Document and Entity Information
Document and Entity Information - Jun. 30, 2015 - shares | Total |
Document and Entity Information | |
Entity Registrant Name | Triton Emission Solutions Inc. |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2015 |
Amendment Flag | false |
Entity Central Index Key | 1,143,238 |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 88,095,005 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | Q2 |
Trading Symbol | dsox |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash | $ 323,988 | $ 560,144 |
Accounts receivable | 23,668 | 3,975 |
Prepaids | 74,262 | 62,554 |
Deferred financing costs | 18,797 | |
Loan receivable | 1,200,000 | |
Work in progress | 524,738 | 337,471 |
Total Current Assets | 965,453 | 2,164,144 |
Other Assets | ||
Deferred financing costs | 20,161 | |
Equipment | 37,917 | 31,093 |
Total Other Assets | 37,917 | 51,254 |
Total Assets | 1,003,370 | 2,215,398 |
Current Liabilities | ||
Accounts payable | 166,128 | 144,913 |
Accrued liabilities | 39,399 | 68,914 |
Wages payable | 14,060 | 55,895 |
Unearned revenue | 2,075,000 | 2,075,000 |
Notes and advances payable | 523,637 | 637,207 |
Due to related parties | 5,887 | 21,767 |
Loan payable | 36,884 | |
Derivative liability | 1,284,559 | 2,991,185 |
Total Current Liabilities | 4,145,554 | 5,994,881 |
Long-Term Liabilities | ||
Long-term loan | 603 | |
Total Long-Term Liabilities | 603 | |
Total Liabilities | 4,145,554 | 5,995,484 |
Stockholders' Deficit | ||
Common stock value | 88,095 | 88,095 |
Common stock obligation | 46,410 | 46,410 |
Additional paid-in capital | 62,823,968 | 62,324,449 |
Accumulated deficit | (66,109,996) | (66,250,486) |
Accumulated other comprehensive income | 9,339 | 11,446 |
Total Stockholders' Equity (Deficit) | (3,142,184) | (3,780,086) |
Total Liabilities and Stockholders' Equity (Deficit) | $ 1,003,370 | $ 2,215,398 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Balance Sheet | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 88,095,005 | 88,095,005 |
Common stock, shares outstanding | 88,095,005 | 88,095,005 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement | ||||
Consulting income | $ 26,848 | $ 40,315 | ||
Survey income | $ 15,000 | |||
Royalty income | 10,171 | $ 3,862 | 11,863 | 13,810 |
Total revenues | 37,019 | 3,862 | 52,178 | 28,810 |
Operating expenses | ||||
Amortization | 2,478 | 1,312,924 | 4,530 | 1,534,549 |
General and administrative expense | 534,853 | 926,053 | 997,272 | 1,462,495 |
Research and development | 13,168 | 5,055 | 58,067 | 13,423 |
Royalty fee | (195,833) | (170,833) | ||
Loss before other items | (513,480) | (2,044,337) | (1,007,691) | (2,810,824) |
Other items | ||||
Accretion expense | 32,316 | 86,824 | 36,281 | 136,313 |
Financing costs | 8,676 | 13,515 | ||
Gain on change in fair value of derivative liability | 898,166 | 1,706,626 | ||
Impairment of loan | 150,000 | 150,000 | ||
Non-cash consulting fees | 9,677,730 | |||
Interest expense | 4,640 | 91,444 | 9,130 | 155,060 |
Stock-based compensation | 223,598 | 499,519 | ||
Net income (loss) | $ 115,456 | $ (2,372,605) | $ 140,490 | $ (12,929,927) |
Net income (loss) per common share - basic and diluted | $ 0 | $ (0.03) | $ 0 | $ (0.1) |
Weighted common shares outstanding - basic | 88,095,005 | 87,995,005 | 88,095,005 | 128,878,983 |
Weighted common shares outstanding - diluted | 88,475,774 | 87,995,005 | 88,475,774 | 128,878,983 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) | Common Stock | Obligation to Issue Shares | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Total |
Beginning Balance, shares at Dec. 31, 2013 | 187,995,005 | |||||
Beginning Balance, amount at Dec. 31, 2013 | $ 187,995 | $ 2,240,253 | $ (4,487,416) | $ 11,665 | $ (2,047,503) | |
Shares cancelled upon cancellation of employment agreement, shares | (154,000,000) | |||||
Shares cancelled upon cancellation of employment agreement, value | $ (154,000) | 154,000 | ||||
Fair value of warrants issued for long-term financing | 1,536,353 | 1,536,353 | ||||
Fair value of warrants issued for consulting services | 9,677,730 | 9,677,730 | ||||
Shares issued for purchase of assets, shares | 54,000,000 | |||||
Shares issued for purchase of assets, value | $ 54,000 | 52,326,000 | 52,380,000 | |||
Obligation to issue shares | $ 46,410 | 46,410 | ||||
Net income (loss) for the period | (12,929,927) | (12,929,927) | ||||
Ending Balance, shares at Jun. 30, 2014 | 87,995,005 | |||||
Ending Balance, amount at Jun. 30, 2014 | $ 87,995 | 46,410 | 65,934,336 | (17,417,343) | 11,665 | 48,663,063 |
Fair value of stock-based compensation | 300,524 | 300,524 | ||||
Fair value of warrants issued for investor relations services | 88,548 | 88,548 | ||||
Shares issued for services, shares | 100,000 | |||||
Shares issued for services, value | $ 100 | 46,900 | 47,000 | |||
Adjustment of fair value of warrants issued on long-term financing | (1,536,352) | (1,536,352) | ||||
Adjustment of fair value of warrants issued for consulting services | (2,509,506) | (2,509,506) | ||||
Translation to reporting currency | (219) | (219) | ||||
Net income (loss) for the period | (48,833,143) | (48,833,143) | ||||
Ending Balance, shares at Dec. 31, 2014 | 88,095,005 | |||||
Ending Balance, amount at Dec. 31, 2014 | $ 88,095 | 46,410 | 62,324,449 | (66,250,486) | 11,446 | (3,780,086) |
Fair value of stock-based compensation | 499,519 | 499,519 | ||||
Translation to reporting currency | (2,107) | (2,107) | ||||
Net income (loss) for the period | 140,490 | 140,490 | ||||
Ending Balance, shares at Jun. 30, 2015 | 88,095,005 | |||||
Ending Balance, amount at Jun. 30, 2015 | $ 88,095 | $ 46,410 | $ 62,823,968 | $ (66,109,996) | $ 9,339 | $ (3,142,184) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Flows from Operating Activities | ||
Net income (loss) | $ 140,490 | $ (12,929,927) |
Non cash items | ||
Accretion expense | 36,281 | 136,313 |
Amortization | 4,530 | 1,534,549 |
Consulting services | 9,677,730 | |
Financing costs | 13,515 | |
Foreign exchange gain (loss) | 22,798 | (844) |
Gain on change in fair value of derivative liability | 1,706,626 | |
Stock-based compensation | 499,519 | |
