XML 26 R15.htm IDEA: XBRL DOCUMENT v3.7.0.1
Commitments and Contingencies (Tables)
 6 Months Ended
Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]  
Schedule of lease payments

The Company is committed to lease payments as follows:

 

Fiscal year ending September 30,      
2017   $ 56,094  
2018     112,189  
2019     56,094  
    $ 224,377  
Schedule of purchase warrants outstanding

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

 

    Number of Shares     Weighted
Average
Exercise Price		  
Balance, October 1, 2015     4,272,890     $ 2.11  
Exercised     (2,463,581 )   $ 1.67  
Balance, September 30, 2016     1,809,309     $ 2.70  
Exercised     (200,000 )   $ 3.00  
Balance, March 31, 2017     1,609,309     $ 2.66
Schedule of exercisable share purchase warrants outstanding

At March 31, 2017, the Company had share purchase warrants outstanding of 1,609,309, with a weighted average exercise price of $2.66 as follows:

 

Number     Exercise Price     Expiry Date
  1,262,180     $ 3.00     July 5, 2018
  30,000     $ 4.00     February 24, 2019
  277,127     $ 1.20     March 13, 2019
  1,252     $ 1.68     March 13, 2019
  31,250     $ 1.24     May 31, 2019
  7,500     $ 1.04     May 31, 2019
  1,609,309              
Schedule of outstanding stock purchase options

A summary of the status of Company’s outstanding stock purchase options is presented below:

 

    Number of Shares     Weighted Average
Exercise Price		     Weighted
Average Grant
Date fair value		  
Outstanding at October 1, 2015     1,822,500     $ 2.00          
Granted     2,401,500     $ 5.22     $ 4.38  
Expired     (25,000 )   $ 14.68          
Outstanding at September 30, 2016     4,199,000     $ 3.76          
Granted     245,000     $ 4.30     $ 3.70  
Outstanding at March 31, 2017     4,444,000     $ 3.80          
Exercisable at March 31, 2017     2,608,133     $ 2.86          
Exercisable at September 30, 2016     2,290,716     $ 2.41    
Schedule of stock options outstanding

At March 31, 2017, the following stock options were outstanding:

 

Number of Shares               Aggregate     Remaining  
      Number     Exercise         Intrinsic     Contractual  
Total     Vested     Price     Expiry Date   Value     Life (yrs)  
  500,000       500,000     $ 1.60     July 5, 2023   $ 2,070,000       6.26  
  75,000       50,000     $ 1.20     May 7, 2024     340,500       7.10  
  125,000       62,500     $ 1.32     May 8, 2024     552,500       7.10  
  718,750       479,170     $ 0.92     April 2, 2025     3,464,375       8.01  
  50,000       29,167     $ 1.44     June 8, 2025     215,000       8.19  
  50,000       16,667     $ 1.76     June 15, 2025     199,000       8.21  
  278,750       162,604     $ 5.04     September 18, 2025     195,125       8.47  
  1,500       1,500     $ 5.64     September 30, 2025     150       8.50  
  31,250       15,625     $ 5.68     October 2, 2025     1,875       8.51  
  25,000       12,500     $ 8.98     October 16, 2025     -       8.54  
  1,500       1,500     $ 5.57     December 31, 2025     255       8.75  
  1,500       1,500     $ 4.90     March 31, 2026     1,260       9.00  
  1,500       1,500     $ 5.66     April 27, 2026     120       9.07  
  50,000       19,697     $ 4.09     May 18, 2026     82,500       9.13  
  1,500       1,500     $ 6.11     June 30, 2026     -       9.25  
  379,625       63,271     $ 6.26     July 5, 2026     -       9.26  
  861,429       143,572     $ 7.06     July 18, 2026     -       9.30  
  40,000       10,000     $ 3.06     September 7, 2026     107,200       9.44  
  1,006,696       1,006,696     $ 3.28     September 22, 2026     2,476,472       9.48  
  140,000       23,331     $ 3.63     October 3, 2026     295,400       9.51  
  15,000       2,500     $ 4.35     December 9, 2026     20,850       9.69  
  50,000       -     $ 5.39     February 7, 2027     17,500       9.86  
  40,000       3,333     $ 5.26     February 17, 2027     19,200       9.88  
  4,444,000       2,608,133                 $ 10,059,282      
Schedule of general and administrative expenses and research and development expenses

These amounts have been included in general and administrative expenses and research and development expenses on the Company’s statement of operations as follows:

 

    Three months ended March 31,     Six months ended March 31,  
    2017     2016     2017     2016  
General and administrative   $ 450,128     $ 143,672     $ 877,711     $ 574,235  
Research and development     518,765       79,019       980,449       474,476  
Total share based compensation   $ 968,893     $ 222,690     $ 1,858,160     $ 1,048,710
Schedule of weighted average assumptions for fair value of each option award

The fair value of each option award is estimated on the date of grant using the Black Scholes option pricing model based on the following weighted average assumptions:

 

    2017     2016  
Risk-free interest rate     1.76 %     1.68 %
Expected life of options (years)     6.79       6.76  
Annualized volatility     111.81 %     101.92 %
Dividend rate     0.00 %     0.00 %