % 0 % 0 % 135 % 38,423 9.375 64,025 14-Aug-22 4.38 1.59 % 0 % 0 % 135 % 593,355 9.375 42,684 31-Mar-22 4 1.59 % 0 % 0 % 135 % 387,529 363,307 1,394,164 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Components of net (loss) before income taxes consists of the following: March 31 March 31 2018 2017 $ $ U.S. (12,281,398 ) (6,056,384 ) Canada (2,344,392 ) (2,013,018 ) (14,625,790 ) (8,069,402 ) Net (loss) for the year before recovery of income taxes (14,625,790 ) (8,069,402 ) Statutory rate 34.04 % 35 % Expected income tax (recovery) expense (4,978,619 ) (2,824,291 ) Tax rate changes and other basis adjustments 1,748,278 44,238 Stock-based compensation 524,412 350,683 Difference in Foreign Tax Rates 184,414 - Accretion 659,458 - Share premium 425,497 - Non-deductible expense 339,296 (132,076 ) Net DTA acquired - (546,122 ) Change in valuation allowance 1,097,264 3,107,568 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 $ $ Equipment 70,350 73,520 Share issue costs 510 1,456 SR&ED pool 690,320 464,746 Other 535,510 629,266 Non-capital losses – Canada 2,515,170 2,067,203 Net operating losses – U.S. 4,331,850 4,534,710 Valuation allowance (7,017,430 ) (5,956,118 ) 1,126,280 1,814,783 Intangibles and other (1,126,280 ) (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, 2018: United States – Federal 2014 – present United States – State 2014 – present Canada – Federal 2013 – present Canada – Provincial 2013 – present |
NATURE OF OPERATIONS (Details T
NATURE OF OPERATIONS (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Oct. 29, 2018 | Apr. 21, 2016 | Feb. 26, 2015 | Feb. 13, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Working Capital Surplus (Deficit) | $ (2,236,228) | $ (2,236,228) | $ (6,711,941) | $ 3,415,670 | ||||||
Comprehensive Income (Loss), Net of Tax | $ (2,384,163) | $ (2,580,759) | $ (7,127,966) | $ (8,436,636) | $ (14,625,790) | $ (8,069,402) | ||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | 250,000,000 | 150,000,000 | ||||||
Retained Earnings (Accumulated Deficit) | $ (42,910,590) | $ (42,910,590) | $ (35,776,340) | $ (21,076,464) | ||||||
Stockholders' Equity, Reverse Stock Split | the Company completed a reverse stock split and thereafter Bionik’s common stock began trading on the OTCQB market on a one-for-one hundred and fifty (1:150) split-adjusted basis. | the Company implemented a 1-for-0.831105 reverse stock split of the common stock, which had previously been approved on September 24, 2014. | ||||||||
Interactive Motion Technologies, Inc. [Member] | ||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 157,667 | |||||||||
Drywave Technologies Inc [Member] | ||||||||||
Common Stock, Shares Authorized | 200,000,000 | |||||||||
Share Exchange Agreement [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues | 333,334 | |||||||||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 100.00% |
CHANGE IN ACCOUNTING POLICY (De
CHANGE IN ACCOUNTING POLICY (Details Textual) - $ / shares | 1 Months Ended | |||||
Oct. 29, 2018 | Aug. 07, 2018 | Feb. 13, 2015 | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | |||
Stockholders' Equity, Reverse Stock Split | the Company completed a reverse stock split and thereafter Bionik’s common stock began trading on the OTCQB market on a one-for-one hundred and fifty (1:150) split-adjusted basis. | the Company implemented a 1-for-0.831105 reverse stock split of the common stock, which had previously been approved on September 24, 2014. | ||||
Approved Reverse Stock Split [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Stockholders' Equity, Reverse Stock Split | reverse stock split of the Company’s common stock and exchangeable shares at a ratio up to one-for-one hundred and fifty (1:150). |
BASIS OF PRESENTATION AND CHA_3
BASIS OF PRESENTATION AND CHANGE IN ACCOUNTING POLICY (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Sales | $ 930,257 | $ 260,960 | $ 1,978,675 | $ 570,327 | $ 987,431 | $ 571,945 |
Cost of Sales | 450,304 | 88,357 | 1,087,540 | 177,482 | 402,665 | 388,756 |
Total operating expenses | 2,593,663 | 2,131,614 | 8,039,724 | 7,778,436 | 10,354,032 | 8,829,481 |
Total other expenses | 270,453 | 621,748 | (20,623) | 1,051,045 | 4,856,524 | (576,890) |
Net income (loss) and comprehensive loss for the Period | $ (2,384,163) | $ (2,580,759) | $ (7,127,966) | $ (8,436,636) | $ (14,625,790) | $ (8,069,402) |
Basic loss per share | $ (13.19) | |||||
Diluted loss per share | $ (13.19) | |||||
Previously Reported [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Sales | $ 571,945 | |||||
Cost of Sales | 388,756 | |||||
Total operating expenses | 8,829,481 | |||||
Total other expenses | (4,709,718) | |||||
Net income (loss) and comprehensive loss for the Period | $ (3,936,574) | |||||
Basic loss per share | $ (6) | |||||
Diluted loss per share | $ (6) | |||||
Scenario, Adjustment [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Sales | $ 0 | |||||
Cost of Sales | 0 | |||||
Total operating expenses | 0 | |||||
Total other expenses | (4,132,828) | |||||
Net income (loss) and comprehensive loss for the Period | $ (4,132,828) | |||||
Basic loss per share | $ (7.50) | |||||
Diluted loss per share | $ (7.50) |
BASIS OF PRESENTATION AND CHA_4
BASIS OF PRESENTATION AND CHANGE IN ACCOUNTING POLICY (Details 1) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Current assets | $ 4,081,793 | $ 1,410,036 | $ 1,402,580 | ||
Capital assets | 135,842 | 159,961 | 227,421 | ||
Intangible assets | 27,338,899 | ||||
Total assets | 31,022,947 | 28,584,991 | 28,968,900 | ||
Warrant derivative liability | 0 | ||||
Other current liabilities | 6,318,021 | 8,121,977 | 4,818,250 | ||
Total liabilities | 4,818,250 | ||||
Common stock | 2,611 | 1,664 | 645 | ||
Additional paid in capital | 67,570,756 | 56,195,541 | 45,184,320 | ||
Deficit | (42,910,590) | (35,776,340) | (21,076,464) | ||
Accumulated other comprehensive income | 42,149 | 42,149 | 42,149 | ||
Total shareholders' equity | 24,704,926 | 20,463,014 | $ 18,731,488 | 24,150,650 | $ 5,399,851 |
Total liabilities and shareholders' equity | $ 31,022,947 | $ 28,584,991 | 28,968,900 | ||
Previously Reported [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Current assets | 1,402,580 | ||||
Capital assets | 227,421 | ||||
Intangible assets | 27,338,899 | ||||
Total assets | 28,968,900 | ||||
Warrant derivative liability | 959,600 | ||||
Other current liabilities | 4,818,205 | ||||
Total liabilities | 5,777,805 | ||||
Common stock | 645 | ||||
Additional paid in capital | 38,736,855 | ||||
Deficit | (15,588,554) | ||||
Accumulated other comprehensive income | 42,149 | ||||
Total shareholders' equity | 23,191,095 | ||||
Total liabilities and shareholders' equity | 28,968,900 | ||||
Scenario, Adjustment [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Current assets | 0 | ||||
Capital assets | 0 | ||||
Intangible assets | 0 | ||||
Total assets | 0 | ||||
Warrant derivative liability | (959,600) | ||||
Other current liabilities | 45 | ||||
Total liabilities | (959,555) | ||||
Common stock | 0 | ||||
Additional paid in capital | 6,447,465 | ||||
Deficit | (5,487,910) | ||||
Accumulated other comprehensive income | 0 | ||||
Total shareholders' equity | 959,555 | ||||
Total liabilities and shareholders' equity | $ 0 |
BASIS OF PRESENTATION AND CHA_5
BASIS OF PRESENTATION AND CHANGE IN ACCOUNTING POLICY (Details 2) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Net income (loss) for year | $ (2,384,163) | $ (2,580,759) | $ (7,127,966) | $ (8,436,636) | $ (14,625,790) | $ (8,069,402) |
Adjustment for items not affecting cash and changes in non-cash working capital items | 1,077,089 | |||||
Net cash (used in) operating activities | (7,879,765) | (5,215,697) | (7,710,862) | (6,992,313) | ||
Net cash (used in) investing activities | (26,071) | (17,182) | (21,567) | (170,790) | ||
Net cash provided by financing activities | 7,773,658 | 5,687,890 | 7,696,090 | 2,324,996 | ||
Net (decrease) in cash and cash equivalents for the year | (132,178) | 455,011 | (36,339) | (4,838,107) | ||
Cash and cash equivalents, beginning of period | 507,311 | 543,650 | 543,650 | 5,381,757 | ||
Cash and cash equivalents, end of period | $ 375,133 | $ 998,661 | $ 375,133 | 998,661 | 507,311 | 543,650 |
Previously Reported [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Net income (loss) for year | (3,936,574) | |||||
Adjustment for items not affecting cash and changes in non-cash working capital items | (3,055,739) | |||||
Net cash (used in) operating activities | (6,992,313) | |||||
Net cash (used in) investing activities | (170,790) | |||||
Net cash provided by financing activities | 2,324,996 | |||||
Net (decrease) in cash and cash equivalents for the year | (4,838,107) | |||||
Cash and cash equivalents, beginning of period | 543,650 | 543,650 | 5,381,757 | |||
Cash and cash equivalents, end of period | 543,650 | |||||
Scenario, Adjustment [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Net income (loss) for year | (4,132,828) | |||||
Adjustment for items not affecting cash and changes in non-cash working capital items | 4,132,828 | |||||
Net cash (used in) operating activities | 0 | |||||
Net cash (used in) investing activities | 0 | |||||
Net cash provided by financing activities | 0 | |||||
Net (decrease) in cash and cash equivalents for the year | 0 | |||||
Cash and cash equivalents, beginning of period | $ 0 | $ 0 | 0 | |||
Cash and cash equivalents, end of period | $ 0 |
BASIS OF PRESENTATION AND CHA_6
BASIS OF PRESENTATION AND CHANGE IN ACCOUNTING POLICY (Details Textual) - USD ($) | 1 Months Ended | ||||
Oct. 29, 2018 | Feb. 13, 2015 | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | ||
Retained Earnings (Accumulated Deficit) | $ (42,910,590) | $ (35,776,340) | $ (21,076,464) | ||
Stockholders' Equity, Reverse Stock Split | the Company completed a reverse stock split and thereafter Bionik’s common stock began trading on the OTCQB market on a one-for-one hundred and fifty (1:150) split-adjusted basis. | the Company implemented a 1-for-0.831105 reverse stock split of the common stock, which had previously been approved on September 24, 2014. | |||
Previously Reported [Member] | |||||
Retained Earnings (Accumulated Deficit) | $ (15,588,554) | ||||
Scenario, Forecast [Member] | |||||
Stockholders' Equity, Reverse Stock Split | the Company effected a reverse stock split and thereafter Bionik’s common stock began trading on the OTCQB market on a one-for-one hundred and fifty (1:150) split-adjusted basis. |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Significant Accounting Policies [Line Items] | ||||||
Standard and Extended Product Warranty Accrual | $ 100,338 | $ 100,338 | $ 64,957 | $ 64,957 | ||
Product Warranty Expense | $ 20,303 | $ 0 | $ 35,618 | $ 0 | $ 0 | $ 0 |
Disclosure on Geographic Areas, Long-Lived Assets | Approximately 99% of the Company’s assets are US-based and all sales for the years ended March 31, 2018 and 2017 were made by the Company’s US subsidiary, Bionik, Inc. In addition, all of the Company’s technology and other assets and goodwill are connected to the acquisition by the Company in April 2016 of Bionik, Inc. Equipment connected to Bionik Inc. amounts to $120,910 and $39,051 is connected to equipment at the Company’s Canadian subsidiary Bionik Laboratories Inc. | |||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | 250,000,000 | 150,000,000 | ||
