10-Q

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x Quarterly Report Pursuant to Section 13 or 15(d) Securities Exchange Act of 1934 for the Quarterly Period Ended June 30, 2016

-OR-

¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities And Exchange Act of 1934 for the transition period from _________ to________

Commission File Number: 000-54717

BIONIK LABORATORIES CORP.

(Exact name of Registrant in its charter)

Delaware	27-1340346
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification Number)

483 Bay Street, N105 Toronto, Ontario	M5G 2C9
(Address of Principal Executive Offices)	(Zip Code)

Registrant's Telephone Number, Including Area Code:   (416) 640-7887

Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x    No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerate filer, or a small reporting company as defined by Rule 12b-2 of the Exchange Act):

Large accelerated filer	¨	Non-accelerated filer	¨
Accelerated filer	¨	Smaller reporting company	x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ¨ No x

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date. As of August 10, 2016, 35,052,384 shares of Common Stock, par value $0.001 per share.

BIONIK LABORATORIES CORP.

FORM 10-Q

INDEX 

	Page
PART I – FINANCIAL INFORMATION
Item 1.  Financial Statements	3
Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3. Quantitative and Qualitative Disclosures About Market Risk	34
Item 4.  Controls and Procedures	34
PART II - OTHER INFORMATION
Item 1.  Legal Proceedings	36
Item 1A. Risk Factors	36
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds	36
Item 3.  Defaults Upon Senior Securities	36
Item 4.  Mine Safety Disclosures	36
Item 5.  Other Information	36
Item 6.  Exhibits	36
SIGNATURES	37

2

BIONIK LABORATORIES CORP.

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

June 30, 2016 and 2015

(Amounts expressed in US Dollars)

Index

	Page
Unaudited Condensed Consolidated Interim Financial Statements	3
Condensed Consolidated Interim Balance Sheets as at June 30, 2016 (Unaudited) and March 31, 2016 (Audited)	4
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss (Unaudited) for the three month periods ended June 30, 2016 and 2015	5
Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity (Deficiency) (Unaudited) for the three month periods ended June 30, 2016 and 2015	6
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) for the three month periods ended June 30, 2016 and 2015	7
Notes to Condensed Consolidated Interim Financial Statements (Unaudited)	8-25

3

Bionik Laboratories Corp.

Condensed Consolidated Interim Balance Sheets

(Amounts expressed in US Dollars)

	As at June 30, 2016 (Unaudited)			As at March 31, 2016 (Audited)
	$			$
Assets
Current
Cash and cash equivalents		2,749,953			5,381,757
Accounts receivable		120,360			-
Prepaid expenses and other receivables (Note 4)		188,430			231,733
Inventories (Note 5)		260,259			-
Due from related parties (Note 8)(a)		41,623			41,445
Short term advances		-			125,153
Loan receivable		-			379,908
Total Current Assets		3,360,625			6,159,996
Equipment (Note 6)		126,336			76,750
Intangible Assets and Goodwill (Note 3)		27,888,979			-
Total Assets		31,375,940			6,236,746
Liabilities and Shareholders' Deficiency
Current
Current portion of Lease Payable (Note 6)		4,603			-
Accounts Payable (Notes 8(b) and 13)		377,045			320,871
Accrued liabilities		848,281			515,979
Promissory Notes payable (Note 7)		221,699			-
Customer Deposits		86,487			-
Warrant Derivative Liability (Note 11)		5,527,049			5,135,990
		7,065,164			5,972,840
Demand Notes payable (Note 7)		328,840			-
Lease Payable (Note 6)		18,032			-
Total Liabilities		7,412,036			5,972,840
Shareholders' Equity
Preferred Stock, par value $0.001; Authorized 10,000,000 Special Voting Preferred Stock, par value $0.001; Authorized - 1; Issued and outstanding - 1 (March 31, 2016 – 1)		-			-
Common Shares, par value $0.001; Authorized - 150,000,000 (March 31, 2016 – 150,000,000); Issued and outstanding – 35,052,384 and 50,000,000 Exchangeable Shares (March 31, 2016 – 22,591,292 and 50,000,000 Exchangeable Shares) (Note 9)		85,052			72,591
Shares to be issued		11,083,954			-
Additional paid in capital		26,727,501			11,801,146
Deficit		(13,974,752	)		(11,651,980	)
Accumulated other comprehensive income		42,149			42,149
Total Shareholders' Equity		23,963,904			263,906
Total Liabilities and Shareholders' Equity		31,375,940			6,236,746

Commitments and Contingencies (Note 14)

Subsequent Events (Note 16)

The accompanying notes are an integral part of these condensed consolidated interim financial statements

4

Bionik Laboratories Corp.

Condensed Consolidated Interim Statements of Operations and Comprehensive Loss

For the three month periods ended June 30, 2016 and 2015 (unaudited)

(Amounts expressed in U.S. Dollars)

	Three months ended June 30, 2016			Three months ended June 30, 2015
	$			$
Sales		164,191			-
Cost of Sales		58,875			-
Gross Margin		105,316			-
Operating expenses
Sales and marketing		82,198			-
Research and development		417,790			609,823
General and administrative		1,303,614			510,229
Share-based compensation expense (Notes 9(v) and 10)		219,248			1,297,558
Depreciation (Note 6)		10,163			17,002
Total operating expenses		2,033,013			2,434,612
Other expenses (income)
Interest expense (Note 7)		15,234			9,963
Other income		(11,218	)		(25,208	)
Change in fair value of warrant derivative liability (Note 11)		391,059			(917,749	)
Total other expenses (income)		395,075			(932,994	)
Net loss and comprehensive loss for the period		(2,322,772	)		(1,501,618	)
Loss per share - basic and diluted	$	(0.03	)		(0.02	)
Weighted average number of shares outstanding – basic and diluted		82,050,549			68,765,736

The accompanying notes are an integral part of these condensed consolidated interim financial statements

5

Bionik Laboratories Corp.

Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity (Deficiency)

For the three month periods ended June 30, 2016 and 2015 (unaudited)

(Amounts expressed in US Dollars)

	Special voting preferred shares				Common shares				Additional Paid In			Shares to be Issued							Accumulated Other Comprehensive
	Shares		Amount		Shares		Amount		Capital			Shares		Amount		Deficit			Income		Total
			$				$		$					$		$			$		$
Balance, March 31, 2015		1		-		65,839,563		65,840		10,081,394			-		-		(12,688,128	)		42,149		(2,498,745	)
Shares issued on private placement (Notes 9(i) to (iii))		-		-		6,568,750		6,568		(6,568	)		-		-		-			-		-
Share compensation expense		-		-		-		-		1,297,558			-		-		-			-		1,297,558
Net loss for the period		-		-		-		-		-			-		-		(1,501,618	)		-		(1,501,618	)
Balance, June 30, 2015		1		-		72,408,313		72,408		11,372,384			-		-		(14,189,746	)		42,149		(2,702,805	)
Shares issued for services		-		-		117,471		117		169,583			-		-		-			-		169,700
Cashless exercise of warrants		-		-		45,508		46		60,920			-		-		-			-		60,966
Share compensation expense		-		-		20,000		20		198,259			-		-		-			-		198,279
Net income for the period		-		-		-		-		-			-		-		2,537,766			-		2,537,766
Balance, March 31, 2016		1		-		72,591,292		72,591		11,801,146			-		-		(11,651,980	)		42,149		263,906
Shares issued on Acquisition (Note 3)		-		-		12,339,843		12,340		12,080,706			11,310,157		11,083,954		-			-		23,177,000
Stock compensation expense – vested options on Acquisition (Note 3)		-		-		-		-		2,582,890			-		-		-			-		2,582,890
Cashless exercise of warrants		-		-		51,249		51		43,511			-		-		-			-		43,562
Shares issued for services (Note 9(v))		-		-		70,000		70		59,430			-		-		-			-		59,500
Share compensation expense (Note 10)		-		-		-		-		159,818			-		-		-			-		159,818
Net loss for the period		-		-		-		-		-			-		-		(2,322,772	)		-		(2,322,772	)
Balance, June 30, 2016		1		-		85,052,384		85,052		26,727,501			11,310,157		11,083,954		(13,974,752	)		42,149		22,963,904

The accompanying notes are an integral part of these condensed consolidated interim financial statements

6

Bionik Laboratories Corp.

Condensed Consolidated Interim Statements of Cash Flows

for the three month periods ended June 30, 2016 and 2015 (unaudited)

(Amounts expressed in U.S. Dollars)

	Three months ended June 30, 2016			Three months ended June 30, 2015
	$			$
Operating activities
Net loss for the period		(2,322,772	)		(1,501,618	)
Adjustment for items not affecting cash
Depreciation		10,163			17,002
Interest expense		15,234			-
Share based compensation expense		159,818			1,297,558
Shares issued for services		59,500			-
Change in fair value of warrant derivative liability		391,059			(917,749	)
		(1,686,998	)		(1,104,807	)
Changes in non-cash working capital items
Accounts receivable		(113,870	)		-
Prepaid expenses and other receivables		60,142			(5,934	)
Due from related parties		(178	)		(671	)
Inventories		(71,380	)		-
Accounts payable		(703,526	)		(11,705	)
Accrued liabilities		(382,629	)		(299,676	)
Net cash used in operating activities		(2,898,439	)		(1,422,793	)
Investing activities
Acquisition of equipment		-			(30,917	)
Provision of a loan receivable		-			(150,000	)
Net cash used in investing activities		-			(180,917	)
Financing activities
Proceeds from issuance of shares, net of issue costs		-			4,552,409
Cash acquired on acquisition		266,635			-
Net cash provided by financing activities		266,635			4,552,409
Effects of foreign currency exchange rate changes		-			4,409
Net (decrease) increase in cash and cash equivalents for the period		(2,631,804	)		2,953,108
Cash and cash equivalents, beginning of period		5,381,757			6,125,108
Cash and cash equivalents, end of period		2,749,953			9,078,216

Supplemental information:

Assets acquired and liabilities assumed:
Current assets, including cash acquired of $266,635	$	478,843
Equipment		59,749
Intangible assets and goodwill		27,888,979
Accounts payable		(241,299	)
Accrued liabilities		(361,029	)
Customer deposits		(86,487	)
Demand notes payable		(324,894	)
Promissory notes payable		(217,808	)
Bionik advance		(1,436,164	)
Non-cash consideration	$	25,759,890

The accompanying notes are an integral part of these condensed consolidated interim financial statements

7

BIONIK LABORATORIES CORP.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the three month periods ended June 30, 2016 and 2015 (unaudited)

(Amounts expressed in U.S. Dollars)

1. NATURE OF OPERATIONS

The Company and its Operations

Bionik Laboratories Corp. (formerly Drywave Technologies Inc., the “Company” or “Bionik”) was incorporated on January 8, 2010 in the State of Colorado as Strategic Dental Management Corp. On July 16, 2013, the Company changed its name to Drywave Technologies Inc. (“Drywave”) and its state of incorporation from Colorado to Delaware. Effective February 13, 2015, the Company changed its name to Bionik Laboratories Corp. and reduced the authorized number of shares of common stock from 200,000,000 to 150,000,000. Concurrently, the Company implemented a 1-for-0.831105 reverse stock split of the common stock, which had previously been approved on September 24, 2014.

On February 26, 2015, the Company entered into a Share Exchange Agreement and related transactions whereby it acquired Bionik Laboratories Inc., a Canadian Corporation (Bionik Canada and Bionik Canada issued 50,000,000 Exchangeable Shares, representing a 3.14 exchange ratio, for 100% of the then outstanding common shares of Bionik Canada (the “Merger”). The Exchangeable Shares are exchangeable at the option of the holder, each into one share of the common stock of the Company. In addition the Company issued one Special Preferred Voting Share (the “Special Preferred Share”) (Note 9).

As a result of the shareholders of Bionik Canada having a controlling interest in the Company subsequent to the Merger, for accounting purposes the Merger does not constitute a business combination. The transaction has been accounted for as a recapitalization of the Company with Bionik Canada being the accounting acquirer even though the legal acquirer is Bionik, accordingly, the historic financial statements of Bionik Canada are presented as the comparative balances for the period prior to the Merger.

References to the Company refer to the Company and its wholly-owned subsidiaries, Bionik Acquisition Inc. and Bionik Canada. References to Drywave relate to the Company prior to the Merger.

On April 21, 2016, the Company acquired all of the outstanding shares and, accordingly, all assets and liabilities of Interactive Motion Technologies, Inc. (IMT), a Boston, Massachusetts-based global pioneer and leader in providing effective robotic products for neurorehabilitation, pursuant to an Agreement and Plan of Merger (the “Merger Agreement”) dated March 1, 2016, with IMT, Hermano Igo Krebs, and Bionik Mergerco Inc., a Massachusetts corporation and our wholly owned subsidiary (Bionik Mergeco). The merger agreement provided for the merger of Bionik Mergerco with and into IMT, with IMT surviving the merger as the Company’s wholly-owned subsidiary. In return for acquiring IMT, IMT shareholders received or will receive up to an aggregate of 23,650,000 shares of the Company’s common stock.

The Company is a global pioneering robotics company focused on providing rehabilitation solutions to individuals with neurological disorders, specializing in designing, developing and commercializing cost-effective physical rehabilitation technologies, prosthetics, and assisted robotic products. The Company strives to innovate and build devices that can rehabilitate and improve an individual’s health, comfort, accessibility and quality of life through the use of advanced algorithms and sensing technologies that anticipate a user’s every move.

The unaudited condensed consolidated interim financial statements consolidate the Company and its wholly-owned subsidiaries Bionik Canada, Bionik Acquisition Inc. and Bionik, Inc. (the former IMT) since its acquisition on April 21, 2016.

These unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP"), which contemplates continuation of the Company as a going concern, which assumes the realization of assets and satisfaction of liabilities and commitments in the normal course of business. 

As at June 30, 2016, the Company had a working capital deficit of $3,704,539 and working capital as at March 31, 2016, of $187,156 and shareholders’ equity of $23,963,904 (March 31, 2016 - $263,906) and incurred a net loss and comprehensive loss of $2,322,772 for the three-month period ended June 30, 2016 (June 30 2015 - $1,501,618).

The Company’s principal offices are located at 483 Bay Street, N105, Toronto, Ontario, Canada M5G 2C9 and Bionik, Inc.’s address is 80 Coolidge Hill Road, Watertown, MA. USA 02472.

Liquidity

Largely as a result of significant research and development activities related to the development of the Company’s advanced technology and commercialization of this technology into its medical device business, the Company has incurred significant operating losses and negative cash flows from operations since inception. As of June 30, 2016, the Company had an accumulated deficit of $13,974,752.

Cash on hand at June 30, 2016 was $2,749,953 and at March 31, 2016 it was $5,381,757. For the three months ended June 30, 2016, the Company had increased legal, accounting and other one time costs associated with the acquisition of IMT including the investment of $931,103 to close the transaction this quarter, as well as other one time legal, accounting and other costs associated with filing S-1’s to register shareholder’s shares and legal, accounting and other one time costs related to changing the Company’s year end from December to March to facilitate a possible future NASDAQ listing.

The Company’s actual capital requirements may vary significantly and will depend on many factors. Consequently, the Company will require significant additional financing in the immediate future, which the Company intends to raise before December 31, 2016 through corporate collaborations, public or private equity offerings, debt financings or warrant solicitations.

Sales of additional equity securities by the Company could result in the dilution of the interests of existing stockholders. There can be no assurance that financing will be available when required in sufficient amounts, on acceptable terms or at all. In the event that the necessary additional financing is not obtained, the Company would reduce its discretionary overhead costs substantially, including research and development, general and administrative, and sales and marketing expenses or otherwise curtail operations. However, the Company expects the foregoing, or a combination thereof, to meet the Company’s anticipated cash requirements for the next 12 months.

8

BIONIK LABORATORIES CORP.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the three month periods ended June 30, 2016 and 2015 (unaudited)

(Amounts expressed in U.S. Dollars)

2. SIGNIFICANT ACCOUNTING POLICIES

Unaudited Condensed Consolidated Interim Financial Statements

These unaudited condensed consolidated interim financial statements have been prepared on the same basis as the annual audited financial statements and should be read in conjunction with those annual audited financial statements filed on Form 10-KT for the period ended March 31, 2016. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect adjustments, necessary to present fairly the Company's financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period.

Newly Adopted and Recently Issued Accounting Pronouncements

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The accounting standard is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017. Early adoption is not permitted. The impact on the consolidated financial statements of adopting ASU 2014-09 will be assessed by management.

In August 2014, the FASB issued a new financial accounting standard on going concern, ASU No. 2014-15, “Presentation of Financial Statements – Going Concern (Sub-Topic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The standard provides guidance about management’s responsibility to evaluate whether there is a substantial doubt about the organization’s ability to continue as a going concern. The amendments in this Update apply to all companies. They become effective in the annual period ending after December 15, 2016, with early application permitted. The impact on the consolidated financial statements of adopting ASU 2014-15 will be assessed by management.  

In September 2015, the FASB issued ASU No. 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments,” which illustrates certain guidance governing adjustments to the provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill. Such adjustments are required when new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement amounts initially recognized or would have resulted in the recognition of additional assets and liabilities. ASU No. 2015-16 eliminates the requirement to retrospectively account for such adjustments. ASU No. 2015-16 is effective for the fiscal year commencing after December 15, 2016. The Company has adopted this ASU No. 2015-16 as at and for the three and twelve month periods ended March 31, 2016. There was no material effect on the consolidated financial position or the consolidated results of operations and comprehensive loss.

In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes,” which requires that deferred tax liabilities and assets be classified on our Consolidated Balance Sheets as noncurrent based on an analysis of each taxpaying component within a jurisdiction. ASU No. 2015-17 is effective for the fiscal year commencing after December 15, 2017. The Company does not anticipate that the adoption of ASU No. 2015-17 will have a material effect on the consolidated financial position or the consolidated results of operations.

In February 2016, the FASB issued ASU 2016-02, Leases. This update requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The new guidance will also require additional disclosure about the amount, timing and uncertainty of cash flows arising from leases. The provisions of this update are effective for annual and interim periods beginning after December 15, 2018. The Company is still assessing the impact that the adoption of ASI 2016-02 will have on the consolidated financial position and the consolidated results of operations.

In March 2016, the FASB issued ASU 2016-09, "Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting". Several aspects of the accounting for share-based payment award transaction are simplified, including (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is still assessing the impact that the adoption of ASI 2016-09 will have on the consolidated financial position and the consolidated results of operations.

9

BIONIK LABORATORIES CORP.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the three month periods ended June 30, 2016 and 2015 (unaudited)

(Amounts expressed in U.S. Dollars)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Revenue Recognition

The Company recognizes revenue upon completion of its products when they are shipped from its place of manufacture.

Significant Judgments - Warrant Derivative Liability

The Company’s derivative warrant instruments are measured at fair value using a simulation model which takes into account, as of the valuation date, factors including the current exercise price, the expected life of the warrant, the current price of the underlying stock, its expected volatility, holding cost and the risk-free interest rate for the term of the warrant (Note 11). The warrant derivative liability is revalued at each reporting period and changes in fair value are recognized in the condensed consolidated interim statements of operations and comprehensive loss under the caption “Change in fair value of warrant derivative liability”.

The selection of the appropriate valuation model and the inputs and assumptions that are required to determine the valuation requires significant judgment and requires management to make estimates and assumptions that affect the reported amount of the related liability and reported amounts of the change in fair value. Actual results could differ from those estimates, and changes in these estimates are recorded when known. As the derivative warrant liability is required to be measured at fair value at each reporting date it is reasonably possible that these estimates and assumptions could change in the near term.

Warranty Reserve and Deferred Warranty Revenue

The Company provides a one-year warranty as part of its normal sales offering. When products are sold, the Company provides warranty reserves, which, based on the historical experience of the Company are sufficient to cover warranty claims. Accrued warranty reserves are included in accrued liabilities on the balance sheet and amount to $61,380 at June 30, 2016. The Company also sells extended warranties for additional periods beyond the standard warranty. Extended warranty revenue is deferred and recognized as revenue over the extended warranty period. The Company recognized $15,190 of expense related to the change in warranty reserves and warranty costs incurred and recorded as an expense in cost of good sold during the three-month period ended June 30, 2016.

Foreign Currency Translation

On April 1, 2015, Bionik Canada and Bionik Acquisition Inc. changed its functional currency from the Canadian Dollar to the U.S. Dollar. This reflects the fact that the majority of the Company’s business is influenced by an economic environment denominated in U.S. currency as well the Company anticipates revenues to be earned in U.S. dollars. The change in accounting treatment is applied prospectively. The functional currency is separately determined for the Company and each of its subsidiaries, and is used to measure the financial position and operating results. The functional currency of the Company and its wholly-owned subsidiaries is the U.S. dollar. Transactions denominated in a currency other than the functional currency are recorded on initial recognition at the exchange rate at the date of the transaction. After initial recognition, monetary assets and liabilities denominated in foreign currency are translated at the end of each reporting period into the functional currency at the exchange rate at that date. Exchange differences are recognized in profit or loss. Non-monetary assets and liabilities measured at cost are translated at the exchange rate at the date of the transaction.

10

BIONIK LABORATORIES CORP.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the three month periods ended June 30, 2016 and 2015 (unaudited)

(Amounts expressed in U.S. Dollars)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Fair Value of Financial Instruments

ASC Topic 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Included in the ASC Topic 820 framework is a three level valuation inputs hierarchy with Level 1 being inputs and transactions that can be effectively fully observed by market participants spanning to Level 3 where estimates are unobservable by market participants outside of the Company and must be estimated using assumptions developed by the Company. The Company discloses the lowest level input significant to each category of asset or liability valued within the scope of ASC Topic 820 and the valuation method as exchange, income or use. The Company uses inputs which are as observable as possible and the methods most applicable to the specific situation of each company or valued item.

The carrying amounts reported in the balance sheets for cash and cash equivalents, accounts receivable, other receivables, accounts payable and accrued liabilities, due from related parties approximate fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rates of interest. Per ASC Topic 820 framework these are considered Level 2 inputs where inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

As at June 30, 2016, the Company’s warrant derivative liability was measured at fair value at each reporting period using a simulation model based on Level 3 inputs.

The Company’s policy is to recognize transfers into and out of Level 3 as of the date of the event or change in the circumstances that caused the transfer. There were no such transfers during the period.

3. ACQUISITION

On April 21, 2016, the Company acquired 100% of the common and preferred shares of IMT, through a transaction where Bionik Mergerco merged with and into IMT, with IMT surviving the Merger as a wholly-owned subsidiary of Bionik.

Subject to the indemnification and escrow arrangements described in the Merger Agreement, Bionik has issued (or has reserved for issuance) an aggregate of 23,650,000 shares of Company Common Stock in exchange for all shares of IMT Common Stock and IMT Preferred Stock outstanding immediately prior to April 21, 2016. 12,339,843 common shares of the 23,650,000 were issued at June 30, 2016, and the remaining 11,310,157 common shares were issued subsequent to June 30, 2016.

Bionik also assumed each of the 3,895,000 options to acquire IMT Common Stock granted under IMT’s equity incentive plan or otherwise issued by IMT. These options were exchanged for purchase an aggregate of 3,000,000 shares of Company Common Stock, of which 1,000,000 have an exercise price of $0.25, 1,000,000 have an exercise price of $0.95 and 1,000,000 have an exercise price of $1.05. Stock compensation expense on vested options of $2,582,890 was recorded on the options exchanged and this amount is included in the acquisition equation.

