Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 20, 2015 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Trading Symbol | vsys | |
Entity Registrant Name | VISCOUNT SYSTEMS INC | |
Entity Central Index Key | 1,158,387 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 126,047,236 | |
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 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - CAD | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash | CAD 233,434 | CAD 190,308 |
Trade accounts receivable, less allowance for doubtful accounts of $114,923 (2014 - $181,529) | 946,055 | 661,629 |
Inventory | 481,921 | 533,217 |
Total current assets | 1,661,410 | 1,385,154 |
Equipment | 183,737 | 206,004 |
Deposits | 1,391 | 1,391 |
Intangible assets | 0 | 5,224 |
Total assets | 1,846,538 | 1,597,773 |
Current liabilities | ||
Accounts payable | 445,203 | 362,595 |
Accrued liabilities | 601,737 | 564,466 |
Capital lease obligation - current portion | 7,981 | 10,285 |
Deferred revenue | 112,739 | 37,318 |
Due to related parties | 12,613 | 5,003 |
Loans payable | 114,536 | 114,536 |
Total current liabilities | 1,294,809 | 1,094,203 |
Capital lease obligation - net of current obligation | 14,471 | 17,182 |
Derivative financial liabilities | 431,766 | 2,858,618 |
Total liabilities | 1,741,046 | 3,970,003 |
Convertible redeemable preferred stock - Series A - 1,324 and 1,072 shares issued and outstanding as of June 30, 2015 and December 31, 2014, (aggregate liquidation preference of $1,324,000 and $1,072,000 as of June 30, 2015 and December 31, 2014, stated value of $1,000 per share); 20,000,000 preferred shares authorized with a par value of US$0.001 per share | 16,696 | 1 |
Stockholders' equity (deficit) | ||
Capital stock Authorized: 300,000,000 shares of Common Stock with a par value of US$0.001 per share 130,547,236 shares of Common Stock issued, 126,047,236 shares outstanding (2014 - 126,009,581 issued and outstanding) | 130,547 | 126,009 |
Additional paid-in capital | 10,226,603 | 10,163,296 |
Accumulated deficit | (10,268,354) | (12,661,536) |
Total stockholders' equity (deficit) | 88,796 | (2,372,231) |
Total liabilities and stockholders' equity (deficit) | CAD 1,846,538 | CAD 1,597,773 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) | Jun. 30, 2015CADCAD / sharesshares | Jun. 30, 2015$ / shares | Dec. 31, 2014CADCAD / sharesshares | Dec. 31, 2014$ / shares |
Allowance for Doubtful Accounts Receivable, Current | CAD | CAD 114,923 | CAD 181,529 | ||
Preferred Stock, Shares Issued | 1,324 | 1,072 | ||
Preferred Stock, Shares Outstanding | 1,324 | 1,072 | ||
Preferred Stock, Liquidation Preference, Value | CAD | CAD 1,324,000 | CAD 1,072,000 | ||
Preferred Stock, Liquidation Preference Per Share | CAD / shares | CAD 1,000 | CAD 1,000 | ||
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 | ||
Preferred Stock, Par Value Per Share | $ / shares | $ 0.001 | $ 0.001 | ||
Common Stock, Shares Authorized | 300,000,000 | 300,000,000 | ||
Common Stock, Par Value Per Share | $ / shares | $ 0.001 | $ 0.001 | ||
Common Stock, Shares, Issued | 130,547,236 | 126,009,581 | ||
Common Stock, Shares, Outstanding | 126,047,236 | 126,009,581 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - CAD | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Sales | CAD 2,079,910 | CAD 1,356,163 | CAD 3,404,806 | CAD 2,293,036 |
Cost of sales | 653,760 | 678,347 | 1,314,137 | 1,206,642 |
Gross profit | 1,426,150 | 677,816 | 2,090,669 | 1,086,394 |
Expenses | ||||
Selling, general and administrative | 897,072 | 2,738,559 | 1,853,906 | 3,554,557 |
Research and development | 210,188 | 170,780 | 399,403 | 292,023 |
Total Operating Expenses | 1,107,260 | 2,909,339 | 2,253,309 | 3,846,579 |
Operating income (loss) | 318,890 | (2,231,523) | (162,640) | (2,760,185) |
Other income (expense) | ||||
Interest income | 8 | 1,310 | 18 | 1,321 |
Interest expense | (55,884) | 0 | (55,884) | 0 |
Loss on settlement of convertible note | (63,324) | 0 | (63,324) | 0 |
Amortization on Debt Discount | (47,087) | 0 | (47,087) | 0 |
Change in fair value of derivative liabilities | 2,145,374 | 983,636 | 2,766,747 | (301,491) |
Total Other Income (Expense) | 1,979,087 | 984,946 | 2,600,470 | (300,170) |
Net income (loss) | 2,297,977 | (1,246,577) | 2,437,830 | (3,060,356) |
Preferred stock: | ||||
Preferred Stock: Series A convertible contractual dividends | (25,953) | 0 | (44,649) | 0 |
Net income (loss) attributable to common stockholders | CAD 2,272,024 | CAD (1,246,577) | CAD 2,393,181 | CAD (3,060,356) |
Per share data | ||||
Net income (loss) - basic | CAD 0.02 | CAD (0.01) | CAD 0.02 | CAD (0.03) |
Net income - diluted | 0.02 | 0 | 0.02 | 0 |
Series A convertible contractual dividends | CAD 0 | CAD 0 | CAD 0 | CAD 0 |
Weighted average number of shares of Common Stock outstanding, basic and diluted | 126,082,043 | 125,567,124 | 126,184,235 | 112,753,253 |
Interim Condensed Consolidated
Interim Condensed Consolidated Statement of Stockholders' Deficit - 6 months ended Jun. 30, 2015 - CAD | Common Stock [Member] | Additional paid-in capital [Member] | Accumulated deficit [Member] | Total |
Beginning Balance at Dec. 31, 2014 | CAD 126,009 | CAD 10,163,296 | CAD (12,661,536) | CAD (2,372,231) |
Beginning Balance (Shares) at Dec. 31, 2014 | 126,009,581 | |||
Series A Dividend issued | (44,649) | (44,649) | ||
Proceeds from sale of Common Stock & warrants | CAD 38 | 3,012 | 3,050 | |
Proceeds from sale of Common Stock & warrants (Shares) | 37,655 | |||
Common Stock issued Board of Directors | CAD 4,500 | (4,500) | ||
Common Stock issued Board of Directors (Shares) | 4,500,000 | |||
Stock-based compensation | 32,324 | 32,324 | ||
Warrants issued in connection with Series A Convertible Redeemable Preferred Stock Issuance | 32,472 | 32,472 | ||
Net income | 2,437,830 | 2,437,830 | ||
Ending Balance at Jun. 30, 2015 | CAD 130,547 | CAD 10,226,603 | CAD (10,268,354) | CAD 88,796 |
Ending Balance (Shares) at Jun. 30, 2015 | 130,547,236 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - CAD | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating activities: | ||
Net income (loss) | CAD 2,437,830 | CAD (3,060,356) |
Items not involving cash: | ||
Depreciation and amortization | 28,864 | 15,201 |
Change in fair value of derivative liabilities | (2,766,747) | 301,491 |
Stock-based compensation | 32,324 | 1,730,771 |
Original issue discount on convertible debt | 18,750 | 0 |
Loss on settlement of convertible debt | 63,324 | 0 |
Amortization on debt discount | 47,087 | 0 |
Changes in non-cash working capital balances | (30,220) | (136,526) |
Net cash used in operating activities | (168,788) | (1,149,419) |
Investing activities: | ||
Purchase of equipment | (1,371) | (65,719) |
Net cash used in investing activities | (1,371) | (65,719) |
Financing activities: | ||
Capital lease payments | (5,015) | 0 |
Proceeds from convertible note | 197,500 | 0 |
Payment of deferred financing costs | (5,000) | 0 |
Repayment of convertible note | (211,250) | 0 |
Proceeds from sale of Common Stock and Warrants | 3,050 | 2,366,570 |
Proceeds from sale of Preferred Stock | 234,000 | 0 |
Net cash provided by financing activities | 213,285 | 2,366,570 |
Increase in cash | 43,126 | 1,151,432 |
Cash, beginning of period | 190,308 | 172,684 |
Cash, end of period | 233,434 | 1,324,116 |
Supplementary information: | ||
Interest paid | 37,134 | 0 |
Income taxes paid | 0 | 0 |
Non-Cash Investing & Financing Activities: | ||
Fair value of preferred shares issued as dividends | 44,649 | 42,589 |
Fair value of warrant issued | 0 | 0 |
Fair value of conversion option issued | 373,184 | 0 |
