v3.8.0.1
Interim Condensed Consolidated Balance Sheets
Oct. 31, 2017
USD ($)
Jan. 31, 2017
USD ($)
Current assets    
Cash $ 2,170,665 $ 879,014
Accounts receivable, net of allowances of $3,452 (January 31, 2017: $29,668) 215,270 0
Due from factor 7,842 0
Inventory, net of allowances of $375,784 (January 31, 2017: $375,784) 2,158,503 2,228,813
Related party advances receivable 156,600 0
Prepaid expenses and deposits 89,471 496,721
Total current assets 4,798,351 3,604,548
Intangible assets, net 80,875 80,875
TOTAL ASSETS 4,879,226 3,685,423
Current liabilities    
Trade payables and accrued liabilities 933,442 1,761,367
Interest payable 0 7,279
Factored line of credit 0 302,776
Promissory notes payable 3,450 256,450
Total current liabilities 936,892 2,327,872
Deferred compensation 0 37,037
TOTAL LIABILITIES 936,892 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 66,820,553 56,829,778
Accumulated deficit (62,896,457) (57,179,583)
Accumulated other comprehensive loss (6,245) (6,245)
Total stockholders' equity 3,942,334 1,320,514
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 4,879,226 $ 3,685,423

Source

v3.8.0.1
Interim Condensed Consolidated Statements of Operations - USD ($)
3 Months Ended 9 Months Ended
Oct. 31, 2017
Oct. 31, 2016
Oct. 31, 2017
Oct. 31, 2016
Net sales $ 620,928 $ 551,494 $ 1,746,644 $ 1,292,132
Cost of sales 391,288 388,144 1,170,614 1,185,796
Gross profit 229,640 163,350 576,030 106,336
Operating Expenses        
General and administrative expenses 1,126,613 2,503,869 6,251,199 8,236,408
Foreign exchange 3,097 1,545 (3,102) 2,007
Total operating expenses 1,129,710 2,505,414 6,248,097 8,238,415
Operating loss (900,070) (2,342,064) (5,672,067) (8,132,079)
Interest expense 3,048 19,731 44,541 56,200
Accretion of debt discounts and finance charges 21 805 266 16,196
Total other expense 3,069 20,536 44,807 72,396
Net loss $ (903,139) $ (2,362,600) $ (5,716,874) $ (8,204,475)
Net loss per share        
Basic and Diluted $ (0.09) $ (0.39) $ (0.57) $ (1.35)
Weighted average shares outstanding        
Basic and Diluted 10,342,191 6,072,482 9,982,957 6,072,482

Source

v3.8.0.1
Interim Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Oct. 31, 2017
Oct. 31, 2016
Cash flows from operating activities    
Net loss $ (5,716,874) $ (8,204,475)
Adjustments to reconcile net loss to net cash used in operating activities:    
Provision for doubtful accounts (26,216) (4,181)
Provision for obsolete inventory 0 113,000
Depreciation and amortization 0 7,987
Stock based compensation 2,376,824 4,038,330
Amortization of deferred financing costs 0 15,058
Changes in operating assets and liabilities:    
Accounts receivable (189,054) 131,603
Due from factor (7,842) 0
Related party advances receivable (156,600) 0
Prepaid expenses and deposits 407,250 585,718
Inventory 70,310 (1,189,416)
Trade payables and accrued liabilities (173,288) 492,586
Interest payable (7,279) (2,781)
Deferred compensation (37,037) (99,999)
Net cash used in operating activities (3,459,806) (4,116,570)
Cash flows from investing activities    
Acquisition of intangible assets 0 (7,779)
Net cash used in investing activities 0 (7,779)
Cash flows from financing activities    
Proceeds from share issuances, net 5,307,233 0
Repayments of promissory notes (253,000) 0
Proceeds from convertible promissory notes 0 112,000
Repayments of convertible promissory notes 0 (600,000)
Repayments under factoring arrangements (302,776) (924,280)
Advances under factoring arrangements 0 800,000
Net cash provided by (used in) financing activities 4,751,457 (612,280)
Net increase (decrease) in cash 1,291,651 (4,736,629)
Cash at beginning of the period 879,014 4,780,994
Cash at end of the period 2,170,665 44,365
Cash paid during the period for:    
Interest 0 20,909
Income Taxes 0 0
Non-cash financing activities:    
Extinguishment of accrued salary with equity $ 654,637 $ 0

Source