The Company acquired the assets of IMT, which also included five licensed patents, a MIT Licence Agreement, three FDA listed products, a FDA inspected manufacturing facility, extensive clinical and sales data, a sales group and international distributors. Due to the complexities in identifying and valuing the intangible assets acquired, the Company has not yet finalized the purchase price allocation. At this time the Company is not practicably able to estimate the fair value of each identifiable asset. The Company has retained an independent valuator to determine the purchase price allocation. At this time the Company anticipates the intangible assets to consist of clinical data, sales data, license and patents/technology acquired and any excess to result in goodwill.

11

BIONIK LABORATORIES CORP.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the three month periods ended June 30, 2016 and 2015 (unaudited)

(Amounts expressed in U.S. Dollars)

3. ACQUISITION – continued

The following sets forth the preliminary purchase price allocation based on management’s best estimates of fair value, including a summary of major classes of consideration transferred and the recognized amounts of assets acquired and liabilities assumed at the acquisition date.

	As at
	April 21, 2016
	$
Consideration Paid:
Fair value of 23,650,000 common shares (a)		23,177,000
Fair value of vested stock options (b)		2,582,890
		25,759,890
Allocation of purchase price:
Assets Acquired:
Cash and cash equivalents		266,635
Accounts receivable		6,490
Inventories		188,879
Prepaid expenses and other current assets		16,839
Equipment		59,749
Liabilities assumed:
Accounts payable		(241,299	)
Accrued liabilities		(361,029	)
Customer deposits		(86,487	)
Demand notes payable		(324,894	)
Promissory notes payable		(217,808	)
Bionik advance		(1,436,164	)
Net assets acquired		(2,129,089	)
Intangible assets and goodwill		27,888,979
		25,759,890

(a) The fair value of common shares is based on $0.98 the closing market price of the Company’s shares on April 21, 2016.

(b) The fair value of the vested stock options was determined using the Black Scholes option pricing model with the following key assumptions: a risk free rate of 1.59%, dividend and forfeiture rates of 0% and expected volatility of 114% which is consistent with the Company’s assumptions (Note 10).

The amount of IMT’s revenue and net loss and comprehensive loss included in the Company’s condensed consolidated interim statements of operations and comprehensive loss for the three month period ended June 30, 2016 are as follows:

	For the period
	April 21 - June 30, 2016
	(unaudited)
Revenue	$	162,588
Net loss and comprehensive loss	$	(292,634	)

12

BIONIK LABORATORIES CORP.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the three month periods ended June 30, 2016 and 2015 (unaudited)

(Amounts expressed in U.S. Dollars)

3. ACQUISITION – continued

Pro forma results of operations

The following unaudited pro forma financial information presents combined results of operations for each of the periods presented as if the Merger had been completed April 1, 2016. The pro forma data is for informational purposes only and is not necessarily indicative of the consolidated results of operations of the combined business had the Merger actually occurred on April 1, 2016 or the results of future operations of the combined business. For instance, planned or expected operational synergies following the Merger are not reflected in the pro forma information. Consequently, actual result will differ from the unaudited pro forma information presented below.

	Three Months Ended June 30,
	2016			2015
	(unaudited)
Revenue	$	166,028		$	438,414
Net loss and comprehensive loss	$	(407,245	)	$	(124,548	)

*There were no material or nonrecurring adjustments in the supplemental pro forma revenue or results of operations as shown above.

13

BIONIK LABORATORIES CORP.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the three month periods ended June 30, 2016 and 2015 (unaudited)

(Amounts expressed in U.S. Dollars)

4. PREPAID EXPENSES AND OTHER RECEIVABLES

	June 30,  2016		March 31, 2016
	$		$
Prepaid expenses and sundry receivables		75,831		87,979
Prepaid insurance		83,329		107,259
Sales taxes receivable (i)		29,270		36,495
		188,430		231,733

(i) Sales tax receivable represents net harmonized sales taxes (HST) input tax credits receivable from the Government of Canada.

5. INVENTORIES

	June 30,  2016		March 31, 2016
	$		$
Raw Materials		218,047		-
Work in Progress		42,212		-
		260,259		-

6. EQUIPMENT

Equipment consisted of the following as at June 30, 2016 and March 31, 2016:

	June 30, 2016						March 31, 2016
	Cost		Accumulated Depreciation		Net		Cost		Accumulated Depreciation		Net
	$		$		$		$		$		$
Computers and electronics		262,853		184,636		78,217		152,246		96,379		55,867
Furniture and fixtures		36,795		24,361		12,434		22,496		10,118		12,378
Demonstration equipment		28,800		1,200		27,600		-		-		-
Manufacturing equipment		84,442		84,442		-		-		-		-
Tools and parts		11,422		3,337		8,085		11,422		2,917		8,505
		424,312		297,976		126,336		186,164		109,414		76,750

Included in Computers and Electronics are assets under capital lease of $23,019 which are being amortized over the term of the lease. Current portion of the lease as at June 30, 2016, $4,603 (March 31, 2016 - $Nil) and the long term portion as at June 30, 2016, $18,032 (March 31, 2016 - $Nil). Equipment is recorded at cost less accumulated depreciation. Depreciation expense during the period ended June 30, 2016 was $10,163 (June 30, 2015 - $17,002).  

14

BIONIK LABORATORIES CORP.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the three month periods ended June 30, 2016 and 2015 (unaudited)

 (Amounts expressed in U.S. Dollars)

7. NOTES PAYABLE

Demand Notes payable

The Company has outstanding notes payable (“Notes”) of $328,840, acquired from IMT, loan amounts represented by one such Note which is owed to a director of the Company for $148,974 at June 30, 2016. On March 1, 2016, the Company executed amendments to the Notes to accrue interest at a rate of prime, as reported by the Wall Street Journal, of 3.50% at the date of amendment and to defer the demand feature until the earlier of December 31, 2017 or the date when the Company raises new capital in excess of $15 million in cash.

Interest expense incurred on the Notes totalled $3,325 for the period ended June 30, 2016.

Promissory Notes payable

In February 2014, the Company borrowed $200,000 from an existing investor under the terms of the secured promissory note (“Promissory Note”). The Promissory Note bears interest at a simple interest rate equal to 10% per annum and interest is payable quarterly. The Promissory Note, which matured in March 2016, was extended and now matures in September 2016, may be prepaid at any time, and is secured by substantially all the assets of one of the Company’s subsidiaries. Interest expense incurred on the Note totalled $3,890 for the period ended June 30, 2016.

Subsequent to June 30, 2016, the Promissory Note was extended to March 2017 under the same terms and conditions stated above.

8. RELATED PARTY TRANSACTIONS AND BALANCES

Due from related parties

(a) As of June 30, 2016, the Company had advances receivable from the Chief Operating Officer (“COO”) and former Chief Technology Officer (“CTO”) for $41,623 (March 31, 2016 – $41,445). These advances are unsecured, bear interest at a rate of 1% based on the Canada Revenue Agency’s prescribed rate for such advances and are payable on demand in Canadian dollars. The Company accrued interest receivable in the amount of $392 (March 31, 2016 - $1,148); the remaining fluctuation in the balance from the prior year is due to foreign exchange.

The Company advanced funds to settle a tax assessment; the Company paid additional salary amounts that had not been made during the period; and, the Company reimbursed $37,837 ($44,000 CAD) related to various out-of-pocket costs they incurred on behalf of the Company.

Accounts payable and accrued liabilities

(b) As at June 30, 2016, $1,118 (March 31, 2016 - $2,694) was owing to the CEO, $Nil (March 31, 2016 - $3,284) owing to the former CTO and $16,941 owing to the COO (March 31, 2016 - $8,812) and $Nil owing to the CFO (March 31, 2016 - $116), and $102 owing to our VP US Operations related to business expenses, all of which are included in accounts payable.

15

BIONIK LABORATORIES CORP.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the three month periods ended June 30, 2016 and 2015 (unaudited)

(Amounts expressed in U.S. Dollars)

9. SHARE CAPITAL

	June 30, 2016				March 31, 2016
	Number of shares		$		Number of shares		$
Exchangeable Shares:
Balance beginning and end of the period		50,000,000		50,000		50,000,000		50,000
Common Shares
Balance at beginning of the period		22,591,292		22,591		22,428,313		22,428
Shares issued on acquisition (Note 3)		12,339,843		12,339
Shares issued for services (v)		70,000		70		117,471		117
Cashless exercise of warrants (iv)		51,249		51		45,508		46
Balance at end of the period		35,052,384		35,051		22,591,292		22,591
TOTAL COMMON SHARES		85,052,384		85,052		72,591,292		72,591

(i) On April 21, 2015, the Company issued 3,115,000 Units for gross proceeds of $2,492,000 to accredited investors in a fourth closing (the “Fourth Closing”) of its 2015 private offering. Each Unit consisted of one common share of the Company, and a warrant to purchase one common share of the Company at an exercise price of $1.40 per share exercisable for 4 years. The Company incurred share issue costs before legal and other related to the Fourth Closing of $338,960 and issued 311,500 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 11). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $435,682 was recorded as a loss on initial recognition of the warrants and included in the change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss.

(ii) On May 27, 2015, the Company issued 1,418,750 Units for gross proceeds of $1,135,000 to accredited investors in a fifth closing (the “Fifth Closing”) of its 2015 private offering. Each Unit consisted of one common share of the Company, and a warrant to purchase one common share of the Company at an exercise price of $1.40 per share exercisable for 4 years. The Company incurred share issue costs before legal and other costs related to the Fifth Closing of $147,566 and issued 141,875 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 11). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $37,739 was recorded as a loss on initial recognition of the warrants and included in the change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss.

(iii) On June 30, 2015, the Company issued 2,035,000 Units for gross proceeds of $1,628,000 to accredited investors in a sixth and final closing (the “Sixth Closing”) of its private offering. Each Unit consisted of one common share of the Company, and a warrant to purchase one common share of the Company at an exercise price of $1.40 per share exercisable for 4 years. The Company incurred share issue costs before legal and other costs related to the Sixth Closing of $211,656 and issued 203,500 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 11). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $74,625 was recorded as a loss on initial recognition of the warrants and included in the change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss.

16

BIONIK LABORATORIES CORP.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the three month periods ended June 30, 2016 and 2015 (unaudited)

(Amounts expressed in U.S. Dollars)

9. SHARE CAPITAL – Continued

(iv) During the three month period ended June 30, 2016, 51,249 common shares were issued as a result of a cashless exercise of 262,045 warrants with an exercise price of $0.80. Under the terms of the warrant agreement the value of the warrants on exercise is attributed to the shares on exercise and the Company has recognized a value of $43,562.

(v) The Company issued 70,000 common shares during the three month period ended June 30, 2016 for consulting services and recognized $59,500 of share compensation expense.

Special Voting Preferred Share

In connection with the Merger (Note 1), on February 26, 2015, the Company entered into a voting and exchange trust agreement (the “Trust Agreement”). Pursuant to the Trust Agreement, the Company issued one Special Voting Preferred Share to the Trustee, and the parties created a trust for the Trustee to hold the Special Voting Preferred Share for the benefit of the holders of the Exchangeable Shares (the “Beneficiaries”). Pursuant to the Trust Agreement, the Beneficiaries will have voting rights in the Company equivalent to what they would have had they received shares of common stock in the same amount as the Exchangeable Shares held by the Beneficiaries.

In connection with the Merger and the Trust Agreement, effective February 20, 2015, the Company filed a certificate of designation of the Special Voting Preferred Share (the “Special Voting Certificate of Designation”) with the Delaware Secretary of State. Pursuant to the Special Voting Certificate of Designation, one share of the Company’s blank check preferred stock was designated as Special Voting Preferred Share. The Special Voting Preferred Share entitles the Trustee to exercise the number of votes equal to the number of Exchangeable Shares outstanding on a one-for-one basis during the term of the Trust Agreement.

The Special Voting Preferred Share is not entitled to receive any dividends or to receive any assets of the Company upon liquidation, and is not convertible into common shares of the Company.

The voting rights of the Special Voting Preferred Share will terminate pursuant to and in accordance with the Trust Agreement. The Special Voting Preferred Share will be automatically cancelled at such time as no Exchangeable Shares are held by a Beneficiary.

17

BIONIK LABORATORIES CORP.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the three month periods ended June 30, 2016 and 2015 (unaudited)

(Amounts expressed in U.S. Dollars)

10. STOCK OPTIONS

The purpose of the Company’s stock option plan, is to attract, retain and motivate persons of training, experience and leadership to the Company, including their directors, officers and employees, and to advance the interests of the Company by providing such persons with the opportunity, through share options, to acquire an increased proprietary interest in the Company.

Options may be granted in respect of authorized and unissued shares, provided that the aggregate number of shares reserved for issuance upon the exercise of all Options granted under the Plan, shall not exceed 10,800,000 or such greater number of shares as may be determined by the Board and approved, if required, by the shareholders of the Company and by any applicable stock exchange or other regulatory authority. Optioned shares in respect of which options are not exercised shall be available for subsequent options.

On April 11, 2014 and June 20, 2014 the Company issued 657,430 and 264,230 options to employees and a consultant at an exercise price of $0.165 and $0.23, respectively, with a term of seven years. The options vest one-third on grant date and two thirds equally over the subsequent two years on the anniversary date. During the nine month period ended December 31, 2014, 125,824 of the 657,430 options were cancelled. On February 26, 2015, as a result of the Merger, the options were re-valued. The fair value, as re-measured, of the 531,606 options issued in April 2014 and the 264,230 options issued in June 2014 was $230,930 and $118,957 respectively. An additional 62,912 options were cancelled during the quarter ended June 30, 2016 and stock compensation of $3,658 and $176 was recognized in the quarter.

On July 1, 2014, the Company issued 2,972,592 options to management of the Company, at an exercise price of $0.23 with a term of 7 years, which vested May 27, 2015. On February 26, 2015, as a result of the Merger, the options were re-valued at a fair value of $1,259,487, which vest immediately. During the quarter, the management executive left the Company and 990,864 of these options will be cancelled six months after his last day according to his employment agreement.

On February 17, 2015, the Company issued 314,560 options to a director, employees and a consultant with an exercise price of $0.23, that vest one third immediately and two thirds over the next two anniversary dates with an expiry date of seven years. The grant date fair value of the options was $136,613. Previously 110,100 options were cancelled and $7,400 of stock compensation was recognized in the quarter

On November 24, 2015, the Company issued 650,000 options granted to employees that vest over three years at the anniversary date. The grant date fair value of the options was $694,384. During the year ended March 31, 2016 250,000 options were cancelled and stock compensation expense of 62,317 was recognized. During the quarter ended June 30, 2016, $35,609 of stock compensation expense was recognized.

On December 14, 2015, the Company issued 2,495,000 options granted to employees, directors and consultants that vest over three years at the anniversary date. The grant date fair value of the options was $1,260,437.  During the year ended March 31, 2016, 25,000 options were cancelled and for the quarter ended June 30, 2016 40,000 options were cancelled and stock compensation expenses of $100,308 was recognized.

On April 21, 2016, the Company issued 3,000,000 stock options to employees of Bionik, Inc. in exchange for 3,895,000 options that existed before the Company purchased IMT, of which 1,000,000 have an exercise price of $0.25, 1,000,000 has an exercise price of $0.95 and 1,000,000 have an exercise price of $1.05. The grant fair value of vested options was $2,582,890 and has been recorded as part of the acquisition equation (Note 3).

On April 26, 2016, the Company issued 250,000 options to an employee with an exercise price of $1.00 that will vest over three years at the anniversary date. The grant fair value was $213,750. During the quarter ended June 30, 2016, $4,667 stock compensation expense was recognized.

During the three month period ended June 30, 2016, the Company recorded $159,818 in share-based compensation related to the vesting of stock options (June 30, 2015 - $1,297,558).

18

 BIONIK LABORATORIES CORP.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the three month periods ended June 30, 2016 and 2015 (unaudited)

(Amounts expressed in U.S. Dollars)

10. STOCK OPTIONS – Continued

These options at their respective grant dates were valued using the Black-Scholes option pricing model with the following key assumptions:

Grant date	Expected life  in years		Risk  free rate			Dividend  rate			Forfeiture  rate			Expected  volatility			Grant date  fair value
February 17, 2015		4.50		1.59	%		0	%		0	%		114	%	$	136,613
July 1, 2014		3.90		1.59	%		0	%		0	%		114	%	$	1,259,487
June 20, 2014		6.07		1.59	%		0	%		0	%		114	%	$	118,957
April 11, 2014		4.14		1.59	%		0	%		0	%		114	%	$	230,930
November 24, 2015		6.5		1.59	%		0	%		0	%		114	%	$	694,384
December 14, 2015		6.5		1.59	%		0	%		0	%		114	%	$	1,260,437
April 21, 2016		0.59 – 9.51		1.59	%		0	%		0	%		114	%	$	2,582,890
April 26, 2016		6.9		1.59	%		0	%		0	%		114	%	$	213,750

A summary of the Company’s outstanding options is as follows:

	Number of Options			Weighted-Average Exercise Price ($)
Outstanding, December 31, 2015		6,960,609			0.59
Cancelled		(355,729	)		0.97
Outstanding, March 31, 2016		6,604,880			0.57
Issued		3,250,000			0.77
Cancelled		(123,895	)		0.45
Outstanding, June 30, 2016		9,730,985			0.64

19

BIONIK LABORATORIES CORP.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the three month periods ended June 30, 2016 and 2015 (unaudited)

(Amounts expressed in U.S. Dollars)

10. STOCK OPTIONS – Continued

The following is a summary of stock options outstanding and exercisable as of June 30, 2016:

Exercise Price ($)		Number of Options		Expiry Date	Number of Exercisable Options
	0.165		374,324	April 1, 2021		374,324
	0.23		99,610	June 20, 2021		99,610
	0.23		2,972,592	July 1, 2021		2,972,592
	0.23		204,460	February 17, 2022		136,314
	1.22		400,000	November 24, 2022		-
	1.00		2,430,000	December 14, 2022		-
	1.00		250,000	April 26, 2023		-
	0.25		906,077	July 28, 2025		906,077
	0.25		93,923	December 30, 2025		59,158
	0.95		9,486	February 2, 2017		9,486
	0.95		111,937	March 28, 2023		111,937
	0.95		31,620	March 3, 2024		31,620
	0.95		15,810	March 14, 2024		15,810
	0.95		82,213	September 30, 2024		82,213
	0.95		7,431	June 2, 2025		7,431
	0.95		671,859	July 29, 2025		671,859
	0.95		69,643	December 30, 2025		8,193
	1.05		36,697	February 2, 2017		36,697
	1.05		423,642	March 28, 2023		423,642
	1.05		122,324	March 3, 2024		122,324
	1.05		70,548	March 14, 2024		61,162
	1.05		318,042	September 30, 2024		318,042
	1.05		28,747	June 2, 2025		28,747
			9,730,985			6,477,238

The weighted-average remaining contractual term of the outstanding options is 6.50 (June 30, 2015 – 6.02) and for the options that are exercisable 6.48 (June 30, 2015 – 6.00).

11. WARRANTS

The following is a continuity schedule of the Company’s common share purchase warrants:

	Number of Warrants			Weighted-Average Exercise Price ($)
Outstanding and exercisable, March 31, 2015		10,823,450			1.35
Issued		7,225,625			1.35
Outstanding and exercisable, December 31, 2015		18,049,075			1.35
Exercised		(148,787	)		(0.80	)
Outstanding and exercisable, March 31, 2016		17,900,288			1.35
Exercised		(262,045	)		(0.80	)
Outstanding and exercisable, June 30, 2016		17,638,243			1.36

In February 2016, a warrant holder exercised 148,787 warrants on a cashless basis based on the terms of the warrant agreement and was issued 45,508 common shares. During the three month period ended June 30, 2016, 262,045 warrants were exercised on a cashless basis based on the terms of the warrant agreement and the Company issued 51,249 common shares (Note 9 (iv)).

20

BIONIK LABORATORIES CORP.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the three month periods ended June 30, 2016 and 2015 (unaudited)

(Amounts expressed in U.S. Dollars)

11. WARRANTS – Continued

Common share purchase warrants

The following is a summary of common share purchase warrants outstanding as of June 30, 2016:

Exercise  Price ($)			Number of Warrants		Expiry Date
	1.40			7,735,750	February 26, 2019
	1.40			1,212,500	March 27, 2019
	1.40			891,250	March 31, 2019
	1.40	Note 9(i)		3,115,000	April 21, 2019
	1.40	Note 9 (ii)		1,418,750	May 27, 2019
	1.40	Note 9(iii)		2,035,000	June 30, 2019
	0.80	Note (9 i to iii)		1,229,993	February 26, 2019
				17,638,243

The weighted-average remaining contractual term of the outstanding warrants is 2.52 (March 31, 2016 – 2.77).

Exchangeable share purchase warrants

In 2014, the Company repaid loans of $180,940 plus accrued interest of $12,138 owing to investors introduced by Pope and Co. As part of this transaction the Company was committed to issue these lenders warrants exercisable into 349,522 Exchangeable Shares at an exercise price of $0.23 per share for a period ending March 21, 2017. During the year ended March 31, 2015, the Company issued these warrants.

21

BIONIK LABORATORIES CORP.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the three month periods ended June 30, 2016 and 2015 (unaudited)

(Amounts expressed in U.S. Dollars)

11. WARRANTS – Continued

Warrant derivative liability

The Company’s outstanding common share purchase warrants include price protection provisions that allow for a reduction in the exercise price of the warrants in the event the Company subsequently issues common stock or options, rights, warrants or securities convertible or exchangeable for shares of common stock at a price lower than the exercise price of the warrants. Simultaneously with any reduction to the exercise price, the number of shares of common stock that may be purchased upon exercise of each of these warrants shall be increased based on a pre-defined formula.

In addition, prior to the effectiveness of certain resale registration statements or if any such registration statements are no longer effective, the holder of the Company’s warrants, at their option, may exercise all or any part of the warrants in a “cashless” or “net-issue” exercise.

The Company has the option to redeem the warrants for $0.001 per warrant if the daily volume weighted-average price of the common shares is 200% or more of the exercise price for twenty consecutive trading days provided there is an effective registration statement covering the common shares available throughout the thirty day period after the redemption date. The warrant holders then have thirty days to exercise the warrants or receive the redemption amount.

The Company’s derivative instruments have been measured at fair value at inception and at each reporting period using a simulation model. The Company recognizes all of its warrants with price protection on its consolidated balance sheet as a derivative liability.

The following summarizes the changes in the value of the warrant derivative liability from inception until June 30, 2016:

	Number  of  Warrants			Value ($)
Balance at March 31, 2015		10,823,450			8,382,648
Warrants issued in April 21, 2015 financing		3,426,500			2,588,722
Warrants issued in May 27, 2015 financing		1,560,625			1,025,173
Warrants issued in June 30, 2015 financing		2,238,500			1,490,969
Change in fair value of warrant derivative liability		-			(7,419,643	)
Balance at December 31, 2015		18,049,075			6,067,869
Fair value of warrants exercised		(148,787	)		(60,966	)
Change in fair value of warrant derivative liability		-			(870,913	)
Balance at March 31, 2016		17,900,288			5,135,990
Change in fair value of warrant derivative liability		-			434,621
Fair value of warrants exercised		(262,045	)		(43,562	)
Balance at June 30, 2016		17,638,243			5,527,049

22

BIONIK LABORATORIES CORP.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the three month periods ended June 30, 2016 and 2015 (unaudited)

(Amounts expressed in U.S. Dollars)

11. WARRANTS – Continued

During the three month period ended June 30, 2016, the Company recorded a loss of $391,059 on re-measurement of the warrant liability to fair value. The change is recorded as a change in fair value of warrant derivative liability within the Company’s consolidated statement of operations and comprehensive (loss) income.