Unvested Common Stock issued to Board Members | CAD 4,500 | CAD 0 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Basis of Presentation [Text Block] | 1. Basis of Presentation These unaudited interim consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with instructions for Form 10-Q and by Article 8-03 of Regulation S-X. Accordingly, they do not include all information and footnotes required by accounting principles generally accepted in the United States of America for a complete set of annual financial statements. These financial statements should be read in conjunction with the audited annual consolidated financial statements of Viscount Systems, Inc. (the “Company”) filed on Form 10-K for the year ended December 31, 2014. Operating results for the periods presented are not necessarily indicative of the results that will occur for the year ending December 31, 2015 or for any other period. The financial information as at June 30, 2015 and for the three and six months ended June 30, 2015 and 2014 is unaudited; however, such financial information includes all adjustments, consisting solely of normal recurring adjustments, which, are necessary for the fair presentation of the financial information in conformity with U.S. GAAP. |
Going Concern and Liquidity
Going Concern and Liquidity | 6 Months Ended |
Jun. 30, 2015 | |
Going Concern and Liquidity [Text Block] | 2. Going Concern and Liquidity These financial statements have been prepared on a going concern basis, which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has an accumulated deficit of $10,268,354 and reported operating income for the three months ended June 30, 2015 of $318,890, and for the six months ended June 30, 2015 an operating loss of $162,640. The ability to sustain the current level of operations is dependent on growing sales and achieving profits. These factors raise substantial doubt about the ability of the Company to continue operations as a going concern. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts of liabilities that might be necessary should the Company be unable to continue in existence. The Company recognizes it will need to raise additional capital in order to fund operations, meet its payment obligations and execute its business plan. There is no assurance that additional financing will be available when needed or that management will be able to obtain financing on terms acceptable to the Company and whether the Company will become profitable and generate positive operating cash flow. If the Company is unable to raise sufficient additional funds, it will have to develop and implement a plan to further extend payables, attempt to extend note repayments and reduce overhead until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful. If the Company is unable to obtain financing on a timely basis, the Company could be forced to sell its assets and discontinue its operation. Accordingly, the accompanying condensed consolidated financial statements have been prepared in conformity with U.S. GAAP, which contemplates continuation of the Company as a going concern and the realization of assets and the satisfaction of liabilities in the normal course of business. The carrying amounts of assets and liabilities presented in the condensed consolidated financial statements do not necessarily represent realizable or settlement values. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Significant Accounting Policies [Text Block] | 3. Significant Accounting Policies Use of Estimates Concentration of Credit Risk Allowance for Doubtful Accounts Receivable Accounts Receivable Factoring Stock-Based Compensation Preferred Stock Common Stock Warrants and Other Derivative Financial Instruments The Company assesses classification of its Common Stock warrants and other free standing derivatives at each reporting date to determine whether a change in classification between assets, liabilities and equity is required. The Company evaluated its free standing warrants to purchase Common Stock to assess their proper classification in the balance sheets as of June 30, 2015 and 2014 using the applicable classification criteria enumerated under U.S. GAAP and determined that the Common Stock purchase warrants be classified as a derivative liability, as these warrants were issued in U.S. dollar, while the functional currency of the Company is in Canadian dollars. Therefore, each period, these U.S. denominated warrants must be re-valued for foreign exchange differences. Sequencing Policy Reclassifications Recent Accounting Pronouncements There are other various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company's financial position, results of operations or cash flows. Concentration During the three and six months ended June 30, 2015, one customer comprised approximately 36% and 22% of the Company's sales, respectively. Sales to this customer were approximately $749,000 and $749,000 during the three and six months ended June 30, 2015, respectively. As of June 30, 2015, there were no accounts receivable due from this customer. |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2015 | |
Inventory [Text Block] | 4. Inventory June 30, December 31, 2015 2014 Raw materials $ 161,503 $ 289,100 Work in process 71,469 25,683 Finished goods 248,949 218,434 $ 481,921 $ 533,217 |
Due to related parties
Due to related parties | 6 Months Ended |
Jun. 30, 2015 | |
Due to related parties [Text Block] | 5. Due to related parties Amounts due to directors for director fees and travel expenses totaled $12,613 at June 30, 2015 (December 31, 2014 - $5,003). These amounts are unsecured, non-interest bearing and have no specified terms of repayment. |
Repayment of Convertible Debt
Repayment of Convertible Debt | 6 Months Ended |
Jun. 30, 2015 | |
Repayment of Convertible Debt [Text Block] | 6. Repayment of Convertible Debt On April 2, 2015, the Company received proceeds from the issuance of an 8% Convertible Promissory Note (the “Note”) aggregating approximately US $154,000 (CAD $192,500) after payment of deferred financing costs of US $4,000 (CAD $5,000). The Note matures in one year and had a principal amount of US $169,000 (CAD $211,250) and was convertible 180 days from the date of the Note at a conversion price equal to a 35% discount rate to the market price, subject to certain adjustments, including dilutive issuances. The Note was recorded net of a debt discount of US $15,000. The Note also contained certain early payment penalties, based on the date of prepayment. The Company determined that the conversion option of the Note contained an anti-dilution provision at which the exercise price can be adjusted based on certain new issuances and is denominated in a currency other than the functional currency of the Company, and accordingly, the Company bifurcated the conversion and recorded a conversion option liability of US $150,800 (CAD $188,349) with a corresponding debt discount which was being amortized through the term of the Note. The conversion option was valued using a binomial model and marked-to-market through June 30, 2015 with a change in fair value of CAD $110,411. The Company recorded amortization of the debt discount of US $37,699 (CAD $47,087) for the three months ended June 30, 2015. On June 30, 2015, the Company repaid the Note, accrued interest and a 20% prepayment penalty on the Note, with the total repayment aggregating US $206,133 (CAD $248,384). On the date of the repayment, the remaining debt discount and conversion option liability were charged to earnings, resulting in a loss on settlement of the Note of US $53,101 (CAD $66,324). |
Series A Shares
Series A Shares | 6 Months Ended |
Jun. 30, 2015 | |
