**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 20-F**

| [  ]

REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

 

OR

 

[**X**]

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

**For the fiscal year ended March 31, 2015**

 

 

OR

 

 

[  ]

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

OR

 

 

[  ]

SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report______________

For the transition period from ______________ to __________________

Commission file number: **0-30314**

**Portage Biotech Inc.**

(Exact name of Registrant as specified in its charter)

Inapplicable

(Translation of Registrant’s name into English)

**British Virgin Islands**

(Jurisdiction of incorporation or organization)

**47 Avenue Road, Suite 200, Toronto, Ontario, Canada, M5R 2G3**

(Address of principal executive offices)

**Kam Shah, 416.929.1806,ks@portagebiotech.com, Fax: 416.929.6612**

**47 Avenue Road, Suite 200, Toronto, Ontario, Canada M5R 2G3**

(Name, telephone, e-mail and/or facsimile number and Address of Company Contact Person)

i

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class

Name of each exchange on which registered

 

 

**Not applicable**

**Not applicable**

Securities registered or to be registered pursuant to Section 12(g) of the Act.

**Common shares without par value**

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

**Not applicable**

(Title of Class)

Indicate the number of outstanding shares of each of the Issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

**Common shares without par value - 206,775,791 as at March 31, 2015**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act  Yes [  ]   No [**X**]

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.  Yes [  ]   No [**X**]

Note - Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

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 report) 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, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one): 

Large accelerated filer [  ]

Accelerated filer [  ]

Non-accelerated filer [**X**]

ii

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: 

U.S. GAAP [  ]

International Financial Reporting Standards as issued by the International Accounting Standards Board [**X**]

Other [  ]

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow  Item 17 [  ]   Item 18 [**X**]

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [  ]   No [**X**]

iii

**TABLE OF CONTENTS**

 

 

**Page No.**

 

 

 

Forward-looking statements

1

Foreign Private Issuer Status and Reporting currency

2

 

 

 

**Part I**

 

 

 

 

 

Item 1.

Identity of Directors, Senior Management and Advisors 

2

Item 2.

Offer Statistics and Expected Timetable

2

Item 3.

Key Information

2

Item 4.

Information on the Company

12

Item 5.

Operating and Financial Review and Prospects

23

Item 6.

Directors, Senior Management and Employees

29

Item 7.

Major Shareholders and Related Party Transactions

34

Item 8.

Financial Information

36

Item 9.

The Offer and Listing

36

Item 10.

Additional Information

38

Item 11.

Quantitative and Qualitative Disclosures about Market Risk 

52

Item 12.

Description of Securities Other than Equity Securities

53

 

 

 

**Part II**

 

 

 

 

 

Item 13.

Defaults, Dividend Arrearages and Delinquencies

53

Item 14.

Material Modifications to the Rights of Security Holders and Use of Proceeds

53

Item 15.

Controls and Procedures

54

Item 16.

Audit Committee, Code of Ethics, and Principal Accountant’s Fees and Services

55

 

 

 

 

 

 

**Part III**

 

 

 

 

 

Item 17.

Financial Statements

56

Item 18.

Financial Statements

56

Item 19.

Exhibits

57

iv

**FORWARD LOOKING STATEMENTS**

This annual report includes “forward looking statements”. All statements, other than statements of historical facts, included herein or incorporated by reference herein, including without limitation, statements regarding our business strategy, plans and objectives of management for future operations and those statements preceded by, followed by or that otherwise include the words “believe”, “expects”, “anticipates”, “intends”, “estimates” or similar expressions or variations on such expressions are forward-looking statements. We can give no assurances that such forward-looking statements will prove to be correct.

Each forward-looking statement reflects our current view of future events and is subject to risks, uncertainties and other factors that could cause actual results to differ materially from any results expressed or implied by our forward-looking statements. 

Risks and uncertainties include, but are not limited to:

·

our plans and ability to develop and commercialize product candidates and the timing of these development programs;

·

clinical development of our product candidates, including the results of current and future clinical trials;

·

the benefits and risks of our product candidates as compared to others;

·

our maintenance and establishment of intellectual property rights in our product candidates;

·

our need for additional financing and our estimates regarding our capital requirements and future revenues and profitability;

·

our estimates of the size of the potential markets for our product candidates;

·

our selection and licensing of product candidates;

These statements are based on assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments based on the focus of our business activities on Biotechnology , as well as other factors we believe are appropriate in particular circumstances. However, whether actual results and developments will meet our expectations and predictions depends on a number of risks and uncertainties, which could cause actual results to differ materially from our expectations, including the risks set forth in "Item 3-Key Information-Risk Factors." 

We do not currently have the marketing expertise needed to commercialize our products; we will be primarily a pharmaceutical development business subject to all of the risks of a pharmaceutical development business; 

Consequently, all of the forward-looking statements made in this annual report are qualified by these cautionary statements. We cannot assure you that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected effect on us or our business or operations. 

Unless the context indicates otherwise the terms "Portage Biotech Inc." the "Company”, "Portage", “we”, “us”, “our” are used interchangeably in this Annual Report and mean Portage Biotech Inc.. and its subsidiaries.

1

**FOREIGN PRIVATE ISSUER STATUS AND REPORTING CURRENCY**

**Foreign Private Issuer Status:**

Portage Biotech Inc., which is a  British Virgin Islands (BVI)company  as per the certificate of Continuance issued by the Registrar of Corporate Affairs of the BVI on July 5, 2014. Approximately 57% of its common stock was held by non-United States citizens and residents as of September 30, 2014 being its latest second quarter end. Further, our business is administered principally outside the United States and majority of  our assets are located outside the United States; As a result, we believe that we qualify as a "foreign private issuer" for continuing to report regarding the registration of our common stock using this Form 20-F annual report format. 

**Currency**

The financial information presented in this Annual Report is expressed in US dollars ("US $") and the financial data in this Annual Report is presented in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”) and interpretations of the International Financial Reporting Interpretations Committee.

All dollar amounts set forth in this report are in US dollars, except where otherwise indicated. 

**PART I**

**ITEM 1 - IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS**

Not required since this is an annual report.

**ITEM 2 - OFFER STATISTICS AND EXPECTED TIMETABLE**

Not required since this is an annual report

**ITEM 3 - KEY INFORMATION**

**(A) SELECTED FINANCIAL DATA**

On June 4, 2013, the Company completed an acquisition with Portage Pharma Ltd, incorporated in the British Virgin Islands on May 23, 2012, through exchange of shares. The transaction was treated as reverse acquisition for accounting purposes.

As a result, the selected financial data, presented below, represents financial data for the fiscal years 2015 and 2014 and for the period from May 23, 2012 (date of inception) to March 31, 2013 relating to Portage Pharma Ltd., prepared in accordance with IFRS issued by IASB.  Selected financial data for the earlier fiscal years are not presented since they related to Bontan Corporation Inc., which was an accounting acquiree under the reverse acquisition transaction.

2

SUMMARY OF FINANCIAL INFORMATION IN THE COMPANY FINANCIAL STATEMENTS (US $)

***Operating data -***

 

**Year ended**

**March 31,**

**2015**

**Year ended**

**March 31,**

**2014**

**Period from**

**May 23, 2012 to**

**March 31, 2013**

 

 

 

 

Revenue

-

-

-

Loss before non-controlling interests

$(4,341,216)

$(6,626,630)

$(29,486)

Non-controlling interests

(1,222,785)

(321,683)

-

Net Loss attributable to shareholders

(3,118,431)

(6,304,947)

(29,486)

Net loss per share (1)

$(0.02)

($0.04)

($0.00)

Working capital 

1,115,304

2,067,319

474,009

Total assets

4,735,864

5,263,413

486,401

Capital stock

9,691,715

7,256,715

503,495

Warrants

1,108,402

1,108,402

-

Stock option reserve

1,312,519

362,440

-

Shareholders' equity

$2,659,772

$2,393,124

$474,009

Weighted average number of

shares outstanding 

193,442,457

161,977,171

81,759,076

1. The effect of potential share issuances pursuant to the exercise of options and warrants would be anti-dilutive and, therefore, basic and diluted losses per share are the same.  

The Company has not declared or paid any dividends in any of the financial periods.

**Exchange Rates**

In this Annual Report on Form 20-F, unless otherwise specified, all monetary amounts are expressed in US dollars. One of the Company’s subsidiaries maintains its books in Canadian dollars. The exchange rates used herein were obtained from Bank of Canada; however, they cannot be guaranteed.

On July 24, 2015, the exchange rate, based on the noon buying rates, for the conversion of Canadian dollars into United States dollars (the “Noon Rate of Exchange”) was approximately US$1 = CDN$1.31.

The following table sets out the high and low exchange rates in Canadian dollar for one US dollar for each of the last six months

**2015**

**June**

**May**

**April**

**March**

**February**

**January**

High for period

1.24

$1.22

$1.24

$1.27

$1.26

$1.22

Low for period

1.23

$1.21

$1.23

$1.26

$1.24

$1.21

The following table sets out the average exchange rates in Canadian dollar for one US dollar for the five most recent financial years calculated by using the average of the Noon Rate of Exchange on the last day of each month during the period.

 

**Year Ended March 31,**

 

**2015**

**2014**

**2013**

**2012**

**2011**

Average for the year

$1.14

$1.05

$1.00

$0.99

$1.02

3

**B)  CAPITALIZATION AND INDEBTEDNESS**

Not applicable

**(C)  REASONS FOR THE OFFER AND USE OF PROCEEDS**

Not applicable

**(D)  RISK FACTORS**

The following is a brief discussion of those distinctive or special characteristics of the Company’s operations and industry that may have a material impact on, or constitute risk factors in respect of, the Company’s future financial performance. 

**Risks Related to our Business**

***We have a history of operating losses and may never achieve profitability in the future.***

We have not generated any business income since July 5, 2013 and have an accumulated deficit of approximately $9.5 million as at March 31, 2015. While our management and the Board consist of persons with significant experience in the biotechnology industry, we have no product sales and have no established sales and distribution network.

We expect to be involved in research and development to identify and validate new drug targets that could become marketed drugs for several years to come and will be requiring significant financial resources without any income. We expect these expenses to result in continuing operating losses in the near future.

Our ability to generate future revenue or achieve profitable operations is largely dependent upon our ability to attract and maintain the experienced management and know-how to develop new drug candidates and to partner with major pharmaceutical companies to successfully commercialize the drug candidates. It takes many years and significant financial resources to successfully develop pre-clinical or early clinical drug candidate into a marketable drug and we cannot assure you that we will be able to successfully achieve these objectives.

***We will be primarily in a pharmaceutical development business and will be subject to all of the risks of a pharmaceutical development business.***

As a result, our business must be evaluated in light of the problems, delays, uncertainties and complications encountered in connection with establishing a pharmaceutical development business.

There is a possibility that none of our drug candidates that are currently and/or may be under development in future will be found to be safe and effective, that we will be unable to receive necessary regulatory approvals in order to commercialize them, or that we will obtain regulatory approvals that are too narrow to be commercially viable.

Any failure to successfully develop and obtain regulatory approval for products would have a material adverse effect on our business, financial condition and results of operations.

4

***Clinical trials for our potential product candidates will be expensive and time consuming, and their outcome uncertain.***

Before we can obtain regulatory approval for the commercial sale of any product candidate or attract major pharmaceutical company to collaborate with, we will be required to complete extensive clinical trials to demonstrate its safety and efficacy. Clinical trials are very expensive, and are difficult to design and implement. The clinical trial process is also time-consuming and can often be subject to unexpected delays.

The timing of the commencement, continuation and completion of clinical trials may be subject to significant delays relating to various causes, including:

·

our inability to manufacture or obtain sufficient quantities of materials for use in clinical trials;

·

delays arising from our collaborative partnerships;

·

delays in obtaining regulatory approvals to commence a study, or government intervention to suspend or terminate a study;

·

delays, suspension, or termination of the clinical trials due to the institutional review board or independent ethics board responsible for overseeing the study to protect research subjects at a particular study site;

·

delays in identifying and reaching agreement on acceptable terms with prospective clinical trial sites;

·

slower than expected rates of patient recruitment and enrollment;

·

uncertain dosing issues;

·

inability or unwillingness of medical investigators to follow our clinical protocols;

·

variability in the number and types of subjects available for each study and resulting difficulties in identifying and enrolling subjects who meet trial eligibility criteria;

·

scheduling conflicts with participating clinicians and clinical institutions;

·

difficulty in maintaining contact with subjects after treatment, which results in incomplete data;

·

unforeseen safety issues or side effects;

·

lack of efficacy during the clinical trials;

·

our reliance on clinical research organizations to conduct clinical trials, which may not conduct those trials with good clinical or laboratory practices; or

·

other regulatory delays.

***We rely on third parties to manufacture our preclinical and clinical drug supplies, and we intend to rely on third parties to produce commercial supplies of any approved product candidate.***

We have limited personnel with experience in manufacturing, and we do not own facilities for manufacturing our products and product candidates for the potential pivotal clinical studies and/or commercial manufacturing of our products and product candidates. We depend on our collaboration partners and other third parties to manufacture and provide analytical services with respect to our most advanced product candidates. 

In addition, if our product candidates are approved, in order to produce the quantities necessary to meet anticipated market demand, we and/or our collaboration partners will need to secure sufficient manufacturing capacity with third-party manufacturers. If we and/or our collaboration partners are unable to produce our product candidates in sufficient quantities to meet the requirements for the launch of the product or to meet future demand, our revenues and gross margins could be adversely affected. To be successful, our product candidates must be manufactured in commercial quantities in compliance with regulatory requirements and at acceptable costs. We and/or our collaboration partners will regularly need to secure access to facilities to manufacture some of our product candidates commercially.

5

All of this will require additional funds and inspection and approval by the Competent Authorities of the Member States of the EEA, the FDA and other regulatory authorities. If we and/or our collaboration partners are unable to establish and maintain a manufacturing capacity within our planned time and cost parameters, the development and sales of our products and product candidates as well as our business, results of operations and prospects, and the value of our shares could be adversely affected. 

We and/or our collaboration partners may encounter problems with aspects of manufacturing our collaboration products and product candidates, including the following: 

 

·

production yields; 

·

quality control and assurance; 

·

shortages of qualified personnel; 

·

compliance with FDA and EEA regulations; 

·

production costs; and 

·

development of advanced manufacturing techniques and process controls. 

We evaluate our options for clinical study supplies and commercial production of our product candidates on a regular basis, which may include use of third-party manufacturers, or entering into a manufacturing joint venture relationship with a third party. We are aware of only a limited number of companies on a worldwide basis who operate manufacturing facilities in which our product candidates can be manufactured under cGMP regulations, a requirement for all pharmaceutical products. We cannot be certain that we or our collaboration partners will be able to contract with any of these companies on acceptable terms, if at all, all of which could harm our business, results of operations and prospects, and the value of our shares. 

In addition, we or our collaboration partners, as well as any third-party manufacturer, will be required to register such manufacturing facilities with the FDA (and have a U.S. agent for the facility, if outside the United States), the Competent Authorities of the Member States of the EEA, and other regulatory authorities. The facilities will be subject to inspections confirming compliance with the FDA, the Competent Authorities of the Member States of the EEAs, or other regulatory authority cGMPs requirements. We do not control the manufacturing process of our product candidates, and, other than with respect to our collaboration product candidates, we are dependent on our contract manufacturing partners for compliance with cGMPs regulations for manufacture of both active drug substances and finished drug products. If we or our collaboration partners or any third-party manufacturer fails to maintain regulatory compliance, our business, financial condition and results of operations may be harmed, and the FDA, the Competent Authorities of the Member States of the EEA, or other regulatory authorities can impose regulatory sanctions that range from a warning letter to withdrawal of approval to seeking product seizures, injunctions and, where appropriate, criminal prosecution

***The results of pre-clinical studies and initial clinical trials are not necessarily predictive of future results, and our potential product candidates may not have favourable results in later trials or in the commercial setting.***

Pre-clinical tests and Phase 1 and Phase 2 clinical trials are primarily designed to test safety, to study pharmacokinetics and pharmacodynamics and to understand the side effects of product candidates and explore efficacy at various doses and schedules. Success in pre-clinical or animal studies and early clinical trials does not ensure that later large-scale efficacy trials will be successful nor does it predict final results; favourable results in early trials may not be repeated in later trials.

6

A number of companies in the life sciences industry have suffered significant setbacks in advanced clinical trials, even after positive results in earlier trials. Clinical results are frequently susceptible to varying interpretations that may delay, limit or prevent regulatory approvals. Negative or inconclusive results or adverse medical events during a clinical trial could cause a clinical trial to be delayed, repeated or terminated. In addition, failure to construct appropriate clinical trial protocols could result in the test or control group experiencing a disproportionate number of adverse events and could cause a clinical trial to be repeated or terminated.

There is typically an extremely high rate of attrition from the failure of product candidates proceeding through clinical and post-approval trials.

***Our success will be dependent upon our corporate collaborations with third parties in connection with services we will need for the development, marketing and commercialization of our products.***

The success of our business will be largely dependent on our ability to enter into corporate collaborations regarding the development, clinical testing, regulatory approval and commercialization of our potential product candidates. We may not be able to find new collaborative partners to support our future development, marketing and commercialization of our products, which may require us to undertake research and development and/or commercialization activities ourselves, and may result in a material adverse effect on our business, financial condition, prospects and results of operations.

Even if we are able to find new collaborative partners, our success is highly dependent upon the performance of these new corporate collaborators. The amount and timing of resources to be devoted to activities by future corporate collaborators, if any, are not within our direct control and, as a result, we cannot assure you that any future corporate collaborators will commit sufficient resources to our research and development projects or the commercialization of our potential product candidates. Any future corporate collaborators might not perform its obligations as expected and might pursue existing or other development-stage products or alternative technologies in preference to those being developed in collaboration with us, or may terminate particular development programs, or the agreement governing such development programs.

In addition, if any future collaborators fail to comply with applicable regulatory requirements, the FDA, the European Medicines Agency (“EMA”), the Therapeutic Products Directorate (“TPD”) or other authorities could take enforcement action that could jeopardize our ability to develop and commercialize our potential product candidates. Despite our best efforts to limit them, disputes may arise with respect to ownership of technology developed under any such corporate collaboration.

***We will rely on proprietary technology, the protection of which can be unpredictable and costly.***

Our success will depend in part upon our ability to obtain patent protection or patent licenses for our future technology and products. Obtaining such patent protection or patent licenses can be costly and the outcome of any application for patent protection and patent licenses can be unpredictable. In addition, any breach of confidentiality by a third party by premature disclosure may preclude us from obtaining appropriate patent protection, thereby affecting the development and commercial value of our technology and products.

7

***Some of our future products may rely on licenses of proprietary technology owned by third parties and we may not be able to maintain these licenses on favourable terms.***

The manufacture and sale of some of the products we hope to develop may involve the use of processes, products, or information, the rights to which are owned by third parties. Such licenses frequently provide for limited periods of exclusivity that may be extended only with the consent of the licensor. If licenses or other rights related to the use of such processes, products or information are crucial for marketing purposes, and we are not able to obtain them on favourable terms, or at all, the commercial value of our products will be significantly impaired. If we experience delays in developing our products and extensions are not granted on any or all of such licenses, our ability to realize the benefits of our efforts may be limited.

***We will have additional future capital needs and there are uncertainties as to our ability to raise additional funding.***

 

We believes that the proceeds from the current offering together with cash on hand may be adequate to cover our operational and developmental costs for the next twelve months. However, We may require substantial additional capital resources if our subsidiary, Biohaven goes into Phase three of the clinical stage by the end of 2015 or early 2016 to develop potential product candidates, obtain regulatory approvals and ultimately to commercialize such product candidates.

In addition, our future cash requirements may vary materially from those now expected. For example, our future capital requirements may increase if:

·

we experience scientific progress sooner than expected in our future discovery, research and development projects, if we expand the magnitude and scope of these activities, or if we modify our focus as a result of our discoveries;

·

we experience setbacks in our progress with pre-clinical studies and clinical trials are delayed;

·

we experience delays or unexpected increased costs in connection with obtaining regulatory approvals;

·

we are required to perform additional pre-clinical studies and clinical trials;

·

we experience unexpected or increased costs relating to preparing, filing, prosecuting, maintaining, defending and enforcing patent claims; or

·

we elect to develop, acquire or license new technologies and products.

If sufficient capital is not available, we may be required to delay, reduce the scope of, eliminate or divest of one or more of our research or development projects, any of which could have a material adverse effect on our business, financial condition, prospects or results of operations.

***We will be subject to risks associated with doing business globally.***

As a pharmaceutical company our operations are likely to expand in the European Union and worldwide, we will be subject to political, economic, operational, legal, regulatory and other risks that are inherent in conducting business globally. These risks include foreign exchange fluctuations, exchange controls, capital controls, new laws or regulations or changes in the interpretation or enforcement of existing laws or regulations, political instability, macroeconomic changes, including recessions and inflationary or deflationary pressures, increases in prevailing interest rates by central banks or financial services companies, economic uncertainty, which may reduce the demand for our potential products or reduce the prices that our potential customers will be willing to pay for our products, import or export restrictions, tariff increases, price controls, nationalization and expropriation, changes in taxation, diminished or insufficient 

8

protection of intellectual property, lack of access to impartial court systems, violations of law, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act, disruption or destruction of operations or changes to the Company’s business position, regardless of cause, including war, terrorism, riot, civil insurrection, social unrest, strikes and natural or man-made disasters, including famine, flood, fire, earthquake, storm or disease. The impact of any of these developments, either individually or cumulatively, could have a material adverse effect on our business, financial condition and results of operations.

***We may face exposure to adverse movements in foreign currency exchange rates while completing international clinical trials and when our products will be commercialized.***

We intend to generate revenue and expenses internationally that are likely to be primarily denominated in U.S., Euros and other foreign currencies. Our intended international business will be subject to risks typical of an international business including, but not limited to, differing tax structures, a myriad of regulations and restrictions, and general foreign exchange rate volatility. A decrease in the value of such foreign currencies relative to the US dollar could result in losses in revenues from currency exchange rate fluctuations. Conversely, an increase in the value of such foreign currencies relative to the US dollar could negatively impact our operating expenses. To date, we have not hedged against risks associated with foreign exchange rate exposure. We cannot be sure that any hedging techniques we may implement in the future will be successful or that our business, results of operations, financial condition and cash flows will not be materially adversely affected by exchange rate fluctuations.

***The loss of key personnel could have an adverse effect on our business***

We are highly dependent upon the efforts of our senior management. The loss of the services of one or more members of senior management and directors could have a material adverse effect on us.as a small company with a streamlined management structure, the departure of any key person could have a significant impact and would be potentially disruptive to our business until such time as a suitable replacement is hired.

**Risks Related to Ownership of our shares**

***There is currently a limited trading market for our Common Shares.***

There currently is a limited public market for our Common Shares. Further, although our Common Shares are currently traded on the OTC marketplace (PTGEF) and are also listed and traded on the Canadian Securities  Exchange (PBT.U).  Trading of our Common Shares is currently extremely sporadic. As a result, an investor may find it difficult to sell, or to obtain accurate quotations of the price of our Common Shares. There can be no assurance that a more active trading market for our Common Shares will develop. Accordingly, investors must assume they may have to bear the economic risk of an investment in our Common Shares for an indefinite period of time.

***Risks related to penny stocks.***

Our Common Shares are subject to regulations prescribed by the SEC relating to “penny stock.” These regulations impose additional sales practice requirements on broker-dealers who sell such securities to persons other than established customers and accredited investors (as defined in Rule 501 of the U.S. Securities Act). These regulations could adversely impact market demand for our shares and adversely impact our trading volume and price.

