Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.7.0.1
Stockholders' Equity (Tables)
3 Months Ended
Apr. 30, 2017
Stockholders' Equity Note [Abstract]  
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
A summary of the status of the Company’s outstanding stock options for the periods ended April 30, 2017 and January 31, 2017 is presented below:
 
 
 
Number
 
Weighted
Average
 
Weighted Average
Grant Date
 
 
 
of Options
 
Exercise Price
 
Fair Value
 
Outstanding at February 1, 2016
 
 
2,191,274
 
$
5.12
 
$
7.86
 
Expired
 
 
(93,875)
 
$
5.19
 
 
 
 
Forfeited
 
 
(70,000)
 
$
5.12
 
 
 
 
Granted
 
 
260,000
 
$
2.21
 
$
1.41
 
Outstanding at January 31, 2017
 
 
2,287,399
 
$
4.78
 
 
 
 
Granted
 
 
1,200,000
 
$
2.14
 
$
0.89
 
Outstanding at April 30, 2017
 
 
3,487,399
 
$
3.87
 
 
 
 
Exercisable at April 30, 2017
 
 
3,072,043
 
$
3.89
 
 
 
 
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]
At April 30, 2017, the following stock options were outstanding, entitling the holder thereof to purchase shares of common stock of the Company as follows:
 
Number
 
Exercise
Price
 
Expiry
Date
 
Number
Vested
 
 
15,000
 
 
10.00
 
October 9, 2017
 
 
15,000
 
 
1,250
 
 
10.00
 
February 1, 2018
 
 
1,250
 
 
3,750
 
 
10.00
 
May 1, 2018
 
 
3,750
 
 
2,000
 
 
10.00
 
April 1, 2019
 
 
2,000
 
 
25,000
 
 
10.00
 
July 30, 2022
 
 
25,000
 
 
1,536,750
 
 
5.12
 
June 6, 2024
 
 
1,421,358
 
 
25,000
 
 
6.00
 
June 10, 2024
 
 
25,000
 
 
37,500
 
 
5.12
 
February 3, 2025
 
 
25,000
 
 
37,500
 
 
4.48
 
February 25, 2025
 
 
25,000
 
 
6,250
 
 
4.80
 
July 6, 2025
 
 
6,250
 
 
337,399
 
 
4.40
 
August 18, 2026
 
 
212,435
 
 
10,000
 
 
2.50
 
February 25, 2026
 
 
10,000
 
 
100,000
 
 
2.50
 
November 1, 2026
 
 
100,000
 
 
150,000
 
 
2.00
 
November 1, 2026
 
 
-
 
 
1,200,000
 
 
2.14
 
March 13, 2021
 
 
1,200,000
 
 
3,487,399
 
 
 
 
 
 
 
3,072,043
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
The fair value of each option award was estimated on the date of the grant using the Black-Scholes option pricing model based on the following weighted average assumptions:
 
 
 
2017
 
 
2016
 
Expected term of stock option (years) (1)
 
 
2.00
 
 
 
5.00
 
Expected volatility (2)
 
 
76.10
%
 
 
67.70
%
Stock price at date of issuance
 
$
2.14
 
 
$
2.50
 
Risk-free interest rate
 
 
1.40
%
 
 
1.16
%
Dividend yields
 
 
0.00
%
 
 
0.00
%
(1) As the Company has insufficient historical data on which to estimate the expected term of the options, the Company has elected to apply the short-cut method to determine the expected term under the guidance of Staff Accounting Bulletin No. 110.
(2) As the Company has insufficient historical data on which to estimate expected future share price volatility, the Company has estimated expected share price volatility based on the historical share price volatility of comparable entities.
Schedule Of Share Based Compensation Shares Authorized Under Warrants By Exercise Price Range [Table Text Block]
At April 30, 2017, the Company had 1,627,010 share purchase warrants outstanding as follows:
 
Number
 
 
Exercise
Price
 
Expiry
Date
 
12,451
 
 
$
10.00
 
August 10, 2017
 
3,750
 
 
$
10.00
 
August 10, 2018
 
60,001
 
 
$
6.00
 
April 4, 2019
 
555,968
 
 
$
6.00
 
June 10, 2019
 
155,052
 
 
$
3.00
 
June 10, 2019
 
168,883
 
 
$
6.00
 
July 8, 2019
 
29,343
 
 
$
3.00
 
July 8, 2019
 
24,625
 
 
$
8.00
 
October 23, 2019
 
137,180
 
 
$
4.80
 
December 23, 2020
 
365,688
 
 
$
4.80
 
June 15, 2022
 
36,569
(1)
 
$
4.80
 
June 15, 2022
 
15,000
 
 
$
4.80
 
July 6, 2022
 
62,500
 
 
$
5.11
 
September 1, 2022
 
 
 
 
 
 
 
 
 
1,627,010
 
 
 
 
 
 
 
(1) These warrants may vest and become exercisable only under certain anti-dilution performance conditions contained in the warrant agreement.
Schedule of Share Purchase Warrants Activity [Table Text Block]
A summary of the Company’s share purchase warrants outstanding is presented below:
 
 
 
Number of
 
Weighted Average
 
 
 
Warrants
 
Exercise Price
 
Outstanding at February 1, 2016
 
 
1,645,198
 
$
5.27
 
Expired
 
 
(18,188)
 
$
4.00
 
 
 
 
 
 
 
 
 
Outstanding at January 31, 2017 and April 30, 2017
 
 
1,627,010
 
$
5.29