Website design | 46,410 | |
Changes to operating assets and liabilities: | ||
Accounts receivable | (19,672) | (239) |
Prepaids | (11,702) | 68,072 |
Work in progress | (187,267) | (741,511) |
Accounts payable | 9,403 | 324,723 |
Accrued liabilities | (29,519) | (142,801) |
Wages payable | (41,476) | |
Unearned revenue | 975,000 | |
Due to related parties | (15,497) | (31,261) |
Accrued interest | 9,130 | 155,060 |
Net cash provided by (used in) operating activities | (1,321,690) | (927,038) |
Cash Flows from Financing Activities | ||
Proceeds from long-term loan | 1,200,000 | 2,000,000 |
Proceeds from notes and advances payable | 48,286 | |
Repayment of notes payable | 100,000 | |
Repayment of accrued interest on notes payable | 104,000 | |
Net cash provided by financing activities | 1,100,000 | 1,944,286 |
Cash Flows from Investing Activities | ||
Purchase of equipment | 11,354 | |
Net cash used by investing activities | (11,354) | |
Effects of foreign currency exchange | (3,112) | |
Net increase in cash | (236,156) | 1,017,248 |
Cash, beginning of period | 560,144 | 177,986 |
Cash, end of period | $ 323,988 | $ 1,195,234 |
Supplemental Disclosure of Cash Flow Information: | ||
Income tax | ||
Interest | $ 104,000 |
Organization and Nature of Oper
Organization and Nature of Operations | 6 Months Ended |
Jun. 30, 2015 | |
Notes | |
Organization and Nature of Operations | NOTE 1 - ORGANIZATION AND NATURE OF OPERATIONS Triton Emission Solutions Inc. (the Company) was incorporated in the state of Delaware on March 2, 2000 and is listed on the OTCQB under the symbol DSOX. On August 25, 2014, the Company changed its name from Poly Shield Technologies Inc. to Triton Emission Solutions Inc. On November 13, 2014, the Company established a wholly owned subsidiary in Sweden, Triton Emission Solutions International AB (the Subsidiary). The Companys main focus is the development and marketing of its proprietary DSOX Fuel Purification Systems, designed to remove sulfur from marine fuel and exhaust gases. The technology is currently aimed at the maritime industry which includes vessels for cruise-line, freight shipping and tanker companies. Basis of presentation The unaudited interim consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. They do not include all information and notes required by generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the notes to the financial statements included in the Annual Report on Form 10-K of the Company for the year ended December 31, 2014. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2015, are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. For further information, these unaudited interim consolidated financial statements and the related notes should be read in conjunction with the Companys audited consolidated financial statements for the year ended December 31, 2014, included in the Companys report on Form 10-K. Reclassifications Certain prior period amounts in the accompanying unaudited consolidated interim financial statements have been reclassified to conform to the current periods presentation. These reclassifications had no effect on the consolidated results of operations or financial position for any period presented. Going Concern The accompanying unaudited consolidated interim financial statements have been prepared assuming the Company will continue as a going concern. Continuation as a going concern is dependent upon the ability of the Company to obtain the necessary financing to meet its obligations and pay its liabilities arising from normal business operations when they come due and ultimately upon its ability to achieve profitable operations. The outcome of these matters cannot be predicted with any certainty at this time and raises substantial doubt that the Company will be able to continue as a going concern. These unaudited interim consolidated financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. Management intends to obtain additional funding by borrowing funds from its directors and officers, issuing promissory notes and/or a private placement of common stock. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2015 | |
Notes | |
Related Party Transactions | NOTE 2 - RELATED PARTY TRANSACTIONS Amounts due to related parties at June 30, 2015 and December 31, 2014: June 30, 2015 December 31, 2014 Due to a company controlled by the Chief Financial Officer (CFO) $ 703 $ 703 Due to a former President 294 294 Due to a former Chief Executive Officer (CEO) 2,656 2,656 Due to the former Vice President of Engineering 148 12,298 Due to the CEO and President of Subsidiary 2,086 5,816 Due to related parties $ 5,887 $ 21,767 Amounts are unsecured, due on demand and bear no interest. During the six months ended June 30, 2015 and 2014, the Company incurred the following expenses with related parties: June 30, 2015 June 30, 2014 Salary paid to the CEO $ 74,659 $ -- Fair value of options issued to the CEO (Notes 3 and 7) 197,731 -- Administrative fees incurred to a company controlled by the CFO 67,500 150,000 Management fees incurred to the CFO 22,500 22,500 Management fees incurred to the Senior Vice President of Business Development -- 112,500 Salary paid to the Senior Vice President of Business Development 135,000 -- Consulting and survey fees incurred to the former Vice President of Engineering -- 70,002 Salary paid to the former Vice President of Engineering 60,668 -- Fair value of options issued to the former Vice President of Engineering (Note 7) 63,660 -- Consulting and management fees incurred to the President and Chief Technical Officer (CTO) -- 90,000 Fair value of warrants issued for consulting services to the President and CTO -- 9,677,730 Salary paid to the President and CTO 135,000 31,644 Fair value of options issued to a Director and Chairman (Note 7) 216,631 -- Salary paid to the President and CEO of the Subsidiary 60,829 -- Fair value of options issued to the President and CEO of the Subsidiary (Notes 3 and 7) 10,151 -- Consulting fees incurred to the former President -- 15,000 Consulting fees incurred to the former CEO -- 252,000 Total transactions with related parties $ 1,044,329 $ 10,421,376 |
