v3.7.0.1
Interim Condensed Consolidated Balance Sheets
Apr. 30, 2017
USD ($)
Jan. 31, 2017
USD ($)
Current assets    
Cash $ 3,994,925 $ 879,014
Inventory, net of allowances of $375,784 (January 31, 2017: $375,784) 2,371,373 2,228,813
Related party advances receivable 143,613 0
Prepaid expenses and deposits 225,217 496,721
Total current assets 6,735,128 3,604,548
Intangible assets, net 80,875 80,875
TOTAL ASSETS 6,816,003 3,685,423
Current liabilities    
Accounts payable and accrued liabilities 693,515 1,761,367
Interest payable 13,463 7,279
Factored line of credit 71,410 302,776
Promissory notes payable 256,450 256,450
Total current liabilities 1,034,838 2,327,872
Deferred compensation 3,704 37,037
TOTAL LIABILITIES 1,038,542 2,364,909
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 Issued and outstanding 10,342,191 shares of common stock (January 31, 2017: 6,560,964) 10,342 6,561
Common stock to be issued 14,141 1,670,003
Accumulated paid-in capital 66,126,858 56,829,778
Accumulated deficit (60,367,635) (57,179,583)
Accumulated other comprehensive loss (6,245) (6,245)
Total stockholders' equity 5,777,461 1,320,514
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 6,816,003 $ 3,685,423

Source

v3.7.0.1
Interim Condensed Consolidated Statements of Operations - USD ($)
3 Months Ended
Apr. 30, 2017
Apr. 30, 2016
Net sales $ 455,160 $ 447,627
Cost of sales 354,141 307,869
Gross profit 101,019 139,758
Operating Expenses    
General and administrative expenses 3,262,663 2,654,621
Foreign exchange 763 (648)
Total operating expenses 3,263,426 2,653,973
Operating loss (3,162,407) (2,514,215)
Interest expense 25,414 19,116
Accretion of debt discounts and finance charges 231 6,764
Total other expense 25,645 25,880
Net loss $ (3,188,052) $ (2,540,095)
Net loss per share    
Basic $ (0.35) $ (0.42)
Diluted $ (0.35) $ (0.42)
Weighted average shares outstanding    
Basic 9,240,272 6,072,482
Diluted 9,240,272 6,072,482

Source

v3.7.0.1
Interim Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Apr. 30, 2017
Apr. 30, 2016
Cash flows from operating activities    
Net loss $ (3,188,052) $ (2,540,095)
Adjustments to reconcile net loss to net cash used in operating activities:    
Provision for doubtful accounts 0 1,140
Provision for obsolete inventory 0 (15,000)
Depreciation and amortization 0 3,207
Stock based compensation 1,683,129 1,143,238
Amortization of deferred financing costs 0 6,764
Changes in operating assets and liabilities:    
Related party advances receivable (143,613) (10,490)
Prepaid expenses and deposits 271,504 868,768
Inventory (142,560) (837,141)
Accounts payable and accrued liabilities (413,215) (96,188)
Interest payable 6,184 (98)
Deferred costs 0 (50,000)
Deferred compensation (33,333) (33,333)
Net cash used in operating activities (1,959,956) (1,559,228)
Cash flows from financing activities    
Proceeds from share issuances, net 5,307,233 0
Repayments under factoring arrangements (231,366) (308,955)
Net cash provided by (used in) financing activities 5,075,867 (308,955)
Net increase (decrease) in cash 3,115,911 (1,868,183)
Cash at beginning of the period 879,014 4,780,994
Cash at end of the period 3,994,925 2,912,811
Cash paid during the period for:    
Interest 0 0
Income Taxes 0 0
Non-cash financing activities:    
Extinguishment of accounts payable with equity $ 654,637 $ 0

Source