UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
| R | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended December
31, 2015
OR
| ¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File
Number: 000-54598
Stellar
Biotechnologies, Inc.
(Exact name of registrant as specified in
its charter)
British Columbia, Canada |
N/A |
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
|
|
332 E. Scott Street
Port Hueneme, California |
93041 |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including
area code: (805) 488-2800
Indicate by check
mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨
Indicate by check
mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting
company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting
company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
| ¨ |
Accelerated
filer |
|
x |
Non-accelerated
filer |
| ¨ |
Smaller
reporting company |
|
¨ |
Indicate by check
mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ¨ No x
As of February 5, 2016, the
registrant had 8,448,758 common shares issued and outstanding.
Stellar Biotechnologies, Inc.
Quarterly Report on Form 10-Q
For the Quarter Ended December 31, 2015
Table of Contents
PART I — FINANCIAL INFORMATION
SPECIAL NOTE
All share numbers and share prices presented in this Quarterly
Report on Form 10-Q have been adjusted to reflect the 1-for-10 reverse share split of Stellar Biotechnologies, Inc.’s
common shares effected on September 2, 2015.
Item 1. Financial Statements.
Stellar Biotechnologies, Inc.
Consolidated Balance Sheets
(Unaudited)
(Expressed
in U.S. Dollars )
| |
December 31, | | |
September 30, | |
| |
2015 | | |
2015 | |
| |
| | |
| |
Assets: | |
| | | |
| | |
| |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 3,887,550 | | |
$ | 3,955,503 | |
Accounts receivable | |
| 35,630 | | |
| 157,597 | |
Short-term investments | |
| 5,016,800 | | |
| 5,015,171 | |
Inventory | |
| 527,958 | | |
| 557,280 | |
Prepaid expenses | |
| 224,614 | | |
| 181,068 | |
| |
| | | |
| | |
Total current assets | |
| 9,692,552 | | |
| 9,866,619 | |
| |
| | | |
| | |
Noncurrent assets: | |
| | | |
| | |
| |
| | | |
| | |
Property, plant and equipment, net | |
| 646,041 | | |
| 503,408 | |
Deposits | |
| 15,900 | | |
| 15,900 | |
| |
| | | |
| | |
Total noncurrent assets | |
| 661,941 | | |
| 519,308 | |
| |
| | | |
| | |
Total Assets | |
$ | 10,354,493 | | |
$ | 10,385,927 | |
| |
| | | |
| | |
Liabilities and Shareholders' Equity: | |
| | | |
| | |
| |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable and accrued liabilities | |
$ | 723,675 | | |
$ | 656,685 | |
Deferred revenue | |
| - | | |
| 173,333 | |
Warrant liability | |
| - | | |
| 1,550,630 | |
| |
| | | |
| | |
Total Current Liabilities | |
| 723,675 | | |
| 2,380,648 | |
| |
| | | |
| | |
Commitments (Note 6) | |
| | | |
| | |
| |
| | | |
| | |
Shareholders' equity: | |
| | | |
| | |
Common shares, unlimited common shares authorized, | |
| | | |
| | |
no par value, 8,448,758 and 7,984,758 issued and | |
| | | |
| | |
outstanding at December 31, 2015 and September 30, | |
| | | |
| | |
2015, respectively | |
| 41,336,056 | | |
| 38,114,215 | |
Accumulated share-based compensation | |
| 5,259,880 | | |
| 5,226,379 | |
Accumulated deficit | |
| (36,965,118 | ) | |
| (35,335,315 | ) |
| |
| | | |
| | |
Total Shareholders' Equity | |
| 9,630,818 | | |
| 8,005,279 | |
| |
| | | |
| | |
Total Liabilities and Shareholders' Equity | |
$ | 10,354,493 | | |
$ | 10,385,927 | |
The accompanying
notes are an integral part of these condensed interim consolidated financial statements.
Stellar
Biotechnologies, Inc.
Consolidated Statements of Operations
(Unaudited)
(Expressed
in U.S. Dollars )
| |
Three Months Ended | |
| |
December 31, | | |
December 31, | |
| |
2015 | | |
2014 | |
| |
| | |
| |
Revenues: | |
| | | |
| | |
Contract services revenue | |
$ | 32,000 | | |
$ | 60,000 | |
Product sales | |
| 456,160 | | |
| 152,661 | |
| |
| | | |
| | |
| |
| 488,160 | | |
| 212,661 | |
| |
| | | |
| | |
Expenses: | |
| | | |
| | |
Costs of sales and contract services | |
| 312,063 | | |
| 95,925 | |
Costs of aquaculture | |
| 84,913 | | |
| 81,176 | |
Research and development | |
| 288,849 | | |
| 418,821 | |
General and administration | |
| 1,109,689 | | |
| 942,153 | |
| |
| | | |
| | |
| |
| 1,795,514 | | |
| 1,538,075 | |
| |
| | | |
| | |
Other Income (Loss) | |
| | | |
| | |
Foreign exchange gain (loss) | |
| (109,128 | ) | |
| (161,112 | ) |
Gain (loss) in fair value of warrant liability | |
| (211,956 | ) | |
| 139,556 | |
Investment income | |
| 5,835 | | |
| 13,293 | |
| |
| | | |
| | |
| |
| (315,249 | ) | |
| (8,263 | ) |
| |
| | | |
| | |
Loss Before Income Tax | |
| (1,622,603 | ) | |
| (1,333,677 | ) |
| |
| | | |
| | |
Income tax expense | |
| 7,200 | | |
| 9,800 | |
| |
| | | |
| | |
Net Loss | |
$ | (1,629,803 | ) | |
$ | (1,343,477 | ) |
| |
| | | |
| | |
Loss per common share - basic and diluted | |
$ | (0.19 | ) | |
$ | (0.17 | ) |
| |
| | | |
| | |
Weighted average number of common shares outstanding: | |
| | | |
| | |
Basic and diluted | |
| 8,373,323 | | |
| 7,946,101 | |
The accompanying
notes are an integral part of these condensed interim consolidated financial statements.
Stellar Biotechnologies, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
(Expressed in U.S. Dollars )
| |
Three Months Ended | |
| |
December 31, | | |
December 31, | |
| |
2015 | | |
2014 | |
| |
| | |
| |
Cash Flows Used In Operating Activities: | |
| | | |
| | |
Net loss | |
$ | (1,629,803 | ) | |
$ | (1,343,477 | ) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 32,386 | | |
| 37,535 | |
Share-based compensation | |
| 124,496 | | |
| 86,865 | |
Foreign exchange loss | |
| 109,128 | | |
| 161,112 | |
(Gain) loss in fair value of warrant liability | |
| 211,956 | | |
| (139,556 | ) |
| |
| | | |
| | |
Changes in working capital items: | |
| | | |
| | |
Accounts receivable | |
| 121,945 | | |
| 8,045 | |
Inventory | |
| 29,322 | | |
| (99,417 | ) |
Prepaid expenses | |
| (67,718 | ) | |
| 36,469 | |
Accounts payable and accrued liabilities | |
| 67,076 | | |
| (33,120 | ) |
Deferred revenue | |
| (173,333 | ) | |
| - | |
| |
| | | |
| | |
Net cash used in operating activities | |
| (1,174,545 | ) | |
| (1,285,544 | ) |
| |
| | | |
| | |
Cash Flows From Investing Activities: | |
| | | |
| | |
Acquisition of property, plant and equipment | |
| (175,019 | ) | |
| (38,849 | ) |
Purchase of short-term investments | |
| (1,629 | ) | |
| (1,222 | ) |
Proceeds on maturities of short-term investments | |
| - | | |
| 442,911 | |
| |
| | | |
| | |
Net cash provided by (used in) investing activities | |
| (176,648 | ) | |
| 402,840 | |
| |
| | | |
| | |
| |
| | | |
| | |
Cash Flows From Financing Activities: | |
| | | |
| | |
Proceeds from exercise of warrants and options | |
| 1,368,260 | | |
| 28,719 | |
| |
| | | |
| | |
Net cash provided by financing activities | |
| 1,368,260 | | |
| 28,719 | |
| |
| | | |
| | |
Effect of exchange rate changes on cash and cash equivalents | |
| (85,020 | ) | |
| (153,657 | ) |
| |
| | | |
| | |
Net change in cash and cash equivalents | |
| (67,953 | ) | |
| (1,007,642 | ) |
| |
| | | |
| | |
Cash and cash equivalents - beginning of period | |
| 3,955,503 | | |
| 8,768,459 | |
| |
| | | |
| | |
Cash and cash equivalents - end of period | |
$ | 3,887,550 | | |
$ | 7,760,817 | |
| |
| | | |
| | |
| |
| | | |
| | |
Cash (demand deposits) | |
$ | 3,887,550 | | |
$ | 4,319,406 | |
Cash equivalents | |
| - | | |
| 3,441,411 | |
| |
| | | |
| | |
Cash and cash equivalents | |
$ | 3,887,550 | | |
$ | 7,760,817 | |
Supplemental disclosure of non-cash transactions (Note 8)
The accompanying
notes are an integral part of these condensed interim consolidated financial statements.
Stellar Biotechnologies, Inc.
Notes to Condensed Interim Consolidated Financial Statements (Unaudited)
(Expressed in U.S. Dollars)
Stellar Biotechnologies, Inc.
(the “Company”) is organized under the laws of British Columbia, Canada. The Company’s common shares are listed
on the Nasdaq Capital Market under the trading symbol “SBOT” and on the TSX Venture Exchange as a Tier 2 issuer
under the trading symbol “KLH.” Prior to listing on Nasdaq effective November 5, 2015, the Company’s common shares
were quoted on the U.S. OTCQB Marketplace Exchange under the trading symbol SBOTF.
In April 2010, the Company changed
its name to Stellar Biotechnologies, Inc. and completed a reverse merger transaction with Stellar Biotechnologies, Inc., a California
corporation, which was founded in September 1999, and remains the Company’s wholly-owned subsidiary and principal operating
entity. The Company’s executive offices are located at 332 E. Scott Street, Port Hueneme, California, 93041, USA, and its
registered and records office is Royal Centre, 1055 West Georgia Street, Suite 1500, Vancouver, BC, V6E 4N7, Canada.
Nature of Operations
The Company’s business
is the aquaculture, research and development, manufacture and commercialization of Keyhole Limpet Hemocyanin (“KLH”).
The Company markets and distributes its KLH products to biotechnology and pharmaceutical companies, academic institutions, and
clinical research organizations primarily in Europe, the United States, and Asia.
Management Plans
For the three months ended December
31, 2015 and 2014, the Company reported net losses of approximately $1.6 million and $1.3 million, respectively. The most significant
factor in the fluctuations in net income and losses relates to noncash changes in the fair value of warrant liability, which was
a loss of $0.2 million and gain of $0.1 million for the three months ended December 31, 2015 and 2014, respectively. As of December
31, 2015, the Company had an accumulated deficit of approximately $37.0 million and working capital of approximately $9.0 million.
In the past, operations of the
Company have primarily been funded by the issuance of common shares, exercise of warrants, grant revenues, contract services revenue,
and product sales. Management believes these financial resources are adequate to support the Company’s initiatives at the
current level for at least 12 months. Management is also continuing the ongoing effort toward expanding the customer base for existing
marketed products, and the Company may seek additional financing alternatives, including nondilutive financing through grants,
collaboration and licensing arrangements, additional equity financing and debt financing.
The accompanying condensed interim
consolidated financial statements have been prepared on a going concern basis, which assumes that the Company will continue in
operation for the foreseeable future and be able to realize its assets and discharge its liabilities and commitments in the normal
course of business.
Functional Currency
The condensed interim consolidated
financial statements of the Company are presented in U.S. dollars, unless otherwise stated, which is the Company’s functional
currency.
The accompanying unaudited condensed
interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q. They do not include
all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in
conformity with U.S. GAAP for complete financial statements. These condensed interim consolidated financial statements should be
read in conjunction with the consolidated financial statements and related notes contained in the Company’s Annual Report
on Form 10-K for the year ended September 30, 2015.
Stellar Biotechnologies, Inc.
Notes to Condensed Interim Consolidated Financial Statements (Unaudited)
(Expressed in U.S. Dollars)
The accompanying condensed interim
consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Stellar Biotechnologies,
Inc. All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management,
all adjustments (consisting of normal recurring adjustments and accruals) considered necessary for a fair presentation of the results
of operations for the period presented have been included in the interim period. Operating results for the three months ended December
31, 2015 are not necessarily indicative of the results that may be expected for other interim periods or the year ending September
30, 2016. The condensed interim consolidated financial data at September 30, 2015 is derived from audited financial statements
included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2015, as filed on December 14, 2015
with the SEC.
The preparation of financial
statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported
in the financial statements and accompanying notes. Actual results could differ from these estimates.
| 3. | Significant Accounting Policies |
Recent Accounting Pronouncements
In May 2014, the Financial
Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from
Contracts with Customers (Topic 606). ASU 2014-09 creates a new topic in the Accounting Standards Codification (“ASC”)
Topic 606 and establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized
over time or at a point in time, provides new and more detailed guidance on specific topics, and expands and improves disclosures
about revenue. In addition, ASU 2014-09 adds a new Subtopic to the Codification, ASC 340-40, Other Assets and Deferred Costs:
Contracts with Customers, to provide guidance on costs related to obtaining a contract with a customer and costs incurred in
fulfilling a contract with a customer that are not in the scope of another ASC Topic. The guidance in ASU 2014-09 is effective
for public entities for annual reporting periods beginning after December 15, 2017, including interim periods therein. Early application
is not permitted. Management is in the process of assessing the impact of ASU 2014-09 on the Company’s consolidated financial
statements.
In
August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure
of Uncertainties about an Entity's Ability to Continue as a Going Concern. ASU 2014-15
defines management's responsibility to evaluate whether there is substantial doubt about an organization's ability to continue
as a going concern and to provide related footnote disclosures. The guidance in ASU 2014-15 is effective for annual reporting periods
beginning after December 15, 2016, with early application permitted. Management is
in the process of assessing the impact of ASU 2014-15 on the Company’s consolidated financial
statements.
In July 2015, FASB issued ASU
2015-11, Simplifying the Measurement of Inventory (Topic 330). ASU 2015-11 indicates that an entity should measure inventory
at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business,
less reasonably predictable costs of completion, disposal, and transportation. The ASU does not apply to inventory measured using
LIFO or the retail inventory method. It does apply to all other inventory, including inventory measured using FIFO or average cost.
The guidance in ASU 2015-11 is effective for public entities for annual reporting periods beginning after December 15, 2016, including
interim periods therein. The provisions should be applied prospectively with early application permitted. Management is in the
process of assessing the impact of ASU 2015-11 on the Company’s consolidated financial statements.
Stellar Biotechnologies, Inc.
Notes to Condensed Interim Consolidated Financial Statements (Unaudited)
(Expressed in U.S. Dollars)
Raw materials include inventory
of manufacturing supplies. Work in process includes manufacturing supplies, direct and indirect labor, contracted manufacturing
and testing, and allocated manufacturing overhead for inventory in process at the end of the period. Finished goods include products
that are complete and available for sale. At December 31, 2015 and September 30, 2015, the Company recorded work in process and
finished goods inventory only for those products with recent sales levels to evaluate net realizable value. At September 30, 2014
and prior, the Company recorded inventory only for custom manufacturing of products for specific customers, including manufacturing
under supply agreements.