The key inputs and assumptions used in the simulation model at inception and at June 30, 3016 and March 31, 2016 are as follows:

Grant date	Number of  Warrants		Expected  life in years		Exercise  Price  ($)		Risk free  rate			Dividend  rate			Expected  volatility			Fair  value ($)
At Inception:
February 26, 2015		7,735,750		4		1.4		0.44	%		0	%		51.83	%		464,784
February 26, 2015		773,575		4		0.8		0.44	%		0	%		51.83	%		85,590
March 27, 2015		1,212,500		3.92		1.4		0.43	%		0	%		52.37	%		950,913
March 27, 2015		121,250		3.92		0.8		0.43	%		0	%		52.37	%		85,412
March 31, 2015		891,250		3.91		1.4		0.41	%		0	%		52.45	%		696,582
March 31, 2015		89,125		3.91		0.8		0.41	%		0	%		52.45	%		62,708
April 21, 2015		3,115,000		3.85		1.4		0.68	%		0	%		51.54	%		2,371,956
April 21, 2015		311,500		3.85		0.8		0.68	%		0	%		51.54	%		216,766
May 27, 2015		1,418,750		3.76		1.4		0.46	%		0	%		51.74	%		933,065
May 27, 2015		141,875		3.76		0.8		0.46	%		0	%		51.74	%		92,108
June 30, 2015		2,035,000		3.66		1.4		0.37	%		0	%		52.94	%		1,356,512
June 30, 2015		203,500		3.66		0.8		0.37	%		0	%		52.94	%		134,457
At year end March 31, 2016:
March 31, 2016		16,408,250		2.91		1.4		0.21	%		0	%		62.96	%		4,585,539
March 31, 2016		1,492,038		2.91		0.8		0.21	%		0	%		62.96	%		550,451
At Period End:
June 30, 2016		16,408,250		2.66		1.4		0.26	%		0	%		70.77	%		5,003,830
June 30, 2016		1,229,993		2.66		0.8		0.26	%		0	%		70.77	%		523,219

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BIONIK LABORATORIES CORP.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the three month periods ended June 30, 2016 and 2015 (unaudited)

(Amounts expressed in U.S. Dollars)

11. WARRANTS – Continued

In addition to the forgoing, the Company also utilized a holding cost to approximate the impact of a holder of the warrant to maintain a hedging strategy in which they maintained a short position. On analysis of comparable companies and other information the Company has determined that the use of 2.25% in the simulation model is a reasonable assumption.

The warrant derivative liability is classified within Level 3 of the fair value hierarchy because on initial recognition and again at each reporting period, it was valued using these significant inputs and assumptions that are unobservable in the market. Changes in the values assumed and used in the simulation model can materially affect the estimate of fair value.

Generally, an increase in the market price of the Company’s common shares, an increase in the volatility of the Company’s common shares and an increase in the expected life would result in a directionally similar change in the estimated fair value of the warrant derivative liability. An increase in the risk free rate would result in a decrease in the fair value of the warrant derivative liability.

The expected life is based on the remaining contractual term of the warrants. The risk free rate was based on U.S. treasury-note yields with terms commensurate with the remaining term of the warrants. Expected volatility over the expected term of the warrants is estimated based on consideration of historical volatility and other information.

In addition to the assumptions above, the Company also took into consideration the probability of the Company’s participation in another round of financing, the type of such financing and the range of the stock price for the financing at that time. At each increment of the simulation, the daily volume weighted-average price was calculated. If this amount was 200% greater than the exercise price of the warrants at the time, and this threshold was maintained for 20 consecutive days, the simulation assumed the trigger of the Company’s option to redeem and the exercise of the warrants by the holder within thirty days. In the circumstance where the redemption was not triggered the warrant was valued at its discounted intrinsic value at maturity.

12. ROYALTY AGREEMENT

Prior to the acquisition of IMT in April 2012, IMT entered into a Patent License Agreement with an unrelated third party (the “Licensee”). Under the terms of the perpetual license agreement, the Company will receive royalties from the Licensee based on a licensed product sold by the Licensee. There was no royalty income in 2016 or 2015 under the terms of the agreement.

13. LICENSING AGREEMENTS

The Company’s subsidiary maintains a licensing agreement with the Massachusetts Institute of Technology (“MIT”) for exclusive rights to utilize certain of MIT’s patented technology. The licensing agreement remains in effect until the expiration or abandonment of all patent rights and patent applications filed that are included under license, the last of which patent rights expires in November 2024. The agreement provides the Company with the option to sublicense the rights under the agreement. Under the terms of the agreement, as amended, royalties are payable to MIT based on 3% of certain domestic product sales and 1.5% of certain international product sales, as defined, and 50% of all sublicense income.

The Company recognized $nil of royalty expense under this agreement during the three months ended June 30, 2016. At June 30, 2016, the Company had accrued royalty and related amounts payable to MIT of $31,388 included in accrued liabilities on the condensed interim balance sheets. One of the Company’s directors is an employee of MIT as well as the Company’s Chief Science Officer.

The Company maintains a second licensing agreement with the same director noted above and an unrelated third party for exclusive rights to utilize certain patented technology. The Company has exclusive rights to the patents and related applications, as defined, until expiration in May 2027. The agreement provides the Company with the option to sublicense the rights under the agreement. Under the terms of the agreement royalties are payable to the patent holders based on 1% of net sales, as defined, and 50% of all sublicense income. There have been no sales under this agreement through June 30, 2016.

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BIONIK LABORATORIES CORP.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

For the three month periods ended June 30, 2016 and 2015 (unaudited)

(Amounts expressed in U.S. Dollars)

14. COMMITMENTS AND CONTINGENCIES

Contingencies

From time to time, the Company may be involved in a variety of claims, suits, investigations and proceedings arising in the ordinary course of our business, collection claims, breach of contract claims, labor and employment claims, tax and other matters. Although claims, suits, investigations and proceedings are inherently uncertain and their results cannot be predicted with certainty, the Company believes that the resolution of current pending matters will not have a material adverse effect on its business, financial position, results of operations or cash flow. Regardless of the outcome, litigation can have an adverse impact on the Company because of legal costs, diversion of management resources and other factors.

15. RISK MANAGEMENT

The Company’s cash balances are maintained in two banks in Canada and a Canadian Bank subsidiary in the US and a US Bank. Deposits held in banks in Canada are insured up to $100,000 CAD per depositor for each bank by The Canada Deposit Insurance Corporation, a federal crown corporation. Actual balances at times may exceed these limits.

Interest Rate Risk

Interest rate risk is the risk that the value of a financial instrument might be adversely affected by a change in the interest rates. The Company has minimal exposure to fluctuations in the market interest rate. In seeking to minimize the risks from interest rate fluctuations, the Company manages exposure through its normal operating and financing activities.

Liquidity Risk

Liquidity risk is the risk that the Company will incur difficulties meeting its financial obligations, as they are due. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when due. Accounts payable and accrued liabilities are due within the current operating period.

The Company has funded its operations through the issuance of capital stock, convertible debt and loans in addition to grants and investment tax credits received from the Government of Canada.

16. SUBSEQUENT EVENTS 

(a)  In July 2016, the Company received a Canadian refundable tax credit totalling $403,889, which will be recorded in the second quarter as other income.

(b) The Company granted 750,000 options at $1.00 on August 8, 2016, which will vest over three years on the first anniversary of this date and two subsequent anniversaries.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-looking Statements

This Quarterly Report on Form 10-Q contains statements reflecting assumptions, expectations, projections, intentions or beliefs about future events that are intended as “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements included or incorporated by reference in this Quarterly Report on Form 10-Q, other than statements of historical fact, that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. These statements appear in a number of places, including, but not limited to in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” These statements represent our reasonable judgment of the future based on various factors and using numerous assumptions and are subject to known and unknown risks, uncertainties and other factors that could cause our actual results and financial position to differ materially from those contemplated by the statements. You can identify these statements by the fact that they do not relate strictly to historical or current facts, and use words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “may,” “will”, “should,” “plan,” “project” and other words of similar meaning. In particular, these include, but are not limited to, statements relating to the following:

· projected operating or financial results, including anticipated cash flows used in operations;

· expectations regarding capital expenditures; and

· our beliefs and assumptions relating to our liquidity position, including our ability to obtain additional financing.

Any or all of our forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks, uncertainties and other factors including, among others:

· the loss of key management personnel on whom we depend;

· our ability to operate our business efficiently, manage capital expenditures and costs (including general and administrative expenses) and obtain financing when required; and

· our expectations with respect to our acquisition activity.

In addition, there may be other factors that could cause our actual results to be materially different from the results referenced in the forward-looking statements, some of which are included in this Quarterly Report on Form 10-Q, including in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Many of these factors will be important in determining our actual future results. Consequently, no forward-looking statement can be guaranteed. Our actual future results may vary materially from those expressed or implied in any forward-looking statements. All forward-looking statements contained in this Quarterly Report on Form 10-Q are qualified in their entirety by this cautionary statement. Forward-looking statements speak only as of the date they are made, and we disclaim any obligation to update any forward-looking statements to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q, except as otherwise required by applicable law.

This discussion and analysis should be read in conjunction with the accompanying condensed consolidated interim financial statements and related notes and the Company’s Annual Report on Form 10-KT, for the transition period ended March 31, 2016 as filed with the Securities and Exchange Commission.

The discussion and analysis of the financial condition and results of operations are based upon the financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of any contingent liabilities at the financial statement date and reported amounts of revenue and expenses during the reporting period. On an on-going basis we review our estimates and assumptions. The estimates were based on historical experience and other assumptions that we believe to be reasonable under the circumstances. Actual results are likely to differ from those estimates under different assumptions or conditions, but we do not believe such differences will materially affect our financial position or results of operations. Bionik, Inc.’s (IMT) operations are included since its acquisition on April 21, 2016 to June 30, 2016.

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Nature of Company

We are a global pioneering robotics company focused on providing rehabilitation solutions to individuals with neurological disorders, specializing in designing, developing and commercializing cost-effective physical rehabilitation technologies, prosthetics, and assisted robotic products. We strive to innovate and build devices that can rehabilitate and improve an individual’s health, comfort, accessibility and quality of life through the use of advanced algorithms and sensing technologies that anticipate a user’s every move.

On April 21, 2016, we acquired all of the outstanding shares and, accordingly, all assets and liabilities of Interactive Motion Technologies, Inc. (IMT), a Boston, Massachusetts-based global pioneer and leader in providing effective robotic products for neurorehabilitation, pursuant to an Agreement and Plan of Merger, dated March 1, 2016, with IMT, Hermano Igo Krebs, and Bionik Mergerco Inc., a Massachusetts corporation and our wholly owned subsidiary. The merger agreement provided for the merger of Bionik Mergerco with and into IMT, with IMT surviving the merger as our wholly-owned subsidiary. In return for acquiring IMT, IMT shareholders received or will receive up to an aggregate of 23,650,000 shares of our common stock. IMT’s legal name has been changed to Bionik, Inc. subsequent to April 21, 2016.

Through the acquisition of IMT, Bionik has added a portfolio of products focused on upper and lower extremity rehabilitation of stroke patients. We now have three products on the market and three products in varying stages of development that we are currently pursuing.

The InMotion ARM, InMotion ARM/HAND, and InMotion Wrist have been characterized as Class II medical devices by the U.S. Food and Drug Administration and are listed by the FDA to market and sell in the United States. In addition to these in-market products, the InMotion Ankle is in development. All of these products are designed to provide intelligent, patient-adaptive therapy in a manner that has been clinically verified to maximize neuro-recovery.

IMT also has a License Agreement with MIT for certain research and possible transfer of technology being done at MIT in the robotics area where Dr. Hermano Igo Krebs, our newly appointed Chief Science Officer, and Neville Hogan, an advisor and former director of IMT, are professors.

The IMT clinical products have been sold in over 20 countries, including the United States. IMT has a growing body of clinical data for its products. In addition, IMT's manufacturing facility is compliant with ISO-13485 and FDA regulations.

In addition, we are developing for commercialization the ARKE lower body exoskeleton and another lower body product that will be transferred under the MIT license. We plan to develop other biomechatronic solutions through internal research and development and we may further augment our product portfolio through strategic and accretive acquisition opportunities in the future.

We also have two earlier stage development technologies: APOLLO, an intelligent prosthetic knee; and Chronos, a cloud-based intelligent patient queuing system. We currently do not have the financial capability or personnel to develop APOLLO and Chronos now that our business model has changed to include the InMotion products – both existing and in development. Accordingly, our investment in APOLLO and Chronos is on hold. We intend to continue to revisit developing our technologies and the markets for our technologies as we grow.

Since our founding, we have partnered with industry partners in manufacturing and design and have also expanded our development team through partnerships with researchers and academia. From inception through February 25, 2015, which was immediately prior to our going-public transaction, we secured cash funding of approximately $5.5 million, which included grants as well as Scientific Research and Experimental Development tax refunds provided through the Canadian government that support our creation of technologies that could lower the costs of medical devices and medical care.

We currently hold an intellectual property portfolio that includes 5 U.S. and international patents pending, 13 U.S. provisional patents, and other patents under development. The provisional patents may not be filed as full patents and new provisional patents may be filed as the technology evolves or changes. Additionally, as a result of our acquisition of IMT, we hold exclusive licenses to five additional patents.

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Bionik Laboratories Corp. was incorporated on January 8, 2010 in the State of Colorado. At the time of our incorporation the name of our company was Strategic Dental Management Corp. On July 16, 2013, we changed our name from Strategic Dental Management Corp. to Drywave Technologies, Inc. and changed our state of incorporation from Colorado to Delaware. Effective February 13, 2015, we filed with the Secretary of State of Delaware a Certificate of Amendment to our Articles of Incorporation whereby, among other things, we changed our name to Bionik Laboratories Corp.

The Acquisition Transaction

On February 26, 2015, we entered into an Investment Agreement with Bionik Acquisition Inc. (the “Investment Agreement”), a company existing under the laws of Canada, and our wholly owned subsidiary (“Acquireco”), and Bionik Laboratories, Inc. (“Bionik Canada”), a company incorporated on March 24, 2011 under the Canada Business Corporations Act, whereby we acquired 100 Class 1 common shares of Bionik Canada representing 100% of the outstanding Class 1 common shares of Bionik Canada, taking into account the Exchangeable Share Transaction (as defined below) (the “Acquisition Transaction”). After giving effect to the Acquisition Transaction, we commenced operations through Bionik Canada.

Immediately prior to the closing of the Acquisition Transaction and the First Closing (as defined below), we transferred all of the business, properties, assets, operations and goodwill of the Company (other than cash and cash equivalents), and liabilities as of March 6, 2013, to our then-existing wholly owned subsidiary, Strategic Dental Alliance, Inc., a Colorado corporation (“Strategic Dental Alliance”), and then transferred all of the capital stock of Strategic Dental Alliance to Brian E. Ray, a former officer and existing director (through March 20, 2015) and Jon Lundgreen, a former officer and director, pursuant to a Spin-Off Agreement (the “Spin-Off Agreement”). Also as of immediately prior to the closing of the Acquisition Transaction and the First Closing, we entered into an Assignment and Assumption Agreement with Tungsten 74 LLC, pursuant to which Tungsten 74 LLC assumed all of our remaining liabilities through the closing of the Acquisition Transaction (the “Assignment and Assumption Agreement”). Accordingly, as of the closing of the Acquisition Transaction and the First Closing, we had no assets or liabilities.

As a condition of the closing of the Acquisition Transaction, Bionik Canada created a new class of exchangeable shares (the “Exchangeable Shares”), which were issued to the existing common shareholders of Bionik Canada in exchange for all of their outstanding common shares, all of which were cancelled (the “Exchangeable Share Transaction”).

Pursuant to the rights and privileges of the Exchangeable Shares, the holders of such Exchangeable Shares maintain the right to (i) receive dividends equal to, and paid concurrently with, dividends paid by the Company to the holders of Common Stock; (ii) vote, through the Trustee’s voting of the Special Voting Preferred Stock (as defined herein) on all matters that the holders of Common Stock are entitled to vote upon; and (iii) receive shares of Common Stock upon the liquidation or insolvency of the Company upon the redemption of such Exchangeable Shares by Acquireco.

As part of the Exchangeable Share Transaction, we entered into the following agreements, each dated February 26, 2015:

· Voting and Exchange Trust Agreement (the “Trust Agreement”) with Bionik Canada and Computershare Trust Company of Canada (the “Trustee”); and

· Support Agreement (the “Support Agreement”) with Acquireco and Bionik Canada.

Pursuant to the terms of the Trust Agreement, the parties created a trust for the benefit of its beneficiaries, which are the holders of the Exchangeable Shares, enabling the Trustee to exercise the voting rights of such holders until such time as they choose to redeem their Exchangeable Shares for shares of the Common Stock of the Company, and allowing the Trustee to hold certain exchange rights in respect of the Exchangeable Shares.

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As a condition of the Trust Agreement and prior to the execution thereof, we filed a Certificate of Designation with the Delaware Secretary of State, effective February 20, 2015, designating a class of our preferred shares as The Special Voting Preferred Stock (the “Special Voting Preferred Stock”) and issued one share of the Special Voting Preferred Stock to the Trustee.

The Special Voting Preferred Stock entitles the Trustee to exercise the number of votes equal to the number of Exchangeable Shares outstanding on a one-for-one basis during the term of the Trust Agreement. The Trust Agreement further sets out the terms and conditions under which holders of the Exchangeable Shares are entitled to instruct the Trustee as to how to vote during any stockholder meetings of our company.

Pursuant to the terms of the Trust Agreement, we granted the Trustee the right to require our Company to purchase the Exchangeable Shares from any beneficiary upon the occurrence of certain events including in the event that we are bankrupt, insolvent or our business is wound up. The Trust Agreement continues to remain in force until the earliest of the following events: (i) no outstanding Exchangeable Shares are held by any beneficiary under the Trust Agreement; and (ii) each of Bionik Canada and us elects to terminate the Trust Agreement in writing and the termination is approved by the beneficiaries.

Pursuant to the terms of the Support Agreement, we agreed to certain covenants while the Exchangeable Shares were outstanding, including: (i) not to declare or pay any dividends on our common stock unless simultaneously declaring the equivalent dividend for the holders of the Exchangeable Shares, (ii) advising Bionik Canada in advance of any dividend declaration by our company, (iii) ensure that the record date for any dividend or other distribution declared on the shares of the Company is not less than seven days after the declaration date of such dividend or other distribution; (iv) taking all actions reasonably necessary to enable Bionik Canada to pay and otherwise perform its obligations with respect to the issued and outstanding Exchangeable Shares, (iv) to ensure that shares of the Company are delivered to holders of Exchangeable Shares upon exercise of certain redemption rights set out in the agreement and in the rights and restrictions of the Exchangeable Shares, and (v) reserving for issuance and keeping available from our authorized common stock such number of shares as may be equal to: (A) the number of Exchangeable Shares issued and outstanding from time to time; and (B) the number of Exchangeable Shares issuable upon the exercise of all rights to acquire Exchangeable Shares from time to time.

The Support Agreement also outlines certain restrictions on our ability to issue any dividends, rights, options or warrants to all or substantially all of our stockholders during the term of the agreement unless the economic equivalent is provided to the holders of Exchangeable Shares. The Support Agreement is governed by the laws of the Province of Ontario.

Concurrently with the closing of the Acquisition Transaction and in contemplation of the Acquisition Transaction, we sold 7,735,750 units (the “Units”) for gross proceeds of $6,188,600 (including $500,000 of outstanding bridge loans converted into Units at the offering price) at a purchase price of $0.80 per Unit (the “Purchase Price”) in a private placement offering (the “Offering”). Each Unit consists of one share of common stock, par value $0.001 per share (the “Common Stock”) and a four year warrant (the “Warrant”) to purchase one share of Common Stock at an initial exercise price of $1.40 per share (the “Warrant Shares”). We incurred share issued costs related to this transaction of $848,822.

The Offering was being offered with a minimum offering amount of $6,000,000 (the “Minimum Offering Amount”) and up to a maximum offering amount of $12,800,000 (subject to a $2,600,000 overallotment option). Once the Minimum Offering amount was reached and held in escrow and other conditions to closing were satisfied (including the simultaneous closing of the Acquisition Transaction), the Company and the placement agent were able to conduct a first closing (the “First Closing”). As a result of the Offering, after payment of placement agent fees and expenses but before the payment of other offering expenses such as legal and accounting expenses, we received net proceeds of approximately $5,339,778 at the First Closing, including the $500,000 in bridge loans we previously received that were taken into account as part of the Minimum Offering Amount. In addition, the placement agent is entitled to 10% warrant coverage for all Units sold in the Offering, which will be exercisable at $0.80 per share for a period of 4 years.

As of the Acquisition Transaction and the First Closing, an aggregate of 90,575,126 shares of our Common Stock were deemed cancelled, of which 90,207,241 were held by our former Chief Executive Officer. 

Immediately following the Acquisition Transaction, the Exchangeable Share Transaction and the First Closing, there were 63,735,813 shares of our common stock and equivalents issued and outstanding of which 6,000,063 were held by existing stockholders, 7,735,750 were held by the investors in the Offering and Bionik Canada shareholders held an equivalent of 50,000,000 shares of our common stock through their ownership of 100% of the Exchangeable Shares.

29

From April 21, to June 30, 2015, we sold to accredited investors 6,568,750 Units for gross proceeds of $5,255,000. After payment of placement agent fees and expenses but before payment of offering expenses such as legal and accounting we received net proceeds of $4,556,818. Through the final closing of the Offering on June 30, 2015, we raised in the Offering aggregate gross proceeds of $13,126,600.

Significant Accounting Policies and Estimates

The discussion and analysis of the financial condition and results of operations are based upon the condensed consolidated interim financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of any contingent liabilities at the financial statement date and reported amounts of revenue and expenses during the reporting period. On an on-going basis we review our estimates and assumptions. The estimates were based on historical experience and other assumptions that we believe to be reasonable under the circumstances. Actual results are likely to differ from those estimates under different assumptions or conditions, but we do not believe such differences will materially affect our financial position or results of operations.  

30

Results of Operations

From the inception of Bionik Canada on March 24, 2011 through to June 30, 2016, we have generated a deficit of $13,974,752.

We expect to incur additional operating losses during the fiscal year ending March 31, 2017 and beyond, principally as a result of our continuing research and development, the acquisition of IMT which has a long sales cycle and general and administrative costs associated with being a public company.

Our results of operations are presented for the three months ended June 30, 2016 with comparatives for the three months ended June 30, 2015. The Company changed its fiscal year to March 31, effective after the Company’s previous fiscal year ended December 31, 2015 and accordingly this report relates to the first quarter of the fiscal year ending March 31, 2017.

Three Months Ended June 30, 2016 Compared to the Three Months ended June 30, 2015

Operating Expenses

Total operating expenses for the three months ended June 30, 2016 was $2,033,013 compared to $2,434,612 for the three months ended June 30, 2015, as further detailed below.

Research and development expenses were $417,790 for the three months ended June 30, 2016, compared to expenses of $609,823 for the three months ended June 30, 2015. The decrease relates primarily to less prototyping of products nearing completion of engineering and a decrease due to a senior executive who left the Company whose salary was partially allocated to research and development.

