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SHARE BASED PAYMENTS | 6 Months Ended
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Sep. 30, 2016
SHARE BASED PAYMENTS [Text Block] | 5. SHARE BASED PAYMENTS On June 18, 2014, the Company’s Board of Directors authorized and approved the adoption of the 2014 Plan (“2014 Plan”), under which an aggregate of 12,108,016 shares of common stock may be issued. Pursuant to the terms of the 2014 Plan, the Company is authorized to grant stock options, as well as awards of stock appreciation rights, restricted stock, unrestricted shares, restricted stock units and deferred stock units. These awards may be granted to directors, officers, employees and eligible consultants. Vesting and the term of an option is determined at the discretion of the Board of Directors of the Company. On August 8, 2016, the Company’s Board of Directors authorized and approved the adoption of the 2016 Plan (“2016 Plan”), under which an aggregate of 15,000,000 shares of common stock may be issued. Pursuant to the terms of the 2016 Plan, the Company is authorized to grant stock options, as well as awards of stock appreciation rights, restricted stock, unrestricted shares, restricted stock units, stock equivalent units and performance based cash awards. These awards may be granted to directors, officers, employees and eligible consultants. Vesting and the term of an option is determined at the discretion of the Board of Directors of the Company. At September 30, 2016, there were an aggregate of 17,468,376 common shares remaining available for grant under the 2014 and 2016 Plans. The following is a summary of stock option activity for the six months ended September 30, 2016:
|  |  |  |  | Weighted |  |  |  |
|  |  |  |  | Average |  |  | Aggregate |
|  | Number |  |  | Exercise Price |  |  | Intrinsic Value |
|  | of Options |  |  | (CAD$) |  |  | (CAD$) |
Outstanding as of April 1, 2016 |  | 6,675,360 |  | $ | 1.08 |  | $ | 1,580,883 |
Granted |  | 3,025,000 |  |  | 1.39 |  |  |  |
Forfeited |  | (31,250 | ) |  | 0.60 |  |  |  |
Cancelled |  | (124,110 | ) |  | 0.60 |  |  |  |
Exercised |  | (210,000 | ) |  | 0.60 |  |  |  |
Outstanding as of September 30, 2016 |  | 9,335,000 |  | $ | 1.19 |  | $ | 3,533,800 |
Exercisable as of September 30, 2016 |  | 6,325,835 |  | $ | 1.16 |  | $ | 3,062,850 |
The options outstanding and exercisable at September 30, 2016 were as follows:
|  |  |  |  | Options |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Outstanding |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Remaining |  |  |  |  |  | Grant Date |  |  | Number of |
Number of |  |  |  |  | Contractual Life |  |  | Exercise |  |  | Fair Value |  |  | Options |
Options |  | Expiry Date |  |  | (years) |  |  | Price (CAD$) |  |  | (CAD$) |  |  | Exercisable |
3,310,000 |  | June 18, 2019 |  |  | 2.72 |  | $ | 0.60 |  | $ | 0.26 |  |  | 3,310,000 |
100,000 |  | July 14, 2017 |  |  | 0.79 |  | $ | 2.52 |  | $ | 1.05 |  |  | 100,000 |
450,000 |  | December 8, 2019 |  |  | 3.19 |  | $ | 2.92 |  | $ | 1.65 |  |  | 450,000 |
100,000 |  | December 8, 2019 |  |  | 3.19 |  | $ | 2.92 |  | $ | 1.31 |  |  | 66,667 |
400,000 |  | December 8, 2019 |  |  | 3.19 |  | $ | 2.96 |  | $ | 1.29 |  |  | 400,000 |
100,000 |  | March 16, 2020 |  |  | 3.46 |  | $ | 3.20 |  | $ | 1.42 |  |  | 66,667 |
50,000 |  | August 15, 2020 |  |  | 3.87 |  | $ | 0.98 |  | $ | 0.39 |  |  | 33,334 |
750,000 |  | October 21, 2020 |  |  | 4.06 |  | $ | 0.87 |  | $ | 0.36 |  |  | 187,500 |
550,000 |  | October 28, 2020 |  |  | 4.08 |  | $ | 0.84 |  | $ | 0.44 |  |  | 550,000 |
400,000 |  | October 28, 2020 |  |  | 4.08 |  | $ | 0.84 |  | $ | 0.36 |  |  | 120,000 |
100,000 |  | December 31, 2020 |  |  | 4.25 |  | $ | 1.24 |  | $ | 0.50 |  |  | 33,334 |
3,025,000 |  | July 13, 2020 |  |  | 3.79 |  | $ | 1.39 |  | $ | 0.65 |  |  | 1,008,333 |
9,335,000 |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,325,835 |
