v3.6.0.2
Interim Condensed Consolidated Balance Sheets
Oct. 31, 2016
USD ($)
Jan. 31, 2016
USD ($)
Current assets    
Cash $ 44,365 $ 4,780,994
Accounts receivable, net of allowances of $32,327 (January 31, 2016: $34,398) 0 127,422
Inventory, net of allowances of $503,000 (January 31, 2016: $390,000) 1,997,865 921,449
Prepaid expenses and deposits 341,089 956,807
Total current assets 2,383,319 6,786,672
Equipment, net 5,228 13,215
Intangible assets, net 80,874 73,095
TOTAL ASSETS 2,469,421 6,872,982
Current liabilities    
Accounts payable and accrued liabilities 1,455,985 993,399
Interest payable 3,244 6,025
Factored line of credit 403,431 527,711
Promissory note payable 3,450 3,450
Convertible promissory notes 112,000 584,942
Total current liabilities 1,978,110 2,115,527
Deferred compensation 70,370 170,369
TOTAL LIABILITIES 2,048,480 2,285,896
STOCKHOLDERS' EQUITY    
Common stock Authorized 2,000,000 shares of blank check preferred stock, no par value 18,000,000 shares of common stock, par value $0.001 per share (11,250,000 common shares, par value $0.001 per share) Issued and outstanding 6,069,982 shares of common stock (January 31, 2016: 6,069,982) 6,070 6,070
Common stock to be issued 15,000 15,000
Accumulated paid-in capital 54,991,671 50,953,341
Accumulated deficit (54,585,555) (46,381,080)
Accumulated other comprehensive loss (6,245) (6,245)
Total stockholders' equity 420,941 4,587,086
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 2,469,421 $ 6,872,982

Source

v3.6.0.2
Interim Condensed Consolidated Statements of Operations - USD ($)
3 Months Ended 9 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2016
Oct. 31, 2015
Net sales $ 551,494 $ 317,748 $ 1,292,132 $ 938,157
Cost of sales 388,144 249,274 1,185,796 664,081
Gross profit 163,350 68,474 106,336 274,076
Operating Expenses        
General and administrative expenses 2,503,869 3,371,705 8,236,408 8,670,296
Foreign exchange 1,545 1,778 2,007 729
Total operating expenses 2,505,414 3,373,483 8,238,415 8,671,025
Operating loss (2,342,064) (3,305,009) (8,132,079) (8,396,949)
Other income (expense)        
Interest expense (19,731) (133,432) (56,200) (494,788)
Accretion of debt discounts and finance charges (805) (94,980) (16,196) (300,252)
Fair value mark-to-market adjustments 0 0 0 708,900
Total other income (expense) (20,536) (228,412) (72,396) (86,140)
Net loss for the period $ (2,362,600) $ (3,533,421) $ (8,204,475) $ (8,483,089)
Net loss per share        
Basic $ (0.39) $ (2.08) $ (1.35) $ (6.51)
Diluted $ (0.39) $ (2.08) $ (1.35) $ (6.51)
Weighted average shares outstanding        
Basic 6,072,482 1,695,437 6,072,482 1,302,714
Diluted 6,072,482 1,695,437 6,072,482 1,302,714

Source

v3.6.0.2
Interim Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Cash flows from operating activities    
Net loss for the period $ (8,204,475) $ (8,483,089)
Adjustments to reconcile net loss to net cash used in operating activities:    
Provision for doubtful accounts (4,181) 20,226
Provision for obsolete inventory 113,000 0
Depreciation and amortization 7,987 13,526
Other non cash items (Schedule 1) 4,053,388 3,982,628
Changes in operating assets and liabilities:    
Accounts receivable 131,603 (86,127)
Prepaid expenses and deposits 585,718 352,703
Inventory (1,189,416) (1,158,161)
Accounts payable 492,586 556,874
Interest payable (2,781) 397,702
Deferred costs 0 (50,000)
Deferred compensation (99,999) 33,333
Net cash used in operating activities (4,116,570) (4,420,385)
Cash flows from investing activities    
Acquisition of intangible assets (7,779) (32,155)
Purchase of equipment 0 (4,439)
Net cash used in investing activities (7,779) (36,594)
Cash flows from financing activities    
Proceeds from share issuances 0 2,342,996
Share issuance offering costs 0 (91,422)
Proceeds from convertible promissory notes 112,000 0
Repayments of convertible promissory notes (600,000) 0
Repayments under factoring arrangements (924,280) (429,593)
Advances under factoring arrangements 800,000 1,010,000
Net cash provided by (used in) financing activities (612,280) 2,831,981
Net decrease in cash (4,736,629) (1,624,998)
Cash at beginning of the period 4,780,994 1,943,235
Cash at end of the period 44,365 318,237
Cash paid during the period for:    
Interest 20,909 70,923
Income Taxes 0 0
Non-cash financing activities:    
Extinguishment of accounts payable with equity 0 12,000
Reclassification of derivative liability to additional paid in capital 0 3,091,050
Conversion of convertible debt to shares 0 233,382
Interest paid in shares 0 283,913
Profit and loss items not involving cash consists of:    
Stock based compensation 4,038,330 4,391,276
Change in fair value of derivative financial instruments 0 (708,900)
Amortization of deferred financing fees 15,058 21,356
Accretion of debt discount 0 278,896
Other Noncash Income (Expense), Total $ 4,053,388 $ 3,982,628

Source