Series A Shares [Text Block] | 7. Series A Shares On January 20, 2015, the Company erroneously issued 2,925,000 shares of Common Stock to an entity whose general partner is managed by a member of the Company's board of directors (the "Board") and the shares were then cancelled in February 2015 and replaced with 200 Series A Shares in exchange for cash proceeds of $200,000 (CAD$234,000). The Series A Shares contain certain rights and preferences as follows: • convertible into shares of Common Stock at the lower of US$0.07 per share, 85% of the previous twenty day volume weighted average pricing or 85% of the previous ten day volume weighted average pricing. • dividends of 8% per annum, payable in cash or Series A Shares quarterly. • a holder of Series A Shares may not convert such Series A Shares into Common Stock exceeding either (i) 4.99% or (ii) 9.99% of the Common Stock outstanding unless such holder provides the Company with 61 days' notice that this limitation shall be waived. • no holder of Series A Shares shall be entitled to exercise more than 4.99% of the voting power of all of the Company's outstanding Common Stock. • registration rights to the holders of the Series A Shares that may be exercised in certain circumstances. • holders of Series A Shares are entitled to be paid 125% of the stated value of the Series A Shares, plus all accrued, but unpaid dividends on Series A Shares, upon liquidation or dissolution of the Company, including forms of mergers and acquisitions, in priority to any payments to the holders of shares of Common Stock. • holders of the Series A Shares may cause the Company to redeem the Series A Shares for 150% of their stated value, plus all accrued, but unpaid dividends on Series A Shares, upon the occurrence of a default, which includes being in default on any material contracts, securities, indebtedness, Articles of Incorporation and/or By-laws, delisting or late filing with the U.S. Securities and Exchange Commission (the "SEC"). Since the Series A Shares are redeemable in certain circumstances which are considered to be outside the control of the Company, such shares have been classified as temporary equity. The Series A Shares were assessed under ASC 480, "Distinguishing Liabilities from Equity", and determined that the contingent redemption provisions associated with the financial instruments made them more akin to debt. The Series A Shares are deemed to be a debt host contract because the conversion feature is not clearly and closely related to the host contract and accordingly the conversion option is subject to bifurcation and separate evaluation. The conversion option has been bifurcated and recorded their fair value of $184,835 using the Binomial Lattice model with the change in fair value recorded in the condensed consolidated statement of operations and comprehensive loss at each reporting period. In conjunction with this issuance of Series A Shares, the Company also issued 1,462,500 warrants, each exercisable into one share of Common Stock at CAD$0.16 per share for a period of five years and are exercisable on a cashless basis. These warrants were valued using the Black-Scholes model, the relative fair value of such warrants of $32,470 were allocated to additional paid-in capital and the residual proceeds were allocated to temporary equity. During the six months ended June 30, 2015, the Company issued 52 Series A Shares representing Series A quarterly dividends, convertible into 1,932,790 shares of Common Stock. These Series A Shares were valued using the Binomial Lattice model as they were denominated in USD currency and not in the Company’s reporting currency. The Series A Shares determined value of $44,649 was recorded as a derivative liability. As the Company’s Quarterly Report on Form 10-Q (the “Form 10-Q”) for the quarter ended June 30, 2015 was not timely filed with the SEC (a “Redemption Event”), the Company shall be required to redeem the Series A Shares for 150% of their value if holders of 10% of the Stated Value (as defined in the Company’s Certificate of Designation, Preferences and Rights of the Series A Shares, as amended (the “Certificate”)) of the Series A Shares provide the Company with a written notice of redemption within sixty days after the Redemption Event becomes known to such holders (a “Redemption Request”). As of the date of this Form 10-Q, the Company has not received a Redemption Request or a waiver from holders of Series A Shares waiving their redemption rights in connection with the Redemption Event. 7a. Revised Consolidated Balance Sheet During the preparation of the Form 10-Q for the three months ended March 31, 2015, the Company identified an issue with the presentation of the Series A Shares as of December 31, 2014. The Series A Shares should be presented on the consolidated balance sheet outside of permanent equity since they are contingently redeemable for cash. There was no error in the accounting for the Series A Shares, other than the classification, and we believe this change in presentation has no material effect on the Company's financial statements. In accordance with SEC Staff Accounting Bulletin No 108 ("SAB 108"), the Company has evaluated this error, based on an analysis of quantitative and qualitative factors, as to whether it was material to the consolidated balance sheet as of December 31, 2014 and if amendments of previously filed financial statements with the SEC are required. The Company has determined that quantitatively and qualitatively, the classification error has no material impact to the consolidated balance sheet as of December 31, 2014, or prior periods. |
Derivative liabilities
Derivative liabilities | 6 Months Ended |
Jun. 30, 2015 | |
Derivative liabilities [Text Block] | 8. Derivative liabilities Fair Value of Financial Instruments Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. These fair value measurements apply to all financial instruments that are measured and reported on a fair value basis. Based on the observability of the inputs used in the valuation techniques, financial instruments are categorized according to the fair value hierarchy, which ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three categories: Level 1 — Observable inputs such as quoted prices in active markets. Level 2 — Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly. Level 3 — Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The assessed level that a financial asset or liability will carry is determined by the Company’s Chief Executive Officer. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the assignment of an asset or liability within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The Company uses Level 3 of the fair value hierarchy to measure the fair value of the derivative liabilities and revalues its derivative liabilities at every reporting period and recognizes gains or losses in the condensed consolidated statements of operations that are attributable to the change in the fair value of the derivative liabilities. A summary of the Company's derivative liabilities for the six months ended June 30, 2015 is as follows: Balance, December 31, 2014 $ 2,858,618 Fair value change of derivative liabilities (2,766,747 ) Fair value of conversion option issued 373,184 Fair value of preferred shares issued as dividends 44,649 Transfers out due to extinguishment aspect of financial instruments (77,938 ) Balance, June 30, 2015 $ 431,766 The derivative liability consists of the fair value of certain share purchase warrants that were issued in unit private placements that have an exercise price in a currency other than the functional currency of the Company, as well as conversion options and dividends on Series A Shares. As of June 30, 2015, the Company’s derivative liability consisted of a conversion liability option of $225,322 and a warrant liability of $206,444. The fair value of the warrants and dividends were determined using the Black-Scholes option pricing model and the Binomial Lattice model depending on their characteristics. The conversion options were valued using the Binomial Lattice model using the following current market assumptions for the six months ended: June 30, 2015 June 30, 2014 Volatility 87% - 104% 92% - 176% Risk-free interest rate 0.28% - 1.37% 0.44% - 1.73% Contractual term 0.44 – 5.00 yrs 1.84 – 5.00 yrs |
Capital stock
Capital stock | 6 Months Ended |
Jun. 30, 2015 | |