Inventory consisted of the following:
| |
December 31, | | |
September 30, | |
| |
2015 | | |
2015 | |
| |
| | | |
| | |
Raw materials | |
$ | 27,523 | | |
$ | 42,549 | |
Work in process | |
| 130,402 | | |
| 137,021 | |
Finished goods | |
| 370,033 | | |
| 377,710 | |
| |
| | | |
| | |
| |
$ | 527,958 | | |
$ | 557,280 | |
| 5. | Property, Plant and Equipment, net |
Property, plant and equipment, net consisted of the
following:
| |
December 31, | | |
September 30, | |
| |
2015 | | |
2015 | |
| |
| | |
| |
Aquaculture system | |
$ | 124,529 | | |
$ | 124,529 | |
Laboratory facilities | |
| 62,033 | | |
| 62,033 | |
Computer and office equipment | |
| 78,936 | | |
| 78,936 | |
Tools and equipment | |
| 749,394 | | |
| 714,764 | |
Vehicles | |
| 10,997 | | |
| 10,997 | |
Leasehold improvements | |
| 130,117 | | |
| 123,562 | |
| |
| 1,156,006 | | |
| 1,114,821 | |
Less: accumulated depreciation | |
| (675,878 | ) | |
| (643,492 | ) |
| |
| | | |
| | |
Depreciable assets, net | |
| 480,128 | | |
| 471,329 | |
Construction in progress | |
| 165,913 | | |
| 32,079 | |
| |
| | | |
| | |
| |
$ | 646,041 | | |
$ | 503,408 | |
Depreciation expense amounted to $32,386 and $37,535
for the three months ended December 31, 2015 and 2014, respectively.
Stellar Biotechnologies, Inc.
Notes to Condensed Interim Consolidated Financial Statements (Unaudited)
(Expressed in U.S. Dollars)
Operating leases
The Company leases three buildings
and facilities used in its operations under sublease agreements with the Oxnard Harbor District. In June 2015, the Company exercised
its option to extend these sublease agreements for an additional five-year term beginning in October and November 2015. The Company
negotiated an option to extend the leases for two additional five-year terms.
The Company leases facilities
used for executive offices and laboratories. The Company must pay a portion of the common area maintenance. In July 2014, the Company
exercised its option to extend this lease for a two-year term.
The Company leases undeveloped land in Baja California, Mexico to assess the
potential development of an additional aquaculture locale and expansion of production. The lease term is three years from June
2015 with options to extend the lease for 30 years. The Company may terminate early with 30 days’ notice. The first two years
of rent under the lease totaling $74,606 were prepaid in June 2015, and are not included in the future minimum lease payments below.
The Company has a related agreement with the lessor to collaborate on the design, expansion and development of marine aquaculture
resources and KLH production facilities on the leased property. Under that agreement, the Company is responsible for certain leasehold
improvements including construction of structures and a power-generating facility, which will be owned by the Company. The Company
will reimburse the lessor for local operational support. The collaboration agreement expires in June 2018, unless terminated earlier.
Future minimum lease payments
are as follows:
| |
December 31, | |
| |
2015 | |
For The Year Ending September 30, | |
| | |
2016 | |
$ | 108,000 | |
2017 | |
| 143,000 | |
2018 | |
| 106,000 | |
2019 | |
| 106,000 | |
2020 | |
| 106,000 | |
Thereafter | |
| 6,000 | |
| |
| | |
| |
$ | 575,000 | |
Rent expense on these lease
agreements amounted to approximately $55,000, and $46,000 for the three months ended December 31, 2015 and 2014, respectively.
Stellar Biotechnologies, Inc.
Notes to Condensed Interim Consolidated Financial Statements (Unaudited)
(Expressed in U.S. Dollars)
Purchase obligations
The Company has commitments
totaling approximately $364,000 at December 31, 2015 for signed agreements with contract research organizations and consultants.
The Company also has agreements to pay time and materials to contractors, which are estimated at approximately $13,000 at December
31, 2015. All purchase obligations are expected to be fulfilled within the next 12 months.
Supply agreements
The Company has two commitments
under certain supply agreements with customers for fixed prices per gram on a non-exclusive basis except within that customer’s
field of use. One amended and restated supply agreement replaced two prior agreements that automatically renewed each year. This agreement is effective March 2015 through March 2020 and is renewable for one-year terms upon written request of the customer.
The other customer supply agreement is effective October 2014 through October 2019 and is renewable for one-year terms upon written
request of the customer.
Licensing fees
In July 2013, the Company acquired
the exclusive, worldwide license to certain patented technology for the development of human immunotherapies against Clostridium
difficile infection (“C. diff”). The license agreement required an initial, non-refundable license fee of $25,000,
which was paid in fiscal August 2013, and payment of an aggregate of $200,000 in delayed license fees, which were paid in fiscal
August 2014. Beginning September 2014, the terms also require a license fee of $20,000 to be paid annually, creditable against
royalties due, if any. Royalties are payable for a percentage of related net sales, if any. License fees are also payable for a
percentage of related non-royalty sublicensing revenue, if any. No royalties have been incurred to date. The Company also reimbursed
patent filing costs of approximately $11,000 and $11,000 in the three months ended December 31, 2015 and 2014, respectively, and
will reimburse certain future patent filing, prosecution, and maintenance costs. License fees and patent cost reimbursements have
been accounted for as research and development expense in the accompanying condensed interim consolidated statements of operations.
The license agreement expires
when the last valid patent claim licensed under the license agreement expires, which is currently 2030. Prior to that time, the
license agreement can be terminated by the licensor upon certain conditions. The Company will have 30 days after written notice
from the licensor to cure the problem prior to termination of the license agreement. The Company can terminate the agreement with
three months’ prior written notice.
Upon execution of the license
agreement, the Company issued 37,120 common shares and warrants to purchase up to 27,840 of the Company’s common shares to
the licensor. The warrants expired on January 23, 2015 and were not exercised. The value of the shares and warrants were recorded
as research and development expense.
The license agreement provides
for the Company to pay up to an aggregate of $6,020,000 in milestone payments to the licensor upon achievement of various financing
and development targets up to the first regulatory approval. Remaining contingent milestone payments to the licensor totaling $57,025,000
are related to achievement of sales targets. A financing milestone was met during the year ended August 31, 2014, and accordingly,
the Company made a milestone payment of $100,000. No other milestones have been met to date and there can be no assurance that
any of the remaining milestones will be met in the future.
Stellar Biotechnologies, Inc.
Notes to Condensed Interim Consolidated Financial Statements (Unaudited)
(Expressed in U.S. Dollars)
Retirement savings plan 401(k)
contributions
The Company sponsors a 401(k)
retirement savings plan that requires an annual non-elective safe harbor employer contribution of 3% of eligible employee wages.
All employees over 21 years of age are eligible beginning the first payroll after 3 consecutive months of employment. Employees
are 100% vested in employer contributions and in any voluntary employee contributions. Contributions to the 401(k) plan were approximately
$17,000 and $20,000 for the three months ended December 31, 2015 and 2014, respectively.
Related party commitments
Patent royalty agreement
On August 14, 2002, through
its California subsidiary, the Company entered into an agreement with a director and officer of the Company, whereby he would receive
royalty payments in exchange for assignment of his patent rights to the Company. The royalty is 5% of gross receipts from products
using this invention in excess of $500,000 annually. The Company’s current operations utilize this invention. There was no
royalty expense incurred during the three months ended December 31, 2015 and 2014.
Collaboration agreement
In December 2013,
the Company entered into a collaboration agreement with a privately-held Taiwanese biopharmaceuticals manufacturer which
expired in December 2015. Under the terms of the agreement, the Company was responsible for the production and delivery of
GMP grade KLH for evaluation as a carrier molecule in the collaboration partner’s potential manufacture of OBI-822
active immunotherapy. The Company was also responsible for method development, product formulation, and process qualification
for certain KLH reference standards. The collaboration partner was responsible for development objectives and
product specifications. The agreement provided for the collaboration partner to pay fees for certain expenses and costs
associated with the collaboration. Subject to certain conditions and timing, the collaboration also provided for the parties
to negotiate a commercial supply agreement for Stellar KLH™ in the future. However, there can be no assurance that
any such negotiations will lead to successful execution of any further agreements related to this collaboration.
The privately-held Taiwanese
biopharmaceuticals manufacturer is a beneficial owner of over 5% of the Company’s common shares. In addition, a member of
the Company’s Board of Directors currently serves as General Manager and chair of its board of directors.
On September 2, 2015, the Company
effected a share consolidation (reverse split) of the Company's common shares at a ratio of 1-for-10. As a result of the reverse
split, every ten shares of the issued and outstanding common shares, without par value, consolidated into one newly-issued outstanding
common share, without par value. Each fractional share remaining after the reverse split that was less than one-half of a share
was cancelled and each fractional share that was at least one-half of a share was changed to one whole share. The reverse split
reduced the number of common shares outstanding from 79,847,550 to 7,984,758 after fractional share rounding. The number of warrants,
broker units, and options were proportionately adjusted by the split ratio and the exercise prices correspondingly increased by
the same split ratio. All shares and exercise prices are presented on a post-split basis in these condensed interim consolidated
financial statements.
Stellar Biotechnologies, Inc.
Notes to Condensed Interim Consolidated Financial Statements (Unaudited)
(Expressed in U.S. Dollars)
The Company
had the following transactions in share capital:
| |
Three Months Ended | |
| |
December 31, | | |
December 31, | |
| |
2015 | | |
2014 | |
| |
| | |
| |
Number of common shares issued | |
| 464,000 | | |
| 12,680 | |
| |
| | | |
| | |
Proceeds from exercise of warrants | |
$ | 1,368,260 | | |
$ | 938 | |
Transfer to common shares on exercise of warrants | |
| 1,853,581 | | |
| 426 | |
Proceeds from exercise of options | |
| - | | |
| 27,781 | |
Transfer to common shares on exercise of options | |
| - | | |
| 27,619 | |
Share-based compensation | |
| 124,496 | | |
| 86,865 | |
Performance
shares
There were 1,000,000 common
shares allotted as performance shares to be issued to certain officers, directors and employees of the Company based on meeting
milestones related to completion of method development for commercial-scale manufacture of KLH, compilation and regulatory submittal
of all required chemistry, manufacturing and control data and completion of preclinical toxicity and immunogenicity testing of
products under a performance share plan. Share-based compensation was recorded over the estimated vesting period ending in August
2012.
At December 31, 2015, there
are 383,838 performance shares reserved for issuance.
Black-Scholes option valuation
model
The Company uses the Black-Scholes
option valuation model to determine the fair value of warrants, broker units and share options. Option valuation models require
the input of highly subjective assumptions including the expected price volatility. The Company has used historical volatility
to estimate the volatility of the share price. Changes in the subjective input assumptions can materially affect the fair value
estimates, and therefore the existing models do not necessarily provide a reliable single measure of the fair value of the Company’s
warrants, broker units and share options.
Stellar Biotechnologies, Inc.
Notes to Condensed Interim Consolidated Financial Statements (Unaudited)
(Expressed in U.S. Dollars)
Warrants
A summary of the Company’s warrants activity
is as follows:
| |
Number of
Warrants | | |
Weighted Average Exercise Price | | |
|
| |
| | | |
| | | |
|
Balance - September 30, 2015 | |
| 1,022,761 | | |
| CDN$12.12 | | |
|
| |
| | | |
| | | |
|
Granted | |
| 40,000 | | |
| CDN$4.00 | | |
|
Exercised | |
| (424,000 | ) | |
| CDN$4.00 | | |
|
Expired | |
| (40,000 | ) | |
| CDN$4.00 | | |
|
| |
| | | |
| | | |
|
Balance - December 31, 2015 | |
| 598,761 | | |
| $13.33 | | |
|
As a result of the exercise and
expiration of warrants in the quarter ended December 31, 2015, there are no outstanding warrants with exercise prices denominated
in Canadian dollars.
The weighted average contractual
life remaining on the outstanding warrants at December 31, 2015 is 8.4 months.
The following table summarizes information about
the outstanding warrants at December 31, 2015:
Exercise Price | |
Number of Warrants | | |
Expiry Date | |
|
| |
| | | |
| |
|
$13.50 | |
| 470,190 | | |
September 9, 2016 | |
|
$10.50 | |
| 20,000 | | |
September 9, 2016 | |
Broker warrants |
$13.50 | |
| 95,238 | | |
September 20, 2016 | |
|
$10.50 | |
| 13,333 | | |
September 20, 2016 | |
Broker warrants |
| |
| | | |
| |
|
| |
| 598,761 | | |
| |
|
Warrant liability
All warrants with exercise prices
denominated in Canadian dollars were exercised or expired. Therefore there is no outstanding warrant liability at December 31,
2015.
Equity offerings conducted by
the Company in prior years included the issuance of warrants with exercise prices denominated in Canadian dollars. The Company’s
functional currency is the U.S. dollar. As a result of having exercise prices denominated in other than the Company’s functional
currency, these warrants meet the definition of derivatives and are therefore classified as derivative liabilities measured at
fair value with adjustments to fair value recognized through the consolidated statements of operations. As these warrants are exercised,
the fair value of the recorded warrant liability on date of exercise is included in common shares along with the proceeds from
the exercise. If these warrants expire, the related decrease in warrant liability is recognized in profit or loss, as part of the
change in fair value of warrant liability. There is no cash flow impact as a result of this accounting treatment.
The fair value of the warrants
is determined using the Black-Scholes option valuation model at the end of each reporting period. Upon exercise of the warrants,
the fair value of warrants included in derivative liabilities is reclassified to equity.
Stellar Biotechnologies, Inc.
Notes to Condensed Interim Consolidated Financial Statements (Unaudited)
(Expressed in U.S. Dollars)
The fair value of warrants exercised
was determined using the Black-Scholes option valuation model, using the following weighted average assumptions:
| |
Three Months Ended | |
| |
December 31, | | |
December 31, | |
| |
2015 | | |
2014 | |
Risk free interest rate | |
| 0.48 | % | |
| 1.12 | % |
Expected life (years) | |
| 0.04 | | |
| 0.01 | |
Expected share price volatility | |
| 92 | % | |
| 97 | % |
The fair value of warrants granted
was determined using the Black-Scholes option valuation model, using the following weighted average assumptions:
| |
Three Months | |
| |
Ended | |
| |
December 31, | |
| |
2015 | |
Risk free interest rate | |
| 0.52 | % |
Expected life (years) | |
| 0.01 | |
Expected share price volatility | |
| 91 | % |
Expected dividend yield | |
| 0 | % |
There were no warrants granted
during the three months ended December 31, 2014.
Broker units
The Company granted broker units
as finders’ fees in conjunction with equity offerings in prior years. Broker units are fully vested when granted and allow
the holders to purchase equity units. Each unit consists of one common share and one warrant to purchase a common share.
A summary of broker units activity is as follows:
| |
Number of Units | | |
Weighted Average Exercise Price | | |
|
| |
| | |
| | |
|
Balance - September 30, 2015 | |
| 46,600 | | |
| CDN$2.50 | | |
|
| |
| | | |
| | | |
|
Exercised | |
| (40,000 | ) | |
| CDN$2.50 | | |
|
| |
| | | |
| | | |
|
Balance - December 31, 2015 | |
| 6,600 | | |
| CDN$2.50 | | |
|
The weighted average contractual
life remaining on the outstanding broker units is 4 days.