For the three months ended June 30, 2016, we incurred general and administrative expenses of $1,303,614 compared to general and administrative expenses of $510,229 for the three months ended June 30, 2015. The increase in these expenses is primarily due to legal, accounting, and audit costs related to the IMT acquisition and the change in year-end from December 31 to March 31, the costs of being a public company and the administration costs of IMT since acquisition on April 21, 2016.

For the three months ended June 30, 2016, the Company recorded $219,248 in share-based compensation expense compared to $1,297,558 in the three months ended June 30, 2015. The decrease in stock compensation relates to the stock options granted by the Company and shares issued to consultants for services provided. The options previously granted by Bionik prior to the Acquisition Transaction were revalued on its completion and new options granted and options vesting during the quarter and the year to date resulted in this expense.

Other Expenses

For the three months ended June 30, 2016, we incurred interest expenses of $15,234 compared to interest expenses of $9,963 for the three months ended June 30, 2015. The changes in interest expenses relates to the Company having more interest bearing debt during the period.

The Company’s outstanding warrants include price protection provisions that allow for a reduction in the exercise price of the warrants in the event the Company subsequently issues common stock or options, rights, warrants or securities convertible or exchangeable for shares of common stock at a price lower than the exercise price of the warrants. Simultaneously with any reduction to the exercise price, the number of shares of common stock that may be purchased upon exercise of each of these warrants shall be increased based on a pre-defined formula. During the three month periods ended June 30, 2016, the Company recorded a loss of $391,059 on re-measurement to fair value at period end which was recorded within the Company’s consolidated statements of operations and comprehensive loss and represents a non-cash item.

Other Income

For the three months ended June 30, 2016, we had other income of $11,218 compared to other income of $25,208 for the three months ended June 30, 2015.

31

Gain and losses included in other comprehensive income

Effective April 1, 2015, the Company changed the functional currency of its wholly owned subsidiaries, Bionik Acquisition Inc. and Bionik Canada from the Canadian dollar to the U.S. dollar. This reflects the fact that the majority of the Company’s business is influenced by an economic environment denominated in U.S. currency as well the Company anticipates revenues to be earned in U.S. dollars.

Comprehensive Loss

Comprehensive loss for the three months ended June 30, 2016 amounted to $2,322,722 resulting in a loss per share of $(0.03) compared to a loss of $1,501,618 the three months ended June 30, 2015, resulting in a loss per share of $(0.02).

The comprehensive loss for the three months ended June 30, 2016 compared to the three months ended June 30, 2015 is partially due to lower research and development costs, offset by higher general and administrative costs as described above in the three months ended June 30, 2016; however, the greatest impact is that of the change in fair value of warrant derivative liability resulting in a non-cash loss of $391,059 in the three month period ended June 30, 2016.

There has been no recognition of the Company’s last SR&ED refund for the period ended February 25, 2015 to date - this refund has been received July 26, 2016 and has been recorded in the subsequent period.

Liquidity and Capital Resources

IMT generated approximately $2,000,000 of revenue in 2015, however IMT has reported revenue of $162,588 for the period of April 21, 2016 to June 30, 2016 – we can give no assurance that we will generate similar or greater revenues in 2016 as a result of the InMotion products. We have incurred a deficit of $13,974,752 from inception on March 24, 2011 to June 30, 2016.

We have funded operations through the issuance of capital stock, loans, grants and investment tax credits received from the Government of Canada. We raised in our 2015 private offering aggregate gross proceeds of $13,126,600 which resulted in net proceeds after costs of $11,341,397. At June 30, 2016, we had cash and cash equivalents of $2,749,953. Assuming our current burn rate and that our newly acquired products from IMT will generate similar revenues in 2016 as in 2015, we expect that we will have sufficient funds to continue operations for at least the next 12 months, should IMT not generate sales similar to 2015, the Company would need to raise additional capital not later than December 31, 2016. We will need to raise additional funds through equity offerings or otherwise to meet expected future liquidity requirements. We will be required to delay or scale back our growth plans as early as November 2016, until we are able to raise additional funds or generate revenue, of which we can give no assurance of success.

As we proceed with the ARKE product development, the marketing of the three commercial products of IMT and the development of other IMT development-stage products, we have devoted and expect to continue to devote significant resources in the areas of capital expenditures and research and development costs and operations, marketing, clinical trials and sales expenditures.

As a result of the acquisition of IMT, the Company indirectly assumed an aggregate of approximately $1.26 million of debts and other liabilities of IMT, based on the internal, unaudited financial information of IMT, which numbers may change as we integrate IMT into our operations and audit IMT’s financial information. On or about the effective date of the acquisition of IMT, we repaid or settled an aggregate of approximately $806,000 of its outstanding liabilities.

During our review and due diligence of IMT prior to the execution of the Merger Agreement, we loaned an aggregate of $300,000 to IMT, which loans were secured by certain assets of IMT. On March 7, 2016, we loaned an additional $68,750 to IMT to fund certain IMT expenses in contemplation of the closing of the merger. The loans matured upon the effective date of the merger. We also advanced IMT $172,324 for closing and operating costs during 2016 before the closing of the acquisition and the Company advanced $900,000 to IMT on April 20, 2016 for the payment of various liabilities of which $266,635 of cash was remaining in IMT on acquisition on April 21, 2016.

We will require additional funds to further develop our expanded business plan, including the anticipated commercialization of the ARKE, the marketing of IMT’s products and the development of IMT’s product pipeline. Since it is impossible to predict with certainty the timing and amount of funds required to launch our new business plans since the IMT acquisition, we anticipate that we will need to raise additional funds through equity or debt offerings or otherwise in order to meet our expected future liquidity requirements. Any such financing that we undertake will likely be dilutive to existing stockholders.

We will need additional funds to respond to business opportunities including potential acquisitions of complementary technologies or business, protect our intellectual property, develop new lines of business and enhance our operating infrastructure. While we may need to seek additional funding for any such purposes, we may not be able to obtain financing on acceptable terms, or at all. In addition, the terms of our financings may be dilutive to, or otherwise adversely affect, holders of our common stock. We may seek additional funds through arrangements with collaborators or other third parties. We may not be able to negotiate any such arrangements on acceptable terms, if at all. If we are unable to obtain additional funding on a timely basis, we may be required to curtail or terminate some or all of our product lines.

32

Net Cash Used in Operating Activities

During the three months ended June 30, 2016, we used cash in operating activities of $2,898,439 compared to $1,422,793 for the three months ended June 30, 2015. The increased use of cash is mainly attributable to the larger loss in the three months ended June 30, 2016 due to higher general and administrative costs and the costs of becoming a public company and $391,059 of change in the fair value of the warrant derivative liability compared to a gain of $917,749 in the three months ended June 30, 2015. The change in fair value of warrant derivative liability is a non-cash item.

Net Cash Used in Investing Activities

During the three months ended June 30, 2016, net cash used in investing activities was $Nil and for the three months ended June 30, 2015, net cash used in investing activities of $180,917, respectively. The decrease in 2016 is a result of there being no loans made as there was in 2015 and no cash additions to equipment.

Net Cash Provided by Financing Activities

Net cash provided by financing activities was $266,635 for the three months ended June 30, 2016 compared to cash provided by financing activities of $4,552,409 for the three months ended June 30, 2015. The decrease is due to the Offering in 2015, and no capital has been raised in 2016; however the balance in 2016 reflects the cash remaining from a $900,000 advance sent to IMT immediately before the acquisition close of which $266,635 remained on hand on April 21, 2016.

33

Recent Issued Accounting Pronouncements

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The accounting standard is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017. Early adoption is not permitted. The impact on the consolidated financial statements of adopting ASU 2014-09 will be assessed by management.

In August 2014, the FASB issued a new financial accounting standard on going concern, ASU No. 2014-15, “Presentation of Financial Statements – Going Concern (Sub-Topic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The standard provides guidance about management’s responsibility to evaluate whether there is a substantial doubt about the organization’s ability to continue as a going concern. The amendments in this Update apply to all companies. They become effective in the annual period ending after December 15, 2016, with early application permitted. The impact on the consolidated financial statements of adopting ASU 2014-15 will be assessed by management.  

In September 2015, the FASB issued ASU No. 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments,” which illustrates certain guidance governing adjustments to the provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill. Such adjustments are required when new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement amounts initially recognized or would have resulted in the recognition of additional assets and liabilities. ASU No. 2015-16 eliminates the requirement to retrospectively account for such adjustments. ASU No. 2015-16 is effective for the fiscal year commencing on January 1, 2016. The Company has adopted this ASU No. 2015-16 as at and for the three and twelve month periods ended March 31, 2016. There was no material effect on the consolidated financial position or the consolidated results of operations and comprehensive loss.

In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes,” which requires that deferred tax liabilities and assets be classified on our Consolidated Balance Sheets as noncurrent based on an analysis of each taxpaying component within a jurisdiction. ASU No. 2015-17 is effective for the fiscal year commencing on January 1, 2017. The Company does not anticipate that the adoption of ASU No. 2015-17 will have a material effect on the consolidated financial position or the consolidated results of operations.

In February 2016, the FASB issued ASU 2016-02, Leases. This update requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The new guidance will also require additional disclosure about the amount, timing and uncertainty of cash flows arising from leases. The provisions of this update are effective for annual and interim periods beginning after December 15, 2018. The Company is still assessing the impact that the adoption of ASI 2016-02 will have on the consolidated financial position and the consolidated results of operations.

In March 2016, the FASB issued ASU 2016-09, "Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting". Several aspects of the accounting for share-based payment award transaction are simplified, including (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is still assessing the impact that the adoption of ASI 2016-09 will have on the consolidated financial position and the consolidated results of operations.

Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying condensed consolidated interim financial statements.

Off Balance Sheet Arrangements

We have no off-balance sheet transactions.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable for smaller reporting companies.  

Item 4. Controls and Procedures

During the three months ended June 30, 2016, there were no changes in our internal controls over financial reporting (as defined in Rule 13a- 15(f) and 15d-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

34

Evaluation of Disclosure Controls and Procedures

We maintain “disclosure controls and procedures” as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act, that are designed to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.

As of the end of the period covered by this Quarterly Report, we carried out an evaluation, under the supervision and with the participation of our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Exchange Act Rules 13a-15(b) and 15d-15(b). Based upon this evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures as of the end of the period covered by this Quarterly Report were ineffective due to a lack of segregation of duties.

35

PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

None

Item 1A.  Risk Factors

Not applicable for smaller reporting companies  

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the quarter ended June 30, 2016, we issued an aggregate of 70,000 shares of our common stock to consultants for services rendered, and an aggregate of 51,249 shares of our common stock upon the cashless exercise of outstanding warrants. The issuance of such shares was not registered under the Securities Act of 1933. We relied upon the exemption from securities registration provided by Section 4(a)(2) under the Securities Act of 1933, as amended, for transactions not involving a public offering.

Except as set forth above, all unregistered issuances of equity securities during the period covered by this quarterly report have been previously disclosed on our Current Reports on Form 8-K.

Item 3.  Defaults Upon Senior Securities.

None

Item 4.  Mine Safety Disclosures

Not applicable

Item 5.  Other Information

None

Item 6.  Exhibits

Exhibit 31.1 - Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Exhibit 31.2 - Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Exhibit 32.1 - Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Exhibit 32.2 - Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Exhibit 101.INS - XBRL Instance Document

Exhibit 101.SCH - XBRL Taxonomy Extension Schema Document

Exhibit 101.CAL - XBRL Taxonomy Extension Calculation Linkbase Document

Exhibit 101.DEF - XBRL Taxonomy Extension Definition Linkbase Document

Exhibit 101.LAB - XBRL Taxonomy Extension Label Linkbase Document

Exhibit 101.PRE - XBRL Taxonomy Extension Presentation Linkbase Document

36

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.  

Dated: August 15, 2016

BIONIK LABORATORIES CORP.
By:	/s/ Peter Bloch
Name: Peter Bloch
Chief Executive Officer
(Principal Executive Officer)
By:	/s/ Leslie Markow
Name: Leslie Markow
Chief Financial Officer
(Principal Financial and Accounting Officer)

37

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Peter Bloch, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Bionik Laboratories Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)  Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)  Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report, our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)  Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.

Date: August 15, 2016

/s/ Peter Bloch

Peter Bloch

Chief Executive Officer

(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Leslie Markow, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Bionik Laboratories Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)  Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)  Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report, our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)  Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting.

Date: August 15, 2016

/s/ Leslie Markow

Leslie Markow

Chief Financial Officer

(Principal Financial and Accounting Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Bionik Laboratories Corp. (the "Company") on Form 10-Q for the quarter ended June 30, 2016 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Peter Bloch, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)   The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)   The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: August 15, 2016

/s/ Peter Bloch

Peter Bloch

Chief Executive Officer

(Principal Executive Officer)

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Bionik Laboratories Corp. (the "Company") on Form 10-Q for the quarter ended June 30, 2016 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Leslie Markow, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)   The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)   The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: August 15, 2016

/s/ Leslie Markow

Leslie Markow

Chief Financial Officer

(Principal Financial and Accounting Officer)

XML

Document And Entity Information - shares	3 Months Ended
	Jun. 30, 2016	Aug. 10, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
Entity Registrant Name	Bionik Laboratories Corp.
Entity Central Index Key	0001508381
Current Fiscal Year End Date	--03-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	BNKL
Entity Common Stock, Shares Outstanding		35,052,384

XML

Condensed Consolidated Interim Balance Sheets - USD ($)	Jun. 30, 2016	Mar. 31, 2016
Current
Cash and cash equivalents	$ 2,749,953	$ 5,381,757
Accounts receivable	120,360	0
Prepaid expenses and other receivables (Note 4)	188,430	231,733
Inventories (Note 5)	260,259	0
Due from related parties (Note 8)(a)	41,623	41,445
Short term advances	0	125,153
Loan receivable	0	379,908
Total Current Assets	3,360,625	6,159,996
Equipment (Note 6)	126,336	76,750
Intangible Assets and Goodwill (Note 3)	27,888,979	0
Total Assets	31,375,940	6,236,746
Current
Current portion of Lease Payable (Note 6)	4,603	0
Accounts Payable (Notes 8(b) and 13)	377,045	320,871
Accrued liabilities	848,281	515,979
Promissory Notes payable (Note 7)	221,699	0
Customer Deposits	86,487	0
Warrant Derivative Liability (Note 11)	5,527,049	5,135,990
Total Current Liabilities	7,065,164	5,972,840
Demand Notes payable (Note 7)	328,840	0
Lease Payable (Note 6)	18,032	0
Total Liabilities	7,412,036	5,972,840
Shareholders' Equity
Preferred Stock, par value $0.001; Authorized 10,000,000 Special Voting Preferred Stock, par value $0.001; Authorized - 1; Issued and outstanding - 1 (March 31, 2016 - 1)	0	0
Common Shares, par value $0.001; Authorized - 150,000,000 (March 31, 2016 - 150,000,000); Issued and outstanding - 35,052,384 and 50,000,000 Exchangeable Shares (March 31, 2016 - 22,591,292 and 50,000,000 Exchangeable Shares) (Note 9)	85,052	72,591
Shares to be issued	11,083,954	0
Additional paid in capital	26,727,501	11,801,146
Deficit	(13,974,752)	(11,651,980)
Accumulated other comprehensive income	42,149	42,149
Total Shareholders' Equity	23,963,904	263,906
Total Liabilities and Shareholders' Equity	$ 31,375,940	$ 6,236,746

XML

Condensed Consolidated Interim Balance Sheets [Parenthetical] - $ / shares	Jun. 30, 2016	Mar. 31, 2016
Preferred Stock, Par Value (in dollars per share)	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Common Stock, Par Value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, Shares Authorized	150,000,000	150,000,000
Common Stock, Shares, Issued	35,052,384	22,591,292
Common Stock, Shares, Outstanding	35,052,384	22,591,292
Common Stock, Other Shares, Outstanding	50,000,000	50,000,000
Special Voting Preferred Stock [Member]
Preferred Stock, Par Value (in dollars per share)	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	1	1
Preferred Stock, Shares Issued	1	1
Preferred Stock, Shares Outstanding	1	1

XML

Condensed Consolidated Interim Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Sales	$ 164,191	$ 0
Cost of Sales	58,875	0
Gross Margin	105,316	0
Operating expenses
Sales and marketing	82,198	0
Research and development	417,790	609,823
General and administrative	1,303,614	510,229
Share-based compensation expense (Notes 9(v) and 10)	219,248	1,297,558
Depreciation (Note 6)	10,163	17,002
Total operating expenses	2,033,013	2,434,612
Other expenses (income)
Interest expense (Note 7)	15,234	9,963
Other income	(11,218)	(25,208)
Change in fair value of warrant derivative liability (Note 11)	391,059	(917,749)
Total other expenses (income)	395,075	(932,994)
Net loss and comprehensive loss for the period	$ (2,322,772)	$ (1,501,618)
Loss per share - basic and diluted	$ (0.03)	$ (0.02)
Weighted average number of shares outstanding - basic and diluted	82,050,549	68,765,736

XML

Condensed Consolidated Interim Statements of Changes in Shareholders' Equity (Deficiency) - USD ($)	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Shares To Be Issued [Member]	Deficit [Member]	Accumulated Other Comprehensive Income [Member]
Opening Balance at Mar. 31, 2015	$ (2,498,745)	$ 0	$ 65,840	$ 10,081,394	$ 0	$ (12,688,128)	$ 42,149
Opening Balance (in shares) at Mar. 31, 2015		1	65,839,563		0
Shares issued on private placement	0	$ 0	$ 6,568	(6,568)	$ 0	0	0
Shares issued on private placement (in shares)		0	6,568,750		0
Share compensation expense	1,297,558	$ 0	$ 0	1,297,558	$ 0	0	0
Share compensation expense (in shares)		0	0		0
Net loss for the period	(1,501,618)	$ 0	$ 0	0	$ 0	(1,501,618)	0
Closing Balance at Jun. 30, 2015	(2,702,805)	$ 0	$ 72,408	11,372,384	$ 0	(14,189,746)	42,149
Closing Balance (in shares) at Jun. 30, 2015		1	72,408,313		0
Opening Balance at Mar. 31, 2015	(2,498,745)	$ 0	$ 65,840	10,081,394	$ 0	(12,688,128)	42,149
Opening Balance (in shares) at Mar. 31, 2015		1	65,839,563		0
Cashless exercise of warrants	60,966	$ 0	$ 46	60,920	$ 0	0	0
Cashless exercise of warrants (in shares)		0	45,508		0
Shares issued for services	169,700	$ 0	$ 117	169,583	$ 0	0	0
Shares issued for services (in shares)		0	117,471		0
Share compensation expense	198,279	$ 0	$ 20	198,259	$ 0	0	0
Share compensation expense (in shares)		0	20,000		0
Net loss for the period	2,537,766	$ 0	$ 0	0	$ 0	2,537,766	0
Closing Balance at Mar. 31, 2016	263,906	$ 0	$ 72,591	11,801,146	$ 0	(11,651,980)	42,149
Closing Balance (in shares) at Mar. 31, 2016		1	72,591,292		0
Shares issued on Acquisition	23,177,000	$ 0	$ 12,340	12,080,706	$ 11,083,954	0	0
Shares issued on Acquisition (in shares)		0	12,339,843		11,310,157
Stock compensation expense - vested options on Acquisition	2,582,890	$ 0	$ 0	2,582,890	$ 0	0	0
Cashless exercise of warrants	$ 43,562	$ 0	$ 51	43,511	$ 0	0	0
Cashless exercise of warrants (in shares)	51,249	0	51,249		0
Shares issued for services	$ 59,500	$ 0	$ 70	59,430	$ 0	0	0
Shares issued for services (in shares)		0	70,000		0
Share compensation expense	159,818	$ 0	$ 0	159,818	$ 0	0	0
Share compensation expense (in shares)		0	0		0
Net loss for the period	(2,322,772)	$ 0	$ 0	0	$ 0	(2,322,772)	0
Closing Balance at Jun. 30, 2016	$ 23,963,904	$ 0	$ 85,052	$ 26,727,501	$ 11,083,954	$ (13,974,752)	$ 42,149
Closing Balance (in shares) at Jun. 30, 2016		1	85,052,384		11,310,157

XML

Condensed Consolidated Interim Statements of Cash Flows - USD ($)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating activities
Net loss for the period	$ (2,322,772)	$ (1,501,618)
Adjustment for items not affecting cash
Depreciation	10,163	17,002
Interest expense	15,234	0
Share based compensation expense	159,818	1,297,558
Shares issued for services	59,500	0
Change in fair value of warrant derivative liability	391,059	(917,749)
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities	(1,686,998)	(1,104,807)
Changes in non-cash working capital items
Accounts receivable	(113,870)	0
Prepaid expenses and other receivables	60,142	(5,934)
Due from related parties	(178)	(671)
Inventories	(71,380)	0
Accounts payable	(703,526)	(11,705)
Accrued liabilities	(382,629)	(299,676)
Net cash used in operating activities	(2,898,439)	(1,422,793)
Investing activities
Acquisition of equipment	0	(30,917)
Provision of a loan receivable	0	(150,000)
Net cash used in investing activities	0	(180,917)
Financing activities
Proceeds from issuance of shares, net of issue costs	0	4,552,409
Cash acquired on acquisition	266,635	0
Net cash provided by financing activities	266,635	4,552,409
Effects of foreign currency exchange rate changes	0	4,409
Net (decrease) increase in cash and cash equivalents for the period	(2,631,804)	2,953,108
Cash and cash equivalents, beginning of period	5,381,757	6,125,108
Cash and cash equivalents, end of period	2,749,953	$ 9,078,216
Assets acquired and liabilities assumed:
Current assets, including cash acquired of $266,635	478,843
Equipment	59,749
Intangible assets and goodwill	27,888,979
Accounts payable	(241,299)
Accrued liabilities	(361,029)
Customer deposits	(86,487)
Demand notes payable	(324,894)
Promissory notes payable	(217,808)
Bionik advance	(1,436,164)
Non-cash consideration	$ 25,759,890

XML

Condensed Consolidated Interim Statements of Cash [Parenthetical] - USD ($)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash Acquired from Acquisition	$ 266,635	$ 0

XML

NATURE OF OPERATIONS

3 Months Ended

Jun. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations [Text Block]

1. NATURE OF OPERATIONS

The Company and its Operations

Bionik Laboratories Corp. (formerly Drywave Technologies Inc., the “Company” or “Bionik”) was incorporated on January 8, 2010 in the State of Colorado as Strategic Dental Management Corp. On July 16, 2013, the Company changed its name to Drywave Technologies Inc. (“Drywave”) and its state of incorporation from Colorado to Delaware. Effective February 13, 2015, the Company changed its name to Bionik Laboratories Corp. and reduced the authorized number of shares of common stock from 200,000,000 to 150,000,000. Concurrently, the Company implemented a 1-for-0.831105 reverse stock split of the common stock, which had previously been approved on September 24, 2014.

On February 26, 2015, the Company entered into a Share Exchange Agreement and related transactions whereby it acquired Bionik Laboratories Inc., a Canadian Corporation (Bionik Canada and Bionik Canada issued 50,000,000 Exchangeable Shares, representing a 3.14 exchange ratio, for 100% of the then outstanding common shares of Bionik Canada (the “Merger”). The Exchangeable Shares are exchangeable at the option of the holder, each into one share of the common stock of the Company. In addition the Company issued one Special Preferred Voting Share (the “Special Preferred Share”) (Note 9).

As a result of the shareholders of Bionik Canada having a controlling interest in the Company subsequent to the Merger, for accounting purposes the Merger does not constitute a business combination. The transaction has been accounted for as a recapitalization of the Company with Bionik Canada being the accounting acquirer even though the legal acquirer is Bionik, accordingly, the historic financial statements of Bionik Canada are presented as the comparative balances for the period prior to the Merger.

