Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies

v3.7.0.1
Commitments and Contingencies
12 Months Ended
Jun. 30, 2017
Commitments and Contingencies [Abstract]  
Commitments and contingencies
8 Commitments and contingencies

  

The Company has the following obligations over the next five fiscal year ending June 30, 2018: 

 

      2018
$
 
         
  Clinical development     1,523,873  
  Office lease     54,096  
           
        1,577,969  

  

Clinical development

  

The Company has entered into contracts for drug manufacturing and clinical study management related to its Phase III clinical trial. Pursuant to the commitment for clinical trial management, the Company has paid a total of $1,019,883 in deposits related to study initiation. The total of $1,019,883 is included in the consolidated balance sheet at June 30, 2017 in the prepaid expenses and deposits balance of $1,208,122. These deposits are available to be applied against invoices received from the contract research organization.

 

Office lease

  

The Company currently rents its offices pursuant to a one-year lease that commenced on July 1, 2017 at a rate of $4,508 (CA$5,850) per month. During the year ended June 30, 2017, the Company recorded $35,908 as rent expense (2016 - $36,610).