Quarterly report pursuant to Section 13 or 15(d)

Common Stock

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Common Stock
6 Months Ended
Sep. 30, 2018
Common Stock [Abstract]  
Common Stock
9. Common Stock

 

(a) On April 28, 2018, the Company issued 206,675 shares of common stock relating to a non-brokered private placement at a price of $1.00 per share for proceeds of $206,675, which was recorded as common stock issuable as at March 31, 2018.

 

(b) On May 28, 2018, the Company entered into securities purchase agreements (“SPA’s”) with seven investors. The SPA’s include subscription agreements for 1,957,333 shares of common stock at a price of $1.50 per share for proceeds of $2,936,000, and 1,957,333 share purchase warrants exercisable at a price of $2.50 per share expiring on July 1, 2020. The SPA’s included conditional subscription agreements for the purchase of an additional 1,342,665 shares of common stock and 1,342,665 share purchase warrants exercisable at $2.50 per share expiring on July 1, 2020. Upon the Company meeting a specified sales target by December 31, 2018, the conditional subscriptions will be completed at $1.50 per unit on or before January 10, 2019. If the Company fails to achieve the specified sales target, then the investors have the option to complete the conditional subscription agreements for the purchase of an additional 1,853,998 shares of common stock and 1,853,998 share purchase warrants exercisable at $2.00 per share expiring on July 1, 2020 for $2.00 per unit on or before January 15, 2019.

  

  (c) On June 12, 2018, the Company issued 287,500 shares of common stock with a fair value of $517,500 to three consultants for consulting services. As at September 30, 2018, $67,869 of the value of the shares remains in prepaid expenses to be recognized over the remaining term of service.

 

  (d) On July 5, 2018, the Company issued 50,000 shares of common stock for the settlement of $500 owed to a director of the Company pursuant to the exercise of stock options.

 

  (e) On September 28, 2018, the Company issued 145,000 shares of common stock with a fair value of $275,000 to seven consultants for consulting services. As at September 30, 2018, $183,668 of the value of the shares remains in prepaid expenses to be recognized over the remaining term of service.