Capital stock [Text Block] | 9. Capital stock Common Stock: Members of the Board are awarded shares of Common Stock as compensation for performing Board activities. During the six months ended June 30, 2015, members of the Board received an aggregate of 4,500,000 shares of restricted Common Stock valued at $168,615, which will vest one year from the issuance date. These shares are expensed over the vesting period. Stock Options: All stock options granted are exercisable in US$. A summary of the stock option activity for the six months ended June 30, 2015 is as follows: Weighted Number of average options exercise price Outstanding at January 1, 2015 11,752,075 US$0.09 Forfeited (60,000 ) US$0.10 Employee Options Granted 400,000 US$0.02 Outstanding at June 30, 2015 12,092,075 US$0.09 On May 19, 2015, the Company granted options to two employees, one to purchase an aggregate of 150,000 shares of Common Stock at an exercise price of $0.02 vested upon grant date and the other to purchase 250,000 shares of Common Stock at an exercise price of $0.04, vesting in six months from grant date. Both options had a grant date fair value of $0.02 and are exercisable over a period of ten years, and had an aggregate grant date fair value of $5,000. A summary of the stock options outstanding and exercisable at June 30, 2015 is as follows: Weighted average Weighted average Aggregate Exercise Price Number remaining exercise price intrinsic value contractual life US$ 0.02 150,000 0.04 304,375 0.08 1,500,000 0.09 10,016,450 0.10 65,000 0.15 56,250 12,092,075 3.67 years US$0.09 $ - The total number of in-the-money options vested and exercisable as of June 30, 2015 was nil (2014 – $54,375). Stock compensation expense for the six months ended June 30, 2015 and 2014 was $32,324 and $0, respectively. Stock compensation expense for the three months ended June 30, 2015 and 2014 was $31,416 and $0. As of June 30, 2015, the Company has unamortized compensation expenses of $144,839 to be amortized over 10.5 months (remainder of the Common Stock issued to members of the Board in the second quarter of 2015). Warrants: A summary of warrant activity during the six months ended June 30, 2015 is as follows: Weighted Number of average warrants exercise price Outstanding at December 31, 2014 80,890,801 $ 0.11 Issued in private placement transactions 1,462,500 0.16 Issued as compensation warrants 351,827 0.06 Outstanding at June 30, 2015 82,705,128 $ 0.10 On March 6, 2015, the Company completed a private placement of 37,655 shares of Common Stock at a price of CAD$0.08 per share for proceeds of CAD$3,050. On February 18, 2015, the Company also issued a total of 18,827 warrants of which 10,852 warrants were issued to an investor in connection with the Common Stock and 7,975 warrants to a Board member, to acquire Company stock at an exercise price of CAD$0.16 per share for a period of five years from the closing date. The warrants may be exercised on a cashless basis. These warrants were valued using the Binomial Model resulting in a compensation expense of $909. The Company entered into a six month engagement agreement with a service provider pursuant to which the Company issued a warrant to purchase 330,000 shares of Common Stock upon execution of the engagement agreement. Such warrant was issued May 1, 2015, with a 5 year term and an exercise price of US$0.05 per share. A summary of the warrants outstanding and exercisable at June 30, 2015 is as follows: Weighted Average Weighted Average Exercise Price Number Remaining Contractual Life US $ 0.05 3,990,002 2.08 US $ 0.065 13,285,012 1.96 US $ 0.08 10,262,649 1.08 CAD$ 0.08 22,850,001 0.53 US $ 0.09 750,000 2.58 US $ 0.095 500,000 4.50 US $ 0.10 8,690,000 2.84 CAD$ 0.15 2,500,000 0.98 US $ 0.18 374,996 0.88 US $ 0.20 18,021,141 3.05 CAD$ 0.16 1,481,327 4.54 US$ 0.10 82,705,128 2.07 |
Changes in non-cash working cap
Changes in non-cash working capital balances | 6 Months Ended |
Jun. 30, 2015 | |
Changes in non-cash working capital balances [Text Block] | 10. Changes in non-cash working capital balances Six months ended June 30, 2015 2014 Trade accounts receivable $ (284,426 ) $ (172,970 ) Inventory 51,296 49,881 Accounts payable 82,608 64,856 Accrued liabilities 37,271 (55,206 ) Deferred revenue 75,421 3,387 Due to related parties 7,610 (26,474 ) $ (30,220 ) $ (136,526 ) |
Commitments and contingencies
Commitments and contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and contingencies [Text Block] | 11. Commitments and contingencies In the normal course of business, the Company may be involved in legal proceedings, claims and assessments arising in the ordinary course of business. Such matters are subject to many uncertainties, and outcomes are not predictable with assurance. There are no such matters that are deemed material to the condensed consolidated financial statements as of June 30, 2015 and December 31, 2014. Rent expense included in the condensed consolidated statements of operations for the six months ended June 30, 2015 is $71,778 (2014-$70,372), and for the three months ended June 30, 2015 and 2014 rent expense was $35,989 and $35,186 respectively. The Company has an agreement with its CEO for services. As consideration, the Company is obligated to a yearly salary of US$175,000 which was increased by $25,000 for an annual amount of $200,000 on June 25, 2015, plus a housing allowance of US$5,000 per month. The agreement is for a three year term commencing February 17, 2014. Effective July 13, 2015, the CEO tendered his resignation (see note 14). The Company has an agreement with a consultant for business development, investor relations and strategic and financial services. As consideration, the Company compensates the consultant at $2,250 per month (subject to increase if funding is raised) which as at June 30, 2015 the Company provided a 30 day notice for cancellation effective July 30, 2015 of the entire $2,250 per month agreement. Commissions are paid on a three tier system modified from 10% to 8%, 5% and 2% depending on the type of client. The commission arrangement shall extend for 12 months beyond termination of the agreement. The Company has an agreement with a consultant for public and investor relations. As consideration, the Company will remit a monthly fee at $12,500, of which $7,500 per month in cash and $5,000 per month in restricted stock. The agreement is for an initial period of 6 months from January to June 2015. On June 30, 2015, the agreement was terminated, effective September 30, 2015. In response to a Civil Claim filed by the Company against its former President and CEO, the former President and CEO has filed a counterclaim on January 2, 2015, alleging that he is owed compensation for various reasons but the amount has not yet been finalized. The Company denies that he is entitled to any amount, and takes the position that his termination was for cause. The outcome of the claims as at June 30, 2015 cannot be determined at this time and as a result no contingent liability has been recorded. |
Segment information
Segment information | 6 Months Ended |
Jun. 30, 2015 | |
