SECURITIES AND EXCHANGE COMMISSION
Section 13 or 15(d) of the
Exchange Act of 1934
Date of report (Date of earliest event reported):
December 21, 2017
of Registrant as Specified in Its Charter)
|(State or Other Jurisdiction of
Incorporation or Organization)
483 Bay Street, N105
|(Address of Principal Executive Offices)
Registrant’s Telephone Number, Including
Area Code: (416) 640-7887
or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended
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communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
The FASB issued ASU No. 2017-11, Earnings
Per Share (Topic 260) Distinguishing Liabilities From Equity (Topic 480) Derivatives and Hedging (Topic 815): I. Accounting for
Certain Financial Instruments With Down Round Features II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial
Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests With a Scope Exception,
allows a financial instrument with a down-round feature to no longer automatically be classified as a liability solely based on
the existence of the down-round provision. The update also means the instrument would not have to be accounted for as a derivative
and be subject to an updated fair value measurement each reporting period.
On consideration of the above factors,
Bionik Laboratories Corp. (the “Company”) elected to early adopt ASU 2017-11 on July 1, 2017. The early adoption allows
the Company to reduce the cost and complexity of updating the fair value measurement each reporting period and eliminate the unnecessary
volatility in reported earnings created by the revaluation when the Company’s shares’ value changes. The Company presented
the change in accounting policy through the retrospective application of the new accounting principle to all prior periods, as
described in ASU No. 250-10-45-5, Accounting Changes and Error Corrections.
On December 21, 2017, the Company filed
a Registration Statement on Form S-1 which contained audited retrospectively revised consolidated financial statements for the
years ended March 31, 2017 and 2016 (the “Financial Statements”), reflecting the early adoptions of ASU No. 2017-11.
This Current Report on Form 8-K is being filed to provide the Financial Statements, which are included as Exhibit 99.1 to this
Current Report on Form 8-K, as well as the Financial Statements in XBRL format, which are included as exhibits to this Current
Report on Form 8-K.
|Item 9.01||Financial Statements and Exhibits
Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: December 21, 2017
||BIONIK LABORATORIES CORP.
||/s/ Leslie Markow
||Chief Financial Officer