Loss on Mark to Market Reevaluation | $ (2,048,697) | $ 0 | $ 376,674 | $ 0 | ||
Computer And Electronics [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Percentage Of Depreciated Per Annum | 50.00% | |||||
Furniture and Fixtures [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Percentage Of Depreciated Per Annum | 20.00% | |||||
Demonstration Equipment [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Percentage Of Depreciated Per Annum | 50.00% | |||||
Manufacturing Equipment [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Percentage Of Depreciated Per Annum | 20.00% | |||||
Tool and Parts [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Percentage Of Depreciated Per Annum | 20.00% | |||||
Equipment [Member] | CANADA | ||||||
Significant Accounting Policies [Line Items] | ||||||
Equipment, Net | $ 39,051 | |||||
Equipment [Member] | UNITED STATES | ||||||
Significant Accounting Policies [Line Items] | ||||||
Equipment, Net | $ 120,910 |
ACQUISITION, TECHNOLOGY AND O_3
ACQUISITION, TECHNOLOGY AND OTHER ASSETS (Details) - USD ($) | 1 Months Ended | |||
Apr. 21, 2016 | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | |
Business Acquisition [Line Items] | ||||
Fair value of 23,650,000 shares of common stock | $ 23,177,000 | |||
Fair value of vested stock options | 2,582,890 | |||
Allocation of purchase price: | 25,759,890 | |||
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 | (1,436,164) | |||
Net assets acquired | (2,129,089) | |||
Goodwill | 22,308,275 | $ 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 |
ACQUISITION, TECHNOLOGY AND O_4
ACQUISITION, TECHNOLOGY AND OTHER ASSETS (Details 1) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Apr. 21, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Business Acquisition [Line Items] | |||||||
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | $ 5,580,704 | ||||||
Amortization of Intangible Assets | $ 69,314 | $ 76,985 | $ 209,682 | $ 246,920 | $ 323,905 | $ 550,080 | |
Intangible Assets, Net (Excluding Goodwill) | 4,497,037 | 4,497,037 | 4,706,719 | 5,030,624 | |||
Patents and exclusive License Agreement [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 9 years 8 months 26 days | ||||||
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | $ 1,306,031 | ||||||
Amortization of Intangible Assets | 100,567 | 134,126 | 126,375 | ||||
Intangible Assets, Net (Excluding Goodwill) | 944,963 | 944,963 | 1,045,530 | 1,179,656 | |||
Trademark [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | Indefinite | ||||||
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | $ 2,505,907 | ||||||
Amortization of Intangible Assets | 0 | 0 | 0 | ||||
Intangible Assets, Net (Excluding Goodwill) | 2,505,907 | 2,505,907 | 2,505,907 | 2,505,907 | |||
Customer relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||||
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | $ 1,431,680 | ||||||
Amortization of Intangible Assets | 107,376 | 143,206 | 134,931 | ||||
Intangible Assets, Net (Excluding Goodwill) | 1,046,167 | 1,046,167 | 1,153,543 | 1,296,749 | |||
Non compete agreement [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||||||
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | $ 61,366 | ||||||
Amortization of Intangible Assets | 1,739 | 30,709 | 28,918 | ||||
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 | 1,739 | 32,448 | |||
Assembled Workforce [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Finite-Lived Intangible Asset, Useful Life | 1 year | ||||||
Noncash or Part Noncash Acquisition, Intangible Assets Acquired | $ 275,720 | ||||||
Amortization of Intangible Assets | 0 | 15,864 | 259,856 | ||||
Intangible Assets, Net (Excluding Goodwill) | $ 0 | $ 0 | $ 0 | $ 15,864 |
ACQUISITION, TECHNOLOGY AND O_5
ACQUISITION, TECHNOLOGY AND OTHER ASSETS (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Apr. 21, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Business Acquisition [Line Items] | |||||||
Business Acquisition, Effective Date of Acquisition | Apr. 21, 2016 | ||||||
Business Acquisition, Number Of Option Acquired | 3,895,000 | ||||||
Fair Value Assumption Risk Free Interest Rate | 1.59% | 1.91% | |||||
Fair Value Assumption Forfeited rate | 0.00% | ||||||
Fair Value Assumption Expected Volatility Rate | 114.00% | ||||||
Amortization of Intangible Assets | $ 69,314 | $ 76,985 | $ 209,682 | $ 246,920 | $ 323,905 | $ 550,080 | |
Exercise Price 37.50 [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 6,667 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 37.50 | ||||||
Exercise Price 142.50 [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 6,667 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 142.50 | ||||||
Exercise Price 157.50 [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 6,666 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 157.50 | ||||||
Interactive Motion Technologies, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 157,667 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 20,000 | ||||||
Allocated Share-based Compensation Expense | $ 2,582,890 | ||||||
Share Price | $ 147 | ||||||
Loans and Leases Receivable, Related Parties | $ 300,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||||||
Subordinated Debt | $ 200,000 |
PREPAID EXPENSES AND OTHER RE_3
PREPAID EXPENSES AND OTHER RECEIVABLES (Details) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | |||
Prepaid Expense And Other Receivables [Line Items] | ||||||
Prepaid materials | $ 1,526,304 | [1] | $ 86,957 | [1] | $ 68,484 | |
Prepaid expenses | 202,962 | 301,104 | 0 | |||
Prepaid insurance | 74,828 | 36,497 | 136,896 | |||
Sales taxes receivable | [2] | 27,862 | 9,097 | 22,667 | ||
Prepaid Expense and Other Receivables | $ 1,831,956 | $ 433,655 | $ 228,047 | |||
[1] | Prepaid materials represent material deposits paid to our outsource manufacturing partner and other vendors for the production of our InMotion clinic line units. | |||||
[2] | Sales tax receivable represents net harmonized sales taxes (HST) input tax credits receivable from the Government of Canada. |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Inventory [Line Items] | |||
Raw materials | $ 28,662 | $ 237,443 | $ 119,985 |
Finished goods | 306,944 | 0 | 108,264 |
Inventory, Net | $ 335,606 | $ 237,443 | $ 228,249 |
INVENTORIES (Details Textual)
INVENTORIES (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Inventory Write-down | $ 47,772 | $ 0 | $ 62,589 | $ 0 | $ 38,860 | $ 43,009 |
Cost of Goods and Services Sold | 450,304 | 88,357 | 1,087,540 | 177,482 | $ 402,665 | 388,756 |
Inventory Cost [Member] | ||||||
Cost of Goods and Services Sold | $ 392,190 | $ 47,594 | $ 986,362 | $ 77,705 | ||
Physical inventory count writeoff [Member] | ||||||
Cost of Goods and Services Sold | $ 124,416 |
EQUIPMENT (Details)
EQUIPMENT (Details) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 |
Equipment [Line Items] | |||
Equipment, Cost | $ 642,740 | $ 616,669 | $ 595,102 |
Accumulated Depreciation | 506,898 | 456,708 | 367,681 |
Equipment, Net | 135,842 | 159,961 | 227,421 |
Computers and electronics [Member] | |||
Equipment [Line Items] | |||
Equipment, Cost | 282,576 | 256,505 | 250,538 |
Accumulated Depreciation | 237,882 | 223,750 | 204,258 |
Equipment, Net | 44,694 | 32,755 | 46,280 |
Furniture and fixtures [Member] | |||
Equipment [Line Items] | |||
Equipment, Cost | 36,795 | 36,795 | 36,795 |
Accumulated Depreciation | 29,278 | 28,051 | 26,096 |
Equipment, Net | 7,517 | 8,744 | 10,699 |
Demonstration equipment [Member] | |||
Equipment [Line Items] | |||
Equipment, Cost | 200,186 | 200,186 | 184,586 |
Accumulated Depreciation | 135,590 | 105,441 | 44,420 |
Equipment, Net | 64,596 | 94,745 | 140,166 |
Manufacturing equipment [Member] | |||
Equipment [Line Items] | |||
Equipment, Cost | 88,742 | 88,742 | 88,742 |
Accumulated Depreciation | 86,100 | 85,668 | 84,982 |
Equipment, Net | 2,642 | 3,074 | 3,760 |
Tools and parts [Member] | |||
Equipment [Line Items] | |||
Equipment, Cost | 11,422 | 11,422 | 11,422 |
Accumulated Depreciation | 6,539 | 5,741 | 4,472 |
Equipment, Net | 4,883 | 5,681 | 6,950 |
Assets under capital lease [Member] | |||
Equipment [Line Items] | |||
Equipment, Cost | 23,019 | 23,019 | 23,019 |
Accumulated Depreciation | 11,509 | 8,057 | 3,453 |
Equipment, Net | $ 11,510 | $ 14,962 | $ 19,566 |
EQUIPMENT (Details Textual)
EQUIPMENT (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Equipment [Line Items] | ||||||
Depreciation | $ 15,969 | $ 21,234 | $ 50,190 | $ 69,606 | $ 89,026 | $ 79,868 |
NOTES PAYABLE (Details)
NOTES PAYABLE (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Repayment | $ 0 | $ (200,000) | $ (200,000) | $ 0 |
Repayment of principal | 50,000 | 208,359 | 208,359 | 0 |
Repayment of interest | 2,975 | 79,259 | 79,259 | 0 |
Demand Notes payable [Member] | ||||
Balance, March 31, 2018 | 51,479 | $ 330,600 | 330,600 | 0 |
Acquisition of IMT (Note 4) | 324,894 | |||
Accrued interest | 1,496 | 8,497 | 5,706 | |
Repayment | (52,975) | |||
Repayment of principal | (208,359) | |||
Repayment of interest | (79,259) | |||
Balance, December 31, 2018 | $ 0 | $ 51,479 | $ 330,600 |
NOTES PAYABLE (Details 1)
NOTES PAYABLE (Details 1) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jul. 20, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2016 | |
Principal | $ 1,500,000 | |||||||
Accretion expense | $ 316,642 | $ 216,302 | $ 2,421,060 | $ 290,375 | $ 1,937,308 | $ 0 | ||
Convertible Debt [Member] | ||||||||
Principal | $ 4,708,306 | |||||||
Beneficial conversion | 406,744 | |||||||
Anti-dilution | 1,697,674 | |||||||
Fair value of debt | 2,603,888 | |||||||
Accretion expense | 2,104,418 | |||||||
Interest | 24,547 | |||||||
Ending balance | $ 4,732,853 |
NOTES PAYABLE (Details 2)
NOTES PAYABLE (Details 2) - Convertible Debt [Member] | 9 Months Ended |
Dec. 31, 2018USD ($) | |
At Issuance | $ 2,104,418 |
Fair value adjustment | (337,923) |
Balance allocated to equity on conversion | (1,766,495) |
Ending balance at June 30, 2018 | 0 |
Beneficial conversion [Member] | |
At Issuance | 406,744 |
Fair value adjustment | (406,744) |
Balance allocated to equity on conversion | 0 |
Ending balance at June 30, 2018 | 0 |
Anti-dilution [Member] | |
At Issuance | 1,697,674 |
Fair value adjustment | 68,821 |
Balance allocated to equity on conversion | (1,766,495) |
Ending balance at June 30, 2018 | $ 0 |
NOTES PAYABLE (Details 3)
NOTES PAYABLE (Details 3) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2016 | |
Principal | $ 1,500,000 | ||||||
Accretion expense | $ 316,642 | $ 216,302 | $ 2,421,060 | $ 290,375 | $ 1,937,308 | $ 0 | |
Loan Balance | 0 | 0 | $ 51,479 | $ 330,600 | |||
Convertible promissory note [Member] | |||||||
Principal | 3,150,000 | 3,150,000 | |||||
Accretion expense | 316,642 | ||||||
Interest | 72,217 | ||||||
Loan Balance | $ 3,538,859 | $ 3,538,859 |
NOTES PAYABLE (Details 4)
NOTES PAYABLE (Details 4) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Repayment of interest | $ 0 | $ 49,505 | $ 49,505 | $ 0 |