Segment information [Text Block] | 12. Segment information (a) Operating segments: The Company organizes its business into two reportable segments: manufacturing and servicing. The manufacturing segment designs, produces and sells intercom and door access control systems that utilize telecommunications to control access to buildings and other facilities for security purposes. The servicing segment provides maintenance to these intercom and door access control systems. Management evaluates performance based on profit or loss from operations before income taxes and nonrecurring gains and losses, if any. Retail prices are used to report intersegment sales. As of and for the three months ended June 30, 2015 Manufacturing Servicing Total Sales to external customers $ 1,833,926 $ 245,984 $ 2,079,910 Depreciation and amortization $ 11,818 $ - $ 11,818 Segment operating income $ 162,925 $ 155,965 $ 318,890 Total assets $ 1,846,538 $ - $ 1,846,538 As of and for the three months ended June 30, 2014 Manufacturing Servicing Total Sales to external customers $ 1,054,015 $ 302,148 $ 1,356,163 Depreciation and amortization $ 4,126 $ 5,223 $ 9,349 Segment operating income (loss) $ (2,285,074 ) $ 53,551 $ (2,231,523 ) Total assets $ 2,549,739 $ 15,670 $ 2,665,409 As of and for the six months ended June 30, 2015 Manufacturing Servicing Total Sales to external customers $ 2,888,406 $ 516,400 $ 3,404,806 Depreciation and amortization $ 23,638 $ 5,223 $ 28,861 Segment operating income (loss) $ (408,876 ) $ 244,236 $ (162,640 ) Total assets $ 1,846,538 $ - $ 1,846,538 As of and for the six months ended June 30, 2014 Manufacturing Servicing Total Sales to external customers $ 1,797,996 $ 495,040 $ 2,293,036 Depreciation and amortization $ 4,755 $ 10,446 $ 15,201 Segment operating income (loss) $ (2,890,097 ) $ 129,912 $ (2,760,185 ) Total assets $ 2,649,739 $ 15,670 $ 2,665,409 (b) Of the total sales for the six months ended June 30, 2015, $1,801,643 (2014 - $592,925) was derived from U.S.- based customers and $1,603,163 (2014 - $1,700,111) from Canadian-based customers. Substantially all of the Company's operations, assets and employees are located in Canada. (c) Products: MESH sales represented 31.4% of total revenue during the six months ended June 30, 2015 (2014 – 38.5%). FREEDOM sales represented 48.7% of total revenue during the six months ended June 30, 2015 (2014 – 34.3%). The balance of the Company’s revenues are derived from other products such as access tracking and control, closed circuit monitors, infrared and radio frequency remotes and servicing of intercom equipment. |
Net Income Per Share of Common
Net Income Per Share of Common Stock | 6 Months Ended |
Jun. 30, 2015 | |
Net Income Per Share of Common Stock [Text Block] | 13. Net Income Per Share of Common Stock: Basic net income per share applicable to holders of Common Stock is computed based on the weighted average number of shares of the Common Stock outstanding during the periods presented. Diluted net income per share reflects the potential dilution that could occur if securities or other instruments to issue Common Stock were exercised or converted into Common Stock. Potentially dilutive securities, consisting of options and warrants, are excluded from the calculation of the diluted income per share when their exercise prices were greater than the average market price of the Common Stock during the period. Three Months Ended Six Months Ended 2015 2014 2015 2014 Weighted average shares of Common Stock outstanding, basic 126,047,236 125,567,124 126,037,042 112,753,253 Shares of Common Stock upon exercise of options 34,807 - 147,193 - Shares of Common Stock upon exercise of warrants - - - - Weighted average shares of Common Stock outstanding, diluted 126,082,043 125,567,124 126,184,235 112,753,253 Total shares of Common Stock issuable upon the exercise of stock options and warrants as of June 30, 2015 and 2014 were 220,844,439 and 206,900,382, respectively, of which 220,390,064 and 127,502,971 were anti-dilutive. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Text Block] | 14. Subsequent Events Management has evaluated subsequent events or transactions occurring through the date on which the financial statements were issued. Based upon the evaluation, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the condensed consolidated financial statements, except as disclosed. On July 13, 2015, Dennis Raefield resigned as President, CEO and Secretary of the Company. The Board appointed Scott Sieracki, who has been the Vice President of Sales, to the position of Interim CEO in accordance with existing succession and growth plans for the Company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Use of Estimates [Policy Text Block] | Use of Estimates |
Concentration of Credit Risk [Policy Text Block] | Concentration of Credit Risk |
Allowance for Doubtful Accounts Receivable [Policy Text Block] | Allowance for Doubtful Accounts Receivable |
Accounts Receivable Factoring [Policy Text Block] | Accounts Receivable Factoring |
Stock-Based Compensation [Policy Text Block] | Stock-Based Compensation |
Preferred Stock [Policy Text Block] | Preferred Stock |
Common Stock Warrants and Other Derivative Financial Instruments [Policy Text Block] | Common Stock Warrants and Other Derivative Financial Instruments The Company assesses classification of its Common Stock warrants and other free standing derivatives at each reporting date to determine whether a change in classification between assets, liabilities and equity is required. The Company evaluated its free standing warrants to purchase Common Stock to assess their proper classification in the balance sheets as of June 30, 2015 and 2014 using the applicable classification criteria enumerated under U.S. GAAP and determined that the Common Stock purchase warrants be classified as a derivative liability, as these warrants were issued in U.S. dollar, while the functional currency of the Company is in Canadian dollars. Therefore, each period, these U.S. denominated warrants must be re-valued for foreign exchange differences. |
Sequencing Policy [Policy Text Block] | Sequencing Policy |
Reclassifications [Policy Text Block] | Reclassifications |
Recent Accounting Pronouncements [Policy Text Block] | Recent Accounting Pronouncements There are other various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company's financial position, results of operations or cash flows. |
Concentration [Policy Text Block] | Concentration During the three and six months ended June 30, 2015, one customer comprised approximately 36% and 22% of the Company's sales, respectively. Sales to this customer were approximately $749,000 and $749,000 during the three and six months ended June 30, 2015, respectively. As of June 30, 2015, there were no accounts receivable due from this customer. |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Schedule of Inventory, Current [Table Text Block] | June 30, December 31, 2015 2014 Raw materials $ 161,503 $ 289,100 Work in process 71,469 25,683 Finished goods 248,949 218,434 $ 481,921 $ 533,217 |
Derivative liabilities (Tables)
Derivative liabilities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Schedule of Derivative Instruments [Table Text Block] | Balance, December 31, 2014 $ 2,858,618 Fair value change of derivative liabilities (2,766,747 ) Fair value of conversion option issued 373,184 Fair value of preferred shares issued as dividends 44,649 Transfers out due to extinguishment aspect of financial instruments (77,938 ) Balance, June 30, 2015 $ 431,766 |
Schedule of Stockholders' Equity Notes, Warrants or Rights, Valuation Assumptions [Table Text Block] | June 30, 2015 June 30, 2014 Volatility 87% - 104% 92% - 176% Risk-free interest rate 0.28% - 1.37% 0.44% - 1.73% Contractual term 0.44 – 5.00 yrs 1.84 – 5.00 yrs |
Capital stock (Tables)
Capital stock (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Number of average options exercise price Outstanding at January 1, 2015 11,752,075 US$0.09 Forfeited (60,000 ) US$0.10 Employee Options Granted 400,000 US$0.02 Outstanding at June 30, 2015 12,092,075 US$0.09 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Weighted average Weighted average Aggregate Exercise Price Number remaining exercise price intrinsic value contractual life US$ 0.02 150,000 0.04 304,375 0.08 1,500,000 0.09 10,016,450 0.10 65,000 0.15 56,250 12,092,075 3.67 years US$0.09 $ - |
Schedule of Stockholders' Equity Note, Warrants or Rights, Activity [Table Text Block] | Weighted Number of average warrants exercise price Outstanding at December 31, 2014 80,890,801 $ 0.11 Issued in private placement transactions 1,462,500 0.16 Issued as compensation warrants 351,827 0.06 Outstanding at June 30, 2015 82,705,128 $ 0.10 |
