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CORRECTION OF AN ERROR IN PREVIOUSLY ISSUED FINANCIAL STATEMENTS | 12 Months Ended
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Mar. 31, 2015
CORRECTION OF AN ERROR IN PREVIOUSLY ISSUED FINANCIAL STATEMENTS [Text Block] |
12. | RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
The Company’s previously issued financial statements have been restated to reflect the correction of an error in the re-measurement of non-employee stock option awards that had yet to vest. Previously, the Company had recorded the stock-based compensation for the fiscal year ended March 31, 2015 based on the fair value of the awards on their respective grant dates. Under the provisions of ASC 505-50, the Company is required to measure stock-based compensation for non-employees at the earlier of the performance commitment date or the date that the services have been completed. A performance commitment date exists only when the counterparty has sufficient disincentive not to complete. Otherwise, the Company is required to re-measure unvested non-employee options at their respective fair values until the services have been or once the options have vested. Under the terms of the Company’s stock option awards to non-employees, there were no performance disincentives. As a result the Company is required to re-measure its non-employee awards until they have vested. See Note 2 “Significant Accounting Policies - Stock Based Compensation”. The correction of the error is presented in the Company’s consolidated financial statements for the year ended March 31, 2015 as follows:
|  | As Originally Reported |  |  | Adjustment |  |  | As Restated |
Research & development expenses | $ | 3,828,775 |  | $ | 671,298 |  | $ | 4,500,073 |
Net loss for the year | $ | 8,894,555 |  | $ | 943,762 |  | $ | 9,838,317 |
Comprehensive loss for the year | $ | 9,866,195 |  | $ | 943,762 |  | $ | 10,809,957 |
Basic and diluted loss per share | $ | (0.16 | ) | $ | (0.01 | ) | $ | (0.17 | )
Additional paid-in capital |  | 1,490,790 |  | $ | 943,762 |  | $ | 2,434,552 |
Accumulated deficit | $ | (18,479,689 | ) | $ | (943,762 | ) |  | (19,423,451 | )
Consulting fees | $ | 1,085,606 |  | $ | 272,464 |  | $ | 1,358,070 |
This error correction had no impact on the cash flows of the Company. Accordingly, there is no restatement affecting the Company’s net cash used in operating activities or net change in cash or cash equivalents for the reporting period. This error correction also had no impact on the Company’s opening accumulated deficit figure for the year ended March 31, 2015. Accordingly, there is no restatement affecting the Company’s opening accumulated deficit for the year ended March 31, 2015.

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 45 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22595-107794 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22499-107794 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 1.N.Q3) -URI http://asc.fasb.org/extlink&oid=26874127&loc=d3e30840-122693 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 1 -Section N + Details
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