Employment Agreements Disclosur
Employment Agreements Disclosure | 6 Months Ended |
Jun. 30, 2015 | |
Notes | |
Employment Agreements Disclosure | NOTE 3 - EMPLOYMENT AGREEMENTS Employment Agreement with CEO On March 6, 2015, the Company entered into an employment agreement (the Aasen Agreement) with Mr. Aasen, pursuant to which Mr. Aasen has agreed to join the Company as its Chief Executive Officer and a Director, effective on March 23, 2015. Mr. Aasen is entitled to an annual base salary of $270,000 per year beginning March 23, 2015. In addition to the base salary, the Company granted Mr. Aasen options to purchase up to 3,000,000 restricted shares of the Companys common stock at an exercise price of $0.50 per share (the Aasen Options). 1,000,000 of the Aasen Options vested on March 23, 2015. The remaining 2,000,000 Aasen Options will vest at a rate of 500,000 shares per year, beginning March 23, 2016. Upon a change-in-control, any options that have not vested will immediately vest and become exercisable. The options will expire 5 years after the vesting date. During the six months ended June 30, 2015 the Company recorded $197,731 (June 30, 2014 - Nil) as stock-based compensation associated with the grant of Aasen Options. Employment Agreement with CEO of the Subsidiary On January 6, 2015, the Subsidiary entered into an employment $120,000 per year beginning on December 1, 2014. In addition, the Company granted Mr. Karlsson options to purchase up to 100,000 shares of the Companys common stock at an exercise price of $0.50 per share (the Karlsson Options). The Karlsson Options vest on December 1, 2015 and will expire on December 1, 2020. During the six months ended June 30, 2015 the Company recorded $10,151 (June 30, 2014 - Nil) as stock-based compensation associated with the grant of Karlsson Options. |
Equipment Disclosure
Equipment Disclosure | 6 Months Ended |
Jun. 30, 2015 | |
Notes | |
Equipment Disclosure | NOTE 4 - EQUIPMENT Amortization schedule for the equipment at June 30, 2015 and December 31, 2014: June 30, 2015 December 31, 2014 Book value $ 31,093 $ 39,413 Additions 11,354 -- Amortization (4,530) (8,320) Equipment $ 37,917 $ 31,093 The equipment consists of testing and laboratory tools and machinery, and is amortized on a straight-line basis over its useful life of five years. |
Notes and Advances Payable Disc
Notes and Advances Payable Disclosure | 6 Months Ended |
Jun. 30, 2015 | |
Notes | |
Notes and Advances Payable Disclosure | NOTE 5 - NOTES AND ADVANCES PAYABLE The tables below summarize the short-term loans outstanding as at June 30, 2015 and December 31, 2014: As at June 30, 2015 Principal outstanding Interest rate per annum Accrued interest Total $ 27,000 8% $ 8,608 $ 35,608 49,500 7% 19,213 68,713 152,317 6% 30,943 183,260 236,056 0% -- 236,056 $ 464,873 $ 58,764 $ 523,637 As at December 31, 2014 Principal outstanding Interest rate per annum Accrued interest Total $ 27,000 8% $ 7,227 $ 34,227 49,500 7% 16,876 66,376 163,779 6% 27,509 191,288 345,316 0% -- 345,316 $ 585,595 $ 51,612 $ 637,207 All loans are unsecured and due on demand. April 7, 2015, the Company received a demand notice to repay outstanding notes payable totaling $198,000 and $303,469 (CAD$378,972) of which $152,146 (CAD$190,000) of the principal amount accrues interest at a rate of 6% per annum, compounded monthly. On April 17, 2015, the Company made a payment of $100,000 and submitted a proposal for extended repayment terms (Note 8). |
KF Business Ventures LP Loans a
KF Business Ventures LP Loans and Derivative Liability | 6 Months Ended |
Jun. 30, 2015 | |
Notes | |
KF Business Ventures LP Loans and Derivative Liability | NOTE 6 - KF BUSINESS VENTURES LP LOANS AND DERIVATIVE LIABILITY First KF Business Ventures Loan Agreement On January 15, 2014, the Company entered into a binding letter agreement with KF Business Ventures LP (KF), a company controlled by a director of the Company (the Lender), which was superseded by the formal definitive loan agreement signed on February 11, 2014, and further amended on March 10, 2014, and September 8, 2014 (the First KF Loan Agreement). Under the First KF Loan Agreement the Lender agreed to lend to the Company up to $2,000,000 in four equal installments of $500,000 each (the First KF Loan). Pursuant to the First KF Loan Agreement (as amended on March 10, 2014) the principal and interest were to become payable in 18 equal monthly installments commencing on January 1, 2015, with the Company having the right to prepay the First KF Loan at any time in increments of not less than $250,000. The First KF Loan is unsecured and has effective interest rate of 1,130%. In consideration for the First KF Loan Agreement, as amended on March 10, 2014 (the March Amendment), the Company issued to the Lender non-transferrable share purchase warrants to purchase a total of 6,904,546 shares exercisable at a price of $1.00 per share (Note 7). Warrants for 2,450,000 shares were to expire on January 15, 2015, and warrants for 4,454,546 shares expire on January 15, 2018. The Lender may choose to exercise the warrants for up to 3,452,273 shares of common stock by way of a cashless exercise. The warrants have a down-round provision whereby the exercise price of the warrants are adjusted to the lowest offering price of any options, warrants or shares issued subsequent to the issuance of these warrants (the Down-Round Provision). The warrants were determined to be a derivative under ASC 815; therefore, at initial measurement, the proceeds were allocated to the warrants first and any residual proceeds to the loan. At issuance date, the fair value of the warrants was $5,128,110 and a value of $Nil was allocated to the loan. A financing charge of $3,128,110 was recorded on the transaction. On September 8, 2014, the Company entered into a Second Amendment Agreement (the September Amendment) to extend the maturity of the First KF Loan to January 15, 2016, and replace 18 equal monthly installments with a one-time payment of principle and accrued interest. Furthermore, the Company was given an option to further extend