Quarterly report pursuant to Section 13 or 15(d)

Derivative Liability

v3.19.1
Derivative Liability
9 Months Ended
Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative liability
4 Derivative liability

 

The Company has issued common stock purchase warrants. Based on the terms of certain of these warrants the Company determined that the warrants were a derivative liability which is recognized at fair value at the date of the transaction and re-measured at fair value each reporting period with the changes in fair value recorded in the consolidated condensed interim statement of loss and comprehensive loss.

 

The Company’s derivative liability is summarized as follows:

 

    Three months ended  
    March 31,  
    2019     2018  
    $     $  
             
Opening balance     76       5,549  
Change in fair value of warrants     189       (2,160 )
                 
Closing balance     265       3,389  
Less current portion     -       (5 )
                 
Long term portion     265       3,384  

 

    Nine months ended  
    March 31,  
    2019     2018  
    $     $  
             
Opening balance     1,117       61,228  
Change in fair value of warrants     (852 )     (57,839 )
                 
Closing balance     265       3,389  
Less current portion     -       (5 )
                 
Long term portion     265       3,384  
                 

 

The derivative liability consists of the following warrants:

 

    March 31, 2019  
    Number of warrants     $  
             
2015 Agent Warrants     2,177       265  
                 
Closing balance     2,177       265  
Less current portion     -       -  
                 
Long-term portion     2,177       265