9

***The issuance of Common Shares upon the exercise of our outstanding warrants and options will dilute the ownership interest of existing shareholders and increase the number of shares eligible for future resale.***

The exercise of some or all of our outstanding warrants and options could significantly dilute the ownership interests of our existing shareholders. As of March 31, 2015, we had outstanding warrants to purchase an aggregate of approximately 88 million Common Shares and outstanding options to purchase an aggregate of approximately 10.3 million Common Shares. All warrants have expired unexercised as of the date of this report. To the extent the options are exercised, additional Common Shares will be issued and that issuance will increase the number of shares eligible for resale in the public market. The sale of a significant number of shares by our shareholders, or the perception that such sales could occur, could have a depressive effect on the market price of our common shares.

***Sales of a substantial number of our ordinary shares in the public market could cause the price of to fall.***

If our existing shareholders sell, or indicate an intention to sell, substantial amounts of our ordinary shares in the public market after the lock-up and other legal restrictions on resale lapse, the trading price of our shares could decline. Based upon the number of shares outstanding as of March 31, 2015, we have outstanding a total of approximately 207 million ordinary shares. Of these shares, approximately 113 million shares are either under escrow or are otherwise restricted and subject to rule 144 exemption.

***Our principal shareholders and senior management own a significant percentage of our shares and are able to exert significant control over matters subject to shareholder approval.***

As of March 31, 2015, our senior management, board members, holders of 5% or more of our share capital and their respective affiliates beneficially own approximately 51% of our outstanding voting securities. As a result, these security holders have the ability either alone or voting together as a group to determine and/or significantly influence the outcome of matters submitted to our shareholders for approval, including the election and removal of board members, payment of dividends, amendments to our articles of association, including changes to our share capital or any mergers, demergers, liquidations and similar transactions. This may prevent or discourage unsolicited acquisition proposals or offers for our ordinary shares that our shareholders may feel are in their best interest as a shareholder In addition, this group of shareholders may have the ability to control our management and affairs. Such control and concentration of ownership may affect the market price of our shares and may discourage certain types of transactions, including those involving actual or potential change of control of us (whether through merger, consolidation, take-over or other business combination), which might otherwise have a positive effect on the market price of the shares. 

***Your investment return may be reduced if we lose our foreign private issuer status.***

We are a “foreign private issuer,” as such term is defined in Rule 405 under the U.S. Securities Act, and, therefore, we are not required to file quarterly reports on Form 10-Q or current reports on Form 8-K with the SEC. In addition, the proxy rules and Section 16 reporting and short-swing profit recapture rules are not applicable to us. If we lose our status as a foreign private issuer by our election or otherwise, we will be subject to additional reporting obligations under the Exchange Act which would increase our SEC compliance costs.

10

***We may be treated as a passive foreign investment company for U.S. tax purposes, which could subject United States investors to significant adverse tax consequences.***

A foreign corporation will be treated as a passive foreign investment company, or PFIC, for U.S. federal income taxation purposes, if in any taxable year either: (a) 75% or more of its gross income consists of passive income; or (b) 50% or more of the value of the company’s assets is attributable to assets that produce, or are held for the production of, passive income. Based on our current income and assets and our anticipated future operations, we believe that we currently are not a PFIC.U.S. Stockholders of a PFIC are subject to a disadvantageous U.S. income tax regime with respect to the income derived by the PFIC, the distributions they receive from the PFIC, and the gain, if any, they derive from the sale or other disposition of their shares in the PFIC. Because PFIC status is a fact-intensive determination made on an annual basis, no assurance can be given that we are not or will not become classified as a PFIC. The PFIC rules are extremely complex. A U.S. person is encouraged to consult his or her U.S. tax advisor before making an investment in our shares.

***U.S. shareholders may not be able to enforce civil liabilities against us.***

We are a corporation organized under the laws of the British Virgin Islands. Most of our directors and executive officers are non-residents of the United States. Because a substantial portion of their assets and currently all of our assets are located outside the United States, it may be difficult for investors to effect service of process within the United States upon us or those persons. 

Our corporate affairs will be governed by our Memorandum and Articles of Association, the BVI Business Companies Act, and the common law of the British Virgin Islands. The rights of shareholders to take action against the directors, actions by minority shareholders and the fiduciary responsibilities of our directors to us under British Virgin Islands law are to a large extent governed by the common law of the British Virgin Islands. The common law of the British Virgin Islands is derived in part from comparatively limited judicial precedent in the British Virgin Islands, as well as from English common law, the decisions of whose courts are considered persuasive authority but are not binding on a court in the British Virgin Islands. The rights of our shareholders and the fiduciary responsibilities of our directors under British Virgin Islands law are not as clearly established as they would be under statutes or judicial precedent in some jurisdictions in the United States. In particular, the British Virgin Islands has a less developed body of securities laws as compared to the United States, and some states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law. In addition, British Virgin Islands companies may not have standing to initiate a shareholder derivative action in a federal court of the United States.

The British Virgin Islands courts are also unlikely:

·

to recognize or enforce against us judgments of U.S. courts based on certain civil liability provisions of U.S. securities laws; and

·

to impose liabilities against us, in original actions brought in the British Virgin Islands, based on certain civil liability provisions of U.S. securities laws that are penal in nature.

There is no statutory recognition in the British Virgin Islands of judgments obtained in the United States. We have been advised by Forbes Hare, our counsel as to British Virgin Islands law, that (i) they are unaware of any proceedings that have been brought in the British Virgin Islands to enforce judgments of the U.S. courts or to impose liabilities based on the civil liability provisions of the U.S. federal or state securities laws;

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(ii) a final and conclusive judgment in the federal or state courts of the United States under which a sum of money is payable, other than a sum payable in respect of taxes, fines, penalties or similar charges, may be subject to enforcement proceedings as a debt in the courts of the British Virgin Islands under the common law doctrine of obligation; and (iii) because it is uncertain whether a British Virgin Islands court would determine that a judgment of a U.S. court based on the civil liability provisions of the U.S. federal or state securities laws is in the nature of a penalty, it is uncertain whether such a liability judgment would be enforceable in the British Virgin Islands.

**ITEM 4 - INFORMATION ON THE COMPANY**

**(A)  HISTORY AND DEVELOPMENT OF THE COMPANY**

The Company was originally incorporated in Ontario in 1973. It was inactive until 1985. Between 1986 and 2009 , it was engaged in variety of businesses including development of a new technology for the marine propulsion business, distribution and manufacture of a snack food, emerging technology-based businesses and natural resource involving diamond mining and oil & gas exploration. In 2010, the company acquired an indirect interest in two drilling licenses in Israel, which was disposed of for US$ 5 million under a settlement agreement on June 29, 2012 with our minority partner on this project. During the period, the Company went through several name changes ending with Bontan Corporation Inc. ( Bontan).  

In December 2012, the Company decided to change the focus of its business activities from oil and gas to biotechnology mainly due to the increasing difficulty in getting access to viable oil & gas projects and also due to the potentially more profitable business opportunities which existed in the biotechnology sector. On March 21, 2013, the Company signed a letter of intent with Portage Pharma Ltd, a biotech private limited company formed under the laws of the British Virgin Islands to acquire Portage Pharma Ltd through exchange of shares. The transaction was completed on June 4, 2013 and accounted for as a reverse acquisition. 

On July 5, 2013, the Company changed its name to Portage Biotech Inc. and moved its jurisdiction to the British Virgin Islands ( BVI)  under a certificate of Continuance issued by the Registrar of Corporate Affairs of BVI.

The Company now continues as a BVI incorporated company with its registered office located at FH Chambers, P.O. Box 4649, Road Town, Tortola, BVI. Its Toronto agent is located at 47 Avenue Road, Suite 20200, Toronto, Ontario, M5R 2G3, Canada.

The Company continues to be a reporting issuer with Ontario Securities Commission and US Securities and Exchange Commission and its shares trade on the Quotation Board of the OTC Markets under the trading symbol “PTGEF,” effective August 23, 2013. Prior to this date, it was trading as Bontan Corporation Inc. under the trading symbol “BNTNF”.  Effective October 28, 2013, the Company’s shares are also listed for trading in US currency on the Canadian Securities Exchange (formerly, Canadian National Stock Exchange) under the symbol “PBT.U”.

**(B)  BUSINESS OVERVIEW**

Portage develops pharmaceutical & biotech products through to clinical “proof of concept” focussing on unmet clinical needs. Following proof of concept, Portage will look to sell or license the products to large pharmaceutical companies for further development through to commercialization.

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Portage seeks products & co-development partners in cancer, infectious disease, neurology and psychiatry with novel targeted therapies, or reformulations that can be patented. 

Portage will work with a wide range of partners, in all phases of development. The collaboration may include direct funding or investing human capital/sweat equity from our extensive pool of talented scientists and physicians to value-add by mitigating risks, clinical trial design and regulatory expertise.   

Our research and development work is primarily carried out through two subsidiaries:

***Portage pharmaceuticals Ltd ( PPL)***

On June 4, 2013, following the acquisition of Portage Pharma Ltd, the Company’s wholly owned subsidiary, Portage Acquisition Inc. and Portage Pharma Ltd amalgamated. The amalgamated company was named PPL, which has been incorporated in the BVI.

 

PPL’s focus is in discovering and developing innovative cell permeable peptide (CPP) therapies to normalize gene expression, restore function and improve medical outcomes. Its core technology involves delivering biologically active “cargo” to intracellular and intranuclear targets to normalize cell and tissue function, improve the immunogenicity of vaccines and enable better treatment of intracellular pathogens.

 

The CPP platform is protected by two suits of intellectual property:

 

a.

an exclusive license for all patents on Antennapedia-based cell permeable peptides for non-oncology use and

b.

international patents for proprietary human-derived cell penetrating peptide structures without any therapeutic restrictions. Patent is protected until 2034. In July 2014, PPL successfully validated this new proprietary cell permeable peptide platform technology derived from human genes. This proprietary platform technology has been shown to efficiently deliver an active pharmacological agent or cargo into a cell without disrupting the cell membrane.  In a collaboration with the Pirbright Institute (UK), a conjugate utilizing this proprietary cell permeable peptide and a CD8 T-cell antigenic epitope derived from mycobacterium tuberculosis was demonstrated to provoke a specific CD8 T-cell immune response in Balb/c mice suggesting possible application of this technology for vaccines. 

Using the same anti-inflammatory cargo, PPL’s proprietary platform was shown to be superior to other sequences by demonstrating greater in vitro activity, greater in vivo pharmacological activity in mice and advantageous physical-chemical properties for ease of formulation and delivery.

PPL’s proprietary CPP technology can expand the target space for biological drugs to include intracellular targets and PPL seeks collaborations to create CPP conjugates to explore a wide range of therapeutic opportunities utilizing biological drug cargos requiring better access to these targets. 

The lead drug candidate for PPL is PPL-003, which combines PPL’s proprietary human CPP platform with the NBD peptide, a highly studied anti-inflammatory peptide. PPL-003 has been further studied through sponsored research and academic collaborations with Yale University and the National Institutes of Health.   PPL-003 penetrates cell membranes and inhibits NFkB activation and cytokine production in in vitro assays and cytokine responses to endotoxin in vivo in systemic and inhaled inflammation models in mice. 

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Further, in another academic collaboration, blood brain barrier (BBB) integrity studies were carried out in parallel with PPL-003 dosing in a brain inflammation model. The studies indicated that PPL-003 penetrates the BBB and is active in brain. PPL-003 has been found to cross the intact BBB and reduce inflammatory cytokines in the brain, indicating that PPL’s proprietary CPP could deliver biological drugs for CNS disease indications.

In addition, in mouse and rabbit uveitis models, PPL-003 penetrates eye tissues after topical administration and reduces inflammation in the eye.  PPL-003 was found to be safe after short-term topical eye application in rabbits and is being studied in other inflammatory eye disease models.  PPL is planning to advance PPL-003 into human testing for inflammatory eye disease indications.

***Biohaven Pharmaceutical Holding Company Limited (Biohaven)***

On January 6, 2014, the Company acquired approximately 54% equity in Biohaven, a private corporation incorporated on September 25, 2013 under the laws of the British Virgin Islands for $3.5 million. Founder shareholders include originators at Yale University who discovered the therapeutic potential of glutamate modulation in anxiety and depression and have track record of successful registration trials.

Biohaven is engaged in the identification and development of novel glutamatergic agents for treatment -resistant neuropsychiatric disorders. Biohaven’s drug development platform is based on modulating glutamate for multiple therapeutic indications and represents the 1st new class of antidepressant in 30 years. 

During the fiscal year 2015, Biohaven achieved the following:

·

Exclusive licenses from Yale University and Harvard University

·

Filed divisional patents

·

Filed prodrug IP

·

Signed exclusive license with Catalent and developed formulation prototypes

·

Developed backup formulation strategy

·

Completed pre-IND FDA meeting interaction

·

Contracted with InVentiv Health for Phase 1 

·

Phase 1 study design developed for start in 3rd quarter of 2015 and Phase 3 start planned for early 2016.

The first drug candidate - BVH 0223 - being developed as a first-in class, novel oral glutamatergic agent for anxiety and depression with additional potential indications. A second unique drug candidate also targets the glutamatergic system with a well-established safety profile. Biohaven will begin optimization of its formulation in 2016. 

Overall clinical development strategy:

·

File IND for BVH-0223 in the third quarter of 2015. Initial pre-IND interaction with FDA suggests no barriers to IND filing. Biohaven will implement 505(b)(2) regulatory pathway which will significantly reduce development costs and speed up new drug approval process by several years ( see commentary later in this report on nature and requirements of Section 505(b) (2) filings).IND was filed on July 22, 2015..

·

Phase 1 study will commence 30 days after filing of IND and will combine single and multiple doses to confirm acceptable pharmacokinetics and tolerability.

·

Phase 3 efficacy trial scheduled in early 2016, depending upon the results and success of Phase 1 trial. 

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Biohaven has in-house team with industry-wide reputation in the successful conduct of affective disorders randomized clinical trials

We have developed a comprehensive website - www.portagebiotech.com   which provide information on our people, activities and other corporate details.

***Laws and Regulations Regarding Patent Terms***

The term of individual patents depends upon the legal term of the patents in the countries in which they are obtained. In most countries in which we file, the patent term is 20 years from the earliest date of filing a non-provisional patent application. In the United States, a patent term may be shortened if a patent is terminally disclaimed over another patent or as a result of delays in patent prosecution by the patentee. A patent’s term may be lengthened by a patent term adjustment, which compensates a patentee for administrative delays by the USPTO in granting a patent. The patent term of a European patent is 20 years from its filing date, which, unlike in the United States, is not subject to patent term adjustments. 

The term of a patent that covers an FDA-approved drug or biologic may also be eligible for patent term extension, which permits patent term restoration as compensation for the patent term lost during the FDA regulatory review process. The Drug Price Competition and Patent Term Restoration Act of 1984, or the Hatch-Waxman Act, permits a patent term extension of up to five years beyond the expiration of the patent. The length of the patent term extension is related to the length of time the drug or biologic is under regulatory review. Patent extension cannot extend the remaining term of a patent beyond a total of 14 years from the date of product approval and only one patent applicable to an approved drug may be extended. Similar provisions are available in Europe and other jurisdictions to extend the term of a patent that covers an approved drug. In the future, if and when our products receive FDA approval, we expect to apply for patent term extensions on patents covering those products. We anticipate that some of our issued patents may be eligible for patent term extensions.

**Manufacturing**

As we do not maintain the capability to manufacture finished drug products, we utilize contract manufacturers to manufacture our proprietary drug candidates. We source starting materials for our manufacturing activities from one or more suppliers. For the starting materials necessary for our proprietary drug candidate development, we have agreements for the supply of such drug components with drug manufacturers or suppliers that we believe have sufficient capacity to meet our demands. However, from time to time, we source critical raw materials and services from one or a limited number of suppliers and there is a risk that if such supply or services were interrupted, it would materially harm our business. In addition, we typically order raw materials and services on a purchase order basis and do not enter into long-term dedicated capacity or minimum supply arrangements. We utilize the services of contract manufacturers to manufacture APIs required for later phases of clinical development and eventual commercialization for us under all applicable laws and regulations. 

We have analytical and process development capabilities in our own facility. We generally perform drug candidate development, analytical and process development for our proprietary drug candidates internally, and manufacture the drugs necessary to conduct the non-GLP preclinical studies of our investigational product candidates. We occasionally outsource the production of research and development material. Occasionally our collaboration partners may conduct production of research and development material for products in their respective field. 

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We do not have, and we do not currently plan to, acquire or develop the facilities or capabilities to manufacture bulk drug substance or filled drug product for use in human clinical trials. We rely on third-party manufacturers to produce the bulk drug substances required for our clinical trials and expect to continue to rely on third parties to manufacture and test clinical trial drug supplies for the foreseeable future. 

Our contract suppliers manufacture drug substance and product for clinical trial use in compliance with cGMP and applicable local regulations. cGMP regulations include requirements relating to organization of personnel; buildings and facilities; equipment; control of components and drug product containers and closures; production and process controls; packaging and labeling controls; holding and distribution; laboratory controls; records and reports; and returned or salvaged products. The manufacturing facilities for our products must be in compliance with cGMP requirements, and for device and device components, the Quality System Regulation, or QSR, requirements, before any product is approved. We ensure cGMP compliance of our suppliers through regular quality inspections performed by our Quality Assurance group. Our third-party manufacturers may also be subject to periodic inspections of facilities by the FDA, the Competent Authorities of the Member States of the European Economic Area (EEA, comprising the 

28 Member States of the European Union plus Norway, Iceland and Liechtenstein), and other authorities, including reviews of procedures and operations used in the testing and manufacture of our products to assess our compliance with applicable regulations. Failure to comply with statutory and regulatory requirements subjects a manufacturer to possible legal or regulatory action, including warning letters, the seizure or recall of products, injunctions, consent decrees placing significant restrictions on or suspending manufacturing operations and civil and criminal penalties. These actions could have a material impact on the availability of our products. In addition, contract manufacturers often encounter difficulties involving production yields, quality control and quality assurance, as well as shortages of qualified personnel. 

We also contract with additional third parties for the filling, labeling, packaging, testing, storage and distribution of our investigational drug products. We employ personnel with the significant scientific, technical, production, quality and project management experience required to oversee our network of third-party suppliers and to manage manufacturing, quality data and information for regulatory compliance purposes. 

**Government Regulation and Product Approval**

Government authorities in the United States, at the federal, state and local level, and in other countries extensively regulate, among other things, the research, development, testing, manufacture, including any manufacturing changes, safety surveillance, efficacy, quality control, packaging, storage, recordkeeping, labeling, advertising, promotion, distribution, marketing, sale, import, export and the reporting of safety and other post-market information of pharmaceutical and medical device products such as those we are developing. Our product candidates must be approved by the FDA through the NDA process before they may be legally promoted in the United States and by the EMA, through the marketing authorization application, or MAA, process before they may be legally marketed in Europe. Our product candidates will be subject to similar requirements in other countries prior to marketing in those countries. The processes for obtaining regulatory approvals in the United States, the EEA and in foreign countries, along with subsequent compliance with appropriate federal, state, local and foreign statutes and regulations, require the expenditure of substantial time and resources. 

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***U.S. Government Regulation***

In the United States, we are subject to extensive regulation by the FDA, which regulates drugs under the Federal Food, Drug, and Cosmetic Act, or the FDCA, and its implementing regulations, and other federal, state, and local regulatory authorities. The FDCA and its implementing regulations set forth, among other things, requirements for the research, testing, development, manufacture, quality control, safety, effectiveness, approval, labeling, storage, record keeping, reporting, distribution, import, export, advertising and promotion of our products. The process of obtaining regulatory approvals and the subsequent compliance with appropriate federal, state, local and foreign statutes and regulations requires the expenditure of substantial time and financial resources. Failure to comply with the applicable U.S. requirements at any time during the product development process, approval process or after approval, may subject an applicant to a variety of administrative or judicial sanctions, such as the FDA’s refusal to approve pending NDAs, withdrawal of an approval, imposition of a clinical hold, issuance of warning letters, product recalls, product seizures, total or partial suspension of production or distribution, injunctions, fines, refusals of government contracts, restitution, disgorgement or civil or criminal penalties.

The process required by the FDA before a drug may be marketed in the United States generally involves the following: 

 

·

completion of preclinical laboratory tests, animal studies and formulation studies in compliance with the FDA’s Good Laboratory Practice regulations; 

·

submission to the FDA of an IND which must become effective before human clinical trials may begin; 

·

approval by an independent institutional review board, or IRB, at each clinical site before each trial may be initiated; 

·

performance of adequate and well-controlled human clinical trials in accordance with good clinical practice, or GCP, requirements to establish the safety and efficacy of the proposed drug product for each indication; 

·

submission to the FDA of an NDA; 

·

satisfactory completion of an FDA advisory committee review, if applicable; 

·

satisfactory completion of an FDA inspection of the manufacturing facility or facilities at which the product is produced to assess compliance with current good manufacturing practice, or cGMP, requirements and to assure that the facilities, methods and controls are adequate to preserve the drug’s identity, strength, quality and purity; and 

·

FDA review and approval of the NDA. 

***Preclinical Studies***

Preclinical studies include laboratory evaluation of product chemistry, toxicity and formulation, as well as animal studies to assess potential safety and efficacy. An IND is a request for authorization from the FDA to administer an investigational drug product to humans. An IND sponsor must submit the results of the preclinical tests, together with manufacturing information, analytical data and any available clinical data or literature, among other things, to the FDA as part of an IND. Some preclinical testing may continue even after the IND is submitted. An IND automatically becomes effective and a clinical trial proposed in the IND may begin 30 days after the FDA receives the IND, unless during this 30-day waiting period, the FDA raises concerns or questions related to one or more proposed clinical trials and places the clinical trial on a clinical hold. In such a case, the IND sponsor and the FDA must resolve any outstanding concerns before the clinical trial can begin. As a result, submission of an IND may not result in the FDA allowing clinical trials to commence. 

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***Clinical Trials***

Clinical trials involve the administration of the investigational new drug to human subjects under the supervision of qualified investigators in accordance with GCP requirements, which include the requirement that all research subjects provide their informed consent in writing for their participation in any clinical trial. Clinical trials are conducted under protocols detailing, among other things, the objectives of the trial, the parameters to be used in monitoring safety, and the effectiveness criteria to be evaluated. A protocol for each clinical trial and any subsequent protocol amendments must be submitted to the FDA as part of the IND. In addition, an IRB at each institution participating in the clinical trial must review and approve the plan for any clinical trial before it commences at that institution. Information about certain clinical trials must be submitted within specific timeframes to the National Institutes of Health, or NIH, for public dissemination on their www.clinicaltrials.gov website. 

Human clinical trials are typically conducted in three or four sequential phases, which may overlap or be combined: 

 

·

Phase 1: The drug is initially introduced into healthy human subjects or patients with the target disease or condition and tested for safety, dosage tolerance, absorption, metabolism, distribution, excretion and, if possible, to gain an early indication of its effectiveness. 

·

Phase 2: The drug is administered to a limited patient population to identify possible adverse effects and safety risks, to preliminarily evaluate the efficacy of the product for specific targeted diseases and to determine dosage tolerance and optimal dosage. 

·

Phase 3: The drug is administered to an expanded patient population, generally at geographically dispersed clinical trial sites, in well-controlled clinical trials to generate enough data to statistically evaluate the efficacy and safety of the product for approval, to establish the overall risk-benefit profile of the product, and to provide adequate information for the labeling of the product. 

·

Phase 4: In some cases, the FDA may condition approval of an NDA for a product candidate on the sponsor’s agreement to conduct additional clinical trials after NDA approval. In other cases, a sponsor may voluntarily conduct additional clinical trials post approval to gain more information about the drug. Such post approval trials are typically referred to as Phase 4 clinical trials. 

Progress reports detailing the results of the clinical trials must be submitted at least annually to the FDA and more frequently if serious adverse events occur. Phase 1, Phase 2 and Phase 3 clinical trials may not be completed successfully within any specified period, or at all. Furthermore, the FDA or the sponsor may suspend or terminate a clinical trial at any time on various grounds, including a finding that the research subjects are being exposed to an unacceptable health risk. Similarly, an IRB can suspend or terminate approval of a clinical trial at its institution if the clinical trial is not being conducted in accordance with the IRB’s requirements or if the drug has been associated with unexpected serious harm to patients. 