Stellar Biotechnologies, Inc.
Notes to Condensed Interim Consolidated Financial Statements (Unaudited)
(Expressed in U.S. Dollars)
The following table summarizes
information about the outstanding broker units at December 31, 2015:
Exercise Price | |
Number of Units | | |
Expiry Date |
| |
| | |
|
CDN$2.50 | |
| 6,600 | | |
January 4, 2016 * |
| |
| | | |
|
| |
| 6,600 | | |
|
*Subsequently expired without
being exercised.
There were no broker units granted
during the three months ended December 31, 2015 and 2014.
Options
The Company has a fixed share
option plan adopted in 2013 (the “Plan”) administered by the Board of Directors, which has the discretion to
grant up to an aggregate of 1,000,000 options. The exercise price of an option is set at the closing price of the Company’s
common shares on the date of grant. Share options granted to directors, officers, employees and consultants are subject to the
following vesting schedule:
| (a) | One-third shall vest immediately; |
| (b) | One-third shall vest 12 months from the date of grant;
and |
| (c) | One-third shall vest 18 months from the date of grant. |
Share options granted to investor
relations consultants vest over a period of not less than 12 months as to 25% on the date that is three months from the date of
grant, and a further 25% on each successive date that is three months from the date of the prior vesting.
Options have been granted under
the Plan allowing the holders to purchase common shares of the Company as follows:
| |
Number of
Options | | |
Weighted Average Exercise Price | | |
|
| |
| | |
| | |
|
Balance - September 30, 2015 | |
| 557,638 | | |
| CDN$6.93 | | |
|
| |
| | | |
| | | |
|
Granted | |
| 47,700 | | |
| $7.24 | | |
|
Expired | |
| (6,667 | ) | |
| $18.30 | | |
|
Expired | |
| (41,501 | ) | |
| CDN$5.38 | | |
|
| |
| | | |
| | | |
|
Balance - December 31, 2015 | |
| 557,170 | | |
| CDN$7.18 | | |
|
The weighted average contractual
life remaining on the outstanding options is 3.2 years.
Stellar Biotechnologies, Inc.
Notes to Condensed Interim Consolidated Financial Statements (Unaudited)
(Expressed in U.S. Dollars)
The following table summarizes
information about the options under the Plan outstanding and exercisable at December 31, 2015:
Number of
Options | | |
Exercisable at December 31, 2015 | | |
Range of exercise
prices | |
Expiry Dates |
| 292,110 | | |
| 292,110 | | |
CDN$0.01 - 5.00 | |
Apr 2017-Dec 2019 |
| 146,360 | | |
| 143,027 | | |
CDN$5.01 - 10.00 | |
Oct 2017-Jun 2022 |
| 47,700 | | |
| 15,900 | | |
$5.01 - 10.00 | |
Dec 2022 |
| 21,500 | | |
| 17,667 | | |
CDN$15.01 - 20.00 | |
Nov 2018-Nov 2021 |
| 49,500 | | |
| 49,500 | | |
$15.01 - 20.00 | |
Nov 2020 |
| | | |
| | | |
| |
|
| 557,170 | | |
| 518,204 | | |
| |
|
The estimated fair value of
the share options granted during the three months ended December 31, 2015 and 2014 was determined using a Black-Scholes option
valuation model with the following weighted average assumptions.
| |
Three Months Ended | |
| |
December 31, | | |
December 31, | |
| |
2015 | | |
2014 | |
Risk free interest rate | |
| 1.05 | % | |
| 1.71 | % |
Expected life (years) | |
| 7 | | |
| 7 | |
Expected share price volatility | |
| 108 | % | |
| 116 | % |
Expected dividend yield | |
| 0 | % | |
| 0 | % |
The weighted average fair value
of share options awarded during the three months ended December 31, 2015 and 2014 was CDN$9.42 and CDN$13.43, respectively.
As of December 31, 2015, the
Company had approximately $219,000 of unrecognized share-based compensation expense, which is expected to be recognized over a
period of 1.5 years.
The intrinsic value of the options
exercised during the three months ended December 31, 2014 was CDN$11.50. There were no options exercised during the three months
ended December 31, 2015. The intrinsic value of the vested options at December 31, 2015 was $3.89.
Stellar Biotechnologies, Inc.
Notes to Condensed Interim Consolidated Financial Statements (Unaudited)
(Expressed in U.S. Dollars)
| 8. | Supplemental Disclosure of Cash Flow and Non-Cash
Transactions |
Supplemental disclosure of cash
flow information follows:
| |
Three Months Ended | |
| |
December 31, | | |
December 31, | |
| |
2015 | | |
2014 | |
| |
| | | |
| | |
Cash paid during the period for taxes | |
$ | 7,200 | | |
$ | 9,800 | |
Supplemental disclosure of noncash
financing and investing activities follows:
| |
Three Months Ended | |
| |
December 31, | | |
December 31, | |
| |
2015 | | |
2014 | |
| |
| | |
| |
Transfer to common shares on exercise of warrants | |
$ | 1,853,581 | | |
$ | 426 | |
Transfer to common shares on exercise of options | |
| - | | |
| 27,619 | |
| 9. | Fair Value of Financial Instruments |
The Company uses the fair value
measurement framework for valuing financial assets and liabilities measured on a recurring basis in situations where other accounting
pronouncements either permit or require fair value measurements.
Fair value of a financial instrument
is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. The carrying value of certain financial instruments such as accounts receivable, accounts payable, accrued
liabilities, and deferred revenue approximates fair value due to the short-term nature of such instruments.
The Company follows the fair
value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when
measuring fair value. There are three levels of inputs that may be used to measure fair value:
Level 1: |
Quoted prices in active markets for identical or similar assets and liabilities. |
Level 2: |
Quoted prices for identical or similar assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical or similar assets and liabilities. |
Level 3: |
Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
The Company records its short-term
investments in mutual fund debt securities at fair value using Level 1 inputs in the fair value hierarchy. The Company records
its warrant liability at fair value using Level 2 inputs using the Black-Scholes option valuation model and assumptions disclosed
in Note 7.
Stellar Biotechnologies, Inc.
Notes to Condensed Interim Consolidated Financial Statements (Unaudited)
(Expressed in U.S. Dollars)
The following table summarizes
fair values for those assets and liabilities with fair value measured on a recurring basis:
| |
Fair Value Measurements Using | | |
| |
| |
Quoted Prices in
Active Markets
for Identical
Instruments
(Level 1) | | |
Significant Other Observable Inputs (Level 2) | | |
Significant
Unobservable
Inputs (Level 3) | | |
Total Fair
Value | |
December 31, 2015 | |
| | | |
| | | |
| | | |
| | |
Assets | |
| | | |
| | | |
| | | |
| | |
Short-term investments in mutual fund debt securities | |
$ | 5,016,800 | | |
$ | - | | |
$ | - | | |
$ | 5,016,800 | |
| |
| | | |
| | | |
| | | |
| | |
September 30, 2015 | |
| | | |
| | | |
| | | |
| | |
Assets | |
| | | |
| | | |
| | | |
| | |
Short-term investments in mutual fund debt securities | |
$ | 5,015,171 | | |
$ | - | | |
$ | - | | |
$ | 5,015,171 | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Warrant liability, current portion | |
| - | | |
| 1,550,630 | | |
| - | | |
| 1,550,630 | |
| 10. | Concentrations of Credit Risk |
Credit risk is the risk of an
unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations. Financial instruments
that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents, mutual fund
debt securities and accounts receivable. The Company estimates its maximum credit risk at the amount recorded on the balance sheet.
Management’s assessment
of the Company’s credit risk for cash and cash equivalents is low as they are held in major financial institutions believed
to be credit worthy. The Company limits its exposure to credit loss for short-term investments by using a mutual fund that invests
in high-quality, U.S. dollar-denominated short-term fixed-, floating- and variable-rate debt securities that have received either
a minimum short-term rating of at least A-1 (or its equivalent) or a minimum long-term rating of A minus (or its equivalent), by
one or more Nationally Recognized Statistical Ratings Organizations, or, if unrated, that are deemed by the fund to be of comparable
quality at the time of purchase. Based on credit monitoring and history, the Company considers the risk of credit losses due to
customer non-performance on accounts receivable to be low.
The Company had the following
concentrations of revenues by customers:
| |
| Three Months Ended | |
| |
| December 31, | | |
| December 31, | |
| |
| 2015 | | |
| 2014 | |
| |
| | | |
| | |
Product sales and contract services revenue | |
| 85%
from 3 customers | | |
| 71%
from 2 customers | |
Stellar Biotechnologies, Inc.
Notes to Condensed Interim Consolidated Financial Statements (Unaudited)
(Expressed in U.S. Dollars)
The Company had the following
concentrations of revenues by geographic areas:
| |
Three Months Ended | |
| |
December 31, | | |
December 31, | |
| |
2015 | | |
2014 | |
| |
| | |
| |
Europe | |
| 37 | % | |
| 54 | % |
Asia | |
| 61 | % | |
| 31 | % |
U.S. | |
| 2 | % | |
| 15 | % |
| |
| | | |
| | |
The Company had the following
concentrations of accounts receivable:
| |
| Three
Months |
|
| |
| |
| Ended | | |
| Year Ended | |
| |
| December 31, | | |
| September 30, | |
| |
| 2015 | | |
| 2015 | |
| |
| | | |
| | |
Accounts receivable | |
| 86%
from 2 customers | | |
| 91%
from 2 customers | |
Certain reclassifications have been made to the prior
period to conform with the current period’s presentation. These include the Company’s reclassification of a mutual
fund investing in short-term debt securities from cash equivalents to short-term investments and reclassification of costs related
to aquaculture to present such costs separately from costs of sales and contract services. There was no impact on total assets,
total shareholders’ equity, accumulated deficit, total expenses or net income (loss) resulting from these reclassifications.
The statement of cash flows reflects the mutual fund activity as cash flows from investing activities rather than changes in cash.
Item 2. Management’s Discussion and Analysis of
Financial Condition and Results of Operations.
The following management’s discussion
and analysis of our financial condition and results of operations should be read in conjunction with the unaudited condensed interim
consolidated financial statements and notes thereto included in Part I, Item 1 of this Quarterly Report on Form 10-Q as of December
31, 2015 and our audited consolidated financial statements for the year ended September 30, 2015 included in our Annual Report
on Form 10-K, filed with the Securities and Exchange Commission on December 14, 2015.
This Quarterly Report on Form 10-Q contains
forward-looking statements. When used in this report, the words “expects,” “anticipates,” “suggests,”
“believes,” “intends,” “estimates,” “plans,” “projects,” “continue,”
“ongoing,” “potential,” “expect,” “predict,” “believe,” “intend,”
“may,” “will,” “should,” “could,” “would” and similar expressions are
intended to identify forward-looking statements. You should not place undue reliance on these forward-looking statements. Our actual
results could differ materially from those anticipated in the forward-looking statements for many reasons, including the risks
described in this report, the risks described in our Annual Report on Form 10-K for the year ended September 30, 2015 and other
reports we file with the Securities and Exchange Commission. Although we believe the expectations reflected in the forward-looking
statements are reasonable, they relate only to events as of the date on which the statements are made. We do not intend to update
any of the forward-looking statements after the date of this report to conform these statements to actual results or to changes
in our expectations, except as required by law.
The discussion and analysis of our financial
condition and results of operations are based on our unaudited condensed interim consolidated financial statements as of December
31, 2015 and September 30, 2015, and for the three months ended December 31, 2015 and 2014 included in Part I, Item 1 of this Quarterly
Report on Form 10-Q, which we have prepared in accordance with U.S. generally accepted accounting principles. The preparation of
these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities
and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported revenues
and expenses during the reporting periods. On an ongoing basis, we evaluate such estimates and judgments, including those described
in greater detail below. We base our estimates on historical experience and on various other factors that we believe are reasonable
under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities
that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or
conditions.
Overview
Stellar Biotechnologies, Inc. (“Stellar,”
the “Company,” “we,” “our” and “us”) is a biotechnology company engaged in the
aquaculture, research and development, manufacture and commercialization of Keyhole Limpet Hemocyanin, or KLH, protein. KLH is
a high molecular weight, immune-stimulating protein with an extensive history (over 40 years) of safe and effective use in immunological
applications.
KLH can be used as an active pharmaceutical
ingredient (“API”) and combined with a disease-targeting agent to create immunotherapies targeting cancer, immune disorders,
Alzheimer’s disease, and inflammatory diseases, or it can be used as a finished, injectable product in the immunodiagnostic
market for measuring immune response in patients and research settings. Our mission is to become the world leader in the sustainable
manufacture of KLH and use our unique, proprietary methods and intellectual property to serve the growing demand for KLH in immunotherapeutic
and immunodiagnostic markets.
Uplisting to The Nasdaq Capital Market
Our common shares began trading on The Nasdaq Capital Market
under the symbol “SBOT” on November 5, 2015.
Change in Fiscal Year End
On June 3, 2014, the Company’s Board
of Directors approved a change in the Company’s fiscal year end from August 31 to September 30 of each year, with effect
from September 1, 2014. As a result, the Company had a one-month transition period from September 1, 2014 to September 30, 2014
(“Transition Period”), the results of which were initially included in our Quarterly Report on Form 10-Q for the quarter
ended December 31, 2014, as filed with the Securities and Exchange Commission (the “SEC”) on February 9, 2015. The
audited financial statements for the Transition Period are included in our Form 10-K for the fiscal year ended September 30, 2015,
as filed with the SEC on December 14, 2015.
Significant Accounting Policies and Estimates
For a discussion of our significant accounting
policies and estimates, refer to Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of
Operations,” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2015, as filed with the SEC on December
14, 2015. There are no material changes in our significant accounting policies and estimates from the disclosure provided in our
Annual Report on Form 10-K for the fiscal year ended September 30, 2015.
Results of Operations
Comparison of Three Months Ended December 31, 2015 and 2014
Our net loss was $1,629,803, or $0.19 loss
per basic share, for the three months ended December 31, 2015 compared to $1,343,477, or $0.17 loss per basic share, for the three
months ended December 31, 2014. The increase in net loss was primarily due to fluctuations in noncash gain/loss in fair value of
warrant liability.
Total revenues were $488,160 and $212,661
for the three months ended December 31, 2015 and 2014, respectively. Our product sales were $456,160 and $152,661 for the three
months ended December 31, 2015 and 2014, respectively. The increase was due to an increase in customers and greater product sales
volume including sales under supply agreements and custom manufactured products. Contract services revenue was $32,000 and $60,000
for the three months ended December 31, 2015 and 2014, respectively. The decrease was due to the expiration of a collaboration
agreement mid-December 2015 and completion of services related to a supply agreement in December 2014.
Total expenses were $1,795,514 and $1,538,075
for the three months ended December 31, 2015 and 2014, respectively. Costs of sales and contract services were $312,063 and $95,925
for the three months ended December 31, 2015 and 2014, respectively. The increase was consistent with increased sales and contract
services revenue. Our research and development expenses were $288,849 and $418,821 for the three months ended December 31, 2015
and 2014, respectively. The decrease was a result of the continued realignment of our focus from internal research and process
development to manufacturing our Stellar KLH™ products in response to increased customer demand. Our general and administration
expenses were $1,109,689 and $942,153 for the three months ended December 31, 2015 and 2014, respectively. The increase resulted
from a combination of increased corporate expenses, including our Nasdaq listing fees; compensation increases; increased share
based compensation, which is affected by the timing of option grants and assumptions used in the valuation model; and increased
investor relations activity; offset by a reduction in business development travel.
