Financials

v3.7.0.1
Condensed Interim Consolidated Balance Sheets - USD ($)
Mar. 31, 2017
Sep. 30, 2016
Current assets:    
Cash and cash equivalents $ 4,601,222 $ 7,416,904
Accounts receivable 65,881 85,813
Short-term investments 3,994,364 3,988,794
Inventory 310,574 249,430
Prepaid expenses 376,643 358,714
Total current assets 9,348,684 12,099,655
Noncurrent assets:    
Equity investment in joint venture 66,695 66,695
Property, plant and equipment, net 792,270 756,114
Deposits 15,340 15,340
Total noncurrent assets 874,305 838,149
Total Assets 10,222,989 12,937,804
Current liabilities:    
Accounts payable and accrued liabilities 433,384 623,644
Total Current Liabilities 433,384 623,644
Commitments (Note 7)
Shareholders' equity:    
Common shares, unlimited common shares authorized, no par value, 10,136,258 issued and outstanding at March 31, 2017 and September 30, 2016 47,280,792 47,280,792
Accumulated share-based compensation 5,459,557 5,394,763
Accumulated deficit (42,950,744) (40,361,395)
Total Shareholders' Equity 9,789,605 12,314,160
Total Liabilities and Shareholders' Equity $ 10,222,989 $ 12,937,804
v3.7.0.1
Condensed Interim Consolidated Statements of Operations - USD ($)
3 Months Ended 6 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Mar. 31, 2017
Mar. 31, 2016
Revenues:        
Product sales $ 13,019 $ 326,335 $ 154,875 $ 782,495
Contract services revenue 50,000 0 50,000 32,000
Revenues 63,019 326,335 204,875 814,495
Expenses:        
Costs of sales and contract services 71,443 268,901 150,008 580,964
Costs of aquaculture 63,402 79,249 148,237 164,162
Research and development 329,371 309,062 790,236 597,911
General and administrative 746,360 765,066 1,678,427 1,874,755
Total Expenses 1,210,576 1,422,278 2,766,908 3,217,792
Loss from Operations (1,147,557) (1,095,943) (2,562,033) (2,403,297)
Other Income (Loss)        
Foreign exchange gain (loss) 35,227 226,764 (42,163) 117,636
Loss in fair value of warrant liability 0 0 0 (211,956)
Investment income 8,653 8,169 15,647 14,004
Other Income (Loss), Total 43,880 234,933 (26,516) (80,316)
Loss Before Income Tax (1,103,677) (861,010) (2,588,549) (2,483,613)
Income tax expense 0 0 800 7,200
Net Loss $ (1,103,677) $ (861,010) $ (2,589,349) $ (2,490,813)
Loss per common share:        
Basic and diluted $ (0.11) $ (0.10) $ (0.26) $ (0.30)
Weighted average number of common shares outstanding:        
Basic and diluted 10,136,258 8,448,758 10,136,258 8,410,835
v3.7.0.1
Condensed Interim Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 6 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Mar. 31, 2017
Mar. 31, 2016
Cash Flows Used In Operating Activities:        
Net loss $ (1,103,677) $ (861,010) $ (2,589,349) $ (2,490,813)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization     90,720 68,732
Share-based compensation     64,794 167,329
Foreign exchange (gain) loss (35,227) (226,764) 42,163 (117,636)
Loss in fair value of warrant liability 0 0 0 211,956
Changes in working capital items:        
Accounts receivable     19,899 147,209
Inventory     (61,144) 13,817
Prepaid expenses     (18,053) (34,907)
Deposits     0 560
Accounts payable and accrued liabilities     (190,227) (213,773)
Net cash used in operating activities     (2,641,197) (2,247,526)
Cash Flows From Investing Activities:        
Acquisition of property, plant and equipment     (126,876) (263,242)
Purchase of short-term investments     (2,005,570) (2,005,818)
Proceeds on sales and maturities of short-term investments     2,000,000 5,021,827
Net cash provided by (used in) investing activities     (132,446) 2,752,767
Cash Flows From Financing Activities:        
Proceeds from exercise of warrants and options     0 1,368,260
Net cash provided by financing activities     0 1,368,260
Effect of exchange rate changes on cash and cash equivalents     (42,039) 132,723
Net change in cash and cash equivalents     (2,815,682) 2,006,224
Cash and cash equivalents - beginning of period     7,416,904 3,955,503
Cash and cash equivalents - end of period 4,601,222 5,961,727 4,601,222 5,961,727
Cash (demand deposits) 850,224 5,961,727 850,224 5,961,727
Cash equivalents 3,750,998 0 3,750,998 0
Cash and cash equivalents $ 4,601,222 $ 5,961,727 $ 4,601,222 $ 5,961,727

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