Included in the table above are non-employee awards that are subject to re-measurement each reporting period until vested. As a result, the grant date fair value is not representative of the total expense that will be recorded for these awards. As of September 30, 2016, the unrecognized compensation cost related to non-vested stock options outstanding, was $1,446,647 to be recognized over a weighted-average remaining vesting period of approximately 1.81 years. The Company recognizes compensation expense for only the portion of awards that are expected to vest. For the six months ended September 30, 2016 and 2015, the Company applied an expected forfeiture rate of 0% based on its historical experience. Non-Employee Stock Options In accordance with the guidance of ASC 815-40-15, stock options awarded to non-employees that are performing services for Neuro are required to be accounted for as derivative liabilities once the services have been performed and the options have vested because they are considered not to be indexed to the Company’s stock due to their exercise price being denominated in a currency other than Neuro’s functional currency. Stock options awarded to non-employees that are not vested are re-measured at their respective fair values at each reporting period and accounted for as equity awards until the terms associated with their vesting requirements have been met. The changes in fair value of the unvested non-employee awards are reflected in their respective operating expense classification in the Company’s consolidated statements of operations and comprehensive income (loss). The non-employee stock options that are required to be accounted for as liabilities are summarized as follows for the six months ended September 30, 2016 and 2015:
| Six Months Ended September 30, 2016 $ | Six Months Ended September 30, 2015 $
Fair value of non-employee options, beginning of the period | 521,179 | 1,581,444
Reallocation of vested non-employee options | 268,135 | 690,885
Change in fair value of non-employee stock options during the period | 185,159 | ( 1,910,420)
Fair value of non-employee options, end of the period | 974,473 | 361,909
The non-employee options that have vested are required to be re-valued with the change in fair value of the liability recorded as a gain or loss on the change of fair value of derivative liability and included in other items in the Company’s consolidated statements of operations and comprehensive income (loss) at the end of each reporting period. The fair value of the options will continue to be classified as a liability until such time as they are exercised, expire or there is an amendment to the respective agreements that renders these financial instruments to be no longer classified as a liability. The fair value of non-employee liability classified awards at September 30, 2016 and 2015 was estimated using the Black-Scholes option pricing model with the following weighted-average assumptions:
| September 30, 2016 | September 30, 2015
Stock price | $1.38 CAD | $0.84 CAD
Exercise price | $1.23 CAD | $1.52 CAD
Expected life | 2.84 years | 3.73 years
Expected volatility | 70.52% | 67.85%
Risk-free interest rate | 0.51% | 0.68%
Dividend rate | 0.00% | 0.00%
Share-based payments are classified in the Company’s statements of operations and comprehensive income (loss) as follows for the six months ended September 30, 2016 and 2015:
| Six Months Ended September 30, 2016 $ | Six Months Ended September 30, 2015 $
General and administrative | 817,359 | 357,999
Research and development | 106,932 | ( 107,584)
Total | 924,291 | 250,415

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- Definition The entire disclosure for accounts comprising shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income, and compensation-related costs for equity-based compensation. Includes, but is not limited to, disclosure of policies, compensation plan details, equity-based arrangements to obtain goods and services, deferred compensation arrangements, and employee stock purchase plan details. + References No definition available. + Details
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