Other income (loss) was an overall loss
of $315,249 and a loss of $8,263 for the three months ended December 31, 2015 and 2014, respectively. The increased loss resulted
primarily from the noncash gain/loss in fair value of warrant liability, which fluctuated to a loss of $211,956 for the three months
ended December 31, 2015 from a gain of $139,556 in the prior period. These fair value gains and losses occur in inverse relation
to changes in our share price that affect the valuation model. This increase was partially offset by a decrease in foreign exchange
loss to $109,128 for the three months ended December 31, 2015, as compared to $161,112 for the prior period due primarily to changes
in exchange rates for our Canadian cash and cash equivalents compared to the end of the prior quarters. The portion of foreign
exchange loss realized in cash was $11,462 and $1,843 for the three months ended December 31, 2015 and 2014, respectively.
Capital Expenditures
Our capital expenditures, which primarily
consist of scientific, manufacturing, and aquaculture equipment, and facility leasehold improvements for the three months ended
December 31, 2015 and 2014 are as follows:
| |
Three Months Ended | |
| |
December 31, | | |
December 31, | |
Assets Acquired | |
2015 | | |
2014 | |
| |
| | |
| |
Property, plant and equipment | |
$ | 41,185 | | |
$ | 38,849 | |
Construction in progress | |
| 133,834 | | |
| - | |
Liquidity and Capital Resources
Our working capital position at December
31, 2015 was $8,968,877, including cash and cash equivalents of $3,887,550 and short-term investments of $5,016,800. Management
believes the current working capital is sufficient to meet our present requirements, including all contractual obligations and
anticipated research and development expenditures for at least the next 12 months. We expect to finance our future expenditures
and obligations through revenues from product sales, contract services income, grant revenues, and sales of common shares. We expect
to continue incurring losses for the foreseeable future and may need to raise additional capital to pursue our business plan and
continue as a going concern. We cannot provide any assurances that we will be able to raise additional capital. Our management
believes that we have access to capital resources through possible public or private equity offerings, debt financings, corporate
collaborations or other means, if needed; however, we have not secured any commitment for new financing at this time, nor can we
provide any assurance that new financing will be available on commercially acceptable terms, if needed.
Three Months Ended December 31, 2015
Our working capital was $8,968,877 as of December
31, 2015, compared to working capital of $7,485,971 as of September 30, 2015. Working capital was reduced by the noncash current
portion of our warrant liability in the amount of $1,550,630 at September 30, 2015. Because all warrants with Canadian dollar exercise
prices have been exercised or expired, there was no warrant liability at December 31. 2015.
Our cash and cash equivalents totaled $3,887,550
at December 31, 2015, compared to cash and cash equivalents of $3,955,503 at September 30, 2015, which represented a decrease of
$67,953. Our short-term investments totaled $5,016,800 at December 31, 2015, compared to short-term investments of $5,015,171 at
September 30, 2015, which represented an increase of $1,629 over the three month period.
During the three months ended December 31,
2015, operating activities used cash of $1,174,545. Items not affecting cash included: depreciation and amortization of $32,386;
share-based compensation related to the issuance and vesting of stock options of $124,496; unrealized foreign exchange loss of
$109,128; and loss in fair value of warrant liability of $211,956 due to the adjustment to the fair value of warrants previously
issued. Changes in noncash working capital items include a decrease in accounts receivable of $121,945; decrease in inventory of
$29,322; increase in prepaid expenses of $67,718; increase in accounts payable and accrued liabilities of $67,076; and decrease
in deferred revenue of $173,333.
Investing activities used cash of $176,648.
The acquisition of property, plant and equipment used cash of $175,019 related to improvements in manufacturing and aquaculture
facilities. Purchase of short-term investments used cash of $1,629. The effect of fluctuations in exchange rates on cash and cash
equivalents was a reduction of $85,020 due to a decline in the Canadian dollar relative to the U.S. dollar.
Financing activities provided cash of $1,368,260
related to proceeds from the exercise of warrants, broker units and options. As a result of such exercises, 464,000 common shares
were issued during the period.
Three Months Ended December 31, 2014
Our working capital was $9,064,895 as of
December 31, 2014, as compared to working capital of $13,751,301 as of September 30, 2014. Working capital was reduced by the noncash
current portion of our warrant liability in the amount of $3,318,103 and $460 at December 31, 2014 and September 30, 2014, respectively.
Our cash and cash equivalents totaled $7,760,817
at December 31, 2014, compared to cash and cash equivalents of $8,768,459 at September 30, 2014, which represented a decrease of
$1,007,642. Our short-term investments totaled $5,002,716 at December 31, 2014, as compared to short-term investments of $5,450,126
at September 30, 2014, which represented a decrease of $447,410 over the three month period.
During the three months ended December
31, 2014, operating activities used cash of $1,285,544. Items not affecting cash included: depreciation and amortization of $37,535;
share-based compensation related to the issuance and vesting of stock options of $86,865; unrealized foreign exchange loss of $161,112;
and gain in fair value of warrant liability of $139,556 due to the adjustment to the fair value of warrants previously issued.
Changes in non-cash working capital items include a decrease in accounts receivable of $8,045; increase in inventory related to
custom manufacturing orders in process of $99,417; decrease in prepaid expenses of $36,469; and decrease in accounts payable and
accrued liabilities of $33,120.
Investing activities provided cash of $402,840.
The acquisition of property, plant and equipment used cash of $38,849. Purchase of short-term investments used cash of $1,222.
Proceeds on maturities of short-term investments provided cash of $442,911. The effect of exchange rate changes on cash and cash
equivalents was a reduction of $153,657 due to a decline in Canadian dollars relative to U.S. dollars.
Financing activities provided cash of $28,719
related to proceeds from the exercise of warrants, broker units and options. As a result of such exercises, 12,680 common shares
were issued during the period.
Geographic Concentrations
The geographic markets of our customers
are principally Europe, the United States and Asia. We had the following concentrations of revenues by geographic areas:
| |
Three Months Ended | |
| |
December 31, | | |
December 31, | |
| |
2015 | | |
2014 | |
| |
| | |
| |
Europe | |
| 37 | % | |
| 54 | % |
Asia | |
| 61 | % | |
| 31 | % |
U.S. | |
| 2 | % | |
| 15 | % |
The increase in revenues from Asia for
the three months ended December 31, 2015 is due to sales of custom manufactured products for an Asian customer.
Research and Development
Our core business is developing and commercializing
Keyhole Limpet Hemocyanin for use in immunotherapy and immunodiagnostic applications. Our internal research includes, among other
activities, continual improvement of methods for the culture and growth of Giant Keyhole Limpet, innovations in aquaculture systems
and infrastructure, biophysical and biochemical characterization of the KLH molecule, analytical processes to enhance performance
of our products, KLH manufacturing process improvements, new KLH formulations, and early development of potential new KLH-based
immunotherapies. However, from time to time we may engage in non-related research and development activities as opportunities arise.
Research and development costs, including
materials and salaries of employees directly involved in research and development efforts, are expensed as incurred.
The following table includes our research
and development costs for each of the three months ended December 31, 2015 and 2014:
| |
Three Months Ended | |
| |
December 31, | | |
December 31, | |
| |
2015 | | |
2014 | |
| |
| | | |
| | |
Research and development expense | |
$ | 288,849 | | |
$ | 418,821 | |
Disclosure of Contractual Obligations
We lease three buildings and facilities
used in our operations under sublease agreements with the Oxnard Harbor District. In June 2015, we exercised our option to extend
these sublease agreements for an additional five-year term beginning in October and November 2015. We negotiated an option to extend
the leases for two additional five-year terms.
We lease facilities used for executive
offices and laboratories, and we must pay a portion of the common area maintenance. In July 2014, we exercised our option to extend
this lease for a two-year term.
We lease undeveloped land in Baja California,
Mexico to assess the potential development of an additional aquaculture locale and expansion of production. The lease term is
three years beginning June 2015, with an option to extend for 30 years if we proceed with site development. We may terminate the
lease early upon 30 days’ notice. Under a related collaboration agreement, we are responsible for certain improvements to
the leased undeveloped land, and for reimbursement to the lessor for local operational support. The collaboration agreement expires
in June 2018, unless terminated earlier.
We have purchase commitments for contract
research organizations, consultants and contractors.
There have been no material changes in our
contractual obligations previously disclosed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2015, as
filed with the SEC on December 14, 2015.
Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements,
including unrecorded derivative instruments, that have or are reasonably likely to have a current or future material effect on
our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures
or capital resources.
Item 3. Quantitative and Qualitative Disclosures About
Market Risk.
We are exposed to financial market risks associated
with foreign exchange rates, concentration of credit, and liquidity. In accordance with our policies, we manage our exposure to
various market-based risks and where material, these risks are reviewed and monitored by our Board of Directors. For a discussion
of our market risk exposure, refer to Item 7A, “Quantitative and Qualitative Disclosures About Market Risk,” in our
Annual Report on Form 10-K for the fiscal year ended September 30, 2015, as filed with the SEC on December 14, 2015. There are
no material changes in market risk during the period covered by this Quarterly Report compared with the disclosure provided in
our Annual Report on Form 10-K for the fiscal year ended September 30, 2015.
Item 4. Controls and Procedures.
Disclosure Controls and Procedures
Our management is responsible for establishing
and maintaining disclosure controls and procedures to provide reasonable assurance that material information related to our Company,
including our consolidated subsidiaries, is made known to senior management, including our Chief Executive Officer and Chief Financial
Officer, by others within those entities on a timely basis so that appropriate decisions can be made regarding public disclosure.
We carried out an evaluation, under the
supervision and with the participation of our management, including our Principal Executive Officer and our Principal Financial
Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e)
and 15d-15(e)) under the Securities and Exchange Act of 1934, as amended) as of December 31, 2015. Our Chief Executive Officer
and Chief Financial Officer concluded that the disclosure controls and procedures, as of December 31, 2015, were effective.
Changes in Internal Control over Financial
Reporting
There were no changes in our internal control
over financial reporting that occurred during the quarter ended December 31, 2015 that have materially affected, or are reasonably
likely to materially affect, our internal control over financial reporting.
PART II — OTHER INFORMATION
Item 1. Legal Proceedings.
From time to time, we may be involved in
legal proceedings, claims and litigation arising in the ordinary course of business, including contract disputes, employment matters
and intellectual property disputes. We are not currently a party to any material legal proceedings or claims outside the ordinary
course of business. Regardless of outcome, litigation can have an adverse impact on us because of defense and settlement costs,
diversion of management resources and other factors.
Item 1A. Risk Factors.
There have been no material changes in the
risk factors previously disclosed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2015, as filed with
the SEC on December 14, 2015.
Item 2. Unregistered Sales of Equity Securities and Use
of Proceeds.
On October 22, 2015, a holder exercised 40,000
broker units at an exercise price of CDN$2.50 and the Company received an aggregate of $77,077. Each broker unit consisted of one
common share and one warrant to purchase a common share. Accordingly, the Company issued 40,000 common shares and 40,000 warrants
with an exercise price of CDN$4.00. The broker units were granted as finder’s fees in accordance with an option agreement
entered into on October 25, 2012 concurrent with the closing of a private placement. The warrants were not exercised and expired
on October 25, 2015.
The issuance of the Company’s
common shares and warrants in connection with the exercise of previously-issued broker units were completed in a private
transaction by the Company not involving any public offering pursuant to Section 4(a)(2) and Rule 506 of Regulation D of the
Securities Act of 1933, as amended (the “Act”). The holders may not resell the shares and warrants unless such
shares and warrants are registered or an exemption from registration is available.
During the three months ended December 31,
2015, warrant holders exercised warrants to purchase 424,000 common shares of the Company, at an exercise price of CDN$4.00. The
Company received an aggregate of $1,291,183 as consideration for the exercise of the previously-issued warrants.
The issuance of the Company’s
common shares in connection with the exercise of previously-issued warrants were completed in a private transaction by the
Company not involving any public offering pursuant to Section 4(a)(2) and Rule 506 of Regulation D of the Act. The holders
may not resell the shares unless such shares are registered or an exemption from registration is available.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
Item 5. Other Information.
None.
Item 6. Exhibits.
The Exhibits listed in the Exhibit Index
immediately preceding such Exhibits are filed with or incorporated by reference in this Quarterly Report.
SIGNATURES
Pursuant to the requirements of Section 13
or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
Date: February 8, 2016 |
|
STELLAR BIOTECHNOLOGIES, INC. |
|
|
|
|
|
/s/ Kathi Niffenegger |
|
|
Kathi Niffenegger
Chief Financial Officer
(Principal Financial Officer) |
EXHIBIT INDEX
Exhibit
Number |
|
Description |
31.1 |
|
Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2 |
|
Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1 |
|
Certification of the Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
(*)
|
32.2 |
|
Certification of the Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
(*)
|
101.INS |
|
XBRL Instance Document |
101.SCH |
|
XBRL Taxonomy Extension Schema Document |
101.CAL |
|
XBRL Taxonomy Calculation Linkbase Document |
101.DEF |
|
XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB |
|
XBRL Taxonomy Label Linkbase Document |
101.PRE |
|
XBRL Taxonomy Presentation Linkbase Document |
* |
A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request. |
Exhibit 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT
OF 2002
I, Frank R. Oakes, certify that:
| 1. | I have reviewed this Quarterly Report on Form 10-Q of Stellar Biotechnologies, Inc.; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant
as of, and for, the periods presented in this report; |
| 4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared; |
| b. | Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and |
| d. | Disclosed in this report any change in the registrant’s internal control over financial reporting
that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case
of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial reporting; and |
| 5. | The registrant’s other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s
board of directors (or persons performing the equivalent functions): |
| a. | All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize
and report financial information; and |
| b. | Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal control over financial reporting. |
Date: February 8, 2016 |
By: | |
/s/ Frank R. Oakes |
|
| |
Frank R. Oakes |
|
| |
President and Chief Executive Officer |
|
| |
(Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT
OF 2002
I, Kathi Niffenegger, certify that:
| 1. | I have reviewed this Quarterly Report on Form 10-Q of Stellar Biotechnologies, Inc.; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant
as of, and for, the periods presented in this report; |
| 4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared; |
| b. | Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and |
| d. | Disclosed in this report any change in the registrant’s internal control over financial reporting
that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case
of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial reporting; and |
| 5. | The registrant’s other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s
board of directors (or persons performing the equivalent functions): |
| a. | All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize
and report financial information; and |
| b. | Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant’s internal control over financial reporting. |
Date: February 8, 2016 |
By: | |
/s/ Kathi Niffenegger |
|
| |
Kathi Niffenegger |
|
| |
Chief Financial Officer |
|
| |
(Principal Financial
Officer) |
Exhibit 32.1
CERTIFICATION OF THE CHIEF EXECUTIVE
OFFICER PURSUANT TO 18 U.S.C. 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report
on Form 10-Q of Stellar Biotechnologies, Inc. (the “Company”) for the quarter ended December 31, 2015 (the “Report”),
as filed with the Securities and Exchange Commission on the date hereof, I, Frank R. Oakes, Chief Executive Officer of the Company,
certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
| 1. | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and |
| 2. | The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Company. |
Date: February 8,
2016 |
By: | |
/s/ Frank R. Oakes |
|
| |
Frank R. Oakes |
|
| |
President and Chief Executive
Officer |
|
| |
(Principal
Executive Officer) |
Exhibit 32.2
CERTIFICATION OF THE CHIEF FINANCIAL
OFFICER PURSUANT TO 18 U.S.C. 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report
on Form 10-Q of Stellar Biotechnologies, Inc. (the “Company”) for the quarter ended December 31, 2015 (the “Report”),
as filed with the Securities and Exchange Commission on the date hereof, I, Kathi Niffenegger, Chief Financial Officer of the Company,
certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
| 1. | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and |
| 2. | The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Company. |
Date: February 8, 2016 |
By: | |
/s/ Kathi Niffenegger |
|
| |
Kathi Niffenegger |
|
| |
Chief Financial Officer |
|
| |
(Principal Financial
Officer) |
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v3.3.1.900
Consolidated Balance Sheets - USD ($)
|
Dec. 31, 2015 |
Sep. 30, 2015 |
Current assets: |
|
|
Cash and cash equivalents |
$ 3,887,550
|
$ 3,955,503
|
Accounts receivable |
35,630
|
157,597
|
Short-term investments |
5,016,800
|
5,015,171
|
Inventory |
527,958
|
557,280
|
Prepaid expenses |
224,614
|
181,068
|
Total current assets |
9,692,552
|
9,866,619
|
Noncurrent assets: |
|
|
Property, plant and equipment, net |
646,041
|
503,408
|
Deposits |
15,900
|
15,900
|
Total noncurrent assets |
661,941
|
519,308
|
Total Assets |
10,354,493
|
10,385,927
|
Current liabilities: |
|
|
Accounts payable and accrued liabilities |
723,675
|
656,685
|
Deferred revenue |
0
|
173,333
|
Warrant liability |
0
|
1,550,630
|
Total Current Liabilities |
$ 723,675
|
$ 2,380,648
|
Commitments (Note 6) |
|
|
Shareholders' equity: |
|
|
Common shares, unlimited common shares authorized, no par value, 8,448,758 and 7,984,758 issued and outstanding at December 31, 2015 and September 30, 2015, respectively |
$ 41,336,056
|
$ 38,114,215
|
Accumulated share-based compensation |
5,259,880
|
5,226,379
|
Accumulated deficit |
(36,965,118)
|
(35,335,315)
|
Total Shareholders' Equity |
9,630,818
|
8,005,279
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|
$ 10,385,927
|
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v3.3.1.900
Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Dec. 31, 2015 |
Sep. 30, 2015 |
Common shares, par value |
|
|
Common shares, shares issued |
8,448,758
|
7,984,758
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Common shares, shares outstanding |
8,448,758
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7,984,758
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X |
- DefinitionFace amount per share of no-par value common stock.