References to the Company refer to the Company and its wholly-owned subsidiaries, Bionik Acquisition Inc. and Bionik Canada. References to Drywave relate to the Company prior to the Merger.

On April 21, 2016, the Company acquired all of the outstanding shares and, accordingly, all assets and liabilities of Interactive Motion Technologies, Inc. (IMT), a Boston, Massachusetts-based global pioneer and leader in providing effective robotic products for neurorehabilitation, pursuant to an Agreement and Plan of Merger (the “Merger Agreement”) dated March 1, 2016, with IMT, Hermano Igo Krebs, and Bionik Mergerco Inc., a Massachusetts corporation and our wholly owned subsidiary (Bionik Mergeco). The merger agreement provided for the merger of Bionik Mergerco with and into IMT, with IMT surviving the merger as the Company’s wholly-owned subsidiary. In return for acquiring IMT, IMT shareholders received or will receive up to an aggregate of 23,650,000 shares of the Company’s common stock.

The Company is a global pioneering robotics company focused on providing rehabilitation solutions to individuals with neurological disorders, specializing in designing, developing and commercializing cost-effective physical rehabilitation technologies, prosthetics, and assisted robotic products. The Company strives to innovate and build devices that can rehabilitate and improve an individual’s health, comfort, accessibility and quality of life through the use of advanced algorithms and sensing technologies that anticipate a user’s every move.

The unaudited condensed consolidated interim financial statements consolidate the Company and its wholly-owned subsidiaries Bionik Canada, Bionik Acquisition Inc. and Bionik, Inc. (the former IMT) since its acquisition on April 21, 2016.

These unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP"), which contemplates continuation of the Company as a going concern, which assumes the realization of assets and satisfaction of liabilities and commitments in the normal course of business. 

As at June 30, 2016, the Company had a working capital deficit of $3,704,539 and working capital as at March 31, 2016, of $187,156 and shareholders’ equity of $23,963,904 (March 31, 2016 - $263,906) and incurred a net loss and comprehensive loss of $2,322,772 for the three-month period ended June 30, 2016 (June 30 2015 - $1,501,618).  

The Company’s principal offices are located at 483 Bay Street, N105, Toronto, Ontario, Canada M5G 2C9 and Bionik, Inc.’s address is 80 Coolidge Hill Road, Watertown, MA. USA 02472.

Liquidity

Largely as a result of significant research and development activities related to the development of the Company’s advanced technology and commercialization of this technology into its medical device business, the Company has incurred significant operating losses and negative cash flows from operations since inception. As of June 30, 2016, the Company had an accumulated deficit of $13,974,752.

Cash on hand at June 30, 2016 was $2,749,953 and at March 31, 2016 it was $5,381,757. For the three months ended June 30, 2016, the Company had increased legal, accounting and other one time costs associated with the acquisition of IMT including the investment of $931,103 to close the transaction this quarter, as well as other one time legal, accounting and other costs associated with filing S-1’s to register shareholder’s shares and legal, accounting and other one time costs related to changing the Company’s year end from December to March to facilitate a possible future NASDAQ listing.

The Company’s actual capital requirements may vary significantly and will depend on many factors. Consequently, the Company will require significant additional financing in the immediate future, which the Company intends to raise before December 31, 2016 through corporate collaborations, public or private equity offerings, debt financings or warrant solicitations.

Sales of additional equity securities by the Company could result in the dilution of the interests of existing stockholders. There can be no assurance that financing will be available when required in sufficient amounts, on acceptable terms or at all. In the event that the necessary additional financing is not obtained, the Company would reduce its discretionary overhead costs substantially, including research and development, general and administrative, and sales and marketing expenses or otherwise curtail operations. However, the Company expects the foregoing, or a combination thereof, to meet the Company’s anticipated cash requirements for the next 12 months.

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SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

2. SIGNIFICANT ACCOUNTING POLICIES

Unaudited Condensed Consolidated Interim Financial Statements

These unaudited condensed consolidated interim financial statements have been prepared on the same basis as the annual audited financial statements and should be read in conjunction with those annual audited financial statements filed on Form 10-KT for the period ended March 31, 2016. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect adjustments, necessary to present fairly the Company's financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period.

Newly Adopted and Recently Issued Accounting Pronouncements

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The accounting standard is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017. Early adoption is not permitted. The impact on the consolidated financial statements of adopting ASU 2014-09 will be assessed by management.

In August 2014, the FASB issued a new financial accounting standard on going concern, ASU No. 2014-15, “Presentation of Financial Statements – Going Concern (Sub-Topic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The standard provides guidance about management’s responsibility to evaluate whether there is a substantial doubt about the organization’s ability to continue as a going concern. The amendments in this Update apply to all companies. They become effective in the annual period ending after December 15, 2016, with early application permitted. The impact on the consolidated financial statements of adopting ASU 2014-15 will be assessed by management.  

In September 2015, the FASB issued ASU No. 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments,” which illustrates certain guidance governing adjustments to the provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill. Such adjustments are required when new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement amounts initially recognized or would have resulted in the recognition of additional assets and liabilities. ASU No. 2015-16 eliminates the requirement to retrospectively account for such adjustments. ASU No. 2015-16 is effective for the fiscal year commencing after December 15, 2016. The Company has adopted this ASU No. 2015-16 as at and for the three and twelve month periods ended March 31, 2016. There was no material effect on the consolidated financial position or the consolidated results of operations and comprehensive loss.

In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes,” which requires that deferred tax liabilities and assets be classified on our Consolidated Balance Sheets as noncurrent based on an analysis of each taxpaying component within a jurisdiction. ASU No. 2015-17 is effective for the fiscal year commencing after December 15, 2017. The Company does not anticipate that the adoption of ASU No. 2015-17 will have a material effect on the consolidated financial position or the consolidated results of operations.

In February 2016, the FASB issued ASU 2016-02, Leases. This update requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The new guidance will also require additional disclosure about the amount, timing and uncertainty of cash flows arising from leases. The provisions of this update are effective for annual and interim periods beginning after December 15, 2018. The Company is still assessing the impact that the adoption of ASI 2016-02 will have on the consolidated financial position and the consolidated results of operations.

In March 2016, the FASB issued ASU 2016-09, "Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting". Several aspects of the accounting for share-based payment award transaction are simplified, including (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is still assessing the impact that the adoption of ASI 2016-09 will have on the consolidated financial position and the consolidated results of operations.

 

Revenue Recognition

The Company recognizes revenue upon completion of its products when they are shipped from its place of manufacture.

Significant Judgments - Warrant Derivative Liability

The Company’s derivative warrant instruments are measured at fair value using a simulation model which takes into account, as of the valuation date, factors including the current exercise price, the expected life of the warrant, the current price of the underlying stock, its expected volatility, holding cost and the risk-free interest rate for the term of the warrant (Note 11). The warrant derivative liability is revalued at each reporting period and changes in fair value are recognized in the condensed consolidated interim statements of operations and comprehensive loss under the caption “Change in fair value of warrant derivative liability”.

The selection of the appropriate valuation model and the inputs and assumptions that are required to determine the valuation requires significant judgment and requires management to make estimates and assumptions that affect the reported amount of the related liability and reported amounts of the change in fair value. Actual results could differ from those estimates, and changes in these estimates are recorded when known. As the derivative warrant liability is required to be measured at fair value at each reporting date it is reasonably possible that these estimates and assumptions could change in the near term.

Warranty Reserve and Deferred Warranty Revenue

The Company provides a one-year warranty as part of its normal sales offering. When products are sold, the Company provides warranty reserves, which, based on the historical experience of the Company are sufficient to cover warranty claims. Accrued warranty reserves are included in accrued liabilities on the balance sheet and amount to $61,380 at June 30, 2016. The Company also sells extended warranties for additional periods beyond the standard warranty. Extended warranty revenue is deferred and recognized as revenue over the extended warranty period. The Company recognized $15,190 of expense related to the change in warranty reserves and warranty costs incurred and recorded as an expense in cost of good sold during the three-month period ended June 30, 2016.

Foreign Currency Translation

On April 1, 2015, Bionik Canada and Bionik Acquisition Inc. changed its functional currency from the Canadian Dollar to the U.S. Dollar. This reflects the fact that the majority of the Company’s business is influenced by an economic environment denominated in U.S. currency as well the Company anticipates revenues to be earned in U.S. dollars. The change in accounting treatment is applied prospectively. The functional currency is separately determined for the Company and each of its subsidiaries, and is used to measure the financial position and operating results. The functional currency of the Company and its wholly-owned subsidiaries is the U.S. dollar. Transactions denominated in a currency other than the functional currency are recorded on initial recognition at the exchange rate at the date of the transaction. After initial recognition, monetary assets and liabilities denominated in foreign currency are translated at the end of each reporting period into the functional currency at the exchange rate at that date. Exchange differences are recognized in profit or loss. Non-monetary assets and liabilities measured at cost are translated at the exchange rate at the date of the transaction.

Fair Value of Financial Instruments

ASC Topic 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Included in the ASC Topic 820 framework is a three level valuation inputs hierarchy with Level 1 being inputs and transactions that can be effectively fully observed by market participants spanning to Level 3 where estimates are unobservable by market participants outside of the Company and must be estimated using assumptions developed by the Company. The Company discloses the lowest level input significant to each category of asset or liability valued within the scope of ASC Topic 820 and the valuation method as exchange, income or use. The Company uses inputs which are as observable as possible and the methods most applicable to the specific situation of each company or valued item.

The carrying amounts reported in the balance sheets for cash and cash equivalents, accounts receivable, other receivables, accounts payable and accrued liabilities, due from related parties approximate fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rates of interest. Per ASC Topic 820 framework these are considered Level 2 inputs where inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

As at June 30, 2016, the Company’s warrant derivative liability was measured at fair value at each reporting period using a simulation model based on Level 3 inputs.

The Company’s policy is to recognize transfers into and out of Level 3 as of the date of the event or change in the circumstances that caused the transfer. There were no such transfers during the period.

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ACQUISITION

3 Months Ended

Jun. 30, 2016

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

3. ACQUISITION

On April 21, 2016, the Company acquired 100% of the common and preferred shares of IMT, through a transaction where Bionik Mergerco merged with and into IMT, with IMT surviving the Merger as a wholly-owned subsidiary of Bionik.

Subject to the indemnification and escrow arrangements described in the Merger Agreement, Bionik has issued (or has reserved for issuance) an aggregate of 23,650,000 shares of Company Common Stock in exchange for all shares of IMT Common Stock and IMT Preferred Stock outstanding immediately prior to April 21, 2016. 12,339,843 common shares of the 23,650,000 were issued at June 30, 2016, and the remaining 11,310,157 common shares were issued subsequent to June 30, 2016.

Bionik also assumed each of the 3,895,000 options to acquire IMT Common Stock granted under IMT’s equity incentive plan or otherwise issued by IMT. These options were exchanged for purchase an aggregate of 3,000,000 shares of Company Common Stock, of which 1,000,000 have an exercise price of $0.25, 1,000,000 have an exercise price of $0.95 and 1,000,000 have an exercise price of $1.05. Stock compensation expense on vested options of $2,582,890 was recorded on the options exchanged and this amount is included in the acquisition equation.

The Company acquired the assets of IMT, which also included five licensed patents, a MIT Licence Agreement, three FDA listed products, a FDA inspected manufacturing facility, extensive clinical and sales data, a sales group and international distributors. Due to the complexities in identifying and valuing the intangible assets acquired, the Company has not yet finalized the purchase price allocation. At this time the Company is not practicably able to estimate the fair value of each identifiable asset. The Company has retained an independent valuator to determine the purchase price allocation. At this time the Company anticipates the intangible assets to consist of clinical data, sales data, license and patents/technology acquired and any excess to result in goodwill.

The following sets forth the preliminary purchase price allocation based on management’s best estimates of fair value, including a summary of major classes of consideration transferred and the recognized amounts of assets acquired and liabilities assumed at the acquisition date.

	As at
	April 21, 2016
	$
Consideration Paid:
Fair value of 23,650,000 common shares (a)		23,177,000
Fair value of vested stock options (b)		2,582,890
		25,759,890
Allocation of purchase price:
Assets Acquired:
Cash and cash equivalents		266,635
Accounts receivable		6,490
Inventories		188,879
Prepaid expenses and other current assets		16,839
Equipment		59,749
Liabilities assumed:
Accounts payable		(241,299)
Accrued liabilities		(361,029)
Customer deposits		(86,487)
Demand notes payable		(324,894)
Promissory notes payable		(217,808)
Bionik advance		(1,436,164)
Net assets acquired		(2,129,089)
Intangible assets and goodwill		27,888,979
		25,759,890

(a)    The fair value of common shares is based on $0.98 the closing market price of the Company’s shares on April 21, 2016.

(b)    The fair value of the vested stock options was determined using the Black Scholes option pricing model with the following key assumptions: a risk free rate of 1.59%, dividend and forfeiture rates of 0% and expected volatility of 114% which is consistent with the Company’s assumptions (Note 10).

The amount of IMT’s revenue and net loss and comprehensive loss included in the Company’s condensed consolidated interim statements of operations and comprehensive loss for the three month period ended June 30, 2016 are as follows:

	For the period
	April 21 - June 30, 2016
	(unaudited)
Revenue	$	162,588
Net loss and comprehensive loss	$	(292,634)

Pro forma results of operations

The following unaudited pro forma financial information presents combined results of operations for each of the periods presented as if the Merger had been completed April 1, 2016. The pro forma data is for informational purposes only and is not necessarily indicative of the consolidated results of operations of the combined business had the Merger actually occurred on April 1, 2016 or the results of future operations of the combined business. For instance, planned or expected operational synergies following the Merger are not reflected in the pro forma information. Consequently, actual result will differ from the unaudited pro forma information presented below.

	Three Months Ended June 30,
	2016		2015
	(unaudited)
Revenue	$	166,028	$	438,414
Net loss and comprehensive loss	$	(407,245)	$	(124,548)

*There were no material or nonrecurring adjustments in the supplemental pro forma revenue or results of operations as shown above.

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PREPAID EXPENSES AND OTHER RECEIVABLES

3 Months Ended

Jun. 30, 2016

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expense And Other Receivables [Text Block]

4. PREPAID EXPENSES AND OTHER RECEIVABLES

	June 30, 2016		March 31, 2016
	$		$
Prepaid expenses and sundry receivables		75,831		87,979
Prepaid insurance		83,329		107,259
Sales taxes receivable (i)		29,270		36,495
		188,430		231,733

(i) Sales tax receivable represents net harmonized sales taxes (HST) input tax credits receivable from the Government of Canada.

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INVENTORIES

3 Months Ended

Jun. 30, 2016

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

5. INVENTORIES

	June 30, 2016		March 31, 2016
	$		$
Raw Materials		218,047		-
Work in Progress		42,212		-
		260,259		-

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EQUIPMENT

3 Months Ended

Jun. 30, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

6. EQUIPMENT

Equipment consisted of the following as at June 30, 2016 and March 31, 2016:

	June 30, 2016						March 31, 2016
	Cost		Accumulated Depreciation		Net		Cost		Accumulated Depreciation		Net
	$		$		$		$		$		$
Computers and electronics		262,853		184,636		78,217		152,246		96,379		55,867
Furniture and fixtures		36,795		24,361		12,434		22,496		10,118		12,378
Demonstration equipment		28,800		1,200		27,600		-		-		-
Manufacturing equipment		84,442		84,442		-		-		-		-
Tools and parts		11,422		3,337		8,085		11,422		2,917		8,505
		424,312		297,976		126,336		186,164		109,414		76,750

Included in Computers and Electronics are assets under capital lease of $23,019 which are being amortized over the term of the lease. Current portion of the lease as at June 30, 2016, $4,603 (March 31, 2016 - $Nil) and the long term portion as at June 30, 2016, $18,032 (March 31, 2016 - $Nil). Equipment is recorded at cost less accumulated depreciation. Depreciation expense during the period ended June 30, 2016 was $10,163 (June 30, 2015 - $17,002).

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NOTES PAYABLE

3 Months Ended

Jun. 30, 2016

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

7. NOTES PAYABLE

Demand Notes payable

The Company has outstanding notes payable (“Notes”) of $328,840, acquired from IMT, loan amounts represented by one such Note which is owed to a director of the Company for $148,974 at June 30, 2016. On March 1, 2016, the Company executed amendments to the Notes to accrue interest at a rate of prime, as reported by the Wall Street Journal, of 3.50% at the date of amendment and to defer the demand feature until the earlier of December 31, 2017 or the date when the Company raises new capital in excess of $15 million in cash.

Interest expense incurred on the Notes totalled $3,325 for the period ended June 30, 2016.

Promissory Notes payable

In February 2014, the Company borrowed $200,000 from an existing investor under the terms of the secured promissory note (“Promissory Note”). The Promissory Note bears interest at a simple interest rate equal to 10% per annum and interest is payable quarterly. The Promissory Note, which matured in March 2016, was extended and now matures in September 2016, may be prepaid at any time, and is secured by substantially all the assets of one of the Company’s subsidiaries. Interest expense incurred on the Note totalled $3,890 for the period ended June 30, 2016.

Subsequent to June 30, 2016, the Promissory Note was extended to March 2017 under the same terms and conditions stated above.

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RELATED PARTY TRANSACTIONS AND BALANCES

3 Months Ended

Jun. 30, 2016

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

8. RELATED PARTY TRANSACTIONS AND BALANCES

Due from related parties

(a) As of June 30, 2016, the Company had advances receivable from the Chief Operating Officer (“COO”) and former Chief Technology Officer (“CTO”) for $41,623 (March 31, 2016 – $41,445). These advances are unsecured, bear interest at a rate of 1% based on the Canada Revenue Agency’s prescribed rate for such advances and are payable on demand in Canadian dollars. The Company accrued interest receivable in the amount of $392 (March 31, 2016 - $1,148); the remaining fluctuation in the balance from the prior year is due to foreign exchange.

The Company advanced funds to settle a tax assessment; the Company paid additional salary amounts that had not been made during the period; and, the Company reimbursed $37,837 ($44,000 CAD) related to various out-of-pocket costs they incurred on behalf of the Company.

Accounts payable and accrued liabilities

(b) As at June 30, 2016, $1,118 (March 31, 2016 - $2,694) was owing to the CEO, $Nil (March 31, 2016 - $3,284) owing to the former CTO and $16,941 owing to the COO (March 31, 2016 - $8,812) and $Nil owing to the CFO (March 31, 2016 - $116), and $102 owing to our VP US Operations related to business expenses, all of which are included in accounts payable.

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SHARE CAPITAL

3 Months Ended

Jun. 30, 2016

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

9. SHARE CAPITAL

	June 30, 2016				March 31, 2016
	Number of shares		$		Number of shares		$
Exchangeable Shares:
Balance beginning and end of the period		50,000,000		50,000		50,000,000		50,000
Common Shares
Balance at beginning of the period		22,591,292		22,591		22,428,313		22,428
Shares issued on acquisition (Note 3)		12,339,843		12,339
Shares issued for services (v)		70,000		70		117,471		117
Cashless exercise of warrants (iv)		51,249		51		45,508		46
Balance at end of the period		35,052,384		35,051		22,591,292		22,591
TOTAL COMMON SHARES		85,052,384		85,052		72,591,292		72,591

(i) On April 21, 2015, the Company issued 3,115,000 Units for gross proceeds of $2,492,000 to accredited investors in a fourth closing (the “Fourth Closing”) of its 2015 private offering. Each Unit consisted of one common share of the Company, and a warrant to purchase one common share of the Company at an exercise price of $1.40 per share exercisable for 4 years. The Company incurred share issue costs before legal and other related to the Fourth Closing of $338,960 and issued 311,500 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 11). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $435,682 was recorded as a loss on initial recognition of the warrants and included in the change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss.

(ii) On May 27, 2015, the Company issued 1,418,750 Units for gross proceeds of $1,135,000 to accredited investors in a fifth closing (the “Fifth Closing”) of its 2015 private offering. Each Unit consisted of one common share of the Company, and a warrant to purchase one common share of the Company at an exercise price of $1.40 per share exercisable for 4 years. The Company incurred share issue costs before legal and other costs related to the Fifth Closing of $147,566 and issued 141,875 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 11). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $37,739 was recorded as a loss on initial recognition of the warrants and included in the change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss.

(iii) On June 30, 2015, the Company issued 2,035,000 Units for gross proceeds of $1,628,000 to accredited investors in a sixth and final closing (the “Sixth Closing”) of its private offering. Each Unit consisted of one common share of the Company, and a warrant to purchase one common share of the Company at an exercise price of $1.40 per share exercisable for 4 years. The Company incurred share issue costs before legal and other costs related to the Sixth Closing of $211,656 and issued 203,500 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 11). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $74,625 was recorded as a loss on initial recognition of the warrants and included in the change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss.

(iv) During the three month period ended June 30, 2016, 51,249 common shares were issued as a result of a cashless exercise of 262,045 warrants with an exercise price of $0.80. Under the terms of the warrant agreement the value of the warrants on exercise is attributed to the shares on exercise and the Company has recognized a value of $43,562.

(v) The Company issued 70,000 common shares during the three month period ended June 30, 2016 for consulting services and recognized $59,500 of share compensation expense.

Special Voting Preferred Share

In connection with the Merger (Note 1), on February 26, 2015, the Company entered into a voting and exchange trust agreement (the “Trust Agreement”). Pursuant to the Trust Agreement, the Company issued one Special Voting Preferred Share to the Trustee, and the parties created a trust for the Trustee to hold the Special Voting Preferred Share for the benefit of the holders of the Exchangeable Shares (the “Beneficiaries”). Pursuant to the Trust Agreement, the Beneficiaries will have voting rights in the Company equivalent to what they would have had they received shares of common stock in the same amount as the Exchangeable Shares held by the Beneficiaries.

In connection with the Merger and the Trust Agreement, effective February 20, 2015, the Company filed a certificate of designation of the Special Voting Preferred Share (the “Special Voting Certificate of Designation”) with the Delaware Secretary of State. Pursuant to the Special Voting Certificate of Designation, one share of the Company’s blank check preferred stock was designated as Special Voting Preferred Share. The Special Voting Preferred Share entitles the Trustee to exercise the number of votes equal to the number of Exchangeable Shares outstanding on a one-for-one basis during the term of the Trust Agreement.

The Special Voting Preferred Share is not entitled to receive any dividends or to receive any assets of the Company upon liquidation, and is not convertible into common shares of the Company.

The voting rights of the Special Voting Preferred Share will terminate pursuant to and in accordance with the Trust Agreement. The Special Voting Preferred Share will be automatically cancelled at such time as no Exchangeable Shares are held by a Beneficiary.

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STOCK OPTIONS

3 Months Ended

Jun. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

10. STOCK OPTIONS

The purpose of the Company’s stock option plan, is to attract, retain and motivate persons of training, experience and leadership to the Company, including their directors, officers and employees, and to advance the interests of the Company by providing such persons with the opportunity, through share options, to acquire an increased proprietary interest in the Company.

Options may be granted in respect of authorized and unissued shares, provided that the aggregate number of shares reserved for issuance upon the exercise of all Options granted under the Plan, shall not exceed 10,800,000 or such greater number of shares as may be determined by the Board and approved, if required, by the shareholders of the Company and by any applicable stock exchange or other regulatory authority. Optioned shares in respect of which options are not exercised shall be available for subsequent options.

