Transition report pursuant to Rule 13a-10 or 15d-10

PROFORMA FINANCIAL INFORMATION

v3.5.0.1
PROFORMA FINANCIAL INFORMATION
3 Months Ended
Mar. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information [Text Block]
Unaudited Proforma Balance Sheets
(Amounts expressed in US Dollars)
 
 
 
As at
 
As at
 
As at
 
 
 
March 31,
2016
 
December 31,
2015
 
March 31,
2015
 
 
 
$
 
$
 
$
 
Assets
 
 
 
 
 
 
 
 
 
 
Current
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
 
5,391,543
 
 
6,634,754
 
 
6,198,918
 
Accounts receivable, net
 
 
27,177
 
 
430,935
 
 
216,469
 
Due from related parties
 
 
41,445
 
 
38,554
 
 
41,480
 
Inventories
 
 
169,325
 
 
138,156
 
 
453,893
 
Prepaid expenses and other receivables
 
 
254,348
 
 
220,739
 
 
180,422
 
Total Current Assets
 
 
5,883,838
 
 
7,463,138
 
 
7,091,182
 
Equipment
 
 
83,031
 
 
95,793
 
 
115,383
 
Other assets
 
 
4,284
 
 
3,864
 
 
3,647
 
Intangible assets and goodwill
 
 
26,879,318
 
 
26,879,318
 
 
26,879,318
 
Total Assets
 
 
32,850,471
 
 
34,442,113
 
 
34,089,530
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and Shareholders' Equity
 
 
 
 
 
 
 
 
 
 
Current
 
 
 
 
 
 
 
 
 
 
Bank indebtedness
 
 
21,495
 
 
199,886
 
 
-
 
Accounts payable
 
 
907,342
 
 
739,169
 
 
876,653
 
Accrued liabilities
 
 
1,139,663
 
 
580,883
 
 
689,649
 
Customer deposits
 
 
86,487
 
 
188,187
 
 
612,197
 
Demand notes
 
 
345,359
 
 
268,360
 
 
258,286
 
Promissory notes
 
 
200,000
 
 
200,000
 
 
181,455
 
Warrant derivative liability
 
 
5,135,990
 
 
6,067,869
 
 
8,382,648
 
Total Liabilities
 
 
7,836,336
 
 
8,244,354
 
 
11,000,888
 
Shareholders' Equity (Deficiency)
 
 
 
 
 
 
 
 
 
 
Special Voting Preferred Stock
 
 
-
 
 
-
 
 
-
 
Common Shares
 
 
96,241
 
 
96,078
 
 
89,490
 
Additional paid-in capital
 
 
36,527,725
 
 
36,162,628
 
 
34,807,973
 
Shares to be issued
 
 
-
 
 
98,900
 
 
-
 
Deficit
 
 
(11,651,980)
 
 
(10,201,996)
 
 
(11,850,970)
 
Accumulated other comprehensive income
 
 
42,149
 
 
42,149
 
 
42,149
 
Total Shareholders' Equity
 
 
25,014,135
 
 
26,197,759
 
 
23,088,642
 
Total Liabilities and Shareholders' Equity
 
 
32,850,471
 
 
34,442,113
 
 
34,089,530
 
 
Unaudited Proforma Operations Statement
(Amounts expressed in U.S. Dollars)
 
 
 
3 months
 
Year
 
Year
 
 
 
Ended
 
Ended
 
Ended
 
 
 
March 31
2016
 
March 31
2016
 
December 31
2015
 
 
 
$
 
$
 
$
 
Sales
 
 
119,341
 
 
1,919,779
 
 
2,005,837
 
Cost of sales
 
 
151,689
 
 
1,342,780
 
 
1,411,474
 
Gross profit
 
 
(32,348)
 
 
576,999
 
 
594,363
 
Operating expenses
 
 
 
 
 
 
 
 
 
 
Research and development
 
 
390,260
 
 
1,597,379
 
 
1,696,773
 
General and administrative
 
 
1,715,400
 
 
4,949,415
 
 
3,462,721
 
Sales and marketing
 
 
90,637
 
 
264,080
 
 
240,219
 
Share-based compensation expense
 
 
158,244
 
 
1,509,717
 
 
1,709,230
 
Depreciation
 
 
16,796
 
 
65,863
 
 
69,603
 
Total operating expenses
 
 
2,371,337
 
 
8,386,454
 
 
7,178,546
 
 
 
 
 
 
 
 
 
 
 
 
Other income (expenses)
 
 
 
 
 
 
 
 
 
 
Interest expense
 
 
(15,344)
 
 
(68,058)
 
 
(73,836)
 
Other income
 
 
4,034
 
 
(43,594)
 
 
24,875
 
Foreign exchange loss
 
 
71,399
 
 
112,771
 
 
(184,125)
 
Change in fair value of warrant derivative liability
 
 
870,913
 
 
(7,742,555)
 
 
484,124
 
Total other income (expenses)
 
 
931,002
 
 
(7,741,436)
 
 
251,038
 
 
 
 
 
 
 
 
 
 
 
 
Net loss for the period
 
 
(1,472,683)
 
 
(15,550,891)
 
 
(6,333,145)
 
Foreign exchange translation adjustment
 
 
-
 
 
-
 
 
24,799
 
Net loss and comprehensive loss for the period
 
 
(1,472,683)
 
 
(15,550,891)
 
 
(6,308,346)