Quarterly report pursuant to Section 13 or 15(d)

Other Liabilities - Warrants

Other Liabilities - Warrants
9 Months Ended
Sep. 30, 2015
Other Liabilities - Warrants  
Other Liabilities

14.Other Liabilities - Warrants


For the December 2013 private placement, we issued units consisting of one common share of the Company’s stock and one half warrant. Each full warrant is priced at US$1.35 which created a derivative financial instrument as it is exerciseable in a currency other than the parent company’s functional currency. The liability created is adjusted to a calculated fair value quarterly using the Black-Scholes technique described below as there is no active market for the warrants. Any income or loss is reflected in net income for the year. The revaluation as of September 30, 2015 resulted in gains of $140 and $311 for the three and nine months ended September 30, 2015, respectively, which is reflected on the statement of operations.