Disclosure of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights [Table Text Block] | Weighted Average Weighted Average Exercise Price Number Remaining Contractual Life US $ 0.05 3,990,002 2.08 US $ 0.065 13,285,012 1.96 US $ 0.08 10,262,649 1.08 CAD$ 0.08 22,850,001 0.53 US $ 0.09 750,000 2.58 US $ 0.095 500,000 4.50 US $ 0.10 8,690,000 2.84 CAD$ 0.15 2,500,000 0.98 US $ 0.18 374,996 0.88 US $ 0.20 18,021,141 3.05 CAD$ 0.16 1,481,327 4.54 US$ 0.10 82,705,128 2.07 |
Changes in non-cash working c25
Changes in non-cash working capital balances (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Schedule of changes in non-cash working capital balances [Table Text Block] | Six months ended June 30, 2015 2014 Trade accounts receivable $ (284,426 ) $ (172,970 ) Inventory 51,296 49,881 Accounts payable 82,608 64,856 Accrued liabilities 37,271 (55,206 ) Deferred revenue 75,421 3,387 Due to related parties 7,610 (26,474 ) $ (30,220 ) $ (136,526 ) |
Segment information (Tables)
Segment information (Tables) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | As of and for the three months ended June 30, 2015 Manufacturing Servicing Total Sales to external customers $ 1,833,926 $ 245,984 $ 2,079,910 Depreciation and amortization $ 11,818 $ - $ 11,818 Segment operating income $ 162,925 $ 155,965 $ 318,890 Total assets $ 1,846,538 $ - $ 1,846,538 | As of and for the three months ended June 30, 2014 Manufacturing Servicing Total Sales to external customers $ 1,054,015 $ 302,148 $ 1,356,163 Depreciation and amortization $ 4,126 $ 5,223 $ 9,349 Segment operating income (loss) $ (2,285,074 ) $ 53,551 $ (2,231,523 ) Total assets $ 2,549,739 $ 15,670 $ 2,665,409 | As of and for the six months ended June 30, 2015 Manufacturing Servicing Total Sales to external customers $ 2,888,406 $ 516,400 $ 3,404,806 Depreciation and amortization $ 23,638 $ 5,223 $ 28,861 Segment operating income (loss) $ (408,876 ) $ 244,236 $ (162,640 ) Total assets $ 1,846,538 $ - $ 1,846,538 | As of and for the six months ended June 30, 2014 Manufacturing Servicing Total Sales to external customers $ 1,797,996 $ 495,040 $ 2,293,036 Depreciation and amortization $ 4,755 $ 10,446 $ 15,201 Segment operating income (loss) $ (2,890,097 ) $ 129,912 $ (2,760,185 ) Total assets $ 2,649,739 $ 15,670 $ 2,665,409 |
Net Income Per Share of Commo27
Net Income Per Share of Common Stock (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended Six Months Ended 2015 2014 2015 2014 Weighted average shares of Common Stock outstanding, basic 126,047,236 125,567,124 126,037,042 112,753,253 Shares of Common Stock upon exercise of options 34,807 - 147,193 - Shares of Common Stock upon exercise of warrants - - - - Weighted average shares of Common Stock outstanding, diluted 126,082,043 125,567,124 126,184,235 112,753,253 |
Going Concern and Liquidity (Na
Going Concern and Liquidity (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2015CAD | |
Going Concern And Liquidity 1 | CAD 10,268,354 |
Going Concern And Liquidity 2 | 318,890 |
Going Concern And Liquidity 3 | CAD 162,640 |
Significant Accounting Polici29
Significant Accounting Policies (Narrative) (Details) - 6 months ended Jun. 30, 2015 | CADdCAD / shares |
Significant Accounting Policies 1 | CAD 114,923 |
Significant Accounting Policies 2 | 181,529 |
Significant Accounting Policies 3 | CAD 1,000,000 |
Significant Accounting Policies 4 | 3.65% |
Significant Accounting Policies 5 | 1.00% |
Significant Accounting Policies 6 | d | 35 |
Significant Accounting Policies 7 | d | 90 |
Significant Accounting Policies 8 | CAD 7,587 |
Significant Accounting Policies 9 | CAD / shares | CAD 0.001 |
Significant Accounting Policies 10 | CAD / shares | CAD 0.001 |
Significant Accounting Policies 11 | 36.00% |
Significant Accounting Policies 12 | 22.00% |
Significant Accounting Policies 13 | CAD 749,000 |
Significant Accounting Policies 14 | CAD 749,000 |
Due to related parties (Narrati
Due to related parties (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2015CAD | |
Due To Related Parties 1 | CAD 12,613 |
Due To Related Parties 2 | CAD 5,003 |
Repayment of Convertible Debt (
Repayment of Convertible Debt (Narrative) (Details) - 6 months ended Jun. 30, 2015 | CADd |
Repayment Of Convertible Debt 1 | 8.00% |
Repayment Of Convertible Debt 2 | CAD 154,000 |
Repayment Of Convertible Debt 3 | 192,500 |
Repayment Of Convertible Debt 4 | 4,000 |
Repayment Of Convertible Debt 5 | 5,000 |
Repayment Of Convertible Debt 6 | 169,000 |
Repayment Of Convertible Debt 7 | CAD 211,250 |
Repayment Of Convertible Debt 8 | d | 180 |
Repayment Of Convertible Debt 9 | 35.00% |
Repayment Of Convertible Debt 10 | CAD 15,000 |
Repayment Of Convertible Debt 11 | 150,800 |
Repayment Of Convertible Debt 12 | 188,349 |
Repayment Of Convertible Debt 13 | 110,411 |
Repayment Of Convertible Debt 14 | 37,699 |
Repayment Of Convertible Debt 15 | CAD 47,087 |
Repayment Of Convertible Debt 16 | 20.00% |
Repayment Of Convertible Debt 17 | CAD 206,133 |
Repayment Of Convertible Debt 18 | 248,384 |
Repayment Of Convertible Debt 19 | 53,101 |
Repayment Of Convertible Debt 20 | CAD 66,324 |
Series A Shares (Narrative) (De
Series A Shares (Narrative) (Details) - 6 months ended Jun. 30, 2015 | CADdCAD / sharesshares |
Series A Shares 1 | shares | 2,925,000 |
Series A Shares 2 | 200 |
Series A Shares 3 | CAD 200,000 |
Series A Shares 4 | CAD 234,000 |
Series A Shares 5 | CAD / shares | CAD 0.07 |
Series A Shares 6 | 85.00% |
Series A Shares 7 | 85.00% |
Series A Shares 8 | 8.00% |
Series A Shares 9 | 4.99% |
Series A Shares 10 | 9.99% |
Series A Shares 11 | d | 61 |
Series A Shares 12 | 4.99% |
Series A Shares 13 | 125.00% |
Series A Shares 14 | 150.00% |
Series A Shares 15 | CAD 184,835 |
Series A Shares 16 | shares | 1,462,500 |
Series A Shares 17 | CAD / shares | CAD 0.16 |
Series A Shares 18 | CAD 32,470 |
Series A Shares 19 | 52 |
Series A Shares 20 | shares | 1,932,790 |
Series A Shares 21 | CAD 44,649 |
Series A Shares 22 | 150.00% |
Series A Shares 23 | 10.00% |
Derivative liabilities (Narrati
Derivative liabilities (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2015CAD | |
Derivative Liabilities 1 | CAD 225,322 |
Derivative Liabilities 2 | CAD 206,444 |
Capital stock (Narrative) (Deta
Capital stock (Narrative) (Details) - 6 months ended Jun. 30, 2015 | CADyrmoCAD / sharesshares |
Capital Stock 1 | shares | 4,500,000 |
Capital Stock 2 | CAD 168,615 |
Capital Stock 3 | shares | 150,000 |
Capital Stock 4 | CAD 0.02 |
Capital Stock 5 | shares | 250,000 |
Capital Stock 6 | CAD 0.04 |
Capital Stock 7 | 0.02 |
Capital Stock 8 | CAD 5,000 |
Capital Stock 9 | 0 |
Capital Stock 10 | CAD 54,375 |
Capital Stock 11 | 32,324 |
Capital Stock 12 | 0 |
Capital Stock 13 | 31,416 |
Capital Stock 14 | 0 |
Capital Stock 15 | CAD 144,839 |
Capital Stock 16 | mo | 10.5 |
Capital Stock 17 | shares | 37,655 |
Capital Stock 18 | CAD / shares | CAD 0.08 |
Capital Stock 19 | CAD 3,050 |
Capital Stock 20 | shares | 18,827 |
Capital Stock 21 | shares | 10,852 |
Capital Stock 22 | shares | 7,975 |
Capital Stock 23 | CAD / shares | CAD 0.16 |
Capital Stock 24 | CAD 909 |
Capital Stock 25 | shares | 330,000 |
Capital Stock 26 | yr | 5 |
Capital Stock 27 | CAD / shares | CAD 0.05 |
Commitments and contingencies (
Commitments and contingencies (Narrative) (Details) - 6 months ended Jun. 30, 2015 | CADdmoCAD / mo |
Commitments And Contingencies 1 | CAD 71,778 |
Commitments And Contingencies 2 | 70,372 |
Commitments And Contingencies 3 | 35,989 |
Commitments And Contingencies 4 | 35,186 |
Commitments And Contingencies 5 | 175,000 |
Commitments And Contingencies 6 | 25,000 |
Commitments And Contingencies 7 | CAD 200,000 |
Commitments And Contingencies 8 | CAD / mo | 5,000 |
Commitments And Contingencies 9 | CAD / mo | 2,250 |
Commitments And Contingencies 10 | d | 30 |
Commitments And Contingencies 11 | CAD / mo | 2,250 |
Commitments And Contingencies 12 | 10.00% |
Commitments And Contingencies 13 | 8.00% |