Concurrent with clinical studies, companies usually complete additional animal studies and must also develop additional information about the chemistry and physical characteristics of the product and finalize a process for manufacturing the product in commercial quantities in accordance with cGMP requirements. The manufacturing process must be capable of consistently producing quality batches of the product candidate and, among other things, the manufacturer must develop methods for testing the identity, strength, quality and purity of the final product. Additionally, appropriate packaging must be selected and tested and stability studies must be conducted to demonstrate that the product candidate does not undergo unacceptable deterioration over its shelf life. 

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***Hatch-Waxman Amendments and Exclusivity***

As an alternative path to FDA approval for modifications to formulations or uses of products previously approved by the FDA, an applicant may submit an NDA under Section 505(b)(2) of the FDCA. Section 505(b)(2) was enacted as part of the Hatch-Waxman Amendments and permits the filing of an NDA where at least some of the information required for approval comes from studies not conducted by, or for, the applicant. If the 505(b)(2) applicant can establish that reliance on FDA’s previous findings of safety and effectiveness is scientifically appropriate, it may eliminate the need to conduct certain preclinical or clinical studies of the new product. The FDA may also require companies to perform additional studies or measurements, including clinical trials, to support the change from the approved branded reference drug. The FDA may then approve the new product candidate for all, or some, of the label indications for which the branded reference drug has been approved, as well as for any new indication sought by the 505(b)(2) applicant. 

In seeking approval for a drug through an NDA, including a 505(b)(2) NDA, applicants are required to list with the FDA certain patents whose claims cover the applicant’s product. Upon approval of an NDA, each of the patents listed in the application for the drug is then published in the Orange Book. Any applicant who files an abbreviated new drug application, or ANDA, seeking approval of a generic equivalent version of a drug listed in the Orange Book or a 505(b)(2) NDA referencing a drug listed in the Orange Book must certify to the FDA that (1) no patent information on the drug product that is the subject of the application has been submitted to the FDA; (2) such patent has expired; (3) the date on which such patent expires; or (4) such patent is invalid or will not be infringed upon by the manufacture, use or sale of the drug product for which the application is submitted. This last certification is known as a paragraph IV certification. A notice of the paragraph IV certification must be provided to each owner of the patent that is the subject of the certification and to the holder of the approved NDA to which the ANDA or 505(b)(2) application refers. The applicant may also elect to submit a “section viii” statement certifying that its proposed label does not contain (or carves out) any language regarding the patented method-of-use rather than certify to a listed method-of-use patent. 

If the reference NDA holder and patent owners assert a patent challenge directed to one of the Orange Book listed patents within 45 days of the receipt of the paragraph IV certification notice, the FDA is prohibited from approving the application until the earlier of 30 months from the receipt of the paragraph IV certification expiration of the patent, settlement of the lawsuit or a decision in the infringement case that is favorable to the applicant. The ANDA or 505(b)(2) application also will not be approved until any applicable non-patent exclusivity listed in the Orange Book for the branded reference drug has expired. Specifically, the holder of the NDA for the listed drug may be entitled to a period of non-patent exclusivity, during which the FDA cannot approve an ANDA or 505(b)(2) application that relies on the listed drug. For example, a pharmaceutical manufacturer may obtain five years of non-patent exclusivity upon NDA approval of a new chemical entity, or NCE, which is a drug that contains an active moiety that has not been approved by FDA in any other NDA. An “active moiety” is defined as the molecule or ion responsible for the drug substance’s physiological or pharmacologic action. During the five-year exclusivity period, the FDA cannot accept for filing any ANDA seeking approval of a generic version of that drug or any 505(b)(2) NDA for the same active moiety and that relies on the FDA’s findings regarding that drug, except that FDA may accept an application for filing after four years if the follow-on applicant makes a paragraph IV certification. 

A drug, including one approved under Section 505(b)(2), may obtain a three-year period of exclusivity for a particular condition of approval, or change to a marketed product, such as a new formulation for a previously approved product, if one or more new clinical studies (other than bioavailability or bioequivalence studies) was essential to the approval of the application and was conducted/sponsored by the applicant. Should this occur, the FDA would be precluded from approving any ANDA or 505(b)(2) application for the protected modification until after that three-year exclusivity period has run. However, unlike NCE exclusivity, the FDA can accept an application and begin the review process during the exclusivity period. 

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***Foreign Regulation***

In order to market any product outside of the United States, we would need to comply with numerous and varying regulatory requirements of other countries regarding safety and efficacy and governing, among other things, clinical trials, marketing authorization, commercial sales and distribution of our products. For example, in the European Union, we must obtain authorization of a clinical trial application, or CTA, in each member state in which we intend to conduct a clinical trial. Even if we obtain FDA approval for a product, we would need to obtain the necessary approvals by the comparable regulatory authorities of foreign countries before we can commence clinical trials or marketing of the product in those countries. 

The approval process varies from country to country and can involve additional product testing and additional administrative review periods. The time required to obtain approval in other countries might differ from and be longer than that required to obtain FDA approval. Regulatory approval in one country does not ensure regulatory approval in another, but a failure or delay in obtaining regulatory approval in one country may negatively impact the regulatory process in others. 

**(C) ORGANIZATIONAL STRUCTURE**

Following diagram reflects our current organization structure:

Our drug development work is carried out through our subsidiaries. We currently have two operating subsidiaries - PPL , a wholly owned subsidiary incorporated in the British Virgin Islands and Biohaven, a 54% owned subsidiary incorporated in the British Virgin Islands.

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We have four members on the Board of Directors - Dr. Declan Doogan, Dr. Gregory Bailey ,Mr. James Mellon and Mr. Kam Shah. These four directors were re-appointed in the shareholders annual and special meeting of March 16, 2015. Dr. Bailey is our chairman, Dr. Doogan is a chief executive officer and Mr. Shah is Chief Financial Officer and corporate secretary.

PPL management consisted of Dr. Bruce Littman as CEO, Dr. Frank Marcoux as Chief Scientific Officer (CSO) and Mr. Kam Shah as CFO. The PPL management reports to the PPL Board of directors comprising Dr. Doogan as Chairman, Dr. Bailey, Mr. Shah, Dr. Littman and Dr. Marcoux. PPL also created a scientific advisory board (SAB) consisting of Drs. Sankar Ghosh, Michael Caplan and Burt Adelman. In addition, PPL has seven consultants comprising scientists and researchers.

Biohaven management comprising Declan Doogan as Executive Chairman  and Dr. Robert Burman as CMO. Its board of directors comprise Dr. Doogan as Chairman, Dr. Bailey , Mr. Shah, Dr. Vlad Coric and Mr. Childs. Mr. Mellon and Dr. Berman are alternative directors. The SAB comprise Dr. John Krystal and Dr. Gerard Sanacora and Dr. Maurizio Fava.

Our third wholly owned subsidiary, Portage Services Ltd., is a Canadian subsidiary which provides regulatory and corporate services to the Company. 

A brief biodata of the key  people in our organization is provided below:

**Declan Doogan M.D. - Director and CEO**

·

co-founder and Chairman of Portage Pharma Ltd.,

·

Previously the CEO and Head of R&D at Amarin Inc. (AMRN:NASDAQ)

·

former Head of Worldwide Drug Development at Pfizer Inc.

·

held Visiting Professorships at Harvard School of Public Health, Glasgow University Medical School and Kitasato University (Tokyo)

·

sits on the boards of Pulmonary Vascular Research Institute UK, Sosei (Japan Biotech), and Celleron and IOx (UK oncology biotech). He is an advisor to the Wellcome Trust in the UK

**Kam Shah CA, CPA (CANADA), CPA (US), CGMA (US) -CFO and Director**

·

Senior financial executive with over 25 years of corporate finance, 

·

Was senior manager with two of the largest accounting firms, Ernst & Young and Price Waterhouse Coopers 

·

Worked in industry under various  roles from an office manager to CEO, CFO of public companies.

**Gregory Bailey M.D. - Chairman**

·

Former director and financier of Medivation Inc. (MDVN: NASDAQ).

·

Co-founder, of Ascent Healthcare Solutions: VirnetX Inc internet security (VHC: AMEX) and Duramedic Inc. a medical products company. 

·

Has Medical Doctorate from the University of Western Ontario.

**Jim Mellon - Director**

·

Director of multiple public companies: In the biopharma sector Miraculins, Plethora Solutions, and the Summit Corporation. 

·

Chairman of AIM listed Port Erin Biopharma Investments, a fund specializing in biopharma investments

·

The author of the best-selling book “Cracking the Code. 

·

Other listed company directorships include chairman of Manx Financial Group and Speymill, co-chairman of both Regent Pacific Group and West African Mining Corporation, and a board member of Brazilian Gold Corporation, Charlemagne Capital and Condor Resources.

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**Bruce H. Littman, MD - CEO**

·

Former Pfizer VP Global Translational Medicine

·

Over 30 years pharmaceutical company and academic research experience

**Frank W. Marcoux, Ph.D. - CSO**

·

Former Pfizer VP Quantitative and Innovative Medicine WW Development and former VP Biology Discipline WW Discovery 

·

Over 25 years pharmaceutical company and academic research

**Vlad Coric - MD - Director**

·

Has over 14 years of clinical trial experience as the Chief of Inpatient Services at the Yale Clinical Neuroscience Research Unit.

·

An Associate Clinical Professor of Psychiatry at the Yale 

·

A co-inventor of Yale intellectual property related to the use of glutamate modulating agents 

·

Earned his medical degree at Wake Forest University School of Medicine, and received his BS from University of Connecticut in Physiology and Neurobiology. 

·

Has over 45 peer-reviewed journal and book publications.

**Robert Berman - MD - CMO**

·

Almost 30 years of neuroscience research

·

13 years of clinical development experience (Pfizer and Bristol-Myers Squibb)

·

Professor of Psychiatry (Adjunct), Yale School of Medicine

·

Over 60 peer-reviewed publications -  including first clinical trial with ketamine in patients with depression and leading  the registrational program to obtain the first indication for a neuroleptic in the adjunctive treatment of major depressive disorder

·

BA, Molecular Biophysics and Biochemistry, Yale University

·

M.D., Mount Sinai School of Medicine

**John Krystal, M.D.**

·

Chairman of Psychiatry and Professor, Yale School of Medicine. 

·

Expert in the areas of psychopharmacology, glutamatergic neurotransmission, alcoholism, schizophrenia, and post-traumatic stress disorders.  

**Gerard Sanacora, M.D., Ph.D.**

·

Professor of Psychiatry and Director of the Yale Depression Research Clinic

·

Expert in elucidating the pathophysiological mechanisms associated with mood and other neuropsychiatric disorders.  

**Maurizio Fava M.D.**

·

Director, MGH Clinical Research Program (CRP), Executive Vice Chair for the MGH Department of Psychiatry, Executive Director, MGH Clinical Trials Network and Institute, Director, and Slater Family Professor of Psychiatry at Harvard Medical School

·

Expert in affective disorders and clinical trial design - with over 600 original articles

**(D)  PROPERTY PLANTS AND EQUIPMENT**

Our subsidiary, Portage Services Ltd., currently leases office space at 47 Avenue Road, Suite 200, and Toronto, Ontario, Canada for approximately $2,300 per month. The leased area is approximately 950 square feet. Our current lease agreement is a month to month arrangement.

22

**ITEM 4A - UNRESOLVED STAFF COMMENTS**

None.

**ITEM 5 - OPERATING AND FINANCIAL REVIEW AND PROSPECTS**

**(A)  OPERATING RESULTS**

The following discussion should be read in conjunction with the Audited Financial Statements of the Company and notes thereto contained elsewhere in this report. 

**Results of operations**

 

**Year ended**

**March 31, 2015**

**Year ended**

**March 31,2014**

**May 23, 2012 to**

**March 31, 2013**

 

 

in 000 US $

 

Expenses

(4,341)

(6,627)

(29)

 

(4,341)

(6,627)

(29)

Non-controlling interests

(1,223)

(322)

-

Net loss attributable to owners

(3,118)

(6,305)

(29)

Deficit at end of year

(9,453)

(6,334)

(29)

**Overview**

We are a pre-clinical stage biotechnology company. We commenced our operations in June 2013 after acquiring Bontan Corporation Inc. through a reverse acquisition. We devoted substantially all our efforts in identifying and developing our product candidates including acquisition of exclusive licenses and several preclinical studies for PPL-003, our lead product candidate in PPL and BVH-0223, our lead product candidate in Biohaven. Details of these efforts are explained above under item 4 (B) - business overview.

We do not have any approved products and have never generated any revenue from product sales. We have funded our operations from the cash available on acquisition in June 2013 and further cash of approximately $ 2.3 million raised during the fiscal 2015 through a private placement and debt conversion, issuing approximately 24.5 million restricted common shares.

We anticipate that our expenses will increase substantially in the future as we:

·

pursue our ongoing planned pre-clinical and clinical development at PPL and BIohaven, seek further new investment opportunities to expand our pipeline

·

hire additional personnel, particularly in our research and development, clinical supply and quality control groups; 

·

Add operational, financial and management information systems and related finance and compliance personnel and 

·

Operate as a public company

In June 2015, we successfully completed another private placement and raised approximately $ 5.2 million to support our development activities and certain targeted new investments. 

We are also seeking partners to support IND filing initiatives at PPL.

23

**Expenses**

The overall analysis of the expenses is as follows: ( in 000’$)

 

**Year ended**

**March 31, 2015**

**Year ended**

**March 31, 2014**

**May 23, 2012**

**to**

**March 31, 2013**

 

 

 

 

Acquisition related costs

-

3,839

-

Consulting fees 

1,073

1,162

-

Research & development 

2,929

$     1,136

$       27

Professional fees

224

336

-

Other costs

115

154

2

 

4,341

$     6,627

$       29

***Acquisition related costs***

There were no new acquisitions in fiscal years 2015 and 2013

Acquisition related costs in fiscal 2014  included  approximately $ 3.8 million paid to a company  as compensation for financial advisory services rendered in connection the acquisition of Portage Pharma Ltd.,. This consisted of issuance of approximately 9.8 million common shares of the Company on June 4, 2013 valued at $0.39 being the quoted market price of the common shares on the date of their issuance. 

Approximately $ 13,000 fee was paid in cash to various independent consultant for due diligence on Biohaven, The cost was expensed as per IFRS 3.

***Consulting fees***

Fees include cash fee, shares and options issued to key management, directors and others as detailed in Note 11 to the consolidated financial statements for the year ended March 31, 2015.

During the fiscal year 2015, CFO took in cash fee while chairman accepted shares and CEO accepted options in lieu of their fees.  In addition, directors and other consultants were granted options. Further, Biohaven granted options to their management and board members to acquire equity interest in their capital, value of which based on Black-Scholes model was expensed to consulting fee. Note 7 to the consolidated financials for fiscal 2015 provide details of these options and their valuation.

During the fiscal year 2014, CFO was paid cash fee of $102,458. He along with the CEO and the chairman who provided business development and investor relations services were issued 4 million common shares valued at $691,000 based on the quoted market price of the shares on the dates of their issuance. Four directors of the Company were also issued 2.9 million options, valid for five years and are convertible into equal number of common shares at a conversion price of $0.20 and are to be vested in equal monthly instalments over the year ending December 31, 2014. These options were valued at approximately $232,000 based on a Black-Scholes option pricing model.

24

***Research & development***

These costs comprised the following:

 

**Year ended**

**March 31, 2015**

**Year ended**

**March 31, 2014**

**May 23, 2012**

**to**

**March 31, 2013**

 

 

in 000 US$

 

License fee

-

26

-

Patent registration  

37

29

-

Consulting fee 

466

365

$       27

Fee paid by Biohaven under service contract

2,000

500

-

Other outside services - lab testing, peptide production etc.

426

215

-

 

$     2,929

$     1,135

$       27

Fiscal year 2015:

Consulting fee includes cash fee of $ 328,921 to CEO, CSO and various other consultants and value of options granted to CEO and CSO to acquire up to 7% equity interest in PPL valued at $ 136,632. Further details of these options and their valuation are given in note 7 to the consolidated financial statements for the fiscal 2015.

Biohaven has signed a Master Service Agreement on January 31, 2014, as subsequently amended in April 2014, with Biohaven Pharmaceuticals Inc., a private Delaware incorporated research and development company (“BPI”). BPI is owned by non-controlling shareholders of Biohaven and is engaged by Biohaven to conduct, on behalf of Biohaven, research and development services relating to identification and development of clinical stage neuroscience compounds targeting the glutamatergic system. Under the agreement, Biohaven was charged $500,000 each quarter by BPI.

Other outside services costs were incurred by PPL and relates to its pre-clinical work as discussed below.

Key development work carried out at PPL included:

·

Entering into a collaborative research agreement with Yale University to study the biological activity and cell penetrating properties of peptides developed by PPL. These studies will compare the ability of these peptides to cross cell membranes and deliver biologically active cargo to an intracellular target.

·

successfully validated a new proprietary cell permeable peptide platform technology derived from human genes. This proprietary platform technology has been shown to efficiently deliver an active pharmacological agent or cargo into a cell without disrupting the cell membrane. Along with demonstrating that the delivery system is capable of carrying biologically active cargo to intracellular sites of action, the platform has favorable pharmaceutical properties simplifying formulation development for systemic and locally administered conjugates which will allow more rapid development of drug products.   PPL has converted its previously filed provisional patent application for this delivery system to an international patent application that includes a variety of structures utilizing cargos that address important areas of medical need.

25

·

PPL further validated its platform cell penetrating peptide technology for safely delivering a potent anti-inflammatory cargo into eye tissues.  Its lead compound PPL-003 showed success in two studies in rabbits. In the first study, topical eye administration of PPL-003 at the highest feasible dose was well tolerated with no abnormal clinical or pathological findings.   In the second study PPL-003 demonstrated efficacy in an experimental uveitis model by significantly suppressing the cellular inflammatory response in the anterior chamber and reducing the protein content of the anterior chamber aqueous humor..  These results in rabbits clearly demonstrated at least a ten-fold safety margin and confirmed the topical anti-inflammatory activity of PPL-003 previously demonstrated in a mouse uveitis model.  PPL is continuing its uveitis program working toward an IND submission in 2016.

·

Completion of a collaborative research study that showed one of its proprietary human-derived CPP sequences and a cargo (PPL-003) reduces inflammation in brain tissue through inhibition of NFB signaling even if administered when the BBB is closed.  The permeability of the blood brain barrier (BBB) in mice was studied and was transiently disrupted after endotoxin (LPS) challenge. The BBB then closed while cytokines were still elevated in brain tissue.  Administration of PPL-003 at this time significantly reduced brain cytokine levels. This finding suggests that PPL’s proprietary platform can be used to develop CPP-based therapeutics for CNS indications including neurologic, neurodegenerative, psychiatric and neuro-oncologic diseases.  

Key development work carried out at Biohaven included:

·

Securing exclusive licenses from Yale and Harvard universities

·

Development of a new formulation and its back up strategy

·

Pre-IND FDA meeting interaction and preparation and filing  of IND application

·

Phase 1 study preparations including developing study design

Fiscal year 2014:

(a)

Company’s subsidiary PPL paid the license fee to a non-related entity in respect of ANTP license under License Agreement dated January 25, 2013.

(b)

Biohaven has signed a Master Service Agreement on January 31, 2014, as subsequently amended in April 2014, with Biohaven Pharmaceuticals Inc., a private Delaware incorporated research and development company (“BPI”). BPI is owned by non-controlling shareholders of Biohaven and is engaged by Biohaven to conduct, on behalf of Biohaven, research and development services relating to identification and development of clinical stage neuroscience compounds targeting the glutamatergic system.

(c)

Consulting fee includes fees totaling to approximately $306,000 paid to the CEO and CSO of PPL . Fee includes value of the vested options of approximately $57,000 and balance in cash.

Fiscal year 2013:

Costs primarily included consulting fees paid in cash to CEO and CSO of PPL.

***Professional fees***

Professional fees for fiscal 2015 consisted of accrual for audit and related services fee of approximately 67,000 and legal fees of approximately $157,000, of which $137,000 of legal fees were incurred at Biohaven and balance was towards corporate and regulatory matters.

26

Professional fees in fiscal 2014  consisted of Audit and related fee of approximately $47,000 and legal fee of approximately $289,000. There were no legal fees during the period from May 23, 2012 to March 31, 2013.

Legal fee includes approximately $181,000 relating to legal work charged to Biohaven.

A relatively high legal fee for the year ended March 31, 2014 was largely due to costs of incorporations in the British Virgin Islands, jurisdictional changes, and initiations of various documents relating to acquisitions and service contracts, which had to go through several amendments and extensive negotiations and general regulatory services.

**(B)  Liquidity and Capital Resources**

***Working Capital***

As at March 31, 2015, the Company had a net working capital of approximately $ 1.1 million compared to a working capital of approximately $2.1 million as at March 31, 2014. Decrease was due to full year’s operating expenses at PPL and Biohaven which were partly offset by additional capital of $ 2.3 million raised during the fiscal year through private placement and debt conversion.

As at March 31, 2014, the Company had a net working capital of approximately $2.1 million compared to a working capital of approximately $470,000 as at March 31, 2013. The increase in working capital is largely due to cash of approximately $ 3 million received on acquisition accounted for as reverse acquisition.

***Operating cash flow***

During the fiscal year 2015, operating activities required a net cash outflow of approximately $ 2.6 million (2014:  $1.9 million), which primarily included research and development costs of approximately $2.2 million ( 2014: $ 1.1 million)  incurred by its operating subsidiaries - PPL and Biohaven. The balance comprised mainly legal costs and consulting. 

During the fiscal period May 23, 2012 to March 31, 2013, operating activities required a net cash outflow of approximately $17,000 mainly due to consulting fee.

Operating costs were met from cash on hand and additional cash of approximately $ 2.3 million raised through private placement and debt conversion as explained elsewhere in this report.

Operating costs in fiscal 2014 were met from the cash received on acquisition.

The Company is in pre-clinical stage and is required to support  further research and development  at its subsidiaries  The Company has not yet determined whether costs incurred and to be incurred are economically recoverable. The Company's continuing operations are dependent upon any one of:

1.

the existence of economically recoverable medical solutions;

2.

the ability of the Company to obtain the necessary financing to complete the research; or

3.

future profitable production from, or proceeds from the disposition of intellectual property.

27

Although there are no assurances that management's plan will be realized, management believes the Company will be able to secure the necessary financing to continue operations into the future. In June 2015, the Company completed a private placement and raised approximately $ 5.2 million 

 However, the consolidated financial statements for the years ended March 31, 2015 and 2014 include a going concern note which reflects need for further financing to continue our planned research and development work and operating needs of all our subsidiaries.

***Investing cash flows***

There were no investing activities in the reporting periods.

***Financing cash flows***

During the fiscal year 2015, the Company raised $ 300,000 through issuance of convertible promissory notes in July 2014. All the notes were converted in September 2014 into common shares as more fully explained in note 6(i) to the consolidated financial statements. In October 2014, the Company raised additional $ 2 million through a non-brokered private placement offerings of 20 million common shares as more fully explained in note 6(ii) ) to the consolidated financial statements.

During the year ended March 31, 2014, the Company had a net cash inflow of approximately $3.8 million from its financing activities.  Approximately $ 3 million was received as a result of acquisition as more fully explained under Overview section of this report. The Company also realized approximately $ 295,000 from the PPL shareholders towards their capital commitment made in prior period and $ 474,000 were received from exercise of options and warrants by the Company’s shareholders.

The net cash inflow during the period from May 23, 2012 to March 31, 2013 was approximately $ 208,000 representing capital contribution by the PPL shareholders.