the repayment of the First KF Loan to January 15, 2017. The extension to January 15, 2017, may be granted upon the Company issuing to the Lender additional share purchase warrants (the Extension Warrants) that will be equal to one-half of the outstanding principal and unpaid interest as at January 15, 2016. The Extension Warrants will have an initial exercise price of $0.50 per share expiring on September 1, 2021. As consideration for the September Amendment, the Company issued to the Lender additional warrants for the purchase of up to 2,350,000 shares (the September Warrants), with an initial exercise price of $0.50 per share and expiring on January 15, 2019, with cashless exercise rights for up to 1,175,000 shares. In addition, the Company agreed to decrease the exercise price for all warrants previously issued to the Lender under the First KF Loan (the Amended Warrants) from $1.00 per share to $0.50 per share and extend the expiration date of warrants for up to 2,450,000 shares of the Companys common stock from January 15, 2015 to January 15, 2016. The 2,350,000 warrants also have the Down-Round Provision. The incremental increase in the fair value of the Amended Warrants and the fair value of the September Warrants was determined to be $1,477,842 and has been recorded as a financing cost. During the six months ended June 30, 2015, the Company recognized accretion expense of $29,132 (June 30, 2014 - $136,313). At June 30, 2015, the fair value of the derivative liability associated with the warrants was $467,309 (December 31, 2014 - $1,203,944). The fair values of the warrants and adjustments were determined using the Black-Scholes option pricing model at the grant date, and were revalued at the reporting dates using the following assumptions: At December 31, 2014 At June 30, 2015 Expected Warrant Life 1.04-4.04 years 0.55-3.55 years Risk-Free Interest Rate 0.25%-1.38% 0.11%-1.63% Expected Dividend Yield Nil Nil Average Expected Stock Price Volatility 115% 125% Second KF Business Ventures Loan Agreement On July 28, 2014, the Company entered into a second loan agreement with the Lender (the Second KF Loan Agreement). Under the Second KF Loan Agreement, the Lender agreed to lend to the Company $2,400,000 (the Second KF Loan), to be advanced in eight equal installments of $300,000 each, commencing on September 1, 2014, and on the first day of each consecutive calendar month thereafter until fully advanced. The initial maturity date under the Second KF Loan Agreement is January 15, 2016, which can be extended to January 15, 2017. The Second KF Loan is unsecured and has an effective interest rate of 1,729%. The extension may be granted upon the Company issuing to the Lender additional share purchase warrants (the Extension Warrants) that will equal to one-half of the outstanding principal and unpaid interest as at January 15, 2016. The Extension Warrants will have an initial exercise price of $0.50 per share and expiring on September 1, 2021. In consideration for the Second KF Loan Agreement, the Company issued to the Lender non-transferrable share purchase warrants for a total of 9,600,000 shares of the Companys common stock, exercisable at a price of $0.50 per share for a period expiring September 1, 2019 (Note 7). The Lender may choose to exercise the warrants for up to 4,800,000 shares of common stock by way of a cashless exercise. The warrants have the Down-Round Provision. The warrants were determined to be a derivative under ASC 815; therefore, at initial measurement, the proceeds were allocated to the warrants first and any residual proceeds to the loan. At issuance date, the fair value of the warrants was $5,388,652 and a value of $Nil was allocated to the loan. A financing charge of $2,988,652 has been recorded on the transaction. During the six months ended June 30, 2015, the Company recognized accretion expense of $7,149 (June 30, 2014 - Nil). At June 30, 2015, the fair value of the derivative liability associated with the warrants was $817,250 (December 31, 2014 - $1,787,241). The fair value of all the warrants issued under the Second KF Loan Agreement was calculated using the Black-Scholes option pricing model at the grant date, and was revalued at the reporting date using the following assumptions: At December 31, 2014 At June 30, 2015 Expected Warrant Life 4.67 years 4.18 years Risk-Free Interest Rate 1.73% 1.63% Expected Dividend Yield Nil Nil Expected Stock Price Volatility 121% 127% A summary of the derivative liability associated with the warrants under the First and Second KF Loan Agreements is as follows: As at June 30, 2015 Fair value at December 31, 2014 Change on revaluation at reporting date Total fair value at June 30, 2015 2,200,000 warrants issued January 15, 2014 $ 105,294 $ (79,365) $ 25,929 250,000 warrants issued March 10, 2014 11,965 (9,019) 2,946 4,000,000 warrants issued January 15, 2014 606,769 (375,315) 231,454 454,546 warrants issued March 10, 2014 68,951 (42,649) 26,302 9,600,000 warrants issued July 28, 2014 1,787,241 (969,991) 817,250 2,350,000 warrants issued September 8, 2014 410,965 (230,287) 180,678 Total Derivative Liability $ 2,991,185 $ (1,706,626) $ 1,284,559 KF Business Ventures Deferred Financing Costs The Company recorded $37,150 in legal fees associated with securing both KF Loans. These fees are amortized over the remaining life of the loans; as of June 30, 2015, the Company recorded $13,515 (June 30, 2014 - Nil) in financing costs associated with the amortization of these legal fees. |
Share Capital Disclosure
Share Capital Disclosure | 6 Months Ended |
Jun. 30, 2015 | |
Notes | |
