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Deferred Grant Income

6 Months Ended

Mar. 31, 2016

Deferred Revenue Disclosure [Abstract]

Deferred Grant Income

Note 5

Deferred Grant Income

During the year ended September 30, 2015, the Company was awarded grant funding in the amount of $286,455, of which the Company received $71,614 during the year ended September 30, 2015 and the remainder will be received in equal semi-annual instalments over the 24-month commitment. The grant was received in exchange for a commitment to provide research and development for preclinical validation of Sigma-1 receptor agonism as potential treatment for Parkinsons’ disease.

The grant income was deferred and is being amortized as an increase to other income over a two-year period as the related research and development expenditures are incurred. During the three and six months ended March 31, 2016, the Company recognized $26,879 and $65,934, respectively (2015: $0 and $0, respectively) of this grant on its statement of operations.

During the six months ended March 31, 2016, the Company recognized other grant income of $571,093 in respect of a research and development incentive program offered by the Australian government.

The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.

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