**(C)  RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES**

From May 23, 2012 to date , the Company through its operating subsidiaries is engaged in pre-clinical studies as detailed under Item 4 (B) business overview of this report. Research and development expenses analysis and details are provided under Item 5 (A) of this report. All research and development expenses are expensed as they are incurred.

PPL’s CPP platform is protected by two suits of intellectual property - (a) an exclusive license for all patents on Antennapedia -based cell permeable peptides for non-oncology use. And (b) international patents for proprietary human-derived cell penetrating peptide structures

Biohaven holds patents licensed from Yale and Harvard Universities and exclusive formulation license from Catalent Inc. and has also filed various divisional patents for additional claims which are currently pending.

**D)  TREND INFORMATION**

There are no other trends, commitments, events or uncertainties presently known to management that are reasonably expected to have a material effect on the Company’s business, financial condition or results of operation other than as disclosed elsewhere in this report (Refer to the heading entitled “Risk Factors”). 

28

**(E)  OFF-BALANCE SHEET ARRANGEMENTS**

At March 31, 2015, and 2014, the Company did not have any off balance sheet arrangements, including any relationships with unconsolidated entities or financial partnership to enhance perceived liquidity.

**(F)  CONTRACTUAL OBLIGATIONS**

None.

**(G)  SAFE HARBOUR**

Not applicable. 

**ITEM 6 - DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES**

**(A)  DIRECTORS AND SENIOR MANAGEMENT**

The following sets forth the names and province or state and country of residence of our directors and executive officers, the offices held by them in the Corporation, their current principal occupations, all as of July 28, 2015, the date of this report, their principal occupations during the last five years and the month and year in which they became directors or officers. The term of each director expires on the date of our next annual meeting.

**Name, Province/State and Country of Residence and Present Position with Portage (1)**

**Date became Director/Officer**

**Principal Occupation Last five years**

 

 

 

Dr. Gregory Bailey (2) 

London, UK

Chairman of the Board of Director

June 4, 2013

See brief biography below

 

 

 

Dr. Declan Doogan

Stonington, CT, USA

Chief Executive Officer and Director

June 4, 2013

See brief biography below

 

 

 

Mr. Jim Mellon (2) (3)

Isle of Man

Director

June 4, 2013

See brief biography below

 

 

 

Mr. Kam Shah (2)

Ontario, Canada

Director and Chief Financial Officer

January 3, 1999

May 17, 2004 - June 4, 2013 - Chief Executive Officer of Bontan, 

March 9, 2010 till July 15, 2015 -director and CFO of ZD Ventures Corporation

(1)

Neither age nor date of birth of directors or executive officers is required to be reported in our home country nor otherwise publicly disclosed.

(2)

Member of the Audit and Compensation Committee. Mr. Jim Mellon is the Chair of this Committee.

(3)

Independent directors

29

The following are short biographies of our directors and executive officers:

**Gregory Bailey M.D.** is a co-founder and Chief Business Officer of Portage Pharma Ltd. Co-founder of Ascent Healthcare Solutions, the #1 re-processor of used surgical equipment; VirnetX Inc. (VHC: AMEX), internet security; and Duramedic Inc., a medical products company. He is a former financier of Medivation Inc. (MDVN: NASDAQ) and was a director from 2005 to 2012. 

**Declan Doogan M.D.** is the co-founder and Chairman of Portage Pharma Ltd., Previously the CEO and Head of R&D at Amarin Inc. (AMRN:NASDAQ) and the former Head of Worldwide Drug Development at Pfizer Inc. He has held Visiting Professorships at Harvard School of Public Health, Glasgow University Medical School and Kitasato University (Tokyo) and sits on the boards of Pulmonary Vascular Research Institute UK, Sosei (Japan Biotech), Trojantec (UK, oncology) and Spinifex (Melbourne). He continues to provide medical advice to Amarin Inc. 

**Jim Mellon**: co-founder of Portage Pharma Ltd. Jim holds directorships in a number of publicly quoted companies, many of which are in the biopharma sector including Miraculins, Plethora Solutions, and the Summit Corporation. He is also chairman of AIM listed Port Erin Biopharma Investments, a fund specialising in biopharma investments and is the author of the best-selling book “Cracking the Code” which charts the developments within the biotech industry. Jim’s other listed company directorships include chairman of Manx Financial Group and Speymill, co-chairman of both Regent Pacific Group and 

West African Mining Corporation, and a board member of Brazilian Gold Corporation, Charlemagne Capital and Condor Resources.

**Kam Shah** worked with PricewaterhouseCoopers LLP and Ernst & Young. He is a US Certified Public Accountant and a Canadian Chartered Accountant.  He has over fifteen years of international experience in corporate financial analysis, mergers & acquisitions. 

**Family Relationships**

There are no family relationships between the directors and executive officers.

**Other Relationships**

There are no arrangements or understandings between any major shareholder, customer, supplier or others, pursuant to which any of the above-named persons were selected as directors or members of senior management except that as per the terms of the Share Exchange Agreement with Portage Pharma Ltd  dated  May 21, 2013. Board of Director of Portage will nominate Mr. Kam Shah as director for at least three years and Mr. Shah will be employed as CFO for the term of two years and in a mutually acceptable capacity for the third year.

**(B)  COMPENSATION**

The compensation payable to directors and officers of the Company and its subsidiary is summarized below:

**1.  General**

The Company does not compensate directors for acting solely as directors. Except as described below, the Company does not have any arrangements pursuant to which directors are remunerated by the Company or its subsidiary for their services in their capacity as directors, other than options to purchase shares of the Company which may be granted to the Company’s directors from time to time and the reimbursement of direct expenses.

30

The Company does not have any pension plans.

**2.  Statement of Executive Compensation**

The following table and accompanying notes set forth all compensation paid by the Company to its directors, senior management and key consultants for the fiscal years ended March 31, 2015 2014 and 2013. Since the acquisition of Portage Pharma Ltd has been accounted as reverse acquisition, details for the fiscal period 2013  related to Portage pharma Ltd which was incorporated on May 23, 2012.

** **

**ANNUAL COMPENSATION**

**LONG-TERM COMPENSATION**

** **

 

** **

 

 

 

 

**Awards**

**Payouts**

** **

 

**Name and principal position**

**Year**

**Fee (3)**

**Bonus**

**Other**

**annual**

**compensa-**

**tion(6)**

**Securities**

**under**

**options/SA**

**Rs Granted**

**(1) & (4)**

**Shares or**

**units**

**subject to**

**resale**

**restrictions**

**(4)**

**LTIP (2)**

**payouts**

**All other**

**compensa-**

**tion (5)**

**Total compensa-**

**tion**

 

 

($)

($)

($)

$

($)

($)

($)

($)

**Declan Doogan**

 

 

 

 

 

 

 

 

 

CEO

CEO

2015

2014

-

-

 

 

150,391

135,743

-

270,000

 

 

150,391

405,743

CEO

2013

-

 

 

 - 

 

 

- 

- 

 

 

 

 

 

 

 

 

 

 

**Kam Shah**

 

 

 

 

 

 

 

 

 

CFO

CFO

2015

2014

180,000

253,458

 

 

30,078

67,871

 

 

-

210,078

321,329

 

 

 

 

 

 

 

 

 

 

**Gregory Bailey**

 

 

 

 

 

 

 

 

 

Chairman/Business development

Chairman/Business development

2015

2014

120,000

-

 

 

57,968

135,743

-

270,000

 

 

177,968

405,743

Chairman/business development

2013

-

 

 

- 

-

 

 

-

 

 

 

 

 

 

 

 

 

 

**James Mellon**

 

 

 

 

 

 

 

 

 

Independent director

Independent director

2015

2014

-

 

 

23,188

54,297

 

 

 

23,188

54,297

*Notes:*

*1.*

*“SAR” means stock appreciation rights. The Company never issued any SARs*

*2.*

*“LTIP” means long term incentive plan.*

*3.*

*Fee for fiscal 2015 includes 1.5 million shares to Dr. Bailey valued at $ 120,000 and for fiscal 2014  includes issuance of 1 million shares to Mr. Shah valued at $151,000.*

*4.*

*Consists of 1.5 million restricted shares each to Dr. Doogan and Dr. Bailey valued at $270,000 each for services rendered. Restrictive legend can only be removed by either filing a registration statement or seeking exemption under Rule 144 of the Securities Act.*

*5.*

*For fiscal 2015, total of 4.4 million options were issued to four directors- 1 million to Dr. Bailey, 2.5 million to Dr. Doogan, 500,000 to Mr. Shah and 400,000 to Mr. Mellon. These options are valid for five years and convertible into equal number of shares, exercisable at $0.10 per share and vesting in equal monthly instalments over two years. The options were registered with US Securities and Exchange commission on March 17, 2015.   For fiscal 2014, total of 2.9 million options were issued to the directors. One million each to Dr. Doogan and Dr. Bailey, 500,000 to Mr. Shah and 400,000 to Mr. Mellon. . These options are valid for five years and are convertible into equal number of common shares of the Company at an exercise price of $0.20 per common share. The Options were registered with the US Securities and Exchange Commission on December 19, 2013 and will vest in equal instalment over the twelve months ending December 31, 2014.*

31

**Long Term Incentive Plan (LTIP) Awards**

The Company does not have a LTIP, pursuant to which cash or non-cash compensation intended to serve as an incentive for performance (whereby performance is measured by reference to financial performance or the price of the Company’s securities) was paid or distributed to the Named Executive Officers during the most recently completed financial year. 

**Defined Benefit or Actuarial Plan Disclosure**

There is no pension plan or retirement benefit plan that has been instituted by the Company and none are proposed at this time. 

**Indebtedness of Directors, Executive Officers and Senior Officers**

None.

**Directors’ and Officers’ Liability Insurance**

The Company has purchased, at its expense, directors and officers liability insurance policy to provide insurance against possible liabilities incurred by them in their capacity as directors and officers of the Company. 

**(C)  BOARD PRACTICES**

Directors may be appointed at any time in accordance with the by-laws of the Company and then re-elected annually by the shareholders of the Company. Directors receive no compensation for serving as such, other than stock option and reimbursement of direct expenses. Officers are elected annually by the Board of Directors of the Company and serve at the discretion of the Board of Directors.

The Company has not set aside or accrued any amount for retirement or similar benefits to the directors.

**Mandate of the Board**

The Board has adopted a mandate, in which it has explicitly assumed responsibility for the stewardship of Portage. In carrying out its mandate the Board holds at least one meeting every month. The frequency of meetings, as well as the nature of the matters dealt with, will vary from year to year depending on the state of our business and the opportunities or risks, which we face from time to time. The Board held a total of 10 meetings (2014: 12 meetings) , mostly by way of conference calls, during our financial year ended March 31, 2015. Apart from these meetings, directors also held technical meetings with management of subsidiaries on a monthly basis To assist in the discharge of its responsibilities, the Board has designated one standing committee: an Audit and Compensation Committee effective June 27, 2013.as more particularly discussed below.

**Audit and Compensation Committee (“ACC”)**

The members of the ACC consist of Jim Mellon, Greg Bailey and Kam Shah. Jim Mellon and Greg Bailey are the independent directors and Kam Shah is an executive director. Jim Mellon is the chairman of the Committee. The ACC was approved in the board meeting on June 27, 2013. 

Two new Charters were adopted on June 27, 2013 - Charter of the ACC relating to compensation matters and Charter of the ACC relating to Audit matters. These Charters are included in the Exhibits to this report.

32

The ACC relating to audit matters  is charged with overseeing the Company's accounting and financial reporting policies, practices and internal controls. The committee reviews significant financial and accounting issues and the services performed by and the reports of our independent auditors and makes recommendations to our Board of Directors with respect to these and related matters. 

Audit Committee charter assists the Board in fulfilling its responsibilities for our accounting and financial reporting practices by:

·

reviewing the quarterly and annual consolidated financial statements and management discussion and analyses;

·

meeting at least annually with our external auditor;

·

reviewing the adequacy of the system of internal controls in consultation with the chief executive and financial officer;

·

reviewing any relevant accounting and financial matters including reviewing our public disclosure of information extracted or derived from our financial statements;

·

establishing procedures for the receipt, retention and treatment of complaints received by us regarding accounting, internal controls or auditing matters and the confidential, anonymous submission by employees of concerns regarding questionable accounting or auditing matters;

·

pre-approving all non-audit services and recommending the appointment of external auditors; and

·

reviewing and approving our hiring policies regarding personnel of our present and former external auditor 

·

Reviewing and approving all employee and consultants contracts, bonuses and other compensation matters

ACC Charter relating to compensation matters will monitor incentive and equity based compensation plans for the executives based on their periodic performance evaluation.

**Corporate Governance Committee**

The Company does not have a separate corporate governance committee. The management in conjunction with the ACC has developed and updated corporate governance practices and policies, code of ethics and corporate disclosure policy which form part of our internal control over financial reporting manual. The goal is to provide a mechanism that can assist in our operations, including but not limited to, the monitoring of the implementation of policies, strategies and programs and the development, continuing assessment and execution of the Company’s strategic plan.

**(D)  EMPLOYEES**

The Company presently has no  employee. It uses the services of consultants from time to time.

**(E)  SHARE OWNERSHIP**

The Company usually creates a Stock Option Plan. 

As at July 24, 2015, the date of this report, the Company had one active Consultants Stock Compensation Plan and two active Stock Option Plans.  Details of these Plans and movements therein during the fiscal 2015 are given in Notes 6(iv) and 7(b) respectively to the consolidated financial statements for the fiscal 2015.  As of the date of this report, there were 2,561,667 common shares registered under the Consultants Stock Compensation Plan and not yet allotted. On March 17, 2015, the Company registered with US Securities and Exchange Commission, 15,717,579 options under 2013 Option Plan, of which 5.5 million options were issued on March 17, 2015. As at July 24, 2015, the Company had 10,260,000 outstanding options under the Stock Option Plans. In addition, our subsidiaries also had options plans for acquiring equity in subsidiaries for their directors and management.

33

The objective of these stock plans is to provide for and encourage ownership of our common shares by our directors, officers, consultants and employees and those of any subsidiary companies so that such persons may increase their stake in our company and benefit from increases in the value of the common shares. The Plans are designed to be competitive with the benefit programs of other companies in the Biotechnology sector. It is the view of management that the plans are a significant incentive for the directors, officers, consultants and employees to continue and to increase their efforts in promoting our operations to the mutual benefit of both our company and such individuals and also allows us to avail of the services of experienced persons with minimum cash outlay. 

The following table sets forth the share ownership of our executive officers and directors as at July 24, 2015:

 

 

**Common Shares**

**Beneficially Owned**

 

**Options and Warrants Exercisable**

**for Common Shares**

**Name**

 

**Number**

 

**Percentage ***

 

**Number**

 

**Exercise price - in US$**

 

**Expiry date(s)**

Kam Shah

 

2,309,131

 

1%

 

200,000

O

0.35

 

18-Aug-15

 

 

 

 

 

 

500,000

O

0.20

 

12-Dec-18

 

 

 

 

 

 

500,000

O

0.10

 

17-March-20

 

 

 

 

 

 

 

 

 

 

 

Declan Doogan

 

27,711,068

 

11%

 

2,500,000

O

010

 

17-March-20

 

 

 

 

 

 

1,000,000

O

0.20

 

12-Dec-18

 

 

 

 

 

 

 

 

 

 

 

Greg Bailey

 

43,792,021

 

18%

 

1,000,000

O

0.10

 

17-March-20

 

 

 

 

 

 

1,000,000

O

0.20

 

12-Dec-18

 

 

 

 

 

 

 

 

 

 

 

James Mellon

 

40,792,021

 

17%

 

400,000

O

0.10

 

17-March-20

 

 

 

 

 

 

400,000

O

0.20

 

12-Dec-18

* Based on 245,438,894 issued and outstanding common shares at July 24, 2015

O = Options 

All shares and options held by the above persons carry same rights as the other holders of the Common shares of the Company.

**ITEM 7 - MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS**

**(A)  MAJOR SHAREHOLDERS**

The Company's securities are recorded on the books of its transfer agent in registered form. The majority of such shares are, however, registered in the name of intermediaries such as brokerage houses and clearing-houses on behalf of their respective clients. The Company does not have knowledge of all the beneficial owners thereof. 

34

As at July 24, 2015, Intermediaries like CDS & Co, Toronto, Canada and Cede & Co of New York, USA held approximately 34% of the issued and outstanding common shares of the company on behalf of several beneficial shareholders whose individual holdings details were not available. 

At July 24, 2015, the Company had 245,438,894 shares of common stock outstanding, which, as per the details provided by the Transfer Agents, were held by 154 record holders excluding the beneficial shareholders held through the intermediaries. 

The following table sets forth persons known by us to be beneficial owners of more than 5% of our common shares as of July 24, 2015. Beneficial ownership of shares is determined under rules of the SEC and generally includes any shares over which a person exercises sole or shared voting or investment power. Shares subject to options and warrants that are currently exercisable or exercisable within 60 days of the date of this prospectus are deemed to be outstanding and beneficially owned by the person holding the option and warrant.  These shares, however, are not deemed outstanding for the purpose of computing the percentage ownership of any other person. 

**Name of Beneficial Owner**

**No. of Shares**

**Percentage of Shares**

Declan Doogan

29,127,736 (1)

12%

Greg Bailey

44,958,689 (2)

18%

James Mellon

41,258,689 (3)

17%

(1)

Includes 1,416,668 shares issuable upon exercise of vested options

(2)

Includes 1,166,668 shares issuable upon exercise of vested options

(3)

Includes 466,668 shares issuable upon exercise of vested options.

The Company is a publicly owned BVI corporation, the shares of which are owned by Canadian residents, US residents, and residents of other countries. The Company is not owned or controlled directly or indirectly by another corporation or any foreign government. There are no arrangements, known to the Company, the operation of which may at a subsequent date result in a change of control of the Company. 

***Insider Reports under Canadian Securities Legislation***

 

Since the Company is  a reporting issuer under the Securities Acts of each of the province of Ontario in Canada, certain "insiders" of the Company (including its directors, certain executive officers, and persons who directly or indirectly beneficially own, control or direct more than 10% of its common shares) are generally required to file insider reports of changes in their ownership of the Company's common shares five days following the trade under National Instrument 55-104 - Insider Reporting Requirements and Exemptions, as adopted by the Canadian Securities Administrators. Insider reports must be filed electronically five days following the date of the trade at www.sedi.ca. The public is able to access these reports at www.sedi.ca.

 

The U.S. rules governing the ownership threshold above which shareholder ownership must be disclosed are more stringent than those discussed above. Section 13 of the Exchange Act imposes reporting requirements on persons who acquire beneficial ownership (as such term is defined in the Rule 13d-3 under the Exchange Act) of more than 5 per cent of a class of an equity security registered under Section 12 of the Exchange Act. In general, such persons must file, within 10 days after such acquisition, a report of beneficial ownership with the Securities and Exchange Commission containing the information prescribed by the regulations under Section 13 of the Exchange Act. This information is also required to be sent to the issuer of the securities and to each exchange where the securities are traded.

35

**(B) RELATED PARTY TRANSACTIONS**

Transactions with related parties are incurred in the normal course of business and are measured at the exchange amount, which is the amount of consideration established and agreed to between the related parties. Related party transactions and balances have been listed below, unless they have been disclosed elsewhere in the consolidated financial statements for the year ended March 31, 2015. 

(i)

Business expenses of $6,145 (2014:  $12,786, May 23, 2012 to March 31, 2013: $nil) were reimbursed to directors of the Company.5

(ii)

Consulting fees include cash fee paid to key management for services of $ 180,000 (2014: $102,458, May 23, 2012 to March 31, 2013 : $nil) .

**(C) INTERESTS OF EXPERTS AND COUNSEL**

Not applicable.

**ITEM 8 - FINANCIAL INFORMATION**

**(A)  CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION**

**Financial Statements**

Information regarding our financial statements is contained under Item18 of this Annual Report. 

**Legal Proceedings**

The Company has no pending legal claims as of today.

**Dividend Policy**

Since its incorporation, the Company has not declared or paid, and has no present intention to declare or to pay in the foreseeable future, any cash dividends with respect to its Common Shares. Earnings will be retained to finance further growth and development of the business of the Company. However, if the Board of Directors declares dividends; all Common Shares will participate equally in the dividends, and, in the event of liquidation, in the net assets, of the Company. 

**(B)  SIGNIFICANT CHANGES**

Subsequent events have been evaluated through July 24, 2015, the date of this report. Major event detailed in note 15 to the consolidated financial statements for the year ended March 31, 2015 was raising of approximately $ 5.2 million through a private placement.

**ITEM 9 - THE OFFER AND LISTING**

**(A)  OFFER AND LISTING DETAILS**

The following tables set forth the reported high and low sale prices for our common shares as quoted on OTC Markets and on Canadian Securities Exchange (CSE) , where the Company’s shares got listed and began trading effective October 28, 2013.

36

The following table outlines the annual high and low market prices for the five most recent fiscal years: 

**Fiscal year ended March 31,**

**High**

**Low**

 

**OTC**

**CSE**

**OTC**

**CSE**

 

In US$

2015

0.18

0.24

0.07

0.08

2014

0.42

0.22

0.06

0.13

2013

0.16

n/a

0.01

n/a

2012

0.18

n/a

0.02

n/a

2011

0.40

n/a

0.07

n/a

The following table outlines the high and low market prices for each fiscal financial quarter for the two most recent fiscal periods and any subsequent period:

**Fiscal quarter ended**

**High**

**Low**

 

**OTC**

**CSE**

**OTC**

**CSE**

 

In US$

June 30, 2015

0.31

0.32

0.08

0.08

March 31, 2015

0.14

0.14

0.07

0.08

December 31, 2014

0.15

0.14

0.01

0.08

September 30, 2014

0.18

0.24

0.08

0.09

June 30, 2014

0.12

0.13

0.09

0.09

March 31, 2014

0.23

0.22

0.08

0.13

December 31, 2013

0.30

n/a

0.16

n/a

September 30, 2013

0.38

n/a

0.22

n/a

June 30, 2013

0.42

n/a

0.15

n/a

The following table outlines the high and low market prices for each of the most recent six months: 

**Month**

**High**

**Low**

 

**OTC**

**CSE**

**OTC**

**CSE**

 

In US$

June 2015

0.31

0.32

0.13

0.13

May 2015

0.13

0.13

0.09

0.08

April 2015

0.12

0.12

0.08

0.08

March 2015

0.12

0.10

0.08

0.08

February 2015

0.13

0.10

0.07

0.10

January 2015

0.14

0.14

0.09

0.09

**(B)  PLAN OF DISTRIBUTION**

Not applicable.

**(C)  MARKETS**

The Company’s common shares currently trade in two places

On OTC Quotation Board under the trading symbol “PTGEF”. The shares have been traded on OTCQB since 2000.

37

Effective October 28, 2013, the Company’s shares are also listed for trading in US currency on the Canadian Securities Exchange (formerly, Canadian National Stock Exchange) under the symbol “PBT.U”.

**(D)  SELLING SHAREHOLDERS**

Not applicable.

**(E)  DILUTION**

Not applicable.

**(F)  EXPENSES OF THE ISSUE**

Not applicable.

**ITEM 10 - ADDITIONAL INFORMATION**

**(A)  SHARE CAPITAL**

This Form 20F is being filed as an Annual Report under the Exchange Act and, as such, there is no requirement to provide any information under this section.

**(B)  MEMORANDUM AND ARTICLES OF ASSOCIATION**

**General**

Effective July 5, 2013, The Company moved its jurisdiction from Ontario to British Virgin Islands.  our affairs are therefore governed by the provisions of our memorandum of association and articles of association, as adopted on becoming a BVI corporation, and by the provisions of applicable British Virgin Islands law. 

Pursuant to our Memorandum and Articles of Association, we are authorized to issue a unlimited number of ordinary shares of no par value of which 180,775,790 shares are issued and outstanding. 