Share Capital Disclosure | NOTE 7 - SHARE CAPITAL The Company did not have any transactions that resulted in the issuance of its common stock during the six month period ended June 30, 2015. Warrants During the six month period ended June 30, 2015, the Company did not have any transactions that resulted in the issuance of the share purchase warrants. A continuity of warrants for the six months ended June 30, 2015 and the year ended December 31, 2014 is as follows: June 30, 2015 December 31, 2014 Warrants beginning 29,104,546 -- Warrants issued -- 29,104,546 Warrants outstanding 29,104,546 29,104,546 At , the weighted-average exercise price and remaining contractual life of the outstanding share purchase warrants were $0.67 and 2.71 years, respectively. Details of warrants outstanding as at June 30, 2015 are as follows: Exercise price Expiry date Number of warrants outstanding $0.50 January 15, 2016 2,450,000 $1.00 March 10, 2017 10,000,000 $0.50 January 15, 2018 4,454,546 $0.50 August 1, 2018 250,000 $0.50 January 15, 2019 2,350,000 $0.50 September 1, 2019 9,600,000 29,104,546 Options Effective September 8, 2014, the Company adopted the 2014 Stock Option Plan (the "2014 Plan"). The 2014 Plan allows the Company to grant awards to its officers, directors and employees. In addition, the Company may grant awards to individuals who act as consultants to the Company, so long as those consultants do not provide services connected to the offer or sale of the Companys securities in capital raising transactions and do not directly or indirectly promote or maintain a market for the Companys securities. The Company reserved a total of 13,200,000 shares of its common stock for issuance under the 2014 Plan. However, under the terms of the 2014 Plan, at any time after January 1, 2015, the Company can increase the number of authorized shares available under the 2014 Plan up to 15% of the total number of shares of common stock then outstanding. On September 8, 2014, the Company granted options to acquire up to 2,500,000 shares of the Companys common stock to a Director (the Options). These Options were issued under the 2014 Plan. The Options vest at a rate of 500,000 shares per year, beginning September 1, 2014, and have initial exercise price of $0.50 per share, subject to adjustment in the event that the Company subsequently issues any shares of its common stock or any options, warrants, convertible instruments or similar instruments at a purchase, exercise or conversion price less than $0.50 per share. The Options expire 5 years after the vesting date thereof. During the six month period ended June 30, 2015, the Company expensed stock based compensation of $216,631 associated with this grant (June 30, 2014 Nil). On January 6, 2015, the Company granted options to acquire up to 100,000 shares of the Companys common stock at an exercise price of $0.50 per share to the CEO and President of the Subsidiary. These Options were issued under the 2014 Plan (Note 3). The Options vest on December 1, 2015, and expire on December 1, 2020, subject to certain early termination conditions. During the six month period ended June 30, 2015, the Company expensed stock based compensation of $10,151 associated with this grant (June 30, 2014 - Nil). On March 6, 2015, the Company granted options to acquire up to 3,000,000 shares of the Companys common stock at an exercise price of $0.50 per share to the CEO and a director of the Company. These Options were issued under the 2014 Plan (Note 3). Options to acquire up to 1,000,000 restricted shares of the Companys common stock vested on March 23, 2015. The remaining 2,000,000 options vest at a rate of 500,000 shares per year, beginning March 23, 2016. The options expire 5 years after the vesting date. The Company recorded $197,731 as stock-based compensation associated with the grant of these options. On May 1, 2015, the Company granted options to acquire up to 500,000 shares of the Companys common stock at an exercise price of $0.50 per share to the former Vice President of Engineering and a former director of the Company, who continues to be an employee of the Company. These Options were issued under the 2014 Plan. The options vested at the grant date and expire on May 1, 2020. The Company recorded $63,660 as stock-based compensation associated with the grant of these options. On May 1, 2015, the Company granted options to acquire up to 100,000 shares of the Companys common stock at an exercise price of $0.50 per share to an employee of its Subsidiary. These Options were issued under the 2014 Plan. The options vest on May 5, 2016, and expire on May 5, 2021, subject to certain early termination conditions. The Company recorded $2,061 as stock-based compensation associated with the grant of these options. On June 1, 2015, the Company granted options to acquire up to 100,000 shares of the Companys common stock at an exercise price of $0.50 per share to an employee of its Subsidiary. These Options were issued under the 2014 Plan. The options vested at the grant date and expire on June 1, 2020, subject to certain early termination conditions. The Company recorded $9,285 as stock-based compensation associated with the grant of these options. A continuity of options for the six month period ended June 30, 2015 and the year ended December 31, 2014 is as follows: June 30, 2015 December 31, 2014 Options beginning 2,500,000 -- Options issued 3,800,000 2,500,000 Options outstanding 6,300,000 2,500,000 Options exercisable 2,100,000 500,000 At June 30, 2015, the weighted-average exercise price and remaining contractual life of the outstanding options to purchase the share of the Companys common stock were $0.50 and 6.17 years, respectively. Details of options outstanding as at June 30, 2015 are as follows: Exercise price Grant date Number of options granted Number of options exercisable $0.50 September 8, 2014 2,500,000 500,000 $0.50 January 6, 2015 100,000 - $0.50 March 6, 2015 3,000,000 1,000,000 $0.50 May 1, 2015 500,000 500,000 $0.50 May 1, 2015 100,000 - $0.50 June 1, 2015 100,000 100,000 6,300,000 2,100,000 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Notes | |