Promissory Note [Member] | ||||
Balance | $ 0 | $ 236,548 | 236,548 | 0 |
Acquisition of IMT | 217,808 | |||
Accrued interest | 12,957 | 18,740 | ||
Repayment of principal | (200,000) | |||
Repayment of interest | (49,505) | |||
Balance | $ 0 | $ 236,548 |
NOTES PAYABLE (Details 5)
NOTES PAYABLE (Details 5) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Accretion Expense | $ 316,642 | $ 216,302 | $ 2,421,060 | $ 290,375 | $ 1,937,308 | $ 0 |
Convertible Debt [Member] | ||||||
Balance | $ 0 | $ 2,017,488 | 2,017,488 | 0 | ||
Additional principal investment | 2,999,975 | 2,000,000 | ||||
Accrued Interest | 1,037,067 | 17,488 | ||||
Fair value of warrants | (548,178) | |||||
Accretion Expense | 548,178 | |||||
Conversion of Principal and Interest | (6,054,530) | |||||
Balance | $ 0 | $ 2,017,488 |
NOTES PAYABLE (Details 6)
NOTES PAYABLE (Details 6) - Convertible Debt One [Member] | 12 Months Ended |
Mar. 31, 2018USD ($) | |
Balance | $ 0 |
Additional principal investment | 500,000 |
Accrued Interest | 33,556 |
Conversion of principal and interest | (533,556) |
Balance | $ 0 |
NOTES PAYABLE (Details 7)
NOTES PAYABLE (Details 7) - Convertible Debt Two [Member] | 12 Months Ended |
Mar. 31, 2018USD ($) | |
Balance | $ 0 |
Additional principal investment | 3,611,400 |
Accrued Interest | 201,928 |
Conversion of principal and interest | (3,813,328) |
Balance | $ 0 |
NOTES PAYABLE (Details 8)
NOTES PAYABLE (Details 8) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | |
Premium | $ 1,249,994 | $ 0 | |
Beneficial Conversion Feature | $ 1,389,129 | (1,389,129) | |
Convertible Notes Payable (December 2016 to December 2017) [Member] | Joint Venture Partner [Member] | |||
Principal | 4,999,975 | 4,999,975 | |
Interest | 1,054,555 | ||
Premium | 1,249,994 | ||
Total Conversion Amount | 7,304,523 | ||
Beneficial Conversion Feature | $ 762,301 | ||
Number of Shares Converted | 779,461 | ||
Chinese Convertible Loan [Member] | Joint Venture Partner [Member] | |||
Principal | 500,000 | $ 500,000 | |
Interest | 33,556 | ||
Premium | 0 | ||
Total Conversion Amount | 533,556 | ||
Beneficial Conversion Feature | $ 76,230 | ||
Number of Shares Converted | 62,629 | ||
Convertible Notes Payable (December 2017 to March 2018) [Member] | Joint Venture Partner [Member] | |||
Principal | 3,611,400 | $ 3,611,400 | |
Interest | 201,928 | ||
Premium | 0 | ||
Total Conversion Amount | 3,813,328 | ||
Beneficial Conversion Feature | $ 550,598 | ||
Number of Shares Converted | 406,918 | ||
Convertible Notes Payable [Member] | |||
Principal | $ 9,111,375 | $ 9,111,375 | |
Interest | 1,290,039 | ||
Premium | 1,249,994 | ||
Total Conversion Amount | 11,651,407 | ||
Beneficial Conversion Feature | $ 1,389,129 | ||
Number of Shares Converted | 1,249,008 |
NOTES PAYABLE (Details Textual)
NOTES PAYABLE (Details Textual) - USD ($) | Aug. 14, 2017 | Jan. 15, 2017 | Jul. 20, 2018 | Dec. 31, 2017 | May 31, 2017 | Mar. 31, 2017 | Feb. 15, 2017 | Apr. 21, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Feb. 28, 2014 |
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Face Amount | $ 1,500,000 | ||||||||||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | upon the consummation of an equity or equity-linked round of with an aggregate gross proceeds of $7,000,000, without any action on part of the Holder, the outstanding principal, accrued and unpaid interest and premium amount equal to 25% of the principal amount less the accrued and unpaid interest, will be converted into shares of new round stock based upon the lesser of (a) the lowest issuance (or conversion) price of new round stock in case there is more than one tranche of new round stock or (b) $0.25. | the Company’s Chinese joint venture partners loaned the Company $500,000 at an interest rate of 8% convertible into the Company’s common shares upon a capital raise (“Qualified Financing”) where gross proceeds exceed $3,000,000 at the lesser of $0.50 per share and the quotient of the outstanding balance on the conversion date by the price of the Qualified Financing. Additionally, the holders are entitled to warrants equaling 25% of the number of conversion shares to be issued at conversion. | The convertible loans contain the following terms: convertible at the option of the holder at the price of the equity financing or payable on demand upon the completion of an equity financing greater than $5,000,000; automatically convertible at the price of the equity financing upon completion of an equity financing between $3,500,000 and $5,000,000 | ||||||||||||||
Short-term Debt | $ 330,600 | $ 0 | $ 0 | $ 51,479 | $ 330,600 | ||||||||||||
Repayments of Related Party Debt | 3,200 | 0 | |||||||||||||||
Due to Officers or Stockholders | $ 4,999,975 | ||||||||||||||||
Fair Value Assumption Expected Volatility Rate | 114.00% | ||||||||||||||||
Fair Value Assumption Risk Free Interest Rate | 1.59% | 1.91% | |||||||||||||||
Debt Instrument, Interest Rate Terms | The loans and interest are convertible at a 20% discount on the earlier of (i) March 28, 2019 and (ii) the consummation of an equity or equity-linked round of financing of the Company with gross proceeds of no less than $2,000,000. | In December 2017, investors of the Company advanced funds under a new convertible loan offering. These convertible loans bear interest at a fixed rate of 3% per month until the earlier of (a) January 31, 2018 and (b) the consummation of a qualified financing defined as gross proceeds of no less than $7,000,000 and up to $14,000,000 raised in one or more tranches. | |||||||||||||||
Proceeds from Convertible Debt | $ 500,000 | 500,000 | $ 500,000 | 7,826,633 | $ 4,699,975 | $ 7,111,375 | 2,000,000 | ||||||||||
Accretion Expense | 316,642 | $ 216,302 | 2,421,060 | 290,375 | 1,937,308 | $ 0 | |||||||||||
Proceeds from Notes Payable | 3,150,000 | ||||||||||||||||
Proceeds from Related Party Debt | $ 300,000 | $ 400,000 | |||||||||||||||
Debt Conversion, Original Debt, Amount | $ 50,000 | $ 9,171,604 | |||||||||||||||
Debt Conversion, Original Debt, Interest Rate of Debt | 6.00% | ||||||||||||||||
Portion Of Debt Instrument Converted Description | Further, the Company issued warrants to these debt holders amounting to 20% of the aggregate principal of the convertible loans divided by the exercise price, which would be determined as the lowest of a new round stock in a qualified financing, the average volume weighted average price for the sixty trading days prior to January 31, 2018 or $0.25 per share. | ||||||||||||||||
Debt Conversion, Converted Instrument, Type | On the maturity date, without any action on the part of the Holder, the outstanding principal and accrued and unpaid interest under the notes will be converted into shares of new round stock based upon a 15% discount to the lesser of (i) (A) the VWAP average of the last 30 days ending on the closing of the qualified financing (or, in the event of multiple closings, the lowest VWAP average of the last 30 days ending on each closing of a qualified financing) in the event of a maturity date referred to in clause (b) of the definition thereof, or (B) the VWAP average of the last 30 days before the maturity date in the event of a maturity date referred to in clause (a) of the definition thereof, and (ii) $0.18. | ||||||||||||||||
Amendment Of Convertible Loan Agreement Description | In January 2018, the terms of the new convertible loan offering were amended to extend the maturity date until March 31, 2018 and in March 2018 the terms of the loans were amended to change the definition of qualified financing as gross proceeds of no less than $2,000,000 and up to $14,000,000 raised in one or more tranches. | ||||||||||||||||
Warrant [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Fair Value Assumption Exercise Price | $ 0.25 | ||||||||||||||||
Fair Value Assumption Expected Volatility Rate | 114.00% | ||||||||||||||||
Convertible Debt [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest Expense, Debt | $ 1,037,067 | $ 17,488 | |||||||||||||||
Proceeds from Contributions from Affiliates | 2,999,975 | 2,000,000 | |||||||||||||||
Accretion Expense | 548,178 | ||||||||||||||||
Convertible Loans Payable [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | ||||||||||||||||
Interest Expense, Debt | 201,928 | ||||||||||||||||
Proceeds from Convertible Debt Including Capitalized Interest | $ 4,708,306 | ||||||||||||||||
Discount on Convertible Loan exercise price | 10.00% | ||||||||||||||||
Interest Costs Capitalized | $ 31,673 | ||||||||||||||||
Accretion Expense | 1,970,167 | 2,104,418 | |||||||||||||||
Debt Instrument Convertible Conversion feature Fair Value Adjustments | $ 382,010 | $ 337,923 | |||||||||||||||
Proceeds from Related Party Debt | 2,297,928 | ||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 4,732,853 | ||||||||||||||||
Convertible Debt One [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | 1.00% | |||||||||||||||
Interest Expense, Debt | 33,556 | ||||||||||||||||
Proceeds from Contributions from Affiliates | 500,000 | ||||||||||||||||
Proceeds from Convertible Debt Including Capitalized Interest | $ 7,858,306 | ||||||||||||||||
Interest Costs Capitalized | 31,673 | ||||||||||||||||
Accretion Expense | $ 316,642 | 2,421,060 | |||||||||||||||
Debt Instrument Convertible Conversion feature Fair Value Adjustments | 0 | 337,923 | 0 | ||||||||||||||
Proceeds from Related Party Debt | 2,597,928 | ||||||||||||||||
Convertible Debt Two [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Interest Expense, Debt | 201,928 | ||||||||||||||||
Proceeds from Contributions from Affiliates | 3,611,400 | ||||||||||||||||
Accretion Expense | 216,302 | 290,375 | |||||||||||||||
Promissory Note [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Notes Payable | $ 200,000 | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | ||||||||||||||||
Interest Expense, Debt | 12,957 | 18,740 | |||||||||||||||
Demand Notes payable [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Notes Payable | $ 330,600 | 0 | 0 | 51,479 | 330,600 | $ 0 | |||||||||||
Interest Expense, Debt | $ 1,496 | $ 2,309 | $ 1,496 | $ 7,018 | $ 8,497 | $ 5,706 |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND BALANCES (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Related Party Transaction [Line Items] | ||||||
Accrued interest receivable | $ 43 | $ 47 | $ 130 | $ (658) | $ 590 | $ 707 |
Royalty on Sales, Percentage | 1.00% | 1.00% | 1.00% | |||
Related Party Transaction, Rate | 1.00% | |||||
Chief Operating Officer [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Due from Related Parties | $ 18,897 | 18,731 | ||||
Chief Executive Officer [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Accounts Payable, Related Parties | $ 1,957 | $ 1,957 | 208,567 | 0 | ||
Chief Technology Officer [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Due from Related Parties | 17,989 | 17,989 | 18,897 | |||
Accounts Payable, Related Parties | 9,496 | $ 9,496 | 135,039 | 0 | ||
Related Party Transaction, Rate | 1.00% | |||||
Chief Financial Officer [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Accounts Payable, Related Parties | $ 1,588 | $ 1,588 | 116,624 | 0 | ||