The following are summaries of material terms and provisions of our Memorandum and Articles of Association and the BVI Act, insofar as they relate to the material terms of our ordinary shares. Unless otherwise stated, the following summaries are of the terms of our shares as of the date of this annual report. This summary is not intended to be complete, and you should read the form of our Memorandum and Articles of Association, which has been filed as an exhibits to this report. 

**Meetings of shareholders**

If our shareholders want us to hold a meeting of shareholders of the company, they may requisition the directors to hold one upon the written request of shareholders entitled to exercise at least 10% of the voting rights in respect of the matter for which the meeting is requested. Under British Virgin Islands law, we may not increase the required percentage to call a meeting above 10%. However, this can be increased up to 30% provided the Memorandum and Articles of Association are amended.

38

Subject to our Memorandum and Articles of Association, a meeting of shareholders of the company will be called by not less than twenty one days' written notice. Notice of every meeting of shareholders may be delivered electronically and will be given to all of our shareholders. However, the inadvertent failure of the convener or conveners of a meeting of shareholders to give notice of the meeting to a shareholder, or the fact that a shareholder has not received the notice, does not invalidate the meeting. 

A meeting may be called by shorter notice than that mentioned above, but, subject to our articles of association, it will be deemed to have been duly called if shareholders holding at least 90% of the total voting rights on all the matters to be considered at the meeting have waived notice of the meeting and, for this purpose, the presence of a shareholder at the meeting shall constitute a waiver in relation to all the shares which that shareholder holds. 

A meeting of shareholders is duly constituted if, at the commencement of the meeting, there are present in person or by proxy two or more shareholders entitled to vote at the meeting. Shareholders. 

***Rights attaching to shares***

**Voting rights**

Holders of our ordinary shares have identical rights, including dividend and liquidation rights, provided that, except as otherwise expressly provided in our Amended Memorandum and Articles of Association or required by applicable law, on any matter that is submitted to a vote of our shareholders, holders of our ordinary shares are entitled to one vote per ordinary share.

Under the BVI Act, the ordinary shares are deemed to be issued when the name of the shareholder is entered in our register of members. Our register of members is maintained by our transfer agent, Equity Transfer Services Inc., which enters the names of our shareholders in our register of members. If (a) information that is required to be entered in the register of shareholders is omitted from the register or is inaccurately entered in the register, or (b) there is unreasonable delay in entering information in the register, a shareholder of the company, or any person who is aggrieved by the omission, inaccuracy or delay, may apply to the British Virgin Islands courts for an order that the register be rectified, and the court may either refuse the application or order the rectification of the register, and may direct the company to pay all costs of the application and any damages the applicant may have sustained. 

Subject to any rights or restrictions attached to any shares, at any general meeting on a show of hands every shareholder of record who is present in person (or, in the case of a shareholder being a corporation, by its duly authorized representative) or by proxy shall have one vote and on a poll every shareholder present in person (or, in the case of a shareholder being a corporation, by its duly appointed representative) or by proxy shall have one vote for each share which such shareholder is the holder. Voting at any meeting of the shareholders is by show of hands unless a poll is demanded. A poll may be demanded by shareholders present in person or by proxy if the shareholder disputes the outcome of the vote on a proposed resolution and the chairman shall cause a poll to be taken. 

No shareholder shall be entitled to vote or be reckoned in a quorum, in respect of any share, unless such shareholder is registered as our shareholder at the applicable record date for that meeting. Shareholders of record may also pass written resolutions without a meeting. 

39

**Protection of minority shareholders**

Under the laws of the British Virgin Islands, there is little statutory law for the protection of minority shareholders other than the provisions of the BVI Act dealing with shareholder remedies. The principal protection under statutory law is that shareholders may bring an action to enforce the BVI Act or the constituent documents of the corporation, our Memorandum and Articles of Association. Shareholders are entitled to have our affairs conducted in accordance with the BVI Act and the Memorandum and Articles of Association. 

There are common law rights for the protection of shareholders that may be invoked, largely dependent on English company law, since the common law of the British Virgin Islands is limited. Under the general rule pursuant to English company law known as the rule in Foss v. Harbottle, a court will generally refuse to interfere with the management of a company at the insistence of a minority of its shareholders who express dissatisfaction with the conduct of the company's affairs by the majority or the board of directors. However, every shareholder is entitled to have the affairs of the company conducted properly according to British Virgin Islands law and the constituent documents of the company. As such, if those who control the company have persistently disregarded the requirements of company law or the provisions of the company's Memorandum and Articles of Association, then the courts may grant relief. Generally, the areas in which the courts will intervene are the following: (1) an act complained of which is outside the scope of the authorized business or is illegal or not capable of ratification by the majority; (2) acts that constitute fraud on the minority where the wrongdoers control the company; (3) acts that infringe or are about to infringe on the personal rights of the shareholders, such as the right to vote; and (4) where the company has not complied with provisions requiring approval of a special or extraordinary majority of shareholders, which are more limited than the rights afforded minority shareholders under the laws of many states in the U.S. 

**Pre-emption rights**

British Virgin Islands law does not make a distinction between public and private companies and some of the protections and safeguards (such as statutory pre-emption rights, save to the extent that they are expressly provided for in the Memorandum and Articles of Association) that investors may expect to find in relation to a public company are not provided for under British Virgin Islands law. There are no pre-emption rights applicable to the issuance of new shares under either British Virgin Islands law or our Amended Memorandum and Articles of Association. 

**Liquidation rights**

As permitted by British Virgin Islands law and our Memorandum and Articles of Association, we may be voluntarily liquidated under Part XII of the BVI Act if we have no liabilities or we are able to pay our debts as they fall due and the value of our assets equals or exceeds our liabilities by resolution of directors and resolution of shareholders. 

**Modification of rights**

As permitted by British Virgin Islands law, and our Memorandum and Articles of Association, we may vary the rights attached to our ordinary shares only with the consent in writing of or by a resolution passed at a meeting by the holders of not less than 50% of the issued shares of a particular class of shares

40

**Transfer of shares**

Subject to any applicable restrictions set forth in our Memorandum and Articles of Association, any of our shareholders may transfer all or any of his or her shares by a written instrument of transfer in the usual or common form or in any other form which our directors may approve. 

Our directors can only refuse or delay the registration of a transfer of shares if the transferor has failed to pay an amount due in respect of those shares.

**Changes in authorized ordinary shares**

By resolution of our shareholders or resolution of our directors we may (i) consolidate and divide all or any of our unissued authorized shares into shares of larger amount than our existing shares; (ii) sub-divide our existing ordinary shares, or any of them into shares of smaller amount than is fixed by our memorandum of association, subject nevertheless to the provisions of the BVI Act; (iii) cancel any ordinary shares which, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person; or (iv) create new classes of shares with preferences to be determined by the board of directors at the time of authorization, although any such new classes of shares may only be created with prior shareholder approval. 

**Share repurchase**

As permitted by the BVI Act and our Memorandum and Articles of Association, shares may be repurchased, redeemed or otherwise acquired by us. 

**Dividends**

Subject to the BVI Act and our Memorandum and Articles of Association, our directors may, by resolution, authorize a distribution to shareholders at such time and of such an amount as they think fit, if they are satisfied, on reasonable grounds, that, immediately after the distribution, we will satisfy the 'solvency test'. A company will satisfy the solvency test if (i) the value of the company's assets exceeds its liabilities; and (ii) the company is able to pay its debts as they fall due. Where a distribution is made to a shareholder at a time when the company did not, immediately after the distribution, satisfy the solvency test, it may be recovered by the company from the shareholder unless (i) the shareholder received the distribution in good faith and without knowledge of the company's failure to satisfy the solvency test; (ii) the shareholder has altered his position in reliance on the validity of the distribution; and (iii) it would be unfair to require repayment in full or at all. 

**Untraceable shareholders**

 

We are entitled to sell any shares of a shareholder who is untraceable, as long as:

·

all checks, not being less than three in total number, for any sums payable in cash to the holder of such shares have remained uncashed for a period of 12 years; 

·

we have not during that time or before the expiry of the three-month period referred to in the following point received any indication of the existence of the shareholder or person entitled to such shares by death, bankruptcy or operation of law; and 

·

upon expiration of the twelve-year period, we have caused an advertisement to be published in newspapers, giving notice of our intention to sell these shares, and a period of three months or such shorter period has elapsed since the date of such advertisement. 

41

The net proceeds of any such sale shall belong to us, and when we receive these net proceeds we shall become indebted to the former shareholder for an amount equal to such net proceeds. 

**Board of directors**

We are managed by a board of directors which currently consists of four directors.

Our shareholders may, pursuant to our Memorandum and Articles of Association, at any time remove any director before the expiration of his or her period of office with or without cause, and may, pursuant to our Memorandum and Articles of Association, elect another person in his or her stead. Subject to our Memorandum and Articles of Association, the directors will have power at any time and from time to time to appoint any person to be a director, either as an addition to the existing directors or to fill a vacancy as long as the total number of directors (exclusive of alternate directors) does not at any time exceed the maximum number fixed by or in accordance with our Amended Memorandum and Articles of Association (if any) and one third time the number of directors to have been elected at the last annual meeting of shareholders. 

There are no share ownership qualifications for directors, unless otherwise decided by a resolution of shareholders.

Meetings of our board of directors may be convened at any time deemed necessary by any of our directors. 

Unless the quorum has been otherwise fixed by the board,  a meeting of our board of directors will be competent to make lawful and binding decisions if at least one half of the directors are present or represented. Unless there are only two directors, in which case, the quorum shall be two. At any meeting of our directors, each director, whether by his or her presence or by his or her alternate, is entitled to one vote. 

Questions arising at a meeting of our board of directors are required to be decided by simple majority votes of the directors present or represented at the meeting. In the case of a tie vote, the chairman of the meeting shall not have a second or deciding vote. Our board of directors may also pass written resolutions without a meeting by a majority vote.

The remuneration to be paid to the directors shall be such remuneration as the directors or shareholders shall determine through a resolution. Under our Memorandum and Articles of Association, the independent directors shall also be entitled to reimbursement of out-of-pocket expenses in connection with the performance of their duties as director. 

**Issuance of additional ordinary shares**

Our Memorandum and Articles of Association authorize our board of directors to issue additional ordinary shares from time to time as our board of directors shall determine, to the extent of available authorized but unissued shares. 

Our Memorandum and Articles of Association authorize our board of directors from time to time to issue ordinary shares to the extent permitted by the BVI Act. 

42

**Changes in authorized shares**

We are authorized to issue unlimited number of  ordinary shares without par value,  which will be subject to the same provisions with reference to the payment of calls, liens, transfers, transmissions, forfeitures and otherwise as the shares in issue. We may by resolution:

·

consolidate and divide all or any of our unissued authorized shares into shares of a larger amount than our existing shares; 

·

sub-divide our existing ordinary shares, or any of them into shares of smaller amount than is fixed by our memorandum of association, subject nevertheless to the provisions of the BVI Act; 

·

•cancel any ordinary shares that, at the date of the passing of the resolution, have not been taken or agreed to be taken by any person; or 

·

create new classes of shares with preferences to be determined by the board of directors at the time of authorization, although any such new classes of shares may only be created with prior shareholder approval. 

**Inspection of books and records**

Under British Virgin Islands law holders of our ordinary shares will be entitled, on giving written notice to us, to inspect and make copies or take extracts of our: (a)  Memorandum and Articles of Association; (b) register of shareholders; (c) register of directors; and (d) minutes of meetings and resolutions of shareholders and those classes of shareholders of which he is a shareholder. 

Subject to our Memorandum and Articles of Association, our board of directors may, if they are satisfied that it would be contrary to our interest to allow a shareholder to inspect any document, or part of a document as referenced above, refuse to permit the shareholder to inspect the document or limit the inspection of the document, including limiting the making of copies or the taking of extracts from the records. Where our directors exercise their powers in these circumstances, they shall notify the shareholder as soon as reasonably practicable. 

**Differences in corporate law**

We are incorporated under, and are governed by, the laws of the British Virgin Islands. The flexibility available under British Virgin Islands law has enabled us to adopt the memorandum and articles of association that will provide shareholders with rights that do not vary in any material respect from those they enjoyed under the Ontario Companies laws. 

**Conflicts of interest**

Pursuant to the BVI Act and the company's memorandum and articles of association, a director of a company who has an interest in a transaction and who has declared such interest to the other directors, may:

·

vote on a matter relating to the transaction; 

·

attend a meeting of directors at which a matter relating to the transaction arises and be included among the directors present at the meeting for the purposes of a quorum; and 

·

sign a document on behalf of the company, or do any other thing in his capacity as a director, that relates to the transaction. 

43

**Anti-money laundering laws**

In order to comply with legislation or regulations aimed at the prevention of money laundering we are required to adopt and maintain anti-money laundering procedures, and may require subscribers to provide evidence to verify their identity. Where permitted, and subject to certain conditions, we may also delegate the maintenance of our anti-money laundering procedures (including the acquisition of due diligence information) to a suitable person. 

We reserve the right to request such information as is necessary to verify the identity of a subscriber. In the event of delay or failure on the part of the subscriber in producing any information required for verification purposes, we may refuse to accept the application, in which case any funds received will be returned without interest to the account from which they were originally debited. 

If any person resident in the British Virgin Islands knows or suspects that another person is engaged in money laundering or terrorist financing and the information for that knowledge or suspicion came to their attention in the course of their business, the person will be required to report his belief or suspicion to the Financial Investigation Agency of the British Virgin Islands, pursuant to the Proceeds of Criminal Conduct Act 1997 (as amended). Such a report shall not be treated as a breach of confidence or of any restriction upon the disclosure of information imposed by any enactment or otherwise. 

**Duties of directors**

British Virgin Islands law provides that every director of the company in exercising his powers or performing his duties shall act honestly and in good faith and in what the director believes to be in the best interests of the company. Additionally, the director shall exercise the care, diligence, and skill that a reasonable director would exercise in the same circumstances taking into account the nature of the company, the nature of the decision and the position of the director and his responsibilities. In addition, British Virgin Islands law provides that a director shall exercise his powers as a director for a proper purpose and shall not act, or agree to the company acting, in a manner that contravenes British Virgin Islands law or the memorandum and articles of association of the company. 

**Anti-takeover provisions**

The BVI Act does not prevent companies from adopting a wide range of defensive measures, such as staggered boards, blank check preferred shares, removal of directors only for cause and provisions that restrict the rights of shareholders to call meetings and submit shareholder proposals. 

Interested directors 

The BVI Act provides that a director shall, after becoming aware that he is interested in a transaction entered into or to be entered into by the company, disclose that interest to the board of directors of the company. The failure of a director to disclose that interest does not affect the validity of a transaction entered into by the director or the company, so long as the director's interest was disclosed to the board prior to the company's entry into the transaction or was not required to be disclosed (for example where the transaction is between the company and the director himself or is otherwise in the ordinary course of business and on the usual terms and conditions). As permitted by British Virgin Islands law and our Memorandum and Articles of Association, a director interested in a particular transaction may vote on it, attend meetings at which it is considered, and sign documents on our behalf which relate to the transaction. 

44

**Voting rights and quorum requirements**

Under British Virgin Islands law, the voting rights of shareholders are regulated by the company's Memorandum and Articles of Association and, in certain circumstances, the BVI Act. The articles of association will govern matters such as quorum for the transaction of business, rights of shares, and majority votes required to approve any action or resolution at a meeting of the shareholders or board of directors. Unless the articles of association otherwise provide, the requisite majority is usually a simple majority of votes cast. Under the M&A, a resolution of shareholders requires a majority vote of those persons voting at a meeting or in the case of a written resolution of shareholders, the vote of a majority of the shareholders.

**Mergers and similar arrangements**

Under the BVI Act, two or more companies may merge or consolidate in accordance with the statutory provisions. A merger means the merging of two or more constituent companies into one of the constituent companies, and a consolidation means the uniting of two or more constituent companies into a new company. In order to merge or consolidate, the directors of each constituent company must approve a written plan of merger or consolidation which must be authorized by a resolution approved at a duly convened and constituted meeting of the shareholders of the Company by the affirmative vote of a majority of the votes of the shares entitled to vote thereon which were present at the meeting and voted, or a resolution consented to in writing by the same number of the votes of the Shares entitled to vote thereon. 

Shareholders not otherwise entitled to vote on the merger or consolidation may still acquire the right to vote if the plan or merger or consolidation contains any provision which, if proposed as an amendment to the memorandum of amended association and articles of association, would entitle them to vote as a class or series on the proposed amendment. In any event, all shareholders must be given a copy of the plan of merger or consolidation irrespective of whether they are entitled to vote at the meeting or consent to the written resolution to approve the plan of merger or consolidation. 

**Shareholder suits**

We are not aware of any reported class action or derivative action having been brought against the company in a British Virgin Islands court. 

 

Under the BVI Act, if a company or a director of a company engages in, or proposes to engage in, conduct that contravenes the BVI Act or the memorandum of association or articles of the company, the BVI Court may, on the application of a shareholder or a director of the company, make an order directing the company or director to comply with, or restraining the company or director from engaging in that conduct. 

In addition, under the BVI Act, the BVI Court may, on the application of a shareholder of a company, grant leave to that shareholder to bring proceedings in the name and on behalf of that company or to intervene in proceedings to which the company is a party for the purpose of continuing, defending or discontinuing the proceedings on behalf of the company. In determining whether to grant leave for such derivative actions, the Court must take into account certain matters, including whether the shareholder is acting in good faith, whether the derivative action is in the interests of the company taking account of the views of the company's directors on commercial matters and whether an alternative remedy to the derivative claim is available. 

45

A shareholder of a company may bring an action against the company for breach of a duty owed by the company to him as a shareholder. The BVI Act also includes provisions for actions based on oppression, and for representative actions where the interests of the claimant are substantially the same as those of other shareholders. 

**Corporate governance**

British Virgin Islands laws do not restrict transactions with directors, requiring only that directors exercise a duty to act honestly, in good faith and in what the directors believe to be in the best interests to the companies for which they serve. 

**Indemnification**

British Virgin Islands law does not limit the extent to which a company's articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the British Virgin Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. Our articles of association provide for the indemnification of our directors against all losses or liabilities incurred or sustained by him or her as a director of our company in defending any proceedings, whether civil or criminal and this indemnity only applies if he or she acted honestly and in good faith with a view to our best interests and, with respect to any criminal action, he or she must have had no reasonable cause to believe his or her conduct was unlawful. 

Insofar as indemnification for liabilities arising under the Securities Act may be permitted for directors, officers or persons controlling us under the foregoing provisions, we have been advised that, in the opinion of the U.S. Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act and therefore is unenforceable. 

**Staggered board of directors**

The BVI Act does not contain statutory provisions that require staggered board arrangements for a British Virgin Islands company and our articles of association do not provide for a staggered board. 

**(C)  MATERIAL CONTRACTS**

The Company had no material contract, other than contracts entered into in the ordinary course of business, to which we or any of our subsidiaries is a party, for the year immediately preceding the filing of this report.

**(D)  EXCHANGE CONTROLS**

There is no income or other tax of the British Virgin Islands imposed by withholding or otherwise on any payment to be made by us. 

We are free to acquire, hold and sell foreign currency and securities without restriction. There is no exchange control legislation under British Virgin Islands law and accordingly there are no exchange control regulations imposed under British Virgin Islands law that would prevent us from paying dividends to shareholders in United States Dollars or any other currencies, and all such dividends may be freely transferred out of the British Virgin Islands, clear of any income or other tax of the British Virgin Islands imposed by withholding or otherwise without the necessity of obtaining any consent of any government or authority of the British Virgin Islands. 

46

**(E)  TAXATION**

***British Virgin Islands Tax Consequences***

Under the law of the British Virgin Islands as currently in effect, a holder of shares of the Company who is not a resident of the British Virgin Islands is not liable for British Virgin Islands income tax on dividends paid with respect to the shares of the Company, and all holders of securities of the Company are not liable to the British Virgin Islands for income tax on gains realized on the sale or disposal of such securities. The British Virgin Islands does not impose a withholding tax on dividends paid by a company incorporated or re-registered under the BCA. 

There are no capital gains, gift or inheritance taxes levied by the British Virgin Islands on companies incorporated or re-registered under the BCA. In addition, securities of companies incorporated or re-registered under the BCA are not subject to transfer taxes, stamp duties or similar charges. 

There is no income tax treaty or convention currently in effect between (i) the United States and the British Virgin Islands or (ii) Canada and the British Virgin Islands, although a Tax Information Exchange Agreement is in force between the United States and the BVI and Canada and the BVI

***U.S. Federal Income Tax Consequences***

The following discussion sets forth the material U.S. federal income tax consequences to U.S. Holders (as defined below) of owning, and disposing of our ordinary shares as of the date hereof. This discussion is not a complete analysis or listing of all of the possible tax consequences and does not address all tax considerations that may be relevant to investors in light of their particular circumstances. This summary applies only to U.S. Holders that hold Class A ordinary shares as capital assets for U.S. federal income tax purposes (generally, property held for investment), and it does not describe all of the U.S. federal income tax consequences that may be relevant to U.S. Holders subject to special rules, such as:

·

banks and other financial institutions; 

·

insurance companies; 

·

regulated investment companies; 

·

real estate investment trusts; 

·

dealers and traders in securities that use mark-to-market accounting for U.S. federal income tax purposes; 

·

U.S. Holders holding Class A ordinary shares as part of a hedging transaction, straddle, conversion transaction or other integrated transaction; 

·

U.S. Holders whose functional currency for U.S. federal income tax purposes is not the U.S. dollar; 

·

U.S. Holders liable for the alternative minimum tax; 

·

tax-exempt organizations or entities, including an "individual retirement account" or "Roth IRA" as defined in Section 408 or 408A of the Code, respectively; 

·

U.S. Holders that received the Class A ordinary shares as compensation for the performance of services; 

·

U.S. Holders holding Class A ordinary shares that own or are deemed to own 10% or more of the voting shares of the Company; or 

·

former citizens and residents of the United States subject to tax as expatriates. 

47

This summary is based on the Internal Revenue Code of 1986, as amended (the "Code"), administrative pronouncements, judicial decisions and final, temporary and proposed Treasury regulations, all as currently in effect and available. These authorities are subject to change, possibly with retroactive effect. U.S. Holders should consult their own tax advisers concerning the U.S. federal, state, local, and foreign tax consequences of owning and disposing of Class A ordinary shares in their particular circumstances. 

For purposes of this summary, a "U.S. Holder" is a beneficial owner of ordinary shares who is, for U.S. federal income tax purposes:

·

a citizen or individual resident of the United States; 

·

a corporation, or other entity taxable as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States, any state thereof or the District of Columbia; 

·

an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or 

·

a trust that (1) is subject to the primary supervision of a U.S. court and one or more U.S. persons that have the authority to control all substantial decisions of the trust or (2) has a valid election in effect under applicable Treasury regulations to be treated as a U.S. person.

If a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) holds the ordinary shares, the tax treatment of a partner in such partnership generally will depend upon the status of the partner and upon the activities of the partnership. Prospective investors who are partners in a partnership should consult their tax advisers as to the particular U.S. federal income tax consequences of owning and disposing of Class A ordinary shares in their particular circumstances. 

Unless otherwise indicated, this discussion assumes that the Company is not, and will not become, a "passive foreign investment company," or a PFIC, for U.S. federal income tax purposes. Further, this summary does not address the U.S. federal estate and gift, state, local or non-U.S. tax consequences to U.S. Holders of owning, and disposing of Class A ordinary shares. Prospective investors should consult their own tax advisors regarding the U.S. federal, state and local, as well as non-U.S. income and other tax consequences of owning and disposing of Class A ordinary shares in their particular circumstances. 

