Note 7 - Stockholders' Equity (Deficiency) |
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Stockholders' Equity Note Disclosure [Text Block] | 7. Stockholders' Equity (Deficiency): The holders of common stock are entitled to one vote for each share held. There are no restrictions that limit the Company's ability to pay dividends on its common stock. The Company has not declared any dividends since incorporation. The Company's common stock has no par value per common stock. (a) Common stock issuances: September 2017 During the quarter ended September 30, 2017, the Company closed a TSX Venture Exchange approved non-brokered private placement financing totaling $999,760 ($1,010,763 less issuance costs of $11,003 ). The private placement consisted of 2,887 ,895 units priced at $0.35 per unit. Each Unit was comprised of one common share and one share purchase warrant. Each share purchase warrant is exercisable into one common share of the Company for 12 months following closing. The exercise price of the warrants is $0.44 per share for the first six months following closing and $0.52 per share for the period which is 7 -12 months following closing. June 2017 During the quarter ended June 30, 2017, the Company closed a TSX Venture Exchange approved non-brokered private placement financing totaling CAD$1.045 million ($790,281 less issuance costs of $4,553 ). The private placement consisted of 2,323,779 units priced at CAD$0.45 ($0.34 ) per unit. Each Unit was comprised of one common share and one share purchase warrant. Each share purchase warrant is exercisable into one common share of the Company for 12 months following closing. The exercise price of the warrants is Canadian $0.55 per share for the first six months following closing and Canadian $0.65 per share for the period which is 7 -12 months following closing. The warrants have an exercise price in Canadian dollars whilst the Company's functional currency is US Dollars. Therefore, in accordance with ASU 815 - Derivatives and Hedging, the warrants have a derivative liability value. This liability value has no effect on the cashflow of the Company and does not represent a cash payment of any kind. During the quarter ended June 30, 2017, the fair value of derivative liability of $123,284 has been estimated on the date of the subscription using the Binomial Lattice pricing model. During the quarter ended September 30, 2017, there was a gain on derivative liability - warrants of $24,669 and the derivative liability - warrants value reduced to $98,615 with the following assumptions:
The average stock price is calculated on the probability weighted average price of the exercise of the warrants. October 2017 Subsequent to the quarter ended September 30, 2017, the Company closed a TSX Venture Exchange approved non-brokered private placement financing totaling $44,797 ($45,010 less issuance costs of $213 ). The private placement consisted of 128,600 units priced at $0.35 per unit. Each Unit was comprised of one common share and one share purchase warrant. Each share purchase warrant is exercisable into one common share of the Company for 12 months following closing. The exercise price of the warrants is $0.44 per share for the first six months following closing and $0.52 per share for the period which is 7 -12 months following closing. (b) Stock option plans: No September 30, 2017. During the quarter ended September 30, 2017, 60,000 options were cancelled and expired unexercised.
The fair value of each option grant has been estimated on the date of the grant using the Black-Scholes option-pricing model with the following assumptions:
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