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Commitments (Tables)
 12 Months Ended
Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]  
Schedule of purchase warrants outstanding

A summary of the Company’s share purchase warrants outstanding is presented below:

 

          Weighted  
          Average  
    Number of Shares     Exercise Price  
Balance, October 1, 2013     2,287,371     $ 3.00  
Expired     (675,128 )   $ 3.00  
Issued     17,116,667     $ 1.44  
Balance, September 30, 2014     18,728,910     $ 1.59  
Expired     (62,500 )   $ 1.40  
Exercised     (15,468,520 )   $ 1.43  
Issued     1,075,000     $ 0.76  
Balance, September 30, 2015     4,272,890     $ 2.11  
Schedule of exercisable share purchase warrants outstanding

At September 30, 2015, the Company has 4,272,890 currently exercisable share purchase warrants outstanding as follows:

 

Number     Exercise Price     Expiry Date
  1,612,242     $ 3.00     July 5, 2018
  30,000     $ 4.00     February 24, 2019
  700,994     $ 1.20     March 13, 2019
  1,872,154     $ 1.68     March 13, 2019
  12,500     $ 1.24     May 31, 2019
  45,000     $ 1.00     July 31, 2019
  4,272,890            
Schedule of outstanding stock purchase options

A summary of the status of Company’s outstanding stock purchase options for the years ended September 30, 2015 and 2014 is presented below:

 

          Weighted     Weighted Average  
    Number of     Average     Grant Date fair  
    Shares     Exercise Price     value  
Outstanding at October 1, 2013     768,750     $ 5.04          
Expired     (176,250 )   $ 10.80          
Granted     200,000     $ 1.28     $ 1.00  
Outstanding at September 30, 2014     792,500     $ 2.82          
Forfeited     (67,500 )   $ 12.00          
Granted     1,097,500     $ 2.02     $ 1.66  
Outstanding at September 30, 2015     1,822,500     $ 2.00          
Exercisable at September 30, 2015     825,002     $ 1.78          
Exercisable at September 30, 2014     525,000     $ 2.22          
Schedule stock options outstanding

At September 30, 2015, the following stock options were outstanding:

 

Number of Shares               Aggregate     Remaining  
      Number     Exercise         Intrinsic     Contractual  
Total     Vested     Price     Expiry Date   Value     Life (yrs)  
  25,000 (1)     25,000     $ 14.68     March 30, 2016   $ -       0.50  
  500,000 (2)     500,000     $ 1.60     July 5, 2023     2,020,000       7.77  
  75,000 (3)     25,000     $ 1.20     May 7, 2024     333,000       8.61  
  125,000 (4)     31,250     $ 1.32     May 8, 2024     540,000       8.61  
  718,750 (5)     239,585     $ 0.92     April 2, 2025     3,392,500       9.51  
  50,000 (6)     4,167     $ 1.44     June 8, 2025     210,000       9.70  
  50,000 (7)     -     $ 1.68     June 15, 2025     194,000       9.72  
  278,750 (8)     -     $ 5.04     September 18, 2025     167,250       9.98  
  1,822,500       825,002                 $ 6,856,750          

 

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted market price of the Company’s stock for the options that were in-the-money at September 30, 2015.

 

  (1) As of September 30, 2015 and 2014, these options had fully vested. These options were granted during the year ended September 30, 2011 and vested over a period of one year from the date of grant. The fair value of these options at issuance was calculated to be $267,000. The Company did not recognize any stock-based compensation during the year ended September 30, 2015 (2014: $Nil).

 

  (2) As of September 30, 2015 and 2014 these options had fully vested. These options were granted during the year ended September 30, 2013 and vested immediately upon granting. The Company did not recognize any stock-based compensation during the year ended September 30, 2015 (2014: $Nil) in connection with these options.

 

  (3) As of September 30, 2015 and 2014, 25,000 of these options had vested. These options were issued during the year ended September 30, 2014 and vest annually over a three year period commencing on the first anniversary of the date of the grant. The Company recognized stock based compensation expense of $23,132 during the year ended September 30, 2015 (2014: $9,252) in connection with these options. These amounts have been included in general and administrative expenses on the Company’s statement of operations.

 

  (4) As of September 30, 2015 and 2014, 31,250 of these options had vested. These options were issued during the year ended September 30, 2014 and vest annually over a four year period commencing on the first anniversary of the date of the grant. The Company recognized stock based compensation expense of $31,950 during the year ended September 30, 2015 (2014: $16,905) in connection with these options.

 

  (5) As of September 30, 2015, 239,585 of these options had vested (2014: None of these options had vested). These options were issued during the year ended September 30, 2015 and vest in three equal installments on April 2, 2015, April 2, 2016 and April 2, 2017. The Company recognized stock based compensation expense of $255,747 during the year ended September 30, 2015 (2014: $Nil) in connection with these options. These amounts have been included in general and administrative expenses on the Company’s statement of operations

 

  (6) As of September 30, 2015, 4,167 of these options had vested. These options were issued during the year ended September 30, 2015 and vest quarterly over a three year period commencing on September 8, 2015. The Company recognized stock based compensation expense of $5,981 during the year ended September 30, 2015 (2014: $Nil) in connection with these options. These amounts have been included in general and administrative expenses on the Company’s statement of operations.

  

  (7) As of September 30, 2015 and 2014, none of these options had vested. These options were issued during the year ended September 30, 2015 and vest over a three year period from the date of grant. The Company recognized stock based compensation expense of $6,863 during the year ended September 30, 2015 (2014: $Nil) in connection with these options. These amounts have been included in general and administrative expenses on the Company’s statement of operations.

 

  (8) As of September 30, 2015 and 2014, none of these options had vested. These options were issued during the year ended September 30, 2015 and vest over a three year period from the date of grant. The Company recognized stock based compensation expense of $17,899 during the year ended September 30, 2015 (2014: $Nil) in connection with these options. These amounts have been included in general and administrative expenses on the Company’s statement of operations.