On April 11, 2014 and June 20, 2014 the Company issued 657,430 and 264,230 options to employees and a consultant at an exercise price of $0.165 and $0.23, respectively, with a term of seven years. The options vest one-third on grant date and two thirds equally over the subsequent two years on the anniversary date. During the nine month period ended December 31, 2014, 125,824 of the 657,430 options were cancelled. On February 26, 2015, as a result of the Merger, the options were re-valued. The fair value, as re-measured, of the 531,606 options issued in April 2014 and the 264,230 options issued in June 2014 was $230,930 and $118,957 respectively. An additional 62,912 options were cancelled during the quarter ended June 30, 2016 and stock compensation of $3,658 and $176 was recognized in the quarter.

On July 1, 2014, the Company issued 2,972,592 options to management of the Company, at an exercise price of $0.23 with a term of 7 years, which vested May 27, 2015. On February 26, 2015, as a result of the Merger, the options were re-valued at a fair value of $1,259,487, which vest immediately. During the quarter, the management executive left the Company and 990,864 of these options will be cancelled six  months after his last day according to his employment agreement.

On February 17, 2015, the Company issued 314,560 options to a director, employees and a consultant with an exercise price of $0.23, that vest one third immediately and two thirds over the next two anniversary dates with an expiry date of seven years. The grant date fair value of the options was $136,613. Previously 110,100 options were cancelled and $7,400 of stock compensation was recognized in the quarter

On November 24, 2015, the Company issued 650,000 options granted to employees that vest over three years at the anniversary date. The grant date fair value of the options was $694,384. During the year ended March 31, 2016 250,000 options were cancelled and stock compensation expense of 62,317 was recognized. During the quarter ended June 30, 2016, $35,609 of stock compensation expense was recognized.

On December 14, 2015, the Company issued 2,495,000 options granted to employees, directors and consultants that vest over three years at the anniversary date. The grant date fair value of the options was $1,260,437.  During the year ended March 31, 2016, 25,000 options were cancelled and for the quarter ended June 30, 2016 40,000 options were cancelled and stock compensation expenses of $100,308 was recognized.

 

On April 21, 2016, the Company issued 3,000,000 stock options to employees of Bionik, Inc. in exchange for 3,895,000 options that existed before the Company purchased IMT, of which 1,000,000 have an exercise price of $0.25, 1,000,000 has an exercise price of $0.95 and 1,000,000 have an exercise price of $1.05. The grant fair value of vested options was $2,582,890 and has been recorded as part of the acquisition equation (Note 3).

On April 26, 2016, the Company issued 250,000 options to an employee with an exercise price of $1.00 that will vest over three years at the anniversary date. The grant fair value was $213,750. During the quarter ended June 30, 2016, $4,667 stock compensation expense was recognized. 

During the three month period ended June 30, 2016, the Company recorded $159,818 in share-based compensation related to the vesting of stock options (June 30, 2015 - $1,297,558).

These options at their respective grant dates were valued using the Black-Scholes option pricing model with the following key assumptions:

Grant date	Expected life in years		Risk free rate			Dividend rate			Forfeiture rate			Expected volatility			Grant date fair value
February 17, 2015		4.50		1.59	%		0	%		0	%		114	%	$	136,613
July 1, 2014		3.90		1.59	%		0	%		0	%		114	%	$	1,259,487
June 20, 2014		6.07		1.59	%		0	%		0	%		114	%	$	118,957
April 11, 2014		4.14		1.59	%		0	%		0	%		114	%	$	230,930
November 24, 2015		6.5		1.59	%		0	%		0	%		114	%	$	694,384
December 14, 2015		6.5		1.59	%		0	%		0	%		114	%	$	1,260,437
April 21, 2016		0.59 – 9.51		1.59	%		0	%		0	%		114	%	$	2,582,890
April 26, 2016		6.9		1.59	%		0	%		0	%		114	%	$	213,750

A summary of the Company’s outstanding options is as follows:

	Number of Options		Weighted-Average Exercise Price ($)
Outstanding, December 31, 2015		6,960,609		0.59
Cancelled		(355,729)		0.97
Outstanding, March 31, 2016		6,604,880		0.57
Issued		3,250,000		0.77
Cancelled		(123,895)		0.45
Outstanding, June 30, 2016		9,730,985		0.64

The following is a summary of stock options outstanding and exercisable as of June 30, 2016:

Exercise Price ($)		Number of Options		Expiry Date	Number of Exercisable Options
	0.165		374,324	April 1, 2021		374,324
	0.23		99,610	June 20, 2021		99,610
	0.23		2,972,592	July 1, 2021		2,972,592
	0.23		204,460	February 17, 2022		136,314
	1.22		400,000	November 24, 2022		-
	1.00		2,430,000	December 14, 2022		-
	1.00		250,000	April 26, 2023		-
	0.25		906,077	July 28, 2025		906,077
	0.25		93,923	December 30, 2025		59,158
	0.95		9,486	February 2, 2017		9,486
	0.95		111,937	March 28, 2023		111,937
	0.95		31,620	March 3, 2024		31,620
	0.95		15,810	March 14, 2024		15,810
	0.95		82,213	September 30, 2024		82,213
	0.95		7,431	June 2, 2025		7,431
	0.95		671,859	July 29, 2025		671,859
	0.95		69,643	December 30, 2025		8,193
	1.05		36,697	February 2, 2017		36,697
	1.05		423,642	March 28, 2023		423,642
	1.05		122,324	March 3, 2024		122,324
	1.05		70,548	March 14, 2024		61,162
	1.05		318,042	September 30, 2024		318,042
	1.05		28,747	June 2, 2025		28,747
			9,730,985			6,477,238

The weighted-average remaining contractual term of the outstanding options is 6.50 (June 30, 2015 – 6.02) and for the options that are exercisable 6.48 (June 30, 2015 – 6.00).

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WARRANTS

3 Months Ended

Jun. 30, 2016

Warrants and Rights Note Disclosure [Abstract]

Shareholders Equity And Share Based Payments Stock Warrant [Text Block]

11. WARRANTS

The following is a continuity schedule of the Company’s common share purchase warrants:

	Number of Warrants		Weighted-Average Exercise Price ($)
Outstanding and exercisable, March 31, 2015		10,823,450		1.35
Issued		7,225,625		1.35
Outstanding and exercisable, December 31, 2015		18,049,075		1.35
Exercised		(148,787)		(0.80)
Outstanding and exercisable, March 31, 2016		17,900,288		1.35
Exercised		(262,045)		(0.80)
Outstanding and exercisable, June 30, 2016		17,638,243		1.36

In February 2016, a warrant holder exercised 148,787 warrants on a cashless basis based on the terms of the warrant agreement and was issued 45,508 common shares. During the three month period ended June 30, 2016, 262,045 warrants were exercised on a cashless basis based on the terms of the warrant agreement and the Company issued 51,249 common shares (Note 9 (iv)).

 

Common share purchase warrants

The following is a summary of common share purchase warrants outstanding as of June 30, 2016:

Exercise Price ($)			Number of Warrants		Expiry Date
	1.40			7,735,750	February 26, 2019
	1.40			1,212,500	March 27, 2019
	1.40			891,250	March 31, 2019
	1.40	Note 9(i)		3,115,000	April 21, 2019
	1.40	Note 9 (ii)		1,418,750	May 27, 2019
	1.40	Note 9(iii)		2,035,000	June 30, 2019
	0.80	Note (9 i to iii)		1,229,993	February 26, 2019
				17,638,243

The weighted-average remaining contractual term of the outstanding warrants is 2.52 (March 31, 2016 – 2.77).

Exchangeable share purchase warrants

In 2014, the Company repaid loans of $180,940 plus accrued interest of $12,138 owing to investors introduced by Pope and Co. As part of this transaction the Company was committed to issue these lenders warrants exercisable into 349,522 Exchangeable Shares at an exercise price of $0.23 per share for a period ending March 21, 2017. During the year ended March 31, 2015, the Company issued these warrants.

 

Warrant derivative liability

The Company’s outstanding common share purchase warrants include price protection provisions that allow for a reduction in the exercise price of the warrants in the event the Company subsequently issues common stock or options, rights, warrants or securities convertible or exchangeable for shares of common stock at a price lower than the exercise price of the warrants. Simultaneously with any reduction to the exercise price, the number of shares of common stock that may be purchased upon exercise of each of these warrants shall be increased based on a pre-defined formula.

In addition, prior to the effectiveness of certain resale registration statements or if any such registration statements are no longer effective, the holder of the Company’s warrants, at their option, may exercise all or any part of the warrants in a “cashless” or “net-issue” exercise.

The Company has the option to redeem the warrants for $0.001 per warrant if the daily volume weighted-average price of the common shares is 200% or more of the exercise price for twenty consecutive trading days provided there is an effective registration statement covering the common shares available throughout the thirty day period after the redemption date. The warrant holders then have thirty days to exercise the warrants or receive the redemption amount.

The Company’s derivative instruments have been measured at fair value at inception and at each reporting period using a simulation model. The Company recognizes all of its warrants with price protection on its consolidated balance sheet as a derivative liability.

The following summarizes the changes in the value of the warrant derivative liability from inception until June 30, 2016:

	Number of Warrants		Value ($)
Balance at March 31, 2015		10,823,450		8,382,648
Warrants issued in April 21, 2015 financing		3,426,500		2,588,722
Warrants issued in May 27, 2015 financing		1,560,625		1,025,173
Warrants issued in June 30, 2015 financing		2,238,500		1,490,969
Change in fair value of warrant derivative liability		-		(7,419,643)
Balance at December 31, 2015		18,049,075		6,067,869
Fair value of warrants exercised		(148,787)		(60,966)
Change in fair value of warrant derivative liability		-		(870,913)
Balance at March 31, 2016		17,900,288		5,135,990
Change in fair value of warrant derivative liability		-		434,621
Fair value of warrants exercised		(262,045)		(43,562)
Balance at June 30, 2016		17,638,243		5,527,049

During the three month period ended June 30, 2016, the Company recorded a loss of $391,059 on re-measurement of the warrant liability to fair value. The change is recorded as a change in fair value of warrant derivative liability within the Company’s consolidated statement of operations and comprehensive (loss) income.

The key inputs and assumptions used in the simulation model at inception and at June 30, 3016 and March 31, 2016 are as follows:

Grant date	Number of Warrants		Expected life in years		Exercise Price ($)		Risk free rate			Dividend rate			Expected volatility			Fair value ($)
At Inception:
February 26, 2015		7,735,750		4		1.4		0.44	%		0	%		51.83	%		464,784
February 26, 2015		773,575		4		0.8		0.44	%		0	%		51.83	%		85,590
March 27, 2015		1,212,500		3.92		1.4		0.43	%		0	%		52.37	%		950,913
March 27, 2015		121,250		3.92		0.8		0.43	%		0	%		52.37	%		85,412
March 31, 2015		891,250		3.91		1.4		0.41	%		0	%		52.45	%		696,582
March 31, 2015		89,125		3.91		0.8		0.41	%		0	%		52.45	%		62,708
April 21, 2015		3,115,000		3.85		1.4		0.68	%		0	%		51.54	%		2,371,956
April 21, 2015		311,500		3.85		0.8		0.68	%		0	%		51.54	%		216,766
May 27, 2015		1,418,750		3.76		1.4		0.46	%		0	%		51.74	%		933,065
May 27, 2015		141,875		3.76		0.8		0.46	%		0	%		51.74	%		92,108
June 30, 2015		2,035,000		3.66		1.4		0.37	%		0	%		52.94	%		1,356,512
June 30, 2015		203,500		3.66		0.8		0.37	%		0	%		52.94	%		134,457
At year end March 31, 2016:
March 31, 2016		16,408,250		2.91		1.4		0.21	%		0	%		62.96	%		4,585,539
March 31, 2016		1,492,038		2.91		0.8		0.21	%		0	%		62.96	%		550,451
At Period End:
June 30, 2016		16,408,250		2.66		1.4		0.26	%		0	%		70.77	%		5,003,830
June 30, 2016		1,229,993		2.66		0.8		0.26	%		0	%		70.77	%		523,219

In addition to the forgoing, the Company also utilized a holding cost to approximate the impact of a holder of the warrant to maintain a hedging strategy in which they maintained a short position. On analysis of comparable companies and other information the Company has determined that the use of 2.25% in the simulation model is a reasonable assumption.

 

The warrant derivative liability is classified within Level 3 of the fair value hierarchy because on initial recognition and again at each reporting period, it was valued using these significant inputs and assumptions that are unobservable in the market. Changes in the values assumed and used in the simulation model can materially affect the estimate of fair value.

Generally, an increase in the market price of the Company’s common shares, an increase in the volatility of the Company’s common shares and an increase in the expected life would result in a directionally similar change in the estimated fair value of the warrant derivative liability. An increase in the risk free rate would result in a decrease in the fair value of the warrant derivative liability.

The expected life is based on the remaining contractual term of the warrants. The risk free rate was based on U.S. treasury-note yields with terms commensurate with the remaining term of the warrants. Expected volatility over the expected term of the warrants is estimated based on consideration of historical volatility and other information.

In addition to the assumptions above, the Company also took into consideration the probability of the Company’s participation in another round of financing, the type of such financing and the range of the stock price for the financing at that time. At each increment of the simulation, the daily volume weighted-average price was calculated. If this amount was 200% greater than the exercise price of the warrants at the time, and this threshold was maintained for 20 consecutive days, the simulation assumed the trigger of the Company’s option to redeem and the exercise of the warrants by the holder within thirty days. In the circumstance where the redemption was not triggered the warrant was valued at its discounted intrinsic value at maturity.

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ROYALTY AGREEMENT

3 Months Ended

Jun. 30, 2016

Royalty Agreement [Abstract]

Royalty Agreement [Text Block]

12. ROYALTY AGREEMENT

Prior to the acquisition of IMT in April 2012, IMT entered into a Patent License Agreement with an unrelated third party (the “Licensee”). Under the terms of the perpetual license agreement, the Company will receive royalties from the Licensee based on a licensed product sold by the Licensee. There was no royalty income in 2016 or 2015 under the terms of the agreement.

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LICENSING AGREEMENTS

3 Months Ended

Jun. 30, 2016

Licensing Agreements [Abstract]

Licensing Agreements Disclosure [Text Block]

13. LICENSING AGREEMENTS

The Company’s subsidiary maintains a licensing agreement with the Massachusetts Institute of Technology (“MIT”) for exclusive rights to utilize certain of MIT’s patented technology. The licensing agreement remains in effect until the expiration or abandonment of all patent rights and patent applications filed that are included under license, the last of which patent rights expires in November 2024. The agreement provides the Company with the option to sublicense the rights under the agreement. Under the terms of the agreement, as amended, royalties are payable to MIT based on 3% of certain domestic product sales and 1.5% of certain international product sales, as defined, and 50% of all sublicense income.

The Company recognized $nil of royalty expense under this agreement during the three months ended June 30, 2016. At June 30, 2016, the Company had accrued royalty and related amounts payable to MIT of $31,388 included in accrued liabilities on the condensed interim balance sheets. One of the Company’s directors is an employee of MIT as well as the Company’s Chief Science Officer.

The Company maintains a second licensing agreement with the same director noted above and an unrelated third party for exclusive rights to utilize certain patented technology. The Company has exclusive rights to the patents and related applications, as defined, until expiration in May 2027. The agreement provides the Company with the option to sublicense the rights under the agreement. Under the terms of the agreement royalties are payable to the patent holders based on 1% of net sales, as defined, and 50% of all sublicense income. There have been no sales under this agreement through June 30, 2016.

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COMMITMENTS AND CONTINGENCIES

3 Months Ended

Jun. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

14. COMMITMENTS AND CONTINGENCIES

Contingencies

From time to time, the Company may be involved in a variety of claims, suits, investigations and proceedings arising in the ordinary course of our business, collection claims, breach of contract claims, labor and employment claims, tax and other matters. Although claims, suits, investigations and proceedings are inherently uncertain and their results cannot be predicted with certainty, the Company believes that the resolution of current pending matters will not have a material adverse effect on its business, financial position, results of operations or cash flow. Regardless of the outcome, litigation can have an adverse impact on the Company because of legal costs, diversion of management resources and other factors.

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RISK MANAGEMENT

3 Months Ended

Jun. 30, 2016

Risks and Uncertainties [Abstract]

Concentration Risk Disclosure [Text Block]

15. RISK MANAGEMENT

The Company’s cash balances are maintained in two banks in Canada and a Canadian Bank subsidiary in the US and a US Bank. Deposits held in banks in Canada are insured up to $100,000 CAD per depositor for each bank by The Canada Deposit Insurance Corporation, a federal crown corporation. Actual balances at times may exceed these limits.

Interest Rate Risk

Interest rate risk is the risk that the value of a financial instrument might be adversely affected by a change in the interest rates. The Company has minimal exposure to fluctuations in the market interest rate. In seeking to minimize the risks from interest rate fluctuations, the Company manages exposure through its normal operating and financing activities.

Liquidity Risk

Liquidity risk is the risk that the Company will incur difficulties meeting its financial obligations, as they are due. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when due. Accounts payable and accrued liabilities are due within the current operating period.

The Company has funded its operations through the issuance of capital stock, convertible debt and loans in addition to grants and investment tax credits received from the Government of Canada.

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SUBSEQUENT EVENTS

3 Months Ended

Jun. 30, 2016

Subsequent Events [Abstract]

Subsequent Events [Text Block]

16. SUBSEQUENT EVENTS 

(a)  In July 2016, the Company received a Canadian refundable tax credit totalling $403,889, which will be recorded in the second quarter as other income.

(b) The Company granted 750,000 options at $1.00 on August 8, 2016, which will vest over three years on the first anniversary of this date and two subsequent anniversaries.

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SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

Unaudited Condensed Consolidated Interim Financial Statements [Policy Text Block]

Unaudited Condensed Consolidated Interim Financial Statements

These unaudited condensed consolidated interim financial statements have been prepared on the same basis as the annual audited financial statements and should be read in conjunction with those annual audited financial statements filed on Form 10-KT for the period ended March 31, 2016. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect adjustments, necessary to present fairly the Company's financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period.

Recently Adopted Accounting Pronouncements [Policy Text Block]

Newly Adopted and Recently Issued Accounting Pronouncements

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The accounting standard is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2017. Early adoption is not permitted. The impact on the consolidated financial statements of adopting ASU 2014-09 will be assessed by management.

In August 2014, the FASB issued a new financial accounting standard on going concern, ASU No. 2014-15, “Presentation of Financial Statements – Going Concern (Sub-Topic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The standard provides guidance about management’s responsibility to evaluate whether there is a substantial doubt about the organization’s ability to continue as a going concern. The amendments in this Update apply to all companies. They become effective in the annual period ending after December 15, 2016, with early application permitted. The impact on the consolidated financial statements of adopting ASU 2014-15 will be assessed by management.  

In September 2015, the FASB issued ASU No. 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments,” which illustrates certain guidance governing adjustments to the provisional amounts recognized at the acquisition date with a corresponding adjustment to goodwill. Such adjustments are required when new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement amounts initially recognized or would have resulted in the recognition of additional assets and liabilities. ASU No. 2015-16 eliminates the requirement to retrospectively account for such adjustments. ASU No. 2015-16 is effective for the fiscal year commencing after December 15, 2016. The Company has adopted this ASU No. 2015-16 as at and for the three and twelve month periods ended March 31, 2016. There was no material effect on the consolidated financial position or the consolidated results of operations and comprehensive loss.

In November 2015, the FASB issued ASU No. 2015-17, “Balance Sheet Classification of Deferred Taxes,” which requires that deferred tax liabilities and assets be classified on our Consolidated Balance Sheets as noncurrent based on an analysis of each taxpaying component within a jurisdiction. ASU No. 2015-17 is effective for the fiscal year commencing after December 15, 2017. The Company does not anticipate that the adoption of ASU No. 2015-17 will have a material effect on the consolidated financial position or the consolidated results of operations.

In February 2016, the FASB issued ASU 2016-02, Leases. This update requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The new guidance will also require additional disclosure about the amount, timing and uncertainty of cash flows arising from leases. The provisions of this update are effective for annual and interim periods beginning after December 15, 2018. The Company is still assessing the impact that the adoption of ASI 2016-02 will have on the consolidated financial position and the consolidated results of operations.

In March 2016, the FASB issued ASU 2016-09, "Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting". Several aspects of the accounting for share-based payment award transaction are simplified, including (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The amendments are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company is still assessing the impact that the adoption of ASI 2016-09 will have on the consolidated financial position and the consolidated results of operations.

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

The Company recognizes revenue upon completion of its products when they are shipped from its place of manufacture.

Warrant Derivative Liability Policy [Policy Text Block]

Significant Judgments - Warrant Derivative Liability

The Company’s derivative warrant instruments are measured at fair value using a simulation model which takes into account, as of the valuation date, factors including the current exercise price, the expected life of the warrant, the current price of the underlying stock, its expected volatility, holding cost and the risk-free interest rate for the term of the warrant (Note 11). The warrant derivative liability is revalued at each reporting period and changes in fair value are recognized in the condensed consolidated interim statements of operations and comprehensive loss under the caption “Change in fair value of warrant derivative liability”.

The selection of the appropriate valuation model and the inputs and assumptions that are required to determine the valuation requires significant judgment and requires management to make estimates and assumptions that affect the reported amount of the related liability and reported amounts of the change in fair value. Actual results could differ from those estimates, and changes in these estimates are recorded when known. As the derivative warrant liability is required to be measured at fair value at each reporting date it is reasonably possible that these estimates and assumptions could change in the near term.

Standard Product Warranty, Policy [Policy Text Block]

Warranty Reserve and Deferred Warranty Revenue

The Company provides a one-year warranty as part of its normal sales offering. When products are sold, the Company provides warranty reserves, which, based on the historical experience of the Company are sufficient to cover warranty claims. Accrued warranty reserves are included in accrued liabilities on the balance sheet and amount to $61,380 at June 30, 2016. The Company also sells extended warranties for additional periods beyond the standard warranty. Extended warranty revenue is deferred and recognized as revenue over the extended warranty period. The Company recognized $15,190 of expense related to the change in warranty reserves and warranty costs incurred and recorded as an expense in cost of good sold during the three-month period ended June 30, 2016.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Currency Translation

On April 1, 2015, Bionik Canada and Bionik Acquisition Inc. changed its functional currency from the Canadian Dollar to the U.S. Dollar. This reflects the fact that the majority of the Company’s business is influenced by an economic environment denominated in U.S. currency as well the Company anticipates revenues to be earned in U.S. dollars. The change in accounting treatment is applied prospectively. The functional currency is separately determined for the Company and each of its subsidiaries, and is used to measure the financial position and operating results. The functional currency of the Company and its wholly-owned subsidiaries is the U.S. dollar. Transactions denominated in a currency other than the functional currency are recorded on initial recognition at the exchange rate at the date of the transaction. After initial recognition, monetary assets and liabilities denominated in foreign currency are translated at the end of each reporting period into the functional currency at the exchange rate at that date. Exchange differences are recognized in profit or loss. Non-monetary assets and liabilities measured at cost are translated at the exchange rate at the date of the transaction.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments

ASC Topic 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Included in the ASC Topic 820 framework is a three level valuation inputs hierarchy with Level 1 being inputs and transactions that can be effectively fully observed by market participants spanning to Level 3 where estimates are unobservable by market participants outside of the Company and must be estimated using assumptions developed by the Company. The Company discloses the lowest level input significant to each category of asset or liability valued within the scope of ASC Topic 820 and the valuation method as exchange, income or use. The Company uses inputs which are as observable as possible and the methods most applicable to the specific situation of each company or valued item.

