Financials

v3.7.0.1
Condensed Interim Consolidated Balance Sheets - USD ($)
Jun. 30, 2017
Sep. 30, 2016
Current assets:    
Cash and cash equivalents $ 3,647,363 $ 7,416,904
Accounts receivable 11,879 85,813
Short-term investments 3,997,647 3,988,794
Inventory 140,947 249,430
Prepaid expenses 321,513 358,714
Total current assets 8,119,349 12,099,655
Noncurrent assets:    
Equity investment in joint venture 66,695 66,695
Property, plant and equipment, net 820,888 756,114
Deposits 15,340 15,340
Total noncurrent assets 902,923 838,149
Total Assets 9,022,272 12,937,804
Current liabilities:    
Accounts payable and accrued liabilities 425,342 623,644
Total Current Liabilities 425,342 623,644
Commitments (Note 7)
Shareholders' equity:    
Common shares, unlimited common shares authorized, no par value, 10,520,096 and 10,136,258 issued and outstanding at June 30, 2017 and September 30, 2016 48,351,701 47,280,792
Accumulated share-based compensation 4,416,334 5,394,763
Accumulated deficit (44,171,105) (40,361,395)
Total Shareholders' Equity 8,596,930 12,314,160
Total Liabilities and Shareholders' Equity $ 9,022,272 $ 12,937,804
v3.7.0.1
Condensed Interim Consolidated Statements of Operations - USD ($)
3 Months Ended 9 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Revenues:        
Product sales $ 20,532 $ 181,092 $ 175,407 $ 963,587
Contract services revenue 0 0 50,000 32,000
Revenues 20,532 181,092 225,407 995,587
Expenses:        
Costs of sales and contract services 77,555 119,989 227,563 700,953
Costs of aquaculture 64,708 59,063 212,945 223,225
Research and development 536,169 470,097 1,326,405 1,068,008
General and administrative 635,716 720,421 2,314,143 2,595,176
Total Expenses 1,314,148 1,369,570 4,081,056 4,587,362
Loss from Operations (1,293,616) (1,188,478) (3,855,649) (3,591,775)
Other Income (Loss)        
Foreign exchange gain (loss) 64,135 (8,188) 21,972 109,448
Loss in fair value of warrant liability 0 0 0 (211,956)
Investment income 9,120 2,589 24,767 16,593
Other Income (Loss), Total 73,255 (5,599) 46,739 (85,915)
Loss Before Income Tax (1,220,361) (1,194,077) (3,808,910) (3,677,690)
Income tax expense 0 0 800 7,200
Net Loss $ (1,220,361) $ (1,194,077) $ (3,809,710) $ (3,684,890)
Loss per common share:        
Basic and diluted $ (0.12) $ (0.14) $ (0.38) $ (0.44)
Weighted average number of common shares outstanding:        
Basic and diluted 10,153,130 8,448,758 10,141,882 8,423,429
v3.7.0.1
Condensed Interim Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 9 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Cash Flows Used In Operating Activities:        
Net loss $ (1,220,361) $ (1,194,077) $ (3,809,710) $ (3,684,890)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization     135,515 106,712
Share-based compensation     92,480 209,781
Foreign exchange (gain) loss (64,135) 8,188 (21,972) (109,448)
Loss in fair value of warrant liability 0 0 0 211,956
Changes in working capital items:        
Accounts receivable     73,906 148,611
Deferred share issuance costs     0 (232,822)
Inventory     108,483 (11,418)
Prepaid expenses     37,033 38,301
Deposits     0 560
Accounts payable and accrued liabilities     (198,269) 8,695
Net cash used in operating activities     (3,582,534) (3,313,962)
Cash Flows From Investing Activities:        
Acquisition of property, plant and equipment     (200,365) (294,858)
Purchase of short-term investments     (3,008,853) (6,005,737)
Proceeds on sales and maturities of short-term investments     3,000,000 9,021,827
Contribution to joint venture     0 (66,695)
Net cash provided by (used in) investing activities     (209,218) 2,654,537
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     22,211 122,865
Net change in cash and cash equivalents     (3,769,541) 831,700
Cash and cash equivalents - beginning of period     7,416,904 3,955,503
Cash and cash equivalents - end of period 3,647,363 4,787,203 3,647,363 4,787,203
Cash (demand deposits) 1,035,138 1,712,003 1,035,138 1,712,003
Cash equivalents 2,612,225 3,075,200 2,612,225 3,075,200
Cash and cash equivalents $ 3,647,363 $ 4,787,203 $ 3,647,363 $ 4,787,203

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