Commitments And Contingencies 14 | 5.00% |
Commitments And Contingencies 15 | 2.00% |
Commitments And Contingencies 16 | mo | 12 |
Commitments And Contingencies 17 | CAD 12,500 |
Commitments And Contingencies 18 | CAD / mo | 7,500 |
Commitments And Contingencies 19 | CAD / mo | 5,000 |
Commitments And Contingencies 20 | mo | 6 |
Segment information (Narrative)
Segment information (Narrative) (Details) - 6 months ended Jun. 30, 2015 - CAD | Total |
Segment Information 1 | CAD 1,801,643 |
Segment Information 2 | 592,925 |
Segment Information 3 | 1,603,163 |
Segment Information 4 | CAD 1,700,111 |
Segment Information 5 | 31.40% |
Segment Information 6 | 38.50% |
Segment Information 7 | 48.70% |
Segment Information 8 | 34.30% |
Net Income Per Share of Commo37
Net Income Per Share of Common Stock (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2015 | |
Net Income Per Share Of Common Stock 1 | 220,844,439 |
Net Income Per Share Of Common Stock 2 | 206,900,382 |
Net Income Per Share Of Common Stock 3 | 220,390,064 |
Net Income Per Share Of Common Stock 4 | 127,502,971 |
Schedule of Inventory, Current
Schedule of Inventory, Current (Details) | 6 Months Ended |
Jun. 30, 2015CAD | |
Inventory Schedule Of Inventory, Current 1 | CAD 161,503 |
Inventory Schedule Of Inventory, Current 2 | 289,100 |
Inventory Schedule Of Inventory, Current 3 | 71,469 |
Inventory Schedule Of Inventory, Current 4 | 25,683 |
Inventory Schedule Of Inventory, Current 5 | 248,949 |
Inventory Schedule Of Inventory, Current 6 | 218,434 |
Inventory Schedule Of Inventory, Current 7 | 481,921 |
Inventory Schedule Of Inventory, Current 8 | CAD 533,217 |
Schedule of Derivative Instrume
Schedule of Derivative Instruments (Details) | 6 Months Ended |
Jun. 30, 2015CAD | |
Derivative Liabilities Schedule Of Derivative Instruments 1 | CAD 2,858,618 |
Derivative Liabilities Schedule Of Derivative Instruments 2 | (2,766,747) |
Derivative Liabilities Schedule Of Derivative Instruments 3 | 373,184 |
Derivative Liabilities Schedule Of Derivative Instruments 4 | 44,649 |
Derivative Liabilities Schedule Of Derivative Instruments 5 | (77,938) |
Derivative Liabilities Schedule Of Derivative Instruments 6 | CAD 431,766 |
Schedule of Stockholders' Equit
Schedule of Stockholders' Equity Notes, Warrants or Rights, Valuation Assumptions (Details) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Liabilities Schedule Of Stockholders' Equity Notes, Warrants Or Rights, Valuation Assumptions 1 | 87.00% |
Derivative Liabilities Schedule Of Stockholders' Equity Notes, Warrants Or Rights, Valuation Assumptions 2 | 104.00% |
Derivative Liabilities Schedule Of Stockholders' Equity Notes, Warrants Or Rights, Valuation Assumptions 3 | 92.00% |
Derivative Liabilities Schedule Of Stockholders' Equity Notes, Warrants Or Rights, Valuation Assumptions 4 | 176.00% |
Derivative Liabilities Schedule Of Stockholders' Equity Notes, Warrants Or Rights, Valuation Assumptions 5 | 0.28% |
Derivative Liabilities Schedule Of Stockholders' Equity Notes, Warrants Or Rights, Valuation Assumptions 6 | 1.37% |
Derivative Liabilities Schedule Of Stockholders' Equity Notes, Warrants Or Rights, Valuation Assumptions 7 | 0.44% |
Derivative Liabilities Schedule Of Stockholders' Equity Notes, Warrants Or Rights, Valuation Assumptions 8 | 1.73% |
Derivative Liabilities Schedule Of Stockholders' Equity Notes, Warrants Or Rights, Valuation Assumptions 9 | 0.44 |
Derivative Liabilities Schedule Of Stockholders' Equity Notes, Warrants Or Rights, Valuation Assumptions 10 | 5 |
Derivative Liabilities Schedule Of Stockholders' Equity Notes, Warrants Or Rights, Valuation Assumptions 11 | 1.84 |
Derivative Liabilities Schedule Of Stockholders' Equity Notes, Warrants Or Rights, Valuation Assumptions 12 | 5 |
Schedule of Share-based Compens
Schedule of Share-based Compensation, Stock Options, Activity (Details) | 6 Months Ended |
Jun. 30, 2015CAD | |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 1 | CAD 11,752,075 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 2 | 0.09 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 3 | (60,000) |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 4 | 0.10 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 5 | 400,000 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 6 | 0.02 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 7 | 12,092,075 |
Capital Stock Schedule Of Share-based Compensation, Stock Options, Activity 8 | CAD 0.09 |
Disclosure of Share-based Compe
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Details) - 6 months ended Jun. 30, 2015 | CADyr |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 1 | 0.02 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 2 | CAD 150,000 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 3 | 0.04 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 4 | CAD 304,375 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 5 | 0.08 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 6 | CAD 1,500,000 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 7 | 0.09 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 8 | CAD 10,016,450 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 9 | 0.10 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 10 | CAD 65,000 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 11 | 0.15 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 12 | CAD 56,250 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 13 | CAD 12,092,075 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 14 | yr | 3.67 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 15 | CAD 0.09 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award 16 | CAD 0 |
Schedule of Stockholders' Equ43
Schedule of Stockholders' Equity Note, Warrants or Rights, Activity (Details) - 6 months ended Jun. 30, 2015 | CAD |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 1 | CAD 80,890,801 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 2 | 0.11 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 3 | CAD 1,462,500 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 4 | 0.16 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 5 | CAD 351,827 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 6 | 0.06 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 7 | CAD 82,705,128 |
Capital Stock Schedule Of Stockholders' Equity Note, Warrants Or Rights, Activity 8 | 0.10 |
Disclosure of Share-based Com44
Disclosure of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights (Details) - 6 months ended Jun. 30, 2015 | CAD |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 1 | 0.05 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 2 | CAD 3,990,002 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 3 | 2.08 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 4 | 0.065 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 5 | CAD 13,285,012 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 6 | 1.96 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 7 | 0.08 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 8 | CAD 10,262,649 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 9 | 1.08 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 10 | 0.08 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 11 | CAD 22,850,001 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 12 | 0.53 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 13 | 0.09 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 14 | CAD 750,000 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 15 | 2.58 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 16 | 0.095 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 17 | CAD 500,000 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 18 | 4.50 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 19 | 0.10 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 20 | CAD 8,690,000 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 21 | 2.84 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 22 | 0.15 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 23 | CAD 2,500,000 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 24 | 0.98 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 25 | 0.18 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 26 | CAD 374,996 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 27 | 0.8800 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 28 | 0.20 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 29 | CAD 18,021,141 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 30 | 3.05 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 31 | 0.16 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 32 | CAD 1,481,327 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 33 | 4.54 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 34 | 0.10 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 35 | CAD 82,705,128 |