***Taxation of distributions***

Distributions paid on ordinary shares will be treated as dividends to the extent paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Such dividends paid to a U.S. Holder with respect to ordinary shares generally will be taxable as ordinary income at the time of receipt by a U.S. Holder. Distributions in excess of our current and accumulated earnings and profits will be treated first as a non-taxable return of capital, thereby reducing such U.S. Holder's adjusted tax basis in ordinary shares (but not below zero), and thereafter as either long-term or short-term capital gain depending upon whether the U.S. Holder has held ordinary shares for more than one year as of the time such distribution is received. Because we do not maintain calculations of our earnings and profits under U.S. federal income tax principles, it is expected that distributions generally will be reported to U.S. Holders as dividends. Distributions of additional ordinary shares to U.S. Holders that are part of a pro rata distribution to all of our shareholders generally will not be subject to U.S. federal income tax. The amount of any distribution of property other than cash will be the fair market value of such property on the date of distribution. As used below, the term "dividend" means a distribution that constitutes a dividend for U.S. federal income tax purposes.

48

With respect to non-corporate U.S. Holders, dividends received may be subject to reduced rates of taxation provided that our ordinary shares are readily tradable on a qualifying U.S. securities market and that (i) such U.S. Holder holds such ordinary shares for 61 days or more during the 121-day period beginning on the date which is 60 days before the date on which such shares become ex-dividend with respect to such dividends and (ii) the U.S. Holder is not under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to existing or substantially similar or related property. Our ordinary shares currently trade on the OTCQB and are also listed and traded on Canadian Securities Exchange, which may be treated as a qualifying securities market. However, there is no assurance that our ordinary shares will remain "readily tradable" and, additionally, such reduced rate will not apply if we are a PFIC for the taxable year in which we pay a dividend or were a PFIC for the preceding taxable year. 

Dividends received on the ordinary shares will be treated as foreign source income and will not be eligible for the dividends-received deduction generally allowed to U.S. corporations under the Code. 

***Sale or other taxable disposition of shares***

For U.S. federal income tax purposes, gain or loss realized on the sale or other taxable disposition of ordinary shares will be capital gain or loss, and will be long-term capital gain or loss if a U.S. Holder held ordinary shares for more than one year. Non-corporate U.S. Holders may be eligible for preferential rates of U.S. federal income tax in respect of long-term capital gains. The deductibility of capital losses is subject to limitations under the Code. 

The amount of the gain or loss realized will be equal to the difference between a U.S. Holder's adjusted tax basis in the ordinary shares disposed of and the amount realized on the sale or other taxable disposition. A U.S. Holder's initial tax basis in its ordinary shares will be the amount paid for ordinary shares. Such gain or loss generally will be U.S.-source gain or loss for U.S. foreign tax credit purposes. 

***Passive foreign investment company considerations***

Special U.S. federal income tax rules apply to U.S. persons owning shares of a PFIC. A non-U.S. corporation will be classified as a PFIC in any taxable year in which, either:

·

at least 75% of its gross income is "passive income"; or 

·

at least 50% of the average quarterly value of its total gross assets (which may be determined, in part, by the market value of our ordinary shares, which is subject to change) is attributable to assets that produce "passive income" or are held for the production of passive income. 

Passive income for this purpose generally includes, among other things, dividends, interest, royalties, rents and gains from commodities (other than gains that arise out of commodity hedging transactions, or that are foreign currency gains attributable to any section 988 transactions, or gains from commodities sold in an active trade or business) and securities transactions. If a non-United States corporation owns at least 25% by value of the stock of another corporation, the non-United States corporation is treated for purposes of the PFIC tests as owning its proportionate share of the assets of the other corporation and as receiving directly its proportionate share of the other corporation's income. 

49

Based on our financial statements, relevant market data and the projected composition of our income and the valuation of our assets, we do not expect to be a PFIC for the taxable year ending March 31, 2015. Because PFIC status is based on our income, assets and activities for the entire taxable year, it is not possible to determine whether we will be characterized as a PFIC for the 2015 taxable year until after the close of the year. Moreover, we must determine our PFIC status annually based on tests which are factual in nature, and our status in future years will depend on our income, assets and activities in those years. In addition, because the market price of our ordinary shares is likely to fluctuate and because that market price may affect the determination of whether we will be considered a PFIC, there can be no assurance that we will not be considered a PFIC for any taxable year. 

If, however, we were a PFIC for any taxable year during which a U.S. Holder held ordinary shares, gain recognized by a U.S. Holder upon a disposition (including, under certain circumstances, a pledge) of ordinary shares would be allocated ratably over the U.S. Holder's holding period for such shares. The amounts allocated to the taxable year of disposition and to years before we became a PFIC would be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest rate in effect for that taxable year for individuals or corporations, as appropriate, and an interest charge would be imposed on the tax attributable to the allocated amount. Further, to the extent that any distribution received by a U.S. Holder on ordinary shares exceeds 125% of the average of the annual distributions on such shares received during the preceding three years or the U.S. Holder's holding period, whichever is shorter, that distribution would be subject to taxation in the same manner as gain, described immediately above. Certain elections may be available that would result in alternative treatments (such as mark-to-market treatment) of ordinary shares. We do not intend to provide information necessary for U.S. Holders to make qualified electing fund elections if, contrary to our expectation, we are classified as a PFIC. U.S. Holders should consult their tax advisers to determine whether any of these elections would be available and if so, what the consequences of the alternative treatments would be in their particular circumstances. 

If we are determined to be a PFIC, the general tax treatment for U.S. Holders described in this paragraph would apply to indirect distributions and gains deemed to be realized by U.S. Holders in respect of any of our subsidiaries that also may be determined to be PFICs. 

If a U.S. Holder owns ordinary shares during any year in which the Company is a PFIC, the U.S. Holder generally will be required to file an IRS Form 8621 with respect to the Company, generally, with the U.S. Holder's federal income tax return for that year. If the Company were classified as a PFIC for a given taxable year, then holders should consult their tax advisers concerning their annual filing requirements. 

U.S. Holders should consult their tax advisers regarding whether we are a PFIC and the potential application of the PFIC rules. 

***Medicare tax***

Certain U.S. Holders that are individuals, estates or trusts are subject to a 3.8% tax on all or a portion of their "net investment income," which may include all or a portion of their dividend income and net gains from the disposition of ordinary shares. Each U.S. Holder that is an individual, estate or trust is urged to consult its tax advisors regarding the applicability of the Medicare tax to its income and gains in respect of its investment in the ordinary shares. 

50

***Information reporting and backup withholding***

Payments of dividends and proceeds from the sale or other taxable disposition that are made within the United States or through certain U.S.-related financial intermediaries generally are subject to information reporting, and may be subject to backup withholding, unless (1) the U.S. Holder is a corporation or other exempt recipient or (2) in the case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject to backup withholding. 

The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against a U.S. Holder's U.S. federal income tax liability and may entitle such holder to a refund, provided that the required information is timely furnished to the United States Internal Revenue Service. 

***Foreign asset reporting***

Certain U.S. Holders who are individuals are required to report information relating to an interest in ordinary shares, subject to certain exceptions (including an exception for ordinary shares held in accounts maintained by U.S. financial institutions). U.S. Holders are urged to consult their tax advisors regarding their information reporting obligations, if any, with respect to their ownership and disposition of ordinary shares. 

**(F)  DIVIDEND AND PAYING AGENTS**

Not applicable.

**(G)  STATEMENT BY EXPERTS**

Not applicable. 

**(H)  DOCUMENTS ON DISPLAY**

We are currently subject to the informational requirements of the Exchange Act applicable to foreign private issuers. We fulfill these requirements by filing annual, quarterly and current reports and other information with the SEC, which you can access using the means described above. As a foreign private issuer, we are exempt from the rules under the Exchange Act relating to the furnishing and content of proxy statements, and our officers, directors and principal shareholders will be exempt from the reporting and short swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we are not required under the Exchange Act to file periodic reports and financial statements with the Securities and Exchange Commission as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. However, we are required to file with the Securities and Exchange Commission, within four months after the end of our fiscal year ended March 31, 2014 and each subsequent fiscal year, an annual report on Form 20-F containing financial statements which will be examined and reported on, with an opinion expressed, by an independent public accounting firm. We also intend to file with the Securities and Exchange Commission reports on Form 6-K containing unaudited financial information for the first three quarters of each fiscal year, within 90 days after the end of each quarter. 

51

You may read and copy any document we file with the SEC without charge at the SEC's public reference room at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. You may also obtain copies of the documents at prescribed rates by writing to the Public Reference Section of the SEC at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1 800 SEC 0330 for further information on the public reference room. The SEC also maintains an Internet site that contains reports and other information regarding issuers that file electronically with the SEC. Our filings with the SEC are also available to the public through this web site at http://www.sec.gov. 

**(I)  SUBSIDIARY INFORMATION**

The documents concerning the Company’s subsidiaries referred to in this Annual Report may be inspected at the Company's office at 47 Avenue Road, Suite 200, Toronto, Ontario, Canada, M5R 2G3.

**ITEM 11 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

The Company is exposed in varying degrees to a number of risks arising from financial instruments. Management’s close involvement in the operations allows for the identification of risks and variances from expectations. The Company does not participate in the use of financial instruments to mitigate these risks and has no designated hedging transactions. The Board approves and monitors the risk management processes. The Board’s main objectives for managing risks are to ensure liquidity, the fulfilment of obligations, the continuation of the Company’s search for new business participation opportunities, and limited exposure to credit and market risks while ensuring greater returns on the surplus funds on hand. There were no changes to the objectives or the process from the prior year.

A summary of the Company’s risk exposures as it relates to financial instruments are reflected below:

***a)  Fair value of financial instruments***

The Company’s financial assets and liabilities are comprised of cash, amounts receivable, prepaid expenses, and accounts payable and accrued liabilities. 

The Company classifies the fair value of these transactions according to the following fair value hierarchy based on the amount of observable inputs used to value the instrument:

·

Level 1 - Values are based on unadjusted quoted prices available in active markets for identical assets or liabilities as of the reporting date.

·

Level 2 - Values are based on inputs, including quoted forward prices for commodities, time value and volatility factors, which can be substantially observed or corroborated in the marketplace. Prices in Level 2 are either directly or indirectly observable as of the reporting date.

·

Level 3 - Values are based on prices or valuation techniques that are not based on observable market data. 

Assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement within the fair value hierarchy.

The Company’s financial instruments are exposed to certain financial risks: credit risk, liquidity risk, other price risk and market risk.

52

***b)  Credit risk***

Credit risk is the risk of loss associated with a counter-party’s inability to fulfill its payment obligations. The credit risk is attributable to various financial instruments, as noted below. The credit risk is limited to the carrying value amount carried on the statement of financial position.

a.

Cash- Cash is held with a major international financial institution in Canada and a major law firm in the USA and therefore the risk of loss is minimal. 

b.

Other receivable - The Company is not exposed to major credit risk attributable to customers. A significant portion of this amount is prepaid to BPI under a master service agreement. 

***c)  Liquidity risk***

Liquidity risk is the risk that the Company will encounter difficulty in satisfying financial obligations as they become due.

The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions without incurring unacceptable losses or risking harm to the Company’s reputation. The Company holds sufficient cash to satisfy obligations under accounts payable and accruals.

The Company is in pre-clinical stage and is required to perform further research and development and also fulfil its financial obligation of $ 1,750,000 to its subsidiary, Biohaven to retain its 54% equity in Biohaven. The Company has not yet determined whether costs incurred and to be incurred are economically recoverable. The Company's continuing operations are dependent upon any one of:

1.

the existence of economically recoverable medical or industrial solutions;

2.

the ability of the Company to obtain the necessary financing to complete the research; or

3.

future profitable production from, or proceeds from the disposition of intellectual property.

However, as a biotech company at an early stage of development and without significant internally generated cash flows, there are inherent liquidity risks, including the possibility that additional financing may not be available to the Company, or that actual drug development expenditures may exceed those planned. The current uncertainty in global markets could have an impact on the Company’s future ability to access capital on terms that are acceptable to the Company. There can be no assurance that required financing will be available to the Company. 

**ITEM 12 - DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES**

Not applicable.

**PART II**

**ITEM 13 - DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES**

None.

**ITEM 14 - MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS**

None

53

**ITEM 15 - CONTROLS AND PROCEDURES**

**Disclosure Controls and Procedures**

The Company’s disclosure controls and procedures, as such term is defined in Rules 13(a)-13(e) and 15(d)-15(e) of the Exchange Act are designed to provide reasonable assurance that all relevant information is communicated to senior management, including the Chief Executive Officer (“CEO”) and the Chief Financial Officer (“CFO”), to allow timely decisions regarding required disclosure. We carried out an evaluation, under the supervision and with the participation of our management, including our CEO and CFO. Based on this evaluation these officers concluded that as of the end of the period covered by this Annual Report on Form 20-F, our disclosure controls and procedures were not effective to ensure that the information required to be disclosed by our company in reports it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. These disclosure controls and procedures include controls and procedures designed to ensure that such information is accumulated and communicated to the Company’s management, including our company’s principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure. The conclusion that the disclosure controls and procedures were not effective was due to the presence of a material weakness in internal control over financial reporting as identified below under the heading “Internal Controls over Financial Reporting Procedures”. Management anticipates that such disclosure controls and procedures will not be effective until the material weakness is remediated.

**Management’s Annual Report on Internal Control over Financial Reporting**

The management of the Company, including the CEO and CFO, is responsible for establishing and maintaining adequate internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act). The Company’s internal control system was designed to provide reasonable assurance to the Company’s management and the board of directors regarding the reliability of financial reporting and preparation and fair presentation of published financial statements for external purposes in accordance with IFRS. Internal control over financial reporting includes those policies and procedures that:

 

1.

pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;

2.

provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and

3.

provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.

 

All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

54

Under the supervision and with the participation of our management, including our CEO ,CFO and Chairman, we conducted an evaluation of the design and operation of internal control over financial reporting as of March 31, 2015, based on the framework set forth in Internal Control - Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). 

The CEO has instituted a system of disclosure controls for the Company to ensure proper and complete disclosure of material information. The limited number of consultants and direct involvement of the CEO and CFO facilitates access to real time information about developments in the business for drafting disclosure documents. All documents are circulated to the board of directors and audit committee according to the disclosure time-lines. 

However, we have no accounting support staff to ensure segregation of duties and CFO handles all accounting, banking and treasury functions under direct supervision from the chairman and CEO. Based on this evaluation, management concluded that the Company’s ICFR was not effective as at March 31, 2015 due to the following material weakness:

 

Due to the limited number of staff with an appropriate level of technical accounting knowledge, experience and training and the inability to attract outside expert advice on a cost effective basis, there is a risk of material misstatements related to the accounting and reporting for complex transactions. This control deficiency creates a reasonable possibility that a material misstatement of the annual financial statements would not have been prevented or detected in a timely manner.

***Attestation Report of the Registered Public Accounting Firm***

 

This Annual Report does not include an attestation report of the Company's registered public accounting firm regarding internal control over financial reporting. Management's report is not subject to attestation by the Company's registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit the Company to provide only management's report in this Annual Report.

 

***Changes in Internal Control over Financial Reporting and Planned Remediation Activities***

 

There have been no changes in the Company's internal controls identified in connection with the evaluation described in the preceding paragraph that occurred during the period covered by this Annual Report on Form 20-F which have materially affected, or are reasonably likely to materially affect, the Company's internal controls over financial reporting.

 

No remediation activities have been undertaken to date in fiscal 2016. Due to resource constraints and the present stage of the Company’s development the Company does not have sufficient size and scale to warrant the hiring of additional staff to correct this material weakness at this time.

**ITEM 16(A) AUDIT COMMITTEE FINANCIAL EXPERTS**

The Board of Directors has determined that Mr. James Mellon, who is an independent director, is an audit committee financial expert as such term is defined in Rule 10A-3(b)(1) under the Exchange Act .

**ITEM 16 (B) CODES OF ETHICS**

We have adopted a Code of Ethics, which applies to all employees, consultants, officers and directors. A copy of our current code of ethics was included in the exhibits to the fiscal 2014 annual report.

55

A copy of our Code of Ethics can be obtained by writing to our corporate office at 47 Avenue Road, Suite 200, Toronto, ON M5R 2G3 attention: Chief Financial  Officer.

During the most recently completed fiscal year, the Company has neither: (a) amended its Code of Ethics; nor (b) granted any waiver (including any implicit waiver) form any provision of its Code of Ethics.

 

**ITEM 16 (C) PRINCIPAL ACCOUNTANT’S FEES AND SERVICES**

The following outlines the expenditures for accounting fees for the last two fiscal periods ended:

**March 31,**

**2014**

**2014**

 

 

 

Audit fee

$  45,000

$  45,000

Other services

10,000

2,413

Under our existing policies, the audit committee must approve all audit and non-audit related services provided by the auditors.

**ITEM 16 (D) - EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES**

Not applicable.

**ITEM 16 (E) - PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS**

We did not, nor did any affiliated purchaser, purchase any of our equity securities during the fiscal year 2013. 

**ITEM 16 (F) - CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT**

Not applicable.

**ITEM 16 (G) - CORPORATE GOVERNANCE**

Our securities are listed on the OTC QB and on Canadian Securities Exchange. There are no significant ways in which our corporate governance practices differ from those followed by domestic companies under the listing standards of that exchange except for proxy delivery requirements. As a foreign private issuer, the Company is exempt from the proxy rules set forth in Sections 14(a), 14(b), 14(c) and 14(f) of the Act. The Company solicits proxies in accordance with applicable rules and regulations in British Virgin Islands and requirements of Ontario Securities Commission and applicable CSE rules. 

**PART III**

**ITEM 17 - FINANCIAL STATEMENTS**

Refer to Item 18 - Financial Statements

**ITEM 18 - FINANCIAL STATEMENTS**

See the Financial Statements and Exhibits listed in Item 19 hereof and filed as part of this Annual Report. 

56

**ITEM 19 - EXHIBITS**

**(a)  Financial Statements**

**Description of Document**

**Page No.**

Cover Sheet

 

Index

F1

Report of Independent Registered Public Accounting Firm

F2

Consolidated Statements of Financial Position

F3

Consolidated Statements of Operations and Comprehensive Loss

F4

Consolidated Statement of Shareholders Equity

F5

Consolidated Statements of Cash Flows

F6

Notes to Consolidated  Financial Statements

F7-26

**(b)  Exhibits**

The following documents are filed as part of this Annual Report on Form 20-F 

1.1

Certificate of Continuance - Incorporated herein by reference to Exhibit 3.1 to Form 6-K filed on August 1, 2013.

 

 

1.2

Memorandum and Articles of Association - Incorporated herein by reference to Exhibit 99.2 to Form 6-K filed on August 1, 2013.

 

 

4(c) (iv).1

2011 Consultant stock compensation plan - Incorporated herein by reference to Form S-8 filed on April 21, 2011.

 

 

4(c) (iv).2

2013 Stock option plan - Incorporated herein by reference to Form S-8 filed on December 19, 2013.

 

 

4(c) (iv).3

2013 option plan - Incorporated herein by reference to Form S-8 filed on March 17, 2015.

 

 

11.1

Charter of audit and compensation committee regarding compensation matters - Incorporated herein by reference to Form F-20 filed on July 17, 2014.

 

 

11.2

Charter of audit and compensation committee regarding audit matters - Incorporated herein by reference to Form F-20 filed on July 17, 2014.

 

 

11.3

Code of conduct - Incorporated herein by reference to Form F-20 filed on July 17, 2014.

 

 

12.1

Certifications of Chief Executive Officer Pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended.

 

 

12.2

Certifications of Chief Financial Officer Pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended.

 

 

13.1

Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

 

13.2

Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

57

**SIGNATURES**

The Company hereby certifies that it meets all of the requirements for filing on Form 20-F and it has duly caused and authorized the undersigned to sign this Annual Report on its behalf.

DATED at Toronto, Ontario, Canada, this 28th day of July, 2015

**PORTAGE BIOTECH  INC.**

Per: /s/ Declan Doogan

Title: Chief Executive Officer

Per: /s/ Kam Shah

Title: Chief Financial Officer

58

**Portage Biotech Inc.**

**Consolidated Financial Statements**

**For the Years Ended March 31, 2015 and 2014**

**(US Dollars)**

1

**Portage Biotech Inc.**

Consolidated Financial Statements

For the Years Ended March 31, 2015 and 2014

(US Dollars)

**Index**

**Page No.**

Report of Independent Registered Public Accounting Firm

F2

Consolidated Statements of Financial Position

F3

Consolidated Statements of Operations and Comprehensive Loss

F4

Consolidated Statement of Shareholders Equity

F5

Consolidated Statements of Cash Flows

F6

Notes to Consolidated  Financial Statements

F7-26

F-1

**Schwartz Levitsky Feldman llp**

CHARTERED ACCOUNTANTS

LICENSED PUBLIC ACCOUNTANTS

TORONTO * MONTREAL

**INDEPENDENT AUDITOR’S REPORT OF REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Shareholders of Portage Biotech Inc.**

We have audited the accompanying consolidated financial statements of Portage Biotech Inc., which comprise the consolidated statements of financial position as at March 31, 2015 and March 31, 2014, and the consolidated statements of operations and comprehensive loss, changes in shareholders’ equity and cash flows for the years ended March 31, 2015, 2014 and 2013 and a summary of significant accounting policies and other explanatory information.

**Management's Responsibility for the Consolidated Financial Statements**

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

**Auditor’s Responsibility**

Our responsibility is to express an opinion on these consolidated financial statements based on our audits.  We conducted our audits in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. We were not engaged to perform an audit of the Company’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

 

2300 Yonge Street, Suite 1500, Box 2434

Toronto, Ontario M4P 1E4

Tel:  416 785 5353

Fax:  416 785 5663

F-2

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion.

**Opinion**

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Portage Biotech Inc. as at March 31, 2015 and March 31, 2014, and its financial performance and its cash flows for the years ended March 31, 2015, 2014 and 2013 in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.

**Emphasis of Matter**

Without qualifying our opinion, we draw attention to Note 1 to the consolidated financial statements which indicates that the Company has accumulated losses totaling $9,452,864 and negative cash flows from operating activities of $2,613,769. These conditions, along with other matters as set forth in Note 1 indicate the existence of material uncertainties that raise substantial doubt about the Company’s ability to continue as a going concern.

 

**“SCHWARTZ LEVITSKY FELDMAN LLP”**

 

 

 

 

July 28, 2015

Chartered Accountants

Toronto, Ontario

Licensed Public Accountants

 

2300 Yonge Street, Suite 1500, Box 2434

Toronto, Ontario M4P 1E4

Tel:  416 785 5353

Fax:  416 785 5663

F-3

**Portage Biotech Inc.**

Consolidated Statements of Financial Position

(US Dollars)

**As at March 31,**

Note

**2015**

**2014**

 

 

 

 

**Assets**

 

 

 

**Current**

 

 

 

    Cash

4

$1,718,289

$2,032,058

    Advances and other receivable

 

17,575

227,233

 

 

$1,735,864

$2,259,291

 

 

 

 

**Long-term assets**

 

 

 

   Goodwill 

5

3,000,000

3,000,000

   Office equipment and furniture

 

-

4,122

 

 

 

 

**Total assets**

 

$4,735,864

$5,263,413

 

 

 

 

**Liabilities and Shareholders' equity**

 

 

 

**Current liabilities**

 

 

 

    Accounts payable and accrued liabilities

 

620,560

191,972

 

 

$620,560

$191,972

 

 

 

 

**Shareholders' Equity**

 

 

 

Capital stock

6

9,691,715

7,256,715

Stock option reserve

7(a)

1,312,519

362,440

Warrants

8(i)

1,108,402

1,108,402

Deficit

 

(9,452,864)

(6,334,433)

**Total Shareholders' equity**

 

$2,659,772

$2,393,124

Non-controlling interests

 

$1,455,532

$2,678,317

**Total equity**

 

4,115,304

5,071,441

**Total liabilities and Shareholders' equity**

 

$4,735,864

$5,263,413

Commitments and Contingent Liabilities (Note 10)

Related Party Transactions (Note 12)

**On behalf of the Board**

“Kam Shah”

Director

“Declan Doogan”

Director

 

(signed)

 

(signed)

 

The accompanying notes are an integral part of these consolidated financial statements.