The carrying amounts reported in the balance sheets for cash and cash equivalents, accounts receivable, other receivables, accounts payable and accrued liabilities, due from related parties approximate fair value because of the short period of time between the origination of such instruments and their expected realization and their current market rates of interest. Per ASC Topic 820 framework these are considered Level 2 inputs where inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

As at June 30, 2016, the Company’s warrant derivative liability was measured at fair value at each reporting period using a simulation model based on Level 3 inputs.

The Company’s policy is to recognize transfers into and out of Level 3 as of the date of the event or change in the circumstances that caused the transfer. There were no such transfers during the period.

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ACQUISITION (Tables)

3 Months Ended

Jun. 30, 2016

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

The following sets forth the preliminary purchase price allocation based on management’s best estimates of fair value, including a summary of major classes of consideration transferred and the recognized amounts of assets acquired and liabilities assumed at the acquisition date.

	As at
	April 21, 2016
	$
Consideration Paid:
Fair value of 23,650,000 common shares (a)		23,177,000
Fair value of vested stock options (b)		2,582,890
		25,759,890
Allocation of purchase price:
Assets Acquired:
Cash and cash equivalents		266,635
Accounts receivable		6,490
Inventories		188,879
Prepaid expenses and other current assets		16,839
Equipment		59,749
Liabilities assumed:
Accounts payable		(241,299)
Accrued liabilities		(361,029)
Customer deposits		(86,487)
Demand notes payable		(324,894)
Promissory notes payable		(217,808)
Bionik advance		(1,436,164)
Net assets acquired		(2,129,089)
Intangible assets and goodwill		27,888,979
		25,759,890

(a)    The fair value of common shares is based on $0.98 the closing market price of the Company’s shares on April 21, 2016.

(b)    The fair value of the vested stock options was determined using the Black Scholes option pricing model with the following key assumptions: a risk free rate of 1.59%, dividend and forfeiture rates of 0% and expected volatility of 114% which is consistent with the Company’s assumptions (Note 10).

Business Acquisition, Pro Forma Information [Table Text Block]

The amount of IMT’s revenue and net loss and comprehensive loss included in the Company’s condensed consolidated interim statements of operations and comprehensive loss for the three month period ended June 30, 2016 are as follows:

	For the period
	April 21 - June 30, 2016
	(unaudited)
Revenue	$	162,588
Net loss and comprehensive loss	$	(292,634)

The following unaudited pro forma financial information presents combined results of operations for each of the periods presented as if the Merger had been completed April 1, 2016. The pro forma data is for informational purposes only and is not necessarily indicative of the consolidated results of operations of the combined business had the Merger actually occurred on April 1, 2016 or the results of future operations of the combined business.

	Three Months Ended June 30,
	2016		2015
	(unaudited)
Revenue	$	166,028	$	438,414
Net loss and comprehensive loss	$	(407,245)	$	(124,548)

*There were no material or nonrecurring adjustments in the supplemental pro forma revenue or results of operations as shown above.

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PREPAID EXPENSES AND OTHER RECEIVABLES (Tables)

3 Months Ended

Jun. 30, 2016

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]

	June 30, 2016		March 31, 2016
	$		$
Prepaid expenses and sundry receivables		75,831		87,979
Prepaid insurance		83,329		107,259
Sales taxes receivable (i)		29,270		36,495
		188,430		231,733

(i) Sales tax receivable represents net harmonized sales taxes (HST) input tax credits receivable from the Government of Canada.

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INVENTORIES (Tables)

3 Months Ended

Jun. 30, 2016

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

	June 30, 2016		March 31, 2016
	$		$
Raw Materials		218,047		-
Work in Progress		42,212		-
		260,259		-

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EQUIPMENT (Tables)

3 Months Ended

Jun. 30, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

Equipment consisted of the following as at June 30, 2016 and March 31, 2016:

	June 30, 2016						March 31, 2016
	Cost		Accumulated Depreciation		Net		Cost		Accumulated Depreciation		Net
	$		$		$		$		$		$
Computers and electronics		262,853		184,636		78,217		152,246		96,379		55,867
Furniture and fixtures		36,795		24,361		12,434		22,496		10,118		12,378
Demonstration equipment		28,800		1,200		27,600		-		-		-
Manufacturing equipment		84,442		84,442		-		-		-		-
Tools and parts		11,422		3,337		8,085		11,422		2,917		8,505
		424,312		297,976		126,336		186,164		109,414		76,750

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SHARE CAPITAL (Tables)

3 Months Ended

Jun. 30, 2016

Stockholders' Equity Note [Abstract]

Schedule of Stockholders Equity [Table Text Block]

	June 30, 2016				March 31, 2016
	Number of shares		$		Number of shares		$
Exchangeable Shares:
Balance beginning and end of the period		50,000,000		50,000		50,000,000		50,000
Common Shares
Balance at beginning of the period		22,591,292		22,591		22,428,313		22,428
Shares issued on acquisition (Note 3)		12,339,843		12,339
Shares issued for services (v)		70,000		70		117,471		117
Cashless exercise of warrants (iv)		51,249		51		45,508		46
Balance at end of the period		35,052,384		35,051		22,591,292		22,591
TOTAL COMMON SHARES		85,052,384		85,052		72,591,292		72,591

(i) On April 21, 2015, the Company issued 3,115,000 Units for gross proceeds of $2,492,000 to accredited investors in a fourth closing (the “Fourth Closing”) of its 2015 private offering. Each Unit consisted of one common share of the Company, and a warrant to purchase one common share of the Company at an exercise price of $1.40 per share exercisable for 4 years. The Company incurred share issue costs before legal and other related to the Fourth Closing of $338,960 and issued 311,500 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 11). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $435,682 was recorded as a loss on initial recognition of the warrants and included in the change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss.

(ii) On May 27, 2015, the Company issued 1,418,750 Units for gross proceeds of $1,135,000 to accredited investors in a fifth closing (the “Fifth Closing”) of its 2015 private offering. Each Unit consisted of one common share of the Company, and a warrant to purchase one common share of the Company at an exercise price of $1.40 per share exercisable for 4 years. The Company incurred share issue costs before legal and other costs related to the Fifth Closing of $147,566 and issued 141,875 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 11). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $37,739 was recorded as a loss on initial recognition of the warrants and included in the change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss.

(iii) On June 30, 2015, the Company issued 2,035,000 Units for gross proceeds of $1,628,000 to accredited investors in a sixth and final closing (the “Sixth Closing”) of its private offering. Each Unit consisted of one common share of the Company, and a warrant to purchase one common share of the Company at an exercise price of $1.40 per share exercisable for 4 years. The Company incurred share issue costs before legal and other costs related to the Sixth Closing of $211,656 and issued 203,500 broker warrants exercisable at $0.80 for a period of 4 years. The warrants were measured at fair value and recorded as a warrant liability on the consolidated balance sheet (Note 11). The fair value of the warrants exceeded the net proceeds received upon closing and as a result $74,625 was recorded as a loss on initial recognition of the warrants and included in the change in fair value of warrant derivative liability on the consolidated statements of operations and comprehensive loss.

(iv) During the three month period ended June 30, 2016, 51,249 common shares were issued as a result of a cashless exercise of 262,045 warrants with an exercise price of $0.80. Under the terms of the warrant agreement the value of the warrants on exercise is attributed to the shares on exercise and the Company has recognized a value of $43,562.

(v) The Company issued 70,000 common shares during the three month period ended June 30, 2016 for consulting services and recognized $59,500 of share compensation expense.

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STOCK OPTIONS (Tables)

3 Months Ended

Jun. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

These options at their respective grant dates were valued using the Black-Scholes option pricing model with the following key assumptions:

Grant date	Expected life in years		Risk free rate			Dividend rate			Forfeiture rate			Expected volatility			Grant date fair value
February 17, 2015		4.50		1.59	%		0	%		0	%		114	%	$	136,613
July 1, 2014		3.90		1.59	%		0	%		0	%		114	%	$	1,259,487
June 20, 2014		6.07		1.59	%		0	%		0	%		114	%	$	118,957
April 11, 2014		4.14		1.59	%		0	%		0	%		114	%	$	230,930
November 24, 2015		6.5		1.59	%		0	%		0	%		114	%	$	694,384
December 14, 2015		6.5		1.59	%		0	%		0	%		114	%	$	1,260,437
April 21, 2016		0.59 – 9.51		1.59	%		0	%		0	%		114	%	$	2,582,890
April 26, 2016		6.9		1.59	%		0	%		0	%		114	%	$	213,750

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

A summary of the Company’s outstanding options is as follows:

	Number of Options		Weighted-Average Exercise Price ($)
Outstanding, December 31, 2015		6,960,609		0.59
Cancelled		(355,729)		0.97
Outstanding, March 31, 2016		6,604,880		0.57
Issued		3,250,000		0.77
Cancelled		(123,895)		0.45
Outstanding, June 30, 2016		9,730,985		0.64

Share-based Compensation, Performance Shares Award Outstanding Activity [Table Text Block]

The following is a summary of stock options outstanding and exercisable as of June 30, 2016:

Exercise Price ($)		Number of Options		Expiry Date	Number of Exercisable Options
	0.165		374,324	April 1, 2021		374,324
	0.23		99,610	June 20, 2021		99,610
	0.23		2,972,592	July 1, 2021		2,972,592
	0.23		204,460	February 17, 2022		136,314
	1.22		400,000	November 24, 2022		-
	1.00		2,430,000	December 14, 2022		-
	1.00		250,000	April 26, 2023		-
	0.25		906,077	July 28, 2025		906,077
	0.25		93,923	December 30, 2025		59,158
	0.95		9,486	February 2, 2017		9,486
	0.95		111,937	March 28, 2023		111,937
	0.95		31,620	March 3, 2024		31,620
	0.95		15,810	March 14, 2024		15,810
	0.95		82,213	September 30, 2024		82,213
	0.95		7,431	June 2, 2025		7,431
	0.95		671,859	July 29, 2025		671,859
	0.95		69,643	December 30, 2025		8,193
	1.05		36,697	February 2, 2017		36,697
	1.05		423,642	March 28, 2023		423,642
	1.05		122,324	March 3, 2024		122,324
	1.05		70,548	March 14, 2024		61,162
	1.05		318,042	September 30, 2024		318,042
	1.05		28,747	June 2, 2025		28,747
			9,730,985			6,477,238

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WARRANTS (Tables)

3 Months Ended

Jun. 30, 2016

Warrants and Rights Note Disclosure [Abstract]

Schedule Of Share Based Compensation Stock Purchase Warrants Activity [Table Text Block]

The following is a continuity schedule of the Company’s common share purchase warrants:

	Number of Warrants		Weighted-Average Exercise Price ($)
Outstanding and exercisable, March 31, 2015		10,823,450		1.35
Issued		7,225,625		1.35
Outstanding and exercisable, December 31, 2015		18,049,075		1.35
Exercised		(148,787)		(0.80)
Outstanding and exercisable, March 31, 2016		17,900,288		1.35
Exercised		(262,045)		(0.80)
Outstanding and exercisable, June 30, 2016		17,638,243		1.36

Schedule of Common Share Purchase Warrants Outstanding [Table Text Block]

The following is a summary of common share purchase warrants outstanding as of June 30, 2016:

Exercise Price ($)			Number of Warrants		Expiry Date
	1.40			7,735,750	February 26, 2019
	1.40			1,212,500	March 27, 2019
	1.40			891,250	March 31, 2019
	1.40	Note 9(i)		3,115,000	April 21, 2019
	1.40	Note 9 (ii)		1,418,750	May 27, 2019
	1.40	Note 9(iii)		2,035,000	June 30, 2019
	0.80	Note (9 i to iii)		1,229,993	February 26, 2019
				17,638,243

Schedule Of Warrant derivative liability [Table Text Block]

The following summarizes the changes in the value of the warrant derivative liability from inception until June 30, 2016:

	Number of Warrants		Value ($)
Balance at March 31, 2015		10,823,450		8,382,648
Warrants issued in April 21, 2015 financing		3,426,500		2,588,722
Warrants issued in May 27, 2015 financing		1,560,625		1,025,173
Warrants issued in June 30, 2015 financing		2,238,500		1,490,969
Change in fair value of warrant derivative liability		-		(7,419,643)
Balance at December 31, 2015		18,049,075		6,067,869
Fair value of warrants exercised		(148,787)		(60,966)
Change in fair value of warrant derivative liability		-		(870,913)
Balance at March 31, 2016		17,900,288		5,135,990
Change in fair value of warrant derivative liability		-		434,621
Fair value of warrants exercised		(262,045)		(43,562)
Balance at June 30, 2016		17,638,243		5,527,049

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

The key inputs and assumptions used in the simulation model at inception and at June 30, 3016 and March 31, 2016 are as follows:

Grant date	Number of Warrants		Expected life in years		Exercise Price ($)		Risk free rate			Dividend rate			Expected volatility			Fair value ($)
At Inception:
February 26, 2015		7,735,750		4		1.4		0.44	%		0	%		51.83	%		464,784
February 26, 2015		773,575		4		0.8		0.44	%		0	%		51.83	%		85,590
March 27, 2015		1,212,500		3.92		1.4		0.43	%		0	%		52.37	%		950,913
March 27, 2015		121,250		3.92		0.8		0.43	%		0	%		52.37	%		85,412
March 31, 2015		891,250		3.91		1.4		0.41	%		0	%		52.45	%		696,582
March 31, 2015		89,125		3.91		0.8		0.41	%		0	%		52.45	%		62,708
April 21, 2015		3,115,000		3.85		1.4		0.68	%		0	%		51.54	%		2,371,956
April 21, 2015		311,500		3.85		0.8		0.68	%		0	%		51.54	%		216,766
May 27, 2015		1,418,750		3.76		1.4		0.46	%		0	%		51.74	%		933,065
May 27, 2015		141,875		3.76		0.8		0.46	%		0	%		51.74	%		92,108
June 30, 2015		2,035,000		3.66		1.4		0.37	%		0	%		52.94	%		1,356,512
June 30, 2015		203,500		3.66		0.8		0.37	%		0	%		52.94	%		134,457
At year end March 31, 2016:
March 31, 2016		16,408,250		2.91		1.4		0.21	%		0	%		62.96	%		4,585,539
March 31, 2016		1,492,038		2.91		0.8		0.21	%		0	%		62.96	%		550,451
At Period End:
June 30, 2016		16,408,250		2.66		1.4		0.26	%		0	%		70.77	%		5,003,830
June 30, 2016		1,229,993		2.66		0.8		0.26	%		0	%		70.77	%		523,219

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NATURE OF OPERATIONS (Details Textual)	1 Months Ended		3 Months Ended
	Apr. 21, 2016 shares	Feb. 26, 2015 shares	Jun. 30, 2016 USD ($) shares	Jun. 30, 2015 USD ($)	Mar. 31, 2016 USD ($) shares	Mar. 31, 2015 USD ($)	Dec. 31, 2014 shares
Working Capital Surplus (Deficit)			$ 3,704,539		$ 187,156
Stockholders' Equity Attributable to Parent			23,963,904	$ (2,702,805)	$ 263,906	$ (2,498,745)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent			$ (2,322,772)	(1,501,618)
Stockholders' Equity, Reverse Stock Split			1-for-0.831105
Common Stock, Shares Authorized | shares			150,000,000		150,000,000		200,000,000
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares			23,650,000
Retained Earnings (Accumulated Deficit)			$ (13,974,752)		$ (11,651,980)
Cash and Cash Equivalents, at Carrying Value			2,749,953	$ 9,078,216	$ 5,381,757	$ 6,125,108
Business Acquisition, Transaction Costs			$ 931,103
Interactive Motion Technologies, Inc. [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	23,650,000
Share Exchange Agreement [Member]
Stock Issued During Period, Shares, New Issues | shares		50,000,000
Debt Instrument, Convertible, Conversion Ratio		3.14
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage		100.00%

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SIGNIFICANT ACCOUNTING POLICIES (Details Textual)	3 Months Ended
	Jun. 30, 2016 USD ($)
Significant Accounting Policies [Line Items]
Standard and Extended Product Warranty Accrual	$ 61,380
Product Warranty Expense	$ 15,190

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ACQUISITION (Details)	1 Months Ended
	Apr. 21, 2016 USD ($)
Consideration Paid:
Fair value of 23,650,000 common shares	$ 23,177,000	[1]
Fair value of vested stock options	2,582,890	[2]
Total Consideration Paid	25,759,890
Allocation of purchase price:
Cash and cash equivalents	266,635
Accounts receivable	6,490
Inventories	188,879
Prepaid expenses and other current assets	16,839
Equipment	59,749
Liabilities assumed:
Accounts payable	(241,299)
Accrued liabilities	(361,029)
Customer deposits	(86,487)
Demand notes payable	(324,894)
Promissory notes payable	(217,808)
Bionik advance	(1,436,164)
Net assets acquired	(2,129,089)
Intangible assets and goodwill	27,888,979
Total Allocation of purchase price	$ 25,759,890

[1] The fair value of common shares is based on $0.98 the closing market price of the Company’s shares on April 21, 2016.

[2] The fair value of the vested stock options was determined using the Black Scholes option pricing model with the following key assumptions: a risk free rate of 1.59%, dividend and forfeiture rates of 0% and expected volatility of 114% which is consistent with the Company’s assumptions (Note 10)

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ACQUISITION (Details1)	2 Months Ended
	Jun. 30, 2016 USD ($)
Business Acquisition [Line Items]
Revenue	$ 162,588
Net loss and comprehensive loss	$ (292,634)

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ACQUISITION (Details2) - USD ($)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Business Acquisition [Line Items]
Revenue	$ 166,028	$ 438,414
Net loss and comprehensive loss	$ (407,245)	$ (124,548)

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ACQUISITION (Details Textual) - USD ($)	1 Months Ended			3 Months Ended
	Jul. 31, 2016	Apr. 30, 2016	Apr. 21, 2016	Jun. 30, 2016
Business Acquisition [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares				23,650,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number			3,000,000
Fair Value Assumptions, Risk Free Interest Rate			1.59%
Fair Value Assumption Forfeited rate			0.00%
Fair Value Assumptions, Expected Volatility Rate			114.00%
Subsequent Event [Member]
Business Acquisition [Line Items]
Stock Issued During Period, Shares, Acquisitions	11,310,157
Common Stock [Member]
Business Acquisition [Line Items]
Stock Issued During Period, Shares, Acquisitions				12,339,843
Exercise Price 0.25 [Member]
Business Acquisition [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number			1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price			$ 0.25
Exercise Price 0.95 [Member]
Business Acquisition [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number			1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price			$ 0.95
Exercise Price 1.05 [Member]
Business Acquisition [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number			1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price			$ 1.05
Interactive Motion Technologies, Inc. [Member]
Business Acquisition [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired			100.00%
Business Acquisition, Effective Date of Acquisition			Apr. 21, 2016
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares		23,650,000	23,650,000
Business Acquisition, Number Of Option Acquired			3,895,000
Allocated Share-based Compensation Expense			$ 2,582,890
Share Price			$ 0.98

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PREPAID EXPENSES AND OTHER RECEIVABLES (Details) - USD ($)		Jun. 30, 2016	Mar. 31, 2016
Prepaid Expense And Other Receivables [Line Items]
Prepaid expenses and sundry receivables		$ 75,831	$ 87,979
Prepaid insurance		83,329	107,259
Sales taxes receivable	[1]	29,270	36,495
Prepaid Expense and Other Assets		$ 188,430	$ 231,733

[1] Sales tax receivable represents net harmonized sales taxes (HST) input tax credits receivable from the Government of Canada.

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INVENTORIES (Details) - USD ($)	Jun. 30, 2016	Mar. 31, 2016
Inventory [Line Items]
Raw Materials	$ 218,047	$ 0
Work in Progress	42,212	0
Inventory, Net	$ 260,259	$ 0

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EQUIPMENT (Details) - USD ($)	Jun. 30, 2016	Mar. 31, 2016
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	$ 424,312	$ 186,164
Accumulated Depreciation	297,976	109,414
Property, Plant and Equipment, Net	126,336	76,750
Computers and electronics [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	262,853	152,246
Accumulated Depreciation	184,636	96,379
Property, Plant and Equipment, Net	78,217	55,867
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	36,795	22,496
Accumulated Depreciation	24,361	10,118
Property, Plant and Equipment, Net	12,434	12,378
Demonstration Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	28,800	0
Accumulated Depreciation	1,200	0
Property, Plant and Equipment, Net	27,600	0
Manufacturing Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	84,442	0
Accumulated Depreciation	84,442	0
Property, Plant and Equipment, Net	0	0
Tools and Parts [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Cost	11,422	11,422
Accumulated Depreciation	3,337	2,917
Property, Plant and Equipment, Net	$ 8,085	$ 8,505

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EQUIPMENT (Details Textual) - USD ($)	3 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Mar. 31, 2016
Property, Plant and Equipment [Line Items]
Depreciation	$ 10,163	$ 17,002
Capital Leases, Balance Sheet, Assets by Major Class, Net	23,019
Capital Lease Obligations, Current	4,603		$ 0
Capital Lease Obligations, Noncurrent	$ 18,032		$ 0

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NOTES PAYABLE (Details Textual) - USD ($)	1 Months Ended		3 Months Ended
	Jul. 31, 2016	Mar. 01, 2016	Jun. 30, 2016	Feb. 28, 2014
IMT Notes [Member]
Debt Instrument [Line Items]
Debt Instrument Demand Deferral, Minimum Capital Proceeds Required		$ 15,000,000
Notes Payable			$ 328,840
Debt Instrument, Interest Rate, Stated Percentage		3.50%
Interest Expense, Debt			3,325
Promissory Note [Member]
Debt Instrument [Line Items]
Notes Payable				$ 200,000
Debt Instrument, Interest Rate, Stated Percentage				10.00%
Interest Expense, Debt			3,890
Promissory Note [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Debt Instrument Amended Maturity Year Month	2017-03
Director [Member] | IMT Notes [Member]
Debt Instrument [Line Items]
Notes Payable			$ 148,974

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RELATED PARTY TRANSACTIONS AND BALANCES (Details Textual)	3 Months Ended		12 Months Ended
	Jun. 30, 2016 USD ($)	Jun. 30, 2016 CAD	Mar. 31, 2016 USD ($)
Related Party Transaction [Line Items]
Due from Related Parties	$ 41,623		$ 41,445
Debt Instrument, Basis Spread on Variable Rate	1.00%	1.00%
Repayments of Other Debt	$ 37,837	CAD 44,000
Accrued interest receivable	392		1,148
Chief Operating Officer [Member]
Related Party Transaction [Line Items]
Accounts Payable, Related Parties	16,941		8,812
Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Accounts Payable, Related Parties	1,118		2,694
Chief Technology Officer [Member]
Related Party Transaction [Line Items]
Accounts Payable, Related Parties	0		3,284
Chief Financial Officer [Member]
Related Party Transaction [Line Items]
Accounts Payable, Related Parties	0		$ 116
VP US Operations [Member]
Related Party Transaction [Line Items]
Accounts Payable, Related Parties	$ 102

XML

SHARE CAPITAL (Details) - USD ($)		3 Months Ended		12 Months Ended
		Jun. 30, 2016	Mar. 31, 2016	Mar. 31, 2016
Opening Balance		$ 263,906		$ (2,498,745)
Shares issued on acquisition (Note 3)		23,177,000
Shares issued for services		$ 59,500		169,700
Cashless exercise of warrants (in shares)		51,249	45,508
Cashless exercise of warrants		$ 43,562		60,966
Closing Balance		$ 23,963,904	$ 263,906	$ 263,906
Exchangable Shares [Member]
Opening Balance (in shares)		50,000,000		50,000,000
Opening Balance		$ 50,000		$ 50,000
Closing Balance (in shares)			50,000,000	50,000,000
Closing Balance			$ 50,000	$ 50,000
Common Shares [Member]
Opening Balance (in shares)		22,591,292		22,428,313
Opening Balance		$ 22,591		$ 22,428
Shares issued on acquisition (Note 3)		$ 12,339
Shares issued on acquisition (Note 3) (in shares)		12,339,843
Shares issued for services (in shares)	[1]	70,000		117,471
Shares issued for services	[1]	$ 70		$ 117
Cashless exercise of warrants (in shares)	[2]	51,249		45,508
Cashless exercise of warrants	[2]	$ 51		$ 46
Closing Balance (in shares)		35,052,384	22,591,292	22,591,292
Closing Balance		$ 35,051	$ 22,591	$ 22,591
Common Shares And Exchangeable Shares [Member]
Opening Balance (in shares)		72,591,292
Opening Balance		$ 72,591
Closing Balance (in shares)		85,052,384	72,591,292	72,591,292
Closing Balance		$ 85,052	$ 72,591	$ 72,591

[1] During the three month period ended June 30, 2016, 51,249 common shares were issued as a result of a cashless exercise of 262,045 warrants with an exercise price of $0.80. Under the terms of the warrant agreement the value of the warrants on exercise is attributed to the shares on exercise and the Company has recognized a value of $43,562.