Chief Commercial Officer [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Accounts Payable, Related Parties | $ 600 | 97,500 | ||||
Interactive Motion Technologies, Inc. [Member] | Director [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 34,603 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 2,402 | |||||
Board of Directors Chairman [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Accounts Payable, Related Parties | $ 587,019 | $ 4,135 |
SHARE CAPITAL (Details)
SHARE CAPITAL (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jul. 20, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |||
Opening Balance | $ 18,731,488 | $ 20,463,014 | $ 24,150,650 | $ 24,150,650 | $ 5,399,851 | |||
Shares issued on conversion of loans (in shares) | 985,370 | |||||||
Shares issued on conversion of loans | $ 4,732,853 | 9,180,785 | 2,470,622 | $ 9,180,785 | ||||
Warrants exercised | 1,125,038 | 1,125,038 | 40,195 | |||||
Adjustment due to 1:150 share consolidation round-up | 0 | |||||||
Shares issued on acquisition (Note 4) | 23,177,000 | |||||||
Options exercised (Note 11) | 18,166 | |||||||
Cashless exercise of warrants | 0 | |||||||
Closing Balance | $ 20,463,014 | $ 24,704,926 | $ 18,731,488 | $ 20,463,014 | $ 24,150,650 | |||
Exchangable Shares [Member] | ||||||||
Opening Balance (in shares) | 295,146 | 319,396 | 319,396 | 333,334 | ||||
Opening Balance | $ 295 | $ 319 | $ 319 | $ 333 | ||||
Converted into common shares (in shares) | (21,572) | [1] | (24,250) | [1] | (13,938) | |||
Converted into common shares | $ (22) | [1] | $ (24) | [1] | $ (14) | |||
Closing Balance (in shares) | 295,146 | 273,574 | 295,146 | 319,396 | ||||
Closing Balance | $ 295 | $ 273 | $ 295 | $ 319 | ||||
Common Shares [Member] | ||||||||
Opening Balance (in shares) | 1,368,856 | 325,901 | 325,901 | 150,608 | ||||
Opening Balance | $ 1,369 | $ 326 | $ 326 | $ 150 | ||||
Shares issued to exchangeable shares (in shares) | 21,572 | 24,250 | 13,938 | |||||
Common Shares issued | $ 22 | $ 24 | $ 14 | |||||
Shares issued on conversion of loans (in shares) | 947,034 | [2] | 985,370 | [2] | 0 | |||
Shares issued on conversion of loans | $ 947 | [2] | $ 985 | [2] | $ 0 | |||
Warrants exercised (in shares) | 0 | 33,335 | 1,165 | |||||
Warrants exercised | $ 0 | $ 34 | $ 1 | |||||
Adjustment due to 1:150 share consolidation round-up (Shares) | 502 | 0 | ||||||
Adjustment due to 1:150 share consolidation round-up | $ 0 | $ 0 | ||||||
Shares issued on acquisition (Note 4) (in shares) | 0 | 157,667 | ||||||
Shares issued on acquisition (Note 4) | $ 0 | $ 157 | ||||||
Shares issued for services (in shares) | 0 | 1,447 | ||||||
Shares issued for services | $ 0 | $ 2 | ||||||
Options exercised (Note 11) (in shares) | 0 | 734 | ||||||
Options exercised (Note 11) | $ 0 | $ 1 | ||||||
Cashless exercise of warrants (in shares) | 0 | 342 | ||||||
Cashless exercise of warrants | $ 0 | $ 1 | ||||||
Closing Balance (in shares) | 1,368,856 | 2,337,964 | 1,368,856 | 325,901 | ||||
Closing Balance | $ 1,369 | $ 2,338 | $ 1,369 | $ 326 | ||||
Common Shares And Exchangeable Shares [Member] | ||||||||
Opening Balance (in shares) | 1,664,002 | 645,297 | ||||||
Opening Balance | $ 1,664 | $ 645 | ||||||
Closing Balance (in shares) | 1,664,002 | 2,611,538 | 1,664,002 | |||||
Closing Balance | $ 1,664 | $ 2,611 | $ 1,664 | |||||
[1] | During the nine month period ended December 31, 2018, 21,572 exchangeable shares were exchanged on a 1 for 1 basis in accordance with their terms. (March 31, 2018 – 24,250) | |||||||
[2] | During the nine month period ended December 31, 2018, 947,034 shares of common stock were issued. Of this amount 263,639 shares of common stock were issued once the Company increased its authorized shares of common stock from 250,000,000 to 500,000,000. These shares relate to convertible loans and interest that converted on March 31, 2018 and were recorded as a liability on March 31, 2018 until the shares were issued on June 12, 2018. The liability was reclassified at June 12, 2018 into equity by recording the original value of $2,470,622 of the shares to be issued, as well as the fair value of options and warrants at June 12, 2018 net of fair value of options issued in the period ended June 12, 2018 of $1,173,534, which was charged to equity and a $2,048,697 gain on the fair value reevaluation was recognized as other income in the Statement of Operations and Comprehensive Loss. The Company converted $4,732,853 of convertible loans and interest into 683,395 common shares on July 20, 2018 in accordance with their terms. |
SHARE CAPITAL (Details Textual)
SHARE CAPITAL (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Oct. 29, 2018 | Jul. 20, 2018 | Dec. 31, 2017 | Feb. 26, 2015 | Feb. 13, 2015 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation | $ 191,634 | $ 271,001 | $ 1,226,374 | $ 1,284,257 | $ 1,540,580 | $ 1,001,950 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 120 | |||||||||||
Number Of Warrants Exercised | 1,747 | |||||||||||
Stock Issued During Period, Value, Upon Cashless Exercise Of Warrants | $ 0 | |||||||||||
Proceeds from Warrant Exercises | 0 | 1,125,038 | 1,125,038 | 40,195 | ||||||||
Debt Conversion, Original Debt, Amount | $ 50,000 | 9,171,604 | ||||||||||
Debt Conversion, Original Debt to be Converted, Amount | $ 1,220,629 | $ 1,220,629 | ||||||||||
Debt Conversion, Converted Instrument, Shares to be Issued | 263,639 | 263,639 | ||||||||||
Debt Conversion, Converted Instrument, Value of Shares to be Issued | $ 2,470,622 | $ 2,470,622 | ||||||||||
Loss on Mark to Market Reevaluation | $ (2,048,697) | $ 0 | 376,674 | $ 0 | ||||||||
Market Value of Shares | $ 2,847,296 | $ 2,847,296 | ||||||||||
Stock Issued During Period, Shares, Exchangeable Shares Excercised | 21,572 | 24,250 | 13,938 | |||||||||
Common Stock, Shares Authorized | 500,000,000 | 250,000,000 | 500,000,000 | 250,000,000 | 150,000,000 | |||||||
Amount of Loan Conversions | $ 4,732,853 | $ 9,180,785 | $ 2,470,622 | $ 9,180,785 | ||||||||
Adjustments to Additional Paid in Capital, Stock Option and Warrant Reclassification | $ (2,845,557) | $ 1,173,534 | $ (2,845,557) | |||||||||
Preferred Stock, Voting Rights | the Company issued one share of the Special Voting Preferred Stock, par value $0.001 per share | |||||||||||
Stockholders' Equity, Reverse Stock Split | the Company completed a reverse stock split and thereafter Bionik’s common stock began trading on the OTCQB market on a one-for-one hundred and fifty (1:150) split-adjusted basis. | the Company implemented a 1-for-0.831105 reverse stock split of the common stock, which had previously been approved on September 24, 2014. | ||||||||||
Stock Issued During Period Shares Conversion of Loans | 985,370 | |||||||||||
Common Shares [Member] | ||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 59,500 | |||||||||||
Share-based Compensation | $ 43,562 | |||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 947,034 | |||||||||||
Convertible Debt [Member] | ||||||||||||
Amount of Loan Conversions | $ 683,395 | |||||||||||
Convertible Debt [Member] | Common Shares [Member] | ||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 263,639 | |||||||||||
Warrant [Member] | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 37.50 | $ 37.50 | ||||||||||
Stock Issued During Period, Shares, Warrants Exercised | 33,335 | |||||||||||
Proceeds from Warrant Exercises | $ 1,125,038 | |||||||||||
Non Exchangeable Shares [Member] | ||||||||||||
Stock Issued During Period, Shares, Issued for Services | 1,447 |
STOCK OPTIONS (Details)
STOCK OPTIONS (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Mar. 31, 2018 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options | 184,936 | 170,675 |
Exercisable Options | 106,268 | 55,287 |
Stock Option One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 34.50 | $ 24.75 |
Number of Options | 630 | 1,762 |
Expiry Date | Jun. 20, 2021 | Apr. 1, 2021 |
Exercisable Options | 630 | 1,762 |
Stock Option Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 34.50 | $ 34.50 |
Number of Options | 13,212 | 651 |
Expiry Date | Jul. 1, 2021 | Jun. 20, 2021 |
Exercisable Options | 13,212 | 651 |
Stock Option Three [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 34.50 | $ 34.50 |
Number of Options | 944 | 13,212 |
Expiry Date | Feb. 17, 2022 | Jul. 1, 2021 |
Exercisable Options | 944 | 13,212 |
Stock Option Four [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 183 | $ 34.50 |
Number of Options | 2,667 | 944 |
Expiry Date | Nov. 24, 2022 | Feb. 17, 2022 |
Exercisable Options | 2,667 | 944 |
Stock Option Five [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 150 | $ 183 |
Number of Options | 12,289 | 2,667 |
Expiry Date | Dec. 14, 2022 | Nov. 24, 2022 |
Exercisable Options | 12,289 | 1,778 |
Stock Option Six [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 142.50 | $ 150 |
Number of Options | 359 | 13,289 |
Expiry Date | Mar. 28, 2023 | Dec. 14, 2022 |
Exercisable Options | 359 | 11,178 |
Stock Option Seven [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 157.50 | $ 142.50 |
Number of Options | 1,387 | 747 |
Expiry Date | Mar. 28, 2023 | Mar. 28, 2023 |
Exercisable Options | 1,387 | 747 |
Stock Option Eight [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 150 | $ 157.50 |
Number of Options | 1,112 | 2,887 |
Expiry Date | Apr. 26, 2023 | Mar. 28, 2023 |
Exercisable Options | 1,112 | 2,887 |
Stock Option Nine [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 105 | $ 150 |
Number of Options | 2,667 | 1,667 |
Expiry Date | Feb. 6, 2024 | Apr. 26, 2023 |
Exercisable Options | 889 | 556 |
Stock Option Ten [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 102 | $ 150 |
Number of Options | 1,667 | 5,000 |
Expiry Date | Feb. 13, 2024 | Aug. 8, 2023 |
Exercisable Options | 1,667 | 1,667 |
Stock Option Eleven [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 142.50 | $ 105 |
Number of Options | 106 | 2,667 |
Expiry Date | Mar. 3, 2024 | Feb. 6, 2024 |
Exercisable Options | 106 | 889 |
Stock Option Twelve [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 157.50 | $ 102 |
Number of Options | 408 | 1,667 |
Expiry Date | Mar. 3, 2024 | Feb. 13, 2024 |
Exercisable Options | 408 | 1,111 |
Stock Option Thirteen [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 142.50 | $ 142.50 |
Number of Options | 43 | 211 |
Expiry Date | Mar. 14, 2024 | Mar. 3, 2024 |
Exercisable Options | 43 | 211 |
Stock Option Fourteen [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 157.50 | $ 157.50 |
Number of Options | 164 | 816 |
Expiry Date | Mar. 14, 2024 | Mar. 3, 2024 |
Exercisable Options | 164 | 816 |
Stock Option Fifteen [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 142.50 | $ 142.50 |
Number of Options | 485 | 43 |
Expiry Date | Sep. 30, 2024 | Mar. 14, 2024 |
Exercisable Options | 485 | 43 |
Stock Option Sixteen [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 157.50 | $ 157.50 |
Number of Options | 1,876 | 164 |
Expiry Date | Sep. 30, 2024 | Mar. 14, 2024 |
Exercisable Options | 1,876 | 164 |
Stock Option Seventeen [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 142.50 | $ 142.50 |
Number of Options | 24 | 485 |