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v3.3.1.900
Consolidated Statements of Operations - USD ($)
|
3 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Revenues: |
|
|
Contract services revenue |
$ 32,000
|
$ 60,000
|
Product sales |
456,160
|
152,661
|
Revenues |
488,160
|
212,661
|
Expenses: |
|
|
Costs of sales and contract services |
312,063
|
95,925
|
Costs of aquaculture |
84,913
|
81,176
|
Research and development |
288,849
|
418,821
|
General and administration |
1,109,689
|
942,153
|
Total Expenses |
1,795,514
|
1,538,075
|
Other Income (Loss) |
|
|
Foreign exchange gain (loss) |
(109,128)
|
(161,112)
|
Gain (loss) in fair value of warrant liability |
(211,956)
|
139,556
|
Investment income |
5,835
|
13,293
|
Other Income (Loss), Total |
(315,249)
|
(8,263)
|
Loss Before Income Tax |
(1,622,603)
|
(1,333,677)
|
Income tax expense |
7,200
|
9,800
|
Net Loss |
$ (1,629,803)
|
$ (1,343,477)
|
Loss per common share - basic and diluted (in dollars per share) |
$ (0.19)
|
$ (0.17)
|
Weighted average number of common shares outstanding: Basic and diluted (in shares) |
8,373,323
|
7,946,101
|
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v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
|
3 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Cash Flows Used In Operating Activities: |
|
|
Net loss |
$ (1,629,803)
|
$ (1,343,477)
|
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
Depreciation and amortization |
32,386
|
37,535
|
Share-based compensation |
124,496
|
86,865
|
Foreign exchange loss |
109,128
|
161,112
|
(Gain) loss in fair value of warrant liability |
211,956
|
(139,556)
|
Changes in working capital items: |
|
|
Accounts receivable |
121,945
|
8,045
|
Inventory |
29,322
|
(99,417)
|
Prepaid expenses |
(67,718)
|
36,469
|
Accounts payable and accrued liabilities |
67,076
|
(33,120)
|
Deferred revenue |
(173,333)
|
0
|
Net cash used in operating activities |
(1,174,545)
|
(1,285,544)
|
Cash Flows From Investing Activities: |
|
|
Acquisition of property, plant and equipment |
(175,019)
|
(38,849)
|
Purchase of short-term investments |
(1,629)
|
(1,222)
|
Proceeds on maturities of short-term investments |
0
|
442,911
|
Net cash provided by (used in) investing activities |
(176,648)
|
402,840
|
Cash Flows From Financing Activities: |
|
|
Proceeds from exercise of warrants and options |
1,368,260
|
28,719
|
Net cash provided by financing activities |
1,368,260
|
28,719
|
Effect of exchange rate changes on cash and cash equivalents |
(85,020)
|
(153,657)
|
Net change in cash and cash equivalents |
(67,953)
|
(1,007,642)
|
Cash and cash equivalents - beginning of period |
3,955,503
|
8,768,459
|
Cash and cash equivalents - end of period |
3,887,550
|
7,760,817
|
Cash (demand deposits) |
3,887,550
|
4,319,406
|
Cash equivalents |
0
|
3,441,411
|
Cash and cash equivalents |
$ 3,887,550
|
$ 8,768,459
|
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v3.3.1.900
Nature of Operations
|
3 Months Ended |
Dec. 31, 2015 |
Nature of Operations [Abstract] |
|
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Stellar Biotechnologies, Inc. (the “Company”) is organized under the laws of British Columbia, Canada. The Company’s common shares are listed on the Nasdaq Capital Market under the trading symbol “SBOT” and on the TSX Venture Exchange as a Tier 2 issuer under the trading symbol “KLH.” Prior to listing on Nasdaq effective November 5, 2015, the Company’s common shares were quoted on the U.S. OTCQB Marketplace Exchange under the trading symbol SBOTF. In April 2010, the Company changed its name to Stellar Biotechnologies, Inc. and completed a reverse merger transaction with Stellar Biotechnologies, Inc., a California corporation, which was founded in September 1999, and remains the Company’s wholly-owned subsidiary and principal operating entity. The Company’s executive offices are located at 332 E. Scott Street, Port Hueneme, California, 93041, USA, and its registered and records office is Royal Centre, 1055 West Georgia Street, Suite 1500, Vancouver, BC, V6E 4N7, Canada. Nature of Operations The Company’s business is the aquaculture, research and development, manufacture and commercialization of Keyhole Limpet Hemocyanin (“KLH”). The Company markets and distributes its KLH products to biotechnology and pharmaceutical companies, academic institutions, and clinical research organizations primarily in Europe, the United States, and Asia. Management Plans For the three months ended December 31, 2015 and 2014, the Company reported net losses of approximately $1.6 million and $1.3 million, respectively. The most significant factor in the fluctuations in net income and losses relates to noncash changes in the fair value of warrant liability, which was a loss of $0.2 million and gain of $0.1 million for the three months ended December 31, 2015 and 2014, respectively. As of December 31, 2015, the Company had an accumulated deficit of approximately $37.0 million and working capital of approximately $9.0 million. In the past, operations of the Company have primarily been funded by the issuance of common shares, exercise of warrants, grant revenues, contract services revenue, and product sales. Management believes these financial resources are adequate to support the Company’s initiatives at the current level for at least 12 months. Management is also continuing the ongoing effort toward expanding the customer base for existing marketed products, and the Company may seek additional financing alternatives, including nondilutive financing through grants, collaboration and licensing arrangements, additional equity financing and debt financing. The accompanying condensed interim consolidated financial statements have been prepared on a going concern basis, which assumes that the Company will continue in operation for the foreseeable future and be able to realize its assets and discharge its liabilities and commitments in the normal course of business. Functional Currency The condensed interim consolidated financial statements of the Company are presented in U.S. dollars, unless otherwise stated, which is the Company’s functional currency.
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v3.3.1.900
Basis of Presentation
|
3 Months Ended |
Dec. 31, 2015 |
Basis of Presentation [Abstract] |
|
Basis of Accounting [Text Block] |
The accompanying unaudited condensed interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q. They do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with U.S. GAAP for complete financial statements. These condensed interim consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended September 30, 2015. The accompanying condensed interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Stellar Biotechnologies, Inc. All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments (consisting of normal recurring adjustments and accruals) considered necessary for a fair presentation of the results of operations for the period presented have been included in the interim period. Operating results for the three months ended December 31, 2015 are not necessarily indicative of the results that may be expected for other interim periods or the year ending September 30, 2016. The condensed interim consolidated financial data at September 30, 2015 is derived from audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2015, as filed on December 14, 2015 with the SEC. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from these estimates.
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v3.3.1.900
Significant Accounting Policies
|
3 Months Ended |
Dec. 31, 2015 |
Significant Accounting Policies [Abstract] |
|
Significant Accounting Policies [Text Block] |
| 3. | Significant Accounting Policies | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 creates a new topic in the Accounting Standards Codification (“ASC”) Topic 606 and establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time, provides new and more detailed guidance on specific topics, and expands and improves disclosures about revenue. In addition, ASU 2014-09 adds a new Subtopic to the Codification, ASC 340-40, Other Assets and Deferred Costs: Contracts with Customers, to provide guidance on costs related to obtaining a contract with a customer and costs incurred in fulfilling a contract with a customer that are not in the scope of another ASC Topic. The guidance in ASU 2014-09 is effective for public entities for annual reporting periods beginning after December 15, 2017, including interim periods therein. Early application is not permitted. Management is in the process of assessing the impact of ASU 2014-09 on the Company’s consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. ASU 2014-15 defines management's responsibility to evaluate whether there is substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosures. The guidance in ASU 2014-15 is effective for annual reporting periods beginning after December 15, 2016, with early application permitted. Management is in the process of assessing the impact of ASU 2014-15 on the Company’s consolidated financial statements. In July 2015, FASB issued ASU 2015-11, Simplifying the Measurement of Inventory (Topic 330). ASU 2015-11 indicates that an entity should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The ASU does not apply to inventory measured using LIFO or the retail inventory method. It does apply to all other inventory, including inventory measured using FIFO or average cost. The guidance in ASU 2015-11 is effective for public entities for annual reporting periods beginning after December 15, 2016, including interim periods therein. The provisions should be applied prospectively with early application permitted. Management is in the process of assessing the impact of ASU 2015-11 on the Company’s consolidated financial statements.
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v3.3.1.900
Inventory
|
3 Months Ended |
Dec. 31, 2015 |
Inventory [Abstract] |
|
Inventory Disclosure [Text Block] |
Raw materials include inventory of manufacturing supplies. Work in process includes manufacturing supplies, direct and indirect labor, contracted manufacturing and testing, and allocated manufacturing overhead for inventory in process at the end of the period. Finished goods include products that are complete and available for sale. At December 31, 2015 and September 30, 2015, the Company recorded work in process and finished goods inventory only for those products with recent sales levels to evaluate net realizable value. At September 30, 2014 and prior, the Company recorded inventory only for custom manufacturing of products for specific customers, including manufacturing under supply agreements. Inventory consisted of the following: | | December 31, | | September 30, | | | | 2015 | | 2015 | | | | | | | | | | Raw materials | | $ | 27,523 | | $ | 42,549 | | Work in process | | | 130,402 | | | 137,021 | | Finished goods | | | 370,033 | | | 377,710 | | | | | | | | | | | | $ | 527,958 | | $ | 557,280 | |
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v3.3.1.900
Property, Plant and Equipment, net
|
3 Months Ended |
Dec. 31, 2015 |
Property, Plant and Equipment, net [Abstract] |
|
Property, Plant and Equipment Disclosure [Text Block] |
5. | Property, Plant and Equipment, net | Property, plant and equipment, net consisted of the following: | | December 31, | | September 30, | | | | 2015 | | 2015 | | | | | | | | | | Aquaculture system | | $ | 124,529 | | $ | 124,529 | | Laboratory facilities | | | 62,033 | | | 62,033 | | Computer and office equipment | | | 78,936 | | | 78,936 | | Tools and equipment | | | 749,394 | | | 714,764 | | Vehicles | | | 10,997 | | | 10,997 | | Leasehold improvements | | | 130,117 | | | 123,562 | | | | | 1,156,006 | | | 1,114,821 | | Less: accumulated depreciation | | | (675,878) | | | (643,492) | | | | | | | | | | Depreciable assets, net | | | 480,128 | | | 471,329 | | Construction in progress | | | 165,913 | | | 32,079 | | | | | | | | | | | | $ | 646,041 | | $ | 503,408 | | Depreciation expense amounted to $32,386 and $37,535 for the three months ended December 31, 2015 and 2014, respectively.
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- DefinitionThe entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.