Capital Stock Disclosure Of Share-based Compensation Arrangements By Share-based Payment Award And Warrants Or Rights 36 | 2.07 |
Schedule of changes in non-cash
Schedule of changes in non-cash working capital balances (Details) | 6 Months Ended |
Jun. 30, 2015CAD | |
Changes In Non-cash Working Capital Balances Schedule Of Changes In Non-cash Working Capital Balances 1 | CAD (284,426) |
Changes In Non-cash Working Capital Balances Schedule Of Changes In Non-cash Working Capital Balances 2 | (172,970) |
Changes In Non-cash Working Capital Balances Schedule Of Changes In Non-cash Working Capital Balances 3 | 51,296 |
Changes In Non-cash Working Capital Balances Schedule Of Changes In Non-cash Working Capital Balances 4 | 49,881 |
Changes In Non-cash Working Capital Balances Schedule Of Changes In Non-cash Working Capital Balances 5 | 82,608 |
Changes In Non-cash Working Capital Balances Schedule Of Changes In Non-cash Working Capital Balances 6 | 64,856 |
Changes In Non-cash Working Capital Balances Schedule Of Changes In Non-cash Working Capital Balances 7 | 37,271 |
Changes In Non-cash Working Capital Balances Schedule Of Changes In Non-cash Working Capital Balances 8 | (55,206) |
Changes In Non-cash Working Capital Balances Schedule Of Changes In Non-cash Working Capital Balances 9 | 75,421 |
Changes In Non-cash Working Capital Balances Schedule Of Changes In Non-cash Working Capital Balances 10 | 3,387 |
Changes In Non-cash Working Capital Balances Schedule Of Changes In Non-cash Working Capital Balances 11 | 7,610 |
Changes In Non-cash Working Capital Balances Schedule Of Changes In Non-cash Working Capital Balances 12 | (26,474) |
Changes In Non-cash Working Capital Balances Schedule Of Changes In Non-cash Working Capital Balances 13 | (30,220) |
Changes In Non-cash Working Capital Balances Schedule Of Changes In Non-cash Working Capital Balances 14 | CAD (136,526) |
Schedule of Segment Reporting I
Schedule of Segment Reporting Information, by Segment (Details) - CAD | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Information Schedule Of Segment Reporting Information, By Segment 1 | CAD 1,833,926 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 2 | 245,984 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 3 | 2,079,910 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 4 | 11,818 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 5 | 0 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 6 | 11,818 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 7 | 162,925 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 8 | 155,965 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 9 | 318,890 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 10 | 1,846,538 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 11 | 0 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 12 | CAD 1,846,538 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 1 | CAD 1,054,015 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 2 | 302,148 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 3 | 1,356,163 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 4 | 4,126 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 5 | 5,223 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 6 | 9,349 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 7 | (2,285,074) | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 8 | 53,551 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 9 | (2,231,523) | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 10 | 2,549,739 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 11 | 15,670 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 12 | CAD 2,665,409 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 1 | CAD 2,888,406 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 2 | 516,400 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 3 | 3,404,806 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 4 | 23,638 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 5 | 5,223 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 6 | 28,861 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 7 | (408,876) | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 8 | 244,236 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 9 | (162,640) | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 10 | 1,846,538 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 11 | 0 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 12 | CAD 1,846,538 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 1 | CAD 1,797,996 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 2 | 495,040 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 3 | 2,293,036 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 4 | 4,755 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 5 | 10,446 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 6 | 15,201 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 7 | (2,890,097) | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 8 | 129,912 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 9 | (2,760,185) | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 10 | 2,649,739 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 11 | 15,670 | |||
Segment Information Schedule Of Segment Reporting Information, By Segment 12 | CAD 2,665,409 |
Schedule of Weighted Average Nu
Schedule of Weighted Average Number of Shares (Details) | 6 Months Ended |
Jun. 30, 2015CAD | |
Net Income Per Share Of Common Stock Schedule Of Weighted Average Number Of Shares 1 | CAD 126,047,236 |
Net Income Per Share Of Common Stock Schedule Of Weighted Average Number Of Shares 2 | 125,567,124 |
Net Income Per Share Of Common Stock Schedule Of Weighted Average Number Of Shares 3 | 126,037,042 |
Net Income Per Share Of Common Stock Schedule Of Weighted Average Number Of Shares 4 | 112,753,253 |
Net Income Per Share Of Common Stock Schedule Of Weighted Average Number Of Shares 5 | 34,807 |
Net Income Per Share Of Common Stock Schedule Of Weighted Average Number Of Shares 6 | 0 |
Net Income Per Share Of Common Stock Schedule Of Weighted Average Number Of Shares 7 | 147,193 |
Net Income Per Share Of Common Stock Schedule Of Weighted Average Number Of Shares 8 | 0 |
Net Income Per Share Of Common Stock Schedule Of Weighted Average Number Of Shares 9 | 0 |
Net Income Per Share Of Common Stock Schedule Of Weighted Average Number Of Shares 10 | 0 |
Net Income Per Share Of Common Stock Schedule Of Weighted Average Number Of Shares 11 | 0 |
Net Income Per Share Of Common Stock Schedule Of Weighted Average Number Of Shares 12 | 0 |
Net Income Per Share Of Common Stock Schedule Of Weighted Average Number Of Shares 13 | 126,082,043 |
Net Income Per Share Of Common Stock Schedule Of Weighted Average Number Of Shares 14 | 125,567,124 |
Net Income Per Share Of Common Stock Schedule Of Weighted Average Number Of Shares 15 | 126,184,235 |
Net Income Per Share Of Common Stock Schedule Of Weighted Average Number Of Shares 16 | CAD 112,753,253 |