[2] The Company issued 70,000 common shares during the three month period ended June 30, 2016 for consulting services and recognized $59,500 of share compensation expense.

XML

SHARE CAPITAL (Details Textual) - USD ($)	1 Months Ended			3 Months Ended			9 Months Ended	12 Months Ended
	Jun. 30, 2015	May 27, 2015	Apr. 21, 2015	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Dec. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Stock Issued During Period, Value, Issued for Services				$ 59,500				$ 169,700
Share-based Compensation				$ 219,248		$ 1,297,558
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 0.001
Class of Warrant or Right, Outstanding				17,638,243	17,900,288		18,049,075	17,900,288	10,823,450
Fair Value Adjustment of Warrants				$ 391,059	$ (870,913)	$ (917,749)	$ (7,419,643)
Stock Issued During Period, Shares, Upon Cashless Exercise Of Warrants				51,249	45,508
Number Of Warrants Exercised				(262,045)	(148,787)
Exchangable Shares [Member]
Stock Issued During Period, Shares, Issued for Services				70,000
Stock Issued During Period, Value, Issued for Services				$ 59,500
Share-based Compensation				$ 43,562
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 0.80
Stock Issued During Period, Shares, Upon Cashless Exercise Of Warrants				51,249
Number Of Warrants Exercised				262,045
Fourth Closing [Member]
Payments of Stock Issuance Costs			$ 338,960
Stock Units Issued During Period			3,115,000
Proceeds From Issuance of Stock Units			$ 2,492,000
Stock Units Description			Each Unit consisted of one common share of the Company, and a warrant to purchase one common share of the Company at an exercise price of $1.40 per share exercisable for 4 years.
Warrants Exercisable Period			4 years
Class of Warrant or Right, Outstanding			311,500
Fair Value Adjustment of Warrants			$ 435,682
Warrants Exercisable Price Per Warrants			$ 0.80
Fifth Closing [Member]
Payments of Stock Issuance Costs		$ 147,566
Stock Units Issued During Period		1,418,750
Proceeds From Issuance of Stock Units		$ 1,135,000
Stock Units Description		Each Unit consisted of one common share of the Company, and a warrant to purchase one common share of the Company at an exercise price of $1.40 per share exercisable for 4 years.
Warrants Exercisable Period		4 years
Class of Warrant or Right, Outstanding		141,875
Fair Value Adjustment of Warrants		$ 37,739
Warrants Exercisable Price Per Warrants		$ 0.80
Sixth Closing [Member]
Payments of Stock Issuance Costs	$ 211,656
Stock Units Issued During Period	2,035,000
Proceeds From Issuance of Stock Units	$ 1,628,000
Stock Units Description	Each Unit consisted of one common share of the Company, and a warrant to purchase one common share of the Company at an exercise price of $1.40 per share exercisable for 4 years.
Warrants Exercisable Period	4 years
Class of Warrant or Right, Outstanding	203,500					203,500
Fair Value Adjustment of Warrants	$ 74,625
Warrants Exercisable Price Per Warrants	$ 0.80					$ 0.80

XML

STOCK OPTIONS (Details) - Employee Stock Option [Member]	3 Months Ended
	Jun. 30, 2016 USD ($)
February 17, 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life in years	4 years 6 months
Risk free rate	1.59%
Dividend yield	0.00%
Forfeiture rate	0.00%
Expected volatility	114.00%
Grant date fair value fair value	$ 136,613
July 1, 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life in years	3 years 10 months 24 days
Risk free rate	1.59%
Dividend yield	0.00%
Forfeiture rate	0.00%
Expected volatility	114.00%
Grant date fair value fair value	$ 1,259,487
June 20, 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life in years	6 years 25 days
Risk free rate	1.59%
Dividend yield	0.00%
Forfeiture rate	0.00%
Expected volatility	114.00%
Grant date fair value fair value	$ 118,957
April 11, 2014 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life in years	4 years 1 month 20 days
Risk free rate	1.59%
Dividend yield	0.00%
Forfeiture rate	0.00%
Expected volatility	114.00%
Grant date fair value fair value	$ 230,930
November 24 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life in years	6 years 6 months
Risk free rate	1.59%
Dividend yield	0.00%
Forfeiture rate	0.00%
Expected volatility	114.00%
Grant date fair value fair value	$ 694,384
December 14, 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life in years	6 years 6 months
Risk free rate	1.59%
Dividend yield	0.00%
Forfeiture rate	0.00%
Expected volatility	114.00%
Grant date fair value fair value	$ 1,260,437
April 21, 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free rate	1.59%
Dividend yield	0.00%
Forfeiture rate	0.00%
Expected volatility	114.00%
Grant date fair value fair value	$ 2,582,890
April 21, 2016 [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life in years	9 years 6 months 4 days
April 21, 2016 [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life in years	7 months 2 days
April 26, 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life in years	6 years 10 months 24 days
Risk free rate	1.59%
Dividend yield	0.00%
Forfeiture rate	0.00%
Expected volatility	114.00%
Grant date fair value fair value	$ 213,750

XML

STOCK OPTIONS (Details 1) - $ / shares	1 Months Ended	3 Months Ended
	Apr. 21, 2016	Jun. 30, 2016	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options, Outstanding, Ending Balance (in shares)	3,000,000
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number Options, Outstanding, Beginning Balance (in shares)	6,604,880	6,604,880	6,960,609
Number of Options, Issued (in shares)		3,250,000
Number of Options, Cancelled (in shares)		(123,895)	(355,729)
Number of Options, Outstanding, Ending Balance (in shares)		9,730,985	6,604,880
Weighted-Average Exercise Price, Outstanding, Beginning Balance (in dollars per share)	$ 0.57	$ 0.57	$ 0.59
Weighted-Average Exercise Price, Issued (in dollars per share)		0.77
Weighted-Average Exercise Price, Cancelled (in dollars per share)		0.45	0.97
Weighted-Average Exercise Price, Outstanding, Ending Balance (in dollars per share)		$ 0.64	$ 0.57

XML

STOCK OPTIONS (Details 2) - $ / shares	3 Months Ended
	Jun. 30, 2016	Apr. 21, 2016	Mar. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options		3,000,000
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 0.64		$ 0.57	$ 0.59
Number of Options	9,730,985		6,604,880	6,960,609
Number of Exercisable Options	6,477,238
Stock Option One [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 0.165
Number of Options	374,324
Expiry Date	Apr. 01, 2021
Number of Exercisable Options	374,324
Stock Option Two [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 0.23
Number of Options	99,610
Expiry Date	Jun. 20, 2021
Number of Exercisable Options	99,610
Stock Option Three [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 0.23
Number of Options	2,972,592
Expiry Date	Jul. 01, 2021
Number of Exercisable Options	2,972,592
Stock Option Four [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 0.23
Number of Options	204,460
Expiry Date	Feb. 17, 2022
Number of Exercisable Options	136,314
Stock Option Five [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 1.22
Number of Options	400,000
Expiry Date	Nov. 24, 2022
Number of Exercisable Options	0
Stock Option Six [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 1.00
Number of Options	2,430,000
Expiry Date	Dec. 14, 2022
Number of Exercisable Options	0
Stock Option Seven [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 1.00
Number of Options	250,000
Expiry Date	Apr. 26, 2023
Number of Exercisable Options	0
Stock Option Eight [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 0.25
Number of Options	906,077
Expiry Date	Jul. 28, 2025
Number of Exercisable Options	906,077
Stock Option Nine [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 0.25
Number of Options	93,923
Expiry Date	Dec. 30, 2025
Number of Exercisable Options	59,158
Stock Option Ten [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 0.95
Number of Options	9,486
Expiry Date	Feb. 02, 2017
Number of Exercisable Options	9,486
Stock Option Eleven [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 0.95
Number of Options	111,937
Expiry Date	Mar. 28, 2023
Number of Exercisable Options	111,937
Stock Option Twelve [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 0.95
Number of Options	31,620
Expiry Date	Mar. 03, 2024
Number of Exercisable Options	31,620
Stock Option Thirteen [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 0.95
Number of Options	15,810
Expiry Date	Mar. 14, 2024
Number of Exercisable Options	15,810
Stock Option Fourteen [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 0.95
Number of Options	82,213
Expiry Date	Sep. 30, 2024
Number of Exercisable Options	82,213
Stock Option Fifteen [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 0.95
Number of Options	7,431
Expiry Date	Jun. 02, 2025
Number of Exercisable Options	7,431
Stock Option Sixteen [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 0.95
Number of Options	671,859
Expiry Date	Jul. 29, 2025
Number of Exercisable Options	671,859
Stock Option Seventeen [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 0.95
Number of Options	69,643
Expiry Date	Dec. 30, 2025
Number of Exercisable Options	8,193
Stock Option Eighteen [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 1.05
Number of Options	36,697
Expiry Date	Feb. 02, 2017
Number of Exercisable Options	36,697
Stock Option Nineteen [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 1.05
Number of Options	423,642
Expiry Date	Mar. 28, 2023
Number of Exercisable Options	423,642
Stock Option Twenty [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 1.05
Number of Options	122,324
Expiry Date	Mar. 03, 2024
Number of Exercisable Options	122,324
Stock Option Twenty One [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 1.05
Number of Options	70,548
Expiry Date	Mar. 14, 2024
Number of Exercisable Options	61,162
Stock Option Twenty Two [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 1.05
Number of Options	318,042
Expiry Date	Sep. 30, 2024
Number of Exercisable Options	318,042
Stock Option Twenty Three [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 1.05
Number of Options	28,747
Expiry Date	Jun. 02, 2025
Number of Exercisable Options	28,747

XML

STOCK OPTIONS (Details Textual) - USD ($)	1 Months Ended							3 Months Ended		9 Months Ended	12 Months Ended
	Apr. 26, 2016	Apr. 21, 2016	Dec. 14, 2015	Nov. 24, 2015	Feb. 28, 2015	Feb. 26, 2015	Feb. 17, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2014	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		3,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term								6 years 6 months	6 years 7 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term								6 years 5 months 23 days	6 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant								10,800,000
Exercise Price Range One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period		1,000,000
Exercise Price Range Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period		1,000,000
Exercise Price Range Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period		1,000,000
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense								$ 159,818	$ 1,297,558
April issuance [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number										531,606
Share Based Compensation Arrangement By Share Based Payment Award Options Re-measured Fair value										$ 230,930
June issuance [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross										264,230
Allocated Share-based Compensation Expense										$ 118,957
Employees and Consultant [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period								62,912		125,824
Employees and Consultant [Member] | April issuance [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross										657,430
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price										$ 0.165
Employees and Consultant [Member] | April issuance [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense								$ 3,658
Employees and Consultant [Member] | June issuance [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross										264,230
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price										$ 0.23
Employees and Consultant [Member] | June issuance [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense								$ 176
Management [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross										2,972,592
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price										$ 0.23
Share Based Compensation Arrangement By Share Based Payment Award Options Issued Weighted Average Remaining Contractual Term1										7 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period								990,864
Fair Value Of Options						$ 1,259,487
Director and Employees and Consultant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			2,495,000				314,560
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price							$ 0.23
Share Based Compensation Arrangement By Share Based Payment Award Options Issued Weighted Average Remaining Contractual Term1							7 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period					110,100			40,000			25,000
Allocated Share-based Compensation Expense					$ 7,400			$ 100,308
Fair Value Of Options			$ 1,260,437				$ 136,613
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years
Employees of Bionik Inc [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 1.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		3,895,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years			3 years
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period	250,000	3,000,000
Share-based Compensation Arrangement by Share-based Payment Award Options Vested Weighted Average Grant Date Fair Values	$ 213,750	$ 2,582,890
Employees of Bionik Inc [Member] | Exercise Price Range One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 0.25
Employees of Bionik Inc [Member] | Exercise Price Range Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		0.95
Employees of Bionik Inc [Member] | Exercise Price Range Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price		$ 1.05
Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				650,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period											250,000
Allocated Share-based Compensation Expense								$ 35,609			$ 62,317
Fair Value Of Options				$ 694,384

XML

WARRANTS (Details) - $ / shares	3 Months Ended		9 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015
Number of Warrants, Outstanding and exercisable, Beginning balance	17,900,288	18,049,075	10,823,450
Number of Warrants, Issued			7,225,625
Number of Warrants, Issued, Exercised	(262,045)	(148,787)
Number of Warrants, Outstanding and exercisable, Ending balance	17,638,243	17,900,288	18,049,075
Weighted-Average Exercise Price, Outstanding and exercisable, Beginning balance	$ 1.35	$ 1.35	$ 1.35
Weighted-Average Exercise Price, Issued			1.35
Weighted-Average Exercise Price, Exercised	(0.80)	(0.80)
Weighted-Average Exercise Price, Outstanding and exercisable, Ending balance	$ 1.36	$ 1.35	$ 1.35

XML

WARRANTS (Details 1) - $ / shares	3 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.001
Class of Warrant or Right, Number of Warrants	17,638,243	17,900,288	18,049,075	10,823,450
Warrant One [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.40
Class of Warrant or Right, Number of Warrants	7,735,750		7,735,750
Class Of Warrant Or Right Expiry Date	Feb. 26, 2019
Warrant Three [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.40
Class of Warrant or Right, Number of Warrants	1,212,500		1,212,500
Class Of Warrant Or Right Expiry Date	Mar. 27, 2019
Warrant Five [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.40
Class of Warrant or Right, Number of Warrants	891,250		891,250
Class Of Warrant Or Right Expiry Date	Mar. 31, 2019
Warrant Seven [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.40
Class of Warrant or Right, Number of Warrants	3,115,000		3,115,000
Class Of Warrant Or Right Expiry Date	Apr. 21, 2019
Warrant Nine [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.40
Class of Warrant or Right, Number of Warrants	1,418,750		1,418,750
Class Of Warrant Or Right Expiry Date	May 27, 2019
Warrant Eleven [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.40
Class of Warrant or Right, Number of Warrants	2,035,000		2,035,000
Class Of Warrant Or Right Expiry Date	Jun. 30, 2019
Warrant Thirteen [Member]
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.80
Class of Warrant or Right, Number of Warrants	1,229,993
Class Of Warrant Or Right Expiry Date	Feb. 26, 2019

XML

WARRANTS (Details 2) - USD ($)	3 Months Ended			9 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Dec. 31, 2015
Class of Warrant or Right, Outstanding	17,900,288	18,049,075	10,823,450	10,823,450
Derivative Liability, Fair Value, Gross Liability	$ 5,135,990	$ 6,067,869	$ 8,382,648	$ 8,382,648
Fair value of warrants exercised	$ (43,562)	$ (60,966)
Number of warrants exercised	(262,045)	(148,787)
Change in fair value of warrant derivative liability	$ 391,059	$ (870,913)	$ (917,749)	$ (7,419,643)
Class of Warrant or Right, Outstanding	17,638,243	17,900,288		18,049,075
Derivative Liability, Fair Value, Gross Liability	$ 5,527,049	$ 5,135,990		$ 6,067,869
Warrants Issued In April 21, 2015 Financing [Member]
Class of Warrant or Right, Outstanding			3,426,500	3,426,500
Derivative Liability, Fair Value, Gross Liability			$ 2,588,722	$ 2,588,722
Warrants Issued In May 27, 2015 Financing [Member]
Class of Warrant or Right, Outstanding			1,560,625	1,560,625
Derivative Liability, Fair Value, Gross Liability			$ 1,025,173	$ 1,025,173
Warrants Issued In June 30, 2015 Financing [Member]
Class of Warrant or Right, Outstanding			2,238,500	2,238,500
Derivative Liability, Fair Value, Gross Liability			$ 1,490,969	$ 1,490,969

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WARRANTS (Details 3) - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
Number of Warrants	17,638,243	17,900,288	18,049,075	10,823,450
Warrant One [Member]
Number of Warrants	7,735,750		7,735,750
Expected life in years			4 years
Exercise Price			$ 1.4
Risk free rate			0.44%
Dividend rate			0.00%
Expected volatility			51.83%
Grant date fair value			$ 464,784
Warrant Two [Member]
Number of Warrants			773,575
Expected life in years			4 years
Exercise Price			$ 0.8
Risk free rate			0.44%
Dividend rate			0.00%
Expected volatility			51.83%
Grant date fair value			$ 85,590
Warrant Three [Member]
Number of Warrants	1,212,500		1,212,500
Expected life in years			3 years 11 months 1 day
Exercise Price			$ 1.4
Risk free rate			0.43%
Dividend rate			0.00%
Expected volatility			52.37%
Grant date fair value			$ 950,913
Warrant Four [Member]
Number of Warrants			121,250
Expected life in years			3 years 11 months 1 day
Exercise Price			$ 0.8
Risk free rate			0.43%
Dividend rate			0.00%
Expected volatility			52.37%
Grant date fair value			$ 85,412
Warrant Five [Member]
Number of Warrants	891,250		891,250
Expected life in years			3 years 10 months 28 days
Exercise Price			$ 1.4
Risk free rate			0.41%
Dividend rate			0.00%
Expected volatility			52.45%
Grant date fair value			$ 696,582
Warrant Six [Member]
Number of Warrants			89,125
Expected life in years			3 years 10 months 28 days
Exercise Price			$ 0.8
Risk free rate			0.41%
Dividend rate			0.00%
Expected volatility			52.45%
Grant date fair value			$ 62,708
Warrant Seven [Member]
Number of Warrants	3,115,000		3,115,000
Expected life in years			3 years 10 months 6 days
Exercise Price			$ 1.4
Risk free rate			0.68%
Dividend rate			0.00%
Expected volatility			51.54%
Grant date fair value			$ 2,371,956
Warrant Eight [Member]
Number of Warrants			311,500
Expected life in years			3 years 10 months 6 days
Exercise Price			$ 0.8
Risk free rate			0.68%
Dividend rate			0.00%
Expected volatility			51.54%
Grant date fair value			$ 216,766
Warrant Nine [Member]
Number of Warrants	1,418,750		1,418,750
Expected life in years			3 years 9 months 4 days
Exercise Price			$ 1.4
Risk free rate			0.46%
Dividend rate			0.00%
Expected volatility			51.74%
Grant date fair value			$ 933,065
Warrant Ten [Member]
Number of Warrants			141,875
Expected life in years			3 years 9 months 4 days
Exercise Price			$ 0.8
Risk free rate			0.46%
Dividend rate			0.00%
Expected volatility			51.74%
Grant date fair value			$ 92,108
Warrant Eleven [Member]
Number of Warrants	2,035,000		2,035,000
Expected life in years			3 years 7 months 28 days
Exercise Price			$ 1.4
Risk free rate			0.37%
Dividend rate			0.00%
Expected volatility			52.94%
Grant date fair value			$ 1,356,512
Warrant Twelve [Member]
Number of Warrants			203,500
Expected life in years			3 years 7 months 28 days
Exercise Price			$ 0.8
Risk free rate			0.37%
Dividend rate			0.00%
Expected volatility			52.94%
Grant date fair value			$ 134,457
Classes of Warrants 1 [Member]
Number of Warrants	16,408,250	16,408,250
Expected life in years	2 years 7 months 28 days	2 years 10 months 28 days
Exercise Price	$ 1.4	$ 1.4
Risk free rate	0.26%	0.21%
Dividend rate	0.00%	0.00%
Expected volatility	70.77%	62.96%
Grant date fair value	$ 5,003,830	$ 4,585,539
Classes Of Warrants 2 [Member]
Number of Warrants	1,229,993	1,492,038
Expected life in years	2 years 7 months 28 days	2 years 10 months 28 days
Exercise Price	$ 0.8	$ 0.8
Risk free rate	0.26%	0.21%
Dividend rate	0.00%	0.00%
Expected volatility	70.77%	62.96%
Grant date fair value	$ 523,219	$ 550,451

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WARRANTS (Details Textual) - USD ($)	3 Months Ended			9 Months Ended		12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2016
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 0.001
Fair Value Adjustment of Warrants	$ 391,059	$ (870,913)	$ (917,749)	$ (7,419,643)
Warrant Redemption Terms	The Company has the option to redeem the warrants for $0.001 per warrant if the daily volume weighted-average price of the common shares is 200% or more of the exercise price for twenty consecutive trading days provided there is an effective registration statement covering the common shares available throughout the thirty day period after the redemption date. The warrant holders then have thirty days to exercise the warrants or receive the redemption amount.
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumption, Holding Cost Percentage	2.25%
Stock Issued During Period, Shares, Upon Cashless Exercise Of Warrants	51,249	45,508
Number Of Warrants Exercised	262,045	148,787
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms	2 years 6 months 7 days					2 years 9 months 7 days
Number Of Warrants Exercised	262,045	148,787
Investor [Member]
Class of Warrant or Right [Line Items]
Repayments of Debt					$ 180,940
Debt Conversion, Converted Instrument, Warrants or Options Issued					349,522
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 0.23
Investor [Member] | Accrued Liabilities [Member]
Class of Warrant or Right [Line Items]
Repayments of Debt					$ 12,138

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LICENSING AGREEMENTS (Details Textual)	3 Months Ended
	Jun. 30, 2016 USD ($)
Licensing Agreement One [Member]
Sublicense Revenue Percentage	50.00%
Royalty Expense	$ 0
Accrued Royalties, Current	$ 31,388
Licensing Agreement One [Member] | Domestic product sales [Member]
Royalty Payable Percentage	3.00%
Licensing Agreement One [Member] | International product sales [Member]
Royalty Payable Percentage	1.50%
Licensing Agreement Two [Member]
Royalty Payable Percentage	1.00%
Sublicense Revenue Percentage	50.00%

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RISK MANAGEMENT (Details Textual)	Jun. 30, 2016 CAD
Canada [Member] | Maximum [Member]
Concentration Risk [Line Items]
Cash, FDIC Insured Amount	CAD 100,000

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SUBSEQUENT EVENTS (Details Textual) - Subsequent Event [Member] - USD ($)		1 Months Ended
	Aug. 08, 2016	Jul. 31, 2016
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	750,000
Proceeds from Income Tax Refunds		$ 403,889
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 1.00
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years