Subsequent Events | NOTE 8 - SUBSEQUENT EVENTS 1. On July 8, 2015, the Company granted options to acquire up to 100,000 shares of the Companys common stock at an exercise price of $0.50 per share to its employee. These Options were issued under the 2014 Plan. The options vested at the grant date and expire on July 8, 2020, subject to certain early termination conditions. 2. On July 28, 2015, the Company entered into a loan agreement with its President and Chief Technical Officer (the Lender), whereby the Lender agreed to lend to the Company $200,000 in exchange for an unsecured Promissory Note. The principle amount accumulates interest at 6% per annum compounded monthly and is due on demand and not earlier than 90 days following execution of the Loan. 3. On July 28, 2015, the Company received a second demand notice from Lenders, for repayment of balance owed on the loans advanced to the Company during 2012 through 2014 (Note 5). On August 4, 2015, the Company reached an agreement with the Lenders to extend the repayment of the outstanding loans in consideration for a $10,000 extension fee (paid). The Company agreed to repay the remaining balance under the non-interest bearing and 6% interest bearing loans in two equal instalments, due September 26, 2015 and November 25, 2015. |
Organization and Nature of Op15
Organization and Nature of Operations: Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Policies | |
Basis of Presentation | Basis of presentation The unaudited interim consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. They do not include all information and notes required by generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the notes to the financial statements included in the Annual Report on Form 10-K of the Company for the year ended December 31, 2014. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2015, are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. For further information, these unaudited interim consolidated financial statements and the related notes should be read in conjunction with the Companys audited consolidated financial statements for the year ended December 31, 2014, included in the Companys report on Form 10-K. |
Organization and Nature of Op16
Organization and Nature of Operations: Reclassifications Policy (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Policies | |
Reclassifications Policy | Reclassifications Certain prior period amounts in the accompanying unaudited consolidated interim financial statements have been reclassified to conform to the current periods presentation. These reclassifications had no effect on the consolidated results of operations or financial position for any period presented. |
Organization and Nature of Op17
Organization and Nature of Operations: Going Concern (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Policies | |
Going Concern | Going Concern The accompanying unaudited consolidated interim financial statements have been prepared assuming the Company will continue as a going concern. Continuation as a going concern is dependent upon the ability of the Company to obtain the necessary financing to meet its obligations and pay its liabilities arising from normal business operations when they come due and ultimately upon its ability to achieve profitable operations. The outcome of these matters cannot be predicted with any certainty at this time and raises substantial doubt that the Company will be able to continue as a going concern. These unaudited interim consolidated financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. Management intends to obtain additional funding by borrowing funds from its directors and officers, issuing promissory notes and/or a private placement of common stock. |
Related Party Transactions_ Sch
Related Party Transactions: Schedule of Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of Related Party Transactions | June 30, 2015 December 31, 2014 Due to a company controlled by the Chief Financial Officer (CFO) $ 703 $ 703 Due to a former President 294 294 Due to a former Chief Executive Officer (CEO) 2,656 2,656 Due to the former Vice President of Engineering 148 12,298 Due to the CEO and President of Subsidiary 2,086 5,816 Due to related parties $ 5,887 $ 21,767 |
Related Party Transactions_ S19
Related Party Transactions: Schedule of expenses with related parties (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of expenses with related parties | June 30, 2015 June 30, 2014 Salary paid to the CEO $ 74,659 $ -- Fair value of options issued to the CEO (Notes 3 and 7) 197,731 -- Administrative fees incurred to a company controlled by the CFO 67,500 150,000 Management fees incurred to the CFO 22,500 22,500 Management fees incurred to the Senior Vice President of Business Development -- 112,500 Salary paid to the Senior Vice President of Business Development 135,000 -- Consulting and survey fees incurred to the former Vice President of Engineering -- 70,002 Salary paid to the former Vice President of Engineering 60,668 -- Fair value of options issued to the former Vice President of Engineering (Note 7) 63,660 -- Consulting and management fees incurred to the President and Chief Technical Officer (CTO) -- 90,000 Fair value of warrants issued for consulting services to the President and CTO -- 9,677,730 Salary paid to the President and CTO 135,000 31,644 Fair value of options issued to a Director and Chairman (Note 7) 216,631 -- Salary paid to the President and CEO of the Subsidiary 60,829 -- Fair value of options issued to the President and CEO of the Subsidiary (Notes 3 and 7) 10,151 -- Consulting fees incurred to the former President -- 15,000 Consulting fees incurred to the former CEO -- 252,000 Total transactions with related parties $ 1,044,329 $ 10,421,376 |
Equipment Disclosure_ Amortizat
Equipment Disclosure: Amortization Schedule for Equipment (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Amortization Schedule for Equipment | June 30, 2015 December 31, 2014 Book value $ 31,093 $ 39,413 Additions 11,354 -- Amortization (4,530) (8,320) Equipment $ 37,917 $ 31,093 |
Notes and Advances Payable Di21
Notes and Advances Payable Disclosure: Schedule of Loans Outstanding (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of Loans Outstanding | As at June 30, 2015 Principal outstanding Interest rate per annum Accrued interest Total $ 27,000 8% $ 8,608 $ 35,608 49,500 7% 19,213 68,713 152,317 6% 30,943 183,260 236,056 0% -- 236,056 $ 464,873 $ 58,764 $ 523,637 As at December 31, 2014 Principal outstanding Interest rate per annum Accrued interest Total $ 27,000 8% $ 7,227 $ 34,227 49,500 7% 16,876 66,376 163,779 6% 27,509 191,288 345,316 0% -- 345,316 $ 585,595 $ 51,612 $ 637,207 |