Expiry Date | Jun. 2, 2025 | Sep. 30, 2024 |
Exercisable Options | 24 | 485 |
Stock Option Eighteen [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 157.50 | $ 157.50 |
Number of Options | 90 | 1,876 |
Expiry Date | Jun. 2, 2025 | Sep. 30, 2024 |
Exercisable Options | 90 | 1,876 |
Stock Option Nineteen [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 37.50 | $ 142.50 |
Number of Options | 442 | 23 |
Expiry Date | Dec. 30, 2025 | Jun. 2, 2025 |
Exercisable Options | 442 | 23 |
Stock Option Twenty [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 142.50 | $ 157.50 |
Number of Options | 328 | 90 |
Expiry Date | Dec. 30, 2025 | Jun. 2, 2025 |
Exercisable Options | 328 | 90 |
Stock Option Twenty One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 24.15 | $ 37.50 |
Number of Options | 81,436 | 442 |
Expiry Date | Sep. 1, 2027 | Dec. 30, 2025 |
Exercisable Options | 27,146 | 442 |
Stock Option Twenty Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 23.25 | $ 142.50 |
Number of Options | 17,600 | 328 |
Expiry Date | Jan. 24, 2025 | Dec. 30, 2025 |
Exercisable Options | 0 | 182 |
Stock Option Twenty Three [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 9.735 | $ 31.50 |
Number of Options | 40,000 | 13,334 |
Expiry Date | Apr. 19, 2028 | Aug. 3, 2024 |
Exercisable Options | 40,000 | 0 |
Stock Option Twenty Four [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 6.93 | $ 24.15 |
Number of Options | 5,000 | 81,436 |
Expiry Date | Jun. 10, 2025 | Sep. 1, 2027 |
Exercisable Options | 0 | 13,573 |
Stock Option Twenty Five [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price | $ 23.25 | |
Number of Options | 24,267 | |
Expiry Date | Jan. 24, 2025 | |
Exercisable Options | 0 |
STOCK OPTIONS (Details 1)
STOCK OPTIONS (Details 1) - USD ($) | Sep. 01, 2017 | Jan. 24, 2018 | Aug. 03, 2017 | Mar. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life in years | 10 years | 10 years | 7 years | |
Risk free rate | 1.91% | 1.91% | 1.73% | |
Expected volatility | 114.00% | 114.00% | 114.00% | |
February 17, 2015 [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life in years | 3 years 10 months 20 days | |||
Risk free rate | 1.59% | |||
Dividend rate | 0.00% | |||
Forfeiture rate | 0.00% | |||
Expected volatility | 114.00% | |||
Grant date fair value | $ 136,613 | |||
July 1, 2014 [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life in years | 3 years 3 months | |||
Risk free rate | 1.59% | |||
Dividend rate | 0.00% | |||
Forfeiture rate | 0.00% | |||
Expected volatility | 114.00% | |||
Grant date fair value | $ 1,259,487 | |||
June 20, 2014 [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life in years | 3 years 2 months 19 days | |||
Risk free rate | 1.59% | |||
Dividend rate | 0.00% | |||
Forfeiture rate | 0.00% | |||
Expected volatility | 114.00% | |||
Grant date fair value | $ 118,957 | |||
April 1, 2014 [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life in years | 3 years 4 days | |||
Risk free rate | 1.59% | |||
Dividend rate | 0.00% | |||
Forfeiture rate | 0.00% | |||
Expected volatility | 114.00% | |||
Grant date fair value | $ 230,930 | |||
November 24, 2015 [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life in years | 4 years 7 months 24 days | |||
Risk free rate | 1.59% | |||
Dividend rate | 0.00% | |||
Forfeiture rate | 0.00% | |||
Expected volatility | 114.00% | |||
Grant date fair value | $ 694,384 | |||
December 14, 2015 [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life in years | 4 years 8 months 16 days | |||
Risk free rate | 1.59% | |||
Dividend rate | 0.00% | |||
Forfeiture rate | 0.00% | |||
Expected volatility | 114.00% | |||
Grant date fair value | $ 1,260,437 | |||
April 21, 2016 [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life in years | 6 years 1 month 10 days | |||
Risk free rate | 1.59% | |||
Dividend rate | 0.00% | |||
Forfeiture rate | 0.00% | |||
Expected volatility | 114.00% | |||
Grant date fair value | $ 2,582,890 | |||
April 26, 2016 [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life in years | 5 years 25 days | |||
Risk free rate | 1.59% | |||
Dividend rate | 0.00% | |||
Forfeiture rate | 0.00% | |||
Expected volatility | 114.00% | |||
Grant date fair value | $ 213,750 | |||
August 8, 2016 [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life in years | 5 years 4 months 10 days | |||
Risk free rate | 1.59% | |||
Dividend rate | 0.00% | |||
Forfeiture rate | 0.00% | |||
Expected volatility | 114.00% | |||
Grant date fair value | $ 652,068 | |||
February 6, 2017 [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life in years | 5 years 10 months 10 days | |||
Risk free rate | 1.59% | |||
Dividend rate | 0.00% | |||
Forfeiture rate | 0.00% | |||
Expected volatility | 114.00% | |||
Grant date fair value | $ 245,200 | |||
February 13, 2017 [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life in years | 5 years 10 months 17 days | |||
Risk free rate | 1.59% | |||
Dividend rate | 0.00% | |||
Forfeiture rate | 0.00% | |||
Expected volatility | 114.00% | |||
Grant date fair value | $ 148,750 | |||
August 3, 2017 [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life in years | 6 years 4 months 6 days | |||
Risk free rate | 1.59% | |||
Dividend rate | 0.00% | |||
Forfeiture rate | 0.00% | |||
Expected volatility | 114.00% | |||
Grant date fair value | $ 387,209 | |||
September 1, 2017 [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life in years | 9 years 5 months 5 days | |||
Risk free rate | 1.59% | |||
Dividend rate | 0.00% | |||
Forfeiture rate | 0.00% | |||
Expected volatility | 114.00% | |||
Grant date fair value | $ 1,832,304 | |||
January 24, 2018 [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life in years | 6 years 9 months 25 days | |||
Risk free rate | 1.59% | |||
Dividend rate | 0.00% | |||
Forfeiture rate | 0.00% | |||
Expected volatility | 114.00% | |||
Grant date fair value | $ 491,036 |
STOCK OPTIONS (Details 2)
STOCK OPTIONS (Details 2) - $ / shares | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Dec. 31, 2018 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Options, Expired (in shares) | (556) | ||
Number of Options, Cancelled (in shares) | (6,667) | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number Options, Outstanding, Beginning Balance (in shares) | 170,675 | 66,024 | |
Number of Options, Issued (in shares) | 119,036 | ||
Number of Options, Exercised (in shares) | 0 | ||
Number of Options, Expired (in shares) | 0 | ||
Number of Options, Cancelled (in shares) | (14,385) | ||
Number of Options, Outstanding, Ending Balance (in shares) | 170,675 | ||
Weighted-Average Exercise Price, Outstanding, Beginning Balance (in dollars per share) | $ 75 | $ 88.50 | |
Weighted-Average Exercise Price, Issued (in dollars per share) | 23.25 | ||
Weighted-Average Exercise Price, Exercised (in dollars per share) | 0 | ||
Weighted-Average Exercise Price, Expired (in dollars per share) | 0 | ||
Weighted-Average Exercise Price, Cancelled (in dollars per share) | 97.50 | ||
Weighted-Average Exercise Price, Outstanding, Ending Balance (in dollars per share) | $ 75 |
STOCK OPTIONS (Details 3)
STOCK OPTIONS (Details 3) - USD ($) | Sep. 01, 2017 | Jan. 24, 2018 | Aug. 03, 2017 | Mar. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | 10 years | 7 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.91% | 1.91% | 1.73% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 114.00% | 114.00% | 114.00% | |
Reclassification of Fair Value [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 1,451,393 | |||
February 17, 2015 [Member] | Reclassification of Fair Value [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years 10 months 20 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 135.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 7,122 | |||
July 1, 2014 [Member] | Reclassification of Fair Value [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years 3 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 135.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 90,472 | |||
June 20, 2014 [Member] | Reclassification of Fair Value [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years 2 months 19 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 135.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 4,428 | |||
April 1, 2014 [Member] | Reclassification of Fair Value [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years 4 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 135.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 12,437 | |||
November 24, 2015 [Member] | Reclassification of Fair Value [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 4 years 7 months 24 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 135.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 16,327 | |||
December 14, 2015 [Member] | Reclassification of Fair Value [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 4 years 8 months 16 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 135.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 85,833 | |||
April 21, 2016 [Member] | Reclassification of Fair Value [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 4 months 20 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 118.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 53,853 | |||
April 26, 2016 [Member] | Reclassification of Fair Value [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 25 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 114.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 11,430 | |||
August 8, 2016 [Member] | Reclassification of Fair Value [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 4 months 10 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 114.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 35,722 | |||
February 6, 2017 [Member] | Reclassification of Fair Value [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 10 months 10 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 114.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 16,969 | |||
February 13, 2017 [Member] | Reclassification of Fair Value [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 10 months 17 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 114.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 10,703 | |||
August 3, 2017 [Member] | Reclassification of Fair Value [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 4 months 6 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 114.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 109,970 | |||
September 1, 2017 [Member] | Reclassification of Fair Value [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 9 years 5 months 5 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 114.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 782,966 | |||
January 24, 2018 [Member] | Reclassification of Fair Value [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 9 months 25 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 114.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Reclassified Fair Value | $ 213,161 |
STOCK OPTIONS (Details Textual)