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v3.3.1.900
Commitments
|
3 Months Ended |
Dec. 31, 2015 |
Commitments [Abstract] |
|
Commitments and Contingencies Disclosure [Text Block] |
Operating leases The Company leases three buildings and facilities used in its operations under sublease agreements with the Oxnard Harbor District. In June 2015, the Company exercised its option to extend these sublease agreements for an additional five-year term beginning in October and November 2015. The Company negotiated an option to extend the leases for two additional five-year terms. The Company leases facilities used for executive offices and laboratories. The Company must pay a portion of the common area maintenance. In July 2014, the Company exercised its option to extend this lease for a two-year term. The Company leases undeveloped land in Baja California, Mexico to assess the potential development of an additional aquaculture locale and expansion of production. The lease term is three years from June 2015 with options to extend the lease for 30 years. The Company may terminate early with 30 days’ notice. The first two years of rent under the lease totaling $74,606 were prepaid in June 2015, and are not included in the future minimum lease payments below. The Company has a related agreement with the lessor to collaborate on the design, expansion and development of marine aquaculture resources and KLH production facilities on the leased property. Under that agreement, the Company is responsible for certain leasehold improvements including construction of structures and a power-generating facility, which will be owned by the Company. The Company will reimburse the lessor for local operational support. The collaboration agreement expires in June 2018, unless terminated earlier. Future minimum lease payments are as follows: | | December 31, | | | | 2015 | | For The Year Ending September 30, | | | | | 2016 | | $ | 108,000 | | 2017 | | | 143,000 | | 2018 | | | 106,000 | | 2019 | | | 106,000 | | 2020 | | | 106,000 | | Thereafter | | | 6,000 | | | | | | | | | $ | 575,000 | | Rent expense on these lease agreements amounted to approximately $55,000, and $46,000 for the three months ended December 31, 2015 and 2014, respectively. Purchase obligations The Company has commitments totaling approximately $364,000 at December 31, 2015 for signed agreements with contract research organizations and consultants. The Company also has agreements to pay time and materials to contractors, which are estimated at approximately $13,000 at December 31, 2015. All purchase obligations are expected to be fulfilled within the next 12 months. Supply agreements The Company has two commitments under certain supply agreements with customers for fixed prices per gram on a non-exclusive basis except within that customer’s field of use. One amended and restated supply agreement replaced two prior agreements that automatically renewed each year. This agreement is effective March 2015 through March 2020 and is renewable for one-year terms upon written request of the customer. The other customer supply agreement is effective October 2014 through October 2019 and is renewable for one-year terms upon written request of the customer. Licensing fees In July 2013, the Company acquired the exclusive, worldwide license to certain patented technology for the development of human immunotherapies against Clostridium difficile infection (“C. diff”). The license agreement required an initial, non-refundable license fee of $25,000, which was paid in fiscal August 2013, and payment of an aggregate of $200,000 in delayed license fees, which were paid in fiscal August 2014. Beginning September 2014, the terms also require a license fee of $20,000 to be paid annually, creditable against royalties due, if any. Royalties are payable for a percentage of related net sales, if any. License fees are also payable for a percentage of related non-royalty sublicensing revenue, if any. No royalties have been incurred to date. The Company also reimbursed patent filing costs of approximately $11,000 and $11,000 in the three months ended December 31, 2015 and 2014, respectively, and will reimburse certain future patent filing, prosecution, and maintenance costs. License fees and patent cost reimbursements have been accounted for as research and development expense in the accompanying condensed interim consolidated statements of operations. The license agreement expires when the last valid patent claim licensed under the license agreement expires, which is currently 2030. Prior to that time, the license agreement can be terminated by the licensor upon certain conditions. The Company will have 30 days after written notice from the licensor to cure the problem prior to termination of the license agreement. The Company can terminate the agreement with three months’ prior written notice. Upon execution of the license agreement, the Company issued 37,120 common shares and warrants to purchase up to 27,840 of the Company’s common shares to the licensor. The warrants expired on January 23, 2015 and were not exercised. The value of the shares and warrants were recorded as research and development expense. The license agreement provides for the Company to pay up to an aggregate of $6,020,000 in milestone payments to the licensor upon achievement of various financing and development targets up to the first regulatory approval. Remaining contingent milestone payments to the licensor totaling $57,025,000 are related to achievement of sales targets. A financing milestone was met during the year ended August 31, 2014, and accordingly, the Company made a milestone payment of $100,000. No other milestones have been met to date and there can be no assurance that any of the remaining milestones will be met in the future. Retirement savings plan 401(k) contributions The Company sponsors a 401(k) retirement savings plan that requires an annual non-elective safe harbor employer contribution of 3% of eligible employee wages. All employees over 21 years of age are eligible beginning the first payroll after 3 consecutive months of employment. Employees are 100% vested in employer contributions and in any voluntary employee contributions. Contributions to the 401(k) plan were approximately $17,000 and $20,000 for the three months ended December 31, 2015 and 2014, respectively. Related party commitments Patent royalty agreement On August 14, 2002, through its California subsidiary, the Company entered into an agreement with a director and officer of the Company, whereby he would receive royalty payments in exchange for assignment of his patent rights to the Company. The royalty is 5% of gross receipts from products using this invention in excess of $500,000 annually. The Company’s current operations utilize this invention. There was no royalty expense incurred during the three months ended December 31, 2015 and 2014. Collaboration agreement In December 2013, the Company entered into a collaboration agreement with a privately-held Taiwanese biopharmaceuticals manufacturer which expired in December 2015. Under the terms of the agreement, the Company was responsible for the production and delivery of GMP grade KLH for evaluation as a carrier molecule in the collaboration partner’s potential manufacture of OBI-822 active immunotherapy. The Company was also responsible for method development, product formulation, and process qualification for certain KLH reference standards. The collaboration partner was responsible for development objectives and product specifications. The agreement provided for the collaboration partner to pay fees for certain expenses and costs associated with the collaboration. Subject to certain conditions and timing, the collaboration also provided for the parties to negotiate a commercial supply agreement for Stellar KLH in the future. However, there can be no assurance that any such negotiations will lead to successful execution of any further agreements related to this collaboration. The privately-held Taiwanese biopharmaceuticals manufacturer is a beneficial owner of over 5% of the Company’s common shares. In addition, a member of the Company’s Board of Directors currently serves as General Manager and chair of its board of directors.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.3.1.900
Share Capital
|
3 Months Ended |
Dec. 31, 2015 |
Share Capital [Abstract] |
|
Stockholders' Equity Note Disclosure [Text Block] |
On September 2, 2015, the Company effected a share consolidation (reverse split) of the Company's common shares at a ratio of 1-for-10. As a result of the reverse split, every ten shares of the issued and outstanding common shares, without par value, consolidated into one newly-issued outstanding common share, without par value. Each fractional share remaining after the reverse split that was less than one-half of a share was cancelled and each fractional share that was at least one-half of a share was changed to one whole share. The reverse split reduced the number of common shares outstanding from 79,847,550 to 7,984,758 after fractional share rounding. The number of warrants, broker units, and options were proportionately adjusted by the split ratio and the exercise prices correspondingly increased by the same split ratio. All shares and exercise prices are presented on a post-split basis in these condensed interim consolidated financial statements. The Company had the following transactions in share capital: | | Three Months Ended | | | | December 31, | | December 31, | | | | 2015 | | 2014 | | | | | | | | | | Number of common shares issued | | | 464,000 | | | 12,680 | | | | | | | | | | Proceeds from exercise of warrants | | $ | 1,368,260 | | $ | 938 | | Transfer to common shares on exercise of warrants | | | 1,853,581 | | | 426 | | Proceeds from exercise of options | | | - | | | 27,781 | | Transfer to common shares on exercise of options | | | - | | | 27,619 | | Share-based compensation | | | 124,496 | | | 86,865 | | Performance shares There were 1,000,000 common shares allotted as performance shares to be issued to certain officers, directors and employees of the Company based on meeting milestones related to completion of method development for commercial-scale manufacture of KLH, compilation and regulatory submittal of all required chemistry, manufacturing and control data and completion of preclinical toxicity and immunogenicity testing of products under a performance share plan. Share-based compensation was recorded over the estimated vesting period ending in August 2012. At December 31, 2015, there are 383,838 performance shares reserved for issuance. Black-Scholes option valuation model The Company uses the Black-Scholes option valuation model to determine the fair value of warrants, broker units and share options. Option valuation models require the input of highly subjective assumptions including the expected price volatility. The Company has used historical volatility to estimate the volatility of the share price. Changes in the subjective input assumptions can materially affect the fair value estimates, and therefore the existing models do not necessarily provide a reliable single measure of the fair value of the Company’s warrants, broker units and share options. Warrants A summary of the Company’s warrants activity is as follows: | | Number of Warrants | | Weighted Average Exercise Price | | | | | | | | | | Balance - September 30, 2015 | | | 1,022,761 | | | CDN$12.12 | | | | | | | | | | Granted | | | 40,000 | | | CDN$4.00 | | Exercised | | | (424,000) | | | CDN$4.00 | | Expired | | | (40,000) | | | CDN$4.00 | | | | | | | | | | Balance - December 31, 2015 | | | 598,761 | | | $13.33 | | As a result of the exercise and expiration of warrants in the quarter ended December 31, 2015, there are no outstanding warrants with exercise prices denominated in Canadian dollars. The weighted average contractual life remaining on the outstanding warrants at December 31, 2015 is 8.4 months. The following table summarizes information about the outstanding warrants at December 31, 2015: Exercise Price | | Number of Warrants | | Expiry Date | | | | | | | | | | | $13.50 | | | 470,190 | | September 9, 2016 | | | $10.50 | | | 20,000 | | September 9, 2016 | | Broker warrants | $13.50 | | | 95,238 | | September 20, 2016 | | | $10.50 | | | 13,333 | | September 20, 2016 | | Broker warrants | | | | | | | | | | | | 598,761 | | | | | Warrant liability All warrants with exercise prices denominated in Canadian dollars were exercised or expired. Therefore there is no outstanding warrant liability at December 31, 2015. Equity offerings conducted by the Company in prior years included the issuance of warrants with exercise prices denominated in Canadian dollars. The Company’s functional currency is the U.S. dollar. As a result of having exercise prices denominated in other than the Company’s functional currency, these warrants meet the definition of derivatives and are therefore classified as derivative liabilities measured at fair value with adjustments to fair value recognized through the consolidated statements of operations. As these warrants are exercised, the fair value of the recorded warrant liability on date of exercise is included in common shares along with the proceeds from the exercise. If these warrants expire, the related decrease in warrant liability is recognized in profit or loss, as part of the change in fair value of warrant liability. There is no cash flow impact as a result of this accounting treatment. The fair value of the warrants is determined using the Black-Scholes option valuation model at the end of each reporting period. Upon exercise of the warrants, the fair value of warrants included in derivative liabilities is reclassified to equity. The fair value of warrants exercised was determined using the Black-Scholes option valuation model, using the following weighted average assumptions: | | Three Months Ended | | | | December 31, | | | December 31, | | | | 2015 | | | 2014 | | Risk free interest rate | | | 0.48 | % | | | 1.12 | % | Expected life (years) | | | 0.04 | | | | 0.01 | | Expected share price volatility | | | 92 | % | | | 97 | % | The fair value of warrants granted was determined using the Black-Scholes option valuation model, using the following weighted average assumptions: | | Three Months | | | | Ended | | | | December 31, | | | | 2015 | | Risk free interest rate | | | 0.52 | % | Expected life (years) | | | 0.01 | | Expected share price volatility | | | 91 | % | Expected dividend yield | | | 0 | % | There were no warrants granted during the three months ended December 31, 2014. Broker units The Company granted broker units as finders’ fees in conjunction with equity offerings in prior years. Broker units are fully vested when granted and allow the holders to purchase equity units. Each unit consists of one common share and one warrant to purchase a common share. A summary of broker units activity is as follows: | | Number of Units | | Weighted Average Exercise Price | | | | | | | | | | Balance - September 30, 2015 | | | 46,600 | | | CDN$2.50 | | | | | | | | | | Exercised | | | (40,000) | | | CDN$2.50 | | | | | | | | | | Balance - December 31, 2015 | | | 6,600 | | | CDN$2.50 | | The weighted average contractual life remaining on the outstanding broker units is 4 days. The following table summarizes information about the outstanding broker units at December 31, 2015: Exercise Price | | Number of Units | | Expiry Date | | | | | | | CDN$2.50 | | | 6,600 | | January 4, 2016 * | | | | | | | | | | 6,600 | | | *Subsequently expired without being exercised. There were no broker units granted during the three months ended December 31, 2015 and 2014. Options The Company has a fixed share option plan adopted in 2013 (the “Plan”) administered by the Board of Directors, which has the discretion to grant up to an aggregate of 1,000,000 options. The exercise price of an option is set at the closing price of the Company’s common shares on the date of grant. Share options granted to directors, officers, employees and consultants are subject to the following vesting schedule: | (a) | One-third shall vest immediately; | | (b) | One-third shall vest 12 months from the date of grant; and | | (c) | One-third shall vest 18 months from the date of grant. | Share options granted to investor relations consultants vest over a period of not less than 12 months as to 25% on the date that is three months from the date of grant, and a further 25% on each successive date that is three months from the date of the prior vesting. Options have been granted under the Plan allowing the holders to purchase common shares of the Company as follows: | | Number of Options | | Weighted Average Exercise Price | | | | | | | | | | Balance - September 30, 2015 | | | 557,638 | | | CDN$6.93 | | | | | | | | | | Granted | | | 47,700 | | | $7.24 | | Expired | | | (6,667) | | | $18.30 | | Expired | | | (41,501) | | | CDN$5.38 | | | | | | | | | | Balance - December 31, 2015 | | | 557,170 | | | CDN$7.18 | | The weighted average contractual life remaining on the outstanding options is 3.2 years. The following table summarizes information about the options under the Plan outstanding and exercisable at December 31, 2015: Number of Options | | Exercisable at December 31, 2015 | | Range of exercise prices | | Expiry Dates | | | 292,110 | | | 292,110 | | CDN$0.01 - 5.00 | | Apr 2017-Dec 2019 | | | 146,360 | | | 143,027 | | CDN$5.01 - 10.00 | | Oct 2017-Jun 2022 | | | 47,700 | | | 15,900 | | $5.01 - 10.00 | | Dec 2022 | | | 21,500 | | | 17,667 | | CDN$15.01 - 20.00 | | Nov 2018-Nov 2021 | | | 49,500 | | | 49,500 | | $15.01 - 20.00 | | Nov 2020 | | | | | | | | | | | | | 557,170 | | | 518,204 | | | | | | The estimated fair value of the share options granted during the three months ended December 31, 2015 and 2014 was determined using a Black-Scholes option valuation model with the following weighted average assumptions. | | Three Months Ended | | | | December 31, | | December 31, | | | | 2015 | | 2014 | | Risk free interest rate | | | 1.05 | % | | 1.71 | % | Expected life (years) | | | 7 | | | 7 | | Expected share price volatility | | | 108 | % | | 116 | % | Expected dividend yield | | | 0 | % | | 0 | % | The weighted average fair value of share options awarded during the three months ended December 31, 2015 and 2014 was CDN$9.42 and CDN$13.43, respectively. As of December 31, 2015, the Company had approximately $219,000 of unrecognized share-based compensation expense, which is expected to be recognized over a period of 1.5 years. The intrinsic value of the options exercised during the three months ended December 31, 2014 was CDN$11.50. There were no options exercised during the three months ended December 31, 2015. The intrinsic value of the vested options at December 31, 2015 was $3.89.