F-4

**Portage Biotech Inc.**

Consolidated Statements of Operations and Comprehensive Loss

(US Dollars)

**Years ended**

Note

**2015**

**2014**

**May 23, 2012**

**to**

**March 31, 2013 ***

 

 

 

 

 

**Expenses**

 

 

 

 

   Acquisition related costs

 

$  -

$3,839,398

 

   Research and development

 

2,928,639

1,135,779

26,976

   Consulting fees 

11 and 12(ii)

1,072,700

1,162,362

 

    Professional fees

 

224,033

335,692

 

    Other operating costs

12(i)

91,686

148,884

2,470

    Bank charges and interest

6(i)

20,036

3,351

40

   Amortization of office furniture and equipment

 

-

1,164

 

    Write off of office furniture and equipment

 

4,122

-

 

 

 

$4,341,216

$6,626,630

$29,486

**Net loss and comprehensive loss for year**

 

$(4,341,216)

$(6,626,630)

$(29,486)

 

 

 

 

 

**Net loss  and comprehensive loss attributable to:**

 

 

 

 

   Owners of the Company

 

(3,118,431)

(6,304,947)

(29,486)

    Non-controlling interest

 

(1,222,785)

(321,683)

 

 

 

$(4,341,216)

$(6,626,630)

$(29,486)

**Basic and diluted loss per share**

 

 

 

 

    Net Loss per share

9

$(0.02)

$(0.04)

$(0.00)

 

* Comparatives for fiscal period 2013 are for Portage Pharma Ltd (accounting acquirer) which was incorporated on May 23, 2012

 

The accompanying notes are an integral part of these consolidated financial statements.

F-5

**Portage Biotech Inc.**

Consolidated Statements of Changes in Shareholders’ Equity

For the Year ended March 31, 2015

(US Dollars)

 

**Number of**

**Shares**

**Capital Stock**

**Stock**

**Option**

**Reserve**

**Warrants**

**Accumulated**

**Deficit**

**Non-**

**controlling**

**interest**

**Total Equity**

**Balance, May 23, 2012**

**81,759,076**

**503,495**

 

 

 

 

**$ 503,495**

 

 

 

 

 

 

 

 

Net loss for period

 

 

 

 

(29,486)

 

(29,486)

 

 

 

 

 

 

 

 

**Balance, March 31, 2013**

**81,759,076**

**$ 503,495**

**$  -**

**$  -**

**(29,486)**

**$  -**

**$ 474,009**

 

 

 

 

 

 

 

 

Issued on reverse acquisition 

81,759,076

1,761,413

 

1,108,402

 

 

2,869,815

Issued for financial advisory services relating 

to the acquisition transaction

9,811,091

3,826,325

 

 

 

 

3,826,325

Exercise of warrants

1,450,000

175,000

 

 

 

 

175,000

Exercise of options

1,996,547

299,482

 

 

 

 

299,482

Value of shares issued as compensation

4,000,000

691,000

 

 

 

 

691,000

Value of options issued

 

 

362,440

 

 

 

362,440

Acquisition of Biohaven 

 

 

 

 

 

3,000,000

3,000,000

Net loss for year

 

 

 

 

(6,304,947)

(321,683)

(6,626,630)

 

 

 

 

 

 

 

 

**Balance, March 31, 2014**

**180,775,790**

**$ 7,256,715**

**$ 362,440**

**$ 1,108,402**

**$ (6,334,433)**

**$ 2,678,317**

**$ 5,071,441**

 

 

 

 

 

 

 

 

Options vested 

 

 

238,221

 

 

 

238,221

Options of subsidiaries vested

 

 

711,858

 

 

-

711,858

Conversion of debts and coupons

3,500,001

315,000

 

 

 

 

315,000

Issued under private placement

20,000,000

2,000,000

 

 

 

 

2,000,000

commitment fee settled in shares

1,000,000

100,000

 

 

 

 

100,000

private placement underwriting costs

 

(100,000)

 

 

 

 

(100,000)

Value of shares issued as compensation

1,500,000

120,000

 

 

 

 

120,000

Net loss for year

 

 

 

 

(3,118,431)

(1,222,785)

(4,341,216)

 

 

 

 

 

 

 

 

**Balance,  March 31, 2015**

**206,775,791**

**$ 9,691,715**

**$ 1,312,519**

**$ 1,108,402**

**$ (9,452,864)**

**$ 1,455,532**

**$ 4,115,304**

The accompanying notes are an integral part of these consolidated financial statements.

F-8

**Portage Biotech Inc.**

Consolidated Statements of Cash Flows

(US Dollars)

 

**Year ended March 31,**

**2015**

**2014**

**May 23, 2012**

**to**

**March 31, 2013**

**Cash flows from operating activities**

   Net loss for year

$ (4,341,216)

(6,626,630)

(29,486)

Adjustments for non-cash items:

   Amortization   of office equipment and furniture

-

1,164

    Write off of office  furniture and equipment

4,122

-

   Value of shares and options expensed as consulting fee 

(Note 11)

876,221

1,053,440

     Value of options expensed as research and development

136,632

-

   Interest settled in shares

15,000

  Acquisition related costs

-

3,826,325

**Net change in working capital components**

   Other receivables

209,658

(73,270)

   Accounts payable and accrued liabilities

485,814

(116,447)

12,392

 

$ (2,613,769)

$ (1,935,418)

$ (17,094)

 

 

 

 

**Cash flows from financing activities**

   Cash received on reverse acquisition 

-

3,006,593

   Options and warrants  exercised 

-

474,482

   Capital contribution (Note 6 (i) and (ii))

2,300,000

295,441

208,054

 

$ 2,300,000

$ 3,776,516

$ 208,054

 

 

 

**Increase (decrease) in cash during year**

(313,769)

1,841,098

190,960

**Cash at beginning of year**

2,032,058

190,960

-

**Cash at end of year**

$ 1,718,289

$ 2,032,058

$ 190,960

 

 

 

 

**Supplemental disclosures**

**Non-cash investing activities**

Value of shares and warrants issued on acquisition

-

(2,869,815)

 

-

(2,869,815)

 

The accompanying notes are an integral part of these consolidated financial statements.

F-9

**Portage Biotech Inc.**

Notes to Consolidated Financial Statements

(US Dollars)

March 31, 2015 and 2014

**1.  NATURE OF OPERATIONS AND GOING CONCERN**

Portage Biotech Inc. (“the Company”) was operating as an Ontario, Canada incorporated company, Bontan Corporation Inc. (“Bontan”), until July 5, 2013. On July 5, 2013 Bontan changed its name to the current name and was issued a certificate of Continuance by the Registrar of Corporate Affairs of the British Virgin Islands (“BVI”).

The Company now continues as a BVI incorporated company with its registered office located at FH Chambers, P.O. Box 4649, Road Town, Tortola, BVI. Its Toronto agent is located at 47 Avenue Road, Suite 200, Toronto, Ontario, M5R 2G3, Canada.

The Company is a reporting issuer with the Ontario Securities Commission and US Securities and Exchange Commission and its shares trade on the OTC Markets under the trading symbol “PTGEF,” and are also listed for trading in US currency on the Canadian Securities Exchange under the symbol “PBT.U”.

The Company is engaged in researching and developing pharmaceutical and biotech products through to clinical “proof of concept” with an initial focus on unmet clinical needs. Following proof of concept, the Company will look to sell or license the products to large pharmaceutical companies for further development and commercialization. 

The Company is in the pre-clinical stage, and as such no revenue has been generated from its operations. The Company has accumulated losses of approximately $9 million and has negative cash flows from operating activities of approximately $2.6 million during the year ended March 31, 2015.

Management has secured sufficient equity financing which it believes will enable it to complete its pre-clinical work and other commitments. However, it will require additional resources to continue into clinical trials and/or for additional acquisitions The Company continues to obtain financing, although there are no assurances that the management’s plan will be realized. These conditions indicate the existence of a material uncertainty that raises substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts, or the amounts and classification of liabilities, which might be necessary should the Company be unable to continue its operations.

**2.  BASIS OF PRESENTATION**

**(a)  Statement of Compliance and Basis of presentation**

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”), and interpretations of the International Financial Reporting Interpretations Committee.

These consolidated financial statements have been prepared on a historical cost basis except for stock based compensation and warrants which are measured at fair value as detailed in Notes 7 and 8 to these financial statements.  In addition, these consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information.

The Company has no requirement to report on segments as it operates as only one segment.

F-10

**2.  BASIS OF PRESENTATION  (cont’d)**

These consolidated financial statements were approved and authorized for issue by the Audit Committee and Board of Directors on July 28, 2015.

**b)  Consolidation**

The consolidated financial statements include the accounts of the Company and,

a.

Portage Services Ltd., a wholly owned subsidiary incorporated in Ontario on January 31, 2011. 

b.

Portage Pharmaceuticals Ltd. a wholly owned subsidiary resulting from a merger on July 23, 2013 and is incorporated under the laws of the British Virgin Islands, as a BVI business company. 

c.

Biohaven Pharmaceutical Holding Company Limited (“Biohaven”), a private corporation incorporated in BVI on September 25, 2013. The Company acquired approximately 54% equity in Biohaven on January 6, 2014. 

All inter-company balances and transactions have been eliminated on consolidation.

**(c)  Functional and presentation currency**

The Company’s functional and presentation currency is US Dollar. 

**(d)  Use of Estimates and judgments**

The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Significant areas where estimation uncertainty and critical judgments are applied include valuation of financial instruments, research and development costs, fair value used for acquisition, assessment of impairment in goodwill and other intangible assets and measurement of share- based compensation.

**3.  SIGNIFICANT ACCOUNTING POLICIES**

The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements, which have, in management’s opinion, been properly prepared within reasonable limits of materiality and within the framework of the significant accounting policies summarized below:

**Financial instruments**

***Financial assets***

All financial assets are initially recorded at fair value and are designated upon inception into one of the following four categories: held-to-maturity, available-for-sale, loans and receivables or at fair value through profit or loss (“FVTPL”).

F-11

**3.  SIGNIFICANT ACCOUNTING POLICIES  (cont’d)**

Financial assets classified as FVTPL are measured at fair value with unrealized gains and losses recognized through earnings. The Company’s cash is classified as FVTPL.

Financial assets classified as loans and receivables are measured at amortized cost using the effective interest method. The Company’s advances and other receivables are classified as loans and receivables. 

Transactions costs associated with FVTPL financial assets are expensed as incurred, while transaction costs associated with all other financial assets are included in the initial carrying amount of the asset.

***Financial liabilities***

All financial liabilities are initially recorded at fair value and designated upon inception as FVTPL or other financial liabilities.

Financial liabilities classified as other financial liabilities are initially recognized at fair value less directly attributable transaction costs. After initial recognition, other financial liabilities are subsequently measured at amortized cost using the effective interest method. The Company’s trade and other payables are classified as other financial liabilities.

The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period.

***Impairment of financial assets***

The Company assesses at each date of the statement of financial position whether a financial asset is impaired.

**Assets carried at amortized cost**

If there is objective evidence that an impairment loss on assets carried at amortized cost has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective interest rate. The carrying amount of the asset is then reduced by the amount of the impairment. The amount of the loss is recognized in profit or loss.

If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed to the extent that the carrying value of the asset does not exceed what the amortized cost would have been had the impairment not been recognized. Any subsequent reversal of an impairment loss is reversed through profit or loss.

**Foreign currency translation**

The functional and presentation currency of the Company and its subsidiaries (note 2(c)) is the US dollar. Monetary assets and liabilities are translated at exchange rates in effect at the balance sheet date.  Non-monetary assets are translated at exchange rates in effect when they were acquired. Revenue and expenses are translated at the approximate average rate of exchange for the period, except that amortization is translated at the rates used to translate related assets. Foreign currency differences arising on retranslation are recognised in profit or loss.

F-12

**3.  SIGNIFICANT ACCOUNTING POLICIES  (cont’d)**

**Share-based payments**

The Company accounts for share-based payments granted to directors, officers, employees and consultants using the Black-Scholes option-pricing model to determine the fair value of the plan at the grant date. Share-based payments to employees, officers and directors are recorded and reflected as an expense over the vesting period with a corresponding amount reflected in stock option reserve. On exercise, the associated amounts previously recorded in the stock option reserve are transferred to the common share capital.

The quoted market price of the Company’s shares on the date of issuance under any share- based plan is considered as fair value of the shares issued.

Share-based payments to non-employees are recognized and measured at the date the services are received based on the fair value of the services received unless if the fair value of the services cannot be reliably measured in which case it is based on the fair value of equity instruments issued using the Black-Scholes option pricing model.

**Accounting for equity units**

When the Company issues Units under a private placement comprising of common shares and warrants, the Company follows the relative fair value method of accounting for warrants attached to and issued with common shares of the Company. Under this method, the fair value of warrants issued is estimated using a Black-Scholes option pricing model which is added to fair value of the common shares determined using the stock price at the date of issuance and the percentage relative to the fair values determined. The fair value of the common shares and the warrants are proportionately adjusted to the net proceeds received. The fair value is then related to the total of the net proceeds received on issuance of the common shares.

**Loss per Share**

Basic loss per share is calculated by dividing net loss (the numerator) by the weighted average number of common shares outstanding (the denominator) during the period.  Diluted loss per share reflects the dilution that would occur if outstanding stock options and share purchase warrants were exercised or converted into common shares using the treasury stock method and are calculated by dividing net loss applicable to common shares by the sum of the weighted average number of common shares outstanding and all additional common shares that would have been outstanding if potentially dilutive common shares had been issued.

The inclusion of the Company’s stock options and share purchase warrants in the computation of diluted loss per share would have an anti-dilutive effect on loss per share and are therefore excluded from the computation.  Consequently, there is no difference between basic loss per share and diluted loss per share.

**Research and Development Expenses**

***(i)  Research and development***

Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognized in profit or loss as incurred.

F-13

**3.  SIGNIFICANT ACCOUNTING POLICIES  (cont’d)**

Development activities involve a plan or design for the production of new or substantially improved products and processes. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development and to use or sell the asset. No development costs have been capitalized to date.

Research and development expenses include all direct and indirect operating expenses supporting the products in development.

***(ii)  Subsequent expenditure***

Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures are recognized in profit or loss as incurred.

***(iii)  Clinical trial expenses:***

Clinical trial expenses are a component of the Company’s research and development costs. These expenses include fees paid to contract research organizations, clinical sites, and other organizations who conduct development activities on the Company’s behalf. The amount of clinical trial expenses recognized in a period related to clinical agreements are based on estimates of the work performed using an accrual basis of accounting. These estimates incorporate factors such as patient enrolment, services provided, contractual terms, and prior experience with similar contracts

**Intangible assets**

 

Intangible assets that are acquired separately and have finite useful lives are measured at cost less accumulated amortization and accumulated impairment losses. Subsequent expenditures are capitalized only when they increase the future economic benefits embodied in the specific asset to which it relates. 

Costs incurred in obtaining a patent are capitalized and amortized on a straight-line basis over the legal life of the respective patent, ranging from five to twenty years, or its economic life, if shorter. Costs incurred in obtaining a trademark are capitalized and amortized on a straight-line basis over the legal life of the respective trademark, being ten years, or its economic life, if shorter. Costs incurred in obtaining a customer list are capitalized and amortized on a straight-line basis over its estimated economic life of approximately ten years.

Costs incurred in successfully obtaining a patent, trademark or customer list are measured at cost less accumulated amortization and accumulated impairment losses. The cost of servicing the Company's patents and trademarks are expensed as incurred.

At each year end, the Company reviews the carrying amounts of the intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 

**Goodwill**

Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses which are not reversed. Goodwill is allocated to the cash generating unit expected to benefit from the business combination in which the goodwill arose, for the purpose of impairment testing.

F-14

**3.  SIGNIFICANT ACCOUNTING POLICIES  (cont’d)**

**Business Combinations**

The Company applies the acquisition method to account for all acquired businesses, whereby the identifiable assets acquired and the liabilities assumed are measured at their acquisition-date fair values (with few exceptions as required by IFRS 3 Business Combinations).

The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Company.

Acquisition-related costs (e.g. finder’s fees, consulting fees, administrative costs, etc.) are recognized as expenses in the periods in which the costs are incurred and the services are received.

On acquisition date, goodwill is measured as the excess of the aggregate of consideration transferred, any non-controlling interests in the acquiree, and acquisition-date fair value of the Company's previously held equity interest in the acquiree (if business combination achieved in stages) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed.

If, after appropriate reassessment, the amount as calculated above is negative, it is recognized immediately in profit or loss as a bargain purchase gain.

At acquisition date, non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a proportionate share of the entity's net assets in the event of liquidation are measured at either fair value or the present ownership instruments’ proportionate share in the recognized amounts of the acquiree's identifiable net assets. This choice of measurement is made separately for each business combination. Other components of non-controlling interests are measured at their acquisition-date fair values, unless otherwise required by IFRS.

The acquisition-date fair value of any contingent consideration is recognized as part of the consideration transferred by the Company in exchange for the acquiree. Changes in the fair value of contingent consideration that result from additional information obtained during the measurement period (maximum one year from the acquisition date) about facts and circumstances that existed at the acquisition date are adjusted retrospectively against goodwill.

**Provisions**

 

A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance cost. 

**Contingent liability:**

A contingent liability is a possible obligation that arises from past events and of which the existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not within the control of the Corporation; or a present obligation that arises from past events (and therefore exists), but is not recognized because it is not probable that a transfer or use of assets, provision of services or any other transfer of economic benefits will be required to settle the obligation; or the amount of the obligation cannot be estimated reliably.

F-15

**3.  SIGNIFICANT ACCOUNTING POLICIES  (cont’d)**

**Determination of fair value**

A number of the Company’s accounting policies and disclosures required the determination of fair value, both for financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability. 

a)

The fair value of advances and receivable and accounts payable and accruals is estimated as the present value of future cash flows, discounted at the market rate of interest at the reporting date. 

b)

The fair value of stock options is measured using a Black Scholes option pricing model. Measurement inputs include share price on measurement date, exercise price of the instrument, expected volatility (based on weighted average historic volatility adjusted for changes expected due to publicly available information), weighted average expected life of the instruments (based on historical experience and general option holder behavior), expected dividends, and the risk-free interest rate (based on government bonds). 

**Income Tax**

The Company is a British Virgin Island corporation. The Government of British Virgin Islands does not, under existing legislation, impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax upon the Company or its security holders. The British Virgin Islands is not party to any double taxation treaties. 

Notwithstanding the above, the Company complies with IAS 12 which provides for the following:

Income tax expense comprises current and deferred tax. Income tax expense is recognized in profit or loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. 

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustments to tax payable in respect of previous years. 

Deferred tax is recognized using the balance sheet method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized on the initial recognition of assets or liabilities in a transaction that is not a business combination. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. 

A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

F-16

**3.  SIGNIFICANT ACCOUNTING POLICIES  (cont’d)**

No deferred tax asset has been recognized for losses incurred as the entities in which the losses arose are in the British Virgin Islands.

There were no significant tax liabilities or assets nor any interest and penalties at March 31, 2015 and 2014. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

**Changes in Accounting Policies Adopted**

***Offsetting Financial Assets and Financial Liabilities (Amendments to IAS 32)***

Effective for annual periods beginning on or after April  1, 2014, on a retrospective basis. The adoption of this standard did not have a material impact on the financial position and results of the Corporation. 

***Recoverable Amount Disclosures for Non-Financial Assets: Amendments to IAS 36***

The IASB has published Recoverable Amount Disclosures for Non-Financial Assets (Amendments to IAS 36). These narrow-scope amendments to IAS 36, Impairment of Assets, address the disclosure of information about the recoverable amount of impaired assets if that amount is based on fair value less costs of disposal. 

The amendments are to be applied retrospectively for annual periods beginning on or after April  1, 2014. The adoption of this standard did not have an impact on the disclosures presented in these consolidated financial statements.

**New standards and interpretations not yet adopted**

Standards issued but not yet effective up to the date of issuance of the Company‘s consolidated financial statements are listed below. This listing is of standards and interpretations issued which the Company reasonably expects to be applicable at a future date. The Company intends to adopt those standards when they become effective. 

***IFRS 9******‐ Financial Instruments***
The IASB intends to replace IAS 39, Financial Instruments: Recognition and Measurements, with IFRS 9, Financial Instruments. IFRS 9 will be published in six phases, of which the first phase has been published.

For financial assets, IFRS 9 uses a single approach to determine whether a financial asset is measured at amortized cost or fair value, and replaces the multiple rules in IAS 39. The approach in IFRS 9 is based on how an entity manages its financial instruments in the context of its business model and the contractual cash flow characteristics of the financial assets. The new standard also requires a single impairment method to be used. For financial liabilities, the approach to the fair value option may require different accounting for changes to the fair value of a financial liability as a result of changes to an entity’s own credit risk.

IFRS 9 (2014) is effective for the Company for annual periods beginning on April 1, 2018, but is available for early adoption. The Company has yet to assess the full impact of IFRS 9.

F-17

**4.  CASH**

Cash includes $ 1,201,509(2014: $899,064) held in trust by a US lawyer, pending opening of a bank account by Biohaven. There are no restrictions on use of cash.

**5. GOODWILL**

On January 6, 2014, the Company acquired approximately 54% equity in Biohaven. The initial accounting for the business combination was incomplete by the end of the reporting period in which the combination occurred and as a result the Company had reported provisional amounts for the items during the measurement period (which cannot exceed one year from January 6, 2014) and which may result in additional assets or liabilities, including income taxes, being recognized, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized at that date. 

The intangible asset comprised a license from Yale University to use the patents for the development of a new drug. As the development of the new drug was at a pre-clinical stage and the precise nature of drug candidates to test commercially was not identifiable at that stage, the Company decided on the measurement date to assign the entire amount to goodwill.

The Company assesses the recoverability of the carrying value of goodwill on an annual basis as of March 31, and whenever events occur or when circumstances change that would, more likely than not, indicate that the fair value of our reporting unit (Biohaven) is below its carrying value.

For the purpose of impairment testing, goodwill is attributable to Biohaven, which is considered a CGU. 

The recoverable amount of Biohaven was estimated based on a value in use calculation, which involved discounting the future cash flows expected to be generated from the continuing operations of the CGU. 

The discounted cash flow model is based on projections through 2029, which is the year of expiry of the patents relating to the drug under current development. The projections assume that the current drug development efforts will result in a commercially marketable drug by 2020. No terminal growth was recognized at this stage.  Projected cash flows included in the calculation were based upon Biohaven’s approved financial forecasts and strategic plan, which incorporate Biohaven’s current drug candidate as well as management’s expectations regarding future business activity. The discount rate used as key assumption in the estimation of the value in use was 30%

The discount rate was determined based on Biohaven’s internal weighted average cost of capital, adjusted for the marginal return a market participant would expect to earn on an investment in the entity. It represents a nominal figure. The rate is consistent with forecast economic growth rates observed in the market.

Other key assumptions include price forecasts and perpetual cash flows relating to the current drug candidate. Prices of similar products applied in the calculation were based on approved internal price forecasts, which reflect management’s experience and industry expertise. These prices are consistent with expected long-term prices observed in the market. 

The Company has validated the results of the value in use calculation by performing sensitivity tests on its key assumptions. 

As a result of these tests, the Company believes that any reasonably possible changes in the key assumptions would not result in Biohaven’s carrying amount exceeding its recoverable amount.

