|
Consolidated Statements of Cash Flows (USD $)
|
12 Months Ended |
45 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2013
|
| Cash flows from operating activities |
|
|
|
|
| Loss for the period |
$ (8,290,689) |
$ (2,400,363) |
$ (1,333,011) |
$ (12,132,822) |
| Items not affecting cash |
|
|
|
|
| Accrued interest |
8,020 |
7,521 |
6,831 |
22,372 |
| Change in fair value of derivative liability |
(1,324,051) |
(318,502) |
|
(1,642,553) |
| Shares issued to Valent for royalty reduction |
598,000 |
|
|
598,000 |
| Non-cash derivative issue costs |
2,201,008 |
|
|
2,201,008 |
| Units issued for services |
|
180,144 |
95,140 |
275,284 |
| Warrants issued for patents |
|
|
89,432 |
89,432 |
| Warrants issued for services |
124,020 |
49,379 |
|
173,399 |
| Share-based compensation |
2,146,766 |
1,130,240 |
95,140 |
3,404,237 |
| Prototype drug product |
|
|
250,000 |
250,000 |
| Net income (loss) after adjustments of non-cash items |
(4,536,926) |
(1,351,581) |
(796,468) |
(6,761,643) |
| Changes in non-cash working capital |
|
|
|
|
| Taxes and other receivables |
34,437 |
(6,697) |
(24,017) |
(11,062) |
| Prepaid expenses |
(142,105) |
(14,581) |
(4,098) |
(170,883) |
| Accounts payable and accrued liabilities |
(537,158) |
865,007 |
99,297 |
367,375 |
| Related party payables |
(338,747) |
(70,183) |
496,597 |
109,030 |
| Net cash flows from operating activities |
(5,520,499) |
(578,035) |
(228,689) |
(6,467,183) |
| Cash flows from financing activities |
|
|
|
|
| Net proceeds from the issuance of units |
9,639,520 |
671,570 |
190,826 |
10,501,916 |
| Deferred costs |
|
(90,771) |
|
|
| Net proceeds from the issuance of common shares |
|
|
28,506 |
102,070 |
| Net cash flows from financing activities |
9,639,520 |
580,799 |
219,332 |
10,603,986 |
| Increase (decrease) in cash and cash equivalents |
4,119,021 |
2,764 |
(9,357) |
4,136,803 |
| Cash and cash equivalents - beginning of period |
17,782 |
15,018 |
24,375 |
|
| Cash and cash equivalents - end of period |
4,136,803 |
17,782 |
15,018 |
4,136,803 |
| Supplementary information |
|
|
|
|
| Issuance of shares for the settlement of accounts payable (notes 4 and 9) |
|
253,050 |
|
253,050 |
| Issuance of units for the settlement of accounts payable (notes 7 and 9) |
|
|
23,785 |
23,785 |
| Non-cash share issuance costs (note 8) |
6,288,594 |
|
14,295 |
6,302,889 |
| Cashless exercise of Placement Agent Warrants (note 8) |
239,600 |
|
|
239,600 |
| Non-cash acquisition of prototype drug product (note 4) |
|
|
|
250,000 |
| Settlement of accounts payable with a loan payable (note 4) |
|
|
250,000 |
250,000 |
| Exercise of CDN $0.50 warrants for no additional consideration (note 8) |
241,715 |
|
|
241,715 |
| Deferred costs |
$ 90,771 |
|
|
|