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v3.3.1.900
Supplemental Disclosure of Cash Flow and Non-Cash Transactions
|
3 Months Ended |
Dec. 31, 2015 |
Supplemental Disclosure of Cash Flow and Non-Cash Transactions [Abstract] |
|
Cash Flow, Supplemental Disclosures [Text Block] |
| 8. | Supplemental Disclosure of Cash Flow and Non-Cash Transactions | Supplemental disclosure of cash flow information follows: | | Three Months Ended | | | | December 31, | | December 31, | | | | 2015 | | 2014 | | | | | | | | | | Cash paid during the period for taxes | | $ | 7,200 | | $ | 9,800 | | Supplemental disclosure of noncash financing and investing activities follows: | | Three Months Ended | | | | December 31, | | December 31, | | | | 2015 | | 2014 | | | | | | | | | | Transfer to common shares on exercise of warrants | | $ | 1,853,581 | | $ | 426 | | Transfer to common shares on exercise of options | | | - | | | 27,619 | |
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- DefinitionThe entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
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v3.3.1.900
Fair Value of Financial Instruments
|
3 Months Ended |
Dec. 31, 2015 |
Fair Value Disclosures [Abstract] |
|
Fair Value Disclosures [Text Block] |
| 9. | Fair Value of Financial Instruments | The Company uses the fair value measurement framework for valuing financial assets and liabilities measured on a recurring basis in situations where other accounting pronouncements either permit or require fair value measurements. Fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The carrying value of certain financial instruments such as accounts receivable, accounts payable, accrued liabilities, and deferred revenue approximates fair value due to the short-term nature of such instruments. The Company follows the fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: Level 1: | Quoted prices in active markets for identical or similar assets and liabilities. | Level 2: | Quoted prices for identical or similar assets and liabilities in markets that are not active or observable inputs other than quoted prices in active markets for identical or similar assets and liabilities. | Level 3: | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | The Company records its short-term investments in mutual fund debt securities at fair value using Level 1 inputs in the fair value hierarchy. The Company records its warrant liability at fair value using Level 2 inputs using the Black-Scholes option valuation model and assumptions disclosed in Note 7. The following table summarizes fair values for those assets and liabilities with fair value measured on a recurring basis: | | Fair Value Measurements Using | | | | | | | Quoted Prices in Active Markets for Identical Instruments (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total Fair Value | | December 31, 2015 | | | | | | | | | | | | | | Assets | | | | | | | | | | | | | | Short-term investments in mutual fund debt securities | | $ | 5,016,800 | | $ | - | | $ | - | | $ | 5,016,800 | | | | | | | | | | | | | | | | September 30, 2015 | | | | | | | | | | | | | | Assets | | | | | | | | | | | | | | Short-term investments in mutual fund debt securities | | $ | 5,015,171 | | $ | - | | $ | - | | $ | 5,015,171 | | Liabilities | | | | | | | | | | | | | | Warrant liability, current portion | | | - | | | 1,550,630 | | | - | | | 1,550,630 | |
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.3.1.900
Concentrations of Credit Risk
|
3 Months Ended |
Dec. 31, 2015 |
Concentrations of Credit Risk [Abstract] |
|
Concentration Risk Disclosure [Text Block] |
10. | Concentrations of Credit Risk | Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations. Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents, mutual fund debt securities and accounts receivable. The Company estimates its maximum credit risk at the amount recorded on the balance sheet. Management’s assessment of the Company’s credit risk for cash and cash equivalents is low as they are held in major financial institutions believed to be credit worthy. The Company limits its exposure to credit loss for short-term investments by using a mutual fund that invests in high-quality, U.S. dollar-denominated short-term fixed-, floating- and variable-rate debt securities that have received either a minimum short-term rating of at least A-1 (or its equivalent) or a minimum long-term rating of A minus (or its equivalent), by one or more Nationally Recognized Statistical Ratings Organizations, or, if unrated, that are deemed by the fund to be of comparable quality at the time of purchase. Based on credit monitoring and history, the Company considers the risk of credit losses due to customer non-performance on accounts receivable to be low. The Company had the following concentrations of revenues by customers: | | Three Months Ended | | | | December 31, | | December 31, | | | | 2015 | | 2014 | | | | | | | | Product sales and contract services revenue | | 85% from 3 customers | | 71% from 2 customers | | The Company had the following concentrations of revenues by geographic areas: | | Three Months Ended | | | | December 31, | | | December 31, | | | | 2015 | | | 2014 | | | | | | | | | | | Europe | | | 37 | % | | | 54 | % | Asia | | | 61 | % | | | 31 | % | U.S. | | | 2 | % | | | 15 | % | | | | | | | | | | The Company had the following concentrations of accounts receivable: | | Three Months | | | | | | Ended | | Year Ended | | | | December 31, | | September 30, | | | | 2015 | | 2015 | | | | | | | | Accounts receivable | | 86% from 2 customers | | 91% from 2 customers | |
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- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.3.1.900
Reclassifications
|
3 Months Ended |
Dec. 31, 2015 |
Reclassifications [Abstract] |
|
Disclosure of Reclassification Amount [Text Block] |
Certain reclassifications have been made to the prior period to conform with the current period’s presentation. These include the Company’s reclassification of a mutual fund investing in short-term debt securities from cash equivalents to short-term investments and reclassification of costs related to aquaculture to present such costs separately from costs of sales and contract services. There was no impact on total assets, total shareholders’ equity, accumulated deficit, total expenses or net income (loss) resulting from these reclassifications. The statement of cash flows reflects the mutual fund activity as cash flows from investing activities rather than changes in cash.
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- DefinitionThe entire disclosure for any adjustments made during the period to avoid double counting in comprehensive income items displayed as part of net income that also had been displayed as part of other comprehensive income in that period or earlier periods. These adjustments include reclassifications to net income of items in accumulated comprehensive income, such as deferred gains or losses on qualifying hedges when hedged item reported in net income, holding gains or losses on available-for-sale securities transferred into trading category, unrealized holding gains or losses on debt securities transferred from held-to-maturity category into available-for-sale category and accumulated translation adjustment attributable to foreign subsidiary or investment in foreign entity upon sale or liquidation.
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v3.3.1.900
Significant Accounting Policies (Policies)
|
3 Months Ended |
Dec. 31, 2015 |
Significant Accounting Policies [Abstract] |
|
New Accounting Pronouncements, Policy [Policy Text Block] |
Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 creates a new topic in the Accounting Standards Codification (“ASC”) Topic 606 and establishes a new control-based revenue recognition model, changes the basis for deciding when revenue is recognized over time or at a point in time, provides new and more detailed guidance on specific topics, and expands and improves disclosures about revenue. In addition, ASU 2014-09 adds a new Subtopic to the Codification, ASC 340-40, Other Assets and Deferred Costs: Contracts with Customers, to provide guidance on costs related to obtaining a contract with a customer and costs incurred in fulfilling a contract with a customer that are not in the scope of another ASC Topic. The guidance in ASU 2014-09 is effective for public entities for annual reporting periods beginning after December 15, 2017, including interim periods therein. Early application is not permitted. Management is in the process of assessing the impact of ASU 2014-09 on the Company’s consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern. ASU 2014-15 defines management's responsibility to evaluate whether there is substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosures. The guidance in ASU 2014-15 is effective for annual reporting periods beginning after December 15, 2016, with early application permitted. Management is in the process of assessing the impact of ASU 2014-15 on the Company’s consolidated financial statements. In July 2015, FASB issued ASU 2015-11, Simplifying the Measurement of Inventory (Topic 330). ASU 2015-11 indicates that an entity should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The ASU does not apply to inventory measured using LIFO or the retail inventory method. It does apply to all other inventory, including inventory measured using FIFO or average cost. The guidance in ASU 2015-11 is effective for public entities for annual reporting periods beginning after December 15, 2016, including interim periods therein. The provisions should be applied prospectively with early application permitted. Management is in the process of assessing the impact of ASU 2015-11 on the Company’s consolidated financial statements.
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v3.3.1.900
Inventory (Tables)
|
3 Months Ended |
Dec. 31, 2015 |
Inventory [Abstract] |
|
Schedule of Inventory, Current [Table Text Block] |
Inventory consisted of the following: | | December 31, | | September 30, | | | | 2015 | | 2015 | | | | | | | | | | Raw materials | | $ | 27,523 | | $ | 42,549 | | Work in process | | | 130,402 | | | 137,021 | | Finished goods | | | 370,033 | | | 377,710 | | | | | | | | | | | | $ | 527,958 | | $ | 557,280 | |
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- DefinitionTabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.
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v3.3.1.900
Property, Plant and Equipment, net (Tables)
|
3 Months Ended |
Dec. 31, 2015 |
Property, Plant and Equipment, net [Abstract] |
|
Property, Plant and Equipment [Table Text Block] |
Property, plant and equipment, net consisted of the following: | | December 31, | | September 30, | | | | 2015 | | 2015 | | | | | | | | | | Aquaculture system | | $ | 124,529 | | $ | 124,529 | | Laboratory facilities | | | 62,033 | | | 62,033 | | Computer and office equipment | | | 78,936 | | | 78,936 | | Tools and equipment | | | 749,394 | | | 714,764 | | Vehicles | | | 10,997 | | | 10,997 | | Leasehold improvements | | | 130,117 | | | 123,562 | | | | | 1,156,006 | | | 1,114,821 | | Less: accumulated depreciation | | | (675,878) | | | (643,492) | | | | | | | | | | Depreciable assets, net | | | 480,128 | | | 471,329 | | Construction in progress | | | 165,913 | | | 32,079 | | | | | | | | | | | | $ | 646,041 | | $ | 503,408 | |
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- DefinitionTabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.
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v3.3.1.900
Commitments (Tables)
|
3 Months Ended |
Dec. 31, 2015 |
Commitments [Abstract] |
|
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] |
Future minimum lease payments are as follows: | | December 31, | | | | 2015 | | For The Year Ending September 30, | | | | | 2016 | | $ | 108,000 | | 2017 | | | 143,000 | | 2018 | | | 106,000 | | 2019 | | | 106,000 | | 2020 | | | 106,000 | | Thereafter | | | 6,000 | | | | | | | | | $ | 575,000 | |
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v3.3.1.900
Share Capital (Tables)
|
3 Months Ended |
Dec. 31, 2015 |
Class of Warrant or Right [Line Items] |
|
Schedule of Stockholders Equity [Table Text Block] |
The Company had the following transactions in share capital: | | Three Months Ended | | | | December 31, | | December 31, | | | | 2015 | | 2014 | | | | | | | | | | Number of common shares issued | | | 464,000 | | | 12,680 | | | | | | | | | | Proceeds from exercise of warrants | | $ | 1,368,260 | | $ | 938 | | Transfer to common shares on exercise of warrants | | | 1,853,581 | | | 426 | | Proceeds from exercise of options | | | - | | | 27,781 | | Transfer to common shares on exercise of options | | | - | | | 27,619 | | Share-based compensation | | | 124,496 | | | 86,865 | |
|
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] |
A summary of the Company’s warrants activity is as follows: | | Number of Warrants | | Weighted Average Exercise Price | | | | | | | | | | Balance - September 30, 2015 | | | 1,022,761 | | | CDN$12.12 | | | | | | | | | | Granted | | | 40,000 | | | CDN$4.00 | | Exercised | | | (424,000) | | | CDN$4.00 | | Expired | | | (40,000) | | | CDN$4.00 | | | | | | | | | | Balance - December 31, 2015 | | | 598,761 | | | $13.33 | |
|
Schedule Of Warrants Outstanding [Table Text Block] |
The following table summarizes information about the outstanding warrants at December 31, 2015: Exercise Price | | Number of Warrants | | Expiry Date | | | | | | | | | | | $13.50 | | | 470,190 | | September 9, 2016 | | | $10.50 | | | 20,000 | | September 9, 2016 | | Broker warrants | $13.50 | | | 95,238 | | September 20, 2016 | | | $10.50 | | | 13,333 | | September 20, 2016 | | Broker warrants | | | | | | | | | | | | 598,761 | | | | |
|
Schedule of Broker Units, Activity [Table Text Block] |
A summary of broker units activity is as follows: | | Number of Units | | Weighted Average Exercise Price | | | | | | | | | | Balance - September 30, 2015 | | | 46,600 | | | CDN$2.50 | | | | | | | | | | Exercised | | | (40,000) | | | CDN$2.50 | | | | | | | | | | Balance - December 31, 2015 | | | 6,600 | | | CDN$2.50 | |
|
Schedule Of Broker Units Outstanding [Table Text Block] |
The following table summarizes information about the outstanding broker units at December 31, 2015: Exercise Price | | Number of Units | | Expiry Date | | | | | | | CDN$2.50 | | | 6,600 | | January 4, 2016 * | | | | | | | | | | 6,600 | | | *Subsequently expired without being exercised.