F-18

**6.  CAPITAL STOCK**

(a)  Authorized:  Unlimited number of common shares

(b)  Issued

 

**As at March 31,**

 

**2015**

**2014**

 

**Common**

 

**Common**

 

 

**Shares**

**Amount**

**Shares**

**Amount**

Balance, beginning of year

180,775,790

$ 7,256,715

81,759,076

$ 503,495

Issued on acquisition of PPL  

-

-

81,759,076

1,761,413

Issued for financial advisory services in connection with the acquisition of PPL 

-

-

9,811,091

3,826,325

Conversion of debts and coupons (i)

3,500,001

315,000

 

 

Issued under private placement (ii)

20,000,000

2,000,000

 

 

Commitment fee settled in shares (ii)

1,000,000

100,000

 

 

Underwriting costs

 

(100,000)

 

 

Exercise of warrants

-

-

1,450,000

175,000

Exercise of options

-

-

1,996,547

299,482

Shares issued as compensation ( iii) 

1,500,000

120,000

4,000,000

691,000

Balance , end of year

206,775,791

$ 9,691,715

180,775,790

$ 7,256,715

(i)  On July 24, 2014, The Company raised $ 300,000 through issuance of convertible promissory notes to three lenders, each advancing $ 100,000. Two of the lenders are the directors of the Company. The note was for one year, carried a 5% coupon, payable in shares, to be valued at 10% discount to the next financing, due on maturity at the time of conversion or repayment. The amount repayable under the notes was convertible at the lender’s’ option into common shares of the Company at the time of the next financing to be priced at the price set for the next financing discounted by 10%. On September 29, 2014, all notes and related coupons were settled through issuance of 3,500,001 restricted common shares at the option of the note holders. The common shares were valued at $ 0.09 being the price of $ 0.10 per common share of a recent private placement ( see (ii) below) discounted by 10% as per the conversion terms. $ 15,000 being the value of the coupons was expensed as interest cost.

(ii)  On October 15, 2014, the Company completed a private placement comprising non-brokered offering of 20 million restricted common shares at a price of US$ 0.10 per share for gross proceeds of $ 2 million to accredited investors .Two directors of the Company who  agreed to provide standby commitments in respect of the Private Placement by subscribing for that portion of the Private Placement not otherwise subscribed for  by outside investors, up to a maximum of US$ 1 million each, received a standby commitment fee of $50,000 each, settled in one million restricted common shares of the Company. These two directors subscribed for 11.4 million shares for $1,140,000.

(iii)  On March 4, 2015, the Chairman was issued one and a half million shares under the 2011 Consultants Compensation Plan in lieu of cash fee for services provided. The shares were valued at $120,000 based on the market price of the Company’s common shares prevailing on the dates of their issuance. Since the shares were issued without any conditions of forfeiture or cancellation, the entire value was expensed during the year ended March 31, 2015 as consulting fee (note 11).

F-19

**6.  CAPITAL STOCK  (cont’d)**

On December 12, 2013, the Chairman and CEO were issued one and a half million shares each, as restricted shares and on December 16, 2013, the CFO was issued one million shares under the 2011 Consultants Compensation Plan in lieu of cash fee for services provided and to be provided. The shares were valued at $691,000 based on the market price of the Company’s common shares prevailing on the dates of their issuance. Since the shares were issued without any conditions of forfeiture or cancellation, the entire value was expensed during the year ended March 31, 2014 as consulting fee (Note 11).

(iv)  As at March 31, 2015, the Company had the following active Consultant Stock Compensation Plan:

 

**Date of**

**registration***

**Registered**

**shares**

**under Plan**

**Issued to**

**March 31,**

**2014**

**As at**

**April 1,**

**2014**

**( see (iii )**

**above)**

**Cancelled**

**(i)**

**Balance at**

**March 31,**

**2015**

2011 Plan

11-Apr-11

6,000,000

(1,938,333)

4,061,667

(1,500,000)

-

2,561,667

*  Registered with the Securities and Exchange Commission of the United States of America (SEC) as required under the Securities Act of 1933.

As at March 31, 2014, the Company had the following active Consultant Stock Compensation Plan:

 

**Date of**

**registration***

**Registered**

**shares**

**under Plan**

**Issued to**

**March 31,**

**2012**

**As at**

**April 1,**

**2013**

**( see (iii )**

**above)**

**Cancelled**

**(i)**

**Balance at**

**March 31,**

**2014**

2011 Plan

11-Apr-11

6,000,000

(938,333)

5,061,667

(1,000,000)

-

4,061,667

(v)  As required under listing requirements by Canadian Securities Exchange, the Company signed, on October 25, 2013, an escrow agreement with TMX Equity Transfer Services to escrow 88,444,293 of its common shares and 68,724,447 of its warrants issued to four insiders. The escrowed shares and warrants will be released in agreed tranches over the period of three years. As at March 31, 2015, 53,066,580 common shares (as at March 31, 2014: 79,599,866 common shares) and 41,234,670 warrants (As at March 31, 2014: 61,852,002 warrants) are still under escrow.

**7.  STOCK OPTION PLANS**

(a)  The movements during the year were:

 

**Year ended March 31,**

 

**2015**

 

**2014**

Balance, beginning of year

$

362,440

 

$

-

Options issued on December 17, 2013 and vested

 

238,221

 

 

362,440

2014 Options to acquire equity in PPL granted to PPI management and vested (ii.a)

 

188,282

 

 

-

Revaluation of 2014 PPL options due to extension of maturity period (ii.b)

 

5,576

 

 

-

Options to acquire equity in Biohaven granted to Biohaven consultants and directors (iv)

 

518,000

 

 

-

Balance, end of year

$

1,312,519

 

$

362,440

F-20

**7.  STOCK OPTION PLANS  (cont’d)**

(i)  On February 25, 2015 the Board of Directors of the Company approved and on March 17, 2015,  issued total of 5,300,00 options to 6 consultants including 4.4 million options to the four directors under 2013 Option Plan. These options are valid for five years and are convertible into equal number of common shares of the Company at an exercise price of $0.10 per common share. The Options were registered with the US Securities and Exchange Commission on March 17, 2015 and will vest in 24 equal instalments over the next two years

The fair value of these options has been estimated using a Black-Scholes option pricing 

model with the following assumptions:

Risk free interest rate

1%

Expected dividend

Nil

Expected volatility

137.86%

Expected life

1847 days

Market price

US$0.07

The fair value of the options as per the Black-Scholes option pricing model amounted to $318,829. None of the options was vested on March 31, 2015. The value of the options will be accounted upon vesting of the related options as per the accounting policy.

On December 17, 2013, the Company issued total of 4,450,000 options to 10 consultants including 2.9 million options to the four directors under 2013 Option Plan. These options are valid for five years and are convertible into equal number of common shares of the Company at an exercise price of $0.20 per common share. The Options were registered with the US Securities and Exchange Commission on December 19, 2013 and will vest as follows:

-

3,850,000 options will vest in equal monthly instalments over the year ending December 31, 2014

-

300,000 options were vested on the date of their issuance and 

-

300,000 options will vest on October 17, 2014

The fair value of these options has been estimated using a Black-Scholes option pricing 

model with the following assumptions:

Risk free interest rate

1%

Expected dividend

Nil

Expected volatility

105.27%

Expected life

1826 days

Market price

US$0.18

The fair value of the options as per the Black-Scholes option pricing model amounted to $604,055, of which options valued at $362,440 vested as at March 31, 2014 were accounted for as option reserve and expensed as consulting fee. The balance was expensed during the fiscal year 2015.

ii.a  On November 13, 2013, PPL granted options to its CEO and CSO to acquire 7% equity interest in PPL for an exercise price of $ 36,896 vesting over two years in monthly instalments. The Option Agreements were revised for CEO on March 1, 2015 and for CSO on April 1, 2015. Under the revised agreements, all options were vested as at March 31, 2015 and the expiry date of all options was extended by two years.

F-21

**7.  STOCK OPTION PLANS  (cont’d)**

The fair value of these options has been estimated using a Black-Scholes option pricing model with the following assumptions:

Risk free interest rate

1%

Expected dividend

Nil

Expected volatility

89.98%

Expected life

1826 days

Fair price*

US$6.27

Exercise price

US$1.10

·

Fair value was based on the value offered to PPL for its shares under the reverse takeover transaction as of June 4, 2013.

The fair value of the options as per the Black-Scholes option pricing model amounted to $188,282.

ii.b  The fair value of the two-year extension granted to the above options was estimated using a Black-Scholes option pricing model and same assumptions as above, amounted to  $5,576 which were accounted for as option reserve and expensed as research and development costs  as at March 31, 2015.

iii.  On March 1, 2015 and April 1, 2015, PPL granted options to its CEO and CSO respectively, to acquire additional 3% equity interest in PPL for an exercise price of $74,996 vesting over two years in equal quarterly instalments and expiring in five years under new Option Agreements dated the dates of the grants.

The fair value of the options as per the Black-Scholes option pricing model amounted to $64,941. This amount has not been accounted for since none of the options was vested as at March 31, 2015. The value of the options will be accounted upon vesting of the related options as per the accounting policy.

iv.  On November 26, 2014, Biohaven granted to its consultants and directors 4,000 options to acquire equal number of common shares in Biohaven at an exercise price of $ 304.24 per common share. The options are to be vested 25% on grant, 25% each anniversary of grant date provided that if before all of the options are vested if, a change of control occurs at Biohaven, 100% of the unvested options shall vest immediately. All options will expire on November 26, 2024. Three of the Company’s directors who are on Board of Biohaven received 1,350 options. Options expire in ten years.

The fair value of these options has been estimated using a Black-Scholes option pricing model with the following assumptions:

Risk free interest rate

1%

Expected dividend

Nil

Expected volatility

82.78%

Expected life

3653 days

Fair price*

US$304.24

Exercise price

US$304.24

·

Fair value was based on the value offered to Biohaven by the Company to acquire its common shares on January 6, 2014. 

The fair value of the options as per the Black-Scholes option pricing model amounted to $996,256, of which options valued at $518,000 vested as at March 31, 2015. $ 518,000 was expensed as consulting fee. 

F-22

**7.  STOCK OPTION PLANS  (cont’d)**

(b)  The following is a summary of all active Stock Option Plans as at March 31, 2015:

Stock Option Plan

 

 

Total

Plan

2005 Stock Option Plan

2013 Option Plan

 

Date of Registration

Dec. 5, 2005

Dec 19, 2013 and March 17, 2015

Total

Registered *

1,000,000

20,167,579

21,167,579

Issued 

1,000,000

4,450,000

5,450,000

Outstanding, April 1, 2014

560,000

4,450,000

5,010,000

Issued 

 

5,300,000

5,300,000

Exercised

 

 

-

Expired

 

(50,000)

(50,000)

**Outstanding, March 31, 2015**

**560,000**

**9,700,000**

**10,260,000**

Options fully vested - March 31, 2015

560,000

4,400,000

4,960,000

Options not yet vested as at March 31, 2015

-

5,300,000

5,300,000

*   Registered with the Securities and Exchange Commission of the United States of America (SEC) as required under the Securities Act of 1933. On March 17, 2015, the Company filed form S-8 with SEC registering an additional 15,717,379 options under 2013 Stock Option Plan.

(c)  The following is a summary of all active Stock Option Plans of the Company as at March 31, 2014:

Plan

1999 Stock Option Plan

2003 Stock Option Plan

Robinson Plan

2005 Stock Option Plan

2013 Option Plan

 

Date of Registration

April 30, 2003

July 22, 2004

Dec. 5, 2005

Dec. 5, 2005

Dec 19, 2013

Total

 

number of options

Registered *

3,000,000

2,500,000

1,100,000

1,000,000

4,450,000

12,050,000

Issued 

3,000,000

2,500,000

1,100,000

1,000,000

4,450,000

12,050,000

Outstanding, April 1, 2013

1,730,000

1,945,000

1,100,000

610,000

-

5,385,000

Issued 

 

 

 

 

4,450,000

4,450,000

Exercised

(482,100)

(1,514,447)

 

 

 

(1,996,547)

Expired

(1,247,900)

(430,553)

(1,100,000)

(50,000)

 

(2,828,453)

**Outstanding, March 31, 2014**

**-**

**-**

**-**

**560,000**

**4,450,000**

**5,010,000**

 

 

 

 

 

 

 

Options fully vested - March 31, 2014

 

 

 

560,000

1,262,490

1,822,490

Options not yet vested as at March 31, 2014

 

 

 

-

3,187,510

3,187,510

** **

 

 

 

**560,000**

**4,450,000**

**5,010,000**

(d)  The weighted average exercise price of the outstanding stock options was US$0.16 as at March 31, 2015 (US$0.22 as at March 31, 2014) and weighted average remaining contractual life was approximately 4.18 years (approximately 4.33 years as at March 31, 2014).

The options can be exercised at any time after vesting within the exercise period in accordance with the applicable option agreement. The exercise price was more than the market price on the date of the grants for all options outstanding as at March 31, 2015 and March 31, 2014.

F-23

**8.  WARRANTS**

(i)  The movements during the year were as follows:

 

**Year ended March 31,**

 

**2015**

**2014**

 

**# of warrants**

**Weighted**

**average**

**exercise**

**price**

**Fair**

**value**

**# of**

**warrants**

**Weighted**

**average**

**exercise**

**price**

**Fair**

**value**

**Issued and outstanding,**

**beginning of year**

**114,281,420**

**$  0.31**

**$  1,108,402**

**66,071,420**

**$  0.29**

 

Issued on acquisition (i)

-

-

-

71,456,420

0.29

1,108,402

Exercised 

-

-

 

(1,450,000)

(0.12)

 

Expired 

(26,375,000)

$  (0.35)

 

(21,796,420)

(0.19)

 

**Issued and outstanding,**

**March 31, 2014**

**87,906,420**

**$  0.30**

**$  1,108,402**

**114,281,420**

**$  0.31**

**$  1,108,402**

(i)  The Company issued 71.4 million warrants to nine shareholders of PPL in fiscal 2013 as per the terms of the Share Exchange Agreement. These warrants are convertible into equal number of common shares at an exercise price of $0.29 per warrant and expire within two years of their issuance.

The fair value of these warrants has been estimated using a Black-Scholes option pricing model with the following assumptions:

Risk free interest rate

1%

Expected dividend

Nil

Expected volatility

137.71%

Expected life

730 days

Market price

US$0.39

Using the relative fair value method, an amount of $1,108,402 for warrants issued has been accounted for as the value of warrants.

(ii)  Details of weighted average remaining life of the warrants granted and outstanding are as follows:
**March 31,**

**2015**

**2014**

 

**Warrants outstanding &**

**exercisable**

**Warrants outstanding &**

**exercisable**

**Exercise price in US$**

**Number**

**Weighted**

**average**

**remaining**

**contractual life**

**(years)**

**Number**

**Weighted**

**average**

**remaining**

**contractual life**

**(years)**

0.29

71,456,420

0.18

71,456,420

1.18

0.35

16,450,000

0.06

42,825,000

0.92

 

87,906,420

0.16

114,281,420

1.08

F-24

**9.  LOSS PER SHARE**

Loss per share is calculated on the weighted average number of common shares outstanding during the year, which was 193,442,457 (2014: 161,977,171). 

The Company had approximately 88 million warrants (2014: 114 million) and 10 million options (2014: 5 million) which were not exercised as at March 31, 2015. Inclusion of these warrants and options in the computation of diluted loss per share would have an anti-dilutive effect on the loss per share and are therefore excluded from the computation. Consequently, there is no difference between loss per share and diluted loss per share.

**10.  COMMITMENTS AND CONTINGENT LIABILITIES**

(a)  Under the terms of the License Agreement dated January 25, 2013, PPL is required to reimburse to the Licensor, Trojan Technologies Limited, 50% of all maintenance costs of the US Patent # 7,968,512 and to pay royalties of 3% on Net Receipts from sales of the Licensed Product and 5% on Net Receipts from third parties in respect of development or other exploitation of Licensed Intellectual Property and/or Licensed Products up to a maximum of $ 30 million. Total amount that may be payable in future under the terms of the Agreement cannot be reasonably estimated at this time.

(b)  PPL has extended consulting contracts with its Chief Executive Officer and Chief Scientific Officer expiring in or around March 2017 and carrying a total monthly commitment of $22,683.Early termination without cause would require a lump sum compensation of $ 75,000 to be paid to the two consultants.

(c)  Biohaven has signed a Master Service Agreement on January 31, 2014, as subsequently amended in April 2014, with Biohaven Pharmaceuticals Inc., a private Delaware incorporated research and development company (“BPI”). BPI is owned by non-controlling shareholders of Biohaven and is engaged by Biohaven to conduct, on behalf of Biohaven, research and development services relating to identification and development of clinical stage neuroscience compounds targeting the glutamatergic system. The agreement expires on December 31, 2018 and will automatically renew on a year to year basis. Either party can terminate the agreement upon ninety days prior notice. Agreed fee for the period up to June 30, 2015 is $ 3 million payable in quarterly instalment commencing from March 1, 2014.

(d)  On March 3, 2014, Biohaven signed a contract with an independent manufacturing organization to investigate technical feasibility of developing a new formulation for Biohaven using nanosuspension and emulsion formulation approaches. The contract is approximately for fifty five weeks involving several agreed milestones for a total price of approximately $ 345,000, which is payable by BPI as agent out of the fees payable to BVI as detailed in note 10(c) above.

(e)  Under the terms of the License Agreement dated September 16, 2013 signed with Yale University, Biohaven is required to pay to the Licensor a milestone royalty of $ 2 million within six months of receiving approval of an NDA ( New Drug Application) and pay earned royalty at 3% on worldwide annual net sales of the licensed products, subject to minimum royalty payment of $ 300,000 in the year one, $ 600,000 in year two, $ 750,000 in year three and $ 1 million from year four onwards subject to reduction ranging from 33% to 95% depending on sales of generic exceeding an agreed market share on a country by country basis and further reduction by 50% is licensee is required to pay third party royalties. Total amount that may be payable in future under the terms of the Agreement cannot be reasonably estimated at this time. The Licensor also has a right to purchase in cash up to 10% of any securities offered in future financing.

F-25

**11.  CONSULTING FEE**

 

 

**Year ended March 31,**

**May 23, 2012**

**to March 31,**

 

**Notes**

**2015**

**2014**

**2013**

Cash fee

 

$  196,479

$  108,921

$  -

Shares issued to key management

6 (iii)

120,000

691,000

-

Options issued to key management

7 (a) (i)

157,226

231,838

-

Options issued to others

7 (a) (i)

80,995

130,603

-

Biohaven options granted to the 

Company's directors

7 (a)(iv)

174,825

 

-

Biohaven options granted to 

Biohaven consultants and 

management

7 (a) (iv)

343,175

 

-

 

 

$  1,072,700

$  1,162,362

$  -

**12.  RELATED PARTY TRANSACTIONS**

Transactions with related parties are incurred in the normal course of business and are measured at the exchange amount, which is the amount of consideration established and agreed to between the related parties. Related party transactions and balances have been listed below, unless they have been disclosed elsewhere in the consolidated financial statements. 

(i)  Business expenses of $6,145 (2014:  $12,786, May 23, 2012 to March 31, 2013: $nil) were reimbursed to directors of the Company.

(ii)  Consulting fees include cash fee paid to key management for services of $ 180,000(2014: $102,458, May 23, 2012 to March 31, 2013: $nil).

**13.  FINANCIAL INSTRUMENTS AND RISK MANAGEMENT**

The Company’s financial instruments recognized in the balance sheet consist of the following:

 

**March 31, 2015**

**March 31, 2014**

 

**Carrying**

**value**

**Fair value**

**Carrying**

**value**

**Fair value**

**Financial assets**

 

 

 

 

Cash

$ 1,718,289

$ 1,718,289

$ 2,032,058

$ 2,032,058

Advances and other receivable

$ 17,575

$ 17,575

$ 227,233

$ 227,233

 

 

 

 

 

**Financial liabilities**

 

 

 

 

Accounts payable and accrued liabilities

$ 620,560

$ 620,560

$ 191,972

$ 191,972

Fair value estimates are made at a specific point in time, based on relevant market information and information about financial instruments. These estimates are subject to and involve uncertainties and matters of significant judgment, therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

F-26

**13.  FINANCIAL INSTRUMENTS AND RISK MANAGEMENT  (cont’d)**

A summary of the Company’s risk exposures as it relates to financial instruments are reflected below:

***a)  Fair value of financial instruments***

The Company’s financial assets and liabilities are comprised of cash, advances and receivable and, accounts payable and accrued liabilities. 

.

The Company classifies the fair value of these transactions according to the following fair value hierarchy based on the amount of observable inputs used to value the instrument:

·

Level 1 - Values are based on unadjusted quoted prices available in active markets for identical assets or liabilities as of the reporting date.

·

Level 2 - Values are based on inputs, including quoted forward prices for commodities, time value and volatility factors, which can be substantially observed or corroborated in the marketplace. Prices in Level 2 are either directly or indirectly observable as of the reporting date.

·

Level 3 - Values are based on prices or valuation techniques that are not based on observable market data. 

Assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement within the fair value hierarchy.

The Company’s financial instruments are exposed to certain financial risks: credit risk, liquidity risk, other price risk and market risk.

***b)  Credit risk***

Credit risk is the risk of loss associated with a counter-party’s inability to fulfill its payment obligations. The credit risk is attributable to various financial instruments, as noted below. The credit risk is limited to the carrying value amount carried on the statement of financial position.

a.

Cash - Cash is held with major international financial institutions in Canada and a major law firm in the USA and therefore the risk of loss is minimal. 

b.

Other receivable - The Company is not exposed to major credit risk attributable to customers. A significant portion of this amount is a prepayment of Directors & Officers insurance premiums.

***c)  Liquidity risk***

Liquidity risk is the risk that the Company will encounter difficulty in satisfying financial obligations as they become due.

The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions without incurring unacceptable losses or risking harm to the Company’s reputation. The Company holds sufficient cash to satisfy obligations under accounts payable and accruals.

F-27

**13.  FINANCIAL INSTRUMENTS AND RISK MANAGEMENT  (cont’d)**

The Company monitors its liquidity position regularly to assess whether it has the funds necessary to take care of its operating needs and needs for investing in new projects. The Company believes that its existing cash will allow it to finance the drug development work apart from meeting its operational needs for at least another six months. However, the exact need for additional cash cannot be reasonably ascertained at this stage  Should the Company require further funding, it intends to secure it through further rounds of  equity financing.  

  

However, as a biotech company at an early stage of development and without significant internally generated cash flows, there are inherent liquidity risks, including the possibility that additional financing may not be available to the Company, or that actual drug development expenditures may exceed those planned. The current uncertainty in global markets could have an impact on the Company’s future ability to access capital on terms that are acceptable to the Company. There can be no assurance that required financing will be available to the Company. 

**14.  CAPITAL DISCLOSURES**

The Company considers the items included in Shareholders’ Equity as capital. The Company had payables of approximately $ 0.6 million as at March 31, 2015 (approximately $ 0.2 million as at March 31, 2014) and current assets, mostly in cash, of approximately $1.7 million (approximately $2.3 million as at March 31, 2014). The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to pursue new business opportunities and to maintain a flexible capital structure which optimizes the costs of capital at an acceptable risk. 

The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares, issue new debt, acquire or dispose of assets or adjust the amount of cash.

As at March 31, 2015, the shareholders’ equity was approximately $ 2.7 million (approximately $ 2.4 million as at March 31, 2014), $1.7 million ($ 2 million as at March 31, 2014) of it was held in the form of cash. 

The Company is not subject to any externally imposed capital requirements and does not presently utilize any quantitative measures to monitor its capital. There have been no changes to the Company’s approach to capital management during the years ended March 31, 2015 and March 31, 2014.

**15.  PRIOR YEAR COMPARATIVES**

Certain prior year figures have been restated to conform to current year’s presentation.

**16.  SUBSEQUENT EVENT**

The Company raised approximately $ 5.2 million through a private placement completed on June 24, 2015 by issuing approximately 36.8 million  restricted common shares at a price of $0.14 per share. The Company issued additional approximately 1.8 million restricted common shares to MediqVentures Ltd., owned by two of the directors of the Company as finder’s fee at the rate of 5% of the common shares issued under the private placement, as per the consulting agreement.

F-28 |
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