Other Income

6 Months Ended

Mar. 31, 2017

Deferred Revenue Disclosure [Abstract]

Other Income

Note 3 Other Income

Deferred Grant Income

On June 19, 2015, the Company was awarded grant funding in the amount of $286,455. The grant has been received in exchange for a commitment to provide research and development for preclinical validation of Sigma-1 receptor agonism as potential treatment for Parkinson’s disease.

The grant income has been deferred and is being amortized to other income over the related commitment period as the related research and development expenditures are incurred. During the three and six months ended March 31, 2017, the Company recognized $16,684 and $51,970, respectively (2016: $26,879 and $65,934) of this grant on its statement of operations within grant income.

Research and development tax incentive

During the three and six months ended March 31, 2017, the Company received other income of $2,022,902 and $2,022,902, respectively (2016: $Nil and $571,093, respectively) in respect of a research and development incentive program offered by the Australian government.