KF Business Ventures LP Loans22
KF Business Ventures LP Loans and Derivative Liability: Fair values assumptions of the warrants - First KF loan (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Fair values assumptions of the warrants - First KF loan | At December 31, 2014 At June 30, 2015 Expected Warrant Life 1.04-4.04 years 0.55-3.55 years Risk-Free Interest Rate 0.25%-1.38% 0.11%-1.63% Expected Dividend Yield Nil Nil Average Expected Stock Price Volatility 115% 125% |
KF Business Ventures LP Loans23
KF Business Ventures LP Loans and Derivative Liability: Fair values assumptions of the warrants - Second KF loan (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Fair values assumptions of the warrants - Second KF loan | At December 31, 2014 At June 30, 2015 Expected Warrant Life 4.67 years 4.18 years Risk-Free Interest Rate 1.73% 1.63% Expected Dividend Yield Nil Nil Expected Stock Price Volatility 121% 127% |
KF Business Ventures LP Loans24
KF Business Ventures LP Loans and Derivative Liability: Summary of Derivative Liability (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Summary of Derivative Liability | As at June 30, 2015 Fair value at December 31, 2014 Change on revaluation at reporting date Total fair value at June 30, 2015 2,200,000 warrants issued January 15, 2014 $ 105,294 $ (79,365) $ 25,929 250,000 warrants issued March 10, 2014 11,965 (9,019) 2,946 4,000,000 warrants issued January 15, 2014 606,769 (375,315) 231,454 454,546 warrants issued March 10, 2014 68,951 (42,649) 26,302 9,600,000 warrants issued July 28, 2014 1,787,241 (969,991) 817,250 2,350,000 warrants issued September 8, 2014 410,965 (230,287) 180,678 Total Derivative Liability $ 2,991,185 $ (1,706,626) $ 1,284,559 |
Share Capital Disclosure_ Sched
Share Capital Disclosure: Schedule of Continuity of Warrants (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of Continuity of Warrants | June 30, 2015 December 31, 2014 Warrants beginning 29,104,546 -- Warrants issued -- 29,104,546 Warrants outstanding 29,104,546 29,104,546 |
Share Capital Disclosure_ Detai
Share Capital Disclosure: Details of Warrants Outstanding (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Details of Warrants Outstanding | Exercise price Expiry date Number of warrants outstanding $0.50 January 15, 2016 2,450,000 $1.00 March 10, 2017 10,000,000 $0.50 January 15, 2018 4,454,546 $0.50 August 1, 2018 250,000 $0.50 January 15, 2019 2,350,000 $0.50 September 1, 2019 9,600,000 29,104,546 |
Share Capital Disclosure_ Sch27
Share Capital Disclosure: Schedule of Stock Option Continuity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of Stock Option Continuity | June 30, 2015 December 31, 2014 Options beginning 2,500,000 -- Options issued 3,800,000 2,500,000 Options outstanding 6,300,000 2,500,000 Options exercisable 2,100,000 500,000 |
Share Capital Disclosure_ Sch28
Share Capital Disclosure: Schedule of Stock Options Outstanding (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Tables/Schedules | |
Schedule of Stock Options Outstanding | Exercise price Grant date Number of options granted Number of options exercisable $0.50 September 8, 2014 2,500,000 500,000 $0.50 January 6, 2015 100,000 - $0.50 March 6, 2015 3,000,000 1,000,000 $0.50 May 1, 2015 500,000 500,000 $0.50 May 1, 2015 100,000 - $0.50 June 1, 2015 100,000 100,000 6,300,000 2,100,000 |
Related Party Transactions_ S29
Related Party Transactions: Schedule of Related Party Transactions (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Due to related parties | $ 5,887 | $ 21,767 |
Due to a company controlled by the CFO | ||
Due to related parties | 703 | 703 |
Due to a former President | ||
Due to related parties | 294 | 294 |
Due to a former CEO | ||
Due to related parties | 2,656 | 2,656 |
Due to the former VP of Engineering | ||
Due to related parties | 148 | 12,298 |
Due to the CEO and President of Subsidiary | ||
Due to related parties | $ 2,086 | $ 5,816 |
Related Party Transactions_ S30
Related Party Transactions: Schedule of expenses with related parties (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Expenses incurred with related parties | $ 1,044,329 | $ 10,421,376 |
Salary paid to the CEO | ||
Expenses incurred with related parties | 74,659 | |
Fair value of options issued to the CEO | ||
Expenses incurred with related parties | 197,731 | |
Administrative fees incurred to a company controlled by the CFO | ||
Expenses incurred with related parties | 67,500 | 150,000 |
Management fees incurred to the CFO | ||
Expenses incurred with related parties | 22,500 | 22,500 |
Management fees incurred to the Senior VP of Business Development | ||
Expenses incurred with related parties | 112,500 | |
Salary paid to the Senior VP of Business Development | ||
Expenses incurred with related parties | 135,000 | |
Consulting and survey fees incurred to the former VP of Engineering | ||
Expenses incurred with related parties | 70,002 | |
Salary paid to the former VP of Engineering | ||
Expenses incurred with related parties | 60,668 | |
Fair value of options issued to former VP of Engineering | ||
Expenses incurred with related parties | 63,660 | |
Consulting and management fees incurred to the President and CTO | ||
Expenses incurred with related parties | 90,000 | |
Fair value of warrants issued to the President and CTO | ||
Expenses incurred with related parties | 9,677,730 | |
Salary paid to the President and CTO | ||
Expenses incurred with related parties | 135,000 | 31,644 |
Fair value of options issued to a Director and Chairman | ||
Expenses incurred with related parties | 216,631 | |
Salary paid to the President and CEO of the Subsidiary | ||
Expenses incurred with related parties | 60,829 | |
Fair value of options issued to President and CEO of Subsidiary | ||
Expenses incurred with related parties | $ 10,151 | |
Consulting fees incurred to former President | ||
Expenses incurred with related parties | 15,000 | |
Consulting fees incurred to former CEO | ||
Expenses incurred with related parties | $ 252,000 |
Employment Agreements Disclos31
