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CORRECTION OF AN ERROR IN PREVIOUSLY ISSUED FINANCIAL STATEMENTS | 6 Months Ended
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Sep. 30, 2015
CORRECTION OF AN ERROR IN PREVIOUSLY ISSUED FINANCIAL STATEMENTS [Text Block] |
11. | CORRECTION OF AN ERROR IN 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 period ended September 30, 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 completed 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. The correction of the error is presented in the Company’s interim condensed consolidated financial statements for the period ended September 30, 2015 as follows:
| Three months ended September 30, 2015
| As Originally Reported | Adjustment | As Restated
Consulting fees | $20,199 | $(45,191) | $(24,992)
Research and development | 243,262 | $(241,731) | $1,531
Wages and salaries | $223,349 | $(48,998) | $174,351
Net income (loss) for the period | $1,039,361 | $335,920 | $1,375,281
Comprehensive income (loss) for the period | $475,078 | $332,684 | $807,762
Basic and diluted loss per share | $(0.02) | $- | $(0.02)
| Six months ended September 30, 2015
| As Originally Reported | Adjustment | As Restated
Consulting fees | $163,021 | $(82,026) | $80,995
Research and development | 1,629,938 | $(257,481) | $1,372,457
Wages and salaries | $662,414 | $4,364 | $666,778
Change in fair value of derivative liability | $(1,305,796) | $(583,850) | $(1,889,646)
Net income (loss) for the period | $(2,055,493) | $918,993 | $(1,136,500)
Comprehensive income (loss) for the period | $(2,582,386) | $918,993 | $(1,663,393)
Basic and diluted loss per share | $(0.03) | $0.01 | $(0.02)
| As at September 30, 2015
| As Originally Reported | Adjustment | As Restated
Additional paid-in capital | $1,819,735 | $24,769 | $1,844,504
Accumulated deficit | $(20,535,182) | $(24,769) | $(20,559,951)
The collection of the error is presented in the Company's interim condensed consolidated financial statements for the period ended September 30, 2014 as follows:
| Three months ended September 30, 2014
| As Originally Reported | Adjustment | As Restated
Consulting fees | $36,013 | $179,017 | $215,030
Research and development | $1,062,927 | $191,259 | $1,254,186
Wages and salaries | $295,017 | $38,628 | $333,645
Net income (loss) for the period | $(3,347,223) | $(408,904) | $(3,756,127)
Comprehensive income (loss) for the period | $(3,140,437) | $(408,904) | $(3,549,341)
Basic and diluted loss per share | $(0.05) | $(0.01) | $(0.06)
| Six months ended September 30, 2014
| As Originally Reported | Adjustment | As Restated
Consulting fees | $236,862 | $29,491 | $266,353
Research and development | $1,716,186 | $288,354 | $2,004,540
Wages and salaries | $465,998 | $86,258 | $552,256
Net loss for the period | $(4,915,977) | $(404,103) | $(5,320,080)
Comprehensive loss for the period | $(4,603,132) | $(404,103) | $(5,007,235)
Basic and diluted loss per share | $(0.10) | $- | $(0.10)

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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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