STOCK OPTIONS (Details Textual) - USD ($) | Jun. 11, 2018 | Sep. 01, 2017 | Feb. 06, 2017 | Dec. 14, 2015 | Apr. 20, 2018 | Jan. 24, 2018 | Aug. 03, 2017 | Feb. 13, 2017 | Aug. 08, 2016 | Apr. 26, 2016 | Apr. 21, 2016 | Nov. 24, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 6,667 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years 5 months 1 day | 5 years 9 months 22 days | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 7 years 1 month 2 days | 5 years 8 months 12 days | |||||||||||||||||
Fair Value Of Options | $ 491,036 | $ 387,209 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | 10 years | 7 years | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 114.00% | 114.00% | 114.00% | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.91% | 1.91% | 1.73% | ||||||||||||||||
Fair Value of Shares to be Issued, Stock Options and Warrants | $ 1,451,393 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 556 | ||||||||||||||||||
Exercise Price Range One [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 6,667 | ||||||||||||||||||
Exercise Price Range Two [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 6,667 | ||||||||||||||||||
Exercise Price Range Three [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 6.666 | ||||||||||||||||||
Employee Stock Option [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Allocated Share-based Compensation Expense | $ 191,634 | $ 271,001 | $ 1,226,374 | $ 1,284,257 | 1,540,580 | $ 1,001,950 | |||||||||||||
Employees of Bionik Inc [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 20,000 | ||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 150 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 1,667 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,895,000 | ||||||||||||||||||
Allocated Share-based Compensation Expense | 15,833 | 17,813 | 51,458 | 53,438 | 71,250 | 66,104 | |||||||||||||
Fair Value Of Options | $ 213,750 | $ 2,582,890 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 1,667 | 20,000 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ 213,750 | ||||||||||||||||||
Employees of Bionik Inc [Member] | Exercise Price Range One [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 37.50 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 6,667 | ||||||||||||||||||
Employees of Bionik Inc [Member] | Exercise Price Range Two [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 142.50 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 6,667 | ||||||||||||||||||
Employees of Bionik Inc [Member] | Exercise Price Range Three [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 157.50 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 6,666 | ||||||||||||||||||
Employees of Bionik Inc [Member] | Unvested option [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Allocated Share-based Compensation Expense | $ 29,524 | 102,989 | |||||||||||||||||
Employees [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 24,267 | 4,334 | |||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 23.25 | $ 183 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 1,667 | ||||||||||||||||||
Allocated Share-based Compensation Expense | 21,366 | 35,609 | 92,585 | 106,828 | 142,438 | 142,438 | $ 62,317 | ||||||||||||
Fair Value Of Options | $ 491,036 | $ 694,384 | |||||||||||||||||
Allocated Share-based Compensation Expense, Net of Tax | 27,280 | ||||||||||||||||||
Employee One [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 5,000 | ||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 150 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 3,334 | ||||||||||||||||||
Allocated Share-based Compensation Expense | 12,075 | 54,339 | $ 48,301 | 163,017 | $ 217,356 | $ 140,230 | |||||||||||||
Fair Value Of Options | $ 652,068 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 5,000 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ 652,068 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | 1,667 | ||||||||||||||||||
Director and Employees and Consultant One [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 16,634 | ||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 150 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 1,000 | 2,912 | 267 | 167 | |||||||||||||||
Allocated Share-based Compensation Expense | 27,495 | 45,396 | $ 105,121 | 450,690 | $ 479,315 | $ 407,208 | |||||||||||||
Fair Value Of Options | $ 1,260,437 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||||||||||||||
Employee Two [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,667 | ||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 105 | ||||||||||||||||||
Allocated Share-based Compensation Expense | 20,433 | 20,433 | 61,300 | 61,300 | 81,733 | 12,163 | |||||||||||||
Fair Value Of Options | $ 245,200 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 2,667 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ 245,200 | ||||||||||||||||||
Consultant [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,667 | ||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 102 | ||||||||||||||||||
Allocated Share-based Compensation Expense | 0 | 12,396 | 92,821 | 37,188 | 49,583 | $ 6,345 | |||||||||||||
Fair Value Of Options | $ 148,750 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 1,667 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ 148,750 | ||||||||||||||||||
Executive Employee [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 10,000 | ||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 31.50 | ||||||||||||||||||
Allocated Share-based Compensation Expense | 0 | 22,639 | 7,546 | 37,370 | 60,371 | ||||||||||||||
Fair Value Of Options | $ 3,334 | 387,209 | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Additional Options Grants In Period Gross | 13,334 | ||||||||||||||||||
Executive Employee And Consultant [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 81,436 | ||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 24.15 | ||||||||||||||||||
Allocated Share-based Compensation Expense | 57,259 | $ 38,173 | 286,297 | $ 343,919 | |||||||||||||||
Fair Value Of Options | $ 1,832,304 | 1,832,304 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 13,573 | ||||||||||||||||||
Allocated Share-based Compensation Expense, Net of Tax | $ 381,730 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | 50% of the remaining options vest on performance goals being met and 50% vest over 5 years, | ||||||||||||||||||
New Executive Officer [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 5,000 | ||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 6.93 | ||||||||||||||||||
Allocated Share-based Compensation Expense | 2,528 | 5,619 | |||||||||||||||||
Fair Value Of Options | $ 30,341 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 7 years | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 114.00% | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% | ||||||||||||||||||
Executive Officer [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 40,000 | ||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 9.74 | ||||||||||||||||||
Allocated Share-based Compensation Expense | 363,714 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 114.00% | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.59% | ||||||||||||||||||
Employees vest equally on January 24, 2018 [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Allocated Share-based Compensation Expense | $ 34,643 | $ 111,611 | |||||||||||||||||
Employees vest equally on January 24, 2019 [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 23.25 | ||||||||||||||||||
Employees vest equally on January 24, 2020 [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | 23.25 | ||||||||||||||||||
Employees vest equally on January 24, 2021 [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 23.25 |
WARRANTS (Details)
WARRANTS (Details) - $ / shares | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | |
Number of Warrants, Outstanding and exercisable, Beginning balance | 365,974 | 117,589 | 119,336 | 72,157 |
Number of Warrants, Issued | 74,257 | 48,171 | ||
Number of Warrants, Exercised | (33,335) | (1,747) | (992) | |
Number of Warrants, Outstanding and exercisable, Ending balance | 440,231 | 365,974 | 117,589 | 119,336 |
Weighted-Average Exercise Price, Outstanding and exercisable, Beginning balance | $ 53.19 | $ 202.50 | $ 202.50 | $ 202.50 |
Weighted-Average Exercise Price, Issued | 73.02 | 202.50 | ||
Weighted-Average Exercise Price, Exercised | (37.50) | (120) | (120) | |
Weighted-Average Exercise Price, Outstanding and exercisable, Ending balance | 44.21 | $ 53.19 | $ 202.50 | $ 202.50 |
Broker [Member] | ||||
Number of Warrants, Issued | 2,667 | |||
Weighted-Average Exercise Price, Issued | $ 37.50 | |||
Warrant One [Member] | ||||
Number of Warrants, Issued | 559 | |||
Weighted-Average Exercise Price, Issued | $ 112.35 | |||
Warrant Two [Member] | ||||
Number of Warrants, Issued | 6,275 | |||
Weighted-Average Exercise Price, Issued | $ 194 | |||
Warrant Three [Member] | ||||
Number of Warrants, Issued | 13,464 | |||
Weighted-Average Exercise Price, Outstanding and exercisable, Beginning balance | 73.02 | |||
Weighted-Average Exercise Price, Issued | $ 44.28 | |||
Weighted-Average Exercise Price, Outstanding and exercisable, Ending balance | 55.71 | $ 73.02 | ||
Warrant Four [Member] | ||||
Number of Warrants, Issued | 136,388 | |||
Weighted-Average Exercise Price, Outstanding and exercisable, Beginning balance | 73.02 | |||
Weighted-Average Exercise Price, Issued | $ 73.02 | |||
Weighted-Average Exercise Price, Outstanding and exercisable, Ending balance | $ 55.71 | 73.02 | ||
Warrant Five [Member] | ||||
Number of Warrants, Issued | 67,952 | |||
Weighted-Average Exercise Price, Outstanding and exercisable, Beginning balance | $ 73.02 | |||
Weighted-Average Exercise Price, Issued | 55.71 | |||
Weighted-Average Exercise Price, Outstanding and exercisable, Ending balance | $ 55.71 | 73.02 | ||
Warrant Six [Member] | ||||
Number of Warrants, Issued | 6,305 | |||
Weighted-Average Exercise Price, Outstanding and exercisable, Beginning balance | $ 73.02 | |||
Weighted-Average Exercise Price, Issued | 34.50 | |||
Weighted-Average Exercise Price, Outstanding and exercisable, Ending balance | $ 55.71 | $ 73.02 | ||
Common Shares One [Member] | ||||
Number of Warrants, Issued | 106,709 | |||
Weighted-Average Exercise Price, Issued | $ 9.375 | |||
Common Shares Two [Member] | ||||
Number of Warrants, Issued | 15,658 | |||
Weighted-Average Exercise Price, Issued | $ 90 |
WARRANTS (Details 1)
WARRANTS (Details 1) - $ / shares | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 44.21 | $ 53.19 | $ 202.50 | $ 202.50 | $ 202.50 |
Class of Warrant or Right, Number of Warrants | 440,231 | 365,974 | |||
Warrant One [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 90 | $ 90 | |||
Class of Warrant or Right, Number of Warrants | 15,658 | 15,658 | |||
Class Of Warrant Or Right Expiry Date | Mar. 31, 2023 | Mar. 31, 2023 | |||
Warrant Two [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 55.71 | $ 73.02 | |||
Class of Warrant or Right, Number of Warrants | 136,339 | 104,019 | |||
Class Of Warrant Or Right Expiry Date | Feb. 26, 2019 | Feb. 26, 2019 | |||
Warrant Three [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 55.71 | $ 73.02 | |||
