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CORRECTION OF AN ERROR IN PREVIOUSLY ISSUED FINANCIAL STATEMENTS
 6 Months Ended
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)