|
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] |
Options have been granted under the Plan allowing the holders to purchase common shares of the Company as follows: | | Number of Options | | Weighted Average Exercise Price | | | | | | | | | | Balance - September 30, 2015 | | | 557,638 | | | CDN$6.93 | | | | | | | | | | Granted | | | 47,700 | | | $7.24 | | Expired | | | (6,667) | | | $18.30 | | Expired | | | (41,501) | | | CDN$5.38 | | | | | | | | | | Balance - December 31, 2015 | | | 557,170 | | | CDN$7.18 | |
|
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block] |
The following table summarizes information about the options under the Plan outstanding and exercisable at December 31, 2015: Number of Options | | Exercisable at December 31, 2015 | | Range of exercise prices | | Expiry Dates | | | 292,110 | | | 292,110 | | CDN$0.01 - 5.00 | | Apr 2017-Dec 2019 | | | 146,360 | | | 143,027 | | CDN$5.01 - 10.00 | | Oct 2017-Jun 2022 | | | 47,700 | | | 15,900 | | $5.01 - 10.00 | | Dec 2022 | | | 21,500 | | | 17,667 | | CDN$15.01 - 20.00 | | Nov 2018-Nov 2021 | | | 49,500 | | | 49,500 | | $15.01 - 20.00 | | Nov 2020 | | | | | | | | | | | | | 557,170 | | | 518,204 | | | | | |
|
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] |
The estimated fair value of the share options granted during the three months ended December 31, 2015 and 2014 was determined using a Black-Scholes option valuation model with the following weighted average assumptions. | | Three Months Ended | | | | December 31, | | December 31, | | | | 2015 | | 2014 | | Risk free interest rate | | | 1.05 | % | | 1.71 | % | Expected life (years) | | | 7 | | | 7 | | Expected share price volatility | | | 108 | % | | 116 | % | Expected dividend yield | | | 0 | % | | 0 | % |
|
Warrants Exercised [Member] |
|
Class of Warrant or Right [Line Items] |
|
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] |
The fair value of warrants exercised was determined using the Black-Scholes option valuation model, using the following weighted average assumptions: | | Three Months Ended | | | | December 31, | | | December 31, | | | | 2015 | | | 2014 | | Risk free interest rate | | | 0.48 | % | | | 1.12 | % | Expected life (years) | | | 0.04 | | | | 0.01 | | Expected share price volatility | | | 92 | % | | | 97 | % |
|
Warrants Granted [Member] |
|
Class of Warrant or Right [Line Items] |
|
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] |
The fair value of warrants granted was determined using the Black-Scholes option valuation model, using the following weighted average assumptions: | | Three Months | | | | Ended | | | | December 31, | | | | 2015 | | Risk free interest rate | | | 0.52 | % | Expected life (years) | | | 0.01 | | Expected share price volatility | | | 91 | % | Expected dividend yield | | | 0 | % |
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v3.3.1.900
Supplemental Disclosure of Cash Flow and Non-Cash Transactions (Tables)
|
3 Months Ended |
Dec. 31, 2015 |
Supplemental Disclosure of Cash Flow and Non-Cash Transactions [Abstract] |
|
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] |
Supplemental disclosure of cash flow information follows: | | Three Months Ended | | | | December 31, | | December 31, | | | | 2015 | | 2014 | | | | | | | | | | Cash paid during the period for taxes | | $ | 7,200 | | $ | 9,800 | |
|
Schedule of Other Significant Noncash Transactions [Table Text Block] |
Supplemental disclosure of noncash financing and investing activities follows: | | Three Months Ended | | | | December 31, | | December 31, | | | | 2015 | | 2014 | | | | | | | | | | Transfer to common shares on exercise of warrants | | $ | 1,853,581 | | $ | 426 | | Transfer to common shares on exercise of options | | | - | | | 27,619 | |
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v3.3.1.900
Fair Value of Financial Instruments (Tables)
|
3 Months Ended |
Dec. 31, 2015 |
Fair Value Disclosures [Abstract] |
|
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
The following table summarizes fair values for those assets and liabilities with fair value measured on a recurring basis: | | Fair Value Measurements Using | | | | | | | Quoted Prices in Active Markets for Identical Instruments (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total Fair Value | | December 31, 2015 | | | | | | | | | | | | | | Assets | | | | | | | | | | | | | | Short-term investments in mutual fund debt securities | | $ | 5,016,800 | | $ | - | | $ | - | | $ | 5,016,800 | | | | | | | | | | | | | | | | September 30, 2015 | | | | | | | | | | | | | | Assets | | | | | | | | | | | | | | Short-term investments in mutual fund debt securities | | $ | 5,015,171 | | $ | - | | $ | - | | $ | 5,015,171 | | Liabilities | | | | | | | | | | | | | | Warrant liability, current portion | | | - | | | 1,550,630 | | | - | | | 1,550,630 | |
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Concentrations of Credit Risk (Tables)
|
3 Months Ended |
Dec. 31, 2015 |
Concentrations of Credit Risk [Abstract] |
|
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] |
The Company had the following concentrations of revenues by customers: | | Three Months Ended | | | | December 31, | | December 31, | | | | 2015 | | 2014 | | | | | | | | Product sales and contract services revenue | | 85% from 3 customers | | 71% from 2 customers | | The Company had the following concentrations of revenues by geographic areas: | | Three Months Ended | | | | December 31, | | | December 31, | | | | 2015 | | | 2014 | | | | | | | | | | | Europe | | | 37 | % | | | 54 | % | Asia | | | 61 | % | | | 31 | % | U.S. | | | 2 | % | | | 15 | % | | | | | | | | | | The Company had the following concentrations of accounts receivable: | | Three Months | | | | | | Ended | | Year Ended | | | | December 31, | | September 30, | | | | 2015 | | 2015 | | | | | | | | Accounts receivable | | 86% from 2 customers | | 91% from 2 customers | |
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Nature of Operations (Details Textual) - USD ($)
|
3 Months Ended |
|
Dec. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2015 |
Nature of Operations [Line Items] |
|
|
|
Net Income (Loss) Attributable to Parent |
$ (1,629,803)
|
$ (1,343,477)
|
|
Accumulated deficit |
(36,965,118)
|
|
$ (35,335,315)
|
Working capital |
9,000,000
|
|
|
Embedded Derivative, Gain (Loss) on Embedded Derivative, Net |
$ (211,956)
|
$ 139,556
|
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Inventory (Details) - USD ($)
|
Dec. 31, 2015 |
Sep. 30, 2015 |
Raw materials |
$ 27,523
|
$ 42,549
|
Work in process |
130,402
|
137,021
|
Finished goods |
370,033
|
377,710
|
Inventory |
$ 527,958
|
$ 557,280
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Property, Plant and Equipment, net (Details) - USD ($)
|
Dec. 31, 2015 |
Sep. 30, 2015 |
Property, Plant and Equipment [Line Items] |
|
|
Depreciable assets, gross |
$ 1,156,006
|
$ 1,114,821
|
Less: accumulated depreciation |
(675,878)
|
(643,492)
|
Depreciable assets, net |
480,128
|
471,329
|
Construction in progress |
165,913
|
32,079
|
Property, plant and equipment, net |
646,041
|
503,408
|
Aquaculture system [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Depreciable assets, gross |
124,529
|
124,529
|
Laboratory facilities [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Depreciable assets, gross |
62,033
|
62,033
|
Computer and Office Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Depreciable assets, gross |
78,936
|
78,936
|
Tools and equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Depreciable assets, gross |
749,394
|
714,764
|
Vehicles [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Depreciable assets, gross |
10,997
|
10,997
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
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$ 130,117
|
$ 123,562
|
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Commitments (Details)
|
Dec. 31, 2015
USD ($)
|
For The Year Ending September 30, |
|
2016 |
$ 108,000
|
2017 |
143,000
|
2018 |
106,000
|
2019 |
106,000
|
2020 |
106,000
|
Thereafter |
6,000
|
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|
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Commitments (Details Textual) - USD ($)
|
1 Months Ended |
3 Months Ended |
12 Months Ended |
Jun. 30, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Aug. 31, 2014 |
Aug. 31, 2013 |
Other Commitments [Line Items] |
|
|
|
|
|
Rent expense on lease agreements |
|
$ 55,000
|
$ 46,000
|
|
|
Director and Officer [Member] | Royalty Agreements [Member] |
|
|
|
|
|
Other Commitments [Line Items] |
|
|
|
|
|
Royalty percentage of gross receipts over base amount |
|
5.00%
|
|
|
|
Gross receipt base amount for royalty calculation |
|
$ 500,000
|
|
|
|
Licensing Agreements [Member] |
|
|
|
|
|
Other Commitments [Line Items] |
|
|
|
|
|
License costs |
|
|
|
$ 200,000
|
$ 25,000
|
Annual license fee |
|
20,000
|
|
|
|
Patent cost reimbursement |
|
$ 11,000
|
11,000
|
|
|
Common shares issued upon execution of licence agreement |
|
37,120
|
|
|
|
Common shares to be called by warrants |
|
27,840
|
|
|
|
Aggregate milestone payments upon achievement of financing and development targets |
|
$ 6,020,000
|
|
|
|
Contingent milestone payments due upon achievement of sales target |
|
$ 57,025,000
|
|
|
|
Milestone payment |
|
|
|
$ 100,000
|
|
Collaborative Agreement [Member] | A Taiwan Biopharmaceuticals Manufacturer and a Beneficial Owner [Member] |
|
|
|
|
|
Other Commitments [Line Items] |
|
|
|
|
|
Ownership percentage |
|
5.00%
|
|
|
|
401(k) Retirement Savings Plan [Member] |
|
|
|
|
|
Other Commitments [Line Items] |
|
|
|
|
|
Employer contributions |
|
$ 17,000
|
$ 20,000
|
|
|
Employee vesting percentage |
|
100.00%
|
|
|
|
Annual non-elective safe harbor employer contribution |
|
3.00%
|
|
|
|
Agreements With Contract Manufacturing Organizations And Consultants [Member] |
|
|
|
|
|
Other Commitments [Line Items] |
|
|
|
|
|
Purchase obligations |
|
$ 364,000
|
|
|
|
Agreements To Pay Time And Materials To Contractors [Member] |
|
|
|
|
|
Other Commitments [Line Items] |
|
|
|
|
|
Purchase obligations |
|
$ 13,000
|
|
|
|
Three buildings and facilities used in its operations [Member] |
|
|
|
|
|
Other Commitments [Line Items] |
|
|
|
|
|
Lease agreement, contract term |
|
5 years
|
|
|
|
Lease agreement, renewal term |
|
5 years
|
|
|
|
Facilities used for executive offices and laboratories [Member] |
|
|
|
|
|
Other Commitments [Line Items] |
|
|
|
|
|
Lease agreement, renewal term |
|
2 years
|
|
|
|
Undeveloped land in Baja, Mexico |
|
|
|
|
|
Other Commitments [Line Items] |
|
|
|
|
|
Lease agreement, contract term |
|
3 years
|
|
|
|
Rent prepaid in June 2015 |
$ 74,606
|
|
|
|
|
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Share Capital (Details) - USD ($)
|
3 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Class of Warrant or Right [Line Items] |
|
|
Number of common shares issued |
464,000
|
12,680
|
Proceeds from exercise of warrants |
$ 1,368,260
|
$ 938
|
Transfer to common shares on exercise of warrants |
1,853,581
|
426
|
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0
|
27,781
|
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0
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27,619
|
Share-based compensation |
$ 124,496
|
$ 86,865
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Dec. 31, 2015
$ / shares
shares
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Dec. 31, 2015
CAD / shares
shares
|
Class of Warrant or Right [Line Items] |
|
|
Number of Warrants, Beginning Balance |
1,022,761
|
1,022,761
|
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40,000
|
40,000
|
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Share Capital (Details 2)
|
3 Months Ended |
|
Dec. 31, 2015
$ / shares
shares
|
Sep. 30, 2015
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shares
|
Class of Warrant or Right [Line Items] |
|
|
Exercise Price | (per share) |
$ 13.33
|
CAD 12.12
|
Number of Warrants |
598,761
|
1,022,761
|
Warrant One [Member] |
|
|
Class of Warrant or Right [Line Items] |
|
|
Exercise Price | $ / shares |
$ 13.50
|
|
Number of Warrants |
470,190
|
|
Expiry Date |
Sep. 09, 2016
|
|
Warrant Two [Member] |
|
|
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|
|
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$ 10.50
|
|
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|
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|
|
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$ 13.50
|
|
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95,238
|
|
Expiry Date |
Sep. 20, 2016
|
|
Warrant Four [Member] |
|
|
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|
|
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$ 10.50
|
|
Broker warrants [Member] | Warrant Two [Member] |
|
|
Class of Warrant or Right [Line Items] |
|
|
Number of Warrants |
20,000
|
|
Expiry Date |
Sep. 09, 2016
|
|
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|
|
Class of Warrant or Right [Line Items] |
|
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|
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Sep. 20, 2016
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Share Capital (Details 5)
|
3 Months Ended |
Dec. 31, 2015
CAD / shares
shares
|
Class of Stock [Line Items] |
|
Number of units, Beginning Balance | shares |
46,600
|
Number of units, Exercised | shares |
(40,000)
|
Number of units, Ending Balance | shares |
6,600
|
Weighted average exercise price, Beginning Balance | CAD / shares |
CAD 2.50
|
Weighted average exercise price, Exercised | CAD / shares |
2.50
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Weighted average exercise price, Ending Balance | CAD / shares |
CAD 2.50
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Share Capital (Details 7)
|
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Dec. 31, 2015
$ / shares
shares
|
Dec. 31, 2015
CAD / shares
shares
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
Number of Options, Ending Balance |
557,170
|
557,170
|
2013 Fixed Stock Option Plan [Member] |
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
Number of Options, Beginning Balance |
557,638
|
557,638
|
Number of Options, Granted |
47,700
|
47,700
|
Number of Options, Expired |
(41,501)
|
(41,501)
|
Number of Options, Expired |
(6,667)
|
(6,667)
|
Number of Options, Ending Balance |
557,170
|
557,170
|
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|
CAD 6.93
|
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$ 7.24
|
|
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$ 18.30
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5.38
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CAD 7.18
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v3.3.1.900
Share Capital (Details 8) - 3 months ended Dec. 31, 2015
|
$ / shares
shares
|
CAD / shares
shares
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
Number of Options |
557,170
|
557,170
|
Exercisable at December 31, 2015 |
518,204
|
518,204
|
Stock Option One [Member] |
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
Number of Options |
292,110
|
292,110
|
Exercisable at December 31, 2015 |
292,110
|
292,110
|
Exercise Price Range, Lower Range Limit | CAD / shares |
|
CAD 0.01
|
Exercise Price Range, Upper Range Limit | CAD / shares |
|
CAD 5.00
|
Expiry Date, Start |
2017-04
|
2017-04
|
Expiry Date, End |
2019-12
|
2019-12
|
Stock Option Two [Member] |
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
Number of Options |
146,360
|
146,360
|
Exercisable at December 31, 2015 |
143,027
|
143,027
|
Exercise Price Range, Lower Range Limit | CAD / shares |
|
CAD 5.01
|
Exercise Price Range, Upper Range Limit | CAD / shares |
|
CAD 10.00
|
Expiry Date, Start |
2017-10
|
2017-10
|
Expiry Date, End |
2022-06
|
2022-06
|
Stock Option Three [Member] |
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
Number of Options |
47,700
|
47,700
|
Exercisable at December 31, 2015 |
15,900
|
15,900
|
Exercise Price Range, Lower Range Limit | $ / shares |
$ 5.01
|
|
Exercise Price Range, Upper Range Limit | $ / shares |
$ 10.00
|
|
Expiry Date, End |
2022-12
|
2022-12
|
Stock Option Four [Member] |
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
Number of Options |
21,500
|
21,500
|
Exercisable at December 31, 2015 |
17,667
|
17,667
|
Exercise Price Range, Lower Range Limit | CAD / shares |
|
CAD 15.01
|
Exercise Price Range, Upper Range Limit | CAD / shares |
|
CAD 20.00
|
Expiry Date, Start |
2018-11
|
2018-11
|
Expiry Date, End |
2021-11
|
2021-11
|
Stock Option Five [Member] |
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
Number of Options |
49,500
|
49,500
|
Exercisable at December 31, 2015 |
49,500
|
49,500
|
Exercise Price Range, Lower Range Limit | $ / shares |
$ 15.01
|
|
Exercise Price Range, Upper Range Limit | $ / shares |
$ 20.00
|
|
Expiry Date, End |
2020-11
|
2020-11
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v3.3.1.900
Share Capital (Details Textual)
|
3 Months Ended |
|
|
Dec. 31, 2015
USD ($)
CAD / shares
shares
|
Dec. 31, 2014
CAD
CAD / shares
|
Sep. 30, 2015
shares
|
Aug. 31, 2012
shares
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Common shares, shares outstanding |
8,448,758
|
|
7,984,758
|
|
Stock split, description |
As a result of the reverse split, every ten shares of the issued and outstanding common shares, without par value, consolidated into one newly-issued outstanding common share, without par value. Each fractional share remaining after the reverse split that was less than one-half of a share was cancelled and each fractional share that was at least one-half of a share was changed to one whole share.
|
|
|
|
Weighted average contractual life remaining on the outstanding options |
3 years 2 months 12 days
|
|
|
|
Weighted average fair value of share options awarded | CAD / shares |
CAD 9.42
|
CAD 13.43
|
|
|
Unrecognized share-based compensation expense | $ |
CAD 219,000
|
|
|
|
Unrecognized share-based compensation expense, recognition period |
1 year 6 months
|
|
|
|
Intrinsic value of the options exercised | CAD |
|
CAD 11.50
|
|
|
Intrinsic value of the vested options | $ |
CAD 3.89
|
|
|
|
Warrant [Member] |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Weighted average contractual life remaining on the outstanding warrants or broker units |
8 months 12 days
|
|
|
|
Broker units [Member] |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Weighted average contractual life remaining on the outstanding warrants or broker units |
4 days
|
|
|
|
Performance Shares [Member] |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Share based compensation, shares reserved for issuance |
|
|
|
1,000,000
|
Share based compensation, shares outstanding |
383,838
|
|
|
|
Employee Share Option [Member] |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Share based compensation, shares reserved for issuance |
1,000,000
|
|
|
|
Share based compensation, share option vesting schedule |
Share options granted to directors, officers, employees and consultants are subject to the following vesting schedule: (a) One-third shall vest immediately; (b) One-third shall vest 12 months from the date of grant; and (c) One-third shall vest 18 months from the date of grant. Share options granted to investor relations consultants vest over a period of not less than 12 months as to 25% on the date that is three months from the date of grant, and a further 25% on each successive date that is three months from the date of the prior vesting.
|
|
|
|
Before Reverse Split Adjustment [Member] |
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
Common shares, shares outstanding |
79,847,550
|
|
|
|
X |
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v3.3.1.900
Fair Value of Financial Instruments (Details) - USD ($)
|
Dec. 31, 2015 |
Sep. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Investments, Fair Value Disclosure, Total |
$ 5,016,800
|
$ 5,015,171
|
Embedded Derivative, Fair Value of Embedded Derivative Liability, Current |
0
|
1,550,630
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Investments, Fair Value Disclosure, Total |
5,016,800
|
5,015,171
|
Embedded Derivative, Fair Value of Embedded Derivative Liability, Current |
|
0
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Investments, Fair Value Disclosure, Total |
0
|
0
|
Embedded Derivative, Fair Value of Embedded Derivative Liability, Current |
|
1,550,630
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Investments, Fair Value Disclosure, Total |
$ 0
|
0
|
Embedded Derivative, Fair Value of Embedded Derivative Liability, Current |
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$ 0
|
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