Class of Warrant or Right, Number of Warrants | 28,531 | 21,768 | |||
Class Of Warrant Or Right Expiry Date | Mar. 27, 2019 | Mar. 27, 2019 | |||
Warrant Four [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 55.71 | $ 73.02 | |||
Class of Warrant or Right, Number of Warrants | 7,618 | 5,813 | |||
Class Of Warrant Or Right Expiry Date | Mar. 31, 2019 | Mar. 31, 2019 | |||
Warrant Five [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 55.71 | $ 73.02 | |||
Class of Warrant or Right, Number of Warrants | 59,061 | 45,061 | |||
Class Of Warrant Or Right Expiry Date | Apr. 21, 2019 | Apr. 21, 2019 | |||
Warrant Six [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 55.71 | $ 73.02 | |||
Class of Warrant or Right, Number of Warrants | 27,883 | 21,274 | |||
Class Of Warrant Or Right Expiry Date | May 27, 2019 | May 27, 2019 | |||
Warrant Seven [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 55.71 | $ 73.02 | |||
Class of Warrant or Right, Number of Warrants | 27,238 | 20,782 | |||
Class Of Warrant Or Right Expiry Date | Jun. 30, 2019 | Jun. 30, 2019 | |||
Warrant Eight [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 34.50 | $ 44.28 | |||
Class of Warrant or Right, Number of Warrants | 28,527 | 22,223 | |||
Class Of Warrant Or Right Expiry Date | Feb. 26, 2019 | Feb. 26, 2019 | |||
Warrant Nine [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 37.50 | $ 37.50 | |||
Class of Warrant or Right, Number of Warrants | 2,667 | 2,667 | |||
Class Of Warrant Or Right Expiry Date | Jun. 27, 2020 | Jun. 27, 2020 | |||
Warrant Ten [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 9.375 | $ 9.375 | |||
Class of Warrant or Right, Number of Warrants | 64,025 | 64,025 | |||
Class Of Warrant Or Right Expiry Date | Aug. 14, 2022 | Aug. 14, 2022 | |||
Warrant Eleven [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 9.375 | $ 9.375 | |||
Class of Warrant or Right, Number of Warrants | 42,684 | 42,684 | |||
Class Of Warrant Or Right Expiry Date | Mar. 31, 2022 | Mar. 31, 2022 |
WARRANTS (Details 2)
WARRANTS (Details 2) - USD ($) | Sep. 01, 2017 | Jan. 24, 2018 | Aug. 03, 2017 | Dec. 31, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 |
Exercise Price | $ 44.21 | $ 53.19 | $ 202.50 | $ 202.50 | $ 202.50 | |||
Number of Warrants | 440,231 | 365,974 | ||||||
Expected life (years) | 10 years | 10 years | 7 years | |||||
Risk free rate | 1.91% | 1.91% | 1.73% | |||||
Expected volatility | 114.00% | 114.00% | 114.00% | |||||
Reclassification Of Employee Stock Options And Warrants [Member] | ||||||||
Number of Warrants | 363,307 | |||||||
Remeasured fair value | $ 1,394,164 | |||||||
Warrant One [Member] | ||||||||
Exercise Price | $ 90 | $ 90 | ||||||
Number of Warrants | 15,658 | 15,658 | ||||||
Expiry Date | Mar. 31, 2023 | Mar. 31, 2023 | ||||||
Warrant One [Member] | Reclassification Of Employee Stock Options And Warrants [Member] | ||||||||
Exercise Price | $ 90 | |||||||
Number of Warrants | 15,658 | |||||||
Expiry Date | Mar. 31, 2023 | |||||||
Expected life (years) | 5 years | |||||||
Risk free rate | 1.59% | |||||||
Dividend rate | 0.00% | |||||||
Forfeiture rate | 0.00% | |||||||
Expected volatility | 135.00% | |||||||
Remeasured fair value | $ 116,142 | |||||||
Warrant Two [Member] | ||||||||
Exercise Price | $ 55.71 | $ 73.02 | ||||||
Number of Warrants | 136,339 | 104,019 | ||||||
Expiry Date | Feb. 26, 2019 | Feb. 26, 2019 | ||||||
Warrant Two [Member] | Reclassification Of Employee Stock Options And Warrants [Member] | ||||||||
Exercise Price | $ 73.02 | |||||||
Number of Warrants | 104,019 | |||||||
Expiry Date | Feb. 26, 2019 | |||||||
Expected life (years) | 11 months 1 day | |||||||
Risk free rate | 1.59% | |||||||
Dividend rate | 0.00% | |||||||
Forfeiture rate | 0.00% | |||||||
Expected volatility | 135.00% | |||||||
Remeasured fair value | $ 100,281 | |||||||
Warrant Three [Member] | ||||||||
Exercise Price | $ 55.71 | $ 73.02 | ||||||
Number of Warrants | 28,531 | 21,768 | ||||||
Expiry Date | Mar. 27, 2019 | Mar. 27, 2019 | ||||||
Warrant Three [Member] | Reclassification Of Employee Stock Options And Warrants [Member] | ||||||||
Exercise Price | $ 73.02 | |||||||
Number of Warrants | 21,768 | |||||||
Expiry Date | Mar. 27, 2019 | |||||||
Expected life (years) | 1 year | |||||||
Risk free rate | 1.59% | |||||||
Dividend rate | 0.00% | |||||||
Forfeiture rate | 0.00% | |||||||
Expected volatility | 135.00% | |||||||
Remeasured fair value | $ 24,815 | |||||||
Warrant Four [Member] | ||||||||
Exercise Price | $ 55.71 | $ 73.02 | ||||||
Number of Warrants | 7,618 | 5,813 | ||||||
Expiry Date | Mar. 31, 2019 | Mar. 31, 2019 | ||||||
Warrant Four [Member] | Reclassification Of Employee Stock Options And Warrants [Member] | ||||||||
Exercise Price | $ 73.02 | |||||||
Number of Warrants | 5,813 | |||||||
Expiry Date | Mar. 31, 2019 | |||||||
Expected life (years) | 1 year | |||||||
Risk free rate | 1.59% | |||||||
Dividend rate | 0.00% | |||||||
Forfeiture rate | 0.00% | |||||||
Expected volatility | 135.00% | |||||||
Remeasured fair value | $ 6,769 | |||||||
Warrant Five [Member] | ||||||||
Exercise Price | $ 55.71 | $ 73.02 | ||||||
Number of Warrants | 59,061 | 45,061 | ||||||
Expiry Date | Apr. 21, 2019 | Apr. 21, 2019 | ||||||
Warrant Five [Member] | Reclassification Of Employee Stock Options And Warrants [Member] | ||||||||
Exercise Price | $ 73.02 | |||||||
Number of Warrants | 45,061 | |||||||
Expiry Date | Apr. 21, 2019 | |||||||
Expected life (years) | 1 year 29 days | |||||||
Risk free rate | 1.59% | |||||||
Dividend rate | 0.00% | |||||||
Forfeiture rate | 0.00% | |||||||
Expected volatility | 135.00% | |||||||
Remeasured fair value | $ 58,358 | |||||||
Warrant Six [Member] | ||||||||
Exercise Price | $ 55.71 | $ 73.02 | ||||||
Number of Warrants | 27,883 | 21,274 | ||||||
Expiry Date | May 27, 2019 | May 27, 2019 | ||||||
Warrant Six [Member] | Reclassification Of Employee Stock Options And Warrants [Member] | ||||||||
Exercise Price | $ 73.02 | |||||||
Number of Warrants | 21,274 | |||||||
Expiry Date | May 27, 2019 | |||||||
Expected life (years) | 1 year 1 month 28 days | |||||||
Risk free rate | 1.59% | |||||||
Dividend rate | 0.00% | |||||||
Forfeiture rate | 0.00% | |||||||
Expected volatility | 135.00% | |||||||
Remeasured fair value | $ 32,276 | |||||||
Warrant Seven [Member] | ||||||||
Exercise Price | $ 55.71 | $ 73.02 | ||||||
Number of Warrants | 27,238 | 20,782 | ||||||
Expiry Date | Jun. 30, 2019 | Jun. 30, 2019 | ||||||
Warrant Seven [Member] | Reclassification Of Employee Stock Options And Warrants [Member] | ||||||||
Exercise Price | $ 73.02 | |||||||
Number of Warrants | 20,782 | |||||||
Expiry Date | Jun. 30, 2019 | |||||||
Expected life (years) | 1 year 3 months | |||||||
Risk free rate | 1.59% | |||||||
Dividend rate | 0.00% | |||||||
Forfeiture rate | 0.00% | |||||||
Expected volatility | 135.00% | |||||||
Remeasured fair value | $ 36,116 | |||||||
Warrant Eight [Member] | ||||||||
Exercise Price | $ 34.50 | $ 44.28 | ||||||
Number of Warrants | 28,527 | 22,223 | ||||||
Expiry Date | Feb. 26, 2019 | Feb. 26, 2019 | ||||||
Warrant Eight [Member] | Reclassification Of Employee Stock Options And Warrants [Member] | ||||||||
Exercise Price | $ 44.28 | |||||||
Number of Warrants | 22,223 | |||||||
Expiry Date | Feb. 26, 2019 | |||||||
Expected life (years) | 11 months 1 day | |||||||
Risk free rate | 1.59% | |||||||
Dividend rate | 0.00% | |||||||
Forfeiture rate | 0.00% | |||||||
Expected volatility | 135.00% | |||||||
Remeasured fair value | $ 38,423 | |||||||
Warrant Nine [Member] | ||||||||
Exercise Price | $ 37.50 | $ 37.50 | ||||||
Number of Warrants | 2,667 | 2,667 | ||||||
Expiry Date | Jun. 27, 2020 | Jun. 27, 2020 | ||||||
Warrant Nine [Member] | Reclassification Of Employee Stock Options And Warrants [Member] | ||||||||
Exercise Price | $ 9.375 | |||||||
Number of Warrants | 64,025 | |||||||
Expiry Date | Aug. 14, 2022 | |||||||
Expected life (years) | 4 years 4 months 17 days | |||||||
Risk free rate | 1.59% | |||||||
Dividend rate | 0.00% | |||||||
Forfeiture rate | 0.00% | |||||||
Expected volatility | 135.00% | |||||||
Remeasured fair value | $ 593,355 | |||||||
Warrant Ten [Member] | ||||||||
Exercise Price | $ 9.375 | $ 9.375 | ||||||
Number of Warrants | 64,025 | 64,025 | ||||||
Expiry Date | Aug. 14, 2022 | Aug. 14, 2022 | ||||||
Warrant Ten [Member] | Reclassification Of Employee Stock Options And Warrants [Member] | ||||||||
Exercise Price | $ 9.375 | |||||||
Number of Warrants | 42,684 | |||||||
Expiry Date | Mar. 31, 2022 | |||||||
Expected life (years) | 4 years | |||||||
Risk free rate | 1.59% | |||||||
Dividend rate | 0.00% | |||||||
Forfeiture rate | 0.00% | |||||||
Expected volatility | 135.00% | |||||||
Remeasured fair value | $ 387,529 |
WARRANTS (Details Textual)
WARRANTS (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2015 | |
Class of Warrant or Right [Line Items] | |||||||
Share Based Compensation Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | $ 53.19 | $ 44.21 | $ 53.19 | $ 202.50 | $ 202.50 | $ 202.50 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 2 months 8 days | 2 years 3 months 7 days | |||||
Number Of Warrants Exercised | 33,335 | 1,747 | 992 | ||||
Proceeds from Warrant Exercises | $ 0 | $ 1,125,038 | $ 1,125,038 | $ 40,195 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 74,257 | 48,171 | |||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | $ 37.50 | $ 120 | $ 120 | ||||
Adjustment To Additional Paid In Capital Warrant Down Feature | $ 0 | $ 0 | 0 | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Weighted Average Exercise Price Issued | $ 73.02 | $ 202.50 | |||||
Reclassification Of Employee Stock Options And Warrants [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share based Compensation Arrangement By Share based Payment Award Non Options Vested In Period Reclassified Fair Value | $ 1,394,164 | ||||||
Broker [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 2,667 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Weighted Average Exercise Price Issued | $ 37.50 | ||||||
Warrant One [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 559 | ||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | $ 90 | $ 112.35 | |||||
Warrants Issued | 15,658 | ||||||
Class of Warrant or Right Expiration Date | Mar. 31, 2023 | ||||||
Class of Warrant or Right Expiration years | 5 years | ||||||
Warrant One [Member] | Previously Reported [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | $ 120 | ||||||
Warrant Two [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 6,275 | ||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | 194 | ||||||
Warrant Two [Member] | Previously Reported [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | 210 | ||||||
Warrant Three [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share Based Compensation Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | $ 73.02 | 55.71 | $ 73.02 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 13,464 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Weighted Average Exercise Price Issued | $ 44.28 | ||||||