Employment Agreements Disclosure (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Stock based compensation expense | $ 499,519 | $ 300,524 |
Employment Agreement with CEO | ||
Annual base salary | $ 270,000 | |
Options granted | 3,000,000 | |
Stock based compensation expense | $ 197,731 | |
Employment Agreement with CEO of the Subsidiary | ||
Annual base salary | $ 120,000 | |
Options granted | 100,000 | |
Stock based compensation expense | $ 10,151 |
Equipment Disclosure_ Amortiz32
Equipment Disclosure: Amortization Schedule for Equipment (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Details | ||
Book value of equipment | $ 31,093 | $ 39,413 |
Additions to equipment | 11,354 | |
Amortization of equipment | (4,530) | (8,320) |
Equipment, net | $ 37,917 | $ 31,093 |
Notes and Advances Payable Di33
Notes and Advances Payable Disclosure: Schedule of Loans Outstanding (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Principal outstanding | $ 464,873 | $ 585,595 |
Accrued interest | 58,764 | 51,612 |
Loans payable total | 523,637 | 637,207 |
Short-term loan (1) | ||
Principal outstanding | $ 27,000 | $ 27,000 |
Effective interest rate | 8.00% | 8.00% |
Accrued interest | $ 8,608 | $ 7,227 |
Loans payable total | 35,608 | 34,227 |
Short-term loan (2) | ||
Principal outstanding | $ 49,500 | $ 49,500 |
Effective interest rate | 7.00% | 7.00% |
Accrued interest | $ 19,213 | $ 16,876 |
Loans payable total | 68,713 | 66,376 |
Short-term loan (3) | ||
Principal outstanding | $ 152,317 | $ 163,779 |
Effective interest rate | 6.00% | 6.00% |
Accrued interest | $ 30,943 | $ 27,509 |
Loans payable total | 183,260 | 191,288 |
Short-term loan (4) | ||
Principal outstanding | $ 236,056 | $ 345,316 |
Effective interest rate | 0.00% | 0.00% |
Loans payable total | $ 236,056 | $ 345,316 |
Notes and Advances Payable Di34
Notes and Advances Payable Disclosure (Details) | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Details | |
Repayment of notes payable | $ 100,000 |
KF Business Ventures LP Loans35
KF Business Ventures LP Loans and Derivative Liability (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | Sep. 08, 2014 | Jul. 28, 2014 | Mar. 10, 2014 | Jan. 15, 2014 | |
Accretion expense | $ 32,316 | $ 86,824 | $ 36,281 | $ 136,313 | |||||
Financing costs | 8,676 | 13,515 | |||||||
First KF Business Ventures Loan Agreement | |||||||||
Loan agreement | $ 2,000,000 | ||||||||
Common stock that may be exercised by warrants | 2,350,000 | 6,904,546 | |||||||
Accretion expense | 29,132 | $ 136,313 | |||||||
Derivative liability | 467,309 | 467,309 | $ 1,203,944 | ||||||
Second KF Business Ventures Loan Agreement | |||||||||
Loan agreement | $ 2,400,000 | ||||||||
Common stock that may be exercised by warrants | 9,600,000 | ||||||||
Accretion expense | 7,149 | ||||||||
Derivative liability | $ 817,250 | 817,250 | $ 1,787,241 | ||||||
KF Business Ventures Financing Costs | |||||||||
Legal Fees | 37,150 | ||||||||
Financing costs | $ 13,515 |
Share Capital Disclosure_ Sch36
Share Capital Disclosure: Schedule of Continuity of Warrants (Details) - shares | Jun. 30, 2015 | Dec. 31, 2014 |
Details | ||
Number of warrants outstanding | 29,104,546 | 29,104,546 |
Share Capital Disclosure (Detai
Share Capital Disclosure (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Sep. 08, 2014 | |
Details | ||
Weighted-average exercise price of the outstanding share purchase warrants | $ 0.67 | |
2014 Stock Option Plan | 13,200,000 | |
Weighted-average exercise price of outstanding options | $ 0.50 |
Share Capital Disclosure_ Det38
Share Capital Disclosure: Details of Warrants Outstanding (Details) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Number of warrants outstanding | 29,104,546 | 29,104,546 |
Expire January 15, 2016 | ||
Exercise prive per | $ 0.50 | |
Number of warrants outstanding | 2,450,000 | |
Expire March 10, 2017 | ||
Exercise prive per | $ 1 | |
Number of warrants outstanding | 10,000,000 | |
Expire January 15 2018 | ||
Exercise prive per | $ 0.50 | |
Number of warrants outstanding | 4,454,546 | |
Expire August 1 2018 | ||
Exercise prive per | $ 0.50 | |
Number of warrants outstanding | 250,000 | |
Expire January 15 2019 | ||
Exercise prive per | $ 0.50 | |
Number of warrants outstanding | 2,350,000 | |
Expire September 1 2019 | ||
Exercise prive per | $ 0.50 | |
Number of warrants outstanding | 9,600,000 |
Share Capital Disclosure_ Sch39
Share Capital Disclosure: Schedule of Stock Option Continuity (Details) - shares | Jun. 30, 2015 | Dec. 31, 2014 |
Details | ||
Stock options outstanding | 6,300,000 | 2,500,000 |
Stock options exercisable | 2,100,000 | 500,000 |
Share Capital Disclosure_ Sch40
Share Capital Disclosure: Schedule of Stock Options Outstanding (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Stock options outstanding | 6,300,000 | 2,500,000 |
Stock options exercisable | 2,100,000 | 500,000 |
September 8, 2014 | ||
Exercise price (options) | $ 0.50 | |
Stock options granted | 2,500,000 | |
January 6, 2015 | ||
Exercise price (options) | $ 0.50 | |
Stock options granted | 100,000 | |
March 6, 2015 | ||
Exercise price (options) | $ 0.50 | |
Stock options granted | 3,000,000 | |
May 1, 2015 | ||
Exercise price (options) | $ 0.50 | |
Stock options granted | 500,000 | |
May 1, 2015 (2) | ||
Exercise price (options) | $ 0.50 | |
Stock options granted | 100,000 | |
June 1, 2015 | ||
Exercise price (options) | $ 0.50 | |
Stock options granted | 100,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Aug. 04, 2015 | Jul. 08, 2015 | Jul. 28, 2015 |
July 8, 2015 | |||
Stock options granted | 100,000 | ||
Exercise price (options) | $ 0.50 | ||
President and Chief Technical Officer (Lender) | |||
Loan agreement with related party | $ 200,000 | ||
Agreement to extend repayment of loans | |||
Loan extension fee paid | $ 10,000 |
Uncategorized Items - dsox-2015
Label | Element | Value |
Gain on change in fair value of derivative liability | us-gaap_FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPeriodIncreaseDecrease | $ 898,166 |
Stock-based compensation | us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax | $ 223,598 |