Warrant Three [Member] | Reclassification Of Employee Stock Options And Warrants [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share Based Compensation Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | 73.02 | 73.02 | |||||
Warrant Three [Member] | Previously Reported [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | 112.50 | ||||||
Warrant Four [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share Based Compensation Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | 73.02 | 55.71 | $ 73.02 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 136,388 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Weighted Average Exercise Price Issued | $ 73.02 | ||||||
Warrant Four [Member] | Reclassification Of Employee Stock Options And Warrants [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share Based Compensation Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | $ 73.02 | $ 73.02 | |||||
Warrant Four [Member] | Previously Reported [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | 194 | ||||||
Third Party Previous Lenders warrants [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Warrants Issued | 2,331 | ||||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Weighted Average Exercise Price Outstanding And Exercisable | 34.50 | 34.50 | |||||
Warrant Eight [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share Based Compensation Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | $ 44.28 | 34.50 | $ 44.28 | ||||
Warrant Eight [Member] | Reclassification Of Employee Stock Options And Warrants [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share Based Compensation Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | 44.28 | 44.28 | |||||
Warrant Nine [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share Based Compensation Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | 37.50 | 37.50 | 37.50 | ||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | $ 37.50 | ||||||
Warrants Issued | 2,667 | ||||||
Class of Warrant or Right Expiration Date | Jun. 27, 2020 | ||||||
Warrant Nine [Member] | Reclassification Of Employee Stock Options And Warrants [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share Based Compensation Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | 9.375 | 9.375 | |||||
Warrant Ten and Eleven [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | $ 9.375 | ||||||
Warrants Issued | 106,709 | ||||||
Class of Warrant or Right Expiration Date | Mar. 31, 2022 | ||||||
Class of Warrant or Right Expiration Start Date | Mar. 31, 2022 | ||||||
Class Of Warrant Or Right Expiration End Date | Aug. 14, 2022 | ||||||
Warrant Twelve [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | $ 55.71 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Weighted Average Exercise Price Issued | 73.02 | ||||||
Warrant Twelve [Member] | Previously Reported [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | 73.02 | ||||||
Warrant Thirteen [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | $ 34.50 | ||||||
Warrants Issued | 6,305 | ||||||
Warrant Thirteen [Member] | Previously Reported [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share Based Compensaction Arrangement By Share Based Payment Award Non Options Exercised Weighted Average Exercise Price | $ 44.28 | ||||||
Warrant Five [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share Based Compensation Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | 73.02 | $ 55.71 | 73.02 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 67,952 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Weighted Average Exercise Price Issued | $ 55.71 | ||||||
Warrant Five [Member] | Reclassification Of Employee Stock Options And Warrants [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share Based Compensation Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | 73.02 | $ 73.02 | |||||
Common Shares [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Stock Issued During Period, Shares, Upon Cashless Exercise Of Warrants | 342 | ||||||
Stock Issued During Period, Shares, Warrants Exercised | 1,165 | ||||||
Common Shares One [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share Based Compensation Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | $ 90 | $ 90 | |||||
Warrants Issued | 15,658 | ||||||
Class of Warrant or Right Expiration Date | Mar. 31, 2023 | ||||||
Class of Warrant or Right Expiration years | 5 years | ||||||
Retained Earnings [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Adjustment To Additional Paid In Capital Warrant Down Feature | $ (33,061) | $ (6,284) | $ (41,025) | $ (74,086) | |||
Accrued Liabilities [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Repayments of Debt | $ 12,138 | ||||||
Warrant [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Expirations | 1,165 | ||||||
Warrant Solicitation [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share Based Compensation Arrangement By Share Based Payments Award Non Options Exercised Weighted Average Exercise Price | $ 37.50 | $ 37.50 | |||||
Investor [Member] | |||||||
Class of Warrant or Right [Line Items] | |||||||
Repayments of Debt | $ 180,940 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Components of net loss before income taxes consists of the following: | ||
U.S. | $ (12,281,398) | $ (6,056,384) |
Canada | (2,344,392) | (2,013,018) |
Net (loss) for the year before recovery of income taxes | $ (14,625,790) | $ (8,069,402) |
Statutory rate | 34.04% | 35.00% |
Expected income tax (recovery) expense | $ (4,978,619) | $ (2,824,291) |
Tax rate changes and other basis adjustments | 1,748,278 | 44,238 |
Stock-based compensation | 524,412 | 350,683 |
Difference in Foreign Tax Rates | 184,414 | 0 |
Accretion | 659,458 | 0 |
Share premium | 425,497 | 0 |
Non-deductible expense | 339,296 | (132,076) |
Net DTA acquired | 0 | (546,122) |
Change in valuation allowance | 1,097,264 | 3,107,568 |
Recovery of income taxes | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Equipment | $ 70,350 | $ 73,520 |
Share issue costs | 510 | 1,456 |
SR&ED pool | 690,320 | 464,746 |
Other | 535,510 | 629,266 |
Non-capital losses - Canada | 2,515,170 | 2,067,203 |
Net operating losses - U.S. | 4,331,850 | 4,534,710 |
Valuation allowance | (7,017,430) | (5,956,118) |
Deferred Tax Liabilities, Net, Total | 1,126,280 | 1,814,783 |
Intangibles and other | (1,126,280) | (1,814,783) |
Deferred Tax Assets, Net | $ 0 | $ 0 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) | 12 Months Ended |
Mar. 31, 2018 | |
Domestic Tax Authority [Member] | United States - Federal [Member] | |
Income Tax Examination Open Tax Years | 2014 – present |
Domestic Tax Authority [Member] | United States - State [Member] | |
Income Tax Examination Open Tax Years | 2014 – present |
Foreign Tax Authority [Member] | Canada - Federal [Member] | |
Income Tax Examination Open Tax Years | 2013 – present |
Foreign Tax Authority [Member] | Canada - Provincial [Member] | |
Income Tax Examination Open Tax Years | 2013 – present |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) | Mar. 31, 2018USD ($) |
Operating Loss Carryforwards | $ 6,319,925 |
Canada [Member] | |
Operating Loss Carryforwards | 9,491,200 |
UNITED STATES | |
Operating Loss Carryforwards | $ 11,788,800 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($) | Mar. 06, 2018 | Feb. 25, 2015 | May 17, 2017 | Feb. 25, 2015 | Dec. 31, 2018 | Mar. 31, 2018 |
Description Of Contribution For Formation | Under the terms of the JV Contract, the JV Partner is required to contribute $290,000 within 30 days of formation, $435,000 12 months later and $725,000 60 months after the date of formation. The Company is required to license certain intellectual property to the China JV. | |||||
Purchase Commitment, Description | On March 6, 2018, the Company signed a distribution agreement with Curexo Inc. for South Korea and as part of this agreement, the Company is obligated to buy a rehabilitative product from Curexo Inc. for $200,000 when this product is fully developed. It is not yet developed at December 31, 2018. | |||||
Royalty on Sales,Percentage | 1.00% | 1.00% | ||||
Bionik Laboratories Corp. [Member] | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% | |||||
Ginger Capital Investment Holding Inc. [Member] | ||||||
Equity Method Investment, Ownership Percentage | 75.00% | |||||
Exchangable Shares [Member] | ||||||
Stock Issued During Period, Shares, Issued for Services | 1,753 | |||||
Stock Transferred To Lenders | 2,098 | |||||
Stock to be Reimbursed to Officers | 2,134 | |||||
Stock Issued During Period, Value, Issued for Services | $ 241,185 | |||||
Stock Issued During Period, Value, New Issues | $ 210,323 |
RISK MANAGEMENT (Details Textua
RISK MANAGEMENT (Details Textual) - CAD ($) | Dec. 31, 2018 | Mar. 31, 2018 |
Canada [Member] | Maximum [Member] | ||
Concentration Risk [Line Items] | ||
Cash, FDIC Insured Amount | $ 100,000 | $ 100,000 |
SUBSEQUENT EVENTS (Details Text
SUBSEQUENT EVENTS (Details Textual) - USD ($) | Jun. 11, 2018 | Feb. 08, 2019 | Oct. 29, 2018 | Feb. 13, 2015 | Mar. 31, 2018 | Dec. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2016 |
Subsequent Event [Line Items] | ||||||||
Common Stock, Shares, Issued | 1,368,856 | 2,337,964 | 325,901 | |||||
Common Stock, Shares Authorized | 250,000,000 | 500,000,000 | 150,000,000 | |||||
Debt Instrument, Face Amount | $ 1,500,000 | |||||||
Stockholders' Equity, Reverse Stock Split | the Company completed a reverse stock split and thereafter Bionik’s common stock began trading on the OTCQB market on a one-for-one hundred and fifty (1:150) split-adjusted basis. | the Company implemented a 1-for-0.831105 reverse stock split of the common stock, which had previously been approved on September 24, 2014. | ||||||
Share Exchange Agreement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Debt Conversion, Converted Instrument, Shares Issued | 263,639 | |||||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Proceeds from (Repayments of) Debt | $ 1,500,000 | |||||||
Notes Payable, Related Parties | $ 750,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 40,000 | |||||||
Common Stock, Shares Authorized | 500,000,000 | |||||||
Shares Issued, Price Per Share | $ 9.735 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | |||||||
Debt Instrument, Face Amount | $ 1,960,000 | |||||||
Debt Instrument, Maturity Date | Apr. 30, 2019 | |||||||
Stockholders' Equity, Reverse Stock Split | the Company effected the reverse stock split and thereafter the Company’s common stock began trading on the OTCQB market on a one-for-one hundred and fifty (1:150) split-adjusted basis. | |||||||
Stock Issued During Period Cancellation Of Other Shares | 524,293 | |||||||
Subsequent Event [Member] | Common Stock [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Stock issued during period, Conversion of other shares | 3,496 | |||||||
Subsequent Event [Member] | Chief Commercial Officer [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 5,000 | |||||||
Shares Issued, Price Per Share | $ 6.93 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||
Subsequent Event [Member] | Share Exchange Agreement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Common Stock, Shares, Issued | 20,000 |